Remy Cointreau Sa · EURONEXT:RCO
Remy Cointreau Sa — FY2022-23 Earnings Presentation
18 slides from Remy Cointreau Sa's earnings presentation, Apr 28, 2023
Slide 1: FY 2022-23 Sales
2 02 2-2 3 F Y S a les Luca Marotta, CFO April 28, 2023
Slide 2: FY 22-23 organic sales growth highlights
FY 22-23 ORGANIC* o Strong annual performance (+10.1%), representing +43.6% organic sales growth vs. FY 2019-20 SALES GROWTH o Sales up +10.2% in Q4 reflecting successful value strategy (Price-Mix: +7.6%); Volume up +2.6% +10.1% o -1.5 pts of calendar effect linked to CNY in Q4 2023-24 (i.e, around
Slide 3: Super Bowl
o o SUPER BOWL o o o 3 Source EDO – Entertainment Data Oracle / Marketing Influential
Slide 4: Off-trade and on-trade activations, e-commerce push
Strong push on e-commerce to leverage Off-trade activations On-trade activations following CNY Limited Edition for CNY 4
Slide 5: Louis XIII Rare Cask 42.1
Louis XIIIl Rare Cask 42.1 ‘sta,titi il A pepe 42.1 ABV 775 decanters in a single tiergon 10 years since RARE CASK 42.6
Slide 6: FY 2022/23 Group Sales bridge
FY 2022/23 - Group Sales bridge Oo ~~ Reported: +17.9% ——— Price-Mix:+10.1% Volume. flat €1,548.5m €1,312.9m FY 2021-22 Organic Currency FY 2022-23
Slide 7: FY 2022/23 Organic sales
FY 2022/23 - Organic GROUP Sales CAGR: +12.8% FY 19/20 FY 22/23 Volume: +14.3% (i.e. CAGR: +4.6%) Price-Mix: +29.3% (ie CAGR: +8.9%) (2) Organic sales growth at constant exchange rates (2021-22 rates) sales up +43.6%* vs. FY 2019-20 COGNAC Sales CAGR: +12.2% €1100.0m €735.5m FY 19/20 FY 22/23 Volume
Slide 8: Q4 performance by region
Mid single-digit decline in Q4 (> pre-covid level), Very strong double-digit sales growth in Q4 Very strong double-digit growth in Q4 affected by sharp normalization of consumption across whole portfolio (positive sales growth excl. VSOP) Solid CNY vs. LY led by CLUB and whiskies On-trade weakness (
Slide 9: Rémy Martin: North America and Latin America
North America: o FY 22-23: low single-digit decline in sales YoY (> +60% vs. FY 19-20) o Q4: very strong double-digit decline in sales YoY impacted by sharp normalization of consumption; persistent up-trading trends with continued outperformance of Louis XIII and RM XO o Q4 US value depletions: very
Slide 10: Liqueurs & Spirits: North America and Latin America
North America: o Sales showed very strong double-digit growth YoY in FY and in Q4 (approx. +75% vs. FY 19-20), driven by Cointreau and The Botanist: continued rise in mixology (good momentum around the Margarita cocktail) and persistent up-trading trends in on-trade o Cointreau Q4 US value depletion
Slide 11: Outlook 2022-23 confirmed
Outlook 2022-23 confirmed o Strong organic COP growth o Leading to organic COP margin improvement + Sizeable Gross Margin improvement + Increased A&P investments, notably in H2 + Tight control of OPEX o Expected currency effects on COP: around +€40m (vs. +€55/60ME previously)
Slide 12: 2023-24 outlook: V-shaped trajectory (1/2)
2023-24 outlook: V-shaped trajectory (1/2) On the heels of two outstanding years, Remy Cointreau expects FY 2023-24 to show o Continued strong normalization of consumption in the US which should settle at “new normal” levels (significantly above 2019-20) considering * — Stronger brands (awareness an
Slide 13: 2023-24 outlook: V-shaped trajectory (2/2)
2023-24 outlook:V-shaped trajectory (2/2) In this context, Rémy Cointreau anticipates stable organic sales for 2023-24, including o Strong sales decline in H1, impacted by a very strong fall in the US and high bases for comparison o Strong recovery in sales in H2, driven by a sharp rebound in the US
Slide 14: Appendices
Appendices
Slide 15: Quarterly sales by division
Quarterly sales by division In €m Q1 22/23 Qt 21/22 Reported % Organic % Cognac 292.3 199.6 +46 4%. +31,5% Liqueurs & Spirits 1097 853 +28.7% 419.4% Subtotal: Group Brands 402.0 284.9 +411% +27 9%, Partner Brands 79 8.2 -3.1% 38% Total 409.9 2931 439.9% +27. 0% In &m Q2 22/23 Q2 21/22 Reported % Org
Slide 16: Quarterly sales by division
Quarterly sales by division In &m Q3 22/23 Q3 21/22 Reported % Organic % Cognac 314.0 3327 56% “11.0% Liqueurs & Spirits 1144 987 +15:7% +10.1% Subtotal: Group Brands 428.1 4314 -08% 62% Partner Brands 95 1 43.6% 43.9% Total 4376 4405 07% 6.0% In€m Q4 22/23 Q4 21/22 Reported % Organic % Cognac 1479
Slide 17: Key currency impacts on FY 2022-23 sales
Key currency impacts on FY 2022-23 sales Total currency impact: +€102.8m (In €m) 82.1 USD Main gains 23 14 25 as Dn CAD HKD Other currencies Main losses -03 -0.8 -1.2 PLN GBP JPY 7
Slide 18: Q&A
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