Laurent-Perrier: Financial release 2019-2020
Tours-sur-Marne, July 3, 2020
Laurent-Perrier
Financial
release
Laurent-Perrier announces + 2.6% increase
in net incomefor the 2019-2020 financial
year
The financial statements for the year ended
March 31, 2020, were examined by the Supervisory Board, which met
on June 30, 2020 under the chairmanship of
Mr. Maurice de Kervénoaël.
Key audited consolidated financial data
In millions of Euros At March 31, 2020 |
2018-2019 |
2019-2020 |
Variation vs N-1 |
Variation vs N-1 excluding currency effect
(*) |
Champagne sales |
234.1 |
231.3 |
-1.2% |
-1.7% |
Group turnover |
249.6 |
242.4 |
-2.9% |
-3.4% |
Operating income |
41.3 |
41.2 |
-0.3% |
-2.0% |
Operating margin % (**) |
17.6% |
17.8% |
+0.2 pt |
+0.0 pt |
Net income |
23.2 |
23.8 |
+2.6% |
NC |
Earnings per share (in Euros) |
3.89 |
3.99 |
+0.10 |
NC |
Operational cash flow (***) |
-2.2 M€ |
14.3 M€ |
+16.5 M€ |
NC |
* At N-1 exchange
rates ** Margin calculated on champagne sales
only * Cash flow from operating activities - net
investments
Commenting on the half-year results, Mr.
Stéphane Dalyac, Chairman of the Executive Board, stated: "Against
the backdrop of a year-end marked by the COVID-19 health crisis, a
declining Champagne market and ongoing uncertainties linked notably
to the French and UK markets (Brexit), the Laurent-Perrier Group
has delivered a solid performance, with an increase in its
profitability and an improvement in its operating cash flow. This
performance was driven in particular by a continued positive
price/mix effect and by continued investment in brand awareness.
Faced with an unprecedented situation that calls for a great deal
of caution, the Laurent-Perrier Group reaffirms its desire to stay
on course with its growth strategy, always relying on the quality
of its champagnes, the strength of its brands and the control of
its distribution. "
Evolution of the turnover
In a global champagne market that fell by -3.4%
in volume over the twelve months of the financial year,
Laurent-Perrier Group's turnover, relating to sales of champagne,
stood at €231.3 million, i.e. a variation of -1.2% at current
exchange rates. Excluding the currency effect, it is €230.1
million.
This performance was achieved thanks in
particular to stable volumes for the Laurent-Perrier brand and a
solid price/mix effect of +4.5%.
Similarly, and in line with the Group's value
strategy, the Laurent-Perrier brand remained on track, with a
slight increase in the share of international sales, as well as an
increase in the contribution of high-end vintages to sales.
Evolution of the result
Operating profit at current exchange rates was
€41.2 million, stable compared to the previous year. Excluding the
currency effect, it amounted to €40.5 million, a decrease of
-2.0%.
The operating margin increased by +0.2 point, as
reported, to 17.8%. At constant exchange rates, it stood at 17.6%
and remained stable compared to the 2018-2019 financial year.
Financial income improved by 7.0% over the year,
mainly due to a 5.2% decrease in the cost of net financial
debt.
The tax rate was 31.4%, down -0.9 points
compared to the previous year.
Net profit amounted to €23.8 million at current
exchange rates, up by + 2.6%. It represents 10.3% of champagne
sales, compared to 9.9% at March 31, 2019.
Operating cash flow for the year was €14.3
million. It shows a significant increase of +€16.5 million, linked
in particular to the improvement in cash flow generated by the
activity and a decrease in investments following the completion of
work on the Group's production site.
Outlook 2020/2021
Faced with this unprecedented situation, the
Laurent-Perrier Group has carried out modelling work on the short,
medium and long-term impacts of the COVID-19 health crisis on its
activity and on its main performance indicators.This work confirms
the following points on the horizon of its 2020‑2024 business
plan:
- The Group continued to strengthen its financial structure by
gaining the authorisation for additional financing from its banks
to cover its cash requirements. On this basis, financing and
liquidity are ensured.
- Business continuity is not called into question.
- Impairment tests confirm the value of the assets.
In this context, which calls for a great deal of
caution, the Laurent-Perrier Group remains focused on its value
strategy, which is based on four pillars:
- A single vision: The creation and sale of top-of-the-range
champagnes;
- A high-quality supply based on a policy of partnerships;
- A portfolio of complementary brands;
- Well-controlled global distribution.
The Group is therefore confident in its ability
to overcome this crisis and to pursue its value policy over the
medium and long term.
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. Main index
CAC All SharesIt is included in the composition of the EnterNext©
indices PEA-PME 150 and Euronext® FAMILY BUSINESS.
Olivier DUMAS Laurent-Perrier Group Telephone: +33 3 26 58 91 22
|
Patrice KIRSCH Laurent-Perrier Group Telephone: +33 3 26 58 91 22
|
All the financial data relating to the
consolidated and audited financial statements for the financial
year 2019-2020 will soon be published on the Laurent-Perrier
Group's financial
website:www.finance-groupelp.com
Appendices
Analysis of champagne sales
Group |
2019-2020April 1 - March 31 |
Turnover (M€) |
231.3 |
Variation / N-1 in % |
-1.2% |
o/w |
|
Volume effect |
- 6.2% |
Price / Mix effect |
+4.5% |
Currency effect |
+ 0.5% |
Balance sheet elements
Group - in € million |
2018-2019 |
2019-2020 |
Equity |
422.9 |
440.0 |
Net debt |
285.8 |
284.0 |
Inventories |
537.2 |
552.2 |
Operational cash flow |
-2.2 |
14.3 |
Financial agenda
General meeting
September 24, 2020Half-year results
2020-2021
End of November 2020 (to be confirmed)
4
- ResultatsAnnuels2019-2020GB
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