FULL-YEAR 2016 RESULTS (12 months) SALES: €293.2m INCOME FROM ORDINARY ACTIVITIES: €2.8m NET DEBT* / EBITDA**: 0.64

Civrieux d'Azergues, 15 March 2017

The Toupargel SA Board of Directors met on 14 March 2017 and approved the financial statements for 2016.

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)

2016

(12 months)

2015

(12 months)

Sales

293.2

308.7

Gross profit

168.2

175.0

EBITDA**

11.5

15.1

Income from ordinary activities

2.8

4.8

Current operating margin

0.9%

1.5%

Depreciation du goodwill

(20.0)

Operating profit/loss

(17.2)

4.8

Net financial cost

(0.1)

(0.2)

Net profit/loss (Group share)

(18.0)

3.2

Net earnings per share (in €)

(1.7)

0.32

Cash flow from operations

9.3

12.3

Cash flow per share (in €)

0.9

1.2

* Net debt restated to account for pre-financing of the competitiveness and employment tax credit (CICE)

**EBITDA: income from ordinary activities - gains (+ losses) on divestment of non-current assets - reversals of provisions

+ depreciation, amortisation and provisions for the year

Consolidated 2016 sales were down 5.0% to €293.2 million, affected by erosion in the customer base. The average shopping basket continued to increase, rising €1.5 to €53.8 (incl. VAT) and reflecting the quality of the product range.

Income from ordinary activities was €2.8 million, vs. €4.8 million in 2015. Gross profit widened from 56.7% to 57.4%, and operating expenses decreased by €4.8 million, partly offsetting the decline in sales.

A non-recurring goodwill impairment expense of €20 million was recognised to account for the company's recent performance. As a result, the company posted an operating loss of €17.2 million, vs a profit of €4.8 million in 2015 and a net loss of €18 million vs a profit of €3.2 million in 2015.

  • Shareholders' equity - Debt - Capital expenditure

(in m€)

31/12/2016

31/12/2015

Shareholders' equity

59.9

78.4

Gross debt

21.8

18.8

Net debt

21.3

18.8

Net debt (excl. pre-financing of "CICE" tax credit)

7.3

8.9

Gearing

36 %

24 %

Gearing (excl. pre-financing of "CICE" tax credit)

12%

11%

Net debt (excl. pre-financing of "CICE" tax credit)/EBITDA

0.64

0.59

Capital expenditure

5.2

5.1

Net assets per share (in €)

5.9

7.7

The Group has a low level of debt. After restating to account for the pre-financing of the competitiveness and employment tax credit (€13.9 million), offset on the balance sheet by assets in the amount of €15.4 million, the ratio of net debt to shareholders' equity stood at 12% as of 31 December 2016 and net debt to EBITDA stood at 64% (vs 59% as of 31 December 2015). The goodwill impairment charge has not affected the Group's adherence to its related financial covenants. As of 31 December 2016, the Group had over €50 million in available financing.

Dividends on 2016 earnings

The Board of Directors will not propose a dividend to shareholders at the General Meeting of 26 April 2017.

2017 Outlook

As part of its transformation plan, the Group will devote significant resources in 2017 to digitalisation, to achieving nationwide coverage for its fresh foods and groceries product line and to creating a new marketing drive to attract and keep new customers. These investments will affect profitability in 2017 and should ensure the Group returns to growth in 2018. Toupargel will detail its 2017-20 strategic plan when it presents its first-half earnings.

Upcoming events

  • General Meeting of Shareholders in Civrieux d'Azergues (Lyon) on 26 April 2017,

  • Publication of sales and earnings for the first half of 2017 on 13 September 2017 (after stock market closing).

  • SFAF meeting, 14 September 2017 at 11 am at the Etoile Saint Honoré conference centre in Paris.

ABOUT THE TOUPARGEL GROUP

Now celebrating its 70th year, Toupargel is France's leading frozen foods home delivery company. Toupargel has a catalogue of over 1,400 products, including 800 own-brand items. Its products are adapted to the needs of all consumers and all dietary requirements. Every year, we launch more than 70 new products that meet our criteria of taste, origin, expertise and responsible farming. 80% of our own-brand products are made in France. The Toupargel Group has nearly 3,500 employees and almost one million customers. Owing to an extensive, nationwide network of locations, Toupargel makes 24,000 deliveries every day throughout France, free of charge* and within a one-hour timeframe. Toupargel has been providing genuine local service since 1947, now available by telephone, online at www.toupargel.fr and via its new mobile application.

* for orders of €25 or more

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

Analysts & shareholder relations - cyril.tezenas@toupargel.fr

www.toupargelgroupe.fr

Toupargel Groupe SA published this content on 15 March 2017 and is solely responsible for the information contained herein.
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