OENEO : 2013-2014 CONSOLIDATED RESULTS : Current operating profit: +30%

information fournie par Actusnews •05/06/2014 à 10:00

2013-2014 CONSOLIDATED RESULTS

Current operating profit: +30%

The accounts have been audited. The certification report will be issued after the requirements for the publication of the annual report have been met.

Oeneo's consolidated statements for financial year 2013-14 ending 31 March 2014 were approved by its Board of Directors at its meeting of 4 June 2014.

Oeneo Group saw growth accelerate in 2013-14, delivering an across-the-board improvement in profitability indicators and economic fundamentals.

This dynamic performance for the year (+12.1%, +13.2% at constant exchange rates) was accompanied by a significant improvement of over 30% in current operating profit and, together, added more than two points to the Group's current operating margin of 17.7% for the period. Both divisions contributed to this growth.

Oeneo's net profit increased 26% in 2013-14, taking its net margin to a high 9.4%.

Bolstered by these strong results, shareholders' equity amounted to €153.8 million on 31 March 2014. The robust increase (+€19.1 million) in cash flow from operations in 2013-14 was instrumental in financing investments (€12.7 million including the sums allocated to the start-up of the new Diam 3 plant in Céret) and deleveraging Group debt which is virtually complete. At the end of the financial year, Oeneo's net debt was reduced to €1.4 million.

The Group will recommend the payment of an ordinary dividend of €0.10 per share at its next Annual General Meeting.

Performance and outlook by Division

CLOSURES: Record current operating margin of 21.5%

Financial year 2013-14 was an excellent vintage for Oeneo's Closures division which sold more than 1.1 billion units, including close to 900 million high value-added Diam closures. The period also saw the Group cement its market share around the world, with a 17.7% increase in global sales.

Boosted by this growth, and underpinned by a pricing policy to offset the rising cost of raw materials and by a carefully-controlled cost structure, the current operating margin for Closures climbed to a record 21.5%.

As things stand, the division's performance and the regular increase in Diam volumes fully justify Oeneo's decision to extend its production capacities with the future Diamant plant in Céret to be commissioned mid-2015.

BARRELS: Increase in current operating margin to 14.7%

Oeneo's Barrels division posted solid growth of 4.4% in 2013-14 (+5.5% at constant exchange rates) despite a persistently lackluster market environment and uneven harvesting.

The measures taken to streamline material costs, productivity and, ultimately, the division's profitability are bearing real fruits. The operating margin for Barrels amounted to 14.7% for 2013-14 compared with a figure of 11.7% one year earlier.

The division will continue to optimize its industrial processes to accelerate the virtuous circle that begun two years ago.

Oeneo Group will publish its turnover for the first quarter of 2014-2015 on 23 July.

About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specializes in two complementary businesses:

• Closures, involving the manufacture and sale of high value-added technological closures, including the DIAM closure, an innovation with no equivalent on the market;

• Barrels, providing high-end solutions for aging wines and spirits for leading market players.

Contacts
Oeneo:
Hervé Dumesny +33 (0)1 44 13 44 39
Actus Finance:
Guillaume Le Floch +33 (0)1 72 74 82 25 Analysts - Investors
Alexandra Prisa +33 (0)1 53 67 35 79 Media Relations

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