Upload
buinhu
View
218
Download
0
Embed Size (px)
Citation preview
1
WORLD LEADERin processed vegetables
March 2011
History and strategy
Policy and organisation
2010/2011 1ST Half-Year Results
Projects
Prospects
2
History and strategy
HISTORY
1850 1900 1926 1955 1980 1995 2009
6TH GENERATION OF BONDUELLE FAMILYINVOLVED IN AGRICULTURE PROCESSING
Yeast
Sugar
Canned foods
Agriculture
Distillery
Frozen
FreshProcessed
History and strategy
From a regional French distillery in 1853...
... to the world leader in processed vegetables
3
STRATEGY History and strategy
BONDUELLE: VEGETABLES, ALL THE VEGETABLES AND NOTHING BUT THE VEGETABLES
The obesity pandemicAn obvious driver for vegetables consumption
Source: Food for Thought 2010 (market 2009)
Eastern Europe
North America
Western Europe
7.59470Market
(in billions of euros)
5.2%10.9%6.3%% of vegetablesin a food consumption
80207172€ per inhabitant
History and strategy
VEGETABLES: A HUGE MARKET
STRATEGY
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
4
19852009*
Source: Food for Thought 2010 (market 2009) and Bonduelle
* Market in Europe (West and East) + North America
History and strategy
17%
18%
58%
7%
63%
17%
15%
5%
7%9%
84%
Fresh processed
Canned Frozen
Five-year outlook
Raw vegetables
STRATEGY
VEGETABLES: A GROWING MARKET PARTICULARLY FOR PROCESSED VEGETABLES
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
Source: Food for Thought 2009 (market 2008)
46%61%78%89%Raw vegetables
History and strategy
26%16%16%4%Frozen
23%16%2%6%Canned
5%7%4%1%Fresh cut and
delicatessen salads
100%100%100%100%
USAFRANCEITALYPOLAND
STRATEGY
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
THE PERCENTAGE OF PROCESSED VEGETABLESINCREASES WITH ECONOMIC DEVELOPMENT
5
ALL TECHNOLOGIES…
ALL BRANDS…
ALL DISTRIBUTION CHANNELS…
AND ALL OVER THE WORLD
ALL VEGETABLES…
History and strategySTRATEGY
BONDUELLE: A PURE PLAYER
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
ALL VEGETABLES
According to the definition given by consumers
50 basic vegetables processed into2,500 product references
History and strategy
BONDUELLE: A VEGETABLE SPECIALIST
STRATEGY
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
6
D'AUCY
PICARD
MC CAIN
IGLO
BIRDS EYE
FINDUS
Fresh processed
History and strategy
Others
Pizzas
Fish
FRUDESA
MARTINET
FLORETTE
Prepared meals
Vegetables
Frozen
FROSTA
HAK
DEL MONTE
SODEBO
Canned
D'AUCY
Green Giant
PICARD
MC CAIN
IGLO
BIRDS EYE
FINDUS
BONDUELLEBONDUELLE
STRATEGY
BONDUELLE: PRESENCE IN ALLTECHNOLOGIES
Bonduelle: vegetables, all the vegetables and nothing but the vegetables
A PRODUCT PORTFOLIO THAT MATCHES ALL THE MARKET'S NEEDS
Raw vegetables
Ready-to-Use Range
Frozen
Delicatessen
+ 20% / year
Development / Technology= ƒ (freshness + convenience)
Convenience
Jars
History and strategy
+ 10% /
year
+ 5% / year
74% of the
market
+ 0% / year
+ 5% / year
+ 1% / year
Freshness
Tins
STRATEGY
7
International, core market, multi-technology, multi-channels
Top of the rangeCannedFrance
FrozenSpain
Market basicsFrozenCanada
History and strategySTRATEGY
All brands
4 STRONG BRANDS…
43%
Client brands Bonduelle Brands(Bonduelle, Cassegrain, Frudesa, Arctic Gardens)
Others6%
51%
Breakdown of sales for 09/10
History and strategySTRATEGY
All brands
… BUT ALSO THE DISTRIBUTOR BRANDS
8
73%
Industry
RetailFood Service 20%
7%
History and strategy
A STRONG PRESENCE IN THE SUPERMARKETAND FOOD SERVICE SECTORS
STRATEGY
All distribution channels
Breakdown of sales for 09/10
CannedFresh processedDelicatessen Frozen
History and strategy
In all countries
STRATEGY
CONCENTRIC CIRCLES EMANATING FROM FRANCE
9
Outside Europe
History and strategy
Canned / Frozen
STRATEGY
Growth based on two axes
Europe
Fresh processed / Delicatessen
GROWTH DRIVERS:CANNED AND FROZEN OUTSIDE EUROPE
FRESH CUT SALADS AND DELICATESSEN IN EUROPE
75 80 85 90 95 00 05
T/O
CORN
SpainPortugal
CentralEurope
Fresh processed
Eastern Europe
2 factoriesin
France
42 factoriesin
11 countries
North America
09
€ 150 M
€ 1 560 M
History et strategySTRATEGY
Growth
BONDUELLE: WORLD LEADER IN VEGETABLES
10
MUSHROOMS
10
40%Other EU countries
35%France50%
France
25%
Germany
25%Other EU countries
1989: €511 M 2010: €1,560 M
33%
Frozen
66%
Canned
50%Canned
27%
Frozen
23%Fresh processed
History and strategy
25%
Outside EU
STRATEGY
Growth
A FAST CHANGING PICTURE
2010: 7,437 permanent staff1988: 3,500 permanent staff
France
Outside of France
Outside of France
France
History and strategySTRATEGY
Growth
A MAJOR CULTURAL CHANGE
11
DelicatessenDelicatessenSaladsSalads
Source: Food for Thought and Nielsen
Fresh cut SaladsFresh cut Salads
History and strategy
30%
22%
50%
30%
No. 1 No. 2 No. 3
STRATEGY
International
FRESH CUT SALADS AND DELICATESSEN: No. 1 IN EUROPE WITH 20% MARKET SHARE
Source: Food for Thought and Nielsen
History and strategy
25%
25%14%
7%16%
11%
4%
STRATEGY
International
FROZEN FOODS:No. 2 IN EUROPE WITH 12% MARKET SHARENo. 1 IN CANADA WITH 65% MARKET SHARENo. 1 IN BRAZIL
No. 1 No. 2 No. 3
65%
12
43%
37%
40%
21%
40%
16%15%
38%
25%
26%
28%
23%
History and strategy
InternationalSTRATEGY
CANNED FOODS:No. 1 IN EUROPE WITH 30% MARKET SHARENo. 1 IN CANADA WITH 70% MARKET SHARE
No. 1 No. 2 No. 3
70%
Policy and organisation
13
INTERNATIONAL
PROFITABILITY
LONG-TERM OVER SHORT-TERM PRIORITIES
BRAND & INNOVATION
GROWTH
Policy and organisation
SUSTAINABLE DEVELOPMENT
75 80 85 90 95 00 05
T/O
CORN
SpainPortugal
CentralEurope
Fresh processed
EasternEurope
2 factoriesin
France
42 factoriesin
11 pays
North America
09
150 M€
1 560 M€
10
POLICY Policy and organisation
Growth over 30 years
+ 10% PER YEAR ON AVERAGE 5% EXTERNAL, 5% ORGANIC
MUSHROOMS
14
POLICY Policy and organisation
UNMATCHED INDUSTRIAL AND COMMERCIAL PRESENCE
North America
South America
Sales and marketing departmentsSales and marketing department « GELAGRI »Distribution centersFrozenCannedCanned (factories « GELAGRI »)Fresh-cutPreparedMushroom
Policy and organisation
10532Current operating income (€M)
2009/101999
X 3X 3
POLICY
Profitability
AN AVERAGE INCREASEIN PROFITABILITY OF 12%/YEAR
15
• A close partnership with the agricultural world
France 35,000 Canada 39,000Spain - Portugal 2,300Hungary - Poland 14,400Italy - Germany 4,000Russia 4,100Belgium 1,200
• Annual contracts with Producer Organisations
• A procurement charter:- Traceability- Security
Policy and organisation
3,500 growers and 100,000 hectares
POLICY
Long-term over short-term priorities
A PROCUREMENT POLICYSECURED AND SUSTAINABLE
R&D Investment• Total budget: > 1% of annual sales
• More than one hundred engineers,nutritionists and chefs
• Investments in 09/10: €91 M, 10/11: €75 M
Policy and organisationPOLICY
Industrial Investment
Long-term over short-term priorities
SIGNIFICANT INVESTMENTS IN PRODUCTION FACILITIES AND INNOVATION PROCESS
• 40 % Efficiency 20 % Capacity
16
CASSEGRAIN: NEW SWEET & SAVOURY FLAVOURSAND DRIED VEGETABLES
Policy and organisationPOLICY
Brand & innovation
Policy and organisationPOLICY
Brand & innovation
BONDUELLE CANNED FOODS: EXTENSION OF THE “VAPEUR” (STEAM) RANGE
17
POLICY
Brand & innovationPolicy and organisation
BONDUELLE FOOD SERVICE: NUTRITIONAL COOKED STIR FRIES,
SPINACH, CO-BRANDING AND « TRAITEUR DE PARIS »
BONDUELLE FROZEN: CREATING NEW OCCASIONS FOR PRODUCT CONSUMPTION
(NATURAL, PREPARED,…)
Policy and organisationPOLICY
Brand & innovation
18
Policy and organisationPOLICY
Brand & innovation
COMMUNICATION: STEAMED CAMPAIGN, 2009
LEADER36.4%86Russia
LEADER10%61HungaryLEADER28.5%63PolandLEADER21.5% (1)47ItalyLEADER16% 52BelgiumLEADER18% 64The NetherlandsLEADER13.4%60Spain BonduelleLEADER24.4%54 Germany
11.1%21France CassegrainLEADER (Bonduelle
+ Cassegrain)12.5% (1)54France Bonduelle
PositionMarket share
UnpromptedBrand
awareness
Sources: IRI/NIELSEN/IPSOS 2008
(1) Average multi-technology market share
Policy and organisationPOLICY
Brand & innovation
BONDUELLE: HIGH LEVELS OF BRANDAWARENESS THROUGHOUT EUROPE
19
Policy and organisation
PEOPLE
NATURAL RESOURCES
NUTRITION / QUALITY
AGRICULTURE
TRANSPORT
5priorities
POLICY
Sustainable Development
-- 18%*18%*2005 / 2006 2009 / 2010
Policy and organisation
Scope: Europe + Canada
electricity + heat = € 35.3 M
Energy consumption
Water consumption
* unit consumption-- 29%*29%*
2005 / 2006 2009 / 2010
POLICY
Sustainable Development
SIGNIFICANT REDUCTIONSIN ENERGY AND WATER CONSUMPTION
20
www.fondationwww.fondation--louisbonduelle.orglouisbonduelle.org
Policy and organisation
Actions in the field
Supporting research
Information and awareness-
raising
POLICY
The Louis Bonduelle Foundation
THE LOUIS BONDUELLE FOUNDATION: HOW TO PROMOTE VEGETABLES CONSUMPTION ?
EUROPE
CANNED FOODSFROZENFRESH
DELICATESSEN
DELICATESSEN RANGE, RETAIL
CANNED FOODSFROZEN
CANNED FOODSFROZENRETAIL &
FOOD SERVICE
CANNED FOODSRETAIL
FROZENRETAILBRAND
FROZEN DISTRIBUTOR
BRANDS
35.5% 100% 100% 100% 100% 100% 100%
READY-TO-USE RANGE,
RETAIL
ORGANISATION
OUTSIDE EUROPE
3 FACTORIES 13 FACTORIES 7 FACTORIES 2 FACTORIES 1 FACTORY 7 FACTORIES
Centralized departmentsCentralized departmentsCentralized departments
8 CUSTOMER-ORIENTED BUSINESS UNITS
•EXTERNAL RELATIONS & SD•FINANCE•HR•MKT and COMS •R&D•IT•PURCHASING•AUDIT
Policy and organisation
CANNEDFROZENFRESH
DEHYDRATEDPASTEURIZED
6 FACTORIES
100%
4 FACTORIES
21
99.99 %
Policy and organisationORGANISATION
A PUBLIC FAMILY-RUN COMPANY
Floating
41.10%
Floating
41.10%
Employees+ Treasury stock
6.19%
Employees+ Treasury stock
6.19%
Bonduelle SCABonduelle SCA
Bonduelle SASBonduelle SAS
Industrial and commercial subsidiariesIndustrial and commercial subsidiaries
Christophe BONDUELLE ChairmanDaniel VIELFAURE Chief Executive Officer
Manager: General partner representedby Christophe Bonduelle
Other Bonduellefamilies25.08%
Other Bonduellefamilies25.08%
Main ShareholderBonduelle Family
27.63%
Main ShareholderBonduelle Family
27.63%
2010/2011 1st Half-Year Results
22
Turnover
A turnover in large increase…
HY 09/10 HY 10/10 Δ
760 884.6 16.4 %
…favorably impacted by the external growth…
Effect perimeter 10.5 % («France Champignon»)
…the variations of exchange…
Effect exchange 4.3 %
…and carried by a solid organic growth
Growth LFL basis + 1.6 %
2010 / 2011 2010/2011 1st Half-Year Results
Turnover: a solid totalgrowth of 16.4 %
…Balanced between the areas…
+ 19.2 %Outside Europe+ 15.3 %Europe
HY1 10/11
+ 11.2 %Chilled+ 3.8 %Frozen
+ 25.6 %Canned
…and boosted by the canned activity
2010 / 2011 2010/2011 1st Half-Year Results
23
An internal growth supported by the Non Europe Area and which accelerates in Q2
+ 1.6 %+ 1.2 %+ 2.1 %Total
+ 5.1 %+ 5.5 %+ 4.5 %Outside Europe
+ 0.2 %- 0.9 %+ 1.2 %Europe
HY1Q2Q1
2010 / 2011
Turnover LFL basis
2010/2011 1st Half-Year Results
…While Europe is impacted by the declines of the prices and the transfers to «GELAGRI»
A deterioration of profitability in Europe
…the profitability outside Europe remaining solid.
4.5 %
39.8
884.6
Total
12.1 %1.5 %6.9 %13.9 %4.2 %%
309.852.429.123.3Current Operating Profit
248.8635.8760208.7551.3Sales
Outside Europe
EuropeTotalOutside Europe
Europe
HY1 10/11HY1 09/10
2010 / 2011
Operational profitability
2010/2011 1st Half-Year Results
24
Significant Non Recurrent Elements on HY1
- 260 bp4 %6.6 %%- 29.7 %35.149.9Operating Profit
(4.8)(2.5)Non Recurrent Elements- 240 bp4.5 %6.9 %%- 24.- %39.852.4Current Operating Profit+ 16.4 %884.6760.-Sales
ΔHY1 10/11HY1 09/10
2010 / 2011 2010/2011 1st Half-Year Results
Operational profitability
Decrease in a Net Result in line with forecasts
- 160 bp- 38.5 %
- 29.7 %+ 16.4 %
1.7 %3.3 %%15.525.2Net Result
(10.6)(12.1)Financial Charges35.149.9Operating Profit884.6760Turnover
HY1 10/11HY1 09/10
2010 / 2011
Net Result
2010/2011 1st Half-Year Results
25
A solid financial structure, a gearing in improvement
129 %
614
477
31.12.10
146 %
598
407
31.12.09
177 %Gearing
637Net Financial Debt
397476488Working capital
360Shareholder’s equity
694529509Fixed assets
31.12.0831.12.1031.12.0931.12.08
LIABILITIESASSETS
2010 / 2011
Financial Structure
Thanks to the improvement of the Working capital (inventories)Despite the debt of acquisition «France Champignon»
2010/2011 1st Half-Year Results
A financial structure strengthened by the US private placement in August, 2010 (US 165 millions $) at competitive cost.
31.12.09 31.12.10
Debt Short Term
Debt Long Term
€ 467 M 78 %
€ 131 M 22 %
€ 43 M 7 %
€ 571 M 93 %
Average cost of the debt: 3.47 % Average cost of the debt: 3.77 %
2010 / 2011 2010/2011 1st Half-Year Results
Financial Structure
26
Projects
• 130,000 Tonnes• Sales IFRS: € 195 million• 1 500 Employees• 6 Factories + 1 distribution centers• Acquisition April 2010
A strategy: mushrooms, nothing but the mushrooms
« France Champignon »: Key figures
ACQUISITION « FRANCE CHAMPIGNON »
Projects
27
• Networks:
- GMS- RHD- B to B
« France Champignon »: mushrooms, nothing but the mushrooms
• Technologies:
- Canned- Frozen- Fresh- Pasteurized- Deshydrated
• Brands:
ABRA
ROYAL CHAMPIGNON
LEON
CLIENT BRANDS
ACQUISITION « FRANCE CHAMPIGNON »
Projects
ENTERPRISE VALUE / « FRANCE CHAMPIGNON »
Enterprise Value*
€ 96 million
ie 6 x EBITDA 2009
ACQUISITION « FRANCE CHAMPIGNON »
Projects
* Estimated
28
Satisfactory integration process
- Expansion of the territory of the group & brand
Transfer of the brand in October, 2010
- Add in Business (Consumer & clients)
- Partial upstream integration of agriculture
- Improvement in industrial process
Mechanical cutting
- Potential synergies at all levels of the P&L
CommercialIndustrial and logisticAdministrative
ACQUISITION « FRANCE CHAMPIGNON »
Projects
Phase 1: Canned Peas-Corn• Start of operations: September 2010
• Profitability in line with outside Europe businesses
Projects
INVESTMENT PROJECT IN BRAZIL
Investment
€ 15 million
Capacity
50,000 T
Turnover
€ 50 million
• Return on capital employed > Group’s average• Targeted market share 10 %
Plan over 5 years
29
BRAZIL: STARTING OF OPERATIONS « CRISTALINA » September 2010
Projects
Projects
30
Projects
Phase 1: Canned Peas-Corn• Start of operations: 2013
• Supply of Ukraine, Russia and former CIS markets
Projects
INVESTMENT PROJECT IN UKRAINE
Investment
€ 30 million
Capacity
50 000 T
31
UKRAINE: GEOGRAPHICAL SITUATION
Projects
Prospects
32
67 - 7070 - 75Operating Profit
113 NRE
78 - 8173 - 79Current Operating Profit
1 7201 700Turnover
Updating February 2011Forecast October 2010
Prospects2010 / 2011
NRE«France Champignon»
«Westmeerbeek»«Sud-Ouest»
2010/2011 Prospects (€M)
«France Champignon»
Christophe CHATEAUCommunication
and Corporate Marketing Director
email : [email protected] Nicolas Appert, B.P. 30173 – 59653 Villeneuve d’Ascq Cedex, France
Tél. : +33 (0)3 20 43 60 60 – Fax : +33 (0)3 20 43 60 00
Grégory SANSONChef Financial Officer
email : [email protected] Nicolas Appert, B.P. 30173 – 59653 Villeneuve d’Ascq Cedex, France
Tél. : +33 (0)3 20 43 60 60 – Fax : +33 (0)3 20 43 60 08