|
Turnover (M € ) | 2023-2024 | 2022-2023 | Variation | Var at constant exchange rate |
|---|---|---|---|---|
|
3 |
71.3 |
88.7 |
-19.7% |
-19.3% |
Including Corking | 46.7 | 61.3 | -23.9% | -23.8% |
Including Breeding | 24.6 | 27.4 | -10.3% | -9.2% |
|
9 months |
225.6 |
261.9 |
-13.9% |
-13.6% |
Including Corking | 147.2 | 180.2 | -18.3% | -18.3% |
Including Breeding | 78.4 | 81.8 | -4.1% | -3.2% |
The 3
th
quarter 2023-2024 is part of a trend similar to that of the first six months of the financial year, amplified by a very high basis of comparison. The 3
th
quarter 2022-2023 had, in fact, recorded record activity, up +15%, driven by high orders from customers in anticipation of price increases at the start of 2023. Bouchage remained penalized over the period by adjustments in stocks in distribution channels and by a difficult economic situation for customers. Livestock shows a less marked decline.
This quarterly evolution brings the turnover for 9 months 2023-2024 to €225.6 million, a decrease of -13.9% compared to the same period 2022-2023 (-13.6% at constant exchange rate). ).
The Group anticipates a 4
th
better quarter, linked to the expected return of orders from distributors in Corks and a more favorable basis of comparison. Oeneo expects a current operating margin rate for the year 2023-2024 equivalent to that of the first half of the year.
Comments by Division
COLLECTION: a 3
th
quarter in continuity with the 1
er
semester
The 3
th
quarter took place in a still slow market context, increased by the continuation of the destocking strategy of the main distributors who had placed significant orders over this period last year, before the price increases at the start of 2023.
This unfavorable base effect is also seen among direct customers, particularly for entry-level and mid-range corks, sensitive to the inflationary context and the drop in their sales. On the other hand, sales of high-end Diam caps are showing better resistance and are even growing in certain segments and countries.
The 9-month turnover thus came to €147.2 million, a decrease of -18.3% compared to last year’s record level. The Division expects a 4
th
better quarter, under the effect of a more favorable basis of comparison and the gradual resumption of orders from distributors.
The Group continues to focus on maintaining a solid gross margin rate, in order to limit the impact of the occasional drop in activity.
BREEDING: stability of activity excluding timber trading over 9 months
The Livestock division recorded a decline in its activity of -10.3% in 3
th
quarter 2023-2024, limited to -7.1% excluding non-strategic “timber trading”. This quarter is mainly marked by a rebound in sales of large containers, while sales of the “drums” segment, rather resilient in Europe, are impacted by a base effect in the United States, due to the precocity of orders on 2
th
quarter.
Over 9 months, the division’s turnover of €78.4 million was achieved on strategic activities, almost stable at €76.5 million and on the timber trading activity, down 61% to 1.9 million. €.
As announced, the Division is aiming for a turnover close to that of last year for its strategic activities, excluding timber trading. The implementation of operational improvement levers continues, in order to absorb as best as possible the impact of the increase in “wood” materials on current operating profitability.
The Oeneo group will publish its annual turnover for the 2023-2024 financial year on MAY 13, 2024.
About the OENEO Group
OENEO is a major player in the wine industry, thanks to its high-end and innovative brands. Present throughout the world, the group covers all stages of wine production, with two major and complementary divisions:
Corking, with the manufacturing and marketing of high value-added technological cork stoppers under the Diam, Mytik Diam and Setop brands.
Livestock, by providing with its cooperage brands Seguin Moreau, Boisé, Millet, Fine Northern Oak and Galileo high-end wine or spirits aging solutions to the main players in the market and by developing innovative solutions with Vivelys in wine service (R&D, consulting, systems).
Passionate about the art and culture of wine, aware of the urgency of environmental and societal challenges, convinced that enlightened innovation must serve the common good, we want to use our know-how and strengths in the service of sustainable development. of the wine sector. We innovate to perpetuate the great history of wine.
WE CARE ABOUT YOUR WINE
INFORMATION AND PRESS RELATIONS
Oeneo | Finance News | |
|
Philippe Doray Administrative and financial director +33 (0) 5 48 17 25 29 |
Guillaume Le Floch Analysts – Investors +33 (0) 1 53 67 36 70 |
Fatou-Kiné N’Diaye Press – Media +33 (0) 1 53 67 36 34 |
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Regulated information:
Quarterly financial information:
– Financial information for the third quarter
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