Laurent-Perrier:
Tours-sur-Marne, November 29,
2019
Laurent-Perrier
Financial
release
Laurent-Perrier: operating income up
+6%and + 4.1% excluding the currency
effectin the first half of the 2019-2020 financial
year
The financial statements for the first half of
the 2019-2020 financial year, ended September 30, 2019, were
examined by the Supervisory Board, which met on
November 20, 2019 under the chairmanship of Mr. Maurice
de Kervénoaël.
Key audited consolidated financial data
In millions of Euros At September 30, 2019 |
H1 2018-2019 |
H1 2019-2020 |
Variation vs N-1 |
Variation vs N-1 excluding currency effect
(*) |
Champagne sales |
99.7 |
99.1 |
-0.6% |
-0.9% |
Group turnover |
99.8 |
99.2 |
-0.6% |
-0.9% |
Operating income |
18.7 |
19.8 |
+6.0% |
+4.1% |
Operating margin %** |
18.8% |
20.0% |
+1.2 pt |
+0.9 pt |
Net income - Group share |
10.5 |
11.0 |
+4.8% |
NC |
Earnings per share (in Euros) |
1.77 |
1.85 |
+0.08 |
NC |
Operational cash flow*** |
-23.2 M€ |
-21.9 M€ |
+1.3 M€ |
NC |
* At N-1 exchange
rates ** Margin calculated on champagne sales
only * Cash flow from operating activities - net
investments 1
Commenting on the half-year results, Mr.
Stéphane Dalyac, Chairman of the Executive Board, said: "In a
market that remains on a downward trend in terms of volume,
Laurent‑Perrier recorded an increase in its operating income and an
improvement in its profitability, thanks in particular to a still
very positive price/mix effect and the support of its brands. These
results reflect the effectiveness and relevance of its long-term
value strategy, which the Group intends to continue to focus on by
continuing to rely on the exceptional quality of its champagnes,
innovation, the strength of its brands and the dynamism of its
teams.
Evolution of the turnover
Shipments in the champagne market fell by 1.2%
in volume at the end of September 2019 over a rolling twelve-month
period. In this context, Laurent-Perrier Group champagne sales
amounted to €99.1 million at current exchange rates, representing a
0.6% decrease compared to the previous year. Excluding the currency
effect, it is €98.8 million.
In line with the Group's value strategy, the
Laurent-Perrier brand maintains its position, with a level of
contribution of high-end vintages and a share of export sales which
remain high and stable compared to the previous year.
This performance is mainly due to the
maintenance of volumes for the Laurent-Perrier brand, to a very
solid price/mix effect of +5.3% (excluding the currency effect),
despite a decline in volumes for the other brands.
Evolution of the results
Operating income, at current exchange rates,
reached €19.8 million, up +6.0%. Excluding the currency effect, it
amounted to €19.5 million, an increase of +4.1%.
The operating margin stood at 20.0%, up +1.2
points on a reported basis. At constant exchange rates, it
increased by 0.9 points to 19.7%.
Financial income improved by 3.4%, mainly due to
a 4.2% decrease in the cost of net financial debt.
The net result, Group share, reached €11.0
million, up +4.8%. It represents 11.1% of champagne sales, compared
to 10.5% at September 30 of the previous financial year.
Operating cash flow, traditionally negative in
the first half due to the seasonal nature of the business, improved
by €1.3 million compared to September 30, 2018, mainly due to
elements related to investment operations, especially the ending
last year of the multi-year production plan.
Outlook 2019/2020
The first half's performance cannot be
extrapolated to the second half, due to the high seasonality of the
business. In a difficult economic and geopolitical context, the
uncertainties linked in particular to Brexit and the French market
remain, and still call for much caution. Laurent-Perrier will
nevertheless maintain its value strategy and continue to
consolidate its growth and profitability plan, relying on its
high-end vintages, international markets and a solid financial
structure.
Laurent-Perrier is one of the few family groups
of champagne houses listed on the French stock exchange dedicated
exclusively to champagne and focused on the premium segment. It
offers a broad range of products renowned for their quality, around
the Laurent-Perrier, Salon, Delamotte and Champagne de Castellane
brands.
ISIN code: FR 0006864484
Bloomberg: LPE FP
Reuters: LPER.PA
Laurent-Perrier belongs to compartment B of Euronext. It is part
of the EnterNext© PEA-PME 150 and Euronext® FAMILY BUSINESS
indices.
Patrice KIRSCH Laurent-Perrier Group Telephone: +33 3 26 58 91 22
|
Didier MONCEAUX Laurent-Perrier Group Telephone: +33 3 26 58
91 22 |
Olivier DUMASLaurent-Perrier GroupTelephone: +33
3 26 58 91 22
The consolidated financial statements for the
first half of the 2019-2020 financial year were subject to a
"limited" review by the statutory auditors. All the corresponding
financial data will soon be published on the Laurent-Perrier
Group's financial website:
www.finance-groupelp.com
Appendices
Analysis of champagne sales
Group |
H1 2019/-2020April 1 - September 30 |
Turnover (M€) |
99.1 |
Variation / N-1 in % |
-0.6% |
o/w |
|
Volume effect |
≥ 6.2% |
Price / Mix effect |
+5.3% |
Currency effect |
≥ 0.3% |
Balance sheet elements
Group - in € million |
H1 2018-2019 |
H1 2019-2020 |
Equity |
414.2 |
426.4 |
Net debt |
307.2 |
318.7 |
Inventories |
603.3 |
615.8 |
Operational cash flow |
-23.2 |
-21.9 |
Financial agenda
General Meeting
July 8, 2020Annual results
2019-2020
End of May 2020 (to be confirmed)
- ResultatsSemestriels2019-2020GB
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