Rémy Cointreau : Consolidated Sales for the Six Months

  Rémy Cointreau : Consolidated Sales for the Six Months

                           (APRIL – SEPTEMBER 2013)

Business Wire

PARIS -- October 17, 2013

Regulatory News :

Rémy Cointreau’s (Paris:RCO) sales for the first six months of the financial
year were €558.0 million, an organic decline of 3.6% compared with the same
period the previous year, in which they increased by 13.3%.

Excluding Asia, all Group brands recorded good growth. Performances were
particularly good in the US and throughout the Americas region. In Europe,
Group sales grew in a challenging economic environment. In Asia, as previously
stated, China remained affected by a number of slowdown factors, whilst Japan
and Indonesia saw good growth.

(€ millions)            6 months to  6 months to  % Change
                       30/09/13     30/09/12     Published  Organic*
Rémy Martin             327.2        376.1        -13.0      -10.4
Liqueurs & Spirits      120.4        112.3        +7.2       +10.2
Sub-total Group brands  447.6        488.4        -8.4       -5.7
Partner brands          110.5        107.4        +2.8       +6.0
Total                   558.0        595.8        -6.3       -3.6

*On a like-for-like basis

Rémy Martin – The growth achieved in the US and Europe since the beginning of
the financial year did not offset the impact of the slowdown in China. The
brand declined by 8.3% organically in the second quarter. The temporary
slowdown in the sales momentum of premium cognacs in China, which does not in
any way, detract from the brand’s fundamentals, did not constrain Rémy
Martin’s strategic and targeted investment in this region. In the US, brand
momentum has been confirmed over the last few quarters.

Liqueurs & Spirits – Overall, the division recorded organic growth of 10.2%.
Cointreau recorded good growth in the US, Latin America and in its key
European markets, particularly the UK and France. Metaxa continued to grow in
Greece and in certain Eastern European countries as well as in Russia. Mount
Gay Rum’s new range is being rolled out successfully in the US, its principal
market. The single malt Scotch whisky, Bruichladdich, which was acquired in
September 2012, continued its expansion within the Group’s network.

Partner brands – The increase in sales of Partner brands (up 6.0% organically)
was principally due to sales growth in the US.


During the six months under review, the movement in the exchange rate of
foreign currencies against the Euro had a negative impact of 2.7% on sales.

On 30 August 2013, the Group announced the completion of the sale of Larsen
Cognac to the Finnish group, Altia. This transfer included the brand,
industrial and commercial assets together with the inventories needed for the
entity to operate as a going concern.

In the third quarter, Rémy Martin is expected to remain adversely affected by
certain measures taken in China and by the level of retail inventories.
Nevertheless, the Group remains confident in the brand’s exceptional
fundamentals in Asia, and in its long-term development in China.

In an economic environment which continues to lack visibility, Rémy Cointreau
is determined to pursue its strategy of moving its brands upmarket and create
long-term value.

As a result of sustaining its targeted investment, pursuing a policy of
innovation, continuing to expand its distribution network and maintaining
strict cost control, the Group is confident in the ability of its value
creation strategy in order to return to steady growth.


Appendix attached: Divisional and quarterly analysis of sales and organic



Analysis of sales by division and quarter and by organic growth

2013/14 financial year                                          
(€ millions)            Rémy Martin  Liqueurs &  Partner brands  Total
First quarter            149.3         57.8         56.6             263.7
Second quarter          177.9        62.6        53.9            294.4
Total sales             327.2        120.4       110.5           558.0
2012/13 financial year
(€ millions)            Rémy Martin  Liqueurs &  Partner brands  Total
First quarter            173.8         50.0         47.8             271.6
Second quarter          202.3        62.3        59.6            324.2
Total sales             376.1        112.3       107.4           595.8
2013/14 vs 2012/13
Organic growth          Rémy Martin  Liqueurs &  Partner brands  Total
First quarter            -12.9%        13.0%        20.5%            -2.3%
Second quarter          -8.3%        4.7%        -5.3%           -5.3%
Total sales             -10.4%       10.2%       6.0%            -3.6%


Rémy Cointreau
Luca Marotta Tel: 00 33 1 44 13 44 34
Joëlle Jézéquel Tel: 00 33 1 44 13 45 15
Caroline Sturdy
Tel: 07775 568 500
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