Naturex Reports Excellent Performance in 2012
28 Mar 2013 --- Naturex, the global leader in speciality plant-based natural ingredients, announces its annual consolidated results1 for fiscal 2012. Consolidated revenue for fiscal 2012 amounted to €299.8 million, up 18.2% from the prior year (up 11.9%. at constant exchange rates).
This performance included full-year contributions from the four companies acquired by Naturex between the 2011 4th quarter and the end of the 2012 3rd quarter (Burgundy in France and Spain, Pektowin in Poland, Valentine in India and DBS in the United States) that accounted for approximately 7% of the Group's annual revenue.
Against this backdrop, the Group's positive momentum over the full-year highlights the relevance of Naturex's business model that combines sustained organic growth with a dynamic strategy of acquisitions. The Group also reaped the benefits from its positions in both mature markets still active despite a difficult economic environment in Europe and in faster growing emerging markets that accounted for 17.7% of the annual revenue.
Naturex benefited as well from positive operational drivers for the period consistent with its revenue growth despite expenses incurred by the Group related to measures adopted to restructure its operations in response to the rapid development over the last three years, and the short-term dilutive effect of some of its acquisitions.
The product mix continued to improve as the share of high value-added products and concepts grows and making it possible to offset at the level of the gross margin the negative impact from the integration of Pektowin.
Current operating income rose 19.3% to €35.9 million up from €30.1 million last year. The current operating margin for the year was 12.0%, up from 11.9% in 2011.
Consolidated net operating income amounted to €37.6 million, up from €28.5 million in 2011. This includes €4.4 million in non-current operating expenses consisting mainly of acquisition-related expenses, post-acquisition costs on these companies and reorganisation expenses related to Mr. Dikansky's death as well as €6.1 million in non-current operating income from payments received following the passing of Mr. Dikansky on insurance policies taken out by the Group (bank insurance and key person policies).
After taking these non-current operating expenses into account, the operating margin came to 12.5%, up from 11.2% one year earlier.
Net income attributable to the Group amounted to €22.9 million, up from €15.6 million in 2011, after a tax charge of €8.7 million compared with €8.3 million in 2011.
The net margin for the full year was 7.6%, up from 6.2% in 2011.
"While 2012 was sadly marked by the death of Naturex's founder, Jacques Dikansky, operating performances were altogether satisfactory in a year that otherwise included many positive achievements. The Group remained successful in generating revenue through its development strategy combining organic and external growth, while pursuing expansion in its different markets, particularly in emerging countries" commented Naturex's Chairman-CEO, Thierry Lambert. "We must further strengthen our long-term growth potential in 2013, in particular by intensifying our research and development efforts, and I am confident in the ability of Naturex and its teams to meet this challenge."
