Vranken Pommery : Mixed 2023 results. Net profit penalised by the increase in financial charges. Champagne volumes to remain under pressure in 2024
>Underlying operating profit € 39m (+12.7%) close to our forecasts. Attributable net profit € 6.1m (-40%) weaker due to a stronger increase in financial charges - Yesterday evening, Vranken Pommery published underlying net profit of € 39m, up 12.7% for sales (already published) of € 338.4m (+1.2%). This is close to our estimate of € 39.7m. The underlying operating margin was 11.5% (vs 11.7%) up 120bp. The increase in the value of Vranken, Pommery and Heidsieck Monopol...Vranken-Pommery Monopole is engaged in the production, marketing and distribution of alcoholic beverages, primarily champagne, porto and pink wine (Rose). Co.'s brands are Pommery, Vranken, Heidsieck & Cdeg Monopole and Charles Lafitte for champagne; Sao Pedro, Rozes et Terras do Grifo for Porto; and Listel and Chapelle Gordonne et Billette for pink wine (Rose). Co.'s activities can be divided into three segments: Vineyard which focuses on managing Co.'s vineyard and wine-producing activities; Production of champagne, porto and pink wine; and Distribution and Marketing of products.
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