Laurent-Perrier : Financial press release - Results for the financial year 2021-2022
03 Juin 2022 - 6:00AM
Laurent-Perrier : Financial press release - Results for the
financial year 2021-2022
Laurent-Perrier
Group |
Tours-sur-Marne, 03 June 2022 |
Financial press
releaseResults for
the financial year 2021-2022
Laurent-Perrier announces
a strong increase in its
results.
The financial statements for the 2021-2022
financial year, which ended on 31 March 2022, were approved by the
Management Board which met on 31 May 2022 and examined on the same
day by the Supervisory Board.
The main audited consolidated financial
data:
In €mAt 31 March 2022 |
FY 2019-2020 (N-2)(1 April 2019
-31 March 2020) |
FY 2020-2021 (N-1)(1 April 2020
–31 March 2021) |
FY2021-2022(1 April 2021 –31
March 2022) |
Change vs FY N-1 |
Change vs FY N-2 |
Champagne sales |
231.3 |
184.7 |
292.8 |
+ 58.6% |
+ 26.6% |
Group turnover |
242.4 |
195.2 |
305.6 |
+ 56.6% |
+ 26.1% |
Operating profit |
41.2 |
41.3 |
77.0 |
+ 86.4% |
+ 86.9% |
Operating margin % (*) |
17.8% |
22.4% |
26.3% |
+ 3.9 pts |
+ 8.5 pts |
Net profit (Group share) |
23.7 |
25.2 |
50.2 |
+ 99.0% |
+ 111.9% |
Earnings per share (in Euros) |
€3.99 |
€4.25 |
€8.49 |
+ €4.24 |
+ €4.50 |
Operating cash flow (**) |
+ 14.3 |
+ 3.6 |
+ 69.2 |
+ 65.6 |
+ 54.9 |
* 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:
"In a champagne market that is experiencing
strong growth in shipments and despite the tensions linked to the
conflict in Ukraine, the Laurent-Perrier Group has recorded a sharp
increase in its results. This performance is supported by the
global economic recovery following the improvement in the health
situation and by the efforts undertaken for several years on the
Group's value policy. The Laurent-Perrier Group is therefore
maintaining its strategy by continuing to rely on the quality of
its Champagne wines, 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 2021 to 31 March
2022, the global champagne market grew significantly in volume,
reaching +34% compared to FY N-1 and +13% compared to FY N-2.During
the same period, the Group experienced strong growth in sales
volume of +58.6% compared to FY N-1 and +26.6% compared to FY N-2.
This performance, supported by the strong market recovery, was
based on the strength of the Group's brands and the quality of its
premium champagnes, which recorded market share gains. Turnover
(champagne sales) for the year was thus up sharply, standing at
€292.8 million at current exchange rates, with a positive price/mix
effect of +4.4% vs. FY N-1 and +11.9% vs FY N-2.
Change in the
result:
During the period from 1 April 2021 to 31 March
2022, the Group began the gradual resumption of its long-term
investments, particularly in support of its brands and in business
development. This resumption of investments was closely linked to
the need to increase sales and control costs. All of this
contributed to an improvement in the Group's operating margin,
which reached 26.3% at current exchange rates. The Group share of
net income also rose sharply. It stands at €50.2 million at current
exchange rates and thus represents 16.4% of the Group's
consolidated turnover.
Change in
operational cash flow and the financial
structure:
Operating cash flow for the period showed a
strong increase of +€65.6 million compared to FY N-1. This
performance is linked to the growth of the business and to the
control of working capital requirements, particularly inventory
management.The elements of the consolidated balance sheet for the
year ended 31 March 2022 once again demonstrate the solidity of the
Group's financial structure. Shareholders' equity, Group share,
amounted to €500.7 million and net debt (*) stood at €225.1 million
including available cash of €125.7 million. Gearing thus improved
significantly to a historically low level of 0.45, compared with
0.63 at 31 March 2021.
(*) Net debt: financial debt and other
non-current debt + current financial debt - available cash
Outlook
In a business context marked by the strength and
intensity of the recovery in champagne shipments in 2021, the
Laurent-Perrier Group notes that the annual results published for
the 2021-2022 financial year have benefited from an exceptional
context.Faced with the uncertainties arising from the conflict in
Ukraine, inflationary pressures and the resulting monetary
policies, all of which call for a great deal of caution, the
Laurent-Perrier Group is continuing to execute its 2021-2025
business plan with vigilance and confidence, and is maintaining its
value strategy, which is based on four pillars:
- A single business: The production
and sale of top-of-the-range Champagnes
- A high-quality supply based on a
policy of partnerships
- A portfolio of strong and
complementary brands
- Well-controlled global
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.
Code ISIN : FR 0006864484Bloomberg : LPE:FPReuters :
LPER.PA |
Laurent-Perrier
belongs to compartment B of Euronext. Principal index CAC All
SharesIt is part of the composition of the EnterNext© PEA-PME 150
and Euronext® FAMILY BUSINESS indexes. |
Stéphane Dalyac Chairman of the Management BoardLaurent-Perrier
GroupTelephone: +33 3 26 58 91 22The audit procedures relating to
the consolidated accounts for the 2021-2022 financial year have
been carried outby the statutory auditors (KPMG and PwC) and the
audit report is being issued.All the financial data will soon be
published on the Laurent-Perrier Group's financial
website:https://www.finance-groupelp.com/ |
Appendices
Analysis of champagne
turnover
|
FY 2021-2022(1 April 2021 - 31 March 2022) |
Champagne turnover (M€) |
292.8 |
Change in % |
vs FY N-1 |
vs FY N-2 |
Total change |
+ 58.6% |
+ 26.6% |
o/w volume effect |
+ 53.3% |
+ 14.4% |
o/w price/mix effect |
+ 4.4% |
+ 11.9% |
o/w currency effect |
+ 1.0% |
+ 0.3% |
Elements of the consolidated balance
sheet
Group - in € million |
At31 March 2020 |
At31 March 2021 |
At31 March 2022 |
Shareholders’ equityGroup share |
437.0 |
451.9 |
500.7 |
Net debt |
284.0 |
286.9 |
225.1 |
Inventories and work in progress |
552.2 |
569.5 |
553.6 |
Financial agenda
- General Meeting: 20 July 2022 at 4:00 p.m. in Reims, Hôtel de
la Paix, 9 rue Buirette
- Half-year results for the 2022-2023
financial year: End of November 2022 (date to be confirmed)
Domaine Laurent-Perrier - 51150 Tours-sur-Marne –
FranceTél : 33 (0) 3 26 58 91 22 – Fax : 33 (0) 3 26 58
77 29Laurent-Perrier, S.A. A Directoire et Conseil de Surveillance
au capital de 22 594 271,80 EurosR.C.S. Reims b 335680096 - siret
335 680 096 00021 – APE 6420ZChampagne Laurent-Perrier – Champagne
Salon – Champagne Delamotte – Champagne de Castellane
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