2021 First half Results
Resilient profit delivery in the first half of 2021
taking into account the one-off impacts in the 2020 reported half-year results
- EBITDA* of €6.0m at
30 June 2021 (-11%) compared to €6.9m in H1 2020 restated(1) which benefited from non-recurring items totalling €3.3m related to the pandemic - Net income from continuing operations up 22.3% to €2.5m at end of
June 2021 - Net profit (Group share): €1.5m (-€1.4m at
30 June 2020 )
* EBITDA = EBIT – provisions for current assets – depreciations – pensions liabilities.
NB: Unless otherwise stated, any growth in turnover mentioned is quoted at a constant exchange rate and consolidation scope.
Andrew Highcock, CEO of
Simplified income statement for First Half 2021
In €m, except EPS | H1 2020 restated (1) | H1 2021 | 2021/20 Change | ||
Net sales (excluding excise tax) | 86.7 (1) | 81.0 | -5.8% | ||
Gross profit | 37.3 | 32.2 | -€5.1m | ||
Gross margin | 43.0% | 39.7% | -3.3pt | ||
EBITDA | 6.9 | 6.0 | -€0.8m | ||
Current operating income | 3.0 | 2.5 | -€0.5m | ||
Attributable net income | (1.4) | 1.5 | +€2.9m | ||
Earnings per share | (0.65) | 0.02 | n.s. |
2021 First Half Sales
In accordance with the Group’s new managerial organisation implemented on
H1 2021 sales reached €81m, down 5.8% on a like-for-like basis compared to the same period of 2020 (restated for Polish and
Sales for the first half of 2021 increased by 3.5% after adjusting for one-off effects including both the impact of pandemic-related bulk ethyl alcohol sales in
In
International sales amounted to €41.9m, a decline of 12% as a result of the negative comparison with the particularly high level of activity in Lituania and in
Results
Consequently, gross margin for the first half of 2021 fell by 14%, resulting in a 3.3 point reduction in the gross margin rate to 39.7% in the first half of 2021, compared with 43% (restated accounts) at
EBITDA amounted to €6.0m in H1 2021, compared to €6.9m in 2020, a decrease of 11% excluding the currency effect, a change of -€0.9m also explained by the impact of non-recurring impacts in H1 2020.
As at
Attributable net profit amounted to €1.5m in the first half of 2021, compared with a loss of €1.4m in the first half of 2020, with a Net Profit (Group share) from Continuing Operations of €2.5m at the end of
2021 First Half EBITDA by cluster
(in €m) | H1 2020 restated | Organic growth | FX impact | H1 2021 | Organic growth (excl. FX) | Variation (incl. FX) |
4.9 | 1.6 | - | 6.5 | 32.3% | 32.3% | |
INTERNATIONAL CLUSTER | 7.5 | (4.1) | (0.1) | 3.3 | -54.1% | -55.5% |
HOLDING | (5.5) | 1.7 | - | (3.8) | -30.1% | -30.1% |
TOTAL MBWS | 6.9 | (0.8) | (0.1) | 6.0 | -11.0% | -12.5% |
The
The entities under the International cluster reported EBITDA of €3.3m for the first half of 2021, compared to €7.5m in the restated first half of 2020, reflecting in particular the cyclical impact of bulk ethyl alcohol sales in
Holding: EBITDA amounted to -€3.8m, an improvement of €1.7m vs. 2020, mainly driven by three factors: the reduction of operating costs and central teams in line with the new size of the group and the operational organisation implemented at the beginning of 2021, controlled operating budgets and the postponement of certain expenses to the second half of 2021.
Balance sheet at 30th
Shareholders' equity (Group share) was €168.2m at
These changes reflect the capital increase conducted in
Outlook
The Group is pursuing the implementation of its 2019-2022 Strategic Plan aimed at creating the conditions for profitable and sustainable development, with in particular the sale of the Polish activities and the wine business in
After an encouraging trend in results in 2020, the Group faced a mixed context as the pandemic evolved in the first half of 2021. With its disruptive impact on the business differing by distribution channel and the uncertainty about its evolution by the end of the year, the Group is currently cautious about predicting future trading performance.
Financial calendar
- Availability of the 2021 first half financial report:
- Publication of Sales at
About
150 index.
Contact Image Sept cdoligez@image7.fr – flarger@image7.fr Tél : +33 1 53 70 74 70 |
APPENDIX
FIRST HALF 2021 Consolidated Financial Statements (1)
INCOME STATEMENT
(in €000) | ||
103,536 | 111,981 | |
Excices tax | (22,507) | (25,227) |
NET SALES EXCL TAX | 81,028 | 86,753 |
Cost of goods sold | (48,865) | (49,469) |
External charges | (11,050) | (12,494) |
Salary expenses | (16,282) | (17,092) |
Taxes and Duties | (1,156) | (1,372) |
Depreciation and Amortization | (3,562) | (4,691) |
Other operating income | 3,680 | 2,639 |
Other operating expenses | (1,315) | (1,289) |
RÉCURRING OPERATING PROFIT | 2,478 | 2,986 |
Extraordinary income | 2,403 | 2,781 |
Extraordinary expenses | (2,488) | (5,978) |
OPERATING PROFIT | 2,393 | (211) |
Interest income | 107 | 65 |
Interest expenses | (343) | (1,623) |
NET COST OF DEBT | (236) | (1,558) |
Other interest income | 507 | 6,747 |
Other interest expenses | (86) | (1,479) |
NET INTEREST EXPENSES | 185 | 3,710 |
PRE-TAX INCOME | 2,578 | 3,499 |
Income tax/credit | (89) | (1,465) |
INCOME FROM ONGOING OPERATIONS | 2,489 | 2,034 |
INCOME FROM DISCONTINUED OPERATIONS | (942) | (3,404) |
NET INCOME | 1,546 | (1,370) |
Attributable net income | 1,546 | (1,392) |
Of which net income from ongoing operations | 2,488 | 2,012 |
O which net income from discontinued operations | (942) | (3,404) |
Non-controlling interests | 1 | 22 |
Of which net income from ongoing operations | 1 | 22 |
O which net income from discontinued operations | 1,547 | |
Attributable Net income per share (in €) | 0.02 € | 0.05 € |
Attributable net income from ongoing operations per share fully diluted (in €) | 0.02 € | 0.05 € |
Net income per share (in €) | 0.02 € | -0.65 € |
Net income per share diluted (in €) | 0.02 € | -0.64 € |
Weighted average number of outstanding shares | 99,866,838 | 37,366,868 |
Weighted average diluted number of outstanding shares | 99,866,838 | 37,835,336 |
(1) For all tables and figures, "
B
Assets
(in €000) | 30.06.2021 | |
Non-current assets | ||
14,704 | 14,704 | |
Intangible assets | 82,303 | 83,167 |
Property, plant and equipment | 27,320 | 28,111 |
Financial assets | 4,840 | 5,639 |
Non-curent derivatives | ||
Deferred tax assets | 1,573 | 1,225 |
Total non-current assets | 130,740 | 132,846 |
Current assets | ||
Inventory and work-in-progress | 39,094 | 37,811 |
Trade receivables | 25,997 | 20,813 |
Tax receivables | 2,677 | 554 |
Other current assets | 17,105 | 22,123 |
Current derivatives | 133 | 70 |
Cash and cash equivalents | 52,605 | 42,075 |
Assets held for disposal | 12,900 | |
Total current assets | 137,611 | 136,346 |
TOTAL ASSETS | 268,350 | 269,192 |
Liabilities
Shareholders’ equity | ||
Share Capital | 156, 729 | 62,578 |
Additional paid-in capital | 72,750 | 66,711 |
Consolidated and other reserves | (52,554) | (14,083) |
Translation reserves | (10,230) | (10,720) |
Consolidated net profit/(loss) | 1,546 | (38,465) |
Shareholders’ equity (Group share) | 168,241 | 66,020 |
Non-controlling interest | 329 | 328 |
Total Shareholders’ equity | 168,570 | 66,348 |
Non-current liabilities | ||
Employee benefits | 3,345 | 3,150 |
Non-current provisions | 3,815 | 3,926 |
Long-term borrowings – due in > 1 year | 2,915 | 65,352 |
Other non-current liabilities | 1,719 | 1,751 |
Non-current derivatives | - | - |
Deferred tax liabilities | 18,188 | 17,879 |
Total non-current liabilities | 29,983 | 92,058 |
Current liabilities | ||
Current provisions | 4,816 | 7,049 |
Long-term borrowings – due in < 1 year | 1,159 | 15,023 |
Short-term borrowings | 2,265 | 5,287 |
Trade and other payables | 32,157 | 34,777 |
Tax liabilities | (12) | 5,667 |
Other current liabilities | 29,242 | 32,584 |
Current derivatives | 170 | 98 |
Liabilities held for sale | 10,301 | |
Total current liabilities | 69,798 | 110,786 |
TOTAL EQUITY AND LIABILITIES | 268,350 | 269,192 |
CONSOLIDATED CASH FLOW STATEMENT
(in €000) | 30.06.2021 | |
Total consolidated net profit | 1,547 | (1,370) |
Eliminations : | ||
Amortization and provisions | 1,124 | (8,199) |
Revaluation gains / losses (fair value) | - | - |
Gains/losses on disposals and dilution | 466 | 5,844 |
Operating cash flow after net cost of debt and tax | 3,137 | (3,724) |
Income tax charge (credit) | 89 | 2,002 |
Net cost of debt | 214 | 2,351 |
Operating cash flow before net cost of debt and tax | 3,440 | 629 |
Change in working capital 1 (inventories, trade receivables and payables) | (5,108) | (4,073) |
Change in working capital 2 (other items) | (2,021) | (1,552) |
Tax paid | (7,881) | (87) |
Cash flow from operating activities | (11,570) | (5,082) |
Purchase of property, plant and equipement and intangible assets | (1,147) | (3,179) |
Purchase of financial assets | - | - |
Decrease in loans and advances granted | 893 | 7,072 |
Disposal of property, plant and equipement and intangible assets | 94 | 510 |
Impact of change in consolidation scope | 1,947 | 23 |
Cash flow from investing activities | 1,787 | 4,427 |
Capital increase | 16,709 | 4 |
New loans | 7,149 | 19,546 |
Loans repayment | (831) | - |
Net interest paid | (214) | (1,455) |
Net change in short-term debt | (3,008) | (4,734) |
Cash Flow from financing activities | 19,805 | 13,360 |
Impact from changes in foreign exchange rates | 508 | (430) |
Change in cash and cash equivalents | 10,530 | 12,275 |
Opening cash position | 42,075 | 26,193 |
Closing cash position | 52,605 | 38,468 |
Change in cash and cash equivalents | 10,530 | 12,275 |
1 On
2 See "Balance sheet at
Attachment
- MBWS_PR_FIRSTHALF_RESULTS2021_EN_29SEPT2021_FV
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