SAVENCIA FROMAGE & DAIRY : 2021 annual results
March 10 2022 - 11:47AM
SAVENCIA FROMAGE & DAIRY : 2021 annual results
Thursday
10 March 2022
-
PRESS RELEASE: 2021 annual
results
A solid organic growth that
strengthens the financial structure
Key figures in €m |
31/12/2021 |
% Sales |
31/12/2020 |
% Sales |
Change in % |
Total |
Structure |
Forex |
Growth |
Sales |
5,610 |
|
5,160 |
|
8.7 |
2.3 |
-1.0 |
7.3 |
- Cheese Products |
3,450 |
61.5 |
3,186 |
61.7 |
8.3 |
3.8 |
-0.7 |
5.1 |
- Other Dairy Products |
2,324 |
41.4 |
2,136 |
41.4 |
8.8 |
- |
-1.4 |
10.3 |
- Other (intra-Group transactions) |
-164 |
-2.9 |
-162 |
-3.1 |
1.6 |
-0.5 |
-1.1 |
3.2 |
Current operating profit |
246.1 |
4.4 |
211.4 |
4.1 |
Audit procedures have
been implemented and the audit report relating to certification is
currently being issued.The definitions and methods used for
aggregates such as differences in structure and currencies, organic
growth and net debt have not changed.They are defined in the
Group’s financial report.
|
Other operating expenses/income |
-73.1 |
-1.3 |
-55.0 |
-1.1 |
Operating profit |
173.0 |
3.1 |
156.4 |
3.0 |
Net financial income |
-20.9 |
-0.4 |
-18.0 |
-0.3 |
Income on monetary situation |
2.7 |
--- |
3.6 |
--- |
Corporate tax |
-63.6 |
-1.1 |
-55.9 |
-1.1 |
Group net income |
82.9 |
1.5 |
78.8 |
1.5 |
Net debt (excl. IFRS 16) |
428 |
|
446 |
|
Shareholders’ equity |
1,703 |
|
1,552 |
|
At €5,610 million, Sales of the Savencia Fromage
& Dairy Group for 2021 grew by €450 million, or +8.7%. This
change was mainly the result of a strong +7.3% organic growth, a
+2.3% structural effect resulting from the integration of CF&R
as of May 2020, less a -1.0% negative forex effect. These different
impacts were developed in a press release dated 10 February
2022.
The €246.1 million current operating profit for
2021 grew by €34.7 million, or +16.4%. This benefited from a
high-level stability in home consumption in nearly all the world
markets and a strong recovery in food away from home, following
2020 that was penalized by lockdowns and health protection
measures. Growth was achieved through innovation, advertising and
promotion, priorization of operational expenses and industrial
performance improvements.
At 4.4%, the Group's current operating margin
grew by +0.3%. The margin of Other Dairy Products, benefiting from
the world industrial prices has improved by +1.5% to +5.0%. The
Cheese Products margin contracted by -0.7% to 4.5%, penalized in
the second semester by the start of an inflationary cycle.
Operating profit totaled €173 million, or 3.1%
of sales, a growth of €16.6 million or +10.6%. It was nevertheless
impacted by asset depreciations in Russia and in infant formula,
and also by the consequences of flooding in Belgium last July.
Net financial income decreased by €2.9 million.
This was the result of foreign exchange losses exceeding the
decreases in commissions and financing rates.
Group net profit was €82.9 million, or 1.5% of
sales. The financial structure remained well in control, with a
strong decrease in the net debt ratio (excl. IFRS 16) to 25.1%
equity, from 28.7% in 2020.
DividendThe Board of Directors
will propose to the Annual Shareholders’ Meeting on 21 April the
distribution of a dividend of €1.50 per share.
Prospects for 2022The
international crisis developing in Eastern Europe will
significantly increase inflationary tensions and the risks of
shortages that have appeared since the end of 2021. This
environment should impact Savencia Fromage & Dairy’s
performance. In this uncertain context, the Group, in line with
both its mission of “leading the way to better food”, and its
values, shall pursue its activities, taking particular care of the
safety of its people and its milk producers.
The reactivity shown by the Group during the
health crisis will be a key element for continuing to secure
profitable growth for its brands and its competitiveness, not
forgetting the roll out of its Oxygen CSR plan, thanks to the
quality of its products and the commitment of his teams.
Further information is
available on the website savencia-fromagedairy.com
- Savencia SA - 2021 annual results
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