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.
- EBITDA* of
€7.6 million in H1 2022, versus €6.0 million in H1 2021
(+ €1.6m)
- Net
profit from continuing operations stable at €2.5
million in the first half
- Net
profit (Group
share) of €2.5 million in H1
2022, up €1 million
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
€m except EPS |
H1 2021 |
|
H1 2022 |
Change2022 vs 2021 |
Net revenues (excluding excise duties) |
81.0 |
|
86.4 |
+5.9% |
Gross margin |
32.2 |
|
34.4 |
+€2.2m |
Gross margin ratio |
39.7% |
|
39.9% |
+0.2 pts |
EBITDA |
6.0 |
|
7.6 |
+€1.6m |
Underlying operating profit |
2.5 |
|
5.5 |
+€3.0m |
Net profit (Group
share) |
1.5 |
|
2.5 |
+€1.0m |
Net earnings per share |
0.02 |
|
0.02 |
- |
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:
- confirmed recovery in Europe,
particularly in the UK following health restrictions in 2021,
despite the Russia-Ukraine conflict, which led to a limited decline
in certain export regions;
- strong performances across all of
the Group’s strategic brands, particularly Marie Brizard and
Gautier, in Canada, South Korea, Australia and Poland;
- decline in US sales of Sobieski
vodka in a highly competitive market segment.
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
€m |
H1 2021 |
LFL change |
Currency impact |
H1 2022 |
LFL change(excl. currency impact) |
Reported growth (incl. currency impact) |
France |
6.5 |
(1.5) |
- |
5.0 |
-22.9% |
-22.9% |
International |
3.3 |
2.2 |
0.1 |
5.6 |
+67.8% |
+70.1% |
Holding company |
(3.8) |
0.8 |
- |
(3.0) |
+21.3% |
+21.3% |
TOTAL MBWS GROUP |
6.0 |
1.5 |
0.1 |
7.6 |
+25.9% |
+27.2% |
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
- H1
2022 financial report available: 30 September 2022
- Publication of revenues for the
first nine months of 2022: 27 October 2022
Investor
and shareholder relations contact MBWS
GroupEmilie Drexleremilie.drexler@mbws.comTel.: +33 1 43
91 62 21 |
Press contactImage
Sept Claire Doligez - Laurence Maurycdoligez@image7.fr –
lmaury@image7.frTel.: +33 1 53 70 74 70 |
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
(€000) |
H1 2022 |
H1 2021 |
|
|
|
|
|
Revenues |
105,995 |
103,536 |
|
Excise duties |
(19,574) |
(22,507) |
|
Net revenues excluding excise duties |
86,421 |
81,028 |
|
Cost of goods sold |
(51,978) |
(48,865) |
|
External
expenses |
(11,872) |
(11,050) |
|
Personnel
expense |
(14,013) |
(16,282) |
|
Taxes and
levies |
(953) |
(1,156) |
|
Depreciation
and amortisation charges |
(3,072) |
(3,562) |
|
Other
operating income |
1,887 |
3,680 |
|
Other
operating expenses |
(899) |
(1,315) |
|
Underlying operating profit |
5,521 |
2,478 |
|
Non-recurring
operating income |
2,055 |
2,403 |
|
Non-recurring operating expenses |
(5,152) |
(2,488) |
|
Operating profit |
2,424 |
2,393 |
|
Income from cash and cash equivalents |
29 |
107 |
|
Gross cost of
debt |
(96) |
(343) |
|
Net
cost of debt |
(67) |
(236) |
|
Other
financial income |
956 |
507 |
|
Other
financial expenses |
(593) |
(86) |
|
Net financial income |
296 |
185 |
|
Profit before tax |
2,720 |
2,578 |
|
Income tax |
(196) |
(89) |
|
Net profit from continuing
operations |
2,524 |
2,489 |
|
Net profit/(loss) from discontinued
operations |
- |
(942) |
|
|
|
|
|
NET PROFIT |
2,524 |
1,547 |
|
Group
share |
2,511 |
1,546 |
|
of which Net
profit from continuing operations |
2,511 |
2,488 |
|
of which Net profit/(loss) from discontinued operations |
|
(942) |
|
Non-controlling interests |
13 |
1 |
|
of which Net
profit from continuing operations |
13 |
1 |
|
of which Net
profit from discontinued operations |
|
|
|
|
|
|
|
Earnings per
share from continuing operations, Group share (€) |
0.02 |
0.02 |
|
Diluted
earnings per share from continuing operations, Group share (€) |
0.02 |
0.02 |
|
Earnings per share, Group share (€) |
0.02 |
0.02 |
|
Diluted earnings per share, Group share (€) |
0.02 |
0.02 |
|
Weighted average number of shares outstanding |
111,825,601 |
99,866,838 |
|
Diluted weighted average number of shares outstanding |
111,825,601 |
99,866,838 |
|
Balance sheet
Assets |
|
|
|
(€000) |
30/06/2022 |
31/12/2021 |
|
Non-current assets |
|
|
|
Goodwill |
14,704 |
14,704 |
|
Intangible assets |
78,667 |
79,361 |
|
Property, plant and equipment |
27,007 |
27,181 |
|
Financial assets |
1,148 |
4,001 |
|
Deferred tax assets |
1,026 |
452 |
|
Total non-current assets |
122,552 |
125,699 |
|
Current assets |
|
|
|
Inventory and work-in-progress |
46,116 |
35,094 |
|
Trade receivables |
36,321 |
35,891 |
|
Tax receivables |
300 |
4,125 |
|
Other current assets |
9,282 |
9,714 |
|
Current derivatives |
88 |
281 |
|
Cash and cash equivalents |
53,397 |
54,169 |
|
Assets held for sale |
- |
3,058 |
|
Total current assets |
145,504 |
142,332 |
|
TOTAL ASSETS |
268,056 |
268,031 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity & Liabilities |
|
|
|
(€000) |
30/06/2022 |
31/12/2021 |
|
Shareholders’ equity |
|
|
|
Share capital |
156,738 |
156,729 |
|
Additional paid-in capital |
72,761 |
72,751 |
|
Consolidated and other reserves |
(45,623) |
(51,638) |
|
Translation reserves |
(8,085) |
(9,806) |
|
Consolidated net profit/(loss) |
2,511 |
5,564 |
|
Shareholders’ equity (Group share) |
178,302 |
173,600 |
|
Non-controlling interests |
346 |
332 |
|
Total shareholders’ equity |
178,648 |
173,932 |
|
Non-current liabilities |
|
|
|
Employee benefits |
1,509 |
2,214 |
|
Non-current provisions |
3,124 |
4,116 |
|
Long-term borrowings – due in > 1 year |
2,246 |
2,546 |
|
Other non-current liabilities |
1,687 |
1,735 |
|
Deferred tax liabilities |
16,290 |
15,965 |
|
Total non-current liabilities |
24,856 |
26,576 |
|
Current liabilities |
|
|
|
Current provisions |
6,423 |
2,546 |
|
Long-term borrowings – due in < 1 year |
773 |
888 |
|
Short-term borrowings |
3,033 |
2,542 |
|
Trade and other payables |
31,860 |
31,113 |
|
Tax liabilities |
245 |
135 |
|
Other current liabilities |
22,044 |
29,942 |
|
Current derivatives |
174 |
198 |
|
Liabilities held for sale |
|
159 |
|
Total current liabilities |
64,552 |
67,523 |
|
TOTAL EQUITY AND LIABILITIES |
268,056 |
268,031 |
|
Cash flow statement.
(€000) |
H1 2022 |
H1 2021 |
Total
consolidated net profit/(loss) |
2,524 |
1,547 |
Depreciation
and provisions |
4,930 |
1,124 |
Gains/(losses)
on disposals and dilution |
(51) |
466 |
Operating cash flow after net cost of debt and
tax |
7,403 |
3,137 |
Income tax
charge/(income) |
196 |
89 |
Net cost of
debt |
67 |
214 |
Operating cash flow before net cost of debt and
tax |
7,666 |
3,440 |
Change in
working capital 1 (inventories, trade receivables/payables) |
(10,473) |
(5,108) |
Change in
working capital 2 (other items) |
(7,497) |
(2,021) |
Tax paid |
3,716 |
(7,881) |
Cash flow from operating activities |
(6,588) |
(11,570) |
Purchase of
PP&E and intangible assets |
(1,412) |
(1,147) |
Decrease in
loans and advances granted |
2,733 |
893 |
Disposal of
PP&E and intangible assets |
2,872 |
94 |
Impact of
change in consolidation scope |
- |
1,947 |
Cash flow from investment activities |
4,193 |
1,787 |
Capital
increase |
19 |
16,709 |
New
borrowings |
159 |
7,149 |
Borrowings
repaid |
(791) |
(831) |
Net interest
paid |
(67) |
(214) |
Net change in
short-term debt |
525 |
(3,008) |
Cash flow from financing activities |
(155) |
19,805 |
Impact of
exchange rate fluctuations |
1,778 |
508 |
Change in cash and cash equivalents |
(772) |
10,530 |
Opening cash
and cash equivalents |
54,169 |
42,075 |
Closing cash
and cash equivalents |
53,397 |
52,605 |
Change in cash and cash equivalents |
(772) |
10,530 |
- PR 2022 Half year financial results_vfinal
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