2012-13 CONSOLIDATED RESULTS AND PUBLICATION OF THE 2012-2013 FINANCIAL REPORT
3 June 2013
OENEO
2012-13 CONSOLIDATED RESULTS
| Consolidated Profit & Loss statement (€m) | 2011-2012 Published ** | 2011-2012 Pro-forma* | 2012-2013 ** | Change vs pro-forma | |
| Turnover | 153.0 | 126.6 | 134.7 | +6.4% | |
| o/w Closures | 75.4 | 75.4 | 79.4 | +5.3% | |
| o/w Barrels | 77.6 | 51.2 | 55.3 | +7.9% | |
| Current operating profit | 24.8 | 19.0 | 20.5 | +7.8% | |
| o/w Closures | 15.1 | 14.9 | 15.3 | +2.7% | |
| o/w Barrels | 10.8 | 5.3 | 6.5 | +22.8% | |
| o/w Corporate | (1.1) | (1.1) | (1.3) | +10.0% | |
| Non-current operating profit | 7.4 | (1.5) | (1.0) | ||
| Operating profit | 32.2 | 17.5 | 19.5 | +11.8% | |
| Financial profit | (2.6) | (2.0) | (0.8) | ||
| Pre-tax profit | 29.6 | 15.5 | 18.7 | +20.9% | |
| Tax | (6.5) | (5.5) | (7.4) | ||
| Net profit | 23.2 | 9.9 | 11.3 | +13.7% | |
| Net profit (Group share) | 22.6 | 9.3 | 10.6 | +13.9% | |
| Shareholders' equity | 128.5 | 128.5 | 138.8 | +8.0% | |
| Net debt | 12.1 | 12.1 | 7.5 | -38.0% |
* Excluding Radoux which was sold at the end of March 2012
** Audited Accounts
Oeneo's consolidated statements for financial year 2012-13 ending 31 March 2013 were approved by its Board of Directors at its meeting of 31 May 2013.
Oeneo's results for 2012-13 reflect a year marked by growth of over 6% in activity and a stable current operating margin at 15.2% of turnover compared with 15.0% the previous year (like-for-like).
Net profit came in at €11.3 million, up 13.7% on the pro-forma net profit for 2012, with the return to a more normative tax rate offsetting partly the positive impact of the decrease in financial expenditure.
Shareholders' equity amounted to €138.8 million on 31 March 2013, as against €128.5 million one year earlier. Net debt dropped back to €7.5 million.
The first two months of the fiscal year 2013-14 show strong growth, however on a weak 2012 comparison basis. This is in line with Group expectations for the year. In light of the very substantial level of investment planned for the next two years - in particular for the development of the Closures division - the Board of Directors will not be recommending the payment of a dividend at its Annual General Meeting, to be held on 30 September 2013.
Performance and outlook by Division
CLOSURES: Sustained growth and strong profitability
Oeneo Group's Closures division enjoyed growth of 5.3% in 2012-2013 (+4.8% at constant exchange rates), with the sharp increase in the sales value of Diam closures (+15.0%) more than compensating for the scheduled reductions of the volumes of other technological closures. Overall, Diam closures accounted for 78% of the division's turnover.
Despite a more moderate increase in current operating profit due to higher raw material prices and to the costs linked to the increase in production capacities, the current operating margin for Oeneo's Closures division held steady on the previous period at more than 19% of turnover.
BARRELS: Improved economic performance
Oeneo's Barrels division returned to growth in financial year 2012-2013, with turnover increasing 7.9% to € 55.3 million (+5.8% at constant exchange rates). This performance was largely driven by dynamic sales in the US which were bolstered by quality harvests.
The division's current operating margin increased to 12% of turnover (+2 points on the previous year), thanks to the good level of gross margin and the continued optimization of industrial costs.
PUBLICATION OF THE 2012-2013 FINANCIAL REPORT
In accordance with the applicable law and regulations, Oeneo has published its activity report for the financial year ended 31 March 2013. The report also includes a table of the fees paid to its statutory auditors.
Copies of this document are available to the public and can be downloaded from Oeneo's financial website at http://www.oeneo.com.
Oeneo Group will publish its turnover for the first quarter of 2013-2014 on 19 July.
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:
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations
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