Cibi e Bevande
Vranken-Pommery Monopole - 2021 First-Half Results
2021 HALF YEAR RESULTS
*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
Successful business development: +68% in exports and +16,5% in France
First results of the strategic roadmap
Confirmation of the 2021 outlook
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.
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
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 half-year results show :
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.
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 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".
Outlook
Harvest
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.
Profitability
The 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.
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:
Vranken-Pommery Monopole is listed on NYSE
Contacts
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
Attachments
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti