Year's encouraging start driven by fundamentals and a structure scaled for growth

04/28/2014

2014 annual sales (1st January to 31 March 2014) 

 

 

Press release

 

Avignon, 28 April 2014 - Naturex, the global leader in specialty plant-based natural ingredients, announces its 2014 first-quarter consolidated revenue:

€000s

IFRS
 Unaudited data

Q12014 Q12013 Change (%) Change (%)
 at constant exchange rates 
Reported revenue 79,603 83,196 -4.3% -2.1%
of which Svetol sales
 (included in the N&H activity)
921 4,544    
of which krill extraction
 (included in Toll Manufacturing)
1,698 4,440    
Restated revenue*
 Excl. Svetol and krill extraction sales
76,984 74,212 +3.7% +6.2%

* 2013 was marked by strong sales from Svetol®[1] in the 1st half in response to extensive media coverage and Toll Manufacturing sales including krill extraction sales for AKER BioMarine that were very robust in the 1st quarter. The major portion of krill extraction activity for AKER BioMarine, recognised under Toll Manufacturing will be transferred outside the reporting scope for revenue starting in the 2014 second half, in light of the commencement of operations of the joint venture created with AKER BioMarine.

 

As announced with the release of 2013 annual results, the quarterly sales breakdown for 2014 will differ significantly from 2013, resulting in an unfavourable effect at the start of the year.

2014 first-quarter sales came to €79.6 million, declining 2.1% at constant exchange rates, due mainly to an unfavourable comparison base, amplified by exceptional performances in the 2013 1st quarter for Svetol® extraction and krill extraction sales for AKER BioMarine.

To this was added, a negative currency effect of 2.2% in the period reflecting the persistence of particularly adverse exchange rate trends not only for the US dollar but also most emerging country currencies.

Restated to adjust for Svetol® and krill extraction sales, quarterly revenue achieved organic growth of 6.2% at constant exchange rates despite a difficult macroeconomic environment:

Efforts over the last 18 months in the areas of Group restructuring, organisational improvements and commercial execution are starting to produce results. Proximity to our customers enables us to be more actively involved to their projects for developing new products.

 

 

Acceleration of Food & Beverage

€000s

IFRS
 Restated sales

Q12014 Q12013

Revenue mix

(%)

Change

(%)

Change

(%)

constant exchange rates

Food & Beverage 49,230 46,720 63.9% +5.4% +7.9%
Nutrition & Health 24,944 24,657 32.4% +1.2% +3.7%
Personal Care 1,557 1,468 2.0% +6.1% +6.5%
Toll Manufacturing 1,253 1,367 1.6% -8.4% -5.3%

 

 

 

Improved momentum for Western Europe and strong growth in emerging countries

€000s

IFRS
 Restated sales

Q12014 Q12013

Revenue mix

(%)

Change

(%)

Change

(%)

constant exchange rates

Europe/Africa 37,009 35,858 48.1% +3.2% +3.1%
Americas 30,849 28,864 40.1% +6.9% +10.7%
Asia/Pacific 9,126 9,490 11.9% -3.8% +4.6%

 

Over the period, all emerging countries accounted for 17.5% of Group sales, up from 15.6% from last year's first quarter.

 

"Organic growth in the 2014 first quarter, excluding Svetol and krill extraction sales, underscores a very encouraging trend confirming that we are on the right track. Signs of renewed momentum in all our markets and geographic regions provide grounds for optimism for the upcoming quarters and new projects will gradually contribute to sales growth over the period" commented Naturex's Chairman-CEO, Thierry Lambert.

"Restructuring measures over the last 18 months combined with internal organisational adjustments to operating departments are starting to produce benefits. On that basis, we can now explore with confidence potential acquisitions for generating additional growth and creating value"

 

 

You can receive all financial information of Naturex free of charge by signing up at: www.naturex.fr 

 

 

Financial schedule

-          Q1 2014 results:

-          2014 H1 sales

-          2014 first-half results

-          2014 third-quarter sales

-          2014 third-quarter results

-          Annual revenue

-          Annual results

26 May 2014

25 July 2014

29 August 2014

4 November 2014

28 November 2014

3 February 2015

31 March 2015

Upcoming events

-          AGM 26 June 2014

 

 

Naturex has been listed since October 1996 on NYSE Euronext in Paris, Segment B

 

Total number of shares comprising the share capital: 7,852,055

ISIN FR0000054694

 

NATUREX is a component of the CAC PEA-PME, CAC Small, Gaïa Index.

Naturex is eligible for the "long only" Deferred Settlement Service (SRD).

Naturex established a Sponsored Level 1 American Depositary Receipt (ADR) program in the United States. Under this facility, Naturex’s ADRs are traded over-the-counter in the United States under the symbol NTUXY.

 

SYMBOL: NRX - Reuters: NATU.PA - Bloomberg: NRX:FP - DR Symbol: NTUXY

 

About Naturex

Naturex is the global leader in speciality plant-based natural ingredients. The Group is organised around three strategic markets (food & beverage, nutrition & health and personal care) and produces and markets speciality plant-based ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries.

 

Naturex’s head office is based in Avignon. The company employs more than 1,450 people with 8 sourcing offices located throughout the world and high-performance manufacturing operations across 16 sites in Europe, Morocco, the United States, Brazil, Australia and India. It also has a global commercial presence through a dedicated network of sales offices in more than 20 countries.        

 

 

Contacts  

 

Thierry Lambert

Chairman and Chief Executive Officer

Tel.: +33 (0)4 90 23 96 89

t.lambert@naturex.com

 

 

 

 

Thierry-Bertrand Lambert

Chief Financial Officer

Tel.: +33 (0)4 90 23 96 89

t.b.lambert@naturex.com

 

Carole Alexandre

Investor Relations

Tel.: +33 (0)4 90 23 78 28

c.alexandre@naturex.com

Anne Catherine Bonjour

Actus Finance Press Relations

Tel.: +33 (0)1 53 67 36 93

acbonjour@actus.fr

 

 

 

 

 

 

 

[1] Svetol®: a slimming ingredient developed from green coffee bean extract with efficacy demonstrated by clinical studies.

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