Remy Cointreau SA · EURONEXT:RCO
Remy Cointreau SA — Q1 2014/15 Earnings Presentation
15 slides from Remy Cointreau SA's earnings presentation, Jul 18, 2014
Slide 1: Fiscal Year 2014/15: 3 months ended 30 June 2014
Fiscal Year 2014/15 3 months ended 30 June 2014 18 July 2014
Slide 2: Q1 2014/15 Sales Analysis
Q1 2014/15 Sales Analysis €m Edrington Q1 13/14 Q1 13/14 contract pro forma (*) Organic (**) Currency Q1 14/15 (18.5%) 263.7 236.6 27.0 214.8 (5.7%) (3.5%) (9.2%) (*) Pro forma for the end of the Edrington distribution contract in the US (with effect from 1 April 14) (**) Organic growth is calculate
Slide 3: Currency Impact on Q1 Sales
Currency Impact on Q1 Sales Negative currency impact: EUR8.2m (1) Others: EUR1.8m USD: EUR3.8m HKD: EUR1.1m CNY: EUR1.5m (1) Currency impact is calculated based on 2013/14 pro forma sales 3
Slide 4: V-Shape Recovery on Track
V-Shape Recovery on Track Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 (2.3%) (5.3%) (5.7%) ** (16.1%) (18.9%) 4
Slide 5: Q1 Organic Growth by Product Division
Q1 Organic Growth by Product Division Rémy Martin Liqueurs & Spirits Partner Brands Group 15,0% 11.3% 9.1% (**) 10,0% 5,0% 0,0% -5,0% (5.7%)** -10,0% -15,0% (15.3%) -20,0% 5
Slide 6: Q1 Trends by Regions
Q1 Trends by Regions Asia Pacific still impacted by destocking in China: Destocking continued in China as our depletions are not yet stabilized (Q1 trends in- line with our FY expectations) South East Asia and North East Asia (Japan) posted healthy growth in the quarter Solid growth in Liqueurs & Sp
Slide 7: Q1 Trends by Regions
Q1 Trends by Regions Europe, Middle East & Africa shows resilience overall Rémy Martin affected by slower market trends across the region Growth in Liqueurs & Spirits: strength of Metaxa more than offset Cointreau’s weakness Solid performance of Partner Brands in the region Challenging macro in West
Slide 8: Rémy Martin (15.3% organic decline)
Rémy Martin (15.3% organic decline) Asia Pacific: Further destocking in China (as expected), albeit at a slower pace than in H2 13/14 Good performance in South East Asia Americas: Technical decline in US shipments: high comps base (mainly V) and pursuing exit from VS Rémy Martin US volume depletions
Slide 9: Rémy Martin: Marketing Initiatives
Rémy Martin: Marketing Initiatives Baptiste Loiseau’s Induction Tour Fresh Design for Rémy Martin VSOP 9
Slide 10: Liqueurs & Spirits (11.3% organic growth)
Liqueurs & Spirits (11.3% organic growth) Good start to the year thanks to the solid performance of our main brands. However, Q1 trends should not be extrapolated to the full-year 2014/15 Cointreau: Double-digit growth in Q1 largely driven by US shipment phasing from 4Q14 into 1Q15 US volume depleti
Slide 11: Liqueurs & Spirits (11.3% organic growth)
Liqueurs & Spirits (11.3% organic growth) Mount Gay: Good performance in US volume depletions, with strong re-ordering trends for Black Barrel in the key targeted accounts. Volume depletion trends to June 2014 3 months 6 months 12 months US Rum Market -3.2% 0.5% -1.0% Mount Gay 5.6% 1.4% -0.2% Sourc
Slide 12: Liqueurs & Spirits: Marketing Initiatives
Liqueurs & Spirits: Marketing Initiatives Bruichladdich: Passoa: Private Event Held by Jim McEwan Brazil World Cup Limited Edition 12
Slide 13: Partner Brands (9.1% organic growth)
Partner Brands (9.1%** organic growth) End of the distribution contract with Edrington in the US from 1 April 2014 (sales contribution from those brands was EUR27m in 1Q14 and EUR103m in FY13/14) Main Partner Brands now include: Charles and Piper-Heidsieck champagnes, some of the William Grant & Son
Slide 14: 2014/15 Outlook Unchanged
2014/15 Outlook Unchanged ■ At the end of the first three months of the fiscal year, the Group remains confident in delivering organic growth in both sales and current operating profit in 2014/15 ■ This objective should be calculated: ■ Based on a 2013/14 pro forma for the end of the Edrington distr
Slide 15: Q&A
a REMY COINTREAU Q&A