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Strauss Group reports third quarter results: 3.2% organic sales growth excluding foreign currency effects(1) and improved operating results by a number of international growth drivers, as Strauss Coffee's results are impacted primarily by significant exchange rate effects in Brazil and Russia(2)


News provided by

Strauss Group

24 Nov, 2015, 08:46 GMT

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Board of Directors approves NIS 100 million dividend (approximately NIS 0.93 per share (3)), to be paid to shareholders on December 10, 2015

PETACH TIKVA, Israel, Nov. 24, 2015 /PRNewswire/ -- Gadi Lesin, President and Chief Executive Officer of Strauss Group (STRS.TA), said today (November 24, 2015): "All of the Group's businesses have posted an improvement in operating profit in the quarter, except for the coffee company. The Group continues to operate in a dynamic, challenging environment and to implement its global growth strategy. The results of operations of Strauss Coffee – a leading player in a number of emerging markets, including Brazil(4) (the world's second-largest coffee market) – primarily reflect the weakening of the Brazilian real and Russian ruble despite over 12% organic growth in domestic currency sales by the coffee company(5).

In Israel, continued price reductions, innovation efforts and streamlining measures throughout the length of the value chain have led to a slight improvement in EBIT for the quarter."

Link to MD&A report

Link to Analyst Presentation

Link to Q3 '15 conference call details

________________________________

(1)

Also excluding the impact of classification of costs following the introduction of the Food Law, as explained in the Board of Directors Report.

(2)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.

(3)

The dividend per share (DPS) is calculated as at the declaration date and is subject to change as a result of the exercise of options, if any are exercised.

(4)

Operations in Brazil are carried out by the Tres Coracnes joint venture (3C) – Brazil – a company held by the Group (50%) and by the local holding company, Sao Miguel Holding e Investimentos S.A. (50%). (Data reflect Strauss Coffee's share (50%) unless expressly stated otherwise).

(5)

Organic sales growth excluding exchange rate effects, the impact of the Food Law and green coffee export sales by the Tres Coracoes joint venture in Brazil.

First nine months 2015 highlights(1)

  • Organic sales growth, excluding foreign exchange effects, was 1.9%(2). Shekel sales were NIS 5.7 billion compared to NIS 6.1 billion in the corresponding period last year, and reflected NIS 396 million negative translation differences as a result of the continued strengthening of the NIS versus other functional currencies of the Group.
  • Gross profit was NIS 2,129 million (37.1% of sales), down 10.1% compared to the corresponding period last year. Gross margins were down 2.0%.
  • Operating profit (EBIT) was NIS 501 million (8.7% of sales), down 17.0% compared to the corresponding period last year. EBIT margins were down 1.3%.
  • EPS for shareholders of the Company were NIS 2.05, down 24.1% compared to the corresponding period.
  • Cash flows from operating activities totaled NIS 90 million, compared to NIS 247 million last year.

(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.

(2)

Also excluding the impact of classification of costs following the introduction of the Food Law, as explained in the Board of Directors Report.



Non GAAP Adjusted Figures (1)







First Nine months


2015

2014

Change

Organic
Sales
Growth
excluding
FX and
Food Law

Total Group Sales (NIS mm)

5,743

6,060

-5.2%

1.9%

Gross Profit (NIS mm)

2,129

2,369

-10.1%


Gross Margins (%)

37.1%

39.1%

-200 bps


EBITDA (NIS mm)

671

765

-12.2%


EBITDA Margins (%)

11.7%

12.6%

-90 bps


EBIT (NIS mm)

501

603

-17.0%


EBIT Margins (%)

8.7%

10.0%

-130 bps


Net Income Attributable to the Company's Shareholders (NIS mm)

219

287

-23.7%


Net Income Margin Attributable to the Company's Shareholders (%)

3.8%

4.7%

-90 bps


EPS (NIS)

2.05

2.69

-24.1%


Operating Cash Flow (NIS mm)

90

274

-67.2%


Capex (NIS mm) (2)

(211)

(455)

-53.6%


Net debt (NIS mm)

1,813

1,846

-1.8%


Net debt / annual EBITDA

2.1x

1.9x

0.2x












(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.



(2)

Investments include the acquisition of fixed assets and investment in intangibles and deferred expenses.



Note:

Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.



Non GAAP Adjusted Figures (1)











First Nine months


Sales (NIS mm)

Sales Growth vs. Last Year

Organic Sales Growth excluding FX and Food Law

EBIT (NIS mm)

NIS Change in EBIT

% Change in EBIT

EBIT margins

Change in EBIT margins vs. 2014

Sales and EBIT by Operating Segments and Activities









Strauss Israel:









Health & Wellness

1,435

-4.9%

-3.0%

141

(18)

-11.3%

9.8%

-70 bps

Fun & Indulgence (2)

743

-4.7%

-2.4%

81

(11)

-12.1%

10.9%

-90 bps

Total Strauss Israel

2,178

-4.9%

-2.8%

222

(29)

-11.6%

10.2%

-80 bps










Strauss Coffee:









Coffee Israel

494

-5.1%

-2.6%

64

(17)

-20.5%

13.0%

-260 bps

International Coffee (2)

2,063

-9.2%

11.5%

135

(76)

-35.9%

6.5%

-280 bps

Total Strauss Coffee

2,557

-8.4%

8.4%

199

(93)

-31.6%

7.8%

-260 bps










International Dips & Spreads:









Sabra (50%) (2)

539

15.7%

4.0%

66

(7)

-9.4%

12.2%

-340 bps

Obela (50%) (2)

27

6.0%

15.1%

(13)

2

NM

NM

NM

Total International Dips & Spreads

565

15.2%

4.5%

52

(5)

-9.0%

9.3%

-240 bps










Other (2)

443

-9.2%

-10.4%

28

25

757.0%

6.2%

+550 bps

Total Group

5,743

-5.2%

1.9%

501

(102)

-17.0%

8.7%

-130 bps

(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.



(2)

Fun & Indulgence figures include Strauss's 50% share in the salty snacks business. International Coffee figures include Strauss's 50% share in the Tres Coracoes joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local Sao Miguel Group (50%). International D&S figures reflect Strauss's 50% share in Sabra and Obela. Other Operations includes Strauss's share in Strauss Water China (50%) until June 30, 2015.



Note:

Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.

Q3 2015 highlights(1)

  • Organic sales growth, excluding foreign exchange effects, was 3.2%(2). Shekel sales were NIS 2.0 billion compared to NIS 2.1 billion in the corresponding quarter last year, and reflected NIS 210 million negative translation differences as a result of the continued strengthening of the NIS versus other functional currencies of the Group.
  • Gross profit was NIS 711 million (36.0% of sales), down 12.2% compared to the corresponding period last year. Gross margins were down 1.9%.
  • Operating profit (EBIT) was NIS 192 million (9.7% of sales), down 15.4% compared to the corresponding quarter last year. EBIT margins were down 0.9%.
  • EPS for shareholders of the company were NIS 0.80, down 28.3% compared to the corresponding period.
  • Cash flows from operating activities totaled NIS 60 million, compared to NIS 146 million last year.

(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.

(2)

Also excluding the impact of classification of costs following the introduction of the Food Law, as explained in the Board of Directors Report.



Non GAAP Adjusted Figures (1)







Third quarter


2015

2014

Change

Organic
Sales
Growth
excluding FX and
Food Law

Total Group Sales (NIS mm)

1,974

2,138

-7.6%

3.2%

Gross Profit (NIS mm)

711

811

-12.2%


Gross Margins (%)

36.0%

37.9%

-190 bps


EBITDA (NIS mm)

246

280

-12.0%


EBITDA Margins (%)

12.5%

13.1%

-60 bps


EBIT (NIS mm)

192

227

-15.4%


EBIT Margins (%)

9.7%

10.6%

-90 bps


Net Income Attributable to the Company's Shareholders (NIS mm)

86

119

-28.0%


Net Income Margin (Attributable to the Company's Shareholders) (%)

4.4%

5.6%

-120 bps


EPS (NIS)

0.80

1.12

-28.3%


Operating Cash Flow (NIS mm)

60

146

-58.9%


Capex (NIS mm) (2)

(54)

(198)

-72.7%


Net debt (NIS mm)

1,813

1,846

-1.8%


Net debt / annual EBITDA

2.1x

1.9x

0.2x







(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.

(2)

Investments include the acquisition of fixed assets and investment in intangibles and deferred expenses.

Note:

Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.



Non GAAP Adjusted Figures (1)











Third Quarter


Sales (NIS mm)

Sales Growth vs. Last Year

Organic Sales Growth excluding FX and Food Law

EBIT (NIS mm)

NIS Change in EBIT

% Change
in EBIT

EBIT margins

Change in EBIT margins vs. 2014

Sales and EBIT by Operating Segments and Activities









Strauss Israel:









Health & Wellness

507

-4.5%

-2.6%

63

4

5.3%

12.4%

+110 bps

Fun & Indulgence (2)

240

-5.8%

-3.8%

23

(3)

-12.4%

9.3%

-70 bps

Total Strauss Israel

747

-5.0%

-3.0%

86

1

0.1%

11.4%

+60 bps










Strauss Coffee:









Israel Coffee

161

-2.2%

0.3%

18

(9)

-35.5%

11.1%

-570 bps

International Coffee (2)

715

-16.2%

12.0%

45

(41)

-46.3%

6.4%

-350 bps

Total Strauss Coffee

876

-14.0%

9.7%

63

(50)

-43.6%

7.2%

-380 bps










International Dips & Spreads:









Sabra (50%) (2)

192

19.0%

8.9%

32

2

5.1%

16.6%

-220 bps

Obela (50%) (2)

10

3.3%

20.5%

(3)

2

NM

NM

NM

Total International Dips & Spreads

201

18.1%

9.4%

29

4

15.5%

14.6%

-30 bps










Other (2)

150

-7.9%

-6.4%

14

10

264.1%

NM

NM

Total Group

1,974

-7.6%

3.2%

192

(35)

-15.4%

9.7%

-90 bps

(1)

Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.



(2)

Fun & Indulgence figures include Strauss's 50% share in the salty snacks business. International Coffee figures include Strauss's 50% share in the Tres Coracoes joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local Sao Miguel Group (50%). International D&S figures reflect Strauss's 50% share in Sabra and Obela.



Note:

Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. The figures for total International D&S were calculated on the basis of the exact Sabra and Obela figures in NIS thousands.

Appendix




Reconciliations of GAAP to Non GAAP Adjusted Figures

First Nine months


2015

2014

GAAP sales

3,881

4,051

Add back JV sales (accounted for under the equity method) (1)

1,862

2,009

Non GAAP sales

5,743

6,060




GAAP EBIT

429

493

Minus: Share of profits of equity-accounted investees

(134)

(170)

Plus: JV EBIT (accounted for under the equity method)

171

207

Additional adjustments:



Non cash equity based compensation

12

16

Loss (Profit) from accounting mark-to-market of commodity hedging transactions as
at the end of period

3

(6)

Other expenses

20

63

Non GAAP Adjusted EBIT according to management reports

501

603




Non GAAP financing expenses, net (including JVs)

(99)

(70)

Non GAAP taxes on income (including JVs)

(110)

(159)

Taxes on income in respect of the additional adjustments above

(5)

5

Non GAAP income for the period

287

379

Attributable to the Company's shareholders

219

287

Attributable to Non controlling interests

68

92







Reconciliations of GAAP to Non GAAP Adjusted Figures

Third Quarter


2015

2014

GAAP sales

1,365

1,415

Add back JV sales (accounted for under the equity method) (1)

609

723

Non GAAP sales

1,974

2,138




GAAP EBIT

154

159

Minus: Share of profits of equity-accounted investees

(51)

(66)

Plus: JV EBIT (accounted for under the equity method)

64

81

Additional adjustments:



Non cash equity based compensation

3

6

Loss from accounting mark-to-market of commodity hedging transactions as at the end of period

8

3

Other expenses

14

44

Non GAAP Adjusted EBIT according to management reports

192

227




Non GAAP financing expenses, net (including JVs)

(35)

(14)

Non GAAP taxes on income (including JVs)

(42)

(53)

Taxes on income in respect of the additional adjustments above

(4)

(2)

Non GAAP income for the period

111

158

Attributable to the Company's shareholders

86

119

Attributable to Non controlling interests

25

39



(1)

Starting the third quarter, excluding sales of Haier Strauss Water JV in China, which are accounted for under the equity method in the Non GAAP figures.

 

 

For further information please contact:






Talia Sessler

Investor Relations Director

Strauss Group Ltd.

972-54-577-2195

972-3-675-2545

talia.sessler@strauss-group.com




Osnat Golan

VP Communications & Digital, Spokesperson

Strauss Group Ltd.

972-52-828-8111

972-3-675-2281

Or

Gil Messing

External Communications Director

Strauss Group Ltd.

972-54-252-5272

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