9 June 2011
Consolidated Preliminary Results for the year ended 31 March 2010
Strong annual performance
Current operating profit: up 17.6%*
Net debt/EBITDA ratio: 2.19
Rémy Cointreau’s turnover for the year ended 31 March 2011 increased by 12.4% (up 6.4% organically), with a 17.6% growth in current operating profit to 167 million* (up 8% organically), underlining an improved operating profit margin of 18.4%, compared with 17.6% the previous year, despite an increase in marketing investment during the year.
Excluding the reclassification of the Champagne division, operating profit would have grown by 21.6% in published data and 11.2% organically, reflecting the very strong performance of the Group’s operations worldwide.
Net profit, excluding non-recurring items (principally the impairment of the Metaxa brand) was 107.5 million, an increase of 16.7% compared with the previous year.
The Group’s net debt was 328.9 million at the year-end compared with 501.4 million in 2010, a decline of 34%. The net debt/EBITDA ratio was 2.19.
The 2010/11 financial year was marked by:
A substantial increase in Group operating profit.
–
Strong sales growth, combined with a significant improvement in the Group’s gross profit margin, resulted in a 17.6% increase in current operating profit.
The disposal of the Champagne division, concluded after the year-end.
–
On 31 May 2011, the Group signed an agreement with EPI for the disposal of the
Champagne division. Rémy Cointreau will continue as sole distributor of the Piper-
Heidsieck, Charles Heidsieck and Piper Sonoma brands. This division is now classified within Partner brands.
Debt restructured under favourable terms, with an extended maturity profile, and in
– marked decline.
*after reclassification of the Champagne division, held for disposal, into Partner brands in accordance with
IFRS 5.
-MORE-

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