+10.1% on an organic basis (+43.6% compared
with 2019-20) Full-year 2022-23 guidance confirmed: strong
organic COP growth
- Sales up +10.2% on an organic basis1 in Q4 2022-23
- Normalization of cognac consumption in the United States
gathered pace
- Steep recovery in business in China since February, after an
unprecedented wave of Covid infections in December-January
- Sharp rebound in the Travel Retail segment, buoyed by the
return of international travel in Asia
- 2023-24 objectives: stable sales on an organic basis,
reflecting continued normalization in the United States combined
with a steep rise in China and the rest of the world
Regulatory News:
Rémy Cointreau (Paris:RCO) reported 2022-23 sales of €1,548.5
million, up +10.1% on an organic basis (and +43.6% compared to
full-year 2019-20). This strong showing reflects steep gains
from an improved price mix (+10.1%) and steady sales volumes. Sales
rose +17.9% on a reported basis, including a +7.8% gain from the
currency effect. In the fourth quarter, sales rose +10.2% on an
organic basis and +7.4% as reported, including a negative currency
impact of -2.8%.
The Americas generated full-year sales growth of +2.5% in
2022-23 (+58.4% compared with 2019-20). In APAC2, sales rose
by a very strong +22.7% (+49.1% compared with 2019-20). Last but
not least, sales growth in the EMEA3 region came to +11.0%,
returning to levels observed in 2019-20 (+8.8%).
Breakdown of sales by division:
€m
(April 2022- March 2023)
2022-23
2021-22
Change as reported
Organic change
vs. 2021-22
vs. 2019-20
Cognac
1 100.0
948.3
+16.0%
+7.6%
+41.3%
Liqueurs & Spirits
418.9
333.2
+25.7%
+18.7%
+54.1%
Subtotal: Group Brands
1 518.9
1 281.5
+18.5%
+10.5%
+44.6%
Partner Brands
29.6
31.3
-5.4%
-5.3%
+8.5%
Total
1 548.5
1 312.9
+17.9%
+10.1%
+43.6%
Cognac
The Cognac division’s full-year sales rose +7.6% on an
organic basis in 2022-23, for a +41.3% increase compared with
2019-20.
Fourth-quarter sales were up +2.9%. In the United States,
where activity was affected as the normalization of consumption
gathered pace. In an increasingly promotion-driven environment,
Rémy Martin maintained its value-based strategy and held prices
firm. At the same time, the brand raised its investments in the
final quarter, including a major campaign launched at the
Superbowl. Designed to boost its appeal and brand recognition, this
commercial—entitled Inch by Inch — starred Serena Williams and was
distributed nationwide. It will be rounded out by a series of
on-trade and off-trade activations in the first quarter of 2023-24.
In China the division generated very strong growth
reflecting a marked rebound in business since February and a
multitude of activations celebrating the Chinese New Year. Rémy
Martin CLUB made further progress, outperforming the rest of the
brand portfolio. And ten years after rolling out its Rare Cask
42.6, Louis XIII unveiled the third milestone in its iconic legacy
at an exclusive event in Venice: Rare Cask 42.1 is a limited
edition—just 775 units are available. Made from a unique tierçon,
it is sold in a specially designed black crystal decanter from
Baccarat.
Liqueurs & Spirits
Full-year sales of Liqueurs & Spirits rose +18.7% on
an organic basis in 2022-23 and were up +54.1% compared with
2019-20. This is in line with Rémy Cointreau’s long-term strategic
roadmap and represents a second core pillar for growth—a source of
additional volume that will drive solid operational leverage for
the division in the medium term.
Fourth-quarter sales rose +26.2%. In the United States,
where the division posted an excellent performance with
contributions from most of its brands. Gains included solid
momentum for Cointreau, continued gains in distribution for The
Botanist, and further roll-out of St-Rémy’s Signature. Belle de
Brillet, traditionally sold in Canada, is now distributed in the
United States, with an on-trade focus and presence in main cities.
The EMEA region also recorded strong growth thanks to its
key national markets in Western Europe, the UK and the Benelux. St
Rémy expanded distribution in the United Kingdom and its St-Rémy
Café cocktails reported promising results in the United Arab
Emirates. Champagne Telmont grew its distribution network further,
particularly in France and the UK, taking a selective approach to
on-trade business and focusing primarily on sales points with a
strong commitment to the environment. Lastly, APAC reported
a robust performance fueled by the upswing in Travel Retail. In
China, Rémy Cointreau launched the first sustainable bar concept
under the name Dentree, created in partnership with Spirits
Architects in Shanghai.
Partner brands
Partner brand sales were down -5.3% on an organic basis
in 2022-23, equal to an +8.5% rise compared with 2019-20.
Fourth-quarter sales were up +2.5%.
2022-23 outlook: full-year guidance confirmed
Rémy Cointreau confirms its objective calling for a year of
strong organic growth in COP, leading to an organic
improvement in Current Operating Margin.
This performance will reflect :
- A sizeable improvement in gross margin despite
the inflationary environment
- An increased investment in marketing and communications in
the second half
- A tight control of overhead costs
Taking into account the impact of phasing effects on sales
trends and marketing/communication spends, organic COP margin
improvement will be driven primarily by H1.
The Group now estimates that currency will have a favorable
impact of around €40 million on COP (versus €55/60 million
previously).
2023-24 outlook
In 2023-24, Rémy Cointreau anticipates a continued strong
normalization of consumption in the United States, at a level that
will nonetheless remain significantly higher than in 2019-20.
At the same time, the Group expects strong growth in the rest of
the world, led by major gains in China, a very good showing in EMEA
and the Rest of Asia, and business similar to levels observed in
2019-20 in Travel Retail.
Against this backdrop, the Group expects sales to remain
stable on an organic basis in 2023-24, with:
- A strong sales decline in the first half,
reflecting a very strong fall in the United States and high bases
for comparison
- A strong recovery in the second half, driven by a sharp
rebound in the US starting in the third quarter
Rémy Cointreau intends to confirm its level of profitability
based on:
- Continued roll-out of a value-driven strategy built on a firm
pricing policy and improved price mix
- Resilient gross margin in a persistently inflationary
context
- Stabilization of the ratio of marketing and communication
spend/sales
- Tight control of overhead costs
2029-30 objectives
Taking into account developments in 2023-24 and buoyed by its
advance on roll-out of its strategic plan, Rémy Cointreau
reiterates both its financial and extra-financial targets for
2029-30, and its ambition of becoming the global leader in
exceptional spirits.
The Group targets a gross margin of 72% and a Current
Operating Margin of 33% (based on 2019-20 consolidation scope
and exchange rates).
As part of its sustainable Exception plan, Rémy Cointreau aims
to train and engage 100% of its direct partners in agriculture
in sustainable farming practices, targeting a 50% reduction
in carbon emissions per bottle by 2030. This is the first step
in achieving zero net carbon status in 2050—a trajectory compatible
with holding global warming to +1.5°C as validated by the Science
Based Target Initiative (SBTi).
About Rémy Cointreau
All around the world, there are clients seeking exceptional
experiences; clients for whom a wide range of terroirs means a
variety of flavors. Their exacting standards are proportional to
our expertise – the finely-honed skills that we pass down from
generation to generation. The time these clients devote to drinking
our products is a tribute to all those who have worked to develop
them. It is for these men and women that Rémy Cointreau, a
family-owned French Group, protects its terroirs, cultivates
exceptional multi-centenary spirits and undertakes to preserve
their eternal modernity. The Group’s portfolio includes 14 singular
brands, such as the Rémy Martin and Louis XIII cognacs, and
Cointreau liqueur. Rémy Cointreau has a single ambition: becoming
the world leader in exceptional spirits. To this end, it relies on
the commitment and creativity of its 1,924 employees and on its
distribution subsidiaries established in the Group’s strategic
markets. Rémy Cointreau is listed on Euronext Paris.
A conference call with investors and analysts will be held today
by CFO Luca Marotta, from 9:00am (Paris time). Related slides will
also be available on the website (www.remy-cointreau.com), in the
Finance section.
Appendices
Q1 2022-23 sales (April-June 2022)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
292.3
+29.8
-
262.5
199.6
+46.4%
+31.5%
Liqueurs & Spirits
109.7
+7.9
-
101.8
85.3
+28.7%
+19.4%
Subtotal: Group Brands
402.0
+37.7
-
364.3
284.9
+41.1%
+27.9%
Partner Brands
7.9
+0.1
-
7.9
8.2
-3.1%
-3.8%
Total
409.9
+37.8
-
372.2
293.1
+39.9%
+27.0%
Q2 2022-23 sales (July-September 2022)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic change
A
B
C
A/C-1
B/C-1
Cognac
345.9
+39.6
-
306.3
265.0
+30.5%
+15.6%
Liqueurs & Spirits
104.7
+8.4
-
96.3
78.8
+32.9%
+22.2%
Subtotal: Group Brands
450.6
+48.1
-
402.6
343.8
+31.1%
+17.1%
Partner Brands
6.6
+0.0
-
6.6
8.4
-21.6%
-21.9%
Total
457.2
+48.1
-
409.1
352.2
+29.8%
+16.2%
First-half 2022-23 sales (April-September 2022)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
638.1
+69.4
-
568.7
464.6
+37.3%
+22.4%
Liqueurs & Spirits
214.5
+16.4
-
198.1
164.1
+30.7%
+20.7%
Subtotal: Group Brands
852.6
+85.8
-
766.8
628.7
+35.6%
+22.0%
Partner Brands
14.5
+0.1
-
14.5
16.6
-12.5%
-13.0%
Total
867.1
+85.8
-
781.3
645.3
+34.4%
+21.1%
Q3 2022-23 sales (October-December 2022)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
314.0
+17.8
-
296.2
332.7
-5.6%
-11.0%
Liqueurs & Spirits
114.1
+5.5
-
108.6
98.7
+15.7%
+10.1%
Subtotal: Group Brands
428.1
+23.3
-
404.8
431.4
-0.8%
-6.2%
Partner Brands
9.5
-
-
9.5
9.1
+3.6%
+3.9%
Total
437.6
+23.3
-
414.3
440.5
-0.7%
-6.0%
9-month 2022-23 sales (April-December 2022)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
952.1
+87.2
-
864.9
797.3
+19.4%
+8.5%
Liqueurs & Spirits
328.6
+21.9
-
306.7
262.8
+25.1%
+16.7%
Subtotal: Group Brands
1,280.7
+109.1
-
1,171.6
1,060.1
+20.8%
+10.5%
Partner Brands
24.0
+0.1
-
23.9
25.7
-6.8%
-7.0%
Total
1,304.7
+109.2
-
1,195.5
1,085.8
+20.2%
+10.1%
Q4 2023-23 sales (January-March 2023)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
147.9
-7.5
-
155.4
151.0
-2.0%
+2.9%
Liqueurs & Spirits
90.3
+1.3
-
89.0
70.5
+28.1%
+26.2%
Subtotal: Group Brands
238.2
-6.2
-
244.4
221.5
+7.6%
+10.4%
Partner Brands
5.6
-0.1
-
5.7
5.6
+0.7%
+2.5%
Total
243.8
-6.3
-
250.1
227.0
+7.4%
+10.2%
H2 2022-23 sales (October-March 2023)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
461,8
10,3
-
451,6
483,7
-4,5%
-6,6%
Liqueurs & Spirits
204,4
6,9
-
197,6
169,2
+20,9%
+16,8%
Subtotal: Group Brands
666,3
17,1
-
649,2
652,8
+2,1%
-0,6%
Partner Brands
15,1
-0,1
-
15,2
14,7
+2,5%
+3,4%
Total
681,4
17,0
-
664,4
667,6
+2,1%
-0,5%
FY 2022-23 sales (April 2022-March 2023)
€m
Reported
22-23
Forex
22-23
Scope 22-23
Organic
22-23
Reported
21-22
Reported change
Organic
change
A
B
C
A/C-1
B/C-1
Cognac
1,100.0
+79.7
-
1,020.3
948.3
+16.0%
+7.6%
Liqueurs & Spirits
418.9
+23.2
-
395.7
333.2
+25.7%
+18.7%
Subtotal: Group Brands
1,518.9
+102.9
-
1,416.0
1,281.5
+18.5%
+10.5%
Partner Brands
29.6
0.0
-
29.7
31.3
-5.4%
-5.3%
Total
1,548.5
+102.8
-
1,445.6
1,312.9
+17.9%
+10.1%
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 its performance.
These indicators should be considered as supplementing those
including in the consolidated financial statements and resulting
movements.
Organic sales growth:
Organic growth excludes the impact of exchange rate
fluctuations, acquisitions and disposals.
The impact of exchange rate fluctuations is calculated by
converting sales for the current financial year using average
exchange rates from the prior financial year.
For current-year acquisitions, sales of acquired entities are
not included in organic growth calculations. For prior-year
acquisitions, sales of acquired entities are included in the
previous financial year but are only included in current-year
organic growth with effect from the actual date of acquisition.
For significant disposals, data is post-application of IFRS 5
(which reclassifies entities disposed of under “Net earnings from
discontinued operations” for the current and prior financial year).
It thus focuses on Group performance common to both financial
years, over which local management has more direct influence.
1 All references to “on an organic basis” in this press release
refer to sales growth at constant currency and consolidation scope
2 Asia-Pacific 3 Europe, the Middle East and Africa
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005811/en/
Investor relations: Célia d’Everlange /
investor-relations@remy-cointreau.com Media relations:
Mélissa Lévine / press@remy-cointreau.com
Remy Cointreau (EU:RCO)
過去 株価チャート
から 4 2024 まで 5 2024
Remy Cointreau (EU:RCO)
過去 株価チャート
から 5 2023 まで 5 2024