Marie Brizard Wine & Spirits: net sales for the fourth quarter
and full-year 2019
Paris, 13 February 2020
Net sales for the fourth quarter and
full-year 2019
Annual sales:
€365million Organic growth (adjusted for Sobieski Trade
disposal1) of -0.6% in line with the strategic and commercial
changes implemented in 2019. Healthy inventory levels at the end of
the year.
2019 Q4 sales:
€80.3 million A quarter boosted by sales in
anticipation of excise duty increases in Poland
Continued
rollout of strategic plan Sale of Sobieski Trade Signature
of a three-party agreement with COFEPP and the banks
NB: All net sales growth figures mentioned in
this press release are at constant structure and exchange rates,
unless otherwise stated.
Marie Brizard Wine &
Spirits (Euronext: MBWS) today announced its unaudited net
sales for the 4th quarter 2019, covering the period from 1 October
to 31 December 2019, as well as its unaudited net sales for 2019’s
financial year.
RESULTS BY
CLUSTER
YEAR 2019
|
in M € |
2018 |
Organic growth |
Currency Impact |
2019 |
Org. Growth at cc |
Growth |
|
|
|
|
|
|
|
|
Branded Businesses |
195.7 |
1.4 |
0.4 |
197.5 |
0.7% |
0.9% |
WEMEA |
118.3 |
-11.4 |
0.0 |
106.9 |
-9.6% |
-9.6% |
|
France |
96.9 |
-9.1 |
0.0 |
87.8 |
-9.4% |
-9.4% |
|
Rest of cluster |
21.4 |
-2.3 |
0.0 |
19.1 |
-10.8% |
-10.8% |
CEE |
57.3 |
12.2 |
-0.4 |
69.2 |
21.3% |
20.7% |
|
Poland |
29.0 |
13.2 |
-0.4 |
41.8 |
45.6% |
44.4% |
|
Rest of cluster |
28.4 |
-1.0 |
0.0 |
27.4 |
-3.5% |
-3.5% |
Americas |
16.9 |
1.1 |
0.8 |
18.8 |
6.6% |
11.2% |
APAC |
3.1 |
-0.5 |
0.0 |
2.5 |
-17.4% |
-17.4% |
Other Businesses |
193.3 |
-25.1 |
-0.7 |
167.4 |
-13.0% |
-13.4% |
|
Sobieski Trade (ST) |
107.5 |
-20.6 |
-0.7 |
86.2 |
-19.2% |
-19.9% |
|
2018
Restated |
86.2 |
0.7 |
-0.7 |
86.2 |
0.8% |
0.0% |
|
Private Label |
85.8 |
-4.5 |
0.0 |
81.2 |
-5.3% |
-5.3% |
|
TOTAL MBWS (*) |
389.0 |
-23.7 |
-0.3 |
365.0 |
-6.1% |
-6.2% |
|
Total ST restated11 |
367.7 |
-2.4 |
-0.3 |
365.0 |
-0.6% |
-0.7% |
(*) Before IFRS impact following the disposal of Sobieski Trade
(see press release of 15 November 2019)
4th QUARTER 2019
|
in M€ |
Q4 2018 |
Organic Growth |
Currency Impact |
Q4 2019 |
Organic Growth at cc |
Growth |
|
|
|
|
|
|
|
|
Branded Businesses |
57.9 |
-0.6 |
0.2 |
57.5 |
-1.0% |
-0.7% |
WEMEA |
31.9 |
-5.1 |
0.0 |
26.8 |
-16.1% |
-16.1% |
|
France |
24.3 |
-3.2 |
0.0 |
21.2 |
-13.0% |
-13.0% |
|
Rest of cluster |
7.6 |
-2.0 |
0.0 |
5.6 |
-26.3% |
-26.3% |
CEE |
19.5 |
4.5 |
0.1 |
24.1 |
23.3% |
23.8% |
|
Poland |
10.4 |
5.0 |
0.1 |
15.4 |
47.9% |
48.7% |
|
Rest of cluster |
9.1 |
-0.4 |
0.0 |
8.7 |
-4.6% |
-4.6% |
Americas |
5.3 |
0.5 |
0.2 |
6.0 |
8.8% |
11.7% |
APAC |
1.2 |
-0.4 |
-0.1 |
0.7 |
-38.2% |
-42.8% |
OTHER BUSINESSES |
41.5 |
-19.3 |
0.6 |
22.8 |
-46.5% |
45.0% |
|
Sobieski Trade (ST) |
26.3 |
-19.4 |
0.6 |
7.5 |
-73.8% |
-71.6% |
|
2018
Restated |
5.0 |
1.9 |
0.6 |
7.5 |
38.2% |
50.4% |
|
Private Label |
15.2 |
0.2 |
0,0 |
15.3 |
1.0% |
1.0% |
|
TOTAL MBWS (*) |
99.4 |
-19.9 |
0.8 |
80.3 |
-20.0% |
-19.2% |
|
Total ST restated1 |
78.1 |
1.5 |
0.8 |
80.3 |
1.9% |
2.9% |
(*) Before IFRS impact following the disposal of Sobieski Trade
(see press release of 15 November 2019)
WEMEA: performance in line with the
strategy of focusing on profitability
For the full year 2019, the WEMEA cluster's
revenues amounted to €106.9 million, down -9.6% compared to 2018,
with a 4th quarter down -16.1% to €26.8 million.
In France, the change in sales for the year
reflects the Group's sales policy, which focuses primarily on value
rather than volume, with limited use of promotional activities. In
addition, the EGAlim Act, which has been in place since 1 January
2019, has led to increased competition. Revenues thus came to €87.8
million for 2019 (-9.4%) after a 13% drop in the 4th quarter of
2019 (to €21.2 million), penalized by national strikes. In this
context, although it is still suffering from the decline in the
BABV2 market for its Fruits & Wine brand, the Group has
successfully repositioned its brands and is starting the year 2020
with healthier inventories and brand portfolio.
Revenues for the rest of the cluster amounted
€19.1 million (-11%), of which €5.6 million (-26%) in Q4
2019. The change of distribution model in Spain explains most
of this decline in value, with the 4th quarter reflecting the full
technical impact. Overall, 2019 will have seen good momentum in
Western Europe and Africa.
Central and Eastern Europe (CEE): A
favourable impact in the 4th quarter in Poland in anticipation of
the change in tax rates.
The EEC cluster's 2019 sales amounted to €69.2
million, up +21.3%, at the end of a 4th quarter which reached €24.1
million, up +23.4% compared with the 4th quarter of 2018.
The Cluster's growth was driven by Poland, where
the Group experienced particularly strong demand in the fourth
quarter from distributors wishing to build up stocks in
anticipation of the implementation of the 10% increase in alcohol
excise duties from January 1, 2020. This favourable impact, along
with improved control of promotional budgets, offset some of the
continued competitive pricing pressures in the vodka market. For
the full year 2019, sales in Poland reached €41.8 million (+45.6%),
including €15.4 million (+47.9%) in the 4th quarter. This
performance compares with a particularly difficult and
disappointing activity in calendar 2018 in Poland.
The rest of the cluster recorded revenues of
€27.4 million (-3.5%) for the full year, reflecting the
reorganisation of the portfolio to focus on profitable categories
in Lithuania. The 4th quarter experienced a recovery in export
sales from Bulgaria, after a decline in the 3rd quarter.
Americas: strong growth in Brazil in
2019 and better year-end performance in the US
The Americas cluster's 2019 revenue reached
€18.8 million, up +6.6% compared to 2018.
In the United States, 2019 was characterized by
the implementation of the partnership with Sazerac and benefited
from the introduction of the Tax Trump over the year.
In Brazil, despite a slightly lower 4th quarter
year-on-year due to a high comparison base in 4th quarter 2018, the
Group had a good year in 2019 with double-digit growth (+15%). It
reflects the relevance of the commercial strategy that emphasizes
the promotion of local MBWS brands in priority states.
In total, the cluster's revenues reached €6
million in Q4 2019, up +8.8%.
APAC
For the full year 2019, revenue for the
Asia-Pacific cluster totaled €2.5 million, down -17.4% compared
with 2018, with a -38.2% decline in the fourth quarter due to order
deferrals. Difficulties continued in China, where sales are not yet
significant.
Other businesses
On a like-for-like basis (2018 figures restated
to take into account the disposal of Sobieski Trade at the end of
October 2019), revenue from Other Businesses fell by -2.2% in 2019,
to € 167.4 million.
Private label sales are down 5.3% to €81.2
million for the year 2019, as the Group prioritized profitability
over volumes in a difficult market context in France.
2019 RESULTS OUTLOOK
Marie Brizard Wine & Spirits confirms its
estimated EBITDA range for the 2019 financial year between -€20
million and -€25 million as indicated on 15 October 2019.
POST CLOSING EVENTS
In accordance with the agreement concluded on 20
December 2019, COFEPP has agreed with MBWS France to make a first
current account advance of a principal amount of €15million of
which €7.6 million provided to the company on 20 January 2020, in
order to strengthen its cash position until mid-March 2020 (see
press release of 17 January 2020) and €7.4 million on 5 February
2020 to finance the acquisition by a French subsidiary of MBWS SA
of 68% of the capital of the Lithuanian company Vilnius Degtine
from MBWS Polska, enabling the latter to meet its immediate cash
requirements.
As a reminder, the agreement signed with COFEPP
on December 20 2019 also provides for a second current account
advance of €17 million (remunerated at the annual capitalized
EURIBOR 3-month rate with a floor at zero + 425 bps), which would
be made available to MBWS during the first quarter of 2020 (the
"Bridge n°2"), subject to (i) the agreement in principle of the
public creditors on a moratorium on a part of the Group's tax and
social security debts, (ii) the amendment of a bulk Scotch Whisky
supply contract with an MBWS supplier and (iii) the stability of
forecast cash requirements for 2020. Bridge n°2 would be secured by
several additional pledges on the Group's assets, in particular
second-rank pledges on the Sobiesksi, Marie Brizard and William
Peel brands, as well as on the shares of MBWS France (first-rank)
and Cognac Gautier (second-rank).
The terms and conditions (notably the amount,
subscription price and COFEPP's guarantee) of the MBWS capital
increase described in the press release of December 20, 2019, and
the conditions precedent to such an operation, remain unchanged.
Further details will be provided at a later date on the exact terms
of the capital increase according to progress on the lifting of the
conditions precedent. This capital increase will be submitted to a
vote at the Annual General Meeting of Shareholders to be held on 25
June 2020.
Financial calendarMarie Brizard Wine &
Spirits will announce its 2019 results on April 29, 2020.
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 know-how, a combination of brands with a long
tradition and a spirit resolutely turned towards innovation. From
the birth of the Maison Marie Brizard in 1755 to the launch the
Fruits and Wine in 2010, the Marie Brizard Wine & Spirits Group
has been able to develop its brands in a modern way while
respecting their origins. Marie Brizard Wine & Spirits'
commitment is to offer its customers trustworthy, bold and full of
flavors and experiences. The Group now has a rich portfolio of
leading brands in their market segments, including William Peel,
Sobieski, Krupnik, Fruits and Wine, Marie Brizard and Cognac
Gautier.
Marie Brizard Wine & Spirits is listed on
Euronext Paris Compartment B (FR0000060873 - MBWS) and is part of
the EnterNext© PEA-PME 150 index
ContactImage Sept Claire Doligez
– Flore Largercdoligez@image7.fr – flarger@image7.frPhone: +33 (0)1
53 70 74 70 |
1 Disposal of Sobieski Trade on November
15, 2019; 2018 figures restated by excluding the period 31/10 to
31/12 of the 2018 comparison basis
1 Disposal of Sobieski Trade on November 15,
2019; 2018 figures restated by excluding the period 31/10 to 31/12
of the 2018 comparison basis [2] BABV: aromatised wine-based
beverage
- MBWS_CP_Q4 FY2019sales_EN_FV
Marie Brizard Wine And S... (EU:MBWS)
Historical Stock Chart
From May 2024 to Jun 2024
Marie Brizard Wine And S... (EU:MBWS)
Historical Stock Chart
From Jun 2023 to Jun 2024