2013-2014 CONSOLIDATED RESULTS : Current operating profit: +30%
2013-2014 CONSOLIDATED RESULTS
Current operating profit: +30%
Consolidated Profit & Loss statement (€m)
2012-2013
2013-2014
Change
Turnover
134.7
151.0
+12.1%
o/w Closures
79.4
93.4
+17.7%
o/w Barrels
55.3
57.6
+4.2%
Current operating profit
20.5
26.7
+30.1%
o/w Closures
15.3
20.1
+32.0%
o/w Barrels
6.5
8.5
+30.5%
o/w Corporate
(1.3)
(1.9)
Non-current operating profit
(1.0)
(0.6)
Operating profit
19.5
26.0
+33.5%
Financial profit
(0.8)
(2.3)
Pre-tax profit
18.7
23.7
+26.9%
Tax
(7.4)
(9.5)
Net profit
11.3
14.3
+26.2%
Shareholders' equity
138.8
153.8
+10.8%
Net debt
7.5
1.4
-81.7%
The accounts have been audited. The certification report will be issued after the requirements for the publication of the annual report have been met.
Oeneo's consolidated statements for financial year 2013-14 ending 31 March 2014 were approved by its Board of Directors at its meeting of 4 June 2014.
Oeneo Group saw growth accelerate in 2013-14, delivering an across-the-board improvement in profitability indicators and economic fundamentals.
This dynamic performance for the year (+12.1%, +13.2% at constant exchange rates) was accompanied by a significant improvement of over 30% in current operating profit and, together, added more than two points to the Group's current operating margin of 17.7% for the period. Both divisions contributed to this growth.
Oeneo's net profit increased 26% in 2013-14, taking its net margin to a high 9.4%.
Bolstered by these strong results, shareholders' equity amounted to €153.8 million on 31 March 2014. The robust increase (+€19.1 million) in cash flow from operations in 2013-14 was instrumental in financing investments (€12.7 million including the sums allocated to the start-up of the new Diam 3 plant in Céret) and deleveraging Group debt which is virtually complete. At the end of the financial year, Oeneo's net debt was reduced to €1.4 million.
The Group will recommend the payment of an ordinary dividend of €0.10 per share at its next Annual General Meeting.
Performance and outlook by Division
CLOSURES: Record current operating margin of 21.5%
Financial year 2013-14 was an excellent vintage for Oeneo's Closures division which sold more than 1.1 billion units, including close to 900 million high value-added Diam closures. The period also saw the Group cement its market share around the world, with a 17.7% increase in global sales.
Boosted by this growth, and underpinned by a pricing policy to offset the rising cost of raw materials and by a carefully-controlled cost structure, the current operating margin for Closures climbed to a record 21.5%.
As things stand, the division's performance and the regular increase in Diam volumes fully justify Oeneo's decision to extend its production capacities with the future Diamant plant in Céret to be commissioned mid-2015.
BARRELS: Increase in current operating margin to 14.7%
Oeneo's Barrels division posted solid growth of 4.4% in 2013-14 (+5.5% at constant exchange rates) despite a persistently lackluster market environment and uneven harvesting.
The measures taken to streamline material costs, productivity and, ultimately, the division's profitability are bearing real fruits. The operating margin for Barrels amounted to 14.7% for 2013-14 compared with a figure of 11.7% one year earlier.
The division will continue to optimize its industrial processes to accelerate the virtuous circle that begun two years ago.
Oeneo Group will publish its turnover for the first quarter of 2014-2015 on 23 July.
About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specializes in two complementary businesses:
• Closures, involving the manufacture and sale of high value-added technological closures, including the DIAM closure, an innovation with no equivalent on the market;
• Barrels, providing high-end solutions for aging wines and spirits for leading market players.
Contacts
Oeneo:
Hervé Dumesny +33 (0)1 44 13 44 39
Actus Finance:
Guillaume Le Floch +33 (0)1 72 74 82 25 Analysts - Investors
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations
Appendices
BALANCE SHEET - ASSETS
In thousands of euros
31/03/2014
31/03/2013
Goodwill
14,090
13,448
Intangible fixed assets
202
135
Tangible fixed assets
70,022
64,208
Investments in equity affiliates
-
-
Other financial assets
96
97
Financial assets
96
97
Deferred taxes
8,287
10,587
Other long-term assets
2,685
-
Total Non-Current Assets
95,382
88,475
Stocks and work in progress
64,187
57,429
Trade and other receivables
43,654
39,510
Tax receivables
150
285
Other current assets
944
816
Cash and cash equivalents
17,276
10,678
Total Current Assets
126,211
108,718
Assets held for sale
1,500
1,500
Total Assets
223,093
198,693
BALANCE SHEET - LIABILITIES
In thousands of euros
31/03/2014
31/03/2013
Paid-in capital
60,239
54,929
Share premium
6,791
5,729
Reserves and retained earnings
69,867
64,788
Profit for the year
13,572
10,613
Total Shareholders' equity (Group share)
150,469
136,059
Minority interests
3,343
2,710
Total Shareholders' equity
153,812
138,769
Borrowings and financial debt
8,994
11,869
Employee benefits
876
797
Other provisions
50
50
Deferred taxes
3,603
2,438
Other non-current liabilities
7,897
4,126
Total Non-Current Liabilities
21,420
19,280
Borrowings and short-term bank debt (portion due in less than 1 year)
9,652
6,318
Provisions (portion due in less than 1 year)
1,004
1,378
Trade and other payables
31,321
27,810
Other current liabilities
5,884
5,138
Total Current Liabilities
47,861
40,644
Total Liabilities
223,093
198,693
PROFIT & LOSS STATEMENT
In thousands of euros
31/03/2014
31/03/2013
Turnover
151,012
134,677
Other income
984
795
Purchases consumed
(60,284)
(49,014)
External costs
(26,748)
(24,621)
Payroll costs
(32,138)
(29,215)
Tax
(1,617)
(1,583)
Depreciation and amortization
(6,396)
(6,914)
Provisions
(3,048)
(2,521)
Change in stocks of finished goods and work in progress
5,017
(857)
Other current income and expenses
(112)
(239)
Current Operating Profit
26,670
20,508
as a % of turnover
17.7%
15.2%
Operating Profit
26,046
19,517
Income from cash and cash equivalents
42
21
Cost of gross financial debt
(947)
(1,429)
Cost of net financial debt
(905)
(1,408)
Other financial income and expenses
(1,430)
605
Profit before tax
23,711
18,714
Income tax
(9,460)
(7,416)
Profit after tax
14,251
11,298
Net profit
14,251
11,298
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