2011-2012 CONSOLIDATED RESULTS: 12.1% increase in Current Operating Income; Net income that has doubled and record deleveraging (-82%), with the sale of Radoux
| Consolidated income statement (€m) | 2010-2011 | 2011-2012 | Change |
| Turnover | 142.5 | 153.0 | +7.4% |
| o/w Closures | 65.0 | 75.4 | +16,0% |
| o/w Barrels | 77.5 | 77.6 | +0.2% |
| Current operating income | 22.1 | 24.8 | +12.1% |
| o/w Closures | 12.9 | 15.1 | +17.4% |
| o/w Barrels | 10.5 | 10.8 | +3,0% |
| o/w Head Office | (1.2) | (1.1) | |
| Non-current operating income | (2.5) | 7.4 | |
| Operating income | 19.6 | 32.2 | +64.5% |
| Financial income | (3.6) | (2.6) | |
| Income before tax | 16,0 | 29.6 | +85.7% |
| Tax | (5.3) | (6.5) | |
| Net income | 10.7 | 23.2 | +116.8% |
| Shareholders’ Equity | 106.0 | 128.5 | +21.2% |
| Net debt | 66.4 | 12.1 | -81.7% |
Oeneo’s consolidated yearly statements for financial year 2011-12 ending 31 March 2012 were approved by its Board of Directors at its meeting of 6 June 2012.
2011-12 was an excellent year for Oeneo, marked by strong growth in activity (+7.4%) and another improvement in its current operating margin, which came in at 16.2% of turnover (15.5% in 2010-11).
Current operating income increased 12.1% to €24.8 million, whilst operating income jumped 64.5% to €32.2 million on the back of the net capital gain booked on the sale of the Radoux Group (Radoux, Victoria, Pronektar) which went through on 29 March 2012.
Net of financial expenses (down €1 million on the previous year) and tax, Group net income amounted to €23.2 million, up 116.8% on the €10.7 million booked for 2010-2011.
Comparison Vs LY
In order to simplify the comparison between financial years, Oeneo has indicated that, without the consolidation of Radoux and the net capital gain on its disposal, turnover for the period would have amounted to €126.6 million, for a current operating income of €19 million and a current operating margin of 15%. Operating income would have amounted to €17.5 million and net income after tax would have stood at €10.3 million.
Financial structure: Deleveraging is virtually complete in the space of a single year
Oeneo’s shareholders' equity increased to €128.5 million on 31 March 2012 from €106 million one year earlier. The Group’s net debt fell €54.3 million to €12.1 million thanks to the sale of Radoux and cash flow on operations. Net gearing now stands at 9%.
Buttressed by this outstanding performance, the Group is to recommend the payment of an ordinary dividend of €0.08 and an extraordinary dividend of €0.02 per share at its next Annual General Meeting.
Performance and outlook by Division
CLOSURES DIVISION : Acceleration in growth and stable earnings
Oeneo’s Closures division enjoyed another year of strong growth in 2011-2012 (+16%), with the undisputed success of its Diam closures and sound product mix generating a turnover of €75.4 million. Over the period, the Group’s Diam range grew 22.2%, with the close to 630 million closures sold not only accounting for more than 70% of the division’s turnover, but taking the Group past the symbolic bar of one billion technological closures sold.
Despite the costs linked to the acceleration in output at the new factory and steeper raw material prices, the division was able to repeat the excellent operating performance it posted in 2010-2011. Current operating income increased 17.4% to €15.1 million, resulting in an operating margin of 20.0% for the period.
BARRELS DIVISION : New increase in margins despite a lackluster market backdrop
Despite a subdued climate, turnover for Oeneo’s Barrels division increased slightly in 2011-2012 to stand at €77.6 million (+0.2%).
Current operating income grew 3% over the period to €10.8 million, resulting in a current operating margin of 13.9% as the division streamlined its industrial costs and sales prices held steady.
Excluding Radoux, the division’s turnover would have amounted to €51 million for a current operating margin of 10%, which means that the Group has every reason to expect a strong improvement in productivity in the years to come.
Outlook
Oeneo intends to pursue the virtuous cycle driving its closures activity as it develops its sales for the latest generation of Diam closures, to cement its positioning on the very high-end market for barrels, and to improve its operating performance across the board.
Oeneo Group will hold its Annual General Meeting on 20 July 2012 and will publish its first-quarter sales on the same day before the markets open.
About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specializes in two complementary businesses:
• Closures, involving the manufacture and sale of high value-added technological closures, including the DIAM closure, an innovation with no equivalent on the market;
• Barrels, providing high-end solutions for ageing wines and spirits for leading market players.
Contacts
Oeneo: Hervé Dumesny +33 (0)1 44 13 44 39
Actus Finance:
Guillaume Le Floch +33 (0)1 72 74 82 25 Analysts - Investors
Clémence Fugain +33 (0)1 53 67 35 71 Analysts- Investors
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations
Annex :
| Consolidated income statement (€m) | 31/03/2012 | 31/03/2011 |
| Turnover | 153 014 | 142 492 |
| Other operating revenues | 827 | 176 |
| Purchases | (58 460) | (49 892) |
| External expenses | (29 015) | (27 043) |
| Personnal expenses | (34 273) | (32 717) |
| Taxes | (1 699) | (1 864) |
| Depreciation & amortization | (7 764) | (7 010) |
| Provisions | (1 736) | (1 397) |
| Variation of the stocks and finished products | 3 656 | (483) |
| Other operating expenses | 232 | (149) |
| Current operating income | 24 782 | 22 113 |
| Revenues of consolidated cession of participations | 12 265 | - |
| Other income & expenses non current operating | (4 823) | (2 518) |
| Operating income | 32 224 | 19 595 |
| Finance income on cash & cash equivalents | 41 | 2 |
| Cost of gross financial debt | (2 393) | (3 323) |
| Cost of net financial debt | (2 352) | (3 321) |
| Other financial income & expenses | (240) | (319) |
| Income before tax | 29 632 | 15 955 |
| Income tax | (6 473) | (5 273) |
| Income after tax | 23 159 | 10 682 |
| Résultat des sociétés mises en équivalence | - | |
| Net income | 23 159 | 10 682 |
| Minority interests | 600 | 410 |
| Net income (Group share) | 22 559 | 10 272 |
| Basic earnings per share (in euros) | 0,50 | 0,24 |
| Dilutued earnings per share (in euros) | 0,38 | 0,18 |
| Net income | 23 159 | 10 682 |
| Ecarts de conversion | 642 | (424) |
| Deferred tax on ORA (equity) | (13) | (13) |
| Others deferred tax on hedging instruments* | 94 | (101) |
| Total global income | 23 882 | 10 144 |
| - group share | 23 282 | 9 734 |
| - minority interests | 600 | 410 |
* net of deferred tax
| Assets | ||
| €m | 31/03/2012 | 31/03/2011 |
| Goodwill | 13 448 | 19 314 |
| Intangible assets | 170 | 360 |
| Tangible fixed assets | 66 321 | 75 938 |
| Share accounted in equivalence | - | - |
| Other financial assets | 45 | 71 |
| Fixed assets | 45 | 71 |
| Deferred tax assets | 13 502 | 14 775 |
| Total non current assets | 93 486 | 110 458 |
| Inventories | 56 533 | 69 098 |
| Trade accounts recevable | 40 022 | 42 331 |
| Tax receivable | 790 | 544 |
| Other current assets | 2 691 | 6 292 |
| Cash & cash equivalents | 18 239 | 13 390 |
| Total current assets | 118 275 | 131 655 |
| Total assets | 211 761 | 242 113 |
| Equity & liabilities | ||
| €m | 31/03/2012 | 31/03/2011 |
| Share capital | 50 620 | 44 402 |
| Additional paid in capital | 3 216 | 1 973 |
| Reserves | 49 921 | 47 556 |
| Results | 22 559 | 10 272 |
| Total equity (Group share) | 126 316 | 104 203 |
| Minority interests | 2 193 | 1 761 |
| Total equity | 128 509 | 105 964 |
| Borrowings & debt | 17 933 | 43 137 |
| Employee benefits | 545 | 691 |
| Other provisions | 75 | 190 |
| Deferred tax | 2 126 | 949 |
| Other non current liabilities | 4 307 | 4 993 |
| Non current liabilities | 24 986 | 49 960 |
| Borrowings & bank otherdrafts (part <1 year) | 12 412 | 36 702 |
| Provisions (part <1 year) | 2 334 | 2 100 |
| Trade accounts payable | 37 468 | 42 739 |
| Other current liabilities | 6 052 | 4 648 |
| Current liabilities | 58 266 | 86 189 |
| Total Liabilities | 211 761 | 242 113 |
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires
Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-28226-cp-oeneo-080612.pdf
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