Half-Year Report 2024
Bell Food Group Half-Year Report 2024
Important events
in the first half of 2024
Encouraging organic growth
The Bell Food Group posted a good operating result in the first half of 2024. At CHF 63.8 million, EBIT was up 0.3 percent year-on-year. Net revenue adjusted for foreign exchange and acquisition effects rose by
5.1 percent to CHF 2.3 billion, while sales volume grew by 5.2 percent to 285.6 million tonnes. Adjusted for lower foreign currency gains in the financial result, the half-year profit was stable at CHF 45.3 million. The Bell Food Group thus reported a convincing result once again and continued the positive trend of the previous years.
Stronger competitive position
The growing pressure on sales prices and rising costs demand a great deal of attention and pose a challenge. However, on the back of the volume increase we managed to further expand our market presence and raise EBIT. The higher overhead and personnel costs are explained by this positive development as well as by inflation and growth. In spite of the trend towards less expensive products, we managed to strengthen our competitive position through targeted product range management and innovative initiatives.
Investment programme on course | |
63.8 | The investment programme is proceeding according to plan. In |
Oensingen (CH), shell construction has been finished for the slic- | |
ing centre, logistics centre and cattle slaughterhouse, and work | |
is now continuing on the interior construction. The next phase in | |
the construction of the high bay warehouse at Hilcona in Schaan | |
EBIT in CHF million | (LI) has started. The new production hall was commissioned at |
CHF 0.2 million | |
Hügli in Steinach (CH). | |
0.3 % | |
Changes within the organisation
Towards the end of the successful first half of 2024, CEO Lorenz Wyss handed over the reins of the Bell Food Group to Marco Tschanz on 1 June. The structure of the business area Bell International was adjusted as part of this process. The international poultry business (Hubers/Sütag division) was split off and is now managed as an independent business area.
Bell Food Group Half-Year Report 2024
Net revenue
in CHF million
2 227 | 2 316 | |||
2 111 | ||||
1 963 | 2 023 | |||
2020 | 2021 | 2022 | 2023 | 2024 |
Sales revenue
in CHF million
2 249 | 2 352 | |||
2 054 | 2 133 | |||
1 995 | ||||
2020 | 2021 | 2022 | 2023 | 2024 |
EBIT
in CHF million
59 | 65 | 63 | 64 | 64 |
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 2 226.8 | 272.7 | ||
Exchange rate | -16.4 | - | ||
Inorganic | -7.5 | -1.1 | ||
Organic | 113.0 | 14.1 | ||
2024 | 2 316.0 | 285.6 | ||
Organic growth | 5.1 % | 5.2 % | ||
45
Half-year result
in CHF million
2.6 %
141
Operational investments
in CHF million
13 318
Employees Number of FTEs as of 30.06.2024
597 FTE 4.7 %
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Bell Food Group Half-Year Report 2024
Key figures
and share information First half-year 2024
Breakdown of net revenue by product group
in %
47 % | 46 % | 43 % | 41 % | 42 % | Fresh meat, |
charcuterie |
27 % | 28% | 29 % | 30 % | 29 % | Poultry, |
seafood |
26 % | 26 % | 28 % | 29 % | 29 % | Convenience |
2020 | 2021 | 2022 | 2023 | 2024 |
Gross operating income
in CHF million and in % of net revenue
38.8 % | 39.0 % | 38.5 % | 38.9 % | 39.8 % |
866 | 921 | |||
761 | 789 | 812 | ||
2020 | 2021 | 2022 | 2023 | 2024 |
Breakdown of net revenue by business area
in %
51 % 51 % 48 % 47 % 46 % Bell Switzerland
10 % | 10 % | 11 % | Bell | ||
12 % | 11 % | International | |||
12 % | 12 % | 13 % | 14 % | 14 % | Hubers/Sütag |
6 % | 7 % | 8 % | 8 % | 8 % | Eisberg |
10 % | 11 % | 12 % | 12 % | 12 % | Hilcona |
9 % | 8 % | 9 % | 9 % | 9 % | Hügli |
2020 | 2021 | 2022 | 2023 | 2024 |
EBITDA
in CHF million and in % of net revenue
7.0 % | 7.2 % | 6.8 % | 6.6 % | 6.5 % |
138 | 146 | 144 | 148 | 152 |
2020 | 2021 | 2022 | 2023 | 2024 |
EBIT
in CHF million and in % of net revenue
3.0 % | 3.2 % | 3.0 % | 2.9 % | 2.8 % |
59 | 65 | 63 | 64 | 64 |
2020 | 2021 | 2022 | 2023 | 2024 |
Half-year result
in CHF million and in % of net revenue
1.8 % | 2.5 % | 1.9 % | 2.1 % | 2.0 % |
35 | 50 | 40 | 47 | 45 |
2020 | 2021 | 2022 | 2023 | 2024 |
Derivation of key figures according to separate publication «Alternative performance measures»
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Bell Food Group Half-Year Report 2024
Equity
in CHF million and in % of total assets
48.5 % | 50.1 % | 48.3 % | 48.9 % | 49.0 % |
1 471 | 1 538 | |||
1 386 | 1 382 | |||
1 273 | ||||
2020 | 2021 | 2022 | 2023 | 2024 |
Net financial liabilities
in CHF million
849 | 900 | |||
724 | 717 | 739 | ||
2020 | 2021 | 2022 | 2023 | 2024 |
Operating investments split by business area
in CHF million
Bell Switzerland
Bell International
Hubers/Sütag
Eisberg
Hilcona
Hügli
Total
Capital structure as of 30.06.
Share capital | CHF million |
Divided into number of registered shares | Number in 1 000 |
Nominal value per registered share | CHF |
Share details
Securities number
ISIN
Legal entity identifier (LEI)
Trade
Symbol SIX
Current share price
2020 | 2021 | 2022 | 2023 | 2024 | ||||
22 | 34 | 62 | 82 | 90 | ||||
8 | 6 | 6 | 5 | 9 | ||||
9 | 6 | 12 | 17 | 9 | ||||
22 | 25 | 7 | 7 | 6 | ||||
13 | 13 | 10 | 9 | 19 | ||||
9 | 9 | 8 | 12 | 8 | ||||
82 | 93 | 106 | 134 | 141 | ||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||
3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||||
6 286 | 6 286 | 6 286 | 6 286 | 6 286 | ||||
0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
31 596 632 CH0315966322 50670090YSFJ2732TD58 SIX Swiss Exchange BELL; Bell N; Bell.SW www.bellfoodgroup.com
Derivation of key figures according to separate publication «Alternative performance measures»
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Bell Food Group Half-Year Report 2024
Report by the Chair of the Board of Directors and the CEO of the Bell Food Group
Encouraging organic growth in the first half of 2024
Dear Shareholder
In spite of challenging framework conditions, the Bell Food Group had a satisfactory course of business in the first half of 2024. We posted further organic growth thanks to the consistent implementation of the business strategy, the strong operating performance and efficient cost management. The substantial growth in net revenue across the Group is explained by the noticeable increase in sales volume. This reflects the continued evolution of our brands, product ranges and products. All business areas exceeded the previous yearʼs performance and made advances in different markets.
The organic growth and improved profitability seen in the past few years confirm that we are on the right track with our strategic thrusts. Our broadly supported business model allows us to react quickly and flexibly to the rapid changes in market conditions.
But challenges remain. Some markets are stagnating, and growth can only be generated through gains in market share. Price increases for raw materials and energy have stabilised at a high level, and personnel costs keep on rising. Measures to improve employer attractiveness and combat the acute shortage of skilled labour led to adjustments to salaries and working hours. Variable costs rose in tandem with the substantial volume increases, in particular transport, energy and direct personnel costs. Given these framework conditions, we are very satisfied with the Bell Food Groupʼs result for the first half.
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Bell Food Group Half-Year Report 2024
Positive business development for the Bell Food Group in the first half of 2024
Net revenue adjusted for foreign exchange and acquisition effects increased by CHF 113.0 million to CHF 2 316.0 million (+5.1 %). Our productive capacity and differentiated product ranges enabled us to withstand the growing price pressure. Gross profit increased to CHF 921.1 million (+6.4%) and the gross profit margin improved by 0.9 percentage points to 39.8 percent. At CHF 151.6 million, EBITDA was up by CHF 3.6 million on the prior-year result. As expected, depreciation rose year-on-year, mainly as a result of the strategic investment programme. At CHF 63.8 million, EBIT was up CHF 0.2 million or 0.3 percent on the previous year.
Higher interest rates affected the financial result for the first half of 2024. The bonds floated at the end of 2023 generated higher interest costs of around CHF 3 million compared to the previous year. At the same time, we earned interest income of CHF 1.5 million on our cash and cash equivalents. Foreign currency effects only had a marginal impact (CHF -0.1 million) on the result for the first half of 2024. A foreign currency gain of CHF 1.0 million was recognised in the prior-year period. Income from investments in associates was down by around CHF 0.6 million on the previous year. Tax expenses kept pace with the earnings trend. At CHF 45.3 million, the half-year profit was slightly below the prior-year figure (CHF -1.2 million; -2.6 %).
The balance sheet as of 30 June 2024 reported an equity ratio of 49.0 percent. The net financial liabilities amounted to CHF 900.1 million. A bond for CHF 200 million was repaid in February 2024. There was a shift from the end of 2023 from non-current to current financial liabilities. This is primarily related to a bond of CHF 300 million that will fall due in March 2025. It is the intention of the Bell Food Group to refinance this bond as part of the strategic investment programmes of Bell Switzerland and Hilcona.
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Bell Food Group Half-Year Report 2024
Bell Switzerland business area
The business area Bell Switzerland matched the good results of the previous years. Net revenue and sales volume saw pleasing growth, in spite of the effects of the bad weather on the barbecue season to date and the impact on market developments of shopping tourism, which has returned to its pre- corona levels. At CHF 1 118.5 million (+CHF 42.9 million), net revenue was 4.0 percent higher than in the previous year. Sales volume grew by 1.3 million kilograms to 66.0 million kilograms (+2.0 %). Growth was limited to the retail and food service channels, while sales volume for the food-processing industry declined slightly. While all product groups reported growth, fresh meat, seafood and Swiss poultry saw the strongest improvement.
Higher raw material prices could mostly be passed on to the market. The substantial volume increase meant that personnel and overhead costs were higher than in the prior-year period. Results for the first half were in line with expectations, in spite of the patchy barbecue season. Preparations for the planned commissioning in 2025 of the new facilities in Oensingen (CH) are proceeding according to plan.
Net revenue in CHF million
1 017 | 1 052 | 1 054 | 1 076 | 1 119 |
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 1 075.6 | 64.7 | ||
Exchange rate effect | - | - | ||
Inorganic | - | - | ||
Organic | 42.9 | 1.3 | ||
2024 | 1 118.5 | 66.0 | ||
Organic growth | 4.0 % | 2.0 % | ||
Bell International business area
Since June 2024, Bell International has comprised the Bell Food Groupʼs international charcuterie business. The business area did well at an already high level. Net revenue grew organically by CHF 27.2 million (+11.7 %) to CHF 249.8 million. At 26.8 million kilograms (+1.5 million kg), sales volume was up 5.7 percent on the prior-year period.
In the consolidating market for air-dried ham, we gained further market share in Germany and Spain in particular. The addition of more slicing lines to existing buildings in Spain not only expanded capacity in the growth segment of sliced charcuterie, but also increased the value chain penetration. Business was also excellent in France and Poland in the first half. The business area as a whole thus improved on the already good prior-year result.
Net revenue in CHF million
234 220 210 233 250
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 233.2 | 26.4 | ||
Exchange rate effect | -3.1 | - | ||
Inorganic1 | -7.5 | -1.1 | ||
Organic | 27.2 | 1.5 | ||
2024 | 249.8 | 26.8 | ||
Organic growth | 11.7 % | 5.7 % | ||
1 The inorganic effect refers to the sale of Bell Benelux on 31 December 2023.
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Bell Food Group Half-Year Report 2024
Hubers/Sütag business area
The international poultry business was split off from the business area Bell International on 1 June 2024 and is now managed as the independent business area Hubers/Sütag. Brisk demand for poultry products is strongly boosting volume growth. Sales volume increased by more than 8.9 percent to 82.3 million kilograms (+6.7 million kg), which is near full capacity. At CHF 327.6 million (+CHF 16.1 million), net revenue adjusted for foreign currency effects was 5.0 percent higher than in the previous year.
Hubers/Sütag is the pioneer in sustainable organic poultry production in Europe and has earned a strong position in the market based on the criteria of sustainability and husbandry standards. Its growth can primarily be attributed to its head start with product ranges that meet higher animal welfare standards and its leading role in the production of slow-growing breeds. An inflation rate that was substantially higher than the eurozone average led to considerably higher personnel costs in Austria. However, volume growth and productive and efficient processes once again led to a better result.
Net revenue in CHF million
233 | 255 | 291 | 319 | 328 |
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 319.4 | 75.6 | ||
Exchange rate effect | -8.0 | - | ||
Inorganic | - | - | ||
Organic | 16.1 | 6.7 | ||
2024 | 327.6 | 82.3 | ||
Organic growth | 5.0 % | 8.9 % | ||
Eisberg business area
The business area Eisberg reported pleasing growth in Eastern Europe and Austria in particular. The facility in Marchtrenk (AT) made a substantial contribution to this development. The new facility expanded its customer base and increased its deliveries to Germany and Switzerland. Net revenue increased by 8.3 percent to CHF 185.4 million (CHF +14.3 million). Sales volume rose by 3.1 million kilograms to 31.0 million kilograms (+11.0 %).
The new range of freshly cut fruit products attracted new customers. The range of salad bowls was expanded in Hungary and will be launched in Poland and Romania in the third quarter. As the harvest season ended early in Spain, raw material availability became a challenge from April. Eisbergʼs strong network was a great help in guaranteeing delivery readiness at all times. In summary, Eisberg is satisfied with the results for the first half.
Net revenue in CHF million
126 143 164 172 185
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 172.5 | 28.0 | ||
Exchange rate effect | -1.4 | - | ||
Inorganic | - | - | ||
Organic | 14.3 | 3.1 | ||
2024 | 185.4 | 31.0 | ||
Organic growth | 8.3 % | 11.0 % | ||
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Bell Food Group Half-Year Report 2024
Hilcona business area
The Hilcona business area reported a good result for the first half. At CHF 273.4 million (+CHF 5.8 million), net revenue was 2.2 percent higher than in the previous record year. Sales volume grew by 2.5 million kilograms to 45.4 million kilograms (+5.9 %).
Given the restrained consumer sentiment, Hilcona also recorded stronger demand for less expensive product ranges. Hilcona strengthened its positioning and gained market share in the pasta market. The internal start-up The Green Mountain grew once again in the stable retail market for vegetarian and vegan products and further strengthened its market positioning. Strong growth was posted for tofu sales in Switzerland. The procurement situation on the raw materials and energy markets stabilised at a high level. Ongoing product range adjustments and optimisation and successful efficiency projects led to a pleasing half-year result.
Net revenue in CHF million
202 | 218 | 251 | 268 | 273 |
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 267.6 | 42.8 | ||
Exchange rate effect | - | - | ||
Inorganic | - | - | ||
Organic | 5.8 | 2.5 | ||
2024 | 273.4 | 45.4 | ||
Organic growth | 2.2 % | 5.9 % | ||
Hügli business area
The Hügli business area improved its margins in spite of higher procurement costs. Procurement markets have stabilised, albeit at a high price level. With exchange rates being stable, net revenue rose by 3.4 percent to CHF 206.6 million (+CHF 7.0 million), while at 39.9 million kilograms, sales volume was down slightly on the previous year (-2.1 %,-0.8 million kg).
Sales volume overall met the internal expectations, even though changeable weather conditions burdened seasonal food sales. The added-value food concepts launched in the food service segment did very well. The business area outstripped the prior-year results thanks to higher value added.
Net revenue in CHF million
179 | 173 | 185 | 204 | 207 |
2020 | 2021 | 2022 | 2023 | 2024 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2023 | 203.9 | 40.7 | ||
Exchange rate effect | -4.2 | - | ||
Inorganic | - | - | ||
Organic | 7.0 | -0.8 | ||
2024 | 206.6 | 39.9 | ||
Organic growth | 3.4 % | -2.1 % | ||
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