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EQS-Adhoc: Lalique Group announces half-year -2-

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DJ EQS-Adhoc: Lalique Group announces half-year results 2019



EQS Group-Ad-hoc: Lalique Group SA / Key word(s): Half Year Results
Lalique Group announces half-year results 2019

11-Sep-2019 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

MEDIA RELEASE

*Lalique Group announces half-year results 2019*

_Zurich, 11 September 2019 - _Lalique Group SA (SIX: LLQ), which is active
in the creation, development, marketing and worldwide distribution of luxury
goods, generated 5% growth in sales to EUR 70.0 million in the first half of
2019 despite a decline in sales in Lalique Parfums due to difficult market
conditions in the Middle East. Net Group profit amounted to EUR -0.8
million, reflecting planned investments in and expenditure on business
expansion, as well as one-off costs for the acquisition of 50% of the
Scottish whisky distillery The Glenturret. For the full year 2019, Lalique
Group anticipates that it will achieve further moderate growth, while the
EBIT margin is expected to be lower than in the prior year.

*Today at 11:00 a.m. CEST, the results for the first half of 2019 will be
presented in a conference call for investors, analysts and the media.*

Lalique Group delivered solid further growth in the first half of 2019. This
was driven primarily by continued strong growth in the Ultrasun segment as
well as the positive development of Parfums Grès and Bentley Fragrances.
While Lalique Parfums saw sales decline, the crystal business within the
Lalique segment experienced solid growth, partly due to the opening of new
boutiques in Japan, China, Macau, Vietnam and France in the second half of
2018 and the first half of 2019. The acquisition of The Glenturret also
contributed to growth. In total, Group operating revenue increased by 5% to
EUR 70.0 million (+2% in local currencies) compared to the prior-year
period.

Personnel costs rose by 7% to EUR 17.2 million, reflecting the planned
expansion of the business. Other operating expenses of EUR 15.5 million were
slightly higher than the figure for the prior-year period, with expenses in
the first half of 2019 including a positive impact of EUR 3.5 million due to
the first-time application of IFRS 16, while depreciation increased by EUR
3.2 million. Operating expenses reflect planned costs for the international
expansion of the business as well as the restructuring in the US on the one
hand, and EUR 1.2 million of one-off costs related to the acquisition of 50%
of The Glenturret on the other.

This resulted in earnings before interest and taxes (EBIT) of EUR 0.5
million in the first half of 2019, compared to EUR 2.0 million in the
prior-year period. The EBIT margin was 0.7%, compared to 2.9% in the first
half of 2018. Net Group profit totalled EUR -0.8 million, compared to EUR
1.3 million in the prior-year period, which included a positive tax effect
of EUR 1.0 million in connection with the company tax reform in France.
Excluding acquisition costs, EBIT was EUR 1.7 million, the EBIT margin was
2.5% and net Group profit was EUR 0.4 million.

*Segment results*
The Lalique segment recorded a 3% decrease in sales to EUR 35.5 million in
the first half of 2019. While the crystal business delivered a positive
performance (+4%), the sale of Lalique perfumes declined by 25% year on
year. Difficult market conditions in the Middle East as well as the
discontinuation of sales activities in Iran due to the embargo were the
reasons for this downturn. The two hotels/restaurants Villa René Lalique and
Château Hochberg continued to report high occupancy rates and generated a
corresponding increase in profitability. The overall costs for the segment
rose by 8% and include the above-mentioned restructuring costs in the US, as
well as expenditure on the expansion of the business units in China and, in
particular, in Japan, where three new sales points were opened in the first
half of 2019. This resulted in an EBIT of EUR -4.5 million (first half of
2018: EUR -3.3 million).

The Ultrasun segment once again achieved strong growth in all key markets,
especially in China, Switzerland and EU states. The increased focus on
distribution through pharmacies and chemists continued to pay off. Sales
rose by a total of 18% to EUR 15.5 million. Including higher growth-related
personnel costs, EBIT increased by 32% to EUR 3.9 million.

In the other segments, Jaguar Fragrances recorded slight growth (+1%), while
Parfums Grès reported a pleasing rise in sales of 41%. Among the other
brands, Bentley Fragrances experienced a 27% increase in sales, and Parfums
Samouraï achieved growth of 4% following successful product launches. The
perfume filling and logistics operation Lalique Beauty Services produced a
result that was in line with expectations. The whisky distillery The
Glenturret, which has been fully consolidated in the accounts of Lalique
Group since its acquisition on 28 March 2019, generated sales of EUR 0.7
million in the last three months of the first half of 2019.

*Outlook for 2019*
Lalique Group believes that with its diversification strategy, it is very
well positioned to serve a broad international target clientele in the
luxury goods market and it continues to target sales growth in the
mid-single digit percentage range (in local currencies) and a gradual
increase in the EBIT margin to 9%-11% in the medium term.

In the second half of 2019, Lalique will continue to focus its business
expansion on Asia - primarily Japan. With regard to the previously
communicated negotiations surrounding two additional perfume licences, one
of the agreements is expected to be concluded in the second half of 2019,
while it is likely that more time will be required for the second agreement.

For the full year 2019, Lalique Group expects to achieve further moderate
sales growth in the low single digit percentage range (in local currencies),
as previously announced. However, particularly in view of the shortfall of
sales at Lalique Parfums, the EBIT margin for 2019 is likely to be lower
than in 2018, when extraordinary income was recorded in the second half of
the year. Lalique Group originally expected a slight increase in the EBIT
margin for 2019.

Roger von der Weid, CEO of Lalique Group: "In the first half of 2019, we
achieved solid growth overall while continuing to invest in the breadth of
our business, and we made progress in the development of our business
activities. We are convinced that we have thus created an even better basis
for future growth and a gradual increase in profitability. When expanding
our business, we will continue to focus on Asia, especially Japan, as well
as on integrating The Glenturret into our diversified portfolio to appeal to
a broad target clientele in the luxury goods market."

*Documentation on results for the first half of 2019*
The media release, the presentation and the 2019 Half-Year Report are
available on Lalique Group's website:
Media release: www.lalique-group.com/media [1]
Results presentation: www.lalique-group.com/financial?section=presentations
[2]
Half-Year Report: www.lalique-group.com/financial?section=reporting [3]

*Conference call for investors, analysts and the media*
Date: Wednesday, 11 September 2019
Time: 11:00 a.m. CEST
Speakers: Roger von der Weid, CEO; Alexis Rubinstein, CFO

Dial-in numbers:
Switzerland +41 (0) 58 310 50 00
France +33 (0) 1 7091 87 06
UK +44 (0) 207 107 0613
US +1 (1) 631 570 56 13

*Media contact*
Lalique Group SA
Esther Fuchs
Senior Communication & PR Manager
Grubenstrasse 18
CH-8045 Zurich

Phone: +41 43 499 45 58
esther.fuchs@lalique-group.com

*Lalique Group *
Lalique Group is a niche player in the creation, development, marketing and
global distribution of luxury goods. Its business areas comprise perfumes,
cosmetics, crystal, jewellery, high-end furniture and living accessories,
along with art, gastronomy and hospitality as well as single malt whisky.
Founded in 2000, the company employs approx. 720 staff and has its
headquarters in Zurich. The Lalique brand, from which the Group derives its
name, was created in Paris in 1888 by the master glassmaker and jewellery
designer René Lalique. The registered shares of Lalique Group SA (LLQ) are
listed on the SIX Swiss Exchange.

You can find further information at: *www.lalique-group.com*.

*Development of key figures for Lalique Group *

in EUR million

*1st semester *1st semester *1st semester
2019* 2019 2018*
excl.
acquisition
costs
(Glenturret)
of EUR 1.2
million *
*Operating revenue* 70.0 70.0 66.9
*Gross result* 40.5 40.5 36.6
Salaries and wages -17.2 -17.2 -16.0
Other operating -15.51) -14.31) -15.0
expenses
*EBITDA * 7.81) 9.01) 5.6
Depreciation and -7.32) -7.32) -3.6
amortization /
impairment
*EBIT * 0.53) 1.73) 2.0
EBIT margin 0.7% 2.5% 2.9%
Financial result -0.74) -0.74) -0.7
*Net Group profit* -0.8 0.4 1.3

1) Positive impact of EUR 3.5 million compared to H1 2018 due to IFRS 16

2) Negative impact of EUR -3.2 million compared to H1 2018 due to IFRS 16

3) Positive impact of EUR 0.2 million compared to H1 2018 due to IFRS 16

4) Negative impact of EUR -0.2 million compared to H1 2018 due to IFRS 16

in EUR

*1st semester *1st semester 2018*
2019*
*Basic earnings per 0.08 0.35
share*


(MORE TO FOLLOW) Dow Jones Newswires

September 11, 2019 01:00 ET ( 05:00 GMT)


in EUR million

*30.06.2019* *31.12.2018*
*Total equity 120.9 124.1

(before shares with non-controlling
interests)*
Equity ratio 39% 52%

End of ad hoc announcement
Language: English
Company: Lalique Group SA
Grubenstrasse 18
8045 Zürich
Switzerland
Phone: 043 499 45 00
Fax: 043 499 45 03
E-mail: info@lalique-group.com
Internet: www.lalique-group.com
ISIN: CH0033813293
Valor: A0M1KL
Listed: SIX Swiss Exchange
EQS News ID: 871595

End of Announcement EQS Group News Service

871595 11-Sep-2019 CET/CEST


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=84f3746b109d60e3e4ae05769b99052e&application_id=871595&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0c933ed8f480607fab02f77129b3d45f&application_id=871595&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6063ad37482df9ac6d173f004b7ddce2&application_id=871595&site_id=vwd&application_name=news


(END) Dow Jones Newswires

September 11, 2019 01:00 ET ( 05:00 GMT)
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