Reims, 30 August 2013
Financial press release
Vranken-Pommery Monopole Group results
H1 2013
Significant improvement in operating result + 16.2%
Very good progress in brand sales + 2.1%
The Board of Directors of Vranken-Pommery Monopole met on 29 August 2013 for the purpose of closing the Group's accounts for the first half of 2013. The meeting was chaired by Paul-François Vranken and attended by the auditors.
| Consolidated accounts in million of euros | 30/06/2013 | 30/06/2012 | Variation vs N-1 |
| Turnover | 111.9 | 125.5 | - 10.8% |
| Current operating result | 8.5 | 8.5 | - (*) |
| Operating result | 8.6 | 7.4 | + 16.2% |
| Net result | - 0.8 | - 1.4 | + 42.9% |
| - Group share | - 0.7 | - 1.1 | + 36.4% |
(*) The current operating result remained stable at euros 8.5 million despite the variation in turnover
Business
Continuing with the implementation of industrial and commercial synergies undertaken over the past two years, Vranken-Pommery Monopole applied, during the first half of 2013, its strategy focusing on sales of its leading brands of Champagne and Rosé Wine from Provence and from Camargue.
These strategic choices have led to improved valorisation of our products. Thus, the turnover trend resulting from the sharp reduction in sales of generic wine and inter-profession sales with a narrow margin will be offset in the second half of the year by the development of sales to customers, especially of Bissinger Company, which was integrated last December.
Results
The current operating result reflects a fine performance, since it remained stable at euros 8.5 million in the first half of 2013, despite the decrease in turnover.
The current operating profitability of the Group is increasing sharply. It stands at 7.6% in 2013, compared with 6.7% in 2012.
The operating result improved by 16.2% in the first half of the year and amounted to euros 8.6 million, compared with euros 7.4 million for the same period last year. The industrial restructuring measures are now complete.
The level of indebtedness of Vranken-Pommery Monopole has improved in the first half of the year through a bond issue of euros 125 million. The amount of the debt followed the same trend as in previous years in accordance seasonable nature of the business, which does not call into question the debt reduction objectives announced by the Group. After half year financial statement, the Group continued the diversification of its debt, especially by lengthening its maturity, through a second bond issue of 50 million euros achieved at the end of July.
The increase in net financial charges remained limited to euros + 0.6 million.
The net result is euros - 0.8 million euros, up euros 0.6 million.
Outlook
Although visibility until the end of 2013 remains limited, the sales trends recorded to date consolidate the Group's prospects of improved annual current operating profitability.
Bearing in mind the strongly seasonal nature of sales, the results for the first half of the year cannot be extrapolated over a full year.
Dividends
The Ordinary General Meeting of 12 June 2013 decided to distribute a dividend of euros 0.80 per share for the 2012 financial period, corresponding to an overall amount of euros 7.1 million. This dividend was paid on 15 July 2013.
Forthcoming statement
Turnover Q3 2013: 23 October 2013
About Vranken-Pommery Monopole
Vranken-Pommery Monopole is the second largest champagne group. Its portfolio comprises the leading brands of VRANKEN with its Diamant and Demoiselle vintages, POMMERY with its Louise and Pop vintages, HEIDSIECK & CO MONOPOLE with its Impératrice vintage and CHARLES LAFITTE with its Orgueil de France vintage. Vranken-Pommery Monopole owns the premium ROZES port wine brand and TERRAS DO GRIFO Douro wines. The group is the leading distributor of rosé wines with Sables de Camargue - Gris de Gris wines - from DOMAINES LISTEL and Côtes de Provence - rosé wines - from the CHATEAU LA GORDONNE.
Vranken-Pommery Monopole owns the largest vineyard in Europe, spread among Champagne, Provence, the Camargue and Portugal.
Vranken-Pommery Monopole is listed on the NYSE Euronext Paris and Brussels.
(Code "VRAP" (Paris), code "VRAB" (Brussels); code ISIN: FR0000062796).
The 2013 Half-yearly Financial Report relating to this press release is available on the company's website at www.vrankenpommery.fr
Contacts
| Vranken-Pommery Monopole : Patrice Proth, Secrétaire Général + 33 3 26 61 62 34, comfi@vrankenpommery.fr | Presse Claire Doligez, +33 1 53 70 74 25, cdoligez@image7.fr Caroline Simon, +33 1 53 70 74 65, caroline.simon@image7.fr |
