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Q4 & FY 2014 results highlights
- 1. 1 Q4 & FY 2014 results Amsterdam, 20 February 2015 1
- 2. 2 Wessanen Today 2014 results Vision & Strategy Our 2015 priorities Christophe Barnouin (CEO)
- 3. 3 Food that’s good for people and planet What we care about Michel Granger What we need to eat to be healthy The environmental impact of food Our focus
- 4. 4 Market growth rates in organic food have consistently been high single digits figures over time and across countries Other strong growth drivers are vegetarian and free from. We are building a European Champion in Healthy & Sustainable Food Our Vision
- 5. 5 We believe that what’s good for us can also be good for the planet and vice versa. A virtuous rather than a vicious cycle That’s why our sustainability strategy has four pillars Our mission ORGANIC FAIRTRADE VEGETARIAN NUTRITION
- 6. 6 A house of strong brands We have many leading brands and pioneers of the European organic market: – Bjorg: market leader organic in France – Bonneterre: market leader HFS in France – Alter Eco: market leader fair trade in France – Zonnatura: Dutch market leader organic – Clipper: market leader organic/fair trade in the UK – Allos: No.2 organic brand in German HFS – Isola Bio: market leader organic dairy alternatives in Italy 6
- 7. 7 Focus on core categories While we cover a broad range of organic products under most of our brands, we have chosen a clear category focus Our core categories are: 7
- 9. 9 A year of strong progress 2014 results Q4 14 Q4 13 FY 14 FY 13 Revenue 108.2 101.9 433.5 407.3 Autonomous revenue growth 5.2% 3.4% EBITE 1.3 2.3 23.6 19.5 Result from continuing operations (1.0) (1.9) 20.6 13.2 Result from discontinued operations (5.4) (5.8) 33.9 (1.5) Result for the period (6.4) (7.7) 45.3 (0.1) Dividend per share 0.10 0.05
- 10. 10 Grow core brands Acquire selectively Green & Entrepre -neurial Culture Upgrade operations Divest non-Core In 2014, we have made good progress on the execution of our strategy (nearly) completed 1 deal closed, active list Early results Plans in place, early internal / external signals Profitable take-off
- 11. 11 Growing markets with existing solid positions to grow – Market growth mid-single digit for sustainable food Activate innovations on our 6 core categories Focus on core brands: number 1 or 2 brands – Our core brands growing close to 7% Increase our marketing investments – Our spending was up as we will in 2015 (in € and as % of revenue) What we planned for and what we did Grow our core brands
- 12. 12 Almost 7% grow in 2014 Our core brands are performing well ¹
- 13. 13 Winning innovations 2014 Dairy alternatives Sweets in between Bread replacers Breakfast cereals Multi country
- 14. 14 Winning innovations 2014 Hot drinks Sweet spreads Veggie Multi country
- 15. 15 Excellent data management (SAP) Integrating manufacturing, supply chain and central sourcing Supply chain projects (logistics) Reduction non-quality costs through S&OP Bundle volumes with portfolio alignment & SKU reduction program INVENTORIES REDUCTION: -10% in 2014 Upgrade our operations
- 16. 16 Top Teams: excellence in execution and expert in sustainable food Run business as one business (as long as it creates value), otherwise local On-going assessment of operating costs to re-invest in business Make Wessanen a ‘green place’ to work Green and entrepreneurial culture
- 17. 17 Sustainability is in our DNA
- 18. 18 Criteria – Healthy and sustainable brands in Europe – To expand our core categories – Small to medium-sized companies – Ensure synergies to increase operating margin Clipper Teas (March 2012) – Strengthening UK presence – Pan-European roll-out Clipper Alter Eco (June 2013) – A leading fair-trade organic brand – Strengthening our French grocery presence Providing additional growth, building scale in our markets Acquire selectively
- 19. 19 Acquired 8th of January – Purchase price of €52 mln Unique expertise dairy alternatives Own R&D and production capabilities Critical mass in Italy – Isola Bio leading in Italian HFS – Creating a new home market 2014 revenue: €41.4 mln, EBIT margin 13.5% EV/EBITDA <7.5x Major step in executing our strategy Abafoods - European expert in organic vegetal drinks
- 20. 20 We execute our strategy We will deliver profitable growth Our 2015 priorities Grow core brands Acquire selectively Green & Entrepre -neurial Culture Upgrade operations Divest non-Core
- 21. 21 Discontinued operations ABC Our financials Ronald Merckx (CFO)
- 22. 22 2014 result¹ €33.9 mln (2013: €(1.5) mln) €3.6 mln net result (2013: €(1.5) mln) €(1.2) mln remeasurement loss related to Bio-Distrifrais €31.5 mln after tax gain divestment Natudis and IZICO Q4 result¹ €(5.4) mln 2013: €(5.8) million Includes aforementioned remeasurement loss of €(1.2) mln Natudis, IZICO and Bio-Distrifrais² divested successfully Discontinued operations ¹ Net of income tax; ² Bio-Distrifrais divested per 2 January 2015
- 23. 23 Q4 traditionally a seasonally weak quarter – Revenue €15.4 mln (Q4 13: €12.4 mln) – EBITE €(2.6) mln (Q4 13: €(2.9) mln) Full year 2014 – Revenue -7% to €94.0 mln, EBIT up to €4.9 mln Little Hug continued to perform very well – Growing its volume and market share Daily’s impacted by weak RTD pouches market – Market share up (new listings, increased shelf space) Divestment process progressing American Beverage Corporation (ABC)
- 24. 24 A year of strong progress 2014 financials In € mln Q4 14 Q4 13 FY 14 FY 13 EBITE 1.3 2.3 23.6 19.5 - Branded 3.6 3.9 27.2 22.6 - Non-allocated (2.3) (1.6) (3.6) (3.1) Q4 EBITE impacted by: • Increased marketing spending vs Q4 last year • €1.1 mln higher accruals for long-term incentive plans (due to Q4 share price appreciation)
- 25. 25 A year of strong progress 2014 financials (cont’d) In € mln Q4 14 Q4 13 FY 14 FY 13 Exceptional items (2.3) (1.6) (3.0) (4.5) • Restructuring warehouse infrastructure France. Alter Eco integration costs Q4 14 Q4 13 FY 14 FY 13 Net financing costs 0.0 (0.3) (1.6) (1.8) - Interest expenses (0.7) (1.3) - Other financial expenses (0.9) (0.5) Income tax expenses 0.0 0.6 (7.6) (10.0) - Effective tax rate 40.1% 87.8%
- 27. 27 Working capital down to €23 mln, 5.3% of revenue – In 2013: €26 mln, 6.4% of revenue Return on Capital Employed (RoCE) increased to 17.7% – 2013: 10.3% 2013 2014 100 125 150 Average Capital Employed Average capital employed / RoCE 10.3% 17.7% in € mln
- 28. 28 Closing remarks Christophe Barnouin (CEO)