OREANDA-NEWS. The Supervisory Board, under the chairmanship of Martin Ducroquet, reviewed the statutory and consolidated financial statements for FY 2015 - 2016 as presented by the General Management and certified by the company's statutory Auditors.

Consolidated Accounts
(in € millions)		 2015-2016 2014-2015 Variations
Turnover 1,967.7 1,981.8 -0.7%
Current Operating Result   103.5   111.5 -7.2%
Net Result   53.7    69.2 -22.5%
Net Financial Debt    440.6    512.4 -€ 71.8 M
Leverage ratio    2.47    2.73 -26 bp
ROCCE    10.3 %   10.7 % -40 bp

In an ever-chaotic climate - shaped by the lack of any upturn in consumption and price war in Europe, economic crisis in Russia and Brazil, high currency fluctuations - the Bonduelle Group reported another FY of growth on a like for like basis(3). In this ever-demanding environment accentuated by the strong basis of comparisons from 2014-2015, the group's current operating profitability at constant rates remains virtually unchanged. These performances, higher than the announced objectives at the beginning of the FY, underline the resilience and efficiency of the group's strategy in terms of diversification both in terms of technology (canned, frozen, fresh processed) and in terms of geography (2/3 Europe, 1/3 non-Europe), by brands (national and distributors' private labels) or even by distribution channel (retail, food service, industrial sales).

Global Turnover

New FY growth on a like for like basis

Activity by Geographic Region

Total consolidated turnover
(in € million)		 12 months 2015-2016 12 months 2014-2015 Reported figures Like for like basis
Europe Zone 1,274.9 1,281.3 -0.5% -0.4%
Non-Europe Zone   692.8   700.6 -1.1% 8.2%
Total 1,967.7 1,981.8 -0.7% 2.4%

Activity by Operating Segments

Total consolidated turnover
(in € million)		 12 months 2015-2016 12 months 2014-2015 Reported figures Like for like basis(3)
Canned   959.3 1,023.6 -6.3% -1.8%
Frozen   596.9   561.9 6.2% 9.-%
Fresh processed   411.5   396.3 3.8% 3.8%
Total 1,967.7 1,981.8 -0.7% 2.4%

Over FY 2015-2016 (1st of July 2015 - 30th of June 2016), the group's turnover reached 1,967.7 million of Euro, an increase of 2.4% at constant exchange rates. The growth is therefore greater than the objective initially announced of a 2.-% increase in turnover on a like for like basis. After taking into account the negative impact of foreign exchange rates - mainly the Russian rubble - the turnover was down to 0.7% on reported figures over 12 months.

Europe Zone

The Europe zone, representing 65 % of the total turnover, recorded a virtual stability on a like for like basis for the entire FY (-0.4%). Remarkable results were recorded for the retail sales of branded products (Bonduelle and Cassegrain) in canned, frozen, fresh processed and in food service with the return of growth in both volume and value for the frozen operating segment, giving rise to market share gains. The sales growth of branded products was offset by the lower sales volumes and price declines observed in the canned operating segment for private labels, segment where, given the current market conditions, the group has decided to restrict its activities.

Non-Europe Zone

The Non-Europe zone (35% of the total turnover) confirmed over this FY its growth area status with an annual increase of 8.2% on a like for like basis. Given the adverse exchange rates impacts, the zone recorded a decline of 1.1% based on reported figures.
In Russia, despite declining markets, the group reported, over this FY, a positive turnover growth thanks to an appropriate pricing and promotional policy, whilst still keeping its products accessibility and market shares.
In Northern America, the group continued to consolidate its positions both in Canada and USA, notably fuelled in Canada and for the sales to the US coming from Canadian plants by the competitiveness of the American/Canadian dollar parity.
In Brazil, the group successfully repositioned the Bonduelle branded canned range as a locally produced premium range moving from volume growth to a more differentiated and added value offer.