- Consolidated revenues up EUR 10.0 million to EUR 89.0 million, for a gain of approx. 13%
- Consolidated operating result (EBIT) of EUR 3.3 million slightly below H1 2022, as expected
- Forecast for the 2023 financial year confirmed
Haselünne, August 10, 2023 – Berentzen-Gruppe Aktiengesellschaft, which is listed on the regulated market (General Standard) of the Frankfurt Stock Exchange (ISIN: DE0005201602), today published its Group Half-yearly Financial Report. The Group generated consolidated revenues of EUR 89.0 million in the first half of financial year 2023, for a gain of almost 13% over the first half of last year (EUR 79.0 million). The consolidated operating result before interest and taxes (consolidated EBIT) came to EUR 3.3 million (H1/2022: EUR 3.7 million) and the consolidated operating result before interest, taxes, depreciation and amortisation (consolidated EBITDA) came to EUR 7.3 million (H1/2022: EUR 7.9).
“Continuing last year’s strong performance, we generated double-digit revenue growth again in the first six months of the current year”, said Oliver Schwegmann, CEO of Berentzen-Gruppe Aktiengesellschaft. Although it is true, he said, that the revenue growth achieved in the first half of financial year 2023 was driven mainly from the price increases implemented by the Group, there were also positive volume effects. “We are especially pleased to have generated very strong sales volume growth particularly in strategically important categories again this year”, Schwegmann said. Especially remarkable in this context, he said, was the dynamic growth of the Mio Mio brand in the Non-Alcoholic Beverages segment and the performance of the key brands Berentzen and Puschkin in the Spirits segment, with revenue growth of more than 25%. “This performance is ample proof of the fact that our products remain highly relevant for consumers even in these times of stagnant economic growth and reduced purchasing power”, Schwegmann said. He also noted that all segments of the Berentzen Group contributed to the positive revenue performance.
“In view of the tremendous cost increases particularly for raw materials, our consolidated EBIT and consolidated EBITDA were in line with our expectations”, Schwegmann said, adding: “The adverse impact of these price increases on the Group’s earnings indicators was somewhat more pronounced in the first quarter due to the fact that price increases were implemented on a step-by-step basis. The second-quarter trend pointed in the right direction again. We expect a progressive recovery in the remainder of the financial year.”
Outlook for the rest of the financial year
The Berentzen Group today reaffirmed the forecast for the current financial year that it expressed in March when it published its Annual Report 2022. Accordingly, the Berentzen Group expects consolidated revenues to come out in a range of EUR 185.0 million to EUR 195.0 million, consolidated EBITDA in a range of EUR 15.6 million to EUR 17.6 million, and consolidated EBIT in a range of EUR 7.0 million to EUR 9.0 million. Thus, the Berentzen Group anticipates much higher revenues than in financial year 2022 and earnings indicators at about the same levels as in 2022.
“Besides growing our revenues, it is our medium-term goal to significantly improve the quality of our earnings. The market successes in strategically important categories such as Mio Mio, spirits of the Berentzen and Puschkin brands, premium-quality private-label spirits, and the products of the Citrocasa brand are the most important prerequisites for achieving this goal. We will also seek to improve the gross profit margins of all our products in view of continuing price inflation in our procurement markets”, Schwegmann said in conclusion.