Laurent-Perrier: Financial Press Release

Financial Press Release
Financial Results for 2023-2024

Further revenue growth supported by recognized quality

The financial statements for the fiscal year ended March 31, 2023-2024 were approved by the Management Committee on May 21, 2024 and reviewed by the Audit Committee, chaired by Mr. Patrick Thomas, on the same day.

Selected audited consolidated financial data:

– 56.9
* Margin calculation is for champagne sales only

** Operating cash flow – net investment

Commenting on the half-year results, Stéphane Dauriac, Chairman of the Board of Management, said:
“The Laurent-Perrier Group has further improved its performance over the past two years in the face of market weakness. Thanks to the investments we have made over the years in supporting our brands and the quality of our champagne, we have once again achieved a significant price-mix advantage and reported champagne sales in excess of €300 million for the second time.”

The Laurent-Perrier Group maintains its strategic direction by continuing to focus on the excellence of its Champagne, the quality of its team, the strength of its brands and the control of its distribution.”

Change in sales:
For the period from 1 April 2023 to 31 March 2024, the global Champagne market recorded a decline of 11.8% year-on-year.

In this context, the Group's sales volumes fell by 12.4% year-on-year in the same period. Nevertheless, the Group's full-year turnover (Champagne sales) increased by +0.5% at current exchange rates to €303.5 million. This performance was due in particular to the value policy implemented in recent years, which resulted in a positive price/mix effect of +13.0% year-on-year.

Change in profits:
During the period from April 1, 2023 to March 31, 2024, the Group continued to invest in long-term brand support (including the launch of advertising campaigns for Grand Siècle Champagne in many countries) and business development. This investment in distribution reinforcement has contributed to brand strengthening and price-mix effects. All these factors contributed to the Group's operating margin increasing to a record high of 31.3% at current exchange rates.

The Group's share of net profit also increased significantly: at current exchange rates, it amounted to €63.6 million and represented 20.3% of Group sales.

The story continues

Operating cash flow and changes in financial structure:
Operating cash flow for 2023-2024 will be +€0.9 million, up from +€57.8 million in the previous year, when the Group's Champagnes were volume allocated. This result is driven by a sound operational performance, exemplary inventory management and strict control of working capital requirements. ^{The elements of the consolidated balance sheet for the period up to March 31, 2024 once again attest to the strength of the Group's financial structure. Shareholders' equity (Group share) amounted to €597.6 million and net debt was €1.2 billion.}

As of March 31, 2023, the debt leverage ratio improved significantly to 0.32 from 0.33, amounting to €191.6 million, including cash of €51.2 million.

Net debt: Financial and other non-current liabilities + Current liabilities – Available cash
Outlook:
In a time of geopolitical turmoil and economic uncertainty, the Laurent-Perrier Group is moving forward with caution yet confidence, continuing to execute its business plan and upholding its value strategy, based on four key pillars:
– Dedicated to creating and marketing exceptional champagne,

– A portfolio of well-known and complementary brands;

Statutory auditors (KPMG and PwC) have conducted audits and issued audit reports.

All financial data will be published shortly on the Laurent-Perrier Group's financial website.

+ 13.0%

Inventory and Work in Progress

• 592.8

• 644.1

Financial Agenda