Bonduelle - 21-22 Annual Results: Business growth and profitability maintained in a particularly adverse environment
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Bonduelle - 21-22 Annual Results: Business growth and profitability maintained in a particularly adverse environmentIn accordance with IFRS 5, the income statement items relating to the North American canned and frozen activities, the control of which was divested on June 30, 2022, will be combined in the income statement of the published financial statements under the heading "net profit from discontinued operations". Consolidated income statement items exclude therefore, in accordance with IFRS 5, the divested activities. Given the date of disposal of the activities, June 30, 2022, the closing date of the financial year, the financial performance is presented below on a like for like basis* including the divested businesses and reconciled with the reported figures in accordance with IFRS 5.
On September 30, 2022, the Supervisory Board, under the chairmanship of Martin Ducroquet, reviewed the statutory and consolidated financial statements for FY 2021 - 2022 as approved by the General Management and certified by the company's statutory Auditors."The group was confronted in the 2021-2022 financial year with a series of particularly unfavorable external phenomena to which the teams reacted with commitment and efficiency. The review of the profitability perspectives for our ready-to-use fresh food business in North America, which is weighing on the group's performance in the short term, and which is also linked to this environment, does not call into question the relevance of this acquisition, which is perfectly aligned with our mission "to inspire the transition toward a plant-based diet to contribute to people’s well-being and planet health." This mission is based on a strategy of strong brands, again experiencing growth during the financial year, and on a financial situation strengthened by the capital opening of the long life business (canned and frozen) in North America. Given this environment, the group is embarking on the 2022-2023 financial year with appropriate caution while continuing its transformation."Bonduelle announces the capital opening of Bonduelle Americas Long Life to the Fonds de solidarité FTQ and CDPQ
Based on the new scope, now excluding long life activities in North America, and given a particularly uncertain and volatile environment, the Bonduelle Group is targeting, at constant exchange rates and scope of consolidation, a revenue growth, integrating price increases aimed at offsetting cost inflation, from 8 to 11% and a current operating margin stable at 2.5%, representing an increase in current operating profitability close to 15%.
The General Management will propose at the Annual General Meeting of December 1, 2022 the payment of a dividend of €0.30 per share.
In accordance with the provisions of the IFRS 5, the comparative financial statements for the financial year 2020-2021 have been restated accordingly. The impact of these restatements on the consolidated financial statements for the year 2020-2021 is presented in the table below.
For the 2021-2022 financial year, BALL activities were conducted by the Bonduelle Group over the 12 months of the period. The Group's performance prior to the IFRS 5 reclassification is shown below, with details of the restatement.