2023-2024 full-year results
A leading position with a market share of nearly 40% in France
Over €4.4bn in revenue in 2023-2024
Leader in poultry, processed foods and eggs
European no. 1 in specialty products: free-range and organic chicken, goose and duck
French leader in retail and catering
Strong national and regional brands
A challenger with strong ambitions
Over €800m in revenue in 2023-2024
Operations in 4 countries (Poland, Hungary, Belgium, UK)
15 sites and more than 4,000 employees
No. 1 in fresh and frozen ready meals
Over €900m in revenue in 2023-2024
Present in 55% of the fresh catered food segment
A leading brand: Marie “The high standards of fine cuisine”
Widen the gap
Grow and innovate in products and brands
Specialise and boost competitiveness
Win back imports
Build a European champion
Extend the LDC "born, raised and processed locally” model
Achieve organic growth and make acquisitions in existing regions…
… and new regions
Become the segment leader
Move into new product families…
… new brands with structuring acquisitions
Develop more plant-based products
With healthy and accessible products for everyone every day
Over 25,000 employees with LDC expertise
8,300 farmers work with LDC on a daily basis
Over €300m a year, 30% of which spent on socially responsible investment (safety & quality of life at work, BEA and Environment)
Our
DUTIES
90% of products manufactured are consumed locally
LDC is the no. 2 French agrifood manufacturer in terms of the contribution to revenue generated in France *
*Source: La Revue de l’Industrie Agroalimentaire (RIA) 2022
WAVES
Poultry
Robust growth in value, gradual recovery in volumes
International
Revenue holds up in an increasingly competitive European market
Catered Food
Stable revenue, rebound in results
FINANCE
Strong results in an exceptional environment
Acceleration in the recovery of sales volumes for French poultry sovereignty
Consolidation of growth drivers, new acquisition project in Catered Food
Like-for-like - Sales volumes per quarter
Like-for-like - Sales volumes per quarter
From 2021-2022 to 2023-2024 (in kt)
From 2021-2022 to 2023-2024 (in kt)
2022/2023 2023-2024
Like-for-like - Tonnage sold in 2022-2023 vs 2023-
Breakdown
Source: Kantar |General circuits / Processed foods = Circana CAM P2 2024
• In value terms, LDC first to pass on increases, price catchup for other competitors
• Volumes strong in all segments
i.e. €136 million in consumer revenue for 17,532 tonnes
pick up
Source: Circana CAM P2 2024, PVC consumer data
LDC RANKS 4TH OUT OF THE 5 GROUPS MAKING THE BIGGEST CONTRIBUTION TO STORE PICK-UP GROWTH
January to December 2023
(*Excluding upstream) (**Excluding co-products)
• Price increase on free-range chicken and processed products with no negative impact on volumes
• Readjustment of chicken, duck and goose markets
January to December 2023
(*Excluding upstream) (**Excluding co-products)
Stable revenue, rebound in results
Fresh catered food in value terms (20232024)
76% of division revenue from retail
Growth in value (%) of retail
Growth in value (%) of retail
Source:
Change in share price
Change in LDC share price vs. CAC ALL Shares (Base 100 at 1 January 2023)
Proposals of the Management Board at the General Meeting of 22 August 2024 • Payment of a dividend of €3.60 compared with €2.70 per share in 2022-2023 • Par value split by 2
Acceleration in the recovery of sales volumes for French poultry sovereignty
Consolidation of growth drivers
Why is the poultry market performing strongly?
• Highly attractive prices
• Low fat content
• Broad choice
• The only meat consumed by all profiles (no religious taboos)
• For all times of the day and year
• Meat with the lowest carbon impact
Poultry consumption in France in 2023:
• Return to a historical trend, with growth in out-of-home catering and hypermarkets
Source: France Agrimer, Agreste and Kantar World Panel
Source: France Agrimer, Agreste and Kantar World Panel
Home consumption: MLS + LSR + HS + Traditional retail & Halal
Home consumption: MLS + LSR + HS + Traditional retail & Halal
1
STRENGTHENING THE GROUP’S COMPETITIVENESS BY THE UPSTREAM DIVISION
2 STRENGTHENING INDUSTRIAL COMPETITIVENESS THROUGH INVESTMENT
3 STEPPING UP INNOVATION THROUGH R&D EFFORTS
4 CONTINUED PRICE EFFORTS
5 STIMULUS FOR TURKEY AND SPECIALITY PRODUCTS
6 EXECUTION OF THE CSR ROADMAP
A strong hatching division to control value at source
✓ 9 sites in France, 5 species
✓ Expertise in slow-growing species
✓ Health commitment to limit the risk of avian influenza
✓ €7m in investments in 2023
• 30% increase in energy consumption at the Galina-Perrot hatchery (22)
Construction of an egg division
✓ 2 billion eggs sold by the Group, of which 1/3 egg products in 2023
✓ Total revenue of €320m (12-month proforma)
✓ Target of over 2.2 billion eggs in 3 years
Animal welfare: 100% Nature d’Eleveurs
chicken breeders in 2026
✓ LDC’s commitment:
- Financial assistance for setting up business
- Administrative support
✓ … for greater confidence on the part of banks
✓ … and a commitment from farmers
> To prepare for the future: more and more
young professionals are looking to work in
poultry (48 years old on average in poultry vs 58 in beef)
INVESTMENT PLAN FOR THE IMPLEMENTATION OF A NEW INDUSTRIAL LAYOUT
1. Modernisation to increase competitiveness
2. Increase capacity
3. Specialisation
4. Reduced exposure to avian influenza risk
Objective
Double our volumes aimed at the fast-food market by 2028
€200m over 4 years
1
Increase capacity in Brittany within the SBV division in Sérent and Boscher
2
Specialisation of sites in Mayenne and Normandy (Ramon and SNV)
3
Spread the Group's turkey slaughter activity over 5 Group slaughterhouses vs. 6 currently
Start of work: Ramon site in Javron-les-Chapelles (53)
Water jet cutting Boscher Volailles poultry site
Mur-de-Bretagne (22)
Founded 50 years ago
Workforce: 360 employees
€75m in revenue in 2023 for EBITDA of €5.1m
Average EBITDA of 6.8% over 4
years
Net cash of €3.4m
Ranges:
Cooked and preserved meats (Duck & Chicken)
Cooked and stuffed poultry
Catered snack food
Veggies & support
Desserts
Carpaccios (beef)
Groupe Routhiau
Groupe Routhiau
Breakdown of
Breakdown of revenue by
Promoting turkey and French specialities
(labels, duck, guinea fowl, young cockerels, quail, pigeon, rabbit) Key issues
• Source of growth and value creation
• Protection of industrial network and jobs
• Defending farmers and regional sectors
• Barriers to entry relative to imports
• Defending terroirs and French gastronomy
Return
A range of products offering alternatives in the consumption of duck
Promotion & adaptation of formats
• Sustainable livestock farming in France
• Local origin of animal feed
• Local origin of meats for our brands
• Employee health and safety (Obj zero accident 2035)
• Geographical and career mobility
• Employee work-study programmes
• Training in France
• Procurement governed by our France charter
• Food donation to associations
• Certification of our sites to ensure food safety
• Customer satisfaction through our image and reputation
• Nutriscore A, B or C of our products
• Clean label recipes
• Saving water
• Change in energy consumption rate in kWh/tonne produced
• Change in the overall recovery rate of all waste
• Sites with biodiversity initiatives
• Recyclable packaging
An ambitious mitigation and adaptation plan
LDC Group Carbon Review (reference year 2022)
Breakdown of CO2e emissions by emissions item (MtCO2e, % of total emissions)
*Uncertainty +/- 10% -
• Climate and biodiversity awareness and training
▪ Governance (CS & CODIR) and managers
▪ Access to a “Climate School” e-learning course
Poultry feed Ingredients
Poultry feed Ingredients
Livestock effluents, energy and infrastructure
Livestock effluents, energy and infrastructure
• Implementation of reporting software specifically for the Group’s GHG data
Packaging and chemicals
Packaging and chemicals
End of life of products sold
Waste
Waste of products
• Investments to decarbonise our activities
▪ Establishment of a Green CAPEX unit with 5 projects already supported (waste heat recovery, biofuels, biomass boilers)
Upstream, downstream and storage transport
Upstream, downstream and storage transport
Energy (Scopes 1&2)
Energy (Scopes 1&2)
Other
Other
• Towards a low-carbon feed for poultry with our upstream teams: formulation and relocation of raw materials
An ambitious mitigation and adaptation plan for 2025
• Annual reporting of our Scope 1, 2 and 3 emissions
• Finalise our action plan and publish our “Climate & Biodiversity” mitigation and adaptation strategy
• Ambitious GHG reduction targets by 2035:
▪ 40% reduction in emissions (Scopes 1, 2 and 3) between 2022 and 2035
▪ Decarbonisation trajectory oriented towards the +1.5°C target currently being approved with the SBTi guidelines
Greater industrial competitiveness
€50m in investments planned for 2024-2025
• Promotion of branded products and innovations
Integration of Indykpol expected during the summer
€228m in revenue in 2022/EBITDA of approx. 5% of revenue
Subject to authorisation by the European Competition Authority
• Created in 1968
• 3 brands
Salades Traiteur, a leader in taboulé
Seafood salads: La Belle Henriette
Delicatessen products and savoury pastries with Maison Randy
• Plant-based range since 2017
• Prompted awareness: 75%
• Nearly €230n in revenue by 2023
• Workforce: 700 employees
Self-service salads to share
Oriental taboulé with extra virgin olive oil
Fresh raw vegetables
Grated carrots with chives
Plant-based/organic range
Quinoa salad with vegetables
Our 2024-2025 targets
Revenue target of €6.5bn 1
Normative current operating margin of 5%
1 Subject to the completion of ongoing acquisitions.
