Laurent-Perrier: Financial Press Release – Semester


Laurent-Perrier Group Tours-sur-Marne, 26 Novemberuh 2021

Financial press release
Results for the first six months of fiscal year 2021-2022

Laurent-Perrier announces strong growth in its half-year results.

The accounts for the first half of the 2021-2022 fiscal year on September 30, 2021 were approved by the Management Board on November 23, 2021 and examined on the same day by the Supervisory Board under the chairmanship of Mr. Patrick THOMAS.

The main audited consolidated financial data:

In millions of euros
September 30, 2021
1st 6 months
2019-2020
Financial year
(N-2)
(April 1, 2019 –
September 30, 2019)
1st 6 months
2019-2020
Financial year
2020-2021 (N-1)
(April 1, 2020 –
September 30, 2020)
1st 6 months
2021-2022
Financial year
(April 1, 2021 –
September 30, 2021)
Switch against N-1 Financial
Year
Switch against N-2
Financial 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 result 19.8 14.6 35.6 + 144.9% + 79.7%
Operating margin% 20.0% 20.5% 27.8% + 7.3 points
+ 7.8 points Net income (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 + € 51.2m

+ € 38.6m
* Margin calculated on champagne sales only

** Operating cash flow – net investments

Mr. Stéphane Dalyac, Chairman of the Management Board, made the following declaration concerning the half-year results:

“The Laurent-Perrier Group recorded strong growth in its half-year results in a context of global economic recovery which has helped boost champagne shipments. This robust growth is supported in part by the exceptional nature of the replenishment of stocks for our customers around the world, the upturn in consumption and the efforts made on the Group’s value policy in recent years. The Laurent-Perrier Group is therefore maintaining its strategic course by focusing on the quality of its champagne wines, the quality of its teams, the strength of its brands and control of its distribution.

Change in turnover:

The volumes shipped to the global champagne market experienced very strong growth over the period from April 1, 2021 to September 30, 2021, reaching + 57.9% compared to fiscal year N-1 and + 14.1% compared to in exercise N-2.

The Group recorded strong growth in sales volume during the first half of the fiscal year, from April 1, 2021 to September 30, 2021, of + 84.9% compared to fiscal year N-1 and of +18, 9% compared to year N-2. This performance, encouraged by the exceptional circumstances of the gradual lifting of public health measures and the reopening of trading facilities around the world, was based on the strength of the Group’s brands and the quality of its premium champagnes, resulting in by a consolidated turnover of € 128.5 million at current exchange rates, during the first 6 months of the year.

Modification of the result:

The Group continued to focus on adapting its cost structure (marketing expenses and overheads) from the start of the health crisis and in the somewhat exceptional context of recovery. The Group resumed its long-term investments, in particular to support its brands and its commercial development during the period from April 1, 2021 to September 30, 2021. This investment was closely linked to the need to promote sales and control costs. All of this contributed to the increase in the Group’s operating margin rate, which reached 27.8% at constant exchange rates during the first six months. The Group’s net income is also up sharply to 23.3 million euros at current exchange rates, representing 18.1% of consolidated sales.

Change operational cash flow and financial structure:
The operating cash flow for the period increased sharply due to the growth in activity and the control of working capital requirements, in particular inventories. It amounts to + € 16.7 million as of September 30, 2021.

The interim consolidated balance sheet at September 30, 2021 underlines the solidity of the Group’s financial structure. Shareholders’ equity amounts to € 472.8 million with net debt of € 275.0 million, including an active position of € 100.3 million. Gearing therefore improved again, to 0.58 compared to 0.63 on March 31, 2021.

Net debt: financial liabilities and other non-current debts + current debts – active cash

  • Outlook
  • In a business context which remains uncertain due to the persistence of the health risk around the world and the somewhat exceptional nature of the recovery recorded in recent months, the Laurent-Perrier Group notes that the results published in the first half cannot be extrapolated to for its entire 2021 – 2022 fiscal year.
  • The Laurent-Perrier Group is pursuing its 2021-2025 business plan with confidence and attention and maintains its value strategy based on the following 4 pillars:
  • An exclusive focus on the production and sale of high-end champagnes

Quality supply based on a partnership policy A portfolio of strong and complementary brands Well-controlled global distribution

Laurent-Perrier is one of the rare family groups of listed champagne houses, exclusively dedicated to champagne, and oriented towards the high end. It has a large portfolio of products renowned for its quality, around Laurent-Perrier, Salon, Delamotte and Champagne from

Castellane

brands.

ISIN code: FR 0006864484
Bloomberg: LPE: FPReuters: LPER.PA Laurent-Perrier belongs to compartment B of Euronext. Main index CAC All SharesIt is part of the composition of EnterNext ©

PEA-PME 150 and Euronext
®
Indices of FAMILY ENTERPRISES.
Olivier DUMAS

Financial director

Laurent-Perrier Group

Telephone: +33 3 26 58 91 22

The consolidated accounts for the first half of the 2021-2022 fiscal year have been subject to a limited audit by the statutory auditors (KPMG and PwC). All the corresponding financial data is available in the 2021-2022 half-year financial report, which will soon be published on the Laurent-Perrier Group’s financial website:

https://www.finance-groupelp.com/ AppendicesChampagne turnover analysis
1
st 6 months – Fiscal year 2021-2022
(April 1, 2021 – September 30, 2021) Champagne sales (€ m) 128.4
Variations in% of total vs Exercise N-1 vs Exercise N-2
Total change + 80.9% + 29.5%
including volume effect + 84.9% + 18.9%
including price / mix effect – 4.5% + 10.5%

of which currency effect

+ 0.5% + 0.1% The elements of the consolidated balance sheet Group – in millions of euros
September 30, 2019
September 30, 2020
The 31
March 2021
September 30, 2021 Equity Group 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 Annual results 2021-2022: Beginning of June 2022 (to be confirmed)


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