Fyffes Share Discussion Threads

[multibagger] 27/8/2015 07:27

Interim Results 2015
Published: 27 August, 2015

Fyffes reports strong first half results and reconfirms full year targets

Continuation of strong earnings growth in first half – adjusted EPS up 12.2%
Reconfirms full year target earnings ranges as follows:
Adjusted EBITDA - €55m - €61m
Adjusted EBITA/EBIT - €44m - €50m
Adjusted EPS – 12.2 cent – 13.9 cent
Strong cash generation in first half – net cash of €18.6m at 30 June 2015
15% increase in interim dividend

Commenting on the results, David McCann, Chairman, said:

“Fyffes is pleased to report a continuation of the strong growth in earnings achieved in recent years, with a 12.2% increase in Adjusted EPS in the first half of the year. The Group is also pleased to reconfirm the increased 2015 full year target earnings ranges announced on 19 June 2015. This demonstrates the Group’s ability to quickly adapt to prevailing market conditions given the significant adverse movement in exchange rates earlier in the year. Fyffes continues to pursue increases in selling prices in all markets in this regard.

Cash generation has been strong in the year to date, with the Group moving from net debt of €11.7m at the beginning of the year to a net cash position of €18.6m at 30 June 2015. Fyffes is very focused on shareholder value and is increasing its interim dividend by 15% given its strong performance in the year to date and in recent years. The Group may also, from time to time, repurchase further Fyffes shares in the market.”

* The financial terms used above are defined below and exclude exceptional items.

Forward looking statement

Any forward looking statements made in this press release have been made in good faith based on the information available as of the date of this press release and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in these statements, and the company undertakes no obligation to update any such statements whether as a result of new information, future events, or otherwise. Fyffes Annual Report contains and identifies important factors that could cause these developments or the company’s actual results to differ materially from those expressed or implied in these forward-looking statements.

For further information, please view the 2015 interims results slide presentation at www.fyffes.com or contact Brian Bell at Wilson Hartnell PR, Tel: [phone].

Financial highlights
6 months to
30 June 2015 6 months to
30 June 2014 Change %
€ €
Total revenue (incl share of joint ventures) 644.3m 592.8m +8.7%
Group revenue (excl share of joint ventures) 540.6m 490.2m +10.3%
EBITDA* 39.5m 35.2m +12.4%
EBITA* 34.3m 31.5m +9.1%
EBIT* 34.3m 31.5m +9.1%
Diluted earnings per share* 9.93 cent 8.85 cent +12.2%
Interim dividend per share 0.8211 cent 0.714 cent +15%

*Key performance measures:

Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, excluding the Group’s share of Balmoral’s result and exceptional items where applicable
As further explained below, Interfrucht Weichert, the Group’s German joint venture, recognised an exceptional charge in the period (Fyffes 80% share amounted to €2.9m) in full and final settlement of the fine imposed by the European Commission arising from an historic investigation into the supply of bananas in Northern Europe in the period 2000-2002, which was prior to Fyffes investment in that business.
Adjusted EBITA is adjusted EBITDA less depreciation charges
Adjusted EBIT is adjusted EBITA less amortisation charges
Adjusted diluted earnings per share excludes exceptional items and, in previous years, amortisation charges and related tax credits, and the Group’s share of Balmoral’s result

Copies of this announcement are available from the Company’s registered office, 29 North Anne Street, Dublin 7 and on our website at www.fyffes.com.

[multibagger] 07/8/2015 16:33

Interesting story here and I have taken a small position today (as has my son)....looks to be a solid growth story with a market leader :)

Good luck all :)

[battlebus2] 07/8/2015 16:22

Great finish here :))

[battlebus2] 07/8/2015 10:20

Moving through £1...target price £1.50 so still a potential 50% upside imv.

[battlebus2] 23/6/2015 20:49

Good to see another blue day....

[battlebus2] 21/6/2015 23:30

You also need to take into account we are no longer solely a banana trader, growth markets in melons etc.

[bamboo2] 21/6/2015 23:09

Interesting that the retail price of loose bananas has remained static for more than 12 months in all the major supermarkets at 68p/kg.

Not sure how, if at all, this reflects on share price at ffy.

edit added, I note that it is about the only commodity that has not actually decreased in price like for example, butter, cheese and King Edward pots.

[battlebus2] 21/6/2015 22:12

Thanks janeann, we should be trading a lot higher with Friday's news. Are you a holder?
DAVY VIEW
Today’s statement marks the second successive year of material upgrades to FY guidance at the mid-year point. Management’s goal of moving the business to a higher and more sustainable earnings base is playing out. Similar to last year, the magnitude of the Fyffes’ upgrade is significant (+21% at the mid-point) and is mainly driven by increased pricing in the banana category. Our forecasts will likely gravitate to the mid-point of the new range. Fyffes remains undervalued on earnings and returns-based metrics.

[18bt] 19/6/2015 16:51

Cracking statement

[battlebus2] 19/6/2015 15:59

Top Banana.....

[battlebus2] 19/6/2015 08:05

Excellent news this morning with targets smashed.....

Fyffes significantly increases its earning target for 2015

Fyffes has continued to perform well in the year to date including securing necessary increases in selling prices in the banana and pineapple categories in response to significant currency headwinds and through its constant focus on operational efficiencies. This demonstrates the Group's robust business model and its ability to quickly adapt to prevailing market conditions. Fyffes has also had another strong performance in the recently ended US melon import season.

The Group is increasing its target earnings ranges for the full year 2015 as set out in the table below, continuing its track record of strong earnings growth in recent years. The EBITDA range now includes an estimated depreciation charge of c.EUR11m for 2015, compared to EUR8.1m in 2014, reflecting the significant level of capital expenditure in the previous year.


2015 Target Ranges 2014
-------------- ----------------------------------- -----------
Revised Previous Actual
-------------- ----------------- ---------------- -----------

EBITDA EUR55m - EUR61m EUR44m - EUR50m EUR48.2m
-------------- ----------------- ---------------- -----------
EBITA EUR44m - EUR50m EUR36m - EUR42m EUR40.1m
-------------- ----------------- ---------------- -----------
EBIT EUR44m - EUR50m EUR36m - EUR42m EUR40.1m
-------------- ----------------- ---------------- -----------
Adjusted EPS 12.2 - 13.9 cent 10.0 - 11.8 11.17 cent
cent
-------------- ----------------- ---------------- -----------

Fyffes is confident about the future prospects of its business and is well placed to compete strongly in its key markets, following important strategic and operational developments in recent years. The Group also remains focused on achieving further efficiencies in its operations.

[battlebus2] 12/6/2015 12:48

Farringdon announces a holding :))

[rmillaree] 01/5/2015 11:20

Yep - i am sitting on the sidelines wishing i had bought back in when the price dipped into the lower 70's sigh.
If only i had unlimited funds on tap at all times life would be simple.

[battlebus2] 01/5/2015 10:30

Good to see a tick up today after yesterday's positive update.

[battlebus2] 16/4/2015 16:53

Very quiet here now after the failed tie so good to see these climb a little again.

[battlebus2] 01/4/2015 13:46

All quiet at Fyffes, dividend date upcoming on the 6th.

[nhb001] 27/2/2015 22:10

Thanks battlebus. Much appreciated.

[battlebus2] 27/2/2015 21:01

Its just paid in Euros to me and i've never done it but if your taxed the 20% and you qualify as a non tax payer or as a non resident you need to either claim it back or fill in the exept form. Both below. Most brokers will have them and sort it out for you.

[nhb001] 27/2/2015 20:30

I've never received dividends from a foreign company before so never had to deal with the "Witholding Tax". Anyone any experience of that in particular (obviously) with the Ireland exchange?

[ibug] 27/2/2015 09:53

Fyffes earnings jump

27 February 2015 | 09:34am
StockMarketWire.com - Fyffes reports strong growth in earnings for the sixth year in a row.

Total revenues - including joint ventures - rose by 0.8% to €1,090.9m while group revenue, excluding its share of its joint ventures, amounted to €853m in the year, an increase of 2.0%.

The increase in turnover in the year reflected organic volume growth in the pineapple and melon categories, offset by price deflation in bananas and pineapples.

Adjusted EBITA was €7.5m higher (+22.9%) at €40.1m, compared to €32.7m in 2013.

Adjusted EBIT also amounted to €40.1m, up 28.1% year on year, as there were no amortisation charges in 2014.

Adjusted EBITDA was up 20.5% year on year, to €48.2m.

The key drivers of performance in the group's tropical produce operations are average selling prices, exchange rates and the costs of fruit, shipping and fuel.

Adjusted profit before tax for the year to the end of December amounted to €39.0m, 25.3% up on the previous year, ahead of the increase in EBITA due to the lower interest charges.

Adjusted profit before tax excludes exceptional items and the group's share of the tax charge of its joint ventures, which is reflected in profit before tax under IFRS rules, and, in previous years, the amortisation of intangible assets and the group's share of Balmoral's result.

Profit before tax, excluding these adjustments, amounted to €38.2m compared to €28.7m in 2013, an increase of 33.1%, reflecting a reduction in amortisation charges to nil in 2014.

At 9:34am: [LON:FFY] Fyffes PLC share price was 0p at 87.5p


Story provided by StockMarketWire.com
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[ibug] 27/2/2015 08:34

Pretax profits at Fyffes up 25.3% last year to €39m
Total 2014 revenues increased by 0.8% to €1.1bn

The group said its target ebit for 2015 is in the range of €36 million to €42 million, compared to €40.1 million in 2014

Fri, Feb 27, 2015, 07:28

Pretax profits at fruit distributor Fyffes rose by 25.3 per cent to €39millon last year as the group reported its sixth consecutive year of growth.

Total revenues increased by 0.8 per cent to €1.1 billion, while group revenue, which excludes Fyffes share in joint ventures, increased by 2 per cent to €853 million, the company said.

Adjusted ebitda (earnings before interest, taxes, depreciation, and amortization) rose 22.9 per cent to €7.5 million, compared to €32.7million in 2013. Adjusted ebit (earnings before interest and taxes) amounted to €40.1million, up 28.1 per cent year-on-year.

The group said its target ebit for 2015 is in the range of €36 million to €42 million, compared to €40.1 million in 2014.

Earnings per share rose by 26.6% to 11.17 cent

The board has proposed a final dividend for 2014 of €1.673 cent per share, up 12.3 per cent on the previous year.

Total dividends for last year are up 10 per cent to €2.387 cent, the group said.

“Fyffes is pursuing necessary increases in selling prices in all markets in response to the significant strengthening of the US dollar against the euro and sterling in recent months. The group is focused on continuing to grow the business and is actively pursuing a promising number of attractive acquisition opportunities,” said chairman David McCann.