Q3 2018 trading update presentation - Amsterdam, 19 October 2018 - MarketScreener.com
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Q3 2018 trading update presentation Amsterdam, 19 October 2018
Revenue development Q3 2018 (in € millions)
Adoption IFRS15 impact of €(0.3)m in Q3 (Full year effect
Autonomous growth 2017: €(1.4)m)
Acquisition of Abbot Kinney’s impact €0.2m
Autonomous growth of Own Brands (1.5)%
€ 147.4 € 147.3
€ 0.2 Reduction of private label volumes
FX effect from the British pound
€(0.3)
€(1.8)
€ 144.2
€ 0.2
€(1.5)
(1.5)% (6.2)%
Q3 2017 Adoption Acquisitions Q3 2017 Own brands Other (*) Currency Q3 2018
(reported) IFRS15 (pro forma) (pro forma)
(*) Other including private label, sole agencies and whole sale.
2
Lower own brands revenue in Q3 Accelerated decline in the UK due to Grocery listings we previously lost and lack of promotional support from the trade in Q3 Decline of tea and coffee business due to the hot summer affecting Zonnatura, Clipper, Alter Eco and Destination across countries Bonneterre had a difficult quarter due to deceleration of French HFS channel and impact of the restructuring related to the relocation of our distribution center Bjorg growth improved in Q3 in the French Grocery trade vs Q2 Good results on Isola Bio, Allos, Tartex and Ecocesta 3
Revenue development 9m 2018 (in € millions)
Adoption IFRS15 impact of €(1.2)m in 9m (Full year effect
Autonomous growth 2017: €(1.4)m)
€ 3.6 Acquisition of Abbot Kinney’s impact €0.2m
Autonomous growth of Own Brands +0.9%
Offset by reduction of private label volumes
€ 473.0
FX effect from the British pound
€ 0.2 € 472.0
€(1.2)
€ 467.8
€(7.1)
€(0.7)
+0.9% (8.9)%
9m 2017 Adoption Acquisition 9m 2017 Own brands Other (*) Currency 9m 2018
(reported) IFRS15 (pro forma)
(*) Other including private label, sole agencies and whole sale.
4
Strong operating result Q3 and 9m 2018
11.0%
10.0% 10.1%
9.2% 9.2%
9.0%
8.7%
8.0% 8.5%
7.0%
7.2%
6.0% 6.6%
5.0% 5.5%
4.8%
4.0%
2013 2014 2015 2016 2017 2018-Q3
FY 9m Q3
EBITE margin EBITE margin EBITE margin
Continuing operations only
5
Strong operating result Q3 and 9m 2018
9m
GM ahead of prior year due to better mix in the product portfolio and benefits from operational
excellence programs
A&P investment slightly ahead of PY
SG&A impacted by cost control programs and lower bonus provisions
Q3
GM ahead of prior year due to better mix in the product portfolio and benefits from operational
excellence programs
A&P investment below PY due to phasing of activities
SG&A impacted by cost control programs and lower bonus provisions
6
Growth in Q3 accelerating vs Q2
YTD gaining market share on key categories(Dairy Alternatives, Breakfast
Cereals, Veggie Meals and Bread & Biscuit Alternatives)
Protein enriched Almond Milk Non Dairy Yoghurts range Protein enriched Muesli and Granola range Seaweed based Ready Meals
Strong promotional and activation plans in place for Q4
New launches in nutritional biscuits and meals
7
Germany - growth in both channels Health Food Stores returning to stable growth Clipper and Tartex gaining wider distribution in Grocery Allos growing share through innovation and Clipper investing into first national support program in Q4 customer support from loyalty to channel 8
M&A: Abbot Kinney’s acquisition Innovation leader in organic almond and coconut based yoghurt alternatives and ice-creams. Founded in 2014, leading position in Health Food Stores in The Netherlands Building presence in key markets across Europe. Plant based food is at the heart of the Wessanen strategy and Dairy Alternatives is one of our core categories with strong positions across countries Portfolio to date almost entirely ambient drinks Abbot & Kinney’s will help to accelerate growth in the category 9
Our expectations for 2018 FY We expect low to moderate growth of own brands and a further reduction of private label sales We expect EBITE % of revenue at the level of prior year Net financing costs around €1.0-1.5 million Tax rate around 30% Capital expenditure of €11-13 million Depreciation and amortisation of €9-10 million 10
Questions? 11
You can also read
