2022 Consolidated net sales
Net sales for 2022 amounted 6,551.2 million euros, up 16.8% on the prior period. Organic growth was up by 16.6%. The structural effect of +0.3% is mainly due to the integration of Alternative Food as of October 2021 and Poitou Chèvre in March 2022. There was a negative currency effect of -0.2% due to the devaluation of the Argentinean Peso, which was however partially offset by the appreciation of the US Dollar, the Brazilian Real, the Yuan and the Rouble against the Euro. Revenue outside France totaled 69.4% against 68.6% at December 31, 2021.
2022 net sales BY OPERATING SEGMENT
Cheese Products represented 58.3% of consolidated net sales. Net sales increased by 10.7%. At constant exchange rates on a like-for-like basis, net sales of Cheese Products were up 7.3%. This growth is the result of price increases required to meet higher costs. Within this environment, and despite good growth in the Americas, volumes fell, adversely affected by the partial delisting imposed by certain European retailers.
Other Dairy Products represented 44.7% of consolidated revenue and grew by 26%, including organic growth of 30.9%, supported by the continued high trading prices of manufactured products. The volume mix effect was slightly positive despite the decline in Belgian activities, which were hampered by the floods in July 2021.
2022 net sales per geographical area
Current operating profit
Current operating profit was down 4.8% with a negative scope effect of -1.6% and a positive exchange rate effect of +1.4%.
The Group’s share of net income was down -17.9%. Non-recurring expenses decreased by €1.7 million and continue to be impacted by the costs generated by the flooding at Corman SA, plus the impact of asset impairments, particularly in Russia. Financial expenses were up €3.5 million primarily due to the foreign exchange loss. The monetary position is stable and corresponds to the application of IAS 29 relating to hyperinflation economies (Argentina). The contribution of companies accounted for by the equity method was stable at -€0.2 million. Corporate income tax decreased by €6.3 million in line with the decline in earnings before tax. The period’s net income owing to noncontrolling interests was up by 7.3 million euros.
Net financial indebtedness / equity
Intangible assets and property, plant and equipment totaled €188.4 million, down 17.9%. Acquisitions of companies amounted to €3.5 million in 2022.
Net financial debt amounted to €410.6 million, down €17.6 million. Equity rose by €124.2 million compared with 2021.