Bonduelle - 2024-2025 First Half Year Financial Results: The
Bonduelle Group posts growth in both its current operating income
and its branded activities. Bonduelle confirms its annual
objectives
BONDUELLE
Head office: "La Woestyne" - 59173 Renescure -
France
Bonduelle a French S.C.A (Partnership limited by Shares) with a
capital of 57 102 699,50 euros
Registered under number : 447 250 044 (Dunkerque Commercial and
Companies Register)
2024-2025 First Half Year Financial
Results
(July 1 - December 31, 2024)
The Bonduelle Group posts growth in both
its current operating income and its branded
activities
Bonduelle confirms its annual
objectives
For this 1st half of the 2024-2025
fiscal year, the Bonduelle Group posted a strong growth of +17.8%
on a like-for-like basis(1) of its current operating
income which amounted to 48 million euros at current exchange rates
and 47.8 million euros at constant exchange rates compared with
40.6 million euros the previous fiscal year.
Over the period from July 1 to December 31,
2024, the Bonduelle Group’s sales for the 1st half year
of fiscal year 2024-2025 amounted 1,119.4 million euros compared
with 1,139.2 million euros for the 1st half of previous
fiscal year, -1.5% on a like-for-like basis(1) and -1.7%
on reported figures, currency trends having a marginal impact over
business activity’s evolution (-0.2%).
In value, the clear +1.9% growth in branded
activities over the period confirms the strategic importance of
brand development, as announced in the group’s “Transform to win”
transformation plan last October. It contrasts with the marked
decline in the private label segment: -6.9%.
Despite a slight downturn in business activity
over the 1st half year and an expected negative impact
on profitability in the 2nd half year due to the poor
agricultural harvest in Russia, the Bonduelle Group confirms its
annual objectives.
In accordance with IFRS 5, the income statements
related to the packaged salad activity in France and Germany, whose
planned disposal was announced on August 29, 2024 are gathered in
the income statement of the reported financial statements under the
heading “net income from discontinued operations”.
Message from Xavier Unkovic - Chief
Executive Officer:
Our transformation is underway! We have embarked
on an ambitious 3-year transformation of the group, called
“Transform to win”; based on solid fundamentals: a modern corporate
mission that puts positive impact at the heart of the business
activity, flagship brands and our strong connection with the
agricultural sector. The year 2025 marks the beginning of the
transition phase, a key milestone in preparing for the rebound and
acceleration of our performance in the coming years.
The 2024-2025 1st half year is
already posting clear results over the five strategic pillars which
represent the solid foundations of the group’s transformation
between now and 2027. The roadmap is clear and our teams are fully
committed to reaching our objectives. We are gearing up for a
spring full of activations, communication on our brands and our
innovations, which are key factors in our transformation. In the
United States, Bonduelle Americas returned to growth for the first
time in four years, confirming the relevance of our strategic
choices, while in Europe, the reorganisation of our business
portfolio is improving at a good pace. Our operations are pursuing
their focus on operational excellence, and we are working on the
efficiency of our organizations while implementing our strategies.
Finally, more than ever, we are reaffirming our ambition to deploy
a sustainable business model and are moving towards a 100% B
CorpTM group certification by the end of the year.
*******
The 2024-2025 half year financial statements
were approved by the General Partner, then reviewed by the
Supervisory Board of March 05, 2025 and have been subject to a
limited review by the Statutory Auditors.
Key figures
|
(in millions of euros) |
1st half
year
2024-2025 |
1st half
year
2023-2024 |
Variation |
|
Sales |
1,119.4 |
1,139.2 |
-1.7% |
|
Current operating income |
48.0 |
40.6 |
+18.3% |
|
Current operating margin |
4.3% |
3.6% |
+70 bps |
|
Net income from continuing operations |
17.2 |
6.4 |
+167.5% |
|
Consolidated net income |
-5.0 |
4.5 |
-211.6% |
|
Gearing(2) |
1.23 |
0.95 |
|
Sales
The Bonduelle Group’s sales for the
1st half year of fiscal year 2024-2025 amounted 1,119.4
million euros compared with 1,139.2 million euros for the
1st half of previous fiscal year, -1.5% on a
like-for-like basis(1) and -1.7% on reported
figures.
Activity by Geographical
Region
Total consolidated sales
(in millions of euros) |
1st half
year
2024-2025 |
1st half
year
2023-2024 |
Variation
reported figures |
Variation
Like-for-like
basis(1) |
|
Europe Zone |
672.3 |
712.6 |
-5.6% |
-5.8% |
|
Non-Europe Zone |
447.1 |
426.6 |
4.8% |
5.8% |
|
Total |
1,119.4 |
1,139.2 |
-1.7% |
-1.5% |
Activity by Operating
Segments
Total consolidated sales
(in millions of euros) |
1st half
year
2024-2025 |
1st half
year
2023-2024 |
Variation
reported figures |
Variation
Like-for-like
basis(1) |
|
Canned |
554.7 |
594.7 |
-6.7% |
-6.4% |
|
Frozen |
150.4 |
148.9 |
1.0% |
0.9% |
|
Fresh processed |
414.3 |
395.6 |
4.7% |
5.1% |
|
Total |
1,119.4 |
1,139.2 |
-1.7% |
-1.5% |
Europe Zone
The Europe Zone, which accounts for 60.1% of the
business activity over the period, posted for the whole
1st half year an overall evolution of -5.6% on reported
figures and -5.8% on a like-for-like basis(1), mostly
due to the significant sales drop in private label canned
activities, caused by delays in contracted volumes deliveries by
major customers.
The fresh processed activities maintained in the
portfolio (packaged salads activity in Italy and prepared segment
in France and Italy) posted solid growth over the 1st
half year, especially in Bonduelle branded products, in retail and
food service.
Non-Europe Zone
The Non-Europe Zone, which accounts for 39.9% of
the business activity over the period, posted for the
1st half year, an overall evolution of +4.8% on reported
figures and +5.8% on a like-for-like basis(1).
In North America, the return to growth for the
first time in four years was driven by the solid increase in retail
sales of complete meal solutions and salad kits; a growth which
accelerated further in Quarter 2 over branded products and
innovations.
In the Eurasia region, CIS countries and Russia
posted solid growth fueled by the Bonduelle and Globus brands.
Operating income
For the 1st half of fiscal year
2024-2025, the Bonduelle Group’s current operating income stands at
48 million euros at current exchange rates and 47.8 million euros
at constant exchange rates, compared with 40.6 million euros the
previous fiscal year.
This corresponds to a +17.8% increase in current
operating income on a like-for-like basis(1). The
current operating margin stands at 4.3% on both like-for-like
basis(1) and reported figures, given the slight impact
of exchange rates over the period.
In the Europe Zone, good agro-industrial
performances only partially offset the downturn in volumes, in
particular the delay in private label sales (-22.2% in canned and
frozen segments).
In the Non-Europe Zone, the growth momentum in
branded activities enabled a return to a positive profitability: on
one hand, in the United States with an improvement in current
operating income driven by new contracts, a good dynamic in brands
and better harvests than last fiscal year, and on the other hand,
the Eurasia region posting an increase in branded products
sales.
After taking into account non-recurring items of
-3.1 million euros over the period, following the logistical
optimizations in the United States, the Bonduelle Group’s operating
income reaches 44.9 million euros on reported figures, compared
with 35.7 million euros for the 1st half of previous
fiscal year representing an increase over the period of +25.8% on
reported figures.
Net income from continuing
operations
Net financial income amounted to -17.8 million
euros, compared to -17 million euros at the end of previous half
year. The posted interest expense for the period went from -15.3
million euros to -14.7 million euros, mainly due to lower
indebtedness in high-interest currencies (Hungarian forint, Russian
ruble).
The group average financing rate declined over
the period and is now at 4.12%. The foreign exchange result is
negative for the half year (-1.2 million euros, mainly due to the
weakening of the ruble), compared with -0.2 million euros for the
same period last year.
Tax expense came to 12.7 million euros, compared
with 13.3 million euros in the 1st half of the previous
fiscal year, the effective tax rate (46.7%), although improving,
remains distorted by the non-activated losses from the North
American fresh activities.
Net income from associates amounts to 2.8
million euros corresponding to the share of income from Nortera
Foods accounted for under the equity method.
After taking into account financial income, tax
expense and income from associates, Bonduelle Group’s net income
from continuing operations for the 2024-2025 1st half
year amounted to 17.2 million euros compared with 6.4 million euros
the previous fiscal year, representing 1.5% of sales.
Net income from discontinued
operations
In accordance with IFRS 5, contributions from
activities being discontinued are gathered under the heading “net
income from discontinued operations”. Thus, for the 1st
half year, items under this heading amounted to -22.3 million
euros, of which: -2.6 million euros as current operating income for
the period, non-recurring items including the provision for the
Saint-Mihiel redundancy plan and the Genas voluntary redundancy
plan for a total of 20 million euros, 5.7 million euros in tax and
financial income restatements , the impairment of 4 million euros
in goodwill related to the packaged salad activity in Germany, and
fees related to the divest of these activities.
After taking into account net income from
discontinued operations, the Bonduelle Group's consolidated net
income for the 1st half of the 2024-2025 fiscal year
amounted to -5 million euros, compared with +4.5 million euros the
previous fiscal year.
Financial situation
Net financial debt (excluding IFRS 16 and after
taking IFRS 5 into account) stood on December 31, 2024 at 664
million euros against 649 million euros at December 31 of the
previous fiscal year. After taking IFRS 16 into account, debt stood
at 755.5 million euros (versus 716.5 million euros at December 31
of the previous fiscal year), and the debt-to-equity ratio
(gearing(2)) was 1.23, compared with 0.95 at the same
period last year.
Good summer harvests, in particular in Nord
Picardie (France), and sales delay of private label products in
Europe have a direct effect on the increase in inventories and
therefore in the group's working capital requirement, while
pointing out that the seasonal nature of the business activity
(summer agricultural harvests) results in a high level of debt at
December 31, which is not representative of average debt or end of
fiscal year debt level.
Other significant information
Plan to sell its packaged salad activity
in France and Germany
The Bonduelle Group announced, on August 29,
2024, several projects designed to protect the company’s long-term
future.
Regarding the planned downsizing of Bonduelle
Frais France, an agreement has been reached with employee
representatives bodies on one hand, the terms and conditions of
employee support in view of the effective closure of the
Saint-Mihiel plant on February 28, 2025 and on the other hand, the
implementation of the voluntary redundancy plan for the Genas head
office.
Work is in progress on the disposal of our
packaged salad activities in France and Germany, with a view to
lifting the conditions precedent.
In the meantime, exceptional expenses related to
the implementation of the 2 plans mentioned above, have been
recognized in the 1st half year financial statements as
described in the paragraph related to the net income from
discontinued operations.
Outlook
Despite the slight downturn of business activity
in the 1st half year and the impact of difficult
harvests in Russia which will have a particular impact over the
2nd half year, the Bonduelle Group is pursuing its
transformation and confirms its annual objectives of stable sales
and recurring operating income on a like-for-like
basis(1).
(1) at constant currency
exchange rate and scope of consolidation basis. Net sales in
foreign currency over the given period are translated into the rate
of exchange for the comparable period. The impact of business
acquisitions (or gain of control) and divestments is restated as
follows
- For businesses acquired (or gain of control) during the
current period, net sales generated since the acquisition date is
excluded from the organic growth calculation;
- For businesses acquired (or gain of control) during the
prior fiscal year, net sales generated during the current period up
until the first anniversary date of the acquisition is
excluded;
- For businesses divested (or loss of control) during the
prior fiscal year, net sales generated in the comparative period of
the prior fiscal year until the divestment date is
excluded;
- For businesses divested (or loss of control) during the
current fiscal year, net sales generated in the period commencing
12 months before the divestment date up to the end of the
comparative period of the prior fiscal year is excluded.
(2) net financial debt /
equity - Inc. IFRS 16
Alternative performance indicators:
the group presents in its financial notices performance indicators
not defined by accounting standards. The main performance
indicators are detailed in the financial reports available on
www.bonduelle.com
Next financial events:
- 1st Half Year Results
presentation: March
6, 2025
- 2024-2025 Quarter 3 FY Sales:
May 6, 2025 (after
market closing)
- 2024-2025 Fiscal Year Sales:
August 1, 2025
(after market closing)
- 2024-2025 Annual Results:
September 26, 2025
(after market closing)
- Annual Results presentation:
September 29,
2025
Find the complete Half Year results
on www.bonduelle.com
About the Bonduelle
Group
We want to inspire the transition toward a
plant-rich diet, to contribute to people’s well-being and planet
health. We are a French family business with 10,409 full-time
equivalent employees and we have been innovating with our farming
partners since 1853. Our ready-to-use products are cultivated on
69,035 hectares and sold in nearly 100 countries, with sales of
2,371.8 million euros (data as of June 30, 2024)
Our 4 flagship brands are: BONDUELLE, READY
PAC FOODS, CASSEGRAIN and GLOBUS.
Bonduelle is listed on Euronext Paris
compartment B
Euronext indices: CAC MID & SMALL – CAC FOOD PRODUCERS –
CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial performance index
and employees shareholder index (I.A.S.)
Code ISIN: FR0000063935 - Code Reuters: BOND.PA - Code
Bloomberg: BON FP
- 2024-2025 First Half Year Financial Results
Bonduelle (EU:BON)
Historical Stock Chart
From Feb 2025 to Mar 2025
Bonduelle (EU:BON)
Historical Stock Chart
From Mar 2024 to Mar 2025
