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SAVENCIA: Half-year results 2024 | 19.09.24

Posted on by Vaseline
SAVENCIA: Half-year results 2024 | 19.09.24

Thursday, September 19, 2024

Press release: Half-year results 2024

Solid operational performance

Key figures in €M

 30/06/24

 % of turnover

 30/06/23

 % of turnover

 % changes
Total Structure Change &

IAS-29

 Organic growth (1)
Sale 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
– Other dairy products 1,578 46.7 1,552 46.0 1.7 4.2 -4.9 2.4
– Not assigned -118 -3.5 -110 -3.2 7.6 0.2 -5.2 12.6
Current operating profit 110 3.3 112 3.3
Operating result 103 3.0 98 2.9
Financial result -21 -15
Corporate tax -25 -28
Result for the period 64 1.9 58 1.7
Net Income, Group Share 58 1.7 51 1.5
Net debt (excluding IFRS 16) 438 600

Annual accounts first half of 2024

Savencia Fromage & Dairy’s turnover remains stable as of June 30, 2024 with an increase of 0.1% compared to the previous year. This includes an 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% due to the devaluation of the Argentine peso against the euro.

Cheese Products’ organic turnover growth of 0.2% is mainly due to a favourable price effect, which offsets a decline in volumes, particularly in Europe due to a context that remains inflationary and affects consumer purchasing power. Outside France, volumes have undergone different developments depending on the region, with solid growth in South America in particular.

At constant scope and exchange rates, Other dairy products turnover increased by 2.4%. This increase is due to good dynamics on the international markets, which compensates for the decline in global quotations for industrial ingredients.

The current operating profit amounts to €110 million. This near stability is due on the one hand to a recovery in the Cheese Products activity and on the other hand to a contraction in Other Dairy Products, which were affected by the persistently high price of milk and the decline in quotations of industrial ingredients.

Net profit improved by €6 million to €64 million.

Savencia Fromage & Dairy’s debts decreased by €162 million thanks to good management of working capital requirements.

CRS commitments

Savencia Fromage & Dairy teams remain fully committed to setting up and implementing decarbonisation pathways in line with the SBTi commitments made in March 2023. They are also implementing optimisation plans at all production sites.

On the social front, numerous initiatives are being launched in all countries. For example, Elle & Vire has become a founding partner of the “Grand Cause Biodiversité” alongside other major French players. This cause is led by the collaborative platform Make.org, which aims to support citizen initiatives.

(1) Explanation: change in the total presentations

The definitions and methods of the organic growth and currency impact aggregates have been changed with effect from 1st January 2024, as explained below. The definition of the “structure effect” aggregate has not changed. The definition will be disclosed in the Group’s financial report.

Since January 1, 2024, Argentina, a country with a hyperinflationary economy, is included in the variations in organic data as follows: the growth of net sales in this country exceeding approximately 26% per year (on average, an annual inflation level of 26% over 3 years generally requires the application of hyperinflation adjustment within the meaning of IFRS standards) is excluded from the calculation of net sales growth in organic data and integrated with the impact of the hyperinflation adjustment (IAS 29) and exchange rate effects

Please note: the 2023 entries have not been adjusted

(The next publication will be on October 24, 2024)

For more information, visit the website savencia-fromagedairy.com

  • Savencia SA – Half-year results 2024



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