Press release

H1 2020 Results

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H1 2020 results impacted by Covid-19 Strong cost-saving measures to mitigate effects of an unprecedented crisis

  • Sales down -31.0% as reported to €372.8 million; -33.5% on an organic (1) basis
  • Mainland China sales continued to gradually improve throughout Q2 2020, returning to sales growth in June
  • Solid execution of Covid-19 action plan to mitigate impact of crisis: more than 50% of OPEX (2) variabilized, i.e. more than €60m of cost savings
  • Adj. Ebitda down from €141.0m in H1 19 to €55.1m in H1 20; Adj. EBIT down from €66.5m in H1 19 to -€29.7m in H1 20
  • Net income was down from €17.2m in H1 19 to -€88.5m in H1 20, including an impairment of €42.6m on “Other Brands” (3) Goodwill, impacted by the current pandemic
  • Net financial debt/Adj. EBITDA (4) ratio at June 30, 2020: 5.5x
  •  Solid cash position at June 30, 2020: €219m

(1) All references in this document to the organic sales performance refer to the performance of the Group at constant currency and scope, i.e. excluding the acquisition of De Fursac
(2) Excluding De Fursac and IFRS 16
(3) Claudie Pierlot and De Fursac brands
(4) Last twelve months adjusted EBITDA (excl. IFRS 16)