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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vranken Pommery Monopole | EU:VRAP | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -1.03% | 14.45 | 14.20 | 14.60 | 14.55 | 14.20 | 14.40 | 1,081 | 16:35:14 |
ANNUAL RESULTS 2022Net Income +36,6%
CONSOLIDATED TURNOVER | CURRENT OPERATING INCOME | EQUITY | NET FINANCIAL DEBT | |||||||
€ 334,5 million | € 34,6 million | € 414,1 million | € 646,1 million | |||||||
+11% | +10,3% | +8,9% | -1,1% | |||||||
(vs 2021 restated*) | ||||||||||
+33,3 M€ | +3,2 M€ | +33,7 M€ | -7,4 M€ | |||||||
Reims, March 30, 2023
The Board of Directors of Vranken-Pommery Monopole met on March 30, 2023 under the chairmanship of Mr. Paul-François Vranken, and in the presence of the Statutory Auditors, to approve the Group's financial statements for the year 2022.
Results
Consolidated data in €M | 31/12/2022 | 31/12/2021Restated (*) | Change in value |
Turnover | 334,5 | 301,2 | +33,3 |
Current Operating Income | 34,2 | 31,4 | +3,2 |
Operating Income | 33,7 | 27,7 | +6,3 |
Financial result | -18,3 | -17,7 | -0,7 |
Net Income | 10,1 | 7,5 | +2,8 |
Attributable to equity holders of the parent | 10,0 | 7,5 | +2,7 |
The process of auditing and issuing the audit report for the certification of the consolidated accounts is being finalised.(*) At the end of the financial year 2022, an error was identified in the valuation of inventories for the years 2018 to 2021. In accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", the consolidated financial statements of VPM have been treated retrospectively for this error correction. The comparative income statement for the year 2021 has been restated, with a negative impact of EUR 0.8 million on the published net result for 2021. These corrections have no impact on the 2022 income statement
Vranken-Pommery Monopole's consolidated sales for 2022 amounted to €334.5 million, up 11%.With 64% of champagne sales, the premium brands Pommery & Greno and Vranken experienced strong growth.The weight of exports remained stable at 67% of sales to customers
With an EBITDA of €49 million in 2022, the Group confirms the strength of its sustainable value creation model
(**) As stated in the financial press release on the results for the first half of 2022, in the first half of 2021 the Group transferred the staff of Vranken-Pommery Vignobles to VPHV, a company created in 2021 and consolidated using the equity method at 49%. This change in the scope of consolidation resulted in a reversal of the provision for retirement commitments of €1.2 million in 2021.
Financial structure
ASSETS | 31/12/22 | 31/12/21Retraité (*) | LIABILITIES | 31/12/22 | 31/12/21Retraité (*) | |
Non6current assets | 547,2 | 510,2 | Shareolder’s equity | 414,1 | 380,4 | |
Inventories and work in progress | 645,8 | 640,1 | Of wich minority interests | 5,2 | 4,3 | |
Trade and other current assets | 114,0 | 75,4 | Non-current liabilities | 637,1 | 375,1 | |
Cash and cash aquivalents | 8,5 | 15,3 | Current liabilities | 264,3 | 485,5 | |
TOTAL | 1 315,5 | 1 241,0 | TOTAL | 1 315,5 | 1 241,0 |
(*) At the end of the financial year 2022, an error was identified in the valuation of inventories for the years 2018 to 2021. In accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", the consolidated financial statements of VPM have therefore been treated retrospectively for this error correction. The total impact on equity at 31 December 2021 is negative and amounts to EUR 3.9 million.
The financial structure has been strengthened, with shareholders' equity rising to €414.1m (€33.7m), i.e. 31.5% of the balance sheet total, and net financial debt falling by a further €7.4m to €646.1m at 31/12/2022.
Restated for the €19.4m related to the application of IFRS 16, net financial debt amounted to €626.7m, fully covered by €645.8 m of inventories.
The Group has repaid €75m of bonds maturing in 2022 and has no bond maturities before 2024.
« Société à Mission » After taking stock of all the actions undertaken and in progress within the Group, the Mission Committee set about translating its Raison d'Etre "La Vérité du Terroir" into operational objectives for the year 2022.
The objectives of the “Raison d'Etre” have thus been grouped around 4 fundamental pillars:
The key performance indicators derived from these 4 fundamental pillars have been defined by the Mission Committee and are currently being audited by an independent third party.
The Group has decided to initiate the B Corp process in 2023.
Outlook Building on the momentum of the 2022 financial year, the Group's turnover increased by 12.8% at the end of March 2023.
Given the economic environment both in France and abroad, and the outcome of negotiations with major customers, the Vranken-Pommery Monopole Group is confident for 2023, which should see further growth in all the aggregates of its operating account.
Dividend
At its Annual General Meeting on June 1, 2023, Vranken-Pommery Monopole will propose the payment of a dividend of €0.80 per share for the 2022 fiscal year. This dividend will be paid on July 13, 2023 and would correspond to a gross yield of 4.52% based on the share price on March 29, 2023.
Next release
Publication of the 2022 Universal Registration Document: April 13, 2023.
About Vranken-Pommery Monopole
Vranken-Pommery Monopole manages 2,600 hectares of land, owned outright or under lease and spread over four vineyards in Champagne, Provence, Camargue and Douro. The group’s wine-making activities range from production to marketing, with a strong commitment to the promotion of terroirs, sustainable wine-growing and environmental conservation.Its brand portfolio includes:
Vranken-Pommery Monopole is a company listed on NYSE Euronext Paris and Brussels. (code "VRAP" (Paris), code "VRAB" (Brussels); ISIN code: FR0000062796).
Contacts
Vranken-Pommery Monopole :Franck Delval, Directeur des Contrôles Financiers+33 3 26 61 62 34, comfi@vrankenpommery.fr | PresseLaurent Poinsot, +33 1 53 70 74 77, lpoinsot@image7.frCaroline Simon, +33 1 53 70 74 65, caroline.simon@image7.fr |
Attachment
1 Year Vranken Pommery Monopole Chart |
1 Month Vranken Pommery Monopole Chart |
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