27 July 2005 - At 30 June 2005, Bongrain SA's half-yearly sales, presented in accordance with IFRS, amounted to 1,622.1 million euros compared to 1,608.6 million euros for the corresponding period of 2004, an increase of 0.8%.
The second quarter has shown the same trend as at the beginning of the year with organic growth maintained at +0.6%.
|
Consolidated amounts in millions of euros |
Sales |
Changes |
|
|
31/06/05 |
30/06/04 |
Total |
Structure |
Exchange |
Growth |
|
|
|
BONGRAIN SA |
1,622.1 |
1,608.6 |
0.8% |
0.2% |
0.1% |
0.6% |
|
|
|
|
|
|
|
|
|
By product line : |
As a % of the total |
|
|
|
|
|
- Cheese products |
63.7% |
64.2% |
0.1% |
0.3% |
-0.5% |
-0.6 % |
|
- Others dairy products |
33.3% |
32.8% |
-2.4% |
-0.1% |
-0.6 % |
3.1% |
|
- Gastronomy |
3.1% |
3.1% |
0.2% |
- |
-0.2% |
0.5% |
Changes in consolidation scope and in foreign exchange rates have had little impact on the total change in net sales.
Market conditions in Europe, and particularly in France, have not enabled us to maintain growth rates comparable to those experienced during the first half of 2004. In France, the slackness of consumption was particularly noticeable in the case of cheese products, although some improvement was perceived during the second quarter. Within most of the Group’s other markets, levels of economic activity were in line with expectations.
Sales of other dairy products developed satisfactorily, underpinned across the whole range of the Group’s products, whether for consumers or industrial use, by our constant efforts to improve the fit between our product offering and customer needs.
Gastronomy sales progressed thanks to a very buoyant second quarter of 2005.
During the first half of 2005 and more particularly in France, Bongrain SA has been subject, in common with other dairy processors, to significant pressure on its sales prices as a result of changes in the legal framework (the Galland law) governing the commercial relationship with major distributors. In addition, the negative repercussions for processors of changes in the Common Agricultural Policy have proved more significant and more rapid than anticipated.