Paris, 30 September 2019
|Turnover (€m)||H1 2018||H1 2019||Change %|
|Financial income (expense)||(0.3)||(2.4)|
|Net profit Group share||2.6||2.3||-11.5%|
The consolidated financial statements for the first half of 2019 were approved by the Board of Directors on 26 September 2019. The Statutory Auditors conducted a limited review on the financial statements.
Bogart Group posted H1 2019 turnover of €138.9 million, up 135.4% compared to last year. This increase reflects the Group's upsizing following the integration of Distriplus. The Fragrance/Cosmetic brands business remained stable in the first half, prior to the contribution of upcoming launches planned for the second half of the year. Boutiques recorded strong growth (up 220.7%), driven by the integration of Distriplus and strong business momentum across the network as a whole. Turnover was down 6.4% at constant consolidation scope and exchange rates.
Staff costs totalled €33.2 million, up from €14.6 million in the first half of 2018, driven by the integration of Distriplus (headcount increased from 1,080 at 30 June 2018 to 1,970 at 30 June 2019).
Group EBITDA rose sharply by 235.4% to €16.1 million, with positive impact by the application of IFRS 16 “Leases” as of 1 January 2019 (impact of +€11.7 million). Excluding IFRS 16, EBITDA amounted to €4.4 million. It is worth noting that Distriplus posted positive EBITDA in the first half of 2019 (excl.IFRS 16) after a significantly negative result in H1 2018, in a context of usual seasonal effects (business in the second half is always more profitable than the first).
The Group also posted a residual badwill gain of €6 million relating to the Distriplus acquisition. Overall, operating income amounted to €5.9 million, up from €4.1 million in H1 2018.
After deducting the net financial expense of €2.4 million (including €1.5 million relating to the application of IFRS 16) and a tax expense of €1.2 million, net profit Group share came to €2.3 million, compared to €2.6 million in H1 2018.
At 30 June 2019, Bogart Group posted equity of €88.6 million (versus €89.9 million at 31 December 2018) after payment of dividends (€3.1 million paid out in July) and share repurchases totalling € (0,9) million.
Free cash flow was very strong at €16.0 million, including €12.9 million from the application of IFRS 16, compared to €1.4 million at 30 June 2018.
Working capital increased sharply (€29.4 million) in the first half of 2019, driven by the Distriplus integration and Group upsizing.
Capital expenditure amounted to €2.1 million in H1 2019 with the recent store chain acquisitions, up from €0.9 million in H1 2018.
As at 30 June 2019, cash and cash equivalents amounted to €35.9 million, compared to €58.6 million at 31 December 2018. Given the usual seasonal business cycles, this amount does not reflect the Group's annual cash position, as the cash position is always higher at the end of the year. Gross financial debt - excluding IFRS 16 lease liabilities (€124.7 million) - amounted to €85.5 million.
2019 outlook confirmed
The Group continues to step up its efforts to complete the integration of Distriplus and improve the profitability of this network. The Group is also aiming to post strong positive full-year EBITDA for this entity as of this year. Backed by the product launches carried out in the second half, as well as the positive impact of the extension of the distribution network for both of its divisions, Bogart Group confirms its 2019 revenue and EBITDA growth targets, as announced.
On 9 September, the Group signed an agreement to acquire 18 new selective fragrance boutiques belonging to the Milady Parfumerie chain in Luxembourg.
Publication of the first half 2019 financial report
The Bogart Group first half 2019 financial report is now available to the public and has been filed with the French financial markets authority (AMF). The report may be downloaded from the Group website at: www.groupe-bogart.com
Bogart Group will publish its third quarter turnover on 13 November 2019
Group website www.groupe-bogart.com
|BOGART GROUP||ACTUS finance & communication|
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 First-time application of IFRS 16 “Leases” as from 1 January 2019, without retrospective adjustments for 2018.
 EBITDA = operating income + CVAE (French business value added tax) + depreciation, amortization and provisions + disposals of stock + other non-recurring operating income and expenses