After result of companies consolidated by equity method (- EUR 1.7 million) and corporate tax deduction (EUR 10.-million), the Group's net result reached EUR 25.9 million, a growth of + 40.6%.
The Group's net debt is set at EUR 813.8 million; with a debt ratio (net debt over consolidated total capitalization) at 61.7% compared with 57.4% last FY. This increase essentially reflects the financing of the acquisitions done over 2012 (USA, Russia, and Hungary).
The refinancing operations undertaken over the summer 2012 : -- a Revolving Credit Facility agreement of EUR 300 million and the issue of private bonds for EUR 145 million on the EuroPP (European Private Placement) Market, brought the debt maturity to 5.1 years on the 31st of December 2012, an attractive competitive cost that is on the improve (3.41%) when compared with last FY. Those two operations enabled the Group to diversify and secure the Group's financing sources. In December 2012, Bonduelle received from the NYSE Euronext the award for the best secondary transaction, for its EuroPP, the first for a mid-size, non-rated company.
Half Year Highlights
Satisfactory integration of the 2012 acquisitions
Despite having proceeded to the acquisitions near production time (30th of March in the US and Russia, 31st of May in Hungary), the performances of the acquired production tools are for the first harvest higher than the previous year and very close to the standards set by the Group. The Bonduelle Group is again showing its industrial expertise and know-how as well as its capacity to integrate new acquisitions. The new capacities set up in Russia and Hungary have contributed to the excellent commercial performance of this geographical area.
In the USA, if sales in volume are affected by the Allens' clients supply diversification (prior to the acquisition announcement by the Bonduelle Group), the quality of service now offered to the American customers, allows us to feel confident for the 2013/2014 commercial activities. The selling prices being above objectives and the cost cutting plan ahead of time confirm the performance objectives of this acquisition.
These late and recent acquisitions, as previously mentioned, will not have any significant impact on this FY profitability.
Kolkhoze Majak Disposal Project
Following the acquisition of the Cecab's agro-industrial activities in Russia and of Kelet in Hungary, the Bonduelle Group's agro-industrial set-up project has been postponed. In order to fully maximize the use of capital, the Group is considering selling the kolkhoze, with an industrial land buy option and with a view to eventually come back to this project at a later date. The disposal should take place before the end of March and should not have any significant impact on the Group's results.
The Group's New Managerial Organization
At its Annual General Meeting held on 6th of December 2012, the Bonduelle Group announced its new managerial structure.
For the Bonduelle Group, FY 2011/2012 was marked by a solid internal growth, a significant return to profitability, and three promising acquisitions, demonstrating both its resilience in a difficult economic climate, and its growth ambitions while its international developments gather pace.
An important phase into the Group's development that required changes to its organisational structure to adapt to the new dimensions of its activity and to its development projects.
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