2022 HALF YEAR RESULTS
Growth of the activity
Growth in results on a like-for-like basis
Strengthened financial structure
CONSOLIDATED TURNOVER | CURRENT OPERATING INCOME | NET INCOME | NET FINANCIAL DEBT* | |||||
€ 112,2 million | € 5,9 million | € -1,7 million | € 702,7 million | |||||
+20,2% | -0,8 €M | +0,7 €M | -13,3 €M | |||||
vs H1 2021 |
*excluding IFRS16 : 683,4 €M
The Board of Directors of
The limited review procedures on the half-yearly financial statements have been performed by the statutory auditors. Their limited review report is being issued.
Consolidated data in €M | 06/2022 | 06/2021 | (**) 06/2021 Restated | (**) Change in value | (**) % Change | |
Turnover | 112,2 | 93,3 | 93,3 | +19,0 | +20,2% | |
Current Operating Income | 5,9 | 6,7 | 5,6 | +0,3 | +6,0% | |
Operating Income | 6,5 | 6,6 | 5,4 | +1,1 | +20,7% | |
Financial result | -8,7 | -8,6 | -8,6 | -0,1 | ||
Net Income | -1,7 | -2,4 | -2,9 | +1,2 | +41,4% | |
Attributable to equity holders of the parent | -1,7 | -2,4 | -2,9 | +1,2 | ||
Shareholders' equity | 378,6 | 370,9 | 371,2 | +7,4 | +2,0% | |
Minority interests | 4,3 | 4,2 | 4,2 | +0,1 | ||
Net financial debt | 702,7 | 716,0 | 716,0 | -13,3 | -1,9% |
(**) restatement in H1 2021 of €1.2 million in reversals of provisions related to the transfer of VPV personnel to VPHV, a wine service company created in 2021 and consolidated by the equity method at 49%.
Confirmation of the commercial dynamics of
In a tense economic and geopolitical context, the Group posted a very good performance.
Consolidated revenues rose by 20.2% to €112.2 million, confirming the appeal of champagne, premium and high-end wines to consumers both in
All markets contributed to the increase in revenues:
- Strong rebound in business in
France , with revenues up 22.4% due to the recovery in out-of-home consumption. - Confirmation of the export dynamic with an increase of 49.1%.
- Continued improvement in the product mix, favoring the Vranken and Pommery & Greno brands.
Growth in half-year results on a like-for-like basis
The increase in results for the first half of the year was negatively impacted by the effort made on advertising campaigns and other expenses for the launch of the Multi-Millésimes vintage of Château La Gordonne for €0.5 million (vertical blending of several vintages which guarantees the constant and qualitative taste of Château La Gordonne).
In addition, in the first half of 2021, the Group transferred the staff of Vranken-Pommery Vignobles to the company VPHV, which was created in 2021 and is accounted for by the equity method at 49%. This transfer resulted in a reversal of the provision for pension commitments of €1.2 million in 2021.
Excluding the impact of this transfer and on a like-for-like basis, current operating income in 2022 is up 6% to €5.9 million, compared with €5.6 million in 2021, and operating income is up 20.7% to €6.5 million compared with €5.4 million in 2021.
Net income improved by 41.4% to € -1.7 million, on a like-for-like basis.
Strengthening the financial structure
On a like-for-like basis, shareholders' equity amounted to €378.6 million, an increase of €7.4 million.
At the same time, and in accordance with its commitments, the Group continued to reduce its debt and further reduced its net financial debt by €13.3 million to €702.7 million (€683.4 million excluding IFRS 16).
On
Société à Mission (
The first actions launched by the Mission Committee are underway. The inventory of all the actions undertaken by the Group in favor of sustainable development is being finalized, and the independent third-party body responsible for monitoring the Committee's action will be appointed at its next meeting.
Operations to protect water resources have been given a particular boost this year with the summer drought that hit the vineyards of Champagne, Provence and the
Forecast
In Champagne, quantity and quality are on the agenda for the harvest and the yield in the appellation set at 12,000 kg/ha will be reached. In addition, interprofessional decisions have been taken in order to be able to reconstitute the quality reserves after the years 2020 and 2021 marked by low harvests.
In Provence, the harvest of Château La Gordonne is excellent with an agronomic yield covering the maximum yield in AOP Côtes de Provence of 55 hl/ha.
In
In the
For 2022, the Group maintains its revenue growth forecast of +5%.
This forecast is based on:
- Continued development of market share both in
France and abroad - The evolution of the product mix towards the premium brands Vranken and Pommery & Greno
Next communication
Publication of 2021 annual turnover:
About
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.
(code "VRAP" (
Contacts
Vranken-Pommery Monopole : +33 3 26 61 62 34, comfi@vrankenpommery.fr | Press |
Attachment
- Press release VPM 2022 H1 Results
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