NATUREX : Continuing growth in the Q3 2015

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2015 third-quarter and nine month revenue (1 January to 30 September 2015)

Continuing growth in the Q3 2015

  • Sustained organic growth of 6.1%
  • Strong contribution by the nutraceutical market and an improved product mix
  • Positive trends spread across all three regions

Press release

Avignon, 4 November 2015 - Naturex, the global leader in speciality plant-based natural ingredients, announces its consolidated revenue for the first nine months of 2015:

€000s
IFRS
(unaudited data)
FY 2015 FY 2014 Change (%) Change (%)
At constant exchange rates
Change %
Like-for-like (constant currency and structure)
1st quarter 98,602 79,603 +23.9% +12.0% +0.0%
2nd quarter 104,048 78,738 +32.1% +16.2% +9.0%
1st half 202,650 158,341 +28.0% +14.1% +4.5%
3rd quarter 94,321 80,028 +17.9% +6.1% +6.1%
9-month revenue (YTD) 296,971 238,369 +24.6% +11.4% +5.0%

Consolidated sales for the first nine months of 2015 reached €297.0 million, with strong growth at current exchange rates of 24.6%. This performance included 6.4% from the consolidation scope effect1, 13.2% from a positive exchange rate effect and organic growth of 5.0%.

For the 2015 third quarter, measures for recapturing growth across all businesses and regions continued by focusing on two major areas: optimising the product portfolio and reinforcing our positioning in value added market segments.

Revenue for the quarter rose in consequence to €94.3 million, up 17.9% from the 2014 third quarter. This included 11.8% from the exchange rate effect, marginally less favourable than the previous quarter, and 6.1% from organic growth which now includes sales from Vegetable Juices Inc.

Growth bolstered by the optimisation of the product portfolio and the offering's positioning

€000s
IFRS
(unaudited data)
9 months
2015
9 months
2014
Revenue mix
(%)
Change
(%)
Change
(%)

Constant exchange rates
Change
(%)

Like-for-like (constant currency and structure)
Food & Beverage 189,821 155,326 63.9% +22.2% +9.0% -0.8%
Nutrition & Health 91,088 70,162 30.7% +29.8% +15.4% +15.4%
Personal Care 7,423 4,841 2.5% +53.3% +41.0% +41.0%
Toll Manufacturing 8,639 8,040 2.9% +7.5% +4.2% +4.2%
Total 296,971 238,369 100.0% +24.6% +11.4% +5.0%
  • The Food & Beverage division had revenue of €189.8 million, up 22.2% for the first nine months of 2015. This included a consolidation scope effect of €18.5 million from sales in the first five months of Vegetable Juices Inc.
    As we continue to optimise our product ranges to increase the value generated by our product mix and integrate Vegetable Juices Inc. within the historical Group structure of consolidated operations, third quarter sales rose 5.1% to €59.5 million. Vegetable Juices Inc. experienced a slowdown in this period as customers postponed the launch of new products and concepts.
  • Nutrition & Health achieved very strong growth of 29.8% with revenue of €91.1 million for the first nine months of 2015. Revenue in the third quarter was up 44.5% from the same period in 2014 to €30.5 million. This growth was driven in particular by the repositioning the nutraceutical offering initiated at the end of 2014 in favour of plant extracts with clinically-substantiated benefits and innovative fruit and vegetable-based concepts for example.
  • Personal Care grew 53.3% over the first nine months, with sales reaching €7.4 million The third quarter maintained the momentum of the first two quarters with growth in sales of 36.6%.
  • Toll Manufacturing revenue of €6.6 million was largely steady over the first nine months and derived primarily from krill toll manufacturing. As previously reported, this activity is now carried out at the Houston plant created in connection with the Aker BioMarine joint venture.

Positive trends spread across all three regions

€000s
IFRS
Unaudited data
9 months
2015
9 months
2014
Revenue mix
(%)
Change
(%)
Change
(%)

Constant exchange rates
Change
(%)

Like-for-like (constant currency and structure)
Europe/Africa 110,073 106,835 37.1% +3.0% +0.6% +0.6%
Americas 152,056 101,089 51.2% +50.4% +24.0% +8.9%
Asia/Pacific 34,842 30,445 11.7% +14.4% +7.5% +7.5%
Total 296,971 238,369 100% +24.6% +11.4% +5.0%
  • The Europe/Africa region had €110.1 million in revenue, up 3.0%, for the first nine months of the year. Sales in the third quarter were up 5.8%, highlighting this region's gradual return to growth, despite uneven performances from one country to the next.
  • The Americas region had nine-month revenue of €152.1 million (including the consolidation scope effect from VJI), up 50.4% for the period. In the third quarter, sales rose 33.6% to €49.7 million, driven primarily by strong growth in the United States.
  • The Asia/Pacific region had growth of 14.4% for the first nine months of 2015 with revenue of €34.8 million. Measures taken to rationalise the product lines of the Food & Beverage business adversely impacted third-quarter sales that amounted to €11.5 million whereas it continued to actively make strong inroads into the nutraceutical market.

"Solid organic growth of 6.1% in the 2015 third-quarter confirms the positive effects of a gradual and sustainable shift towards a business model for optimising growth and creating value", commented Olivier Rigaud, Chief Executive Officer and Director of Naturex. "By pursuing our strategy for business development in all regions where we operate and optimising our product portfolio, we have been successful in getting back on track with sustained growth for the first nine months, despite continuing volatility in selected markets. We are confident that this momentum will lead to quality growth for the full-year and be accompanied by an improvement in profitability in the second half. The adoption of new governance for the Sales Division and the reinforcing of management with the recruitment of experienced Senior Vice Presidents, General Managers for the four redefined geographic regions, will allow us to accelerate our growth in the months ahead in emerging markets and bolster our positions in North America and Europe, in line with the targets for growth and profitability of our BRIGHT2020 strategic plan."

 

You can receive all financial information of Naturex free of charge by signing up at: www.naturex.com

  • Financial schedule
    - 2015 third-quarter results 30 November 2015
  • Upcoming events
    Extraordinary General Meeting (Paris) 12 November 2015
    Actionaria tradeshow (Paris) 20-21 November 2015

Naturex has been listed since October 1996 on Euronext in Paris, Segment B

  Total number of shares comprising the share capital: 9,234,635 (October 2015)
ISIN FR0000054694

Naturex is a component of the CACT, Enternext CAC PEA-PME 150, CAC Small & Mid, CAC Small, Gaïa Index.
Naturex is eligible for the "long only" Deferred Settlement Service (SRD) and French equity plans (PEA and PEA-PME).
Naturex established a Sponsored Level 1 American Depositary Receipt (ADR) program in the United States. Under this facility, Naturex's ADRs are traded over-the-counter in the United States under the symbol NTUXY.

TICKER: NRX - Reuters: NATU.PA - Bloomberg: NRX:FP - DR SYMBOL: NTUXY

 

About Naturex

Naturex is the global leader in speciality plant-based natural ingredients. The Group is organised around three strategic markets (Food & Beverage, Nutrition & Health and Personal Care) and produces and markets speciality plant-based ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries.

Naturex's head office is based in Avignon. The company employs more than 1,700 people with 8 sourcing offices located throughout the world and high-performance manufacturing operations across 15 sites in Europe, Morocco, the United States, Brazil, Australia and India. It also has a global commercial presence through a dedicated network of sales offices in more than 20 countries.

  • Contacts
Carole Alexandre
Head of Investor Relations
Tel.: +33 (0)4 90 23 78 28
c.alexandre@naturex.com
Anne Catherine Bonjour
Actus Finance Press Relations
Tel.: +33 (0)1 53 67 36 93
acbonjour@actus.fr

 

 

INFORMATION ON 2015 THIRD-QUARTER SALES

 

Revenue mix by business

€000s
IFRS
(unaudited data)
Q3
2015
Q3
2014
Revenue mix
(%)
Change
(%)
Change
(%)

Constant exchange rates
Change
(%)

Like-for-like (constant currency and structure)
Food & Beverage 59,531 56,654 63.1% +5.1% -5.7% -5.7%
Nutrition & Health 30,483 21,096 32.3% +44.5% +30.1% +30.1%
Personal Care 2,277 1,667 2.4% +36.6% +24.5% +24.5%
Toll Manufacturing 2,030 611 2.2% +232.2% +215.2% +215.2%
Total 94,321 80,028 100.0% +17.9% +6.1% +6.1%

 

Revenue mix by region

€000s
IFRS
Unaudited data
Q3
2015
Q3
2014
Revenue mix
(%)
Change
(%)
Change
(%)

Constant exchange rates
Change
(%)

Like-for-like (constant currency and structure)
Europe/Africa 33,052 31,231 35.0% +5.8% +3.3% +3.3%
Americas 49,749 37,225 52.7% +33.6% +11.0% +11.0%
Asia/Pacific 11,521 11,572 12.2% -0.4% -2.3% -2.3%
Total 94,321 80,028 100% +17.9% +6.1% +6.1%

 

 

1 Vegetable Juices Inc. was consolidated by the Group as from June 2014. The consolidation scope effect concerns only sales from January to May 2015 as, starting from June 2015, this entity's sales were included within the historical Group structure.


Information réglementée
Information financière trimestrielle :
- Information financière du troisième trimestre
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