Laurent-Perrier

Half-year results 2020-2021

Tours-sur-Marne, November 27, 2020

Laurent-Perrier

Financial release

Results of the first half of the 2020-2021 financial year

Laurent-Perrier announces a consolidated turnover of €71.2 million
and an increase in its operating margin rate.

The financial statements for the first half of the 2020-2021 financial year, ended September 30, 2020, were examined by the Supervisory Board, which met on November 24, 2020 under the chairmanship of Mr. Maurice de Kervénoaël.

Key consolidated financial data audited:

In millions of Euros At September 30, 2020	1st half 2019-2020 (April 1, 2019 – September 30, 2019)	1st half 2020-2021 (April 1, 2020 – September 30, 2020)	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. Stéphane Dalyac, Chairman of the Executive Board, said:

"In the context of a first half of the 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 containment measures adopted worldwide, this performance is based on a still positive price/mix effect, an increase in operating margin rate and tight control of operating cash flow. Faced with many uncertainties regarding the development of the health crisis and the business outlook  for the UK (Brexit) and US markets, which call for a great deal of caution, the Laurent-Perrier Group reaffirms its determination to stay the course of its strategy, continuing to rely on the quality of its champagnes, the quality of its teams, the strength of its brands and the control of its distribution."