Laurent-Perrier

Financial Press Release - Half-year results 2023-2024 - Seite 2

Over the same period, the Group's sales volume was down -12.8% on the previous year. As a reminder, the 1^st half of the previous year had been exceptional and had required the introduction of volume allocations over the 2^nd half. The strength of the Group's brands and the quality of its champagnes have enabled it to pursue its value policy, generating a price-mix effect of +9.6% over the first half, offsetting most of the decline in volumes.
First-half consolidated sales (champagne sales) thus stands at €153.4 million at current exchange rates.

Change in profit:

During the first half of 2023-2024, the Group continued to invest for the long term, particularly in support of its brands and in business development. This investment in sales enhancement contributes to the strength of the brands and the price/mix effect. The Group's operating margin reached 37.4% at current exchange rates. The financial result was negatively impacted by the increase in interest rates because some of our debt is at variable rates. The Group share of net profit reached €38.6 million at current exchange rates, up +4.7%, and thus represents 24.4% of the Group's consolidated turnover.

Changes in operating cash flow and financial structure:

The increase in working capital required (mainly linked to the necessary replenishment of inventories) weighed on operating cash flow, which came to -€13.1m.

The interim consolidated balance sheet at 30 September 2023 reaffirms the strength of the Group's financial structure. Shareholders' equity, Group share, amounted to €574.6 million and net debt (*) stood at €203.8 million including available cash of €61.6 million. Gearing remains at an excellent level, at 0.35 at 30 September 2023, compared with 0.33 at 31 March 2022.

(*) Net debt: financial liabilities and other non-current debts + current debts – available cash

Outlook:

The Laurent-Perrier Group notes that the results published for the first half of the year cannot be extrapolated to its full 2023-2024 financial year. Indeed, the geopolitical context and strong inflationary pressure mean that we need to be very cautious about the outlook for the coming months.

The Laurent-Perrier Group is confidently and attentively pursuing its 2021-2025 business plan and maintaining its value strategy based on the following four pillars:

• Exclusive focus on producing and selling high-end Champagne wines
• Quality supply based on a partnership policy
• A portfolio of strong, complimentary brands
• Well-controlled worldwide distribution

Laurent-Perrier is one of the rare family groups of champagne houses which is listed on the stock market, and which is exclusively dedicated to champagne, and focused on the high-end market. It has a large product portfolio renowned for its quality, based around the Laurent-Perrier, Salon, Delamotte and Champagne de Castellane brands.