Earnings Release • Feb 15, 2019
Earnings Release
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Paris, 15 February 2019
Bogart Group (Euronext Paris - Compartment B - FR0012872141 - JBOG), which specializes in the creation, manufacture and sale of luxury fragrances and cosmetics, has published its revenue for the 2018 financial year.
2018 financial year was marked by the 4th-quarter acquisition of Distriplus, Belgium's 2nd -largest retailer1 , enabling the Group to perform a firm dimensional leap and provide strong impetus for its virtuous verticalintegration model (as manufacturer-retailer).
To reflect trends in its activity, the Company is now breaking down its revenue into (i) Perfume / Cosmetics Brands, covering the revenue generated by all the Group's own brands, regardless of sales network (ii) Ownbrand boutiques, covering the revenue generated by the stores owned by Bogart Group (excluding sales of the Bogart Group brands). The former presentation of revenue is appended.
| Revenues in € million (unaudited) | 2017 | 2018 | Change % |
Change (%) (on constant scope and currency) |
|---|---|---|---|---|
| Yearly revenue | 128.0 | 164.7 | +28.7% | -2.3% |
| Perfume / Cosmetics Brands | 46.2 | 44.2 | -4.3% | -3.3% |
| Own-brand boutiques | 81.8 | 120.5 | +47.3% | -1.7% |
In the 4th quarter of 2018, Bogart Group posted consolidated revenue of €78.9 million, compared with €38.6 million in the 4th quarter of 2017, increasing 104.4%. The last quarter of 2018 featured the full consolidation of Distriplus at 1November 2018. On constant scope and currency, revenue for the 4th quarter came to €36.6 million (compared with €38.6 million in the 4th quarter of 2017).
Bogart Group posted revenue of €164.7 million at the 2018 financial year-end, up 28.7% from €128.0 million in 2017. On constant scope and currency, Group revenue fell back 2.3%.
1 (a network of 200 stores in Belgium and Luxembourg - Sales of € 200 million in 2017)
2018 revenue breaks down as follows:
The 2018 financial year showcased a further example of its ability to seize external-growth opportunities to boost progress in its virtuous vertical-integration model. As well as being faithful to its strategy, Bogart Group remained scrupulously attentive to its profitability. In this connection, Bogart Group recalled that Distriplus achieved positive EBITDAs in the last two financial years (2016 and 2017) and that this company would make a positive contribution to 2018 Group EBITDA for the 2 months of its consolidation into the Group. Lastly, Bogart Group recalled that this acquisition was funded entirely from internal resources. At 31 December 2018, Distriplus had a net positive cash position of €23.6 million.
From 2019 onwards, Bogart Group expects to earn revenue of more than €300 million (equivalent to 1.8x the 2018 revenue). The consolidation of Distriplus and the extension of the retail network (357 stores in Europe and Israel) will have a virtuous effect on both activities: Own-brand boutiques, and Perfume & Cosmetics Brands.
Thus, the company intends a rapid return to growth in the Perfume / Cosmetics Brands activity, relying on several drivers:
| 2018 annual results | 25 April 2019 (before the start of trading) |
|---|---|
| Q1 2019 revenue of | 7 May 2019 (before the start of trading) |
| Revenue for 1st half 2019 | 9 August 2019 (before the start of trading) |
| Half-year results 2019 | 24 September 2019 (after the market close) |
| Q1 2019 revenue of | 7 November 2019 (after the market close) |
These dates are provided for guidance, and may be changed if necessary.
| Revenue, € million (provisional) | 2017 | 2018 | Change (%) |
|---|---|---|---|
| 9-month turnover | 89.4 | 85.8 | -4.0% |
| Perfume / Cosmetics Brands | 33.5 | 32.2 | -3.9% |
| Own-brand boutiques | 55.9 | 53.6 | -4.1% |
| Q4 turnover | 38.6 | 78.9 | +104.4% |
| Perfume / Cosmetics Brands | 12.7 | 12.0 | -5.5% |
| Own-brand boutiques | 25.9 | 66.9 | +158.3% |
| Yearly revenue | 128.0 | 164.7 | +28.7% |
| Perfume / Cosmetics Brands | 46.2 | 44.2 | -4.3% |
| Own-brand boutiques | 81.8 | 120.5 | +47.3% |
| Revenue, € million (provisional) | 2017 | 2018 | Change (%) |
|---|---|---|---|
| 9-month turnover | 89.4 | 85.8 | -4.0% |
| Distribution | 28.0 | 24.5 | -12.5% |
| Boutiques | 61.4 | 61.3 | -0.2% |
| Q4 turnover | 38.6 | 78.9 | +104.4% |
| Distribution | 8.9 | 8.1 | -9.0% |
| Boutiques | 29.7 | 70.8 | +138.4% |
| Yearly revenue | 128.0 | 164.7 | +28.7% |
| Distribution | 36.9 | 32.6 | -11.7% |
| Boutiques | 91.1 | 132.1 | +45.0% |
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 markets its products in more than 90 countries, and holds a network of 357 own stores in 5 countries (France, Israël, Germany, Belgium and Luxembourg). In 2018 Bogart Group posted a €164.7m revenue.
BOGART Group is listed on the Euronext Paris stock exchange (Ticker: JBOG – ISIN: FR0012872141)
[email protected] Tel. : 01 53 77 55 55
Anne-Pauline Relations Analystes/Investisseurs Tel. : 01 53 67 36 72 [email protected]
Alexandra PRISA Relations Presse Tel. 01 53 67 36 90 [email protected]
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