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THROUGH
VEGE-TABLEPRODUCTS
“WELLLIVING ”
Key figures► A few figures regarding
the Bonduelle Group
Half-Year Statements
Outlooks
The Bonduelle group►A company history...and values►Shareholder objectives►Governance►Our organization
Company goals►Our goal►Values
Our challenges and commitments►Social, societal and
environmental commitments►CSR governance►CSR key figures►People and safety►Quality and nutrition►Stakeholders►Agronomy►Natural resources►Transport and supply chain
Strategy► The vegetable market► The only vegetable front-runner brand► Ongoing growth► Long-term priority► Unique infrastructure► Technological expertise► International scope► Four strong brands► Customer brands► Distribution circuits
A COMPANYHISTORY...ANDVALUES
BUSINESSMODEL
KEY FIGURESHALF-YEARSTATEMENTSOUTLOOKS
CONTENTS“WELL LIVING”throughVEGETABLE products
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
3 |
1850 1900 1930 1960 1990 2015
A FAMILY-BASEDAGRO-INDUSTRIAL HISTORY
Bonduelle startsworking in agriculture
1862
P. and B. Bonduellerequired the construction
of a cannery
1926
Creationof the Bonduellebrand
19477GENERATIONS
INVOLVEDSINCE 1853
Distillery,followed by sugar and yeast
1853
Launch of Frozen foodsrange
1962
Launch of thefresh range
1997
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
4 |
INDEPENDENCE SUSTAINABILITY
SHAREHOLDER OBJECTIVES
EMPLOYEEDEVELOPMENT
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
5 |
GOVERNANCE – A PUBLIC FAMILY-RUN COMPANY
Manager:General partner
MAIN SHAREHOLDERBONDUELLE FAMILY
29.80%
OTHER BONDUELLE FAMILIES
24.56%
FLOATING
39.83%
EMPLOYEES + TREASURY STOCK
5.81%
Chairman:Christophe Bonduelle
BONDUELLE SCA
99.99%
BONDUELLE SAS
INDUSTRIAL AND COMMERCIAL BUSINESS UNITS
Supervisory BoardAccounts CommitteeEthical Committee
Executive CommitteeAdministrative BoardCompensation Committee
2013 PRIZEFORSHAREHOLDER RELATIONS
January 31, 2016
2014 PRIZEFOR
INVESTORSRELATIONS
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
6 |
THE SUPERVISORY BOARD
Ensures permanent control of company management on behalf of the Shareholder.
Isabelle Danjou
Yves Tack
Martin Ducroquet, Chairman
Matthieu Duriez Élisabeth Minard
Marie-France Tisseau
Laurent Bonduelle
Marie-Ange Verdickt
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
Martin Ducroquet
7 |
THE ACCOUNTS COMMITTEE
Yves Tack,Chairman
Isabelle Danjou
By delegation of the Supervisory Board, this committee is responsible for supervising the financial matters.
Marie-Ange Verdickt
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
8 |
THE ETHICAL COMMITTEE
Its aim is to support the ethical principles implemented by Bonduelle. It also provides advice on ethical issues; its role ispurely advisory.
Philippe Vasseur
Jean-Bernard Bonduelle
Marie-France Tisseau
Arno Van Dongen
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
9 |
THE BOARD OF DIRECTORS
Jérome Bonduelle
Christophe Bonduelle, Chairman
Benoît Bonduelle
François Bonduelle
Jean-Bernard Bonduelle
Marc Bonduelle
Philippe Vasseur
Pierre Deloffre
Antoine Fievet Pierre Pâris
GuillaumeDebrosse
Mainly made up of Bonduelle family members, this Board is responsible for defining the company's strategy and investment policy.
Miriam Fedida
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
10 |
THE COMPENSATION COMMITTEE
Antoine Fievet Pierre Deloffre
Harry TouretKalya Tea
This committee is independent and decides on the compensation granted Bonduelle family members working at Bonduelle.The committee also gives its opinion on the compensation of top managers.
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
11 |
CENTRAL DEPARTMENTS• External Relations & Communication,
Corporate Marketing and Sustainable Development• Information technologies• Finance• Human Resources• Research and Development
Bonduelle Europe Long LifeCanned and frozen
4 agricultural own production sites
22 industrialproduction sites
5 logistical platforms
Bonduelle Fresh EuropeFresh-cut and prepared salads
1 agricultural own production site
8 industrialproduction sites
Bonduelle AmericasCanned and frozen
1 agricultural own production site
12 industrialproduction sites
1 logistical platform
Bonduelle DevelopmentCanned and frozen
2 agricultural own production sites
2 industrialproduction sites
OUR ORGANIZATION
Executive Committee
EUROPE ZONE NON EUROPE ZONE
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
12 |
THE EXECUTIVE COMMITTEE
It encompasses Chairman, the branch directors located in and outside Europe, as well as Finance and Human Resources.
Grégory Sanson
Chief Financial Officer
Bruno Rauwel
Human Ressources Manager
Christophe Bonduelle
Chairman
Pascal Bredeloux
Bonduelle Fresh Europe General Manager
Philippe Carreau
Bonduelle Europe Long Life General Manager
Daniel Vielfaure
Bonduelle Americas General Manager
Benoît Bonduelle
Bonduelle Development General Manager
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
13 |
OUR GOAL
TO BE THEWORLDREFERENCE
“WELL LIVING”through VEGETABLE products
WHOensures
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
14 |
THE VALUESTHAT GUIDE US
EXCELLENCEOPEN
MINDEDNESS
PEOPLE MINDED
SIMPLICITY
INTEGRITYCONFI-DENCE
FAIRNESS
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
15 |
PEOPLE AND RESPECT FOR OUR NATURAL ENVIRONMENTAT THE HEART OF OUR DEVELOPMENT
Challenges Our commitments
SO
CIA
L A
ND
SO
CIE
TA
L People and safety
Quality and nutrition
Stakeholders
EN
VIR
ON
-
ME
NT
AL
Agronomy
Natural resources
Transport and supply chain
FEEDING people
VALUE OUR PEOPLEand put them at the heart of our economic project
PROTECTING the planet
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
MANAGEMENT INTEGRATED
INTO GOVERNANCE
Guarantee the application of the CSR policy
Respond & influence
Sets the CSR policy
Executive Committee
Business Unit steering committees
Business Unit representativesArea and support expertsSupports and coordinates the action
CSR Steering CommitteeExternal stakeholders
16 |
Site and country employees
Introduce the action plans
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
CSR PERFORMANCE
KEY FIGURES
SUPPLY CHAIN AND
PURCHASING 5,838tonnes of CO2 emissionssaved with piggyback transport.
NATURALRESOURCES -50%
water consumption savings in 10 years
PEOPLE AND SAFETY
40 to 7.4In 10 years
Frequency of occupational accidents
99%
of 3,490farmerssupply charter signatories.
AGRONOMY
STAKEHOLDERS
projects initiated
12in connection with the local communities where Bonduelle is present.
NUTRITION QUALITY
217projects supportedby the Louis Bonduelle Foundation.
17 |
December 2015
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
18 |
SEE THE SLIDE SHOWMAN AND SAFETY:FOCUS ON TRUST AND PERSONAL DEVELOPMENT
WORK ACCIDENTS
DIVERSITY
OBJECTIVE 0
EMPLOYEES WITH DISABILITIES(FULL TIME EQUIVALENT)264
OBJECTIVE 100%
EMPLOYEE DEVELOPMENT MEETING
78%in 2014-2015
RAISING INTERNAL AWARENESS ON THE CSR POLICY
DISTRIBUTIONETHICAL CHARTER
OBJECTIVE 100%
-22% TRAINING
TRAINING RATEIN 2014-2015
1.44%
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
20 |
QUALITY AND NUTRITION:INCREASINGLY SAFE PRODUCTS,NUTRITIONAL ANSWERS
Quality and safety
SITE AND PROCESS
CERTIFICATION
REDUCEDCOMPLAINT RATES
Healthy and naturaleating
NUTRITIONALOPTIMISATION OF RECIPES
REDUCED USEOF ADDITIVES
RAISING CONSUMERAWARENESS ON HEALTHY EATING
LOUIS BONDUELLEFOUNDATION
OBJECTIVE 100%
SEE THE SLIDE SHOW
CERTIFIED PRODUCTION SITES IN 2014/2015
97%
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
22 |
SUSTAINABLY DEVELOPING
EATING HABITS
THE LOUIS BONDUELLEFOUNDATION
Act in-field 50,000
www.fondation-louisbonduelle.org
Support research
Inform and raise
awareness
ITS OBJECTIVES SINCE 2004
217PROJECTS SUPPORTED
MONTHLY VISITS TO THE WEBSITE
91%
FAVOURABLE OPINION
•Opinion Way 2014 survey conducted among 190 opinion leadersDecember 2015
RECOGNISEDBY HEALTH PROFESSIONALS*
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
23 |
SUSTAINABLY DEVELOPING EATING HABITS
Opinion Way Foundation studyImage of organization or foundations
Very good
Quite good
Quite bad
Very bad
Don't know
The Louis Bonduelle Foundation
APRIFEL
French National Institute for Preventionand Health Education (INPES)
Nestlé Foundation
Danone Institute
Meat Information Centre(CIV)
French National Dairy Council(CNIEL)
French Research and DocumentationCentre for Sugar (CEDUS)
UPPIA Low base
OpinionWay – BJ7438 – Louis Bonduelle Foundation – May 2011
100%
Good opinion
94%
92%
90%
85%
80%
77%
77%
49% 43% 2%
9% 81% 4%
13% 72% 2%
18% 62% 2%
72% 6%
63% 0%
56% 38% 0%
2%
5%
11%
0%
0%
0%
0%
13%
6%
23%
11%
6%
6%
6%
14%
5%
0% 0%0%16% 84%
6%
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
24 |
STAKEHOLDERS:SHARE, DISCUSS, CONSIDER
Involvement in local life
Relations withstakeholders
Humanitarian development project
OBJECTIVEFOR ALL COUNTRIES
OBJECTIVE1 ON EACH SITE
2,644tOF FOOD DONATIONSIN 2014/2015 (France, Italy, Poland, Hungary)
OBJECTIVELAUNCHING A GROUP PROJECT
PROJECTS INITIATED SINCE 2013
12
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
25 |
AGRONOMY:SHARED DYNAMICS WITH THE AGRICULTURAL WORLD
SEE THE SLIDE SHOW
DEVELOPMENT OF PILOT FARMS5 YEAR SIGNATURES
RESPECT FOR SOIL AND BIODIVERSITY
BIODIVERSITY500 VEGETABLE VARIETIES
OBJECTIVE 100%
SIGNATURESIN 2014/2015
99%
THE SUPPLY CHARTER
ECOLOGICALLYINTENSIVEFARMING
MONITORING NETWORK 430 INSECT TRAPS
Strong relationships with producers
SUPPORTFOR INNOVATIVE TECHNIQUES
INCREASING LOYALTY
December 2015
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
AGRONOMICDEPARTMENT
Land manager
Land manager
SUPPLY MODELS
France, Germany, Spain, Italy, Portugal, Canada
77%
Producer organisations, cooperatives, federations
PRODUCER
GROUPS
of surface areas
Poland, Brazil, Hungary, USA
11%
INDEPENDENT PRODUCERS
of surface areas
France, Spain, Canada, USA, Russia
7%
COMPANY PRODUCTION SITES
of surface areas
France, Spain, Canada, USA, Russia
5%
BROKERS
of surface areas
Crop manager
Agronomic purchaser
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
TURN OVER
< 5%28 |
A CLOSE PARTNERSHIP WITH THE AGRICULTURAL WORLD
CONTRACTS SIGNED WITH
3,490FARMERS
OVER
128,000HECTARES
40,000 ha
35,000 ha
15,000 ha
16,000 ha
10,000 ha
7,000 ha
1,000 ha
4,000 ha
Canada
France
USA
Hungary - Poland
Russia
Fresh Produce Europe
Spain - Portugal
Brazil
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
30 |
PROFICIENCY IN THE DIRECT SUPPLY PROCESS
PROVISIONAL PROGRAMMESurfaces to be harvested
Complaint follow-upProducer assessment
Progress plan
Contract Choice of producer
Technical recommendationsQuality references
AGRO CHARTERDocumentary
systemsTechnical
skillsRecordingsContinuous
improvement
REPORTS:technical, economic,
quality
ReceiptAcceptance
Transportlogistics
VarietiesCrop/Sowing plan
Crop monitoringMaturity/Harvestingdecision monitoring
Pre-acceptance/Checked
Harvest
Land record feedback
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
31 |
NATURAL RESOURCES:ENSURING INDUSTRIAL AND ENVIRONMENTAL DURABILITY
NON-RENEWABLE RESOURCES
PACKAGING
WATER:
ECO-DESIGN GUIDE
-5.9%IN 2014/2015
2003/04
2013/14
-50%ENERGY:
4% TO BONDUELLE'S ENERGY MIX
WASTERECYCLING, RECOVERY
OBJECTIVE
82%NON-HAZARDOUSINDUSTRIAL WASTE-2.6%
IN 2014/2015
80%IN 2014/2015
SEE THE SLIDE SHOW
GROUP INVESTMENTS13.6%
ENVIRONMENTAL PROTECTION
December 2015
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
33 |
PROTECTING NATURAL RESOURCES
BONDUELLE ECO -DESIGNMEASURING THE COMPANY'S ENVIRONMENTAL FOOTPRINT
RESPONSIBLE SUPPLIES (CHARTERS/CONTRACTS)
REDUCED INPUT (GROWING METHODS)
LIMITING DISTANCES COVERED BY VEGETABLES
RESPONSIBLE MANUFACTURING
NUTRITIONALLY OPTIMAL RECIPES
LIMITED ADDITIVES
USE OF ENVIRONMENTALLY OPTIMIZED PACKAGING
TRANSPORT OPTIMIZATION FOR FINISHED PRODUCTS
USAGE ADVICE TO CONSUMERS (ENVIRONMENTAL IMPACT, FO OD WASTE)
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
34 |
PROTECTING NATURAL RESOURCES
GROUP'S CARBON FOOTPRINT REPORT
DISTRIBUTION OF GHG
EMISSION WITHIN THE GROUP
FOOD RAW MATERIAL PURCHASED (Manufacturing + transport)
20%
FOOD RAW MATERIAL GROWN (growing + transport)
25%
PACKAGING(packages, cardboard, pallets –manufacturing + transport + end-of-life)
36%
INDUSTRY(energy sources +
refrigerants + waste)
10%
SUPPLY CHAIN(transport to customers and between plants)
8%
PROFESSIONAL
AND PERSONAL TRIPS
1%
1,820,000t
of CO2
2011/2012 financial year
1.8t
of CO2
per tonne of finishedproducts
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
35 |
TRANSPORT AND SUPPLY CHAIN:INNOVATION LEADING TO OPTIMISATION
CO2EMISSIONS
ALTERNATIVES TO ROAD TRANSPORT
AN EXPERIMENTAL PLAN
OBJECTIVEOBJECTIVE
-5,000 t
MOTORWAYSOF THE SEA
RAIL + ROAD
APPENDICESA
RESPECT FOR THE PRINCIPLES OF THE
-5,838tCO2
IN 2014/2015
SUPPLIER INVOLVEMENT
90%PURCHASESCOVERED
IN 2014/2015
“WELL LIVING”throughVEGETABLE products
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
36 |
INNOVATING WITH A VIEW TO OPTIMIZING TRANSPORT
Plant
Plant
Fields
Customers
Plant
Plant
Fields
Sales warehouse
Logistical platform/Packaging
Customers
Product transport flow
Upstream agricultural supplies: agricultural raw material
Inter-site:semi-finished products
Distribution: finished products
Plant
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
37 |
VEGETABLES, A HUGE MARKET
+/- 6% FOODEXPENSES
€81 billionNORTHAMERICA
€72 billionIN EUROPE
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
38 |
BONDUELLE, THE ONLY VEGETABLE FRONT-RUNNER
BONDUELLE
Ready meals, pizza, fish, etc.
Vegetables
FROZEN
IGLOBIRDS EYE
MC CAINGÉANT VERT
PINGUINARDO
FINDUS
BONDUELLEARCTIC
GARDENS
CANNED GOODS
D’AUCYGÉANT VERT
BONDUELLECASSEGRAIN
GLOBUS
HAKALLENS
DEL MONTESENECA
PREPARED
MIX BUFFETSODEBO
STALAVENMARTINET
BONDUELLE
FRESH
BONDUELLE
CRUDETTESFLORETTE
The only brand sold in 4 different domains
Source: support
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
39 |
CONTINUOUS GROWTH
THRIVES THANKS TO:
INTERNATIONALDEVELOPMENT
NEW PRODUCT CATEGORIES
€150 M
€1,982 M
Sweetcorn
SpainPortugal
CentralEurope
Fresh
Prepared goods
Mushrooms
EasternEurope
Canada
SouthAmerica
USA
44plants in
11 countries
1975 1980 1985 1990 1995 2000 2005 2009 2010 2011 2012 2013
Growth
50%
internal50%
external
2 plants inFrance
2014 2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
40 |
PRIORITY GIVEN TO LONG TERM PROJECTS
Inour brands
INVESTMENTIndustrial producers
Research and development
6%OF BRANDTURNOVER
44PLANTS
more than
OF TURNOVER
ENGINEERSNUTRITIONISTS
AND CHEFS
AGRONOMICINVOLVEMENT
3,490PRODUCER PARTNERS
128,000 HA€64 MIN 2014 - 2015
1%
more than 100
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
41 |
UNIQUE INFRASTRUCTURE:CLOSER TO OUR CUSTOMERS
CANADA
8 plants1 agricultural site
USA
3 plants1 logistical platform
BRAZIL
1 plant
POLAND
2 plants
GERMANY
2 plants
BELGIUM
1 logistical platform
FRANCE
17 plants4 agricultural sites4 logistical platforms
SPAIN
3 plants1 agricultural site
ITALY
2 plants
HUNGARY
3 plants
RUSSIA
2 plants2 agricultural sites
PORTUGAL
1 plant
58 industrial orcompany agricultural production sites
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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42 |
CLOSER TO OUR CUSTOMERS…IN EUROPE
November 2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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43 |
CLOSER TO OUR CUSTOMERS… IN AMERICA
43 |
November 2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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44 |
BONDUELLE IN FRANCE
November 2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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45 |
TECHNOLOGICAL EXPERTISE
A NATURAL PRESERVATION PROCESS : TEMPERATURE
FROZEN (-18°C)
28%
CANNED (room temperature)
52%
TURNOVER2014 - 2015PER TECHNOLOGY
€1,982 M
FRESH PROCESSED (+4°C)
20%
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
46 |
CANNED IN LESS THAN HALF A DAY
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
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47 |
MANUFACTURING OF FROZEN VEGETABLES
IN LESS THAN HALF A DAY
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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48 |
READY-TO-USE SALADS IN LESS THAN HALF A DAY
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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49 |
MANUFACTURING OF PREPARED SALADS
IN LESS THAN HALF A DAY
“WELL LIVING”throughVEGETABLEproducts
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50 |
INTERNATIONAL SCOPE
"MULTI-LOCAL"DEVELOPMENT
SALES TURNOVER
Compliance with marketspecificities
Local supply preferred
OUTSIDE EUROPE ZONE
35%
FRANCE
32%
OTHERS WITHIN
EUROPE
33%
June 30, 2015
“WELL LIVING”throughVEGETABLEproducts
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51 |
FRESH PRODUCTS
BONDUELLE
No.1IN EUROPE
27%OF MARKET SHARES
Fresh cut salads
Preparedsalads
No.129%
No.124%
No.233%
No.121%
Market share for Retail producer, by valueSource: Bonduelle – November 2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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52 |
BONDUELLE
No.2IN EUROPE
No.1IN CANADA
12%OF MARKET SHARESIN EUROPE
84%OF MARKETS SHARES IN CANADA
FROZEN PRODUCTS
No.184%
No.25%
No.212%
No.212%
No.119%
No.113%
Market share for Retail producer, by value
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
Businessmodel
Key figuresHalf-Year StatementsOutlooks
53 |
CANNED PRODUCTS
BONDUELLE
No.1IN EUROPEAND IN CANADA
30%OF MARKET SHARESIN EUROPE
83%OF MARKETS SHARES IN CANADA
No.1
42%
No.1
28%No.1
33%
No.37%
No.1
35%
No.1
32%
No.3
11%
No.1
32%No.1
31%
No.1
45%
No.36%
No.1
35%
No.1
10%
No.1
83%
Market share for Retail producer, by value
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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54 |
FOUR STRONG BRANDS
MARKET CORE
MULTI-TECHNO-LOGY
MULTI-CIRCUIT
INTERNA-TIONAL
HIGH-END
CANNED GOODS
FRANCE
MARKET CORE
FROZEN
CANADA
CANNED GOODS
RUSSIAAND CIS
“WELL LIVING”throughVEGETABLEproducts
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55 |
EXCELLENT BRAND AWARENESS
Unaided awareness 2014 Market shares(total to date)
Position
Germany 43% 14.2%(1) LEADERBelgium 33% 16.2% LEADERCanada (Arctic Gardens) 16% 13.4% No.2Spain 20% 4.7% No.3France (Bonduelle) 59% 13.1%
LEADERFrance (Cassegrain) 9% 10.1%
Italy 54% 11.1%(1) LEADERNetherlands 41% 16.2% No.2Poland 53% 9.3% LEADERRussia (Bonduelle, Globus…) 83% 39.4% LEADERSources: IRI/NIELSEN/IPSOS(1) Average multi-technology market share
“WELL LIVING”throughVEGETABLEproducts
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56 |
30%
Nationalbrands
CUSTOMER BRANDS
A WIDE ARRAY OF BRANDSTHAT MEET ALLCUSTOMER REQUIREMENTS
70%
MARCHÉby value
Retail brands
A HIGH SELECTIVERETAIL BRAND POLICY
*Co-packing and industry sales
EUROPE BONDUELLE
51%
Bonduelle
41%Retail brands 8%
Other*
TURNOVERDISTRIBUTION
2014-2015
“WELL LIVING”throughVEGETABLEproducts
A company history...and values
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Key figuresHalf-Year StatementsOutlooks
57 |
DISTRIBUTION CIRCUITS: STRONG PRESENCE IN HYPERMARKETS/SUPERMARKETS AND
IN THE FOOD SERVICE SECTOR
TURNOVERDISTRIBUTION 2014-2015
FOOD SERVICE
19%
INDUSTRIAL CUSTOMERS
7%
RETAIL
74%
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58 |
A FEW FIGURES
CONCERNING THE BONDUELLE GROUP
€1,982 MIN TURNOVER
Of which 68% outside France
€111.5 MIN CURRENT OPERATING PROFIT
58INDUSTRIAL OR
COMPANY AGRICULTURAL
PRODUCTION SITES
In 12 countries
9,755 EMPLOYEESexpressed in full-time equivalent
Brands established in over
100countries
120,000 tof fresh goods
450,000 tof frozen goods
1,000,000 tof canned goods
June 30, 2015
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59 |
32%France
11%Germany
9%Eastern Europe(1)
4%Central Europe(2)
5%Others
24%North
America
9%Italy
2%Iberian countries
4%Benelux
TURNOVER DISTRIBUTION
2014 - 2015 ACCORDING TO GEOGRAPHICAL ZONES
€1,982 MIN TURNOVER
(1) Russia + other countries from the Commonwealth of Independent States (CIS). (2) Former East-European countries having joined the European Union.
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60 |
DEVELOPMENT OF THE DISTRIBUTION OF TURNOVER
1992
€600 M2014 - 2015
€1,982 M
CANNED
67%
FROZEN
33%
FRANCE
50%
OTHERS WITHINEUROPE
25%
GERMANY
25%
CANNED
52%FROZEN
28%
PREPARED FRESH
20%
FRANCE
32%
OTHERS WITHINEUROPE
33%
OUTSIDE EUROPE ZONE
35%
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61 |
A DEEP CULTURAL SHIFT
FRANCE
76%
OUTSIDE FRANCE
24%
1988
3,500PERMANENT
FRANCE
47%OUTSIDE EUROPE
31%
EUROPE (EXCLUDING FRANCE)
22%
6,974PERMANENT
2014-2015
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HALF YEAR 2015-2016 FINANCIAL RESULTS
GROWTH OF ACTIVITYAND IMPROVEMENT OF
HALF YEAR PROFITABILITY
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HY 14-15Current rates
Exchange ratesimpact
HY 14-15 at constantexchange rates
Organic growth HY 15-16 HY 15-16 at 14-15exchange rates
63 |
RESILIENCE OF HALF YEAR 2015-2016 ACTIVITY
SALES GROWTH
1,018.8 M€
1,045.6 M€
1,011.6 M€
- 0.7 %
- 33.1 M€
- 3.3 %
+ 25.9 M€
+ 2.6 %
985.7 M€
GROWTH OF ACTIVITYSTILL NEGATIVE IMPACT OF EXCHANGE RATES
► Growth in line with annual objectives (2 % at constant exchange rates)
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64 |
SALES BY REGION
STABILITY IN EUROPE, GROWTH OUTSIDE EUROPE
Turnover
HY 2015-16
In million of €Like for like* Reported figures
Europe zone 637.7 - 0.2 % - 0.3 %
Non-Europe zone 373.8 + 7.9 % - 1.5 %
Total 1,011.6 + 2.6 % - 0.7 %
GROWTH DRIVEN BY NON-EUROPE ZONE
*Like for like : at constant scope of consolidation and exchange rates
► Europe : non renewal of PL contracts in canned activity offset growth in fresh activity and branded sales► Non-Europe zone : good level of business in North America and remarkable resilience in Russia
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Q1 Q2 Q3 Q4 Q1 Q2
65 |
SOLID DYNAMIC GROWTH
SALES GROWTH
+ 4.9 %
+ 5.9 %
+ 3.2 %
+ 2.2 %
+ 0.9 %
+ 4.1 %
6 QUARTERS OF ORGANIC GROWTHSLOW-DOWN ON Q1 2015-2016 : PRIVATE LABEL CONTRACTS, RUSSIAA Q2 MORE DYNAMIC
2014-2015 + 4.1 % HY 15-16 + 2.6 %
*Like for like : at constant scope of consolidation and exchange rates
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66 |
BUSINESS PORTFOLIO GEOGRAPHICAL BREAKDOWN OF SALES
► Resistance of activity in France and Europe ► Part of non-Europe continues to grow at constant exchange rates (37 % vs 35 % last year)
HY 2015-2016
RESILIENCE IN EUROPE AND GROWTH OUTSIDE EUROPE
Growth HY 2015-2016
FRANCE
31%
Germany
11 %
Italy
9 %Benelux
4 %Iberian peninsula
2 %
Central Europe
4 %
EasternEurope
10%
Canada
13%
USA
13 %
South America
1%
NON-EUROPE
37%
EUROPE EXCL. FRANCE
32 %
At constant exchange rates and scope of consolidation
Others
2 %
5.3%
2.0%
7.9%
0.6%
-1.1%FRANCE
EXCL. CANNED PRIVATE LABELS
EUROPE EXCL. FRANCE
EXCL. CANNED PRIVATE LABELS
NON-EUROPE
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BUSINESS PORTFOLIO
67 |
BRANDS
51%OTHERS
7%
PRIVATE LABELS
42%
SALES GROWTH BY BRANDS
► Brand business predominating and growing► Growth of private labels thanks to North America
HY 2015-2016
CROISSANCE DES ACTIVITES A MARQUE
Growth HY 2015-2016
2.0%
3.3%
PRIVATE LABELSAND OTHERS
BRANDS
At constant exchange rates and scope of consolidation
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BUSINESS PORTFOLIO
68 |
RETAIL
74%
OTHERS
7%
FOOD SERVICE
19%
SALES GROWTH BY DISTRIBUTION CHANNEL
► Growth of retail business activity representing ¾ of sales► Food service activity : stabilization in Europe and strong growth in North America
HY 2015-2016
GROWTH IN ALL THE DISTRIBUTION CHANNEL
Growth HY 2015-2016
-1.5%
8.4%
3.5%
2.4%
DONT EUROPE
WITH NORTH AMERICA
FOOD SERVICE & OTHERS
RETAIL
WITH EUROPE
WITH NORTH AMERICA
At constant exchange rates and scope of consolidation
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BUSINESS PORTFOLIO
69 |
READY-TO-USE FRESH
20%
FROZEN
30%
SALES GROWTH BY TECHNOLOGY
HY 2015-2016
CONTRASTED DEVELOPMENT OF TECHNOLOGIES
Growth HY 2015-2016
► Canned : non renewal of private labels contracts, Russia less dynamic► Frozen : stabilization in Europe (Food service), strong growth in North America► Confirmed on HY 2015-2016, strong growth in ready-to-use fresh activity
1%
6.3%
11.2%
-3.1%CANNED
EXCL. EUROPE PROVATE LABELS
FROZEN
READY-TO-USE FRESH
At constant exchange rates and scope of consolidation
CANNED
50%
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70 |
IMPROVEMENT OF CURRENT OPERATING PROFITABILITY AT CONSTANT EXCHANGE RATES
GROWTH OF ACTIVITY AND PROFITABILITY
In million of €HY
2015-2016Reported
HY 2015-2016Constant
rates
HY2014-2015Reported
ReportedConstant
rates
Sales 1,011.6 1,045.6 1,018.8 - 0.7 % + 2.6 %
Current operating
profitability64.- 71.4 66.5 - 3.7 % + 7.3 %
% Sales 6.3 % 6.8 % 6.5 % - 20 bp + 30 bp
► Impacted by currencies, slight decrease of reported operating profitability ► Growth of operating margin : 6.8 %, + 30 bp at constant rates
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71 |
CURRENT OPERATING PROFITABILITY BY REGION
HY 2015 - 2016 HY 2014 - 2015
In million of € Europe Non-Europe
Non-Europe at constant
ratesEurope Non-
Europe
Sales 637.7 373.8 407.8 639.4 379.4
Current operating
profitability26.8 37.2 44.5 26.5 39.9
% Sales 4.2 % 10.- % 10.9 % 4.2 % 10.5 %
► Stability of the current operating margin in Europe ► Non-Europe : growth of activity and operating margin at constant rates► Strong increase of marketing expenses (+ 10 % at constant rates)
CONTRAST BETWEEN REGIONS REMAINS MARKED
GROWTH OF ACTIVITY AND PROFITABILITY
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CHANGE OF NET INCOME
In million of € HY 2015-2016 HY 2014-2015
Sales 1,011.6 1,018.8 - 0.7 %
Current operating profit 64.- 66.5 - 3.7 %
Non-recurring items (1.2) (0.8)
Operating profit 62.9 65.7 - 4.3 %
Financial result (10.3) (11.6)
Taxes (16.2) (16.8)
Partnerships consolidation (equity method) 0.1 (1.-)
Net income% Sales
36.63.6 %
36.43.6 %
+ 0.5 %
REBITDA*% Sales
109.910.9 %
112.711.1 %
- 2.5 %
► Financial result : positive currency result► Stability of net income
ACTIVITY AND PROFITABILITY IN LINE WITH TARGETS
* EBITDA excluding non-recurring items
GROWTH OF ACTIVITY AND PROFITABILITY
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73 |
SOLID FINANCIAL PROFILE :DECREASE OF DEBT
(In million of €)
ASSETS
SIMPLIFIED BALANCE SHEET
Fixed assets
Working capital
LIABILITIES
Equity
Net debt
HY 2015-2016ASSETS LIABILITIES
HY 2014-2015
GEARING
Fixed assets
Working capital
Equity
Net debt
653.8
544.7
1.26
530.3
668.2
666.4
502.4
1.37
492.9
675.9
GEARING
► Decrease of debt despite the repurchase of equity warrants (BSAAR) in April 2015 and the buying of Lethbridge plant
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06/30/2012 12/31/2012 06/30/2013 12/31/2013 06/30/2014 12/31/2014 06/30/2015 12/31/2015
74 |
EVOLUTION OF DEBT
► Continuous deleveraging� 31 of December : maximum indebtedness
► Average coupon 3.40 % - maturity 3.4 years – Disintermediation rate ≈ 50 %
608.4 591.9
524.6
NET DEBT (in million of €)2012 Acquisitions Russia – Hungary – USA
696.3 675.9
813.9
512.4
668.2
SOLID FINANCIAL PROFILE :DECREASE OF DEBT
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OUTLOOKS2015 - 2016
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76 |
CHANGES IN GOVERNANCE
MARTIN DUCROQUETCHAIRMAN OF THE SUPERVISORY BOARD
MARIE-ANGE VERDICKT
Martin Ducroquet, 42 years old, graduated from ESCP Europe Business School (1997), workedfor Siparex Private Equity for about 10 years as Investment Director. As such, he was apermanent representative on various boards of directors and supervisory boards for non-listedcompanies. He is the founder and General Manager of Tactus, a high tech company specialisedin grocery shopping solutions, notably in the connected kitchen sector. Martin Ducroquet hasbeen a member of the Supervisory Board of Bonduelle SCA since 2012.
Marie-Ange Verdickt, 53 years old, graduated from Ecole Supérieure de Commerce de Bordeaux(1984) and is a member of SFAF (French Society of Financial Analysts). She started her careerwith Deloitte as an auditor and a management controller for Wang. She joined Euronext as afinancial analyst and was then in charge of the financial analysis office. From 1998 to 2012, sheworked for Financière de l'Echiquier as equity fund manager, specialised in French andEuropean mid-caps, where she developed, notably, socially responsible investment practices.Since 2012, she has been sitting on the boards of various companies as an IndependentDirector.
MEMBER OF THE SUPERVISORY BOARD
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77 |
OUTLOOKS 2015 - 2016
In million of €2015 – 2016
Adjusted (*)▲ %
2015-2016
Initial (*)▲ % 2014 - 2015
SALES 2,015 – 2,030 + 1.5 % / + 2.5 % 2,020 + 2 % 1,982
CURRENT
OPERATING
PROFITABILITY> 112 ≈ ≥ 112 ≈ 112
► Profitability impacted by idle capacity in canned european private labels market► Confirmation of increase in marketing investments + 10 %► Continued improvement in fresh Europe and mushrooms activities► Significant non-recurring items (restructuring of canned activity and JV)► Currencies fluctuations will impact our reported profitability
ACTIVITY AND PROFITABILITY OBJECTIVES CONFIRMED
* Outlooks 2015-2016 at constant scope of consolidation and exchange rates
SAME PROFITABILITY AS 2014-2015 AT CONSTANT RATES
A REMARKABLE STRENGTH IN A CHALLENGING ENVIRONMENT
© B. Grossmann, Graphic Obsession, AFP Services, Bonduelle, DR