Bonduelle - Quarter 3 FY 2021-2022 Revenue: Activity growth in line
with annual guidance
BONDUELLE
A French SCA (Partnership Limited by Shares)
with a capital of 57 102 699,50 EurosHead Office: La
Woestyne 59173 Renescure, FranceRegistered under
number: 447 250 044 (Dunkerque Commercial and Companies
Register)
Quarter 3 FY 2021-2022
Revenue(January 1 - March 31, 2022)
Activity growth in line with annual
guidance
Growth in the group's various activities
and geographies driven by the dynamism of the food service sector
and by favorable comparison bases
The Bonduelle Group's revenue stands for the 3rd
quarter of FY 2021-2022 at € 725.9 million, a change from the
previous financial year of +7.6% based on reported figures and
+4.-% on like for like basis* after taking into account currency
fluctuations, mainly the strengthening of the US and Canadian
dollars. No change in the group's scope of consolidation occurred
over the period. Over the 9 first months, the revenue stands at €
2,168.7 million, up +2.5% on reported figures and +1.-% on like for
like basis*.
Activity by Geographic
Region
Total Consolidated Revenue(in €
millions) |
9 months2021-2022 |
9 months2020-2021 |
Variation Reported figures |
Variation Like for like
basis* |
3rd
quarter2021-2022 |
3rd
quarter2020-2021 |
Variation Reported figures |
Variation Like for like
basis* |
Europe Zone |
999.8 |
955.5 |
4.6% |
4.7% |
336.- |
307.4 |
9.3% |
9.4% |
Non-Europe Zone |
1,168.9 |
1,160.6 |
0.7% |
-2.1% |
389.9 |
367.1 |
6.2% |
-0.5% |
Total |
2,168.7 |
2,116.1 |
2.5% |
1.-% |
725.9 |
674.6 |
7.6% |
4.-% |
Activity by Operating
Segments
Total Consolidated Revenue(in €
millions) |
9 months2021-2022 |
9 months2020-2021 |
Variation Reported figures |
Variation Like for like
basis* |
3rd
quarter2021-2022 |
3rd
quarter2020-2021 |
Variation Reported figures |
Variation Like for like
basis* |
Canned |
873.6 |
840.1 |
4.-% |
2.8% |
280.1 |
251.1 |
11.6% |
9.7% |
Frozen |
561.7 |
505.1 |
11.2% |
8.6% |
198.7 |
173.1 |
14.8% |
9.6% |
Fresh processed |
733.5 |
770.9 |
-4.9% |
-6.-% |
247.1 |
250.4 |
-1.3% |
-5.6% |
Total |
2,168.7 |
2,116.1 |
2.5% |
1.-% |
725.9 |
674.6 |
7.6% |
4.-% |
As in the first six months of the financial
year, the activity is returning to a more normal growth rate,
characterized by a slower demand in the retail sector and a
sustained growth in food service, driven by favorable comparisons
basis over the quarter.
Europe Zone
The revenue of the Europe Zone, representing 46.1% of the group's
revenues over the first 9 months, recorded an overall aggregated
growth of +4.6% on reported figures and +4.7% on like for like
basis* and over quarter 3 revenue rose +9.3% and +9.4%
respectively.Both for the first nine months of the year and for the
third quarter, the canned, frozen, and fresh prepared food
operating segments are on the increase.The long-life operating
segment in the retail sector enjoyed solid growth during the
quarter, particularly for brands (Bonduelle and Cassegrain),
boosted in large part by the preparation of the Easter holidays.
The food service business activity continued its strong growth,
helped by a favorable comparison base (2nd wave Covid the previous
year). Similarly, the fresh food business activity also benefited
from the recovery of the food service sector during the quarter.
Overall, the third quarter saw a normalization of the activities by
distribution channel in Europe.
Non-Europe
Zone The revenue of the non-Europe zone,
representing 53.9% of the group's revenues over the first 9 months
of this financial, was up +0.7% on reported figures and -2.1% on
like for like basis*. In North America, the long-life operating
segment (canned and frozen) benefited from the acceleration of the
food service sector on a favorable basis of comparison, while the
retail activity declined slightly on like for like basis* as
expected.Unsurprisingly, the fresh segment activities in this zone
showed a decline in volume linked to the strategy to improve the
profitability of this activity. Price increases negotiated with the
business clients to offset inflation confirmed the positive trend
in profitability over the second half of the financial year.In the
Eurasia region, the business activities continued to grow in line
with previous quarters in both canned and frozen products. In
Ukraine, the activity, representing a very limited part of the
group's revenue, and totally stopped following the invasion of the
country, is experiencing a slight recovery.
Highlights
Bonduelle's position on Ukraine and
RussiaThe Bonduelle Group considers that it is its duty to
ensure that people have access to essential foodstuffs and to do
all it can to avoid contributing to food shortages. As part of its
mission, the Bonduelle Group therefore ensures the continuity of
its activities in Russia to feed not only the 145 million Russians
but also the 90 million inhabitants in the surrounding countries
supplied by the group's Russian factories.Yet the current context
calls for exceptional measures.The Bonduelle Group therefore
decided on March 17, with the unanimous support of its controlling
shareholders, its Board of Directors, and its Supervisory Board, to
allocate all profits from sales in Russia during the period of
conflict to the future reconstruction of infrastructure and
agricultural and food ecosystems damaged by the conflict in
Ukraine.
2021-2022 Outlooks
Given the business activity trend observed over
the first nine months of the financial year, the necessary changes
in price negotiated or to be negotiated as a result of cost
inflation, and despite an uncertain health, geopolitical and
consumer environment, the group confirms its guidance of 3.-%
growth in business activity and targets a stable current operating
margin compared to the previous financial year, at 3.6% of revenue
at constant exchange rates and scope of consolidation.
* 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:
- 2021-2022 Financial Year Revenue:
August 1, 2022
(after stock exchange trading session)- 2021-2022 Annual Results:
October 3, 2022
(prior to stock exchange trading session)
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
14,700 employees and we have been innovating with our farming
partners since 1853. Our products are cultivated on 124,000 acres
and marketed in 100 countries, with a revenue of € 2,779
million.Our 6 strong brands are Bonduelle, Cassegrain, Globus,
Arctic Gardens, Ready Pac Foods and Del Monte.
Bonduelle is listed on
Euronext compartment BEuronext indices: CAC MID & SMALL - CAC
FOOD PRODUCERS - CAC ALL SHARESBonduelle is part of the Gaïa
non-financial performance index and employee shareholder index
(I.A.S.)Code ISIN : FR0000063935 - Code Reuters : BOND.PA - Code
Bloomberg : BON FP
Find out about the
group’s current events and news on Twitter @Bonduelle_Group, and
its financial news on @BonduelleCFO
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.
- Bonduelle - Q3 FY 21-22 Revenue
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