Wessanen Q4/ FY 2018 results: Moderate growth and improved profitability

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Overig advies 12/02/2019 07:00
Q4 2018 highlights
· Autonomous growth of own brands 5.9%, driven by strong promotional plans in France Grocery
· Revenue growth of 5.2% includes a decline of private label and distribution business
· EBITE of €14.8 million, up 47% versus prior year


Full year 2018 highlights
· Autonomous growth of own brands 2.1%
· Revenue growth of 0.6% to €628.4 million
· EBITE of €57.7 million, up 8% versus prior year
· EBITE as % of Revenue up 60 bps versus last year to 9.2%


In € million, unless stated otherwise Q4 2018 Q4 2017 1) % change FY 2018 FY 2017 1) % change
Revenue 160.6 152.6 5.2% 628.4 624.4 0.6%
Autonomous revenue development of own brands2 5.9% 2.1%
Normalised operating result (EBITE) 14.8 10.1 46.5% 57.7 53.5 7.9%
EBITE as % of Revenue 9.2% 6.6% 9.2% 8.6%
Operating result (EBIT) 14.1 6.5 117% 51.1 48.7 4.9%
Net financing costs (0.3) (0.2) (1.1) (1.9)
Income tax (expense)/gain (3.2) 0.9 (14.0) (10.8)
Profit for the period 10.6 7.2 47.2% 36.0 36.0 0.0%
Net debt 48.0 59.9
1 2017: Following the adoption of IFRS 15 ‘Revenue’ has been restated by the amount of €(0.2) in Q4 and €(1.4) in FY 2017, which is offset by ‘Other operating expenses’.
2
Including adjustments for currency effects and acquisitions/divestments.

CEO statement
Christophe Barnouin (CEO) commented: "In 2018 the market for healthy and sustainable food continued to be very dynamic as many consumers are considering to make changes to their food habits. The market attracted more players leading to intensified competition. This put some of our growth plans under pressure resulting in an overall moderate level of growth, stronger in Q4 as a result of our corrective action plans. For the full year profitability was up as a result of better gross margins, lower share based payments and reduced A&P.

We continue to pursue our vision of building a different kind of food company, connected to nature in all we do. Of our total revenue, 77.5% is from organic and 96% from vegetarian products. We have completed the B Corp certification of two more companies (Abafoods Italy and Germany) so that 70% of our business is now covered by the certification. We are on track to become the first multinational food business to be certified by 2020. The acquisition of Abbot Kinney's added a new, strategic and fast growing unit to our Dairy Alternatives category that we have integrated at high speed.

2018 was a year that brought with it some new challenges and not all our plans worked out. But it also confirmed again that as a business we are focused on the most promising segment of the food market and that we can respond to challenges resiliently and effectively while staying true to our purpose.

Looking ahead to 2019, we expect that the organic market will remain very dynamic. The Grocery channel will continue to take share from HFS. Conventional players, private label and smaller brands will continue to push into organic, putting pressure on established players in terms of growth, margin and brand support. We therefore expect low to moderate growth of own brands for the year.

Guidance FY 2019
· We expect low to moderate growth of own brands and a further reduction of private label and distribution brand sales
· We expect EBITE as % of revenue to be in the range of 8 to 9% for the full year
· Net financing costs around €2.0-2.5 million. This includes an impact of around €0.5 million regarding the implementation of IFRS 16 and around €0.5 million related to the unwinding discount of the contingent consideration for the Abbot Kinney's acquisition
· Tax rate around 30%
· Capital expenditure of €10-12 million
· Depreciation and amortisation of €14-15 million. This includes an impact of around €4.3 million related to IFRS 16 and €0.4 million amortisation of the Gayelord Hauser brand after reclassification to a finite life

Important dates 2019
11-04-2019 AGM (14h00 CET)
18-04-2019 Publication Q1 2019 trading update
19-07-2019 Publication Q2 2019 interim results
18-10-2019 Publication Q3 2019 trading update

see & read more on
http://hugin.info/143317/R/2234452/879294.pdf

Dividend 14 ct p.sh. proposal 2018, cash dividend. Over 2017 13 ct p.sh.

Baissiers bij Wessanen, MET DANK aan van Kempen.
Hier ruikt wat bijzonders aan!!!
tijd 09.31
De Smallcap 940,97 +11,14 +1,20% Wessanen EUR 8,725 +1,04 vol. 865.000
reactie XEA.nl
Als er nummers aan de digitale aandelen hadden geweest, dan was CONTROLE door de AFM heeeeel eenvoudig geweest bij o.a. Wessanen van de afgelopen week. SCHANDE en daar werken dus de TOEZICHTHOUDERS dus OOK aan MEE, door GEEN herinvoering van nummers aan de digitale aandelen!!! De AFM heeft de MACHT om daar VAART in te zetten.
Je zal maar je aandelen Wessanen verkocht hebben. DAAROM moet er ook een gesloten periode komen om adviezen te geven c/q te wijzigen. AFM, een tip voor jullie.

WAS de handel afgelopen week in Wessanen ZUIVER????
Daar wees XEA.nl als enige op, dat het smerige systeemhandel was.

Dit schreven wij naar de CFO van Wessanen
Daar is al enige tijd geen normale prijsvorming en wij hebben al heel wat bewijs verzameld.
hier onder slechts vandaag weer zo’n bewijs van manipulatie in UW aandeel

SYSTEMEN werken bij WESSANEN
Bepalen de prijsvorming voor 99,95%
Kijk maar
View Data | View Chart
Active as of 07 Feb 2019 15:29 CET
# ORDERS # SHARES BID PRICE ASK PRICE # SHARES # ORDERS
3 5.503 8,00 8,02 1.113 1
2 985 7,995 8,025 1.176 4
4 1.375 7,99 8,03 626 2
5 1.379 7,985 8,035 1.214 4
6 2.753 7,98 8,04 592 2
2 1.021 7,975 8,045 1.385 4
2 455 7,97 8,055 3.225 5
1 460 7,965 8,06 2.402 1
1 400 7,96 8,065 195 1
1 3.189 7,955 8,075 5.552 2
27 *17.520 Total * 17.480 26

* 40 sts verschil, hier zit GEEN particulier tussen.
ALS dit geen manipuleren is, dat weten wij het NIET meer. DAN is alles GEEN normale handel.
Wie wil er geen schone HANDEL??
WIJ lezen NIETS meer over schonere handel in de media.

Beleggers worden gewoon "bedondert" met deze manier van prijsvorming!




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