Tours-sur-Marne,
Financial release
Results of the first half of the 2020-2021 financial year
and an increase in its operating margin rate.
The financial statements for the first half of the 2020-2021 financial year, ended
Key consolidated financial data audited:
In millions of Euros At | 1st half 2019-2020 ( | 1st half 2020-2021 ( | Change vs N-1 | Change vs N-1 excluding currency effect (*) |
Champagne sales | 99.1 | 71.0 | -28.4% | -28.2% |
Group turnover | 99.2 | 71.2 | -28.2% | -28.0% |
Operating Income | 19.8 | 14.6 | -26.6% | -23.1% |
Operating margin % (**) | 20.0% | 20.5% | +0.5 pt | +1.4 pts |
Net income - Group share | 11.0 | 7.6 | -30.9% | NC |
Earnings per share (in Euros) | 1.85 | 1.28 | -0.57 | NC |
Operating cash flow (***) | -21.9 M€ | -34.5 M€ | -12.6 M€ | NC |
* At N-1 exchange rates
** Margin calculated on champagne sales only
*** Cash flow from operating activities - net investments
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Commenting on the half-year results, Mr.
"In the context of a first half of the 2020-2021 financial year that was severely affected by the COVID-19 health crisis, the
Changes in turnover:
In a global champagne market down -28.4% in volume shipped compared to 2019 over the period from
Despite a sharp -35.7% drop in champagne sales volumes, as a result of the health measures adopted around the world, including the closure of hotel and restaurant activities and the very severe restrictions on global air traffic, the
Changes in income:
Operating income, at current exchange rates, reached €14.6 million, down -26.6% compared to 2019. In this exceptional context, the
The Group's share of net income, for its part, amounted to €7.6 million at current exchange rates and thus represents 10.7% of the Group's consolidated turnover.
Changes in operating cash flow and financial structure:
Operating cash flow for the period, which is traditionally negative in the first half due to the seasonal nature of the business, held up well despite the exceptional drop in activity and thus stood at -€34.5 million at
The elements of the consolidated balance sheet at
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Outlook
Faced with numerous uncertainties regarding the development of the health crisis and the business outlook for the British (Brexit) and US markets, the
- The Group has a solid financial structure. Financing and liquidity are ensured.
- Business continuity is not called into question.
- Impairment tests confirm the value of the assets.
In this context, the
- A single business: The creation and sale of high-end champagnes
- A high-quality supply based on a policy of partnerships
- A portfolio of complementary brands
- Well-controlled global distribution.
ISIN code: FR 0006864484
Bloomberg: LPE:FP
Reuters: LPER.PA
It is included in the composition of the EnterNext© indices PEA-PME 150 and
Euronext® FAMILY BUSINESS.
Olivier DUMAS
CFO
Telephone: +33 3 26 58 91 22
The consolidated financial statements for the first half of the 2020-2021 financial year were subject to a "limited" review by the statutory auditors (
www.finance-groupelp.com
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Notes
Analysis of champagne sales
1st half 2020-2021 ( | |
Champagne turnover (M€) | 71.0 |
Change / N-1 in % | -28.4% |
o/w | |
Volume effect | -35.7% |
Price / Mix effect | +7.5% |
Currency effect | -0.2% |
Elements of the consolidated balance sheet
Group - in € million | At | At |
Equity - Group share | 423.2 | 435.1 |
Net debt | 318.7 | 324.0 |
Inventories | 615.8 | 612.0 |
Financial agenda
Annual results 2020-2021 :
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Attachment
- Communique_financier_UK
© OMX, source