(April 2020 –
March 2021)
Good performance in a challenging
environment
Sharp sales acceleration in the second half
Increased confidence in COP’s annual organic
growth
Regulatory News:
Rémy Cointreau (Paris:RCO) posted sales of €1,010.2
million in full year 2020/21, up +1.8% on an
organic basis (assuming constant exchange rates and
consolidation scope). Reported sales were down -1.4%, including
unfavorable currency impacts (-3.5%) and a positive scope effect
linked to the acquisition of J.R. Brillet and J. de Telmont
(+0.3%).
This performance demonstrates the Group’s resilience amid
the COVID-19 pandemic. After declining in the first half of the
year, business bounced back strongly in the second half, including
+15.1% organic growth in the fourth
quarter.
Sales of Cognac were up +3.7%* in the full year, thanks
to continued excellent momentum in consumption in the United States
and mainland China in the fourth quarter (+18.2%*). The good
performance in the Liqueurs & Spirits division in the
fourth quarter (+7.1%*) confirmed the recovery that began the
previous quarter, though the division posted a -3.2%* decline over
the full year.
The Americas region posted full-year growth of +18.6%*,
buoyed by excellent performance in the United States. The trend in
the Asia-Pacific region (-4.5%*) masked strong double-digit
growth in mainland China and Australia. The Europe, Middle East
& Africa region posted a -21.7%* decline, hampered by
public health restrictions, in particular the closure of the
on-trade channel. The United Kingdom, Benelux, Switzerland and
Eastern Europe nevertheless showed strong momentum, helped by
buoyant at-home consumption.
Breakdown of sales by division:
12 months
12 months
Change
(€m)
To 31/03/21
To 31/03/20
Reported
Organic*
Cognac
735.0
735.5
(0.1%)
3.7%
Liqueurs & Spirits
248.3
261.9
(5.2%)
(3.2%)
Subtotal: Group Brands
983.3
997.3
(1.4%)
1.9%
Partner Brands
26.9
27.5
(2.1%)
(1.5%)
Total
1,010.2
1,024.8
(1.4%)
1.8%
Cognac
Sales in the Cognac division grew +3.7%* in full year
2020/21, quickening significantly in the second half (+27.0%*),
buoyed by the United States and mainland China. Sales were up
+18.2%* in the fourth quarter thanks to excellent performance
during the Chinese New Year in the Asia-Pacific region and
continued strong momentum in the United States, albeit moderated by
the Group’s decision to manage its strategic inventory. Although
their decline slowed in the second half of the year, the duty-free
market and the on-trade channel continued to penalize Southeast
Asia, Africa and Latin America.
Against the backdrop of the pandemic, the House of Rémy
Martin continued with creative initiatives to stay in touch
with its clients: in the United States, the Rémy Martin
brand used its “Stay at home with Rémy Martin” digital campaign and
its “Rémy Martin x Chef Kwame” recipe videos to support buoyant
at-home consumption. Thanks to its long-time ties with the music
world, the brand also enjoyed a high level of media exposure when
its “Ground’s Melody” video featuring rapper 6LACK was shown at the
Grammy Awards. In mainland China, the opening of a temporary “House
of Rémy Martin” in Guangzhou proved a big hit during the Chinese
New Year festivities. In accordance with its direct-to-consumer
strategy, LOUIS XIII opened two new stores in mainland China
– in Shenzhen and Hangzhou – and launched two e-boutiques, one in
the United Kingdom in April 2020 and the other in the United States
in February 2021.
Liqueurs & Spirits
Despite a sharp upturn in the second half of the year (+7.2%*),
sales of Liqueurs & Spirits declined slightly over the
full year (-3.2%*).
The House of Cointreau delivered strong sales growth over
the full year, buoyed by double-digit growth in the United States,
the United Kingdom, Benelux and Australia, where the closure of the
on-trade channel led to rapid growth in at-home mixology. The brand
also reaped the benefits of its communications strategy centred
around the Margarita. Lastly, it demonstrated its support for the
hospitality industry in a number of markets, particularly in the
United States with its “Love Letter” initiative, that featured a
30-second commercial during the Super Bowl, encouraging US
consumers to support their favourite bars and restaurants.
The Whisky business also posted strong full-year growth
thanks to solid momentum in most of its key markets, particularly
in Asia during the Chinese New Year.
The rest of the portfolio was hampered by weakness in the EMEA
region (due to the closure of the on-trade channel) and the
duty-free market.
Partner Brands
Partner Brand sales declined slightly over the full year
(-1.5%*), though they did return to growth in the fourth
quarter.
Outlook
In a still uncertain public health, economic and geopolitical
environment, the Rémy Cointreau Group remains confident of its
ability to emerge stronger from the crisis.
With full-year sales slightly ahead of its expectations,
Rémy Cointreau now anticipates its Current Operating Profit to
grow around +10%, in organic terms, in financial year
2020/21.
This performance will be tempered by an adverse foreign exchange
effect, now estimated at - €5,0 million. The forecast scope effect
is unchanged (- € 2.0 million).
The Group is expecting a strong start to financial
year 2021/22 supported by a very favourable base of comparison,
shipment phasing benefits, and structurally more buoyant consumer
trends in the United States.
Sales and organic growth by division
First quarter 2020/21 sales (April-June 2020)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
98.7
0.7
0.0
98.0
161.1
(38.8%)
(39.2%)
Liqueurs & Spirits
46.1
0.2
0.0
45.9
55.3
(16.7%)
(17.0%)
Group Brands
144.8
0.9
0.0
143.9
216.5
(33.1%)
(33.5%)
Partner Brands
5.3
(0.0)
0.0
5.3
6.7
(21.4%)
(21.1%)
Total
150.1
0.9
0.0
149.2
223.2
(32.8%)
(33.2%)
Second quarter 2020-21 sales (July-September 2020)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
206.8
(6.3)
0.1
213.0
218.4
(5.3%)
(2.5%)
Liqueurs & Spirits
66.0
(2.0)
0.4
67.5
75.9
(13.1%)
(11.0%)
Group Brands
272.7
(8.3)
0.6
280.5
294.3
(7.3%)
(4.7%)
Partner Brands
8.1
(0.0)
0.0
8.1
6.4
26.1%
26.5%
Total
280.8
(8.3)
0.6
288.5
300.7
(6.6%)
(4.0%)
First half 2020-21 sales (April-September 2020)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
305.4
(5.6)
0.1
310.9
379.6
(19.5%)
(18.1%)
Liqueurs & Spirits
112.1
(1.8)
0.4
113.4
131.2
(14.6%)
(13.6%)
Group Brands
417.5
(7.4)
0.6
424.3
510.8
(18.3%)
(16.9%)
Partner Brands
13.3
(0.0)
0.0
13.4
13.1
1.8%
2.1%
Total
430.8
(7.4)
0.6
437.7
523.9
(17.8%)
(16.4%)
Third quarter 2020-21 sales (September-December 2020)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
267.0
(11.8)
0.2
278.7
209.4
27.5%
33.1%
Liqueurs & Spirits
75.1
(3.2)
1.9
76.4
71.2
5.4%
7.2%
Group Brands
342.1
(15.0)
2.1
355.0
280.6
21.9%
26.5%
Partner Brands
7.9
(0.1)
0.0
8.0
9.6
(17.5%)
(16.6%)
Total
350.0
(15.1)
2.1
363.0
290.2
20.6%
25.1%
9-month sales 2020-21 (April-December 2020)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
572.5
(17.4)
0.3
589.6
588.9
(2.8%)
0.1%
Liqueurs & Spirits
187.2
(5.0)
2.3
189.8
202.5
(7.6%)
(6.2%)
Group Brands
759.6
(22.4)
2.6
779.4
791.4
(4.0%)
(1.5%)
Partner Brands
21.2
(0.1)
0.0
21.4
22.7
(6.4%)
(5.8%)
Total
780.9
(22.5)
2.6
800.7
814.0
(4.1%)
(1.6%)
Fourth quarter 2020-2021 sales (January-March 2021)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
162.5
(10.7)
0.0
173.2
146.5
10.9%
18.2%
Liqueurs & Spirits
61.2
(3.0)
0.6
63.6
59.4
2.9%
7.1%
Group Brands
223.7
(13.7)
0.6
236.8
205.9
8.6%
15.0%
Partner Brands
5.7
(0.0)
0.0
5.7
4.8
17.9%
18.7%
Total
229.4
(13.8)
0.6
242.6
210.8
8.8%
15.1%
Second half 2020-2021 sales (October 2020 – March
2021)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
429.6
(22.5)
0.2
451.9
355.9
20.7%
27.0%
Liqueurs & Spirits
136.2
(6.2)
2.5
140.0
130.6
4.3%
7.2%
Group Brands
565.8
(28.8)
2.7
591.9
486.5
16.3%
21.6%
Partner Brands
13.6
(0.1)
0.0
13.7
14.4
(5.6%)
(4.8%)
Total
579.4
(28.9)
2.7
605.6
501.0
15.7%
20.9%
Full year 2020-2021 sales (April 2020 – March 2021)
€m
Reported
20-21
Forex
20-21
Scope
20-21
Organic
20-21 (*)
Reported
19-20
Reported
change
Organic
change (*)
A
B
C
A/C-1
B/C-1
Cognac
735.0
(28.2)
0.4
762.8
735.5
(0.1%)
3.7%
Liqueurs & Spirits
248.3
(8.0)
2.9
253.4
261.9
(5.2%)
(3.2%)
Group Brands
983.3
(36.1)
3.2
1,016.2
997.3
(1.4%)
1.9%
Partner Brands
26.9
(0.2)
0.0
27.1
27.5
(2.1%)
(1.5%)
Total
1,010.2
(36.3)
3.2
1,043.3
1,024.8
(1.4%)
1.8%
Definitions of alternative performance
indicators
Rémy Cointreau’s management process is based on the following
alternative performance indicators, selected for planning and
reporting purposes. The Group’s management considers that these
indicators provide users of the financial statements with useful
additional information to help them understand the Group’s
performance. These alternative performance indicators should be
considered as supplementing those included in the consolidated
financial statements and the resulting movements.
Organic sales growth
Organic (i.e. like-for-like) growth is calculated excluding the
impact of exchange rate fluctuations, acquisitions and
disposals.
The impact of exchange rates is calculated by converting sales
in the current financial year using average exchange rates from the
previous financial year.
For acquisitions in the current financial year, sales of
acquired entities are not included in organic growth calculations.
For acquisitions in the previous financial year, sales of acquired
entities are included in the previous financial year but are only
included in organic growth calculations for the current year with
effect from the anniversary date of the acquisition.
For significant disposals, data is post-application of IFRS 5
(under which sales of entities disposed of are systematically
reclassified under “Net earnings from discontinued operations” for
the current and previous financial years).
This indicator serves to focus on Group performance across both
financial years, which local management is more directly capable of
influencing.
(*) Organic growth is calculated assuming constant exchange
rates and consolidation scope.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210422006013/en/
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