Total Produce Plc Half Yearly Report (5668Q)
September 02 2014 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 5668Q
Total Produce Plc
02 September 2014
TOTAL PRODUCE PLC
RESULTS TO 30 JUNE 2014
TOTAL PRODUCE MAINTAINS FULL YEAR GUIDANCE
-- Revenue (1) of EUR1.59 billion
-- Profit before tax up 5.7% to EUR24.2m
-- Adjusted earnings per share (1) up 0.4% to 4.86 cent
-- Adjusted EBITDA (1) down 2.7% to EUR38.1m
-- Adjusted EBITA (1) down 3.7% to EUR30.2m
-- Adjusted profit before tax (1) down 4.6% to EUR27.2m
-- Interim dividend increased by 5.0% to 0.64 cent per share
(1) Key performance indicators are defined overleaf
Commenting on the results, Carl McCann, Chairman, said:
"Total Produce has recorded a robust performance in the first half
of 2014 when measured against a particularly strong comparative
period in 2013. The Group continued to record volume growth in
2014 although average prices decreased in the period. We are pleased
to report a marginal increase in adjusted earnings to 4.86 cent
per share.
The Group's growth will continue to be driven by successful acquisitions.
Total Produce has recently agreed to acquire the final 50% of All
Seasons Fruit in The Netherlands and continues its expansion in
North America with the acquisition of a 45% interest in Eco Farms
in California, USA.
We are pleased to announce a 5% increase in the interim dividend
to 0.64 cent. The Group is maintaining its full year adjusted earnings
per share guidance of 8.40 to 9.40 cent per share."
For further information, please contact:
Sheila Gahan, Wilson Hartnell PR - Tel: +353-1-669-0030, Mobile:
+353-87-234-2409
TOTAL PRODUCE PLC INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 JUNE 2014
2014 2013*
EUR'million EUR'million % change
Total revenue (1) 1,588 1,663 (4.5%)
Group revenue 1,323 1,373 (3.7%)
Adjusted EBITDA (1) 38.1 39.1 (2.7%)
Adjusted EBITA (1) 30.2 31.4 (3.7%)
Operating profit 27.0 25.5 +5.8%
Adjusted profit before tax (1) 27.2 28.5 (4.6%)
Profit before tax 24.2 22.9 +5.7%
Euro cent Euro cent % change
Adjusted fully diluted earnings per share
(1) 4.86 4.84 +0.4%
Basic earnings per share 4.73 4.03 +17.4%
Diluted earnings per share 4.70 4.03 +16.6%
Interim dividend per share 0.64 0.6095 +5.0%
*All comparative information for the period ended 30 June 2013 has
been restated to reflect the reclassification of fair value movements
on contingent consideration. See Note 1 of the accompanying financial
information for further details.
(1) Key performance indicators defined
Total revenue includes the Group's share of the revenue of its joint
ventures and associates.
Adjusted EBITDA is earnings before interest, tax, depreciation, acquisition
related intangible asset amortisation charges and costs, fair value
movements on contingent consideration and exceptional items. It also
excludes the Group's share of these items within joint ventures and
associates.
Adjusted EBITA is earnings before interest, tax, acquisition related
intangible asset amortisation charges and costs, fair value movements
on contingent consideration and exceptional items. It also excludes
the Group's share of these items within joint ventures and associates.
Adjusted profit before tax excludes acquisition related intangible
asset amortisation charges and costs, fair value movements on contingent
consideration and exceptional items. It also excludes the Group's share
of these items within joint ventures and associates.
Adjusted fully diluted earnings per share excludes acquisition related
intangible asset amortisation charges and costs, exceptional items
and related tax on such items. It also excludes the Group's share of
these items within joint ventures and associates.
Forward-looking statement
Any forward-looking statements made in this press release have
been made in good faith based on the information available as of
the date of this press release and are not guarantees of future
performance. Actual results or developments may differ materially
from the expectations expressed or implied in these statements, and
the Company undertakes no obligation to update any such statements
whether as a result of new information, future events, or
otherwise. Total Produce's Annual Report contains and identifies
important factors that could cause these developments or the
Company's actual results to differ materially from those expressed
or implied in these forward-looking statements.
Summary of Results
Total Produce (the 'Group') has delivered a robust performance in
first half of 2014 against a background of less favourable market
conditions with a marginal increase in adjusted earnings per share
to 4.86 cent (2013: 4.84 cent).
The performance in the period was satisfactory when measured against
a very strong comparative period which included the results of Capespan
Group Limited prior to its divestment on 23 April 2013 and the adverse
translation impact of currency in the period. On a like-for-like
basis, excluding the effect of divestments, acquisitions and currency
translation, total revenue of EUR1.59 billion was 1.7% lower with
some volume growth offset by average price decreases. Greater production
and excess supply in some key produce lines led to downward pressure
on prices in the period. Adjusted EBITA decreased by 3.7% in the
period to EUR30.2m (2013: EUR31.4m) due to effect of average price
decreases, divestments and currency translation partially offset
by the incremental contribution of acquisitions completed in second
half of 2013.
Operating profit before exceptional items amounted to EUR24.5m (2013:
EUR25.5m). In addition, the Group recognised an exceptional gain
in the period of EUR2.5m due to a fair value uplift in an equity
interest. In the comparative period there was a small net exceptional
loss. A full analysis of the exceptional items is set out in Note
5 of the accompanying financial information. Operating profit inclusive
of these exceptional items increased to EUR27.0m (2013: EUR25.5m).
Statutory profit before tax in the period was up 5.7% to EUR24.2m
(2013: EUR22.9m). Excluding exceptional items and acquisition related
intangible asset amortisation charges and costs, adjusted profit
before tax was EUR27.2m (2013: EUR28.5m).
The Group continues to be cash generative, with operating cash flows
of EUR20.6m for the six month period (2013: EUR25.4m) before seasonal
working capital outflows.
The Group has been active in corporate development in the period
and has invested over EUR9m including contingent consideration payable
on the achievement of future profit targets. The principal acquisition
in the period was the agreement to acquire the second 50% shareholding
in All Seasons Fruit ('ASF') in The Netherlands. An initial 20% shareholding
was acquired on completion of the acquisition on 28 May 2014 with
the balance to be acquired in subsequent years. ASF specialises in
the soft fruit category. Post period-end the Group acquired a 45%
interest in Eco Farms Investments Holdings LLC ('Eco Farms'), the
Californian based avocado grower, marketer and distributor. The Group
has options to acquire further shares in Eco Farms in due course
to give Total Produce a majority stake.
The Board is also pleased to announce a 5% increase in the interim
dividend to 0.64 cent per share.
Operating Review
The table below details a segmental breakdown of the Group's revenue
and adjusted EBITA for the six months ended 30 June 2014. Segment
performance is evaluated based on revenue and adjusted EBITA.
(Unaudited) (Unaudited)
6 months to 30 June 6 months to 30 June
2014 2013
Segmental Adjusted Segmental Adjusted
revenue EBITA revenue EBITA*
EUR'000 EUR'000 EUR'000 EUR'000
Fresh Produce
* Eurozone 752,059 10,997 793,388 12,843
* Northern Europe 451,226 12,958 473,387 12,679
* UK 263,825 3,527 238,333 2,701
* International 90,546 1,804 131,955 1,551
Inter-segment revenue (29,454) - (30,324) -
------------ --------- ------------ ---------
Total Fresh Produce 1,528,202 29,286 1,606,739 29,774
Healthfoods and Consumer Products 59,571 933 56,034 1,615
------------ --------- ------------ ---------
Third party revenue and adjusted
EBITA 1,587,773 30,219 1,662,773 31,389
------------ --------- ------------ ---------
* 2013 information has been reclassified to conform to the current
year presentation.
Fresh Produce Division
The Group's core Fresh Produce Division is involved in the sourcing,
Total Produce (LSE:TOT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Total Produce (LSE:TOT)
Historical Stock Chart
From Jul 2023 to Jul 2024
