Bonduelle Sca · EURONEXT:BON
Bonduelle Sca — Bonduelle — H1 2023-2024 Earnings Presentation
42 slides from Bonduelle Sca's earnings presentation, 2024
Slide 1: 2023-2024 Half Year Financial Results
2023-2024 Half Year Financial Results
Slide 2: Message from Xavier Unkovic, Financial Performance, Outlook
1 Message from Xavier Unkovic 2 Financial Performance 3 Outlook 3 Appendix
Slide 3: Message from Xavier Unkovic
1 MESSAGE FROM XAVIER UNKOVIC
Slide 4: Xavier Unkovic
● Parcours Xavier + Photo ● Organigramme Comex Xavier Unkovic Bonduelle Group Chief Executive Officer since June 1, 2023 “In a highly challenging economic and financial environment, the road to progress has begun, the first half year is encouraging” 4
Slide 5: Plant-rich food is at the heart of social realities
Plant-rich food is at the heart of social realities BUDGET 68% & HEALTH of consumers are flexitarians are the 2 main reasons for (2023 Ipsos study for Bonduelle - 10 countries) eating less meat and fish 54% (2023 Ipsos study for Bonduelle - 10 countries) of consumers believe contributing to a better
Slide 6: Our mission is aligned with this new reality
Our mission is aligned with this new reality “We inspire the transition toward a plant-rich diet, to contribute to People’s well-being and Planet health” 6
Slide 7: Our strategy has a positive impact from field to plate
1 Our strategy has a positive impact from field to plate - %* 88 %* The use of virgin fossil plastic decreased by 37VS 19/20 Target -100% Target >90 in 2030 A long-term partnership with our farmers resulting in 88% of contracts renewal %* 37 19.3 of revenue is generated by %* complete meal solutions
Slide 8: We show resilience in a difficult inflationary and climatic context
1 We show resilience in a difficult inflationary and climatic context Eurozone food inflation remains It has a dual effect: Climatic events have a 4.6% higher than general A lower consumption and a move significant impact on inflation at the end of 2023 downmarket the availability and quality of fresh pr
Slide 9: Our categories remain affordable despite a historical inflation level
de 2.95 to 3.45€* Our categories remain affordable despite a 3.40€ - 3.50€* historical inflation level 2023 Energy : +35% Agricultural raw materials : +50% Packaging : +52% 2.15€ - 2.39€* 1.99€ - 2.15€* 2021 1.15€ - 1.35€* Internal source: average increase in purchase prices for Europe on cans and ag
Slide 10: We improve our competitiveness in the field and in our plants
1 We improve our competitiveness in the field and in our plants Development of Pulses sector : Turnaround in North American activities: - Relocation of crops in France: doubling of surface area by 2025 Adaptation of the industrial set up - Development of semi-fresh products to enhance and improvement
Slide 11: Consumers perceive the quality and value of our products
1 Consumers perceive the quality and value of our products Relevant innovations to develop the New activation campaigns to snacking activity - Croustis enhance our brands accessibility - France Development of food service activities Cassegrain frozen meal solutions - France New range of pulses, a tr
Slide 12: Half year results are in line with targets communicated in October 2023
1 Half year results are in line with targets communicated in October 2023 Announced in October 2023 : Performances at the end of December 2023 : revenue current operating income 4.5 + %* vs HY1 22/23 + 17.1 vs HY1 22/23 %* * At constant exchange rates and scope 12
Slide 13: Financial Performance
2 FINANCIAL PERFORMANCE
Slide 14: The group is organized by region and category
2 The group is organized by region and category At July, 1 2023* Europe Zone Non-Europe Zone Bonduelle Bonduelle Bonduelle Bonduelle Europe Fresh Fresh Eurasia Long Life Europe Americas Mercosur (BELL) (BFE) (BFA) (BEAM) Canned and frozen Fresh processed Fresh processed Canned and frozen • 4,990 FTE
Slide 15: Half year results are in line with annual targets
Half year results are in line with annual targets The Bonduelle Group’s activity grows in value* despite a slight decline in volume Consumption and markets remain mostly negatively oriented Current operating income* for 23-24 1st half year increased compared to the previous year, and is in line with
Slide 16: Growth in revenue despite a downturn in volume
2 Growth in revenue despite a downturn in volume -2.4% Change in revenue +4.5% -6.9% Activity growth of +4.5% on a like-for-like basis, fuelled by price increases € +56.1 M € -86.3 M Volume downturns (-2.1%) € 1,243.4 M Growth over 2nd quarter: ● 1st quarter: +4.2% € +0 M € 1,213.1 M ● 2nd quarter:
Slide 17: Currency effects weigh on activities
2 Currency effects weigh on activities Currency movements Change in currency impact over 5 years In millions of euros Average rate HY1 2023-2024 in € Change HY1 2023-2024 USD 1.08 RUB 99.66 BRL 5.31 HUF 380.28 PLN 4.47 Russian ruble loses 40% of its value compared to the same half of the previous ye
Slide 18: Growth in both geographical regions
2 Growth in both geographical regions Geographical breakdown of revenue Growth HY1 2023-2024 HY1 2023-2024 At constant exchange rates and scope Other non Europe 2.4% 64.8% EUROPE +5.9% Eurasia EUROPE % 10.5 France 32.9% NON-EUROPE +2.5% Europe is the main driver of the group growth: USA % 22.3 ■ Gro
Slide 19: Growth of group brands, mainly outside Europe
2 Growth of group brands, mainly outside Europe Breakdown of revenue by brand Growth HY1 2023-2024 HY1 2023-2024 At constant exchange rates and scope % 2 HY1 22-23 = 1% 59% BRANDS +6.0% HY1 22-23 = 61% Europe +1.1% Non-Europe +14.5% 39% PRIVATE LABEL & OTHER +2.2% HY1 22-23 = 38% Brands Private Labe
Slide 20: All distribution channels are expanding, driven by the retail activity
2 All distribution channels are expanding, driven by the retail activity Breakdown of revenue by distribution channel Growth HY1 2023-2024 HY1 2023-2024 At constant exchange rates and scope % 2 HY1 22-23 = 1% 16% HY1 22-23 = 16% RETAIL +4.2% 82% HY1 22-23 = 83% FOOD SERVICE +3.6% Retail Food service
Slide 21: Overall growth driven by canned and frozen technology
2 Overall growth driven by canned and frozen technology Breakdown of revenue by technology Growth HY1 2023-2024 % At constant exchange rates and scope 5 HY1 2023-2024 HY1 22-23 = 4% 34% % 49% CANNED +10.6% HY1 22-23 = 36 HY1 22-23 = 48% FROZEN +9.3% FRESH salads - 5,6 % FRESH prepared +10.0% Canned
Slide 22: Current operating income penalized by significant currency effects
2 Current operating income penalized by significant currency effects Change in current operating income At constant exchange rates, current HY1 23-24 operating income is increasing by 17.1% HY1 22-23 to stand at € 50.5 M due to: at current at constant exchange rates exchange rates ● agro-industrial p
Slide 23: Current operating income remains solid in Europe and is increasing outside Europe
2 Current operating income remains solid in Europe and is increasing outside Europe Revenue and current operating income by region At constant exchange rates and scope EUROPE NON-EUROPE Europe: maintaining solid profitability in value HY1 23-24 HY1 22-23 HY1 23-24 HY1 22-23 and protecting margins aga
Slide 24: Non-recurring items impacted by a decision of the French Competition Authority
2 Non-recurring items impacted by a decision of the French Competition Authority Non-recurring items HY1 23-24 HY1 22-23 Revenue € 1,213.1 M € 1,243.4 M -2.4% Current Provision of 2.9 million euros corresponding to the decision of the French Competition operating € 38.5 M € 43.1 M -10.7% income Auth
Slide 25: Financial result reflects rising interest rates and higher inventories
2 Financial result reflects rising interest rates and higher inventories Financial result HY1 23-24 HY1 22-23 Debt cost (€ 15.6 M): Debt cost € (15.6) M € (11.5) M ● inventories rebuilding and rising production costs Foreign ● rising interest rates exchange result € (0.2) M € (4.5) M Neutral foreign
Slide 26: Tax charge is stable in value despite a distortion of the effective rate
2 Tax charge is stable in value despite a distortion of the effective rate Taxes Tax charge is stable HY1 23-24 HY1 22-23 Distortion of the effective tax rate due notably to: Income tax € (12,5) M € (13,1) M ● Non-capitalization of BFA losses on 1st half year ● Non-deductibility of BPA provision Eff
Slide 27: The contribution from associates is marginal
2 The contribution from associates is marginal Equity method HY1 23-24 HY1 22-23 Equity method € 1.1 M € 3.5 M Nortera Foods (formerly BALL - 35% holding) mainly corresponding to result of equity method Nortera Foods - 2023-2024 1st half year: increase in business activity in value and decline in ne
Slide 28: Downturn in net income
2 Downturn in net income Change in net income HY1 23-24 HY1 22-23 Revenue € 1,213.1 M € 1,243.4 M -2.4% Current operating income € 38.5 M € 43.1 M -10.7% Non-recurring items € (5.0) M € (1.5) M Operating profit € 33.4 M € 41.5 M -19.5% Financial income € (17.4) M € (17.5) M -0.4% Corporate tax € (12.
Slide 29: No result from discontinued operations included in consolidated net income
2 No result from discontinued operations included in consolidated net income Change in net income (consolidated group) HY1 23-24 HY1 22-23 Revenue € 1,213.1 M € 1,243.4 M -2.4% Current operating income € 38.5 M € 43.1 M -10.7 % Operating profit € 33.4 M € 41.5 M -19.5% Net income from continuing oper
Slide 30: A solid financial structure
2 A solid financial structure Simplified balance sheet (in € M) - w/o IFRS 16 Fixed assets Equity Equity down due to currency fluctuations WCR rises due to inventory replenishment and higher inventory costs Working capital Net debt Net financial debt/equity ratio (gearing) & other remains below 100% at
Slide 31: Outlook
3 OUTLOOK
Slide 32: We confirm the performance targets communicated in October 2023
3 We confirm the performance targets communicated in October 2023 Revenue* Current operating income* € ~2,500-2,530 M € ~75-80 M 5 +~ % +~ 15% in 23/24 in 23/24 * At constant exchange rates and scope 32
Slide 33: Appendix
4 Appendix 33
Slide 34: Our Governance
4 Our Governance As of August 31, 2023 Other Bonduelle Free Employees and Families float treasury stocks 23.20% 37.17% 7.33% Pierre et Benoît Bonduelle SCA BONDUELLE SAS French limited partnership with shares General Partner General Partner : Pierre et Benoît Bonduelle SAS 32.30% Supervisory Board /
Slide 35: Our Governance: Supervisory Board
4 Our Governance Supervisory Board Ensures permanent control 1 2 3 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. Agathe
Slide 36: Our Governance: Audit Committee
4 Our Governance 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 3 4 4. Jean-Pierre Vannier 36
Slide 37: Our Governance: Board of Directors
4 Our Governance Board of Directors Made up of Bonduelle family members and independent members, this Board is responsible for defining the company's strategy and 1 2 3 4 investment policy. 1. Christophe Bonduelle (Chairman) 2. Ana-Maria Bonduelle 3. Benoît Bonduelle 4. François Bonduelle 5. Jean-Ber
Slide 38: Our Governance: Compensation Committee
4 Our Governance Compensation Committee This committee is independent and recommends the 1 2 compensation granted to senior directors and officers and Bonduelle family members working at Bonduelle. The committee also gives its opinion on the compensation of top managers. 1. Marie-Ange Verdickt (Chair
Slide 39: Our Governance: CSR Committee
4 Our Governance CSR Committee 1 2 Its aim is to aid decision-making in terms of CSR strategy and business ethics, control its deployment and the achievement of the objectives set. 1. Jean-Bernard Bonduelle (Chairman) 2. Tadeusz Bechta 3. Agathe Danjou 3 39
Slide 40: Our Governance: Executive Committee
4 Our Governance Executive Committee The Executive Committee (Comex) is composed of General Managers of business units, the Director of Bonduelle Prospective and Development, the Director of Human Resources, the Director of Corporate Communications and Corporate Social Responsibility, and the Direct
Slide 41: Thank you !
Thank you ! En conformité avec la norme comptable IFRS 5, les éléments du compte de résultat 2021-2022 relatifs aux activités conserve et surgelé en Amérique du Nord, cédées au 30 juin 2022, dont le groupe détient désormais 35 %, ont été retraités et regroupés dans la rubrique “résultat net des acti
Slide 42: Thank you
company/bonduelle Thank you