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Valora increases sales and profit in 2018 Mittwoch, 20. Februar 2019 - 06:01
Media release
Valora increases sales and profit in 2018
* 11.3% growth in external sales to CHF 2,731.0 million in 2018
* Strong business performance in line with expectations announced:
EBIT CHF 89.8 million (+13.7%) and EBIT margin up to 4.2% (+0.3 percentage
points)
* Swiss retail business highly profitable at the previous year's high level;
sales formats fully modernised
* Operating profit contributions from Food Service and Retail CH more than make
up for challenging financial year at Retail DE/LU/AT
* BackWerk fully integrated, pleasing same-store growth in Food Service
Switzerland, major progress in increasing production of pretzels
* Optimistic outlook for 2019 thanks to good positioning and improved long-term
financing structure
* Dividend of CHF 12.50 from capital reserves proposed for 2018
The Valora Group performed strongly in 2018. Features of the year included a
systematic focusing of sales formats on the latest customer needs, the full-year
effect of the BackWerk food service format acquired in autumn 2017, a decline in
print media in Germany and full utilisation of the pretzel manufacturing
facilities.
Valora once again met the expectations communicated, with an EBIT of CHF 89.8
million. The convenience and food service provider's EBIT increased by +13.7%
year-on-year and the EBIT margin improved by +0.3 percentage points to 4.2%.
Owing to the profit contribution by BackWerk, organic growth and positive
currency effects, EBITDA improved by +16.7% or CHF +22.3 million to CHF 156.0
million.
External sales rose by +11.3% to CHF 2,731.0 million, while net revenues were up
+6.0% to CHF 2,122.1 million which corresponds to +4.6% in local currency. This
performance was largely driven by the contribution from BackWerk and growth in
the other Food Service areas; overall, net revenues at Food Service increased by
+23.5% in local currency. At Retail DE/LU/AT they increased by +4.4% in local
currency thanks to a larger number of own outlets; at Retail CH they were stable
(-0.2%). Gross profit increased by +10.7% to CHF 965.4 million. The increase of
+9.1% in local currency is explained by BackWerk's contribution and the growth
posted for all operational areas. The gross profit margin improved by +1.9
percentage points to 45.5%.
Net profit from continuing operations improved by +12.2% to CHF 64.1 million and
Group net profit grew by 3.2% to CHF 59.0 million. At CHF 49.0 million, the
Group's free cash flow was down on the previous year, mainly due to increased
investment activity and the one-off proceeds posted in 2017 on the sale of the
property in Geneva that was taken over as part of the Naville acquisition. The
Group's return on capital employed (ROCE) improved by +0.5 percentage points
on the first half of 2018 to 8.2%.
Retail CH maintains high profitability and renews all sales formats
Retail CH maintained profitability at the previous year's high level, with
operational improvements making up for the book gain posted in 2017 from the
sale of the Naville property. In 2018, under the new management team, the
business unit came up with innovative concepts and completely modernised all
sales formats: avec, k kiosk and Press & Books. With the avec concept,
developed in only five months and focusing on the latest foodvenience, Valora is
now present at nine locations in Switzerland. Retail CH also expanded its
product range in 2018 with forward-looking ultra-fresh food offers, regional
products, alternative nicotine products and services.
Operating profit contributions from Food Service and Retail CH more than make up
for challenging year at Retail DE/LU/AT
Retail DE/LU/AT had a challenging financial year 2018 with an ongoing
market-driven decline in high-margin print media. This was more than made up for
in the overall results thanks to the EBIT contribution from BackWerk and
operating growth at Food Service and Retail CH. Cost initiatives and projects
such as the further promotion of alternative nicotine products (e.g. e-smoke)
were vigorously pursued and already helped to improve the EBIT margin at Retail
DE/LU/AT in the second half of 2018, even though these initiatives are still in
the start-up phase.
BackWerk fully integrated, pleasing same-store growth at Food Service
Switzerland, progress in expanding production capacity
In the Food Service division, the gross expansion of BackWerk is progressing as
planned. The BackWerk network was streamlined by closing down less lucrative
locations and franchisee efficiency was enhanced further. The Food Service
formats in Switzerland are posting considerable same-store growth. Focusing on
sustainability and profitability, Ditsch made considerable progress in
optimising its network. The expansion of capacity for pretzel production for the
B2B business and own formats is also progressing well: after doubling the
capacity of the current line at Ditsch USA in 2018, the intention in 2019 is to
expand production capacity in the US by another line and to add two more
production lines in Germany.
Long-term financing structure optimised and organisation further strengthened
Valora has also taken important steps to optimise its long-term financing
structure. It took advantage of the attractive market conditions to place two
Schuldschein issues in 2018; the second transaction closed on 11 January 2019.
In October 2018, the hybrid bond was redeemed and partly refinanced with the
second Schuldschein issue. The latter for the first time contained a CHF tranche
- a novelty on the market.
With the new organisational structure announced which entered into force in
January 2019, Valora is even better prepared for the future. The Group is
structured into the two market and customer-focused Retail and Food Service
divisions with decentralised sales formats and Group-wide Shared Services. The
new structure supports the capture of synergies and ensures that expertise is
shared throughout the Group.
Well positioned for further growth
Michael Mueller, CEO of Valora Group, says: "We are optimistic for 2019 and
see ourselves as well positioned for further growth. We are already the leading
operator of kiosks and convenience stores in Switzerland, one of the biggest
snack food providers in Germany, and a global leader in the production of
pretzels. On this basis we are driving our business forward, continually
focusing on the latest customer needs and developing innovative concepts. We are
also making use of the benefits of our integrated value chain in baked products.
Our long-term financing structure and our focus on sustainability and efficiency
support us in our further activities."
Valora expects an operating profit of CHF 100 million in 2019 (+/- CHF 4
million). Before the impact of IFRS 16, which comes into effect in 2019, this is
equivalent to an increase of 4% over 2018. Valora is aiming for an EBIT margin
of ~5% and a gross profit margin of >45%. Earnings per share (EPS) from
continuing operations are to increase by ~+10%.
Dividend proposal to the General Meeting
At the Ordinary General Meeting to be held on 29 March 2019 the Board of
Directors will propose to shareholders an unchanged dividend of CHF 12.50 per
dividend-bearing share. The dividend will be distributed fully from capital
reserves. If the motion is approved the dividend is expected to be paid on 4
April 2019.
Valora Group 2018 2017 Change
in CHF million % restated* % in local
currency
External Sales 2'731.0 128.7% 2'453.7 122.6% +11.3% +9.4%
Net revenues 2'122.1 100.0% 2'001.6 100.0% +6.0% +4.6%
Gross profit 965.4 45.5% 872.2 43.6% +10.7% +9.1%
- Operating -875.5 -41.3% -793.2 -39.6% +10.4% +8.8%
costs, net
Operating profit 89.8 4.2% 79.0 3.9% +13.7% +12.0%
(EBIT)
EBITDA 156.0 7.4% 133.7 6.7% +16.7% +14.8%
Net profit from 64.1 3.0% 57.1 2.9% +12.2% n.a.
continuing
operations
Group net profit 59.0 2.8% 57.1 2.9% +3.2% n.a.
* restated gemäss IFRS15
The documents are available online at www.valora.com/newsroom
(http://www.valora.com/en/newsroom).
* Press release (https://www.valora.com/en/newsroom/pressreleases/)
* Presentation on the Full-Year Results 2018
(https://www.valora.com/media/investors/documents/en/presentations/2019/2018_fy_results_presentation_en.pdf)
* Online Annual Report 2018 (https://www.valora.com/annualreport/2018/en/)
* Valora Stories - The Annual Report Selection
(https://stories.valora.com/en/tag/annual-report-selection-2018/)
If you have any questions, please do not hesitate to contact:
Investor Relations Media Relations
Annette Martin Christina Wahlstrand
Fon +41 61 467 21 23 Fon +41 61 467 24 53
annette.martin@valora.com media@valora.com
------------------------------------------------
Medienfrühstück:
Valora Jahresergebnis 2018
Datum: Mittwoch, 20. Februar 2019
Zeit: 08:30 Uhr (MEZ)
Ort: Rüsterei - Alte Sihlpapierfabrik, Kalanderplatz
6, 8045 Zürich, Schweiz
Programm: Ab 08.15 Uhr Registration
08.30 - 09.45 Uhr Präsentation des Jahresergebnisses 2018
Einleitung Michael Mueller, CEO
Jahresergebnis 2018 Tobias Knechtle, CFO
Strategische Roadmap Michael Mueller, CEO
Fragen & Antworten Alle
Sprache: Deutsch
------------------------------------------------
------------------------------------------------
Analysts' Conference (incl. Call and Audio-Webcast):
Valora Financial Results 2018
Date: Wednesday, 20 February 2019
Time: 11:00 am (CET)
Location: Folium - Alte Sihlpapierfabrik, Kalanderplatz
6, 8045 Zurich, Switzerland
Program: 10:30 am Registration
11:00 am Presentation of the Full-Year Results 2018
Introduction Michael Mueller, CEO
Full-Year Results 2018 Tobias Knechtle, CFO
Strategic Roadmap Michael Mueller, CEO
Questions & Answers All
12:30 am Lunch
Audio-webcast: Open webcast
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Switzerland / Europe: +41 (0) 58 310 50 00
United Kingdom: +44 (0) 207 107 0613
United States: +1 (1) 631 570 56 13
Language: English
The recorded webcast will be available by 04:00 pm (CET) latest on
www.valora.com (https://www.valora.com/en/investors/documents/multimedia/).
------------------------------------------------
About Valora
Each and every day, around 15,000 employees in the Valora network work to
brighten up their customers' journey with a comprehensive convenience and food
offering - nearby, quick, convenient and fresh. The around 2,800 small-scale
points of sale of Valora are located at highly frequented sites in Switzerland,
Germany, Austria, Luxembourg and the Netherlands. The company includes, among
others, k kiosk, Brezelkönig, BackWerk, Ditsch, Press & Books, avec, Caffè
Spettacolo and the popular own brand ok.- as well as a continuously growing
range of digital services. Valora is also one of the world's leading producers
of pretzels and benefits from a well-integrated value chain in the area of baked
goods. Valora generates annual external sales of over CHF 2.7 billion. The
Group's registered office is in Muttenz, Switzerland. The registered shares of
Valora Holding AG (VALN) are traded on SIX Swiss Exchange AG.
More information is available at www.valora.com (https://www.valora.com/en/)
Disclaimer
This document contains forward-looking statements, which include matters that
are not historical facts or which may not otherwise be provable by reference to
past events. Forward-looking statements are based on our current expectations
and assumptions, and are subject to significant known and unknown risks and
uncertainties. These uncertainties and risks, along with other factors, may mean
that actual future events and developments, including Valora's results,
financial position and development, deviate materially from what was explicitly
or implicitly stated or assumed in the forward-looking statements. The
information, opinions and forward-looking statements contained in this document
speak only as of its date. Valora does not undertake any obligation to review or
update any forward-looking statements as a result of new information, future
events or otherwise. This media release does not constitute a recommendation to
purchase securities.
* Media release (PDF): http://e3.marco.ch/publish/valora/561_2248/20190220_VAL_MM_FY18_EN.pdf
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