RÉMY COINTREAU Fiscal Year 2014/15
12 months ended
31 March 2015
15 April 2015
2014/15 Sales Analysis
€m
FY 13/14
Edrington contract FY 13/14 pro forma (*) Organic (**) Currency FY 14/15 1,031.6102.8
928.8(6.4%)
+3.3%
+0.6%
965.1+3.9%
(*) Pro forma for the end of the Edrington distribution contract in the US (with effect from 1 April 14)
(**) Organic growth is calculated based on 2013/14 pro forma sales and at constant exchange rates
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Currency Impact on 2014/15 Sales
€m
USD
19.1
Positive currency impact (1): EUR30.3mMain gains Main losses
HKD
5.7 CNY
3.9
CAD
-0.5
JPY
-0.6
CZK
-1.2
(1) Currency impact is calculated based on 2013/14 pro forma sales 3
Quarterly Organic Sales Growth
Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 H2 14/15: +8.3%** +23.4% (2.3%) (5.3%) (5.7%)** (5.5%)** (1.0%)** H1 13/14: (3.6%) H1 14/15: (5.6%)** (16.1%) (18.9%) H2 13/14: (17.8%)(**) Calculated based on 2013/14 pro forma sales
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Q4 Sales: organic 2-year trend analysis
-5%
+5%
+18% -28%
EMEA Americas (2)
Asia Pacific Group
Q4 12-13 Q4 13-14 Q4 14-15
(2) Pro-forma for the end of the distribution contract with Edrington in 2012/13 and in 2013/14
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2014/15 Organic Growth by Product Division
Rémy Martin Liqueurs & Spirits Partner Brands Group9,0%
7.2%
7,0%
5,0%
3,0%
1,0%
0.6%**
-1,0%
-3,0%
(1.9%)
(0.6%) **
-5,0%
(**) Calculated based on 2013/14 pro forma sales 6
2014/15 Trends by Region
· Asia Pacific: Mid-single digit decline in FY; CNY shows positive trend inflection
· Sales in Greater China down high-single digits in the full-year
· Further destocking in H1
· Strong growth in H2 (driven by low comparatives)
· Chinese New Year saw a positive inflection in volume depletion trends
· Positive trends in Travel Retail and North East Asia, driven by double-digit growth in Japan
· Americas: Strong growth in FY, led by accelerated trends in the US
· Technical factors (Cointreau shipment phasing/ VS exit) offset one another in the FY, as…
· …US shipments rose high-single digits, in line with the Group's value depletions (excl. VS)
· Group's US value depletions (excl. VS): +9.8% over 3M, +9.0% over 6M, +6.8% over 12M
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2014/15 Trends by Region
· Europe, Middle East & Africa: low-single digit growth in FY
· Western Europe: slow start in H1, but better trends in H2
· France and Germany flat for RC brands
· New UK platform ends the year up low-single digits for RC brands, after a slow start
· Good growth in Belgium and Switzerland
· Central Europe grew double-digits, led by:
· Strong momentum in the Czech Republic, Slovakia, Poland and Turkey
· Success of Metaxa 12 Stars and Partner Brands
· Double-digit shipment growth in Africa, driven by strong depletion trends and activation of new markets
· Slower trends in Russia/CIS in H2
· Wait-and-see attitude from wholesalers adversely affecting shipments
· Russian depletions down mid-single digits over 12M (low-single digit decline for Rémy Martin)
· Strong performance in Travel Retail
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Rémy Martin (1.9% organic decline in 14/15)
· Asia Pacific:
· Shipments back to growth in Greater China in H2
· Chinese New Year depletions: positive inflection in volumes, value still in decline
· Strong performance in Japan and Travel Retail
· Americas:
· Good performance in FY14-15, led by a double-digit rebound in the US in H2
· US volume depletions (excl. VS) growing at healthy high single-digit/low double-digit pace
Volume depletion trends to Mar 2015
3 months 6 months 12 months US Cognac Market 12.2% 18.1% 13.1% Rémy Martin (excl. VS) 15.7% 11.2% 9.7% Source:NABCA/Discus
·Exit from VS and solid growth of QS drove price/mix gains of 1-2pp in 12M period to Mar.
· Europe, Middle East & Africa:
· Western Europe in decline over 12M, despite a good H2 performance, led by the UK
· Africa: Depletions up double-digits; Russia: depletions down low-single digits
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Rémy Martin: Marketing lnitiatives
Liqueurs & Spirits (7.2% organic growth in 14/15)
· Strong growthled by the successful strategy of product upgrading and internationalisation
· Cointreau:
· High single-digit growth led by an excellent performance in the US (partially helped by some technical factors), Japan, Greater China and Africa.
· Ongoing softness in Western Europe (some improvement in France)
· Efficient on-trade activations drive accelerated US volume depletions and share gains
Volume depletion trends to Mar 2015
3 months 6 months 12 months US Cordials Market -3.6% -3.0% -1.6% Cointreau 5.6% 4.8% 3.0%
Source: NABCA/Discus
·US value depletions benefited from price/mix gains of 0-1pp in the 12M period to Mar.
· Metaxa: Solid growth in Germany and in Central Europe, offset by weakness in Russia and in
Travel Retail (Russian tourists)
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