BONDUELLE
A French SCA (Partnership Limited by Shares) with a capital of 57 102 699,50
Euros
Head Office: La Woestyne 59173 Renescure, France
Registered under number: 447 250 044 (Dunkerque Commercial and Companies
Register)
First Quarter FY 2023-2024 Revenue
(July 1 - September 30, 2023)
Business growth in line with annual target
The Bonduelle Group posted revenue of 568.5 million euros for Q1 2023-2024, up
+4.2% on a like-for-like basis* and down -0.5% on reported figures.
The significant depreciation of the Russian ruble compared to the first quarter
of the previous fiscal year and, to a lesser extent, the weakening of the US
dollar versus the euro had a negative impact of -4.7% on business growth.
Activity by Geographical Region
+------------------+--------------+--------------+--------------+--------------+
|Total consolidated| | | | |
| revenue |From July 1 to|From July 1 to| Variation | Variation |
| (in millions of | September | September | Reported |Like-for-like |
| euros) | 30, 2023 | 30, 2022 | figures | basis* |
+------------------+--------------+--------------+--------------+--------------+
|Europe Zone | 375.3 | 348.7 | 7.6% | 7.2% |
+------------------+--------------+--------------+--------------+--------------+
|Non-Europe Zone | 193.2 | 222.6 | -13.2% | -0.5% |
+------------------+--------------+--------------+--------------+--------------+
|Total | 568.5 | 571.3 | -0.5% | 4.2% |
+------------------+--------------+--------------+--------------+--------------+
Activity by Operating Segments
+------------------+--------------+--------------+--------------+--------------+
|Total consolidated| | | | |
| revenue |From July 1 to|From July 1 to| Variation | Variation |
| (in millions of | September | September | Reported |Like-for-like |
| euros) | 30, 2023 | 30, 2022 | figures | basis* |
+------------------+--------------+--------------+--------------+--------------+
|Canned | 251.2 | 240.1 | 4.6% | 11.8% |
+------------------+--------------+--------------+--------------+--------------+
|Frozen | 66.7 | 61.6 | 8.2% | 9.2% |
+------------------+--------------+--------------+--------------+--------------+
|Fresh processed | 250.7 | 269.5 | -7.0% | -3.7% |
+------------------+--------------+--------------+--------------+--------------+
|Total | 568.5 | 571.3 | -0.5% | 4.2% |
+------------------+--------------+--------------+--------------+--------------+
Europe Zone
The Europe Zone, which accounts for 66.0% of total revenue, posted overall Q1
growth of +7.2% on a like-for-like basis* and +7.6% on reported figures. In an
economic environment still marked by a sharp decline in volumes of food
consumption expenditure, the group's retail activity grew in value but posted a
slight decline in volumes, as the group's presence in both the branded product
and private label products, coupled with a major targeted promotion campaign,
should allow the group to maintain its business activity and market share.
Despite this environment, the food service activity remains flat overall in
terms of volumes but is growing in value.
The fresh processed segment, bagged salads, which is more sensitive to the
consumer environment, remains under pressure in Germany and France, while Italy
posted growth in terms of both volumes and value. The fresh prepared activity,
which is more sensitive to weather conditions, benefited from a particularly
dynamic month of September with significant increases in volumes and market
share gains.
Non-Europe Zone
In the Non-Europe Zone which accounted for 34.0% of Q1 business activity,
declined -0.5% on a like-for-like basis* and -13.2% on reported figures, under
the combined effect of the depreciation of the Russian ruble and, to a lesser
extent, the weakening of the US dollar versus the euro. On a like-for-like
basis*, the activity in the Non-Europe Zone was flat in terms of value and down
slightly in volumes, with significant differences in performance between
regions.
In Eurasia and Mercosur, the canned activity remains sustained in terms of both
volumes and value, particularly for the Bonduelle brand, while the frozen
activity in Eurasia, which is more marginal, continued to be penalized by market
trends.
In North America, the salad bowls activity is still in decline, but gained
market share again due to a decline in the overall market, while volumes in
salad kits (salad bags with ingredients), supported by innovations, grew in
terms of both volumes and value.
Other significant information
Publication of the Universal Registration Document
The Bonduelle Group announces that its 2022-2023 Universal Registration Document
was filed with the Autorité des marchés financiers (AMF) on October 19, 2023.
The document is made available to the public under the conditions provided for
by the regulations in force and may be consulted on the Company website at
www.bonduelle.com and on the AMF website at www.amf-france.org. It is also made
available at the Company's administrative head office: Rue Nicolas Appert -
59653 Villeneuve d'Ascq, France.
Annual Shareholders' Meeting
The Annual Shareholders' Meeting will be held on December 7, 2023 at 5 pm at the
Company's administrative head office at Rue Nicolas Appert - 59653 Villeneuve
d'Ascq, France. Admission procedures, the resolutions submitted for approval and
all documents required by the regulations may be consulted on www.bonduelle.com
(https://www.bonduelle.com/en/investors/general-meeting/) (under
Investors/Bonduelle Group general meeting).
A dividend of 0.25 euro per share will be proposed at this Shareholders'
Meeting.
Outlook
First quarter activity and the results of the summer harvests do not call into
question the targets communicated in early October 2023, namely revenue growth
of around 5% and an operating margin of over 3%, both at constant exchange
rates. Changes in the consumer environment, the recovery of the fresh processed
activity and the achievement of new price increases designed to compensate for
inflation, particularly for agricultural raw materials, observed during the
2023 summer harvest and not offset by operating efficiency gains will be key
factors in achieving these targets.
* 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. In the specific case of the loss of control
of the long life activities in North America, the IFRS 5 standard having
been applied to the historical data, the revenue is already restated in the
historical elements;
* 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
Next financial events:
- Annual Shareholder's Meeting: December 7, 2023
- 2023-2024 1(st) Half Year Revenue: February 1, 2024 (after market
closing)
- 2023-2024 1(st) Half Year Results: February 29, 2024 (after market
closing)
- Analysts and investors meeting: March 1, 2024
About the Bonduelle Group
We want to inspire the transition toward a plant-based diet, to contribute to
people's well-being and planet health. We are a French family business with
11,038 full-time equivalent employees and we have been innovating with our
farming partners since 1853. Our products are cultivated on 68,316 hectares and
sold in nearly 100 countries, for revenue of 2,406.2 million euros (data as of
June 30, 2023)
Our 4 flagship brands are: BONDUELLE, READY PAC FOODS, CASSEGRAIN, GLOBUS.
Bonduelle is listed on Euronext Paris compartment B
Euronext indices: CAC MID & SMALL - CAC FOOD PRODUCERS - CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial performance index and employees
shareholder index (I.A.S.)
Code ISIN: FR0000063935 - Code Reuters: BOND.PA - Code Bloomberg: BON FP
This document is a free translation into English and has no other value than an
informative one. Should there be any difference between the French and the
English version, only the French-language version shall be deemed authentic and
considered as expressing the exact information published by Bonduelle.
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