Bonduelle - First Quarter FY 2021-2022 Revenue: Quarterly business
performance in line with objectives
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
2021-2022
Revenue(July 1 - September 30,
2021)
Quarterly business performance in line
with objectives
- Stable revenue in line with
expectations for the first quarter of this financial
year
- Business activity returning
to normal in retail and gradually recovering in the out-of-home
channel
- Annual guidance confirmed
in a sharp inflationary context and an uncertain
health climate
The Bonduelle Group's revenue stands for the 1st
quarter of FY 2021-2022 at € 672.5 million, a change from the
previous financial year of -1.2% based on reported figures and
-0.5% on a like for like basis*. The continued quarterly weakening
of the US dollar and the Russian rouble against the Euro was
partially offset by a favourable effect of a stronger Canadian
dollar and resulted in a negative exchange rate impact on business
activity of -0.7%. No change in the group's scope of consolidation
occurred over the period.This decline in activity, as expected,
reflects the residual shortfall in products linked to poor crops in
summer 2020, a recovery in out-of-home business activities coupled
with a normalization of the volumes sold in retail.
Activity by Geographical
Region
Total consolidated revenue(in €
million) |
From July 1 to September 30,
2021 |
From July 1 to September 30,
2020 |
VariationReported figures |
VariationLike for like
basis* |
Europe Zone |
320.5 |
315.- |
1.7% |
1.8% |
Non-Europe Zone |
352.1 |
365.5 |
-3.7% |
-2.5% |
Total |
672.5 |
680.5 |
-1.2% |
-0.5% |
Activity by Operating Segments
Total consolidated revenue(in €
million) |
From July 1 to September 30,
2021 |
From July 1 to September 30,
2020 |
VariationReported figures |
VariationLike for like
basis* |
Canned |
256.3 |
256.3 |
0.-% |
0.-% |
Frozen |
159.8 |
152.4 |
4.9% |
4.9% |
Fresh processed |
256.4 |
271.9 |
-5.7% |
-3.9% |
Total |
672.5 |
680.5 |
-1.2% |
-0.5% |
Europe ZoneThe Europe Zone,
representing 47.7% of the group's revenue over the first financial
quarter, showed an overall increase of +1.7% on reported figures
and +1.8% on like for like basis*.Growth in this area was mainly
driven by the confirmed recovery of the out-of-home business at the
end of the previous financial year, which, in terms of technology,
led to a recovery in the fresh food operating segment and
significant growth in the frozen one.In retail, the limited
activity observed in the canned operating segment, with the
noticeable exception of the sustained vigorous growth of the
Cassegrain brand, and in the frozen operating segment is the result
of product shortages related to the poor crops of the summer of
2020, which had a negligible impact on the first financial months
of the 2021-2022, and of consumer demand that is in the process of
returning to normal. The ready-to-eat fresh segment is experiencing
a sustained recovery in the salad category, particularly for the
Bonduelle brand, whereas the delicatessen business activity was
penalized by a gloomy summer in France.
Non-Europe ZoneThe revenue of
the non-Europe zone, representing 52.3% of the revenues of the
group over the first financial quarter, was down -3.7% on reported
figures and -2.5% on like for like basis*.In North America, the
canned and frozen segments benefited from the out-of-home business
recovery, and the retail activities are also returning to normal in
this area. The ready-to-eat fresh segment was down in North America
over the first financial quarter, as a direct consequence of
arbitration and selectivity of the contracts delivered, in a
context of voluntary tariff increases linked to the recovery plan
for this activity.In the Eurasia area, despite the persistent
difficult economic environment, the performance of Russia and the
peripheral countries remained solid, driven by the Bonduelle
branded canned and frozen products.
Other significant information
Annual General MeetingThe SCA
Bonduelle's shareholders are invited to attend the Annual General
Meeting scheduled for December 2, 2021, at which a dividend of €
0.45 per share will be proposed for payment on January 5, 2022. All
documents relating to the General Meeting can be viewed on the
company's website www.bonduelle.com.
Bonduelle releases its
first integrated report In line with its strategy of
sustainable growth with positive impact, the Bonduelle Group has
published its first integrated report. This report makes it
possible to share with stakeholders the group's integrated vision
of its business model and its approach to short, medium and long
term value creation. The integrated report is available on the
Bonduelle Group website www.bonduelle.com.
Outlooks
Summer 2021 crop campaigns suffered once again
from severe weather conditions (below normal temperatures in
France, coupled with heavy rainfall periods, summer temperature
peaks in Hungary and Quebec) which did not lead to the expected
recovery of stocks. Additionally, the expected and observed high
level of cost inflation imply the necessity to re-evaluate the
marketing prices, which, together with the expected return to
normal of the health situation, are conditions for achieving the
annual growth and profitability objectives; the latter being
confirmed at this stage.
* 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 event:
- Annual General Meeting:
December 2, 2021-
2021-2022 1st Half Year Revenue:
February 3, 2022
(after stock exchange trading session)- 2021-2022 1st Half Year
Results: March 4,
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, 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 - 1st Quarter FY 21-22 Revenue
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