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14.03.2018 07:14:00
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Strauss Posts Yet Another Strong Set of Annual Results With Sales Growth Up 6.9% for 2017, or 8% Excluding Foreign Currency Effects; Net Income Rises an Impressive 23.7% for the Year Due to...
PETACH TIKVA, Israel, March 14, 2018 /PRNewswire/ -- Gadi Lesin, President and CEO of Strauss Group (TASE: STRS) "Strauss Group continues to present solid results in all key parameters. In the fourth quarter of 2017 sales grew a stellar 10.2% excluding FX translation, and net income rose by 34%. These excellent results were attained, among other things, by implementing strategic moves which enhanced the Group's operational and managerial flexibility whilst focusing on core assets, by increasing our investment in innovation, signing new distribution agreements and expanding our geographical reach. Alongside the strong performance of Strauss Israel, Strauss Coffee and Strauss Water, 2017 was a challenging year for Sabra, our dips and spreads business in North America, which nevertheless succeeded in returning to close to pre-recall selling and market share levels."
2017 highlights (1)
- Organic sales growth, excluding foreign currency effects, was c8%. Shekel sales were NIS c8.5 billion compared to NIS 7.9 billion in the corresponding period last year; sales were impacted by a negative currency translation amounting to NIS c49 million as a result of the continued appreciation of the NIS in comparison to other currencies.
- Gross profit was NIS c3,116 million (c36.7% of sales), up c4.6% compared to the corresponding period last year. Gross margins were down c0.8%.
- Operating profit (EBIT) was NIS c780 million (c9.2% of sales), up c4.8% compared to the corresponding period last year. EBIT margins were down c0.2%.
- EPS for shareholders of the Company was NIS c3.7, up c18.8% compared to the corresponding period.
- Cash flow from operating activities totalled NIS c622 million, compared to NIS c762 million last year.
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, unless stated otherwise.
Non GAAP Figures (1) | |||
Year | |||
2017 | 2016 | Change | |
Total Group Sales (NIS mm) | 8,492 | 7,943 | 6.9% |
Organic Sales Growth excluding FX | 8.0% | ||
Gross Profit (NIS mm) | 3,116 | 2,980 | 4.6% |
Gross Margins (%) | 36.7% | 37.5% | -80 bps |
EBITDA (NIS mm) | 1,018 | 975 | 4.4% |
EBITDA Margins (%) | 12.0% | 12.3% | -30 bps |
EBIT (NIS mm) | 780 | 744 | 4.8% |
EBIT Margins (%) | 9.2% | 9.4% | -20 bps |
Net Income Attributable to the Company's | 415 | 335 | 23.7% |
Net Income Margin Attributable to the | 4.9% | 4.2% | +70 bps |
EPS (NIS) | 3.70 | 3.12 | 18.8% |
Operating Cash Flow (NIS mm) | 622 | 762 | -18.4% |
Capex (NIS mm) (2) | -268 | -239 | 12.1% |
Net debt (NIS mm) | 2,080 | 1,428 | 45.6% |
Net debt / annual EBITDA | 2.0x | 1.5x | 0.5x |
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, unless stated otherwise.
(2) Investments include the acquisition of fixed assets and investment in intangibles.
Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.
Non GAAP Figures (1) | ||||||||
Year | ||||||||
Sales (NIS mm) | Sales | Organic | EBIT (NIS mm) | NIS | % Change | EBIT margins | Change in | |
Sales and EBIT by Operating | ||||||||
Strauss Israel: | ||||||||
Health & Wellness | 2,068 | 5.7% | 5.7% | 222 | 9 | 4.2% | 10.8% | -10 bps |
Fun & Indulgence (2) | 1,063 | 5.6% | 5.6% | 106 | 5 | 5.8% | 10.0% | -- |
Total Strauss Israel | 3,131 | 5.6% | 5.6% | 328 | 14 | 4.5% | 10.5% | -10 bps |
Strauss Coffee: | ||||||||
Coffee Israel | 704 | 4.5% | 4.5% | 104 | 17 | 19.0% | 14.8% | +180 bps |
International Coffee (2) | 3,396 | 13.2% | 12.4% | 289 | 17 | 6.4% | 8.5% | -60 bps |
Total Strauss Coffee | 4,100 | 11.6% | 11.0% | 393 | 34 | 9.4% | 9.6% | -20 bps |
International Dips & Spreads: | ||||||||
Sabra (50%) (2) | 622 | -6.3% | 0.2% | 30 | -29 | -49.5% | 4.8% | -410 bps |
Obela (50%) (2) | 70 | 32.8% | 23.9% | -11 | 1 | NM | NM | NM |
Total International Dips & Spreads | 692 | -3.4% | 2.2% | 19 | -29 | -59.9% | 2.8% | -380 bps |
Other (2) | 569 | -3.5% | 7.7% | 40 | 17 | 73.0% | 6.9% | +300 bps |
Total Group | 8,492 | 6.9% | 8.0% | 780 | 36 | 4.8% | 9.2% | -20 bps |
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, 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 Três Corações joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local São Miguel Group (50%). International D&S figures reflect Strauss's 50% share in Sabra and Obela. Other Operations figures include Strauss's share in the joint venture in China, Haier Strauss Water (HSW). Until August the Company held a 34% stake in the joint venture, and commencing in September, its percentage holding increased to 49% following the acquisition of an additional 15%.
(3) During the period, the Group sold the Max Brenner operation.
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.
Q4 2017 highlights(1)
- Organic sales growth, excluding foreign currency effects, was c10.2%. Shekel sales were NIS c2.2 billion compared to NIS 2 billion in the corresponding period last year, and include a NIS c53 million negative translation effect as a result of the weakening of the Brazilian Real versus the NIS.
- Gross profit was NIS c774 million (c35.9% of sales), up c8% compared to the corresponding period last year. Gross margins were up c0.6%.
- Operating profit (EBIT) was NIS c149 million (c6.9% of sales), up c10.4% compared to the corresponding period last year. EBIT margins were up c0.3%.
- EPS for shareholders of the company was NIS c0.67, up c26% compared to the corresponding period.
- Cash flows from operating activities totalled NIS c328 million, compared to NIS c360 million last year.
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, unless stated otherwise.
Non GAAP Figures (1) | |||
Fourth Quarter | |||
2017 | 2016 | Change | |
Total Group Sales (NIS mm) | 2,157 | 2,034 | 6.0% |
Organic Sales Growth excluding FX | 10.2% | ||
Gross Profit (NIS mm) | 774 | 717 | 8.0% |
Gross Margins (%) | 35.9% | 35.3% | +60 bps |
EBITDA (NIS mm) | 214 | 194 | 10.6% |
EBITDA Margins (%) | 9.9% | 9.5% | +40 bps |
EBIT (NIS mm) | 149 | 135 | 10.4% |
EBIT Margins (%) | 6.9% | 6.6% | +30 bps |
Net Income Attributable to the Company's | 77 | 58 | 34.0% |
Net Income Margin (Attributable to the | 3.6% | 2.8% | +80 bps |
EPS (NIS) | 0.67 | 0.53 | 26.0% |
Operating Cash Flow (NIS mm) | 328 | 360 | -8.9% |
Capex (NIS mm) (2) | -79 | -76 | 3.9% |
Net debt (NIS mm) | 2,080 | 1,428 | 45.6% |
Net debt / annual EBITDA | 2.0x | 1.5x | 0.5x |
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, unless stated otherwise.
(2) Investments include the acquisition of fixed assets and investment in intangibles.
Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.
Non GAAP Figures (1) | ||||||||
Fourth Quarter | ||||||||
Sales (NIS mm) | Sales | Organic | EBIT (NIS mm) | NIS | % Change | EBIT margins | Change in | |
Sales and EBIT by Operating | ||||||||
Strauss Israel: | ||||||||
Health & Wellness | 514 | 10.2% | 10.2% | 52 | 1 | 1.3% | 10.2% | -90 bps |
Fun & Indulgence (2) | 254 | 13.6% | 13.6% | 17 | 2 | 23.5% | 6.9% | +60 bps |
Total Strauss Israel | 768 | 11.3% | 11.3% | 69 | 3 | 5.1% | 9.0% | -60 bps |
Strauss Coffee: | ||||||||
Israel Coffee | 167 | 13.9% | 13.9% | 20 | 12 | 132.7% | 12.2% | +620 bps |
International Coffee (2) | 918 | 0.4% | 5.3% | 59 | -17 | -21.8% | 6.4% | -190 bps |
Total Strauss Coffee | 1,085 | 2.3% | 6.5% | 79 | -5 | -5.9% | 7.3% | -70 bps |
International Dips & Spreads: | ||||||||
Sabra (50%) (2) | 147 | 25.9% | 37.3% | -2 | 11 | 87.3% | NM | +1000 bps |
Obela (50%) (2) | 21 | 13.0% | 20.1% | -2 | -1 | NM | NM | NM |
Total International Dips & Spreads | 168 | 24.1% | 34.8% | -4 | 10 | 74.4% | NM | +830 bps |
Other (2) | 136 | -8.4% | 9.5% | 5 | 6 | 451.2% | 3.0% | +380 bps |
Total Group | 2,157 | 6.0% | 10.2% | 149 | 14 | 10.4% | 6.9% | +30 bps |
(1) Based on the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (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, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, net, 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 Três Corações joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local São Miguel Group (50%). International D&S figures reflect Strauss's 50% share in Sabra and Obela. Other Operations figures include Strauss's share in the joint venture in China, Haier Strauss Water (HSW). Until August the Company held a 34% stake in the joint venture, and commencing in September, its percentage holding increased to 49% following the acquisition of an additional 15%.
(3) During the period, the Group sold the Max Brenner operation.
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
Condensed financial accounting (GAAP) | |||
Year | |||
2017 | 2016 | Change | |
Sales | 5,480 | 5,282 | 3.7% |
Cost of sales excluding impact of commodity hedges | 3,323 | 3,179 | 4.5% |
Adjustments for commodity hedges | 31 | 0 | |
Cost of sales | 3,354 | 3,179 | 5.5% |
Gross profit | 2,126 | 2,103 | 1.1% |
% of sales | 38.8% | 39.8% | |
Selling and marketing expenses | 1,259 | 1,234 | 2.0% |
General and administrative expenses | 388 | 367 | 5.6% |
Total expenses | 1,647 | 1,601 | |
Share of profit of equity-accounted investees | 162 | 178 | -8.9% |
Operating profit before other expenses | 641 | 680 | -5.7% |
% of sales | 11.7% | 12.9% | |
Other expenses, net | -9 | -49 | |
Operating profit after other expenses | 632 | 631 | 0.3% |
Financing expenses, net | -117 | -109 | 8.7% |
Income before taxes on income | 515 | 522 | -1.5% |
Taxes on income | -99 | -134 | -27.1% |
Effective tax rate | 19.1% | 25.8% | |
Income for the period | 416 | 388 | 7.4% |
Attributable to the Company's shareholders | 342 | 272 | 25.8% |
Attributable to non-controlling interests | 74 | 116 | -35.6% |
Condensed financial accounting (GAAP) | |||
Fourth Quarter | |||
2017 | 2016 | Change | |
Sales | 1,385 | 1,310 | 5.7% |
Cost of sales excluding impact of commodity hedges | 850 | 792 | 7.4% |
Adjustments for commodity hedges | 13 | 28 | |
Cost of sales | 863 | 820 | 5.3% |
Gross profit | 522 | 490 | 6.4% |
% of sales | 37.7% | 37.4% | |
Selling and marketing expenses | 324 | 323 | 0.1% |
General and administrative expenses | 113 | 98 | 15.1% |
Total expenses | 437 | 421 | |
Share of profit of equity-accounted investees | 42 | 24 | 78.9% |
Operating profit before other expenses | 127 | 93 | 37.4% |
% of sales | 9.2% | 7.0% | |
Other expenses, net | -2 | -6 | |
Operating profit after other expenses | 125 | 87 | 45.3% |
Financing expenses, net | -27 | -16 | 78.5% |
Income before taxes on income | 98 | 71 | 38.1% |
Taxes on income | -22 | -15 | 40.9% |
Effective tax rate | 22.1% | 21.7% | |
Income for the period | 76 | 56 | 37.3% |
Attributable to the Company's shareholders | 68 | 30 | 128.6% |
Attributable to non-controlling interests | 8 | 26 | -66.2% |
Investor Conference
Strauss Group will host an Annual and Fourth Quarter 2017 Investor Conference at the Tel Aviv Stock Exchange on Wednesday, March 14, 2018 at 14:00 (Israel time) to review the Financial Statements of the Company for the year and quarter.
Strauss Group will also host an Investor Conference call in English on Wednesday, March 14, 2018 at 17:00 Israel time (UK – 15:00, US Eastern Standard Time –11:00) to review the Financial Statements of the Company for the year and quarter.
To join the conference in English, please call:
UK: 0-800-917-5108
US: 1-888-668-9141
Israel: 03-918-0609
The Financial Statements for the fourth quarter and full-year of 2017 and Investors Presentation are posted on the Group's Investor Relations website at:
http://ir.strauss-group.com/phoenix.zhtml?c=92539&p=irol-irhome
For further information please contact:
Daniella Finn Director of Investor Relations Strauss Group Ltd. 972-54-577-2195 972-3-675-2545 | Osnat Golan VP Communications, Digital and Sustainability Strauss Group Ltd. 972-52-828-8111 972-3-675-2281 |
View original content:SOURCE Strauss Group
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