Wessanen Q4/FY 2017 results: Naturally, growing sustainable and profitable brands

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Beleggingsadvies 13/02/2018 07:06
Q4 2017 highlights
Autonomous growth of own brands 6.1%
Revenue growth of 4.1% includes a decline of private label and distribution business
EBITE of €10.1 million, up 63% versus prior year
Distribution project started to support further growth in HFS France resulting in an exceptional expense

Full year 2017 highlights
Autonomous growth of own brands 7.7%
Revenue growth of 9.8% to €625.8 million
EBITE of €53.5 million, up 30% versus prior year
EBITE as % of Revenue up 130 bps versus last year to 8.5%

Dividend 13 ct cash p.a.

CEO statement
Christophe Barnouin (CEO) commented: "In 2017 our own brands achieved 7.7% autonomous growth, many of them growing at double-digit rates. Our private label and distribution business declined significantly given our strategy to focus on own brands. We also further advanced in creating international brand and category leverage and synergies. EBITE as % of revenue increased by 130 bps to 8.5%.

Integration plans of businesses acquired in 2016 are progressing well. We have further strengthened our sustainability agenda, sharpened our purpose and defined clear commitments up to 2025 under the heading of "connecting to nature". We believe this will be a powerful platform for us in playing a leading role in tackling the many health and sustainability challenges and in making the world of food a little bit better every day."

Guidance FY 2018
We expect continued strong growth of own brands and a further reduction of private label sales
We expect EBITE % of revenue to increase for the full year
Net financing costs around €1.5-2.0 million
Tax rate around 30%
Capital expenditure of €11-13 million
Depreciation and amortisation of €9-10 million
Important dates 2018
12-04-2018 AGM (14h00 CET)

20-04-2018 Publication Q1 2018 trading update

20-07-2018 Publication Q2 2018 interim results

19-10-2018 Publication Q3 2018 trading update

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tijd 09.02
De Midcap 798,60 +2,12 +0,27% Wessanen eur 15,56 -76ct vol. 43.000

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