2021 Consolidated net sales
Net sales for 2021 amounted 5,610.4 million euros, up 8.7% on the prior period. Organic growth was up by 7.3%. A structural effect of 2.3% resulting primarily from the deferred consolidation of CF&R to 2021 as of May 1, 2020 and, to a lesser extent, the consolidation of the activities of Alternative Foods (Hope Foods) as of the month of October 2021. The currency effect was negative by 1%, in particular, due to the devaluation of South and North American currencies against the euro, as well as the Russian ruble. Revenue outside France totaled 68.6% against 68.5% at December 31, 2020.
2021 net sales BY OPERATING SEGMENT
Cheese Products represented 61.5% of consolidated net sales. Net sales increased by 8.3%. At constant exchange rates on a like-for-like basis, net sales of Cheese Products were up 5.1%. The financial year benefited from strong growth in volumes for strategic brands in both the retail and the food service sectors as well as from the development of our activities in Eastern Europe and on the International market.
Other Dairy Products accounted for 41.4% of consolidated net sales, up 8.8%, with organic growth of 10.3% due to the twofold positive effect of volume and price. The volume effect benefited enormously from the recovery of the food-away-from-home markets but was nevertheless limited by the consequences of flooding at the Goé site in Belgium. The price effect is the direct result of the year-long increase in global trading prices for industrial products.
2019 net sales per geographical area
Current operating profit
Current operating profit was up 16.4%, including a slightly negative scope effect -0.3% and a negative foreign exchange effect -0.9%.
The Group’s share of net income was up 5.2%. Non-recurring expenses rose by €18.1 million, largely due to the costs incurred by the flood at Corman SA. Financial expenses were up €2.9 million largely due to the foreign exchange loss. The result on net monetary position fell 0.9 million euros, by application of IAS 29 with regard to hyperinflation economies (Argentina). The contribution of companies accounted for by the equity method increased by €1.6 million. Corporation tax increased by €7.7 million. The period’s net income owing to non-controlling interests was up by 2.7 million euros.
Net financial indebtedness / equity
Intangible assets and property, plant and equipment totalled €229.40 million, up 15.1%. Acquisitions of companies and additional interests amounted to €5 million in 2021. The amount was not significant in 2020.
Net financial debt amounted to €428.20 million, down €18 million. Shareholders’ equity rose by €141.90 million compared with 2020.