Marie Brizard Wine & Spirits: 2021 First half Results
Charenton-le-Pont, 29 September 2021
2021 First half
Results
Resilient profit delivery in the first
half of 2021 taking into account the one-off
impacts in the 2020 reported half-year results
- EBITDA* of
€6.0m at 30 June 2021 (-11%) compared to €6.9m in H1 2020
restated (1)
which benefited from non-recurring items
totalling €3.3m related
to the pandemic
- Net income
from continuing operations up 22.3% to €2.5m at end
of June 2021
- Net profit
(Group share): €1.5m (-€1.4m at 30 June 2020)
* EBITDA = EBIT – provisions for current assets
– depreciations – pensions liabilities.
NB: Unless otherwise stated, any growth in
turnover mentioned is quoted at a constant exchange rate and
consolidation scope.
Marie Brizard Wine &
Spirits (Euronext: MBWS) announces today its consolidated
results for the first half of 2021, approved by the Group's Board
of Directors held on 28th September 2021. The audit procedures have
been completed.
Andrew
Highcock, CEO of Marie Brizard Wine &
Spirits, comments: " This first half year
performance was resilient, thanks in particular to the disciplined
application of management policies. Although the external situation
improved from May onwards, mainly due to the roll-out of
vaccinations, the health context has had disruptive effects on the
business depending on the distribution networks. Moreover, the
situation remains too uncertain for the end of the year to allow us
to provide a short or medium-term outlook. Nevertheless, MBWS
enters this period with a restored balance sheet, a more agile and
efficient organisation, committed teams and an unchanged ambition
to pursue its 2019-2022 strategic plan whose aim is to sustainably
strengthen the Group's profitability.”
Simplified income statement for
First Half
2021
In
€m,
except EPS |
|
H1 2020 restated
(1) |
H1 2021 |
2021/20Change |
Net sales (excluding excise tax) |
86.7
(1) |
81.0 |
|
-5.8% |
Gross profit |
37.3 |
32.2 |
|
-€5.1m |
Gross margin |
43.0% |
39.7% |
|
-3.3pt |
EBITDA |
6.9 |
6.0 |
|
-€0.8m |
Current operating income |
3.0 |
2.5 |
|
-€0.5m |
Attributable net
income |
(1.4) |
1.5 |
|
+€2.9m |
Earnings per share |
(0.65) |
0.02 |
|
n.s. |
2021 First
Half Sales
In accordance with the Group’s new managerial
organisation implemented on 1 January 2021, the Group’s turnover is
now split between two clusters, France and International, in order
to reflect the evolution of business after the different disposals
in 2019 (including the business in Poland, sold on 21 October 2020
and Moncigale, sold on 16 February 2021).
H1 2021 sales reached €81m, down 5.8% on a
like-for-like basis compared to the same period of 2020 (restated
for Polish and Moncigale entities), reflecting the impact of
Covid-related restrictions, lower demand for hydro-alcoholic gel
and some shipment deferrals to the second half of the year.
Sales for the first half of 2021 increased by
3.5% after adjusting for one-off effects including both the impact
of pandemic-related bulk ethyl alcohol sales in Lithuania in 2020
and the impact of the new distribution system implemented in the US
as of 1 January 2020, which resulted in an initial build-up of
inventory linked to the new local distribution network.
In France, revenue for the first half of 2021
was €39.1m, up 2% on 2020.
International sales amounted to €41.9m, a
decline of 12% as a result of the negative comparison with the
particularly high level of activity in Lituania and in the United
States in H1 2020 (change in distribution model at the beginning of
2020 as mentioned above). The decline in International sales was
less severe in the second quarter (-7.1%) thanks to the recovery of
certain key markets, particularly the UK and Spain.
Results
Consequently, gross margin for the first half of
2021 fell by 14%, resulting in a 3.3 point reduction in the gross
margin rate to 39.7% in the first half of 2021, compared with 43%
(restated accounts) at 30 June 2020, a consequence of non-recurring
activities and events in the first half of 2020). To note that the
gross margin rate in the first half of 2019 was 38.7%.
EBITDA amounted to €6.0m in H1 2021, compared to
€6.9m in 2020, a decrease of 11% excluding the currency effect, a
change of -€0.9m also explained by the impact of non-recurring
impacts in H1 2020.
As at 30 June 2021, the cost of net financial
debt was €1.3m lower than at the end of June 2020 due to a
significant reduction in the Group's debt following the capital
increase launched on 14 January 20212. Overall, the financial
result was €0.2m at 30 June 2021, compared with €3.7m in the
restated first half of 2020, which included a non-recurring
financial income.
Attributable net profit amounted to €1.5m in the
first half of 2021, compared with a loss of €1.4m in the first half
of 2020, with a Net Profit (Group share) from Continuing Operations
of €2.5m at the end of June 2021, compared with €2m at 30 June
2020, an increase of 22.3%.
2021 First Half EBITDA by
cluster
(in €m) |
H1
2020restated |
Organic growth |
FX impact |
H1
2021 |
Organic growth (excl.
FX) |
Variation(incl.
FX) |
FRANCE CLUSTER |
4.9 |
1.6 |
- |
6.5 |
32.3% |
32.3% |
|
|
|
|
|
|
|
INTERNATIONAL CLUSTER |
7.5 |
(4.1) |
(0.1) |
3.3 |
-54.1% |
-55.5% |
|
|
|
|
|
|
|
HOLDING |
(5.5) |
1.7 |
- |
(3.8) |
-30.1% |
-30.1% |
TOTAL MBWS |
6.9 |
(0.8) |
(0.1) |
6.0 |
-11.0% |
-12.5% |
The France cluster contributes
€6.5m to Group EBITDA in H1 2021, compared to €4.9m in H1 2020
restated. At end-June, €1.7m of a one-off, non-recurring discount
granted to MBWS as part of the renegotiation of the whisky supply
contract finalised in early 2021 was recognised.
The entities under the International
cluster reported EBITDA of €3.3m for the first half of
2021, compared to €7.5m in the restated first half of 2020,
reflecting in particular the cyclical impact of bulk ethyl alcohol
sales in Lithuania in 2020, as well as the initial build-up of
inventories on listings linked with the new distribution system in
the USA on 1 January 2020.
Holding: EBITDA amounted to
-€3.8m, an improvement of €1.7m vs. 2020, mainly driven by three
factors: the reduction of operating costs and central teams in line
with the new size of the group and the operational organisation
implemented at the beginning of 2021, controlled operating budgets
and the postponement of certain expenses to the second half of
2021.
Balance sheet at
30th June 2021
Shareholders' equity (Group share) was €168.2m
at 30 June 2021, compared with €66m at 31 December 2020, while net
financial debt was €6.3m at 30 June 2021, down by €79.3m compared
with 31 December 2020.
These changes reflect the capital increase
conducted in January 2021, which led to the incorporation into the
Company's capital of all the bank debt (excluding factoring)
purchased by COFEPP from the Company's bank lenders (principal
amount of €45m) and the overdraft facilities drawn down (principal
amount of €1,1m), the incorporation of all the current account
advances paid or still to be paid by COFEPP to the Company and its
subsidiary MBWS France (total principal amount of €32m) as well as
the first tranche of the Poland advance granted by COFEPP to the
Company (amount of €3m).
Outlook
The Group is pursuing the implementation of its
2019-2022 Strategic Plan aimed at creating the conditions for
profitable and sustainable development, with in particular the sale
of the Polish activities and the wine business in France. The
resulting simplification of operational structures has led to a new
organisation with two clusters (France - International and wines)
under the overall management of the Holding Company on 1 January
2021. This strategy and cost alignment to the size of the
activities country by country will be pursued to strengthen the
Group's profitability.After an encouraging trend in results in
2020, the Group faced a mixed context as the pandemic evolved in
the first half of 2021. With its disruptive impact on the business
differing by distribution channel and the uncertainty about its
evolution by the end of the year, the Group is currently cautious
about predicting future trading performance.
Financial calendar
- Availability of the 2021 first half financial
report: 30 September 2021- Publication of Sales at end-September
2021: 28 October 2021
About Marie Brizard
Wine & Spirits
Marie Brizard Wine & Spirits is a Group of
wines and spirits 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 its origins.Marie
Brizard Wine & Spirits' commitment is to offer its customers
brands of confidence, daring and full of flavours 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-PME150 index.
ContactImage Sept Claire Doligez-
Flore Largercdoligez@image7.fr – flarger@image7.frTél : +33 1 53 70
74 70 |
APPENDIX
FIRST HALF
2021 Consolidated Financial
Statements (1)
INCOME STATEMENT
(in €000) |
30.06.2021 |
30.06.2020 Restated |
NET
SALES |
103,536 |
111,981 |
Excices tax |
(22,507) |
(25,227) |
NET SALES
EXCL TAX |
81,028 |
86,753 |
Cost of goods
sold |
(48,865) |
(49,469) |
External
charges |
(11,050) |
(12,494) |
Salary
expenses |
(16,282) |
(17,092) |
Taxes and
Duties |
(1,156) |
(1,372) |
Depreciation and
Amortization |
(3,562) |
(4,691) |
Other operating
income |
3,680 |
2,639 |
Other operating
expenses |
(1,315) |
(1,289) |
RÉCURRING
OPERATING PROFIT |
2,478 |
2,986 |
Extraordinary
income |
2,403 |
2,781 |
Extraordinary
expenses |
(2,488) |
(5,978) |
OPERATING
PROFIT |
2,393 |
(211) |
Interest
income |
107 |
65 |
Interest
expenses |
(343) |
(1,623) |
NET COST
OF DEBT |
(236) |
(1,558) |
Other interest
income |
507 |
6,747 |
Other interest
expenses |
(86) |
(1,479) |
NET
INTEREST EXPENSES |
185 |
3,710 |
PRE-TAX
INCOME |
2,578 |
3,499 |
Income
tax/credit |
(89) |
(1,465) |
INCOME
FROM ONGOING OPERATIONS |
2,489 |
2,034 |
INCOME
FROM DISCONTINUED OPERATIONS |
(942) |
(3,404) |
NET
INCOME |
1,546 |
(1,370) |
Attributable net
income |
1,546 |
(1,392) |
Of which net
income from ongoing operations |
2,488 |
2,012 |
O which net
income from discontinued operations |
(942) |
(3,404) |
Non-controlling
interests |
1 |
22 |
Of which net
income from ongoing operations |
1 |
22 |
O which net
income from discontinued operations |
1,547 |
|
Attributable Net
income per share (in €) |
0.02 € |
0.05 € |
Attributable net
income from ongoing operations per share fully diluted (in €) |
0.02 € |
0.05 € |
Net income per
share (in €) |
0.02 € |
-0.65 € |
Net income per
share diluted (in €) |
0.02 € |
-0.64 € |
Weighted average
number of outstanding shares |
99,866,838 |
37,366,868 |
Weighted average
diluted number of outstanding shares |
99,866,838 |
37,835,336 |
|
|
|
(1) For all tables and figures, "30.06.2020 restated" refers to
the financial statements as at 30 June 2020 which have been
restated for the effects of the application of IFRS 5 Discontinued
operations.BALANCE
SHEETAssets
(in €000) |
30.06.2021 |
31.12.2020 |
Non-current
assets |
|
|
Goodwill |
14,704 |
14,704 |
Intangible
assets |
82,303 |
83,167 |
Property, plant
and equipment |
27,320 |
28,111 |
Financial
assets |
4,840 |
5,639 |
Non-curent
derivatives |
|
|
Deferred tax
assets |
1,573 |
1,225 |
Total
non-current
assets |
130,740 |
132,846 |
Current assets |
|
|
Inventory and
work-in-progress |
39,094 |
37,811 |
Trade
receivables |
25,997 |
20,813 |
Tax
receivables |
2,677 |
554 |
Other current
assets |
17,105 |
22,123 |
Current
derivatives |
133 |
70 |
Cash and cash
equivalents |
52,605 |
42,075 |
Assets held for
disposal |
|
12,900 |
Total current
assets |
137,611 |
136,346 |
TOTAL
ASSETS |
268,350 |
269,192 |
Liabilities
Shareholders’
equity |
|
|
Share
Capital |
156, 729 |
62,578 |
Additional
paid-in capital |
72,750 |
66,711 |
Consolidated and
other reserves |
(52,554) |
(14,083) |
Translation
reserves |
(10,230) |
(10,720) |
Consolidated net
profit/(loss) |
1,546 |
(38,465) |
Shareholders’ equity (Group
share) |
168,241 |
66,020 |
Non-controlling
interest |
329 |
328 |
Total Shareholders’ equity |
168,570 |
66,348 |
Non-current
liabilities |
|
|
Employee
benefits |
3,345 |
3,150 |
Non-current
provisions |
3,815 |
3,926 |
Long-term
borrowings – due in > 1 year |
2,915 |
65,352 |
Other non-current
liabilities |
1,719 |
1,751 |
Non-current
derivatives |
- |
- |
Deferred tax
liabilities |
18,188 |
17,879 |
Total
non-current
liabilities |
29,983 |
92,058 |
Current liabilities |
|
|
Current
provisions |
4,816 |
7,049 |
Long-term
borrowings – due in < 1 year |
1,159 |
15,023 |
Short-term
borrowings |
2,265 |
5,287 |
Trade and other
payables |
32,157 |
34,777 |
Tax
liabilities |
(12) |
5,667 |
Other current
liabilities |
29,242 |
32,584 |
Current
derivatives |
170 |
98 |
Liabilities held
for sale |
|
10,301 |
Total current
liabilities |
69,798 |
110,786 |
TOTAL EQUITY AND
LIABILITIES |
268,350 |
269,192 |
CONSOLIDATED CASH FLOW STATEMENT
(in €000) |
30.06.2021 |
30.06.2020 |
Total consolidated net
profit |
1,547 |
(1,370) |
Eliminations
: |
|
|
Amortization and
provisions |
1,124 |
(8,199) |
Revaluation gains
/ losses (fair value) |
- |
- |
Gains/losses on
disposals and dilution |
466 |
5,844 |
Operating
cash flow after net cost of debt and tax |
3,137 |
(3,724) |
Income tax charge
(credit) |
89 |
2,002 |
Net cost of
debt |
214 |
2,351 |
Operating
cash flow before net cost of debt and tax |
3,440 |
629 |
Change in working
capital 1 (inventories, trade receivables and payables) |
(5,108) |
(4,073) |
Change in working
capital 2 (other items) |
(2,021) |
(1,552) |
Tax paid |
(7,881) |
(87) |
Cash flow
from operating activities |
(11,570) |
(5,082) |
Purchase of
property, plant and equipement and intangible assets |
(1,147) |
(3,179) |
Purchase of
financial assets |
- |
- |
Decrease in loans
and advances granted |
893 |
7,072 |
Disposal of
property, plant and equipement and intangible assets |
94 |
510 |
Impact of change
in consolidation scope |
1,947 |
23 |
Cash flow
from investing activities |
1,787 |
4,427 |
Capital
increase |
16,709 |
4 |
New loans |
7,149 |
19,546 |
Loans
repayment |
(831) |
- |
Net interest
paid |
(214) |
(1,455) |
Net change in
short-term debt |
(3,008) |
(4,734) |
Cash Flow
from financing activities |
19,805 |
13,360 |
Impact from
changes in foreign exchange rates |
508 |
(430) |
Change in
cash and cash equivalents |
10,530 |
12,275 |
Opening cash
position |
42,075 |
26,193 |
Closing cash
position |
52,605 |
38,468 |
Change in
cash and cash equivalents |
10,530 |
12,275 |
1 On 16 February 2021, MBWS France sold all the
shares in Moncigale to the Boisset group. Due to the high
likelihood of this disposal on 31 December 2020, the Moncigale
activity had been reclassified as a discontinued operation under
IFRS 5: in the income statement, its contribution over the period
to the consolidated net income, as well as the capital loss on
disposal, are reported on the line "income from discontinued or
sold operations" (detailed income statement in the appendix), the
comparative period is also restated in the income statement. This
restatement also includes the impact of the disposal of the Group's
Polish activities on 21 October 2020.
2 See "Balance sheet at 30 June 2021" on page 3 below
- MBWS_PR_FIRSTHALF_RESULTS2021_EN_29SEPT2021_FV
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