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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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The Cayman Islands
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N/A
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S Employer
Identification No.)
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c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town, Grand Cayman, KY1-9005
Cayman Islands
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N/A
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(Address of Registrant’s Principal Executive Office)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Page
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PART I: FINANCIAL INFORMATION
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Item 1. Financial Statements
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PART II. OTHER INFORMATION
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September 30,
2016 |
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January 1,
2016 |
||||
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Assets
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|
||||
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Current assets:
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|
||||
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Cash and cash equivalents
|
$
|
23.2
|
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$
|
24.9
|
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Trade accounts receivable, net of allowance of $8.9 and $9.3, respectively
|
341.1
|
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346.1
|
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||
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Other accounts receivable, net of allowance of $7.8 and $7.9, respectively
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67.7
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71.3
|
|
||
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Inventories, net
|
465.3
|
|
|
481.9
|
|
||
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Deferred income taxes
|
—
|
|
|
11.9
|
|
||
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Prepaid expenses and other current assets
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35.8
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49.7
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|
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Total current assets
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933.1
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985.8
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||||
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Investments in and advances to unconsolidated companies
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2.0
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2.0
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|
||
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Property, plant and equipment, net
|
1,252.2
|
|
|
1,215.4
|
|
||
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Deferred income taxes
|
58.8
|
|
|
42.6
|
|
||
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Goodwill
|
261.4
|
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263.7
|
|
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Other noncurrent assets
|
91.6
|
|
|
86.6
|
|
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Total assets
|
$
|
2,599.1
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$
|
2,596.1
|
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Liabilities and shareholders' equity
|
|
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Current liabilities:
|
|
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|
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Accounts payable and accrued expenses
|
$
|
352.3
|
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$
|
359.1
|
|
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Current portion of long-term debt and capital lease obligations
|
0.5
|
|
|
1.5
|
|
||
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Deferred income taxes
|
—
|
|
|
14.9
|
|
||
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Income taxes and other taxes payable
|
22.4
|
|
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6.3
|
|
||
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Total current liabilities
|
375.2
|
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|
381.8
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||||
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Long-term debt and capital lease obligations
|
137.1
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252.7
|
|
||
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Retirement benefits
|
88.9
|
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|
86.5
|
|
||
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Other noncurrent liabilities
|
49.7
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50.1
|
|
||
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Deferred income taxes
|
87.9
|
|
|
74.1
|
|
||
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Total liabilities
|
738.8
|
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|
845.2
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Commitments and contingencies
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Shareholders' equity:
|
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Preferred shares, $0.01 par value; 50,000,000 shares
authorized; none issued or outstanding
|
—
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—
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Ordinary shares, $0.01 par value; 200,000,000 shares
authorized; 51,804,173 and 52,542,965 issued and outstanding, respectively
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0.5
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0.5
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Paid-in capital
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556.8
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568.2
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Retained earnings
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1,309.6
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1,162.3
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Accumulated other comprehensive loss
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32.5
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23.0
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Total Fresh Del Monte Produce Inc. shareholders' equity
|
1,834.4
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1,708.0
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|
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Noncontrolling interests
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25.9
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42.9
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|
||
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Total shareholders' equity
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1,860.3
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|
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1,750.9
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|
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Total liabilities and shareholders' equity
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$
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2,599.1
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$
|
2,596.1
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Quarter ended
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Nine months ended
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||||||||||||
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September 30,
2016 |
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September 25,
2015 |
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
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Net sales
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$
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950.2
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$
|
936.1
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$
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3,056.9
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$
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3,078.6
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Cost of products sold
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831.4
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852.8
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2,652.0
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2,780.9
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||||
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Gross profit
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118.8
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83.3
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404.9
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297.7
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||||
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Selling, general and administrative expenses
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49.0
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47.7
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140.6
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133.5
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||||
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Loss (gain) on disposal of property, plant and equipment, net
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0.7
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(0.3
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)
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(5.1
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)
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(2.5
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)
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||||
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Asset impairment and other charges, net
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25.0
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1.5
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28.1
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2.4
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|
||||
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Operating income
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44.1
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|
|
34.4
|
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|
241.3
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|
164.3
|
|
||||
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Interest expense
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0.5
|
|
|
0.7
|
|
|
2.7
|
|
|
3.3
|
|
||||
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Interest income
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0.2
|
|
|
0.3
|
|
|
0.6
|
|
|
0.5
|
|
||||
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Other expense (income), net
|
2.0
|
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(1.3
|
)
|
|
(1.3
|
)
|
|
4.7
|
|
||||
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Income before income taxes
|
41.8
|
|
|
35.3
|
|
|
240.5
|
|
|
156.8
|
|
||||
|
Provision for income taxes
|
5.6
|
|
|
5.4
|
|
|
25.4
|
|
|
16.8
|
|
||||
|
Net income
|
$
|
36.2
|
|
|
$
|
29.9
|
|
|
$
|
215.1
|
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$
|
140.0
|
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Less: Net income attributable to noncontrolling interests
|
1.0
|
|
|
1.4
|
|
|
2.0
|
|
|
4.5
|
|
||||
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Net income attributable to Fresh Del Monte
Produce Inc.
|
$
|
35.2
|
|
|
$
|
28.5
|
|
|
$
|
213.1
|
|
|
$
|
135.5
|
|
|
Net income per ordinary share attributable to
Fresh Del Monte Produce Inc. - Basic
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$
|
0.68
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$
|
0.54
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$
|
4.14
|
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$
|
2.57
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Net income per ordinary share attributable to
Fresh Del Monte Produce Inc. - Diluted
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$
|
0.68
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$
|
0.54
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$
|
4.11
|
|
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$
|
2.54
|
|
|
Dividends declared per ordinary share
|
$
|
0.150
|
|
|
$
|
0.125
|
|
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$
|
0.400
|
|
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$
|
0.375
|
|
|
Weighted average number of ordinary shares:
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic
|
51,497,691
|
|
|
52,788,564
|
|
|
51,430,234
|
|
|
52,817,849
|
|
||||
|
Diluted
|
51,993,293
|
|
|
53,208,152
|
|
|
51,910,068
|
|
|
53,247,184
|
|
||||
|
|
Quarter ended
|
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Nine months ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Net income
|
$
|
36.2
|
|
|
$
|
29.9
|
|
|
$
|
215.1
|
|
|
$
|
140.0
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
|
Net unrealized loss on derivatives
|
(1.8
|
)
|
|
(7.5
|
)
|
|
(11.4
|
)
|
|
(7.5
|
)
|
||||
|
Net unrealized foreign currency translation (loss) gain
|
0.9
|
|
|
(4.9
|
)
|
|
2.1
|
|
|
(11.5
|
)
|
||||
|
Net change in retirement benefit adjustment, net of tax
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
|
0.9
|
|
||||
|
Comprehensive income
|
$
|
35.4
|
|
|
$
|
17.8
|
|
|
$
|
206.1
|
|
|
$
|
121.9
|
|
|
Less: comprehensive income attributable
to noncontrolling interests |
1.0
|
|
|
0.6
|
|
|
2.4
|
|
|
3.6
|
|
||||
|
Comprehensive income attributable to Fresh Del Monte Produce Inc.
|
$
|
34.4
|
|
|
$
|
17.2
|
|
|
$
|
203.7
|
|
|
$
|
118.3
|
|
|
|
Nine months ended
|
||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
||||
|
Operating activities:
|
|
|
|
||||
|
Net income
|
$
|
215.1
|
|
|
$
|
140.0
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
||
|
provided by operating activities:
|
|
|
|
|
|
||
|
Depreciation and amortization
|
57.6
|
|
|
53.7
|
|
||
|
Amortization of debt issuance costs
|
0.3
|
|
|
0.3
|
|
||
|
Stock-based compensation expense
|
22.8
|
|
|
11.2
|
|
||
|
Asset impairment, net
|
8.5
|
|
|
2.4
|
|
||
|
Change in uncertain tax positions
|
(0.5
|
)
|
|
(0.1
|
)
|
||
|
Gain on disposal of property, plant and equipment
|
(5.1
|
)
|
|
(2.5
|
)
|
||
|
Deferred income taxes
|
(6.1
|
)
|
|
1.2
|
|
||
|
Excess tax benefit from stock-based compensation
|
(2.6
|
)
|
|
(1.1
|
)
|
||
|
Foreign currency translation adjustment
|
(1.1
|
)
|
|
(4.9
|
)
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
|
Receivables
|
12.2
|
|
|
8.6
|
|
||
|
Inventories
|
15.5
|
|
|
21.3
|
|
||
|
Prepaid expenses and other current assets
|
4.8
|
|
|
(4.5
|
)
|
||
|
Accounts payable and accrued expenses
|
14.1
|
|
|
15.4
|
|
||
|
Other noncurrent assets and liabilities
|
(1.9
|
)
|
|
(2.8
|
)
|
||
|
Net cash provided by operating activities
|
333.6
|
|
|
238.2
|
|
||
|
Investing activities:
|
|
|
|
|
|
||
|
Capital expenditures
|
(98.4
|
)
|
|
(90.0
|
)
|
||
|
Proceeds from sales of property, plant and equipment
|
11.0
|
|
|
6.1
|
|
||
|
Purchase of a business
|
(7.1
|
)
|
|
—
|
|
||
|
Net cash used in investing activities
|
(94.5
|
)
|
|
(83.9
|
)
|
||
|
Financing activities:
|
|
|
|
|
|
||
|
Proceeds from long-term debt
|
359.1
|
|
|
419.5
|
|
||
|
Payments on long-term debt
|
(477.9
|
)
|
|
(474.9
|
)
|
||
|
Purchase of noncontrolling interest
|
(45.0
|
)
|
|
—
|
|
||
|
Distributions to noncontrolling interests, net
|
(0.5
|
)
|
|
(1.8
|
)
|
||
|
Proceeds from stock options exercised
|
10.7
|
|
|
32.6
|
|
||
|
Excess tax benefit from stock-based compensation
|
2.6
|
|
|
1.1
|
|
||
|
Dividends paid
|
(20.5
|
)
|
|
(19.7
|
)
|
||
|
Repurchase and retirement of ordinary shares
|
(68.7
|
)
|
|
(112.8
|
)
|
||
|
Net cash used in by financing activities
|
(240.2
|
)
|
|
(156.0
|
)
|
||
|
Effect of exchange rate changes on cash
|
(0.6
|
)
|
|
10.2
|
|
||
|
Net (decrease) increase in cash and cash equivalents
|
(1.7
|
)
|
|
8.5
|
|
||
|
Cash and cash equivalents, beginning
|
24.9
|
|
|
34.1
|
|
||
|
Cash and cash equivalents, ending
|
$
|
23.2
|
|
|
$
|
42.6
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
||
|
Cash paid for interest
|
$
|
2.3
|
|
|
$
|
2.8
|
|
|
Cash paid for income taxes
|
$
|
9.7
|
|
|
$
|
7.3
|
|
|
Non-cash financing and investing activities:
|
|
|
|
|
|
||
|
Purchase of assets under capital lease obligations
|
$
|
0.1
|
|
|
$
|
1.0
|
|
|
Retirement of ordinary shares
|
$
|
66.9
|
|
|
$
|
97.7
|
|
|
Dividends on restricted share units
|
$
|
(0.5
|
)
|
|
$
|
(0.4
|
)
|
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||||||||||
|
|
September 30, 2016
|
|
September 30, 2016
|
||||||||||||||||||||
|
|
Long-lived
and other asset impairment |
|
Exit activity and other charges |
|
Total
|
|
Long-lived
and other asset impairment |
|
Exit activity and other charges |
|
Total
|
||||||||||||
|
Banana segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
United Kingdom contract termination costs
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
0.7
|
|
|
Brazil exit activities due to drought conditions
|
2.2
|
|
|
0.2
|
|
|
2.4
|
|
|
2.2
|
|
|
0.2
|
|
|
2.4
|
|
||||||
|
Philippines plantation conversion to pineapple
|
—
|
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
||||||
|
Underutilized assets in Central America
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
||||||
|
Prepared food segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Poultry goodwill impairment due to underperformance
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|
2.6
|
|
|
—
|
|
|
2.6
|
|
||||||
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
President/COO transition
|
—
|
|
|
18.7
|
|
|
18.7
|
|
|
—
|
|
|
18.7
|
|
|
18.7
|
|
||||||
|
Total asset impairment and other charges, net
|
$
|
5.4
|
|
|
$
|
19.6
|
|
|
$
|
25.0
|
|
|
$
|
8.5
|
|
|
$
|
19.6
|
|
|
$
|
28.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||||||||||
|
|
September 25, 2015
|
|
September 25, 2015
|
||||||||||||||||||||
|
|
Long-lived
and other asset impairment |
|
Exit activity and other charges |
|
Total
|
|
Long-lived
and other asset impairment |
|
Exit activity and other charges (credits) |
|
Total
|
||||||||||||
|
Banana segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Guatemala banana production assets held for sale
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
European Union Antitrust settlement gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
||||||
|
Other fresh produce segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Chile floods
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|
1.2
|
|
|
0.8
|
|
|
2.0
|
|
||||||
|
Other fresh produce segment credits
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
|
Prepared food segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other prepared food segment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
||||||
|
Total asset impairment and other charges (credits), net
|
$
|
1.0
|
|
|
$
|
0.5
|
|
|
$
|
1.5
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
2.4
|
|
|
|
Exit activity and
other reserve balance at January 1, 2016 |
|
Impact to
earnings |
|
Cash paid
|
|
Foreign exchange impact
|
|
Exit activity and
other reserve balance at September 30, 2016 |
||||||||||
|
Contract termination and other exit activity charges
|
$
|
1.1
|
|
|
$
|
0.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
1.5
|
|
|
|
$
|
1.1
|
|
|
$
|
0.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
1.5
|
|
|
|
Nine months ended
|
||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
||||
|
Noncontrolling interests, beginning
|
$
|
42.9
|
|
|
$
|
40.0
|
|
|
Purchase of noncontrolling interest
(1)
|
(19.5
|
)
|
|
—
|
|
||
|
Net income attributable to noncontrolling interests
|
2.0
|
|
|
4.5
|
|
||
|
Translation adjustments
|
0.3
|
|
|
(1.1
|
)
|
||
|
Retirement benefit adjustment
|
(0.1
|
)
|
|
(0.1
|
)
|
||
|
Capital contributions from, net
|
0.3
|
|
|
0.1
|
|
||
|
Noncontrolling interests, ending
|
$
|
25.9
|
|
|
$
|
43.4
|
|
|
(1)
|
We purchased the remaining interest of our Variable Interest Entity ("VIE") for
$45.0 million
on April 28, 2016. We recorded a charge of
$25.5 million
to equity as a result of the difference between the fair value of the consideration of
$45.0 million
less the
$19.5 million
carrying value of the noncontrolling interest. Refer to Note
6
, “
Variable interest Entitie
s”, for disclosures related to the purchase of the remaining interest in our VIE.
|
|
|
September 30, 2016
|
|
January 1, 2016
|
||||||||||||
|
|
Short-term
|
|
Long-term
|
|
Short-term
|
|
Long-term
|
||||||||
|
Gross advances to independent growers and suppliers
|
$
|
39.7
|
|
|
$
|
0.2
|
|
|
$
|
41.7
|
|
|
$
|
0.3
|
|
|
Allowance for advances to independent growers and suppliers
|
(1.5
|
)
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
||||
|
Net advances to independent growers and suppliers
|
$
|
38.2
|
|
|
$
|
0.2
|
|
|
$
|
39.6
|
|
|
$
|
0.3
|
|
|
|
Current
status |
|
Past due
status |
|
Total
|
||||||
|
Gross advances to independent growers and suppliers:
|
|
|
|
|
|
||||||
|
September 30, 2016
|
$
|
38.4
|
|
|
$
|
1.5
|
|
|
$
|
39.9
|
|
|
January 1, 2016
|
39.9
|
|
|
2.1
|
|
|
42.0
|
|
|||
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||
|
Allowance for advances to independent growers and suppliers:
|
|
|
|
|
|
|
|
||||||||
|
Balance, beginning of period
|
$
|
1.6
|
|
|
$
|
2.0
|
|
|
$
|
2.1
|
|
|
$
|
2.4
|
|
|
Provision for uncollectible amounts
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
||||
|
Deductions to allowance related to write-offs
|
(0.1
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
(0.5
|
)
|
||||
|
Balance, end of period
|
$
|
1.5
|
|
|
$
|
2.1
|
|
|
$
|
1.5
|
|
|
$
|
2.1
|
|
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Stock Options
|
$
|
0.8
|
|
|
$
|
1.0
|
|
|
$
|
2.1
|
|
|
$
|
3.1
|
|
|
RSUs/PSUs
|
14.0
|
|
|
3.9
|
|
|
19.7
|
|
|
7.4
|
|
||||
|
RSAs
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.7
|
|
||||
|
Total
|
$
|
14.8
|
|
|
$
|
4.9
|
|
|
$
|
22.7
|
|
|
$
|
11.2
|
|
|
Date of award
|
|
Shares of
restricted stock awarded |
|
Price per share
|
||
|
January 4, 2016
|
|
22,946
|
|
$
|
38.13
|
|
|
January 2, 2015
|
|
21,875
|
|
33.60
|
|
|
|
Date of award
|
|
Type of award
|
|
Units awarded
|
|
Price per share
|
||
|
September 2, 2016
|
(1)
|
RSU
|
|
50,000
|
|
$
|
58.94
|
|
|
August 3, 2016
|
|
RSU
|
|
226,500
|
|
59.83
|
|
|
|
February 24, 2016
|
|
PSU
|
|
140,000
|
|
38.99
|
|
|
|
February 24, 2016
|
|
RSU
|
|
50,000
|
|
38.99
|
|
|
|
July 29, 2015
|
|
RSU
|
|
237,000
|
|
40.03
|
|
|
|
February 18, 2015
|
|
PSU
|
|
175,000
|
|
33.44
|
|
|
|
February 18, 2015
|
|
RSU
|
|
50,000
|
|
33.44
|
|
|
|
|
September 30,
2016 |
|
January 1, 2016
|
||||
|
Finished goods
|
$
|
168.8
|
|
|
$
|
182.6
|
|
|
Raw materials and packaging supplies
|
135.2
|
|
|
140.8
|
|
||
|
Growing crops
|
161.3
|
|
|
158.5
|
|
||
|
Total inventories
|
$
|
465.3
|
|
|
$
|
481.9
|
|
|
|
September 30,
2016 |
|
January 1,
2016 |
||||
|
Senior unsecured revolving credit facility (see Credit Facility below)
|
$
|
136.4
|
|
|
$
|
251.2
|
|
|
Various other notes payable
|
—
|
|
|
1.4
|
|
||
|
Capital lease obligations
|
1.2
|
|
|
1.6
|
|
||
|
Total long-term debt and capital lease obligations
|
137.6
|
|
|
254.2
|
|
||
|
Less: Current portion
|
(0.5
|
)
|
|
(1.5
|
)
|
||
|
Long-term debt and capital lease obligations
|
$
|
137.1
|
|
|
$
|
252.7
|
|
|
|
Term
|
|
Maturity
date |
|
Interest rate
|
|
Borrowing
limit |
|
Available
borrowings |
||||
|
Bank of America credit facility
|
5 years
|
|
April 15, 2020
|
|
1.55%
|
|
$
|
800.0
|
|
|
$
|
663.6
|
|
|
Rabobank letter of credit facility
|
364 days
|
|
June 21, 2017
|
|
Varies
|
|
25.0
|
|
|
13.5
|
|
||
|
Other working capital facilities
|
Varies
|
|
Varies
|
|
Varies
|
|
18.2
|
|
|
9.2
|
|
||
|
|
|
|
|
|
|
|
$
|
843.2
|
|
|
$
|
686.3
|
|
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Numerator:
|
|
|
|
|
|
|
|
||||||||
|
Net income attributable to Fresh Del Monte Produce Inc.
|
$
|
35.2
|
|
|
$
|
28.5
|
|
|
$
|
213.1
|
|
|
$
|
135.5
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Denominator:
|
|
|
|
|
|
|
|
|
|
||||||
|
Weighted average number of ordinary shares - Basic
|
51,497,691
|
|
|
52,788,564
|
|
|
51,430,234
|
|
|
52,817,849
|
|
||||
|
Effect of dilutive securities - Share based employee options
and awards
|
495,602
|
|
|
419,588
|
|
|
479,834
|
|
|
429,335
|
|
||||
|
Weighted average number of ordinary shares - Diluted
|
51,993,293
|
|
|
53,208,152
|
|
|
51,910,068
|
|
|
53,247,184
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Antidilutive awards
(1)
|
139,958
|
|
|
120,844
|
|
|
139,958
|
|
|
120,844
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per ordinary share attributable to
Fresh Del Monte Produce Inc.:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
$
|
0.68
|
|
|
$
|
0.54
|
|
|
$
|
4.14
|
|
|
$
|
2.57
|
|
|
Diluted
|
$
|
0.68
|
|
|
$
|
0.54
|
|
|
$
|
4.11
|
|
|
$
|
2.54
|
|
|
(1)
|
Certain unvested PSU's are not included in the calculation of net income per ordinary share because the effect would have been antidilutive.
|
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Service cost
|
$
|
1.3
|
|
|
$
|
1.4
|
|
|
$
|
3.9
|
|
|
$
|
4.3
|
|
|
Interest cost
|
1.7
|
|
|
1.7
|
|
|
4.9
|
|
|
5.0
|
|
||||
|
Expected return on assets
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(2.8
|
)
|
|
(2.9
|
)
|
||||
|
Amortization of net actuarial loss
|
0.3
|
|
|
0.4
|
|
|
0.9
|
|
|
1.2
|
|
||||
|
Net periodic benefit costs
|
$
|
2.3
|
|
|
$
|
2.5
|
|
|
$
|
6.9
|
|
|
$
|
7.6
|
|
|
|
Quarter ended
|
||||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||||||
|
|
Net Sales
|
|
Gross Profit
|
|
Net Sales
|
|
Gross Profit
|
||||||||
|
Banana
|
$
|
424.4
|
|
|
$
|
39.6
|
|
|
$
|
425.2
|
|
|
$
|
20.6
|
|
|
Other fresh produce
|
433.6
|
|
|
62.0
|
|
|
420.3
|
|
|
48.9
|
|
||||
|
Prepared food
|
92.2
|
|
|
17.2
|
|
|
90.6
|
|
|
13.8
|
|
||||
|
Totals
|
$
|
950.2
|
|
|
$
|
118.8
|
|
|
$
|
936.1
|
|
|
$
|
83.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended
|
||||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||||||
|
|
Net Sales
|
|
Gross Profit
|
|
Net Sales
|
|
Gross Profit
|
||||||||
|
Banana
|
$
|
1,380.4
|
|
|
$
|
154.9
|
|
|
$
|
1,393.3
|
|
|
$
|
101.3
|
|
|
Other fresh produce
|
1,411.3
|
|
|
199.0
|
|
|
1,408.6
|
|
|
154.5
|
|
||||
|
Prepared food
|
265.2
|
|
|
51.0
|
|
|
276.7
|
|
|
41.9
|
|
||||
|
Totals
|
$
|
3,056.9
|
|
|
$
|
404.9
|
|
|
$
|
3,078.6
|
|
|
$
|
297.7
|
|
|
Foreign currency contracts qualifying as cash flow hedges:
|
|
Notional amount
|
|||||
|
Euro
|
|
EUR
|
|
51.3
|
|
|
million
|
|
Japanese yen
|
|
JPY
|
|
1,127.5
|
|
|
million
|
|
Philippine peso
|
|
PHP
|
|
376.7
|
|
|
million
|
|
Korean Won
|
|
KRW
|
|
18,900.0
|
|
|
million
|
|
Derivatives designated as hedging instruments
(1)
|
|||||||
|
|
Foreign exchange contracts
|
||||||
|
Balance Sheet location:
|
September 30, 2016
(2)
|
|
January 1, 2016
|
||||
|
Asset derivatives:
|
|
|
|
||||
|
Prepaid expenses and other current assets
|
$
|
2.4
|
|
|
$
|
11.9
|
|
|
Total asset derivatives
|
$
|
2.4
|
|
|
$
|
11.9
|
|
|
|
|
|
|
||||
|
Liability derivatives:
|
|
|
|
|
|
||
|
Accounts payable and accrued expenses
|
$
|
1.8
|
|
|
$
|
—
|
|
|
Total liability derivatives
|
$
|
1.8
|
|
|
$
|
—
|
|
|
Derivatives in effective cash flow
hedging relationships
|
Amount of gain (Loss) recognized in other
comprehensive income on derivatives (effective portion) |
|
Location of gain
(loss) reclassified from AOCI into income (effective portion) |
Amount of gain (loss) reclassified from
AOCI into income (effective portion) |
||||||||||||
|
|
Quarter ended
|
|
|
Quarter ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Foreign exchange contracts
|
$
|
(1.5
|
)
|
|
$
|
(7.5
|
)
|
|
Net sales
|
$
|
(1.0
|
)
|
|
$
|
8.3
|
|
|
Foreign exchange contracts
|
(0.3
|
)
|
|
—
|
|
|
Cost of products sold
|
0.2
|
|
|
0.4
|
|
||||
|
Total
|
$
|
(1.8
|
)
|
|
$
|
(7.5
|
)
|
|
|
$
|
(0.8
|
)
|
|
$
|
8.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended
|
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
2016 |
|
September 25,
2015 |
|
|
September 30,
2016 |
|
September 25,
2015 |
||||||||
|
Foreign exchange contracts
|
$
|
(11.5
|
)
|
|
$
|
(7.7
|
)
|
|
Net sales
|
$
|
3.6
|
|
|
$
|
28.5
|
|
|
Foreign exchange contracts
|
0.1
|
|
|
0.2
|
|
|
Cost of products sold
|
0.2
|
|
|
0.3
|
|
||||
|
Total
|
$
|
(11.4
|
)
|
|
$
|
(7.5
|
)
|
|
|
$
|
3.8
|
|
|
$
|
28.8
|
|
|
|
Fair value measurements
|
||||||
|
|
Foreign currency forward contracts, net asset
|
||||||
|
|
September 30,
2016 |
|
January 1,
2016 |
||||
|
Quoted prices in active markets for identical assets (Level 1)
|
$
|
—
|
|
|
$
|
—
|
|
|
Significant observable inputs (Level 2)
|
0.6
|
|
|
11.9
|
|
||
|
Significant unobservable inputs (Level 3)
|
—
|
|
|
—
|
|
||
|
|
Fair value measurements for the nine months ended September 30, 2016
|
||||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
Underutilized assets in Central America
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
Philippines plantation conversion to pineapple
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.3
|
|
|
|
Fair value measurements for the nine months ended September 25, 2015
|
||||||||||||||
|
|
Total
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
Guatemala banana production assets held for sale
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.8
|
|
|
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.8
|
|
|
|
Changes in accumulated other comprehensive (loss) income by component
(1)
|
||||||||||||||
|
|
Nine months ended September 30, 2016
|
||||||||||||||
|
|
Changes in fair value of effective cash flow hedges
|
|
Foreign currency translation adjustment
|
|
Retirement benefit adjustment
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at January 1, 2016
|
$
|
11.9
|
|
|
$
|
(14.8
|
)
|
|
$
|
(20.1
|
)
|
|
$
|
(23.0
|
)
|
|
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
||||||||
|
before reclassifications
|
(7.5
|
)
|
|
1.5
|
|
(2)
|
(0.6
|
)
|
|
(6.6
|
)
|
||||
|
Amounts reclassified from accumulated
|
|
|
|
|
|
|
|
||||||||
|
other comprehensive (loss) income
|
(3.8
|
)
|
|
—
|
|
|
0.9
|
|
|
(2.9
|
)
|
||||
|
Net current period other comprehensive
|
|
|
|
|
|
|
|
||||||||
|
(loss) income
|
(11.4
|
)
|
|
1.7
|
|
|
0.3
|
|
|
(9.4
|
)
|
||||
|
Balance at September 30, 2016
|
$
|
0.6
|
|
|
$
|
(13.3
|
)
|
|
$
|
(19.8
|
)
|
|
$
|
(32.5
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended September 25, 2015
|
||||||||||||||
|
Balance at December 26, 2014
|
$
|
25.2
|
|
|
$
|
(0.8
|
)
|
|
$
|
(21.8
|
)
|
|
$
|
2.6
|
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
|
before reclassifications
|
21.3
|
|
|
(10.6
|
)
|
(2)
|
(0.2
|
)
|
(3)
|
10.5
|
|
||||
|
Amounts reclassified from accumulated
|
|
|
|
|
|
|
|
||||||||
|
other comprehensive (loss) income
|
(28.8
|
)
|
|
—
|
|
|
1.2
|
|
|
(27.6
|
)
|
||||
|
Net current period other comprehensive
|
|
|
|
|
|
|
|
||||||||
|
(loss) income
|
(7.5
|
)
|
|
(10.6
|
)
|
|
1.0
|
|
|
(17.1
|
)
|
||||
|
Balance at September 25, 2015
|
$
|
17.7
|
|
|
$
|
(11.4
|
)
|
|
$
|
(20.8
|
)
|
|
$
|
(14.5
|
)
|
|
|
|
September 30, 2016
|
|
September 25, 2015
|
|
|
||||||||||||
|
|
|
Amount reclassified from accumulated other comprehensive (loss) income
|
|
|
||||||||||||||
|
Details about accumulated other comprehensive (loss) income components
|
|
Quarter ended
|
|
Nine months ended
|
|
Quarter ended
|
|
Nine months ended
|
|
Affected line item in the statement where net income is present
|
||||||||
|
Changes in fair value of effective cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency cash flow hedges
|
|
$
|
1.0
|
|
|
$
|
(3.6
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(28.5
|
)
|
|
Sales
|
|
Foreign currency cash flow hedges
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.3
|
)
|
|
Cost of sales
|
||||
|
Total
|
|
$
|
0.8
|
|
|
$
|
(3.8
|
)
|
|
$
|
(8.7
|
)
|
|
$
|
(28.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of retirement benefits:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Actuarial losses
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
0.9
|
|
|
Selling, general and administrative expenses
|
|
Actuarial losses
|
|
0.2
|
|
|
0.6
|
|
|
0.3
|
|
|
0.3
|
|
|
Cost of sales
|
||||
|
Total
|
|
$
|
0.3
|
|
|
$
|
0.9
|
|
|
$
|
0.4
|
|
|
$
|
1.2
|
|
|
|
|
|
Nine months ended
|
||||
|
|
September 30,
2016 |
|
September 25,
2015 |
||
|
Ordinary shares issued (retired) as a result of:
|
|
|
|
||
|
Stock option exercises
|
417,153
|
|
|
1,207,919
|
|
|
Restricted stock grants
|
22,946
|
|
|
21,875
|
|
|
Restricted and performance stock units
|
493,644
|
|
|
238,974
|
|
|
Ordinary shares repurchased and retired
|
(1,672,535
|
)
|
|
(2,777,840
|
)
|
|
Nine months ended
|
||||||||||
|
September 30, 2016
|
|
September 25, 2015
|
||||||||
|
Dividend Date
|
|
Cash Dividend Declared, per Ordinary Share
|
|
Dividend Date
|
|
Cash Dividend Declared, per Ordinary Share
|
||||
|
September 9, 2016
|
|
0.150
|
|
|
September 4, 2015
|
|
0.125
|
|
||
|
June 3, 2016
|
|
$
|
0.125
|
|
|
May 29, 2015
|
|
$
|
0.125
|
|
|
April 1, 2016
|
|
$
|
0.125
|
|
|
March 27, 2015
|
|
$
|
0.125
|
|
|
|
Quarter ended
|
|
Nine months ended
|
||||||||||||||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||||||||||||||
|
North America
|
$
|
528.0
|
|
|
55
|
%
|
|
$
|
528.2
|
|
|
56
|
%
|
|
$
|
1,694.1
|
|
|
55
|
%
|
|
$
|
1,707.5
|
|
|
55
|
%
|
|
Europe
|
156.0
|
|
|
16
|
%
|
|
156.6
|
|
|
17
|
%
|
|
519.7
|
|
|
17
|
%
|
|
547.2
|
|
|
18
|
%
|
||||
|
Middle East
|
139.0
|
|
|
15
|
%
|
|
140.8
|
|
|
15
|
%
|
|
424.1
|
|
|
14
|
%
|
|
424.0
|
|
|
14
|
%
|
||||
|
Asia
|
112.6
|
|
|
12
|
%
|
|
96.5
|
|
|
10
|
%
|
|
367.7
|
|
|
12
|
%
|
|
340.5
|
|
|
11
|
%
|
||||
|
Other
|
14.6
|
|
|
2
|
%
|
|
14.0
|
|
|
2
|
%
|
|
51.3
|
|
|
2
|
%
|
|
59.4
|
|
|
2
|
%
|
||||
|
Total
|
$
|
950.2
|
|
|
100
|
%
|
|
$
|
936.1
|
|
|
100
|
%
|
|
$
|
3,056.9
|
|
|
100
|
%
|
|
$
|
3,078.6
|
|
|
100
|
%
|
|
|
Quarter ended
|
||||||||||||||||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||||||||||||||||||
|
|
Net Sales
|
|
Gross Profit
|
|
Net Sales
|
|
Gross Profit
|
||||||||||||||||||||
|
Banana
|
$
|
424.4
|
|
|
45
|
%
|
|
$
|
39.6
|
|
|
33
|
%
|
|
$
|
425.2
|
|
|
45
|
%
|
|
$
|
20.6
|
|
|
25
|
%
|
|
Other fresh produce
|
433.6
|
|
|
46
|
%
|
|
62.0
|
|
|
52
|
%
|
|
420.3
|
|
|
45
|
%
|
|
48.9
|
|
|
59
|
%
|
||||
|
Prepared food
|
92.2
|
|
|
9
|
%
|
|
17.2
|
|
|
15
|
%
|
|
90.6
|
|
|
10
|
%
|
|
13.8
|
|
|
16
|
%
|
||||
|
Totals
|
$
|
950.2
|
|
|
100
|
%
|
|
$
|
118.8
|
|
|
100
|
%
|
|
$
|
936.1
|
|
|
100
|
%
|
|
$
|
83.3
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Nine months ended
|
||||||||||||||||||||||||||
|
|
September 30, 2016
|
|
September 25, 2015
|
||||||||||||||||||||||||
|
|
Net Sales
|
|
Gross Profit
|
|
Net Sales
|
|
Gross Profit
|
||||||||||||||||||||
|
Banana
|
$
|
1,380.4
|
|
|
45
|
%
|
|
$
|
154.9
|
|
|
38
|
%
|
|
$
|
1,393.3
|
|
|
45
|
%
|
|
$
|
101.3
|
|
|
34
|
%
|
|
Other fresh produce
|
1,411.3
|
|
|
46
|
%
|
|
199.0
|
|
|
49
|
%
|
|
1,408.6
|
|
|
46
|
%
|
|
154.5
|
|
|
52
|
%
|
||||
|
Prepared food
|
265.2
|
|
|
9
|
%
|
|
51.0
|
|
|
13
|
%
|
|
276.7
|
|
|
9
|
%
|
|
41.9
|
|
|
14
|
%
|
||||
|
Totals
|
$
|
3,056.9
|
|
|
100
|
%
|
|
$
|
404.9
|
|
|
100
|
%
|
|
$
|
3,078.6
|
|
|
100
|
%
|
|
$
|
297.7
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
•
|
Net sales in the other fresh produce segment increased
$13.3 million
, principally as a result of higher net sales of avocados, fresh-cut products and pineapples, partially offset by lower net sales of non-tropical fruit, tomatoes and melons.
|
|
◦
|
Net sales of avocados increased principally due to higher per unit sales prices in North America primarily as a result of lower industry supplies and high customer demand.
|
|
◦
|
Net sales of fresh-cut products increased due to higher worldwide sales volumes primarily as a result of increased customer demand in all regions combined with higher per unit sales prices in Asia and North America.
|
|
◦
|
Net sales of pineapples increased due to higher sales volumes in North America and higher per unit sales prices in Europe and the Middle East, partially offset by lower sales volumes in Asia, the Middle East and Europe. Contributing to the lower sales volumes in Asia and the Middle East were unfavorable weather conditions in our Philippines production area. Worldwide pineapple sales volume decreased 3%.
|
|
◦
|
Net sales of non tropical fruit decreased principally due to lower net sales of grapes in North America and the Middle East as a result of lower supplies from Chile.
|
|
◦
|
Net sales of tomatoes decreased due to a planned reduction of planted acreage in our Virginia operation during the summer growing season.
|
|
◦
|
Net sales of melons decreased due to lower production volumes in our Arizona production operation combined with lower per unit sales prices as a result of increased competition.
|
|
•
|
Net sales in the prepared food segment increased
$1.6 million
principally due to higher pricing of industrial pineapple products combined with higher sales volume of canned deciduous fruit. Partially offsetting these increases were lower net sales in our our poultry business in Jordan as a result of increased competition.
|
|
•
|
Net sales of bananas decreased by
$0.8 million
principally due to lower net sales in Europe and North America, partially offset by higher net sales in the Middle East and Asia. Worldwide banana sales volume decreased 2%.
|
|
◦
|
North America banana net sales decreased primarily as a result of lower sales volumes principally due to lower industry volumes and increased competition.
|
|
◦
|
Europe banana net sales decreased due to lower per unit sales prices and lower sales volume principally as a result of increased competition and unfavorable GBP and Euro exchange rates.
|
|
◦
|
Asia banana net sales increased due to higher per unit sales prices as a result of lower industry supplies combined with higher sales volumes primarily as a result of increased shipments from Central America.
|
|
◦
|
Middle East banana net sales increased due to higher sales volume resulting from an expanded customer base, partially offset by lower per unit sales prices.
|
|
•
|
Gross profit in the banana segment increased
$19.0 million
primarily due to lower per unit costs and higher per unit selling prices in Asia. Partially offsetting these increases in banana gross profit were lower per unit sales prices in the Middle East and Europe. Lower per unit costs was principally due to lower fruit cost and lower transportation cost. Worldwide banana per unit sales prices increased 2%, and per unit costs decreased 3%.
|
|
•
|
Gross profit in the other fresh produce segment increased
$13.1 million
principally due to higher gross profit on pineapples and fresh-cut products.
|
|
◦
|
Gross profit on pineapples increased principally due to higher selling prices in Europe, Asia and the Middle East combined with lower transportation cost. Worldwide pineapple per unit sales prices increased 6% and per unit costs decreased 3%.
|
|
◦
|
Gross profit on fresh-cut products increased principally as a result of higher sales volumes in all regions combined with lower transportation cost and lower fruit cost.
|
|
•
|
Gross profit in the prepared food segment increased by
$3.4 million
principally as a result of higher sales prices on industrial pineapple products and canned pineapple primarily due to favorable market conditions. Also, contributing to the increase in gross profit were lower per unit cost on canned pineapples. Partially offsetting these increases were lower gross profit in our Jordanian poultry business primarily as a result of lower selling prices due to increased competition.
|
|
•
|
$18.7 million in compensatory expense related to the President/COO's transition comprised of:
|
|
◦
|
Cash payments, primarily to be paid during the fourth quarter, of $5.0 million in severance plus $4.0 million in tax gross up and $0.8 million in accelerated fourth quarter bonus,
|
|
•
|
$2.6 million in goodwill impairment representing 100% of the goodwill associated with the poultry business in Jordan in the prepared food segment. This impairment was principally due to underperformance;
|
|
•
|
$2.4 million in asset impairments and other charges related to drought conditions in Brazil and our decision to abandon certain banana growing areas;
|
|
•
|
$0.6 million in asset impairment related to underutilized assets in Central America in the banana segment; and
|
|
•
|
$0.7 million in contract termination charges related to an underutilized facility in the United Kingdom principally related to the banana segment.
|
|
•
|
$1.0 million related to an impairment of assets held for sale in Guatemala in the banana segment; and
|
|
•
|
$0.5 million of additional other charges for clean-up costs related to damages incurred during the second quarter of 2015 as the result of floods in Chile affecting non-tropical fruit operations.
|
|
•
|
Net sales of bananas decreased by
$12.9 million
principally due to lower sales net sales in Europe and North America, partially offset by higher net sales in Asia and the Middle East. Worldwide banana sales volume decreased by 2%.
|
|
◦
|
Europe net sales decreased due to lower sales volume principally as a result of the loss of customers in Northern Europe and due to competition combined with lower industry volumes. Also, contributing to the decrease in net sales were lower per unit sales prices primarily a result of a unfavorable GBP and Euro exchange rates.
|
|
◦
|
North America banana net sales decreased principally as a result of lower sales volumes principally due to lower industry volumes and increased competition.
|
|
◦
|
Asia banana net sales increased as a result of higher sales volume and per unit sales prices principally due to increased customer demand and expanded shipments from our Central America operations.
|
|
◦
|
Middle East banana net sales increased principally due to higher sales volume resulting from an expanded customer base, partially offset by lower per unit sales prices.
|
|
•
|
Net sales in the prepared food segment decreased
$11.5 million
principally due to lower per unit sales prices in our poultry business in Jordan as a result of increased competition. Also, contributing to the decrease in net sales in our prepared food segment were lower sales volume of canned pineapple principally as a result of decreased production in our Kenya operations and lower sales volumes of beverage products principally due to lower customer demand. Partially offsetting these decreases in net sales were higher pricing of industrial products, higher sales volume of canned deciduous fruit and new prepared food products in the Middle East market.
|
|
•
|
Net sales in the other fresh produce segment increased
$2.7 million
principally as a result of higher net sales of fresh-cut products, avocados and plantains, partially offset by lower net sales of non-tropical fruit, pineapples and tomatoes.
|
|
◦
|
Net sales of fresh-cut products increased due to higher worldwide sales volumes primarily as a result of increased customer demand in all regions combined with higher per unit sales prices in Asia and North America.
|
|
◦
|
Net sales of avocados increased due to higher sales volume in North America primarily due to higher customer demand and increased shipments from Mexico.
|
|
◦
|
Net sales of plantains increased due to higher customer demand in North America.
|
|
◦
|
Net sales of non-tropical fruit decreased primarily due to lower sales volumes of grapes in Asia and North America principally as a result of lower supplies from Chile. Also, contributing to the decrease in net sales were lower sales volumes of stonefruit in all markets and lower sales volume of apples in the Middle East.
|
|
◦
|
Net sales of pineapples decreased due to lower sales volumes primarily as a result of unfavorable weather conditions in our Costa Rica and Philippines production areas. Partially offsetting the lower sales volumes were higher per unit sales prices in all of our regions. Worldwide pineapple sales volume decreased 9%.
|
|
◦
|
Net sales of tomatoes decreased due to a planned reduction of planted acreage in our Florida and Virginia operations, partially offset by higher per unit selling prices. Higher per unit selling prices was primarily the result of a higher percentage of our tomato net sales comprised of re-pack tomatoes which command higher selling prices.
|
|
•
|
Gross profit in the banana segment increased by
$53.6 million
principally due to lower fruit cost combined with lower transportation cost. Worldwide banana per unit sales prices increased 1% and per unit cost decreased 3%.
|
|
•
|
Gross profit in the other fresh produce segment increased
$44.5 million
principally due to higher gross profit on fresh-cut products, non-tropical fruit, tomatoes and pineapples, partially offset by lower gross profit on melons.
|
|
◦
|
Gross profit fresh-cut products increased principally due to higher sales prices and sales volumes in North America and Asia combined with higher sales volume in Europe. Also, contributing to the increase in gross profit on fresh-cut products were lower per unit costs in Europe, principally as a result of improved efficiency. Partially offsetting these increase in gross profit were lower per unit selling prices in Europe and the Middle East.
|
|
◦
|
Gross profit on tomatoes improved principally due to higher per unit selling prices for the re-pack tomato business combined with the absence of quality problems that we incurred in our Florida growing operations during 2015.
|
|
◦
|
Gross profit on non-tropical fruit increased due to higher selling prices of grapes in North America primarily as a result of low industry volumes.
|
|
◦
|
Gross profit on melons decreased due to lower per unit selling prices in North America primarily as a result of higher industry volumes and increased competition.
|
|
•
|
Gross profit in the prepared food segment increased by
$9.1 million
principally due to higher gross profit on pineapple products as a result of higher sales prices on industrial pineapple products and canned pineapple primarily due to favorable market conditions combined with lower costs. Partially offsetting these increases were lower gross profit in our Jordanian poultry business primarily as a result of lower selling prices due to increased competition.
|
|
•
|
$18.7 million in compensatory expense related to the President/COO's transition comprised of:
|
|
◦
|
Cash payments, primarily to be paid during the fourth quarter, of $5.0 million in severance plus $4.0 million in tax gross up and $0.8 million in accelerated fourth quarter bonus,
|
|
•
|
$2.6 million in goodwill impairment representing 100% of the goodwill associated with the poultry business in Jordan in the prepared food segment. This impairment was principally due to underperformance;
|
|
•
|
$2.5 million in asset impairment due to our decision to convert a banana plantation in the Philippines to a pineapple plantation during the next three years;
|
|
•
|
$2.4 million in asset impairments and other charges related to drought conditions in Brazil and our decision to abandon certain banana growing areas;
|
|
•
|
$0.7 million in contract termination charges related to an underutilized facility in the United Kingdom principally related to the banana segment; and
|
|
•
|
$1.2 million in impairment charges related to underutilized assets in Central America in the banana segment.
|
|
•
|
A credit of $(0.8) million as a result of the settlement of litigation regarding the infringement of European Union competition rules by a former indirect subsidiary not controlled by us in the banana segment;
|
|
•
|
$2.0 million related to damages incurred as the result of floods in Chile affecting non-tropical fruit operations;
|
|
•
|
$1.0 million in asset impairment in Guatemala related to assets held for sale in the banana segment; and
|
|
•
|
$0.2 million related to underutilized equipment in Kenya in the other fresh produce segment.
|
|
Period
|
Total Number of
Shares Purchased |
Average Price
Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Dollar
Value of Shares that May Yet Be Purchased Under the Program (1) |
||||||
|
July 2, 2016 through July 29, 2016
|
—
|
|
$
|
—
|
|
—
|
|
$
|
241,294,101
|
|
|
July 30, 2016 through August 26, 2016
|
—
|
|
$
|
—
|
|
—
|
|
$
|
241,294,101
|
|
|
August 27, 2016 through September 30, 2016
|
—
|
|
$
|
—
|
|
—
|
|
$
|
241,294,101
|
|
|
Total
|
—
|
|
$
|
—
|
|
—
|
|
$
|
241,294,101
|
|
|
(1)
|
On July 29, 2015, our Board of Directors approved a three-year stock repurchase program of up to
$300 million
of our ordinary shares.
|
|
10.1*
|
Separation and Release Agreement dated as of September 26, 2016, between Fresh Del Monte Produce Inc. and Hani El-Naffy (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 30, 2016).
|
|
|
|
|
10.2*
|
Consulting Agreement dated as of September 26, 2016, between Fresh Del Monte Produce Inc. and Hani El-Naffy (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on September 30, 2016).
|
|
|
|
|
31.1**
|
Certification of Chief Executive Officer filed pursuant to 17 CFR 240.13a-14(a).
|
|
|
|
|
31.2**
|
Certification of Chief Financial Officer filed pursuant to 17 CFR 240.13a-14(a).
|
|
|
|
|
32**
|
Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to 17 CFR 240.13a-14(b) and 18 U.S.C. Section 1350.
|
|
|
|
|
101.INS***
|
XBRL Instance Document.
|
|
|
|
|
101.SCH***
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
101.CAL***
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
101.DEF***
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
101.LAB***
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
101.PRE***
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
*
|
Management contract or compensatory plan or arrangement.
|
|
**
|
Filed herewith.
|
|
***
|
Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of
September 30, 2016
and
January 1, 2016
, (ii) Consolidated Statements of Income for the quarters and
nine months ended
September 30, 2016
and
September 25, 2015
, (iii) Consolidated Statements of Comprehensive Income for the quarters and
nine months ended
September 30, 2016
and
September 25, 2015
, (iv) Consolidated Statement of Cash Flows for the
nine months ended
September 30, 2016
and
September 25, 2015
and (iv) Notes to Consolidated Financial Statements.
|
|
|
|
Fresh Del Monte Produce Inc.
|
|
|
|
|
|
|
|
Date:
|
November 1, 2016
|
By:
|
/s/
Hani El-Naffy
|
|
|
|
|
Hani El-Naffy
|
|
|
|
|
President & Chief Operating Officer
|
|
|
|
|
|
|
|
|
By:
|
/s/
Richard Contreras
|
|
|
|
|
Richard Contreras
|
|
|
|
|
Senior Vice President & Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|