TOUPARGEL GROUPE Civrieux d'Azergues (France), 9 September 2015
The Toupargel Groupe SA Board of Directors met on 8 September 2015 to approve the interim financial statements on the basis of IFRS for the period from 1 January to 30 June 2015.
The interim financial statements have been subject to a limited review by the Statutory Auditors.
Key figures Sales
(in €m) | 2015 | 2014 | Change |
1st quarter | 79.4 | 68.9 | +15.2 % |
2nd quarter | 72.4 | 80.0 | -9.4 % |
1st half | 151.8 | 148.9 | +2.0 % |
During the first two quarters of the year, sales experienced a seasonality effect owing to the timing of Easter (1st quarter/2nd quarter). Sales for the first six months totalled €151.8 million, up 2.0% compared to the year-earlier period. This amount included contributions from Eismann, which has been consolidated since 1 April 2014. Although sales of the historical scope were down 2.5%, they continued to reflect an upward trend compared to the market into H1 2015, buoyed by the "Customer Commitment" project, which has helped to increase market share.
Consolidated income statement
(en M€) | H1 2015 (6 mos.) | H1 2014 restated* (6 mos.) | H1 2014 published (6 mos.) |
Sales | 151.8 | 148.9 | 148.9 |
Gross profit | 86.4 | 84.6 | 84.6 |
Current operating income | (0.4) | (1.1) | (0.4) |
Operating margin | (0.3 %) | (0.8 %) | (0.3 %) |
Exceptional income and expenses | |||
Operating income | (0.4) | (1.1) | (0.4) |
Net income, Group share | (0.2) | (0.6) | (0.2) |
Earnings per share (in €) | (0.02) | (0.06) | (0.02) |
Cash flow | 3.2 | 3.1 | 3.3 |
Cash flow per share (in €) | 0.31 | 0.30 | 0.32 |
* after restating for the impact of the IFRIC 21 interpretation, which was non-material as of 31 December 2014.
After accounting for the new CICE "competitiveness-employment" tax credit of €2.1 million and the IFRIC 21 interpretation, the current operating loss decreased from €1.1 million to €0.4 million. The Group reported a net loss of €0.2 million.
In line with changes to IFRS standards, the application of the IFRIC 21 interpretation requires companies to recognise all levies payable as of 1 January 2015.
The majority of annual earnings are recognised in the second half, particularly towards the end of the year, with the strong sales seasonality leading to better absorption of fixed costs.
Earnings excluding impact of IFRIC 21
(in €m) | H1 2015 | H1 2014 published |
Current operating income | 0.3 | (0.4) |
Operating income | 0.3 | (0.4) |
Net income, Group share | 0.2 | (0.2) |
Change in scope of consolidation
(in €m) | H1 2015 | ||
Toupargel (6 mos.) | Eismann (6 mos.) | Total Group | |
Toupargel (6 mos.) | Eismann (6 mos.) | ||
Sales | 133.9 | 17.9 | 151.8 |
Gross profit | 75.0 | 11.4 | 86.4 |
Operating income | 0.0 | (0.4) | (0.4) |
Shareholders' equity - Debt- Capital expenditure
(en M€) | 30/06/2015 | 30/06/2014 restated | 30/06/2014 published |
Shareholders' equity | 74.4 | 88.0 | 88.1 |
Net debt | 32.3 | 27.8 | 27.8 |
Gearing | 43 % | 32 % | 32 % |
Capital expenditure | 2.5 | 5.0 | 5.0 |
Net assets per share (in €) | 7.2 | 8.5 | 8.5 |
Equity decreased from €88.0 million as of 30 June 2014 to €74.4 million as of 30 June 2015. This decrease is fully explained by a goodwill impairment and extraordinary items totalling €18.0 million, recognised as of 31 December
2014. No dividends were paid on 2014 earnings. Net debt was €32.3 million, vs. €27.8 million as of 30 June 2014. State receivables and advances ("competitive employment" tax credit and advance corporate income tax payments) increased from €6.8 million as of 30 June 2014 to €10.2 million as of 30 June 2015, which partly explains the increase in debt during this period.
The transformation of Eismann's sales system from mobile foodstore sales to a teledelivery service (sales made by telephone followed by delivery), launched in early 2015, interfered with sales activity. The transformation process will be complete by end 2015 and sales should stabilise.
OutlookIn light of the first-half figures, management expects full-year sales at constant scope to be slightly down, confirming an improvement vs. 2014. Toupargel is continuing to implement its "Customer Commitment" plan and bring Eismann up to standard. Forecasted cash flow and a return to more typical capex levels (€6 million) - following a year of exceptional capex (€14.5 million), in part related to the renewal of Eismann's vehicle fleet - should lead to a significant reduction in debt.
Upcoming events
29 October 2015: Q3 2015 sales (after market close)
Toupargel, the specialist in home delivery of food products to individual customers
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
Press relations - laure.thalamy@toupargel.fr
Analyst & shareholder relations - cyril.tezenas@toupargel.fr Tel.: +33 (0)4.72.54.10.00 www.toupargelgroupe.fr
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