NATUREX : First positive effects of restructuring on operating indicators

  • Organic growth at a good level (restated basis)
  • Gross margin: 62.1%
  • Recurring EBITDA margin: 16.6%
  • Despite continuing adverse foreign exchange environment

Press release

Avignon, 26 May 2014 - Naturex, the global leader in specialty plant-based natural ingredients, announces its consolidated results for the 2014 first quarter:

¤ millions
Revenue 79.6 83.2 -4.3% 320.8
Gross margin 49.5 50.1 -1.3% 196.0
Gross margin (%) 62.1% 60.2%   61.1%
Staff costs (18.0) (17.0) +6.3% (69.1)
External charges (18.8) (20.0) -5.7% (79.5)
Amortisation, depreciation and impairment (4.6) (4.1) +11.3% (17.7)
Current operating income (EBIT) 8.7 10.0 -13.2% 35.3
Current operating margin (%) 10.9% 12.0%   11.0%
Recurring EBITDA 13.2 14.1 -6.0% 53.0
Recurring EBITDA margin (%) 16.6% 17.0%   16.5%
Other non-current operating expenses (0.2) (0.3) - (0.8)
Other non-current operating income - - - -
Net operating income 8.4 9.8 -14.0% 34.5
Share of net income of equity-accounted investees - - - (0.1)
Net operating income after share of net income of equity-accounted investees 8.5 9.8 -13.5% 34.3
Operating margin (%) 10.7% 11.7%   10.7%
Net borrowing costs (1.3) (1.0) - (5.4)
Other financial income and expenses 0.2 1.2 - (3.1)
Income before tax 7.4 9.9 -25.3% 25.9
Tax expense (2.3) (3.2) - (9.0)
Net income attributable to the Group 5.1 6.7 -23.4% 16.8
Net margin (%) 6.4% 8.0%   5.2%


Organic growth at a good level excluding exceptional impacts in Q1 2013

As announced in April of this year, 2014 first-quarter sales came to ¤79.6 million, with a - 2.1% change at constant exchange rates, mainly in response to an unfavourable comparison base, amplified by exceptional performances in the 2013 first quarter for Svetol® and krill extraction sales for AKER BioMarine. Restated to adjust for Svetol® and krill extraction sales, quarterly revenue achieved organic growth of 6.2% at constant exchange rates. The 2.2% negative currency effect for the period highlights a continuing adverse exchange rate environment not only for the US dollar but also most emerging country currencies.

The 1.9 point increase in the gross margin as a percentage of sales to 62.1% reflects the actions taken within the Group to increase productivity gains, confirming the positive upward momentum of the last quarters of 2013.


Operating indicators in line with structural adjustments

The restructuring and organisational adjustments implemented over the last 18 months have begun to make significant contributions to operating performances in the 2014 first quarter and even though, reflecting our international dimension, the underlying foreign exchange environment remains unfavourable:

  •  Current operating income amounted to ¤8.7 million due to lower sales than in the 2013 first quarter. This was however accompanied by an operating margin that stood at 10.9% in line with the level of margin recorded in 2013.This result takes into account a marginal increase in staff costs linked to the end of the recruitment programme pursued since the 2012 second half as well as efficient control over external charges in light of, on the one hand, lower sales and on the other hand, cost management efforts at the level of operational departments.
  • The recurring EBITDA margin came to 16.6%, in line with the level in 2013 despite the currency effects.
  • Consolidated operating profit totalled ¤8.5 million compared to ¤9.8 million in the 2013 first quarter for an operating margin of 10.7%. This includes ¤0.2 million in non-current operating expenses compared with ¤0.3 million one year earlier, relating mainly to acquisition-related expenses (Revised IFRS 3) and residual restructuring expenses from Pektowin in Poland.

Net income attributable to the Group amounted to ¤5.1 million compared to ¤6.7 million in the 2013 first quarter after a ¤2.3 million tax charge compared with ¤3.2 million one year earlier.

"This encouraging start to the year for Naturex highlights the first positive contributions of actions taken both on the quality of our organic growth and our main operating indicators", commented Naturex's CEO, Thierry Lambert. "Our continuing efforts in each of the areas where Naturex excels (sourcing, manufacturing, research and development, sales network), as well as synergies from the acquisition of Vegetable Juices Inc. will allow us to fine-tune our organisation in order to maximize our growth and optimize operating profitability over the medium-term."

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  • Calendar of financial communications
    Annual General Meeting 26 June 2014
    2014 H1 sales 25 July 2014
    2014 first-half results 29 August 2014
    2014 third-quarter sales 4 November 2014
    2014 third-quarter results 28 November 2014
    Revenue - FY 2014 3 February 2015
    Results - FY 2014 31 March 2015

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

  Total number of shares comprising the share capital: 7,857,089
ISIN FR0000054694

NATUREX is a component of the CAC PEA-PME, CAC Small, Gaïa Index.
Naturex is eligible for the "long only" Deferred Settlement Service (SRD).

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 1,450 people with 8 sourcing offices located throughout the world and high-performance manufacturing operations across 17 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
Thierry Lambert
Chief Executive Officer
Tel.: +33 (0)4 90 23 96 89
Thierry-Bertrand Lambert
Chief Administrative and Financial Officer
Tel.: +33 (0)4 90 23 96 89
Carole Alexandre
Investor Relations
Tel.: +33 (0)4 90 23 78 28
Anne Catherine Bonjour
Actus Finance Press Relations
Tel.: +33 (0)1 53 67 36 93
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