EQS Group-Ad-hoc: Lalique Group SA / Key word(s): Half Year Results
MEDIA RELEASE - Ad hoc announcement pursuant to Art. 53 LR
Lalique Group announces half-year results 2021
A telephone conference for investors, analysts and the media will be held today at 10.00 CEST.
Lalique Group returned to profitable growth in the first half of 2021 after experiencing a sharp decline in sales in 2020 due to the Covid-19 pandemic. Although all segments of the business continued to be impacted by the pandemic in the first half of 2021, sales recovered strongly - especially in the second quarter. The top selling Lalique segment closed the first half of the year 2% above the pre-pandemic level in the first half of 2019, driven in particular by Lalique Parfums. Most of the other perfume brands also achieved a solid performance. This more than offset the decline in the sale of Ultrasun sunscreen products, which reflected the prolonged restrictions on holiday travel. Overall, the Group's operating revenue increased to EUR 64.7 million, up 32% compared to the first half of 2020, including government support payments totalling EUR 1.2 million, compared to EUR 0.6 million in the first half of 2020. Operating revenue in the reporting period thus came close to pre-pandemic levels (H1 2020: EUR 49.1 million; H1 2019: EUR 70.0 million).
Lalique Group continued to exercise strict cost management in the first half of 2021. At EUR 14.0 million, personnel costs remained more or less stable (H1 2020: EUR 14.1 million), while other operating expenses fell by 6% to EUR 9.3 million, driven primarily by cost reductions in the Lalique segment. Depreciation, amortisation and value adjustments decreased to EUR 6.6 million and were thus 45% lower than in the first half of 2020, which included a non-cash impairment charge of EUR 4.3 million before tax on Lalique's brand value.
The increase in sales combined with lower costs resulted in EBIT of EUR 4.4 million in the first half of 2021 (H1 2020: EUR -10.0 million), corresponding to an EBIT margin of 6.8%. Net Group profit was EUR 3.1 million, compared to EUR -10.6 million in the first half of 2020.
Lalique Group continues to have a solid liquidity and capital position with an equity ratio of 48.4% at the end of June 2021, compared to 46.2% at the end of 2020.
Ultrasun generated sales of EUR 9.9 million in the first half of 2021, down 21% compared to the prior-year period. This reflects subdued orders from most markets as the prolonged restrictions on holiday travel resulted in high inventory levels. Towards the end of June 2021, sales trends improved in all regions. Segment costs decreased by 10% in the reporting period. EBIT totalled EUR 0.5 million (H1 2020: EUR 2.0 million).
The Jaguar Fragrances segment achieved sales of EUR 8.7 million, increasing 37% compared to the prior-year period without reaching pre-pandemic levels. The Middle East in particular, but also certain European markets, contributed to the growth. With the significant rise in sales, the segment was able to deliver a substantial increase in profitability and recorded EBIT of EUR 1.5 million (H1 2020: EUR 0.2 million).
Sales in The Glenturret segment increased to EUR 1.6 million in the first half of 2021, up 385% compared to the prior-year period, reflecting strong demand for the new range of whiskies, although exports were partly impacted by logistical problems following Brexit. Direct sales to gastronomic establishments remained at a low level due to the Covid-19 pandemic. The rise in segment costs is primarily attributable to the hiring of employees for The Glenturret Lalique Restaurant, which opened at the end of July 2021. The distillery's visitor centre and shop had to remain closed for part of the first half of 2021 due to the pandemic but reopened for guided tours at the end of April, after being renovated in the Lalique style. EBIT decreased to EUR -1.7 million (H1 2020: EUR -1.1 million).
Among the other brands segment, Bentley Fragrances saw sales grow by 162%. This strong performance was driven in particular by higher demand from the USA and the Middle East. Parfums Samouraï recorded a 66% rise in sales despite continued market restrictions due to Covid-19 protective measures in Japan. Parfums Grès reported slight growth in sales of 2% in the reporting period. The first Brioni fragrance, which was presented in March 2021, met with a positive response from the market, although the product launch was partly delayed due to the Covid-19 situation. Lalique Beauty Services achieved a 15% increase in sales in the reporting period, exceeding pre-pandemic levels. As a result, the segment was able to significantly strengthen its profitability with EBIT of EUR 1.9 million (H1 2020: EUR 0.0 million).
Changes in the Digital area
The Group will continue to consistently pursue its diversification strategy and believes that it is well positioned with its international target clientele in the luxury goods market. With the acquisition of the Lalique Hotel and Restaurant Château Lafaurie-Peyraguey announced on 21 July 2021 and the opening of The Glenturret Lalique Restaurant, Lalique Group has expanded its gastronomy and hospitality business, which now comprises four exclusive establishments and should also help to further promote the Lalique brand. Alongside launches of product innovations in all segments, there is a continued focus on the further expansion of online activities as well as distribution via online merchants.
Conference call for investors, analysts and the media
Phone: +41 43 499 45 58
You can find further information at: www.lalique-group.com
1) Non-cash impairment charge of EUR 4.3 million on the Lalique brand in the first half of 2020
In EUR million
The complete consolidated financial statements are available at
End of ad hoc announcement
|Company:||Lalique Group SA|
|Phone:||043 499 45 00|
|Fax:||043 499 45 03|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1233404|
|End of Announcement||EQS Group News Service|
1233404 15-Sep-2021 CET/CEST