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Press

Quarter 3 FY 2018-2019 Revenue

Limited sales growth for Q3 driven by foreign exchanges and external growth

The Bonduelle Group's revenue stands for Q3 of financial year 2018-2019 at 675.6 million of euros, an increase of +0.4% on reported figures and -2.-% on a like for like basis*. The change in the scope of consolidation linked with the acquisition of the Del Monte business activities early July 2018, made a positive contribution of +1.2% to the variation of the total revenue over the period. The exchange rate effects, mainly the strengthening of the US and Canadian dollars, favourable during this quarter, contributed to a 1.2% growth.

Over the 9 first months of this FY, the revenue stands at 2,082.2 million of euros, a decrease of 0.5% on reported figures and 1.3% on a like for like basis*.

Activity by Geographic Region

Activity by Geographic Region

 

Activity by Operating Segments

Activity by Operating Segments

Zone Europe

The Europe Zone, representing 45.9% of the group's revenue over the first 9 months, recorded an overall aggregated growth of +0.5% on reported figures and +0.6% on a like for like basis*.

Over quarter 3, the revenue is down -1.5% based on reported figures and -1.3% on a like for like basis*. It is attributable primarily to the Easter consumption shift taking place in quarter 4 against quarter 3 of last financial year, particularly affecting the limited shelf life product category (bagged, ready-to-eat salads, and prepared salads). Despite that calendar effect, the retail sales for the Bonduelle and Cassegrain brands in cans and frozen and the food service sales reported revenue growth over the period.

Non-Europe Zone

The revenue of the Non-Europe Zone, representing 54.1% of the group's revenue over the period, was down -1.3% on reported data and -3.-% on a like for like basis*, and the ones for Q3 at +2.-% and -2.7% respectively.

Over quarter 3, the frozen food activities in North America continued to experience the growth observed last quarter, thanks to the delivery catch-ups of some industrial contracts planned for the beginning of the year coupled with sales of fruit and vegetables for the Del Monte brand, activity acquired at the beginning of the financial year, fuelling the canned operating segment growth.

Fresh activities in North America remained lower over quarter 3, due to the rationalization of the business portfolio and the sourcing diversification of a major client, as mentioned last quarter.

Finally, the robust sales increase observed in Russia was sustained over quarter 3 thanks to the innovations in the canned segment for the Bonduelle brand (olive product category and young corn) coupled with the encouraging development of the frozen business segment.

Highlights

The Bonduelle Group has successfully issued a private bond placement in the United States (USPP)

Looking for maturity of its debt instruments and the refinancing of the EuroPP, maturing on March 11, 2019, the Bonduelle Group issued on May 2, 2019 a private bond investment in the United States for a total amount of 140 million of euros with a 10 year maturity, consequently taking the average maturity of the group's overall debt to over 4 years.

Operating on the USPP market since 2000, the Bonduelle Group has successfully issued this private placement with attractive terms among a pool of existing investors who confirmed their confidence in the group. Largely oversubscribed, this transaction enables the group to significantly reduce the cost of its debt.

The Bonduelle Group has been advised by Natixis, acting as agent and by Willkie Farr & Gallagher acting as legal advisor.

Outlooks

Given the evolution of the activity recorded in the third quarter and the result of the commercial negotiations at the beginning of the year, the Bonduelle Group aims to achieve for the full fiscal year 2018-2019 ending June 30, 2019 stable sales and operating income at constant currency exchange rates compared to last year.

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* at constant currency exchange rate and scope of consolidation basis. The revenues in foreign currency over the given period are translated into the rate of exchange for the comparable period. The impact of business acquisitions (or gain of control) and divestments is restated as follows:

For businesses acquired (or gain of control) during the current period, revenue generated since the acquisition date is excluded from the organic growth calculation;

For businesses acquired (or gain of control) during the prior fiscal year, revenue generated during the current period up until the first anniversary date of the acquisition is excluded;

For businesses divested (or loss of control) during the prior fiscal year, revenue generated in the comparative period of the prior fiscal year until the divestment date is excluded;

For businesses divested (or loss of control) during the current fiscal year, revenue generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.

Alternative performance indicators: the group presents in its financial notices performance indicators not defined by accounting standards. The main performance indicators are detailed in the financial reports available on www.bonduelle.com.

RP carrées Netco Group

Benjamin ZEHNDER                    +33.(0)6.76.41.18.19             benjamin.zehnder@rp-carrees.com


Vanessa VAZZAZ                        +33.(0)6.34.32.24.23             vanessa.vazzaz@rp-carrees.com


Présentation du groupe

Bonduelle group

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