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  Communiqué de la société OENEO du 13/06/2019

  13/06/2019 - 18:00


Consolidated Profit & Loss statement (€m) 2017-2018 2018-2019 Change
Turnover 248.6 268.2 +7.9%
o/w Closures 163.1 175.9 +7.8%
o/w Winemaking 85.5 92.3 +7.9%
Recurring operating profit 46.5 40.5 -12.9%
o/w Closures 33.8 28.9 -14.5%
o/w Winemaking 16.5 14.4 -12.7%
o/w Corporate (3.8) (2.8)  
Non-recurring operating profit/(loss) (2.8) (1.8)  
Operating profit 43.6 38.7 -11.4%
Financial profit/(loss) (2.0) (1.0)  
Tax (11.1) (10.4)  
Net profit/(loss) from continuing operations 30.6 27.3 -10.8%
Net profit/(loss) from discontinued operations (3.9) (2.0)  
Consolidated net profit/(loss) 26.6 25.3 -5.1%
Consolidated net profit/(loss), Group share 26.6 25.4 -4.7%
Shareholders' equity 229.7 256.4 +11.6%
Net debt 48.5 60.2 +24.2%



Oeneo's consolidated statements for financial year 2018-2019 ended March 31, 2019 were approved by its Board of Directors on June 12, 2019. The application of IFRS 15 did not have any material impact. The consolidated financial statements have been audited in full. The auditors' report will be published once the procedures required for the publication of the annual financial report have been completed.


Oeneo Group delivered a solid operating performance in financial year 2018-2019, in line with its expectations, reaping the first rewards of the cost optimization measures rapidly implemented to withstand the impact of the substantial increase in raw materials prices (cork and wood).



Annual turnover rose 7.9% to €268.2 million (up 5.5% at constant scope and exchange rates). This substantial increase was driven by persistently strong momentum in the Closures division and robust activity in the Winemaking division, bolstered by the contributions of Tonnellerie Millet and Etablissements Cenci, which were acquired early in the year.

Recurring operating profit came in at €40.5 million, bringing the recurring operating margin to 15.1%, in line with the Group's expectations. The recurring operating margin reached 16.2% in the second half as a result of the measures taken to increase sale prices, optimize production costs and reduce central costs to adapt to the sharp increase in raw materials prices.

Thanks to lower non-recurring expenses, the Group's operating profit came in at €38.7 million. After €1.0 million in financial expenses (down since the prior period) and €10.4 million in tax expense, net profit from continuing operations amounted to €27.3 million.

Discontinued operations, which will be abandoned definitively in 2019, reduced their net losses to €2.0 million (including just €0.5 million in the second half). Consolidated net profit, Group share, came in at €25.4 million, down 4.7%.

Shareholders' equity rose to €256.4 million. Cash flow from operating activities came to €7.1 million, offset by a strong increase in working capital of €36.2 million due to a preventive reinforcement of inventories in both divisions, to the consolidation of acquisitions carried out during the year and to a strong seasonal effect in the second half for the Winemaking division. The year's net investments were contained at €15.4 million, of which €4.2 million of external growth transactions. Net debt came to €60.2 million, representing a low gearing ratio of 23.5%.

The Group will recommend the payment of a dividend of €0.15 per share at its next Annual General Meeting with the option of payment in cash or in new shares.


The Group has made a confident start to 2019-2020 confirming its strong growth potential in both divisions. The measures taken will continue to contribute to improving Oeneo's recurring operating margin.


Performance review by division


CLOSURES: Recurring operating margin recovers in the second half to almost 19%

Oeneo's Closures division enjoyed another year of growth as turnover climbed 7.8%. The performance was once again driven by the worldwide success of Diam closures, which benefit from favorable volume, price and mix effects. The Group sold some 2.3 billion closures over the year, all types combined.

The sharp increase in the price of cork, which lasted throughout the year, had a €20 million knock-on effect on recurring operating profit. Opticork, the cost optimization plan, and price increases contributed to the achievement of €28.9 million in recurring operating profit with a recurring operating margin of 16.4%, down four points. After hitting a low of 13.9% in the first half, the recurring operating margin made an impressive recovery in the second half, reaching 18.6%.

In 2019-2020, the division intends to continue increasing its market share and to deliver another year of growth. The Group will also continue its structural measures with a view to gradually restoring its margins to historic levels in a cork market that has not yet shown the first signs of easing.


WINEMAKING: Recurring operating margin of 15.6%

The Winemaking division reported growth of 7.9%, of which 1.0% at constant scope and exchange rates. The division consolidated its position in France and abroad by continuing to focus on high-end market segments.

The Group's recurring operating profit came in at €14.4 million, resulting in a recurring operating margin of 15.6%. The anticipated dilutive contribution of the year's acquisitions was amplified by a substantial increase in wood prices, which also impacted the division's historic business. The figures also reflect low business levels in the first half, impacting annual productivity. Efforts to streamline activities and generate synergies, primarily with the recent acquisitions, bode well for the year to come.

In 2019-2020, the division intends to continue its growth momentum and progressively move towards its turnover target of €100 million. An emphasis will be put on increased sales prices and achieving greater profitability by optimizing productivity.


Oeneo Group will publish its turnover for the

first quarter of 2019?2020

on July 24, 2019 after the markets have closed.


About Oeneo Group

Oeneo Group is a major wine industry player with high-end and innovative brands. Present around the world, the Group covers each stage in the winemaking process through two core and complementary divisions:

  • Closures, involving the manufacture and sale of cork closures, including high value?added, technological closures through its Diam and Pietec ranges.
  • Winemaking, providing high-end solutions in winemaking and spirits for leading market players through its cooperage brands Seguin Moreau, Boisé, Millet, Fine Northern Oak and Galileo, and developing innovative solutions for the wine industry with Vivelys (R&D, consulting, systems).

Oeneo prides itself in offering solutions in the production, maturing, preservation and enhancement of wines or spirits that faithfully convey all of the emotion and passion of each winegrower and improve their performance.





Oeneo Actus Finance
Philippe Doray
Chief Administrative and Financial Officer
+33 (0)5 45 82 99 93
Guillaume Le Floch
Analysts – Investors
+33 (0)1 53 67 36 70
Alexandra Prisa
Press – Media
+33 (0)1 53 67 36 90








In thousands of euros March 31, 2018 March 31, 2019
Goodwill 46,140 46,417
Intangible assets 4,672 4,837
Property, plant & equipment 119,760 122,318
Financial assets 842 973
Deferred tax assets and other long-term assets 1,007 1,137
Total non-current assets 172,421 175,682
Inventories and work in progress 105,656 127,829
Trade and other receivables 70,494 86,187
Tax receivables 2,772 345
Other current assets 1,879 2,043
Cash and cash equivalents 53,193 39,997
Total current assets 233,994 256,401
Assets held for sale 15,657 5,856
Total assets 422,072 437,939
In thousands of euros    
Paid-in capital 63,181 64,104
Share premium 20,664 28,000
Reserves and retained earnings 119,159 138,815
Profit for the period 26,603 25,349
Total shareholders' equity (Group share) 229,606 256,267
Minority interests 132 129
Total shareholders' equity 229,738 256,396
Borrowings and debt 67,492 46,469
Employee benefits 3,431 3,419
Other provisions 960 1,056
Deferred taxes 2,617 2,864
Other non-current liabilities 8,639 8,648
Total non-current liabilities 83,138 62,456
Borrowings and short-term bank debt
(portion due in less than 1 year)
34,170 53,749
Provisions (portion due in less than 1 year) 586 606
Trade and other payables 57,613 60,921
Other current liabilities 12,654 3,812
Total current liabilities 105,024 119,087
Liabilities related to operations held for sale 4,172 -
Total liabilities 422,072 437,939




In thousands of euros 2017-2018   2018-2019
Turnover 248,618   268,166
Other operating income 997   870
Cost of goods purchased and change in inventories (99,748)   (118,239)
External costs (40,266)   (43,415)
Payroll costs (48,423)   (49,066)
Tax (2,538)   (2,308)
Depreciation and amortization (10,093)   (11,583)
Provisions (944)   (2,178)
Other recurring income and expenses (1,149)   (1,793)
Recurring operating profit 46,454   40,455
Other non-recurring operating income and expenses (2,827)   (1,803)
Operating profit 43,627   38,652
Income from cash and cash equivalents 226   293
Cost of gross debt (1,301)   (1,291)
Cost of net debt (1,076)   (997)
Other financial income and expenses (911)   (12)
Profit before tax 41,641   37,642
Income tax (11,074)   (10,397)
Profit after tax 30,567   27,245
Net profit of companies accounted for by the equity method 17   29
Net profit 30,584   27,274
Minority interests (48)   75
Group net profit from continuing operations 30,536   27,349
Group net profit from discontinued operations (3,933)   (2,000)
Net profit from consolidated operations 26,651   25,274
Group net profit 26,603   25,349
Consolidated earnings per share (in euros) 0.42   0.40
Earnings per share from continuing operations (in euros) 0.49   0.43
Diluted earnings per share from consolidated operations (in euros) 0.42   0.40
Diluted earnings per share from continuing operations (in euros) 0.49   0.43




In thousands of euros 2017-2018 2018-2019
Consolidated net profit 26,651 25,274
Profit/(loss) from discontinued operations (3,933) (2,000)
= Consolidated net profit from continuing operations 30,584 27,274
Elimination of the share in profit of companies accounted for by the equity method (17) (29)
Elimination of amortization and provisions 9,375 11,471
Elimination of profit from disposals and gains and losses on dilution (72) 124
Dividends received from companies accounted for by the equity method 40 -
Expenses and income linked to share-based payments 1,260 1,069
Other income and expenses with no impact on cash flow 1,666 (37)
 = Cash flow after cost of net debt and tax 42,836 39,872
Tax expense 11,074 10,397
Cost of net debt 1,076 997
 = Cash flow before cost of net debt and taxes 54,986 51,267
Tax paid (11,821) (8,085)
Change in WCR linked to operations (13,310) (36,234)
Net cash flow linked to continuing operations 29,855 6,948
Net cash flow linked to discontinued operations (212) (119)
= Net cash flow linked to operations 29,643 7,067
Impact of changes in scope (118) (4,179)
Acquisitions of property, plant & equipment and intangible assets (16,313) (11,295)
Acquisitions of financial assets (176) (72)
Disposals of property, plant & equipment and intangible assets 77 149
Change in loans and advances 35 (34)
Net cash flow linked to investment activities from continuing operations (16,495) (15,431)
Net cash flow linked to investment activities from discontinued operations - -
= Net cash flow linked to investments (16,495) (15,431)
Transactions with minority interests - -
Acquisitions and disposals of treasury shares (3,865) (18)
Loans issued 15,469 34,910
Repayment of loans (32,692) (42,064)
Net interest paid (1,076) (998)
Parent company dividends (6,480)) (1,158)
Minority interest dividends - (90)
Net cash flow linked to financing activities from continuing operations (28,734) (9,238)
Net cash flow linked to financing activities from discontinued operations (200) (119)
= Net cash flow linked to financing activities (28,934) (9,447)
Impact of changes in foreign exchange rates 885 280
Change in cash from continuing operations (16,259) (17,531)

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  Original Source : OENEO