Laurent-Perrier

Financial Press Release - Annual results 2022-2023

Laurent-Perrier Group

Tours-sur-Marne, 26 May 2023

        

Financial press release
Results for the financial year 2022-2023

Laurent-Perrier announces a further increase in its results.

The financial statements for the 2022-2023 financial year, which ended on 31 March 2023, were approved by the Management Board on 23 May 2023 and examined on the same day by the Supervisory Board.

The main audited consolidated financial data:

In €M At 31 March 2023	2021-2022 Financial Year (N-1) (1 April 2021 – 31 March 2022)	2022-2023 Financial Year (1 April 2022 - 31 March 2023)	Change vs N-1 Financial Year
Champagne sales	292.8	301.8	+ 3.1%
Group turnover	305.6	307.8	+ 0.7%
Operating profit	77.0	84.9	+ 10.3%
Operating margin % (*)	26.3%	28.1%	+ 1.8 pts
Net profit - Group share	50.2	58.5	+ 16.4%
Earnings per share (in Euros)	€8.49	€9.90	+ €1.41
Operating cash flow (**)	+ 69.2	+ 57.8	- 11.5

* Margin calculated on champagne sales only
** Cash flow from operations - net investments

     

Commenting on the full-year results, Mr Stéphane Dalyac, Chairman of the Management Board, stated:

"The Laurent-Perrier Group recorded an increase in its results, thanks to the efforts made over the past few years on the value policy, which has contributed to significant price/mix effects for several years.
The Laurent-Perrier Group is therefore maintaining its strategic course by 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."

Change in turnover:

During the period from 1 April 2022 to 31 March 2023, the global champagne market declined in volume by -2% compared to FY N-1.
In this context, the Laurent-Perrier brand grew in volume, while the Group saw its sales volume decline by -7.4% over the same period. The very strong growth recorded in the first half of the year (+12.4%) required the implementation of a volume allocation policy in order to maintain the quality of the wines and secure the future, reducing sales in the second half of the year. Despite this, turnover (champagne sales) for the year rose by +3.1% to €301.8 million at current exchange rates. This performance was based in particular on the Group's value policy implemented in recent years with a positive price/mix effect of +9.5% compared to the previous financial year.