Bonduelle - First Quarter FY 2023-2024 Revenue: Business growth in
line with annual target
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)
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(in millions of
euros) |
From July 1 to September 30,
2023 |
From July 1 to September 30,
2022 |
VariationReported figures |
VariationLike-for-like
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(in millions of
euros) |
From July 1 to September 30,
2023 |
From July 1 to September 30,
2022 |
VariationReported figures |
VariationLike-for-like
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 (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 1st Half Year
Revenue: February 1,
2024 (after market closing)- 2023-2024 1st 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 BEuronext indices: CAC MID & SMALL – CAC FOOD
PRODUCERS – CAC ALL SHARESBonduelle 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.
- Bonduelle - First Quarter FY 2023-2024 Revenue
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