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H1 2017 results

Lundi 25 Sep 2017 à 18:00

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 the first half of 2017, as approved by the Board of Directors on September 18, 2017.

In € million H1 2017 H2 2016 H1 2016
Turnover 61.4 53.1 51.1
Distribution 20.7 17.3 24.6
Boutiques 40.7 35.8 26.5
Other income on ordinary activities (Licenses) 0.7 0.6 1.0
EBITDA[1] 6.1 6.0 7.9
Operating income 5.5 3.8 7.1
Financial income (expense) (0.7) (1.0) (0.7)
Income tax (1.7) 1.3 (1.9)
Group net profit 3.0 4.0 4.5

Turnover up 20% in the first half

Bogart Group's vertical integration strategy boosted growth in the Boutiques business to 53.6% in the first half of 2017, with the December 2016 acquisition of 87 HC Parfümerie boutiques (including seven franchises) bringing turnover to €40.7 million at June 30. The Distribution business contracted in the first six months of the year, due to a challenging base effect brought on by a number of product launches in the prior-year period. At €20.7 million, however, turnover was up compared with second-half 2016, a trend that is set to gather momentum with the major product launches scheduled for the last six months of the year (see below).

Consolidated half-year turnover including license sales amounted to €62.1 million, versus €52.1 million one year earlier.

EBITDA stable period-on-period

Consolidated EBITDA came to €6.1 million, stable compared with second-half 2016 but down on the first half of 2016 due to the Distribution business' smaller contribution to offsetting overheads as well as to non-recurring depreciation and amortization expenses, which had an impact of €0.7 million.

The contribution of the Boutiques business was stable, demonstrating the Group's strong ability to generate profitable growth as part of its vertical integration strategy.

Amounting to €5.5 million, operating income was down by €1.6 million year-on-year but up by €1.7 million on second-half 2016.

Group net profit totaled €3.0 million, after taking into account stable cost of net debt of €0.7 million and income tax expense of €1.7 million (versus €1.9 million in the prior-year period).

Healthy, solid financial position

At June 30, 2017, Bogart Group had equity of €74.6 million, versus €74.2 million at December 31, 2016.

Net debt (excluding the shareholders' current account) stood at €22.3 million at the end of the period, compared with €19.9 million at end-2016. The increase in operational cash flow – evidence of the Group's excellent operational efficiency – was offset by a rise in working capital linked to business growth.

Profitable growth prospects

Bogart Group expects 2017 to be another year of business growth.

In the second half of the year, Jacques Bogart will build on the momentum gathering in the Distribution business, with launches scheduled at the Group's three leading brands: a new exclusive Carven collection released in September and new Ted Lapidus and Jacques Bogart fragrances in the fourth quarter. This growth is expected to structurally generate a greater contribution to the Group's results.

The second half of the year will also be marked by the roll?out of 250 April cosmetics product references across the Group's entire network of more than 150 boutiques.

The Group will also remain attentive to new opportunities for external growth.

Publication of the first-half 2017 financial report

Bogart Group's first-half 2017 financial report is now available to the public and has been filed with the French market authorities, the Autorité des marchés financiers. Access this document online at: www.groupe-bogart.com

Next publication: Bogart Group will publish its provisional turnover for the third quarter during the week beginning November 6, 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


BOGART GROUP ACTUS finance & communication  
Tel: +33 (0)1 53 77 55 55
Natacha Morandi
Analyst/Investor relations
Tel: +33 (0)1 53 67 36 94
Alexandra Prisa
Press relations
Tel: +33 (0)1 53 67 36 90

[1] 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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