Remy Cointreau Sa · EURONEXT:RCO
Remy Cointreau Sa — Remy Cointreau Sa Ord — Q3 2024 Earnings Presentation
18 slides from Remy Cointreau Sa's earnings presentation, Jan 26, 2024
Slide 1: 2023-24 Q3 Sales
eo REMY COINTREAU - REMY MARTIN COGNAC FINE CHAMPAGNE DREAMING FORWARD SINCE 1724 ~ 2023-24 Q3 Sales Luca Marotta, CFO 7 grb toe, x z 3500: # Ann 26 January 2024
Slide 2: Q3 sales and 9M 2023-24 organic sales growth highlights
o Q3 Sales down -23.5% YoY (+9.1% vs Q3 2019-20), impacted by major destocking in China and EMEA, amid worsened market conditions 9M 23-24 ORGANIC* o Soft start to CNY (improving in Jan) as cash pressures in the trade weigh on wholesalers’ orders; -2.5 pts of CNY calendar effects (i.e, around -€10m)
Slide 3: Marketing highlights
Marketing highlights @ Rémy Martin celebrates its 300* anniversary around the globe (/ Reopening of historical House in Cognac Launch of 300-year Coupe and limited editions of Full range Pop-up stores in 20 airports and Chinese cities Virtual reality vineyard visit Centaur Birthday Tour Nightclubs M
Slide 4: An end of year packed with impactful initiatives in China
An end of year packed with impactful initiatives in China REMY MARTIN. “LUB Xian Li, one of China's top actors RM, official partner of China’s most popular TV series New product launch to celebrate TMall D11 embodies brand manifesto: "Uncover your edge” Produced by Hong Kong director Wong Kar-wai CL
Slide 5: US Marketing highlights
US Marketing highlights Successful initiatives to Further develop US Direct-to-Consumer Whisky | SKY AMERICAN SINGLE MALT (CHARTING NEW TERRITORY ACROSS THE NATION Pus SECRETS OFTHE SCOTCH LENDERS “8 HOURS INLEXINGTON,KENTUGKY PAIRING WHISKY AND THAI FOOD ADVOCATE TOP 20 60% above Target Exclusive P
Slide 6: 9M 2023-24 - Group sales bridge
9M 2023-24 - Group sales bridge Reported: -26.7% 40% Price-Mix: -5.6% €1,304.7m Volume: -170% 9M 2022-23 Organic Currency 9M 2023-24
Slide 7: 9M 2023-24 - Organic
9M 2023-24 - Organic GROUP Sales CAGR: +3.9% 9M 19/20 9M 23/24 Volume: -0.5% (CAGR: -0.1%) Price-Mix: +172% (CAGR: +41%) (2) Organic sales growth at constant exchange rates (2022-23 rates) COGNAC Incl. major US & China destocking Sales CAGR. +0.9% €588.9m €613.2m 9M 19/20 9M 23/24 Volume: -22.5% (CA
Slide 8: Regional performance: Americas, APAC, EMEA
Slight decline in Q3, showing a sharp sequential Very strong DD% decline in Q3, affected by: Strong DD% decline mainly impacted by improvement from Q2 led by: Important destocking ahead of CNY Germany and Spain Gradual sequential improvement in depletions Negative calendar effects (-5.5 pts) Perform
Slide 9: China: very strong double-digit decline in Q3 sales
China: very strong double-digit decline in sales in Q3, impacted by major destocking before CNY and negative calendar effects o Underlying trends are softer due to lower consumer confidence and rising cash pressures in the trade o On-trade channel is slightly improving but shows some downtrading; in
Slide 10: North America: very strong double-digit growth in Q3
North America: o Very strong DD% growth in Q3 (approx. +165% vs. Q3 19-20), driven by resilient momentum and boosted by positive phasing effects o Cointreau’s Q3 US value depletions were down -2.2% YoY (i.e +64.5% vs. Q3 19-20) affected by tough comps and cautiousness by some retailers as the year-e
Slide 11: Update on status of China investigation
Update on status of China investigation Anti-dumping investigation opens on January 5, 2024 Products targeted : exports of brandy from EU to China (<200L) Period Targeted : October 1, 2022 - September 30, 2023 Duration of investigation : up to 12 months, with possible 6m extension Rémy Cointreau is
Slide 12: Outlook
outlook Support depletions/sell-out growth Maintain a strict pricing policy Focus on A&P that drive impact Optimize A&P, leveraging BTL and digital Implement cost-cutting plan (around €100 million) GUIDANCE 2
Slide 13: Appendices
Appendices
Slide 14: Quarterly sales by division
Quarterly sales by division In €m Q1 23/24 Q1 22/23 Reported % Organic % Cognac 155.1 292.3 46.9% 447% Liqueurs & Spirits 95.0 109.7 13.5% 14% Subtotal: Group Brands 250.0 402.0 -37.8% “35.6% Partner Brands 75 79 54% 4.6% Total 257.5 409.9 37.2% 35.0% In€m Q2 23/24 Q2 22/23 Reported % Organic % Cogn
Slide 15: Quarterly sales by division
Quarterly sales by division In &m Q3 23/24 Q3 22/23 Reported % Organic % Cognac 1971 314.0 37.2% -33.9% Liqueurs & Spirits 114.6 141 +0.4% +4.3% Subtotal: Group Brands 31.8 428.1 -27.2% -23,7% Partner Brands 8 95 “14.0% “13.5% Total 319.9 4376 -26,9% -23,5% In€m 9M 23/24 9M 22/23 Reported % Organic
Slide 16: Key currency impacts on 9M 2023-24 sales
Key currency impacts on 9M 2023-24 sales (In €m) PLN CHF 01 HUF Total currency impact: -€52.6m -06 TWD -09 AUD -1.0 HKD 12 JPY -17 CAD 17 -209 -24.9 Other USD CNY currencies 16
Slide 17: Next Financial publication dates
Next Financial publication dates ~ 2023-24 Q4 Sales 2023-24 FY Results
Slide 18: Rémy Cointreau
REMY COINTREAU - REMY MARTIN COGNAC FINE CHAMPAGNE DREAMING FORWARD SINCE 1724 ~
Remy Cointreau Sa Ord — Q3 2024 Earnings Presentation on 6ix