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  GROUPE BOGART company press release from 02/10/2018

  02/10/2018 - 18:00

H1 2018 results

Bogart Group (Euronext Paris - Compartment B - FR0012872141 - JBOG), which specializes in the creation, manufacture and sale of luxury fragrances and cosmetics, has published its results for the first half of 2018, as approved by the Board of Directors on 26 September 2018.

Despite a slight dip in turnover related to market conditions, the Group has confirmed the resilience of its business model by posting positive earnings while continuing to invest in launching new fragrances and digitizing its distribution.

Turnover (€m) H1 2017 H1 2018
Turnover 61.4 59.0
Distribution 20.7 17.7
Boutiques 40.7 41.3
Other income on ordinary activities (Licences) 0.7 0.6
EBITDA[1] 6.1 4.8
Operating income 5.5 4.1
Financial income (expense) (0.7) (0.3)
Income tax (1.7) (1.3)
Net profit Group share 3.0 2.6

Bogart Group posted turnover of €59.0 million for the first half of 2018, down 3.8% from €61.4 million in H1 2017 and up 0.3% at constant consolidation scope and exchange rates. The decline can be attributed to a decrease in sales for the two flagship brands, Jacques Bogart and Ted Lapidus, which were impacted by market contraction in the Middle East, thus prompting the Group to change its distributor for the region, and to a lesser extent in South America. Carven, however, enjoyed growth in its markets following the launch of the new Dans ma Bulle fragrance in Europe and Asia. Total revenues including Licences amounted to €59.6 million, up from €62.1 million in H1 2017.

Recurring operating expenses remain under tight control. The Group continued to streamline operations at its subsidiaries: in particular, staff costs were reduced by 2.5% from €15.0 million in H1 2017 to €14.6 million.

Group EBITDA for the period fell to €4.8 million from €6.1 million in H1 2017, mirroring the downturn in the Distribution business. Expenses for the period included investment in the redesign of its French e-commerce website, which had an impact on Boutiques profit margins for the first half (€0.3 million operating expense). The launch of the new website is scheduled for early October and is expected to drive growth in online sales.

Operating income amounted to €4.1 million, down from €5.5 million in H1 2017. After deducting net cost of debt (€0.3 million), down €0.4 million due to a positive currency impact, and a tax expense of €1.3 million, net profit Group share came to €2.6 million compared to €3.0 million in H1 2017.

Financial position

At 30 June 2018, Bogart Group posted equity of €79.0 million (versus €80.6 million at 31 December 2017) after payment of dividends (€2.7 million paid out in July) and share repurchases amounting to €1.4 million.

The increase in inventories in relation to the upcoming launches and a short-term increase in trade receivables had a provisional impact on working capital (up €14.5 million), which will return to normal levels in the second half.

Net debt (excluding the shareholder current account) remained stable at €21.9 million compared to €22.3 million at 30 June 2017. The comparison was made between the two first-half balance sheet dates in order to reflect seasonal business trends.

Positive outlook

Bogart Group remains confident in its ability to increase sales in its target markets, supported by launches under its two flagship brands scheduled for the second half of the year and the expansion of the distribution network, particularly in Europe. Meanwhile, the Group will pursue the subsidiary streamlining programme in order to continue the upward trend in recurring profit margins.

Publication of the first half 2018 financial report

The Bogart Group first half 2018 financial report is now available to the public and has been filed with the French financial market authority (AMF). The report may be downloaded from the Group website at:

Next publication: Q3 turnover, week beginning 6 November 2018

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 1,134 members of staff and generates 77% of its turnover outside France. In 2017, the Group posted turnover of over €128 million.

Turnover by business division breaks down as follows:

- Distribution (29%): fragrances (Bogart own brands, Ted Lapidus and Carven, and licensed brands Chevignon and Naf Naf) and cosmetics (own brands Méthode Jeanne Piaubert and Stendhal).
- Boutiques (71%): own-brand fragrance chain.

Total revenues (including Ted Lapidus licenses) amounted to more than €129.5 million in 2017.

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

Group website


BOGART GROUP ACTUS finance & communication
Tel: +33 (0)1 53 77 55 55
Anne-Pauline Petureaux
Analyst/Investor Relations
Tel: +33 (0)1 53 67 36 72
Alexandra Prisa
Press Relations
Tel: +33 (0)1 53 67 36 90

[1] EBITDA = operating income + CVAE (French business value added tax) + depreciation, amortization and provisions + disposals of stock + other non-recurring operating income and expenses