Presentation of the Bonduelle Group - February 2021
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Presentation of the
Bonduelle Group
February 2021
© Daria Obymaha
Plan
.1 .2 .3 .4 .5
Purpose Context Strategy Reporting Financial
performances
• Vision • Food • Pure-player • Planet • Half-Year Financial
• Mission • Agronomy • Innovation • Food Results 2020-2021
• Socio-economics • Multi-local • People • Outlook
• Family-owned • Economics
BONDUELLE GROUP 2
1
How do we contribute to common good?
BONDUELLE GROUP 3
We believe that
human well-being is
intrinsically linked
to the health of our
planet.
© MNStudio
BONDUELLE GROUP 4
We believe that
plant-based food is
the solution for
both a preserved
planet and healthy
people!
© Thomas Alcayaga
BONDUELLE GROUP 5
We inspire the
transition toward a
plant-based diet, to
contribute to people’s
well-being and planet
health
BONDUELLE GROUP 6
2
What are the global challenges we face?
© Jimmy Hammelin / Bonduelle
BONDUELLE GROUP 7
Accelerate the
transition toward
a plant-based diet
43% US consumers say they
would replace meat-based protein
with plant-based protein
© Shutterstock
BONDUELLE GROUP 8
Contribute with
farmers to the
agro-ecological
transition
Fertile soil is being lost at the
rate of 24 billion tons a year
© N Blandin / Bonduelle
BONDUELLE GROUP 9
Improve our
socio-economic impact
84% of investors believe Environmental,
Social and Governance (ESG) integrated
portfolios perform as well or better than
portfolios that do not integrate ESG.
© Offset_comp
BONDUELLE GROUP 103
How do our actions fit into the long term?
© Jimmy Hammelin / Bonduelle
BONDUELLE GROUP 11We inspire the transition toward a plant-based diet,
to contribute to people’s well-being and planet health
Inspiring 100% plant-based Sustainable farming: organic Packaging designed to Short ingredient list: natural
food with responsible sourcing or without pesticides residues be recyclable or reusable products, made with cold and hot
products
BONDUELLE GROUP 12We are a plant-based food pure player
Market core Market core Market core
Bowl salads Multi-technology Ambient goods
Retail Multi-circuit Retail
USA Worldwide Russia and CIS
Market core Market core High-end
Ambient fruits Frozen goods Ambient goods
Retail Multi-circuit Retail
Canada Canada France
BONDUELLE GROUP 13Our innovation
know-how
Research and development
1% of revenue
100 people dedicated to innovation
© Shutterstock
BONDUELLE GROUP 14History of our natural product innovations
Distillery, followed P. and B. Frozen foods range First fresh range Tasty nutriscore A and
The One Pot is a base organic fresh
by sugar and yeast Bonduelle build launched: only frozen in Europe for a frozen
a cannery veggies, nothing else ready-to-eat salads
vegetarian meal ready recipes
to personalize in a few
minutes.
1853 1862 1926 1962 1992 1997 2009 2019 2020
Canned peas, peas and
carrots and corn: simple
Creation of the
recipes appreciated by
single- serve salad
children for their
category in US (by
naturally sweet taste
Ready Pac Foods)
Without pesticides
residue ranges
Bonduelle starts ‘Vapeur’ (Steam) Cabaletta robot, which
working in agriculture canned and frozen. will deliver custom fresh
Vegetables gently plant-based foods
cooked in very little directly to workplaces
water
BONDUELLE GROUP 15A unique ‘multi-local’ development
We operate in more than 100 countries
3 revenue current
plants
2.8 operating
17 income
billion euros
plants 22
plants 109
million euros
1
plant
14,600 2,800
Non-Europe Europe employees farming
54.5% group 45.5% group
partners
revenue revenue
BONDUELLE GROUP 16A unique ‘multi-local’ development
3
plants
17
plants
22
plants
1
plant Made and
sold in Italy
• Made in Italy thanks to 300
employees
• Grown in Italy on 600 hectares
of fields with 38 farmers
• 100 % sold in Italy
BONDUELLE GROUP 17A unique ‘multi-local’ organization
CHIEF EXECUTIVE BOARD
Central Departments Bonduelle Prospective Development
Europe Zone Non-Europe Zone
Bonduelle Bonduelle Bonduelle Bonduelle Bonduelle
Europe Fresh Fresh Americas EurAsia
Long Life Europe Americas Long Life Markets
Canned and Refrigerated (fresh and Refrigerated (fresh and Canned and Canned and frozen Russia
frozen Europe prepared) Europe prepared) Americas frozen Americas / Belarus / Kazakhstan /
Ukraine / Georgia / Armenia
/ Azerbaijan
BONDUELLE GROUP 18Our Governance
Other Bonduelle Free float Employees and
families treasury stocks
23.65% 35.59% 5.68%
Pierre et Benoit BONDUELLE Bonduelle SCA
SAS French limited partnership with shares
General Partner Supervisory Board / Audit Committee
32.08%
99.99%
Bonduelle SA
Non executive Chairman: Chief Executive Officer:
Christophe BONDUELLE Guillaume DEBROSSE
Board of Directors / Compensation Committee / Ethics Committee
Operational legal entities As of 30/06/2020
BONDUELLE GROUP 191853 2020
Louis Lesaffre and As family shareholders, two objectives
Louis Bonduelle are in our DNA, namely respect for
founded the company the natural environment and our
determination to make people
© B Grossmann / Bonduelle
central to the company's goals.
GUILLAUME DEBROSSE
CEO of the Bonduelle Group
BONDUELLE GROUP 20Our commitments towards our stakeholders
We support sustainable & We act daily to make We are delivering responsible
diversified agriculture all around plant-based food accessible economics and social impacts
the world and keep researching and promotes tasty and for all our employees and
new ways of growing, processing healthy eating habits for communities.
and selling products to preserve everyone.
environment.
BONDUELLE GROUP 21Making a positive impact for all stakeholders
The Big Picture What we’re doing Why we’re doing it
Plant-based food is the • Changing the way we operate • Long-term vision is in our DNA
foundation for both a to benefit all stakeholders
preserved planet and healthy • Increase accountability and
• become a co-founder of the B
people! transparency by placing
Movement Builders
stakeholders at the heart of the
We inspire the transition business model
• We want to become a B Corp.
toward a plant-based diet, to
by 2025
contribute to people's • Increase the resilience of our
well-being and planet health business and reduce risk
• Making financial performance
and positive impact inseparable
BONDUELLE GROUP 224
What are our main achievements?
FY 2019-2020
2019.07.01 - 2020.06.30
BONDUELLE GROUP 232025
1 100% of cultivated land 4 100% of our brands with 6 0 work accidents
with alternative cultural a positive impact.
techniques. Encouraging better
5 7 100% of Bonduelle
eating behavior
sites involved in local
2 Reducing by 20% our GHG through the Louis
social projects.
emissions by 2035. Bonduelle Foundation.
100% of our packaging
3 p
designed to be recyclable 100% B CorGROUP
or reusable. HOLE
FOR THE W
BONDUELLE GROUP 24A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Our commitments
benefit to planet
renewable energy Water used the past
Of recycled materials -16%
9.7% used by Bonduelle 51% in packaging ten years (2007-2017)
(in global energy mix)
Of farmers signed our Of surfaces with
94% agronomic charter 65% synthetic pesticides
alternatives
BONDUELLE GROUP 25A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Our commitments
benefit to food
62,000
Food safety tests are run each year
on our products
500,000 People benefiting from the work of
the Louis Bonduelle Foundation
7 Where the Louis Bonduelle Foundation is present
COUNTRIES and promotes innovative and positive projects
BONDUELLE GROUP 26A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Our commitments
benefit to people
of the sites have a
44% project involving their 1,300 Employees made aware
local communities of CSR practices
4,347t Donated to NGOs in the 7.2
Work accident frequency
US, Canada and Europe rate (vs 23.0 11 years ago)
BONDUELLE GROUP 27We want to be a force for good on our ecosystem
hectares cultivated of cultivated lands with
126,000 around the world 65% alternatives to pesticides
Sites around of sites launched a project
56 the world 44% with local communities 9.7% Green energy in our
plants’ energy mix
1,310,000 t 51% recycled materials
98% of products are classed as
of goods in packaging Nutri-score A or B. in France
€2.8 billion 91 million euros dedicated 500,000 people benefited from Louis
revenue to capital expenditure Bonduelle Foundation’s supported projects
14,600 7.2 Work accident TARGET
2,800 89% renewed
employees frequency rate 0 farming their contract
partners
BONDUELLE GROUP 285
Financial performances
© Jimmy Hammelin / Bonduelle
Half-Year
FY 2020-2021
2020.07.01 - 2020.12.31
BONDUELLE GROUP 29HY1 2020-2021
Financial Results
Business growth penalized by foreign exchange
but resilience in profitability in the first half year
► High growth in long-life technologies (ambient and
frozen) in retail
► Significant decline in food service segment,
weighing on profitability
► A fresh activity market penalized by the context and
volatile
► Particularly difficult harvests and cost increases
weighing on profitability
BONDUELLE GROUP 30Organic growth strongly affected by foreign exchange
Revenue evolution -0.1%
+3.9% -4.-%
► Stable revenue despite a dynamic
+ € 56.7 M
Q2
► Internal growth above the annual
€ 1,442.3 M +€0M € 1,441.5 M
objective
- € 57.5 M
► Negative foreign exchange
effects that offset organic growth
BONDUELLE GROUP 31Organic growth strongly affected by foreign exchange
Currencies impact on revenue
Currencies evolution Currencies evolution impact over 5 years
In million of euros
Average rate HY1 2020-2021/€ Variation HY1 2020-2021
CAD 1,55
USD 1,17
RUB 86,42
BRL 6,30
HUF 354,80
PLN 4,46
► Europe zone affected by the unfavorable exchange rate effects of the main currencies
BONDUELLE GROUP 32Non-Europe Zone continuing to grow
Business portfolio evolution
Geographical breakdown of revenue HY1 2020-2021 growth
HY1 2020-2021 At constant scope of consolidation and exchange rates
Others non-Europe EUROPE
2%
Eurasia
45%
7%
EUROPE 1.5%
Canada France
13 % 22%
NON-EUROPE 5.8%
Germany
7%
USA ► Europe: growth linked to the good performance of
%
33 long-life retail activities, particularly in brands
(Bonduelle and Cassegrain)
Southern Europe
8% ► Non-Europe:
Northern Europe
▪ Strong dynamic particularly in canned and frozen
NON-
EUROPE 5% activities (North America and Russia & CIS)
55% Central Europe ▪ Satisfactory sales in fresh activity but an
3%
unfavorable mix
BONDUELLE GROUP 33A diversified brand portfolio
Business portfolio evolution
Breakdown of revenue by brand HY1 2020-2021 growth
HY1 2020-2021 At constant scope of consolidation and exchange rates
Brands BRANDS +1.-%
Private labels
Others Europe +1.8%
Non-Europe -0.1%
PRIVATE LABELS & +6.7%
OTHERS
Europe +1.2 %
Non-Europe +9.2%
► Dynamic brands in Europe and Russia & CIS
► Private label growth outside of Europe linked to the sales momentum in North America
BONDUELLE GROUP 34A diversified and balanced portfolio
High growth in long-life technologies (ambient and frozen) in retail
Breakdown of revenue by technologies HY1 2020-2021 growth
HY1 2020-2021 At constant scope of consolidation and exchange rates
Canned
Frozen CANNED +10.5%
Fresh processed
FROZEN +1.3%
FRESH PROCESSED -1.1%
► Canned: acceleration in Q2 linked to the sanitary crisis
► Frozen: activity still affected by the difficulties in food service, strong growth in retail
► Fresh processed: difficulties in Europe linked to significantly reduced in-store frequentation
BONDUELLE GROUP 35A diversified portfolio beneficial in the current context
Significant decline in food service segment, weighing on profitability
Breakdown of revenue by distribution channels HY1 2020-2021 growth
HY1 2020-2021 HY1 2019-2020 At constant scope of consolidation and exchange rates
RETAIL +9.2%
FOOD SERVICE -20.6%
Retail
OTHERS +22.-%
Food service
Others
► A declining weight in food service given the still devastated situation of the business, while retail is
showing very positive dynamic, all areas combined
► Strong growth in co-packing activity in North America
BONDUELLE GROUP 36Current operating income
Resilience in current operating margin
Current operating income evolution
In million of euros
HY1 2020-2021 HY1 2019-2020 ▲ Reported ▲ Like for like
reported reported figures basis
Revenue 1,441.5 1,442.3 -0.1% +3.9%
Current operating income 56.3 57.2 -1.5% +5.2%
% of revenue 3.9% 4.-% -6 bps +5 bps
Like for like basis: at constant scope of consolidation and exchange rates
► A global current operating margin preserved in HY1, highly contrasted by geography and business sectors
► Strong growth in marketing investments
BONDUELLE GROUP 37Current operating income
Current operating margin preserved in HY1
Revenue and current operating income per area
At constant scope of consolidation and exchange rates
HY1 2020-2021 HY1 2019-2020
In million of euros Europe Non-Europe Europe Non-Europe
Revenue 650.3 848.7 640.4 801.9
Current operating income 35.4 24.7 23.3 33.9
% of revenue 5.4% 2.9% 3.6% 4.2%
► Europe: pronounced evolution in profitability explained by good commercial performance in long-life
retail
► Non-Europe: profitability affected by significant difficulties at BFA (harvests, Covid-19, sales mix, etc.)
masking the performance of the canned and frozen activities in North America and Russia & CIS and
Export
BONDUELLE GROUP 38Operating result
Non-recurring items
In million of euros HY1 2020-2021 HY1 2019-2020 ▲
Revenue 1,441.5 1,442.3 -0.1%
Current operating income 56.3 57.2 -1.5%
Non-recurring items (2.4) (4.6)
Operating result 54.- 52.6 +2.7%
► Limited non-recurring items: litigations and takeover of Coopérative France Champignon assets
BONDUELLE GROUP 39Financial result and taxes
Financial result In million of euros HY1 2020-2021 HY1 2019-2020
Debt cost (10.1) (11.8)
Currency result 0.2 (0.6)
Other components - -
Total (9.9) (12.4)
► Competitive financing that limits the financial expense and a flat exchange rate result
Corporate taxes In million of euros HY1 2020-2021 HY1 2019-2020
Income tax (12.1) (10.6)
Effective tax rate 27.5% 26.4%
► An income tax impacted by the end of tax loss carryforwards and the drop in profitability outside of Europe
BONDUELLE GROUP 40Net result
Net result evolution
In million of euros HY1 2020-2021 HY1 2019-2020 ▲
Revenue 1,441.5 1,442.3 -0.1%
Current operating income 56.3 57.2 -1.5%
Non-recurring items (2.4) (4.6)
Operating result 54.- 52.6 +2.7%
Financial result (9.9) (12.4) +20.5%
Corporate tax (12.1) (10.6) -14.1%
Partnership consolidation (equity method) (0.1) -
Net result 31.9 29.5 +8.3%
% of revenue 2,2% 2,-% +17 bps
REBITDA* excl. IFRS 16 108.2 109.4 -1.1%
% of revenue 7,5% 7,6% -8 bps
*Recurring EBITDA
► Improved net income over HY1 due to business growth, limited non-recurring items and improved
financial income
BONDUELLE GROUP 41Solid financial profile
Simplified balance sheet (in million of euros)
HY1 2020-2021 excl. IFRS 16 HY1 2019-2020 excl. IFRS 16
ASSETS LIABILITIES ASSETS LIABILITIES
Fixed assets 1,013.2 Equity 676.4 Fixed assets 1,061.9 Equity 722.5
Working capital & Working capital &
471.4 Net debt 808.2 553.1 Net debt 892.5
others others
GEARING(1) 119.5% GEARING(1) 123.5%
HY1 2020-2021 incl. IFRS 16 HY1 2019-2020 incl. IFRS 16
ASSETS LIABILITIES ASSETS LIABILITIES
Fixed assets 1,095.4 Equity 675.2 Fixed assets 1,148.- Equity 722.1
Working capital & Working capital &
470.5 Net debt 890.7 552.3 Net debt 978.2
others others
GEARING(1) 131.9% GEARING(1) 135.5%
(1)
Net debt / Equity
► A gearing ratio excluding IFRS 16 improving from one semester to the other
► Equity down related to currency effects
► Lower debt in line with the declining stocks in HY2 2019-2020 and HY1 2020-2021
BONDUELLE GROUP 42Group’s financial flexibility increased
A new "revolving" syndicated loan, part of the B Corp certification ambition
❏ Anticipated refinancing of the €300M RCF – due in July 2021
❏ Transaction description
● Amount: €400M
● Maturity: 5 years
● 9 banking groups (11 banks)
● Similar conditions vs previous RCF
● Bonus on margin grid linked to B Corp objectives
❏ Back up of a NEU CP program of €400M
❏ A transaction that supports the group’s strategy:
● Group financing optimization
● Securing financing/group development
● Diversification of the banking pool
● Financial flexibility
BONDUELLE GROUP 43Outlook
BONDUELLE GROUP 442020-2021 outlook
Revenue and current operating income
At constant exchange rate
2020-2021 Reminder: guidance
In million of euros 2019-2020
February 2021 September 2020
Revenue 2,885 - 2,910 +1% / 2% 2,855 2,855 – 2,910
Current operating income / revenue 3.6% / 3.8% 3.8% ≈ 3.8%
► A pace of activity in HY1 unsustainable in HY2: incoming shortage in long-life products
► Profitability under pressure:
◾ A sanitary situation that weighs on the group’s profitability: direct additional costs (material,
labor) and indirect (logistics, sanitary measures)
◾ Difficult harvests conditions, especially in North America (BFA)
► Growing marketing investments: support of our brands
BONDUELLE GROUP 45FOLLOW US
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