Robertet SA :CBE-FR: Earnings Analysis: For the six months ended June 30, 2017 : October 6, 2017

Robertet SA reports financial results for the half-year ended June 30, 2017.


  • Summary numbers: Revenues of EUR 259.52 million, Net Earnings of EUR 25.59 million.
  • Gross margins widened from 16.12% to 16.99% compared to the same period last year, operating (EBITDA) margins now 17.09% from 16.40%.
  • Change in operating cash flow of 222.48% compared to same period last year is about the same as change in earnings, likely no significant movement in accruals or reserves.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2017-06-30 2016-12-31 2016-06-30 2015-12-31 2015-06-30
Relevant Numbers (Semi-Annual)
Revenues 259.52 228.87 239.42 218.07 217.26
Revenue Growth (YOY) 8.4 4.96 10.2 13.19 10.06
Earnings 25.59 19.27 22.37 16.28 19.7
Earnings Growth (YOY) 14.38 18.35 13.57 22.41 25
Net Margin 9.86 8.42 9.34 7.47 9.07
EPS 11.11 8.39 9.73 7.09 8.58
Return on Equity 7.32 5.74 7.02 5.34 6.89
Return on Assets 8.91 7.09 8.73 6.63 8.47

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Market Share Versus Profits

Revenues History
Earnings History

Compared to the same period last year, CBE-FR’s change in revenue was close to the amount of its change in earnings. It remains to be seen how the rest of its peer group’s results will turn out and if CBE-FR’s performance is a sign of any major shift in the composition of market share in this sector. Also, for comparison purposes, revenues changed by 13.39% and earnings by 32.78% compared to the previous period.

Earnings Growth Analysis

The company’s earnings growth was influenced by year-on-year improvement in gross margins from 16.12% to 16.99% as well as better cost controls. As a result, operating margins (EBITDA margins) rose from 16.40% to 17.09% compared to the same period last year. For comparison, gross margins were 13.17% and EBITDA margins were 14.47% in the last reporting period.

Gross Margin Trend

Companies sometimes sacrifice improvements in revenues and margins in order to extend friendlier terms to customers and vendors. Capital Cube probes for such activity by comparing the changes in gross margins with any changes in working capital. If the gross margins improved without a worsening of working capital, it is possible that the company’s performance is a result of truly delivering in the marketplace and not simply an accounting prop-up using the balance sheet.

Gross Margin History
Working Capital Days History

CBE-FR’s gross margin improvement has not produced any big difference in its working capital. Working capital days are currently 338.68, compared to last year’s level of 294.05 days. This leads Capital Cube to conclude that the improvements in gross margins are likely from operating decisions and not trade-offs with the balance sheet.

Cash Versus Earnings – Sustainable Performance?

It is important to examine a company�s cash versus earnings numbers to gauge whether its performance is sustainable.

CBE-FR’s year-on-year change in operating cash flow of 222.48% is around its change in earnings. This suggests that there are likely no significant movement in accruals or reserves for managing earnings this period.


The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from 13.36% to 13.92% and (2) one-time items. The company’s pretax margins are now 14.80% compared to 13.93% for the same period last year.

EBIT Margin History
PreTax Margin History

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Company Profile

Robertet SA produces and distributes of aromatic products. Its products are mainly used for the food flavoring, perfume and natural aromatic product industry. The company’s products also include perfumes, essential oils, cleaning products and flavors for the beverage and food industries. Its operations are conducted through three divisions: Natural Raw Materials, Perfumery and Flavorings. The Natural Raw Materials division supplies ingredients to the cosmetics industry. The Perfumery division provides ingredients that go into the creations of perfumes and scents. The Flavorings division produces food beverage industries. The company was founded in 1850 and is headquartered in Grasse, France.

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