BONDUELLE
Head office: "La Woestyne" - 59173 Renescure - France
Bonduelle a French S.C.A (Partnership limited by Shares) with a capital of
57 102 699,50 euros
Registered under number : 447 250 044 (Dunkerque Commercial and Companies
Register)
Quarter 3 FY 2023-2024 Revenue
Bonduelle Group: Business activity slightly down on Quarter 3 in a climate of
constrained consumption
The Bonduelle Group's revenue stands for Quarter 3 of FY 2023-2024 (from January
1, to March 31, 2024) at 564.9 million euros, thus a downturn compared with the
previous fiscal year (572.2 million euros) of -1.3% on reported figures and
-1.0% on a like-for-like basis*.
No change in the scope of consolidation occurred over the period.
Over the 9 first months, the revenue amounted to 1,778.0 million euros, down
-2.1% on reported figures and up +2.8% on a like-for-like basis* after taking
into account currency variations (significant depreciation of the ruble and
weakening of the US dollar against the euro compared with the same period last
year).
This growth is mainly due to the good performance of the long life activity in
both can and frozen segments. On the other hand, the fresh processed activities
declined, mainly in North America.
Activity by Geographical Region
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
| Total | | | | | | | | |
|Consolidated| | | |Variation| | | |Variation|
| Revenue | | |Variation|Like-for-| 3(rd) | 3(rd) |Variation|Like-for-|
| (in EUR |9 months |9 months |Reported | like | quarter | quarter |Reported | like |
| millions) |2023-2024|2022-2023| figures | basis* |2023-2024|2022-2023| figures | basis* |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Europe Zone | 1,165.2 | 1,115.9 | 4.4% | 3.9% | 378.8 | 376.8 | 0.5% | 0.0% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Non-Europe | | | | | | | | |
|Zone | 612.8 | 699.6 | -12.4% | 1.0% | 186.1 | 195.4 | -4.7% | -3.0% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Total | 1,778.0 | 1,815.5 | -2.1% | 2.8% | 564.9 | 572.2 | -1.3% | -1.0% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
Activity by Operating Segments
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
| Total | | | | | | | | |
|Consolidated| | | |Variation| | | |Variation|
| Revenue | | |Variation|Like-for-| 3(rd) | 3(rd) |Variation|Like-for-|
| (in EUR |9 months |9 months |Reported | like | quarter | quarter |Reported | like |
| millions) |2023-2024|2022-2023| figures | basis* |2023-2024|2022-2023| figures | basis* |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Canned | 854.9 | 860.5 | -0.7% | 6.8% | 260.2 | 263.4 | -1.2% | -1.8% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Frozen | 227.3 | 211.9 | 7.2% | 8.9% | 78.4 | 73.4 | 6.8% | 8.2% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Fresh | | | | | | | | |
|processed | 695.8 | 743.1 | -6.4% | -3.6% | 226.3 | 235.4 | -3.9% | -3.0% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Total | 1,778.0 | 1,815.5 | -2.1% | 2.8% | 564.9 | 572.2 | -1.3% | -1.0% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
Europe Zone
The Europe Zone representing 65.5% of the business activity at the end of the 9
first months, posted an overall growth of +4.4% on reported figures and +3.9% on
a like-for-like basis*, with Quarter 3 recording an evolution of +0.5% and
+0.0% respectively.
The consumption under pressure in Europe Zone over the last quarter led to a
downturn in volumes over the period particularly strong in retail for both
branded and private label products.
At the end of the first 9 months of fiscal year, the growth of the business
activity remained solid, mainly driven by a notable performance in branded food
service, in both can and frozen.
Fresh activities posted a slight increase in volume and value over the quarter,
fueled by a good performance in the fresh processed segment (bagged salads) in
Italy. In France, the fresh prepared segment posted a solid performance in both
Quarter 3 and over the 9 first months of the fiscal year.
Non-Europe Zone
The revenue of the Non-Europe Zone, representing 34.5% of the business activity
over the first 9 months, recorded a variation of -12.4% on reported figures and
+1.0% on a like-for-like basis*, Quarter 3 posted an evolution of -4.7% and
-3.0% respectively.
Over Quarter 3, the Eurasia region reported growth in terms of volumes and value
driven by the Bonduelle brand can segment and a sharp acceleration in frozen,
both in retail and food service, the business activity in North America remains
in decline in volumes over the period.
At the end of the first 9 months, the Non-Europe Zone business activity posted
an evolution of -12.4% on reported figures, due to the significant depreciation
of the Russian ruble compared with the same period last year, and +1.0% on a
like-for-like basis*.
Outlook
Given the current climate of consumption, the group is limiting its business
revenue growth objective between +3% and +4%, while its recurring operating
income growth target remains unchanged at around +15%, both on a like-for-like
basis*.
((*)) 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
Next financial events:
- 2023-2024 Fiscal Year Revenue: August 1, 2024
(after market closing)
- 2023-2024 Annual Results: September 27, 2024 (after market closing)
- Analysts and investors meeting: September 30, 2024
About the Bonduelle Group
We want to inspire the transition toward a plant-rich 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 and 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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