Bonduel
French SCA (Partnership Limited by Shares) with capital of 57 102 699.50 euros
Headquarters: La Woestyne 59173 Renescure, France
Registration Number: 447 250 044 (Dunkerque Commercial and Companies Register)
Earnings in the first half of 2022-2023
(July 1, 2022 to December 31, 2022)
Expanding activities by raising prices
Adapting an industrial set-up for the US ready-to-use fresh segment
- Acceleration of group profit growth in the 2nd periodnd Quarter led by Canning and Frozen activity
- Significant positive impact of exchange rates
- Integration of industrial activities at the Florence and Swesboro sites (New Jersey – USA)
In accordance with IFRS 5, income statement items for 2021-2022 are: The North American canned and frozen business, which was sold on 30 June 2022 and in which the Group now owns 35%, has been restated and summarized in ‘Net income from discontinued operations’. Revenue reported in 2021-2022 consolidated earnings Accordingly, this Statement excludes these ‘discontinued operations’ in accordance with IFRS Standards.
1 Bonduelle Group Earningsst Half of the financial year 2022-2023 amounted to €1,243.4 million.st The prior financial half represented +13.6% growth at current exchange rates and +6.1% growth on a similar basis*. Favorable exchange rate movements increased sales by +7.5%.
growth of twond Quarterly earnings show acceleration compared to Q1st Quarterly +16.0% at current exchange rates, +7.6%* on a like-for-like basis.
Activities by region
| Total consolidated net sales (million euros) |
1st Yes 2022-2023 |
1st Yes 2021-2022 |
change Reported number |
change Similar criteria* |
2nd quarter 2022-2023 |
2nd quarter 2021-2022 |
change Reported number |
change Similar criteria* |
| European zone | 739.1 | 663.8 | 11.4% | 12.3% | 390.5 | 343.3 | 13.7% | 14.8% |
| Non-European Zone | 504.2 | 430.8 | 17.0% | -3.4% | 281.6 | 236.3 | 19.2% | -2.9% |
| total | 1,243.4 | 1,094.6 | 13.6% | 6.1% | 672.1 | 579.6 | 16.0% | 7.6% |
Activities by business segment
| Total consolidated net sales (million euros) |
1st Yes 2022-2023 |
1st Yes 2021-2022 |
change Reported number |
change Similar criteria* |
2nd quarter 2022-2023 |
2nd quarter 2021-2022 |
change Reported number |
change Similar criteria* |
| canning | 597.1 | 490.0 | 21.9% | 14.1% | 357.0 | 284.9 | 25.3% | 15.9% |
| frozen | 138.5 | 118.2 | 17.2% | 16.6% | 76.9 | 64.6 | 19.0% | 18.2% |
| Raw processing | 507.7 | 486.4 | 4.4% | -4.4% | 238.2 | 230.0 | 3.5% | -5.6% |
| total | 1,243.4 | 1,094.6 | 13.6% | 6.1% | 672.1 | 579.6 | 16.0% | 7,6% |
Europe zone
The Europe Zone, which accounted for 59.4% of business activity during the period, registered an overall growth rate of +11.4% at current exchange rates and a +12.3%* growth on a one-year like-for-like basis.st Over the last six months, all technologies have shown growth.
2 variationsnd The quarters were +13.7% and +14.8% respectively, accelerating compared to Q1.st quarter.
Price hikes aimed at partially compensating production cost inflation continue, particularly in canned and frozen foods. A limited decline in volume was noted during the period. This is explained by quotas applied to certain products following a short harvest.
Refrigeration activity showed positive volume growth in both foodservice and retail, which continues its post-corona recovery (especially the success of recent innovations launched under the Cassegrain brand).
The ready-to-use fresh segment (salad bags and processed goods) showed more limited cost increases and thus price increases, showing value growth and volume stability. Salad supply issues and a less vibrant market were offset by a particularly dynamic summer season in the processed segment.
Outside Europe zone
Non-European zone revenue representing 40.6% of business activity in 1st Half a year, +17.0% at current exchange rates and -3.4% on a similar basis*. 2 variationsnd The quarters were +19.2% and -2.9% respectively.
In an uncertain geopolitical situation, the Eurasian zone experienced higher sales (canned and frozen) in relation to higher prices, with volumes in the region slightly below the previous year.
In North America, the ready-to-use fresh segment declined over the period.nd Half of the 2021-2022 fiscal year is due to the salad segment, which itself was declining, while the agricultural crisis impacting salad yields in the Salinas region led to significant product shortages and purchases. A price increase has occurred. In this context, the Bonduelle Group has decided to adapt its manufacturing facilities on the East Coast of the United States to the expected level of activity and has refocused on its profitable business segments (see below).
Other important information
adaptation of American industrial organization
To improve its competitiveness in the US ready-to-use fresh food market and refocus its activities on value segments, the Bonduel Group is adapting the industrial structure of its activities on the US East Coast.
Accordingly, manufacturing activities in Florence, New Jersey will be consolidated at the Swedsboro site, also in New Jersey, in the coming months. The operation aims to optimize the production of all products for customers nationwide while achieving efficiency gains and covering fixed costs.
The current Florence site will be converted to an East Coast warehouse to keep these jobs on site and offer positions in Swedesboro to all current Florence production workers. The financial impact of this restructuring will be included in his non-recurring items from 2022 to 2023 and will be identified when the half-year results are released.
Outlook
In a particularly uncertain environment, the achievement of the Group’s targets for business growth and profitability for the financial year 2022-23, specified in the half-year presentation, will be driven by both difficult-to-predict consumption dynamics. continue to depend. As for price increases, they are again essential to compensate for changes in certain components of the cost, especially agricultural inputs.
* so Fixed exchange rate and consolidated range.Foreign currency incomeThe gn currency for a given period is converted to the exchange rate for the comparable periods.Impact of business acquisitions (or acquisition of control) and divestment is Rephrase it like this:
- c For any business acquired (or obtained control of) during the period:For the current period, revenue generated after the acquisition date is excluded from the organic growth calculation.
- For businesses acquired (or obtained control of) in the previous fiscal year, income generated during the period up to the first anniversary of acquisition is excluded.
- For businesses sold (or lost control of) during the previous fiscal year Excludes revenue generated in the comparative period from the prior year to the date of sale. In the specific case of loss of control of a long life business in North America, the IFRS 5 standard was applied to Hist.Earnings have already been restated with historical elements in the historical data.
- For businesses sold (or lost control of) during the current fiscal year, revenue generated from the 12 months prior to the date of sale through the end of the comparable period.Excluding the same period of the previous year.
Alternative performance indicators: The Group presents performance measures in its financial notices that are not defined by accounting standards. Details of key performance indicators are set out in the financial report available at www.bonduelle.com.
Next financial event:
– 2022-2023 1st half Year results: March 3, 2023 (before stock exchange trading)
– 2022-2023 3rd Quarterly Sales: May 4, 2023 (after stock exchange trading)
regarding Bonduel group
We want to encourage the transition to a plant-based diet in order to contribute to the well-being of people and the health of the planet. We are a French family business with 11,900 employees, Since 1853, we have been innovating together with our agricultural partners.Grown on 73,000 acres and sold in 100 countries. Earnings €2,203 million (data as of 30 June 2022).
Our four strong brands are BONDUELLE, READY PAC FOODS, CASSEGRAIN and GLOBUS.
Bonduel Listed in Euronext compartment B
Euronext Indexes: CAC MID & SMALL – CAC FOOD PRODUCERS – CAC ALL-strain
Bonduel is part of Gaia Non-Financial Performance Index and Employee Shareholder Index (IAS)
Code ISIN: FR0000063935 – Code Reuters: BOND.PA – Code Bloomberg : BON FP
Follow us on Twitter @ for the group’s current events and news.Bonduelle_Groupand @ financial newsBonduel CFO
This document has been translated into English free of charge and is of no other value than informational.there should be some difference between The French and English versions are only considered authentic and represent the correct information as published. Bonduel.
-
Bonduelle – Earnings for the first half of 2022-2023