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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
———————————
FORM 10-Q
———————————
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

333-07708
(Commission file number)
———————————
FRESH DEL MONTE PRODUCE INC.
(Exact Name of Registrant as Specified in Its Charter)
 ———————————
Cayman Islands
N/A
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S Employer
Identification No.)
 
 
 
 
c/o Intertrust Corporate Services (Cayman) Limited
 
190 Elgin Avenue
 
George Town,
Grand Cayman,
KY1-9005
 
Cayman Islands
N/A
(Address of Registrant’s Principal Executive Office)
(Zip Code)

(305) 520-8400
(Registrant’s telephone number including area code)
Please send copies of notices and communications from the Securities and Exchange Commission to:
c/o Del Monte Fresh Produce Company
241 Sevilla Avenue
Coral Gables, Florida 33134
(Address of Registrant’s U.S. Executive Office)

 ——————————— 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Ordinary Shares, $0.01 Par Value Per Share
FDP
New York Stock Exchange


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer
Non-accelerated filer
 
 
Smaller reporting company
 
 
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 19, 2019, there were 48,355,899 ordinary shares of Fresh Del Monte Produce Inc. issued and outstanding.

 
 
 
 
 







Forward-Looking Statements
 
This report, information included in future filings by us and information contained in written material, press releases and oral statements, issued by or on behalf of us contains, or may contain, statements that constitute forward-looking statements. In this report, these statements appear in a number of places and include statements regarding the intent, beliefs or current expectations of us or our officers (including statements preceded by, followed by or that include the words “believes”, “expects”, “anticipates” or similar expressions) with respect to various matters, including our plans and future performance.  These forward-looking statements involve risks and uncertainties.  Fresh Del Monte’s actual plans and performance may differ materially from those in the forward-looking statements as a result of various factors, including (i) the uncertain global economic environment and the timing and strength of a recovery in the markets we serve, and the extent to which adverse economic conditions continue to affect our sales volume and results, including our ability to command premium prices for certain of our principal products, or increase competitive pressures within the industry, (ii) the impact of governmental initiatives in the United States and abroad to spur economic activity, including the effects of significant government monetary or other market interventions on inflation, price controls and foreign exchange rates, (iii) the impact of governmental trade restrictions, including adverse governmental regulation that may impact our ability to access certain markets such as uncertainty surrounding the recent vote in the United Kingdom to leave the European Union (often referred as Brexit), including spillover effects to other Eurozone countries, (iv) our anticipated cash needs in light of our liquidity, (v) the continued ability of our distributors and suppliers to have access to sufficient liquidity to fund their operations, (vi) trends and other factors affecting our financial condition or results of operations from period to period, including changes in product mix or consumer demand for branded products such as ours, particularly as consumers remain price-conscious in the current economic environment; anticipated price and expense levels; the impact of crop disease, severe weather conditions, such as flooding, or natural disasters, such as earthquakes, on crop quality and yields and on our ability to grow, procure or export our products; the impact of prices for petroleum-based products and packaging materials; and the availability of sufficient labor during peak growing and harvesting seasons, (vii) the impact of pricing and other actions by our competitors, particularly during periods of low consumer confidence and spending levels, (viii) the impact of foreign currency fluctuations, (ix) our plans for expansion of our business (including through acquisitions) and cost savings, (x) our ability to successfully integrate acquisitions into our operations, (xi) the impact of impairment or other charges associated with exit activities, crop or facility damage or otherwise, (xii) the timing and cost of resolution of pending and future legal and environmental proceedings or investigations, (xiii) the impact of changes in tax accounting or tax laws (or interpretations thereof), and the impact of settlements of adjustments proposed by the Internal Revenue Service or other taxing authorities in connection with our tax audits, and (xiv) the cost and other implications of changes in regulations applicable to our business, including potential legislative or regulatory initiatives in the United States or elsewhere directed at mitigating the effects of climate change. All forward-looking statements in this report are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Our plans and performance may also be affected by the factors described in Item 1A-“Risk Factors” in our Annual Report on Form 10-K for the year ended December 28, 2018 along with other reports that we have on file with the Securities and Exchange Commission.




TABLE OF CONTENTS
 
 
Page
PART I: FINANCIAL INFORMATION
 
 
 
 
Item 1. Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I: FINANCIAL INFORMATION

Item 1.        Financial Statements

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS (Unaudited)
(U.S. dollars in millions, except share and per share data)
 
June 28,
2019
 
December 28,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
16.2

 
$
21.3

Trade accounts receivable, net of allowance of
$14.2 and $14.6, respectively
417.4

 
378.3

Other accounts receivable, net of allowance of
$6.8 and $7.2, respectively
78.8

 
95.2

Inventories, net
530.7

 
565.3

Assets held for sale
26.4

 
45.4

Prepaid expenses and other current assets
25.2

 
33.3

Total current assets
1,094.7

 
1,138.8

 
 
 
 
Investments in and advances to unconsolidated companies
2.5

 
6.1

Property, plant and equipment, net
1,416.1

 
1,392.2

Operating lease right-of-use assets
182.1

 

Goodwill
423.7

 
423.4

Intangible assets, net
162.8

 
166.9

Deferred income taxes
93.6

 
68.1

Other noncurrent assets
43.1

 
59.7

Total assets
$
3,418.6

 
$
3,255.2

Liabilities and shareholders' equity
 

 
 

Current liabilities:
 

 
 

Accounts payable and accrued expenses
$
497.4

 
$
576.6

Current maturities of debt and finance leases
640.0

 
0.5

Current maturities of operating leases
49.9

 

Income taxes and other taxes payable
13.1

 
8.9

Total current liabilities
1,200.4

 
586.0

 
 
 
 
Long-term debt and finance leases
0.4

 
661.9

Retirement benefits
93.0

 
91.3

Deferred income taxes
126.6

 
93.0

Operating leases, less current maturities
104.6

 

Other noncurrent liabilities
71.2

 
53.4

Total liabilities
1,596.2

 
1,485.6

Commitments and contingencies (See note 11)


 


Redeemable noncontrolling interest
53.8

 
51.8

Shareholders' equity:
 

 
 

Preferred shares, $0.01 par value; 50,000,000 shares
authorized; none issued or outstanding

 

Ordinary shares, $0.01 par value; 200,000,000 shares authorized;
48,301,093 and 48,442,296 issued and outstanding, respectively

0.5

 
0.5

Paid-in capital
530.7

 
527.1

Retained earnings
1,270.8

 
1,206.0

Accumulated other comprehensive loss
(58.6
)
 
(41.6
)
Total Fresh Del Monte Produce Inc. shareholders' equity
1,743.4

 
1,692.0

Noncontrolling interests
25.2

 
25.8

Total shareholders' equity
1,768.6

 
1,717.8

Total liabilities, redeemable noncontrolling interest and shareholders' equity
$
3,418.6

 
$
3,255.2


See accompanying notes.

1

Table of Contents

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(U.S. dollars in millions, except share and per share data)

 
Quarter ended
 
Six months ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Net sales
$
1,239.4

 
$
1,272.4

 
$
2,393.6

 
$
2,378.5

Cost of products sold
1,143.1

 
1,194.1

 
2,204.0

 
2,193.7

Gross profit
96.3

 
78.3

 
189.6

 
184.8

Selling, general and administrative expenses
44.0

 
49.9

 
96.5

 
98.5

Gain on disposal of property, plant and
equipment, net
5.7

 
5.7

 
9.2

 
5.9

Asset impairment and other charges, net
0.8

 
20.3

 
3.8

 
21.9

Operating income
57.2

 
13.8

 
98.5

 
70.3

Interest expense
6.9

 
6.1

 
13.8

 
9.8

Interest income
0.1

 
0.4

 
0.2

 
0.5

Other (expense) income, net
(2.9
)
 
(7.3
)
 
8.4

 
(10.7
)
Income before income taxes
47.5

 
0.8

 
93.3

 
50.3

Provision for income taxes
8.5

 
6.4

 
17.1

 
12.7

Net income (loss)
$
39.0

 
$
(5.6
)
 
$
76.2

 
$
37.6

Less: Net income attributable to redeemable and noncontrolling interests
0.9

 
2.3

 
2.0

 
4.0

     Net income (loss) attributable to Fresh Del Monte Produce Inc.
$
38.1

 
$
(7.9
)
 
$
74.2

 
$
33.6

     Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic
$
0.79

 
$
(0.16
)
 
$
1.53

 
$
0.69

     Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted
$
0.78

 
$
(0.16
)
 
$
1.53

 
$
0.69

Dividends declared per ordinary share
$

 
$
0.15

 
$

 
$
0.30

Weighted average number of ordinary shares:
 

 
 

 
 
 
 
Basic
48,533,444

 
48,753,227

 
48,540,571

 
48,767,411

Diluted
48,582,135

 
48,753,227

 
48,624,956

 
49,012,397


See accompanying notes.

2

Table of Contents

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(U.S. dollars in millions)

 
Quarter ended
 
Six months ended
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Net income (loss)
$
39.0

 
$
(5.6
)
 
$
76.2

 
$
37.6

Other comprehensive income:
 
 
 
 
 
 
 
Net unrealized (loss) gain on derivatives, net of tax
(12.7
)
 
4.7

 
(16.8
)
 
2.9

Net unrealized foreign currency translation gain (loss)
0.5

 
(9.1
)
 
(0.3
)
 
(4.8
)
Net change in retirement benefit adjustment, net of tax
0.2

 
0.4

 
0.1

 
0.5

Comprehensive income (loss)
$
27.0

 
$
(9.6
)
 
$
59.2

 
$
36.2

Less: Comprehensive income attributable to redeemable and noncontrolling interests
0.9

 
2.3

 
2.0

 
4.0

Comprehensive income (loss) attributable to Fresh Del
Monte Produce Inc.
$
26.1

 
$
(11.9
)
 
$
57.2

 
$
32.2


See accompanying notes.


3

Table of Contents

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)

 
 
Six months ended
 
June 28,
2019
 
June 29,
2018
Operating activities:
 
 
 
Net income
$
76.2

 
$
37.6

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
48.5

 
44.3

Amortization of debt issuance costs
0.5

 
0.3

Share-based compensation expense
6.1

 
7.0

Asset impairment, net
3.3

 
18.3

Change in uncertain tax positions

 
0.1

Gain on disposal of property, plant and equipment
(9.2
)
 
(5.9
)
Deferred income taxes
7.6

 
1.6

Foreign currency translation adjustment
(1.2
)
 
(1.8
)
Changes in operating assets and liabilities
 

 
 

Receivables
(20.6
)
 
(22.3
)
Inventories
30.0

 
51.6

Prepaid expenses and other current assets
1.6

 
(11.4
)
Accounts payable and accrued expenses
(73.7
)
 
53.1

Other noncurrent assets and liabilities
(4.1
)
 
(10.2
)
Net cash provided by operating activities
65.0

 
162.3

Investing activities:
 

 
 

Capital expenditures
(70.2
)
 
(81.8
)
Investments in unconsolidated companies

 
(4.2
)
Proceeds from sales of property, plant and equipment
28.0

 
8.2

Purchase of business, net of cash acquired

 
(373.3
)
Proceeds from sale of an investment
0.7

 

Net cash used in investing activities
(41.5
)
 
(451.1
)
Financing activities:
 

 
 

Proceeds from debt
587.3

 
636.4

Payments on debt
(612.0
)
 
(307.0
)
     Distributions to noncontrolling interests, net
(1.8
)
 
(1.8
)
Proceeds from stock options exercised
0.3

 
0.8

Share-based awards settled in cash for taxes
(0.9
)
 
(0.4
)
Dividends paid

 
(14.6
)
Repurchase and retirement of ordinary shares
(9.2
)
 
(9.8
)
Net cash (used in) provided by financing activities
(36.3
)
 
303.6

Effect of exchange rate changes on cash
7.7

 
(0.1
)
Net (decrease) increase in cash and cash equivalents
(5.1
)
 
14.7

Cash and cash equivalents, beginning
21.3

 
25.1

Cash and cash equivalents, ending
$
16.2

 
$
39.8

Supplemental cash flow information:
 

 
 

Cash paid for interest
$
7.4

 
$
8.7

Cash paid for income taxes
$
5.9

 
$
14.7

Non-cash financing and investing activities:
 

 
 

Right-of-use assets obtained in exchange for new operating lease obligations
$
26.1

 
$

Retirement of ordinary shares
$
9.2

 
$
9.8

Dividends on restricted stock units
$

 
$
0.2

Purchase of a business
$

 
$
1.2

Sale of an investment
$
0.6

 
$

See accompanying notes.

4

Table of Contents

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
(Unaudited) (U.S. dollars in millions, except share data)
 
Ordinary Shares Outstanding
 
Ordinary Shares
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive (Loss)
 
Fresh Del Monte Produce Inc. Shareholders' Equity
 
Noncontrolling Interests
 
Total Shareholders'
Equity
 
Redeemable Noncontrolling Interest
Balance as of December 28, 2018
48,442,296

 
$
0.5

 
$
527.1

 
$
1,206.0

 
$
(41.6
)
 
$
1,692.0

 
$
25.8

 
$
1,717.8

 
$
51.8

Exercises of stock options
13,250

 

 
0.2

 

 

 
0.2

 

 
0.2

 

Issuance of restricted stock awards
30,891

 

 

 

 

 

 

 

 

Issuance of restricted stock units
165,318

 

 

 

 

 

 

 

 

Share-based payment expense

 

 
4.2

 

 

 
4.2

 

 
4.2

 

Cumulative effect adjustment of ASC 842 related to leases

 

 

 
(3.0
)
 

 
(3.0
)
 

 
(3.0
)
 

Capital contribution from, distribution to noncontrolling interests

 

 

 

 

 

 
(0.3
)
 
(0.3
)
 
(0.2
)
Dividend declared

 

 

 

 

 

 

 

 

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income

 

 

 
36.1

 

 
36.1

 
(0.1
)
 
36.0

 
1.2

Unrealized loss on derivatives, net of tax

 

 

 

 
(4.1
)
 
(4.1
)
 

 
(4.1
)
 

Net unrealized foreign currency translation loss

 

 

 

 
(0.8
)
 
(0.8
)
 

 
(0.8
)
 

Change in retirement benefit adjustment, net of tax

 

 

 

 
(0.1
)
 
(0.1
)
 

 
(0.1
)
 

Comprehensive income (loss)
 

 
 

 
 

 
 

 
 
 
31.1

 
(0.1
)
 
31.0

 
1.2

Balance as of March 29, 2019
48,651,755

 
$
0.5

 
$
531.5

 
$
1,239.1

 
$
(46.6
)
 
$
1,724.5

 
$
25.4

 
$
1,749.9

 
$
52.8

Exercises of stock options
5,000

 

 
0.1

 

 

 
0.1

 

 
0.1

 

Issuance of restricted stock awards
2,830

 

 

 

 

 

 

 

 

Issuance of restricted stock units
7,077

 

 


 

 

 

 

 

 

Share-based payment expense

 

 
1.9

 

 

 
1.9

 

 
1.9

 

Capital contribution from, distribution to noncontrolling interests

 

 

 

 

 

 
(0.1
)
 
(0.1
)
 
0.1

Repurchase and retirement of ordinary shares
(365,569
)
 

 
(2.8
)
 
(6.4
)
 

 
(9.2
)
 

 
(9.2
)
 

Dividend declared

 

 

 

 

 

 

 

 

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income

 

 

 
38.1

 

 
38.1

 
(0.1
)
 
38.0

 
0.9

Unrealized loss on derivatives,net of tax

 

 

 

 
(12.7
)
 
(12.7
)
 

 
(12.7
)
 

Net unrealized foreign currency translation loss

 

 

 

 
0.5

 
0.5

 

 
0.5

 

Change in retirement benefit adjustment, net of tax

 

 

 

 
0.2

 
0.2

 

 
0.2

 

Comprehensive income (loss)
 

 
 

 
 

 
 

 
 
 
26.1

 
(0.1
)
 
26.0

 
0.9

Balance as of June 28, 2019
48,301,093

 
$
0.5

 
$
530.7

 
$
1,270.8

 
$
(58.6
)
 
$
1,743.4

 
$
25.2

 
$
1,768.6

 
$
53.8

 






5

Table of Contents

FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
(Unaudited) (U.S. dollars in millions, except share data)
 
Ordinary Shares Outstanding
 
Ordinary Shares
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Fresh Del Monte Produce Inc. Shareholders' Equity
 
Noncontrolling Interests
 
Total Shareholders'
Equity
 
Redeemable Noncontrolling Interest
Balance as of December 29, 2017
48,759,481

 
$
0.5

 
$
522.5

 
$
1,275.0

 
$
(30.6
)
 
$
1,767.4

 
$
23.8

 
$
1,791.2

 
$

Exercises of stock options
17,500

 

 
0.7

 

 

 
0.7

 

 
0.7

 

Issuance of restricted stock awards
21,304

 

 

 

 

 

 

 

 

Issuance of restricted stock units
159,632

 

 

 

 

 

 

 

 

Share-based payment expense

 

 
4.7

 

 

 
4.7

 

 
4.7

 

Cumulative effect adjustment of ASC 606 related to revenue recognition transition

 

 

 
(0.1
)
 

 
(0.1
)
 

 
(0.1
)
 

Capital contribution from, distribution to noncontrolling interests

 

 
0.5

 

 

 
0.5

 
(0.5
)
 

 

Fair value of redeemable noncontrolling interest resulting from business combination

 

 

 

 

 

 

 

 
39.1

Repurchase and retirement of ordinary shares
(182,013
)
 

 
(2.7
)
 
(5.7
)
 

 
(8.4
)
 

 
(8.4
)
 

Dividend declared

 

 

 
(7.3
)
 

 
(7.3
)
 

 
(7.3
)
 

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income

 

 

 
41.5

 

 
41.5

 
1.3

 
42.8

 
0.4

Unrealized loss on derivatives, net of tax

 

 

 

 
(1.8
)
 
(1.8
)
 

 
(1.8
)
 

Net unrealized foreign currency translation loss

 

 

 

 
4.3

 
4.3

 

 
4.3

 

Change in retirement benefit adjustment, net of tax

 

 

 

 
0.1

 
0.1

 

 
0.1

 

Comprehensive income (loss)
 

 
 

 
 

 
 

 
 
 
44.1

 
1.3

 
45.4

 
0.4

Balance as of March 30, 2018
48,775,904

 
$
0.5

 
$
525.7

 
$
1,303.4

 
$
(28.0
)
 
$
1,801.6

 
$
24.6

 
$
1,826.2

 
$
39.5

Exercises of stock options
19,000

 

 
0.3

 

 

 
0.3

 

 
0.3

 

Issuance of restricted stock units
20,622

 

 

 

 

 

 

 

 

Share-based payment expense

 

 
2.4

 

 

 
2.4

 

 
2.4

 

Capital contribution from, distribution to noncontrolling interests

 

 

 

 

 

 
0.8

 
0.8

 

Repurchase and retirement of ordinary shares
(36,219
)
 

 
(0.5
)
 
(1.2
)
 

 
(1.7
)
 

 
(1.7
)
 

Dividend declared

 

 
0.2

 
(7.5