Laurent-Perrier : Financial Press Release - Annual results 2023-2024
2024年5月24日 - 12:00PM
Laurent-Perrier : Financial Press Release - Annual results
2023-2024
Laurent-Perrier
Group |
Tours-sur-Marne, 24 May 2024 |
Financial press
releaseResults for the financial year
2023-2024
Further growth in earnings, underpinned
by recognised quality
The financial statements for the 2023-2024
financial year, which ended on 31 March 2024, were approved by the
Management Board on 21 May 2024 and reviewed on the same day by the
Supervisory Board, chaired by Mr Patrick THOMAS.
The main audited consolidated financial
data:
In €MAt 31 March 2024 |
Financial year 2022-2023 (N-1)(1
April 2022 -31 March 2023) |
Financial year2023-2024(1 April
2023 -31 March 2024) |
Change vs FY N-1 |
Champagne sales |
301.8 |
303.5 |
+ 0.5% |
Group turnover |
307.8 |
312.5 |
+ 1.5% |
Operating profit |
84.9 |
95.1 |
+ 12.0% |
Operating margin % (*) |
28.1% |
31.3% |
+ 3.2 pts |
Net profit - Group share |
58.5 |
63.6 |
+ 8.7% |
Earnings per share (in Euros) |
€9.90 |
€10.74 |
+ €0.84 |
Operating cash flow (**) |
+ 57.8 |
+ 0.9 |
- 56.9 |
* Margin calculated on champagne sales only **
Cash flow from operations - net investments
Commenting on the half-year results, Mr Stéphane
Dalyac, Chairman of the Management Board, stated:
"The Laurent-Perrier Group recorded further
growth in its results in a market context that was down on the
previous two years. The investments in support of our brands that
we have been making for several years, and the quality of our
Champagnes, have enabled us once again to achieve a significant
price-mix effect and, for the second time, to report Champagne
sales in excess of 300 million euros. The Laurent-Perrier Group is
thus maintaining the course of its strategy by continuing to rely
on the excellence 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 2023 to 31 March
2024, the global champagne market recorded a volume decline of
-11.8% compared to the year N-1.Against this backdrop, the Group
saw its sales volumes fall by 12.4% year-on-year over the same
period. Despite this, Group turnover (champagne sales) for the year
rose by +0.5% to €303.5 million at current exchange rates. This
performance is due in particular to the value policy implemented in
recent years, with a positive price/mix effect of +13.0% vs. year
N-1.
Change in profit:
During the period from 1 April 2023 to 31 March
2024, the Group continued to invest in long-term brand support
(including the launch of an advertising campaign for its Grand
Siècle champagne in a number of countries) and business
development. This investment in sales enhancement contributes to
the strength of the brands and the price/mix effect. All these
factors helped to boost the Group's operating margin to a record
31.3% at current exchange rates. The Group share of net income also
increased significantly. At current exchange rates, it stands at
€63.6 million, representing 20.3% of the Group's turnover.
Changes in operational cash flow and
financial structure:
Operating cash flow came to +€0.9 million for
the 2023-2024 financial year, compared to +€57.8 million in the
previous year, when the Group’s champagnes were on volume
allocation. This result is due to the healthy business performance,
exemplary inventory management and tight control of working capital
requirements.The elements of the consolidated balance sheet for the
year ended 31 March 2024 once again demonstrate the solidity of the
Group's financial structure. Shareholders' equity, Group share,
amounted to €597.6 million and net debt (*) stood at €191.6 million
including available cash of €51.2 million. As a result, gearing
also improved significantly, standing at 0.32 compared to 0.33 at
31 March 2023.
(*) Net debt: financial liabilities and other
non-current debts + current debts – available cash
Outlook:
In a time of geopolitical upheavals and economic
uncertainties, the Laurent-Perrier Group is moving forward with
vigilance but confidence, continuing to implement its business plan
and maintaining its value strategy, built on four essential
pillars: - exclusive focus on the creation and marketing of
exceptional Champagnes, - a portfolio of renowned and complementary
brands, - quality sourcing supported by a policy of solid
partnerships, - and 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.
ISIN code: FR 0006864484Bloomberg: LPE:FPReuters: LPER.PA |
Laurent-Perrier
belongs to compartment B of Euronext. Main index CAC All SharesIt
is included in the composition of the EnterNext© indices PEA-PME
150 and Euronext® FAMILY BUSINESS. |
Stéphane DALYACLaurent-Perrier GroupTelephone: +33 3 26 58 91 22The
audit procedures relating to the consolidated accounts for the
2023-2024 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 2023-2024(1 April 2023 - 31 March 2024) |
Champagne sales (M€) |
303.5 |
Change in % |
vs FY N-1 |
Total change |
+ 0.5% |
o/w volume effect |
- 12.4% |
o/w price/mix effect |
+ 13.0% |
o/w currency effect |
- 0.1% |
Elements of the consolidated balance
sheet
Group - in € million |
At31 March 2023 |
At31 March 2024 |
Shareholders' equityGroup share |
544.7 |
597.6 |
Net debt |
179.9 |
191.6 |
Inventories and work in progress |
592.8 |
644.1 |
Financial agenda
- General Meeting: 11 July 2024 at 4:00 p.m. in Reims, Hôtel de
la Paix, 9 rue Buirette
- Half-year results for the 2024-2025
financial year: End of November 2024 (date to be confirmed)
Laurent-Perrier (EU:LPE)
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