Marie Brizard Wine & Spirits: Net sales for the fourth quarter
and full-year 2020
Charenton-le-Pont, February 11th, 2021
Net sales for the fourth quarter and
full-year 2020
- 2020 Net Sales at M€ 168.4, slightly ahead by
+2.5% (excl. Poland and Moncigale)
> A backdrop of the pandemic favouring bulk sales
and particularly affecting the WEMEA clusters and Other Central and
Eastern Europe countries over the year.
> Relative
resilience in France, steady volumes in the United States linked to
pipeline volumes in connection with the new distribution
model
- 4th Quarter activity (excl. Poland and Moncigale)
at M€ 41.5, slightly down by -1.4%
> The
Branded Business (-8.8%) hit again by further lockdows in several
countries
> France:
Good performance in a promotional market despite the impact of
Covid 19
> United
States : a quarter in deceleration reflecting active
management of stock levels
NB: All sales growth figures mentioned in this
press release are at constant exchange rates and on a like-for-like
basis, unless otherwise stated.
Marie Brizard Wine &
Spirits (Euronext: MBWS) today announces its unaudited net
sales for the 4th quarter 2020, covering the period from 1 October
to 31 December 2020, as well as its unaudited net sales for the
2020 financial year. In applying IFRS 5 relating to "entities sold
and held for sale", the scope of reported revenue has been restated
following the decision to dispose of the Poland and Moncigale
operations. The effective disposal of the activities in Poland was
announced on October 23rd 2020. The signature of the sale of
Moncigale was disclosed on October 14th 2020 and was confirmed on
February 4th 2021, further to the agreement received from the
French Anti-trust Authorities. The results of these discontinued
operations will be presented on a single line of the income
statement ("Net income from discontinued or sold operations") for
the financial years 2019 and 2020, as part of the 2020 financial
statements.
Quarterly and annual figures before the
application of IFRS 5 are presented in the appendix.
Full Year 2020
in M€ |
FY 2019 |
Organic growth vs LY |
Change effect vs LY |
FY 2020 |
Org growth vs LY exc. Change |
Growth vs LY |
Branded Business |
146.4 |
-9.6 |
-1.1 |
135.7 |
-6.6% |
-7.3% |
WEMEA |
97.6 |
-7.8 |
0.0 |
89.8 |
-8.0% |
-8.0% |
France |
78.5 |
-2.6 |
0.0 |
75.8 |
-3.3% |
-3.3% |
Rest of cluster |
19.1 |
-5.2 |
0.0 |
14.0 |
-27.1% |
-27.1% |
|
|
|
|
|
|
|
Central & Eastern Europe
*(i) |
27.4 |
-2.9 |
0.0 |
24.5 |
-10.6% |
-10.6% |
Americas |
18.8 |
0.9 |
-1.1 |
18.7 |
5.0% |
-0.8% |
Asia-Pacific |
2.5 |
0.2 |
0.0 |
2.7 |
6.1% |
6.1% |
Non Branded *(ii) |
18.9 |
13.8 |
0.0 |
32.7 |
72.7% |
72.7% |
|
|
|
|
|
|
|
TOTAL MBWS |
165.4 |
4.1 |
-1.1 |
168.4 |
2.5% |
1.8% |
* Application of IFRS 5 "Entities sold and held
for sale": restatement of the scope of consolidation relating to
the sale of the activities in Poland (i) and in the process of
being sold of Moncigale (ii)
4th Quarter 2020
in M€ |
Q4 2019 |
Organic growth vs
LY |
Change effect vs LY |
Q4 2020 |
Org growth vs LY exc. Change |
Growth vs LY |
Branded Business |
39.3 |
-3.4 |
-0.6 |
35.2 |
-8.8% |
-10.3% |
|
|
|
|
|
|
|
WEMEA |
24.2 |
-0.5 |
0.0 |
23.7 |
-2.1% |
-2.1% |
France |
18.6 |
0.4 |
0.0 |
19.1 |
2.4% |
2.4% |
Rest of cluster |
5.6 |
-0.9 |
0.0 |
4.7 |
-16.8% |
-16.8% |
|
|
|
|
|
|
|
Central
& Eastern Europe*(i) |
8.4 |
-1.2 |
0.0 |
7.2 |
-14.2% |
-14.2% |
|
|
|
|
|
|
|
Americas |
6.0 |
-1.7 |
-0.6 |
3.6 |
-28.9% |
-39.1% |
|
|
|
|
|
|
|
Asia-Pacific |
0.6 |
0.0 |
0.0 |
0.6 |
-2.1% |
-2.1% |
|
|
|
|
|
|
|
Non Branded *(ii) |
3.5 |
2.8 |
0.0 |
6.3 |
81.4% |
81.4% |
|
|
|
|
|
|
|
TOTAL MBWS |
42.8 |
-0.6 |
-0.6 |
41.5 |
-1.4% |
-2.8% |
* Application of IFRS 5 "Entities sold and held
for sale": restatement of the scope of consolidation relating to
the sale of the activities in Poland (i) and in the process of
being sold of Moncigale (ii)
Details by cluster
WEMEA: a resilient performance thanks to
the value creation strategy, in a difficult context for the Horeca
segment
In 2020, the WEMEA cluster's revenue amounted to
€89.8 million, down 8.0% compared with 2019, with a fourth quarter
of €23.7 million, down 2.1%.
In France, the Group generated revenue of €75.8
million in 2020, down 3.3% compared with 2019. The fourth
quarter showed a better trend, with sales of €19.1 million, up 2.4%
compared with 2019, including a strong month of December, driven by
almost all brands. In a highly promotional market, the Group
pursued its strategy of focusing on value by prioritising certain
formats. Sales in the Horeca channel declined sharply during the
quarter due to the continuing health crisis. Against this backdrop,
the Group strengthened the drive channel. The William Peel brand
held up relatively well over the year.
Revenue for the Rest of the cluster amounted to
€14.0 million (-27.1%), of which €4.7 million (-16.8%) in the
fourth quarter of 2020 compared with 2019. This decline is
attributed to the restrictions resulting from the COVID crisis,
which particularly penalised the United Kingdom over the year,
despite a slow recovery in business in that country in the fourth
quarter, prior to the new lockdown measures introduced this
January. The same situation was experienced in the Iberian region,
where business deteriorated sharply following the halt in activity
in the Horeca segment, leading to a decline in volumes for Marie
Brizard brands and, to a lesser extent, for Marques del Puerto,
which are sold principally through this channel. Domestic activity
in Scandinavian countries was impacted by Horeca closures and
successive restrictions on off-trade sales. However, the Gautier
brand grew thanks to the effect of a favourable mix, notably with
XO sales.
Central and Eastern Europe: the health crisis hampers
the effects of the focus on profitable volumes
The Central and Eastern Europe cluster's 2020
revenue amounted to €24.5 million, down 10.6% compared with 2019,
at the end of a fourth quarter that ended at €7.2 million, down
14.2% compared with the fourth quarter of 2019.
Branded activity in this cluster was negatively
affected by restrictions related to Covid 19. However, this impact
was limited by the positive effects of changes in mix and price
adjustments in Lithuania, where unprofitable trading contracts were
suspended, as well as by the good export performance of spirits
from Bulgaria. On this domestic market, it is worth noting the
maintenance of a high market share of the Wine activities.
Americas: an activity boosted by
the new distribution partnership
The Americas cluster's 2020 revenue reached
€18.7 million, up 5.0% compared with 2019. In the fourth quarter of
2020, the cluster generated revenue of €3.6 million, down
28.9%.
In the United States, 2020’s activity was
characterised by the very positive impact of the launch of the
distribution partnership with Sazerac from January. The sharp
decline in volumes observed at the end of the year reflects the
decision to reduce inventory levels after a period of inventory
build-up by the new distributor. The increase in home consumption
generated shifts in the Sobieski brand's format mix, with sales
picking up in favour of large formats, particularly in the fourth
quarter.
With a healthy fourth quarter, business in
Brazil enjoyed robust organic growth thanks to an improvement in
the product mix resulting in particular from the introduction of
COFEPP brands (Cutty Sark and Glen Moray) and a positive price
effect. However, the very sharp devaluation of the Brazilian Real
by 34% in 2020 versus 2019 resulted in a negative foreign exchange
effect of €-0.8 million on the Group's consolidated sales (€-1.1
million for the region).
Asia-Pacific
Asia-Pacific revenue amounted to €2.7 million
for the financial year 2020, up 6.1% compared with 2019, recording,
as expected, a further quarter with a slowdown at the end of the
year. Difficulties related to lockdown in Japan were offset by a
doubling of activity in Australia and good resilience in Korea. The
plans to revitalise business in China, which were suspended in 2020
due to the global health crisis, are expected to resume with a new
partnership for the brand Marie Brizard.
Non-branded Activities
Turnover from Non-branded Activities rose
sharply by almost 73% over the year to €32.7 million, boosted by
bulk alcohol sales in Lithuania in the first half of 2020.
Post-closing event: Evolution of the
international sales organisation
In line with the Group's strategy of developing
value-creating initiatives, notably through partnerships, MBWS has
chosen to pool the sales forces deployed in certain countries where
it does not have distribution subsidiaries. As part of an agreement
from the beginning of January 2021, the sales teams of La
Martiniquaise or Bardinet will represent the Group's brands in
Western Europe (excluding the UK), Scandinavia (excluding Denmark),
Africa, the Middle East and Latin America.
The MBWS Group's international sales
organisation will continue to evolve to drive the best development
of its brands in international markets, which constitute a major
growth driver for the Group.
Financial agenda
-
2020 Net Results & 2021First Quarter Net Sales: April
28th,
2021
About Marie Brizard Wine & Spirits
Marie Brizard Wine & Spirits is a Group of
wines and spirits based in Europe and the United States. Marie
Brizard Wine & Spirits stands out for its expertise, a
combination of brands with a long tradition and a resolutely
innovative spirit. From the birth of the Maison Marie Brizard in
1755 to the launch of Fruits and Wine in 2010, the Marie Brizard
Wine & Spirits Group has developed its brands in a spirit of
modernity while respecting its origins.Marie Brizard Wine &
Spirits' commitment is to offer its customers brands of confidence,
daring and full of flavours and experiences. The Group now has a
rich portfolio of leading brands in their market segments,
including William Peel, Sobieski, Marie Brizard and Cognac
Gautier.Marie Brizard Wine & Spirits is listed on Compartment B
of Euronext Paris (FR0000060873 - MBWS) and is part of the
EnterNext PEA-PME 150 index.
ContactImage Sept Claire
Doligez- Flore Largercdoligez@image7.fr / flarger@image7.frTél :
+33 1 53 70 74 70
APPENDIX
FY & Fourth Quarter 2020’s Net Sales
before application of IFRS 5relating to "entities
sold or held for sale".
Full Year 2020
in M€ |
FY 2019 |
Organic growth vs LY |
Change effect vs LY |
FY 2020 |
Org growth vs LY exc. Change |
Growth vs LY |
Branded Business |
194.2 |
-36.3 |
-1.7 |
156.3 |
-18.7% |
-19.5% |
WEMEA |
106.9 |
-14.2 |
0.0 |
92.7 |
-13.3% |
-13.3% |
France |
87.8 |
-9.1 |
0.0 |
78.8 |
-10.3% |
-10.3% |
Rest of cluster |
19.1 |
-5.2 |
0.0 |
14.0 |
-27.0% |
-27.0% |
Central
& Eastern Europe |
65,9 |
-23.1 |
-0.6 |
42.2 |
-35.1% |
-36.0% |
Poland |
38,5 |
-20.3 |
-0.6 |
17.7 |
-52.6% |
-54.2% |
Other CEE |
27.4 |
-2.9 |
0.0 |
24.5 |
-10.5% |
-10.5% |
Americas |
18.8 |
0.9 |
-1.1 |
18.7 |
5.0% |
-0.8% |
Asia-Pacific |
2.5 |
0.2 |
0.0 |
2.7 |
6.1% |
6.1% |
|
|
|
|
|
|
|
Non Branded |
81.2 |
11.2 |
-0.3 |
92.1 |
13.8% |
13.4% |
Sobieski
Trade |
0.0 |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
Private Label |
81.2 |
11.2 |
-0.3 |
92.1 |
13.8% |
13.4% |
TOTAL MBWS |
275.5 |
-25.1 |
-2.0 |
248.4 |
-9.1% |
-9.8% |
4th Quarter 2020
in M€ |
Q4 2019 |
Org growth vs LY |
Change effect |
Q4 2020 |
Org growth vs LY exc. Change |
Growth vs LY |
Branded Business |
55.5 |
-18.5 |
-0.6 |
36.3 |
-33.4% |
-34.5% |
WEMEA |
26.9 |
-2.0 |
0.0 |
24.8 |
-7.5% |
-7.5% |
France |
21.3 |
-1.1 |
0.0 |
20.2 |
-5.3% |
-5.3% |
Rest of cluster |
5.6 |
-0.9 |
0.0 |
4.7 |
-16.1% |
-16.1% |
Central
& Eastern Europe |
22.0 |
-14.8 |
0.0 |
7.2 |
-67.1% |
-67.1% |
Poland |
13.6 |
-13.6 |
0.0 |
0.0 |
-100.0% |
-100.0% |
Other CEE |
8.4 |
-1.2 |
0.0 |
7.2 |
-14.0% |
-14.0% |
Americas |
6.0 |
-1.7 |
-0.6 |
3.6 |
-28.9% |
-39.1% |
Asia-Pacific |
0.6 |
0.0 |
0.0 |
0.6 |
-2.1% |
-2.1% |
|
|
|
|
|
|
|
Non Branded |
15.3 |
1.5 |
0.0 |
16.8 |
9.9% |
9.7% |
Sobieski
Trade |
0.0 |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
Private
Label |
15.3 |
1.5 |
0.0 |
16.8 |
9.9% |
9.7% |
|
|
|
|
|
|
|
TOTAL MBWS |
70.8 |
-17.0 |
-0.6 |
53.2 |
-24.0% |
-24.9% |
- MBWS_PR_2021FEB11_FY2020_NET_SALES_EN