In This Article:
Thursday, September 19, 2024
Press Release: 2024 half-yearly results
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| Key figures in €M | 30/06/24 | % of sales | 30/06/23 | % of sales | % changes | |||||||
| Total | Structure | Change & | Organic growth (1) | |||||||||
| Sales | 3,380 |
| 3,376 |
| 0.1 | 1.9 | -2.6 | 0.8 | ||||
| - Cheese Products | 1,920 | 56.8 | 1,934 | 57.3 | -0.7 | 0.0 | -0.8 | 0.2 | ||||
| - Others Dairy Products | 1,578 | 46.7 | 1,552 | 46.0 | 1.7 | 4.2 | -4.9 | 2.4 | ||||
| - Unallocated | -118 | -3.5 | -110 | -3.2 | 7.6 | 0.2 | -5.2 | 12.6 | ||||
| Current Operating Profit | 110 | 3.3 | 112 | 3.3 |
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| Operating profit | 103 | 3.0 | 98 | 2.9 |
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| Financial result | -21 |
| -15 |
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| Corporate taxes | -25 |
| -28 |
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| Result for the period | 64 | 1.9 | 58 | 1.7 |
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| Net income, Group share | 58 | 1.7 | 51 | 1.5 |
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| Net debt (excluding IFRS 16) | 438 |
| 600 |
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First-half 2024 financial statements
Savencia Fromage & Dairy sales remain stable as of 30 June 2024 with an increase of 0.1% compared to the previous year. This includes organic growth of 0.8% driven by Other Dairy Products, a positive structural effect of 1.9% related to the integration of Williner, consolidated since April 2023, and an unfavorable currency effect of 2.6% resulting from the devaluation of the Argentine peso against the euro.
Organic sales growth of Cheese Products of 0.2% is mainly due to a favorable price effect, that offsets a contraction in volumes, notably in Europe due to a context that remains inflationary and affects consumers' purchasing power. Outside France, volumes have seen different developments depending on the region, with notably a solid growth in South America.
At constant scope and exchange rates, Other Dairy Products sales are up 2.4%, benefiting from a good momentum in international markets, which offset the decline in global quotations for industrial ingredients.
Current Operating Profit stands at €110 million. This near-stability results, on the one hand, from a recovery in the Cheese Products activity and on the other hand, from a contraction in Other Dairy Products, which have been impacted by the continued high price of milk and the decline in industrial ingredient quotations.
Net income improved by €6 million to €64 million.
Savencia Fromage & Dairy debt decreased by €162 million thanks to good control of working capital requirements.
CRS commitments
Savencia Fromage & Dairy teams remain fully committed to building and executing decarbonization trajectories in accordance with the SBTi commitments made in March 2023 and have been pursuing optimization plans across all production sites.