Bonduelle – 2020-2021 Annual Outcomes: Enterprise exercise and profitability sustained in an atmosphere topic to sanitary constraints

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BONDUELLE

A French SCA (Partnership Restricted by Shares) with a capital of 57 102 699,50 Euros
Head Workplace: La Woestyne 59173 Renescure, France
Registered beneath quantity: 447 250 044 (Dunkerque Industrial and Corporations Register)

2020-2021
Annual Outcomes

(July 1, 2020 – June 30, 2021)

Enterprise exercise and profitability sustained in an atmosphere topic to sanitary constraints

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On September 24, 2021, the Supervisory Board, beneath the chairmanship of Martin Ducroquet, reviewed the statutory and consolidated monetary statements for FY 2020-2021 as authorised by the Basic Administration and licensed by the corporate’s statutory Auditors.

Vital Outcomes

Message from Guillaume Debrosse – Chief Govt Officer:
“The Bonduelle Group recorded one other monetary 12 months of enterprise progress at fixed trade charges and, regardless of the sanitary context, retained its profitability.
In a client atmosphere far totally different from the one during which the annual targets have been set, we demonstrate our resilience because of a portfolio of diversified enterprise actions when it comes to applied sciences, distribution channels and geographical areas.
Regardless of an unstable and in some ways hostile atmosphere, we’ve materialised our function, now embedded in our articles of affiliation, via numerous initiatives: “Encourage the transition towards a plant-based food regimen, to contribute to individuals’s well-being and planet well being.”
With warning and willpower, in 2021-2022 we intend to proceed our progress trajectory and return to pre-Covid profitability ranges, if needed, questioning the contribution of our companies to our ambition of sustainable progress with a constructive affect.”

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Income

At €2,778.6 million, the group’s income for FY 2020-2021 (July 1, 2020 – June 30, 2021) is up by + 1.6% on a like for like foundation⁽¹⁾, in keeping with the targets introduced in the beginning of the FY and down by -2.7% on reported figures. Forex fluctuations had a very unfavourable impact this 12 months, lowering the group’s progress by almost -4.3% (primarily because of the strengthening of the Euro towards the US greenback, the Russian rouble and the Canadian greenback).

Exercise by Geographic Area

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Exercise by Working Segments

Europe Zone
The income for the Europe Zone, representing 45.8% of the enterprise exercise over FY 2020-2021, posted an total decline of -1.9% on a like for like foundation⁽¹⁾ and -2.1% on reported figures.
In retail, the relative stability of income is principally on account of unfavorable comparability bases (precautionary purchases in Q3 and This fall of 2019-2020) and product shortages ensuing from the poor agricultural campaigns of summer time 2020. These elements masks the exceptional progress in gross sales of the Cassegrain model in canned meals and the Bonduelle model within the frozen meals phase. The contemporary ready-to-eat phase continued to be closely penalized by the restricted variety of gross sales in retail shops over a big a part of the 12 months, affecting the whole market.
The sanitary disaster and its results on the meals service enterprise exercise as soon as once more had a serious affect on the frozen and ready-to-eat contemporary segments over a big a part of the 12 months. This fall recorded, with the gradual lifting of sanitary and site visitors restrictions, a big improve in each applied sciences.

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Non-Europe Zone
The income of the Non-Europe Zone represents 54.2% of the enterprise exercise over FY 2020-2021, up +4.6% on a like for like foundation⁽¹⁾ and down -3.1% on reported figures. All three applied sciences posted constructive progress over the monetary 12 months on a like for like foundation⁽¹⁾.
In North America, the contemporary ready-to-eat enterprise exercise posted strong progress over the monetary 12 months, helped by a good comparability base and the gradual reopening of eating places in Q3. Nevertheless, the unfavourable gross sales combine, linked to the sanitary context, weighed considerably on profitability.
The long-life enterprise actions in North America (canned and frozen), just like the European actions, recorded contrasting exercise between distribution networks, which nonetheless allowed the enterprise to stay steady over the monetary 12 months.
The long-life enterprise actions (canned and frozen) in Russia and Japanese Europe recorded strong progress over the 12 months regardless of a depressed client atmosphere, because of the resilience of the Bonduelle model and the expansion of the Globus model within the canned phase, in addition to sturdy growth within the frozen one associated to the profitable launch of recent domestically produced references.

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Working Profitability

For FY 2020-2021, the Bonduelle Group’s present working profitability stands at € 100.4 million present trade charge and € 104.3 million at fixed trade charge in comparison with € 108.7 final monetary 12 months, with a present working margin of three.6%, in keeping with the targets set.
The long-lasting sanitary disaster on the one hand, supply of further prices (disinfection, adaptation of organisations, productiveness…) and then again, the operational difficulties partly linked to this identical context confronted by the contemporary enterprise phase in North America – further logistical prices, inflation, labour shortages, climatic incidents, fires, sicknesses impacting the uncooked materials – had a unfavourable affect on the present working results of this monetary 12 months, the latter overshadowed an in any other case strong efficiency within the long-life working phase in Europe, Russia and Japanese Europe, in addition to in North America.
Regardless of this context, the group continued its coverage of growing its manufacturers with a rise of greater than 10.-% in advertising and marketing investments and the continued deployment of improvements (With out Pesticide Residues vary, and so on.).
After making an allowance for non-recurring gadgets (€ 3.2 million) linked to the varied restructuring operations that befell throughout the 12 months (takeover of the belongings of the France Champignon Cooperative…), the Bonduelle Group’s working earnings stands at € 97.2 million, in contrast with € 101.9 million final monetary 12 months.

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Web Outcome

The web monetary expense stands at € -17.3 million towards € -25.9 million final monetary 12 months. This important enchancment is principally on account of a beneficial rate of interest impact, the implementation of recent aggressive financing (NEU CP programme), with a mean value of debt for the Group at 1.79% towards 2.15% final monetary 12 months and a constructive trade charge results of € 1.2 million. The earnings tax expense stands at € 22.2 million, towards € 21.3 million final monetary 12 months and represents a steady efficient tax charge of 28.-%. After making an allowance for the tax cost and the monetary earnings, the Bonduelle Group’s internet earnings for FY 2020-2021 stands at € 57.1 million, in contrast with € 54.6 million final monetary 12 months, a rise of +4.6% on reported figures.

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Monetary State of affairs

On June 30, 2021, the Bonduelle Group posted the identical internet debt as final monetary 12 months at € 631.- million, excluding the affect of the applying of IFRS 16 commonplace, a debt leverage⁽³⁾ of three.33 (towards 3.19 final monetary 12 months) and a gearing⁽²⁾ down once more at 0.85 towards 0.89 final monetary 12 months. As soon as IFRS 16 commonplace is taken into consideration, the group’s debt stands at € 716 – million and debt leverage⁽³⁾ at 3.38.

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Highlights

The Bonduelle Group Shareholders’ Assembly adopts the corporate’s purpose
The Shareholders’ Assembly, on December 17, 2020, adopted with 99.91% of the votes the decision to amend its articles of affiliation to incorporate the corporate’s function: “Encourage the transition towards a plant-based food regimen, to contribute to individuals’s well-being and planet well being.” With this inclusion in its articles of affiliation, the Bonduelle Group is thus giving concrete expression to its commitments when it comes to Company Social and Environmental Duty and its ambition to realize the B Corp certification by 2025.

The Bonduelle Group strengthens its partnership with its vegetable producers in France
The Bonduelle Group and its companions, OPLvert and OPLINORD, which regroups the vegetable producers of the Hauts-de-France space, and its associate Euralis Coop for the inexperienced vegetable producers within the South-West of France, have signed agreements to extend costs so as to finance the rise in farm earnings and the agro-ecological transition.
This revaluation relies upon a robust dedication to “runoff” in favour of agricultural producers, which includes all of the actors of the worth chain, in a mind-set in keeping with that of the États
Généraux de l’Alimentation (Basic Meeting on Meals) so as to perpetuate one of many foremost sectors of French agricultural excellence.
As well as, Bonduelle, performing beneath the authority granted by the Mixed Shareholders’ Assembly of December 17, 2020, introduced on June 18, 2021 the completion of the capital improve reserved for its agricultural companions in France. By this transaction, the Bonduelle Group intends to share Bonduelle’s worth creation and to strengthen sustainable and shut hyperlinks with the agricultural world by associating it with its capital, in accordance with its ambition of sustainable progress with constructive affect.

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Appointment of a member representing workers on the Supervisory Board
Pursuant to the PACTE Act of Might 22, 2019 and in accordance with the vote of the Firm Shareholders’ Assembly of December 17, 2020, the Group Work Council appointed on April 22, 2021, by an absolute majority, Didier Cliqué, an electromechanical technician for the technical service within the plant of Vaulx-Vraucourt (France), as the worker Supervisory Board member. His three-year time period of workplace took impact on the Supervisory Board assembly of April 27, 2021.

As soon as once more, Bonduelle strengthens its monetary flexibility and aligns this financing to sustainable growth targets
After the profitable issuance of a NEU CP program in July 2020, the Bonduelle Group introduced on November 30, 2020, the early renewal of its syndicated mortgage, growing it from € 300 million to € 400 million and indexing the margin on Environmental, Social and Governance standards (ESG).
This financing transaction, carried out in a very unsure financial and monetary context, as soon as once more underlines the group’s monetary energy. The over subscription and the enlargement of the pool of lenders additionally show the keenness of economic establishments for the Bonduelle Group’s monetary profile.
By way of its endorsement of the B Corp certification course of, this transaction illustrates the group’s commitments when it comes to Social and Environmental Duty, in keeping with its function.

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The French Competitors Authority approves the acquisition of the economic belongings of the France Champignon cooperative
In a choice dated July 7, 2021, the French Competitors Authority licensed the acquisition of unique management by SCA Cultures France Champignon, a subsidiary of the Bonduelle Group, of the economic belongings of the France Champignon agricultural cooperative, which was formalized by a takeover supply dated December 28, 2020, and the choice of the Saumur judicial court docket dated February 18, 2021. The enterprise exercise take over has thus turn into definitive. Its affect on Bonduelle’s monetary statements for the six months ended June 30, 2021, will not be important.

Outlooks

Regardless of the nonetheless unsure well being atmosphere and a hyperinflationary context, the Bonduelle Group goals to realize progress of round 3% in its turnover and a present working margin charge of three.8% to 4,-% , each at fixed scope and trade charges.
The Basic Administration will suggest a dividend of 0.45 euro on the Annual Basic Assembly on December 2, 2021, to be paid on January 5, 2022.

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Moreover, as a part of the periodic evaluation of its enterprise portfolio, the Bonduelle Group pronounces that it has initiated a strategic evaluation of its Bonduelle Americas Lengthy Life enterprise unit.
This exercise, born from the acquisition in 2007 of Aliments Carrière in Canada and fueled by each inside and exterior progress, representing gross sales for the fiscal 12 months ended June 30, 2021 of greater than 600 million euros, is devoted to the processing and advertising and marketing of canned and frozen greens and fruits in retail channels, primarily in personal labels, out-of-home catering in addition to in co-packing of third-party manufacturers evenly cut up between USA and Canada.
This evaluation goals at assessing the contribution of this exercise in the direction of the Bonduelle Group’s ambition of sustainable progress with a constructive affect, in addition to its strategic match with the priorities outlined by its reference controlling shareholder and validated by its board of administrators, specifically, the precedence given to branded actions in its turnover, as a assure of each independence and sustainability.
This evaluation, and the ensuing eventualities, ought to allow Bonduelle Americas Lengthy Life’s actions to pursue their growth in a continually consolidating North American market and to finance the investments needed to extend its profitability.

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⁽¹⁾
at fixed forex trade charge and scope of consolidation foundation. The revenues in international forex over the given interval are translated into the speed of trade for the comparable interval. The affect of enterprise acquisitions (or acquire of management) and divestments is restated as follows

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⁽²⁾ internet monetary debt / fairness
⁽³⁾
internet monetary debt / recurring EBITDA

Various efficiency indicators: the group presents in its monetary notices efficiency indicators not outlined by accounting requirements. The principle efficiency indicators are detailed within the monetary experiences accessible on www.bonduelle.com.

Subsequent monetary occasion:

– 2021-2022 1^st Quarter Income:         November 4 2021 (after inventory trade buying and selling session)
– Annual Basic Assembly:         December 2, 2021
– 2021-2022 1^st Half Yr Income:         February 3, 2022 (after inventory trade buying and selling session)
– 2021-2022 1^st Half Yr Outcomes:         March 4, 2022 (previous to inventory trade buying and selling session)

Concerning the Bonduelle Group

We wish to encourage the transition towards a plant-based food regimen, to contribute to individuals’s well-being and planet well being. We’re a French household enterprise with 14,700 workers and we’ve been innovating with our farming companions since 1853. Our merchandise are cultivated on 124,000 acres and marketed in 100 nations, with a income of € 2,779 million.”
Our 6 sturdy manufacturers are Bonduelle, Cassegrain, Globus, Arctic Gardens, Prepared Pac Meals and Del Monte

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Bonduelle is listed on Euronext compartment B
Euronext indices: CAC MID & SMALL – CAC FOOD PRODUCERS – CAC ALL SHARES
Bonduelle is a part of the Gaïa non-financial efficiency index and worker shareholder index (I.A.S.)
Code ISIN : FR0000063935 – Code Reuters : BOND.PA – Code Bloomberg : BON FP

Discover out concerning the group’s present occasions and information on Twitter @Bonduelle_Group, and its monetary information on @BonduelleCFO

This doc is a free translation into English and has no different worth than an informative one. Ought to there be any distinction between the French and the English model, solely the French-language model shall be deemed genuine and thought of as specificing the precise data printed by Bonduelle.

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