SAVENCIA FROMAGE & DAIRY: 2023 annual financials- Erratum
March 08 2024 - 11:42AM
UK Regulatory
SAVENCIA FROMAGE & DAIRY: 2023 annual financials- Erratum
Thursday,
March 7, 2024
-
PRESS RELEASE: 2023 annual financials
- Sales growth of +3.7%
- Current operating income down -9.1%
|
Key figures in €M
|
12/31/23
|
%
Sales
|
12/31/22
|
%
Sales
|
Changes in % |
Total |
Structure |
Exchange rates |
Growth |
Sales |
6,791 |
|
6,551 |
|
3.7 |
2.1 |
-10.0 |
11.6 |
- Cheese Products |
4,079 |
60.1 |
3,821 |
58.3 |
6.8 |
0.0 |
-1.2 |
8.0 |
- Other Dairy Products |
2,913 |
43.0 |
2,928 |
44.7 |
-0.2 |
5.1 |
-22.3 |
17.0 |
- Unallocated (Intra-Group transactions) |
-211 |
-3.0 |
-198 |
-3.0 |
|
|
|
|
Current operating result |
212.9 |
3.1 |
234.3 |
3.6 |
The audit procedures have been carried out and the audit report
relating to certification is currently being issued.
Definitions and methods for aggregates such as structure,
exchange rates, organic growth, and net debt have not
changed.
They are defined in the Group’s financial report.
|
Other operating costs and income |
-43.6 |
-0.6 |
-71.4 |
-1.1 |
Operating result |
169.3 |
2.5 |
162.9 |
2.5 |
Financial result |
-18.0 |
-0.3 |
-24.4 |
-0.4 |
Result on monetary position |
3.1 |
|
2.7 |
-- |
Corporate taxes |
-50.3 |
-0.7 |
-57.3 |
-0.9 |
Net income, Group share |
96.5 |
1.4 |
68.0 |
1.0 |
Net debt (excluding IFRS
16) |
439 |
|
411 |
|
Equity |
1,817 |
|
1,827 |
|
2023 annual financials
The Savencia Fromage & Dairy Group’s sales
increased by +3.7% on 31 December 2023, an increase of €240 million
compared to 2022.
This results from organic growth of +11.6% and a structural effect
of +2.1% linked mainly to the consolidation of Williner's
activities from April 2023. These were, however, impacted by a
negative annual exchange rate effect of
-10%, mainly due to the devaluation of the Argentinian peso, which
accelerated in the fourth quarter, and to the evolution of other
currencies against the euro.
Current operating income, at €212.9 million,
decreased by -9.1%, or -€21.4 million. This decrease was mainly due
to higher raw materials and energies costs and lower industrial
product prices, which had a negative impact on Other Dairy
Products. Cheese Products were up by +€46 million, driven by price
adjustments across all markets in response to high inflation
worldwide, and by operational productivity gains. As a result, the
current operating margin for Cheese Products rose from 2.1% to
3.1%, while, reversely, that of Other Dairy Products shrank from
6.1% to 4.1%. The Group's operating margin stood at 3.1%, compared
to 3.6% last year.
Other operating income and costs Included mainly asset
impairments and various claims and litigation. Net financial
expense was -€18 million, an improvement of +€6.4 million. The
Group’s net income share was
€96.5 million, an increase of +€28.5 million; it represents 1.4% of
sales.
Dividend
At the Annual Shareholders Meeting on Thursday
25 April, the Board of Directors shall propose the distribution of
a dividend of €1.4 per share, an increase of 7.5%.
The Group’s CSR commitments
In keeping with the Group’s commitments and its
values, 2023 saw a focus on employees, their safety, health, and
well-being. For the tenth consecutive year, the Savencia Fromage
& Dairy Group was awarded the Top Employer prize in 14
countries (including France, USA, Argentina, Brazil, China, Czech
Republic, Spain, Japan & India), attesting to the quality of
the working environment enjoyed by its teams.
In 2023, the Group also stepped up initiatives
to protect the environment, whether in terms of limiting water
consumption or reducing CO2 emissions.
In this regard, in March 2023, the Savencia Fromage & Dairy
Group's decarbonisation trajectory for all scopes 1, 2 and 3 was
validated by the Science Based Target initiative (SBTi), validating
the Group's ambitions for 2030. This entails supporting the Group's
partner livestock farmers in their carbon diagnostics and the
implementation of sustainable livestock rearing and agricultural
practices, while pursuing actions to promote animal welfare
(continued deployment of the Charter of Good Livestock Rearing
Practices). It is also reflected in our progress in terms of
packaging and the “Clean Label”, demonstrating our commitment to
offering an even healthier and more responsible range of products,
without compromising on the pleasure they bring to consumers.
Outlook for 2024
The outlook for 2024 remains marked by a
volatile and uncertain environment:
- Consumption patterns shall continue to evolve as purchasing power
remains constrained,
- Geopolitical and economic tensions are leading to a slowdown in
the growth of world economies,
Against this backdrop, the Savencia Fromage & Dairy Group is
maintaining its efforts to adapt and invest, while developing the
complementary nature of its various businesses and building on its
relationship of trust with partners: milk producers, distributors,
and consumers. The Group intends to respond to the uncertainty of
the environment with the help of the quality of its products and
the commitment of all its teams, in line with its mission:
To "Leading the way to Better Food while Serving the Common
Good".
Further information
can be found on the website savencia-fromagedairy.com
- Savencia SA - 2023 Annual results
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