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Financial datas

2019 Consolidated net sales

Net sales increased by 3% over the previous year.

Favorable organic growth of 2.8% was mainly attributable to sustained volume growth for our major brands, to pricing reflecting the more favorable trend in world prices for powdered milk and to the pursuit of our international development. The change in scope of consolidation was also positive (+0.4%) with the integration of Bake Plus and Rogue Creamery, acquired in 2018, and of Fromageries Papillon, acquired in the second half of 2019. The -0.3% impact of foreign exchange mainly reflected the loss in value of the Argentinian peso only partially offset by the gain in other currencies commencing with the US dollar. Net sales achieved outside France amounted to 71% of the total compared with 70% in 2018.

2019 net sales BY OPERATING SEGMENT

Cheese Products represented 58.1% of consolidated net sales, with organic growth of 3.2%.

There was a positive foreign exchange impact of +0.5%, reflecting the rise in value of the US dollar, and a +0.4% positive impact from scope of consolidation. Other Dairy Products represented 44.8% of consolidated net sales with organic growth of +3.5%, a negative foreign exchange impact of -1.4% and a +0.3% positive impact from scope of consolidation.

2019 net sales per geographical area

 

 

Current operating profit

 

 

Current operating profit rose by +8.2% with positive scope of consolidation of +0.4% and a negative foreign exchange impact of -3.8%.

Net income

The Group’s share of net income rose by +34.3%.

Non-recurring costs fell by €7.1 million essentially reflecting the performance improvement plans mainly undertaken in France. Financial expenses rose by €2.9 million including an extra €-3.1 million of interest resulting from the first-time application of IFRS 16, “Leases”. The result on net monetary position (by application of IAS 29 on hyperinflationary economies) improved by +€17.1 million. The contribution of associates fell by €0.9 million and taxes on income rose by +€17.2 million.

Net financial indebtedness / equity

Investment in intangible assets and property, plant and equipment rose by +11.7% to €218.9 million. Acquisitions of companies and additional interests amounted to €34.1 million in 2019 compared with €34.8 million in 2018. Net borrowings rose by +€41.3 million to €604.9 million, mainly reflecting acquisitions. Consolidated net equity increased by +€68 million over 2018.

CONSOLIDATED ACCOUNTS

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