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2016-02-04

BONDUELLE - First Half Year 2015-2016 Turnover: Turnover growth in line with the annual objective

BONDUELLE

A French SCA (Partnership Limited by Shares) with a capital of 56,000,000
Euros - Head Offices: La Woestyne 59173 Renescure, France

Business registration number: B 447 250 044 (Dunkerque Registrar of
Businesses) - finance@bonduelle.com

First Half Year 2015-2016 Turnover

Turnover growth in line with the annual objective

A more dynamic 2ndquarter driven by the Non-Europe Zone

The Bonduelle Group's turnover stands for the 1sthalf of financial year
2015-2016 (1stof July 2015 - 31stof December 2015) at 1,011.6 million of
euro, a growth of + 2.6 % on a like-for-like basis* and a slight downturn (-
0.7 %) based on reported figures, due to the adverse impact of currencies, in
particular the Russian rouble.

In the 2ndquarter growth was up by + 4.1 % on a like-for-like basis* against +
0.9 % in the 1stquarter, fuelled by strong growth in the Non-Europe Zone (+
11 %).

Activity by Geographic Region

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| Total consolidated turnover 1stHY 1stHY Variation at current Variation at constant scope of 2ndquarter 2015-2016 2ndquarter Variation at current Variation at constant scope of |
| exchange rates consolidation and exchange rates 2014-2015 exchange rates consolidation and exchange rates |
|(in 2015-2016 2014-2015 |
|€ |
|millions) |
| Europe Zone 637.7 639.4 - 0.3 % - 0.2 % 326.- 326.4 - 0.1 % - 0.1 % |
| Non-Europe Zone 373.8 379.4 - 1.5 % 7.9 % 222.8 228.1 - 2.4 % 11.- % |
| Total 1,011.6 1,018.8 - 0.7 % 2.6 % 548.7 554.5 - 1. - % 4.1 % |
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Activity
by Operating Segments

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Total consolidated turnover 1stHY 1stHY Variation at current Variation at constant scope of 2ndquarter 2015-2016 2ndquarter Variation at current Variation at constant scope of |
| exchange rates consolidation and exchange rates 2014-2015 exchange rates consolidation and exchange rates |
|(in 2015-2016 2014-2015 |
|€ |
|millions) |
| Canned 509.3 558.- - 8.7 % - 3.1 % 292.3 317.5 - 7.9 % - 0.1 % |
| Frozen 299.9 270.4 10.9 % 11.2 % 163.2 146.5 11.3 % 13.3 % |
| Fresh processed 202.4 190.4 6.3 % 6.3 % 93.3 90.5 3.1 % 3.1 % |
| Total 1,011.6 1,018.8 - 0.7 % 2.6 % 548.7 554.5 - 1. - % 4.1 % |
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Europe Zone

The turnover of the Europe Zone remained virtually steady (- 0.2 % on a
like-for-like basis*, - 0.3 % based on reported figures) over the 1stsix
months of this financial year. The canned operating segment, while very
impacted by the non-renewal of unprofitable private labels contracts, limited
the decline by an ongoing growth of sales of cans for the Bonduelle and
Cassegrain brands.

The frozen operating segment remained stable, notably in the food service
sector which continues to be shaken by the economic climate.
The fresh processed operating segment recorded its 8thquarterly growth and an
upturn of + 6.3 % over the first 6 months of this financial year. A high
basis of comparison in delicatessen coupled with favourable weather
conditions for the raw salads were factors limiting growth over Q2. The
Bonduelle brand confirmed, over this quarter, its leadership position in
bagged ready-to-eat salads in France, won at the beginning of this financial
year.

Non-Europe Zone

Over the first six months of this FY, the Non-Europe Zone increased by + 7.9 %
on a like-for-like basis*, a decline of - 1.5 % based on reported figures,
attributable to adverse exchange-rate movements and the Russian rouble in
particular. The zone recorded on Q2 a very dynamic growth reaching + 11 %.
The activity in Russia and the other countries of the Community of Independent
States (CIS) had to face a sluggish consumption climate. After a difficult FY
start (availability of raw vegetables), the second quarter (notably in
December) showed signs of activity recovery. The accessibility and the
breadth of the Bonduelle canned product range in Russia, allowed a remarkable
resilience of the sales and market shares for the group, despite a
particularly high basis of comparison set for Q2.
In the Americas zone, notably in North America, the group recorded a growth
that outperformed the markets thus strengthening its commercial positions. In
addition, it benefited from the revival of competitiveness of the
American/Canadian dollar parity for all exports made from the Canada to the
USA.

Highlights

Reorganization of production sites in the North of the Picardie (France)

The subsidiary BELL (Bonduelle Europe Long Life) part of the Bonduelle Group
presented to the company's central works council, on the 25thof January 2016,
a plan for restructuring its industrial facilities in north of France. The
plan provides for the shutdown of the activity of the plant based in Russy
Bémont (Oise), concentrating its Nord Picardie vegetable canning activities
at the sites of Estrées Mons (Somme), Vaulx Vraucourt (Pas de Calais), and
Renescure (Nord).

The European market for canned green vegetables is indeed suffering from
excess production capacity. This situation has led to a price war, notably in
the private-label market, which has highly impacted the profitability of the
subsidiary.
In this context, BELL must therefore adapt its industrial assets while
pursuing its strategy to develop its own brands.
Plan to shut down the production activities of Russy Bémont would take place
end of June 2016, while logistical activities should continue until the end
of September 2016.

Divestiture of the interest in UCR

The Ardo and Bonduelle groups, leaders in processing frozen vegetables in
Europe, announced on the 3rdof February 2016, a plan where the Bonduelle
Group is to sell to Ardo all its equity stake (50 %) in the Ultracongelados
de la Ribera (UCR) joint venture co-owned with Ardo.

According to the plan, Ardo will retroactively acquire all Bonduelle
shareholding as of 1stof January 2016; along with the real estate assets of
the site located in Valence up to then property of Bonduelle.

Outlooks

In a highly demanding environment, both in Western and Eastern Europe, the
Bonduelle Group nevertheless recorded another six months of solid growth in
line with its annual objective. The results to be published on March the 1st,
2016 should allow refining the current operating profitability prospect for
FY 2015-2016.

* at constant scope of consolidation and exchange rates

Next financial events:

- 2015-2016 Half FY Results:
1stof March 2016 (prior to stock exchange trading session)
- 2015-2016 3rdQuarter FY Turnover:
4thof May 2016 (prior to stock exchange trading session)

About Bonduelle

Bonduelle, a family business, was established in 1853. Its mission is to be
the world reference in "well-living" through vegetable products."
Prioritising innovation and long-term vision, the group is diversifying its
operations and geographical presence. Its vegetables, grown over 128,000
hectares all over the world, are sold in 100 countries under various brand
names and through various distribution channels and technologies. Expert in
agro-industry with 58 industrial sites or own agricultural production,
Bonduelle produces quality products by selecting the best crop areas close to
its customers.
Bonduelle is listed on Euronext compartment B - Indices: CAC MID&SMALL - CAC
ALL-TRADABLE - CAC ALL SHARES
Code ISIN : FR0000063935 - Code Reuters : BOND.PA - Code Bloomberg : BON FP
First Half Year 2015-2016 Turnover
http://hugin.info/143377/R/1983367/726853.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BONDUELLE via Globenewswire

HUG#1983367

Författare WKR

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