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Highlights 9M 2018
• Turnover YTD increased compared to the same period last year by 10.1% to €1,173.4 million
at reported rates (12.5% to €1,198.7 million on a constant currency basis);
• Each of the business segments contributed to the turnover growth;
• Further build out market positions with the acquisition of 75% of FragranceNet.com
successfully completed while agreement was reached on increasing our stake in JTG by 8%
to 75%;
• Interim dividend for 2018 of €10.9 million or €0.13 per share, payable on 29 November 2018;
• We reiterate our outlook of continued underlying turnover growth, complemented by growth
in turnover and EBITDA from the recently acquired FragranceNet.com.
Bert Meulman, CEO: “We have shown another quarter of turnover growth, positioning us well for
a strong second half of the year. We have seen strong underlying growth in line with our seasonal
patterns, with all of our business segments contributing to this growth.
The acquisition of the 75% stake in FragranceNet.com was completed and we are already
realising the first identified synergy potential proving the great strategic fit within B&S Group.
Thisacquisition is a first step towards a substantial footprint in North America for the Health & Beauty
category. We will continue to focus on scale effects, efficiency improvements and integrating
acquired businesses, to boost our cost leadership and strategic growth, both autonomously and
via acquisitions. We look forward to the remainder of the year 2018 with confidence.”
9M results
In the first 9 months of 2018 turnover increased compared to the same period last year by 10.1%
to €1,173.4 million at reported rates (9M 2017: €1,065.9 million). On a constant currency basis,
growth amounted to 12.5%, with turnover of €1,198.7 million over the same period.
All our segments contributed to the growth and we experience an ongoing demand for our FMCG
products. In Asia, we saw a slight slowdown of growth in the third quarter, however we do expect
this to be a temporary effect. In line with our seasonal patterns, we have realised an increase in
turnover of over 10% in the third quarter of the year. While airport retail and our maritime business
peak in summer, our Health & Beauty and Liquor business are generating the vast majority of its
turnover and profitability in the second half of the year. Based on the sales in the first period of Q4, we conclude that the flow over of turnover from Q3 into the fourth quarter was somewhat
stronger this year.
We have further build out our market positions, and successfully concluded the acquisition of the
75% stake in FraganceNet.com, through JTG. Our cooperation already leads to the identification
of purchasing synergy effects and we are positive about the outlook. At the same time, we
reached an agreement to increase our stake in JTG from 67% to 75% by acquiring shares from
a passive shareholder.
The impact of the adverse development of the EUR/USD exchange rate we experienced in the
first half of the year, did not materially change in Q3 but continued to have an impact on our 9M
turnover.
Dividends
In line with our dividend policy, we will pay an interim dividend of € 10.9 million, or € 0.13 per
share, in cash (subject to withholding tax if applicable). The total interim dividend amount
represents 40% of the semi-annual 2018 group results attributable to the owners of the Group.
The interim dividend will be paid on November 29, 2018.
Outlook
Based on the current market outlook and in line with seasonal patterns, we expect our growth
trend to continue in the remainder of the year, complemented by growth in turnover and EBITDA
from the acquisition of FragranceNet.com.
Further objectives are based on the medium to long-term objectives as indicated at the IPO in
March 2018.
Management will continue to focus on scale effects, efficiency improvements and integrating
FragranceNet.com into the Group, as well as capitalising on the synergy effects resulting from
the acquisition.