LALIQUE GROUP SA EQS-Adhoc: Lalique Group announces half-year results 2021

Directive transparence : information réglementée

15/09/2021 07:02

EQS Group-Ad-hoc: Lalique Group SA / Key word(s): Half Year Results
Lalique Group announces half-year results 2021

15-Sep-2021 / 07:02 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

MEDIA RELEASE - Ad hoc announcement pursuant to Art. 53 LR

Lalique Group announces half-year results 2021

Zurich, 15 September 2021 - Lalique Group SA (SIX: LLQ), which is active in the creation, development, marketing and worldwide distribution of luxury goods, increased its operating revenue by 32% to EUR 64.7 million and generated EBIT of EUR 4.4 million in the first half of 2021. While still impacted by the Covid-19 pandemic, the business recovered strongly in the second quarter of 2021. In particular, perfume sales grew significantly in all segments. For the full year 2021, the Group continues to expect sales growth in the double-digit percentage range.

A telephone conference for investors, analysts and the media will be held today at 10.00 CEST.

Lalique Group returned to profitable growth in the first half of 2021 after experiencing a sharp decline in sales in 2020 due to the Covid-19 pandemic. Although all segments of the business continued to be impacted by the pandemic in the first half of 2021, sales recovered strongly - especially in the second quarter. The top selling Lalique segment closed the first half of the year 2% above the pre-pandemic level in the first half of 2019, driven in particular by Lalique Parfums. Most of the other perfume brands also achieved a solid performance. This more than offset the decline in the sale of Ultrasun sunscreen products, which reflected the prolonged restrictions on holiday travel. Overall, the Group's operating revenue increased to EUR 64.7 million, up 32% compared to the first half of 2020, including government support payments totalling EUR 1.2 million, compared to EUR 0.6 million in the first half of 2020. Operating revenue in the reporting period thus came close to pre-pandemic levels (H1 2020: EUR 49.1 million; H1 2019: EUR 70.0 million).

Lalique Group continued to exercise strict cost management in the first half of 2021. At EUR 14.0 million, personnel costs remained more or less stable (H1 2020: EUR 14.1 million), while other operating expenses fell by 6% to EUR 9.3 million, driven primarily by cost reductions in the Lalique segment. Depreciation, amortisation and value adjustments decreased to EUR 6.6 million and were thus 45% lower than in the first half of 2020, which included a non-cash impairment charge of EUR 4.3 million before tax on Lalique's brand value.

The increase in sales combined with lower costs resulted in EBIT of EUR 4.4 million in the first half of 2021 (H1 2020: EUR -10.0 million), corresponding to an EBIT margin of 6.8%. Net Group profit was EUR 3.1 million, compared to EUR -10.6 million in the first half of 2020.

Lalique Group continues to have a solid liquidity and capital position with an equity ratio of 48.4% at the end of June 2021, compared to 46.2% at the end of 2020.

Segment results
The Lalique segment generated a 47% increase in sales to EUR 36.3 million in the first half of 2021. This is attributable to very strong growth in sales in Lalique Parfums (up 188% compared to H1 2020 and up 42% compared to H1 2019), especially in the Middle East, where distribution activities were realigned at the start of 2021. The crystal business, the segment's second main pillar, also achieved a solid recovery with sales rising by 17% compared to the first half of 2020 but remained below pre-pandemic levels. Segment costs decreased by 27% compared to the prior-year period (12% excluding the impairment charge of EUR 4.3 million on Lalique's brand value in the first half of 2020). The segment achieved a significant increase in profitability at EBIT level to EUR 2.5 million, with a margin of 7.0%.

Ultrasun generated sales of EUR 9.9 million in the first half of 2021, down 21% compared to the prior-year period. This reflects subdued orders from most markets as the prolonged restrictions on holiday travel resulted in high inventory levels. Towards the end of June 2021, sales trends improved in all regions. Segment costs decreased by 10% in the reporting period. EBIT totalled EUR 0.5 million (H1 2020: EUR 2.0 million).

The Jaguar Fragrances segment achieved sales of EUR 8.7 million, increasing 37% compared to the prior-year period without reaching pre-pandemic levels. The Middle East in particular, but also certain European markets, contributed to the growth. With the significant rise in sales, the segment was able to deliver a substantial increase in profitability and recorded EBIT of EUR 1.5 million (H1 2020: EUR 0.2 million).

Sales in The Glenturret segment increased to EUR 1.6 million in the first half of 2021, up 385% compared to the prior-year period, reflecting strong demand for the new range of whiskies, although exports were partly impacted by logistical problems following Brexit. Direct sales to gastronomic establishments remained at a low level due to the Covid-19 pandemic. The rise in segment costs is primarily attributable to the hiring of employees for The Glenturret Lalique Restaurant, which opened at the end of July 2021. The distillery's visitor centre and shop had to remain closed for part of the first half of 2021 due to the pandemic but reopened for guided tours at the end of April, after being renovated in the Lalique style. EBIT decreased to EUR -1.7 million (H1 2020: EUR -1.1 million).

Among the other brands segment, Bentley Fragrances saw sales grow by 162%. This strong performance was driven in particular by higher demand from the USA and the Middle East. Parfums Samouraï recorded a 66% rise in sales despite continued market restrictions due to Covid-19 protective measures in Japan. Parfums Grès reported slight growth in sales of 2% in the reporting period. The first Brioni fragrance, which was presented in March 2021, met with a positive response from the market, although the product launch was partly delayed due to the Covid-19 situation. Lalique Beauty Services achieved a 15% increase in sales in the reporting period, exceeding pre-pandemic levels. As a result, the segment was able to significantly strengthen its profitability with EBIT of EUR 1.9 million (H1 2020: EUR 0.0 million).

Changes in the Digital area
Claudio Denz, who has been a member of the Board of Directors of Lalique Group since 2011 and has held various functions since 2005 - most recently serving as Head of Digital - will step down from his operational role at the end of September 2021 in order to focus on other projects outside Lalique Group. Claudio Denz will continue to serve as a member of the Board of Directors, and his successor as Head of Digital will be appointed shortly. The Board of Directors and the Executive Board wish to thank Claudio Denz for his longstanding contributions in Marketing, Branding and Product Management and for successfully building the Group's online presence.

Although there is still uncertainty about how the Covid-19 situation will develop, Lalique Group expects the recovery trends observed in the business since the second quarter in particular to continue in the second half of 2021. For the full year 2021, Lalique Group is maintaining its previously announced forecast of sales growth in the double-digit percentage range compared to 2020, with revenue likely to remain slightly below the pre-pandemic level seen in 2019 - excluding unforeseeable events or a renewed escalation of the pandemic.

The Group will continue to consistently pursue its diversification strategy and believes that it is well positioned with its international target clientele in the luxury goods market. With the acquisition of the Lalique Hotel and Restaurant Château Lafaurie-Peyraguey announced on 21 July 2021 and the opening of The Glenturret Lalique Restaurant, Lalique Group has expanded its gastronomy and hospitality business, which now comprises four exclusive establishments and should also help to further promote the Lalique brand. Alongside launches of product innovations in all segments, there is a continued focus on the further expansion of online activities as well as distribution via online merchants.

Roger von der Weid, CEO of Lalique Group: "In a market environment still impacted by the Covid-19 pandemic, we delivered solid results and our broad-based business model proved effective. We will develop our business in a targeted manner to derive the best possible value from our wide range of activities and to provide an attractive offering for our international clientele."

Documentation on half-year results 2021
The following documents are available on Lalique Group's website:
Media release www.lalique-group.com/media
Results presentation www.lalique-group.com/financial?section=presentations
Half-Year Report www.lalique-group.com/financial?section=reporting

Conference call for investors, analysts and the media
Date: Wednesday, 15 September 2021
Time: 10:00 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

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 lifestyle accessories, along with art, gastronomy and hospitality as well as single malt whisky. Founded in 2000, the company employs approx. 680 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 (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 half of 2021 1st half of 2020
Operating revenue 64.7 49.1
Gross result 34.4 26.3
Salaries and wages -14.0 -14.1
Other operating expenses -9.3 -10.0
EBITDA 11.1 2.2
Depreciation and amortisation / impairment[1] -6.6 -12.2
EBIT 4.4 -10.0
EBIT margin 6.8% n.a.
Financial result -0.5 -0.9
Net Group profit 3.1 -10.6

1) Non-cash impairment charge of EUR 4.3 million on the Lalique brand in the first half of 2020


Earnings per share 0.58 -1.44

In EUR million

  30.06.2021 31.12.2020
Total equity

(before shares with non-controlling interests)
161.4 156.6
Equity ratio 48.4% 46.2%

The complete consolidated financial statements are available at

End of ad hoc announcement
Language: English
Company: Lalique Group SA
Grubenstrasse 18
8045 Zürich
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: 1233404

End of Announcement EQS Group News Service

1233404  15-Sep-2021 CET/CEST