NATUREX : Very good Q3 contribution from Vegetable Juices Inc.

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2014 nine-month sales
(1st January to 30 September 2014)

 

Very good Q3 contribution from Vegetable Juices Inc.

  • Worldwide economic environment still adverse
  • Sustained growth by Food & Beverage

Press release

Avignon, 4 November 2014 - Naturex, the global leader in specialty plant-based natural ingredients, announces its consolidated revenue for the first nine months of 2014:

¤000s
IFRS
(unaudited data)
FY 2014 FY 2013 Change
(%)
Change (%)
at constant exchange rates
Restated* 1st quarter 76,984 74,212 +3.7% +6.3%
Restated 2nd quarter 74,475 77,425 -3.8% -0.5%
Restated 3rd quarter 79,289 72,397 +9.5% +9.6%
Restated 9-month revenue
Excl. Svetol® in the US and krill extraction sales
230,748 224,034 +3.0% +5.0%
Svetol® sales in the US
(included in the N&H)
2,385 8,278    
Krill extraction
(included in Toll Manufacturing)
5,236 10,259    
Consolidated 9-month revenue
Including Svetol® in the US and krill extraction sales
238,369 242,571 -1.7% +0.2%

* Quarterly data presented above was restated to adjust for Svetol® sales in the United States and krill extraction sales in light of the exceptional performances registered in 2013 for these two items and their non-recurring impact on 2014. Furthermore, as from September 2014, krill extraction operations were transferred to the joint venture with Aker BioMarine. Reported quarterly data is presented in the appendix to this press release.

 

2014 third-quarter revenue, as the first two quarters, was impacted by the base effect from exceptional conditions that have benefited in 2013, the green coffee bean extract with slimming effects (Svetol® in the United States) and krill extraction sales. It is noted that Krill extraction operations were transferred to the joint venture created with Aker BioMarine with its Houston production plant since September 2014.

Restated to eliminate these non-recurring items, third-quarter sales amounted to ¤79.3 million, up 9.6% at constant exchange rates. This growth reflects mainly acquisitions1 with a very good contribution from Vegetable Juices Inc. based on sales of ¤8.8 million. Adverse currency effects that significantly impacted the last two quarters' sales were sharply reduced in the third quarter as the US dollar strengthened in August and September 2014.

On that basis, at constant exchange rates nine-month sales grew 5% to ¤230.7 million. On a reported consolidated basis, sales reached ¤238.4 million, up 0.2% at constant exchange rates (-1.7% at current exchange rates), including the strong four-month contribution from Vegetable Juices Inc. (¤11.8 million) and impacted by the ¤10.9 million base effect differential from Svetol® and krill extraction sales.

 

Food & Beverage driving growth

¤000s
IFRS
Restated sales2
9 months
FY 2014
9 months
FY 2013
Revenue mix
(%)
Change
(%)
Change
(%)

constant exchange rates
Food & Beverage 155,326 141,552 67.3% +9.7% +11.7%
Nutrition & Health 67,777 75,211 29.4% -9.9% -7.7%
Personal Care 4,841 4,291 2.1% +12.8% +14.0%
Toll Manufacturing 2,804 2,980 1.2% -5.9% -3.5%
Total 230,748 224,034 100% +3.0% +5.0%

 

  • Food & Beverage (67.3% of restated sales2 for the period), grew 11.7% at constant exchange rates, driven mainly by sales from Vegetable Juices Inc., consolidated since June 2014, and that contributed to Naturex's F&V (Fruits & Vegetables) range. In addition, the completed reorganisation of the Group's commercial operations and clarification of the offering at the end of 2013 has set the stage for capturing the growth that is still subdued in selected European markets. However, in response to continuing adverse economic conditions and geopolitical tensions in certain regions of the world, the main international players of the food industry have adjusted their inventories, resulting in delays in purchasing.
  • Nutrition & Health recorded a 7.7% decline in restated sales for Svetol® US at constant exchange rates. In the United States, the main contributor to this business, selected nutraceutical customers significantly reduced inventories and revisions to their first half sales forecasts were extended over to the third quarter. Furthermore, a portion of the botanical extract range was adversely affected by increased competition in a difficult market environment.
  • Personal Care grew 14% at constant exchange rates from a sales base of ¤4.8 million that is still limited relative to the Group's scale. With an expanded technical range of plant extracts and botanical oils as well as purified active molecules, this activity is positively positioned to address evolving trends in the cosmetics market in favour of more natural products.
  • Toll Manufacturing, restated to adjust for sales from krill extraction, contributed marginally to revenue in the period based on a level that was virtually on par with 2013. Krill extraction sales are now generated through the Houston plant created under the joint venture with Aker BioMarine.

 

Strong growth in the Americas following the successful integration of Vegetable Juices Inc.

¤000s
IFRS
Restated sales2
9 months
FY 2014
9 months
FY 2013
Revenue mix
(%)
Change
(%)
Change
(%)

constant exchange rates
Europe/Africa 101,598 103,632 44.0% -2.0% -2.5%
Americas 98,704 90,207 42.8% +9.4% +13.3%
Asia/Pacific 30,445 30,196 13.2% +0.8% +6.0%
Total 230,748 224,034 100% +3.0% +5.0%
  • The Europe/Africa region recorded a decline of 2.5% at constant exchange rates from last year's same period, excluding krill extraction toll manufacturing sales. With the economic environment still sluggish and against the backdrop of the Ukraine-Russia crisis, consumer confidence has experienced difficulty in recovering; all players of the ingredients sector were adversely impacted by inventory adjustments from customers in the food processing and nutraceutical industries.
  • The Americas region registered sales growth of 13.3% at constant exchange rates (excluding Svetol® sales), reflecting mainly the successful integration in the United States of Vegetable Juices Inc. with a substantial four-month contribution to the Food & Beverage activity. Sales to the United States were also adversely impacted by tensions in the nutraceutical market in terms of competition and a phenomenon of destocking by selected customers which persisted in the 2014 third quarter.
  • The Asia/Pacific region gained 6% at constant exchange rates. Asian countries continue to grow despite marginally lower sales in the 2014 third quarter and the Pacific region (Australia and New Zealand), which accounted for 17% of the sales for this geographic segment excluding the historic business of ingredients distribution in Australia still declining, showed strong growth in the period (+35% at constant exchange rates) around botanical extracts for the nutraceutical market.
  • Emerging countries account for 18.9% of Group sales, up from 17.9% one year earlier.

"Sales for the first nine months were in line with expectations given the persistently gloomy economic climate, an increased wait-and-see approach by international players and the substantial impact of the exceptionally high comparison base of 2013", commented Thierry Lambert, Chairman of the Board of Directors. "However, sales growth in the 2014 third quarter confirms the attractive positioning of Vegetable Juices Inc. in the Food & Beverage market while the start of its integration highlights the strong potential of this acquisition in terms of commercial and technical synergies within the Group."

Olivier Rigaud, Naturex's Chief Executive Officer who joined the Group on 1st October 2014 added: "In a market with a strong focus on naturalness and "clean label", Naturex's rich product range as well as its significant capacity for sourcing and innovation constitute tremendous assets. In recent weeks, I have been able to observe the expertise and professionalism of the Group's teams. The top challenge going forward will be to ramp up our commercial action in order to fully capitalise on these competitive advantages and generate organic growth of good quality."

 

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

 

  • Financial schedule
    - 2014 third-quarter results
    - Annual revenue
    - Annual results
    28 November 2014
    3 February 2015
    31 March 2015
  • Upcoming events
    - Actionaria tradeshow (Paris)
    - SFAF analysts meeting (Paris)
    21-22 November 2014
    3 April 2015

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

  Total number of shares comprising the share capital: 9,194,933 (September 2014)
ISIN FR0000054694

NATUREX is a component of the CACT, CAC®PME, 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 1,600 people with 8 sourcing offices located throughout the world and high-performance manufacturing operations across 16 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
Investor Relations
Tel.: +33 (0)4 90 23 78 28
c.alexandre@naturex.com
 
 
Thierry-Bertrand Lambert
Chief Financial Officer
Tel.: +33 (0)4 90 23 96 89
t.b.lambert@naturex.com
Anne Catherine Bonjour
Actus Finance Press Relations
Tel.: +33 (0)1 53 67 36 93
acbonjour@actus.fr
 

 

 

APPENDIX
Reported sales by market segment and geographic region

¤000s
IFRS
Unaudited data
Reported revenue
FY 2014 FY 2013 Change (%) Change (%)
at constant exchange rates
1st quarter 79,603 83,196 -4.3% -2.1%
2nd quarter 78,738 82,558 -4.6% -1.4%
3rd quarter 80,028 76,817 +4.2% +4.3%
9-month revenue (YTD) 238,369 242,571 -1.7% +0.2%

¤000s
IFRS
Reported sales
9 months
FY 2014
9 months
FY 2013
Revenue mix
(%)
Change
(%)
Change
(%)

constant exchange rates
Revenue mix by business          
Food & Beverage 155,326 141,552 65.2% +9.7% +11.7%
Nutrition & Health 70,162 83,489 29.4% -16.0% -13.9%
Personal Care 4,841 4,291 2.0% +12.8% +14.0%
Toll Manufacturing 8,040 13,239 3.4% -39.3% -38.7%
Total 238,369 242,571 100% -1.7% +0.2%
           
Revenue
by region
         
Europe/Africa 106,835 113,891 44.8% -6.2% -6.7%
Americas 101,089 98,484 42.4% +2.6% +6.3%
Asia/Pacific 30,445 30,196 12.8% +0.8% +6.0%
Total 238,369 242,571 100% -1.7% +0.2%

 

Svetol® sales in the US

¤000s
IFRS
Unaudited data
FY 2014 FY 2013
1st quarter 921 4,544
2rd quarter 929 2,743
3rd quarter 535 991
9-month revenue (YTD) 2,385 8,278
4th quarter Reported on 03/02/2015 2,187
Total Reported on 03/02/2015 10,465

 

Krill extraction sales

¤000s
IFRS
Unaudited data
FY 2014 FY 2013
1st quarter 1,698 4,440
2th quarter 3,334 2,390
3th quarter 204 3,429
9-month revenue (YTD) 5,236 10,259
4th quarter Reported on 03/02/2015 3,818
Total Reported on 03/02/2015 14,077

 

 

1 Integration of Vegetable Juices Inc. in June 2014 and Chile Botanics in January 2014

2 Excluding Svetol® sales in the US (Nutrition & Health activity) - and krill extraction sales (Toll Manufacturing activity)


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