Vranken-Pommery Monopole - 2021 First-Half Results
2021 HALF YEAR RESULTS
- Very strong growth in half-year results
- Strengthening the financial structure
- First results of the strategic roadmap
TURNOVER |
ORDINARY OPERATING INCOME |
|
NET INCOME |
NET FINANCIAL DEBT * |
93,3 M€ |
6,7 M€ |
|
-2,4 M€ |
716 M€ |
+45% |
+5,5 M€ |
comparé au S1 2020 |
+4,1 M€ |
-26 M€ |
+7% |
+3,8 M€ |
comparé au S1 2019 |
+4,2 M€ |
-38 M€ |
*excluding
IFRS16 : € 694,4M
Reims, 9th september 2021
The Board of Directors of
Vranken-Pommery Monopole met on 9 September 2021 under the
chairmanship of Mr Paul-François Vranken, in the presence of the
Statutory Auditors, to approve the Group's accounts for the first
half of 2021.
Excellent half-year results 2021 of the
Vranken-Pommery Monopole Group
- Turnover, Ordinary Operating Income, and Net Income are up
significantly on H1 2020 and above H1 2019
- Acceleration of the Group's deleveraging
- Strengthening of the financial structure
Successful business development: +68% in
exports and +16,5% in France
- Strong international development for Pommery & Greno
champagne and for Château La Gordonne rosé wines in Provence
- Continued premiumisation policy and market share gains
First results of the strategic
roadmap
- Digital transition and improved operational efficiency
- Reducing inventory by a better matching supplies to sales
- New commercial dynamics with a strong focus on results
Confirmation of the 2021
outlook
- Turnover growth of at least +7.5%
- Constantly rising value added
The Vranken-Pommery Monopole Group's
half-year results for 2021 show strong growth, in a context still
troubled by the Covid-19 pandemic, and demonstrate the validity of
the strategic decisions taken.
- Turnover, ordinary operating profit and net profit are
higher than in 2019
- The Group's deleveraging is accelerating. Equity
increased by €5m to €371m compared to H1 2020. This strengthens the
Group's financial structure.
Consolidated data in millions of euro |
06/2021 |
06/2020 |
Change |
|
06/2019 |
Turnover |
93,3 |
64,3 |
+29,0 |
|
87,0 |
Ordinary Oerating Income |
6,7 |
1,2 |
+5,5 |
|
2,9 |
Operating Income |
6,6 |
-0,1 |
+6,7 |
|
1,5 |
Financial Result |
-8,6 |
-8,8 |
+0,2 |
|
-9.7 |
Net
Result |
-2,4 |
-6,5 |
+4,1 |
|
-6,6 |
Attributable to equity holders of the parent |
-2,4 |
-6,4 |
+4,0 |
|
-6,6 |
Business Development : Turnover up by
45%The increase in turnover was achieved in all
geographical areas, with the following breakdown: +68% in exports
and +16,5% in France. It is back at a higher level than in
2019.
The Group is continuing its international
efforts, which now represent 64% of turnover. Development is being
driven for champagne by Pommery & Greno, and for rosé wines by
Château La Gordonne in Provence.
Champagne Vranken and Camargue rosé wines have a
strong presence in France and Belgium. Their development depends on
their planned internationalisation
- The market share gains achieved at the height of the
crisis continued in the first half. The premiumisation policy is
also improving the mix.
Very strong growth in
results
In the first half of 2021, Vranken-Pommery
Monopole confirms its ability to adapt to the exceptional situation
represented by the Covid-19 health crisis.
- The strategic decisions taken since 2018 to improve the
group's operational efficiency and the growth of its activities
have led to a very significant improvement in its results compared
to H1 2020, but especially compared to H1 2019..
The half-year results show :
- Ordinary operating income of €6.7m, up €5.5m, compared to H1
2020.
- Operating income of €6.6m, up €6.7m.
- A financial result of €8.6m, which improved by €0.2m.
- Net income attributable to equity holders of the parent, up
+4.1 million euros to -2.1 million euros. This result is explained
by the strong seasonal nature of Champagne sales.
Strengthening the financial
structure
Net financial debt was significantly reduced by
€26m at 30 June 2021, from €742m to €716m, thanks to the debt
reduction measures announced and implemented. Adjusted for the
€21.6m impact of IFRS 16, net financial debt was €694.4m. Net
financial debt is primarily linked to the carrying of Champagne
inventories.
In addition, the Group has obtained the
agreement of its financial partners to repay its State Guaranteed
Loans for 24 million euros over three years, including a one-year
grace period.
Shareholders' equity came to 371 million euros
in the first half of 2021, up 5 million euros compared with the
first half of 2020.
- Overall, the financial structure of the group is
strengthened compared to the 2020 and 2019
situations.
Continuation of the strategic roadmap
and adoption of the « Reason of being »
The measures undertaken to rationalise operating
costs and improve operating efficiency are bearing fruit. The Group
is pursuing the following projects :
- The digital transition, through the deployment of more
efficient tools allowing the automation of manual tasks, better
commercial management and decision support.
- An agile organisation of teams, favouring transparency,
exchange and initiative.
- A result-oriented approach.
The Group has taken the strategic decision to
become a company with a mission and has adopted the following
mission statement which underlines its historical commitment to
CSR: "To promote the highest quality of Champagnes and wines
produced throughout the world, while mobilising the ecosystem in
which the Company operates (Group companies, employees, partners,
customers, shareholders), for the protection of the environment and
biodiversity, sustainable development and the preservation of the
identity of the terroirs and the specificity and quality of their
products".
OutlookHarvest In
Champagne, the Champagne Committee has defined the marketing of
grapes at 10,000 kg per hectare. The agronomic yield is expected to
be low but will be compensated by the release of reserve wines.In
Provence, the harvest of Château La Gordonne is good. On the other
hand, the Camargue suffered an exceptional spring frost and a
strong rainfall deficit during the summer, which should limit the
level of the harvest.
Lucas Carton (activity consolidated by
the equity method)Lucas Carton, the Group's
Michelin-starred restaurant and a high-profile venue that
contributes to the reputation of our brands, has been revitalised
by the arrival of a new chef: Hugo Bourny.
ProfitabilityThe Group is
maintaining its prudent sales growth target for 2021 at +7.5%.The
policy of premiumisation of our brands, and the favourable sales
outlook, should lead to an increase in added value. Efforts to
improve operational efficiency should stabilise the Group's
operating costs.The continuation of the Group's debt reduction
plan, as a result of bringing inventories in line with sales, will
enable a reduction in financial costs.
- The actions undertaken will lead to an improvement in
the profitability of the Vranken-Pommery Monopole Group in the
medium term.
Next communication
Publication of 2021 annual turnover: 27 January 2022 after stock
exchange closing
About Vranken-Pommery Monopole
Vranken-Pommery Monopole manages 2,600 hectares
of land, owned outright or under lease and spread over four
vineyards in Champagne, Provence, Camargue and Douro. The group’s
wine-making activities range from production to marketing, with a
strong commitment to the promotion of terroirs, sustainable
wine-growing and environmental conservation.
Its brand portfolio includes:
- the Vranken, Pommery & Greno, Heidsieck & Co Monopole,
Charles Lafitte and Bissinger & Co champagnes;
- the Rozès and Sao Pédro port wines and the Terras do Grifo
Douro wines;
- the Domaine Royal de Jarras and Pink Flamingo Camargue wines
and the Château La Gordonne Provence wine;
- the Sparkling wines, the Louis Pommery California, Louis
Pommery England, Brut de France and Pink Flamingo sparkling
wines.
Vranken-Pommery Monopole is listed on NYSE
Contacts
Vranken-Pommery Monopole :Franck Delval,
Directeur des Contrôles Financiers+33 3 26 61 62 34,
comfi@vrankenpommery.fr |
PressLaurent Poinsot, +33 1 53 70 74 77,
lpoinsot@image7.frCaroline Simon, +33 1 53 70 74 65,
caroline.simon@image7.fr |
TURNOVER
ORDINARY OPERATING INCOME
NET INCOME
NET FINANCIAL DEBT
93,3 M€
6,7 M€
-2,4 M€
716 M€
+45%+5,5 M€compared to
H1 2020
+4,1 M€-26
M€+7%+3,8
M€compared to H1 2019+4,2
M€-38 M€
ORDINARY OPERATING INCOME
- VPM H1 2021 Results
- VPM H1 2021 Results
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