Laurent-Perrier

Annual results 2020-2021 - Seite 2

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.