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Half-yearly financial statements for 2014

Thursday August 28, 2014

*The data for 2013 has been restated to reflect the equity method accounting for CF&R
adopted with effect from January 1, 2014 as required by IFRS 11.
The half-yearly financial statements have been subject to limited review
by the company’s statutory auditors whose report is in the process of emission.


Net sales have increased by 13.9% including 8.0% of organic growth. The foreign exchange impact of – 4.0% essentially reflects the change in value of the South American currencies. The structural growth of 9.9% mainly reflects the acquisition of Terra Lacta’s operations. Organic growth for cheese products amounted to 6.3%, with an overall positive volume-mix impact, affected by contrasting local situations. Growth for other dairy products, at 11.2%, remained sustained, reflecting both positive volumes and positive world prices for industrial products.

Current operating profit was negatively affected by the increased price for milk, not fully reflected in our selling prices, and by the takeover of Terra Lacta’s operations, but benefited from both the resilience of our cheese products business and increased value for our other dairy products.

Net interest expense mainly rose as the recognition (under IFRS) of unrealized results on hedging of interest rates and foreign exchange.

The increase in net debt reflected the additional working capital requirements for our larger scope of consolidation, together with the price and volume factors on the dairy market throughout the 1st half of the year, and our capital expenditure for the period.

Outlook for the 2nd half of 2014

Our results for the 2nd half of 2014 will remain subject to pressure on margins and the overall economic environment in Europe. The impact of the Russian embargo is beginning to show in Europe and could impact the balance of the dairy economy as it seeks for substitution markets.

Continuous innovation, the strength of our brands, improved competitiveness and our capable and committed teams remain the major strengths of Bongrain SA in its pursuit of development.


Additional information may be consulted on our website