NATUREX : Strong start to the year

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  • 14.4% growth at constant exchange rates
  • Positive momentum in all geographic regions

Press release

Avignon, 26 April 2013 - Naturex, the global leader in speciality plant-based natural ingredients, announces its 2013 first-quarter consolidated revenue:

¤000s
IFRS
Unaudited data
Q12013 Q12012 Change (%) Change (%)
at constant exchange
rates
Revenue 83,196 73,473 +13.2% +14.4%

Consolidated revenue for the 2013 first quarter amounted to ¤83.2 million, up 13.2% compared to last year's same period.

At constant exchange rates, sales in the quarter grew 14.4%. This included organic growth of 12.5% and 1.9% from recent acquisitions that consisted mainly of contributions by Valentine (India) as from 1st April 2012 and Decas Botanical Synergies (US) as from 19 September 2012.

The negative currency effect of 1.2% reflects primarily the US dollar's decline in the period.

Strong momentum for Nutrition & Health

¤000s
IFRS
Unaudited data
Q12013 Q12012 Revenue
mix
(%)
Change
(%)
Change
(%)
constant exchange rates
Food & Beverage 46,719 47,828 56.2% -2.3% -1.1%
Nutrition & Health 29,238 22,026 35.1% +32.7% +33.7%
Personal Care 1,464 1,293 1.8% +13.3% +14.4%
Toll Manufacturing 5,773 2,326 6.9% +148.2% +148.5%

All three markets registered sequential sales growth (vs. Q4 2012,) whereas trends in relation to last year's first quarter were more uneven:

  • The Food & Beverage division had revenue of ¤46.7 million, down 1.1% at constant exchange rates, reflecting its significant exposure to European markets still marked by a climate of economic gloom, and also the slowdown of the distribution activity in Australia.
  • Nutrition & Health achieved strong growth of 33.7% at constant exchange rates to reach revenue of ¤29.2 million, boosted in particular by strong performance of the NATlife(TM) range of innovative extracts with proven clinical benefits;
  • Personal Care, still in an initial development phase, posted continuing gains with revenue of ¤1.5 million, up 14.4% at constant exchange rates. The Group's scientific, marketing and sales teams are fully focused on transforming the range of natural ingredients into a more innovative offering, notably through a selection of premium African plants with potential for numerous combinations for cosmetics market applications;
  • Toll Manufacturing revenue increased in the quarter by a multiple of nearly 2.5 to ¤5.8 million.

Positive momentum in all geographic regions

¤000s
IFRS
Unaudited data
Q12013 Q12012 Revenue mix
(%)
Change
(%)
Change
(%)

constant exchange rates
Europe/Africa 40,288 36,554 48.4% +10.2% +10.3%
Americas 33,431 27,871 40.2% +20.0% +22.4%
Asia/Pacific 9,475 9,048 11.4% +4.7% +6.2%

To take into account the breakdown by geographic regions of our Sales Divisions, countries of the Middle East region that were previously included in Europe/Africa are now presented within the Asia/Pacific region. The Q1 2012 revenue breakdown by geographic region in consequence takes into account this new presentation.

All geographic regions delivered good growth despite disparities between markets. Those of Western Europe are thus adversely affected by a depressed economic climate and the wait-and-see position of manufacturers with respect to new product developments while North America and emerging countries continue to progress at a steady pace.

  • Europe / Africa had revenue of ¤40.3 million, up 10.3% at constant exchange rates from last year's first quarter, driven in particular by growing momentum for toll manufacturing as well as good resilience of selected countries;
  • The Americas, with ¤33.4 million in revenue, were bolstered both by the success in North America of the NATlife(TM) range and continuing steady gains in Latin America;
  • The Asia / Pacific region registered moderate growth of 6.2% at constant exchange rates to ¤9.5 million, largely due to the slowdown for the distribution of ingredients in Australia and caused by local food industry developments specific to this market. Asian countries, that accounted for nearly 50% of the quarter's sales, delivered excellent performances.

In this context, the positive momentum of emerging countries that accounted for 15.6% of the quarter's sales of the Group was confirmed.

"Naturex has begun the year with a very promising start based on solid organic growth", commented Naturex's Chairman-CEO, Thierry Lambert. "Our commercial teams worldwide remain focused on proposing customers innovative solutions specifically adapted to their needs, supported by the scientific expertise of our R&D, technological know-how and an ability to select raw materials in accordance with sustainable and fair trade sourcing practices. "

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

  • Financial schedule
  • Q1 2013 results:
29 May 2013
  • Upcoming events
  • AGM - Paris
26 June 2013

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

Total number of shares comprising the share capital: 7,816,395
ISIN FR0000054694

Naturex is a component of the CAC Small and Gaïa indexes.
Naturex is eligible for the "long only" Deferred Settlement Service (SRD).
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.

About Naturex

Naturex is a 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 1,300 people with high-performance manufacturing operations across 15 sites in Europe (France, Italy, Spain, the United Kingdom, Switzerland, Poland) as well as in Morocco, the United States, Brazil, Australia and India. It also has a global presence through a dedicated network of sales offices in 20 countries (France, Italy, Spain, Morocco, the United Kingdom, Belgium, Germany, Poland, Russia, UAE, Thailand, Japan, China, Korea, Australia, the United States, Canada, Brazil, Mexico and India).

Naturex's development is supported by positive underlying trends linked to the fast-growing demand for natural products and its capacity to provide manufacturers customised solutions to meet the requirements of their end consumers. The Group's strength lies in its positioning with specific products which constitute niche markets, supported by strong sourcing capacity and sustained research & development.

Contacts

Thierry Lambert
Chairman and Chief Executive Officer
Tel.: +33 (0)4 90 23 96 89
t.lambert@naturex.com
Thierry Bertrand Lambert
Chief Financial Officer
Tel.: +33 (0)4 90 23 96 89
t.blambert@naturex.com
Carole Alexandre
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
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