Press release date: 
07/03/2024 - 4:37pm


  • Revenues: €271.70m, -6.1%
  • Income from ordinary operations: €58.76m, +17.0%
  • Net income: €36.74M (-5.2%), with €5.44 per share
  • Dividend to be proposed at the General Meeting: €1.10 per share

Reims, Thursday March 7, 2024 - 5:45 pm


The LANSON-BCC Group, a Champagne pure player, recorded good performances in 2023, with its current operating margin climbing to 21.6% of consolidated revenues, reflecting the impact of the improvement in the price-product mix and the better value creation achieved in the Group’s Maisons. Net income is down to €36.74m following the increase in financial expenses. These results enabled the Group to further strengthen its financial structure. Despite a challenging economic environment, the LANSON-BCC Group is resolutely moving forward with its value creation strategy.


Key developments: the global Champagne wine market in 2023


The market saw volumes drop -8.2% to 299.0 million bottles shipped, with over €6bn in sales. France (42.6% of volumes) and exports (57.4% of volumes) contracted by -8.0% and -8.3% respectively (source: CIVC).


Our Maisons


In this context, the LANSON-BCC Group recorded a more marked decline in its volumes than the industry, with consolidated revenues down -6.1% to €271.70m. Excluding the brokerage subsidiary, whose activity is traditionally subject to fluctuations, the Group’s consolidated revenues are down -5.8% to €266.4m. The downturn came to
-5.4% in France, linked primarily to Champagne Chanoine withdrawing a range whose value levels were too low, and -6.1% for exports, particularly following the surplus inventory built up in the United States and Australia.


Consolidated income statement

IFRS (€m)



Change (%)





Gross margin




Income from ordinary operations




% of revenues



+4.2 pts

Non-current items








Finance costs




Corporate income tax




Net income




% of revenues




Net earnings per share (€)




Consolidated revenues for 2023 came to €271.70m (-6.1%). The contraction in volumes was partially offset by the change in the price-product mix, with +11.6% growth, outpacing the overall industry figure (+10.3%). France generated 41.8% of revenues in 2023, with 58.2% for exports.


EBITDA(income from ordinary operations before depreciation and provisions - net of reversals) is up +15.6% from €57.99m to €67.06m. This change is linked mainly to the growth in average sales prices and the improvement in the product mixes.


Income from ordinary operationsreached €58.76m, compared with €50.24m in 2022, delivering +17.0% growth. The ratio of income from ordinary operations to revenues is up +4.2 pts to 21.6%.


EBITcame to €58.90m, compared with €55.86m in 2022, up +5.4% (for reference, in 2022, this result included €1.6m of non-current income linked to the favorable outcome reached following a dispute with the tax authorities and a €3.2m reversal of provisions linked to an agreement concerning the financing and conditions for managing the mutual health insurance program for retired Maison Burtin staff).


Financial expensesprimarily concern interest linked to the aging of wines in cellars. They represented -€10.08m, compared with -€4.27m in 2022, up +136%, reflecting the gradual increase in interest rates, which is becoming more marked as our aging-related credit facilities reach their deadlines for renewal.


Pre-tax earningscame to €48.82m, compared with €51.58m in 2022.


Following a corporate income tax rate of 26.0% in 2023, compared with 25.4% in 2022, net income totaled €36.74m, versus €38.75m on a reported basis in 2022 (€35.19m on a comparable basis restated for the non-current items net of tax from the previous year). The net margin rate in 2023 was 13.5%, compared with a restated net margin of 12.2% in 2022.


However, it is important to note that the full-year results for 2023 do not yet reflect the full impact of grape price inflation on the cost of sales or the impact of financing on the aging of wines in cellars.


Consolidated balance sheet


Shareholders’ equity (Group share)was further strengthened to reach €354.3m, compared with €324.0m at end-2022, notably taking into account the impact of the allocation of 83% of 2022 net income to reserves.


Consolidated net financial debttotaled €501.6m, compared with €466.9m at end-2022. €434.2m correspond to credit facilities for the aging of the stock of Champagne wines, representing a volume of nearly 4.1 years of sales, based on the 2024 budget, with a book value of €565.8m, compared with €519.3m at end-2022. Other financial debt represents €67.4m (versus €60.6m at end-2022) and concerns the investments in the Group’s Maisons and vineyards.


The Group has continued to improve its financial structure: gearing at 1.39, versus 1.42 in 2022, is at a correct level for Champagne due to the significant levels of stock for aging.


Proposed dividend


Taking into account the year’s results, LANSON-BCC’s Board of Directors will be submitting a dividend of €1.10 per share for approval at the General Meeting on April 26, 2024, scheduled for payment on May 6, 2024. This payout represents 20% of full-year net income for 2023. Historically, the bulk of earnings have been capitalized in order to improve gearing and give each of the Group’s Maisons the means to drive its development.




A family-owned pure player for Champagne, LANSON-BCC is continuing to focus on its long-term premiumization development strategy. The Group’s ambition to further strengthen its positioning in the world of high-end wines is still, more than ever, firmly anchored at the heart of its plans. This strategy is vital considering the continued increase in grape prices and the rapid rise in the cost of stock financing.

In line with its cautious policy, the Group is not releasing any forecasts for the new financial year.


Additional information


The consolidated financial statements for 2023 were approved by the Board of Directors on March 07, 2024. The audit procedures on the consolidated accounts have been completed. The certification report will be issued once the necessary procedures have been finalized for filing the 2023 Universal Registration Document with the AMF.

A video presenting the 2023 earnings will be published shortly on the Group website:

Champagne Lanson Champagne Chanoine Frères Champagne Besserat de Bellefon Champagne Boizel Champagne De VenogeChampagne PhilipponnatMaison Alexandre Bonnet Maison Burtin