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TOUPARGEL GROUPE : 2008 NET INCOME E14.7m
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(25/02/09 17:45 CET)
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Press Release February 25, 2009
The Toupargel SA Board of Directors met on February 20, 2009 and approved the financial statements for 2008.
Key Figures (audited)
Consolidated income statement
+-------------------------------+-----------+-----------+
| (IFRS - in E mns) | 31/12/07 | 31/12/08 |
+-------------------------------+-----------+-----------+
| | 12 months| 12 months|
+-------------------------------+-----------+-----------+
| | | |
+-------------------------------+-----------+-----------+
| Sales (1) | 363.5| 365.9|
+-------------------------------+-----------+-----------+
| Gross margin | 207.0| 204.7|
+-------------------------------+-----------+-----------+
| Operating income | 28.5| 24.1|
+-------------------------------+-----------+-----------+
| Operating margin | 7.8 %| 6.6 %|
+-------------------------------+-----------+-----------+
| Net financial cost | (1.4)| (1.5)|
+-------------------------------+-----------+-----------+
| Net income (Group share) | 17.7| 14.7|
+-------------------------------+-----------+-----------+
| Net profit margin | 4.9 %| 4.0 %|
+-------------------------------+-----------+-----------+
| Net earnings per share (in E)| 1.76| 1.48|
+-------------------------------+-----------+-----------+
| Cash flow from operations | 28.9| 27.9|
+-------------------------------+-----------+-----------+
(1) Toupargel Group has decided to apply in advance, from January 1st, 2008, interpretation IFRIC 13 concerning client loyalty programmes accounted for henceforth in terms of modifications to sales (previously as provisions). The impact on sales is not significant. Financial statements for previous periods have also been restated.
In 2008, sales amounted to E365.9 mn, up 0.7% compared to 2007. The gross margin declined by E2.3 mn. Operating income fell E4.4 mn: overall, operating expenses rose E2.1 mn, a result in particular of higher fuel costs (+ E0.7 mn), a new tax on fish products (E0.7 mn) and a tax provision (E1 mn) for a tax adjustment, contested, notified to the company at end 2008.
Earnings by business segment
Frozen Foods business
2008 sales at E347.2 mn were stable compared to 2007; the average shopping basket rose 0.4% to E47 exc. VAT while order numbers fell 0.2%. Gross margin fell E3.1 mn, a result of a decision not to pass on higher purchasing costs, poor summer weather conditions which negatively affected ice cream sales, a reduction in product packaging, and a sales loyalty programme that generated less margin than in 2007. As a result of the decline in gross margin, operating income fell from E27.6 mn to E24.5 mn. A dedicated call centre to facilitate monitoring of new clients was inaugurated at end 2008; the product range was enlarged with new terroir, halal and special dietary products. In addition, sales areas for delivery agencies were redefined to facilitate the organisation of delivery rounds based on a software application, with the aim of further improving client services and, over time, significantly cutting delivery costs.
Fresh Foods and Groceries
Sales rose from 11.8% to E18.7 mn, buoyed by the increase in the average shopping basket. The operating result amounted to -E2.5 mn compared to -E3.0 mn as of December 31st, 2007, reflecting improved absorption of fixed costs. Place du Marché opened an e-business website at the end of the financial period.
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| (IFRS - in E mn) | Frozen Foods| | Fresh Foods and Groceries| | Holding Company| |
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| | 31/12/07| 31/12/08| 31/12/07| 31/12/08| 31/12/07| 31/12/08|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| | 12 months| 12 months| 12 months| 12 months| 12 months| 12 months|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| | | | | | | |
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| Sales | 346.8| 347.2| 16.7| 18.7| -| -|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| Gross margin | 199.1| 196.0| 7.9| 8.7| -| -|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| Operating income | 27.6| 24.5| (3.0)| (2.5)| 3.9| 2.1|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
| Cash flow from operations| 28.8| 28.0| (2.4)| (1.9)| 2.5| 1.8|
+---------------------------+--------------+-----------+---------------------------+-----------+-----------------+-----------+
Indebtedness
+---------------------+----------------+----------------+
| (IFRS - in E mn) | 31/12/2007 (1)| 31/12/2008 (1)|
+---------------------+----------------+----------------+
| Shareholders equity| 76.6| 75.5|
+---------------------+----------------+----------------+
| Gross indebtedness | 34.8| 25.0|
+---------------------+----------------+----------------+
| Net indebtedness | 29.0| 24.4|
+---------------------+----------------+----------------+
| Gearing | 38%| 32%|
+---------------------+----------------+----------------+
| | | |
+---------------------+----------------+----------------+
| Capital expenditure| 11.3| 11.0|
+---------------------+----------------+----------------+
(1) After payment of dividends (2007 : E14.9 mn, 2006 : E15.2 mn)
Net debt amounted to E24.4 mn compared to E29 mn as of December 31, 2007. 54,000 Treasury shares were acquired in June 2008 for E1 mn, reducing equity capital and increasing debt by the same amount. Gearing amounted to 32% compared to 38% as of December 31, 2007. As of December 31st, 2008, Group loan covenants were respected.
Dividends 2008
The Board of Directors has decided to ask the General Meeting of April 28, 2009 to pay a dividend of E1.0 per share.
Outlook
The group is aiming to increase sales 2% and operating income by around 10%.
Upcoming events
- Publication of Q1 2009 sales and results on April 28, 2009 (after markets close)
- General Meeting of Shareholders in Lyon on April 28, 2009
Toupargel, the specialist in home delivery of food productsEuronext Paris C compartment - CAC Small 90 - SBF 250
Isin FR 0000039240 - Bloomberg: TOU - Reuters: TPGEL.PA
Financial Reporting : infofinanciere@toupargel.fr or +00 33 (0)4.72.54.10.00
Press Relations: karine.pareti@toupargel.fr
Analyst Relations : cyril.tezenas@toupargel.fr
Link to Hugingroup.com
www.toupargelgroupe.fr
Copyright Hugin
The appendixes relating to the press release are available on:
http://www.hugingroup.com/documents_ir/PJ/CO/2009/149997_88_7950_Resultats2008english-EN.pdf
Information réglementée :
Type : Nouvelle information
Thème(s):
Communiqués au titre de l'obligation d'information permanente - Communiqué sur comptes, résultats, chiffres d'affaires
This announcement is originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
[CN#149997]
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Bron : TOUPARGEL GROUPE
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Provider : Hugin
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