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WESSANEN KON (AMS:WES) Wessanen Q4/FY 2017 results: Naturally, growing sustainable and profitable brands

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13/02/2018 07:00

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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 EUR10.1 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 EUR625.8 million
  • EBITE of EUR53.5 million, up 30% versus prior year
  • EBITE as % of Revenue up 130 bps versus last year to 8.5%

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 EUR1.5-2.0 million
  • Tax rate around 30%
  • Capital expenditure of EUR11-13 million
  • Depreciation and amortisation of EUR9-10 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

Analyst & investor meeting

At 10h00 CET, an analyst & investor meeting will be hosted by Christophe Barnouin (CEO) and Ronald Merckx (CFO) at the Wessanen head office in Amsterdam. The meeting can be followed via a live audio webcast at www.wessanen.com. Those unable to attend can participate using the following telephone number: +31(0)20 341 8253. The press release and presentation are available for download at www.wessanen.com.

Media, investor & analyst enquiries

Ronald Merckx (CFO)

Phone    +31 (0)20 3122 126

Email     ronald.merckx@wessanen.com

Twitter   @Wessanen_250