Cibi e Bevande
Marie Brizard Wine & Spirits: H1 2022 earnings
Charenton-le-Pont, 26 September 2022
H1 2022 earnings
Solid performance , driven by the international business, despite a highly competitive environment and pressure on raw materials and logistics.
NB: All revenue growth figures reported herein are at constant exchange rates and consolidation scope, unless otherwise stated .
* EBITDA = EBIT + depreciation and amortisation + pension liabilities
Marie Brizard Wine & Spirits (the « Company ») (Euronext: MBWS) announces its consolidated earnings for H1 2022 as approved by the Group's Board of Directors today, 26 September 2022. The audit procedures have been carried out.
Simplified income statement - H1 2022
First half 2022 revenues
First half 2022 revenues excluding excise duties came to €86.4 million in the first half of 2022, up 5.9% versus H1 2021 (excl. currency impact). This improvement, largely driven by on-trade business, is due in particular to the recovery of a number of markets following the reopening of bars and restaurants.
The France cluster posted first half 2022 revenues of €40.1m, up 2.5% versus H1 2021, mainly due to a significant recovery in the on-trade business, albeit less pronounced in the second quarter, and flat sales in the off-trade market. The Group's main brands posted a resilient performance in the first half of 2022.
Commercial policy adjustments across all distribution channels have been and may continue to be necessary in order to adapt to the current volatile context.
The International cluster posted H1 2022 revenues of €46.3m, up 9.2% from the first half of 2021 at constant exchange rates, reflecting contrasting trends across regions:
Earnings
Amid significant volatility and increasing prices, the H1 2022 gross margin of 39.9% was stable compared to last year at €34.4 million.
EBITDA rose to €7.6 million in H1 2022, up from €6.0 million last year.
A €1.5 million decline in EBITDA in France, related to the recognition in the first half of 2021 of part of a one-off €1.7 million discount granted by a supplier at the end of the year, was offset by a solid performance in the International cluster (up €2.3m). H1 2022 saw the recovery of several direct export markets (UK, Canada, South Korea and Australia) and subsidiaries (MBWS Baltics).
Group EBITDA was also boosted by a decrease in the holding company's structural costs, following the reorganisation initiated in 2021.
H1 2022 EBITDA by cluster
Net profit (Group share) amounted to €2.5 million in the first half of 2022, up €1.0 million compared to H1 2021, which included a net loss from discontinued operations of €0.9 million.
Balance sheet at 30 June 2022
Shareholders' equity (Group share) amounted to €178.3 million at 30 June 2022, up from €173.6 million at 31 December 2021, while gross debt remained stable at €6.0 million in the first half of 2022, as did positive Group cash balances of €53.4 million at 30 June 2022.
There was a substantial temporary increase in inventories and work-in-progress to €46.1 million at 30 June 2022, up €11 million from 30 June 2021, including +€7.3 million for raw materials. This increase reflects the need to anticipate potential one-off shortages and take recurring logistical challenges into account, in addition to the impact of the substantial and widespread price increases already mentioned (in particular for glass).
Outlook
As expected, the trends discussed at the 30 June 2022 General Meeting, namely increases in raw material and energy prices and the variable availability of supplier production, continued over the summer, and appear likely to persist over the coming months.
The Group therefore continues to be attentive to the impact of this volatile environment on its ability to supply all its customers worldwide, and to the strength of consumer demand, given the need to adapt its pricing policies. Against this background the Group maintains its cautious stance on business forecasts for 2022 year-end.
In this context, even if the efforts deployed within the framework of the strategic plan are generating the expected returns, the Group remains cautious regarding the outlook for the balance of the 2022 year.
Shareholder information
In view of the forthcoming expiry date of the share warrants issued by the Company (the 2022 warrants), COFEPP, the Company's controlling shareholder with 78.52% of its share capital, has indicated to the Company that it does not currently intend to initiate a public takeover bid for the remainder of the Company's capital. COFEPP has also indicated that it does not intend to exercise the warrants it holds.
COFEPP has also indicated that it reserves the right to acquire the Company's shares on or off the market, in accordance with applicable regulations and depending on the opportunities that may arise.
The Company confirms that it was not a party to the acquisition by COFEPP of the securities held by BDL and did not carry out any valuation work in this respect. The Company is complying with the rules regarding periodic and on-going disclosure of information.
Financial calendar
About Marie Brizard Wine & Spirits
Marie Brizard Wine & Spirits is a wine and spirits group based in Europe and the United States. Marie Brizard Wine & Spirits stands out for its expertise, a combination of brands with a long tradition and a resolutely innovative spirit. Since the birth of the Maison Marie Brizard in 1755, the Marie Brizard Wine & Spirits Group has developed its brands in a spirit of modernity while respecting their origins. Marie Brizard Wine & Spirits is committed to offering its customers bold and trusted brands full of flavour and experiences. The Group now has a rich portfolio of leading brands in their market segments, including William Peel, Sobieski, Marie Brizard and Cognac Gautier.
Marie Brizard Wine & Spirits is listed on Compartment B of Euronext Paris (FR0000060873 - MBWS) and is part of the EnterNext© PEA-PME 150 index.
APPENDIX H1 2022 Consolidated Financial Statements
Income statement
Balance sheet
Cash flow statement.
Attachment
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