2023-2024
year

The Laurent-Perrier Group continues to grow its results, supported by the recognized quality of its wines and brands.

The financial year 2023-2024 was marked by the highest results in the Group's history. They are being driven by long-term value policy in a market that is now being affected by two recent and important factors: inflation- suppressed consumption and clients paying close attention to the impact of interest rates on the stocks that they hold.

Sales in value remained stable compared to last year, with price and mix effects compensating the observed decrease in volumes.

This ability to maintain sales in value is a direct result of our value policy. It is based first and foremost on the very high quality of our wines, and on the growing strength of our brands.

This value was rewarded in May 2024 by the granting of the Royal Warrant by King Charles III.

Laurent-Perrier is the first Champagne brand to be honoured with this title which recognizes both the quality of our wines and the environmental commitments in viticulture and winemaking taken by the Group for many years already. We are all very proud and honoured by such a prestigious recognition.

The Group's turnover (champagne sales) for the year was €303.5 million.

The Group's operating margin was 31.3% at current exchange rates. The Group share of net profit also increased significantly. It amounts to €63.6 million at current exchange rates and thus represents 20.3% of the Group's consolidated turnover.

The elements of the consolidated balance sheet that ended on 31 March 2024 once again demonstrate the strength of the Group's financial

structure. Shareholders' equity, Group share, stood at €597.6 million and the net debt was at €191.6 million, including cash flow of €51.2 million.

Factors that negatively affected the market in 2023 accelerated in the first three months of 2024. They call for increased vigilance. The Group is strong and well equipped to face this decline, which Champagne and the Group will overcome.

In this difficult economic and geopolitical context, the Group will maintain its value policy by focusing on the quality of its wines, a quality sourcing based on long-term partnership policy, a continuous strengthening of its brands, a controlled global distribution, and finally an agility facing the constantly changing environment.

Stéphane DALYAC
Chairman of the Board