BELL FOOD GROUP AG Half-Year Report 2023
Bell Food Group Half-Year Report 2023
Important events
in the first half of 2023
Very good result in a challenging environment
In spite of persistently high inflation, the Bell Food Group posted a very good operating result in the first half of 2023. At CHF 63.6 million, EBIT was up 1.0 percent year-on-year. The first half of the year was dominated by inflation, volatile market circumstances and difficult weather conditions. The adverse weather conditions and shift in consumer demand have affected value creation. The half-year result increased by 15.9 percent to CHF 46.6 million. Net revenue rose organically by 7.0 percent to CHF 2.2 billion.
38.9%
Gross profit from operations as a percentage of net revenue
0.4 percentage points
Above-average inflation compensated
In spite of a slight decline, inflation in Switzerland and the EU was still far above the long-term average in the first half of the year. While prices for petroleum products and natural gas contracted slightly, electricity was considerably more expensive. Most product groups were affected by the increase in employee, raw materials and transport costs. The inflation-driven rise in operating costs was compensated by consistent cost management, efficiency enhancements and the prompt implementation of price increases.
Success for all business areas
The performance of the Bell Switzerland business area was stable at a high level. The Bell International business area matched the good result of the previous year. The pleasing news is that the company gained market share in the German and Spanish markets. In spite of stagnating sales markets, the Eisberg business area reported a good result for the first half of 2023. The Hilcona business area slightly outperformed the result for the prior-year period and increased its sales revenue. The Hügli business area also grew slightly and expanded its market share in the first half of the year.
Rising demand for less expensive product ranges
Persistently high inflation also affected consumer sentiment. This led to a shift in consumer demand in all sales markets towards less expensive product ranges, for example from organic products towards cheaper conventional products. The effects of these market movements on the result could mostly be countered by constant adjustments to the product ranges and a stronger focus on efficiency improvements.
A pleasant early summer made up for adverse weather conditions in the first quarter
At the beginning of the year, drought in the procurement regions influenced the volumes and quality of the raw materials har- vested. A winter with little snow and a very rainy spring in the DACH region curbed demand by the hotel and catering industry. The rainy weather in the Bell Food Groupʼs sales markets also reduced demand for barbecue and convenience products at the beginning of the second quarter. The onset of good weather from mid-May made it possible to largely make up for this again.
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Bell Food Group Half-Year Report 2023
Net revenue
in CHF million
2 111 | 2 227 | |||
1 986 | 1 963 | 2 023 | ||
2019 | 2020 | 2021 | 2022 | 2023 |
Organic growth | Net revenue | Sales volume | ||
in CHF million | in million kg | |||
2022 | 2 111.2 | 269.7 | ||
Exchange rate | -31.9 | - | ||
Inorganic | - | - | ||
Organic | 147.5 | 3.0 | ||
2023 | 2 226.8 | 272.7 | ||
Organic growth | 7.0 % | 1.1 % | ||
Sales revenue
in CHF million
2 054 | 2 133 | 2 249 | ||
2 023 | 1 995 | |||
2019 | 2020 | 2021 | 2022 | 2023 |
EBIT
in CHF million
11 | 59 | 65 | 63 | 64 |
2019 | 2020 | 2021 | 2022 | 2023 |
47
Half-year result
in CHF million
15.9 %
134
Operational investments
in CHF million
12 618
Employees Number of FTEs as of 30/06/2023
241 FTEs 1.9 %
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Bell Food Group Half-Year Report 2023
Key figures
and share information First half-year 2023
Breakdown of sales by product group | Breakdown of sales by business area |
in % | in % |
48 % | 47 % | 45 % | 42 % | 41 % | Fresh meat, | 48 % | 50 % | 51 % | 47 % | 46 % | Bell |
charcuterie | Switzerland | ||||||||||
25 % | 27 % | 29 % | 29 % | 30 % | Poultry, | 25 % | 24 % | 23 % | 24 % | 25 % | Bell |
seafood | International |
27 % | 26 % | 26 % | 29 % | 29 % | Convenience |
2019 | 2020 | 2021 | 2022 | 2023 |
6 % | 6 % | 7 % | 8 % | 8 % | Eisberg |
11 % | 11 % | 11 % | 12 % | 12 % | Hilcona |
10 % | 9 % | 8 % | 9 % | 9 % | Hügli |
2019 | 2020 | 2021 | 2022 | 2023 |
Gross operating income | EBITDA |
in CHF million and in % of net revenue | in CHF million and in % of net revenue |
38.7 % | 38.8 % | 39.0 % | 38.5 % | 38.9 % |
768 | 761 | 789 | 812 | 866 |
2019 | 2020 | 2021 | 2022 | 2023 |
7.0 % 7.2 % 6.8 % 6.6 %
5.9 %
117 | 138 | 146 | 144 | 148 |
2019 | 2020 | 2021 | 2022 | 2023 |
EBIT
in CHF million and in % of net revenue
3.0 % 3.2 % 3.0 % 2.9 %
0.6 %
11 | 59 | 65 | 63 | 64 |
2019 | 2020 | 2021 | 2022 | 2023 |
Half-year profit
in CHF million and in % of net revenue
2.5 % | 2.1 % | |
1.8 % | 1.9 % | |
-0.5 % | 35 | 50 | 40 | 47 |
-10 | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
Derivation of key figures according to separate publication «Alternative performance measures»
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Bell Food Group Half-Year Report 2023
Equity
in CHF million and in % of total assets
46.4 % 48.5 % 50.1 % 48.3 % 48.5 %
Net financial liabilities
in CHF million
1 386 1 382
1 241 1 273
1 455
2019 | 2020 | 2021 | 2022 | 2023 |
849 | ||||
697 | 724 | 717 | 739 | |
2019 | 2020 | 2021 | 2022 | 2023 |
Operating investments split by business area
in CHF million
Bell Switzerland
Bell International
Eisberg
Hilcona
Hügli
Total
Capital structure as of 30/06
Share capital | CHF million |
Divided into number of registered shares | Number in 1 000 |
Nominal value per registered share | CHF |
Share details
Securities number
ISIN
Legal entity identifier (LEI)
Trade
Symbol SIX
Current share price
2019 | 2020 | 2021 | 2022 | 2023 | ||||
18 | 22 | 34 | 62 | 82 | ||||
31 | 17 | 12 | 18 | 23 | ||||
32 | 22 | 25 | 7 | 7 | ||||
5 | 13 | 13 | 10 | 9 | ||||
8 | 9 | 9 | 8 | 12 | ||||
93 | 82 | 93 | 106 | 134 |
2019 | 2020 | 2021 | 2022 | 2023 | ||||
3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||||
6 286 | 6 286 | 6 286 | 6 286 | 6 286 | ||||
0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
31 596 632 CH0315966322 50670090YSFJ2732TD58 SIX Swiss Exchange BELL; Bell N; Bell.SW www.bellfoodgroup.com
Derivation of key figures according to separate publication «Alternative performance measures»
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Disclaimer
Bell Food Group AG published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 08:23:05 UTC.
