2016-2017 ANNUAL RESULTS - ROBUST GROWTH IN CURRENT OPERATING PROFIT: +10.7% - SHARP REDUCTION IN NET DEBT: -33% | Bourse Reflex
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OENEO (SBT) FR0000052680


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2016-2017 ANNUAL RESULTS - ROBUST GROWTH IN CURRENT OPERATING PROFIT: +10.7% - SHARP REDUCTION IN NET DEBT: -33%

Lundi 12 Jun 2017 à 18:00

 

Consolidated Profit & Loss statement (€m)  2015-2016 2016-2017 Change
Turnover 211.3 246.6 +16.7%
o/w Closures 129.8 161.4 +24.3%
o/w Winemaking 81.5 85.2 +4.6%
Current operating profit 38.0 42.0 +10.7%
o/w Closures 25.8 30.5 +18.0%
o/w Winemaking 15.2 16.1 +5.4%
o/w Corporate (3.1) (4.5)  
Non-current operating profit/(loss) (3.5) (3.6)  
Operating profit 34.4 38.4 +11.5%
Financial profit (1.7) (1.1)  
Tax (9.0) (10.8)  
Net profit 23.6 26.5 +12.4%
Group net profit 23.5 26.4 +12.4%
       
Shareholders' equity 187.0 215.3 +15.1%
Net debt 75.0 50.0 -33.0%

 

 

Oeneo's consolidated statements for FINANCIAL year 2016-2017* ending 31 March 2017 were approved by the Board of Directors' meeting of 9 June 2017. Piedade, which was acquired in July 2015, is consolidated over 12 months for 2016-2017, compared with six months for 2015?2016.

2016-2017 saw Oeneo actively pursue its strategy for robust growth. Turnover totaled €246.6 million, up 16.7% on 2015-2016 and including organic growth of 7.3%. This performance reflects the success of the Group's innovative offers in both Closures and Winemaking, as well as an increasingly strong global presence that reduces its exposure to the impact of adverse weather conditions on harvests, as was the case in certain regions of the northern hemisphere this year.

Current operating profit increased by €4 million in 2016-2017, coming in at €42.0 million for a current operating margin of 17.0%. Like-for-like, the current operating margins of both divisions were also up, offsetting the increase in corporate expenses, which was primarily due to the implementation of a new law concerning the recognition of free share plans.

Operating profit amounted to €38.4 million, and included €3.6 million in non-recurring income and expenses, one-third of which were tied to restructuring costs, primarily for Piedade. Excluding €1.1 million in financial expenses and €10.8 million in tax, Group net profit climbed 12.4% to €26.4 million.

Group shareholder equity increased to €215.3 million at 31 March 2017. At €39.5 million, cash flow linked to operations more than covers net investments MADE over the year (€12.3 million) and interest. As a result, the Group actively continued to deleverage its debt, which declined by one-third to €50.0 million at 31 March 2017. Net gearing came in at a low 23.2% of shareholders' equity, giving the Group the financial arsenal needed to pursue its development.

Oeneo will be recommending the payment in September (with the OPTION of payment in cash or in shares) of a dividend of €0.14 per share at its next Annual General Meeting.

 

Performance review by Division

 

CLOSURES: Current operating margin of 18.9%

2016-2017 was a very robust year for Oeneo's Closures division, marked by dynamic sales for the Diam range and the ongoing integration of Piedade. The Group reached a new all-time yearly record in 2016-2017, with sales of 2.2 billion cork-based closures, confirming its ranking as the world number two in its sector. Turnover amounted to €161.4 million, up 24.3% on 2015­2016 and including organic growth of 8.9%. Growth was driven by the worldwide success of the Diam range, with Diam turnover climbing 13.6% in 2016-2017.

Current operating margin came in at 18.9% and even exceeded 19% for the second half alone, thanks to the excellent management of raw material and production costs and an improved product mix.

In 2017-2018, the Group will primarily draw on the success of the Diam range, which was recently boosted by the promising launch of a new high-end closure, "Origine by Diam", as part of Oeneo's ongoing efforts to improve its product mix. At Piedade, an ambitious action plan to bring profitability in line with Group standards was implemented and will be carried out over the next two years.

 

WINEMAKING: Current operating margin of 18.9%

The Winemaking divison continued to perform well in 2016-2017, combining strong growth despite a high basis for comparison with an improvement in margins. Turnover totaled €85.2 million, up 4.6% on 2015-2016.

Current operating margin reached a new record of 18.9%, up from 18.7% in 2015-2016. The Group benefited in particular from the positive impact of the strong performance of its "core business" activities, including oak barrels, oak products for the wine industry and large vats, and ongoing measures to optimize operations, which have notably led to a reduction in raw material costs.

The division continues to target new growth in 2017-2018 by drawing on its unique and exhaustive offer for the global wine industry, while remaining mindful of potentially adverse weather (such as the unseasonably cold spring in France this year) that could have an one-off impact on operations in a given geographic area.

 

Outlook

Backed by the strong performance of its divisions, Oeneo is confident of its continued growth in 2017-2018, even if the first quarter may prove relatively stable due to a particularly exceptional base effect for Winemaking.

Its unique and exhaustive offer across the entire winemaking industry value chain, constant innovation as illustrated most recently by the launch of the "Origine by Diam" closure, and steady international expansion are all strengths that will enable it to outperform market growth over the long term, while reinforcing its fundamentals through careful cost management. The Group is also open to adding to or strengthening its offer through new acquisitions, particularly those with high technological value-added.

 

(*) The consolidated financial statements have been audited in full. The auditors' report will be published once the due diligence procedures required for the publication of the yearly financial report are complete.

 

Oeneo Group will publish its turnover for the first quarter of 2017-2018

on 25 July 2017 after the markets have closed.

 

 

About OENEO Group

Oeneo Group is a major wine industry player with high-end and innovative brands. Present around the world, the Group covers each stage in the winemaking process through two core and complementary divisions:

Closures, which manufactures and sells cork closures, including high value-added technological closures through its Diam range and traditional closures through its Piedade range.

Winemaking, which provides high-end solutions in winemaking and spirits for leading market players with Seguin Moreau and develops innovative solutions for the wine industry with Vivelys (R&D, consulting, systems).

Oeneo prides itself in offering solutions in the production, maturing, preservation and enhancement of wines or spirits that faithfully convey all of the emotion and passion of each winegrower and improve their performance.

WE CARE ABOUT YOUR WINE

 

 

INFORMATION AND PRESS RELATIONS

Oeneo
Actus Finance
Philippe Doray
Chief Administrative and Financial Officer
+33 (0) 1 44 13 44 81
 
Guillaume Le Floch
Analysts – Investors
+33 (0) 1 53 67 36 70
Alexandra Prisa
Press – Media
+33 (0) 1 53 67 36 90

 

 

 

OENEO SA
 
French limited company with a capital of €62,904,186
Head Office: 21 Boulevard Haussmann – 75009 PARIS
Tel. +33 (0) 1 58 36 10 93 – Fax +33 (0) 1 58 36 10 99
www.oeneo.com

 

 

APPENDICES

BALANCE SHEET

In thousands of euros 31/03/2017 31/03/2016
     
Goodwill 46,069 46,018
Intangible fixes assets 4,889 2,803
Tangible fixed assets 115,354 116,904
Financial fixed assets 720 680
Deferred taxes 4,231 5,809
Total Non-Current Assets 171,263 172,213
     
Stocks and work in progress 113,835 103,902
Trade and other receivables 64,834 61,555
Tax receivables 1,180 3,805
Other current assets 2,621 2,763
Cash and cash equivalents 67,353 52,278
Total Current Assets 249,823 224,303
Assets held for sale - 1,238
Total Assets 421,086 397,754
     
     
En milliers d'euros    
     
Paid-in capital 62,904 61,615
Share premium 18,642 12,214
Reserves and retained earnings 107,187 89,563
Profit for the year 26,412 23,497
Total Shareholders' Equity (Group share) 215,145 186,889
     
Minority interests 149 102
Total Shareholders' Equity 215,294 186,991
Borrowings and financial debt 89,936 105,942
Employee benefits 3,178 3,240
Other provisions 929 929
Deferred taxes 3,719 3,658
Other non-current liabilities 15,928 13,870
Total Non-Current Liabilities 113,690 127,639
     
Borrowings and short-term bank debt 27,434 21,310
Provisions (portion due in less than 1 year) 1,299 787
Trade and other payables 56,144 54,756
Other current liabilities 7,225 6,272
Total Current Liabilities 92,102 83,125
     
Total Liabilities 421,086 397,754

 

CONSOLIDATED PROFIT & LOSS STATEMENT

In thousands of euros 31/03/2017   31/03/2016
       
Turnover 246,581   211,282
Other income 1,872   517
Purchased consumed (97,162)   (81,649)
External costs (39,647)   (34,915)
Payroll costs (51,582)   (44,947)
Tax (2,204)   (2,028)
Depreciation and amortization (12,805)   (10,010)
Provisions (3,294)   (4,486)
Change in stocks of finished goods and work in progress 525   4,855
Other current income and expenses (263)   (660)
       
Current Operating Profit 42,021   37,959
       
Other non-current operating income and expenses (3,636)   (3,524)
Operating Profit 38,385   34,435
       
Income from cash and cash equivalents 208   141
Cost of gross financial debt (1,580)   (1,157)
Cost of net financial debt (1,372)   (1,016)
Other financial income and expenses 283   (740)
Pre-tax profit 37,296   32,678
       
Income tax (10,844)   (9,047)
       
Profit after tax 26,452   23,631
       
Net income of companies accounted for by the equity method 7   (99)
Net profit 26,459   23,532
       
Minority interests 47   35
Group net profit 26,412   23,497
       

 

 

CASH FLOW STATEMENT

In thousands of euros 31/03/2017 31/03/2016
     
     
Consolidated net income 26,459 23,532
Elimination of the share in income of companies accounted for by the equity method (7) 99
Elimination of amortization and provisions 13,252 9,621
Elimination of income from disposals and gains and losses on dilution 123 97
Expenses and income linked to share-based payments 1,506 525
Other income and expenses with no impact on cash flow 2,731 2,469
 = Cash flow after cost of net financial debt and tax 44,064 36,343
Tax expense 10,844 9,047
Cost of net financial debt 1,372 1,017
 = Cash flow before cost of net financial debt and taxes 56,280 46,407
Tax paid (6,513) (8,315)
Change in working capital requirement linked to activities (10,236) (18,297)
 = Net cash flow linked to operations 39,531 19,795
     
     
Impact of changes in scope (122) (33,771)
Acquisitions of tangible and intangible fixed assets (13,199) (10,644)
Acquisitions of financial assets - -
Disposals of tangible and intangible fixed assets 1,095 -
Disposals of financial assets - 44
Change in loans and advance (64) 40
 = Flux net de trésorerie lié aux opérations d'investissement (12,290) (44,331)
     
     
Transactions with minority interests   (14)
Increase in capital - -
Acquisitions and disposals of own shares (464) (989)
Loans issued 23,261 86,117
Repayment of loans (33,798) (33,299)
Net financial interest paid (1,372) (1,017)
Parent company dividends (530) (528)
Minority interest dividends - (173)
 = Net cash flow linked to financing activities (12,903) 50,097
     
Impact of change in foreign exchange rate 359 (372)
Change in cash 14,697 25,189
     
Opening cash 50,591 25,403
Cash at year end 65,289 50,592
Change in cash 14,698 25,189
     


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