Laurent-Perrier reported audited consolidated earnings results for the first half ended September 30, 2017. For the period, the company reported turnover of EUR 94.7 million against EUR 97.9 million a year ago. Operating result was EUR 16.9 million against EUR 19.2 million a year ago. Group net income was EUR 7.9 million or EUR 1.33 per share against EUR 10.3 million or EUR 1.75 per share a year ago, this represents 8.3% of sales at current exchange rates. It has been strongly impacted upon by a non-recurring financial charge related to a decision to unwind swaps. Cash-flow used in operations was EUR 21.8 million against EUR 28.1 million a year ago, due to the seasonal nature of sales, improved by EUR 6.3 million compared to last year due to the phasing of the multi-year investment plan. Net debt was slightly down over the quarter and is now equivalent to 76% of shareholders' equity, compared to 81% at the same time last year. Operating margin was 17.9% against 19.6% a year ago. The launch of the new Laurent-Perrier "La Cuvée" wine, combined with a very robust price/mix effect contributed to the organic stability of turnover.