2018 First-half earnings

Press release date: 
13/09/2018 - 5:45pm

Reims, Thursday September 13, 2018 - 5:45 pm

The LANSON-BCC Group is releasing its audited earnings for the first half of 2018, with a profit of €0.17m, while the first half-year period accounts for only around one third of sales, but half of costs.



In terms of volumes, for the overall Champagne sector, the first half of 2018 (-0.9%) was less favorable than the same period in 2017 (+3.3%). The contraction in the French market (47% of volumes shipped) accelerated to -3.3% from -2.7% for the first half of 2017. The other European Union countries show a limited change (-0.9%), linked primarily to the contraction on the UK market (-4.2% after -11% for the full year in 2017). Countries outside the European Union have continued to make progress (+3.3% with 29.6% of volumes shipped - source: CIVC).

In this environment, the LANSON-BCC Group’s volumes for the first half of 2018 show contrasting trends: Philipponnat, De Venoge, Besserat de Bellefon and Chanoine - thanks to its Tsarine cuvee - have delivered further improvements in their performance levels. However, Lanson has recorded a lower level of business in the UK, its longstanding core market.


Consolidated income statement

IFRS (€m)

H1 2018

H1 2017







Financial income and expenses    



Net income




Consolidated revenues for the first half of 2018 totaled €88.20m, up +3.7%, compared with a
-7.3% drop for the first half of 2017. Excluding the brokerage subsidiary, whose activity is traditionally subject to fluctuations, consolidated revenues represent 86.98m for the first half of 2018, compared with €83.12m (+4.6%).

Exports generated 44% of revenues at June 30, 2018, compared with 46% at June 30, 2017. This performance factors in the improved level of business for the Group’s Houses in France on the one hand, and on the other hand, the drop in sales in the UK, against a backdrop of price inflation due to the sterling’s continued depreciation.

EBIT came to €1.90m, compared with €2.62m for the first half of 2017. The higher volumes recorded in France and the positive price effects for several export destinations were not able to offset the continued slowdown in the UK, as well as the increase in the cost price of bottles sold during the period.

Financial income and expenses came to -€1.88m, compared with -€1.78m.

Net income totaled 0.17m, compared with €0.59m at June 30, 2017.


Consolidated balance sheet

Shareholders’ equity is up to €271.08m, compared with €262.88m at June 30, 2017.

Consolidated net debt represents 525.59m, compared with €521.81m at June 30, 2017. 90% of debt is allocated for ageing a stock of wines over 3.5 years on average, an integral part of the process for creating Champagne wines. This debt will pave the way for a steady increase in sales of superior quality wines over the coming years. Gearing represents 1.94, compared with 1.98 at June 30, 2017.



Due to the seasonality of Champagne sales, these positive results cannot be extrapolated over the full year for 2018. As visibility for the end of the year is still limited, the Group is not releasing any forecasts for the full year, but it is important to note that the second half of the year generally represents nearly double the first six months.


Additional information

The consolidated half-year financial statements have been subject to a “limited” review by the statutory auditors (Grant Thornton and KPMG), in line with the regulations in force. The half-year financial report was approved by the Board of Directors on September 13, 2018 and is available on the Group website: www.lanson-bcc.com.


2018 full-year revenues will be released on Thursday January 31, 2019 (after close of trading).

Attached document: 

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