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2016: robust performance and dividend increase

Mercredi 10 Mai 2017 à 11:00

Bogart Group (Euronext Paris – Compartment B – FR0012872141 – JBOG), which specializes in the creation, manufacture and commercialization of luxury fragrances and cosmetics, has published its results for FINANCIAL year 2016.

In € million (audited figures) 2016 2015[1] Change  
 
Turnover 104.2 95.1 +9.6%  
Distribution[2] 41.9 40.7 +2.9%  
Boutiques 62.3 54.4 +14.5%  
Other income on ordinary activities (Licenses) 1.6 2.4 -33.3%  
Total revenues 105.8 97.5 +8.5%  
EBITDA[3] 13.9 14.4 -3.5%  
Operating income 10.9 13.2 -17.4%  
Financial income (expense) (1.7) (1.8) -5.0%  
Tax (0.6) (3.3) -81.8%  
Group net profit 8.5 7.9 +7.9%  


Strong growth in turnover underpinned by the development of the Boutiques network

2016 was marked by a strong acceleration in the Boutiques business, resulting in a 9.6% increase in turnover to €104.2 million, following the expansion of the network of own-brand boutiques across Europe through the acquisition of HC Parfümerie Group (87 fragrance boutiques in Germany) on December 1, 2016. At constant scope, growth stood at 1.5%.

Total revenues (including licenses) totaled €105.6 million, up 8.3% year on year. They break down as follows:

  • Distribution: up 2.9% to €41.9 million. Growth was driven by the dynamic performance of the Jacques Bogart brand, boosted by the success of the Silver Scent line and the launch of Silver Scent Pure. The Carven brand continued to perform well on the back of investments on the French and US markets.
  • Boutiques: up 14.5% to €62.3 million thanks to the full-year contribution of 23 boutiques acquired in 2015 and the integration in December 2016 of 87 boutiques in Germany. At constant scope, turnover was stable.
  • Licenses: down 33.3% to €1.6 million due to the termination of a license and the renegotiation of several contracts.


7.9% increase in net profit

EBITDA held up very well in 2016, coming in at €13.9 million for the year (€14.4 million in 2015), despite investments to drive growth for the Carven brand and the lower contribution to turnover of the License business (net negative impact of €0.5 million). Gross margin amounted to 13.3% of turnover. During the year, the Group saw its brands make an increasing contribution to turnover through its network of own?brand boutiques, confirming the effectiveness of its vertical integration strategy.

Current operating income stood at €10.9 million in 2016, against €13.2 million in 2015, the discrepancy being entirely linked to the €2.0 million in non-recurring income recognized in 2015.

After financial expense of €1.7 million and tax of €0.6 million (including deferred tax with respect to HC Parfümerie), net profit for the Group totaled €8.5 million, up 7.9% on the €7.9 million posted in 2015.


Financial position

At end-2016, the Group had €74.2 million in equity (€67.7 million in 2015) and a strong net cash position of €35.3 million (€37.6 million in 2015) after payment of the 2015 dividend in an amount of €2.3 million.

Net financial debt (excluding the shareholders' current account) stood at €19.9 million at December 31, 2016 versus €5.5 million one year earlier and included the acquisition of HC Parfümerie Group.


Proposed dividend of €0.16 per share

In line with its policy of regular dividends payments and confident in its growth outlook, the Board of Directors has decided to propose to the General Meeting of June 29, 2017 the payment of a dividend of €0.16 per share, up from €0.15 in 2016.


Outlook

Bogart Group intends to pursue its virtuous growth cycle in 2017 by staying true to its original vertical integration model (manufacturing-distribution) in Europe.

The Group is looking forward to a buoyant year for its Distribution business, with the continued international roll-out of its Carven brand in new markets in Europe (including Germany), the Middle East and Latin America and in the Travel Retail segment. The second half of 2017 will also be marked by the launch of a new collection of seven exclusive Carven fragrances. Lastly, following a successful test phase, the Group is gearing up for the large-scale introduction of its April cosmetics brand across its network.

The acquisition of HC Parfümerie Group in December 2016 will act as a natural springboard for the Boutiques business in 2017. In two years, Bogart Group has tripled its network of boutiques, from 48 at the start of 2015 to 157 at end-2016 (of which seven franchises). It will continue to examine acquisition opportunities to support further roll-out of the April brand.



Next publication:

Bogart Group will publish its 2017 first-quarter turnover during the week beginning May 8, 2017.



About BOGART Group

BOGART Group specializes in the creation, manufacture and commercialization of luxury fragrances and cosmetics. With a unique market positioning as a manufacturer-distributor, the Group is present in more than 90 countries, and markets its products in France via selective fragrance and cosmetics networks and overseas via local distributors and Group subsidiaries. The Group employs 1,117 members of staff and generates 74% of its turnover outside France. In 2016, the Group posted turnover of over €104 million.

Turnover by business division breaks down as follows:

- Distribution (40%): fragrances (Bogart own brands, Ted Lapidus and Carven, and licensed brands Chevignon and Naf Naf) and cosmetics (own brands Méthode Jeanne Piaubert, Stendhal and April).
- Boutiques (60%): own-brand fragrance chain.

Total Group revenues (Ted Lapidus licenses included) amounted to more than €105.8 million in 2016.

BOGART Group is listed on the Euronext Paris stock exchange (Ticker: JBOG – ISIN: FR0012872141)


Group website

www.groupe-bogart.com




CONTACTS

BOGART GROUP ACTUS finance & communication  
contact@jbogart.com
Tel: + 33 (0)1 53 77 55 55
Natacha Morandi
Analyst/Investor Relations
Tel: + 33 (0)1 53 67 36 94
nmorandi@actus.fr
Alexandra Prisa
Press Relations
Tel: +33 (0)1 53 67 36 90
aprisa@actus.fr
 

[1] Adjustments were MADE retroactively and are set out in detail in the notes to the 2016 annual financial report.

[2] Excluding turnover for Distribution fragrances and cosmetics sold in own-brand boutiques.

[3] EBITDA = operating income + CVAE (tax on the value added of businesses, levied in France) + depreciation, amortization and provisions + disposals of stock + other non-recurring operating income and expenses.



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