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Bel Société anonyme (FBEL.PA)

Paris - Paris Delayed Price. Currency in EUR
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434.000.00 (0.00%)
At close: 11:30AM CEST
Full screen
Previous close434.00
Open434.00
Bid0.00 x 0
Ask0.00 x 0
Day's range434.00 - 434.00
52-week range282.00 - 438.00
Volume4
Avg. volume80
Market cap2.948B
Beta (5Y monthly)0.53
PE ratio (TTM)20.49
EPS (TTM)21.18
Earnings date10-May-2021
Forward dividend & yieldN/A (N/A)
Ex-dividend date20-May-2020
1y target estN/A
  • GlobeNewswire

    Antoine Fiévet, Chairman and CEO, announces a new stage in the governance of Bel Group which should lead to the implementation of a separate governance system in 2022 and to the appointment of Cécile Béliot as CEO

    Suresnes, May 11th 2021 – 8.50 a.m. Antoine Fiévet, Chairman and CEO, announces a new stage in the governance of Bel Group which should lead to the implementation of a separate governance system in 2022 and to the appointment of Cécile Béliot as CEO Under the impetus of its Chairman and CEO, the Bel Group has announced its intention to move towards a form of governance that separates the functions of Chairman of the Board of Directors and Chief Executive Officer, which should lead Antoine Fiévet and the Nomination Committee to submit the appointment of Cécile Béliot to Group CEO for a vote by the Board of Directors in 2022. During the upcoming transitory period, Cécile Béliot becomes Group Executive Vice President and succeeds Antoine Fiévet as Chairman of the Supervisory Board of MOM (Materne®, Pom’Potes®/GoGo squeeZ®, Mont-Blanc® brands, etc.). Prepared for since Cécile Béliot joined Bel as Executive Vice President in charge of the Group’s Strategy, Growth levers and Markets, this evolution seeks to allow Bel Group to continue to lead its transformation, while perpetuating the vision and values carried by the Bel-Fiévet shareholder family since the creation of the company over 150 years ago. The mission undertaken by Cécile Béliot in this transitory period is to progressively prepare the next steps for bringing together Bel and MOM teams and to continue implementing the Group’s strategy on its three complementary product families – dairy, plant-based and fruit – in line with the innovation, internationalisation and modernisation processes that she has already set in motion within Bel. Since Cécile Béliot joined the Group in 2018, she has defined within the Executive Committee the pillars of the strategy for a sustainable growth model and has led alongside Antoine Fiévet the deployment of this strategy: acceleration of innovation with the shift towards plant-based products, overhaul of the brands’ missions while respecting their historic attributes, acceleration of the Group’s new geographical territories (USA, China…) and distribution channels (e-commerce, out-of-home…). Bel's Board of Directors has declared itself in favour of this move towards separate governance as of 2022. This type of governance has shown its strengths in many international companies and should allow both for short-term transformation and for long-term sustainable performance in an increasingly uncertain and complex world. Antoine Fiévet, Bel Group’s Board of Directors Chairman and Chief Executive Officer has said: “This governance shift is the fruit of a long-standing consideration, and I have wished to progressively set it up to guarantee the stability and sustainability of the Group’s growth. As we celebrate the 100th anniversary of our iconic brand, The Laughing Cow®, we are at a symbolic moment demonstrating our ability to take the long view. This is also a strategic moment, as we are accelerating on new growth territories: plant-based products and, through our MOM activities, the fruits segment. Cécile Béliot has shown over these past years her commitment to our Group’s values and DNA, her leadership, her ability to transform our model in order to uphold our mission: offering healthier and responsible food for all. I am convinced that she will be able to meet our future challenges and to continue developing sustainably our Group and its brands.” Cécile Béliot, Group Executive Vice President has said: “The trust shown in me by Antoine Fiévet and the shareholder family is a great honour, but above all a great responsibility. It commits me to the pursuit of our mission which we have undertaken together for three years now, and to be dedicated to the values which have made our Group’s success. I deeply believe in the strength of our model to invent the sustainable food of tomorrow, accessible to as many people as possible. I am proud that we are committed to this on a daily basis, together with all of the employees of the Group.” About BelThe Bel Group is a world leader in branded cheese and a major player in the healthy snack market. Its portfolio of differentiated and internationally recognized brands include such products as The Laughing Cow®, Kiri®, Mini Babybel®, Leerdammer®, Boursin®, Pom’Potes®, Nurishh®, and GoGo squeeZ®, as well as some 20 local brands. Together, these brands helped the Group generate sales of €3.46 billion in 2020. Some 12,510 employees in some 40 subsidiaries around the world contribute to the deployment of the Group's mission to champion healthier and responsible food all. Bel products are prepared at 33 production sites and distributed in nearly 120 countries. ------------------Press Contacts BelHavas Paris – bel.groupe@havas.comLaure Calixte – 06.33.81.81.17 Attachment 20210510_Havas_Bel_Press Release_Separate governance system_US

  • GlobeNewswire

    Bel : First quarter 2021 financial information : Sales

    Suresnes — May 10, 2021 at 6 p.m. Bel First quarter 2021 financial information Sales Organic sales growth up slightly after adjusting for Covid impact in 2020 Q1 2021 sales totaled €840.2 million1, down 7.5% on a published basis. Sales declined 3.6%(2) organically, but grew 0.2% after excluding the Q1 2020 sales spike tied to the Covid-19 pandemic. Amounts are expressed in millions of euros and rounded off to the nearest million. Ratios and variances are calculated based on underlying amounts, not rounded off amounts. Antoine Fievet, Chairman and Chief Executive Office of the Bel Group, said, "I want to thank all of Bel's employees, who mobilized once again this quarter to fight the Covid-19 pandemic and its consequences on our activities and their personal lives. The unprecedented growth that we reported in Q1 2020, buoyed by increased food purchases and stockpiling by consumers around the world, automatically led to a sales decline at the beginning of this year. While our business environment remains marked by uncertainty and significant disparities, we enter the second quarter with confidence in the strong economic rebound expected in key markets, such as North America and China, and the favorable impact on consumer spending from the Easter and Ramadan holidays." In Q1 2021, Bel generated consolidated sales of €840.2 million, down 7.5% on a published basis versus €908.8 million in the prior-year period. Unfavorable foreign exchange fluctuations stemming primarily from the euro's rise against the U.S. dollar, adversely impacted sales by 4.3%, or €39.5 million. Organically, sales declined 3.6%, after adjusting for negative 0.4% impact from hyperinflation in Iran. Excluding the positive impact on Q1 2020 sales related to the Covid-19 pandemic, sales were up organically a slight 0.2% in Q1 2021. The performance arose notably from an unfavorable comparison base with Q1 2020, when sales atypically spiked due to the global Covid-19 health crisis. At the beginning of 2020, sales advanced a hefty 11% organically, as lockdown measures spurred consumer spending on home food consumption around the world. Accordingly, sales automatically declined 3.6% organically year-on-year in Q1 2021. That decrease was partially offset by the excellent performance of the Boursin brand, which reported a 12.9% sales increase overall, buoyed by higher sales in France, Belgium and the United States. The sales breakdown by market segment is as follows: First quarter millions of euros 2021 2020 % change % organic growth** Global Markets 690 747 -7.6% -3.8% New Territories* 150 162 -7.5% -3.0% Total 840 909 -7.5% -3.6% * New Territories encompass the business activities of MOM (Mont-Blanc, Materne), as well as markets in Sub-Saharan Africa and China.** Including adjustments for hyperinflation in Iran and excluding AIF (All in Foods). Global Markets The performance of global (mature) markets was marked by a slowdown in the global economy. Curfew and lockdown measures, once again mandated in many European countries, such as the U.K., Germany, Portugal, and France, negatively impacted consumer spending. In some markets like Germany, a strong competitive environment put downward pressure on prices. The sales volumes of snack products in North America and Japan similarly declined from recommended lockdown measures in those markets. Nevertheless, the underlying trend in consumer spending for all brands in the United States remains favorable. Lastly, the geopolitical and economic situation in Near and Middle East countries remains particularly volatile. New Territories The slight decline in sales from new territories stems from the unfavorable comparison base with an exceptionally strong Q1 2020. 3 months millions of euros 2021 2020 % change % organic growth** Europe 461 473 -2.6% -2.1% Middle East, Greater Africa 163 198 -17.8% -9.5% Americas, Asia-Pacific 216 237 -9.0% -1.8% Total 840 909 -7.5% -3.6% ** Including adjustments for hyperinflation in Iran and excluding AIF (All in Foods). Outlook for 2021 Currency volatility and unfavorable raw material price trends were confirmed in Q1 2021, calling for renewed caution going forward. While the Covid-19 pandemic and the geopolitical and economic situation in the Near and Middle East still make for a lot of uncertainty, accelerated vaccination campaigns around the world and the progressive stabilization of the situation in certain Levant countries are positive signs. Lastly, Bel expects its Q2 2020 growth to be buoyed by a more favorable comparison base, accelerated promotional campaigns with several product innovation launches in the offing, the Easter and Ramadan holidays, and the particularly strong economic recoveries expected in key markets, such as the United States and China. Against this backdrop, Bel reiterates its trust in the company's ability to strengthen its presence in the healthy snack market, while continuing to innovate and increase the appeal of its product offering in the three complementary markets of dairy, fruit and plant-based foods. In line with its model for engaged and responsible growth, Bel plans to continue lessening its environmental footprint and to contribute to promoting a new positive business model for the food industry, in sync with its company mission to champion healthier and responsible food for all. In Q1 2021, Bel beefed up its policy for procuring renewable electricity at its plants to meet the company's Scope 1 and 23 carbon reduction goals by end 2021. At this writing, the supply of electricity to all dairy North American sites comes from renewable sources. Bel also launched a partnership between Bel Brands USA and Land O'Lakes to jointly lead a regenerative agriculture program key to contributing to the development of sustainable dairy industry. In addition, Bel successfully deployed a campaign to raise awareness about food waste alongside Too Good To Go in the U.K. and Spain, after rolling out similar campaigns in France in March 2020 and Portugal in December 2020. Bel intends to pursue these significant actions in the coming quarter, as part of its ambitious Corporate Social Responsibility (CSR) policy. On March 18, 2021, Bel Group and Lactalis Group entered into a Unilateral Promise to Purchase a business, including Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, the Leerdammer brand and all related rights plus Bel Shostka Ukraine, in exchange for 1,591,472 Bel shares held by Lactalis (23.16% equity stake). This transaction is in line with Bel’s strategy to expand its activities beyond cheese products to strengthen its position as a major player in the healthy snack market. The final agreements relating to the exchange transaction may be concluded after consultation with the employee representative bodies of some of the entities concerned. Completion of the transaction will be conditional on obtaining the required merger control approvals and is expected to take place before the end of summer 2021, in accordance with the indicative timetable announced. Following said transaction completion, Bel plans to file a public share buyback tender offer (“OPRA”)4 at €440 per share5 (cum dividend). Furthermore, Bel has been notified of Unibel’s intention to file a planned public share squeeze-out offer (“OPR-RO”) with the AMF on any remaining Bel shares as soon as possible following the OPRA settlement-delivery date and at the same price per share as for the OPRA, that is to say €440 per share5 (cum dividend). Completion of the OPR-RO is expected to take place before the end of 2021. About Bel The Bel Group is a world leader in branded cheese and a major player in the healthy snack market. Its portfolio of differentiated and internationally recognized brands include such products as The Laughing Cow®, Kiri®, Mini Babybel®, Leerdammer®, Boursin®, Nurishh®, Pom’Potes®, and GoGo squeeZ®, as well as some 20 local brands. Together, these brands helped the Group generate sales of €3.46 billion in 2020. Some 12,510 employees in some 40 subsidiaries around the world contribute to the deployment of the Group's mission to champion healthier and responsible food all. Bel products are prepared at 33 production sites and distributed in nearly 120 countries. www.groupe-bel.com ------------------ Public relations Havas Paris - Sarah Duparcsarah.duparc@havas.com - +33 (0)1.58.47.82.06 / +33 (0)6.46.72.39.99 Havas Paris – Michaël Sadounmichael.sadoun@havas.com - +33 (0)1.57.77.74.65 / +33 (0)6.82.34.76.26 1 This amount includes the business comprising Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, the Leerdammer brand and all related rights, and Bel Shostka Ukraine. 2 Organic growth corresponds to reported sales growth, excluding impacts from foreign exchange fluctuations and changes in the scope of consolidation, i.e. on a constant structure and exchange rate basis, and excluding inflation in Iran. Since 2020, Iran's economy is deemed to be a hyperinflation economy. Accordingly, inflation impacts, based on the Consumer Price Index (CPI), were excluded when determining organic growth. 3 Scope 1 covers direct factors of greenhouse gas emissions generated by an organization or a territory. Scope 2 covers indirect factors of greenhouse gas emissions associated with electricity and heat usage. 4 See Bel press release dated March 19, 2021. This proposed public offering will be subject to a compliance decision by the AMF (“Autorité des Marchés Financier”). 5 The fairness of the price of the public offer is subject to the assessment of the appointed independent expert. Attachment Bel_2021_Sales_First Quarter_US

  • GlobeNewswire

    Bel exerts the undertaking to sell (call option) granted by the minority shareholders in 2016 and acquires an additional 17.56% of the capital of the MOM Group

    Suresnes, April 30th, 2021 at 6:00 pm Bel exerts the undertaking to sell (call option) granted by the minority shareholders in 2016 and acquires an additional 17.56% of the capital of the MOM Group In accordance with the agreements entered on October 20th and December 15th, 2016, Bel has today partially exerted the undertaking to sell (call option) granted by the minority shareholders of the MOM Group and acquired 17.56% of the ordinary shares (1). Following this transaction, Bel holds 82.5% of the ordinary shares of the MOM Group. As a reminder, Bel had acquired 65% of MOM Group's common shares on December 15th, 2016. Bel remains in possession of an undertaking to sell (call option) granted by the minority shareholders on 17.56% of the ordinary shares of the MOM Group. About BelThe Bel Group is a world leader in branded cheese and a major player in the healthy snack market. Its portfolio of differentiated and internationally recognized brands include such products as The Laughing Cow®, Kiri®, Mini Babybel®, Leerdammer®, Boursin®, Pom’Potes®, and GoGo squeeZ®, as well as some 20 local brands. Together, these brands helped the Group generate sales of €3.46 billion in 2020. Some 12,510 employees in some 40 subsidiaries around the world contribute to the deployment of the Group's mission to champion healthier and responsible food all. Bel products are prepared at 33 production sites and distributed in nearly 120 countries. ------------------Press Contacts BelHavas Paris - Michaël Sadoun (michael.sadoun@havas.com - 01.57.77.74.65 / 06.82.34.76.26)Havas Paris - Laure Calixte (laure.calixte@havas.com – 01.57.77.74.01 / 06.33.81.81.17) For a reminder of the terms and conditions of the Sale agreement, see the Universal Registration Document filed with the AMF on April 6th, 2021 Attachment Bel_Press Release_Undertaking to sell_2021_US