TFF Group - H1 sales driven by higher prices and improved profitability
Q2 sales up 12%: Alcohol division up 29%, Wine down 1%.H1 sales up 14% on a reported basis and 17% organicallyLower volumes expected for wine division in Q3 due to poor harvest.Guidance confirmed, with management confident of reaching full-year target of 750k barrels sold, despite delay in H1.Upward revision of our guidance for the current year and of our share price target"ADD" opinion confirmed due to still weak FCF generation.Tonnellerie Francois Freres S.A.. TFF Group, formerly Tonnellerie Francois Freres SA, is a France-based company that manufactures and distributes oak barrels that are used to conserve and transport liquids. The Company has four core businesses: stave milling, cooperage, cask manufacturing and oak wine-aging products. Tonnellerie Francois Freres SA also offers oak products for oenology, where the wine is put in contact with wood in varied forms, and has developed products for the alcohol maturing and aging market, especially the whisky market. The Company offers four brands of barrels: Exclusif, Privilege, Classique and Horizon. As of December 31, 2011, Tonnellerie Francois Freres SA operated through its subsidiaries, including: Sogibois, Bouyoud, Treuil, Francois Inc, Classic Oak New Zealand, Demptos Napa, among others. The Company has operating units in France, the United States, Spain, Hungary, South Africa, China, New Zealand, Australia and Ireland. In May 2016, the Company acquired metal manufacturer SAS Lejeune.
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