OENEO : 2011-2012 CONSOLIDATED RESULTS: 12.1% increase in Current Operating Income; Net income that has doubled and record deleveraging (-82%), with the sale of Radoux

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Consolidated income statement (¤m) 2010-2011 2011-2012 Change
Turnover 142.5 153.0 +7.4%
o/w Closures 65.0 75.4 +16,0%
o/w Barrels 77.5 77.6 +0.2%
Current operating income 22.1 24.8 +12.1%
o/w Closures 12.9 15.1 +17.4%
o/w Barrels 10.5 10.8 +3,0%
o/w Head Office (1.2) (1.1)  
Non-current operating income (2.5) 7.4  
Operating income 19.6 32.2 +64.5%
Financial income (3.6) (2.6)  
Income before tax 16,0 29.6 +85.7%
Tax (5.3) (6.5)  
Net income 10.7 23.2 +116.8%
     
Shareholders' Equity 106.0 128.5 +21.2%
Net debt 66.4 12.1 -81.7%

Oeneo's consolidated yearly statements for financial year 2011-12 ending 31 March 2012 were approved by its Board of Directors at its meeting of 6 June 2012.

2011-12 was an excellent year for Oeneo, marked by strong growth in activity (+7.4%) and another improvement in its current operating margin, which came in at 16.2% of turnover (15.5% in 2010-11).

Current operating income increased 12.1% to ¤24.8 million, whilst operating income jumped 64.5% to ¤32.2 million on the back of the net capital gain booked on the sale of the Radoux Group (Radoux, Victoria, Pronektar) which went through on 29 March 2012.

Net of financial expenses (down ¤1 million on the previous year) and tax, Group net income amounted to ¤23.2 million, up 116.8% on the ¤10.7 million booked for 2010-2011.

Comparison Vs LY

In order to simplify the comparison between financial years, Oeneo has indicated that, without the consolidation of Radoux and the net capital gain on its disposal, turnover for the period would have amounted to ¤126.6 million, for a current operating income of ¤19 million and a current operating margin of 15%. Operating income would have amounted to ¤17.5 million and net income after tax would have stood at ¤10.3 million.

Financial structure: Deleveraging is virtually complete in the space of a single year

Oeneo's shareholders' equity increased to ¤128.5 million on 31 March 2012 from ¤106 million one year earlier. The Group's net debt fell ¤54.3 million to ¤12.1 million thanks to the sale of Radoux and cash flow on operations. Net gearing now stands at 9%.

Buttressed by this outstanding performance, the Group is to recommend the payment of an ordinary dividend of ¤0.08 and an extraordinary dividend of ¤0.02 per share at its next Annual General Meeting.

Performance and outlook by Division

CLOSURES DIVISION : Acceleration in growth and stable earnings

Oeneo's Closures division enjoyed another year of strong growth in 2011-2012 (+16%), with the undisputed success of its Diam closures and sound product mix generating a turnover of ¤75.4 million. Over the period, the Group's Diam range grew 22.2%, with the close to 630 million closures sold not only accounting for more than 70% of the division's turnover, but taking the Group past the symbolic bar of one billion technological closures sold.

Despite the costs linked to the acceleration in output at the new factory and steeper raw material prices, the division was able to repeat the excellent operating performance it posted in 2010-2011. Current operating income increased 17.4% to ¤15.1 million, resulting in an operating margin of 20.0% for the period.

BARRELS DIVISION : New increase in margins despite a lackluster market backdrop

Despite a subdued climate, turnover for Oeneo's Barrels division increased slightly in 2011-2012 to stand at ¤77.6 million (+0.2%).

Current operating income grew 3% over the period to ¤10.8 million, resulting in a current operating margin of 13.9% as the division streamlined its industrial costs and sales prices held steady.

Excluding Radoux, the division's turnover would have amounted to ¤51 million for a current operating margin of 10%, which means that the Group has every reason to expect a strong improvement in productivity in the years to come.

Outlook

Oeneo intends to pursue the virtuous cycle driving its closures activity as it develops its sales for the latest generation of Diam closures, to cement its positioning on the very high-end market for barrels, and to improve its operating performance across the board.

Oeneo Group will hold its Annual General Meeting on 20 July 2012 and will publish its first-quarter sales on the same day before the markets open.

About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specializes in two complementary businesses:
o Closures, involving the manufacture and sale of high value-added technological closures, including the DIAM closure, an innovation with no equivalent on the market;
o Barrels, providing high-end solutions for ageing wines and spirits for leading market players.

Contacts
Oeneo:
Hervé Dumesny +33 (0)1 44 13 44 39
Actus Finance:
Guillaume Le Floch +33 (0)1 72 74 82 25 Analysts - Investors
Clémence Fugain +33 (0)1 53 67 35 71 Analysts- Investors
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations

Annex :

Consolidated income statement (¤m) 31/03/2012 31/03/2011
   
Turnover 153 014 142 492
Other operating revenues 827 176
Purchases (58 460) (49 892)
External expenses (29 015) (27 043)
Personnal expenses (34 273) (32 717)
Taxes (1 699) (1 864)
Depreciation & amortization (7 764) (7 010)
Provisions (1 736) (1 397)
Variation of the stocks and finished products 3 656 (483)
Other operating expenses 232 (149)
Current operating income 24 782 22 113
   
Revenues of consolidated cession of participations 12 265 -
Other income & expenses non current operating (4 823) (2 518)
Operating income 32 224 19 595
   
Finance income on cash & cash equivalents 41 2
Cost of gross financial debt (2 393) (3 323)
Cost of net financial debt (2 352) (3 321)
Other financial income & expenses (240) (319)
Income before tax 29 632 15 955
   
Income tax (6 473) (5 273)
Income after tax 23 159 10 682
   
Résultat des sociétés mises en équivalence   -
Net income 23 159 10 682
   
Minority interests 600 410
Net income (Group share) 22 559 10 272
   
Basic earnings per share (in euros) 0,50 0,24
Dilutued earnings per share (in euros) 0,38 0,18
Net income 23 159 10 682
   
Ecarts de conversion 642 (424)
Deferred tax on ORA (equity) (13) (13)
Others deferred tax on hedging instruments* 94 (101)
   
Total global income 23 882 10 144
- group share 23 282 9 734
- minority interests 600 410

* net of deferred tax

Assets    
¤m 31/03/2012 31/03/2011
Goodwill 13 448 19 314
Intangible assets 170 360
Tangible fixed assets 66 321 75 938
Share accounted in equivalence - -
Other financial assets 45 71
Fixed assets 45 71
Deferred tax assets 13 502 14 775
Total non current assets 93 486 110 458
   
Inventories 56 533 69 098
Trade accounts recevable 40 022 42 331
Tax receivable 790 544
Other current assets 2 691 6 292
Cash & cash equivalents 18 239 13 390
Total current assets 118 275 131 655
Total assets 211 761 242 113
   
Equity & liabilities    
¤m 31/03/2012 31/03/2011
   
Share capital 50 620 44 402
Additional paid in capital 3 216 1 973
Reserves 49 921 47 556
Results 22 559 10 272
Total equity (Group share) 126 316 104 203
   
Minority interests 2 193 1 761
Total equity 128 509 105 964
   
Borrowings & debt 17 933 43 137
Employee benefits 545 691
Other provisions 75 190
Deferred tax 2 126 949
Other non current liabilities 4 307 4 993
Non current liabilities 24 986 49 960
   
Borrowings & bank otherdrafts (part
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