-

Civrieux d'Azergues, 5 March 2015

FULL-YEAR 2014 RESULTS (12 months) SALES: € 313.4m INCOME FROM ORDINARY ACTIVITIES: €5.7m GEARING: 30.5%

The Toupargel SA Board of Directors met on 4 March 2015 and approved the financial statements for 2014.

Key Figures (audited)

The audits of the consolidated financial statements have been completed. The certification report will be issued once the procedures required for filing the annual report have been finalised.

Consolidated income statement

(in € m)

2014

2013

Sales

313.4

294.4

Gross profit

178.4

165.2

Income from ordinary activities

5.7

8.3

Current operating margin

1.8%

2.8%

Exceptional income and expenses

(18.0)

Operating profit/loss

(12.3)

8.3

Net financial cost

(0.2)

0.0

Net profit/loss (Group share

(13.5)

5.1

Net earnings per share (in €)

(1.33)

0.50

Cash flow from operations

11.9

14.1

Cash flow per share (in €)

1.2

1.4

Change in scope of consolidation

The contribution of our acquired companies (Le Comptoir du Surgelé over twelve months and Eismann over nine months) to full-year earnings was as follows:

(en M€)

2014

Toupargel

Acquisitions

Total Group

Sales

277.1

36.3

313.4

Gross profit

155.4

23.0

178.4

Income from ordinary activities

5.4

0.3

5.7

Operating profit/loss

(10.8)

(1.5)

(12.3)

Consolidated revenues advanced by 6.4% to €313.4 million, owing to the contribution of acquisitions (Le Comptoir du Surgelé from 1 January 2014 and Eismann from 1 April 2014) and the favourable sales calendar compared with 2013 (+1.5 sales days for Toupargel).
Excluding acquisitions, revenue contracted by 5.9% to €277.1 million. The revenue trend improved throughout
2014, progressing from an 8.6% decline in the first quarter to a 2.3% decline in the fourth quarter, owing to the "Customer Commitment" plan which has significantly improved customer loyalty and put an end to market share erosion.
Income from ordinary activities, which reflected the new "competitiveness-employment" tax credit of €4.3 million (€2.7 million in 2013), came in at €5.7 million vs. €8.3 million in 2013. Resiliency in the margin and operating expenses partially helped to offset the decrease in activity.
Almost all the costs and capex relating to acquiring and transforming external businesses were incurred in 2014. This has generated non-recurrent costs (€2.0m) and capex (€6.0m) and has thus had a negative short-term impact on the income statement.
The Eismann transformation plan is primarily focused on creating value. The shift from the "drop-off" to tele- delivery strategy has halved the number of delivery vehicles required and led to the closure of Eismann's logistics platform, which was not adapted to preparing individual customer orders. Since 27 February, Toupargel's order preparation, initially carried out across four logistics platforms, has been regrouped onto three sites with the Poitiers site now dedicated to Eismann's activity.
The non-recurrent costs of €18.0 million were accounted for as follows:

- €2.0 million as explained above,

- A goodwill impairment charge of €16.0 million relating to developments in the market for home delivery of frozen food products.

Shareholders' equity - Debt - Capital expenditure

(in € m)

31/12/2014

31/12/2013

Shareholders' equity

74.3

88.4

Gross debt

20.6

11.6

Net debt

22.7

9.4

Gearing

30.5 %

10.7%

Capital expenditure

14.5

6.0

Net assets per share (in €)

7.3

8.7

The sums invested in 2014 are of an exceptional nature as they relate to the acquisitions made in the first quarter and the transformation of these acquired businesses.
Equity decreased from €88.4 million to €74.3 million. The goodwill impairment charge has not affected the
Group's adherence to its related financial covenants. Net debt was €22.7 million, vs. €9.4 million as of 31
December 2013.

Dividends on 2014 earnings

The Board of Directors will not propose a dividend to shareholders at the General Meeting of 29 April 2015.

2015 Outlook

By pursuing the "Customer Commitment" plan and revamping the acquisitions made in 2014, the Toupargel group should be able to achieve its revenue stabilisation objective. The decrease in capex coupled with the cash-flow forecasts should lead to a significant reduction in debt.

Upcoming events

- Publication of Q1 2015 sales on 29 April 2015 (after stock market closing)
- General Meeting of Shareholders in Civrieux d'Azergues (Lyon) on 29 April 2015
- Publication of sales and earnings for the first half of 2015 on 9 September 2015 (after stock market closing)

Toupargel, the leader in home delivery of frozen food products to individual customers

Nyse Euronext Paris segment C

CAC®All-Share, CAC® All-Tradable, CAC®Mid & Small, CAC®Small, Gaia Index

Isin FR 0000039240 - Bloomberg: TOU - Reuters: TPGEL.PA Financial reporting - infofinanciere@toupargel.fr

Tel: +33 (0)4.72.54.10.00

Press relations - laure.thalamy@toupargel.fr
Analysts & shareholder relations - cyril.tezenas@toupargel.fr

distributed by