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Journal
Bonduelle
2012 Number 21
Shareholders’
2011-2012An overview of
CREATION OF A PRODUCTION JOINT-VENTURE IN SPAIN
In July 2011, the groups Bonduelle and Ardo
decided to create a joint venture with the aim of
supplying the brand Findus in Spain and Portugal,
with whom they signed an exclusive production
agreement. Within this context, Bonduelle sold its
brands Frudesa and Salto to Findus. Through this
alliance, and thanks to the subsequent synergies,
Bonduelle and Ardo wish to create a competitive
structure for frozen vegetable production.
NEW ACQUISITIONS
In 2011-2012, the Bonduelle Group finalised its
asset acquisitions from various companies in
Hungary, Russia and the United States.
In May 2012, the group strengthened its agro-
industrial strategies in Central Europe thanks to the
acquisition of a Hungarian cannery with a capacity
of 25,000 to 30,000 tonnes. On 30 March,
Bonduelle North America confirmed the acquisition
of three processing plants, as well as of a centre for
packaging frozen vegetables in the United States.
At the same time, the Bonduelle Group acquired
industrial and business assets from the Cecab
cooperative Group in Russia: the Timashevsk plant,
located in close proximity to the Novotitarovskaya
Bonduelle plant, as well as a 6,000 ha kolkhoz,
which completes the existing 3,500 ha Bonduelle
one, and the Globus brand in the CIS countries.
THE LOUIS BONDUELLE FOUNDATION AT THE EUROPEAN PARLIAMENT
In November 2011, at the European Parliament, the
Louis Bonduelle Foundation organised a conference
whose main topic was: Does eating well mean living
well? The impact of the new ways of living and new
eating habits on the citizens’ health. The conference
was a follow-up to a one-week exhibition entitled:
Healthy eating for all.
KEY POINTSIMPORTANT DIP IN PRODUCTION IN NORTH
AMERICA DUE TO BAD HARVESTS IN 2011
North America had a particularly hot summer in 2011, as well
as excessive rainfall, which caused production deficit. The
good harvests in 2012 were able to correct this problem.
BONDUELLE’S SUSTAINABLE AGRICULTURE
POLICIES
On 21 September 2011, on the Woestyne farm in
Renescure, an event was held presenting the innovative
harvesting methods and techniques (sustainable
agriculture). Environment-friendly harvesting techniques
have been implemented there for several years. These
techniques mainly consist of a radical change in the way
the soil is used (no ploughing), of seedlings being directly
planted in vegetable covers with intermediate crops, and of
using pesticides correctly.
THE CASSEGRAIN RABBIT BACK ON TV
The star mascot of the Cassegrain brand was back on the
small screens in France in November 2011 with a new
advertising campaign for ratatouille.
The advert shows a rabbit singing love songs to its
vegetables.
INNOVATIONS WITHIN BONDUELLE
CHAMPIGNON BUSINESS
An important programme dealing with the
roll-out of mechanical cutting systems for
mushrooms was implemented across all of
Bonduelle’s integrated growing centres. This
mechanical cutting procedure for mushrooms
will spread to Bonduelle Champignon’s
co-operative associates.
Furthermore, in 2011-2012, the mushroom
brand Royal Champignon was transferred to
the Bonduelle brand in France, and new
mushroom ranges were launched
in Spain, Portugal, the Czech
Republic, the Netherlands and
Russia.
In Poland, the handover of the
Abra brand to Bonduelle was
carried out successfully.
elle brand i
mushroom
in Spain,
Republic,
Russia.
In Poland
Abra bran
carried o
EVEN MORE NEW FLAVOURS
1 Having already been very successful, the steamed vegetable range has continued to extend across Europe,
and particularly in Portugal and Spain with Natur +, the new
range of steamed vegetables. Concerning frozen foods, a
new range of single-variety pre-steamed vegetables has
been launched in France, allowing for the taste and texture
to be as similar as possible to fresh vegetables.
2 With a fresh taste and crunchy texture, different varieties of canned raw vegetables are now available in
France.
3 The «Légumes du soleil» range has been launched in the Benelux and in Russia, under the brand
name Bonduelle.
4 Two new canned vegetable mixes, with fresh peas as a main ingredient (unique on the market), were
launched on the Brazilian market.
5 In Canada, Food Service offers its customers «Minute» vegetables: pre-steamed and still full of their
original flavour.
6 Bonduelle Traiteur International has revisited the traditional grated carrot salad with new recipes using
Sicilian lemon, coriander and traditional wholegrain mustard.
7 In the frozen foods department, Bonduelle Benelux has introduced its innovative range «Bonduelle
Kookhulp», freshly washed and cut vegetables!
ing al dy bee
12
5
6
7
3
455
2 MESSAGE FROM THE EXECUTIVE MANAGER
Results
with the forecasts
The year 2011-2012 will have witnessed a return to profitability (after
the exceptional drop in 2010-2011), as well as an increase in scopes
of consolidation, which are undoubtedly valuable for the future.
These results show the group’s resilience faced with an economic
crisis, as well as its ability to seize the subsequent opportunities it
may offer.
SIGNIFICANT INCREASE IN PROFITABILITY
The year 2010-2011 was affected by margin pressures, which were
devastating in terms of profitability: oversupply leading to a decrease
in sales prices, followed by terrible harvests !
This situation resolved itself during the 2011 harvest and, thanks to a
healthier amount of stocks, the sales prices were restored to their
usual values, which then fuelled the rise in operating profitability (+42
%).
This strong increase was also fuelled by the effects of the bold
restructuring implemented during the previous financial year, which
ensured an optimised working programme for all plants, carried out in
full respect of our values and proactive policies in terms of sustainable
development.
REVENUE GROWTH
Revenue has also increased, with stable exchange rates and scopes of
consolidation (+3.2 %, compared to +0.6 % on 30 June 2011) for all of
Bonduelle’s business zones and technologies.
CHANGES IN SCOPE OF CONSOLIDATION
After having successfully integrated the mushroom business into the
company in 2010-2011, the year 2011 -2012 will have known several
changes in terms of scope of consolidation :
UCR (Ultra Congelados de la Ribera)
Divesting the Frudesa brand in Spain and creating the production
joint venture with Ardo there allowed Bonduelle to successfully
prevent the business from continuing on a downwards slope, but also
allowed the group to strengthen its sourcing competitiveness.
Russia and Hungary
Acquiring these agricultural, industrial and business assets (Globus
brand in Central Europe) will ensure that we stay in line with our impor-
tant developments in terms of canned goods in this part of the world.
ALLENS frozen foods USA
At last, the opportunity arose to develop an industrial presence in the
United States by setting up three frozen food sites and a packaging
site, allowing us to «relieve» our Canadian sites, to protect ourselves
from exchange rate changes and to balance out our sales between
Canada and the United States.
OUTLOOK
After having benefited from extremely good refinancing conditions for
its new acquisitions, the group is ready to tackle the 2012-2013 finan-
cial year in very promising conditions and with a new geographic layout
of its business (1/3 in France, 1/3 in other European Union countries,
1/3 outside the European Union), features which convey the now inter-
national side of the group.
in line
2011-2012 REVENUE
1,767 M€2012-2013 FORECAST
1 ,900 M€
Bonduelle builds its plants in the heart of the farming lands.Having been picked or harvested when perfectly ripe, the vegetables are prepared quickly so that all their qualities are maintained.
BREAKDOWN OF THE 2011-2012 REVENUE
36 % France
36 % Other E.U. countries.
28 % Outside of the E.U.
This significant improvement is also due to the previous financial year’s bold restructuring, carried out in compliance with our values and proactive policies in terms of sustainable development.
+42 %OF OPERATING PROFITABILITY
Christophe Bonduelle
ChairmanDaniel Vielfaure
Chief Executive Officer
ALEXANDRE DEROO, FARMER,
MÉHARICOURT FARM(PICARDIE – FRANCE).
nature
We respect the vegetable’s .
“ “
4 SHAREHOLDER INFORMATION
Share price (in euros) 2010-2011 2011-2012
High 74.27 74.86
Low 58.43 58.83
Year’s closing price 69.35 66.41
Market capitalisation at June 30 (in millions of euros) 554.80 531.28
Average monthly trading volume 182,870 107,917
Summary sheet
Market Euronext Paris
Market Segment Euronext French stocks
Type Compartment B
ISIN Code FR0000063935
Reuters Code BOND.PA
Bloomberg Code BON FP
Shares outstanding 8 000 000
Index CAC Mid & Small
Eligible for Deferred Settlement Service (SRD)
Bonduelle
on the stock
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PERFORMANCE OF THE
BONDUELLE SHARE,
WITH REGARDS TO THE
CAC 40 AND CAC MID &
SMALL INDICES (BASE
100, JULY 2011)
BONDUELLE SHARE
INFORMATION
STOCK MARKET DATA
NET DIVIDEND PER SHARE FOR THE 2011-2012 FINANCIAL YEAR 1.50 subject to approval by the Shareholders’ Meeting on 6 December 2012.
exchange
FINANCIAL RELEASES
SCHEDULED
for the 2011-2012 financial year
06/12/2012 Annual Shareholders’ Meeting
for the 2012-2013 financial year
11/06/2012 First quarter revenue
02/05/2013 First half revenue
02/28/2013 First half results
05/02/2013 Third quarter revenue
08/06/2013 Annual revenue
10/03/2013 Annual results
12/05/2013 Annual Shareholders’ Meeting
In 2012, your «Letter to the shareholders» format was changed so as to bring you more detailed information.The French version, as well as the registration document and the Bonduelle Group’s review of operations and sustainable development report, are available in the «Finance» section of bonduelle.com.
.
informationShareholder
Throughout the financial year, the Bonduelle Group kept us informed about business evolution. This evolution
will be presented during the Shareholders’ Meeting on 6 December 2012.
During the year 2011-2012, the Management Board provided the Supervisory Board with all the documents required
to evaluate the performance of its obligations and to review the separate and consolidated financial statements. A
specific report from the Chairman of the Supervisory Board is attached to the Management Board’s report to the sha-
reholders; this report details the corporate governance principles, the internal control procedures implemented by the
company and the preparation and organisation of the Supervisory Board and its committees’ work during the financial
year.
André Crespel,
Chairman of the Supervisory Board
FIND OUT MORE
BONDUELLE GROUP
Finance Department
Rue Nicolas Appert – BP 30173
59653 Villeneuve-d’Ascq Cedex
France
Tel. : +33 (0)3 20 43 60 60
Fax : +33 (0)3 20 43 60 00
exchange
The Bonduelle share ownership is characterised by family-orientated
shareholders, thus providing stability and continuity within the
group’s overall strategy.
Close to 2,400 employees also hold Bonduelle shares through company savings plans.
SHAREHOLDER
STRUCTURE AT JUNE 30,
2012
37.72 % Free float
27.63 % Generalpartner
Other 24.67 % families
Employees and 9.98 % treasury shares
6 CONSOLIDATED
In thousands of euros Notes !"#$%&"'()"*(++ At June 30,
2012
Non-current assets 730, 049 810,910
Other intangible assets 13 33,603 34,731
Goodwill 14 189,425 211,005
Property, plant and equipment 15 469,273 511,275
Investments in associates 8,371 10,620
Other non-current financial assets 17 9,619 19,481
Deferred tax liabilities 11 12,368 14,704
Other non-current assets 16 7,390 9,094
Current assets 966,770 930,955
Inventories and work-in-progress 18 495,299 569,804
Trade and other receivables 19 329,126 322,339
Tax receivables 18,396 3,993
Other current assets 16 5,579 7,934
Other current financial assets 16 6,982 7,944
Cash and cash equivalents 21 111,389 18,941
TOTAL ASSETS 1,696,819 1,741,865
ASSETS
In thousands of euros Notes !"#$%&"'()"*(++ At June 30,
2012
Revenue 5 1,725,998 1,766,951
Purchases and external charges 6 (1,232,881) (1,274,203)
Employee benefit expenses 7 (336,999) (334,148)
Depreciation, amortization and impairment (70,189) (71,937)
Other operating income 8 41,657 60,457
Other operating expenses 8 (46,904) (46,195)
Gain/loss on sale of consolidated equity investments
(1) (0)
Current operating income 80,681 100,926
Non-recurring items 9 (11,737) (2,749)
Operating profit 68,944 98,177
Net borrowing costs (29,465) (27,092)
Other financial income and costs 5,811 (3,383)
Net financial expense 10 (23,654) (30,475)
Share of net income from associates 58 (1,655)
Profit before tax 45,348 66,047
Income tax 11 (14,685) (18,325)
Net Income 30,663 47,722
Attributable to company owners 30,436 46,705
Attributable to non-controlling interests 227 1,017
BASIC EARNINGS PER SHARE 12 3.94 6.25
DILUTED EARNINGS PER SHARE 12 3.94 6.25
In thousands of euros Notes !"#$%&"'()"*(++ At June 30,
2012
Equity attributable to company owners 467,929 487,516
Share capital 56,000 56,000
Additional paid-in capital 22,545 22,545
Consolidated reserves 389,384 408,971
Non-controlling interests 1.B 15,845 16,229
Equity 483,774 503,745
Non-current liabilities 566,348 509,554
Financial liabilities 21 482,096 437,255
Employee benefit obligations 22 8,464 13,395
Other non-current provisions 24 38,005 25,102
Deferred tax liabilities 11 23,093 19,820
Other non-current liabilities 16 14,690 13,982
Current liabilities 646,697 728,566
Current financial liabilities 21 132,832 212,576
Current provisions 24 1,560 1,838
Trade and other payables 25 506,415 507,434
Tax payables 2,167 1,282
Other current liabilities 16 3,724 5,436
TOTAL LIABILITIES 1,696,819 1,741,865
LIABILITIES
Consolidated statement of financial position
Consolidated income statement
In thousands of euros !"#$%&"'()"*(++ At June 30,
2012
Net Income 30,663 47,722
Share of net income from associates (58) 1,655
Depreciation, amortization and impairment 70,808 55,739
Other non-cash sources (jobs) 6,622 8,943
Taxes paid (20,200) (21,133)
Income tax expenses 14,685 18,325
Accrued interest 651 (1,194)
Cash flow 103,172 110,057
Change in working capital requirement 45,870 (12,149)
Net cash flows for operating activities 149,041 97,908
Acquisition of consolidated companies, net of cash and cash equivalents (2,904) (72,652)
Disposals of consolidated companies, net of cash and cash equivalents disposed of
345 0
Impact of changes in method (11) (3)
Acquisitions of property, plant and equipment (96,898) (71,356)
Acquisitions of financial assets (250) (21)
Disposals of property, plant and equipment, and financial assets 11,743 6,547
Net change in loans and other non-current financial assets (316) (121)
Net cash flows from investment activities (88,291) (137,605)
Free cash flow 60,751 (39,698)
Capital increase 0 0
(Acquisition) disposal of treasury shares (3,122) (16,279)
Increase (Decrease) in non-current financial liabilities 126,417 195
Increase (Decrease) in current financial liabilities (87,872) (22,105)
Dividends paid to group and minority shareholders (11,915) (11,653)
Net cash flows from financing activities 23,508 (49,842)
Impact of exchange rate changes (571) (2,908)
CHANGE IN CASH AND CASH EQUIVALENTS 83,687 (92,448)
Cash and cash equivalents - opening balance 27,702 111,389
Cash and cash equivalents - closing balance 111,389 18,941
CHANGE IN CASH AND CASH EQUIVALENTS 83,687 (92,448)
Consolidated statement
of cash flow
8 KEY FIGURES
* EBITDA (earnings before interest, taxes, depreciation, and amortisation). This indicator represents the profit generated by business, regardless of financing conditions, fiscal constraints and the renewal of operating tools.
** 106: having suffered from the cross holding system.
REVENUE in millions of euros
INCREASE IN REVENUE AT THE CURRENT EXCHANGE RATE
CURRENT OPERATING INCOME in millions of euros
2009-2010 2010-2011 2011-2012 2009-2010 2010-2011 2011-2012
104 58
311,560
2.3
0 %
1,726
10.7
0 %
81
1,767
2.3
8 %
10148
NET INCOME in millions of euros
2009-2010 2010-2011 2011-2012
CAPITAL EXPENDITURE in millions of euros
EBITDA* in millions of euros
2009-2010 2010-2011 2011-2012 2009-2010 2010-2011 2011-2012
116
102
90 16781
13977170 121 **
DEBT-TO-EQUITY RATIO (GEARING) in %
2009-2010 2010-2011 2011-2012
growth
Steady
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