Very good Q3 contribution from Vegetable Juices Inc.
2014 nine-month sales
(1st January to 30 September 2014)
Very good Q3 contribution from Vegetable Juices Inc.
- Worldwide economic environment still adverse
- Sustained growth by Food & Beverage
Press release
Avignon, 4 November 2014 - Naturex, the global leader in specialty plant-based natural ingredients, announces its consolidated revenue for the first nine months of 2014:
€000s IFRS (unaudited data) |
FY 2014 | FY 2013 | Change (%) |
Change (%) at constant exchange rates |
Restated* 1st quarter | 76,984 | 74,212 | +3.7% | +6.3% |
Restated 2nd quarter | 74,475 | 77,425 | -3.8% | -0.5% |
Restated 3rd quarter | 79,289 | 72,397 | +9.5% | +9.6% |
Restated 9-month revenue Excl. Svetol® in the US and krill extraction sales |
230,748 | 224,034 | +3.0% | +5.0% |
Svetol® sales in the US (included in the N&H) |
2,385 | 8,278 | ||
Krill extraction (included in Toll Manufacturing) |
5,236 | 10,259 | ||
Consolidated 9-month revenue Including Svetol® in the US and krill extraction sales |
238,369 | 242,571 | -1.7% | +0.2% |
* Quarterly data presented above was restated to adjust for Svetol® sales in the United States and krill extraction sales in light of the exceptional performances registered in 2013 for these two items and their non-recurring impact on 2014. Furthermore, as from September 2014, krill extraction operations were transferred to the joint venture with Aker BioMarine. Reported quarterly data is presented in the appendix to this press release.
2014 third-quarter revenue, as the first two quarters, was impacted by the base effect from exceptional conditions that have benefited in 2013, the green coffee bean extract with slimming effects (Svetol® in the United States) and krill extraction sales. It is noted that Krill extraction operations were transferred to the joint venture created with Aker BioMarine with its Houston production plant since September 2014.
Restated to eliminate these non-recurring items, third-quarter sales amounted to €79.3 million, up 9.6% at constant exchange rates. This growth reflects mainly acquisitions1 with a very good contribution from Vegetable Juices Inc. based on sales of €8.8 million. Adverse currency effects that significantly impacted the last two quarters' sales were sharply reduced in the third quarter as the US dollar strengthened in August and September 2014.
On that basis, at constant exchange rates nine-month sales grew 5% to €230.7 million. On a reported consolidated basis, sales reached €238.4 million, up 0.2% at constant exchange rates (-1.7% at current exchange rates), including the strong four-month contribution from Vegetable Juices Inc. (€11.8 million) and impacted by the €10.9 million base effect differential from Svetol® and krill extraction sales.
Food & Beverage driving growth
€000s IFRS Restated sales2 |
9 months FY 2014 |
9 months FY 2013 |
Revenue mix (%) |
Change (%) |
Change (%) constant exchange rates |
Food & Beverage | 155,326 | 141,552 | 67.3% | +9.7% | +11.7% |
Nutrition & Health | 67,777 | 75,211 | 29.4% | -9.9% | -7.7% |
Personal Care | 4,841 | 4,291 | 2.1% | +12.8% | +14.0% |
Toll Manufacturing | 2,804 | 2,980 | 1.2% | -5.9% | -3.5% |
Total | 230,748 | 224,034 | 100% | +3.0% | +5.0% |
- Food & Beverage (67.3% of restated sales2 for the period), grew 11.7% at constant exchange rates, driven mainly by sales from Vegetable Juices Inc., consolidated since June 2014, and that contributed to Naturex's F&V (Fruits & Vegetables) range. In addition, the completed reorganisation of the Group's commercial operations and clarification of the offering at the end of 2013 has set the stage for capturing the growth that is still subdued in selected European markets. However, in response to continuing adverse economic conditions and geopolitical tensions in certain regions of the world, the main international players of the food industry have adjusted their inventories, resulting in delays in purchasing.
- Nutrition & Health recorded a 7.7% decline in restated sales for Svetol® US at constant exchange rates. In the United States, the main contributor to this business, selected nutraceutical customers significantly reduced inventories and revisions to their first half sales forecasts were extended over to the third quarter. Furthermore, a portion of the botanical extract range was adversely affected by increased competition in a difficult market environment.
- Personal Care grew 14% at constant exchange rates from a sales base of €4.8 million that is still limited relative to the Group's scale. With an expanded technical range of plant extracts and botanical oils as well as purified active molecules, this activity is positively positioned to address evolving trends in the cosmetics market in favour of more natural products.
- Toll Manufacturing, restated to adjust for sales from krill extraction, contributed marginally to revenue in the period based on a level that was virtually on par with 2013. Krill extraction sales are now generated through the Houston plant created under the joint venture with Aker BioMarine.
Strong growth in the Americas following the successful integration of Vegetable Juices Inc.
€000s IFRS Restated sales2 |
9 months FY 2014 |
9 months FY 2013 |
Revenue mix (%) |
Change (%) |
Change (%) constant exchange rates |
Europe/Africa | 101,598 | 103,632 | 44.0% | -2.0% | -2.5% |
Americas | 98,704 | 90,207 | 42.8% | +9.4% | +13.3% |
Asia/Pacific | 30,445 | 30,196 | 13.2% | +0.8% | +6.0% |
Total | 230,748 | 224,034 | 100% | +3.0% | +5.0% |
- The Europe/Africa region recorded a decline of 2.5% at constant exchange rates from last year's same period, excluding krill extraction toll manufacturing sales. With the economic environment still sluggish and against the backdrop of the Ukraine-Russia crisis, consumer confidence has experienced difficulty in recovering; all players of the ingredients sector were adversely impacted by inventory adjustments from customers in the food processing and nutraceutical industries.
- The Americas region registered sales growth of 13.3% at constant exchange rates (excluding Svetol® sales), reflecting mainly the successful integration in the United States of Vegetable Juices Inc. with a substantial four-month contribution to the Food & Beverage activity. Sales to the United States were also adversely impacted by tensions in the nutraceutical market in terms of competition and a phenomenon of destocking by selected customers which persisted in the 2014 third quarter.
- The Asia/Pacific region gained 6% at constant exchange rates. Asian countries continue to grow despite marginally lower sales in the 2014 third quarter and the Pacific region (Australia and New Zealand), which accounted for 17% of the sales for this geographic segment excluding the historic business of ingredients distribution in Australia still declining, showed strong growth in the period (+35% at constant exchange rates) around botanical extracts for the nutraceutical market.
- Emerging countries account for 18.9% of Group sales, up from 17.9% one year earlier.
"Sales for the first nine months were in line with expectations given the persistently gloomy economic climate, an increased wait-and-see approach by international players and the substantial impact of the exceptionally high comparison base of 2013", commented Thierry Lambert, Chairman of the Board of Directors. "However, sales growth in the 2014 third quarter confirms the attractive positioning of Vegetable Juices Inc. in the Food & Beverage market while the start of its integration highlights the strong potential of this acquisition in terms of commercial and technical synergies within the Group."
Olivier Rigaud, Naturex's Chief Executive Officer who joined the Group on 1st October 2014 added: "In a market with a strong focus on naturalness and "clean label", Naturex's rich product range as well as its significant capacity for sourcing and innovation constitute tremendous assets. In recent weeks, I have been able to observe the expertise and professionalism of the Group's teams. The top challenge going forward will be to ramp up our commercial action in order to fully capitalise on these competitive advantages and generate organic growth of good quality."
You can receive all financial information of Naturex free of charge by signing up at: www.naturex.fr
-
Financial schedule
- 2014 third-quarter results
- Annual revenue
- Annual results
28 November 2014
3 February 2015
31 March 2015
-
Upcoming events
- Actionaria tradeshow (Paris)
- SFAF analysts meeting (Paris)
21-22 November 2014
3 April 2015
Naturex has been listed since October 1996 on Euronext in Paris, Segment B
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Total number of shares comprising the share capital: 9,194,933 (September 2014) ISIN FR0000054694 NATUREX is a component of the CACT, CAC®PME, CAC Small & Mid, CAC Small, Gaïa Index. Naturex is eligible for the "long only" Deferred Settlement Service (SRD) and French equity plans (PEA and PEA-PME). Naturex established a Sponsored Level 1 American Depositary Receipt (ADR) program in the United States. Under this facility, Naturex's ADRs are traded over-the-counter in the United States under the symbol NTUXY. TICKER: NRX - Reuters: NATU.PA - Bloomberg: NRX:FP - DR Symbol: NTUXY |
About Naturex
Naturex is the global leader in speciality plant-based natural ingredients. The Group is organised around three strategic markets (food & beverage, nutrition & health and personal care) and produces and markets speciality plant-based ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries.
Naturex's head office is based in Avignon. The company employs 1,600 people with 8 sourcing offices located throughout the world and high-performance manufacturing operations across 16 sites in Europe, Morocco, the United States, Brazil, Australia and India. It also has a global commercial presence through a dedicated network of sales offices in more than 20 countries.
- Contacts
Carole Alexandre Investor Relations Tel.: +33 (0)4 90 23 78 28 [email protected] |
Thierry-Bertrand Lambert Chief Financial Officer Tel.: +33 (0)4 90 23 96 89 [email protected] |
Anne Catherine Bonjour Actus Finance Press Relations Tel.: +33 (0)1 53 67 36 93 [email protected] |
APPENDIX
Reported sales by market segment and geographic region
€000s IFRS Unaudited data Reported revenue |
FY 2014 | FY 2013 | Change (%) |
Change (%) at constant exchange rates |
1st quarter | 79,603 | 83,196 | -4.3% | -2.1% |
2nd quarter | 78,738 | 82,558 | -4.6% | -1.4% |
3rd quarter | 80,028 | 76,817 | +4.2% | +4.3% |
9-month revenue (YTD) | 238,369 | 242,571 | -1.7% | +0.2% |
€000s IFRS Reported sales |
9 months FY 2014 |
9 months FY 2013 |
Revenue mix (%) |
Change (%) |
Change (%) constant exchange rates |
Revenue mix by business | |||||
Food & Beverage | 155,326 | 141,552 | 65.2% | +9.7% | +11.7% |
Nutrition & Health | 70,162 | 83,489 | 29.4% | -16.0% | -13.9% |
Personal Care | 4,841 | 4,291 | 2.0% | +12.8% | +14.0% |
Toll Manufacturing | 8,040 | 13,239 | 3.4% | -39.3% | -38.7% |
Total | 238,369 | 242,571 | 100% | -1.7% | +0.2% |
Revenue by region |
|||||
Europe/Africa | 106,835 | 113,891 | 44.8% | -6.2% | -6.7% |
Americas | 101,089 | 98,484 | 42.4% | +2.6% | +6.3% |
Asia/Pacific | 30,445 | 30,196 | 12.8% | +0.8% | +6.0% |
Total | 238,369 | 242,571 | 100% | -1.7% | +0.2% |
Svetol® sales in the US
€000s IFRS Unaudited data |
FY 2014 | FY 2013 |
1st quarter | 921 | 4,544 |
2rd quarter | 929 | 2,743 |
3rd quarter | 535 | 991 |
9-month revenue (YTD) | 2,385 | 8,278 |
4th quarter | Reported on 03/02/2015 | 2,187 |
Total | Reported on 03/02/2015 | 10,465 |
Krill extraction sales
€000s IFRS Unaudited data |
FY 2014 | FY 2013 |
1st quarter | 1,698 | 4,440 |
2th quarter | 3,334 | 2,390 |
3th quarter | 204 | 3,429 |
9-month revenue (YTD) | 5,236 | 10,259 |
4th quarter | Reported on 03/02/2015 | 3,818 |
Total | Reported on 03/02/2015 | 14,077 |
1 Integration of Vegetable Juices Inc. in June 2014 and Chile Botanics in January 2014
2 Excluding Svetol® sales in the US (Nutrition & Health activity) - and krill extraction sales (Toll Manufacturing activity)
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