Laurent-Perrier: Financial Press Release - Half-year results 2021-2022
30 November 2021 - 12:26AM
Laurent-Perrier: Financial Press Release - Half-year results
2021-2022
Laurent-Perrier
Group
Tours-sur-Marne, 26
november
2021
Financial Press
ReleaseResults for the
first six months of the 2021-2022
financial year
Laurent-Perrier announces a strong
increase in its half-yearly results.
The financial statements for the first six
months of the 2021-2022 financial year to 30 September 2021 were
closed by the Executive Board on 23 November 2021 and examined on
the same day by the Supervisory Board under the presidency of Mr
Patrick THOMAS.
The main audited consolidated financial
data:
In millions of EurosOn 30 September
2021 |
1st 6
months2019-2020 Financial
Year(N-2)(1 April 2019 –30 September
2019) |
1st 6
months2019-2020 Financial
Year2020-2021 (N-1)(1 April 2020 –30
September 2020) |
1st 6
months2021-2022Financial
Year(1 April 2021 –30 September 2021) |
Change vs N-1
FinancialYear |
Change vs
N-2Financial Year |
Champagne sales |
99.1 |
71.0 |
128.4 |
+ 80.9 % |
+ 29.5 % |
Group turnover |
99.2 |
71.2 |
128.5 |
+ 80.5 % |
+ 29.6 % |
Operating profit |
19.8 |
14.6 |
35.6 |
+ 144.9 % |
+ 79.7 % |
Operating margin % (*) |
20.0% |
20.5% |
27.8% |
+ 7.3 pts |
+ 7.8 pts |
Net profit (Group share) |
11.0 |
7.6 |
23.3 |
+ 207.2 % |
+ 112.4 % |
Earnings per share (in euros) |
1.85 |
1.28 |
3.93 |
+ 2.65 € |
+ 2.08 € |
Operating cash flow (**) |
- 21.9 |
- 34.5 |
+ 16.7 |
+ 51.2 M€ |
+ 38.6 M€ |
* Margin calculated on champagne sales only **
Cash flow from operations - net investments
Mr. Stéphane Dalyac, the President of the
Executive Board made the following statement concerning the half
yearly results:
“The Laurent-Perrier Group recorded a strong
increase in its half-year results in the context of a global
economic recovery that has helped boost shipments of champagne.
This robust growth is supported in part by the exceptional nature
of the restocking of our customers' inventories around the world,
the recovery in consumption and the efforts made on the Group's
value policy over the past few years. The Laurent-Perrier Group is
therefore maintaining its strategic course by focussing on the
quality of its champagne wines, the quality of its teams, the
strength of its brands and the control of its distribution.”
Change in turnover:
There was very strong growth in the volumes
shipped in the global champagne market during the period from 1
April 2021 to 30 September 2021, reaching +57.9% compared to the
N-1 financial year and +14.1% compared to the N-2 financial
year.
The Group recorded strong growth in sales volume
during the first half of the financial year, from 1 April 2021 to
30 September 2021, of +84.9% compared to the N-1 financial year and
+18.9% compared to the N-2 financial year. This performance,
encouraged by the exceptional circumstances of the gradual lifting
of public health measures and the reopening of on trade venues
around the world, was based on the strength of the Group's brands
and the quality of its premium champagnes, resulting in
consolidated turnover of €128.5 million at current exchange rates,
during the first 6 months of the year.
Change in the result:
The Group continued to focus on adapting its
cost structure (marketing expenditures and overheads) from the
start of the health crisis and in the somewhat exceptional context
of the recovery. The Group resumed its long-term investments,
particularly to support its brands and business development during
the period 1 April 2021 to 30 September 2021. This investment was
closely linked to the need to promote sales and control costs. This
all contributed to the increase in the Group’s operational margin
rate, which attained 27.8% at constant exchange rates during the
first six months. The Group's net profit also increased sharply to
€23.3 million at current exchange rates, representing 18.1% of
consolidated turnover.
Change operational cash flow and the
financial structure:
Operational cash flow for the period increased
sharply due to the growth in business activity and tight control of
working capital requirement notably inventories. It stood at €+16.7
million on 30 September 2021. The interim consolidated balance
sheet to 30 September 2021 underlines the solidity of the Group’s
financial structure. Shareholders’ equity was €472.8 million with
net debt (*) of €275.0 million including an active position of
€100.3 million. Gearing has therefore again improved, to 0.58
compared to 0.63 on 31 March 2021.
(*) Net debt: financial liabilities and other
non-current debts + current debts – active cash
Outlook
In a business context which continues to be
uncertain due to the persistent health risk worldwide and the
somewhat exceptional nature of the upturn recorded in recent
months, the Laurent-Perrier Group notes that the results published
the first half year cannot be extrapolated from the whole of its
2021 – 2022 financial year.
The Laurent-Perrier Group is confidently and
attentively pursuing its 2021-2025 business plan and maintaining
its value strategy based on the following 4 pillars:
- One exclusive focus on producing
and selling high-end champagnes
- Quality supply based on a
partnership policy
- A portfolio of strong,
complimentary brands
- Well-controlled worldwide
distribution
Laurent-Perrier is one of the rare family groups
of champagne houses which is listed on the stock market, and which
is exclusively dedicated to champagne, and focused on the high-end
market. It has a large product portfolio renowned for its quality,
based around the Laurent-Perrier, Salon, Delamotte and Champagne de
Castellane brands.
Code ISIN : FR 0006864484
Bloomberg : LPE:FP
Reuters : LPER.PA
Laurent-Perrier belongs to compartment B of Euronext. Principal
index CAC All SharesIt is part of the composition of the EnterNext©
PEA-PME 150 and Euronext® FAMILY BUSINESS indexes.
Olivier DUMASFinancial DirectorLaurent-Perrier
GroupTelephone : +33 3 26 58 91 22
The consolidated financial statements for the
first six months of the 2021-2022 financial year were the subject
of a limited audit by the statutory auditors (KPMG and PwC). All
the corresponding financial data are available in the 2021-2022
half year financial report, which will shortly be published on the
Laurent-Perrier Group’s financial website:
https://www.finance-groupelp.com/
Appendices
Analysis of champagne
turnover
|
1st 6 months – 2021-2022
Financial Year(1 April 2021 – 30 September2021) |
Champagne sales (M€) |
128.4 |
Variations in % of total |
vs Financial Year N-1 |
vs Financial Year N-2 |
Total change |
+ 80.9 % |
+ 29.5 % |
of which volume effect |
+ 84.9 % |
+ 18.9 % |
of which price/mix effect |
- 4.5 % |
+ 10.5 % |
of which currency effect |
+ 0.5 % |
+ 0.1 % |
The elements of the consolidated balance
sheet
Group – in €million |
On 30 September 2019 |
On 30 September 2020 |
On 31March 2021 |
On 30 September 2021 |
Shareholders’ equityGroup share |
423.2 |
435.1 |
451.9 |
472.8 |
Net debt |
318.7 |
324.0 |
286.9 |
275.0 |
Inventories and work in progress |
615.8 |
612.0 |
569.5 |
598.8 |
Financial Agenda
2021-2022 Annual
Results: Start
June 2022 (to be confirmed)
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