Bonduelle - Quarter 3 FY 2022-2023 Revenue: Slowdown in consumption
weighs on revenue growth for Quarter 3
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)
Quarter 3 FY 2022-2023
Revenue(January 1 - March 31, 2023)
Slowdown in consumption
weighs on revenue growth for Quarter
3
- Revenue growth for Quarter
3 driven by price increases and, to a lesser extent, by
currency effects
- Slowdown in consumption
volumes affecting the various business segments and geographical
areas and the group’s business growth
objectives
- Confirmation of the current
operating margin objective despite production costs
increase
In accordance with
IFRS 5, the 2021-2022 income statement items relating to the North
American canned and frozen activities, which were sold on June 30,
2022, of which the group now holds 35%, have been restated and
combined under "net profit from discontinued operations".
The Bonduelle Group's revenue stands for Quarter
3 of FY 2022-2023 at € 572.2 million, a change from the previous
financial year of +4.7% based on reported figures and +3.6% on like
for like basis* after taking into account currency fluctuations,
linked to a slight appreciation of the US dollar during the
quarter. No change in the group's scope of consolidation occurred
over the period. Over the 9 first months, the revenue stands at €
1,815.5 million, up +10.6% on reported figures and +5.3% on like
for like basis*.
Activity by Geographic
Region
Total Consolidated Revenue(in €
millions) |
9
months2022-2023 |
9
months2021-2022 |
Variation Reported
figures |
Variation Like for like
basis* |
3rd
quarter2022-2023 |
3rd
quarter2021-2022 |
Variation Reported
figures |
Variation Like for like
basis* |
Europe Zone |
1,115.9 |
999.8 |
11.6% |
12.4% |
376.8 |
336.0 |
12.1% |
12.7% |
Non-Europe Zone |
699.6 |
641.4 |
9.1% |
-5.9% |
195.4 |
210.6 |
-7.2% |
-11.0% |
Total |
1,815.5 |
1,641.2 |
10.6% |
5.3% |
572.2 |
546.6 |
4.7% |
3.6% |
Activity by Operating
Segments
Total Consolidated Revenue(in €
millions) |
9
months2022-2023 |
9
months2021-2022 |
Variation Reported
figures |
Variation Like for like
basis* |
3rd
quarter2022-2023 |
3rd
quarter2021-2022 |
Variation Reported
figures |
Variation Like for like
basis* |
Canned |
860.5 |
726.3 |
18.5% |
13.4% |
263.4 |
236.3 |
11.5% |
12.2% |
Frozen |
211.9 |
181.5 |
16.8% |
16.5% |
73.4 |
63.3 |
16.0% |
16.4% |
Fresh processed |
743.1 |
733.5 |
1.3% |
-5.6% |
235.4 |
247.1 |
-4.7% |
-7.9% |
Total |
1,815.5 |
1,641.2 |
10.6% |
5.3% |
572.2 |
546.6 |
4.7% |
3.6% |
Europe Zone
The Europe Zone, representing 61.5% of the
business activity over the first 9 months, recorded an overall
growth of +11.6% on reported figures and +12.4% on like for like
basis* and over Quarter 3 revenue rose +12.1% and +12.7%
respectively.
Both for the first nine months of the year and
for Quarter 3, the 3 operating segments are growing in value.
For the long life segment (canned and frozen),
Quarter 3 was marked by a sustained growth in value and a limited
fall in volume thanks to continued dynamic activity in food
service, and the good resistance of branded products, notably
Cassegrain.
The ready-to-use fresh segment (salad bags and
prepared) also showed growth in value over the quarter, and a
slight decline in volumes due to shortages of raw materials in
salads, despite the performance in the prepared segment, driven by
the success of innovations launched during the year.
Non-Europe Zone
The revenue of the Non-Europe Zone, representing
38.5% of the business activity over the first 9 months, recorded a
growth of +9.1% on reported figures and -5.9% on a like for like
basis*, and over Quarter 3 revenue posted an evolution of -7.2% and
-11.0% respectively.
In North America, the ready to use fresh segment
in retail, which is in decline, continues to suffer from a
significant slowdown of the market, particularly on salad bowls, in
a context of pressure on purchasing power. The food service
activity, on the other hand, posted a positive growth.
In the Eurasia zone, the geopolitical
environment continued to affect consumption levels in the region,
which showed a negative trend in both volume and value on a like
for like basis*.
Other significant information
Changes in the governance of
the Bonduelle Group
The Bonduelle Group has announced on May 2, 2023
the departure from general management, by mutual agreement, of
Guillaume Debrosse, who was appointed Chief Executive Officer in
April 2018.
Guillaume Debrosse's successor will be appointed
in the coming weeks, and will take up his position on June 1, 2023.
In the meantime, Christophe Bonduelle, Chairman of the Board of
Directors, will assume the role of Chief Executive Officer, with
the support of Guillaume Debrosse during this transition
period.
In addition, Pierre and Benoît Bonduelle SAS
company, General Manager of Bonduelle SCA, will henceforth be
represented by its legal representative, Christophe Bonduelle.
2022-2023 Outlooks
In an environment of continuing inflation and
social tensions in certain countries, food consumption underwent a
significant downturn in Quarter 3, which was reflected in the
group's sales performance.
In this highly volatile environment, and taking
into account the performance of the first 9 months of the year, the
Bonduelle Group is targeting for the financial year, a revenue
growth of around 5% fueled by mandatory price increases in a still
inflationist environment and confirms its objective of a stable
current operating margin compared with the previous financial year,
both 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. 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:
- 2022-2023 Financial Year Revenue:
August 1, 2023
(after stock exchange trading session)- 2022-2023 Annual Results:
October 2, 2023
(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
11,900 employees and we have been innovating with our farming
partners since 1853. Our products are cultivated on 73,000 acres
and marketed in 100 countries, with a revenue of € 2,203 million
(data as of June 30, 2022).
Our 4 strong brands
are: BONDUELLE, READY PAC FOODS, CASSEGRAIN, GLOBUS.
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 - Quarter 3 FY 2022-2023 Revenue
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