Sales: +27.3% in organic terms (up +29.4%
compared to 2019-20)
Full-year guidance confirmed
Regulatory News:
Rémy Cointreau (Paris:RCO) generated revenue of
€1,312.9 million in 2021-22, up +27.3% in organic terms1,
including a +9.2% increase in the mix-price effect and an
exceptional increase in volumes of +18.2%. The Group recorded an
increase in organic growth of +29.4% compared to 2019-20. Thanks to
its unique positioning in the exceptional spirits segment and
strengthened investment capacity, the Group benefited fully from
the acceleration in new consumer trends and took advantage of all
of these new growth opportunities (particularly the upmarket
movement and the rise of mixology).
Reported sales were up +30.0% after taking into account positive
scope effects of +0.2% (from the acquisitions of Brillet and
Telmont) and favourable currency effects (+2.4%). As announced,
this performance includes a decrease in revenues of -9.4% in
organic terms in the fourth quarter, reflecting the Group’s efforts
to control its strategic inventories before carrying out major
price increases on 1 April 2022 and an unfavourable calendar effect
linked to the Chinese New Year (approximately -3 points). The
fourth quarter recorded an increase of +4.2% in organic terms
compared to 2019-20.
All regions contributed to Rémy Cointreau’s very strong organic
performance. The Americas region generated excellent growth
of +30.0%, up +54.2% compared to 2019-20. The APAC2 region
posted solid growth of +25.8%, representing a +19.8% increase in
sales compared to 2019-20. Finally, the EMEA3 region
benefited from the economic recovery and the strong momentum of the
on-trade channel. Up +22.4%, the region is now on track to quickly
return to its 2019-20 activity levels (-3.5%).
Breakdown of sales by division:
€m
(April 2021 – March 2022)
2021-22
2020-21
Reported
change
Organic
change
Organic change
(vs. 2019-20)
Cognac
948.3
735.0
+29.0%
+26.3%
+30.7%
Liqueurs & Spirits
333.2
248.3
+34.2%
+31.7%
+27.5%
Subtotal: Group Brands
1,281.5
983.3
+30.3%
+27.7%
+29.9%
Partner Brands
31.3
26.9
+16.3%
+15.2%
+13.5%
Total
1,312.9
1,010.2
+30.0%
+27.3%
+29.4%
Cognac
The Cognac division posted remarkable growth of +26.3% in
organic terms in 2021-22 (including a price-mix effect of +13.8%),
up +30.7% compared to 2019-20. In the fourth quarter, as announced,
revenue fell by -16.7% (almost stable compared to 2019-20),
affected by the strict management of strategic inventories in
advance of the sharp price increases on 1 April 2022 and a negative
calendar effect of around -4 points (Chinese New Year). While the
underlying trend remained robust in the US and Europe, it was
temporarily affected in China by lockdown measures. However, the
impact on revenue was limited due to the traditionally low level of
activity during this period. Moreover, inventory levels remained
robust.
In the fourth quarter, Rémy Martin launched its new
limited edition, L’Etape. This Fine Champagne cognac is the result
of a collaboration between Rémy Martin and 19 wine-growing partners
of the AFC, all of whom are strongly involved in sustainable
agriculture. With this new edition, the brand aims to embody its
desire to preserve its terroirs and the collective commitment to
“Sustainable Exception.” For the second year running, Rémy Martin
was recognised among the “Hot Brands” of 2021 by the US media
outlet Shanken Impact, which highlights the most dynamic brands on
the US market.
After its “100 Years” campaigns, Louis XIII unveiled its
new opus “Believe in Time”, which once again pays tribute to its
primary preoccupation: Time. This campaign highlights the
collaboration of three talented women: American singer Solange
Knowles, Chinese fashion designer Guo Pei and Franco-Senegalese
director Mati Diop.
Liqueurs & Spirits
With organic growth of +31.7% (including +24.6% in volume) in
2021-22, the Liquors & Spirits division reaffirmed its
key role in achieving the strategic plan. A true second pillar of
growth for the Group, the division far exceeded its level of
activity in 2019-20 (up +27.5%). In the fourth quarter, revenue
increased by +9.3% in organic terms, up +16.7% compared to
2019-20.
During the last quarter, the House of Cointreau continued
to benefit from consumer enthusiasm for cocktails in the United
States, notably “The Original Margarita”, which was highlighted in
its new collaboration with former US football player Drew Brees.
The Botanist also continued its strong growth in the
on-trade channel. In particular, it reached a new stage in its
development with the launch of a large-scale campaign during the
Super Bowl. In China, the success of the Bruichladdich
whiskies has remained robust. Taking advantage of its strong appeal
to new generations, the House of Whisky has stepped up its
initiatives to increase its awareness and educate consumers about
its origins, terroir and tasting. Finally, the Group posted strong
growth in Europe, driven by Cointreau and Metaxa. The
Bruichladdich whiskies continued to boost their visibility
with the launch of a new ad campaign in the United Kingdom entitled
“We also make whisky.”
Partner Brands
Sales of the Partner Brands increased +15.2% in organic
terms in 2021-22 (of which -3.3% in the fourth quarter). This
performance reflects an increase of +13.5% compared to 2019-20
(including +15.5% compared to fourth quarter 2019-20).
2021-22 outlook: full-year guidance confirmed
With annual sales in line with its expectations, Rémy Cointreau
reiterates its forecasts for very strong organic growth in
its Current Operating Profit. As expected, this will
solely driven by the outstanding growth in the first half of the
year.
Rémy Cointreau significantly increased its investments in
marketing and communication in the second half of the year and
maintained strict management of its strategic inventories in the
fourth quarter. In addition, the second half of the year was
characterised by a high comparison base.
Consequently, Rémy Cointreau confirmed its forecast for an
organic improvement in its current operating margin.
For the year, the Group expects a scope effect of -€2.4 million
and is now expecting a favourable currency effect (around €5.0
million) on its Current Operating Profit.
Despite a complex economic and geopolitical environment, Rémy
Cointreau is entering 2022-23 with confidence. The Group is today
perfectly positioned to take advantage of new consumer trends. Its
high-end positioning, the strong level of desirability of its
brands and the rarity of its of its eaux-de-vie and ageing spirits
give it excellent pricing power. In particular, the Group expects a
strong start to its business in the first quarter despite a very
high comparison base and an environment in China that remains
characterised by the pandemic.
Appendices
Q1 2021-22 sales (April-June 2021)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
199.6
-12.1
+0.1
211.6
98.7
+102.3%
+114.4%
Liqueurs & Spirits
85.3
-3.8
+1.3
87.8
46.1
+84.9%
+90.5%
Subtotal: Group Brands
284.9
-15.9
+1.4
299.5
144.8
+96.8%
+106.8%
Partner Brands
8.2
-
-
8.2
5.3
+55.6%
+55.3%
Total
293.1
-15.9
+1.4
307.6
150.1
+95.3%
+105.0%
Q2 2021-22 sales (July-September 2021)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
265.0
+2.8
-0.1
262.3
206.8
+28.2%
+26.9%
Liqueurs & Spirits
78.8
+1.3
+0.7
76.8
66.0
+19.5%
+16.5%
Subtotal: Group Brands
343.8
+4.1
+0.6
339.1
272.7
+26.1%
+24.3%
Partner Brands
8.4
+0.1
-
8.3
8.1
+4.3%
+2.9%
Total
352.2
+4.3
+0.6
347.4
280.8
+25.4%
+23.7%
H1 2021-22 sales (April-September 2021)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
464.6
-9.3
-
473.9
305.4
+52.1%
+55.2%
Liqueurs & Spirits
164.1
-2.5
+1.9
164.7
112.1
+46.4%
+46.9%
Subtotal: Group Brands
628.7
-11.8
+2.0
638.6
417.5
+50.6%
+52.9%
Partner Brands
16.6
+0.1
-
16.5
13.3
+24.6%
+23.6%
Total
645.3
-11.7
+2.0
655.0
430.8
+49.8%
+52.0%
Q3 2021-22 sales (October-December 2021)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
332.7
+13.8
-
318.9
267.0
+24.6%
+19.4%
Liqueurs & Spirits
98.7
+3.0
-
95.6
75.1
+31.4%
+27.3%
Subtotal: Group Brands
431.4
+16.9
-
414.5
342.1
+26.1%
+21.1%
Partner Brands
9.1
+0.1
-
9.0
7.9
+15.7%
+14.3%
Total
440.5
+17.0
-
423.5
350.0
+25.9%
+21.0%
9-month 2021-22 sales (April-December 2021)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
797.3
+4.5
-
792.8
572.5
+39.3%
+38.5%
Liqueurs & Spirits
262.8
+0.6
+1.9
260.3
187.2
+40.4%
+39.1%
Subtotal: Group Brands
1060.1
+5.1
+2.0
1053.0
759.6
+39.6%
+38.6%
Partner Brands
25.7
+0.2
-
25.5
21.2
+21.3%
+20.1%
Total
1085.8
+5.3
+2.0
1078.5
780.9
+39.1%
+38.1%
Q4 2021-22 sales (January-March 2022)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
151.0
+15.5
-
135.4
162.5
-7.1%
-16.7%
Liqueurs & Spirits
70.5
+3.6
-
66.9
61.2
+15.3%
+9.3%
Subtotal: Group Brands
221.5
+19.1
-
202.3
223.7
-1.0%
-9.6%
Partner Brands
5.6
+0.1
-
5.5
5.7
-2.2%
-3.3%
Total
227.0
+19.2
-
207.8
229.4
-1.0%
-9.4%
H2 2021-22 sales (October 2021-March 2022)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
483.7
+29.4
-
454.3
429.6
+12.6%
+5.8%
Liqueurs & Spirits
169.2
+6.6
-
162.5
136.2
+24.2%
+19.2%
Subtotal: Group Brands
652.8
+36.0
-
616.8
565.8
+15.4%
+9.0%
Partner Brands
14.7
+0.2
-
14.5
13.6
+8.2%
+6.9%
Total
667.6
+36.1
-
631.3
579.4
+15.2%
+9.0%
FY 2021-22 sales (April 2021-March 2022)
€m
Reported
Forex
Scope
Organic
Reported
Reported
Organic
21-22
21-22
21-22
21-22
20-21
change
change
A
B
C
A/C-1
B/C-1
Cognac
948.3
+20.1
-
928.2
735.0
+29.0%
+26.3%
Liqueurs & Spirits
333.2
+4.1
+1.9
327.1
248.3
+34.2%
+31.7%
Subtotal: Group Brands
1,281.5
+24.2
+2.0
1 255.3
983.3
+30.3%
+27.7%
Partner Brands
31.3
+0.3
-
31.0
26.9
+16.3%
+15.2%
Total
1312.9
+24.5
+2.0
1 286.4
1,010.2
+30.0%
+27.3%
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 growth is calculated excluding the impact of exchange
rate fluctuations, acquisitions and disposals.
The impact of exchange rates is calculated by converting sales
for 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 year). This indicator serves to
focus on Group performance common to both financial years, which
local management is more directly capable of measuring.
Regulated information in connection with this press release can
be found at www.remy-cointreau.com.
___________________________
1 All references to “organic growth” in
this press release correspond to sales growth at constant currency
and scope.
2 Asia-Pacific
3 Europe, Middle East and Africa.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428005931/en/
Celia d’Everlange — +33 6 03 65 46 78
Remy Cointreau (EU:RCO)
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