Laurent-Perrier: Annual results 2020-2021
14 Giugno 2021 - 9:51AM
Laurent-Perrier: Annual results 2020-2021
Laurent-Perrier
Group |
Tours-sur-Marne, June
11th,
2021 |
Financial releaseResults
for financial year 2020-2021
Laurent-Perrier announces stable
operating incomeand an increase in net income,
Group share, of +6.5%.
The financial statements for the financial year
2020-2021, which ended on 31 March 2021, were approved by the
Management Board on 8 June 2021 and examined on the same day by the
Supervisory Board, chaired by Mr. Patrick Thomas.
Key consolidated financial data audited:
In €mAt 31 March
2021 |
2019-2020(1 April 2019 - 31 March 2020) |
2020-2021(1 April 2020 –31 March 2021) |
Change vs N-1 |
Changevs N-1excluding currency
effect (*) |
Champagne sales |
231.3 |
184.7 |
-20.1% |
-19.6% |
Group turnover |
242.4 |
195.2 |
-19.5% |
-19.0% |
Operating income |
41.2 |
41.3 |
+0.2% |
+1.8% |
Operating margin % (**) |
17.8% |
22.4% |
+4.6 pts |
+4.8 pts |
Net income - Group share |
23.7 |
25.2 |
+6.5% |
NC |
Earnings per share (in Euros) |
3.99 |
4.25 |
+0.26 |
NC |
Operational cash flow (***) |
+14.3 M€ |
+3.6 M€ |
-10.7 M€ |
NC |
* At N-1 exchange rates ** Margin calculated on
champagne sales only * Cash flow from operating activities - net
investments
Commenting on the results for the year, Mr.
Stéphane Dalyac, Chairman of the Management Board, said:
"In the context of a 2020-2021 financial year
that was severely affected by the COVID-19 health crisis, the
Laurent-Perrier Group was able to adapt to this unprecedented
situation, as shown by the published results, thus confirming the
resilience of its model based on its value policy. Indeed, despite
a sharp decrease in volumes sold as a result of the health measures
adopted around the world, this performance is based on a continued
positive price effect, a clear increase in its operating margin
rate and tight control of its operating cash flow. In a still
uncertain health situation, the Laurent-Perrier Group reaffirms its
determination to stay the course of its strategy by continuing to
rely on the quality of its Champagne wines, the quality of its
teams, the strength of its brands and the control of its
distribution. "
Evolution of turnover:
In a global champagne market down 16.0% in terms
of volume shipped over the period from 1 April 2020 to 31 March
2021 compared to the previous year, Laurent-Perrier Group sales of
champagne totalled €184.7 million, down 20.1% at current exchange
rates. Excluding the currency effect, it stands at €185.9
million.
The sharp -25.4% decrease in the volume of
champagne sold by the Group, a consequence of the health measures
adopted around the world, including the closure of hotel and
restaurant activities and the severe limitation of air traffic
worldwide, was limited in terms of revenue by a price/mix effect of
+5.8%, driven by the strength of its brands and the quality of its
premium champagnes.
Evolution of the result:
In this exceptional context, operating income,
at current exchange rates, amounted to €41.3 million, equivalent to
that recorded during the previous year (€41.2 million). In addition
to the good value of its sales, the Laurent-Perrier Group was also
able to adapt its cost structure (marketing expenses and
overheads), thus contributing to a sharp increase of +4.6 points,
in published data, in its operating margin rate, which stood at
22.4% at current exchange rates.
Net income, Group share, also recorded a very
sharp increase, amounting to €25.2 million at current exchange
rates and thus represents 12.9% of the Group's consolidated
turnover.
Changes in operating cash flow and
financial structure:
The operating cash flow for the period is very
resilient and stands at +€3.6 million as at 31 March 2021. The
maintenance of cash flow (Self-financing capacity) at the level of
the previous financial year, the management of working capital
requirements, in particular inventories, as well as the control of
investments, made it possible to limit the erosion of operating
cash flow to -€10.7 million compared to 31 March 2020.
The consolidated balance sheet at 31 March 2021
confirms the solidity of the Laurent-Perrier Group's financial
structure. Shareholders' equity, Group share, amounted to €451.9
million and net debt stood at €286.9 million including active cash
of €90.9 million. Gearing thus improved further to 0.63 from 0.65
at 31 March 2020.
Outlook
In a still uncertain and evolving health
situation, the Laurent-Perrier Group is confidently continuing to
steer and execute its 2021-2025 business plan, which confirms the
following points in particular:
- The Group has a solid financial
structure.
- Financing and liquidity are
ensured.
- Impairment tests confirm the value
of the assets.
The Laurent-Perrier Group thus remains focused
on its value strategy, which is based on four pillars:
- A single business: The creation and
sale of high-end champagnes
- A high-quality supply based on a
policy of partnerships
- A portfolio of strong and
complementary brands
- Well-controlled global
distribution.
By 2021-2022, the Laurent-Perrier Group will
resume its long-term investments, particularly in support of its
brands, and therefore expects a likely decline in operating
profit.
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 0006864484Bloomberg: LPE:FPReuters: 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 DUMASCFOLaurent-Perrier GroupTelephone: +33 3 26 58 91
22The audit procedures relating to the consolidated accounts for
the 2020-2021 financial year have been carried outby the statutory
auditors (KPMG and PwC) and the audit report is going to be
issued.All the financial data will soon be published on the
Laurent-Perrier Group's financial
website:https://www.finance-groupelp.com/The video
presentation of the results of the 2020-2021 financial year is now
available via the following
link:https://www.finance-groupelp.com/en/external-views |
Appendices
Analysis of champagne sales
|
2020-2021(1 April 2020 - 31 March 2021) |
Champagne turnover (M€) |
184.7 |
Change / N-1 in % |
-20.1% |
o/w |
|
Volume effect |
-25.4% |
Price / Mix effect |
+5.8% |
Currency effect |
-0.5% |
Elements of the consolidated balance
sheet
Group - in € million |
31 March 2020 |
31 March 2021 |
Equity - Group share |
437.0 |
451.9 |
Net debt |
284.0 |
286.9 |
Inventories |
552.2 |
569.5 |
Financial agenda
General
Meeting: |
20 July 2021 in Tours-sur-Marne |
Half-year results
2021-2022: |
End November 2021 (to be confirmed) |
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