LANSON-BCC (EPA:ALLAN) - LANSON-BCC: FIRST HALF OF 2016: SATISFACTORY RESULTS

Transparency directive : regulatory news

08/09/2016 17:45

PRESS RELEASE

                   FIRST HALF OF 2016: SATISFACTORY RESULTS

Reims, Thursday September 8th, 2016 - 5:45 pm

The LANSON-BCC Group is releasing its audited earnings for the first half of
2016, with 1.72 million euros of net income. This is an encouraging result
considering that the first half-year period accounts for around one third of
sales, but half of costs.

Highlights
In terms of volumes, for the Champagne industry as a whole, the first halves of
2016 (+1.1%) and 2015 (-1%) show contrasting trends. The French market (51% of
volumes shipped) is down 2.1%, but other EU countries and above all other
countries outside the European Union (25% of volumes shipped) are growing
strongly (+4.6%). (Source: CIVC)

In this environment, the LANSON-BCC Group's volumes for the first half of 2016
increased in France, as well as for several other EU countries, particularly
the UK and Switzerland.

Consolidated income statement

IFRS (EUR'000,000)          H1 2016   H1 2015
Revenues                   91.80      85.83
EBIT                        6.14       2.08
Financial income / expense -3.40      -3.36
Net income                  1.72      -1.32

Consolidated revenues for the first half of 2016 climbed to 91.80 million
euros, compared with 85.83 million euros, up 7%. Excluding the brokerage
subsidiary, whose activity is traditionally subject to fluctuations,
consolidated revenues represent 88.70 million euros for the first half of 2016,
compared with 84.29 million euros (+5.2%).

Exports generated 41.8% of revenues, compared with 43.2% at June 30th, 2015.
This change reflects the growth in sales on the French market and the
contraction in sales for several European destinations (Germany, Scandinavia,
Netherlands, etc.). In Japan, sales have been deferred as a result of
sufficient stock levels.

EBIT came to 6.14 million euros, compared with 2.08 million euros at June 30th,
2015. The operating margin ratio represents 6.7%, up from 2.4% for the first
half of 2015. This change factors in positive volume effects, primarily in
France and the UK, as well as a positive price effect for superior vintages,
making it possible to absorb the increase in the cost price of bottles sold
despite a highly competitive environment.

Financial income and expenses totaled -3.40 million euros, compared with -3.36
million euros at June 30th, 2015. The average rate for consolidated debt was
1.29%, versus 1.37% at December 31st, 2015.

Net income climbed to 1.72 million euros, compared with -1.32 million euros at
June 30th, 2015.

Consolidated balance sheet

Shareholders' equity represents 250.69 million euros, compared with 240.13
million euros at June 30th, 2015.

Consolidated net debt came to 497.02 million euros, compared with 491.83
million euros at June 30th, 2015. This trend will pave the way for a steady
increase in sales of superior quality wines over the coming years. 83% of this
debt is allocated for ageing a stock of wines over three years on average, an
integral part of the process for creating Champagne wines. Gearing has improved
further to 1.98, versus 2.05 at June 30th, 2015.

Outlook

In view of the usual seasonal trends for Champagne wine sales, with the first
half of the year accounting for 50% of fixed costs, but generating barely one
third of sales, the Group's results are satisfactory. However, these results
cannot be extrapolated over the full year for 2016. Since visibility for the
end of the year is still limited, the Group is not releasing any forecasts for
the full year.

Additional information

The consolidated half-year accounts have been subject to a "limited" review by
the statutory auditors (Grant Thornton and KPMG), in accordance with the
regulations in force. The half-year financial report was approved by the Board
of Directors  on  September  8th,  2015  and  is  available  on  the  Group
website: www.lanson-bcc.com.

2016 third-quarter revenues will be released on Thursday November 3rd, 2016
(after close of trading).

LANSON-BCC is a group built around seven Houses that produce Champagne wines,
created and led by Champagne families. The Group unites together outstanding
Houses, renowned for their unique wines and benefiting from the effective fit
between their customer segments. The blend of ancestral know-how and
leading-edge technical capabilities, creative independence and rational
synergies enables each one of its Houses to develop its performances, ensuring
the LANSON-BCC Group's sustainability.

- Champagne Lanson (Reims), the prestigious international brand, which is
  launching its new Clos Lanson prestige cuvee this year.
- Champagne Chanoine Frères (Reims), wines intended primarily for the European
  mass retail market (Chanoine brand), reputed above all for its famous Tsarine
  cuvee.
- Champagne Boizel (Epernay), French mail-order market leader, with wines
  distributed in the traditional sector for international markets.
- Maison Burtin (Epernay), a European mass retail supplier and owner of the
  Besserat de Bellefon brand, distributed through traditional networks
  (restaurants, wine stores).
- Champagne De Venoge (Epernay), sold on selective retail markets, notably with
  its Louis XV grande cuvee.
- Champagne Philipponnat (Mareuil sur Aÿ), which owns the prestigious Clos des
  Goisses, with wines also available on selective retail markets as well as in
  leading restaurants.
- Champagne Alexandre Bonnet (Les Riceys), owner of a vast vineyard, with wine
  sold in traditional sectors.

www.lanson-bcc.com

Euronext Compartment B

ISIN: FR0004027068

Ticker: LAN Reuters: LAN.PA

Bloomberg: LAN:FP

Indices: CAC All Shares, CAC Beverages, CAC Consumer Goods, EnterNext
PEA-PME 150

Eligible for SME share-based savings schemes
(implementing order of March 5th, 2014)

LANSON-BCC
Nicolas Roulleaux Dugage
Tel: +33 3 26 78 50 00
investisseurs@lansonbcc.com
actionnaires@lansonbcc.com

CALYPTUS
Cyril Combe
Tel: +33 1 53 65 68 68
cyril.combe@calyptus.net

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LANSON-BCC (EPA:ALLAN) - LANSON-BCC: FIRST HALF OF 2016: SATISFACTORY RESULTS

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