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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