Laurent Perrier : Universal Registration Document 2019-2020

August 20, 2020 at 04:36 am

UNIVERSAL REGISTRATION DOCUMENT

AND ANNUAL FINANCIAL REPORT

2019-2020

Laurent-Perrier

The universal registration document has been filed with the AMF the 23th July 2020 (Autorité des Marchés Financiers or AMF), as the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of that Regulation.

The universal registration document may be used for the purpose of offering securities to the public or admitting securities to trading on a regulated market if it is approved by the AMF, as well as any amendments thereto, and a note on securities and the summary approved in accordance with Regulation (EU) 2017/1129.

The present document was drawn up by the Issuer and is binding on its signatories

In this document, the term "Group" refers to Laurent-Perrier and its consolidated subsidiaries, and Laurent-Perrier" refers to the brand name under which Laurent-Perrier products are sold.

Words marked with an asterisk (*) refer readers to the glossary at the end of this document. ISIN code for Laurent-Perrier: FR0006864484

Annual Report 2019-2020

CONTENTS

LAURENT-PERRIER2019-2020

1. Business activities of the Laurent-Perrier Group	Page 5

1.1. LAURENT-PERRIER: THE HISTORY OF A GROUP CLOSE TO ITS ROOTS

1.2. GROUP OVERVIEW

Introduction
Key figures for the last three financial years

1.3. THE MARKET

From vine to wine
History of global demand for Champagne
Market trends in 2019
The competitive environment
Tax and regulatory environment in 2019-2020

1.4. THE LAURENT-PERRIERGROUP: RECENT CHANGES, GOALS AND STRATEGY, OUTLOOK

Highlights of the 2019-2020 financial year
Strategy
Outlook
Main investments

1.5. RISK FACTORS

1. Supplies and production
2. Commercial and competition risks
3. IT, legal, social and general organisation risks
4. Market and financial instrument risks
5. Insurance
6. Covid-19Briefing Note
REPORT ON SOCIAL AND ENVIRONMENTAL RESPONSIBILITY (DÉCLARATION DE PERFORMANCE EXTRA FINANCIÈRE)
1. Social information
2. Environmental information
3. Societal information
4. Prevention
5. Methodology note
6. Report of the independent body on the Social and Environmental Report
EXCEPTIONAL EVENTS AND LITIGATION

2. Persons responsible for this universal registration document and for auditing the accounts page

2.1. PERSON RESPONSIBLE FOR THIS UNIVERSAL REGISTRATION DOCUMENT

AFFIDAVIT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT
AUDITORS
PERSON RESPONSIBLE FOR INVESTOR INFORMATION

3. General information on Laurent-Perrier

3.1. STATUTORY INFORMATION AND SHARE BUY-BACK PROGRAMME

3.2. GENERAL INFORMATION ON LAURENT-PERRIER'S CAPITAL AND SHARES

3.3. PROPERTY, PLANT AND EQUIPMENT

3.4. SIMPLIFIED ORGANISATION CHART OF THE LAURENT-PERRIERGROUP

Annual Report 2019-2020

Page 61

Page 62

4. Corporate governance and conflicts of interest: administrative,
management and supervisory bodies	Page 74

4.1. REPORT CORPORATE GOVERNANCE DRAWN UP BY THE SUPERVISORY BOARD

Supervisory Board observations on the report of the Management Board and the financial statements for the year just ended
Information on the operation of the administrative or exectuvie bodies: composition - organisation
Information on senior executive remuneration
Likely to have an influence in the event of a public offering

4.2 REPORT OF THE STATUTORY AUDITORS ON CORPORATE GOVERNANCE

5. Assets, financial position and income statements	Page 110

CONSOLIDATED FINANCIAL STATEMENTS AT MARCH 31, 2019 AND 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2020
PARENT COMPANY FINANCIAL STATEMENTS AT MARCH 31, 2018, 2019 AND 2020
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS AT MARCH 31, 2020
RESULTS OF THE PAST FIVE FINANCIAL YEARS
REPORTS OF THE STATUTORY AUDITORS ON THE PARENT COMPANY FINANCIAL STATEMENTS AT

MARCH 31, 2020

5.7. SPECIAL REPORT OF THE STATUTORY AUDITORS ON RELATED PARTY AGREEMENTS

6. Joint Shareholders' Meeting, September 24, 2020	Page 166

AGENDA
SHAREHOLDERS' RESOLUTIONS

7. Reports	Page 179

7.1. SPECIAL REPORT ON TRANSACTIONS UNDERTAKEN FOR THE SHARE BUY-BACK PROGRAMME

7.2. EXCERPT FROM MANAGEMENT REPORT

7.3. SPECIAL REPORT ON DIRECTORS' SHAREHOLDINGS MARCH 31, 2020

7.4. SPECIAL REPORT ON SHARE PURCHASE OPTIONS AND FREE SHARE ALLOCATION OPERATIONS ALLOCATED TO CORPORATE OFFICERS AND THE FIRST TEN EMPLOYEES

Annual Report 2019-2020

Annexes

Annex 1: The making of champagne

Annex 2: Glossary

Annex 3: Cross-references with the report of the Management Board and the Report corporate Governance

Annex 4: Cross-reference table of the universal registration document for identifying the information provided for by the delegated regulation (EU) 2019/980 of 14 march 2019 having completed the provisions of the EU regulation 2017/1129.

Annex 5: Concordance with information required in the annual financial report

Annual Report 2019-2020

1. BUSINESS ACTIVITIES OF THE LAURENT-PERRIERGROUP

1.1. LAURENT-PERRIER : THE HISTORY OF A GROUP CLOSE TO ITS ROOTS

1939: Marie-Louise de Nonancourt acquires Laurent-Perrier.

1949: Her son, Bernard de Nonancourt, becomes Chairman of Laurent-Perrier.

1950: Edouard Leclerc, first Cellar Master (1950-1982).

1958: Cuvée Grand Siècle launched.

1968: Cuvée Rosé Brut launched.

1973: Michel Fauconnet joins Laurent-Perrier.

1975: Alain Terrier joins Laurent-Perrier.

1978: Distribution subsidiary set up in the United Kingdom.

1981: Cuvée Ultra Brut launched.

1983: Alain Terrier succeeds Edouard Leclerc as Cellar Master (1983-2004)

Acquisition of a 34% stake in Champagne de Castellane. Bernard de Nonancourt creates the Laurent-Perrier Group.

1987: Alexandra Pereyre joins Laurent-Perrier. Cuvée Alexandra launched.

1988: Laurent-Perrier acquires a majority interest in the Salon champagne house.

1990: Alexandra Pereyre appointed to Management Board.

1992: Distribution subsidiary set up in Switzerland.

1993: Stéphanie Meneux joins Laurent-Perrier, appointed to the Management Board.

1997: Yves Dumont joins Champagne Laurent-Perrier, appointed Chairman of the Management Board.

1998: Buy-back of the minority shareholdings in Champagne Laurent-Perrier (22%) and Laurent-Perrier (3%) held by United Distillers and Vintners (UDV).

Creation of a United States subsidiary and a distribution branch in Belgium. 1999: Buy-back of minority shareholdings in Champagne de Castellane.

Company listed on the Euronext Paris Second Marché stock exchange market.

Yves Dumont appointed Chairman of the Laurent-Perrier Group Management Board. 2002: New presentation and packaging for the Laurent-Perrier range.

2004: Acquisition of Château Malakoff.

Michel Fauconnet appointed Cellar Master and Laurent-Perrier Group Head of Supplies and Production.

2005: Global launch of the new Laurent-Perrier and Grand Siècle visual identities. Etienne Auriau joins Laurent-Perrier as Chief Financial Officer.

2007: Japanese distribution contract signed with Suntory.

2008: German subsidiary created.

New Grand Siècle campaign launched.

2009: Direct commercial presence in Italy, Singapore and Dubai.

Appointment of Stéphane Tsassis as Chairman of the Management Board.

2010: Laurent-Perrier was deeply saddened to announce the death of Bernard de Nonancourt, Founder- Chairman of the Laurent-Perrier Group, on 29 October.

Michel Boulaire becomes Chairman of the Management Board.

Etienne Auriau and Michel Fauconnet appointed members of the Management Board. 2011: Launch of new Brut Laurent-Perrier, Demi Sec, and Millésimé packaging.

2012: Bicentenary of Laurent-Perrier.

Launch of Réserves Grand Siècle and Alexandra 2004, shipping for the first time in magnum format.

Jordi Vinyals joins Laurent-Perrier as a member of its Management Board and Sales, Brand Development, Corporate Communications and Public Relations Director.

2014: Creation of an Italian subsidiary. Acquisition of négociant François Daumale.

Appointment of Mr Stéphane Dalyac as Chairman of the Management Board.

2015: Launch of "Laurent-Perrier est la marque de champagne choisie par ceux qui savent choisir" advertising campaign.

2016: End of Phase Two of Clos Valin construction project - buildings and winery. Participation in "Taste of Hong Kong" events in Paris and London.

2017: Launch of new packaging for the Bruts family. Launch of "La Cuvée".

Renewal of the Royal Warrant of The Prince of Wales, assigned for five years, since March 1998 Launch of Laurent-Perrier Brut Millésimé 2007

Launch of the new communication Grand Siècle "Recreating the perfect year".

Annual Report 2019-2020

Realization of a press campaign in France, England and Italy. Creation and launch of a dedicated minisite www.grandsiecle.com

Opening Instagram accounts @laurentperrierrose et @laurentperriergrandsiecle

2018: Reinforcement of the advertising campaign of the Cuvée Rosé Brut "Chosen by the best" with new prestigious establishments.

2019: Extension of Clos Valin.

Renovation of the Orangery of Château de Louvois in partnership with historical monuments. Creation and launch of a dedicated minisite to the Cuvée Rosé www.cuveerose.com

2020 : Laurent-Perrier innovates by offering Blanc de Blancs Nature, wine without dosage produced thanks to perfecting its knowledge of this style of vinification and with careful aging of Chardonnay in stainless steel vats.

1.2. GROUP OVERVIEW

1.2.1. Introduction

Under the energetic leadership of Bernard de Nonancourt (1920-2010), the Laurent-Perrier Group became a leading champagne Group, selling nearly 11.1 million bottles of champagne in 2019-2020. Its worldwide market share is about 3.8%.

Amongst Négociants, it has an estimated worldwide volume market share of around 5.2% (source: Laurent-Perrier and CIVC*). The Group's products are sold under four main brands: Laurent-Perrier, Salon, Delamotte, and Champagne de Castellane, which are positioned across a price spectrum ranging from the upper-middle category to the premium and ultra-premium categories.

Laurent-Perrier also considers that it has gained a leading position in high value-added products such as rosé champagne, prestige cuvées and unsweetened Brut Nature.

The Group is controlled by the de Nonancourt family, which holds 61% of its capital and 75,55% of the voting rights. It is organised under three different types of legal entities:

champagne Houses, including in addition to Champagne Laurent-Perrier, Champagne de Castellane (Champagne de Castellane brand, Jeanmaire, Oudinot and Beaumet brands), the A.S. company (Salon and Delamotte brands);
distribution subsidiaries or subsidiaries or branches in France and several foreign markets: Germany, Belgium, the United States, Switzerland, the United Kingdom and Italy;
vineyards, held either directly by Grands Vignobles de Champagne and Château Malakoff, or through real-estate companies (sociétés civiles immobilières), some of which have wine-growers as partners.

Two Economic Interest Groups (EIGs) whose members are companies belonging to the Group have been set up to maximise the Group's distribution and production capabilities. These EIGs are not consolidated because their earnings are integrated directly into the accounts of the EIG partner companies and they have no material assets.

The Group exports 72% of its sales to over 100 countries, including the UK, Belgium, Switzerland, the United States, Italy, Japan and Germany. In most of its export markets, Laurent-Perrier's products are mainly sold through specialised distribution channels (cafés, hotels and restaurants, wine merchants, and direct sales), with the notable exception of Belgium, where the Group has a strong foothold in major retail chains. In France, 78% of the volumes sold under the Laurent-Perrier brand name go through specialised and direct distribution network channels, with the remaining 22% being distributed through self-service retail channels suited to distributing the Group's champagnes.

Annual Report 2019-2020

1.2.2. Key figures for the last three financial years

	31.03.2018	31.03.2019	31.03.2020
Sales (million euros) (Champagne)	225.7	234.1	231.3
Export sales as % of total sales Laurent-Perrier	80.8%	81.1%	81.6%
(million euros)
Share of premium products in Laurent-Perrier brand	40.5%	40.9%	41.2%
sales
Share of specialist channels in Laurent-Perrier brand	70.0%	73.3%	68%
sales in France
Gross margin	48.3%	49.7%	50.8%
Operating margin	17.2%	17.6%	17.8%
Operating income (million euros)	38.9	41.3	41.2
Operating Cash Flow (*)	14.7	-2.2	14.3
Return on Capital Employed (ROCE)	5.3%	5.5%	5.4%
Gearing (net debt/attributable shareholders' equity)	68.0%	68%	65%
Book value of inventory/net	186%	188%	194%
Return on Capital Employed (ROCE) (M€)	20.7	23.1	23.71

Norme IFRIC 21

(*) Cash flow from operations minus net investment before dividends and change in current accounts.

Net debt: "Long-term and short-term financial debt, plus other long-term debt, minus cash and cash equivalents".

Return on capital employed: ("Operating profit" / Capital employed)

Capital employed:

"Goodwill" plus "Net intangible and tangible assets" plus "Inventories and work in progress " plus "Trade receivables" plus "Other receivables" minus "Suppliers" minus "Tax and social security liabilities" minus "Other debt".

EBITDA: Current operating income + depreciation and amortization charges + asset impairment charges + provisions for risks and charges

Organic growth: Excluding currency effects and on a like-for-like structural basis.

Premium Products: Cuvée Rosé Brut, Ultra Brut, Millésimé, Grand Siècle, Alexandra.

Annual Report 2019-2020

Cashflow:

1.3. THE MARKET

A unique appellation, creating value - First AOC world wine in value

0,5 %	9 % in volume
	33 % in value
Of the world's vineyards	of world consumption of sparkling wines
THE KEY NUMBERS 2019	LIMITED TERRITORY
297.6 million bottles shipped,
of which 52.4% exported	34,300 hectares
	3 regions: Grand-Est,Hauts-de-
5 billion euros in sales*	France and Île-de-France
* Duty free from Champagne	5 departments: Aube, Aisne,
	Marne, Haute-Marne and Seine-
	et-Marne
	319 Cru

Annual Report 2019-2020

4,500 Market Drivers

16,100 Winegrowers

140 Cooperatives

1,800 exporters

360 Houses

Source: CIVC

1.3.1. From vine to wine

AOC surface area

The champagne appellation covers a rated area of around 35,000 hectares. It was defined by the Act of 1927, which instituted the Appellation d'Origine Contrôlée (AOC*). At that time, the AOC surface area amounted to 35,208 hectares.

Geographic location

Located in France about 150 kilometers east of Paris, it comprises 320 different crus (communes) in five departments:

- Marne (66%),
- Aube (23%),
- Aisne (10%),
- Haute-Marneand Seine-et-Marne.
Distribution of the Champagne vineyards

The vineyard is divided into four main regions:

Montagne de Reims,
Vallée de la Marne,
Côte des Blancs,
and Côte des Bar.

Subsequently, the size of the area classed as AOC gradually decreased, to 20-25,000 hectares by the end of the 1970s, and then rose again to 30,000 hectares at the end of the 1990s. It currently stands at around 35,000 hectares.

The demarcation of the champagne AOC area is based on three distinct ideas: the "zone d'élaboration", the "zone de production", and the "zone parcellaire".

The first of these, the "zone d'élaboration", concerns a set of villages where the different phases of making the product can take place: grape pressing, bottling, storage, packaging, etc.

The second, the "zone de production", concerns all the villages where vines with appellation status may be grown.

The third, the "zone parcellaire", corresponds to the list of plots of land recognised by the Institut National d'Appellations d'Origine (INAO) as being suitable for planting vines. You can, therefore, only find plots with champagne appellation status in villages situated in the "zone de production".

At present, of the form 35,280 hectares with appellation status, with 34,282 planted hectares. The margin for increasing production volumes is thus extremely limited. From 2007, the significantly stronger

Annual Report 2019-2020

sales trends for champagne pointed to shortages, especially as, going forward, environmental restrictions could result in lower yields.

Because of this, the programme to revise the "champagne" appellation zone, initiated in 2003, has become an issue of long-term strategic importance for the profession.

"We will have to wait a few more years to have a precise fix on the new delimitation: the procedure, carried out by INAO, the National Institute of Origin and Quality, is not likely to be complete before "2020, or even 2021" according to mayor Noël Maury. "All the wine-producing villages will be studied - both those that are already in the AOC zone, and those that want to be," he says. "This review phase is scheduled to end between late 2018 and early 2019. Then people who dispute its findings will have two months to come forward. After that, there are still approvals to be obtained and everything will need to be signed off by the Council of State."

This "revision phase" is in fact a series of studies conducted by INAO. It will be followed, once the findings have been published, by a national consultation procedure scheduled to last two months, when "all natural and legal persons may express a reasoned opposition to the project" according to INAO. This is the "review" phase mentioned by Noël Maury. "It's especially for those who weren't classified in the AOC zone in the first place and would like to be," he says.

Source Journal l'Union - February 6, 2018

Planting rights

Planting rights are used to regulate champagne's economy by adjusting production potential according to market prospects. According to an EU Regulation, it is only possible to plant a wine grape vine (i.e., for making wine) if the prospective planter has vine planting rights. These different types of rights are valid for a limited amount of time: eight years for replanting rights, two years for new plantings and rights offset against planting rights reserves. Vineyard renewal is achieved by grubbing up plots of vines, thereby generating a replanting right, which is then used to replant new plots of vines over an equivalent surface area.

A new text highlighting a system of approvals in the shape of a regulation is being drafted and should be included in the next reform of the CAP.

Wine growing

Champagne is the northernmost wine-producing region in France and, with a few exceptions, in the world.

It is a small area of land, representing only 7% of AOC-registered land and only 3.6% of French land used for wine growing (Source: CIVC*, Bank of France). Output is limited (both in terms of yield per hectare and pressing*) in order to ensure the quality of the champagne appellation. Wines produced under the appellation thus totally derive from this land and are limited to the grape volume quotas fixed by the INAO*.

In addition to defining the champagne growing area, the 1927 law contains strict provisions specific to the region regarding planting, varieties (cépages*), pruning, harvesting, fermentation* and production. Between 8,000 and 10,000 vines per hectare are planted in the vineyards.

Champagne concentrates three centuries of know-how, research, and experience of vines and production. Part of its secret lies in the difficult growing conditions, with frequent frosts in winter and spring, and the possibility of very hot temperatures in summer. It is a difficult environment for vines and growers alike, particularly as the land is divided up into many plots with an average area of 12.16 ares (2019 harvest figures) - 281,836 - usually on hillsides. Harvests* are therefore irregular.

To make optimal use of the cultivated land and offset the risk of poor harvests, champagne producers blend* wines of different years and different areas as a means of ensuring consistent quality and style.

Grape cultivation, wine making and ageing* involve a long list of complex processes whose main characteristics are recalled below:

vigorous pruning,
manual harvests* to protect the grapes,
small, perforated harvesting baskets,
very slow pressing*,

Annual Report 2019-2020

division of musts*,
blending of wines from different areas,
two fermentations*,
"remuage*" (riddling) of the bottles*,
disgorgement*,
dosing*.

In fact, over 25 stages are needed to produce this extraordinary wine, calling for talented professionals, sophisticated machinery, and large-scale investment (see Annex 1 on champagne making). The distinctive product is a sparkling wine, which, unlike other wines, is actually a blend of different wines, both "vertical" (using reserve wines from different years) and "horizontal" (combining different varieties of grapes grown in different areas of the Champagne region, harvested in a single year).

The technique and the skills necessary to produce champagne of a consistent quality and style year after year make it unique and highly sought-after. Wine connoisseurs take the view that "the genius of champagne resides in the blending" which is what sets the best brands apart.

There are three different grape varieties or cépages* grown in the region, namely black pinot noir grapes (38% of total planted area), black pinot meunier grapes, (32% of total surface area); and white chardonnay grapes (30% of total surface area). Chardonnay is the rarest of the three varieties grown in the Champagne region.

Pinot noir represents 38% of the planted vineyard.

Perfect on limestone and fresh grounds, it is the dominant cépage of the Montagne de Reims and the Côte des Bar. The wines produced here are distinguished by red fruit aromas and a marked structure. It is the cépage that brings to the assembly of the body and the power.

The Meunier represents 32% of the surfaces.

This vigorous cépage is particularly suitable for more clayey terroirs, such as those of the Vallée de la Marne, and is better adapted to climatic conditions more difficult for the vine. It gives supple and fruity wines that evolve a little more quickly in time and bring to the blend of roundness.

Chardonnay occupies 30% of the vineyard.

It is the favorite cépage of Côte des Blancs. The wines of Chardonnay are characterized by delicate aromas, floral notes, sometimes mineral citrus. A slow evolution, it is the ideal grape variety for the aging of wines.

The physiology of the vine and the natural constraints have given rise to a true wine strategy concerning selection, density, grafting, size, etc.

To maintain its premium positioning, the champagne industry has systematically taken steps to improve product quality to differentiate it from its competitors. Under the supervision of the Institut National de l'Origine et de la Qualité (INAO*) and the Comité Interprofessional du Vin de Champagne (CIVC*), industry-wide regulation and best practices have been established. Product quality is controlled through very strict production criteria, the most important of which are:

Origin of grapes: all grapes must be grown inside the AOC* area. About 34,358 hectares in 2017,

33,842 hectares in 2018 and 33,829 in 2019 (source: CIVC*).

Grape quality*: grapes are graded according to a quality rating expressed as a percentage. The minimum grade is 80%, the highest, 100%.

Currently, 319 different crus* are listed.

Champagne is a grand cru* if it is produced exclusively from grapes graded 100%, and a premier cru* if produced from grapes graded from 90-99%.

Maximum yield*: for a wine to be entitled to the champagne appellation, maximum grape yield per hectare is set each year and may not under any circumstances exceed 15,500 kg per hectare. A set proportion of any wine produced in excess of the cap set for each harvest may be used to constitute a qualitative set-aside reserve of clear wine* for subsequent possible release in the event of a future harvest shortfall.

Any remaining production surplus is sent for distilling.

Set-aside reserve

Today, growers may put a proportion of their excess production (i.e., the harvest volume in excess of the year's yield up to a maximum amount of 15,500kg/ha) into a set-aside reserve. The champagne houses

Annual Report 2019-2020

do not pay for the grapes corresponding to the set-aside until the wine is released, once it has been decided by the CIVC to release the corresponding wine onto the market. At that point the houses pay the market rate of the most recent harvest.

During this period, which may last several years, the champagne houses carry only the cost of storage in their tanks.

This practice has made it possible for champagne growers, etc. to regulate their production, which means that champagne houses are today in a better position to manage their expansion strategies.

The set-aside reserve is a complex management mechanism that is the outcome of lengthy deliberations and measures that are constantly being improved. It reflects the pragmatic approach of champagne professionals and the empirical way in which the joint management of the Champagne appellation has always been carried out.

It provides the houses and the growers with an incomparable economic safety mechanism, in a wine growing area where harvest variability due to the northerly geographic location has always been a major concern.

To do this it is important to remind the champagne profession as a whole that this measure is the necessary adjunct to effective control over harvest yields.

The new measure implemented since the 2007 grape harvest has three components:

Changes to maximum AOC champagne yield. The maximum yield is the annual capped yield of AOC champagne. This has been increased from 13,000 to 15,500kg per hectare, a level of yield constituting a maximum reserve for outstanding years.
Authorization to constitute an individual AOC (Réserve Individuelle) wine set-aside over several years. The individual set-aside may be up to 10,000kg per hectare, subject to compliance with the annual cap. The individual set-aside enjoys the same status as the current set-aside wines. This means that current set-aside wines will be included in the calculation of the 10,000kg per hectare ceiling. The rules governing release of the set-aside are unchanged: the decision to release set-aside wines may be collective or, in the case of an individual decision, the result of a harvest shortfall.
Maximum yield per plot. To optimise the quality of grapes grown, in exchange for the creation of an individual set-aside, the new measure sets out a maximum average yield per plot. The yield will be assessed on the basis of 18 bunches per square metre, with a maximum yield of 21,700kg per hectare.
With what amounts to comprehensive harvest insurance, growers should be more willing to change their growing practices to ensure greater control over yields.

Annual Report 2019-2020

FIXED YIELD IN CHAMPAGNE APPELLATION (KG/HA)

					Total yield in		Collective exit
Years		Available yield		Reserve		from reserve
			appellation
						(kg/ha)

2000	11 000	1 600	12 600	0

2001	11 000	0	11 000	0

2002	11 400	600	12 000	0

2003	11 400	0	11 400	0

2004	12 000	2 000	14 000	0

2005	11 500	1 500	13 000	1 000

2006	13 000	0	13 000	500

2007	12 400	3 100	15 500	1 600

2008	12 400	3 100	15 500	1 200

2009	9 700	4 300	14 000

2010	10 500	1 500	12 000

2011	10 500	3 100	13 600	2 000

2012	11 000	1 000	12 000

2013	10 000	3 100	13 100	500

2014	10 100	3 100	13 200	500
2015	10 000	3 100	13 100	500
2016	9 700	3 100	12 800	1 100
2017	10 300	3 100	13 400	500
2018	10 800	4 700	15 500

2019	10 200	3 100	13 300

Minimum ageing*: regulations provide that non-vintage champagne* has to be bottle-aged for a minimum of 15 months, while vintage* champagnes require a minimum of three years' ageing, from the bottling date ("tirage").

Grape supply contracts

Land ownership in the Champagne area is extremely fragmented, with 15,900 growers cultivating about 90% of the planted land, while the champagne houses own only 10% of the vineyards and generate 72% of total champagne sales. This situation requires a permanent and balanced relationship between the growers and the champagne houses in order to meet the grape requirements of the houses in response to growing consumer demand, in particular on export markets, where the market share of champagne houses is 88%. These relationships are organised through grape supply contracts whose structure is periodically re-negotiated between the Syndicat Général des Vignerons (representing the growers) and the Union des Maisons de Champagne (representing the houses). Some 1.2kg of grapes are required to produce a 750ml bottle of champagne. Grapes account for approximately 75% of the total cost of a bottle of champagne. Fluctuations in grape prices are therefore crucial for champagne houses.

The method used to set grape prices has undergone several changes over the past 20 years. Until 1989 the CIVC* set the price of grapes on an annual basis, according to demand and harvest output. In 1990, the grape price-setting mechanism was deregulated, causing greater volatility. The champagne houses attempted to pass on part of the resulting sharp increase in grape prices to customers. Coupled with an economic downturn in Europe, this led to a 14% drop in demand for champagne between 1989 and 1991. Even the subsequent cuts in retail prices implemented by the champagne houses were not sufficient to lift demand to earlier levels.

The industry responded to this situation by restoring a sophisticated system designed to organise transactions. Following a three-year transitional period from 1993 to 1996, a first industry-wide agreement was reached in 1996 between the organisation representing the grape growers (Syndicat Général des Vignerons) and the body representing champagne houses (Union des Maisons de

Annual Report 2019-2020

Champagne) covering the four grape harvests* between 1996 and 1999. This was subsequently renewed in 2000 for harvests between 2000 and 2003. The agreement introduced four-year supply contracts between the champagne houses and the growers. In connection with the renewal of industry agreements in 2004, the heads of the joint trade body developed a new type of agreement, with the result that a more rigorous and transparent organisation was adopted, the CIVC* acting as the arbitration authority.

Since the interprofessional agreement signed on 21 June 2004, the grape pricing structure has evolved with a trend towards a certain "regionalisation" of the prices observed. In 2008, the price of grapes, including all premiums paid, ranged from €4.90 to €5.80 per kilo.

A further interprofessional agreement was signed in 2008. This governed the sale of grapes for harvests between 2008-2009 and 2013-2014.

In 2014, a new interprofessional agreement was signed. It will govern the rules between the buyers and sellers of grapes, musts, still wines and bottled wines from the 2014-2015 to the 2018-2019 seasons. After the 2018 harvest, a new interprofessional decision will be put in place concerning the organization of the grape market.

2019: New Inter-Branch agreement

The signatories intend to conclude a contract for the sale and purchase of grapes claimed as Champagne AOC, in accordance with the rules laid down by the Champagne Committee and made compulsory pursuant to the law of 12 April 1941 (Amended), and in particular those provided for in CIVC Decision No.187 on contractual relations between the sellers and buyers of grapes, musts and wines eligible for the Champagne AOC denomination and its implementing decisions

In the event of amendments to the interbranch rules or if new rules are subsequently adopted by the Comité Interprofessionnel du Vin de Champagne, the parties expressly declare that they accept that these rules automatically replace these contractual provisions which are not compatible with them.

The buyer must send the Champagne Committee, as soon as the parties sign the contract, an original copy of the contract (and each of any annexes), so that the contract can be registered in accordance with the regulations in force. Should the buyer not file the contract, which constitutes an offence, the submission must be made by the seller.

Contract registration is notified to buyer and seller by the Champagne Committee.

Aims and means of the new interprofessional agreement

The main objectives of the organisation set up are to ensure, while respecting the reputation of the Champagne AOC and the interests of consumers:
- for négociants: the security and stability of supply necessary for their activity and sustainable commercial development, as well as the delivery of products that meet the quality objective of the Champagne wines marketed;
- récoltants : the security and stability of the sale of their products, as well as a remuneration allowing the sharing of the value created by négociants when selling Champagne wines to their customers;
- sellers and buyers: a secure and harmonised contractual framework for all sales.
To contribute to better coordination of bringing products to market , the means implemented aim, in particular, to :
- to streamline supply and demand by preserving a volume of stock essential to the quality of the wines; - develop and harmonise contractual relations, whether multi-year or ad hoc, between sellers and buyers;
- improve knowledge and transparency of production and the market.
To ensure the security and stability of supply for merchants, the quantities placed on the market are determined on the basis of the medium-term sales prospects for champagne wines by the négociants within the limits of a rational evolution and taking into account both the level of stock held by the négociants and the total level of stock held by the Champagne industry. The reasonable evolution of sales is assessed by taking into account, on the one hand, the production potential of Champagne and, on the other hand, the concern to maintain the quality of the wines, in particular by taking the total stock level in Champagne into consideration.

In 2019 the base price for grapes was up by about 3 à 6% relative to the prices paid for the 2018 harvest, depending on the region.

Annual Report 2019-2020

"A brief update on the price per kilo of grapes in Champagne for the 2019 harvest.

Like every year, here is a brief update on the '"price per kilo of grapes". The price of the last harvest. Not surprisingly, it has increased. A little. Between 1/1.5%. Thus, for Chardonnay grands crus, we are talking about an average of 7.15 Euros per kilo (without the "Sustainable Viticulture of Champagne" and High Environmental Value premiums). For Pinot Noir grand crus, the price per kilo can be as high as 7.10 Euros. For premiers crus, the average price varies between 6.90 Euros and 7 Euros. For peripheral vintages, it is around 6/6.50 Euros on average. Of course, these prices can vary according to the sectors and ... the buyers. If we reach a certain price "level" again this year, we must once again ask ourselves if the sky's the limit. And an initial response may come from the Cognac region. With this announcement by Bernard Peillon, Chairman of Hennessy in the newspaper Sud-Ouest, who explained that his company was not raising its purchase prices for winegrowing this year. "Over the past ten years, the average annual increase has been close to 4%, well above inflation," Bernard Peillon explained. The Chairman of Hennessy added that in "a volatile and uncertain, complex and ambiguous international context, the company was on course and remained reasonably confident". With the small harvest of 2019, this is enough to start wondering about a possible return of the Cognac phenomenon, certainly in Cognac, but also in Champagne."

Source La Champagne de Sophie Claeys - October 22, 2019

1.3.2. History of global demand for champagne

The table below shows shipping volumes since 2010 in million bottles (Source CIVC) :

"Champagne: Historic drop in sales in 2020 Source - Les Echos - June 2, 2020

Champagne should see its shipments plummet by a third, with a shortfall of 100 million bottles compared with 2019. The wine-growing region could record a loss of more than 1.7 billion Euros in turnover for the current year, according to the CIVC. An economic catastrophe that the Champenois have not seen in decades.

For the first time, the Champenois are publishing sales forecasts for the current year. This is "a sign of exceptionally serious circumstances", observes the spokesman of the Interprofessional Champagne Committee (CIVC), Thibaut Le Mailloux. The profession thus anticipates a plunge of one third of sales in 2020, i.e. 100 million fewer bottles and a loss of 1.7 billion Euros due to the Covid-19 pandemic. The wine-growing region has not experienced such a slump in decades.

The figures may seem premature, given that officially only the balance sheet for the first quarter is available. But they are the result of catastrophic feedback from harvesting winegrowers and houses for the whole year. At the end of March, Nielsen reported a 22% drop in shipments for the first three months compared to the same period in 2019. With, for the month of March alone, a 70% dive for only 2 weeks of confinement. "The months of May and April are going to be awful," according to the CIVC.

"Orders are very low, wine tourism is at a standstill and consumers are not in the mood for sparkling wines," observed its spokesperson. Even if the French had the champagne reflex to celebrate the first Saturday of the deconfinement, to the point that sales jumped by 75% in one day. But already the prospect of a deep global economic crisis is looming.

The Champenois are going through a long and difficult cycle. "It is very likely that this crisis will have an effect on the Champagne region for several years to come," according to the joint trade association. An

Annual Report 2019-2020

exceptional situation, exceptional measures. In order not to increase the stocks, which are still significant in the region's cellars since they correspond to three years of production, only a part of the future harvest will be bottled from January 1, 2021. It will be payable on the usual due dates, so as not to increase the operators' stock. The other part can only be bottled from January 1, 2022 and will only be paid to the winegrowers for the grapes, musts or clear wines delivered by February 5, 2022.

The CIVC therefore asks the European Commission to activate the measures provided for "in the event of serious imbalance on the markets". It has also called on the French government to "supplement the EGALIM law, which is already producing positive effects". It would be a question of "further strengthening the framework of promotions in order to preserve the image of the Champagne appellation of origin", the joint trade association asks.

Part of the Champagne region obviously wants to see the disappearance of these entry-level wines, which are the subject of very strong promotions. The Champenois also hope to benefit from exemption from charges on the seasonal workers they employ for the harvest, some 120,000 in normal times.

As for the decisions on yield per hectare of vines, they will not be taken until mid-summer, July 22. Time is of the essence. The harvest promises to be very early and above all to reach a record level. "

Source - Les Echos - June 2, 2020

1.3.3. Market trends

Champagne industry turnover (billion euros)

6		4,57				4,73	4,7	4,9	4,9	5

5		4,44			4,5
		4,4	4,39	4,4

	4,06		3,7	4
4	3,7

0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source CIVC

« Champagne shipments 2019: 5 billion Euros in turnover / 297.5 million bottles

Shipping figures for the year 2019 have just been published by the Champagne Committee.

Champagne shipments in 2019 totalled almost 297.5 million bottles, down 1.6% compared to 2018.

For the second consecutive year, exports, with 52% of volumes (155.9 million bottles), exceed Champagne consumption in France. They remain dynamic (+ 0.8%).

The European Union is on the rise again (+ 1%) while the rest of the world has seen its growth slow (+ 0.7%), in line with a disrupted global economy.

The French market is down 4% with 141.5 million bottles.

The net turnover ex works Champagne is estimated at 5 billion Euros (+ 2%)

The co-chairmen of the Champagne Committee, Jean-Marie Barillère and Maxime Toubart, deplore the drop in shipments in France, particularly in mass distribution; however, "in a context marked by strong uncertainties on our two leading export markets and a worrying macro-economic and geopolitical environment, these results attest to the remarkable resilience of the Champagne market". »

Annual Report 2019-2020

Source La Champagne de Sophie Claeys - February 11, 2020

…………………

With a turnover of 5.05 billion Euros, Champagne has exceeded its own record

Yesterday, the final figures for 2019 champagne shipments were established by the Champagne Committee. With 296.5 bottles shipped and 5.05 billion Euros, it is clear that Champagne has done even more with less in a somewhat vague context that masks a certain reality of the market.

As last year with an increase of 0.8% in volume (155.9 million bottles), exports achieved a very good figure, exceeding three billion Euros, unlike France, which fell by a further 4% (141.5 million bottles) with a turnover of two billion (-1.9%).

A few good surprises...

If we refine these figures a little, in terms of turnover, with 625.2 million Euros, the US market is in first place among importing countries with a nice increase of 15.3% for a volume of 25.6 million bottles.

The United Kingdom had a good surprise in store, since the successive falls recorded for several years would finally seem to be coming to an end, with an increase of 6.2% in turnover (431.2 million Euros) and 0.8% in volume (26.9 million bottles). In terms of growth, we can obviously count on Japan, now the 3rd largest Champagne market, with an increase of 11.2% in sales (354.6 million Euros) and 5.2% in volume (14.3 million bottles), but also on the countries of Northern Europe: Finland, Norway, Sweden and Denmark, whose volumes and sales are rising.

...and some not so good

On the disappointing side, the terrible fires that broke out in Australia in the middle of the summer period for this part of the world and preparations for the end-of-year festivities led to a drop in consumption (- 8.7% in volume with 7.5 million bottles and -7.9% in value with 113.5 million Euros). The "Chinese world" comprising Hong Kong and Taiwan is also falling, both in volume with 4 million bottles (-12%) and in value with 97.6 million Euros (-0.7%). In this regard, we can note that it is China and Hong Kong (which is understandable given the political situation of the island in 2019) that bring down the figures of this "Chinese world". Taiwan, on the other hand, enjoyed a good increase of 25.3% in value with 13.7 million Euros and 15% in volume with nearly 500,000 bottles.

The famous double effect

At first glance, with a record turnover despite this drop in volumes, we could describe this year as being fairly good. But that would be fooling ourselves. We know that what is shipped is not automatically bought and consumed. It is also known that between three and four million bottles were shipped at the end of the year in order to avoid the future and possible consequences of the "Trump" tax customs duties or to avoid a "Brexit" backlash across the Channel. This being explained, this over-stocking (which moreover continued at the beginning of 2020) could have a double effect. On the one hand, with an impact on the next shipment figures for 2020, on the other hand with a backlash on the future "market yield", which, as its name indicates, based on last year's market figures will determine the famous champagne "appellation" for the 2020 harvest. And despite the wishful thinking of some, there is no indication that it will reach 10,000 kg/h.

Source La Champagne de Sophie Claeys - March 12, 2020

Annual Report 2019-2020

The chart below shows sales in millions of bottles for the champagne industry as a whole since 1960, illustrating strong, long-term volume growth, despite the existence of fairly marked cycles.

350

300

250			France							181	188	181	185,0	181	171,5		162,3	161,8	157,9	153,7	147	141,5



			Export					178		167,3

200										181
							160	149


150							148

				110
100					110
	60	90					129	140	151	141	134,5	142	137,4	137,6	144,8	150,7	148,1	153,6	155	155,9


50					90	85	87	104					113


		40			60
		40	30
0		10

Source CIVC - 2019

The chart below shows the quantities of champagne shipped and the average price per bottle since 1998. In 2019, the average price of bottles shipped, in constant euros, was €16.99.

Annual Report 2019-2020

The following table shows the main export markets (shipment per million bottles).

																				Annual
(million bottles)	1990	2000	2001	2002	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	average
growth rate
																				1990-2019

Pays
UK	21,3	20,4	25	31,7	36,8	36,8	39,0	36,0	30,5	35,5	34,5	32,4	30,8	32,7	34,1	31,2	27,8	26,8	27,0	0,9%
United States	11,7	19,2	13,7	18,3	20,7	23,1	21,7	17,2	12,6	16,9	19,4	17,7	17,8	19,1	20,5	21,8	23,1	23,7	25,7	2,6%

Germany	14,2	14,2	12,8	11,4	11,9	12,3	12,9	11,6	10,9	13,3	14,2	12,5	12,3	12,6	11,9	12,5	12,3	12,1	11,7	-0,6%
Japan	1,5	3,2	3,5	4	5,9	8,0	9,2	8,3	5,1	7,4	8,0	9,1	9,6	10,4	11,8	10,9	12,9	13,6	14,3	8,5%
Belgium	5,9	7,3	7,4	9	9,4	9,3	9,9	9,9	8,2	8,8	9,6	8,3	9,5	9,7	9,2	8,3	9,1	9,1	9,2	1,6%
Italy	6,9	8,2	7	7,9	8,8	9,3	10,3	9,4	6,8	7,1	7,6	6,2	5,3	5,8	6,3	6,6	4,0	7,4	8,3	0,3%
Switzerland	8,6	6,5	6,1	5,8	5,1	5,4	6,1	5,4	4,8	5,4	5,7	5,4	5,1	5,5	5,4	5,7	5,6	5,8	5,4	-1,4%
Others	12	24,5	22,7	24,6	31,1	36,4	41,8	43,4	33,4	40,1	43,0	45,8	47,2	49,0	51,5	51,1	55,4	56,4	54,4	5,9%
Total Exports	84,8	103,5	98,2	112,7	129,8	140,6	151,0	141,2	112,4	134,5	142,0	137,4	137,6	144,8	150,7	148,1	153,5	154,9	156,0	2,3%
France	147,6	149,5	164,4	175	178	181,0	187,8	181,4	180,9	185,0	181,0	171,5	167,3	162,3	161,8	157,9	153,8	147,0	141,6	0,0%
TOTAL	232,4	253,0	262,6	287,7	307,8	321,6	338,7	322,6	293,3	319,5	323,0	308,9	304,9	307,1	312,5	306,0	307,3	301,9	297,6	1,0%

Distribution of champagne sales in the world (Civil year 2019)

Volume : 297.6 million bottles		Turnover breakdown : 5 billions €
				Duty free from Champagne
	76.5 million		1.3 billions €
	bottles

141.6 million	25.7 %	European Union		26.4 %	European Union
bottles		2 billions €

47.6 %		Third country		39.6 %	Third country



	79.5 million	France			France

	bottles	1.7 billions €


	26.7 %			34 %

Source CIVC - Activity report 2019

Turnover breackdow - Duty free per market (in millions of euros)

Source CIVC - Activity report 2019

1.3.4. The competitive environment

The champagne industry has seen numerous changes since 1990. In addition to significant changes in the industry's regulatory framework, the competitive landscape has been transformed following major consolidation or deconsolidation moves, the emergence of new players, and public share offerings by a

Annual Report 2019-2020

growing number of groups.

These changes reflect on-going restructuring and modernisation trends in the industry, as well as champagne's recognition as a global luxury product.

Principal transactions since 1995:

Buyer/Seller		Target	Date

La Financière Martin	Acquired Champagne Delbeck	1995
Vranken			Acquired the A. Charbaut et Fils champagne house	1995
Vranken			Acquired Heidsieck-Monopole	1997
Boizel-Chanoine		Acquired Philipponnat et Abel Lepître	1997
La Financière Martin	Acquired Champagne Bricout	1998

Rémy Cointreau		Sold De Venoge, Krug	1998
Laurent-Perrier		Sold Joseph-Perrier to the Alain Thiénot Group	1998
LVMH			Acquired Krug and De Venoge from Rémy Cointreau	1998
			Subsequently sold the De Venoge brand	1998
Boizel-Chanoine		Acquired Bonnet and the De Venoge brand name	1998
Seagram			Sold Mumm et Perrier-Jouët to Hicks Muse Tate & Furst	1999
Vranken			Sold Germain to Frey	1999
Allied Domecq		Acquired Mumm and Perrier Jouet	2000
Vranken			Acquired Pommery from LVMH	2002
Opson (Schneider)		Acquired Champagne Bricout and Champagne Delbeck	2003
Vranken			Acquired Champagne Bricout and Champagne Delbeck	2003
Monopole/Moët	&
Chandon
Vranken Monopole		Acquired Champagne Jacopin	2003
LVMH et	Vranken	Shared assets of wholesale wine merchant Bricout-Delbeck	2003
Monopole
LVMH			Sold Canard-Duchêne to Alain Thienot Group	2003
Laurent-Perrier		Acquired Château Malakoff	2004
Frey			Acquired 45% stake in Champagne Billecart Salmon	2004
Bruno Paillard		Acquired Domaine René Jardin and vineyards	2004
Frey			Sold Ayala brand to Bollinger	2005
Pernod Ricard		Acquired Mumm Perrier Jouët	2005
Starwood			Acquired Taittinger	2005
Boizel Chanoîne		Acquired Lanson International	2006
Starwood			Crédit Agricole acquired control of Taittinger	2006
Famille Taittinger		Acquired 37% stake of Taittinger from Crédit Agricole	2006-2007
Famille Taittinger		Acquired additional 4% stake	2007
LVMH			Acquired Champagne Montaudon	2008

Rémy Cointreau		Champagne business put up for sale (Piper and Charles Heidsieck brands)	2011
Vranken	Pommery	Acquired Champagne Bissinger	2012
Monopole
Lanson BCC		Sale of 4.72% equity stake to a Crédit Mutuel subsidiary	2013
Laurent-Perrier		Acquired S.A. François Daumale	2014
LVMH			Acquired Janisson	2019
Nicolas Feuillatte		Acquired Henri Abelé	2019

1.3.5. Tax and regulatory environment in 2019-2020

The champagne profession is subject to extensive regulations. These European, national and regional regulations cover areas such as production, ageing*, quality, territory of origin (Appellation d'Origine
Contrôlée*), direct and indirect taxes, and labelling. In addition, French agricultural laws, structural regulations, and Société d'Aménagement Foncier et d'Etablissement Rural agricultural land companies (SAFER), have created a series of obligations notably as regards land sales and the management of wine producing estates.
On March 19, 2014, a new set of measures was implemented as part of the Hamon Act on relations between suppliers, retailers and consumers.

Annual Report 2019-2020

In France, the Evin Act imposes special advertising restrictions on all beverages containing more than 1.2 degrees of alcohol.
New regulations on paperless Customs documentation came into force in 2010.
Pursuant to the Informatique & Libertés (Data Privacy) Act No.78-17 and the General Data Protection Regulation (GDPR) No.2016/679, the Laurent-Perrier Group has embarked on a procedure to ensure compliance when gathering and processing personal data.
Law of 30 October 2018 on the balance of trade relations in the agricultural and food sector: EGALIM Law
Entry into force on 21 July 2019 of EU Regulation No. 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the Universal Registration Document.

As part of its normal business activity, the Laurent-Perrier Group is required to gather and process the data of its partners and employees.

At this stage, the Laurent-Perrier Group continues to implement all useful means to consolidate pre- existing procedures concerning:

Data gathering corresponding to the strict finality of its business and its legal obligations
The security and integrity of the data entrusted to it
The necessary systems for putting consent on a formal footing and for compliance with processing, circulating and storing data
Integration of the Regulation's prerequisites in internal procedures and digital applications concerned by data gathering and processing.

For any further information concerning data processing or to enable users to exercise their rights under the Regulation, the Laurent-Perrier Group has created a dedicated address: GDPR@laurent-perrier.fr.

Brexit informations

"Brexit, what changes on February 1st?

[…]

Champagne

While the announcement of Brexit in 2016 led to a decline in champagne sales in the United Kingdom, turnover has increased. Customers across the Channel have been stocking up for a sudden exit, but winegrowers in the region have little visibility for the future. The commercial links between the two countries could revert to how they were when the United Kingdom was not part of the European Union."

Source Journal l'Union - January 31, 2020

The champagne houses making up the Laurent-Perrier Group have taken all necessary steps to respect this tax and regulatory environment.

Annual Report 2019-2020

1.4. THE LAURENT-PERRIERGROUP: RECENT CHANGES, GOALS AND STRATEGY, OUTLOOK

1.4.1. Highlights of the 2019-2020 financial year

Key audited consolidated financial data

				Variation vs N-1
In millions of Euros	2018-	2019-	Variation vs N-1	excluding
At March 31, 2020	2019	2020	currency effect

				(*)
Champagne sales	234.1	231.3	-1.2%	-1.7%
Group turnover	249.6	242.4	-2.9%	-3.4%

Operating income	41.3	41.2	-0.3%	-2.0%

Operating margin % (**)	17.6%	17.8%	+0.2 pt	+0.0 pt

Net income	23.2	23.8	+2.6%	NC

Earnings per share (in Euros)	3.89	3.99	+0.10	NC

Operational cash flow (***)	-2.2 M€	14.3 M€	+16.5 M€	NC

At N-1 exchange rates
Margin calculated on champagne sales only
Cash flow from operating activities - net investments

Evolution of the turnover

In a global champagne market that fell by -3.4% in volume over the twelve months of the financial year, Laurent-Perrier Group's turnover, relating to sales of champagne, stood at €231.3 million, i.e. a variation of -1.2% at current exchange rates. Excluding the currency effect, it is €230.1 million.

This performance was achieved thanks in particular to stable volumes for the Laurent-Perrier brand and a solid price/mix effect of +4.5%.

Similarly, and in line with the Group's value strategy, the Laurent-Perrier brand remained on track, with a slight increase in the share of international sales, as well as an increase in the contribution of high-end vintages to sales.

Evolution of the result

Operating profit at current exchange rates was €41.2 million, stable compared to the previous year. Excluding the currency effect, it amounted to €40.5 million, a decrease of -2.0%.

The operating margin increased by +0.2 point, as reported, to 17.8%. At constant exchange rates, it stood at 17.6% and remained stable compared to the 2018-2019 financial year.

Financial income improved by 7.0% over the year, mainly due to a 5.2% decrease in the cost of net financial debt.

The tax rate was 31.4%, down -0.9 points compared to the previous year.

Net profit amounted to €23.8 million at current exchange rates, up by + 2.6%. It represents 10.3% of champagne sales, compared to 9.9% at March 31, 2019.

Operating cash flow for the year was €14.3 million. It shows a significant increase of +€16.5 million, linked in particular to the improvement in cash flow generated by the activity and a decrease in investments following the completion of work on the Group's production site.

Annual Report 2019-2020

Analysis of champagne sales

	Group	2019-2020
			April 1 - March 31
	Turnover (M€)		231.3
	Variation / N-1 in %		-1.2%
	o/w
		Volume effect		- 6.2%
		Price / Mix effect		+4.5%
		Currency effect		+ 0.5%
Balance sheet elements

		Group - in € million	2018-2019		2019-2020
		Equity	422.9		440.0
		Net debt	285.8		284.0
		Inventories	537.2		552.2
		Operational cash flow	-2.2		14.3

1.4.2. Strategy

One of the Group's key success factors since being listed on the stock market has been that both the strategic objectives it has set itself and the resources it has applied to achieve them have never been called into question.

The Group's strategy has four key components:

a single business: the making and sale of premium champagnes,
high quality supplies based on a partnership approach,
a portfolio of complementary brands,
active control of worldwide distribution.

1.4.2.1. A single business: the making and sale of premium champagnes

For more than many years, the Laurent-Perrier Group has refocused on a single activity in which it has been engaged for decades: the making and sale of premium champagnes. This is a complex profession, which requires not only a relentless commitment to quality but also very specific commercial and brand communication methods. The Group's efforts are at all times focused on continuous improvement and on growing sales, particularly of the high value-added products that form part of the luxury goods rather than the consumer products universe. Having a single business means that resource allocation and investment decisions never give rise to conflicts of interest, and results in acquiring a higher level of expertise and professional specialisation.

1.4.2.2. High quality supplies based on a partnership approach

This is an essential element in developing each brand both in terms of volume and quality. The Group, which obtains about 90% of its grape supply through contracts, aims to exploit its considerable strengths in this respect, seeking to expand and secure this supply by continuously strengthening its partnerships with growers in the Champagne region.

The Group's grape supplies are provided in part by cooperatives but above all by over 1,200 independent grape growers in the Champagne region. This strategy has resulted in extremely high-quality supplies. With champagnes based on an average 91% cru*, Champagne Laurent-Perrier is one of the best-supplied champagne houses in terms of grape quality, since the average cru* used in the industry is around 88% (source: CIVC*).

The good relationship the Group enjoys with the wine growers and cooperatives, and the strong and sustainable partnerships it builds with them, mean that agreements renew at different dates, another of the Group's strengths.

Supplies

To meet its needs, the Group has secured supplies from around 1,450 hectares of vineyards.

The Group's own vineyards produced about 10% of its grape requirement in 2019-2020. This is below the

Annual Report 2019-2020

champagne house average of around 20% (Laurent-Perrier estimate based on industry data). The Group has never believed that the purchase and operation of vineyards should be its core business or an end in itself and has always favoured agreements with wine-growers.

1.4.2.3. A portfolio of complementary brands

The Group's four main and complementary brands, Laurent-Perrier, Champagne de Castellane, Delamotte, and Salon, cover all segments of the market for mid-range and premium champagne. Since they are always sold either through different distribution channels or in different price ranges, the four brands do not compete with each other. The combined share of these four brands amounts to 91% of Group turnover.

Champagne Laurent-Perrier

Laurent-Perrier is the Group's main brand, with production facilities located in Tours-sur-Marne in the heartland of the Champagne grape-growing region.

France accounted for 18,9% of Champagne Laurent-Perrier turnover, while 81,1% of its production was exported. Sales are mainly through specialised distribution channels, including restaurants, fine-food stores and wine merchants. Champagne Laurent-Perrier is not sold in great quantities in supermarket chains. As a major luxury brand, Laurent-Perrier has patiently cultivated and promoted its distinctive products since Bernard de Nonancourt took the Group's helm in 1949.

The Laurent-Perrier style is born of the vision of a man, Bernard de Nonancourt, who began creating champagnes characterised by freshness, delicacy and elegance in the 1950s.

Above and beyond the style, what defines Laurent-Perrier is its role as an innovator and pioneer in ensuring the quality of wines. In 1959, Laurent-Perrier created Grand Siècle, a blend of three exceptional vintages that complement each other perfectly to recreate the perfect year.

In 1968, Laurent-Perrier developed Cuvée Rosé, thus elevating non-vintage Rosé champagne through a totally new type of wine.

In 1981, Laurent-Perrier launched Ultra Brut to accompany nouvelle cuisine, even though the Brut Nature category did not yet exist. In 1987, Laurent-Perrier revealed an exceptional marriage between Pinot Noir and Chardonnay with Alexandra Rosé Millésimé.

In 2017, Laurent-Perrier unveiled the evolution of its non-vintage brut called "La Cuvée", revealing considerable progress in quality.

In 2019, Laurent-Perrier innovated with Blanc de Blancs Brut Nature, a zero dosage champagne, which can only be obtained by perfect control of the maturing and vinification process.

In March 1998, Champagne Laurent-Perrier was appointed official champagne supplier to HRH The Prince of Wales, a distinction never before granted to any other champagne brand. The appointment was renewed in 2007, then successively in 2012 and 2017.

One of the principal characteristics of Laurent-Perrier is the wide range of its premium and prestige products.

Laurent-Perrier"La Cuvée"

This wine comes from the purest grape juice and it alone allows Laurent-Perrier to craft "La Cuvée", a champagne wine of great finesse and a beautiful freshness obtained after a long ageing process in our cellars.

Laurent-Perrier's style and personality are defined by its very high proportion of Chardonnay. Purity, freshness and elegance - essential characteristics, expressed in this champagne - are a good introduction to the spirit of the House.

This fresh and pure wine is perfect for an aperitif. Its citrus and white fruit notes and its remarkable balance, supported by a subtle effervescence, make it an ideal champagne to accompany poultry and the most delicate fish.

Laurent-Perrier"Harmony"

Pioneer of the Brut Nature category, Ultra Brut is a wine with no added sugar. It expresses the quintessential character of champagne and was known as a "Great Wine without sugar". Launched in 1981, Laurent-Perrier Ultra Brut is a true illustration of the House's know-how.

This wine sublimates sweet and savory dishes and goes particularly well with desserts and pastries. It will give the dishes a lot of richness and depth.

Laurent-PerrierUltra Brut

This wine pairs perfectly with seafood sushi and white fish ceviche as well as young parmesan or a pata

Annual Report 2019-2020

negra ham.

Laurent-PerrierBrut Millésimé 2008

Laurent-Perrier very rarely makes vintages, declaring less than one out of two years compared with the market average of over three out of four years.

Exclusively crafted from the best Crus - Chardonnay grapes from the Côte des Blancs and Pinot Noir grapes from the Montagne de Reims.

The Vintage is the choice of an exceptional year from which selected Grands Crus of Chardonnay and Pinot Noir will enter into a future iteration of Grand Siècle. It is a rare and outstanding wine that expresses the character of the year in the Laurent-Perrier style.

2008 was characterized by a cold but not harsh winter and a dull and rainy spring. Harvest started mid- September in dry and cold conditions, perfect weather for healthy grapes which provided attractive Chardonnays and Pinots Noirs. These high quality grapes revealed an outstanding aromatic richness that augured well for an exceptional Vintage.

The Vintage 2008 is a true wine for the table. It pairs well with textures that are tender and delicate such as shellfish, noble fish poultry and veal fillet.

Cuvée Rosé

The Cuvée Rosé was created in 1968 from the boldness and know-how of the House of Laurent-Perrier. Perfected at each stage of its making. Cuvée Rosé is acknowledged for its consistency and its high quality.

It is characterized by its ripe red fruit aromas, a high intensity and great freshness.

Its aromatic depth makes it ideal for pairing with marinated row fish, grilled prawns exotic dishes and desserts with red fruits. Those who are more daring will try it with Asian or Indian cuisine.

Cuvée Blanc de Blancs

Laurent-Perrier has always selected Chardonnay as the dominant grape variety in all its white cuvées and has been a pioneer of the Brut Nature category since 1981.

By perfecting its knowledge of this style of vinification and with careful aging of this variety in stainless steel vats it has enabled Laurent-Perrier to create a Blanc de Blancs Nature.

The Blanc de Blancs is a wine made for fine cuisine and can be paired with veal as well as the finest fish dishes such as seabass in salt crust or grilled squid marinated with lemon and olive oil.

Grand Siècle

The idea of Grand Siècle was born from a simple observation: that nature would never provide the perfect oenological year, but that thanks to the art of assemblage, Laurent-Perrier could in fact create it. Going well beyond rare vintages, Grand Siècle is created choosing not one but three exceptional years which complement each other perfectly. We must then wait for at least 8 years of ageing in our cellars before it can be enjoyed.

The pinnacle of the art of blending, Grand Siècle is the unique expression of the pursuit of excellence in Champagne; it is to: "blend the best with the best to obtain the best".

Grand Siècle pairs with high quality products and refined dishes, particularly "surf & turf" combinations as fried Saint-Jacques with black truffles.

Since 2019, Laurent-Perrier has decided to make the Grand Siècle blends more explicit by numbering the iterations that are the different Grand Siècle vintages. Thus, the blend put on the market this year in bottles bears the number 24 and the blend put on the market in magnums bears the number 22. Wine professionals and enlightened amateurs can find on the Grand Siècle website (www.grandsiecle.com) the exceptional years that make up each iteration of Grand Siècle.

Les Réserves Grand Siècle

To mark the Bicentenary of the House and as a tribute to Bernard de Nonancourt, the man who created Grand Siècle, Laurent-Perrier has decided to release a special limited edition of the most symbolic of its Réserves wines, Cuvée N° 571J.

After 16 years in our cellars for ageing, this cuvée has been released once, and once only, in limited edition magnums, and, for the first time ever, in jeroboams.

Made from Chardonnay and Pinot Noir varietals exclusively grown among ten of the most famous of Champagne's foremost 100% Grands Crus vineyards, the cuvée N° 571J is a blend of three of the best Laurent-Perrier's vintage years: 1995, 1993, 1990.

A light gold colour shading towards white gold, with a very delicate bead. The nose presents subtle aromas of honey, hazelnuts, and toasted almonds lengthened by roasted notes underscoring the depth of its maturity. A very pleasant attack revealing a well-balanced wine with great finesse and a long, silky finish, with persistent hints of candied citrus.

Annual Report 2019-2020

Alexandra Rosé 2004

The wedding of his elder daughter Alexandra in 1987 gave Bernard de Nonancourt the opportunity to create this vintage rosé champagne, which is the epitome of the demanding values of the Laurent-Perrier House.

It was always natural for Laurent-Perrier, creator of the benchmark Cuvée Rosé non-vintage champagne, to eventually offer a prestige Cuvée Rosé.

Alexandra Rosé is a rare and cherished wine that comes from a rigourous selection of the best plots ; an exceptional marriage between Grands Crus grapes of Pinot Noir and Chardonnay.

The year 2004: despite periods of hail and storms during the spring and summer, September's beneficial warm and dry weather saw an abundant, well-matured harvest of Chardonnay and Pinot Noir grapes (the former being more heterogenous).

Reserved for the finest dishes: tempura of langoustine, roasted lobster and scallops with black truffle.

Champagne de Castellane

Champagne de Castellane bears the name of one of the oldest families of France, whose origins date back to the 10th century and the Counts of Arles and Provence.

This champagne house, founded in 1895 by Viscount Florens de Castellane, is located in Epernay. It quickly gained importance, riding the wave of Belle Epoque opulence. Acquired in 1927 by Alexandre Mérand, it saw strong growth under the guidance of this charismatic business leader, rising to become one of the leading champagne houses in the 1960s.

From 1970, Mérand's three daughters continued to expand the family business and Laurent-Perrier acquired a stake in 1983. Ten years later, the Nonancourt family and Laurent-Perrier increased their stake to 50%, finally taking overall control in 1999.

Today Champagne de Castellane is synonymous with Epernay thanks to its celebrated 66-metre tower, the symbol of the capital of Champagne. The tower soars above an imposing cluster of buildings, some of them officially listed as historic monuments.

Its wines have a distinctive label bearing the red cross of St. Andrew. Among champagne labels, Champagne de Castellane is distinguished by its renowned style and quality and a strong presence in France in modern retail channels. The brand also has positions in Europe.

This champagne, represented by the red cross of St. Andrew, is aimed at younger drinkers, for whom nightlife is an essential component of the festive spirit.

In late 2008, following a partial tendering of assets through which Château Malakoff, a Laurent-Perrier Group company, tendered its independent champagne production and marketing activity.

De Castellane Brut

The Brut perfectly encapsulates the "de Castellane style". A subtle marriage of elegance and pleasure. The winemakers'attachement to the long tradition of the House's quality is reflected in this wine and illustrates the richness and finesse of its style.

A great match throughout the meal, the Brut will pair well with simple dishes and will also enhance more sophisticated foods. It is also an ideal aperitif for a drinks party or reception.

Cuvée Commodore

Cuvée Commodore is aimed at epicureans searching for their great champagne for their own pleasure and that of their guests. First released in 1968, this cuvée is the product of the best pinot and chardonnay plots.

Champagne Salon

Still in its original 1921 location in Le Mesnil-sur-Oger in the heart of the Côte des Blancs, Salon makes the exceptional a rule. Salon is a unique champagne. Everything in this peerless wine can be defined by singularity: a champagne created by a single man, Aimé Salon, on a single terroir, the Côte des Blancs, from a single cru, Le Mesnil-sur-Oger, and a single grape varietal, chardonnay, from a single year, and with no blending whatsoever - the exceptional as a way of life.

Uniquely, for the world of wine, there were only 37 Salon vintages declared throughout the entire twentieth century. The twenty-first century sees this rigorous selection of vintages chosen for their extraordinary aging potential with 2002, 2004 and 2006.

Champagne Salon has an international reputation: its principal export markets are in Asia Pacific (Japan, Hong-Kong, Singapore, Australia), the United States, and Europe (the United Kingdom, Italy, Spain) where distribution is carried out by independent importers who are already the exclusive importers of some of the world's finest wines. In France and the export markets alike, Salon's customers are above all Michelin-star restaurants, specialist wine merchants and lovers of great wines.

Annual Report 2019-2020

Salon 2008

In the glass, Salon 2008 is the epitome of Salon - diaphanous, yellow diamond glinting with green rays; on the nose its aromatic depth is powerfully redolent of the earth, heralding on the palate that sense of balance and structural firmness that will allow the wine to develop its full complexity. There is a driving sense of stone here, a heightened minerality, its chalky acidity first drying then mouthwatering, slender and rapier-fine to the end of time to blossom finally like a flower, turning on the charm, its tiny, fine bubbles tantalizing…

Nature's rich bounty provides so many matches for Salon 2008, from the air, land and sea. The sole requirement: it must be exquisite. Whatever that means for you - your grandma's cooking, the revelation of your first truffle, oyster or caviar, that delicious ceviche or tempura, Salon 2008 will take its place at the table, generous and all-embracing in spirit. Faithful to the extraordinary vision of its founder, transcending all limits, Salon 2008 is the dream vintage: a champagne for all time.

Champagne Delamotte

The house of Delamotte was founded in 1760 and is one of the first five houses created in Champagne. Located at Le Mesnil-sur-Oger, it stands adjacent to prestigious Salon, its sister house with which it has shared its destiny since 1988.

On the strength of its 250-year history, Delamotte is a yardstick among the people of Champagne, who acknowledge its consistently high quality and its makers' total respect for the terroir of the Côte des Blancs, from which it blends the greatest chardonnay crus. Champagne Delamotte has made Blanc de Blancs its speciality across a comprehensive range of cuvées that have always been distributed by the same importers as Champagne Salon. A growing proportion of its production (currently around 60%) is exported, and it enjoys an excellent reputation among wine professionals. Most sales are made in the fine food sector (from top bistros to Michelin-starred restaurants) and as well as among specialist retailers and national wine merchants.

Delamotte Brut

Delamotte Brut is a blend of approximately 55% chardonnay, 35% pinot noir et 10% pinot meunier, which combine to give a wine of subtle power, appealing freshness, soft curves and a precise, fresh fruit finish : this is a dry and extremely attractive champagne, balanced and elegant. Each grape plays a part, as Chardonnay sets the wine in place, its foundation and roots. Pinot Noir helps give the wine more breadth and depth. A small portion of Pinot Meunier brings its aromatic charm to produce a pure and intense Brut.

Aged on the lees for 30 to 36 months, Delamotte brut receives a light dosage of 7g/l, similar to that of the Delamotte range.

Enjoy at any time of the day or night. We like it for aperitif, or with a light fruit dessert :poached pears or an apricot tart.

Delamotte Blanc de Blancs

A superlative expression of Grand Cru Chardonnay, Delamotte Blanc de Blancs is madefrom our vineyards and partner vineyards all situated in the Grands Crus of Le Mesnil-sur-Oger, Oger and Cramant.Our winemaking is straightforward, there are no secrets, and all the wines are fermentedin stainless steel tanks. A very restrained dosage is used, so as not to alter the purity ofthe fruit, producing an untouched and mineral style of wine. Only 10% reserve wines areused, enhancing the essential characteristics of the vineyards, an endless "crayeux"expression of Champagne.Grown on chalk soil our Chardonnay is quite austere at birth; hence the wine is laid torest and develop on its lees" for 4 to 5 years before disgorgement (while the legalminimum is 15 months). The disgorged wine will improve for 2 to 6 years.

On its own, with fresh oysters, elegant seawater fish or simply fresh radish with a touch offleur de sel, Delamotte Blanc de Blancs is a versatile wine as aperitif or at the table.

Delamotte Blanc de Blancs Millésimés 2012

Each village has its own style. Le Mesnil-sur-Oger (20%): acidity, purity and chalky minerality. Avize

(20%): balance and structure. Oger (20%), warmth, body and generosity. Cramant: smoky minerality.

Chouilly: robustness and length. And finally, Oiry: acidity and roundness. To reprise the musical analogy, each territory has its own score and, when they are all played together to create Delamotte Blanc de Blancs 2012, each one can be heard in its own right. It is left to age over six long years. Not much, given the powerfulness of this wine. Its richness is equalled only by its concentration, and yet it remains light on its feet. It can even be generous…Such is the supreme elegance of a wine with ageing potential!

In the glass it immediately shows its impatience. Delicate, thin and vivid bubbles are quick to form an elegant, pale gold crown at the top of the glass. On the nose, it gives off an irresistible sensation of freshness. Aromas of lemon, English candy, and lychee, along with a suggestion of white flowers, waft

Annual Report 2019-2020

from the glass. On the palate it is both creamy and sharp and is prolonged by a long mineral finish, punctuated by a bitter orange peel.

This powerful, concentrated wine is worthy of sensual foods with deep complex taste.Truffles come to mind, a chicken stuffed with truffle mousseline, or quite simply a trufflecamembert or brie. A sole meunière would do equally well, an oven-roast turbot, a goldenshoulder of lamb. Or, why not, a cream of cèpes gently cooked under a sealed pastry lid?And so on to the show-stopping patisserie centrepiece.

Delamotte Rosé

Delamotte Brut Rosé is made by the traditional saignée method, extracting colour andcomplexity from the skins through maceration before and during fermentation. Thistraditional rosé method seldom used in Champagne because of a complex preocess,although it brings much elegance and structure to the wine. Pinot Noir is sourced fromGrand Cru vineyards located in the South-East slopes of the Montagne de Reims : Bouzy,Ambonnay and Tours-sur-Marne. The Chardonnay is from Le Mesnil-sur-Oger.Every Champagne by Delamotte is entitled to Chardonnay and our rosé although, it is a'saignée', is no exception. By co-fermenting the two grapes as opposed to blending twovarietal wines, the complexity of each personality is preserved without hindering theelegant 'saignée' colour. The balance between the dominant Pinot Noir and the smallerpercentage of Chardonnay in the Delamotte Rosé gives this wine its beautiful, salmon-pink colour. Delamotte rosé spends 3-4 years on the lees before disgorgement.

This is a very refined, somewhat smoky wine. Some say that it is what dreams are madeof. It is ideal for an afternoon drink or at dessert time, with perhaps a raspberry charlotteor a red fruit tart.

Other products distributed

The Group's distribution subsidiaries (LPD) can also sell wines from other producers, namely the wines of Château de Lamarque, Marqués de Riscal wines from Spain.

1.4.2.4. Active control of worldwide distribution

In 1998, the Group opted to strengthen its control over the distribution of its own products. This strategy is executed through own commercial subsidiaries in seven key countries: France, the United Kingdom, Belgium, the United States, Germany, Switzerland and since 2014 Italy. In 2019 these countries accounted for 77% in volume and 74% in value of the global champagne market (source CIVC*). The Group considers that in nearby countries, where it has a certain critical mass, having its own sales team is a key success factor and one vital both to building its reputation and the profitability of its brands in an orderly and sustainable manner. It also helps to achieve better control over inventory levels upstream.

In other countries, it has entrusted the distribution to exclusive importers, who are carefully selected for their knowledge of the wine market and their positioning within traditional channels.

They are real partners, notably when the markets are restricted and complex.

UK	Germany
Belgium
France	Switzerland
United States	Italy	Japan

China

Africa/Dubai

Subsidiaries: France, UK, Belgium, Switzerland, Germany, United States, Italy

Representative office : Japan, China, Africa/Dubaï

Annual Report 2019-2020

Regardless of whether they are employees of our distribution subsidiaries or our importers, the sales staff responsible for our brands must focus first on value and the long term rather than on volume and the short term. They must have specialist knowledge of champagne and of local distribution channels and nurture direct relationships with all customers. They must know how to manage the entire range and in particular Laurent-Perrier's unique premium products such as Cuvée Rosé Brut or Grand Siècle. Special attention is paid to the traditional customer base of wine merchants and upscale restaurants, where the image and reputation of luxury gastronomy are patiently cultivated. Because champagne is a branded wine, it is vital to ensure a coherent link between brand development investments and the sales arguments related to the different products.

In summary

Turnover growth reflects the value creation strategy:

Growth in operating income reflects the Group's choices:

Annual Report 2019-2020

1.4.3. Outlook

Faced with this unprecedented situation, the Laurent-Perrier Group has carried out modelling work on the short, medium and long-term impacts of the COVID-19 health crisis on its activity and on its main performance indicators.

This work confirms the following points on the horizon of its 2020-2024 business plan:

The Group continued to strengthen its financial structure by gaining the authorisation for additional financing from its banks to cover its cash requirements. On this basis, financing and liquidity are ensured.
Business continuity is not called into question.
Impairment tests confirm the value of the assets.

In this context, which calls for a great deal of caution, the Laurent-Perrier Group remains focused on its value strategy, which is based on four pillars:

A single vision: The creation and sale of top-of-the-range champagnes;
A high-quality supply based on a policy of partnerships;
A portfolio of complementary brands;
Well-controlledglobal distribution.

The Group is therefore confident in its ability to overcome this crisis and to pursue its value policy over the medium and long term.

1.4.4. Main investments

The main tangible fixed asset investments of the financial year have been:

(€ million)	March 31, 2018	March 31, 2019	March 31, 2020

Industrial equipment	2.38	2.84	2.48
Wine-growing equipment	0.22	0.43	0.18
Hardware and software		0.15	0.06
Building fixtures
Furniture
Planting expenses			0.02
Vineyards	0.2	0.16
Other	0.1	0.19	0.37
Ongoing construction work	3.6	6.37	1.28
Constructions	0.1	0.04	0.67

Launched in the summer of 2014, the multi-year investment program is on schedule. Since the 2016 harvest, the Group has benefited from new production capacities, increased and optimized (see constructions). Details in paragraph 3.3. of this Universal Registration Document.

1.5. RISK FACTORS

To guarantee the permanence of its activities, the Laurent-Perrier Group has to exercise continuous vigilance with respect to minimising and managing its risk exposure.

In view of this, the Laurent-Perrier Group has identified the various types of specific risks incurred in its business operations. Procedures and checks to manage these risks have been implemented as well as the resources required to minimise their financial impact, notably via the insurance policies it has taken out.

The Laurent-Perrier Group carried out a review of risks which could have a material negative impact on its activity, financial situation or results (or on its ability to achieve its targets) and considers that there are no other material risks other than those itemised or descripted in paragarph 1.5.6 of this Universal registration Document, which presents an updated risk matrix on the date of deposit of this universal registration document including the impact of the Covid 19 health crisis.

Details in paragraph 5 (Consolidated Financial Statements at March 31, 2020 Note 5.2.4.13 Counterparty Risk).

Each risk factor is described by explaining how it affects the issuer. Risk factors are presented in a limited number of categories depending on their nature. In each category, the most important risk factors are mentioned first, after taking corrective measures into account in order to limit the probability and the impact.

Annual Report 2019-2020

RISK MATRIX 2019-2020

Risks were listed based on the probability of seeing them materialize and the estimated magnitude of their negative impact:

1.5.1. Environment- Supplies and production-

Climat change

The increase in average temperatures and more frequent occurrence of extreme meteorological events will affect basic wine-growing activity. A trend to bring forward harvest starts is already perceptible. Details in point 1.6.2.5

Stock and Production

In the Laurent-Perrier Group business sectors, control over production risks involves not only securing grape supplies, but also continually striving to ensure the reliability of its production facilities.

Concerning wine inventories, fire risk is limited by the very nature of the inventories themselves (wine in bottles) and cases of roof falls in storage cellars are extremely rare.

The Group also uses a range of geographically separate storage sites, and a clause covering roof falls in cellars is included in the property damage insurance contract. Wines still in tanks and bottled wines are also insured.

The Supply and Production Manager can, using the production oversight indicators from the various production sites, detect any anomalies and set the necessary remedial action in motion.

Wine inventories are monitored very closely and data are filed on a monthly basis with the French Customs authorities. A full inventory is taken every year when the accounts are closed. Quality controls are carried out on stocks of dry materials and the supplier is held liable in the event of non-conformance.

Environment

The Group practices "viticulture durable en Champagne" (sustainable wine-making) methods in its vineyards in accordance with the technical recommendations of the industry authorities. The Group minimises waste generation both in respect of wine making and product packaging by promoting recycling. It also seeks to minimise its consumption of water, electricity, and gas.

The Group complies with wastewater treatment legislation and operates a water treatment plant at Tours-sur-Marne.

The Group also seeks to raise awareness of environmental issues among all staff concerned.

All its activities are subject to regulatory standards overseen by:

The French Ministry of Agriculture (notably planting and wine ageing standards),
The French Customs and Excise Department (Direction des Douanes et des Droits Indirects), notably for verification of wine incomings and outgoings,
The French competition authorities (Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes) notably concerning the quantity and quality of bottled wines.

Annual Report 2019-2020

Full details of this regulated industry are set out in section 1.3.1. of the present universal registration document.

Supplies

It is important for a champagne house to be sure of an unbroken supply of grapes.

The quality and quantity of grapes depends on factors such as weather conditions, diseases that can attack the vines, and the extension of planted areas.

Because the area under production is strictly regulated, grape supplies in Champagne are limited. The Group grows 10% of its grape requirements itself. Despite this, it is quite confident that it can maintain the surface area it has under contract as historically the rate of renewal of contracts has been extremely high. Laurent-Perrier estimates that the Group is well supplied with grapes, but other than descripted in paragarph 1.5.6 of this Universal Registration Document, cannot rule out a possible supply shortfall going forward.

Details in paragraph 1.4.2.2. of this annual report.

Finally, it is not customary in Champagne to insure the vineyard. As far as the Laurent-Perrier Group is concerned, the dispersal of plots considerably reduces any risk, particularly climatic (frost, hail, thunderstorms, etc.).

The contracts are staggered over time, while the considerable fragmentation of the vignerons livreurs who grow and supply the grapes means that the risk of losing contracts can be diversified.

Industrial and environmental risks

Each site has received a licence to operate from the local Préfecture, certifying that operating conditions meet all the criteria laid down by law, and those concerning environmental impact and employee safety, among others.

Authorised Economic Operator (AEO) status

Laurent-Perrier has been granted Authorised Economic Operator certification, a guarantee given by customs that all production and export sales procedures are overseen with a maximum level of security. Certification helps to guarantee and facilitate export shipments, and in particular shipments to non-EU countries.

1.5.2. Geopolotics, Commercial, market and competition risks

Commercial and geopolitics

Commercial dependency on a client or a market is a source of insecurity.

The Group has large numbers of reliable and solvent importers and customers in a wide range of markets with which the Group has nurtured links over many years. The Group is not dependent on any single sector or market.

The large number of customers guarantees excellent diversification of customer credit risk. Customer credit management procedures help to minimise the risk of non-payment, with orders being embargoed when credit limits are exceeded, which also minimises the risk of non-payment. Contracts specifying the precise liabilities of importers have been signed with each country.

Suppliers are also under contract to guarantee the characteristics of the products distributed by the Group.

Information on trade receivables may be found in 5.2.4.6 to the consolidated statements of account.

Subsidiaries

All subsidiaries, branches, and representative offices are located in places deemed low-risk (France, Germany, the United Kingdom, Belgium, the United States, Switzerland, and Italy). A detailed monthly report forwarded to Head Office is used to monitor activity. Audits and half-yearly reviews guarantee the validity of the data received and compliance with the local legislation currently in force.

Brexit

Brexit : General information on Brexit is given in section 1.3.5. of this universal registration document.

Product quality

Quality controls are systematically carried out at tastings ensure strict monitoring of wine quality. guarantee an excellent level of quality.

every stage of production. Laboratory checks and The very strict Champagne AOC rules also help to

Annual Report 2019-2020

Brand image - Brand protection

In luxury goods businesses, brand image must be protected as a priority.

Strict in-house rules can be applied to manage any emergency involving the Group's products worldwide. Group brands are registered as trademarks and special procedures are in place to guarantee renewal of filings within legal deadlines. Specialised consultancies monitor the threat of counterfeiting and notify the Group and advise it on the appropriate course of action. A crisis management procedure is also in place with the help of an external consultancy to enable the Group to respond quickly and effectively in the event of a proven risk. The Group complies with labelling legislation to ensure that consumers are adequately informed.

Visits - receptions

Activities involving external visitors are subject to stringent controls on the part of safety committees, which determine which activities are permissible depending on facilities and sites.

Transport

All transport services are outsourced to recognised companies with adequate insurance cover. The Group also takes out insurance cover against financial losses linked to the transport of its products.

Details of the competitive environment are set out in section 1.3.4. of the present universal registration document.

1.5.3. IT, legal, social and general organisation

Information systems and data

Loss of commercial, financial and operational data may hamper the activity of Group departments.

The Group has a central Information Systems Department responsible for the accounting and operations information systems. This reports to the Generale Direction.

The Department is responsible for systems operation over the long term, and notably the deployment of data recovery and back-up procedures.

The Group's Information systems Department also makes the computer hardware and software investment decisions for all Laurent-Perrier Group entities.

An integrated management system (PGI) has, for several years, increased control over the operation of the business In this context, the main associated procedures of the Group have been updated.

Legal

A part of the Group Administrative and Financial Division, the Legal Affairs Department oversees legal affairs and ensures compliance with the regulations in force. The legal department supervises the legal affairs secretariats of Group subsidiaries. Intellectual and industrial property is a major concern for the Group. Property rights are strictly monitored and updated in-house and with the help of outside consultancies.

The applicable regulations are set out in sections 1.3.4. and 3.1.1. of the present Universal Registration Document.

To the best of the Group's knowledge, there are no governmental, legal or arbitration procedures in abeyance or threatened that could have or have recently had a material impact on the Group's financial situation or profitability.

There are no other governmental, legal or arbitration procedures, including any procedures the Company is aware of, which were pending or threatened, likely to have or to have had over the last 12 months any material impact on the Company and/or Group's financial situation or profitability.

Total provisions are shown in the Provisions table (Section 5.2.4.10 in the consolidated financial statements).

Labour Relations

At its biggest entities, the Group undertakes social dialogue as required by law, via the single delegation of the extended staff or the Social and Economic Committee, annual negotiations with trade union representatives. Employee benefits are subject to an approvals procedure with the Chairman of the Management Board.

Hygiene & Safety

It also observes all hygiene and safety rules, as monitored by the representatives of the personnel, of the CSE if there exist, factory inspectors, the company doctor as well as the prevention of the services health at work. The risk prevention plan and safety instructions contribute to limiting and controlling dangerous

Annual Report 2019-2020

areas. Manufacturing facilities also require operating authorisations delivered by the competent authorities. The insurance cover taken out on buildings and the decennial liability guarantees protect the company from the risks of bad workmanship or damage that could affect Group activity. When travelling outside France, Group staff is covered by adequate insurance. A charter entitled "Tiredness, alcohol, speeding at the wheel, narcotics" has been circulated to all sales staff to raise their awareness of the need to drive carefully.

Continuous improvement - internal audits

The Group recommends improvement solutions. Once the solution has been adopted, it needs to be documented to put its application on a permanent footing.

General organisation

The Group's functions and activity sectors are grouped into three divisions and represented within the Management Board:

Supplies and Production,
Sales & Marketing, Brand Development - Public Relations - Communication
Administration - Finance,

For each of these three Divisions, the Group has precise descriptions of jobs and responsibilities.

1.5.4. Market and Financial Instrument Risks

Foreign exchange risk

The Group uses financial derivatives to manage and operationally hedge the risk of exchange rate fluctuations. The Group does not use derivatives for speculative purposes.

The Group uses foreign currency treasury flow forecasts which are updated monthly. The foreign exchange risk management policy consists in hedging such treasury flows with the objective of matching the budgeted exchange rates. The Group uses a specialised software application to track treasury movements on a daily basis and make forecasts, and which is also used for statistical monthly reporting.

The derivatives owned by the Group and qualified in accounting terms as hedging instruments within the meaning of IAS 39 are mostly firm commitments to buy or sell foreign currency futures.

31 March 2020	Operating			Financial		Operating			Financial		Net position			Net position
							before			Hesges		after
000		assets			assets		liabilities			liabilities
								hedging					hedging

GBP	2,159	3,578	-1,456				4,282				4,282
CHF	1,140	2,262	-583				2,819				2,819
USD	1,018	2,194	-1,014				2,199				2,199
TOTAL		4,317			8,034		-3,052					9,299			9,299

Information about foreign exchange risk may be found in section 5.2.4.14. of the consolidated financial statements, which contain a detailed presentation of hedging transactions and sensitivity to fluctuating exchange rates.

As of March 31, 2020, the Group did not hold a forward currency sales contract.

Interest rate risk

The Group uses derivative financial instruments to manage and operatively hedge the risks of changes in interest rates. The Group does not use derivative instruments for speculative purposes.

The company has debt forecasts that are available. The company has debt forecasts that are updated every month by the treasury manager attached to Executive Management. These are updated monthly by the treasury manager attached to the General Management.

The group's hedging policy is to enter into swap agreements with terms of 3 years and to renew these contracts with a maturity.

Annual Report 2019-2020

				Interest rate								Financial		Net position
	Financial liabilities		hedging			Exposure after hedging
						assets			after hedging
				instruments

€ million	Fixed	Variable		Fixed	Variable			Fixed	Variable		TOTAL				TOTAL

	Rate	rate		Rate	rate			Rate	rate
Under 1 year	-2.05	-3.30				-2.05	-3.30	-5.35	83.73	78.38
1-5 years	-58.60	-229.20		94.00	-58.60	-135.20	-193.80				-193.80
Over 5 years	-72.00						-72.00		-72.00			-72.00
TOTAL	-132.65	-232.50			94.00			-132.65	-138.50		-271.15		83.73		-187.42

Information about interest rate risk may be found in section 5.2.4.14. of the consolidated financial statements, which contain a detailed presentation of interest rate transactions and sensitivity to any change in interest rates.

Liquidity and covenant risk

The measures taken by the Group in this area are described in section 5.2.4.12. of the consolidated financial statements, of the present universal registration document.

The Group's policy with respect to its banking covenants is to negotiate "re-negotiation" clauses rather than "early repayment" clauses should it exceed the agreed debt ratios. For bonds borrowed, a 0.5% increase in the rate is scheduled.

The "re-negotiation" clause simply stipulates that in the event that the covenants are not honoured, the company is required to meet the banking pool to inform it of the situation. Loans do not become immediately repayable under any circumstance.

Liquidity risk is constantly monitored with our partner banks and seems modest in view of the continued support from the same banks.

The Group has reviewed its risks and considers that there are no significant risks other than those presented here over the next twelve months.

Information about debt and cash and cash equivalent and liquidity risk may be found in sections 5.2.4.11,

5.2.4.12 and 5.2.4.24 (possible positive commitments with covenants) of the consolidated financial statements .

Counterparty risks

The measures taken by the Group in this area are described in section 5.2.4.13. of this Universal Registration Document.

Market risk - share price

In-house rules are also in place to ensure compliance with AMF directives on listed companies, including transparency of information, deadlines for the publication of financial results, corporate governance, and the risk of insider trading. The Group organises twice-yearly meetings with analysts and meets investors regularly and often in order to explain its performance and strategy.

Managing financial risk calls for tight control over investments and strict financial and accounting management.

The Group has reviewed its risks and considers that there are no significant risks other than those presented here.

The company owns a number of treasury shares, whose value is subject to stock market fluctuations. In the event that the stock market valuation is less than the book value of these treasury shares, a provision for depreciation would be recorded in the Company accounts (chapter 5.4. - note 3).

Financial management

Financial management monitors activity relative to the budget and oversees the implementation of any remedial measures that may be necessary. Procedures are in place to authorise the main spending items before they are disbursed and strictly monitor investment.

The Group's budgetary approach broken down on a departmental basis is a key component in the oversight of activity and financial data. The General Management's strategic options are given formal

Annual Report 2019-2020

expression in an annual business plan, and are then deployed in each entity. The Group's budget approach is the main lever when it comes to operational implementation of strategy.

The Group Management Control unit is tasked with organising the budgeting process and helps operational staff in drawing up their budgets, monitoring them, and implementing the planned improvement initiatives. It is also responsible for coordinating, centralising and overseeing the consistency of budget and financial management reporting.

Regular budget monitoring can help identify any mismatches with the planned activity levels or spending and implement the necessary adjustments.

1.5.5. Insurance

Laurent-Perrier Group companies are insured by Group-wide insurance policies.

The coverage and limited liabilities are in line with practices of similar-size groups involved in the same activity.

These policies cover the risk of:

Operations and post-delivery liabilities

This policy covers physical, property and consequential damage to third parties and those caused by the operation, distribution or sale of products, subject to the cover limits specific to the risks guaranteed in the policies.

Third party liability due to operations €15,500,000

Third party liability after delivery €15,500,000

International cover

Freedom of service: Germany, Belgium and Italy

Admitted local policy: Switzerland

Non-admitted local policy (Difference in DIC/DIL limits): USA and UK

Property damage (buildings, installations, stocks, IT system, machine breakage etc.)

This policy covers property damage on the basis of predefined events, including fire and special risks, natural disasters, bottle breakage, theft, electrical damage, and loss of liquids, insured amounts and deductibles as well as supplemental operating costs for an indemnity period of 18 months.

Goods are insured with differing limits and cover for the foreign subsidiaries in Germany, Switzerland, USA, UK, Belgium and Italy.

Guarantees were widened to the goods handled by the logistics operator in Singapore, again in difference of limits and in difference of guarantees of the local contract in force.

Amounts covered:

Direct damage: €550,197,510

Supplementary expense: €2,000,000

All policies are subject to the cover limits set for each contract.

"Supplementary expenses" means the excess of all expenses paid out by the insured during the indemnity period so that it can continue as a going concern, over and above the total expenses generated by the Company's normal operation during the same period in the absence of any claim (the coverage for Business Interruption (which was not taken out) provides for the payment of an indemnity corresponding to Business Interruption following damage covered and directly linked to the drop in turnover cause by an interruption in the company's business or a reduction in its activity levels).

The following "supplementary expenses" in particular, are covered:

Sub-contracting
Additional payroll costs as a result of increased needs following an accident
Hiring of replacement premises
Equipment leasing
Cost of additional office supplies
Additional communication costs
Costs of maintaining provisional premises
Premises heating and lighting costs
Additional advertising and customer information costs, either via the media or directly.

The policy also includes a contractual pay-out limit of €150,000,000.

Annual Report 2019-2020

Professional fully-comprehensive insurance

This policy covers the Group's offices at 27, rue du Faubourg St Honoré, 75008 PARIS.

Special personal automobile coverage

This policy covers losses incurred in connection with occasional trips by Group employees when using their personal vehicles.

Coverage ceiling: €30,000.

(Deductibles of €228 for theft; no deductible for fire, damage and glass breakage).

Company vehicles

This policy covers all material damage caused to company vehicles as well as material damage and physical injury caused to third parties by the said vehicles.

Directors and managers liability insurance

This policy covers de jure and de facto directors and managers in the event of an accident leading to any and all claims against them and involving their individual or joint civil liability attributable to any real or alleged professional negligence arising in the course of their duties:

breaches of management caused by imprudence, negligence, error, omission and inexact statements;
breaches with respect to legal and regulatory obligations.

Fully-comprehensive IT policy

This policy covers fixed and portable computer equipment according to a list that is updated annually by the Group.

Coverage limits for stationary equipment: €176,500

Coverage limits for portable equipment: €133,600

Personal accident

This coverage guarantees named Group employees in connection with professional travel (assistance, repatriation, death and disability benefits).

Accidental death/disability insurance:

Named senior executive insured for €450,000.

Named managers insured for €300,000.

9 staff insured for €153,000.

Assistance/Repatriation insurance: Medical expenses abroad: unlimited Ransom/kidnapping insurance.

Freight carried

This policy covers:

the transport of goods (champagne, whisky purchases) sub-contracted to carriers,
the transport of grape must during the grape harvest.

Territories covered: France, Belgium, Germany, Switzerland, UK , Italy, and US flow Transport from one subsidiary and one site to another is covered.

The means of transport covered are ground, sea and air transport.

Environmental risks (Civil Liability - Pollution)

This policy is designed to provide cover for environmental risks and especially again environmental damage originating in the insured sites.

The guarantees involved mainly cover:

sudden and accidental environmental as well as progressive damage
damage to natural and protected species, damage to the ground and water (in compliance with article 2 of Directive 2004/35/CE of the European Parliament and of the Council and enshrined in French law as Act 2008-757 of August 1, 2008), loss of biodiversity
depollution and decontamination costs
prevention costs

Civil liability amount guaranteed for environmental damage: €5,000,000

Including material and immaterial damage: €3,000,000.

The sites covered are: Champagne Laurent Perrier-Tours sur Marne, Champagne Laurent Perrier Chalons en Champagne, Champagne De Castellane, François Daumale, Château Malakoff, Sté AS (Champagne Salon and Delamotte).

Annual Report 2019-2020

Premiums paid to insurance companies relative to these insurance policies amounted to €318,000 (except regularizations).

The Group considers that it is not necessary to outsource insurance cover for the following risks:

The Group's product is not insurable. Consequently, the cost of its replacement is incurred by the Group within the framework of the civil liability policy.
Wine stocks are not totally insured; the Group considers that the risks of theft, fire or any other damage concerning wine stored in its cellars are limited and that it is impossible that a single event could affect the entire stock. Nevertheless, protection has been taken out for the "collapse of underground wine cellars" to cover the cellars themselves and the wine kept there.
"Business interruption risks" are not covered. However, coverage for additional expenses has been taken out to guarantee the reimbursement of costs incurred subsequent to an event covered by the property insurance.
Vineyards are not covered, because the dispersion of plots throughout the Champagne region considerably reduces risks.

The Group manages the credit it extends to customers with extreme caution and has not deemed it necessary to take out a comprehensive credit insurance policy for the totality of its customer base.

Goods shipped outside France are insured directly by customers and their service providers.

The Company uses an insurance broker who deals with the leading insurers, which means that about ten insurers are involved in our contracts as either lead insurer or co-insurer.

1.5.6 Covid-19 Briefing Note

Risk matrix integrating the effects of the Covid-19 health crisis

Risks were listed based on the probability of seeing them materialize and the estimated magnitude of their negative impact:

The Coronavirus pandemic has affected almost every country in the world.

To combat the spread of the COVID-19 outbreak, most places open to the public have been closed.

As soon as the confinement was announced, the Laurent-Perrier Group made the following decisions on March 16, 2020 at noon:

Cessation of activities on site (Excluding vineyards, which remained in a safe sanitary condition)
Continuation of essential activities (Treasury, payroll, etc.) by telework
Information to all employees and partners (Group customers and suppliers)

Annual Report 2019-2020

During this period, three priorities were set:

First and foremost, to protect people. Operations were only resumed when individual working conditions were able to be secured. Also to protect everyone's jobs by seeking solutions, as far as possible, to maintain salaries during the period of confinement with recourse to telework when possible;
To ensure the Group's sustainability by limiting expenses of all kinds that are not essential to the pursuit of the business and by guaranteeing the Group's financing and cash flow requirements in the short and medium term;
To ensure the conditions for the resumption of operations as soon as the possibility arises.

However, the Management Board met as often as necessary during the health crisis, alone or with the Supervisory Board, to assess the situation of the Laurent-Perrier Group and act accordingly.

Since May 11, operations have resumed at the Tours-sur-Marne site, with the gradual restart of activities that could not be carried out remotely and the continuation of other activities, such as vineyard work, which has never been interrupted.

Under the responsibility of Stéphane Dalyac, Chairman of the Management Board, and Michel Fauconnet, Director of Operations and Supplies, the Laurent-Perrier Group has drawn up a business recovery plan setting out the strategy and all the measures implemented to ensure that the Group can resume its activities safely in accordance with the rules in force.

A resumption meeting with the Group's employees was held on Monday, May 11, by the heads of department, in order to present the specific instructions relating to Covid-19 and the new procedures to be adopted in order to limit the risks of contamination.

All the premises, equipment, production lines and offices had been cleaned beforehand to ensure the hygiene measures essential for the resumption of activities.

Special instructions have been put in place for the production stations.

This work confirms the following points on the horizon of its 2020-2024 business plan:

The Group continued to strengthen its financial structure by gaining the authorisation for additional financing from its banks to cover its cash requirements. On this basis, financing and liquidity are ensured.
Business continuity is not called into question.
Impairment tests confirm the value of the assets.

In this context, which calls for a great deal of caution, the Laurent-Perrier Group remains focused on its value strategy, which is based on four pillars:

A single vision: The creation and sale of top-of-the-range champagnes;
A high-quality supply based on a policy of partnerships;
A portfolio of complementary brands;
Well-controlledglobal distribution.

The Group is therefore confident in its ability to overcome this crisis and to pursue its value policy over the medium and long term.

Annual Report 2019-2020

1.6. REPORT ON SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

Groupe Laurent Perrier is not subject to the Extra-Financial Performance Declaration but produces a SER report voluntarily.

1.6.1. Social information

1.6.1.1. Employment

A. Total workforce and breakdown of employees by gender and socio-professional category

A.1. Total workforce with breakdown of employees by department

At end-March 2019, the Group employed 410 staff, slightly down on last year (✓). A.2. Breakdown of workforce by gender as at March 31, 2020

The gender balance was stable at end-March 2020 :

Breakdown by gender at end March,31 2020

Females

(✓)

Males

61%

39%

A.3. Breakdown of workforce by socio-professionalcategory at March 31, 2020The proportion of each socio-professional category has changed very little since last year:

Workforce at March 31, 2020 (✓)

Long-term contracts

Supervisory and

Technician

13%

Office staff and

operatives

48%

Managerial

39%

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

1.6.1.2. Organisation of working time and absenteeism (France only)

2018-2019

2019-2020

Comments

Weekly

average

Work scheduled according to specific job requirements

Laurent-Perrier

35h

and implemented on the basis of annual work

contingents

Customer-facing Departments are required to abide by

Champagne

34h20

an annual contingent of hours

used to

vary

weekly

Laurent-Perrier

working hours from 32 to 40 hours depending on the

seasonal nature of activities.

Champagne de

35h

Work takes place within fixed periods except

in the

case of departments in contact with customers, which

Castellane

are subject to variable working hours.

All personnel enjoy "managerial" status with an annual

GIE Laurent-Perrier

Managers on

set number of working days, resulting in the allocation

Diffusion

day rates

of ten additional rest days (called "RTT" or "shorter

working week" days) per year of seniority.

Société AS

35h

Administrative work

is subject

to variable working

hours.

Grands Vignobles de

35h

Adjustable working

hours

are

used to

vary

hours

worked from 0 to 40 per

week to take

the

special

Champagne

nature of tending vines into account.

Adjustable working hours are used to vary hours

Château Malakoff

35h

worked from 0 to 40 per week to take the special

nature of tending vines into account.

These companies may have recourse to overtime working, notably during the grape harvest.

Finally, 8 employees, on long-term contracts, work part-time in France.

1.6.1.3. Labour relations

A. Organisation of social dialogue, staff information and consultation procedures, and negotiations with staff

The Group is particularly attentive to the quality of social dialogue in its constituent companies.

A.1. Professional relations

As a matter of principle, French companies in the Group with the statutory headcount have their own employee representative bodies, although in some cases, no candidatures have been put forward.

All questions within the remit of representative employee bodies are regularly addressed during meetings with the General Managements of each company concerned.

In addition, a Group committee has been set up for companies Champagne Laurent-Perrier, Champagne De Castellane, Château Malakoff and GIE Laurent-Perrier Diffusion and meets on a regular basis.

Representative trade unions are active at Champagne Laurent-Perrier, Champagne de Castellane and GIE Laurent-Perrier Diffusion.

The following corporate agreements have been signed within the Group's main companies :

Company		No. of		Subject of agreement
		agreements

Champagne Laurent-Perrier	1		NAO wage bargaining agreement 2019
Champagne de Castellane	1		NAO wage bargaining agreement 2019
	1		Profit-sharing agreement
GIE Laurent-Perrier Diffusion	1		NAO wage bargaining agreement 2019
Château Malakoff	1		Profit-sharing agreement
A.S.	1		Profit-sharing agreement
Grands Vignobles de Champagne	1		Profit-sharing agreement
Laurent-Perrier	1		Profit-sharing agreement

Annual Report 2019-2020

A.2. Company benefit schemes

Group contributions to company benefit schemes and holiday allowances paid to the Works Councils of individual companies are as follows:

	2018-2019	2019-2020
Company	Benefit	Holiday	Benefit	Holiday
	schemes	allowances	schemes	allowances
Laurent-Perrier	€13,810	€639	€11,709	€610
Champagne Laurent-Perrier	€145,470	€6,313	€138,202	€6,384
Champagne de Castellane	€22,886	€1,280	€20,234	€1,302
GIE Laurent-Perrier Diffusion	€31,082	-	€29,184	-
A.S.	€9,495	€400	€10,147	€529
Château Malakoff	€32,412	€1,159	€31,026	€1,159

Staff at Champagne Laurent-Perrier and GIE Laurent-Perrier Diffusion benefit from a health insurance regime whose financial cost is split between the company, the employee and the Social and Economic Committee.

Laurent-Perrier, A.S., Château Malakoff, and Grands Vignobles de Champagne employees benefit from a common healthcare cost regime whose financial cost is split between the company and the employee. Employees at Laurent-Perrier SA, Champagne Laurent-Perrier, Champagne de Castellane, Château Malakoff and A.S. receive luncheon vouchers.

A.3. Employee information and consultation procedures and collective bargaining

Where an information-consultation procedure involving a representative employee body (Social and Economic Committee) is required:

The competent body is officially convened in compliance with the legal lead-times laid down for each representative body;
The point to be discussed must be included in the meeting agenda distributed with the invitations to attend;
At the time of the first meeting, the employee representatives are duly informed about the project proposed by the management on the basis of explanatory documents which are as detailed as possible and distributed to representatives ahead of time;
During the meeting, discussions and any preliminary negotiations take place, their content being set out in the minutes of the meetings concerned;
At a second meeting, following any complementary discussions and negotiations, the opinion of the body consulted is presented. This second meeting is held in accordance with the new applicable legal provisions. During this period, there may be informal discussions and/or talks whose tenor is recorded in writing, between the employee representatives and Management, should information useful for their full understanding be lacking;
Should it prove necessary, other intermediate meetings prior to that called to hear the employee representative body's opinion may be organised.

All corporate agreements applicable to the Group's French entities are subject to negotiations with the competent bodies.

B. Outcomes of collective agreements

All these agreements are designed to improve employee working conditions and the Company's attractiveness and economic performance.

B.1. Incentives and Profit-sharing

As required by law, Champagne Laurent-Perrier, Champagne de Castellane and Château Malakoff have implemented employee profit-sharing schemes.

An employee incentive scheme is also applicable in the same three companies, as well as at GIE Laurent- Perrier Diffusion, Grands Vignobles de Champagne, A.S. and Laurent-Perrier.

The incentive agreement applicable at Champagne Laurent-Perrier is contingent on meeting annual production, volume, and average sales-price targets.

Annual Report 2019-2020

The incentive agreement applicable at GIE Laurent-Perrier Diffusion is contingent on meeting annual turnover, average sales price, and overall net contribution targets.

The Champagne de Castellane employee incentive scheme is contingent on achieving productivity and average sales-price targets.

The Château Malakoff and Grands Vignobles de Champagne incentive schemes are based on achieving productivity and harvest yield targets.

The A.S. employee incentive scheme is contingent on achieving productivity and average sales-price targets.

The Laurent-Perrier employee incentive scheme is contingent on achieving productivity and average sales-price targets of all Group companies.

The amounts distributed pursuant to incentive and profit sharing schemes may be invested in Group Savings Plans.

B.2. Employment of seniors - End of career leave

The Group remains committed to the mobilization of older workers. The store of experience and knowledge built up among older employees in our Group is essential and preserved. The Laurent-Perrier Group is constantly evolving as it strives to ensure optimum use of its human resources, and lay the groundwork for the necessary changes to avoid sudden upheavals.

It also offers support for its employees in end-of-career management and the possibility for some employees to anticipate retirement as part of a career-related leave.

B.3. Gender equality plan - Quality of life at work

Since January 1, 2012, the French legal system has made it possible for each business operating in France to negotiate collective, 4-years, corporate agreements or to implement annual action plans. Depending on the form of the plan chosen by the business, discussions and negotiations take place with union representatives or with the Social and Economic Committee.

On the basis of these discussions with the social partners, several Gender Equality agreements quality of life at work were deployed, including, in particular, an evaluation of progress in achieving the objectives on the basis of the chosen indicators.

The Laurent-Perrier Group complies with these provisions (see point 1.6.1.6 A below).

1.6.1.4. Health and Safety

A. Occupational health and safety conditions

The Group makes regular efforts to improve working and safety conditions. It carries out work and invests to this end and periodically upgrades personal protection equipment. These issues are addressed at the time of regular meetings with employee representatives in dedicated forums. Similarly, accident prevention initiatives are implemented in conjunction with social security bodies. At each of the Group's companies, the professional risk assessment report is regularly updated.

B. Assessment of the agreements signed with trade unions or employee representatives in the area of occupational health and safety

As detailed above, the Group fulfils its obligations to ensure compliance with respect to:

The Single Document,
The provident and supplementary healthcare scheme agreement
Professional equality and quality of life at work

C. Occupational accidents - frequency and severity, and occupational diseases

Hygiene and safety conditions at all French Group companies are subject to close scrutiny by their Managements, working in conjunction with the company doctor.

Annual Report 2019-2020

Please note that the data set out in the table below detail the working days lost and the number of days off for the Group in France.

Group Laurent-Perrier in France	2018-2019	2019-2020
Working days lost (industrial and commuting accidents)	218.5	351 (✓)

Number of occupational accidents	20	19 (✓)

Number of accidents travelling	0	1 (✓)

Cases of occupational disease notified	4	0 (✓)

This increase is mainly explained by the case of a long-term outage (209 days) during the financial year, which was not the case during the previous financial year.

1.6.1.5. Training

A. Training policy

Occupational training is considered especially important at Group French companies, which seek to make training a full-fledged tool for employee skills development.

Spending on occupational training in the financial year just ended fell to €123,747.85, or 0.79% of the wage bill.

B. Total man-hours of training

The courses attended mainly focused on updating and perfecting knowledge, the use of production equipment, technical training in vine growing and wine making techniques, foreign languages, management skills, sales training, accident prevention, and safety.

Some 32% of employees of French Group Companies attended one or more training courses, for a total of 1,908.75 man-hours (except Personal training account).

1.6.1.6. Equal opportunity

A. Measures to foster gender equality

The Laurent-Perrier Group remains vigilant on professional equality between men and women into account, and takes the measures needed to achieve that goal. In France, in particular, where

as part of the compulsory annual negotiations, and in each of the legal entities concerned, special negotiation sessions are devoted to professional equality. Furthermore, the objective of gender equality in the workplace is taken into account in each topic touched upon in the course of the annual negotiations, and in particular the length and organisation of working time, health insurance, etc.;
the mandatory information derived from articles L. 3221-1 et. seq. in the French Labour code is displayed prominently;

B. Measures for the employment and integration of employees with disabilities

In total, around 10 disabled staff were employed during the financial year just ended in the companies concerned. Group companies also apply to the sheltered sector and disability-friendly companies ("Entreprises Adaptées") to carry out work not falling within the usual scope of company skills or where the skills required to perform the work are not available at those companies.

These arrangements meant that the companies concerned were able to meet their legal obligations as in previous years with respect to the employment and integration of employees with disabilities.

C. Anti-discrimination policy

The Laurent-Perrier Group is fully aligned with the anti-discrimination oversight rules in the French and EU legal and jurisprudence framework.

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

1.6.1.7. Promotion of and compliance with the stipulations of the Fundamental Conventions of the International Labour Organisation on:

A. Freedom of association and the effective recognition of the right to collective bargaining

The Laurent-Perrier Group commits to comply with the oversight rules concerning freedom of association and the effective recognition of the right to collective bargaining as set out in the French and EU legal and jurisprudence framework.

B. The elimination of discrimination in respect of employment and occupation

The Laurent-Perrier Group commits to comply with the oversight rules concerning the elimination of discrimination in respect of employment and occupation as set out in the French and EU legal and jurisprudence framework.

C. The elimination of all forms of forced and compulsory labour

This information does not apply to the proper activity of Laurent-Perrier Group due to the location of business in the Appellation d'Origine Contrôlée Champagne.

However, the provisions of the Fundamental Conventions of the International Labour Organisation are complied with in all Group companies. The companies have limited and occasional recourse to subcontracting (less than 10% of total purchases are allocated to sub-contracting), mainly for tasks falling outside of the usual range of corporate skills.

D. The effective abolition of child labour

This information does not apply to the proper activity of Laurent-Perrier Group due to the location of business in the Appellation d'Origine Contrôlée Champagne.

1.6.2. Environmental information

1.6.2.1. General environmental policy

A. Group organisation to take environmental questions into account and, where appropriate, its environmental evaluation or certification initiatives

Protecting the environment is everybody's business, individually and collectively, especially in the framework of their professional activities and of their work environment.

Because of this, the Laurent-Perrier Group seeks to ensure that its workforce is aware of the issues and encourages them to include simple, responsible and effective environmental protection actions in their daily activity.

For example, since 2009, all wine-making has taken place at the Tours-sur-Marne facility, where the Group has invested heavily in winery capacity. These investments have improved occupational safety and environmental protection.

The wineries are compliant with safety standards to safeguard not only employees but also the environment, and notably feature a sophisticated carbon monoxide extraction system.

Laurent-Perrier pursues an environmentally-friendly policy in all its business activities, demonstrating its lasting commitment in this sphere.

The Chairman of the Management Board, on behalf of the company as a whole, and the Head of Supplies and Production, along with the other department heads more specifically, on behalf of their departments, are all committed to promoting and encouraging environmental management and protecting best practice.

The site of Tours-sur-Marne falls within the regime (authorisation) of installations classified for environmental protection (ICPE).

Annual Report 2019-2020

B. Employee training and information in respect of environmental protection

The Group continued its efforts to stimulate awareness of environmental issues among all employees likely to have an impact on the environment as a result of their occupation.

C. Resources devoted to preventing environmental risks and pollution

Interprofessional

The Interprofession of Champagne has defined environmental commitments to which the Group subscribes in accordance with the timetable set for all concerned.

An environmentally friendly policy has been put in place, generating a positive impact on the environment at the human level and making it possible to preserve the auxiliary fauna.

In terms of protecting the vineyards and the environment the Group aims to:

a reduction in the use of fungicides,
the preferential use of the products most respectful of man and the environment,
the establishment of a system for the management of all phytosanitary effluents.

In addition, the Group's Treatment Frequency Index is archived and improved. The Group has been approved as an Applier of Phytosanitary Products.

Laurent-PerrierGroup

In particular, as part of its environmental strategy for its vineyards, the Group was awarded Viticulture Durable en Champagne (VDC) and Haute Valeur Environnementale (HVE) certifications in February 2018 for its main wine-growing entities following a robust programme that went beyond the minimum requirements of the Champagne Appellation d'Origine Contrôlée.

D. Amount of provisions and guarantees for environmental risks

The Group is not involved in any environmental disputes. The Group has taken out an insurance contract to cover environmental risks.

1.6.2.2. Pollution and waste management

A. Prevention, reduction or remediation measures for air, water and ground discharges with serious environmental impacts

The Champagne trade body, the Comité Champagne, has drawn up a set of commitments to which the Group will adhere in compliance with the timetable set for all concerned. The federation recommends, among other things, a 25% reduction in water use relative to the estimated 2002 usage level.

The Group already applies sustainability measures in several areas. The treatment of effluent generated by wine-growing operations at its presses and wineries is already current practice, as is the sorting, treatment, and recovery of by-products and waste.

All press residues (dregs) from the Group presses (Tours-sur-Marne, Oger and Landreville), are all sent to a local distillery, where they are transformed into alcohol.

Wastewater from the Tours-sur-Marne winery is no longer piped to the village wastewater treatment centre, but to our own treatment facility on the Champagne Laurent-Perrier site. The creation of an in- house treatment plant combining the use of organic processes (activated sludge) and physical processes (membrane filtration) has cut organic pollution (Chemical Oxygen Demand, or COD) by 99%. The sludge from the treatment centre is recycled at a composting facility.

The preference has long gone to gravity rather than the use of pumps in order to make energy savings and preserve the quality of our wines. The tanks are cleaned in a closed circuit. The products used for this are recovered after cleaning for subsequent recycling and processing.

Annual Report 2019-2020

B. Waste prevention, recycling, and elimination

The Group aims both to decrease the amount of waste and better recover it by organising its recycling. The amount of waste generated obviously correlates closely to the yield from the grape harvest and to the volumes generated. The proportion of landfilled volumes remains zero.

Waste resulting from champagne making (tonnes) sites of Tours sur Marne, Epernay, Oger and Landreville

2 500			0


2 000		0			88



1 500

1 000				2 025
						1 365
	1 327

500


0

Send to landfill Level 3 (Terres de filtration - Kieselghur)

Recycled or upgraded (level1 waste) (dregs/sediment, must, deposit, lees, discharge, tartar, capsules-caps)

2017

2018

2019 (✓)

The decrease is mainly explained by a difference in volume between the N and N-1 harvests. In fact, the exceptionally large harvests of the previous financial year in fact resulted in a higher production of waste. In 2019-2020, the tonnage of waste corresponds to the tonnage of a "classic" volume of harvest.

To comply with EU regulations, a "Recyclable" logo features on all labels glued to the bottles and cases. Cartons used to ship champagne can also be re-used.

For the circular economy and as examples the "aignes" are transformed in particular into alcohol and cosmetic products. The "sarments de vigne" are crushed and transformed into organic fertilizer which is used for the fertilization of the vineyards.

This policy is the good maîtrise and the stable stability of the volume of waste generated during this particular production phase. A special emphasis goes on trying to recover this waste. Switching from wood pallets to wire pallets explains the level in the volume of level 1 waste . These wood pallets now unused were recycled.

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

Laurent-Perrier Group: Labelling waste - sites of Tours-sur-Marne and Epernay (tonnes)

600		126

500		113
		110

400
300
200		363	349
		299
100

0
2017	2018	2019 (✓)

Sent to Level 3 landfill (ordinary industrial wastes)

Recovery of Level 1 wastes : cardboard, packaging, wooden pallets, glass, descaling products (Tonnes)

The decrease in the tonnage of waste related to the clothing of champagne is mainly due to a change in the transport pallets used. Indeed, due to new regulatory standards imposed by DREAL, wooden pallets are no longer used, for safety reasons.

C. Noise mitigation measures and efforts to minimise all other forms of activity specific pollution

Centralising production at a limited number of sites and optimising loading makes it possible to reduce the amount of transport required. The Group also shows a preference for the transport modes least damaging to the environment (electric or gas trolleys). In this way, the Group seeks to minimise the environmental impact of its logistics operations.

Laurent-Perrier's main buildings are located in the towns and villages of Tours-sur-Marne, Louvois, Epernay and Châlons-en-Champagne. These buildings are a fine illustration of the Group's policy of preserving historic buildings and blending these buildings into the surrounding countryside.

The Château de Louvois, its large park and its gardens are regularly restored in the style and rules of their historic and architectural past.

A substantial proportion of production takes place underground in the cellars. However, the necessary industrial buildings, even if they are often of more modern construction, have façades that blend in perfectly with the style of the villages where they are located.

As part of this policy, and in line with its constant concern to protect the aesthetic heritage of wine- growing regions, Laurent-Perrier has installed its own wastewater treatment plant in Tours-sur-Marne in a building erected in 2004 in the architectural style and tradition of Champagne.

Between 2006 and 2008, again in Tours-sur-Marne,Laurent-Perrier erected several new buildings at "Clos Valin", using an architectural style that matches the local environment. This site enables Laurent- Perrier staff to work in natural daylight and in optimised acoustic conditions.

Bottle labelling and packing

The Comité Champagne prefers an eco-friendly design for its bottle labels and packaging in order to minimise their environmental impact. It shares this same exacting requirement with its suppliers.

When it comes to labelling and advertising and promotional items, Laurent-Perrier seeks to use more and more materials compliant with the EU standards now in force in many countries. As planned from 1997, the use of pewter capsules has been reduced.

The use of polystyrene in shipping cartons has been completely stopped and has been superseded by recyclable sheets of moulded cellulose.

All cardboard items used in the manufacture of presentation boxes are now made of recycled paper and, despite the printed text and other items decorating the boxes, are nevertheless 100% recyclable.

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

1.6.2.3. Initiatives to combat food waste

We have noted the new regulatory provisions concerning food waste. We have not identified this issue as having a material impact on our Company to the absence of a company restaurant offering meals but will nevertheless continue examining it for inclusion in a next Universal Registration Document.

1.6.2.4. Sustainable resource use

A. Water consumption and water supplies relative to local limitations

The Group pursues a policy of constantly improving its control of water and energy consumption. The consumption trend over the past years illustrates this unremitting effort, consumptions that remain dependent on the level of activity. Due to its geographical location, the Group is not subject to specific local constraints on its water supply.

Water consumption at the Tours-sur-Marne and Epernay sites (m3) (with Oger and Landreville)

42 000			40 771

41 000

40 000
39 000
38 000
37 000		36 231
36 000				34 744
35 000

34 000
33 000
32 000
31 000
2017	2018	2019 (✓)

The decrease is explained by a higher consumption in the previous year following a water leak.

B. Consumption of raw materials and measures to improve efficient use

The main raw materials are grapes and grape juice.

For containers, the Group uses glass bottles and cartons for the manufacture of champagne.

The Group works within a sustainable development framework which consists in taking account of the long-term nature of its activity, and in particular in banning any practice and behaviour likely to irreversibly modify the natural milieu and the environment.

To this end, it is committed to:

complying with its regulatory environmental obligations, and notably with the strict rules of the INAO and the Comité Champagne;
preserving natural resources;
seeking to improve production processes in order to better control the use of natural resources such as water and energy resources, and to minimize its carbon footprint;
minimising waste and organising its treatment.

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

C. Energy consumption, measures to improve energy efficiency, and use of renewables

Energy consumption at the Tours-sur-Marne, Châlons en Champagne and Epernay sites (electric energy and gas) in Kwh

14 000 000				13 004 809

13 000 000
	12 559 728

12 000 000			11 762 963
11 000 000
2017	2018	2019 (✓)

The increase in energy consumption over the year is explained by a greater energy requirement for the vinification and aging of wines.

Energy consumption varies from one year to the next depending on a range of factors, including production levels, outside temperatures, and so on. In particular, the Group strives to continually seeks to optimise its energy consumption, and each new machine brought into service is generally an improvement in terms of ergonomy and energy consumption and minimising the Group's overall environmental impact. The Group uses green energy through blue rates.

Energy audit

The energy audit is designed to identify excessive energy consumption and any potential for savings so as to generate recommendations for improved energy efficiency.

D. Ground use

Our raw materials derive from the plant universe, whose rhythms and cycles must imperatively be respected. Priority is therefore given to wine-growing practices which seek to preserve the environment, natural resources, and biological balances. These practices are inconceivable without the experience and motivation of the people working the land.

They imply:

balanced management of terroir and soil,
careful husbanding of resources such as water, energy and inputs,
reduction at source of waste by recycling and recovery.

The Group also aims to be perfectly attuned to the regulatory framework and more generally with the expectations of society at large. In practice, its approach involves the following:

strict compliance with

the specifications concerning the production conditions for the Appellation d'Origine Contrôlée

(AOC);

the Technical Handbook (Référentiel Technique) drawn up for the champagne growing area (a specification endorsed by champagne professionals, which identifies all practices deemed, in the

current state of our knowledge, to be compatible with sustainable grape-growing);

1. Prefectural decrees.
regular diagnostics of its grape-growing practice relative to the commitments set out in the Technical Handbook drawn up for the champagne growing area;
continuous education for staff working in the vines, and awareness-raising for the Group's grape suppliers as regards environmental issues;
the deployment of strategies to protect vines which reconcile quality and the measured use of inputs (to consolidate its strategy, the Group uses the services of wine growing consultancies);
deployment of strategies to improve the soil, mainly directed towards mechanical upkeep an grassing over (mowing, work beneath the vines),
the continual upgrading of our plant and equipment in order to safeguard the quality of air, water, soils, and natural environments;
initiatives designed to extend and step up the momentum of sustainability. These include the management of effluent generated by grape growing (vineyard cleaning by plot, washing areas), recovery and priority use of rainwater, waste management, risk prevention, and strict application of procedures for use by staff.

(✓) Verified indicator in moderate insurance by KPMG SA

Annual Report 2019-2020

1.6.2.5. Climate change

A. Greenhouse gas emissions

The Group seeks to combine technical innovations and environmental actions. Thus, the encryption of carbon footprint of the champagne Laurent-Perrier's vineyard activity, few years ago, allowed operating and programming actions on the most relevant posts to further reduce the emissions of greenhouse gases.

The Comité Champagne trade body has drawn up an action plan which the Group will implement in compliance with the timetable set for all involved.

The commitments made have the effect of setting up a carbon footprint calculation for 50% then 80% of the champagne activity diagnosed Carbon between 2015 and 2020.

Energy saving measures (electricity, gas, fuel) will need to be cut by 15% and then 25% of the 2002 levels by 2015.

For 2019, the greenhouse gas emissions related to electricity and gas consumption amounted to 1,032.30 teq. CO² (emission factors of ADEME Carbon).

Significant greenhouse gas emissions are generated by the Company through the use of goods and especially services that it produces.

B. Adapting to the consequences of climate change

21-31	1-5	6-10 Sept.	11-15	16-20	21-25 Sept.	26-30 Sept..	1-05 Oct.	6-10 Oct..	11-15 Oct.
August	Sept.		Sept.	Sept.
2011	2017	2016	2014	2012	1996	2013	1991	1984	1972
2007	1976	2015	2009	2010	1995	2004	1987	1980
2003		1959	1993	2008	1966	2001	1979	1978
		1952	1989	2006		1988	1975	1977
			1960	2005		1986	1969	1965
			1953	2002		1985	1968	1956
				2000		1983	1963
				1999		1981	1962
				1998		1974	1958
				1997		1973	1951
				1994		1970
				1992		1967
				1990		1955
				1982		1954
				1971
				1964
				1961

Source Journal l'Union - November 17, 2015

For memory :

Date of the harvest 2018 : 21-31 August
Date of the harvest 2019: 6-10 september

"Fiction: And the harvest in 2050?

The facts:Hundreds of researchers from the Centre National de Recherche Scientifique (CNRS), the Commissariat à l'Energie Atomique (CEA) and Météo-France, among others, have recently made projections, for the most pessimistic, of an increase in the global average temperature of 6.5 to 7 degrees Celsius in 2100, i.e., for the highest temperatures, up to 50 degrees Celsius. Champagne will submit a report at the end of the year on semi-wide vines. It is also working on grape varieties that are more resistant to disease and drought.

August 10, 2050, 5 am: the harvest is in full swing. Seasonal workers, armed with headlamps, are working in vines which are higher and wider than 30 years ago. The grapes are magnificent and show no signs of disease or drought. The cutters fill white crates with small quantities. Electric and autonomous robots bring the pallets filled with fruit to the presses, perfectly insulated and ventilated. A dream? Maybe not.

Annual Report 2019-2020

To this prospect, other dreamers would replace man with the harvesting machine. But will it really be the main tool for harvesting grapes in 2050?

Reading the projections that climate change brings in terms of temperature increase and therefore impact on man and the environment, this is the question that we spontaneously want to ask champagne professionals: how do they imagine the harvest in 30 years, i.e. more than a generation away? To immediately think about the machine would be to forget a little too quickly that before, or with, technological advances, the issue of climate change and societal pressure are largely on people's minds today and are now shaping the future.

Harvesting at night?

This year, some winegrowers tested lighter crates, 17kilos instead of 45kilos, to avoid crushing the grapes and thus the loss of quality juice. However, these crates also have the advantage of reducing the difficulty of picking and pressing, while carrying a lighter load. Less pain: the seasonal workers concerned have confirmed this.

Will we harvest at night? If in 2100, we approach the 50 degree mark, we may have to consider it. The question may therefore arise, both for the comfort of the pickers and for the freshness of the grapes and therefore of the juice.

Change the vines?

Indeed, a particularly topical issue: the typology of vines. By the end of the year, the Champagne Committee's report on semi-wide vines, higher and more widely spaced than at present in Champagne, will be published. The benefits are multiple and allow the use of fewer pesticides.

Not to mention that by 2025, champagne will have banned all herbicides. At the same time, at the end of 2018, it also announced the environmental certification, by 2030, of 100% of vineyards. These are all guarantees of a reduction, or even elimination, of pesticides.

Extract Source Journal l'Union - September 21, 2019

1.6.2.6. Diversity protection

Measures to preserve or develop biodiversity

The Comité Champagne trade body has drawn up a series of commitments.

These measures are:

Adopt new soil husbandry strategies (mechanical working of the soil and grass cover for each plot)
Reduce the use of herbicides
Create or preserve natural grass cover around the edges of vineyards
Develop agro-ecological infrastructure

"The future of champagne according to Laurent-Perrier

The general public is increasingly sensitive to sustainable development and firms' involvement in these issues. In the supply contracts you sign with your partners, are they required to follow integrated or organic viticulture practices ?

Alexandra Pereyre - Here in Champagne, we have been committed to integrated viticulture for years. The region has increased its desire to go ever further with a project set to run until 2030. Since 2001, however, it has made enormous progress and has embarked on a large-scale drive for sustainable viticulture by creating a Champagne-specific certification (Sustainable Viticulture in Champagne, Ed.). Following the Grenelle agreement, another High Environmental Value certification requires a broader commitment from all operators to make greater efforts as regards inputs and working the soil … All

Champagne winemakers have been aware of this need for many years, so it is important for us to assist all our wine-growing partners so that they can make the same effort.

To go further, do you intend to ultimately move towards biodynamics wine growing? Is this an objective ?

Stéphane Dalyac - You need to put yourself in the wine grower's shoes. First and foremost, they are imbued with a love of what they do, but they also need to make a living from it. With organic principles,

Annual Report 2019-2020

you have to accept that you will see empty vines as a result of disease for a year or two. SVC or HEV certifications are ways of trying to do things as well as possible by minimising the input of anything that is not natural for the vines.

Alexandra Pereyre - It's in our interests to make a collective effort, which is, in fact, largely underway. We're not talking about something that its nascent - it's recurrent. We are looking at the long-term.When you run a family business, you want it to last. We want everything we do to be underpinned by a form of ethics.

Stéphane Dalyac - You must also take the Champagne climate into account to see whether organic practices can be sustainably used. Biodynamics has intellectual as well as economic consequences. To say that progress is bad and nature good is an intellectual stance.

Are you coming under pressure from consumers asking for certified products?

Stéphane Dalyac - Yes, that expectation exists, but I am not certain that the Champagne region can dally with going organic. Then again, is 100% organic a good thing? I don't know. These efforts that are being made in our terroir are part of a more general trend of sustainable development.

Alexandra Pereyre - A lot of work has been done on the weight of bottles, water treatment, reducing cardboard packaging and using less plastic. When you have to do things over the long term, it's pretty obvious that you have to respect the people who are working in contact with the soil. That respect, which our father had, and this sense of caring for the soil, are both aspects that Laurent- Perrier has taken into account in each period in a very considered way."

Source: Excerpt from Le Figaro Vin http://avis-vins.lefigaro.fr- 18 May 2019

1.6.3. Societal information

1.6.3.1. Territorial, economic and social impact of Group operations

A. On employment and regional development

The Group complies with national legislation and guarantees wage levels enabling its staff to have living standards above national averages relative to the cost of living near its operating facilities. The Group undertakes to pay all staff their wages on a regular basis.

By his AOC Champagne group supply, the group participates in the regional development by his activity; it also attracts tourists, supporting the local economy.

B. On residents and local inhabitants

The Group pays great attention to the impact of its operations on local people: architectural integration (cf.1.6.2.2.C), effluent treatment, respect for the rule ZNT Habitation etc.

The phytosanitary treatments are carried out in relation with the CIVC * and external consultants who carry out monthly checks.

1.6.3.2. Relations with individuals and organisations interested in the Group's activities, and in particular with social integration bodies, educational establishments, environmental protection groups, consumer associations, and local residents

A. Dialogue conditions with such individuals and organisations

The Group maintains good relations with local government. It has links with training organisations and schools at regional level, and with voluntary social integration bodies, for example, Reims Business School NEOMA. The Group is present to the Comité Interprofessional du Vin de Champagne (CIVC*), and Union des Maisons de Champagne (representing the houses).

B. Partnership and patronage activities

In France, such activities are highly regulated with respect to the Evin Act (the alcohol and tobacco policy law). However, the Group is extremely attentive to all initiatives it can validly pursue in this area.

Annual Report 2019-2020

C. Actions with APAJH

The Laurent-Perrier Group entrusts vineyard work to the Association For Adults and Young Disabled (APAJH) in Marne.

1.6.3.3. Sub-contracting and suppliers

A. Taking social and environmental factors into account in procurement policy

The Group has implemented recommendations to minimise the weight of glass in its bottles. All cardboard components of boxing are made from recycled paper and can be again recycled.

B. Scale of sub-contracting and assessment of levels of Corporate Social Responsibility in relations with suppliers and sub-contractors

Less than 10% of total purchases made by the Group are related to subcontracting. In addition, the Group will identify positions in this area in the coming years.

The Group sources its raw materials (grapes) exclusively from the Champagne region in compliance with INAO rules.

The Group's chief suppliers are the grape growers. These are required to comply with the Champagne sustainability charter, and the Group assists them in doing so via staff dedicated to managing supplies and vineyards.

C. Supplier and sub-contractor principles for compliance with international regulatory agreements

Concerning work legislation, the Group is focused to its supplier's practices to meet customers' requirements vis-à-vis the following standards:

illegal or forced labour,
child labour: under no circumstances does the Group condone the fact of making people who have not reached minimum legal age work,
the elimination of all forms of discrimination with respect to access to employment,
working hours: personnel must be able to benefit from sufficient rest periods,
the legal provisions applicable to minimum wages.

With respect to ethical conduct, the Group is focused to its supplier's practices to meet customers' requirements vis-à vis the following standards:

maintain standards of professionalism, honesty and integrity in all their dealings,
avoid the intention or demonstration of non-ethical or compromising practices in their internal and external relations and in their actions and communications.
comply, in particular, with the principles of honesty and equity, and all applicable regulations in the sphere of competition and the elimination of bribery and corruption in commercial transactions,
not propose products, favours, or services that could influence or are likely to influence decisions in the procurement process,
treat confidential and proprietary information with all due care and in line with their own ethical considerations,
comply with national and international laws, customs and practices.

In the sphere of occupational hygiene and safety, the Group is careful, wherever possible, to work with suppliers:

who take pains to ensure that their activities are not harmful to the health and safety of their personnel, their own sub-contractors, or local inhabitants, and, as a general rule, of the users of their products,
and subcontractors who show they can be proactive in respect of hygiene and safety issues,

Annual Report 2019-2020

able to provide a safe, healthy environment for their personnel, customers, and visitors, to comply with national health and safety legislation, identify any dangers in connection with their operations, and take any necessary measures to minimise risks for their employees.

The Group expects its suppliers and sub-contractors to pass on these principles to their own suppliers and sub-contractors and that they implement a similar programme with them.

D. Commitment to comply with ethical rules in calls for tender

When submitting tenders to third parties, the Group undertakes to submit and go about its business in compliance with the following common ethical rules:

to ban all forms of corruption and fraud both inside and outside the company,
to observe the rules of intellectual property in all cases, and circulate these to all,
to accept only those assignments which the company is suitably qualified to carry out, so that it carries them out in its customers' best interests,
to refuse to harm a fellow producer or peer by any activities, manoeuvres, or statements contrary to the principles of truth and fair competition,
to seek never to take over a project by recruiting staff from a tendering company in charge of that project,
to remind its personnel of the existence of ethical rules and ensure strict compliance with it.

1.6.3.4. Fair practice

A. Action to prevent corruption

The Group is not involved in any activity that could encourage corruption.In particular, the Group is committed to:

Adopt a loyal behaviour in business relations,
Exclude any improper or unlawful conduct and restrictive practices and abuse of competition and anti-competitive practices,
Exclude all behaviours or facts that can be qualified as active or passive corruption, complicity in influence peddling or favouritism, in the negotiation and execution of contracts,
Facilitate, where appropriate, the successful completion of the potential social and environmental diagnostics.

B. Measures to protect consumer health and safety

The Group complies strictly with all existing hygiene, safety, and traceability regulations designed to protect consumer health and safety, particularly visible on the bottles labelling.

The guaranteeing of compliance with these regulations derives in particular from the creation of the Champagne AOC denomination in 1935. Champagne houses have never stopped organising and anticipating developments in the framework of their trade body as they seek to drive growth by bolstering their quality and reputation. The Champagne appellation is thus increasingly well protected against outside identity fraud as a result of its status as an unequivocal appellation.

It is also the duty of the champagne houses to protect consumers against all wines, beverages, and other products that would undermine the reputation or guarantee of origin and quality of the champagne appellation.

Champagne's trade body, the Comité Interprofessionnel des Vins de Champagne: the legal champion protecting the appellation.

The Comité Interprofessionnel des Vins de Champagne and INAO have accordingly undertaken to use the law to systematically oppose all those who try to hijack the reputation and identity of the appellation.

An AOC (Appellation d'Origine Contrôlée) label identifies a product and the authenticity and typicality of its geographical origin. It is a guarantee of its qualities and characteristics, the terroir it comes from, and the know-how of the producers (of wines, champagne, etc.). The quantity and checks on the labelling of

Annual Report 2019-2020

AOC products comply with an approved specification, in France by INAO, which reports to the Ministry of Agriculture.

An Appellation d'Origine Contrôlé (AOC) is an official French label to protect a product in connection with its geographic area of production and a number of manufacturing characteristics. It guarantees the origins of traditional food products derived from a particular terroir and food culture.

An Appellation d'Origine is neither a commercial brand name, nor a registered design, but an official certification of provenance and know-how delivered by an agency reporting to a ministry and overseen by a national fraud authority.

The Group is also highly vigilant when it comes to compliance with local labelling rules for commercialised bottles.

C. Other initiatives to protect human rights

The Group ensures that its own subsidiaries and facilities are not complicit in any human rights violations.

The Group is especially vigilant in respect of the following:

ethical behaviour,
respect for the rule of law,
compliance with international standards of behaviour,
respect for economic, social and cultural rights,
fundamental principles and rights at work,
adopting fair competition practices,
promoting corporate social responsibility in the value chain,
respect for property rights.

Regulations and principles

The Group is pursuing an ethical programme to comply with:

international and national regulations concerning its activities,
international standards, and in particular the United Nations Universal Declaration of Human Rights,
the Fundamental Conventions of the International Labour Organisation.

The Group does not encourage anti-competitive behaviour. It does likewise vis-à-vis its own customers.

Principles linked to respect for persons

The Group strives to ensure, as far as possible, that its customers are aware of the need to combat all forms of discrimination, especially as regards gender, origin, religious beliefs, and political affiliation, and has undertaken to encourage cultural diversity.

The Group seeks to ensure its customers are aware of:

national legislation, and, in any event, compliance with international regulations on working time drafted by the International Labour Organisation relative to its own activity sector. The Group is also sensitive to all the initiatives taken by its customers aimed at ensuring that their workforce benefits from sufficient rest periods,
the need to comply with national legislation to guarantee their staff a minimum level of wages, offering them a decent standard of living in line with the cost of living in the vicinity of their operating base,
the need for regular payment of employee wages,
the need to reject degrading practices in their workplaces, such as corporal punishment, moral and sexual harassment, and working under threat or duress.

Annual Report 2019-2020

1.6.4. Prevention

The Group continued to promote its awareness campaign targeting all employees who, due to their position, are required to travel by car to represent one of the Group companies. A guide on the risks of drink-driving entitled Fatigue, Alcohol and Speeding setting out the need to comply with the Highway Code, and the risks of tiredness and alcohol consumption when driving, is distributed to everyone concerned when they join the company.

1.6.5. Methodology note

1.6.5.1. Scope and timeframe of reporting

Apart from the data relative to the workforce (total and breakdown by age, gender, SPC, contracts and departments) the data reported concern France only, and cover 83% of the total workforce.

Social data cover the fiscal year from April 1, 2019 to March, 2020, except for data on training, which cover the calendar year from January 1 to December 31, 2019.

Reporting periods for environmental data cover the calendar year from January 1 to December 31, 2019. The scope of environmental reporting was agreed as being the most representative possible. This is because environmental data in connection with marketing activities outside France were deemed to be not significant as they are not linked to production operations. Consequently, adopting France as the scope for the data was felt to be representative at Group level.

1.6.5.2. Definitions and methodology choices - Social indicators

Headcount and breakdown by gender, socio-professional category, type of contract and geographic area

The breakdown of the workforce by category, type of contract and geographic area is calculated on the basis of the employees present on long-term employment contracts ("CDI") and time-limited contracts ("CDD") as at March 31. Executive officers are not included in the count. All time-limited contracts are included, including contracts for the duration of the grape harvest and work on the vines, those seconded on CAP vocational training, and interns.

The breakdown of the workforce by gender is calculated on the basis of the annual percentage presence of employees on long-term contracts.

The breakdown of the workforce by age group is calculated on the basis of the annual percentage presence of employees on long-term and time-limited contracts.

The breakdown of the workforce by socio-professional category is calculated on the basis of employees on long-term contracts present at March 31.

Multi-card travelling salespeople ("VRP") are included in the total of long-term employees. Each sales person is weighted at 0.2, except in the breakdowns by age and geographic area, where they are weighted as 1.

Hiring

Internal job changes are not taken into account.

Reported occupational diseases

As recognized by the CPAM social security authority during the fiscal year. Cases under consideration are not included in the total.

Absences and occupational accidents

The data only concern the Group's French companies. Days off due to occupational and commuting accidents are reported as a number of business days. The number of days lost corresponds to the number of days given by the doctor and approved by the CPAM.

It should be noted that the method used to calculate the absenteeism rate takes into account actual hours based on the different working patterns of employees and not theoretical hours.

Annual Report 2019-2020

Training

The data relative to training cover all training attended by employees on long-term and court-term contracts in the Group's French companies. Unless otherwise stated, data relating to training only cover training followed as part of continuing professional training. Data are calculated on a calendar year basis and are calculated on the basis of presence sheets.

The percentage of employees in receipt of training, and the training spending only apply to continuing professional training. The percentage of employees in receipt of training is expressed in relation to the average total workforce in the Group's French companies.

1.6.5.3. Definition and methodology choices - Environmental indicators

Water consumption

The consumption of mains and borehole water for industrial and domestic uses by Champagne Laurent Perrier (Tours-sur-Marne site) and Champagne de Castellane (Epernay site), and at the Oger and Landreville sites from 2014 onwards, is taken in to account.

Energy consumption

Energy consumption is expressed as kWh NCV (gas consumption in previous years has been converted into kWh NCV) and includes:

- electricity consumption by Champagne Laurent Perrier (Tours-sur-Marne and Châlons-en- Champagne sites) and Champagne de Castellane (Epernay site), as well as the sties at Oger and Landreville;

gas consumption at the production sites of Champagne Laurent Perrier (Tours-sur-Marne site), Champagne de Castellane (Epernay site), and the Oger site. Gas consumption by wine presses and administration buildings is excluded, therefore.

Greenhouse gas emissions

Greenhouse gas emissions are calculated on the basis of energy consumption. The emissions factors used are derived from ADEME's 2018 Base Carbone.

Waste related to champagne making and packaging waste

Waste from the sites at Tours-sur-Marne, Epernay, Oger and Landreville is taken into account. Data are calculated on the basis of invoices and collection orders, except for the quantities of ordinary industrial waste, musts and deposits from musts, lees and disgorging wine, which are estimated on the basis of production data.

1.6.6. Report of the independent body on the Social and Environmental Report

Report by one of the Statutory Auditors, appointed as selection of consolidated human resources, environmental the Universal Registration Document 2019-2020.

an independent third party, on a and social indicators published in

This is a free English translation of the Statutory Auditors' report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

For the year ended 31 March 2020

To the shareholders,

As requested and in our capacity as Statutory Auditor of your company Laurent Perrier S.A. (hereinafter the "entity"), we hereby report to you on a selection of consolidated human resources, environmental and social information for the year ended 31 March 2020 identified by the symbol √ (hereinafter the "CSR Information"), and disclosed in the Universal Registration Document 2019-2020 of the entity (hereinafter the "CSR report").

The conclusion set out below relates only to the CSR Information and not to all of the information presented.

Responsibility of the entity

Under the provisions of Article L.225-102-1 IV of the French commercial code (Code de commerce) the entity is not required to issue a non-financial performance statement for the year ended 31 mars 2020. Consequently, a non-financial performance statement has not been included in the Universal Registration

Annual Report 2019-2020

Document, but rather a selection of consolidated human resources, environmental and social information. It is the Board of Directors' responsibility to prepare the CSR Information in accordance with the guidelines used by the entity (hereinafter the "Guidelines"), summarised in the methodological notes presented in the CSR report and available on request at the entity's headquarters.

Independence and quality control

Our independence is defined by the provisions of Article L.822-11-3 of the French Commercial Code and the French Code of Ethics for statutory auditors (Code de déontologie). Moreover, we have implemented a quality control system that includes documented policies and procedures to ensure compliance with applicable ethical rules, professional standards, laws and regulations.

Responsibility of the Statutory Auditor appointed as independent third party

On the basis of our work, it is our responsibility to express, at the request of the entity, reasonable assurance that the CSR information selected1 by the entity and identified by the symbol √ in the CSR report is fairly presented, in all material respects, in accordance with the Guidelines.

Nature and scope of our work

We conducted our work in accordance with the provisions of Articles A. 225-1 and following of the French commercial code, based on the professional guidelines set forth by the French Institute of Statutory Auditors and international auditing standard ISAE 3000 (Assurance engagements other than audits or reviews of historical financial information).

We carried out the following work:

We gained an understanding of the business activities of all the companies included in the consolidation scope;
We assessed the appropriateness of the Guidelines in terms of their relevance, completeness, accuracy, neutrality and understandability, taking into account best industry practice, as appropriate;
We conducted the following procedures on CSR information:
- Analytical procedures to verify that the data collected had been consolidated accurately and that changes in the data were consistent;
- Tests of details, on a sampling basis, to verify that the definitions and procedures had been applied correctly, and to cross check data with underlying evidence. These procedures were conducted on a selection of entities, representing between 82 and 100% of CSR Information.

The work we conducted while exercising our professional judgment enabled us to provide a moderate level of assurance; a higher level of assurance would have required more extensive work.

Means and resources

Four people were involved in conducting the work, which was performed between June and July 2020 over a total period of approximately two working weeks.

Our work drew on the skills of four individuals. To assist us in conducting our work, we called on our firm's sustainable development and corporate social responsibility specialists.

Annual Report 2019-2020

Conclusion

In our opinion, the CSR information selected by the entity and identified by the symbol √ in the CSR report is fairly presented, in all material respects, in compliance with the Guidelines.

Paris-La Défense and Reims, on 7 July 2020

KPMG S.A.

Anne Garans	Fernando Alvarez
Partner	Partner
Sustainability Services

1 Social indicators: Workforce at 31/03 and breakdown by gender and socio-professional category, Number of accidents at work and commuting accidents with lost time, Number of days lost due to accidents at work and commuting accidents, Number of occupational diseases, Number of hours of training.

Environmental indicators: Energy consumption (electricity and natural gas), Water consumption, Champagne production waste, Champagne packaging waste.

Qualitative information: Collective bargaining agreements; Policy to combat discrimination against people with disabilities.

1.7. EXCEPTIONAL EVENTS AND LITIGATION

As far as the Group is aware, there are no governmental, legal or arbitration proceedings pending or threatened which could have or may have had over the past twelve months any material impact on the Group's financial situation or profits.

Annual Report 2019-2020

July 6, 2011

Ordinary Shareholders' Meeting held to approve the accounts for the financial year ending March 31, 2023

July 9, 2008, replacing Pierre Coll

Ordinary Shareholders' Meeting held to approve the accounts for the financial year ending March 31, 2020.

July 11, 1996

Ordinary Shareholders' Meeting held to approve the accounts for the financial year ending March 31, 2020.

2. PERSONS RESPONSIBLE FOR THIS UNIVERSAL REGISTRATION DOCUMENTAND FOR AUDITING THE ACCOUNTS

2.1. PERSON RESPONSIBLE FOR THIS UNIVERSAL REGISTRATION DOCUMENT

Stéphane Dalyac - Chairman of the Management Board.

2.2. AFFIDAVIT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT

"I certify that I have taken all reasonable measures to ensure that the information contained in the present Universal Registration Document is to the best of my knowledge in accordance with the facts and contains no omissions likely to affect its import.

I declare that to the best of my knowledge, the accounts have been drawn up in accordance with the applicable accounting standards and provide a fair image of the assets, financial situation, and results of the company and all those companies consolidated with it, and the management report listed in Annex 5 of this universal registred document, presents a faithful picture of the business developments, results, and financial situation of the company and all those companies consolidated with it, as well as a description of the main risks and uncertainties with which they are faced.

Tours sur Marne, on July 23, 2020

Stéphane Dalyac - Chairman of the Management Board

2.3. AUDITORS

Statutory auditors:

PricewaterhouseCoopers Audit, a member of the Versailles Company of Statutory Auditors, represented by Mr Xavier Belet,

63, rue de Villiers

F - 92208 Neuilly-sur-Seine First appointed:

Mandate expires:

KPMG, S.A., a member of the Versailles Company of Statutory Auditors, represented by Mr. Fernando Alvarez.

19 Rue Clément Ader

51685 Reims Cedex First appointed: Mandate expires:

Alternate auditor:

Mr Jean-Christophe Georghiou 63, rue de Villiers

F - 92208 Neuilly-sur-Seine First appointed:

Mandate expires:

2.4. PERSON RESPONSIBLE FOR INVESTOR INFORMATION

Stéphane Dalyac, email: stephane.dalyac@laurent-perrier.fr

Tel : + 33 (0)3.26.58.91.22

Annual Report 2019-2020

3. GENERAL INFORMATION ON LAURENT-PERRIER

3.1. STATUTORY INFORMATION AND SHARE BUY-BACK PROGRAMME

3.1.1. Corporate name and registered office

Laurent-Perrier - 32, avenue de Champagne - F-51150Tours-sur-Marne.

Telephone +33 (0)3.26.58.91.22.

In France, Laurent-Perrier is governed by French law while foreign subsidiaries and branches are subject to the law of the country in which they are located:

Laurent-PerrierUK: UK law,
Laurent-PerrierSwitzerland: Swiss law,
Laurent-PerrierUS: US law,
Laurent-PerrierDiffusion Belgium: Belgian law,
Laurent-PerrierGermany: German law,
Laurent-PerrierItaly: Italian law.

3.1.2. Consultation of legal documents or information on Laurent-Perrier

Legal documents or information relating to Laurent-Perrier are available for consultation at the Group's headquarters at 32 Avenue de Champagne 51150 Tours-sur-Marne subject to legal requirements.

The following documents may be consulted:

Laurent-Perriermemorandum of association and articles of association,
all reports, letters and other documents, historic financial information and declarations prepared by experts at the request of Laurent-Perrier,
historical financial information on Laurent-Perrier and its subsidiaries for the two financial years prior to publication of the Universal Registration Document.

The above documents are available for consultation in hard copy or electronic format on the site: www.finance-groupelp.com.

3.1.3. Incorporation date and term (article 5 of the by-laws)

The Group was incorporated on February 20, 1939, for a period of ninety-nine years, expiring on January 30, 2038 unless it is wound up beforehand or its term is extended.

3.1.4. Incorporation details

Laurent-Perrier companies are registered with the Reims Companies Registry under number 335 680 096.

APE business activity code: 6420 Z.

LEI : 96950036OIHAEGNGJ871

3.1.5. Legal structure (article 1 of the by-laws)

Laurent-Perrier is a French société anonyme (public limited company) with a Management Board and a Supervisory Board.

3.1.6. Corporate purpose (article 3 of the by-laws)

Laurent-Perrier's corporate purpose is to trade mainly in the wine industry and includes:

the acquisition, management and sale of securities, shares and all rights pertaining to them;
active participation in defining the goals and policies of companies in which it has exclusive or joint control or a significant influence;
budgetary and financial control and coordination of such companies;
the provision of specific administrative, legal, accounting, financial or real-estate services on a purely in-house basis to such companies;
all operations that are compatible with this purpose, related to it or further its accomplishment.

Annual Report 2019-2020

The statutes are available for consultation at the registered office.

3.1.7. Financial year (article 19 of the by-laws)

From April 1 to March 31 of the calendar year.

3.1.8. Appropriation and distribution of earnings (article 20 of the by-laws)

This point is detailed in the draft resolutions.

3.1.9. Annual General Meetings of Shareholders (article 18 of the by-laws)

This point is detailed in the draft resolutions.

3.1.10. Special provisions of the by-laws

Disclosure thresholds (article 9)

Prior to the 2018 General Meeting of Shareholders, Article 9.1 of the Laurent-Perrierby-laws stipulated that the Company is entitled to ask for information about the owners of bearer shares at any time.

The company can thus request and obtain an identifiable bearer share ("TPI"). After obtaining this, the company can question people named on the list whom they consider may be registered on behalf of third parties, to ask them to tell it who the beneficial owners of the shares are. These people are required, when they are financial intermediaries, to reveal the effective identity of the beneficial owners of the shares.

Where the financial intermediary who is the subject of such a request has not provided such information within ten working days of the request, or if they have provided incomplete or erroneous information on their position or on the owners of the securities, or on the quantity of securities held by each of them, the shares for which that person has been registered in an account:

shall be deprived of their voting rights for all General Meetings of shareholders held until the identification is regularised,
and the payment of dividends may also be deferred until that date.

It was therefore judged appropriate to supplement the by-laws to set out the sanctions in detail.

Moreover, it was also judged appropriate to amend article 9.2 of the Laurent-Perrierby-laws to specify that the statutory rules in connection with exceeding thresholds will apply if the 0.5% of the capital threshold or voting rights is exceeded, instead of the current 2.5%.

As a result, the 2018 General Meeting of Shareholders decided to modify Article 9 of the by-laws as follows:

New form of words:

"Article 9 - Identification of shareholders

1. The Company may at any time, under the conditions laid down by the legal provisions in force at the time, request the name (or, in the case of a legal entity, the company name), nationality, year of birth (or, in the case of a legal entity, the year of incorporation) and address from the body responsible for clearing securities, of all or some of the holders of securities, conferring, immediately or in the future, the right to vote at its General Meetings of Shareholders, as well as the number of securities held by each of them and, where applicable, the restrictions that may apply to the securities, and any other information whose disclosure is authorised by the rules then in force.

The company may also, in view of the list transmitted, request, either through this body or directly, under the same conditions, from the persons appearing on this list and whom it considers could be registered on behalf of third parties, if they hold these securities on their behalf or on behalf of third parties and, in this case, to provide it with information enabling it to identify this or these third parties. In the absence of disclosure of the identity of the owner or owners of the shares, the vote or proxy issued by the intermediary registered in the account will not be taken into account and the payment of the corresponding dividend may be deferred.

Annual Report 2019-2020

2. In addition to the legal obligation to inform the Company of the holding of certain fractions of the share capital and the voting rights attached thereto, any shareholder, whether a natural person or a legal entity, who in any way exceeds in either direction, within the meaning of Article L 233-7 of the French Commercial Code on Commercial Companies, the threshold of zero point five percent (0.5)% of the share capital or voting rights, or any multiple of this percentage less than or equal to thirty-five percent (35%), must inform the Company of the total number of shares it holds as well as the number of securities it holds giving future access to the capital and the number of voting rights attached to these shares and other securities, by means of a registered letter with acknowledgement of receipt, sent to the Company's registered office within fifteen (15) calendar days of the threshold being crossed.

The aforementioned reference to Article L 233-7 of the French Commercial Code refers to all the relevant legal provisions, including Articles L 233-3, L 233-9 and L 233-10 of the said Code, which are applicable to this statutory information obligation.

For threshold crossings resulting from an acquisition or sale on the stock exchange, the aforementioned fifteen-day period begins to run from the day on which the securities are traded and not from the day they are delivered.

In the event of non-compliance with this statutory obligation to inform and at the request of one or more shareholders holding together at least five percent (5%) of the capital or voting rights, the shares exceeding the fraction that should have been declared shall be immediately deprived of voting rights until the expiry of a period of two (2) years following the date on which the notification is regularised (without prejudice to the provisions on non-compliance with the legal obligations to inform).

As indicated above, but again without prejudice to the above-mentioned legal obligations, this statutory obligation to provide information applies provided that the threshold crossed by the person concerned is less than or equal to thirty-five percent (35%)."

Double voting rights (article 18 of the bylaws)

Double voting rights are legally granted to all fully-paid up registered shares which have been registered in the name of the same shareholder for at least four years (date to date).

Identification of holders of bearer shares

The survey undertaken by Laurent-Perrier on March 31, 2020 of holders of bearer shares identified about 3,994 shareholders.

3.1.11. Supervisory Board membership requirements (article 15)

The General Meeting of Shareholders held on July 7, 2010 amended article 15 of the bylaws as follows:

Other than those stipulated in the bylaws, the rules governing the Supervisory Board, and notably its membership, operation and purview, are those set out in the applicable legal provisions.

Any members present at the meetings via a videoconferencing link whose nature and operating methods are compliant with regulatory provisions shall be deemed present for the purposes of establishing the quorum and the majority of Supervisory Board members.

Attendance via such videoconferencing link or/and telecommunications link is not, however, permitted for the following decisions:

Appointment of members of the Management Board, and the single Chief Executive Officer,
Dismissal of members of the Management Board and the single Chief Executive Officer, in cases where the present bylaws provide for such dismissal by the Supervisory Board,
Election and compensation of the Chairman and Deputy Chairman of the Supervisory Board."

Annual Report 2019-2020

3.1.12. Provisions for attendance at the General Meeting of Shareholders (article 18)

Other than those stipulated in the bylaws, the rules governing the holding of General Meetings of Shareholders and in particular the calling and holding of such meetings, as well as the rights pertaining to shareholder communication and information, are those set out in the applicable legal provisions.

Any shareholders taking part in the General Meeting of Shareholders via a videoconferencing link or other telecommunications link enabling their identification, whose nature and operating methods are compliant with regulatory provisions shall be deemed present for the purposes of establishing the quorum and the majority of shareholders.

General Meetings of Shareholders convene at the Group's Registered Office or at any other venue specified in the invitation to attend.

3.1.13. Laurent-Perrier share buy-back programme

The Shareholders' Meeting of July 10, 2019 authorised the Management Board to repurchase Company shares pursuant to articles L.225-209 et seq. of the French Commercial Code, notably in order to:

ensure market-making and share liquidity through the intermediary of an investment services provider within the framework of a liquidity agreement compliant with the Code of Good Conduct of the Association Française des Marchés Financiers (AMAFI), recognised by the AMF;
retain the shares purchased for eventual trading or use as payment under any acquisition-led growth transactions, it being specified that the shares purchased to this end may not exceed 5% of the
Company's share capital,
ensure coverage for stock option plans and/or the allotment of free bonus shares (or similar plan) for the benefit of employees and/or the Group's executive officers, and all allotments of shares under a corporate or Group savings plan (or similar plan) under the terms of a profit sharing plan and/or any and all other forms of share allotments to employees and/or executive officers of the Group,
ensure the coverage of securities conferring the right to the allotment of Company shares in the framework of current legislation,
cancel, where appropriate, any shares purchased, subject to the approval of the authority granted to the Management Board, as set out in the sixteenth resolution put before the extraordinary General
Shareholders' Meeting.

The Company has not cancelled any shares held under the provisions of the above programme. The special buy-in report is included in section 7.1.

The September 24, 2020 Joint Ordinary and Extraordinary Shareholders' Meeting held to vote on the financial statements for the period ended March 31, 2020 will be asked to issue a new authorisation.

If authorised by the shareholders, the Management Board may cancel shares and reduce the company's share capital accordingly.

Conditions

Under the new programme shares will be bought in at no more than €130 per share excluding expenses.

The Shareholders' Meeting on September 24, 2020 will authorise the buy-back of up to 594,000 shares each with a par value of €3.80 (minus the 26,577 treasury shares already owned by the Company at March 31, 2020) ie, a maximum of 10% of the adjusted share capital of any operation on the intervening

capital over the life of the programme.

Assumptions used to assess the impact of the share buy-back programme on the financial situation of Laurent-Perrier

Calculations to assess the impact of the buy-back programme on Laurent-Perrier's accounts are based on the consolidated financial statements at March 31, 2020 However, taking into account the 26,577 treasury shares already owned by the Company at March 31, 2020, it is unlikely to acquire all the 594,000 shares that may be repurchased under the buy-back programme.

Shares will be bought and sold on the stock market and/or in block sales.

Financing of share repurchase

The buy-back programme shall be financed with Laurent-Perrier's own funds.

Annual Report 2019-2020

Intention of Laurent-Perrier's executive officers

The executive officers of Laurent-Perrier do not intend to buy or sell shares under the buy-back programme.

Operations carried out by Laurent-Perrier on its own shares pursuant to article L 225-209 of the French Commercial Code

1. During the financial year, i.e. from 01.04.2019 to 31.03.2020:

A) Market making:
- Shares purchased during the financial year:	17,040 shares
- Shares sold during the financial year:	14,367 shares
-	Average share price:	purchase:	€86.63
		sale:	€87.32
B) Share purchase options
- Shares purchased during the financial year:	0 share
-	Average share price:		-
C) External growth
- Shares purchased during the financial year:	none
D) Amount of trading fees:
-	Market making:	Expenses incurred on sales:	€0
		Expenses incurred on purchases:	€0
	Share options purchases:	Expenses incurred on purchases:	€0

E) Reasons for acquisitions: Market making and employee allocations.

F) Fraction of capital in treasury shares:

0.45 %

2. Total

Total shares registered in the company name at close of financial year: 26,577 shares
Value at purchase price: €2,302,365.51
Nominal value of treasury shares: €3.80 per share (for a total of €100,992.60)

The special report on share buybacks mentioned in article L 225-209 et al. of the French Commercial code is appended to the present Universel Registrement Document as Paragraph 7.1.

3.2. GENERAL INFORMATION ON LAURENT-PERRIER'S CAPITAL AND SHARES

3.2.1. Share capital (article 7 of the by-laws)

At March 31, 2020, the capital stock of the company stood at €22,594,271.80, divided into 5,945,861 shares, each with a par value of €3.80, all of the same class.

The number of shares was unchanged throughout the financial year

3.2.2. Stock option plans and Bonus shares (AMF Table No.8 & 10 )

It is here specified that the Group no longer has stock option plans based on the creation of new equity (Plans d'option de souscription d'actions), or stock option plans (Plans d'option d'achat d'actions) using existing shares,but Bonus share plans have recently been put in place.

As a reminder, the Joint Ordinary and Extraordinary Shareholders' Meeting on July 11, 2018 voted to renew the authorisations given to the Management Board to grant:

stock options in the company valued at not exceeding 210,000 stock to the same beneficiaries as before.
Bonus shares the total number of which to be awarded shall not exceed 1.7% (one point seven per cent) of the capital stock, this percentage being calculated in relation to the number of such bonus shares already allocated or issued.

Annual Report 2019-2020

These authorisations are granted for 38 months and could therefore be renewed in 2021.

Bonus shares - Information on free bonus shares (AMF Table No. 10)

Allocations of bonus shares
None
History of the allocation of performance shares:

	3rd allocation plan: Plan n°3
	of January 15, 2020
Meeting date	11 july 2018
Date of executive board	15 january 2020
Total number of share awarded, the number attributed to :
Corporate officers (1)
Corporate officer 1 : Stéphane Dalyac	357
Corporate officers 2	n/a
Cumulative number of shares allocated to Corporate officers (2)	357
Date of acquisition of the shares	14 january 2023
End of retention period date	n/a
Performance Conditions	Growth in volumes and
	average selling price
Nunmer of shares acquired on …( most recent date)	n/a
Cumulative number of canceled or canceled shares	n/a
Remaining performance shares at the end of the year	357

Nominative list of corporate officers (non-executive and non executive directors))
That is to say proxiez who left office after March 31, 2019.

3.2.3. Capital authorised but not issued (financial authorisations)

The Joint Ordinary and Extraordinary Shareholders' Meeting of July 11, 2018 authorised the Management Board to increase the share capital on one or several occasions over a period of 26 months through:

increase the Company's capital stock by issuing shares or securities giving access to the share capital with maintenance of preferential subscription rights;
increase the Company capital by incorporation of reserves, income or premiums or any other sums available for capitalisation;
increase the share capital by issuing shares or securities giving access to the capital, with cancellation of preferential subscription rights;
increase the capital by issuing ordinary shares or any other securities giving access to the capital, with cancellation of preferential subscription rights, up to an annual maximum of 10% of the share capital, according to the method of determining the subscription price defined by the General
Shareholders' Meeting;
increase the capital by issuing shares or securities giving access to the capital, with cancellation of preferential subscription rights, up to an annual maximum of 20% of the share capital through private placement reserved for qualified investors or a restricted circle of investors;
increase the share capital up to a maximum of 10% of the capital to remunerate contributions in kind of shares or securities giving access to the capital of other companies;
carry out capital increases reserved for employee members of a corporate or Group savings plan.

These authorisations were not implemented by the Management Board at March 31, 2020 and will be renewed at the General Meeting of September 2020.

Annual Report 2019-2020

3.2.4. Other securities giving direct or indirect access to the Company's

capital

There are no other securities giving access to Laurent-Perrier's share capital either directly or indirectly.

3.2.5. Changes in ownership at March 31, 2020

Date	Nature of transaction	Capital increase	Issue or transfer	Change in	Share capital
		or reduction	premiums (in	number of	after the
		(in FRF unless	FRF unless	shares	transaction
		otherwise stated)	otherwise stated)		(in FRF unless
					otherwise stated)
20.02.1939	Creation of Laurent-			36,000	3,600,000
	Perrier-Perrier by asset
	transfer
1939 to	Successive capital			366,000	36,600,000
1993	increases
10.12.1993	Capital increase	444,500	10,668,000	4,445	40,644,500
27.06.1994	Capital increase through			2,032,225	243,867,000
	capitalisation of reserves
15.03.1999	Capital decrease by	121,933,500			121,933 ,500
	reducing the par value of
	shares from FRF 100 to
	FRF 50
31.03.1999	Capital increase related	11,030,400	27,403,170	220,608	132,963,900
	to the merger of Galilee
	Investissements (1)
26.05.1999	Division of the par value			2 659 277	132,963,850
	of shares from 50 FRF to
	25 FRF
26.05.1999	Conversion of the capital	€59,703			€20,210,505.20
	into Euros (€3.80 per
	share) rounding and
	decreasing.
31.05.1999	Cancellation of treasury	(€1,653,820.80)		(435,216)	€18,556,684.40
	shares
11.06.1999	Capital increase	€3,510,945.40	€26,978,843.00	923,933	€22,067,629.80
July 1999	Exercise of over-	€526,642	€4,046,828	138,590	€22,594,271.80
	allocation option
				Total number
				shares
				5,945,861

In order to simplify and enhance the overall transparency of the Laurent-Perrier Group's legal structure and rationalise its holding company governance, Galilée Investissements, a family investment holding company exclusively owned by members of the de Nonancourt family, was merged with Laurent-Perrier with effect from March 31, 1999.

3.2.6. Breakdown of shareholdings and voting rights

Laurent-Perrier is a family-owned group. However, the shareholder family does not have a majority on the Supervisory Board. There are no ad hoc measures to ensure the control is not exercised abusively.

Annual Report 2019-2020

3.2.6.1. At Mars 31, 2020

Shareholders	Number of	% capital	%
		shares		votingrights
	Registered family shares (de Nonancourt family)	3,627,285	61.00%	75.55%
	Other registered shares (institutionals & other)	28,423	0.48%	0.55%
	Free float	2,245,665	37.77%	23.53%
	Shares held through the corporate mutual fund	17,911	0.30%	0.37%
	for employees and managed by Amundi
	(registered and bearer)
	Treasury shares (bearer and registered) (1)	26,577	0.45%	-
	GENERAL TOTAL AT 31.03.2020	5,945,861	100%	100%

Treasury shares: this mainly corresponds to shares acquired under the provisions of articles L 225-209et seq. of the French Commercial Code (market making and shares held for allocation to employees)

Shareholders owning more than 2.5% of the share capital

First Eagle Investment Management, LLC (US Investment Advisor) which has disclosed that it has crossed the threshold of 10% of the capital and 5% of the voting rights, including First Eagle Funds Inc., (First Eagle Funds Inc, which has disclosed that it has crossed the threshold of 7.5% of the capital and 5% of the voting rights), and which further declares that it has no intention of acquiring control of the company,
FIL Limited (Fil international, a fund manager) which has disclosed that it has crossed the threshold of 2.5% of the capital and 2.5% of the voting rights,
Mousseluxe SARL which has disclosed that it has crossed the threshold of 2.5% of the capital.

To the best of the Group's knowledge, no other shareholder holds, directly or indirectly, alone or in concert, more than 2.5% of the capital or voting rights.

Shareholders having declared to hold more than 0.5% of the capital*

Thierry Gillier and SARL ZV Holding declared that he had crossed the threshold of 0.5% of the capital and 0.5% of the voting rights.
FNCA Finance Luxembourg declared that he crossed down the threshold of 2% of the capital.
Axa Investment Managers SA declared that he crossed the threshold of 1% of the capital and 0,5% of the votingrights.

To the best of the Group's knowledge, no other shareholder has declared having crossed, directly or indirectly, alone or in concert, more than 0.5% of the capital or voting rights.

* Lower threshold crossing at 0.5% during the General Assembly of July 11, 2018.

3.2.6.2. At Mars 31, 2019

Shareholders	Number of	% capital	% voting rights
		shares
	Registered family shares (de Nonancourt family)	3,626,685	61.00%	75.51%
	Other registered shares (institutionals & other)	29,094	0.49%	0.58%
	Free float	2,248,998	37.82%	23.55%
	Shares held through the corporate mutual fund		0.29%	0.36%
	for employees and managed by HSBC Epargne	17,180
	Entreprise (registered and bearer)
	Treasury shares (bearer and registered) (1)	23,904	0.40%	-
	GENERAL TOTAL AT 31.03.2019	5,945,861	100%	100%

Treasury shares: this mainly corresponds to shares acquired under the provisions of articles L 225-209et seq. of the French Commercial Code (market making and shares held for allocation to employees)

Shareholders owning more than 2.5% of the share capital

First Eagle Investment Management, LLC (US Investment Advisor) which has disclosed that it has crossed the threshold of 10% of the capital and 5% of the voting rights, including First Eagle Funds Inc., (First Eagle Funds Inc, which has disclosed that it has crossed the threshold of 7.5% of the capital and 5% of the voting rights), and which further declares that it has no intention of acquiring control of the company,

Annual Report 2019-2020

FIL Limited (Fil international, a fund manager) which has disclosed that it has crossed the threshold of 2.5% of the capital and 2.5% of the voting rights,
Mousseluxe SARL which has disclosed that it has crossed the threshold of 2.5% of the capital.

To the best of the Group's knowledge, no other shareholder holds, directly or indirectly, alone or in concert, more than 2.5% of the capital or voting rights.

Shareholders having declared to hold more than 0.5% of the capital*

Thierry Gillier and SARL ZV Holding declared that he had crossed the threshold of 0.5% of the capital and 0.5% of the voting rights.

To the best of the Group's knowledge, no other shareholder holds, directly or indirectly, alone or in concert, more than 0.5% of the capital or voting rights after the 2018 Shareholders' Meeting.

* Lower threshold crossing at 0.5% during the General Assembly of July 11, 2018.

3.2.6.3. At Mars 31, 2018

Shareholders	Number of	% capital	% voting rights
		shares
	Registered family shares (de Nonancourt family)	3,626,685	61.00%	75.41%
	Other registered shares (institutionals & other)	28,333	0.48%	0.59%
	Free float	2,239,863	37.67%	23.81%
	Shares held through the corporate mutual fund	17,869	0.30%	0.19%
	for employees and managed by HSBC Epargne
	Entreprise (registered and bearer)
	Treasury shares (bearer and registered) (1)	33,111	0.56%	-
	GENERAL TOTAL AT 31.03.2018	5,945,861	100%	100%

Treasury shares: this mainly corresponds to shares acquired under the provisions of articles L 225-209et seq. of the French Commercial Code (market making and shares held for allocation to employees)

Shareholders owning more than 2.5% of the share capital

First Eagle Investment Management, LLC (US Investment Advisor) which has disclosed that it has crossed the threshold of 10% of the capital and 5% of the voting rights, including First Eagle Funds Inc., (First Eagle Funds Inc, which has disclosed that it has crossed the threshold of 7.5% of the capital and 5% of the voting rights), and which further declares that it has no intention of acquiring control of the company,
FIL Limited (Fil international, a fund manager) which has disclosed that it has crossed the threshold of 2.5% of the capital and 2.5% of the voting rights,
Mousseluxe SARL which has disclosed that it has crossed the threshold of 2.5% of the capital.

To the Group's knowledge, there are no other shareholders owning more than 2.5% of the capital or voting rights either directly, indirectly, alone or as part of a concert party.

3.2.7. Major changes in capital ownership since the initial listing on the stock market

Since the initial listing on the stock market, there has been no significant change in the capital ownership and voting rights of the Group.

3.2.8. Changes in share capital

Changes in share capital or in the voting rights attached to shares are governed by law; nothing specific is provided for in the bylaws.

3.2.9. Shareholder pact

To the Laurent-Perrier Group's knowledge, no shareholder pact exists.

In July 2005, the de Nonancourt family Group re-structured its holding in the Laurent-Perrier share capital. ASN is a civil society, a legal entity connected to Ms Alexandra Pereyre and Ms Stéphanie Meneux.

Annual Report 2019-2020

Following the transaction, ASN increased its stake in the company's capital and voting rights. ASN is a civil society, a legal person linked to Alexandra Pereyre and Stéphanie Meneux.

3.2.10. Pledges of company shares

To the company's knowledge, no Laurent-Perrier shares were pledged as security in 2019-2020.

All guarantees given by Group companies are shown in section 5.2 of the "Notes to the Consolidated Financial Statements" (Off-balance sheet commitments, paragraph 5.2.4.24 of the present Universal Registration Document) and in the notes to the parent company financial statements in section 5.4. (note 14, Off-balance sheet commitments, of the present Universal Registrement Document).

3.2.11. The Laurent-Perrier share market: prices, trends, trading

Laurent-Perrier shares are listed on Eurolist B of Euronext Paris (Enternext).

in €	Monthly	Monthly			Trading	Trading
opening	Monthly high	Monthly low	volume
closing price	Volume (€)
	price			(shares)

October-18	110,00	90,60	110,00	90,00	14 594	1 462 478
November,-18	90,60	94,00	95,00	90,40	9 723	910 110
December-18	95,00	95,00	95,40	85,40	12 637	1 133 006

January,-19	95,80	94,20	103,50	88,00	7 206	681 535
February,- 19	94,20	92,40	96,00	90,20	5 890	548 763
March,- 19	92,40	93,20	93,60	90,00	6 820	628 198
April-19	93,00	94,40	99,80	91,60	8 713	832 865
May.-19	94,40	94,80	95,00	89,20	8 151	749 161
June.-19	95,00	89,60	96,40	88,00	17 262	1 565 875
July.-19	89,60	89,00	92,80	87,80	7 999	716 346
August.19	89,00	91,00	91,00	87,60	3 173	285 389
September.-19	87,60	89,40	96,20	87,60	4 097	364 289
October-19	89,20	89,00	90,60	87,00	5 284	466 571
November.-19	89,00	84,00	89,60	83,60	17 568	1 502 448
December-19	84,00	87,40	90,80	83,40	23 650	2 006 783

January.-20	87,60	82,00	88,40	82,00	12 413	1 045 801
February.-20	82,00	82,00	89,00	82,00	10 900	921 732
March.-20	81,80	75,00	81,80	70,00	12 719	975 783

3.2.12. Dividend policy

Laurent-Perrier intends to continue its policy of distributing dividends insofar as allowed by Laurent- Perrier's business interests.

On June 30, 2020, the Management Board decided to propose to the Joint Ordinary and Extraordinary Shareholders' Meeting on September 24, 2020 a dividend of à mettre à jour €1.03 per share in respect of financial year 2019-2020 before social security contributions. Dividends distributed over the last three financial years were as follows:

Financial year	Dividend per share (€)
2016-2017	€1.05
2017-2018	€1.05
2018-2019	€1.15

After a period of five years, unclaimed dividends are automatically paid to the French Treasury.

Annual Report 2019-2020

3.3. PROPERTY, PLANT AND EQUIPMENT

The Group has invested heavily between 2006 and 2019 to upgrade its production base:

All wine making is now centralised at a single facility in Tours-sur-Marne after new winery capacity was installed. The large number of tanks means that the crus from the grape harvest can be perfectly separated, while regulation processes guarantee extensive control over every phase of wine-making proper.
The other production phases (bottling, riddling, disgorging, and labelling/packing) are mainly carried out at two facilities in Tours-sur-Marne and Epernay.
The Group also has three main storage sites in Tours-sur-Marne, Epernay, and Châlons-en-Champagne.

Details are shown in point 5.2.4.3. in the consolidated financial statements and the main investments made during the financial year are set out in section 1.4.4. of the present Universal Registrement Document.

At grape harvest time, the Group has three presses at Tours-sur-Marne, Oger and Landreville.

3.4. SIMPLIFIED ORGANISATION CHART OF THE LAURENT-PERRIERGROUP

The following simplified chart shows the legal structure of the Group at March 31, 2020, which is structured around the Laurent-Perrier parent company, Champagne Laurent-Perrier, Champagne de Castellane, its wholly owned (equity and voting rights) main operating subsidiaries.

										Laurent-Perrier
								Listed on the B segment of Euronext Paris



										100%

									Champagne Laurent-Perrier


					77.9%										100%
22.1%			Grands Vignobles de								Laurent-Perrier U.S.,Inc,
						Champagne (3)



							39.45%		44.77%			99.8%
	100%			Château Malakoff (2)		Champagne de Castellane (2)			Laurent-Perrier UK

				(Castellane Jeanmaire Oudinot Beaumet)


									15.76%


										0.6%			99.8%
	100%			Société civile DIRICE			Société A.S.		SARL Laurent-Perrier Diffusion

						(Champagne Salon-Delamotte)		(France, Belgique et Allemagne)


									98.73%

										100%		99.8%
		51%			Sociétés civiles (1)		François Daumale		Laurent-Perrier Diffusion
								Suisse



					49%										72%
						SARL Pressoir								Laurent-Perrier Italie

					Petret Martinval



									GIE L.P. Activités		GIE Laurent-Perrier Diffusion

						VIGNOBLE		PRODUCTION			DISTRIBUTION

See annex to the consolidated accounts for minority equity interests
Partial tender of Château Malakoff assets to Champagne de Castellane
Merger with Champagne Lemoine

Annual Report 2019-2020

The charts showing subsidiaries and participations appears :

in section 5.2.5. of Universal Registration Document;
in note "Subsidaries and Affiliates" in section 5.4. of Universal Registration Document.

Annual Report 2019-2020

4. CORPORATE GOVERNANCE AND CONFLICTS OF INTEREST: ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES

4.1. REPORT CORPORATE GOVERNANCE DRAWN UP BY THE SUPERVISORY BOARD (ARTICLE L225-68,§6 OF THE FRENCH COMMERCIAL CODE, FROM THE ORDER OF 12 JULY 2017)

French government Decree 2017-1162 issued on July 12, 2017 replaced the Report of the Chairman of the Supervisory Board on Corporate Governance and Internal Controls with a report on Corporate Governance drawn up by the Supervisory Board itselfand not by its Chairman.

This report, some of whose content previously appeared until 2017 in the Management Report is now established by all companies opting for the Société Anonyme (public limited company) corporate structure.

Below, we list the range of required statutory information, as follows:

The list of functions and offices exercised by company officers in the past financial year,
The list of agreements entered into between a company officer or significant shareholder and a subsidiary,
A table of approvals given for capital increases,
The Supervisory Board's observations on the Management Report drawn up by the Management
Board,
A list of possible material factors in the event of a public offering,
The remuneration of senior executives,
The Equity ratios
The draft resolutions drawn up by the Supervisory Board to approve the principles and criteria for determining, allocating and distributing the fixed, performance-related and exceptional items making up the total remuneration and benefits of any kind attributable to senior executives for members of the Management Board and the Supervisory Board (Say and Pay),
Details of the performance-related and exceptional remuneration granted to senior executives in the financial year just ended,
The composition of the Supervisory Board and the conditions for preparing and organising its discussions,
Application of the principle of gender balance to the Supervisory Board,
Comply or Explain, concerning the application of the Middlenext corporate governance code,
Special arrangements in connection with the attendance of shareholders at the General Shareholders'
Meeting,
(Where necessary, mention the suspension or restoring of directors' fees for non-compliance with rules on gender parity on the Supervisory Board).

NB : Paragraph numbering is the one used for the Universal Registrement Document 2019-2020

4.1.1 Supervisory Board observations on the report of the Management Board and the financial statements for the year just ended

"Mr. Stéphane Dalyac, Chairman of the Management Board, continued the work of redeploying the company with a value policy on Laurent-Perrier, Salon and Delamotte. This strategy, which he has pursued and amplified since his arrival, has borne fruit in almost every country in the world, despite a difficult economic context in France and the United Kingdom, our two key markets, in recent years.

In March 2020, the pandemic resulted in the cessation of our business activity and that of our customers for several weeks. Uncertainty still weighs on for the coming months, all over the world. This leads us to approach the future with prudence and determination.

This successfully implemented value policy, the quality of our wines, which are increasingly well established, and the support and recognition of our brands, not to mention the quest for productivity, are all assets that will allow the Laurent-Perrier Group to position itself well as soon as the market recovers.

During the 2019-2020 financial year, the Supervisory Board approved the half-yearly and annual accounts and endorsed the budgets and the strategic plan.

Annual Report 2019-2020

The fiscal year that has ended has demonstrated the relevance of the Group's strategy and the impact of the pandemic was limited to 2 weeks of our fiscal year, with a moderate impact on our results.

The next fiscal year will most likely be impacted. However, the Group has taken the necessary measures to get through this difficult period as well as possible, while ensuring the safety and employment of all our staff.

The supervisory board is united behind Alexandra and Stéphanie, and shares with them the desire to emerge stronger from this unprecedented period. The board is fully convinced that the Laurent-Perrier Group has the necessary assets to resume and continue its growth."

4.1.2. Information on the operation of the administrative or executive bodies - composition - organisation

4.1.2.1. List of all offices held by each company officer

A. The Laurent-Perrier Management Board Group and non-Group directorships

Mandates renewed for two financial periods at the end of the General Shareholders' Meeting called to examine the financial statements for the period ending March 31, 2019.

				Company	Appointment	Other Group	Other non-Group
				directorships over	expires or	directorships	directorships
				the last 5 years or	terminates
				date of initial
				appointment
Mr Stéphane Dalyac	September 24,	Supervisory	See table of	None
				2014	Board meeting	positions and
Chairman				held following	offices
					the 2021
Business address:			General
Laurent-Perrier - 32 avenue		Shareholders'
de Champagne 51150		Meeting
Tours-sur-Marne
Ms Alexandra Pereyre de	May 10, 1999	Supervisory	See table of	Director
Nonancourt*,			Board meeting	positions and	Holding
					held following	offices	Benjamin &
Member	and	authorised		the 2021 General		Edmond de
legal representative		Shareholders'		Rothschild
					Meeting
Business address:
Laurent-Perrier - 32 avenue
de	Champagne	51150
Tours-sur-Marne
Ms Stéphanie Meneux de	May 10, 1999	Supervisory	See table of	None
Nonancourt*,			Board meeting	positions and
					held following	offices
Member	and	authorised		the 2021 General
legal representative		Shareholders'
					Meeting
Business address:
Laurent-Perrier - 32 avenue
de	Champagne	51150
Tours-sur-Marne

Mss Alexandra Pereyre de Nonancourt and Stéphanie Meneux de Nonancourt are the daughters of the Founder- Chairman of Laurent-Perrier, Mr Bernard de Nonancourt, who died on October 29, 2010, and his wife, Mss Claude de Nonancourt.

B. The Laurent-Perrier Supervisory Board

Group and non-Group mandates.

Supervisory Board members are appointed for a term of six years.

Annual Report 2019-2020

Members of Supervisory Board Date of initial

Appointment expires

Maurice de Kervénoaël(1)

Chairman: July 7, 2005 -2023

Business address: MDK Consulting 20, rue Vignon 75009 Paris Marie Cheval(1)

Member: July 9, 2013 - 2025

Business address:

Carrefour Direction Générale,

33 avenue Emile Zola, TSA 5555,

92649 Boulogne-Billancourt

Claude de Nonancourt

Member: July 11 1996 - 2020

Family tie: wife of Bernard de Nonancourt

Business address:

Laurent-Perrier

32 avenue de Champagne

51150 Tours-sur-Marne

Yann Duchesne(1)

Member: July 3 2003 - 2021

Business address:

Laurent-Perrier

32 avenue de Champagne

51150 Tours-sur-Marne Éric Meneux

Member: October 26, 1999 - 2023

Family tie: husband of Stéphanie Meneux de Nonancourt, member of the Management Board

Business address:

Laurent-Perrier

32 avenue de Champagne

51150 Tours-sur-Marne

Jean-Louis Pereyre

Member: December 20, 1994 - 2024

Family tie: husband of Alexandra Pereyre de Nonancourt, member of the Management Board

Business address:

Laurent-Perrier

32 avenue de Champagne

51150 Tours-sur-Marne

Other Group and non-Group mandates at March 31, 2020

Other Laurent-Perrier Group mandates: none

Non-Laurent-Perrier Group mandates: Manager of Consultancy company

Managing Director of MDK Consulting
Director of ONET

Other Laurent-Perrier Group mandates: none

Non-Laurent-Perrier Group mandates:

Executive Director Hypermarkets France and Carrefour Financial Services
Administrator of Carmila's Compensation
Administrator of Carrefour Banque
Administrator of Market Pay
Administrator of the M6 Group

Other Laurent-Perrier Group mandates: see table of positions and offices

Non-Laurent-Perrier Group mandates: none

Other Laurent-Perrier Group mandates: none

Non-Laurent-Perrier Group mandates:

Administrator of Total Gabon
Administrator of Medis

Other Laurent-Perrier Group mandates: none

Non-Laurent-Perrier Group mandates:

Hospital surgeon
Liberal Activity: La Muette Clinic and American Hospital - Neuilly-sur-Seine

Other Laurent-Perrier Group mandates: none

Non-Laurent-Perrier Group mandates:

Chairman, Maritime Archéologie et Prospection
Director, SPEOS

Annual Report 2019-2020

Bernard Rascle(1)		Other Laurent-Perrier Group mandates: none
Member: November 19, 2015 - 2020		Non-Laurent-Perrier Group mandates:
		- General Manager, BRC Bernard Rascle Conseils
Business address:		- Non-executive director, Ampère SA (Luxembourg)
Laurent-Perrier		- Non-executive director, Confluence Capital (Luxembourg)
32 avenue de Champagne		- Member of the Audit Committee of the Auvergne Rhône
51150 Tours-sur-Marne			Alpes Region
Wendy Siu (1)		Other Laurent-Perrier Group mandates: none
Member: 7 July 2016- 2022		Non-Laurent-Perrier Group mandates :
		- President and founder of Heather and March
Business address:		- Vice-Chairwoman of the Board of Trustees of the Alliance
Laurent-Perrier			Française in Hong Kong
32 avenue de Champagne		-President of Hong Kong Chapter of "International Institute for
51150 Tours-sur-Marne			the Lights of Paris"

Patrick Thomas (1)		Other Laurent-Perrier Group mandates: none
Deputy Chairman		Non-Laurent-Perrier Group mandates:
		- Chairman of the Board and Director, Shang-Xia Trading
Member: November 25, 2011 - 2023			(Shanghai)
		- Chairman and Director, Full More Group (Hong-Kong)
Business address:		- Chairman of the Supervisory Committee, the Investments
3 Rue de Verdi			Committee and the Compensation Committee of Ardian
75116 Paris			Holding (France)
		- Vice-Chairman of the Supervisory Board, Massilly Holding
			(France)
		- Member of the Supervisory Board, Leica Camera AG
			(Germany)
		- Chairman of the Governance and Compensation Committee,
			Member of the Board of Directors, and Member of the Audit,
			Risks and Compliance Committee of Renault (France)
		- Director, Group Teleperformance SE (France)
Jocelyne Vassoille (1)		Other Laurent-Perrier Group mandates: none
Member: 12 july 2017- 2023		Non-Laurent-Perrier Group mandates:
		- Director of Human Resources, Group Vinci
Business address:		- Chairman of Vinci Management SAS
Laurent-Perrier		- Administrator of La Fabrique de la Cité
32 avenue de Champagne		- Director of VIE SAS
51150 Tours-sur-Marne
M. Philippe-Loïc Jacob		Other Laurent-Perrier Group mandates: none
Censor: 21 September 2018 - 2021		Non-Laurent-Perrier Group mandates:
Business address :		- Chairman of the Board of Directors of Citeo
	-	Administrator of Ecopar
Citeo		-	Administrator of Adelphe
50 Boulevard Haussmann
	- Group Administrator Pureza Aga (Mexico)
75009 Paris
	- Administrator Bagley LatinoAmerica (Spain)

- Administrator of Naya (Canada)
- Administrator and Vice-Chairman of the Board of EM Lyon
- President of the Foundation for the Radiation of Haitian Art
- Administrator and Chief Executive Officer of Branféré Park (Fondation de France)
- Administrator of the Daniel and Nina Carasso Foundation
- Administrator of Mastelline Hernanos (MHSA - Argentina)
Independent members of the Supervisory Board.

Supervisory Board Committees:

Several committees met over the course of the financial year.

Annual Report 2019-2020

The Strategy Committee is tasked with monitoring Company growth and presenting strategy proposals for the Laurent-Perrier Group to the Supervisory Board as a whole. The Strategy Committee members are: Maurice de Kervénoaël (President), Yann Duchesne (Vice President), Eric Meneux, Jean-Louis Pereyre, Patrick Thomas and Marie Cheval, Management Board members. The Management Board is represented on the Strategy Committee by Stéphane Dalyac, Alexandra Pereyre de Nonancourt and Stéphanie Meneux de Nonancourt.

The Audit and Financial Communication Committee examines the Company's financial results for each reporting period and ensures they are communicated to shareholders at least twice a year. Its role is to ensure the quality of the accounting methods and internal procedures, review the statutory and consolidated financial statements before they are presented to the Supervisory Board, and ensure the quality of the financial information provided to shareholders. Members are Eric Meneux, Marie Cheval and Bernard Rascle, with Yann Duchesne as Chairman.

The Remuneration and Corporate Governance Committee recommends the remuneration levels of Supervisory and Management Board members, proposes authorisations governing the stock-optionplans and/or bonus shares and their application to Management Board members. It provides opinions on the Group's executive remuneration policy, ensures that conflicts of interest are avoided or resolved and determines and implements the Company's corporate governance policy.

Members are Yann Duchesne and Jean-Louis Pereyre, and Jocelyne Vassoille with Patrick Thomas as Chairman.

List of positions and offices held in Group Companies by the executive officers as at March 31, 2020

Company

Laurent-Perrier

Champagne

Champagne de

Société A.S.

Château

François

Laurent-Perrier

Castellane

Malakoff

Daumale

Executive Officers

Société Anonyme

Société par

Actions

with Management

Actions Simplifiée

Société

Simplifiée

Board and

(joint-stock

Anonyme

(joint-stock

Supervisory Board

company)

Maurice de Kervénoaël

Chairman of the

Supervisory Board

Marie Cheval

Member of the

Supervisory Board

Yann Duchesne

Member of the

Supervisory Board

Eric Meneux

Member of the

Supervisory Board

Claude de Nonancourt

Member of the

Director

Supervisory Board

Jean-Louis Pereyre

Member of the

Supervisory Board

Bernard Rascle

Member of the

Supervisory Board

Wendy Siu

Member of the

Supervisory Board

Patrick Thomas

Deputy Chairman of

the Supervisory

Board

Jocelyne Vassoille

Member of the

Supervisory Board

Stéphanie Meneux

Member of the

Permanent

Chief

Management Board

CEO

representative

Executive

and Chief Executive

of CLP, Director

Officer

Alexandra Pereyre

Member of the

Management Board

CEO

and Chief Executive

Officer

Stéphane Dalyac

Permanent

Member of the

CEO

representativ

representative of

representative

Management Board

Director

e of CLP,

LP, Director

of LP, Director

Director

Laurent-Perrier Legal

Chairman

Entity

Annual Report 2019-2020

4.1.2.2. Potential conflicts of interest and corporate governance (MIDDLENEXT code)

Conflicts of interest

There are no potential conflicts of interest for the members of the Supervisory Board or members of the Management Board between their duties towards Laurent-Perrier and their private interests.

The remuneration paid by the company to MDK Consulting, of which the Chairman of the Supervisory Board is the manager, has been approved by the Remuneration and Corporate Governance Committee and then by the Supervisory Board.

The total remuneration paid to the Chairman of the Supervisory Board is set out in AMF Table 3 in the present Chapter 4 and as such can be easily compared with the total remuneration paid to other Supervisory Board Chairmen. Details in paragraph 5.7. of this annual report "Special Report of the Statutory Auditors on related party agreements".

Related party agreements are voted by the Supervisory Board, where the majority shareholder does not have a majority. There are no other relevant agreements.

For information purposes, the amount of interest paid on current accounts held by members of the Supervisory Board and the Company for the financial period just ended was K€4.2.

At the present date and to the Company's best knowledge over at least the past five years, no director or member of the Supervisory Board occupying a Company position at March 31, 2020:

has been found guilty of fraud,
has been associated with any bankruptcy, had his/her assets seized or attached or been put into liquidation,
has been found guilty of any offence and/or been subject to official censure by statutory or regulatory authorities,
has been banned by any court from acting as director, manager or member of the supervisory board of any company issuing shares or from being involved in the management or the running of any company issuing shares over at least the last five years.

There is no arrangement or agreement between the main shareholders, clients, suppliers or others by virtue of which one or other of the persons enumerated in the present Governance Report has been selected as a member of a Board, Management or Supervisory level structure or as a member of the General Management thereof. There are no other relevant agreements.

Corporate governance -Middlenext Code

The Group considers that its practices comply with French corporate governance requirements, namely the MIDDLENEXT corporate governance code tailored to family-owned companies to take into account the size and business activities of the Group and the family-owned nature of Laurent-Perrier. The new Middlenext code of September 2016 sets out new recommendations by clarifying the division of roles between shareholders, directors and executives.

For a champagne house, both its investments and activities are long-term. It is, therefore, important for the Laurent-Perrier Group to attract skills over a given period of time to enable Supervisory Board members and the company to work effectively together.

A good knowledge of the company and its business sector are primordial when it comes to enabling the company to benefit fully from the skills of its Supervisory Board members. Hence, the prolonged exercise of a mandate as a member of the Supervisory Board provides experience and authority. However, the Supervisory Board did not consider that the exercise of a mandate over a period of several years means that the Supervisory Board member concerned does not lose any of his or her independent status.

The Supervisory Board sees the ability to suitably appreciate the complexity of a champagne house as an asset.

Moreover, in view of Laurent-Perrier's capital yet carried out any self-assessment of recommandations).

structure and its high concentration, the company has not the Supervisory Board (Cf point 11 of Middlenext

Annual Report 2019-2020

As regards the setting up of a selection committee, the Supervisory Board considers that the current operating conditions enable the Board and its committees to fulfil their roles.

MiddleNext Code	Monitoring status
recommendations
1. Director ethics	The Supervisory Board's duty of oversight is fulfilled without
		encroaching on the executive.
		The Management Board takes decisions according to the rules laid down
		in the articles of association. The Supervisory Board controls the
		Management Board without interfering in the management.
		The Supervisory Board controls the Management Board without
		interfering in the management. In the event of a conflict of interest, and
		depending on its nature, the member of the Supervisory Board shall
		abstain from voting. Each member of the Supervisory Board is
		assiduous and as far as possible participates in the meetings of the
		Board and the committees of which he or she is a member.
		Each member of the Supervisory Board respects professional secrecy
		with regard to third parties.
		Thus, the members of Laurent-Perrier's Supervisory Board set an
		example, particularly in compliance with the rule of multiple mandates.
		They are vigilant when situations of conflict of interest arise and strive
		to maintain a sufficient level of information before each meeting.
		As such, the Company believes that the recommendation is followed.
2. Conflicts of Interest	At least once a year, at the time of drafting this report, the subject of
		conflicts of interest is raised. The statements are submitted annually to
		Supervisory Board members for updating. The Supervisory Board is
		vigilant on this subject.
		If a member of the Supervisory Board is concerned by a regulated
		agreement, he does not take part in the vote.
		The Company believes that the recommendation is followed.
3. Composition of the Board	Three new members have joined the Supervisory Board, namely Mr
- independent Directors	Bernard Rascle, Ms Wendy Siu and Ms Jocelyne Vassoille (General
		Shareholders' Meeting 2017). These members meet the criteria for
		independence within the meaning of the Middlenext Code. Five criteria
		make it possible to presume the independence of the members of the
		Board, characterised by the absence of a financial, contractual, family
		or significantly close relationship that could affect their independence of
		judgment:
		- not to have been within the previous five years, and not to be, an
		employee or executive officer of the company or a company in its
		Group;
		- not to have been, within the previous two years, and not to be, in a
		significant business relationship with the company or its Group as a
		client, supplier, competitor, service provider, creditor, banker of any
		other such relationship;
		- not to be a reference shareholder of the company or to hold a
		significant percentage of voting rights;
		- not to have a close or close family tie with an executive officer or
		reference shareholder;
		- not to have been a statutory auditor of the company in the previous
		six years.
		However, Laurent-Perrier considers that the prolonged exercise of a
		mandate is an asset in a champagne house in view of the company's
		long-term investments.
		For a champagne house, both its investments and activities are long-
		term. It is, therefore, important for the Laurent-Perrier Group to attract
		skills over a given period of time to enable Supervisory Board members
		and the company to work effectively together.
		A good knowledge of the company and its business sector are
		primordial when it comes to enabling the company to benefit fully from
		the skills of its Supervisory Board members. Hence, the prolonged
		exercise of a mandate as a member of the Supervisory Board provides
		80

		Annual Report 2019-2020

MiddleNext Code	Monitoring status
recommendations
		experience and authority. However, the Supervisory Board did not
		consider that the exercise of a mandate over a period of several years
		means that the Supervisory Board member concerned does not lose any
		of his or her independent status.
		The Supervisory Board sees the ability to suitably appreciate the
		complexity of a champagne house as an asset.
		As such, the Company believes that the recommendation is followed.
4. Board member	Supervisory Board members receive the information necessary to
information	exercising their duties where possible sufficiently ahead of time for
		effective preparation for meetings. Any Supervisory Board member may
		also ask the Chairman of the Management Board for any additional
		information they may deem necessary to the performance of their
		duties. The Supervisory Board is regularly informed of any
		developments in the activity sector and competition conditions by the
		Chairman of the Management Board.
		As such, the Company believes that the recommendation is followed.
5. Organization of Board and	This question is addressed in the report of the Supervisory Board on
Committee meetings	Corporate Governance (Chapter 4 of the Universal Registration
		Document). The meetings are held physically in the presence of the
		members of the Supervisory Board. Each meeting is the subject of
		minutes summarizing the debates and is approved at the next meeting.
		Committees meet without the presence of the members of the
		Management Board. As a result, the Company believes that the
		recommendation is being followed.
6. Creation of committees	The three committees are:
		-	Strategy Committee
		- Audit and Financial Communication Committee
		- Remuneration and Corporate Governance Committee.
		The chairmanship of the committees is entrusted to competent and
		experienced persons on the subject. Some Committees meet regularly
		in the presence of their members.
		As such, the Company believes that the recommendation is followed.
7. Introduction of Board	The role of the Board and the principal arrangements for its operation
Rules of Procedure	are set out in the Company articles of association. As a result, the
		Supervisory Board does not consider it necessary to have more than
		one set of Rules of Procedure and as such, recommendation is not
		followed:
		∙ Role of the Board: the Board's mission is to monitor and oversee the
			management bodies without interfering in management.
		∙	Board composition: the Supervisory Board is composed of 9
			members. The gender balance is respected. The Supervisory Board
			consists of independent members. (See table paragraph 3)
		∙ Duties: The Supervisory Board has a permanent duty of oversight. To
			this end, it issues a report to the General Shareholders' Meeting
			containing its observations on the Management Board and on the
			financial statements.
		∙ Operation of the Board: the Supervisory Board meets more than 4
			times a year, convened by its President. The Management Board is
			invited to attend meetings of the Supervisory Board. The Supervisory
			Board may also address the appropriateness of Management Board
			actions
		∙ Rules for determining the remuneration of members: Members of the
			Supervisory Board receive attendance fees. The Chairman of the
			Supervisory Board receives compensation and consulting fees.
		The Board nevertheless remains vigilant and considers that its
		committee and discussions should remain confidential, especially in
		view of the competition in the company's activity sector.
		Supervisory Board members have received written information on
		preventing insider trading risk and a briefing on the rules governing
			81

			Annual Report 2019-2020

MiddleNext Code	Monitoring status
recommendations
	corporate secrecy.
8. Choice of Supervisory	The choice is made in conjunction with the Remuneration and Corporate
Board members	Governance Committee (§4.1.2.1). Sufficient information on the
	expertise and skills provided by the member of the Supervisory Board is
	available on Laurent-Perrier's website prior to the General Shareholders'
	Meeting deciding on the appointment of a member of the Supervisory
	Board.
	As such, the Company believes that the recommendation is followed.
9. Directors' term of office	The Group needs to bring in skills in connection with its long-term
	investments and activities. Mandates are staggered and terms of office
	are specified in the appointment resolutions passed by the General
	Meeting of Shareholders.
	As such, the Company believes that the recommendation is followed.
10. Directors' remuneration	This question is addressed in the report of the Supervisory Board on
	Corporate Governance (Chapter 4 of the Universal Registration
	Document). The vote of the shareholders on the remuneration of
	company officers and executive was put in place at the General Meeting
	2017 (Say on Pay) and continued at the general meeting of 2020.
	Payment of directors' fees for Supervisory Board members is set at an
	ad hoc Supervisory Board meeting.
	As such, the Company believes that the recommendation is followed.
11. Introduction of Board	The Supervisory Board did not carry out a formal self-assessment
evaluation	exercise on its operation and work in the 2019-2020 financial year. As
	such, the recommendation is not followed. Exchanges of points of view
	may take place on this topic among Board members throughout the
	year.
12. Relations with	There are frequent exchanges with the majority shareholders, who are
shareholders	members of the Management Board. The results of the votes shall be
	examined at the end of each General Shareholders' Meeting and the
	comments of the shareholders shall be taken into account as far as
	possible.
	As such, the Company believes that the recommendation is followed.
13. Definition and	This question is addressed in the report of the Supervisory Board on
transparency of	Corporate Governance (Chapter 4 of the Universal Registration
remuneration of corporate	Document). The executive compensation elements will be approved in
officers	accordance with the terms of the Sapin 2 law (Say on Pay). The
	principles of exhaustiveness, fairness, benchmarking, consistency,
	clarity, and even-handedness form the basis of the way in which the
	remuneration of senior executives is structured. Note that at present,
	senior executive officers do not receive bonus shares.
	As such, the Company believes that the recommendation is followed.
14. Preparations for Director	Laurent-Perrier is managed by a Management Board comprising 3
successions	members. In addition, the question of the succession of Directors is on
	the agenda of the Supervisory Board and the Management Board at
	least once a year. Laurent-Perrier has opted for a dual governance
	structure in view of its family shareholder structure.
	As such, the Company believes that the recommendation is followed,
	the Executive Board being composed of three members.
15. Combining employment	Rule on holding more than one mandate complied with.
contracts and corporate	This issue is addressed in the Supervisory Board's Report on Corporate
office	Governance (Chapter 4 of the Universal Registration Document).
	As such, the Company believes that the recommendation is followed.
16. Severance pay	Recommendation followed.
	Contractual severance pay
	The Laurent-Perrier Supervisory Board agreed to grant Mr Stéphane
	Dalyac severance pay amounting to 18 months' gross annual salary
	(fixed and annual performance-related).
	Performance criteria
	Laurent-Perrier's undertaking is contingent on his meeting certain
	performance conditions, viz to achieve at least 50% of the Group's
	operating result set by the Supervisory Board for the previous financial
	year, the one at which the termination of the mandate will take place.
	82

Annual Report 2019-2020

MiddleNext Code		Monitoring status
recommendations

17. Supplementary		The executive pension plan (Article 39) in force in the Laurent-Perrier
retirement schemes		Group was closed with effect from December 31, 2018.
			As such, the Company believes that the recommendation is followed.
18. Stock options and bonus	Laurent-Perrier Group senior executive officers do not	receive stock
shares			options or bonus shares.
			As such, the Company believes that the recommendation is followed.
19. Review of points to		The Supervisory Board is informed each year when the Universal
watch			Registration Document is drafted of the application of the Middlenext
			Code to the company of which they are officers. An internal code of
			stock market ethics was adopted by the Supervisory Board in November
			2018.
			As such, the Company believes that the recommendation is followed.
NB : Summary table of the composition of the Council

Supervisory	Independen	Year of first	Term of office	Remuneration	Audit	Strategy	Experience and
Board	t Director	appointment	ends	and Corporate	Committee	Committee	expertise
members	Yes/No				Governance			contributed
					Committee
Maurice de	(1)	2005	2023			X	Company
Kervénoaël								management
Patrick	(1)	2011	2023	X		X	Company
Thomas								management
Yann	(1)	2003	2021	X	X	X	Company
Duchesne								management
Éric Meneux	Non	1999	2023		X	X	Family
								member
								majority
								shareholder
Jean-Louis	Non	1994	2024	X		X	Family
Pereyre								member
								majority
								shareholder
Marie Cheval	Oui	2013	2025		X	X	Company
								management
								E-commerce
								Stock markets
Claude de	Non	1996	2020				Family
Nonancourt								member
								majority
								shareholder
Wendy Siu	Oui	2016	2022				International
								Asia
Jocelyne	Oui	2017	2023	X			Human
Vassoille								Resources
Bernard	Oui	2015	2020		X		Audit -
Rascle								Finance

(1) Laurent-Perrier considers that the prolonged exercise of a mandate is an asset in a champagne house.

4.1.2.3. Related party agreements between a senior executive or significant shareholder and a subsidiary

The present report on Corporate Governance must set out any direct or indirect related party agreements between one of its directors or one of its main shareholders on the one hand, and a directly or indirectly controlled subsidiary, on the other.

N.A.

Annual Report 2019-2020

4.1.2.4. Procedure for evaluating agreements (Pact Law)

The Supervisory Board must set up a procedure to regularly assess whether agreements relating to current transactions concluded under normal conditions do indeed meet these conditions (Article L 225- 39 of the French Commercial Code).

At the meeting of June 30, 2020, the Supervisory Board proposed to review, once a year during the Board's review of the annual accounts, the list of agreements relating to current transactions and entered into under normal conditions and to ensure that they meet the conditions to qualify as ordinary agreements entered into under normal conditions.

At its meeting of June 30, 2020, the Supervisory Board adopted this proposal.

The above-mentioned agreements are inventoried upstream by the Legal Department with the department in charge of establishing the Group's accounts.

4.1.2.5. Information on the condition for the preparation and organisation of the work of the Supervisory Board and the internal control procedures implemented by Laurent-Perrier

The present report has been drawn up in accordance with Article L 225-68 of the French Commercial Code in order to present the conditions for the preparation and organisation of the work of the Supervisory Board, together with the internal control procedures, to the General Meeting of Shareholders. The report has been drawn up with the assistance of the Group Finance Department.

A. Compliance with corporate governance practice

The Laurent-Perrier Group has opted to voluntarily refer to the MIDDLENEXT code of corporate governance (available, in French, at www.middlenext.com) in order to integrate its best corporate governance practice and recommendations for listed companies into the Group's operating methods and oversight and management structures.

Principle of balanced male-female representation on the Laurent-Perrier Supervisory Board

As at March 31, 2020, the Laurent-Perrier Supervisory Board meets the requirements of the Law of 27 January 2011, as the Supervisory Board has at least 40% female representation.

Diversity policy

In all the committees set up within the Supervisory Board and within the Management Board, the balanced representation of men and women is sought.

In addition, for several years, Laurent-Perrier has sought to rejuvenate its board and combine skills, such as international development, in particular Asia and America, the organization of luxury companies and human resources.

Operationally, Laurent-Perrier has appointed two women export market manager.

The Council's policy on diversity in membership also aims to promote a variety of cultures, skills, experiences, nationalities, and to ensure that the Council's missions are accomplished in complete independence and objectivity.

B. Preparation and organisation of the work of the supervisory board

Composition and role of the Supervisory Board

As at March 31, 2020 the Laurent-Perrier Supervisory Board comprised ten members, including six independent members within the meaning of the MIDDLENEXT code of corporate governance (absence of any material, financial or family contractual relationship likely to alter independence of judgement).

The make-up of the Supervisory Board is set out in the beginning of this report.

In addition, at the Shareholders' Meeting of September 21, 2018, the shareholders appointed Philippe- Loïc Jacob as censor for a period of three years, until the General Shareholders' Meeting of 2021 ruling on the financial statements for the year ended March 31, 2021.

The Supervisory Board appoints the Management Board and the General Shareholders' Meeting may terminate its mandate. In accordance with the law, it is responsible for the permanent oversight of the

Annual Report 2019-2020

Company's management by the Management Board and under the terms of the Company by-laws authorises the following operations:

draw up or modify the Laurent-Perrier Group multi-year corporate plan;
execute or authorise all operations likely to substantially affect Group strategy, its financial structure or scope of activity and notably likely to substantially modify the image of Group brands;
issue, even on the authorisation of the General Shareholders' Meeting, securities of any nature whatsoever resulting in or likely to result in an increase in the legal capital (or to enter into any undertakings whatsoever in this respect);
grant remuneration or rights to securities issued by the Company to all members of the Management Board;
execute the following transactions (or enter into any undertaking in this respect) when they individually and severally exceed an amount or, where applicable, a period of time set by the Supervisory Board, (it being understood that the present statutory provision shall only apply in cases where the Supervisory Board has set such amounts):
- 1. any and all subscriptions, purchases or disposals with respect to securities,
  2. any and all immediate or deferred purchases in any and all legal or de facto groups or companies,
  3. any and all asset transfers or exchanges, with or without a balancing cash adjustment, for goods or securities,
  4. any and all acquisitions or disposals of property assets or rights,
  5. any and all acquisitions or disposals of receivables, businesses or other intangible assets,
  6. any and all initiatives with a view to granting or obtaining all loans, credits or overdraft facilities,
  7. any and all distribution contracts or, more generally, marketing contracts and any and all supply contracts,
  8. any and all transactions and compromises in the event of a dispute.
- Exercise of roles and responsibilities

The Supervisory Board meets at least four times a year to discuss an agenda drawn up by its chairman. During the 2019-2020 financial year, the Supervisory Board met on five occasions. The attendance rate of its members was as follows:

Date

28.05.2019

09.07.2019

10.07.2019

26.11.2019

17.03.2020

Important points on the agenda

Approval of the corporate accounts and the consolidated financial statements to March 31,2019

Strategic Plan for the Group Distribution of Directors' fees

Situation of the company in the first half of 2019-2020

Discussion of the estimated result as at March 31, 2020 Situation of the company

Provisional financial Budget

Note:Meeting postponed to April 15, 2020 due to the health crisis

Attendance rate

80%

70%

90%

Full details of all significant transactions are notified to the Supervisory Board.

To date the Supervisory Board has not carried out any appraisal of its own operation. This question will be put on the agenda of its meetings in the coming months.

Committees

The Supervisory Board has set up three committees:

The Strategy Committee is responsible for studying the development of the Company and presenting strategy proposals for the Laurent-Perrier Group to the full Supervisory Board. The Strategy Committee members are Maurice de Kervénoaël (Chairman) Yann Duchesne (Deputy Chairman), Eric Meneux, Jean- Louis Pereyre, Patrick Thomas, Marie Cheval. The Management Board is represented on the Strategy Committee by Alexandra Pereyre and Stéphanie Meneux.

The Audit and Financial Communication Committee deals with and analyses corporate results, and disclosing these to shareholders. Its role is to ascertain the quality of accounting methods and internal

Annual Report 2019-2020

procedures, examine the consolidated corporate accounts and financial statements before their submission to the Supervisory Board, and oversee the quality of financial communication to shareholders. The Committee is chaired by Yann Duchesne. The other members are: Marie Cheval, Éric Meneux and Bernard Rascle. In accordance with the recommendations, at least one member of the Audit Committee is a qualified person with respect to financial affairs and accountancy.

The Remuneration and Corporate Governance Committee is in charge of selecting members of the Supervisory Board and Management Board and recommending conditions for their compensation and proposes authorisations governing the stock-optionplans and/or bonus shares and their application to Management Board members. It provides opinions on the Group's executive remuneration policy

It also ensures that conflicts of interest are avoided and determines and implements the Company's corporate governance policy. The Committee is chaired by Patrick Thomas. The other members are Yann Duchesne, Jean-Louis Pereyre, and Jocelyne Vassoille (Since May 2018).

During FY 2019-2020 the Remuneration and Corporate Governance Committee was required to examine and issue a recommendation concerning the performance-related compensation of the members of the Management Board on the basis of the results of FY 2018-2019.

The remuneration of Supervisory Board members is based on the following criteria:

a fixed component, according to the responsibilities and tasks undertaken by members and on market practice for this type of position;
a performance-related component dependent on achieving Group results targets (operating result and result from ordinary activities adjusted for amortisation of goodwill) and individual targets set by the Chairman of the Supervisory Board;
benefits in kind (mainly provision of private unemployment insurance for the Chairman of the Management Board);
possibility of shares
possibility of special bonuses.

Laurent-Perrier, whose roots are in the Champagne region, has always sought to reconcile an ethical approach and the need to attract and recruit the most suitable executives to develop the Group while simultaneously safeguarding its financial independence and family-owned character. To meet these fundamental criteria, Laurent-Perrier has implemented what seems to it to be the most suitable compensation policy:

no excessive severance indemnity packages have been provided,
a Chairman of the Management Board who has no employment contract.
the possibility of granting bonus shares
For the record, a "defined benefit" pension plan was terminated effective December 31, 2018.

Laurent-Perrier also hopes to improve Group Corporate Governance practice via its Supervisory Board and its several Committees.

C. Internal control procedures

System of Controls

The Group's internal control system is centralised. Internal control structures and procedures are defined on behalf of the Group by the central departments at Group Head Office.

For several years, the Group migrated its main applications to an integrated system. This work allowed an update of the main procedures of the Group.

The Group has decided to create a function dedicated to continuous improvement. The aim is to identify company processes that do not operate satisfactorily. A manager is appointed for each process. He or she sets up a working group and recommends improvement solutions with a detailed timetable. Once the solution has been adopted, it needs to be documented and included in the procedures database to put its application on a permanent footing.

Legal oversight

As part of the Group Finance department, the Legal Affairs department centralises and coordinates all legal aspects. The Legal Affairs department oversees the legal secretariat of all Group subsidiaries. Intellectual and industrial property is a major issue for the Group and it is closely monitored and updated internally, with the support of external legal practices.

Annual Report 2019-2020

Budget approach and financial management reporting

The Group's budgetary approach is broken down on a departmental basis and is a key component in the control of financial activities. The General Management's strategic choices are set out in an annual Business Plan and are then cascaded to all staff. The Group's budgetary approach is the main means of giving clear operational expression to the strategic directions.

The Group's Management Control department is tasked with organising the budget process and ensuring that operational staff are helped when drawing up their annual budgets, monitoring them and implementing the planned improvement initiatives. It also acts as a coordinating and centralisation agency and one that ensures consistency in budget and management reporting.

Regular budget monitoring can help identify any mismatches with the planned activity levels or spending, and implement the necessary adjustments.

Control and management bodies

The Supervisory Board

The Supervisory Board exercises control over the management of the Laurent-Perrier Group based on the reports of the Management Board forwarded to it and on the work of the Audit and Financial Communication Committee.

Each year, during the last quarter of the financial year, an annual plan is drawn up to set targets and quantify the major strategic options. Once this plan has been drawn up at the level of each entity, it is used as a yardstick for the following year for measuring the Company's performance and defining any necessary remedial actions.

The Supervisory Board has been informed of the main thrust of risk management policy, and of the measures to implement in order to strengthen the role of the Audit Committee, whose remit has been extended by current regulations to cover:

the effectiveness of internal control mechanisms,
control over financial information and control over procedures to draw up the consolidated accounts

The Censor

The Censor makes available his international expertise and advice to the Supervisory Board and particularly to the Strategy Committee, which is responsible for studying proposals for the development of the company. He contributes his international expertise and advice to assist the Supervisory Board, and particularly the Strategy Committee, in formulating its recommendations on the strategic plans presented by the Management Board. In general, he contributes his expertise to assist the Supervisory Board in its task of controlling the Company.

The Management Board

The Management Board exercises control over risk management based on existing reporting, and in particular on the work of the Finance, Accounts and Financial Control departments, as well as by examining investment and spending decisions.

The Management Board approves the budget and endorses all investments and significant contractual undertakings. Investment proposals are submitted to the Management Board by departments for approval.

The Management Board is regularly informed of the main risks identified and the means employed to mitigate them.

Internal control procedures for drawing up and processing accounting and financial information

Statutory consolidation

A balance sheet, profit and loss statement, and consolidated cash-flow statement are generated and published twice yearly.

The Laurent-Perrier Group's Accounts Department draws up a calendar of tasks and specifies the methods for preparing the consolidation documents to be forwarded to the Accounts Departments or to the different entities.

Annual Report 2019-2020

In particular, inventories are checked by physical stock-taking at the end of each accounting period and reconciliations are also carried out between book values and those declared to the French customs authorities as required by regulations.

Precise procedures also exist to gauge the provisions needed to cover identified risks and notably non- recovery risks in connection with certain trade receivables.

Every month, the accounts are closed and analysed by the Management Control Department to ascertain that management indicators and accounting data are consistent.

Checks are carried out as follows:

Twice yearly: an evaluation of contingency and loss provisions and of trade receivables provisions, and an audit by the Statutory Auditors and/or a review of accounts by the Statutory Auditors for all Group entities;
Once a year: physical stock-taking;
Once a month: the accounts are closed and any differences analysed, while late payment by customers is monitored;
Continuously: monitoring of consumption of provisions, reconciliation of accounts, consistency controls by the Management Control department, and monitoring of debt levels relative to credit lines granted by the banks.

D. Principles and rules used in setting the compensation of senior management

Corporate governance practice

Laurent-Perrier is attentive to the rules of business ethics and corporate governance.

The Laurent-Perrier Governance Report sets out the Corporate Governance Provisions enshrined in the Code of Corporate Governance drawn up by representative business organisations and in the recommendations of the AMF, adapting them to companies governed by Management Board and Supervisory Board.

Executive compensation

Compensation rules for Laurent-Perrier have been substantively the same for many years.

Creation of a Remuneration and Corporate Governance Committee.
Executive compensation voted by the Supervisory Board following recommendations from the Remuneration and Corporate Governance Committee.
The breakdown of compensation components reflects the risks and responsibilities attached to the function.
Adoption of standardised presentation of Executive compensation (AMF figures).

E. Arrangements concerning shareholder participation at the General Shareholders' Meeting

The Company By-laws stipulate the following:

Article 8:Form of shares and other securities

The securities issued by the company are in the form of bearer shares or registered shares in accordance with the conditions set out in the currently applicable legislation.

Article 12:Rights and obligations attached to shares

All shares are in the same category and confer the same rights and obligations, subject to their being fully paid up and without prejudice to the imperative applicable legal conditions at the time and to the provisions of the present By-laws.

Ownership of a share legally requires acceptance of the present Company By-laws and of the decisions taken at General Shareholders' Meetings.

The heirs, creditors, assigns or other representatives of a shareholder shall not, on any pretext whatsoever, request that the goods and securities of the Company be put under seal, nor request the Company's break-up or auctioning, nor interfere with the actions of its administration. To exercise their

Annual Report 2019-2020

rights, they shall refer to the "inventory" accounting ledgers and to the decisions of the General Shareholders' Meetings.

The General Shareholders' Meeting may require a splitting or consolidation of shares in accordance with the applicable legal conditions at the time.

Each time it is necessary to own several securities, and shares in particular, to exercise a given right, in the event of a swap, consolidation, split or allocation of shares, or as a result of a capital increase or reduction, merger or other corporate transaction, the owners of single shares or shares in insufficient number to that required shall be personally responsible for consolidation and, where appropriate, purchase or sale of the required shares.

Article 18: General Shareholders' Meetings

1. Except for those provisions set out in the present Bylaws, the rules relative to General Shareholders'

Meetings, and notably with respect to convening and holding them, and to communication and information rights of shareholders, are those provided for in the currently applicable legislation.

With respect to calculating the quorum or a majority, those shareholders deemed present include shareholders attending the Meeting over a video link or over a telecommunications link allowing them to be identified, whose type and application conditions comply with regulatory provisions.

General Shareholders' Meetings are held at the registered office or at any other venue notified on the invitation to attend.

2. Should they deem it opportune, and provided such is notified in the invitation to attend (and also, where appropriate, in the notice of meeting), the Management Board or the Supervisory Board may subject the right to attend General Shareholders' Meetings:

with respect to shareholders bearing registered shares, to registration of shares in the bearer's name at least five (5) calendar days before the date of the General Shareholders' Meeting;
with respect to shareholders holding bearer shares, to deposit of the bearer share deposit certificate, pursuant to Article 136 of Decree 67-236 issued on March 23, 1967, at least five (5) days before the date of the General Shareholders' Meeting.

3. Subject to the foregoing, the voting rights attached to shares are proportional to the portion of capital they represent.

These rights are exercised in accordance with the currently applicable legal provisions.

However, voting rights that are double those conferred on other shares in respect of the portion of capital that they represent are automatically conferred on all fully paid-up shares for which registration can be proved for four full years in the name of the same shareholder according to the applicable legal conditions and provisions.

Furthermore, and without limitation, in the event of a share split or consolidation, and also in the case of a capital increase by incorporation of reserves, earnings or issuance premiums, double voting rights are conferred, from the date of issuance, on registered bonus shares allocated to shareholders in connection with the old shares entitling them to double voting rights.

Shareholders with double voting rights may waive such voting rights either temporarily or definitively, either conditionally or unconditionally, revocably or irrevocably, by notifying such by recorded delivery mail sent to the Company head office no later than 30 (thirty) calendar days before the convening of the first General Shareholders' Meeting at which the waiver shall apply.

4.1.2.6. Diversity policy applied to members of the Supervisory Board with respect to criteria such as age, gender, or qualifications and professional experience

Application of the principle of balanced male/female representation on the Supervisory Board. The Supervisory Board complies with the proportion of 40% of members of each gender.

It should therefore be noted that there has been no suspension of attendance fees as the Company has complied with the provisions on gender balance on the Supervisory Board.

Annual Report 2019-2020

4.1.3. Information on senior executive remuneration and remuneration

policy

4.1.3.1. Information on company officer remuneration

A. Members of the Management Board

Table showing compensation and options and shares allocated to each company executive officer (table AMF n°1)

NAME AND FUNCTION OF EXECUTIVE OFFICER	2018-2019	2019-2020

Stéphane Dalyac, Chairman of the Management Board

Compensation for the period (breakdown below)	€568,389	€529,869
Value of options allocated during the period
Valuation of performance shares allocated in FY		€26,775
Total	€568,389	€556,644
Alexandra Pereyre, Management Board member and CEO

Compensation for the period (breakdown below)	€157,002	€148,082
Value of options allocated during the period
Valuation of performance shares allocated in FY
Total	€157,002	€148,082
Stéphanie Meneux, Management Board member and CEO

Compensation for the period (breakdown below)	€157,002	€148,082
Value of options allocated during the period
Valuation of performance shares allocated in FY
Total	€157,002	€148,082

Annual Report 2019-2020

Breakdown of compensation for company executive officers (Table AMF n°2)

Name and function of	Amounts paid in	Amounts paid in
executive officer	2018-2019		2019-2020
	Due	paid		due	paid
Stéphane Dalyac
Fixed compensation	€380,000	€380,000		€380,000	€380,000
Performance-related	€175,560	€148,000		€316,800	€175,560
compensation*
Exceptional compensation
Director's fees
Benefits in kind **	€12,829	€12,829		€13,069	€13,069
Total	€568,389	€540,829		€529,869	€568,629
Conditional deferred Bonus	€288,000 ***			€511,000 */ **	€460,000 *****
Alexandra Pereyre
Fixed compensation	€116,600	€116,600		€116,600	€116,600
Performance-related	€40,402	€34,000		€31,482	€40,402
compensation*
Exceptional compensation
Director's fees	n/a	n/a		n/a	n/a
Benefits in kind
Total	€157,002	€150,600		€148,082	€157,002
Stéphanie Meneux
Fixed compensation	€116,600	€116,600		€116,600	€116,600
Performance-related	€40,402	€34,000		€31,482	€40,402
compensation*
Exceptional compensation
Director's fees	n/a			n/a
Benefits in kind
Total	€157,002	€150,600		€148,082	€157,002

Performance-relatedpay is linked to achieving the Group's results and certain individual targets. The amount shown
- is the variable compensation payable for the financial year 2017-2018

- is the variable compensation payable for the financial year 2018-2019
   is the variable compensation payable for the financial year 2019-2020
Benefits in kind: private unemployment insurance.
This deferred growth bonus related to the actions carried out and implemented by the Chairman of the Management Board and the results obtained and currently being obtained under the latter years, in particular at the level of the Company's fundamental parameters, the Company's growth price, country- by-product investment, team leadership, company structure transformation, country development, and selection of high-potential markets to develop sales volumes; it was approved by the Supervisory Board.

The Supervisory Board, taking into account the company's projected cash flow plan, has decided to modify the terms of payment of the conditional deferred growth premium due for the year 2018-2019. The payment will be, (i) up to K€201 anticipated by one year and (ii) up to €87, postponed by one year. This modification of the payment terms does not call into question the amount of the premium which was previously determined by the Supervisory Board in the light of the performance observed over the 2018- 2019 financial year.

Each of these payments will be subject to the approval of the general meeting of shareholders in 2020 and 2022.

No payment will be made in 2021 for this bonus.

A conditional and deferred growth bonus linked to the actions taken and implemented by the Chairman of the Management Board, and the results obtained and in the process of being obtained in respect of these action, in particular in terms of Laurent-Perrier sales volumes, growth in operating income for the Laurent-Perrier brand, the launch of Blanc de Blancs and Grand Siècle iterations, the continuation of changes in the organisation and investments in brand development, was approved by the Supervisory Board.

Annual Report 2019-2020

In addition to the above, this conditional and deferred growth bonus will only be definitively acquired and therefore due to Mr. Stéphane Dalyac on the express double condition that he holds the office of Member and Chairman of the Management Board of the Laurent-Perrier Group on 31 March 2022.

However, as an exception to the foregoing, he will retain this conditional and deferred growth bonus in the event of revocation or non-renewal of his term of office without just cause subsequent to the date of the Supervisory Board meeting of 9 July 2019.

Under these various conditions, this bonus could then amount to a maximum amount of K€424 gross, which could be payable, according to the Supervisory Board's decision, in cash or in shares if a free share plan were to be set up. In the latter case, the number of shares granted would then be determined by dividing the amount of the bonus by the market price of the Laurent-Perrier share at 31 March 2022.

The payment of this conditional and deferred growth bonus will be subject to the approval of the General Shareholders' Meeting in 2022.

The Chairman of the Management Board was awarded in respect of FY 2015-2016 a conditional deferred bonus, subordinate to :

the degree to which growth objectives are achieved, and in particular turnover and consolidated operating income growth for the Laurent-Perrier Group in the accounting period ended March 31, 2016, as approved by the Supervisory Board.
two express conditions that he is still performing his duties as a member and Chairman of the Supervisory Board in Y+3, ie, on March 31, 2019 are recpected.

These conditional deferred bonus which amounts to €460,000 gross, was paid to Mr Stéphane Daylac on March 31, 2019, following the approval of the General Shareholders' Meeting on July 10, 2019.

For memory

Conditional deferred bonus: A deferred growth bonus, linked to the Board's strategic options, the actions carried out and their results, especially in terms of implementing the new commercial policy, the results of the advertising plan for Cuvée Rosé and the launch of advertising for Cuvée Grand Siècle vintage, has been granted by the Supervisory Board to the Chairman of the Management Board.

In addition to the foregoing, this conditional and deferred growth bonus will only be definitively acquired and therefore due to Mr Stéphane Dalyac, since the express double condition that he shall be a Member and Chairman of the Management Board of the Laurent-Perrier Group at March 31, 2020 is respected.

This deferred growth premium, granted for the year ended March 31, 2017, amounting to € 310,000 gross, is due to Stéphane Dalyac at March 31, 2020, subject to approval by the general meeting of shareholders in 2020.

Annual Report 2019-2020

Social Status of Chief Executive Officer

(AMF Table No.11)

Supplementar

Indemnities or benefits due or

Indemnities

Employment

likely to be due subsequent to

Executive officers (1)

y pension

linked to non-

Contract

cessation or change of

regime

compete clause

functions

Yes

Stéphane Dalyac

Yes

Chairman of Management Board

(2)

Start date:

24 Sept. 2014

End date:

AGM July 2021

Stéphanie Meneux

Member of Management Board

CEO

Start date:

27 May 2010

End date:

AGM July 2021

Alexandra Pereyre

Member of Management Board

CEO

Start date:

27 May 2010

End date:

AGM July 2021

Paragraph of internal control procedures in this Governance Report
Non-competeclause limited to 12 months, with an indemnity equal to 50% of the average total monthly remuneration paid over the previous twelve months.

Supplementary pension

The supplementary pension scheme (Article 39) was terminated with effect from December 31, 2018.

Stock options allocated

(AMF Table No.4)

Stock options allocated to each executive officer for the period

Options allocated to	No. and	Type of Options	Value of options using	Number of options
each executive officer	the method chosen in	allocated during	Exercise	Exercise
date of	(purchase or
by issuer and any	the consolidated	the accounting	price	period
plan	subscription)
Group company	financial statements (1)	period

None

This value corresponds to the value of options and financial instruments at the time they were granted, as used in the application of IFRS 2, after taking into account in particular any discount linked to performance criteria and the probability of presence in the Company at the end of the vesting period but before the effect of spreading the expense over the vesting period under IFRS 2.

Stock-options exercised

(AMF Table No.5)

Stock-options exercised during the accounting period by the Executive Officers

Options exercised by executive	No. and date of Plan	Number of options exercised during the	Exercise	Exercise
officers	financial year	Price	period


None	None

Bonus performance shares allocated (AMF Table No.6)

Bonus performance shares allocated to each corporate executive officer

Bonus performance shares		Number of	Valuation of
	options	shares by method
allocated during the FY to
No. and date of	exercised	used in			Performance
each corporate executive	Acquired	Available
Plan	during the	consolidated	conditions
officer by issuer and any
	financial	financial
Group company
	year	statements (1)

						Growth in volumes
Stéphane Dalyac	15.01.2020	357	K€29.6	14.01.2023	14.01.2023	and average selling
						price
Total		357

This value corresponds to the value of options and financial instruments at the time they were granted, as used in the application of IFRS 2, after taking into account in particular any discount linked to performance criteria and the

Annual Report 2019-2020

probability of presence in the Company at the end of the vesting period but before the effect of spreading the expense over the vesting period under IFRS 2.

Bonus performance shares now available (AMF Table No.7)

Performance shares becoming available during the FY for each corporate officer

Performance shares available for each corporate	No. and date	Number of shares	Acquisition
executive officer by issuer and by any Group	becoming available
of Plan	conditions (1)
company	during the FY


N/A	N/A	N/A	N/A
Total	N/A	N/A	N/A

Specify the number of shares to vest when they become available, as set by the Supervisory Board when agreeing the award of bonus shares.

B. Members of the Supervisory Board (AMF Table No.3)

Supervisory Board members	Amount paid		Amount paid
in 2018-2019		in 2019-2020

Maurice de Kervénoaël *
Attendance fees
Other remuneration	K€146.5*		K€146.5*
Yann Duchesne
Attendance fees	K€17.7		K€17.7
Other remuneration
Marie Cheval
Attendance fees	K€17.7		K€17.7
Other remuneration
Eric Meneux
Attendance fees	K€17.7		K€17.7
Other remuneration
Claude de Nonancourt
Attendance fees	K€17.7		K€17.7
Other remuneration
Jean-Louis Pereyre
Attendance fees	K€17.7		K€17.7
Other remuneration
Bernard Rascle
Attendance fees	K€17.7		K€17.7
Other remuneration
Wendy Siu
Attendance fees	K€17.7		K€17.7
Other remuneration
Patrick Thomas
Attendance fees	K€17.7		K€17.7
Other remuneration
Jocelyne Vassoille
Attendance fees	K€17.7		K€17.7
Other remuneration

*o/w payment of inclusive fees for services rendered, unchanged since 2013, paid to MDK Consulting, Managed by Maurice de Kervénoaël K€118.2 (Details of undeterminate contract in section 5.7. of the present Universal Registration Document - Special Report of the Statutory Auditors).

Attendance fees remunerate the general activity on the Supervisory Board for each of its members.

No loans or sureties were granted by Laurent-Perrier to members of the Management Board or Supervisory Board.

Annual Report 2019-2020

In the two years preceding the publication of the present report there has been no contract of which a member of the Management Board or Supervisory Board is part.

C. Censor

The General Meeting of September 21, 2018 voted an annual remuneration of K€17.7 for the censor.

D. Protected measures imposed on senior executives

The Laurent-Perrier Supervisory Board has decided that with respect to shares obtained by exercising share options or the allocation of bonus shares, the following protective measures shall apply:

Shares to retain: Laurent-Perrier shares;
Beneficiaries concerned, and % of shares to retain:

1. Members of the Management Board: Members of the Management Board shall retain 20% of the shares obtained by exercising share options or the allocation of bonus shares. The number of shares to retain shall be calculated and retained at the time of each allocation of share options.
End of requirement to retain shares:
1. For Members of the Management Board: the shares to be retained, obtained by exercising share options or the granting of bonus shares, may be sold on as of the first day after the termination of the term of office of the Member and / or Chairman of the Management Board, and the termination of all their possible employment contracts.

Evolution of Group performance, evolution of average wage annual and median wage annual, Equity ratios

In accordance with the provisions of article L.225-37-3 of the French commercial Code, it is presented below evolution of Group performance, evolution of average wage annual and median wage annual, Equity ratios for Directors of Laurent-Perrier Group.

In order to allow the comparability of the ratios over time and of the constituent elements, only recurring compensation elements paid (fixed compensation and variable compensation) have been taken into account in the calculation basis.

As a reminder, at the end of 2018, the Members of the Management Board renounced the benefit of the "Executive Retirement".

Annual Report 2019-2020

	F'16	F'17	F'18	F'19	F'20

Group performances
Change in the Top-of-the-Range share of Laurent-Perrier	39,50%	39,90%	40,50%	40,90%	41,2%
brand turnover
Evolution N vs N-1		+0.4pt	+0.6pt	+0.4pt	+0,3pt
Change in the export share of Laurent-Perrier brand	78,40%	79,00%	80,80%	81,10%	81,6%
turnover
Evolution N vs N-1		0,6pt	+1.8pt	+0.3pt	+0.5pt
Change in Group gross margin Group (champagne &	46,90%	47,00%	48,30%	49,70%	50,80%
wines
Evolution N vs N-1		+0.1pt	+1.3pt	+1.4pt	+1.1pt
Change in Group operating margin at current exchange	18,20%	17,80%	17,30%	17,60%	17,80%
rate
Evolution N vs N-1		-0.4pt	-0.5pt	+0.3pt	+0.2pt
Change in Group operating margin at constant exchange	16,70%	17,40%	17,50%	17,90%	17,80%
rate
Evolution N vs N-1		+0.7pt	+0.1pt	+0.4pt	-0.1pt
Stocks/Net debt	185,00%	185,00%	186,00%	188,00%	194.00%
Evolution N vs N-1		0,0pt	+1.0pt	+2.0pts	+6pts
Net debt/Equity (Gearing)	73,00%	70,00%	68,00%	68,00%	65.00%
Evolution N vs N-1		-3.0pts	-2.0pts	0.0pt	-3.0pts

Annual wage of employees*
Average wage (In thousands of €)	47,2	48,7	47,7	54,4	51,5
Evolution N vs N-1		3,13%	-2,02%	14,02%	-5,36%
Median wage (In thousands of €)	38,3	38,5	38,0	39,7	39,6
Evolution N vs N-1		0,46%	-1,26%	4,49%	-0,29%

Stéphane Dalyac - Chairman of Management Board
Evolution of wage vs N-1		18,42%**	-1,05%	-0,46%	5,14%
Ratio of average wage *	9,80	11,28	11,39	9,95	11,05
Evolution N vs N-1		15,10%	0,98%	-12,64%	11,05%
Ratio of median wage *	12,11	14,28	14,31	13,63	14,37
Evolution N vs N-1		17,92%	0,21%	-4,75%	5,43%

Alexandra Pereyre - Management Board Member
Evolution of wage vs N-1		0,01%	-0,89%	-0,45%	4,25%
Ratio of average wage *	3,23	3,14	3,17	2,77	3,05
Evolution N vs N-1		-2,79%	0,96%	-12,62%	10,11%
Ratio of median wage *	3,99	3,97	3,98	3,80	3,97
Evolution N vs N-1		-0,5%	0,25%	-4,52%	4,47%

Stéphanie Meneux - Management Board Member
Evolution of wage vs N-1		0,01%	-0,89%	-0,45%	4,25%
Ratio of average wage *	3,23	3,14	3,17	2,77	3,05
Evolution N vs N-1		-2,79%	0,96%	-12,62%	10,11%
Ratio of median wage *	3,99	3,97	3,98	3,80	3,97
Evolution N vs N-1		-0,5%	0,25%	-4,52%	4,47%

On a full-time equivalent basis, employees in France
Comparison with an incomplete financial year, following the appointment of the President

4.1.3.2. Report of the Supervisory Board on the draft resolutions relating to the principles and criteria for determining, awarding and allocating, fixed, performance-related, and exceptional items comprising the total compensation and benefits of any kind for Company Executives (Article L225-68, §6 of the French commercial Code, pursuant to the French Government decree issued on July 12, 2017) - Remuneration policy

Rehearsal

Pursuant to article L 225-82-2 of the French Commercial Code, the present report sets out remuneration policy and the principles and criteria for determining, awarding and allocating fixed, performance-related, and exceptional items comprising the total remuneration and benefits of any kind for the Chairman of the Management Board, the members of the Management Board, the Chairman of the Supervisory Board, and the members of the Supervisory Board in respect of their mandates.

It will be proposed to the General Meeting of shareholders on September 24, 2020, on the basis of this report, to vote on the compensation policy for corporate officers for the 2019-2020 financial year. To this

Annual Report 2019-2020

end, four resolutions will be presented respectively for the members of the Management Board, the Chairman of the Management Board, the members of the Supervisory Board and the Chairman of the Supervisory Board, as well as a resolution relating to all of the compensation allocated during the past year.

It is specified that, in accordance with article L.225-100 of the French Commercial Code, the payment of the variable and exceptional compensation elements mentioned in this report will be subject to the approval of the general meeting of shareholders to be held in 2020.

This report was reviewed by the Remuneration and Corporate Governance Committee and approved by the Supervisory Board.

Composition of the fixed, performance-related and exceptional remuneration comprising the total

remuneration and benefits of any kind awarded to the members of the Management Board and members

of the Supervisory Board in respect of their mandates

Laurent-Perrier, whose roots are in Champagne, has always sought to reconcile an ethical business approach with the need to attract and recruit the leaders most likely to advance the Company while preserving its financial independence and family-owned character.

To satisfy these fundamental criteria, Laurent-Perrier has implemented the remuneration policy that seemed most appropriate to it.

The remuneration rules for Laurent-Perrier executives have been largely identical for many years, ie, with compensation reflecting the risks and responsibilities attached to the function.

The remuneration policy for Laurent-Perrier Group executives is in line with social interest and contributes to the sustainability of the Group. It is also integrated into the commercial strategy through, in particular, the performance criteria implemented for the variable compensation of the Executives and other executives of the Group.

In addition, the Supervisory Board being made up of several independent members, the Group considers that it is able to manage any conflicts of interest, if there were any.

Moreover, the General Shareholders' Meeting will need to approve annually a resolution on the principles and criteria for determining, awarding and allocating the fixed, performance-related and exceptional components of total compensation and benefits of any kind attributable to executives in respect of their mandate.

Finally, the last General Meeting approved without reservation the resolutions proposed for the compensation of the Directors.

Composition of the remuneration of the Chairman of the Management Board

The principles and criteria attached to the remuneration of the Chairman of the Management Board for the 2020-2021 financial year, and the amounts to be paid, are set out in Chapter 4 of the 2019-2020 Universal Registration Document, as follows:

Fixed remuneration

In accordance with the responsibilities and duties assumed by the Chairman of the Management Board and market practice for this type of position.

Performance-related remuneration

The performance-related remuneration depends on achieving the Group's target results and individual objectives. It follows the rules of the Group.

The Remuneration and Corporate Governance Committee meets at least once a year to assess the criteria put in place.

FY 2019-2020:

For the Chairman of the Management Board for the 2019-2020 financial year, this remuneration, composed of quantitative and qualitative components established according to the rules applicable in the

Annual Report 2019-2020

Company and Group practice, represents a target percentage of 40% of his fixed remuneration rising to a possible 130% of the relevant portion of the target bonus.

The quantitative component is based in particular on 80% on the performance bonus:

on the increase of the total volumes and the increase of the unit price of Laurent-Perrier as budgeted (for 50%),
the Group's operating income as budgeted (for 50%).

Each criterion is assigned a weighting coefficient.

For each quantitative objective, three levels of achievement are set:

the target level,
the minimum level,
the maximum level.

For each quantitative target, the receivable portion of the target may reach 130% of the target portion of the target bonus.

The qualitative component is based in particular on 20% on the performance bonus:

based on strategic clarity (for 10%)
based on the development of innovative projects on brands other than Laurent-Perrier (for 10%)

The achievement of personal qualitative objectives will be measured by a ranking of all priorities in the following categories:

exceptionally successful (130%),
exceeded (115%),
reached (100%),
almost reached (60%),
not met (0%).

Payment of components of the performance-related remuneration referred to in this report is subject to the approval, by the 2020 Ordinary General Shareholders' Meeting, in accordance with the conditions set out in particular in article L.225-100 §10 of the French Commercial Code.

The corresponding amount is shown in paragraph 4.1.3.1 of this report.

For FY 2020-2021:

For the Chairman of the Management Board for the 2020-2021 financial year, this remuneration, composed of quantitative and qualitative components, established according to the rules applicable in the Company and Group practice, represents a target percentage of 40% of his fixed remuneration rising to a possible 130% of the relevant portion of the target bonus.

The quantitative component is based in particular on 70% on the performance bonus:

½: on reaching the total volumes and the unit price of Laurent-Perrier as budgeted,
½: on achieving the Group's operating profit as budgeted.

Each criterion is assigned a weighting coefficient.

For each quantitative objective, three levels of achievement are set:

the target level,
the minimum level,
the maximum level.

For each quantitative target, the receivable portion of the target may reach 130% of the target portion of the target bonus.

The qualitative component is based in particular on 30% on the performance bonus:

1/3: based on the organization and succession plan
1/3: based on the development of innovative brand projects
1/3: based on the achievement of the CO2 emission target defined by the company

The achievement of personal qualitative objectives will be measured by a ranking of all priorities in the following categories:

exceptionally successful (130%),

Annual Report 2019-2020

exceeded (115%),
reached (100%),
almost reached (60%),
not met (0%).

Payment of the annual performance-related remuneration for FY 2020-2021 is conditional on the approval of the General Shareholders' Meeting to be held in 2021 in accordance with the conditions set out in particular in article L.225-100 §10 of the French Commercial Code.

A conditional and deferred growth premium

For FY 2017-2018:

This deferred growth bonus, linked to the Board's strategic options, the actions carried out and their results, especially in terms of implementing the new commercial policy, the results of the advertising plan for Cuvée Rosé and the launch of advertising for Cuvée Grand Siècle vintage been granted to the Chairman of the Management Board.

This conditional and deferred growth bonus is acquired and therefore due to Mr. Stéphane Dalyac, because the express twofold condition that he shall be a Member and Chairman of the Management Board of the Laurent-Perrier Group is met at March 31, 2020.

This bonus, which amounts of €310,000, is therefore due to Mr. Stéphane Dalyac on March 31, 2020, subject to his approval by the general meeting of shareholders.

The Supervisory Board may annually review the appropriateness of an exceptional bonus based on similar principles.

For FY 2018-2019 :

A conditional and deferred growth bonus linked to the actions completed and implemented by the Chairman of the Management Board, and the results obtained and being obtained in respect of these actions, in particular in terms of the company's fundamental parameters, pricing policy, country investment by product, team management, transformation of company structure, country development, and selection of high-growth markets to develop sales volumes, was approved by the Supervisory Board.

This premium, which amounts to € 288 thousand gross, was initially due to Mr. Stéphane Dalyac on March 31, 2021, subject to its approval by the general meeting of shareholders.

The Supervisory Board, taking into account the company's forecast cash flow plan, has decided to modify the terms of payment of the conditional deferred growth premium due for the year 2018-2019. The payment will be, (i) up to K€201, anticipated by one year and (ii) up to K€87, postponed by one year. This modification of the payment terms does not call into question the amount of the premium which was previously determined by the Supervisory Board in the light of the performance observed over the 2018- 2019 financial year.

Each of these payments will be subject to the approval of the general meeting of shareholders in 2020 and 2022 and appears in paragraph 4.1.3.1 of this report. No payment will be made in 2021 for this bonus.

For FY 2019-2020:

A conditional and deferred growth bonus linked to the actions completed and implemented by the Chairman of the Management Board, and the results obtained and in the process of being obtained in respect of these action, in particular in terms of Laurent-Perrier sales volumes, growth in operating income for the Laurent-Perrier brand, the launch of Blanc de Blancs and Grand Siècle iterations, the continuation of changes in the organisation and investments in brand development, was approved by the Supervisory Board.

In addition to the foregoing, this conditional and deferred growth bonus will only be definitively acquired and therefore due to Mr. Stéphane Dalyac on the express twofold condition that he holds the office of Member and Chairman of the Management Board of the Laurent-Perrier Group at 31 March 2022.

Annual Report 2019-2020

The payment of this conditional and deferred growth bonus will be subject to the approval of the General Shareholders' Meeting.

The amount of this growth bonus, which must first be approved by the General Shareholders' Meeting in 2022, is set out in paragraph 4.1.3.1 of this report.

The Supervisory Board may consider each year the possibility of an exceptional bonus in accordance with similar principles.

Exceptional remuneration

The Supervisory Board may annually review the appropriateness of an exceptional remuneration.

Benefits in kind:

For the Chairman of the Management Board, the Supervisory Board has granted private unemployment insurance, partly paid for by the Company and partly by the Chairman of the Management Board.

Defined benefit pension (article 39 of the French General Tax Code)

Since his appointment to the Management Board by the Supervisory Board, the Chairman of the Management Board has been eligible for the defined benefit pension plan in force at the Laurent-Perrier Group. This plan was terminated effective December 31, 2018.

Contractual severance pay

The Supervisory Board has agreed to grant the Chairman of the Management Board contractual severance pay representing eighteen (18) months of gross annual salary (fixed and annual performance) but will remain at 6 months of gross annual salary (fixed and annual performance) if the Chairman of the Management Board, if within 12 months after leaving Laurent-Perrier/

-Should be interested directly or indirectly in any way whatsoever to a Champagne House or a brand of Champagne,

-Or was to enter for any reason whatsoever in the service of a Champagne House or a brand of Champagne;

Performance criteria for contractual severance pay:

Severance pay would be payable only if the Group's operating profit target, set for the year preceding the year in which the term of office expires, is at least 80%.

In accordance with Article L.225-90-1 of the French Commercial Code, the granting of this compensation was subject to the approval of the general meeting of shareholders under a specific resolution and will be subject again to the approval of the meeting under a specific resolution, subject to the renewal of the mandate of the Chairman of the Management Board.

Non-Competition Clause indemnity

At the time of his appointment and in view of the nature of the functions exercised by the Chairman of the Management Board and of the confidential information to which he is party, the Supervisory Board has granted him an indemnity in return for a non-competition requirement imposed on him. This commitment is renewed each time the mandate is renewed.

The clause is limited to a period of twelve months from the termination of his mandate as member and Chairman of the Group's Management Board.

The monthly indemnity is equal to 50% of total average monthly remuneration received during the previous twelve months.

In accordance with Article L.225-90-1 of the French Commercial Code, the grant of this indemnity was submitted to the approval of the General Shareholders' Meeting.

100

Annual Report 2019-2020

Attachments

Original document
Permalink

Disclaimer

Laurent-Perrier SA published this content on 20 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2020 08:36:06 UTC

Market Closed - Euronext Paris Other stock markets 10:29:11 2024-05-21 EDT			5-day change	1st Jan Change
120.5 ^EUR	-0.82%		-0.41%	-0.41%

Laurent-Perrier S.A. Reports Earnings Results for the Half Year Ended September 30, 2023	11-30	CI
Laurent-Perrier: +4.7% rise in net income attributable to equity holders of the parent	11-24	CF
Laurent-Perrier S.A. Reports Earnings Results for the Full Year Ended March 31, 2023	23-06-22	CI
Laurent-Perrier: share price down, an analyst's opinion	23-05-29	CF
LAURENT-PERRIER : Oddo BHF maintains underperform recommendation	23-05-29	CF
Laurent-Perrier: net income of 58.5 ME for the year	23-05-26	CF
LAURENT-PERRIER : Oddo BHF downgrades its opinion	23-05-22	CF
Laurent-Perrier S.A. Reports Earnings Results for the Half Year Ended September 30, 2022	22-12-01	CI
Laurent-Perrier S.A. Reports Earnings Results for the Full Year Ended March 31, 2022	22-06-23	CI
Laurent-Perrier S.A. Reports Earnings Results for the Half Year Ended September 30, 2021	21-11-29	CI
Laurent-Perrier S.A. Announces Audited Consolidated Earnings Results for the Year Ended 31 March 2021	21-06-14	CI
Laurent-Perrier Provides Group Earnings Guidance for the Fiscal Year 2022	21-06-14	CI
Global markets live: AT&T, GSK, Discovery, Microsoft, Tesla...	21-05-17
Toshiba Tec : unit confirms hacked in May; blames DarkSide	21-05-14	RE
Global markets live: Philips, Crédit Suisse, Nestlé...	21-04-26
Laurent Perrier : Champagne group Laurent Perrier's shares slip after cyberattack	21-04-26	RE
Laurent Perrier : French champagne group Laurent Perrier has been victim of cyber attack	21-04-24	RE
Laurent Perrier : Names Supervisory Board Chairman	21-03-19	MT
Laurent-Perrier S.A. Announces Executive Changes	21-03-19	CI
At Danone, internal discord ripened case for activist funds: sources	21-03-15	RE
Danone's Faber to give up CEO role after investor pressure	21-03-01	RE
Danone S A : Faber to give up CEO role after investor pressure	21-03-01	RE
Laurent-Perrier S.A. Announces Audited Consolidated Earnings Results of the First Half of the Fiscal year of 2021	20-11-27	CI
GLOBAL MARKETS LIVE: Pfizer, General Motors, Alphabet…	20-11-20
Laurent-Perrier S.A. Announces Supervisory Board Changes	20-09-25	CI

	1st Jan change	Capi.
LAURENT-PERRIER	-0.41%	781M
TREASURY WINE ESTATES LIMITED	+7.75%	6.19B
YANTAI CHANGYU PIONEER WINE COMPANY LIMITED	+4.85%	1.89B
THE DUCKHORN PORTFOLIO, INC.	-18.17%	1.18B
VIÑA CONCHA Y TORO S.A.	+15.26%	997M
CITIC NIYA WINE CO., LTD.	-25.70%	913M
C&C GROUP PLC	+13.63%	862M
SULA VINEYARDS LIMITED	+1.84%	515M
WEILONG GRAPE WINE CO., LTD	-17.70%	414M
DELEGAT GROUP LIMITED	-20.62%	331M

Laurent-Perrier

Equities

LPE

FR0006864484

Distillers & Wineries

Laurent Perrier : Universal Registration Document 2019-2020

Latest news about Laurent-Perrier

Chart Laurent-Perrier

Company Profile

Income Statement Evolution

Ratings for Laurent-Perrier

Analysts' Consensus

EPS Revisions

Quarterly revenue - Rate of surprise

Sector Wineries