Bonduelle Sca · EURONEXT:BON
Bonduelle Sca — Bonduelle — FY2021-2022 Earnings Presentation
64 slides from Bonduelle Sca's earnings presentation, October 2022
Slide 1: Inspire the transition toward a plant-based diet
Inspire the transition toward a plant-based diet Presentation of Bonduelle Group 2021-2022 Financial year October 2022 © Daria Obymaha 1
Slide 2: Annual results 2021-2022
Annual results 2021-2022 .1 .2 .3 .4 .5 Introduction Business units Extra-financial Financial Outlook activities performance performance Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 2
Slide 3: Introduction
1 Introduction Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 3
Slide 4: Covid, inflation, climate change: an adverse environment
Covid, inflation, climate change: an adverse environment Epilogue to the sanitary crisis ? Evolution of the Covid-19 global sanitary crisis since March 2020 ► Food service ■ The end of lockdowns and periods of traffic restrictions have allowed a vigorous recovery of the food service activity ■ Bonduel
Slide 5: Covid, inflation, climate change: an adverse environment
Covid, inflation, climate change: an adverse environment Unknown inflation levels in 25 years Energy shock and record prices (electricity, gas, freight): 8.5% in the United States and 9.1% in the euro zone over one year (at the end of August) ► Price increases that offset inflation with a lag effect ►
Slide 6: Covid, inflation, climate change: an adverse environment
Covid, inflation, climate change: an adverse environment Europe is facing its worst drought in 500 years Climatic hazards very present in the 2021 harvests (Europe, Hungary) and which are repeated this year: High heat episode on corn in the South West of France / Hungary Water deficit 2nd hottest summ
Slide 7: Opening of Bonduelle Americas Long Life's capital
Opening of Bonduelle Americas Long Life's capital Reminder Consequences for the Bonduelle Group ► Bonduelle, an ambition for sustainable ► New physiognomy of activities growth with a positive impact ■ Greater weight of brands ■ An ambition extended to plant-based, emergence ■ Majority of fresh techn
Slide 8: Business Unit activities
2 Business Unit activities Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 8
Slide 9: New operational organization of the group
New operational organization of the group As of July 1, 2022* Equity method Europe Zone Non-Europe Zone BELL BFA BEAM NORTERA BFE Bonduelle Bonduelle Bonduelle Bonduelle FOODS Europe Fresh EurAsia (ex BALL) Fresh Europe Long Life Americas Markets Canned and frozen Salads 4th range Salads in individu
Slide 10: Bonduelle Europe Long Life
Bonduelle Europe Long Life Canned and frozen Europe Excellent performance by brands, encouraging start for Cassegrain in frozen Good dynamics in Retail segment Food service is back to levels close to the pre-covid period
Slide 11: Bonduelle Europe Long Life
Bonduelle Europe Long Life € 954 M Breakdown of revenue 2021-2022 Change in revenue 2021-2022 2020-2021 (At constant exchange rates) 3.5% 2.5% 9.5% 11.5% 3.2% 4.-% 9.5% TOTAL + 7.5% GROWTH 8.5% 74.3% CANNED + 6.2% Canned retail Frozen retail FROZEN + 10.-% 73.5% Canned food service Frozen food servi
Slide 12: Bonduelle Europe Long Life - Innovations
Bonduelle Europe Long Life - Innovations € 954M Innovations that reflect the group's strategic priorities Cassegrain breaks into frozen section - january 2022 Vegetables croustis - October 2022 Individual meals Cooked Brocolis Butternut-Pumpkin Cauliflower vegetables to GOURMANDS recipes with a touch
Slide 13: Bonduelle Fresh Europe
Bonduelle Fresh Europe Fresh & prepared Europe Overall growth in business driven by the dynamism of food service Stability of the 4th fresh range, situations vary by country
Slide 14: Bonduelle Fresh Europe
Bonduelle Fresh Europe € 375 M Breakdown of revenue 2021-2022 Change in revenue 2021-2022 2020-2021 (At constant exchange rates) 1.9% 8.7% 1.8% 11.6% TOTAL + 4.2% GROWTH 25.5% FRESH + 4.7% 63.9% Fresh retail PROCESSED + 2.8% 25.3% Processed retail 61.3% Fresh food service Processed food service Tota
Slide 15: Bonduelle Fresh Europe - Innovations
Bonduelle Fresh Europe - Innovations € 375 M Processed Salads New offers and new packagings Local, without pesticide residue and new references New offers France : 7 innovations Italy : renewal of Regionali and new Local No pesticide residue New references and 4 range renovations Insalatona Piu rang
Slide 16: Bonduelle Fresh Americas
Bonduelle Fresh Americas Fresh Americas A necessary revaluation of prices affecting volumes Rationalization of ranges and innovations Competitive market Economic underperformance largely linked to the sanitary crisis
Slide 17: Bonduelle Fresh Americas
Bonduelle Fresh Americas € 619 M Breakdown of revenue 2021-2022 Change in revenue 2021-2022 2020-2021 (At constant exchange rates) 80.-% 20.-% 80.8% TOTAL GROWTH - 11.1% 19.2% SALADS - 11.1% BOWLS - 2.3% Retail Food service SALAD KITS - 25.8% / OTHERS Total : USD 705 M ►Volumes reduced, in part deli
Slide 18: Bonduelle Fresh Americas
Bonduelle Fresh Americas € 619 M Market evolution by segment (value and volume) Launch of new references First meatless offering in the Ready Pac Grande range Value creation: Bistro bowls and environment Use of recycled Designed Raising consumer packaging for recycling awareness APR (Association of
Slide 19: Bonduelle EurAsia Markets
Bonduelle EurAsia Markets Canned and frozen EurAsia Branded business leadership Voluntary limitation of activities in view of the geopolitical context
Slide 20: Russia / Ukraine
Russia / Ukraine ►Continuation of activities, 3 plants operating in ► BEAM revenue: approx. € 150 M compliance with international sanctions (< €10 M in Ukraine) ►Gradual restart in Ukraine ► Russia : 65% of local production ►Operational and administrative difficulties (supply chain, ► Workforce : ≈ 9
Slide 21: Bonduelle EurAsia Markets
Bonduelle EurAsia Markets € 171 M Breakdown of revenue 2021-2022 Change in revenue 2021-2022 2020-2021 (At constant exchange rates and scope of consolidation) 7.8% 5.9% TOTAL GROWTH + 20.2% CANNED + 17.8% Bonduelle and Globus + 17.7% 94.1% PRIVATE LABEL + 20.1% Canned 92.2% Frozen FROZEN + 58.5% Tot
Slide 22: Extra-financial Performance
3 Extra-financial Performance Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 22
Slide 23: Revisited ambitions of the B!Pact
Revisited ambitions of the B!Pact ► Reinforced trajectories on the promotion of flexitarian food and carbon (Zero net / SBTI) in particular ► A qualified positive impact vs. business fundamentals ► B Corp certification progresses in line with the 2025 ambition Introduction | Business Unit Activities |
Slide 24: Food pillar: transforming the plates
The heart of Bonduelle mission is embodied in the "Food" pillar, whose objective is to transform the plates POS ITIV E PRO IMPAC DUC T T # Offer a high quality plant-based diet Develop a plant-rich offer that meets the # various needs of a flexitarian diet # Promote flexitarian eating for all E I M PA
Slide 25: Food
Food A superior green offer that is changing habits Nutri-score products A or B on all our 92% areas Food Service chefs trained in 780 plant-based cuisine since 2019 of our sales generated by innovations to 12.6% make our plates greener Introduction | Business Unit Activities | Extra-Financial Perfo
Slide 26: Climate strategy according to the Net Zero Initiative, SBTI
Bonduelle structures its climate strategy according to the Net Zero Initiative with objectives validated by SBTI Pillar A Pillar B Pillar C Reduce overall Contribute to reduce Increase carbon absorption by emissions of our value consumer emissions developing carbon sinks chain Establishment of a roa
Slide 27: Planet
Planet Well oriented packaging and carbon indicators of GHG emissions in absolute terms for A benchmark now defined on -3.4% scope 1 & 2 regenerative agriculture of GHG emissions in scope 3 in -9.4% intensity (baseline SB - vs 2019-2020) of our packaging designed to be of our virgin plastic packaging
Slide 28: People
People Committed and loyal ecosystems of employee engagement rate 70% vs 55% in 2019-2020 of farmers' contracts renewal in 2021-2022 91% of permanent employees covered by life 95% insurance vs 83% in 2020-2021 of our sites involved in local initiatives 65% vs 57% in 2020-2021 vs 44% in 2019-2020 28
Slide 29: Financial Performance
4 Financial Performance Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 29
Slide 30: Annual results 2021-2022
Annual results 2021-2022 Sales growth reinforced by exchange rates Profitability down, impacted by ready-to-use fresh products in North America Significant non-recurring items A financial situation strengthened by the sale of the North American long-life business
Slide 31: Partial divestiture of the North American long-life business and financial statement presentation
Partial divestiture of the North American long-life business and financial statement presentation In accordance with IFRS 5, the income statement items relating to the North American canned and frozen activities, the control of which was divested on June 30, 2022, will be combined in the income state
Slide 32: Revenue growth reinforced by foreign exchange
Revenue growth reinforced by foreign exchange Revenue growth + 4.1% + 1.8% + 2.3% ► Once again, business grew during the year, despite geopolitical tensions, difficult + 50.8 M€ + 62.3 M€ 2,891.7 M€ weather conditions and the sanitary crisis 2,778.6 M€ + 0 M€ ► Significant additional growth due to the
Slide 33: A still volatile exchange rate environment
A still volatile exchange rate environment Currencies impact on revenue Changes in currencies Change in currencies impact over 5 years In € million Average rate 2021-2022/€ Variation 2021-2022 CAD 1.44 USD 1.14 RUB 86.40 BRL 5.97 HUF 362.74 PLN 4.6 ► Significant strengthening of the Canadian and US d
Slide 34: Europe, main growth driver for the year
Europe, main growth driver for the year Changes in the business portfolio Geographical breakdown of revenue 2021-2022 Growth 2021-2022 At constant scope of consolidation and exchange rates Other non-Europe EUROPE 1% Eurasia 47% EUROPE + 6.9% % 6 France Canada NON-EUROPE 23% - 2.4% 12% ► Europe : ■ G
Slide 35: Portfolio of activities before / after partial sale of BALL
Portfolio of activities before / after partial sale of BALL By area Structure before transaction Structure after transaction Non-Europe Non-Europe exc. North America EUROPE EUROPE % exc. North America 7 % 47 9 % 62% France France % North 23% 31 America North America % 46 29 % Europe Europe exc. Fran
Slide 36: Strengthening of brands within the portfolio
Strengthening of brands within the portfolio Change in the business portfolio Breakdown of revenue by brand 2021-2022 Growth 2021-2022 At constant scope of consolidation and exchange rates BRANDS + 5.7% Europe + 9.5% Non-Europe - 0.3% PRIVATE LABEL & - 1.6% Brands OTHERS Private label Europe + 2.1%
Slide 37: Portfolio of activities before / after partial sale of BALL
Portfolio of activities before / after partial sale of BALL By brand Structure before transaction Structure after transaction 1% Brands Private label Others (co-packing / affiliated companies) REVENUE : € 2,891.7 M REVENUE : € 2,202.6 M Introduction | Business Unit Activities | Extra-Financial Perfor
Slide 38: A diversified and resilient business portfolio
A diversified and resilient business portfolio Food service continues to grow significantly Breakdown of revenue by distribution channel 2021-2022 Growth 2021-2022 At constant scope of consolidation and exchange rates Retail Food service RETAIL - 0.7% Others FOOD SERVICE + 14.6% OTHERS + 0.2% ► Stabil
Slide 39: Portfolio of activities before / after partial sale of BALL
Portfolio of activities before / after partial sale of BALL By distribution channel Structure before transaction Structure after transaction 1% Retail Food service Others REVENUE : € 2,891.7 M REVENUE : € 2,202.6 M Introduction | Business Unit Activities | Extra-Financial Performance | Financial Per
Slide 40: Overall growth driven by canned and frozen food activities
Overall growth driven by canned and frozen food activities Standardization of the activity Breakdown of revenues by technology 2021-2022 Growth 2021-2022 At constant scope of consolidation and exchange rates Canned CANNED + 4.5% Frozen Fresh FROZEN + 8.8% FRESH - 5.3% Europe + 5.4% Non-Europe - 11.1
Slide 41: Portfolio of activities before / after partial sale of BALL
Portfolio of activities before / after partial sale of BALL By technology Structure before transaction Structure after transaction Canned Frozen Fresh REVENUE : € 2,891.7 M REVENUE : € 2,202.6 M Data excluding application of IFRS 5 Introduction | Business Unit Activities | Extra-Financial Performanc
Slide 42: Current operating income
Current operating income BFA performance putting pressure on the current operating margin Evolution in current operating income ▲ Data at ▲ Like for like 2021-2022 2020-2021 constant rates basis In € million Revenue 2,891.7 2,778.6 4.1% 1.8% Current operating income 96.6 100.4 - 3.7% - 4.1% % of rev
Slide 43: Current operating income
Current operating income BFA performance putting pressure on the current operating margin Revenue and current operating income by area At constant scope of consolidation and exchange rates 2021-2022 2020-2021 In € million Europe Non-Europe Europe Non-Europe Revenue 1,359.3 1,470.1 1,271.7 1,506.9 Cu
Slide 44: Operational profitability
Operational profitability Non-recurring items In € million 2021-2022 2020-2021 ▲ Revenue 2,891.7 2,778.6 + 4.1% Current operating income 96.6 100.4 - 3.7% Non-recurring items 23.7 (3.2) o/w BFA impairment (107) o/w capital gain on sale of BALL shares 144.7 Operating result 120.3 97.2 + 23.8% ► Capita
Slide 45: Bonduelle Fresh Americas
Bonduelle Fresh Americas ► Volumes below the expected level ► Adjustment of structures and labor organization ► Industrial balances impacted by under activity: ■ depreciation for underperforming assets €43.5 M ► Acceleration of industrial optimization ► A downsized business plan: ► Evolution of raw
Slide 46: Bonduelle Americas Long Life
Bonduelle Americas Long Life Impact on result Cash flow impact MCAD M€ MCAD M€ - Purchase price 693 510 - Enterprise value 850 625 - (Net value incl. expenses) (365) - (Debts) (157) (115) - Added value 145 - Proceeds 100% 693 510 - (Acquisition 35%) (113) (83) - Net proceeds 580 426 - Intra-group rei
Slide 47: Financial result
Financial result Financial result In € million 2021-2022 2020-2021 Debt cost (15.5) (15.9) Currency result 0.5 1.2 Other components (2.6)* (2.5)* Total (17.6) (17.3) * o/w IFRS 16 (2,4) * o/w IFRS 16 (-2,2) ► Proceeds from disposal of activities with no impact on average debt (disposal as of June 30
Slide 48: Taxes and equity method
Taxes and equity method Corporate taxes In € million 2021-2022 2020-2021 Income tax (62.1) (22.2) Effective tax rate 60.4% 28.-% ► Tax charge: tax on the gain on disposal of the long life activities in North America at a reduced rate / impairment of BFA goodwill not taxed, BFA losses not capitalized
Slide 49: Net income
Net income Change in net income In € million 2021-2022 2020-2021 ▲ Income 2,891.7 2,778.6 + 4.1% Current operating income 96.6 100.4 - 3.7% Non-recurring items 23.7 (3.2) Operating result 120.3 97.2 + 23.8% Financial income (17.6) (17.3) + 1.8% Corporate tax (62.1) (22.2) + 179.3% Partnership consol
Slide 50: Net income IFRS 5
Net income IFRS 5 In € million 2021-2022 2021-2022 including divested businesses excluding discontinued operations Revenue 2,891.7 2,202.6 Current operating income 96.6 52.8 Non-recurring items 23.7 (118.-) Operating result 120.3 (65.2) Financial income (17.6) (14.5) Corporate tax (62.1) (40.-) Part
Slide 51: A stronger financial structure
A stronger financial structure Simplified balance sheet (in €m) 2021-2022 excluding IFRS 16 2020-2021 excluding IFRS 16 ASSETS LIABILITIES ASSETS LIABILITIES Fixed assets 815.- Equity 855.3 Fixed assets 1,066.2 Equity 741.7 Working capital Working capital and others 308.2 Net debt 267.9 and others 306
Slide 52: Strengthened financial structure
Strengthened financial structure A diversified, long-term debt profile with historically low cost Breakdown of debt A controlled amortization profile At June 30, 2022 Maturities in million of euros (1) USPP BANKING 100% Average cost 1.61% (2) Average debt maturity of the debt 3.6 years Disintermediation
Slide 53: Strengthened financial structure
Strengthened financial structure A diversified, long-term debt profile with historically low cost Net financial debt (in € million) Net debt / REBITDA Acquisition of Del Acquisition of Del Monte (Canada), Monte (Canada), Acquisition of Ready Lebanon (USA) and Partial sale Acquisition of Ready Lebanon (U
Slide 54: Outlook
5 Outlook Introduction | Business Unit Activities | Extra-Financial Performance | Financial Performance | Outlook 54
Slide 55: Outlook 2022-2023
Outlook 2022-2023 Revenue and current operating income at constant exchange rates and scope In € million 2022-2023 2021-2022 Revenue 2,380 - 2,450 + 8% / + 11% 2,202.6 Current operating income 60.- ≈ + 15% 52.8 Current operating margin ≈ 2.5% 2.4% ► Uncertain consumer environment linked to purchasin
Slide 56: Appendix
o—~ Bonduelle 56 La rature,notse futur
Slide 57: Our Governance
Our Governance As of July 1st, 2022 Other Bonduelle Free float Employees and Families treasury stocks 23,22 % 37,85 % 6,63 % Pierre et Benoît BONDUELLE Bonduelle SCA SAS French limited partnership with shares General Partner General Partner : Pierre et Benoît Bonduelle SAS Supervisory Board / Audit C
Slide 58: The Supervisory Board
Our Governance The Supervisory Board 1 2 3 Ensures permanent control of company management on behalf of the Shareholders. The Bonduelle Group complies with the Afep-Medef governance principles. 1. Martin Ducroquet (Chairman) 4 5 66 2. Jean-Pierre Vannier (Vice-Chairman) 3. Laurent Bonduelle 4. Agath
Slide 59: The Audit Committee
Our Governance The Audit Committee 1 2 By delegation of the Supervisory Board, this committee is responsible for supervising the financial matters. 1. Jean-Michel Thierry (Chairman) 2. Martin Ducroquet 3. Cécile Girerd-Jorry 4. Jean-Pierre Vannier 3 4 59
Slide 60: The Board of Directors
Our Governance The Board of Directors Made up of Bonduelle family members and independent members, this Board is responsible for defining the 1 2 3 4 5 company's strategy and investment policy. 1. Christophe Bonduelle (Chairman) 2. Ana-Maria Bonduelle 3. Benoît Bonduelle 4. François Bonduelle 5. Jean
Slide 61: The Compensation Committee
Our Governance The Compensation Committee 1 2 This committee is independent and recommends the compensation granted to Bonduelle family members working at Bonduelle. The committee also gives its opinion on the compensation of top managers. 1. Marie-Ange Verdickt (Chairwoman) 2. Pierre Deloffre 3. Fl
Slide 62: The Ethics Committee
Our Governance The Ethics Committee 11 2 Its aim is to support the ethical principles implemented by Bonduelle. It also provides advice on ethical issues; its role is purely advisory. 1. Philippe Vasseur (Chairman) 2. Tadeusz Bechta 3. Jean-Bernard Bonduelle 3 4 4. Cécile Girerd-Jorry 3 62
Slide 63: The Management Organization
Our Governance The Management Organization Christophe Bonduelle Chairman Guillaume Debrosse COMEX Chief Executive Officer (Executive Committee) Andrea Montagna Gianfranco D’Amico Cyrille Auguste Ekaterina Eliseeva BFA BFE BELL BEAM Patrick Lesueur Grégory Sanson Marine Henin Céline Barral Prospective
Slide 64: Follow us
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