2015 Financial Results
- Sustained Revenue Growth
- Stable Operating Profit in an Environment of Rising Raw Material Prices
- Improved Results from International Operations First-Quarter 2016 Revenue Up 1.4%
Income Statement Highlights (in €m) | 2014 | 2015 |
Revenue | 707.1 | 757.6 |
Operating profit | 28.6 | 28.6 |
Operating margin | 4.0% | 3.8% |
Finance costs (net) | (1.1) | (1.6) |
Income tax expense | (11.9) | (11.0) |
Share in profits and losses of associates | 2.3 | 1.0 |
Net profit | 17.9 | 17.0 |
Net margin | 2.5% | 2.2% |
Net profit excluding non-recurring items | 15.6 | 17.0 |
Net margin excluding non-recurring items | 2.2% | 2.2% |
Revenue performance driven by sales of Fleury Michon-brand products
Fleury Michon recorded strong revenue growth of 7.1% in 2015, with all business segments on a positive trend.
Revenue from French Supermarkets rose by 6.3% over the year in an environment of virtually flat selling prices for consumer packaged goods. Fleury Michon-brand revenue increased by 7.8% year-on-year, confirming the brand's status as a food-aisle reference for consumers.
In the Services segment, firm business with airline caterers and hospital food services helped lift revenue by more than 6% over the full year.
Revenue from International operations reflected the robust performance of the fully consolidated businesses in Canada and Slovenia, with year-on-year growth of 20.8% (or 18.1% at constant exchange rates). Operations in Spain and Italy, which are accounted for according to the equity method, reported significant increases despite the difficult economic situation in both countries.
Stable operating profit in an unfavourable economic environment
Operating profit held steady in 2015 compared to the prior-year period, even as revenue increased. This stable situation reflected:
Sustained sharp competition among mass retailers.
Higher supply costs.
An increase in the proportion of ham sourced from France to support French pig farmers.
2015
Highlights
€757.6m Revenue up 7.1%of which €611.2mfrom the Fleury Michon brand (up 7.8%) €28.6m Operating profit €17.0m Net profit Fleury Michon eligible for French SME equity-based saving accounts First-half 2016 revenue 21 July 2016 after market closeSteady net margin excluding non-recurring items
Net profit came to €17.0 million for anet margin of 2.2%, on a par with 2014 net margin restated for non-recurring income from the Italian business, which added €2.3 million to net profit in 2014.
Low debt and increased equity
The Group maintained alow level of debt while continuing to invest at a sustained pace, with capital expenditure of €35.8 million, or 4.7% of revenue. Net debt stood at €58.9 million at 31 December 2015, down from €60.5 million at end-2014 and €91 million at end-2013. Gearing improved similarly, to 28.1%. The Group ended the year with equity of €209.2 million, up 7.7% from €194.3 million at 31 December 2014.
Proposed dividend of €1.20 per share
At the Annual General Meeting on 26 May 2016, shareholders will be asked to approve a recommended dividend of €1.20 per share, unchanged from the previous year.
The consolidated financial statements were approved by the Board of Directors on 1 April 2016. The financial statements have been audited, and the Statutory Auditors are currently preparing their reports.
First-quarter 2016 revenue: €184.7mRevenue in €m (IFRS) | First quarter 2015 | First quarter 2016 | Change |
French Supermarkets | 159.1 | 158.3 | -0.5% |
International | 9.6 | 12.4 | +29.2% |
Services and other | 13.4 | 14.0 | +4.5% |
TOTAL | 182.1 | 184.7 | +1.4% |
Revenue for the first quarter of 2016 totalled €184.7 million, up 1.4% from the prior-year period.
French Supermarket revenue edged back by 0.5% while Fleury Michon-brand revenue increased by 1%, reflecting very high prior-year comparatives (€146.5 million) and less promotional pressure in first quarter 2015 in an environment of high pork ham and surimi prices.
In the International segment, operations in Canada (up 46%, or 55.5% at constant exchange rates) and Slovenia (up 12.6%) drove strong revenue growth.
In Services, Room Saveurs returned to growth, with revenue up 7.2% from the prior-year period, and airline catering continued on an upward trend.
Fleury MichonFounded in 1905, Fleury Michon is a people-sized, independent family-owned company with 3,900 employees who are fully committed to helping people eat better every day.
The Group has operations in France, Italy, Spain, Slovenia and Canada.
In French Supermarkets, Fleury Michon ranks first in self-service charcuterie, fresh prepared meals and surimi.
It is also the market leader for delivered meals to corporate customers in the Paris area.
ContactsInvestors, analysts, financial journalists
Jean-Louis Roy, Senior Vice President Administration and Finance
Other journalists and media Eric Coly, Financial Communication
+33 (0)2 51 66 30 20
infos.finances@fleurymichon.frwww.fleurymichon.fr
Eurolist B
ISIN FR 0000074759
Reuters FLMI.PA Bloomberg FLE.FP
Fleury Michon SA published this content on 28 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 October 2016 10:11:03 UTC.
Original documenthttp://www.fleurymichon.fr/sites/default/files/finance_doc/en/fleury_michon_2015_financial_results_and_first-quarter_2016_revenue.pdf
Public permalinkhttp://www.publicnow.com/view/727B26421709C685BF5882340A12C9A1251719E4