Turnover growth confirmed: +5.2% (organic) in 2012-13
Good performance for both divisions
P&L forecast for 2012-13 (pre audit)
In ¤ million
|2011-12 Proforma*||2012-13||Delta||Like-for-like change**|
2012-13 turnover (pre-audit) - *Excluding Radoux which was sold at the end of March 2012 - ** At constant exchange rates
In line with the trend experienced during the first nine months of the year, Oeneo's solid performance in the fourth quarter of 2012-13 resulted in a 6.5% increase in turnover and uniform growth across both divisions.
With turnover for the full year amounting to ¤134.7 million (+5.2% like-for-like), Oeneo's pre-audit forecasts point to a current operating margin slightly above ¤20 million for the period (against ¤19.0 million like-for-like in 2011-12). Net debt is expected to amount c. ¤8 million by close of the year (compared with ¤12.1 million on 31stMarch 2012).
Closures: Nearly one billion closures sold including 710 million from the Diam range
Oeneo's Closures division benefited once again from the success of its Diam range with sales volumes increasing 12.8% to reach 710 million units, and from a positive product mix that resulted in a 15.0% increase in value terms. Sales were particularly upbeat in the United States and across Europe (excluding France).
Sales volumes for other technological closures fell 27% to around 280 million units (-17.6% in value), in line with the Group's strategy to withdraw gradually from ranges with lower added value than Diam.
Barrels: a better momentum
Oeneo's Barrels division returned to growth in financial year 2012-2013, with a ¤ 55.3 million turnover (increase of 5.8% in organic). The group benefited from a very satisfactory harvest in the United States, prompting local wine producers to start investing again and enabling Oeneo to benefit from its sales efforts in recent years. Sales were dynamic across all product lines, notably large containers and alternative products.
Outlook: a new Diam plant in France
In the current uncertain economic climate, particularly in Europe, Oeneo remains cautious with its expectations while still determined to continue developing its activities across all geographic regions.
The Board of Directors has approved launching construction of a new plant for the treatment of cork through supercritical CO2 extraction at Céret in France. Estimated at a cost of ¤25 million, this investment will enable the group to increase the yearly production capacity of Diam closures to over 1.5 billion units by mid-2015.
Oeneo group will publish its 2012-13 annual results on 3rd June.
About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specialises 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.
Oeneo: Hervé Dumesny +33 (0)1 44 13 44 39
Guillaume Le Floch +33 (0)1 72 74 82 25 Analysts - Investors
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations
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|OENEO||Euronext Paris||9.52 (c)||-0.94%||7 618|