Bonduelle Sca · EURONEXT:BON
Bonduelle Sca — Bonduelle — H1 2022-2023 Earnings Presentation
52 slides from Bonduelle Sca's earnings presentation, March 2023
Slide 1: Presentation of Bonduelle Group 2022-2023 Half year financial results
Inspire the transition toward a plant-based diet Presentation of Bonduelle Group 2022-2023 Half year financial results March 2023 © Daria Obymaha 1
Slide 2: 2022-2023 Half year financial results
2022-2023 Half year financial results .1 .2 .3 .4 Introduction Business units Financial Outlook activities performance Introduction | Business units activities | Financial performance | Outlook 2
Slide 3: Introduction
1 Introduction Introduction | Business units activities | Financial performance | Outlook 3
Slide 4: A struggling consumer environment
A struggling consumer environment A decline in consumption Sluggish markets: ● Example of France: ○ decline in food consumption (-4.6% in 2022), the lowest level in 13 years ○ significant growth in private labels and first prices ● Example of USA : ○ Consumer prices (food): +10.4% in 2022 ○ Consumer s
Slide 5: Inflation: price increases continue in 1st HY
Inflation: price increases continue in 1st HY Inflation reached 9.2% over one year in the euro zone and 6.5% in the United States in December 2022 Inflation in the euro zone stabilized below 10% at the end of 2022, but food inflation continued to rise in France (+13.2% in 2022) Generalized increase in a
Slide 6: Inflation: appropriate answers
Inflation: appropriate answers Involvement in upstream agriculture Beyond price increases, Bonduelle provides appropriate answers for the benefit of its stakeholders, as an example: Nord Picardie ➔ 4th consecutive year of income increases for farming partners ● Willingness to perpetuate a vegetable an
Slide 7: Energy and energy sobriety
Energy and energy sobriety Scopes 1-2-3 carbon emission reduction trajectories validated by A long-standing industrial approach Estrées-Mons plant ● Quantified ambitions for energy performance ■ 25% of the energy mix from renewable sources by 2025 ■ 2% reduction in gas and electricity consumption rat
Slide 8: Business units activities
2 Business units activities Introduction | Business units activities | 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 35% 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 indi
Slide 10: Bonduelle Europe Long Life
Bonduelle Europe Long Life Canned and frozen Europe Retail activity driven by price increases Market share gains in frozen food Return of food service to a pre-covid level
Slide 11: Bonduelle Europe Long Life
Bonduelle Europe Long Life € 533 M Breakdown of revenue Change in HY1 2022-2023 revenue HY1 2022-2023 HY1 2021-2022 (constant exchange rates) 2.3% 2.2% 11.7% 12.2% 4.0% 4.3% 8.6% TOTAL +16.4% GROWTH 8.6% 73.4% CANNED +15.7% Canned retail Frozen retail FROZEN +18.8% 72.7% Canned food service Frozen f
Slide 12: Bonduelle Europe Long Life - Innovations
Bonduelle Europe Long Life - Innovations € 533 M Innovations that reflect the group's strategic priorities Les Croustis de légumes - October 2022 Food service France Sirha 2023 Broccoli Butternut-Pumpkin Cauliflower New recipes Lunch Bowl Cassegrain frozen 4th reference France - March 2023 Europe - Q2
Slide 13: Bonduelle Fresh Europe
Bonduelle Fresh Europe Fresh and prepared Europe Limited 4th range performance in a context of pressure on purchasing power Excellent performance of the processed sector this summer and market share gains
Slide 14: Bonduelle Fresh Europe
Bonduelle Fresh Europe € 189 M Breakdown of revenue Change in HY1 2022-2023 revenue HY1 2022-2023 HY1 2021-2022 1.6% (constant exchange rates) 11.6% 1.9% 13.1% TOTAL +3.3% GROWTH 24.2% FRESH -1.1% 62.5% Fresh retail PROCESSED +15.6% 27.0% Processed retail 57.9% Fresh food service Processed food serv
Slide 15: Bonduelle Fresh Europe - Innovations
Bonduelle Fresh Europe - Innovations € 189 M Processed - new offers Salads - “Double Bag” novelty France - April 2023: “crudités” Italy - May 2023: Double Bag = double freshness, zero waste France - June 2023: “snacking” Italy - March 2023: “Protein salads” Group objectives 100 % of our packaging de
Slide 16: Bonduelle Fresh Americas
Bonduelle Fresh Americas Fresh Americas An unfavorable economic context for the bowls market, in decline Encouraging referencings Agronomic difficulties at the end of HY1 Adaptation of the Eastern American industrial set up
Slide 17: Bonduelle Fresh Americas
Bonduelle Fresh Americas € 313 M Breakdown of revenue Change in HY1 2022-2023 revenue HY1 2022-2023 HY1 2021-2022 (constant exchange rates) 79.9% 20.1% 78.8% 21.2% TOTAL -9.2% GROWTH SALADS -4.6% Retail BOWLS -13.5% Food service SALAD KITS / OTHERS -3.2% Total : USD 317 M ► Markets in sharp decline
Slide 18: Bonduelle Fresh Americas
Bonduelle Fresh Americas € 313 M Bonduelle Fresh Americas certified B Corp in December 2022 Pursuing innovations and renewing ranges ▶ A label which, based on demanding social and environmental standards, assesses the company in 5 areas: ■ Governance ■ People Bowls new ■ Environment recipes ■ Communi
Slide 19: Reorganization of the US Fresh industrial set up
Reorganization of the US Fresh industrial set up Reminder of the issues Terms of implementation ▶ Inflation that requires research into competitiveness ▶ The current site in Florence will be converted into a warehouse for the East Coast with jobs retained on the ▶ A preserved global presence: having
Slide 20: Bonduelle EurAsia Markets
Bonduelle EurAsia Markets Canned and frozen EurAsia A declining market for canned market, more marked in frozen Resilience of the branded business, supported by promotion Frozen under pressure Maintaining a presence in a changing environment
Slide 21: Our business activity in Eurasia
Our business activity in Eurasia Our business activity has been guided by our mission and our responsibility as an agro-industrial actor for more than 25 years - The production of Russian factories supplies all Eurasian markets, including 90 million consumers in Central Asia (Kazakhstan, Azerbaijan,
Slide 22: Bonduelle EurAsia Markets
Bonduelle EurAsia Markets € 162 M Breakdown of revenue Change in HY1 2022-2023 revenue HY1 2022-2023 4.3% HY1 2021-2022 (constant exchange rates) 5.7% TOTAL GROWTH +9.2% CANNED +11.0% 94.3% Bonduelle and Globus +12.9% Private labels -27.9% Canned 95.7% Frozen FROZEN -19.8% Total : RUB 9,715 M ► Mark
Slide 23: Financial performance
3 Financial performance Introduction | Business units activities | Financial performance | Outlook 23
Slide 24: 2022-2023 Half-Year Financial results
2022-2023 Half-Year Financial results Business growth fueled by price increases and foreign exchange Particularly dynamic growth in the canned and frozen businesses Growth in profitability and changes in the seasonality of result Solid financial structure and extension of the revolving credit facility
Slide 25: Note on the presentation of the financial statements
Note on the presentation of the financial statements In accordance with IFRS 5, the 2021-2022 income statement items relating to the North American canned and frozen activities, which were sold on June 30, 2022, of which the group now holds 35%, have been restated and combined under "net profit from d
Slide 26: Revenue growth boosted by foreign exchange
Revenue growth boosted by foreign exchange Change in revenue ► Growth in activity fueled by accelerated +13.6% price increases: +6.1% +7.5% ■ Quarter 1: +4.4% + € 81.7 M +€0M € 1,243.4 M ■ Quarter 2: +7.6% + € 67.1 M ► The evolution of the euro against the dollar as well as the evolution of the rubl
Slide 27: An extremely volatile foreign exchange environment
An extremely volatile foreign exchange environment Currencies impact on revenue Changes in currencies Change in currencies impact over 5 years In €M Average rate HY1 2022-2023/€ Variation HY1 2022-2023 USD 1.01 RUB 60.12 BRL 5.29 HUF 404.09 PLN 4.73 ► Significant strengthening of the dollar and the r
Slide 28: Europe continues to drive growth over HY1
Europe continues to drive growth over HY1 Changes in the business portfolio Geographical breakdown of revenue HY1 2022-2023 growth HY1 2022-2023 At constant scope of consolidation and exchange rates Other non-Europe EUROPE 2.0% Eurasia 59.4% EUROPE +12.3% % 13.0 France Canada NON-EUROPE 29.7% -3.4%
Slide 29: Strengthening and dynamism of brands
Strengthening and dynamism of brands Changes in the business portfolio Breakdown of revenue by brand HY1 2022-2023 growth HY1 2022-2023 HY1 2021-2022 At constant scope of consolidation and exchange rates 1% 1% BRANDS +7.0% Europe +12.0% Non-Europe -2.5% Brands PRIVATE LABEL & +4.8% OTHERS Private la
Slide 30: A diversified portfolio that grew over HY1
A diversified portfolio that grew over HY1 Growth in all distribution channels Breakdown of revenue by distribution channel HY1 2022-2023 growth HY1 2022-2023 At constant scope of consolidation and exchange rates Retail 1% Food service RETAIL +5.2% Others FOOD SERVICE +11.2% OTHERS +4.5% ► Retail: re
Slide 31: Overall growth driven by canned and frozen businesses
Overall growth driven by canned and frozen businesses Progressions marked by the consumption context Breakdown of revenue by technology HY1 2022-2023 growth HY1 2022-2023 At constant scope of consolidation and exchange rates Canned CANNED +14.1% Frozen Fresh processed FROZEN +16.6% FRESH PROCESSED -
Slide 32: Current operating income
Current operating income Recovery of the operating margin in HY1 Change in current operating income ▲ Data at ▲ Like for like HY1 2022-2023 HY1 2021-2022 current rates basis In €M Revenue 1,243.4 1,094.6 +13.6% +6.1% Current operating income 43.1 27.6 +56.1% +60.9% % of revenue 3.5% 2.5% 94 bps 130
Slide 33: Current operating income
Current operating income Europe zone, group's main profitability driver in HY1 Revenue and current operating income by area At constant scope of consolidation and exchange rates HY1 2022-2023 HY1 2021-2022 In €M Europe Non-Europe Europe Non-Europe Revenue 745.3 416.4 663.8 430.8 Current operating inc
Slide 34: Operational profitability
Operational profitability Non-recurring items In €M HY1 2022-2023 HY1 2021-2022 ▲ Revenue 1,243.4 1,094.6 +13.6% Current operating income 43.1 27.6 +56.1% Non-recurring items (1.5) (3.0) Operating result 41.5 24.6 +68.9% ► Non-recurring items related to the transfer of activities from Florence to Swe
Slide 35: Financial result
Financial result Financial result In €M HY1 2022-2023 HY1 2021-2022 Debt cost (11.5) (6.5) Currency result (4.5) (1.0) Other component (1.5)* (1.2)* Total (17.5) (8.7) * o/w IFRS 16 (-1.2) * o/w IFRS 16 (-1.1) ► Financial costs increase, a direct consequence of the rise in interest rates for the var
Slide 36: Corporate taxes
Corporate taxes Corporate taxes In €M HY1 2022-2023 HY1 2021-2022 Income tax (13.1) (4.6) Effective tax rate 54.6% 28.8% ► Non activation of BFA losses in 22-23 Introduction | Business units activities | Financial performance | Outlook 36
Slide 37: Equity method
Equity method Equity method In €M HY1 2022-2023 HY1 2021-2022 Equity method 3.5 (0.6) ► Income from investments (share of net income), mainly Nortera Foods (ex BALL) ► Nortera Foods: transaction reminder ● Disposal of 65% of the North American long life business (ex BU BALL) ● Disposal proceeds of 6
Slide 38: Net income
Net income Change in net income In €M HY1 2022-2023 HY1 2021-2022 ▲ Revenue 1,243.4 1,094.6 +13.6% Current operating income 43.1 27.6 +56.1% Non-recurring items (1.5) (3.0) Operating income 41.5 24.6 +68.9% Financial result (17.5) (8.7) -101.0% Corporate tax (13.1) (4.6) -186.7% Partnership consolid
Slide 39: Net income
Net income Change in net income In €M HY1 2022-2023 HY1 2021-2022 ▲ Revenue 1,243.4 1,094.6 +13.6% Current operating income 43.1 27.6 +56.1% Operating income 41.5 24.6 +68.9% Net income from continuing operations 14.4 10.7 +35.3% % of revenue 1.2% 1.0% +19 bps Net income from discontinued operations
Slide 40: A strong financial structure
A strong financial structure Simplified balance sheet (in €M) HY1 2022-2023 excluding IFRS 16 HY1 2021-2022 excluding IFRS 16 ASSETS LIABILITIES ASSETS LIABILITIES Fixed assets 795.2 Equity 817.2 Fixed assets 1,081.9 Equity 767.0 Working capital Working capital and others 578.7 Net debt 556.7 and othe
Slide 41: Financial resources adapted to challenges
Financial resources adapted to challenges Bonduelle has extended the maturity of its syndicated revolving credit facility Renewal of key features: ■ € 400 M RCF ■ Margin grid indexed on CSR indicators ● B Corp certification and renewal of certifications obtained ● Greenhouse gas reduction on Industry
Slide 42: Outlook
4 Outlook Introduction | Business units activities | Financial performance | Outlook 42
Slide 43: Outlook 2022-2023
Outlook 2022-2023 Confirmation of revenue growth and profitability objectives At constant scope of consolidation and exchange rates 2022-2023 2021-2022 (March 2023) Revenue (in €M) ≈ 2,380 ≈ +8% 2,202.6 Current operating margin / revenue ≈ 2.5% 2.4% ► Consumption context still uncertain and pressure o
Slide 44: Appendix
Bonduelle es La nature, note futur
Slide 45: 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 46: Our Governance: 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 47: Our Governance: 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 47
Slide 48: Our Governance: 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 company's strategy and investment policy. 1 2 3 4 5 1. Christophe Bonduelle (Chairman) 2. Ana-Maria Bonduelle 3. Benoît Bonduelle 4. François Bonduelle 5. Jean
Slide 49: Our Governance: 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 50: Our Governance: 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 50
Slide 51: Our Governance: The Management Organization
Our Governance The Management Organization Christophe Bonduelle Chairman Guillaume Debrosse COMEX Chief Executive Officer (Executive Committee) Andrea Montagna Daniel Pagniez Cyrille Auguste Ekaterina Eliseeva BFA BFE BELL BEAM Patrick Lesueur Grégory Sanson Marine Henin Céline Barral Prospective & D
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