OENEO : 2013-2014 CONSOLIDATED RESULTS : Current operating profit: +30%

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2013-2014 CONSOLIDATED RESULTS

Current operating profit: +30%

Consolidated Profit & Loss statement (¤m) 2012-2013 2013-2014 Change  
 
Turnover 134.7 151.0 +12.1%  
o/w Closures 79.4 93.4 +17.7%  
o/w Barrels 55.3 57.6 +4.2%  
Current operating profit 20.5 26.7 +30.1%  
o/w Closures 15.3 20.1 +32.0%  
o/w Barrels 6.5 8.5 +30.5%  
o/w Corporate (1.3) (1.9)    
Non-current operating profit (1.0) (0.6)    
Operating profit 19.5 26.0 +33.5%  
Financial profit (0.8) (2.3)    
Pre-tax profit 18.7 23.7 +26.9%  
Tax (7.4) (9.5)    
Net profit 11.3 14.3 +26.2%  
         
Shareholders' equity 138.8 153.8 +10.8%  
Net debt 7.5 1.4 -81.7%  

The accounts have been audited. The certification report will be issued after the requirements for the publication of the annual report have been met.

 

Oeneo's consolidated statements for financial year 2013-14 ending 31 March 2014 were approved by its Board of Directors at its meeting of 4 June 2014.

Oeneo Group saw growth accelerate in 2013-14, delivering an across-the-board improvement in profitability indicators and economic fundamentals.

This dynamic performance for the year (+12.1%, +13.2% at constant exchange rates) was accompanied by a significant improvement of over 30% in current operating profit and, together, added more than two points to the Group's current operating margin of 17.7% for the period. Both divisions contributed to this growth.

Oeneo's net profit increased 26% in 2013-14, taking its net margin to a high 9.4%.

Bolstered by these strong results, shareholders' equity amounted to ¤153.8 million on 31 March 2014. The robust increase (+¤19.1 million) in cash flow from operations in 2013-14 was instrumental in financing investments (¤12.7 million including the sums allocated to the start-up of the new Diam 3 plant in Céret) and deleveraging Group debt which is virtually complete. At the end of the financial year, Oeneo's net debt was reduced to ¤1.4 million.

The Group will recommend the payment of an ordinary dividend of ¤0.10 per share at its next Annual General Meeting.

Performance and outlook by Division
 

CLOSURES: Record current operating margin of 21.5%
 

Financial year 2013-14 was an excellent vintage for Oeneo's Closures division which sold more than 1.1 billion units, including close to 900 million high value-added Diam closures. The period also saw the Group cement its market share around the world, with a 17.7% increase in global sales.

Boosted by this growth, and underpinned by a pricing policy to offset the rising cost of raw materials and by a carefully-controlled cost structure, the current operating margin for Closures climbed to a record 21.5%.

As things stand, the division's performance and the regular increase in Diam volumes fully justify Oeneo's decision to extend its production capacities with the future Diamant plant in Céret to be commissioned mid-2015.

BARRELS: Increase in current operating margin to 14.7%
 

Oeneo's Barrels division posted solid growth of 4.4% in 2013-14 (+5.5% at constant exchange rates) despite a persistently lackluster market environment and uneven harvesting.

The measures taken to streamline material costs, productivity and, ultimately, the division's profitability are bearing real fruits. The operating margin for Barrels amounted to 14.7% for 2013-14 compared with a figure of 11.7% one year earlier.

The division will continue to optimize its industrial processes to accelerate the virtuous circle that begun two years ago.

Oeneo Group will publish its turnover for the first quarter of 2014-2015 on 23 July.

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 aging 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
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations
 

Appendices
 

BALANCE SHEET - ASSETS    
In thousands of euros 31/03/2014 31/03/2013
Goodwill 14,090 13,448
Intangible fixed assets 202 135
Tangible fixed assets 70,022 64,208
Investments in equity affiliates - -
Other financial assets 96 97
Financial assets 96 97
Deferred taxes 8,287 10,587
Other long-term assets 2,685 -
Total Non-Current Assets 95,382 88,475
Stocks and work in progress 64,187 57,429
Trade and other receivables 43,654 39,510
Tax receivables 150 285
Other current assets 944 816
Cash and cash equivalents 17,276 10,678
Total Current Assets 126,211 108,718
Assets held for sale 1,500 1,500
Total Assets 223,093 198,693
     
BALANCE SHEET - LIABILITIES    
In thousands of euros 31/03/2014 31/03/2013
Paid-in capital 60,239 54,929
Share premium 6,791 5,729
Reserves and retained earnings 69,867 64,788
Profit for the year 13,572 10,613
Total Shareholders' equity (Group share) 150,469 136,059
Minority interests 3,343 2,710
Total Shareholders' equity 153,812 138,769
Borrowings and financial debt 8,994 11,869
Employee benefits 876 797
Other provisions 50 50
Deferred taxes 3,603 2,438
Other non-current liabilities 7,897 4,126
Total Non-Current Liabilities 21,420 19,280
Borrowings and short-term bank debt (portion due in less than 1 year) 9,652 6,318
Provisions (portion due in less than 1 year) 1,004 1,378
Trade and other payables 31,321 27,810
Other current liabilities 5,884 5,138
Total Current Liabilities 47,861 40,644
Total Liabilities 223,093 198,693

PROFIT & LOSS STATEMENT    
In thousands of euros 31/03/2014 31/03/2013
Turnover 151,012 134,677
Other income 984 795
Purchases consumed (60,284) (49,014)
External costs (26,748) (24,621)
Payroll costs (32,138) (29,215)
Tax (1,617) (1,583)
Depreciation and amortization (6,396) (6,914)
Provisions (3,048) (2,521)
Change in stocks of finished goods and work in progress 5,017 (857)
Other current income and expenses (112) (239)
Current Operating Profit 26,670 20,508
as a % of turnover 17.7% 15.2%
Operating Profit 26,046 19,517
Income from cash and cash equivalents 42 21
Cost of gross financial debt (947) (1,429)
Cost of net financial debt (905) (1,408)
Other financial income and expenses (1,430) 605
Profit before tax 23,711 18,714
Income tax (9,460) (7,416)
Profit after tax 14,251 11,298
Net profit 14,251 11,298
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