News Column

H1 2014 RESULTS (6 months)

July 30, 2014



PR Newswire/Les Echos/ H1 2014 RESULTS (6 months) CUSTOMER COMMITMENT PLAN CONTINUES TO SHOW ENCOURAGING SIGNS SIGNIFICANT ACQUISITION: EISMANN France SALES: EUR148.9m OPERATING INCOME: EUR-0.4m GEARING: 32% Civrieux d'Azergues (France), 29 July 2014 The Toupargel Groupe SA Board of Directors met on 25 July 2014 to approve the interim financial statements on the basis of IFRS for the period from 1 January to 30 June 2014. The interim financial statements have been subject to a limited review by the Statutory Auditors. Key figures > Consolidated income statement Sales (in EURm) 2014 2013 Change 1st quarter 68.9 74.1 -7.0 % 2nd quarter 80.0 71.5 +11.9 % 1st half 148.9 145.6 +2.3 % H1 2014 sales totalled EUR148.9 million, up 2.3% compared with H1 2013. This amount includes Le Comptoir du SurgelÉ's contribution of EUR2.2 million and Eismann's contribution of EUR11.5 million. These companies have been consolidated since 1 January 2014 and 1 April 2014, respectively. Excluding acquisitions, H1 2014 sales were down 7.2% based on a trading calendar equivalent to that of 2013. The "Customer commitment 2014-16" program has produced initial positive results. In the second quarter, customer loyalty continued to rise in all customer segments and across all regions. The balance between new customer creation and customer attrition continued to even out as the cost of new customer creations continued to decline. The average shopping basket decreased, driven by our customers' preference for lower value-added products and our decision to reduce prices and packaging. This was partially offset by an increase in the number of items per order. In the second quarter, the number of orders also increased. (in EURm) H1 2014 H1 2013 2013 (6 mos.) (6 mos.) (12 mos.) Sales 148.9 145.6 294.4 Gross profit 84.6 83.2 165.2 Operating income (0.4) 3.8 8.3 Operating margin (0.3 %) 2.6 % 2.8 % Net financial cost (0.1) (0.0) 0.0 Net income, Group share (0.2) 2.3 5.1 Net profit margin (0.1 %) 1.6 % 1.7 % Earnings per share (in EUR) (0.02) 0.22 0.50 Cash flow 3.3 7.1 14.1 Cash flow per share (in EUR) 0.32 0.68 1.38 After accounting for the new "competitiveness-employment" tax credit of EUR2.1 million, the Group reported an operating loss of EUR0.4 million. In accordance with our business plan, the acquisitions and the revitalization of our historical activity required significant commercial investments. Productivity gains continued to improve, but have not offset the investments. > Change in scope of consolidation The contribution of our acquired companies (Le Comptoir du SurgelÉ over six months and Eismann over three months) to first-half earnings was as follows: (en MEUR) H1 2014 Toupargel Acquisitions Total Group Sales 135.1 13.8 148.9 Gross profit 76.0 8.6 84.6 Operating income (0.3) (0.1) (0.4) > Shareholders equity - Debt- Capital expenditure (in EURms) 30/06/2014 30/06/2013 31/12/2013 Shareholders' equity 88.1 85.4 88.4 Gross debt 26.9 11.9 11.6 Net debt 27.8 11.2 9.4 Gearing 32 % 13 % 11 % Capital expenditure 16.5 2.8 6.0 Net assets per share (in EUR) 8.5 8.2 8.7 Equity increased from EUR85.4 million to EUR88.1 million. No dividends were distributed on 2013 earnings. As of 30 June 2014, net debt totalled EUR27.8 million, compared to EUR11.2 million a year earlier, owing to the acquisitions carried out in the first half of the year using existing financing sources. Acquisitions Le Comptoir du SurgelÉ, acquired on 31 January 2014, is now fully consolidated by Toupargel. During the second quarter of 2014, our sales teams switched from a mobile store sales system to a teledelivery system (order taken by phone then delivered to the customer's home) and we pooled our infrastructure. Eismann, our major acquisition of the first quarter, outperformed the objectives set at the time of its acquisition. During the second half of 2014, we will harness procurement and infrastructure synergies. The presence of a second brand in our Group portfolio will boost our capacity to increase our market share. Outlook Toupargel does not anticipate a return to organic growth before 2015. Upcoming events 30 October 2014: Q4 2014 sales (after market close) Toupargel, the specialist in home delivery of food products to individual customers NYSE Euronext Paris, Segment C CAC(r) All-Share, Gaia Index Isin FR 0000039240 - Bloomberg: TOU - Reuters: TPGEL.PA Financial reporting - infofinanciere@toupargel.fr Press relations - laure.thalamy@toupargel.fr Analyst & shareholder relations - cyril.tezenas@toupargel.fr Tel.: +33 (0)4.72.54.10.00 www.toupargelgroupe.fr The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. 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