2021 2020/2021 INTEGRATED ANNUAL REPORT INTEGRATED ANNUAL INTEGRATED ANNUAL REPORT 2020/2021
"Blue like the colour of our planet, our oceans and the sky, which we strive to protect over time, as they nurture our terroirs and our people."
The Earth is blue like an orange Never an error the words don't lie They don't give you any more to sing In the turn of kisses to understand The crazy and the loves She her kiss of alliance All the secrets all the smiles And what clothing of indulgence To believe her completely naked.
The wasps bloom green The dawn passes round the neck A necklace of windows Of wings covering the leaves You have all the solar joys All the Sun above the Earth Above the paths of your beauty.
Paul Eluard
Translated by O.A. Ramos FOREWORD
The challenging health situation of the 2020/2021 financial year has not dampened the Corporate Social Responsibility (CSR) ambitions of Rémy Cointreau – quite the contrary. CSR is a long-standing priority for the Group and its exceptional brands, which pushed ahead with initiatives to promote biodiversity, the preservation of terroirs, the circular economy, and partner communities. The Group’s brands also played their part in managing the health crisis, notably by actively participating in the production of hand sanitizer.
As in the previous year, the Group demonstrated its structural strength. Resilient to the unforeseen collapse in demand, it proved to be highly adaptable when the Chinese and US markets recovered. Despite the impact of the pandemic, it ended the year with positive organic growth in sales and significant growth in earnings. This performance would not have been possible without the exceptional commitment of the teams, which demonstrated their agility and imagination to start inventing the world of tomorrow with a head start. 01_STRATEGIC 03_CORPORATE PRESENTATION SOCIAL OF THE GROUP RESPONSIBILITY
08 84 A WORD FROM TIME THE CHAIRMAN 92 10 TERROIRS INTERVIEW WITH THE CHIEF EXECUTIVE OFFICER 104 PEOPLE 12 KEY FIGURES
16 ABOUT THE GROUP 04_FINANCE 18 GOVERNANCE 122 30 CONSOLIDATED ANNUAL STRATEGY RESULTS 2020/2021 AND OBJECTIVES 126 44 FINANCIAL TABLES COMPANY OWNERSHIP
46 RÉMY COINTREAU FOUNDATION
02_THE YEAR OF THE BRANDS IN 2020/2021
52 THE HOUSE OF RÉMY MARTIN
58 LIQUEURS & SPIRITS
CONTENTS 70 WHISKIES
76 THE MARKETS STRATEGIC PRESENTATION OF THE GROUP
All around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavours. Their exacting standards are proportional to our expertise – the finely-honed skills that we pass down from generation to generation. The time these clients devote to drinking our products is a tribute to all those who have worked to develop them.
It is for these men and women that Rémy Cointreau, a family-owned French Group, protects its terroirs, cultivates exceptional multi-centenary wine and spirits, and undertakes to preserve their eternal modernity. The Group’s portfolio includes 14 singular brands, such as the Rémy Martin and Louis XIII cognacs, and Cointreau liqueur.
Rémy Cointreau has a single ambition: becoming the world leader in exceptional spirits. To this end, it relies on the commitment and creativity of its 1830 employees and on its distribution subsidiaries established in the Group’s strategic markets. Rémy Cointreau is listed on Euronext Paris. A WORD FROM THE CHAIRMAN
The Rémy Cointreau Group has proved extremely resilient despite the public health crisis of 2020/2021, reflecting its clients' loyalty to its wine and spirit brands, the relevance of its strategy, and the agility of its teams.Rémy Cointreau most definitely came through this crisis even stronger, which confirms our ambition to become the leader in exceptional spirits.
As evidenced by its financial and non-financial as much as possible from the virus through MY COINTREAU _ ANNUAL REPORT
results, 2020/2021 was a year marked by various concrete actions, but also by É
resilience and a source of genuine satisfaction ensuring full pay, without using state aid. R for the Rémy Cointreau Group. After Rémy Cointreau then played an active role in a challenging start to the year ― a sharp the collective effort to make hand sanitizer, drop in sales due to the collapse of air traffic driven by the generosity and enthusiasm of and on-trade consumption ― the second the teams at the various production sites. half of the year posted a spectacular A number of sponsorship initiatives aimed recovery, which enabled us to end the at helping and supporting the bartender year with positive organic sales growth community and hospitality industry were and a return to the record profitability also set up in the various global markets. 09 of the 2018/2019 financial year. Lastly, from an environmental perspective, This rebound was mainly driven by the the Group continued its actions to promote rapid business recovery in China from sustainable agriculture and implemented new the summer of 2020, and by the US, its initiatives to reduce its carbon footprint. core market, which benefited from an These efforts were rewarded on several acceleration of underlying trends on the occasions in 2020/2021. In May 2020, back of the pandemic. The year was shaped our Bruichladdich distillery obtained around the rise in off-trade mixology and "B-Corp" certification, which recognizes consumption, outstanding performance its social and environmental performance. of the high-end ranges, strong development in online sales, and the growing interest In December 2020, Rémy Cointreau was in corporate social responsibility. These ranked as the most "responsible" French trends, which are central to the Group's company in the agri-food sector in the strategy, enabled it to effectively address study published by Le Point ma ga zi ne, the upheaval caused by the pandemic. They and the Carbon Disclosure Project (CDP) also enabled us to emerge from this crisis granted it "Leadership" status (rating A-) even stronger and look toward the future in the area of climate change. While these with confidence. results reflect the merit of the Group’s MARC HÉRIARD DUBREUIL commitment, above all they encourage us It was also important for Rémy Cointreau, to continue and expand our actions. "The spectacular recovery in the second half-year has enabled us to emerge stronger from the pandemic crisis whatever the circumstances, to continue and to look towards the future with confidence." to fulfil its social obligations with regard I would like to thank our shareholders for the to its employees, its stakeholders and trust they have placed in Rémy Cointreau, the planet, in line with its commitments to which for some, was established many the Global Compact. years ago.
In addition to financial performance, the Group At the end of 2020/2021, our 2030 targets continued to take action in accordance with for achieving profitable and responsible its values and resources. First and foremost, growth are confirmed and resolutely ambitious it took care of its teams, protecting them for the years to come. INTERVIEW WITH THE CHIEF EXECUTIVE OFFICER
ÉRIC VALLAT
"The pandemic has accelerated the development of pre-existing trends, allowing us to gain years in terms of investments and education." sanitizer or by providing financial an improvement from the very low levels aid to those most affected, starting with currently. In that more positive context, our on-trade partners. we will strongly invest in our brands to further strengthen their desirability What lessons can you draw from these and leverage consumption trends, which in at-home consumption and mixology, past 12 months? we believe are increasingly favourable combined with favourable uptrading First, I think we live in a world that to us. trends. This was particularly true in the will become increasingly unpredictable. MY COINTREAU _ ANNUAL REPORT
United States and in the United Kingdom, As an organisation, we need to be To what extent did the pandemic alter É
but also in Australia. Moreover, the as flexible and agile as possible. Second, your 2030 strategic plan and its targets? R Chinese market recovered in the summer in terms of the pandemic, I think It did not alter our strategic plan at all. of 2020 and enjoyed strong consumption it accelerated the development of pre- In fact, it strengthened our confidence trends during its two key events: the existing trends, which allowed us in our strategic decisions, such as Mid-Autumn Festival and the Chinese to gain years in terms of investments the value strategy of our brown spirits, New Year. On the whole, I would never and education: at-home consumption, the development of a direct-to-consumer have imagined at the beginning of the mixology, uptrading, e-commerce and and e-commerce strategy, and the Group’s fiscal year that our business would a direct-to-consumer strategy, together transformation to ensure more responsible prove to be so resilient: organic growth with sustainability values. As a result, growth. We are confident that we will 11 of nearly 2% in our revenues and 13% we have been gaining market share achieve a 72% gross margin and a 33% in our current operating profit is a great with our cognacs (as a category and current operating margin by 2030, achievement. We owe it to the strength within the category) as well as with while obtaining 100% responsible of our brands and the loyalty of our Cointreau, while our single malt whiskies and sustainable farming certifications clients, but also to the passion and energy also performed strongly. across all our terroirs and agricultural of our teams, which have been incredibly ingredients. We also believe that we will agile in this challenging context. In other words, while the pandemic significantly reduce our carbon footprint, is clearly a dramatic situation at a human with the goal of being carbon neutral Talking about your teams, what protective scale, as a Group we have been propelled by 2050. measures did you take during the pandemic? into a new, long-term paradigm that The protection and health of our teams offers increased business opportunities have always been at the forefront for Rémy Cointreau. We are optimistic, bold of our decisions (with working from and ambitious for our brands worldwide. home becoming a widespread practice And we are increasingly focused on our as far as possible). Given the very low teams and on the way we communicate, visibility in March/April 2020, we had since the crisis has proven once again How would you characterise the year to implement some cost-cutting measures that people are at the heart of our success 2020/2021 and how did Remy Cointreau at the very start of the pandemic, including and our ongoing transformation. perform in the context of the Covid-19 compensation cuts, a hiring freeze, and pandemic? reduced non-strategic investments. Both On that basis, what are the prospects for Well, it was a year full of surprises. senior management (including our President, the coming fiscal year? For the first time in our more than board members and executive committee) All things being equal, we are reasonably 300-year history, all of our bottling and Group employees participated in the optimistic for 2021/2022, as our two key factories across the world had to close collective effort. This internal solidarity markets – the United States and China – for a few weeks, and we all had to learn enabled us to protect employment overall, continue to enjoy strong demand for our to work remotely. But more importantly, without relying on public subsidies spirits. In addition, we are starting the a significant part of our business literally in France or abroad. However, our business year with very low inventories worldwide, came to a halt with the closure of the strength also gives us responsibilities. and particularly in the US, where demand hospitality industry and the collapse We have been supporting our communities exceeded our supply last year! We also in international tourism. At the same time, in the past twelve months, whether hope the hospitality industry will gradually we benefited from a significant pick-up by supplying alcohol to make hand recover and that duty-free sales will show KEY FIGURES
_FINANCIAL DATA _ ...AND NON-FINANCIAL DATA
For the period 1 April 2020 to 31 March 2021 For the period 1 April 2020 to 31 March 2021
Net sales Net sales Net sales by division by geographic area
€1,024.8m €1,010.2m Americas 95% 86% Liqueurs 52% Asia-Pacific Volume of solid Global percentage & Spirits 29% 24% waste recovered of renewable (93% in 2020) electricity Partner (82% in 2020) brands 3%
Europe Middle-East 83/100 13.6% Cognac Africa 73% 19% Gender equality Group turnover index (13,8% in 2020) 2020 2021 (83/100 in 2020)
Current operating Current operating Profit/(loss) Net profit/(loss) excluding profit/(loss) margin for the period non-recurring items Percentage of land managed Group carbon footprint €236.1m 23.4% €144.5m €148,2m using responsible and Assessment €215.1m 21.0% €124,2m sustainable practices (%) (In teq CO2 ) €113.4m 64% 180,449 58%
121,189 2021 2021 2020 2020 2020 2021 2020 2021 2021 2021 Net financial debt Capital expenditure Ratio of net debt/ 2020 2020 EBITDA
€450.9m €64.8m 1.86x Climate rating 2021 €54.0m €314.3m 1.33x
Climate Disclosure Project Included in the (CDP) "Vérité 40" index
A- leadership status with an A rating 2021 2021 2020 2020 2020 2021 ACTING AS A RESPONSIBLE STAKEHOLDER IN LIGHT OF AN UNPRECEDENTED PANDEMIC
In response to the unprecedented health crisis triggered by the Covid-19 epidemic, Rémy Cointreau adopted a responsible and mindful attitude toward all its stakeholders. The Group rolled out many initiatives while protecting its profitable and responsible development model. MY COINTREAU _ ANNUAL REPORT É R
Partners and communities supported - in Barbados, the collection of non- - a new paradigm? In addition to the boom throughout the crisis perishable food and health products was in mixology and home consumption, other organised in the summer of 2020. In trends already observed before the pandemic Rémy Cointreau implemented measures total, more than 1,000 food and health have also accelerated in recent months: to support populations affected by the products were collected and delivered to the outperformance of high-end ranges, situation, and in particular the hospitality the parish of Saint-Lucy in August 2020. the strong growth of online sales and the sector, an industry hard hit by the Covid-19 growing interest in corporate social and 15 crisis: These local support initiatives have environmental responsibility; revealed the commitment of employees - all our sites – from the United States to to their communities and a mindset deeply - the Group’s two principal markets, the Greece, including Barbados, Scotland embedded in the Group's values. United States and China, delivered strong and France – joined forces without double-digit growth in 2020/2021. delay to donate neutral alcohol to local health organisations to enable them Resilient financial Indicators: a new Well-protected employees to produce hand sanitizer; paradigm? Net improvement of non‑financial indicators The Group’s top priority was to protect - China donated ¥1 million to purchase In a context marked by the Covid-19 pandemic, the health and safety of its employees: protective medical equipment; organic sales growth amounted to +1.8% The pandemic did not slow down the in 2020/2021, proving genuine resilience. Group’s sustainable development efforts. It - implementation of strict health protocols - in the United States, the Cointreau It is difficult to accurately assess the even helped to improve certain indicators at the various sites, in accordance with brand donated $200,000 to the US impact of Covid-19 on the Group’s annual monitored by the Group, even if this is the recommendations of the local health Bartenders’ Guild National Charity performance. We can nevertheless estimate temporary for some: authorities; Foundation, and then launched a Super that:
Bowl advertisement campaign. As such, - nearly 4,000 tonnes of CO2 equivalent - rapid deployment of best practices across Cointreau called on the audience to - it deprived the Group of a few growth were eliminated through the sharp reduction the Group: adaptation of working and send Love Letters to their favourite points, notably due to the collapse of Travel in business travel and teleworking; interaction methods, remote working, restaurants and bars on social media; Retail, which affected the Group’s sales health kits, maintaining links between throughout the financial year. Excluding - the frequency rate of workplace accidents employees and with management through - the American single malt Westland Travel Retail, the Group’s organic growth fell to 3.5% (compared to an average routine e-conferences; organised fundraising campaigns for would have reached +10%; of 10% over the last five years), despite the local restaurant and bar industry. high productivity rates in the second - maintaining full remuneration for all The teams took part in a monthly sports - the closure of a large part of the on-trade half of the year; Group employees, including during challenge: the employee with the most channel (bars, restaurants, clubs, etc.) the periods when industrial sites were kilometres recorded on foot or by bike at was offset by a transfer effect to home - the number of training hours amounted closed; the end of each month selects a charity consumption (notably in the United States, to around 20,000 hours, proving sound which then receives a donation from the UK and Australia), thanks to the rise resilience given the circumstances (23,000 - no use of state aid (partial unemployment). Westland; of mixology; hours on average over the last five years). ABOUT THE GROUP
_MAJOR MILESTONES IN THE GROUP’S HISTORY
The Rémy Cointreau Group, whose charentaise which controlled E. Rémy Martin & C° SA and origins date back to 1724, is the result of the Cointreau & Cie SA respectively. It is also the result merger in 1990 of the holding companies of of successive alliances between companies operating the Hériard Dubreuil and Cointreau families, in the same Wines and Spirits business segment.
_KEY DATES AND EVENTS
Vin & Sprit joins the Maxxium Creation of Mount Gay Rum in Barbados 1703 2001 network as its fourth partner
• Initial public offering of Dynasty Fine Wines Group Establishment of The House of Rémy Martin Cognac 1724 2005 on the Hong Kong Stock Exchange • Disposal of Bols’ Polish operations to CEDC
Creation of Cointreau & Cie by the Cointreau brothers 1849 • Disposal of the Dutch and Italian Liqueurs & Spirits operations 2006 • Decision by Rémy Cointreau to resume full control 1881 Creation of the Bruichladdich Distillery in Islay over its distribution by March 2009
1888 Creation of the Metaxa brand 2008 Creation of a proprietary distribution structure
Acquisition by André Renaud • 30 March: Rémy Cointreau exits the Maxxium 1924 distribution joint venture of E. Rémy Martin & C° SA 2009 • 1 April: Rémy Cointreau controls 80% André Hériard Dubreuil takes over of its distribution 1965 from his-father-in-law, André Renaud 8 July: Rémy Cointreau sells its Champagne 2011 Creation of Rémy Martin’s international division to EPI 1966 distribution network • 3 September: acquisition of the Bruichladdich Distillery, which produces single malt whiskies on the Isle of Islay Creation by Rémy Martin of the French-Chinese in Scotland 1980 joint venture Dynasty Winery in partnership 2012 with the city of Tianjin (China) • 20 November: François Hériard Dubreuil becomes Chairman of the Rémy Cointreau Group Acquisition by the Rémy Martin Group • 18 December: acquisition of the cognac company Larsen 1985 of Piper‑Heidsieck Champagne 2013 30 August: disposal of Larsen to the Finnish Altia group 1986 Creation of the Passoã brand
2015 27 October: disposal of Izarra to Spirited Brands 2016 Acquisition by the Rémy Martin Group 1988 of Charles Heidsieck Champagne 1 December: set-up of a joint venture 2016 Acquisition by the Rémy Martin Group for the activities of Passoã 1989 of Mount Gay Rum • 5 January: acquisition of the Domaine des Hautes Glaces Transfer by Pavis SA of Rémy Martin distillery, which produces single malt whiskies in the French 1990 shares to Cointreau & Cie SA Alps • 6 January: acquisition of the Westland distillery, which 2017 Adoption by the Group of the corporate name produces single malt whiskies in the state of Washington, 1991 of Rémy Cointreau US • 1 October: Marc Hériard Dubreuil becomes Chairman Dominique Hériard Dubreuil becomes Chairman of the Rémy Cointreau Group 1998 of the Rémy Cointreau Group 1 April: Rémy Cointreau sells its distribution subsidiaries 2019 Establishment of the Maxxium distribution joint venture with in the Czech Republic and Slovakia 1999 three partners: the Rémy Cointreau Group, the Edrington Group and Jim Beam Brands Worldwide (Fortune Brands) • 30 April: Rémy Cointreau acquires the Cognac house J.R. Brillet 2020 Acquisition of Bols Royal Distilleries including, • 16 October: Rémy Cointreau acquires 2000 in particular, the Bols and Metaxa brands the House of Champagne J. de Telmont From left to right, back row: Mrs Caroline Bois Hériard Dubreuil, Mr Emmanuel de Geuser, Mr Olivier Jolivet, Mrs Laure Hériard Dubreuil, Mr Marc Hériard Dubreuil, Mrs Dominique Hériard Dubreuil, Mr François Hériard Dubreuil (non-voting member), Mrs Gisèle Durand, Mr Bruno Pavlovsky, Mr Elie Hériard Dubreuil (non-voting member), Mr Jacques-Etienne de T’Serclaes. Composition of the Board of Directors at 31 March 2021 Front row: Mr Jacques Hérail (non-voting member), Mrs Hélène Dubrule, Mrs Guylaine Saucier, Mrs Marie-Amélie Jacquet. The Board’s membership is organised in order to achieve a balance between experience, skills, independence and ethical behaviour, while respecting in overall terms the balanced representation of women and men on the Board of Directors. GOVERNANCE THAT ENSURES CONTINUITY 12 Board members 6 50% 59 years AND TRANSMISSION independent Board independent Board average age 3 members (excluding members (excluding of Board members non-voting members non-voting members) non-voting members)
7.2 58% 42% 2 average length women (excluding men (excluding nationalities _THE BOARD OF DIRECTORS of service on the Board non-voting members) non-voting members) represented
The Rémy Cointreau Group is administered The presence of several members who by a Board of Directors which, since are permanent residents in various Composition of the Board of Directors’ committees at 31 March 2021 September 2004, has adopted a governance other countries also lends a welcome structure that separates the roles of international and cultural dimension to Chairman of the Board of Directors the Board’s work, either because they Nomination and Corporate Audit-Finance Committee and Chief Executive Officer. Competence have performed a role outside of France Remuneration Committee Social Responsibility and experience in the financial arena, the during their career, or because they hold 4 members / 75% independent Committee 4 members / 50% independent luxury goods sector and the management or have held one or more appointments Guylaine Saucier*, Bruno Pavlovsky*, 3 members / 67% independent of large international companies are in non-French companies. Caroline Bois, Dominique Hériard Dubreuil, Dominique Hériard Dubreuil*, the selection criteria for Board members. Emmanuel de Geuser**, Olivier Jolivet**, Hélène Dubrule**, Jacques-Étienne de T'Serclaes** Gisèle Durand (Orpar) Olivier Jolivet**
* Chairman of the Committee | ** Independence (in line with Afep-Medef recommendations). _EXECUTIVE COMMITTEE
Appointed Group Chief Executive Officer on 1 December 2019, Éric Vallat set up a team of nine directors of four different nationalities from a range of backgrounds: spirits, cosmetics, fashion and accessories, and tableware. The role of this Executive Committee is to implement the Group’s strategy for 2030, which aims to continue the Group’s transformation, to build a more sustainable, profitable and responsible business model, based on four strategic levers: enhancing the value per case, moving towards a client-centric business model, accelerate the development of the flagship brands Simon Coughlin Élisabeth Tona Philippe Farnier (CEO Whisky (CEO Liqueurs (CEO House of Liqueurs & Spirits, and implement the Division) & Spirits) of Rémy Martin "2025 Sustainable Exception" plan for more and CSR) responsible growth. MY COINTREAU _ ANNUAL REPORT É R
Composition of remuneration of senior management (excluding LTIP)
Fixed compensation Marc-Henri Bernard Éric Vallat Luca Marotta 57.7% (Human Resources (Group CEO) Chief Financial Director) Officer) 21
of which CSR bonus 4%
Variable compensation 42.2%
Ian McLernon Nicolas Beckers Laurent Venot (CEO, (CEO, Greater (CEO, EMEA) Americas) China)
- 50% based on quantitative criteria (current operating profit/ (loss), cash flow generation, profit (loss) for the period excluding non-recurring items, ROCE) - 50% based on qualitative criteria (including one CSR target)
Patrick Marchand (Operations Director) HOUSE A PORTFOLIO OF RÉMY MARTIN LIQUEURS & SPIRITS brown OF EXCEPTIONAL SPIRITS cognac liqueur whisky gin rum spirits champagne UPPER LUXURY LUXURY MY COINTREAU _ ANNUAL REPORT É R The French family-controlled Rémy Cointreau Group boasts a portfolio of exceptional world-renowned spirits: Rémy Martin and Louis XIII cognacs, Cointreau liqueur, Greek Metaxa spirit, Mount Gay rum, St-Rémy brandy, The Botanist gin, and ULTRA PREMIUM the single malt whiskies Bruichladdich, Port-Charlotte, Octomore, Westland and 23 Domaine des Hautes Glaces. During the year, two new Houses were added to this portfolio: Maison Brillet (cognac and liqueurs) and Champagne House J. de Telmont. PREMIUM During the 2020/2021 financial year, the Group’s net sales totalled €1,010.2 million and current operating profit (COP) came to €236.1 million. As such, sales were up by 1.8% and operating profit was up by Net sales by division 12.8% on an organic basis. The current operating margin stood at 23.4%, close to the all-time highs of 2018/2019. Liqueurs & Spirits division: Cognac : Cointreau, Metaxa, Mount Gay, Partner Brands: The Rémy Cointreau Group’s internal Rémy Martin, Louis XIII St-Rémy, J. de Telmont, Third-party brands organisation is based on 11 brand and Brillet Belle de Brillet, The Botanist distributed by the Group divisions and four sales divisions and single malt whiskies (Americas, Europe/Middle-East/Africa, Asia-Pacific and Global Travel Retail). All these divisions receive support from the holding company. Depending on the spirit category, production process and geographic sales distribution, 73% 24% 3% the Group’s brands are allocated to one of the following two divisions: "Cognac" or "Liqueurs & Spirits".
Brands which Rémy Cointreau distributes through its network on behalf of third €735.0m €248.3m €26.9m parties form a separate category, "Partner Brands". in net sales in net sales in net sales COGNAC
_COGNAC BRANDS _HOUSE OF RÉMY MARTIN AND THE SOURCING OF EAUX-DE-VIE The Cognac division includes the brands of The House of Rémy Martin is positioned the House of Rémy Martin (Rémy Martin in the high-end segment, with four flagship All House of Rémy Martin cognacs are The partnership mainly consists of and Louis XIII) and the House of Brillet. products: produced in and around the town of a cooperative, Alliance Fine Champagne These cognacs are made exclusively from Cognac, on a site that includes ageing (AFC), whose members manage around eaux-de-vie sourced in Grande Champagne - VSOP Fine Champagne; and fermentation cellars, laboratories, 60% of the Grande Champagne and and Petite Champagne, the two leading crus - the "intermediate" quality products 1738 a packaging complex, offices, and a visitor Petite Champagne vineyards, via different of the Cognac appellation, which offer the Accord Royal and CLUB; and reception centre. types of collective and individual long- greatest ageing potential (more than 100 years, - XO Excellence Fine Champagne; term agreements. for some Grande Champagne eaux-de-vie). - Louis XIII Grande Champagne. The House also owns wine estates (238 hectares of vines eligible for the From an accounting point of view, Cognac appellation), as well as a new the commitments made by the House distillery in Juillac, which opened in of Rémy Martin through the AFC are _COMPETITIVE POSITIONING November 2018. However, the stock of fully recognised in the consolidated MY COINTREAU _ ANNUAL REPORT É
Cognac eaux-de-vie has been built up statement of financial position of the R Four Cognac brands share around 85% of the Global cognac shipments by quality largely as a result of exclusive partnerships Rémy Cointreau Group, once the eaux-de-vie world market by volume and nearly 90% by (Source: bnic) with Grande and Petite Champagne covered by these agreements have been value (source: IWSR): Hennessy (LVMH), producers. This partnership policy, produced and have passed quality control. Martell (Pernod Ricard), House of Rémy Martin introduced in 1966, has enabled the Any contractual commitments not yet (Rémy Cointreau), and Courvoisier (Suntory). Group to manage its long-term supplies produced are disclosed in the off-balance Rémy Martin’s market share of cognac shipments and meet the quality standards required sheet commitments. for all qualities combined is 13% by volume by the House of Rémy Martin. (source: BNIC March 2021). Virtually all VSOP the shipments of the House of Rémy Martin VS 38% 25 are for the superior quality segment (VSOP 54% and XO qualities), which accounts for 46% of _COGNAC KEY FIGURES the total cognac market (BNIC March 2021). In 2020/2021, the Cognac division accounted for 73% of the Group’s total net sales Within this superior quality segment (VSOP XO 8% and generated 99% of its international sales. The Americas (54%) and Asia-Pacific and XO qualities), Rémy Cointreau now has (36%) are the division’s top contributing regions, but Europe/Middle East/Africa a market share of 28% by volume (source: (10%) also offers medium-term growth potential. BNIC), up four points compared to March 2020.
Net sales (in €m) and breakdown Current operating profit (in €m) _COGNAC APPELLATION D’ORIGINE CONTRÔLÉE by geographic area (in %) and current operating margin (in %) AND " FINE CHAMPAGNE" €735.5m Cognac is an appellation d’origine contrôlée (AOC) Cognac is a blend of eaux-de-vie of different €735.0m €221.0m brandy (eaux-de-vie distilled from grapes) vintages (after ageing in oak barrels). €199.5m 30.1% that comes from vineyards in the Cognac Accordingly, there are several quality levels 38.8% 36.4% region (south-west France). The appellation classified in accordance with legal standards 27.1% covers six crus: Grande Champagne, Petite (BNIC) based on the youngest eau-de-vie used: Champagne, Borderies, Fins Bois, Bons Bois and Bois Ordinaires. "Fine Champagne", - VS ("Very Special"), which by law must be 46.2% 54.1% which refers to a cognac made exclusively aged for a minimum of two years; from the first two crus, Grande Champagne - QS ("Qualité Supérieure"), covering all the (at least 50%) and Petite Champagne make VSOP and QSS labels; 15.0% 9.5% up a separate appellation d’origine contrôlée - VSOP ("Very Superior Old Pale"), which within the Cognac AOC. by law must be aged for a minimum of four years;
Rémy Martin only selects its eaux-de-vie from - QSS ("Qualité Supérieure Supérieure"), 2020 2021 2020 2021 the "Fine Champagne" (Grande Champagne and which by law must be aged for a minimum Petite Champagne) AOC, whose quality is best of ten years; Asia/Pacific Europe Current operating Current operating suited to the production of its superior quality - XO ("Extra Old"), which is included in the Middle-East profit margin Americas Africa cognacs with their longer ageing potential. QSS category. LIQUEURS _LIQUEURS & SPIRITS: SOURCING AND PRODUCTION SITES & SPIRITS
The Group’s Liqueurs & Spirits brands do not have significant Angers (France) sourcing or production constraints. Consequently, the Group purchases the necessary ingredients (barley, oranges, aromatics, The production of sugar cane, grapes, etc.) for the eaux-de-vie distillation process, Cointreau liqueur and the utilising the specific know-how of each brand. The Group’s St-Rémy brandy range is master distillers and blenders then take care of the ageing located in St-Barthélémy _LIQUEURS and blending of the eaux-de-vie as required. d’Anjou (on the outskirts & SPIRITS BRANDS of Angers). This site also carries out The Rémy Cointreau Group also sub-contracts part of its bottling operations for other Group The Liqueurs & Spirits division is made bottling operations to other companies located abroad, brands. It comprises distilling facilities, up of 12 spirit brands in categories such in particular Greece for the production of Metaxa, for all fermentation cellars, laboratories, as liqueurs, brandy, gin, single malt whisky, markets. Sub-contracting represents 15% of the total volume a packaging complex, offices, a visitor rum and champagne. Within each category, of Group brands. and reception centre. the wines and spirits have particular characteristics, the main one being that all the brands are produced in their country Trièves (France) MY COINTREAU _ ANNUAL REPORT
of origin, often with know-how passed É
down through generations: R The Domaine des Hautes Glaces, located in the heart of the Trièves region of the Alps, is a mountain farm/distillery which combines French know-how (distilling with traditional - Cointreau, an orange peel liqueur and Charente stills) and ingredients from local producers. The supplies of barley, rye Belle de Brillet, a Williams pear liqueur; and spelt (organically grown) come exclusively from growers in the Alps. - Metaxa, a Greek brown spirit, produced from a blend of wine distillates and aged Damery (France) Brandons and St-Lucy (Barbados) Muscat wine; 27 - Mount Gay, a rum from Barbados; Founded in 1912, the Champagne House Mount Gay rum is produced at the distillery J. de Telmont is a century-old family of the same name, located close to Mount Gay - St-Rémy, a French brandy; house located in Damery, near Epernay in the north of the island of Barbados, in the on the hills of the Marne Valley. It is parish of Saint-Lucy. The storage cellars in - The Botanist, a gin from the Isle of Islay one of the last family-owned vineyards which the casks of rum are aged are also located (Scotland); in Champagne and is based on a very demanding at this historic site. Since January 2015, an additional environmental commitment. Since 2017, more than 134 hectares of agricultural land at this site have been - Bruichladdich, Port Charlotte and Octomore, a third of the grapes harvested are "AB" certified devoted to the farming of sugar cane. Mount Gay Distilleries’ three brands of single malt Scotch whisky (organically produced) or are in the process head office and bottling facilities are located in Brandons, from the Isle of Islay (Scotland); of being converted. close to the port of Bridgetown in the south of the island.
- Domaine des Hautes Glaces and its range of single malt whiskies produced in the Isle of Islay (Scotland) heart of the French Alps; The Bruichladdich distillery is located on the Isle of Islay in Scotland, one of the - Westland and its range of single malt world’s most iconic locations for the production of single malt Scotch whiskies. whiskies produced in the state of Washington, The production operation (distilling, ageing, bottling) is carried out on the island, U.S.; on a historic site created in 1881. In March 2018, the acquisition of around 15 hectares of agricultural land was signed. This agricultural land adjoins the distillery, and will - J. de Telmont, a winegrower’s champagne mainly be devoted to growing barley and trialling different varieties. located in Damery, France.
Seattle (USA) Samos (Greece) _COMPETITIVE POSITIONING Westland Distillery As part of its "terroir" policy, the House of (U.S.), located in South Metaxa acquired a 1.2 hectare wine property on The Liqueurs & Spirits brands operate Downtown Seattle in the island of Samos, located at the heart of the in a market characterised by a large the state of Washington, island’s muscat vineyards. Muscat wine is an number of players (of various sizes), with gets its malt from producers in the essential component in Metaxa’s signature taste. numerous international brands coexisting terroirs of the Pacific North-West. alongside local brands. _LIQUEURS & SPIRITS KEY FIGURES
In 2020/2021, the Liqueurs & Spirits division accounted for 24% of the Group’s total net sales. The Americas (50%) and Europe/Middle-East/Africa (38%) are the top contributing regions in the division. Although smaller (12%), Asia-Pacific represents a significant development opportunity for the division in the coming years.
Net sales (in €m) and breakdown Current operating profit (in €m) by geographic area (in %) and current operating margin (in %)
€261.9m €37.5m €248.3m €33.0m 11.8% 14.3% 12.0% 13.3%
45.4% 50.0%
42.9% 38.0% 2020 2021 2020 2021
Asia/Pacific Europe Current operating Current operating Middle-East profit margin Americas Africa
Partner Brands In 2020/2021, Partner Brands accounted for 3% of the Group’s total net sales.
This category includes brands belonging to other operators in the Wines & Spirits sector. These are distributed by Rémy Cointreau under global agreements or agreements limited to a particular country or region.
Following the non-renewal of many distribution agreements in recent years (as part of the Group’s move upmarket), the brands still distributed (as of 31 March 2021) are Passoã liqueur and certain spirits of the William Grant & Sons Group. STRATEGY AND OBJECTIVES _EXCEPTIONAL SPIRITS ENJOY AN ATTRACTIVE DYNAMIC
The Rémy Cointreau Group’s positioning for the spirits market as a whole over in the high-end segment of exceptional the last 10 years), driven by a move spirits is a very appropriate place to towards the high-end of the market and be: exceptional spirits are enjoying an increasingly discerning clientele in _AN UNCHANGED AMBITION: TO BECOME THE GLOBAL an attractive dynamic (+8% growth per terms of the quality, production, know-how LEADER IN EXCEPTIONAL SPIRITS year on average, compared with +4% and history of the spirits they consume.
The spirits market features an extensive strategy has led the Group to sell brands number of co-existing local and international and other assets deemed less suited to its Exceptional spirits: a fast-growing segment brands in a particularly competitive value creation strategy and to take full environment. control of its distribution in key markets (exit from Maxxium in April 2009). market value split per price cagr 2010-2020 Against this background, Rémy Cointreau segment (in value) (in value) has, for many years, implemented a value Since 2015, the Group has accelerated creation strategy aimed at developing its its strategy of moving upmarket so as 0.4% upper luxury +3.4% upmarket brands in the high-end segments to differentiate itself and emphasise >$1,000 of the global markets, which offer high its uniqueness: ultimately, the Group’s growth and earnings potential. Over the ambition is to become the world leader 9.0% luxury MY COINTREAU _ ANNUAL REPORT 3.4% +7.8% +7.0% É € 16bn $100 - $1,000 past 15 years, the implementation of this in exceptional spirits. R
5.3% ultra premium +8.8% $50 - $100
premium 31.7% $20 - $50 +6.0%
mass 59.3% <$20 +3.1% 31
Source: IWSR, Rémy Cointreau, international spirits market estimated at around USD 200 billion.
The exceptional spirits segment has structurally outperformed the global spirits market since 2010
237
218 212 193
176 CAGR 2010-2020: +7.8% 162 147 151 143 158 150 152 142
index 100 in 2010 122 135 129 123 118 CAGR 2010-2020: +4.3% 100 113 106 100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Internationnal spirits Exceptional spirits
Source: IWSR, Rémy Cointreau. _POSITIONED IN FAST-GROWING _A NEW GENERATION OF CLIENTS CATEGORIES OF SPIRITS Beyond the changes observed in the context savoir-faire and differentiation, while In addition, Rémy Cointreau Group brands belong to categories of spirits (such of the Covid-19 pandemic (which have increasingly demanding transparency as cognac, single malt whisky, dark rum or gin) that have benefited from strong mainly accelerated pre-existing trends), on product quality. Our clients are also momentum (+6.2% per year on average during the 2000/2020 period, and +7.0% consumers of high-end spirits have looking for a more convenient way of at the end of 2019 before the impact of the pandemic). The international spirits market changed in recent years. More connected, buying our spirits (growth of e-commerce), grew +4.7% on average over the last twenty years (+5.2% at the end of 2019). from the upper middle classes, younger as well as more services, an enhanced – millennials of generations Y and Z – shopping experience and a tailor-made they seek knowledge of the spirits, history, offering. Rémy Cointreau Group categories structurally outperformed market growth
CAGR 2000-2020: +6.2% 400
350 New demographic New consumer trends
300 -Emergence of an affluent -"Drinking less, but better"
middle class -Increasingly sophisticated MY COINTREAU _ ANNUAL REPORT 250 -Rise in the number of well- demand É R 200 off households -Better knowledge of spirits -Younger clientele: millennials -Interest in origins, know- 150 CAGR 2000-2020: +4.7% (generations Y and Z) how and authenticity -Demand for transparency performance indices basis 100 in terms of ingredients and respect for the environment -Search for "meaningful brands" in step with their values 33 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -Globalisation and digitalisation International spirits market Rémy Cointreau Group categories (weighted average) of consumption patterns
Correspondingly, these categories offer very attractive valuation levels ("value per case"): cognac, single malt whisky and liqueurs are the categories of spirits with the highest value per case on the market. As a result, the average value per case of the Group’s brands portfolio was nearly €500, compared to just over €100 for the international spirits market.
Proliferation of distribution Value per case by category of spirits (in euros) channels and new technological challenges Increased mobility*
626 -Proliferation of distribution -Growth in international 569 channels (e-commerce, travel mobility retail, direct, etc.) -Development of Travel -Growing importance of Retail CRMs -Personalisation of customer 256 243 service 225 209
121 112 111 89 69 62 55 24
* cognac single- liqueurs tequila us bourbon flavoured gin white vodka dark rum brandies other cane Observed in recent years but pending malt whisky and spirits rums spirits with the Covid-19 pandemic. scotch (excl. blended bourbon) whiskies
Rémy Cointreau Group categories
Source: IWSR, Rémy Cointreau. A DISTRIBUTION NETWORK: Group administrative sites LOCAL KNOW-HOW, Group production sites Travel Retail representative offices AN INTERNATIONALA DISTRIBUTION PRESENCE NETWORK: Group administrative sites LOCAL KNOW-HOW, Group production sites AN INTERNATIONAL PRESENCE Travel Retail representative offices
_ DISTRIBUTION AND ADMINISTRATION _DISTRIBUTION AND ADMINISTRATION Isle The Group has premises and commercial or of Islay Glasgow administrative offices in manyThe Group countries, has premises and commercial or LondonGlasgow Brussels Moscow administrative offices in many countries, London BrusselsParis FrankfurtMoscow including the USA (primarily New York), Seattle ParisAngersFrankfurt Geneva including the USA (primarily New York), Seattle Angers Geneva CognacCol Accarias Col Accarias China (Shanghai and HongChina (Shanghai K o n g ) , and Hong Kong), Cognac New NewYork York Singapore, Russia and the United Kingdom Singapore, Russia and the United Kingdom Athens Samos (London and Glasgow). The Group does Athens Samos Tokyo (London and Glasgow). Thenot ownGroup any premisesdoes in these countries Tokyo Shanghai not own any premises in theseand therefore countries uses leasing contracts. MY COINTREAU _ ANNUAL REPORT Miami Taiwan É Shanghai MY COINTREAU _ ANNUAL REPORT and therefore uses leasing contracts. R Moreover, the headquarters of Rémy Cointreau, Hong Kong Miami É which includes most of the Group’s central Taiwan R Moreover, the headquarters of services,Rémy Cointreau, is based in rented premises at Hong Kong Barbados which includes most of the Group’s21 boulevard central Haussmann, Paris. services, is based in rentedRémy premises Cointreau began at building Kuala Lumpur Singapore 21 boulevard Haussmann,its Paris. distribution network across all Barbados continents at the end of the 1950s. 35 Rémy Cointreau began buildingToday, the Group has a dozen directly Kuala Lumpur Singapore its distribution network acrossowned all subsidiaries (from the United States to China, including the United Kingdom, continents at the end of theBelgium, 1950s. Malaysia and Japan). This distribution network allows the Group 35 Today, the Group has a dozento implement directly a price strategy and to be Johannesburg owned subsidiaries (from theselective United about States its sales outlets in a manner consistent with its high-end positioning. to China, including the United Kingdom, Belgium, Malaysia and Japan). This distribution network allows the Group to implement a price strategy and to be Johannesburg selective about its sales outlets in a manner Europe consistent with its high-end positioning. Organic sales growth Organic sales growth Middle-East Organic sales growth Organic sales growth Group for the Group Americas for the zone & Africa for the zone Asia Pacific for the zone
-2.9% +7.8% +18.3% €1,010.2M €522.0M +18.6% €189.0M 299,2 M€ +1.8% in net sales in net sales +7.9% in net sales in net sales Europe -21.7% -4.5% Middle-East -21.6% * Organic sales growth -11.2% 52% Organic sales -5.8%growth 19% Organic 29%sales growth Organic sales growth -9.0% Group for the Group Americas of Group sales for the zone of Group& sales Africa for the zoneof Group sales Asia Pacific for the zone
-2.9% +7.8% +18.3% 2019 2020 2021 2019 +18.6%2020 2021 2019 2020 2021 2019 2020 2021
€1,010.2M €522.0M * Organic decline€189.0M largely attributable to the expiry of Partner Brand 299,2 M€ distribution contracts. Organic decrease of 6.4% for Group Brands. +1.8% in net sales in net sales +7.9% in net sales in net sales
-21.7% -4.5% -21.6%* -11.2% 52% -5.8% 19% 29% -9.0% of Group sales of Group sales of Group sales 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
* Organic decline largely attributable to the expiry of Partner Brand distribution contracts. Organic decrease of 6.4% for Group Brands. A NEW STEP IN THE VALUE STRATEGY
_FOUR STRATEGIC LEVERS
_01 _03
Enhancing Accelerate the development of the Liqueurs the value per case & Spirits priority brands
The portfolio strategy consists in assigning a role The Liqueurs & Spirits portfolio still has significant to each Group brand to maximise the Group’s value growth prospects due to the fact that its brands are per case and gross margin. The priority for the far from their full potential in their existing markets, The transformation of most profitable brands will thus be to step up their in particular in terms of retail penetration. An ambitious and Rémy Cointreau’s business growth (driven by increased investments), while the MY COINTREAU _ ANNUAL REPORT
responsible strategy É model since 2015 (accelerated less profitable will have profitability improvement Some brands have accordingly been identified as R upgrading of the brand targets (by gradually refocussing them on their priorities to contribute to the Group’s profitable for 2030 portfolio towards the high- high-end products). growth. The expected mix and scale effects should The Group has thus set itself end and the implementation gradually result in an improvement of the division’s five transformation targets of an end-client-centric By increasing its gross margin, the Group will expand profitability, despite reinvestments in brand for 2030: culture) has clearly brought its investment capacity behind its priority brands, communication and education. results. thus creating a virtuous circle of more sustainable - a new business model for the and profitable growth. Louis XIII brand, featuring Between 2015 and 2019, the significant development Group delivered average 37 of direct sales, breaking organic growth in sales of with the conventions of 7% per annum and its current _02 _04 the industry; operating margin rose by 4.4 points over the period. Moving from a client-centric culture Launch of the "2025 Sustainable Exception" to a client-centric business model plan for more responsible growth - an increased proportion of "intermediate" qualities Since December 2019 the During the past five years, the Group has implemented Having defined its values (Terroirs, People, Time (1738 Accord Royal, Group has moved on to a new an end-client-centric culture by establishing direct and Exception) in 2016, the Group is now seeking to CLUB) and XO quality step in its value strategy, and personalised relationships through human, media reflect them through a genuine responsible growth plan. at Rémy Martin; which consists in optimising and digital investments to enhance brand appeal. The key concerns of the "2025 Sustainable Exception" its portfolio strategy to plan are sustainable agriculture in all terroirs involved - an increased contribution build a more sustainable, The Group is now seeking to move on to the next step in crafting the Group’s spirits, ecodesign for all the from the Liqueurs & Spirits profitable and responsible by implementing a genuine client-centric business brands’ packaging, and a gradual reduction of carbon division within the Group business model. model. This should translate into a significant emissions aligned with the international ambition and a sharp improvement increase in the Group’s direct sales, whether through of "Net Zero Carbon" by 2050. in its profitability; Because such an in-depth digital channels, own stores or its network of "Private transformation takes time, the Client Directors". To do this, it must implement or Moreover, as a family-owned Group, Rémy Cointreau - superior pricing for Group has set its targets at strengthen the tools that will enable it to communicate is a people-centric company. It has the utmost respect all brands within their 2030. This timeframe is also with, educate, retain and sell directly to its clients. for the women and men who comprise it and who, respective categories; consistent with the Group’s through their know-how and commitment, contribute to mindset and raw material the success of the Group and its strategy. Its ambition - development of digital procurement planning for is to become even more inclusive, whether in terms channels to represent some of its brands, such of the representation of women, ethnic diversity or 20% of the Group’s sales. as Rémy Martin XO. age within the decision-making bodies.
Lastly, thanks to its positioning in the exceptional spirits market, the Group is fully aware of its duty to set an example regarding responsible consumption. Accordingly, the Group promotes occasional consumption to celebrate exceptional moments, with moderation. VALUE CREATION
_THE GROUP’S DNA _EXCEPTIONAL SPIRITS _...AND CREATE VALUE _SHARED WITH ITS THAT TASTE LIKE THEIR STAKEHOLDERS TERROIR...
Terroirs High-end positioning Employees in high-growth segments - Terroirs of exception (Cognac, Islay, Samos, - Average Group salary: score of 107 compared Barbados, etc.) with international benchmark - Close to 20,000 hours of training (despite the - 64% of our agricultural raw materials are pandemic) MY COINTREAU _ ANNUAL REPORT É
"responsible and sustainable agriculture" R certified Government - 100% of our winegrowers within the Cognac AOC are committed to "High Environmental - €78 million paid in corporate income tax in Value" agriculture A portfolio of 14 exceptional spirits Portfolio management optimisation: 2020/2021 (tax rate: 35%) - clarification of each brand’s mission within the Group - setting of priorities, maximising the investments Civil society 39 People behind the most profitable brands - €1 million (over a five-year period) invested - Preservation of ancestral know-how (cellar by the Rémy Cointreau Foundation to promote masters) and transfer exemplary skills and know-how
- Commitment to employee well-being Adding value to our spirits (price/mix gains) Sustained, responsible, profitable growth in sales; maximising of gross margin Shareholders - Shared ethical responsibility - Steady increase in dividends over the past 20 years - Significant increase in dividends to €1.85 in Time 2020/2021 Increase in investment capacity: - Stock market capitalisation up nearly €5 billion - Family-owned company since 1724 - brands (media, digital, education) over the last five years (at 31 March 2021) Reinforcement of brand recognition and - distribution network: development of a direct - Ageing of certain of our eaux-de-vie for more attractiveness distribution network (stores, e-commerce, than 100 years Private Client Directors, etc.) Local communities - product development that respects the - Engaged governance to support the Group in environment (sustainable agriculture, - Strong commitment within the communities the long term eco-packaging, reduction in carbon emissions) of Cognac (France), Angers (France), Islay (Scotland) and Barbados
Suppliers
- Alliance Fine Champagne: 2.25% shareholder of Rémy Cointreau SUSTAINABLE - Partner training provided by our agronomists VALUE (sustainable agriculture) CREATION FINANCIAL AND NON-FINANCIAL TARGETS
The 2020/2021 financial year was the first year of the 2030 strategic plan announced in June 2020. Despite the environment marked by the pandemic, the Group was able to implement the pillars of its medium-term strategy and achieve a year full of promises, both in terms of sales and operating profits.
_OUTLOOK FOR THE 2021/2022 FINANCIAL YEAR
In a still fragile and uncertain public health, Being ahead in the roll-out of its 2030 strategic economic and geopolitical environment, the plan and given the favourable environment, Rémy Cointreau Group has emerged stronger the Group has decided to revise up its investments from the Covid-19 crisis. in communication to support its brands through the recovery and boost their medium-term growth Thus, for 2021/2022, the Group is confident in potential by developing brand awareness and its ability to continue to win market share in the attractiveness. The expected good growth in exceptional spirits sector. In particular, it expects current operating profit will also be tempered an excellent start to its financial year, supported by currency effects estimated at between -€16 by a very favourable basis of comparison, shipment and -€20 million, and a scope effect estimated phasing effects, and new, structurally more buoyant at -€2 million. consumer trends in the United States.
_INCREASED CONFIDENCE IN 2030 GUIDANCE
In the medium term, Rémy Cointreau is reasserting its ambition to become the world leader in exceptional spirits, with a growth outlook that is still attractive, particularly in a world of more responsible consumption.
To achieve this, Rémy Cointreau will pursue its value strategy and its construction of a business model that delivers both profitable and responsible growth.
Ambitious yet confirmed financial and non-financial targets: In recent months, in an environment marked by Financial targets to 2030* the pandemic, Rémy Cointreau has benefited from an acceleration of pre-existing trends that support the 2030 strategy announced in 72% 33% June 2020: the rise of mixology and consumption gross margin current operating at home, the outperformance of high-end margin spirits, the strong growth of online sales and the growing interest in corporate social * Based on rates and scope for 2019/2020. and environmental responsibility. "2025 Sustainable Exception" Plan As part of its "2025 Sustainable Exception" plan, the Group aims for sustainable agriculture sustainable in all terroirs involved in the production 100% agriculture of its spirits, as well as a 25% reduction in carbon emissions (Scopes 1 & 2, in absolute terms) and 30% (Scope 3, in relative terms) 25% 30% by 2025. This is a first step towards the Group’s "Net Zero carbon" ambition for 2050. Reduction in carbon Reduction in carbon emissions (scopes 1 & 2, emissions (scope 3, in absolute terms) in relative terms)
"Net zero carbon" by 2050 THE GROUP’S MAIN CHALLENGES AND RISKS
_THE GROUP’S MAIN NON-FINANCIAL —THE GROUP’S MAIN STRATEGIC CHALLENGES AND FINANCIAL RISKS
Terroirs, People and Time. T h e Following a materiality assessment in The Group has set up a system to anticipate The main risk factors to which the Group Rémy Cointreau Group’s CSR ambition 2016/2017, 10 key Sustainable Development and manage its risks. This system is exposed given its business model are is built around the three key pillars of Goals were selected (out of the 17 identified is constantly updated to take into account presented in this table (more details can our signature: by the United Nations). Based on these any regulatory, legislative, economic, be found in chapter 2 of this document). SDGs, we have now identified the 10 societal, geopolitical and competition - protecting our terroir through sustainable major challenges facing the Group, the changes. agriculture; risks associated with these challenges - making a commitment to people t o and the indicators that will enable us to protect their ancestral know-how, ensure monitor their development in the future.
their well-being within the Group and In some cases, the Group has already MY COINTREAU _ ANNUAL REPORT teach them about the ethics that are committed itself by setting targets for É R so vital for the Group’s credibility. improvement. Climate Market and At the same time, pledging to protect risk geopolitical risks all stakeholders, both internal and The targets cover SDGs 6, 8, 12, 13 and Ethics and compliance external, through a policy of responsible 15, which are used as CSR performance high consumption; criteria to calculate the Executive - recognising the value of time, protecting Committee’s variable compensation. the atmosphere (through our carbon Personal safety Environmental Reputational risk Crisis footprint) and water supply as essential risks Legal and management 43 resources for our businesses. Responsible regulatory risk and business continuity consumption IT & Digital Liquidity, tax CHALLENGES RELATED and currency RISK INDICATORS TO THE COMPENSATION RISKS RELATING (QUANTIFIED TARGETS/ OF A MEMBER OF THE Fraud Sourcing Innovation Dependence SDGS CHALLENGES TO THE CHALLENGE PROGRESS PLAN) EXECUTIVE COMMITTEE Quality Key asset losses and customer on the Cognac tastes business Partners' Clean water Water management Water availability/ Water consumption CEO of the House concentration and sanitation Water quality of Rémy Martin and CSR LIKELIHOOD Decent work Employee well-being Absenteeism, turnover, Turnover CEO of the Whisky Talent Governance and and economic workplace accidents, and absenteeism Division management shareholding growth occupational health, work-related alcohol consumption
RESPONSIBLE CONSUMPTION Responsible Circular economy Company’s reputation EPI (Environmental CEO of the House AND PRODUCTION consumption and reduction among customers Performance Index of Rémy Martin and production of raw material of packaging) and CSR consumption
Climate action Contribution to the Changes in regulatory CO2 emissions: CEO Liqueurs & Spirits, global effort (2°C limit) and fiscal framework significant emissions, CEO Greater China, and sustainability (carbon tax) by brand, focus on Operations Director of the business transport/reduction
of CO2 emissions
LIFE Life on land Sustainable agriculture: Sustainable Percentage CEO of Maison ON LAND NET IMPACT high adapting the terroir and production of our of sustainably Rémy Martin and of protecting biodiversity agricultural raw managed land CSR, CEO of Liqueurs materials & Spirits and CEO of the Whisky Division Ethical and CSR risks Market risks Strategy risks Operational regulatory risks and industrial risks
The remaining members of the Executive Committee are also linked to these targets, with their variable "CSR" component corresponding to the average achievements of the Executive Committee members directly concerned. COMPANY SHARE PERFORMANCE OWNERSHIP AND DIVIDENDS
_THE GROUP’S STRATEGY HAS BOOSTED THE SHARE PRICE OVER THE PAST FIVE YEARS At 31 March 2021 (% equity interest) Rémy Cointreau shares have risen by confirms the relevance of the strategy put 136% over the past five years, reflected in place by the Executive Committee and in an increase of nearly €5 billion in the implemented by the Group’s employees. market capitalisation. This value creation
170 Hériard Dubreuil 160 Family 150
Performance over the past MY COINTREAU _ ANNUAL REPORT
140 five years: +136% É R 130 100% 120 110
100
Cointreau 90 Andromède(1) Family 80 45 70
60
50 1,19% 100% 28.20% 31/03/2016 31/03/2017 31/03/2018 31/03/2019 31/03/2020 31/03/2021
Alliance _REGULAR DIVIDEND POLICY Fine Champagne Orpar 71.80 % Recopart (via FCI) Over the past 20 years, the Group has an extraordinary dividend of €1.00 per paid an annual dividend which has share in respect of 2010/2011, 2011/2012 increased in stages. In addition, it paid and 2018/2019.
2.25% 39.03 % 14.94%
€1.85 €1.65 €1.60 Treasury shares 0.48 % Rémy Cointreau(2) 42.11 % Public €1.53 €1.40 €1.30 €1.27 €1.20 €1.10 €1.00 €1.00 €0.90
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) Rémy Cointreau is consolidated within the Andromède Group. (2) Only Rémy Cointreau shares are traded on the stock market. Dividend Extraordinary dividend (€1.00) MY COINTREAU _ ANNUAL REPORT É THE FONDATION R RÉMY COINTREAU
A foundation that promotes the transmission 47 of expertise and excellence
By supporting craftsmen and -women over the to develop their practice with pioneering last four years, the Fondation Rémy Cointreau inventions while respecting its heritage. actively contributes to a philanthropic It supports the teaching and training project; indeed, artisanal expertise is one of future craftspeople eager to acquire of the key qualities making our terroirs a skill. This skill or technique evolves over so appealing. It intends to continue to further time, in step with the individual’s activities this vision by renewing its support for the and personal appropriation of the art. This is promotion, development and transmission called embodied knowledge. The challenges of the knowledge of excellence, and by of transmission are crucial for artisans; stimulating and inspiring artisans. In these it will help this technique to become a stimulus uncertain circumstances, the need to come for creativity and innovation. To secure the together around these values and to share ancestral knowledge of artisans, transmission them has become even stronger. That is why that perpetuates the art lies at the core the Fondation Rémy Cointreau is stepping up of the foundation’s commitment. its initiatives to fulfil its role of promoting the arts and crafts: it is embracing new The selection of artisanal projects is based on skills of excellence with cabinet making, nine carefully selected criteria: exceptional embroidery, wax sculpture, as well as successful craftsmanship, mastery of rare expertise, staff and project coordination, reflected in the quest for innovation, determination to pass on opening of the Maison Talents & Violon'celles expertise, aesthetics, continued existence of the and the creation of the "Bourse des métiers profession, heritage, passion and commitment, orphelins" in cooperation with The Craft Project. and, lastly, resonance.
With high regard for tradition and ancestral savoir-faire, the foundation supports the artisans of today and tomorrow, who strive _THE NEW ARTISANS: During the first stage of support, the Fondation Rémy Cointreau invests in the tools and Five of the 21 artisans supported joined the Fondation Rémy Cointreau equipment essential to the practice of these arts during the 2020/2021 financial year: and crafts in order to produce work that truly reflects the remarkable skills these artisans have mastered. The second stage of support involves the promotion of learning and training Lucile Viaud, to further build on the first stage of support. seaweed glassmaker
Lucile Viaud, a seaweed glassmaker, created her studio in 2015. The foundation supports the arts and crafts. She specialises in making glass from natural resources and local The contemporary value of these skills has by-products. The following year, she joined the Ateliers de Paris as been proven many times over and attests to the a designer and founded her brand Ostraco. The Fondation Rémy Cointreau great creativity and innovation of our artisans. supports her by helping her to acquire raw materials. Artistic heritage is a virtue to be passed down for the benefit of all.
Steven Leprizé, _PRIX AVENIR MÉTIERS D'ART - cabinetmaking and joinery INMA
In 2009, Steven Leprizé created the ARCA workshop (Atelier de Recherche The foundation wished to address the need MY COINTREAU _ ANNUAL REPORT É
et Création en Ameublement) in cabinetmaking and joinery. In particular, expressed by the Institut National des Métiers R he invented "AirWood", a technique that involves applying a wooden d'Art by supporting the 20th edition of the Prix inlay to a flexible material, allowing the wood to become distorted Avenir Métiers d'Art (Future of Arts and Crafts through air injection. The foundation has enabled him to purchase Prize) in 2021-2022. Organised by INMA since a planer to replace the faulty one in his workshop. 2002, this prize is the only one that rewards young people training to become artisans. It aims to encourage future professionals in these trades born from passion, and to support Mona Oren, them in their future careers. wax sculptor 49
Wax sculptor Mona Oren has a unique know-how. She pushes her craft to the limit by making thin sheets of wax, just 1 to 2 millimetres thick. _BOURSE AUX MÉTIERS In the course of several months, a delicate tulip takes shape. She creates ORPHELINS - THE CRAFT three-dimensional works that are then placed in different settings. PROJECT The foundation helps her to acquire raw materials and equipment for her workshop. The foundation has joined The Craft Project association to develop and promote the transmission of the arts and crafts. It contributed to the creation of the "Bourse William Amor, des Métiers Orphelins" (Orphan Crafts ennobler of forsaken materials Grant), which enables the transmission of Winner of the Prix de la Création des Ateliers de Paris in 2019, William Amor forgotten skills. The first grant, for which the is an ennobler of forsaken materials: he sees waste as a material for Fondation Rémy Cointreau is the main sponsor, creation. He founded Les Créations Messagères in 2015, and became was awarded to Guillaume Catay, a bookbinding a resident of Les Ateliers de Paris in 2017. The Foundation supports graduate from the École Estienne. The Orphan him with the acquisition of steel dies and cutters, and floral ornament Crafts Grant will allow him to finance tools. his training with Jean-Luc Bongrain, the last French edge gilder, who retired in 2018.
Pierre Salagnac, _OPENING OF THE MAISON art bronzer, sculptor and illustrator TALENTS & VIOLON’CELLES
Pierre Salagnac is an art bronzer, sculptor and illustrator. Bronze To mark the opening of the Maison Talents bonsai have become his speciality and embody the virtuosity of & Violon’celles at 62 rue de Rome in Paris, his craft – a combination of traditional and innovative techniques. the Fondation Rémy Cointreau is participating He became co-director of The Craft Project, alongside Raphaëlle le Baud. in the creation and coordination of the The foundation helps him to acquire various pieces of equipment. instruments and bow-making workshop available to professionals in residence. The foundation will also participate in the committee that selects the various projects. THE YEAR OF THE BRANDS IN 2020/2021
Two new brands enhanced the Rémy Cointreau Group’s portfolio in 2020/2021: Maison Brillet and Telmont.
The acquisition of the Brillet cognac house, a long-established family enterprise, was an opportunity for the Rémy Cointreau Group to add 50 hectares in Petite and Grande Champagne to its vineyards and to include Belle de Brillet – a pear and cognac liqueur that will be revived internationally – in its portfolio.
With the acquisition of Telmont, the Group expands its portfolio with an artisanal champagne that boasts tremendous growth potential and shares the same values of terroir, expertise and longevity as its other brands.
Despite the public health crisis, the House of Rémy Martin has completed most of its projects, in particular the construction of the new administrative building "Assemblage" next to Cognac. It also forged ahead with its CSR actions: in-house training by the We Care Academy, the continuation of High Environmental Value (HVE) certification and the BEE (Biocontrol and Ecosystem Balance) project, and the discontinuation of gift boxes for part of its portfolio. Downstream, the House strengthened its communication investments backing the Rémy Martin and Louis XIII brands, while strongly developing its presence on social networks and online sales. This agility has ignited upward growth.
The brands of the Liqueurs & Spirits division also had to adapt to the circumstances to offset the impact of the shutdown of bars and restaurants around the world. With its flagship cocktail as a figurehead – the "Original Margarita" – Cointreau has shifted its actions to promote at-home mixology, a trend that has proved popular in the United States, the United Kingdom and Australia. Despite the collapse of travel retail, St-Rémy brandy successfully launched its new "Signature" expression in Canada. Metaxa continued to expand into new markets, while supporting its long-standing partners in Greece through original operations on social networks. At Mount Gay, the iconic Eclipse rum showed consistent success pending the postponed relaunch of Black Barrel and Mount Gay XO. Progressive Hebridean Distillers benefited from the resilience of the single-malt whisky category and their lead in online sales. The Botanist gin, in turn, built on the success of its "Wild – A State of Mind" campaign. Meanwhile, Westland's reputation has spread to Europe, and Domaine des Hautes Glaces opened its new distillery 10 years after its creation. THE HOUSE OF RÉMY MARTIN
Financial year 2020/2021 will always be establishment of a project rating system, associated with the global health crisis. making eco-design a strict requirement, developing shared-value projects in our In these extraordinary circumstances, the markets, and more. House’s performance varied by region, but confirmed Rémy Martin’s solidity and the Upstream, the roll-out of High Environmental relevance of our long-term value strategy. Value certifications to our Alliance Fine Champagne winegrowing partners The difficult context showcased the continued, with 35 "Centaurs of the resilient culture of the House and its men Environment" awards presented to newly and women by challenging our agility certified partners. This fourth award and adaptability. Most projects were ceremony was held under the patronage MY COINTREAU _ ANNUAL REPORT
successfully completed, such as the of the French Minister of Agriculture, É construction of our new administrative Mr Julien Denormandie, who honoured R building in Merpins, called "Assemblage", us by coming to observe the innovative which began to fulfil its purpose of practices of the House during a tour of "assembling" or gathering employees in our Juillac-le-Coq facility in March 2021. May 2021. This support is a highly symbolic recognition of By changing everyone’s our commitment and a outlook on the world, powerful encouragement the health situation for our business. The 53 confirmed the relevance €735.0M House of Rémy Martin and bolstered the power Revenues of the House continues to play a leading of our vision of luxury for of Rémy Martin role and to move the the House: "Sustainable region forward. We have Exception" that respects set ourselves ambitious the environment and targets: 70% of certified people. partner areas in 2024, 30.1% and 100% in 2028. Today more than ever, Corporate Social Current operating margin Through HVE certification, Responsibility courses of the House of Rémy Martin the House encourages the through our veins and principle of continuous constitutes the lifeblood improvement of our of the House. Like our ecological farming distillery at Juillac-le-Coq, launched practices, and the consideration of climate in 2018 on a gravity-assisted site – one change. It tries to push back the limits, day that is environmentally friendly while after day, through full-scale experiments also producing high-quality eaux-de-vie – in the Estates – whether with resistant we strive to make all our decisions through grape varieties or through biocontrol the lens of protecting people and our (the Biocontrol and Ecosystem Balance terroirs. project, a new experiment in the Charente region, carried out as part of the Ecophyto To this end, we have developed a training 2 plan). programme – the We Care Academy – which aims to instil all Rémy Martin Downstream, the long-term value strategy employees with a CSR attitude to achieve requires maintaining strong investments our carbon reduction targets, in particular. to enhance the brand awareness and luxury A corporate project inspired by the positioning of our House and the two Rémy Martin "Team up for the Future" brands comprising it – Rémy Martin and campaign was created to transform our Louis XIII – with the strong determination working methods at the deepest level: to remain as close as possible to our clients. _RÉMY MARTIN
During this highly unusual period, Rémy Martin showed a great deal of creativity on social networks, especially in the United States and China.
In financial year 2020/2021, Rémy Martin a vibrant tribute to the musical cultures recorded an acceleration in its performance of the time by using iconic vintage in the United States and the United references, such as the cassette tape. Kingdom, bolstered by exceptionally strong demand in the home consumption In China, the first edition of the "Rendez- market. The economic recovery in China vous Rémy Martin" took place in the LIMITED EDITION was also accompanied by a major upturn Atrium of the MixC Xiamen, one of the REMY MARTIN XO X ATELIER THIERY MY COINTREAU _ ANNUAL REPORT
in our sales in this strategic market. largest luxury shopping centres in Fujian É
province. With this event, 23,702 visitors R During the first lockdown, from April were able to discover or rediscover the world to July 2020, Rémy Martin remained of the brand and its flagship products. active on social networks with its weekly This first edition was a great success, series "Stay Home with the team", "Home with nearly 79 million impressions recorded with a view" and "Home Cocktails". These across all communication channels. creative initiatives generated more than 50 million views, traffic to remymartin. In January, the House of Rémy Martin com increased by more than 100.8%, in Guangzhou offered its visitors the 55 and online sales in the US grew by 258%. opportunity to deepen their knowledge of the world of Rémy Martin in an In July 2020, Remy Martin USA and immersive setting looking back over American chef Kwame Onwuachi teamed nearly 300 years of the brand’s history up to produce a series of four video and expertise. A digital version of the tutorials called "Flavor by the Grill". experience was also available, produced These tutorials revisited traditional barbecue by a partnership between Rémy Martin recipes, accompanied by Rémy Martin and the e-commerce platform Tmall: nearly VSOP and 1738 Accord Royal. Broadcast 290,000 viewers followed the event online. on social, digital and television platforms, This high traffic generated many sales the programme has been watched on our online corner hosted by Tmall. by millions of Americans, and its success has exceeded all expectations. The 2021/2022 financial year will see a ramp-up in media investments to strengthen Also in the United States, Rémy Martin the brand’s visibility in its key markets. continued its partnerships in the world In May 2021, the third season of the of music, notably in collaboration with “Team Up For Excellence” campaign was the rapper 6LACK and the "Ground’s launched in the United States. In particular, Melody" series. An ode to local cultures, it promoted Rémy Martin 1738 Accord these productions perfectly embody the Royal and music, with a legendary American theme of our "Team Up For Excellence" artist acting as ambassador. In China, campaign, which celebrates both individual the brand expects double-digit growth talent and teamwork leading to collective for its XO and Club products, driven success. This project benefited from by new media initiatives and investments a major investment in the main channels: to strengthen their leadership in the digital television, radio and social e-commerce channel. media. Rémy Martin USA also revealed a limited edition "VSOP Mixtape", which revisits the style of the VSOP bottle from the 1980s and 1990s with an elegant and timeless design. It pays _LOUIS XIII
Louis XIII has committed to a series of sustainable practices to ensure the longevity of its cognac and its terroir.
Store opening. private concert played by the Shanghai After opening its first store in Beijing Philharmonic Orchestra and our robotic in 2016, exploring a new and daring path arms, they embarked on a journey through in the world of spirits, followed by London space and time in a specially designed and Xi'an in 2017, Louis XIII opened its area that transported the customers new store in Hangzhou in November 2020. to the Louis XIII cellar, where they found MY COINTREAU _ ANNUAL REPORT
Located in the prestigious Hangzhou one of the brand’s legendary tierçons. É
Tower department store and designed R by French architectural firm RDAI, it takes Secret drawer. cognac enthusiasts on a new journey Designed to celebrate, honour or thank of sensations and emotions, culminating the person of one’s choice, "The Gift in the Eternity Room. This area is dedicated Collection" has been available since to the discovery of limited editions, June 2020. Heightening the ritual tasting rituals, and private experiences or tasting experience, each gift box open by invitation only. contains the classic Louis XIII decanter and its two crystal tasting glasses, while 57 E-immersion. a third drawer reveals a personalised The world of Louis XIII stores can now selection of accessories and gifts designed also be accessed through the immersive in collaboration with the prestigious online shopping platform, which takes French houses Bernardaud, Christofle visitors on a journey through time and and S.T. Dupont. sensations. Offering a holistic and virtual experience, Louis XIII e-boutiques are Tomorrow. reinventing the online shopping experience In the next financial year, Louis XIII will by delivering exclusive, customised feature in a new large-scale campaign. benefits to the user: an exclusive concierge It will represent a new chapter in the service, personalisation services, brand’s history, aiming to strengthen and limited edition bottles. These immersive its reputation while further enhancing e-boutiques went live in April 2020 the customer experience. in the United Kingdom, and in February 2021 in the United States. In addition, Thereafter. to address the health situation, Louis XIII In collaboration with its parent company, has adapted its event communication The House of Remy Martin, Louis XIII strategy by organising several e-tastings has committed to a series of sustainable with the support of its powerful community practices to ensure the longevity of its of Brand Ambassadors and Private Client cognac and its terroir. In 2020, Louis XIII Directors. This initiative has enabled the published a detailed presentation of all its brand to maintain and enrich our client CSR commitments on its website and social relationships throughout a delicate period. media platforms: the High Environmental Value approach, the partnership with G-sharp. winegrowers, the protection of forests, To celebrate the arrival of the "Toast Research & Development, and the Master" robot in the Louis XIII boutique revival of traditional tierçon production. in Beijing, VIP customers were invited to a All these measures have medium- and world première at the Shanghai Orchestra long-term ambitions, since each Louis XIII Symphonic Hall in December 2020. vintage is the product of 100 years After attending the "One note Prelude" of excellence and patience. LIQUEURS AND SPIRITS
During the 2020/2021 financial year, the recipe, which has been heavily promoted Liqueurs & Spirits division was expanded to in the media, on social networks, and on include two promising brands: Belle de Brillet television in the United States and the and Telmont. United Kingdom. Despite the collapse of Travel Retail, St-Rémy has shown A pear and cognac liqueur, Belle de Brillet is remarkable resilience, with record sales in especially popular in Quebec, where it enjoys some traditional markets. Metaxa, which a wide and loyal customer base. The brand suffered from the shutdown of tourism in is growing rapidly to capture other markets, its historical markets, recorded exponential developing both its blending process and growth in the UK. The Greek spirit also MY COINTREAU _ ANNUAL REPORT
its communication platforms. The Telmont used this time to increase its digital footprint É champagne house is characterised by its on social networks. As for Mount Gay, R quest for excellence and its environmental it was able to rely on its flagship Eclipse ambitions, which are both qualities that created rum in this period of uncertainty. a natural affinity with the Rémy Cointreau Group and its values. Meanwhile, The Botanist gin The mixology- made a real breakthrough in the focused brand While the brands of the Liqueurs & Spirits US market, while our Scottish division were affected by the closure of bars single malts (Bruichladdich, campaigns launched and restaurants around the world during Port Charlotte and Octomore) several years ago 59 the 2020/2021 financial year, they also benefited from the significant paid off during benefited from the at-home mixology trend, investments made in Greater China which gained momentum in many countries, and e-commerce platforms in the lockdown. including the United States, Australia and recent years. Westland Distillery the United Kingdom. continued to strengthen its reputation, and Domaine des Hautes Glaces celebrated Cointreau – the perfect embodiment of this its tenth anniversary with the opening trend – capitalised on the iconic Margarita of its new distillery.
€248.3M 13.3% Revenues of the Current operating Liqueurs & Spirits margin of the Liqueurs division & Spirits division _COINTREAU
At the heart of more than 500 cocktails and On the priority subject of Corporate the leader in its category, the Cointreau Social Responsibility, Cointreau continued brand is reaping the rewards of its strategy, its partnership actions with its orange which has propelled the Margarita – peel suppliers. To date, 55% of GAP that classic, iconic cocktail with Cointreau certification or equivalent has been achieved, as a key ingredient in the original recipe and the brand is working towards a target – across the globe. Communication of 100% by 2025. Cointreau has also been and solutions geared to the new realities involved in research to combat citrus of the pandemic contributed to these greening (also known as dragon disease), excellent results: which eliminates thousands of orange trees. Cointreau also works in partnership With our consumers, firstly – across with CIRAD and INRA in Corsica to the United States, the United Kingdom, promote, maintain and deepen its knowledge Australia, Germany and Belgium – where of citrus fruits. Cointreau established itself as a partner of choice in the home cocktail boom. Recipes The year 2021/2022 promises to be just as and tutorials, both on social networks and important, with a new content campaign on Cointreau.com, proved to be real allies aimed at building on Cointreau’s reputation for novice and experienced consumers alike. and engagement with its customers, as well as the international launch of In our markets, secondly – in the United a Limited Edition, inspired by the tropical Kingdom, in particular, where Cointreau world that gave birth to the Margarita. partnered with the famous Friday Nights Created by Florian Viel of The Tropicool programme on Channel 4, promoting the Company, the bottle is coloured on all four Christmas Margarita and considerably sides and showcases the vibrancy of 1950s boosting end-of-year sales. Acapulco, as well as the toucan, the artist’s avowed muse. Other flagship initiatives The bartending community and the restaurant celebrating the famous Margarita Sames industry are at the heart of Cointreau’s cocktail include a Margarita challenge priorities; as such, the brand has initiated launched in 2020 for bartenders around numerous actions through its international the world to develop the best Margarita subsidiaries to support them during recipe in the world. On the back of this this sensitive period. The "Love Letter" success, a second edition is confirmed initiative launched in the United States for 2021/2022. during the Super Bowl (100 million fans) was particularly well received, both by the public and by influencers. A 30-second ad (a first for the brand) featuring real employees encouraged American consumers to support their favourite restaurants and bars. In the United Kingdom, #CointreauGratitude in partnership with The Drinks Trust UK also supported the British hospitality industry. _METAXA
Metaxa has practically doubled its community of followers on social networks through sustained THE HIGHLIGHT OF 2020/2021 and targeted investments in media WAS THE LAUNCH OF ST-RÉMY SIGNATURE planning and content development. IN CANADA, THE BRAND’S FIRST MARKET. During the 2020/2021 financial year, Metaxa’s share of tourism-related sales was badly affected, especially in Travel Retail and in the Greek, Czech and Slovak markets. Fortunately, these losses were partly offset _ST-RÉMY by strong performance: some markets, including Germany and Poland, held up For more than 130 years, St-Rémy St-Rémy, and where the brand is number well, while the United Kingdom grew has been rooted in the French tradition one in brandies (source IWSR 2019), exponentially on the back of significant of brandy making. The world leader in French understandably experienced a sharp decline. investments to expand the distribution brandy, it is made exclusively from French network, particularly in online sales. wine eaux-de-vie reflecting the diversity Despite the challenging environment, MY COINTREAU _ ANNUAL REPORT
of French vineyards, blended and aged St-Rémy continued to prioritise value The year 2020/2021 was an opportunity É in France, and bottled in the Loire valley. over volume. The brand kept its focus for Metaxa to increase its digital footprint R on the St-Rémy XO, and the launch of in social media. The brand decided to spotlight St-Rémy showed strong resilience in the Sherry Cask – the fifth opus in the Cask and support its partners in the bar world 2020/2021 financial year. Some traditional Finish Collection – confirmed the success with the creation of Mix & Quiz tutorials markets even achieved record sales, such of this limited edition collection. and during International Women’s Day. as the United States, Canada, Australia Metaxa also developed a "12 Stars" advent and New Zealand. The brand also recorded The highlight of 2020/2021 was the calendar for the holidays, sharing cocktail growth in target markets, such as the United launch of St-Rémy Signature in Canada, suggestions for the season, gift ideas, Kingdom, China and Taiwan. Travel Retail, the brand’s first market. This product aims and food and cocktail pairings. There was an 63 which was the second largest market for to recruit consumers who are not familiar unprecedented investment in the community, with the brandy category, and who are with a 124% increase in engagement. in a younger age group. Produced through These activations were then taken up locally a double maturation process combining by Metaxa’s main markets. new and traditional casks, this new brandy is backed by a strong communication To continue to engage with bartenders campaign around mixology. The first months during a time of social distancing, Metaxa of the Canadian launch have been extremely Dual CSR ambition in Samos developed new digital experiences, such as promising. St-Rémy also launched its new E-Masterclass and E-Tasting Kits. It also campaign – “100% French” – in the Russian At the heart of Metaxa’s strategy, Corporate developed a new mobile training app, called market, and continued to expand on social Social Responsibility is underpinned by My e/Metaxa. This playful tool allows networks (Facebook and Instagram). two major goals on the island of Samos: the brand’s sales force and distributors the protection of biodiversity, and support to immerse themselves in Metaxa’s Greek This year once again, St-Rémy actively for local communities. To address the first origins and unique production methods. participated in the Group’s CSR strategy, goal, Metaxa has launched a programme and more specifically in its efforts to reduce with the Hellenic Ornithological Society Lastly, Metaxa successfully launched the its carbon footprint. The VSOP product to monitor and protect the island’s birds. second limited edition of Metaxa Grande has discontinued all case packaging and, Fine, whose bottle was designed by Greek from the start of the next financial year, For its second goal, Metaxa supports the artist Cacao Rocks, reflecting his vision 100% of its PET packaging will be replaced small mountain community of Vourliotes by of the Cycladic islands. with recycled PET. In the terroirs, Master financing and managing the technological Blender Cécile Roudaut initiated a major upgrade of the village’s primary school and 2021/2022 promises to be a great year for audit of farming practices among her eaux- transforming the school into a centre for Metaxa 12 Stars sales, and three important de-vie suppliers. the whole community. events will support this ambition: a new communication campaign, the launch of the In 2021/2022, St-Rémy will continue In addition, Metaxa has started the prestigious Metaxa AEN Cask No. 3 edition its value creation strategy. St-Rémy Signature process of organic certification of its limited to 1,000 bottles, and the opening will be launched in the United States and vineyard in Samos, which should be of the new "House of Metaxa" on the island Australia, and a sixth edition of the Cask completed by 2023. of Samos, which will offer a unique experience Finish Collection will be launched in July to its visitors, with a special focus on the – it will be a Sauternes Cask Finish. brand’s sustainability initiatives. _BELLE DE BRILLET
The history of Maison Brillet, located in especially in Quebec. It enjoyed unabated Graves-St-Amant in the heart of the Cognac success this year once again, with sales region, on the banks of the Charente, extends remaining stable despite the public back to 1656. Since then, 11 generations health situation and the closure of bars MY COINTREAU _ ANNUAL REPORT É
of the Brillet family have succeeded and restaurants for a large portion of the R each other to develop and pass down year. Its strong base of loyal consumers the vineyard, founding a trading company supported the brand through in-store and in 1850. Today, the company produces online purchases. exceptional cognacs, traditional pineaux des Charentes, and an exclusive liqueur: Belle de Brillet thus offers strong potential Belle de Brillet. During the 2020/2021 for international development in the premium THE BOTANIST financial year, Maison Brillet joined the liqueur segment. To follow through on our TACKLES THE US MARKET Rémy Cointreau Group – integrating its new ambitions and to strengthen the brand’s 65 50-hectare vineyard in Petite and Grande appeal, substantive work has been carried Champagne, premiers crus in the Cognac out on both the liquid and the packaging. _THE BOTANIST region, into the Rémy Martin Estates. These product changes will give rise to a new brand platform in the second half While the brand was adversely affected Conservation International (BGCI), A delicate pear and cognac liqueur, of 2021/2022, before a more extensive by the Covid-19 pandemic in Europe entering a 3-year partnership, backing Belle de Brillet boasts a large fan base, roll-out in 2022/2023. and Travel retail, the brand continued to the first Global Botanic Garden Fund, capture market share in the United States. which supports plant conservation practices, In this market, where gin is only just policy & education, and infrastructure beginning to take off, it has recorded & development throughout its global excellent growth. Asia’s strong recovery network. As part of the Bruichladdich following the nosedive in early 2020 was Distillery Company, The Botanist also beneficial. All around the world, benefited from the distillery’s recent The Botanist has enjoyed significant growth B Corp certification. in the e-commerce and e-retail channels. In financial year 2021/2022, The Botanist Building on the success of "Wild – A State will focus on its strategic markets: of Mind", The Botanist continued to roll United States, United Kingdom, Germany, out the campaign in strategic markets Australia, and Travel Retail. Advertising and on global social media. The pandemic and promotional investments will be has enabled the brand to accelerate increased to fuel future growth. Lastly, investment in digital communication, with further emphasis will be placed on direct particular focus on digital ATL, CRM sales and e-commerce, which have proven and Insta’Lives. to be highly effective channels since the start of the health crisis. The Botanist Foundation continued to support local initiatives concerned with conservation, biodiversity & sustainability on the Isle of Islay and beyond. The Botanist, through the Foundation, also cemented its collaboration with Botanical Gardens _MOUNT GAY
From the United States to New Zealand, our Eclipse rum has shown consistent success in a period of uncertainty.
The public health situation of the 2020/2021 in online masterclasses orchestrated by financial year delayed the roll-out of the UK brand ambassador, Miguel Smith. Mount Gay’s face-to-face "Liquid to At the same time, Mount Gay strengthened lips" strategy and postponed the major its presence on social networks and media launches of Black Barrel and XO Formula. through its "More Than a Rum" campaign. Nevertheless, performance was very good in the United States, Canada, Mount Gay has taken many measures the United Kingdom, Australia and to protect the planet and the climate. New Zealand, bolstered by Eclipse, which Firstly, the spraying of vinasse (derived showed consistent success in a period of from distillation) on the plantations uncertainty. reduces the proportion of non-organic fertilisers and pesticides used. Secondly, The circumstances prompted Mount Gay the distillery is switching from diesel to develop an extensive digital strategy to natural gas. The commissioning involving influencers, journalists and rum of the new unit, which was delayed by the enthusiasts, who received samples to participate health crisis, is scheduled for May 2021. In addition, the installation of solar panels means that offices and bottling lines are now fully powered by clean energy. Lastly, Mount Gay has continued to plant trees and install beehives in the plantations. From a social point of view, the distillery has produced hand sanitizer and donated it to the community and frontline workers.
In 2021/2022, Mount Gay plans to roll out its new range in key countries, with the launch of the double matured Black Barrel Blend and the new triple matured XO, in particular. At the same time, the "More Than a Rum" campaign will be stepped up on social networks and enriched by news on Mount Gay and new content on the art of living in Barbados. In addition to the leading markets of the United States and the United Kingdom, the brand has high ambitions in France and Germany, where the rum market is growing strongly. Lastly, the recovery of tourism in Barbados should revitalise the local market. _TELMONT: " IN THE NAME Maison Telmont has set itself OF MOTHER NATURE" five goals. First goal: to preserve the terroir and Champagne is a product of the earth. It is biodiversity. Today, 70% of the 22 hectares nothing without it. And the more gratitude of the Telmont estate are being used in and respect it shows, the more the earth, organic farming or being converted to that in return, opens the way to excellence. end. 100% will be certified by 2025. The In a few words, this sums up the spirit house’s partner winegrowers (60 hectares) of Telmont, a century-old champagne house. will be invited to transition to organic farming, and guided in this respect. This Founded in 1912, the Telmont champagne is an ambitious transformation project house, previously known as J. de Telmont, that should lead to 100% of the cultivated is located in Damery, near Épernay. areas becoming organic by 2031, compared Created after the Champagne Riots to 30% at present. Biodiversity will be by Henri Lhôpital, a brave winegrower, promoted throughout the estate, both in the house has remained a family- the vineyards and in the adjoining natural owned, visionary company: today,
areas. With this in mind, 2,500 bower MY COINTREAU _ ANNUAL REPORT
Bertrand Lhôpital represents the fourth É hedges will be set up within three years generation. Telmont clearly expresses its R to create "insect hotels" in the vineyards, vision of wine production and its core preserve faunal diversity, and contribute values: loyalty, humility and courage. to sustainable carbon sequestration. The house takes pride in its uniqueness.
Its motto says it all: Nec Pluribus Impar, Second goal: the widespread roll-out of meaning "unlike any other". Telmont first eco-design. Telmont wants to break with began its conversion to organic farming Champagne traditions. In 2021, the company ten years ago, and part of its estate adopted a new marketing specification: "the was granted organic certification in 2017. bottle, and nothing but the bottle". This 69
principle excludes the production and use Telmont prioritises champagne quality over of packaging and gift boxes – a first in production volume, and favours ageing Champagne. The production of clear that goes beyond the recommendation bottles (15% of Telmont’s volume) will be of the AOC: three years for BSA champagnes discontinued in favour of 100% recyclable and six years for exceptional vintages. green bottles made of recycled glass. The house has decided to make its In addition, an experimental approach champagnes an expression of the terroir; aimed at the reuse of bottles (for other their unique style is shaped through wine or cider productions) will start a paradox between lightness and maturity; at the end of 2021. tension and freshness. Third goal: to use 100% renewable electricity As the excellence of Champagne is based as from this year and give preference on respect for the natural environment, to all other sources of "green" energy Telmont wants to see its ambition through for all its activities. to the very end: setting an example by paving the way to a 100% organic Champagne Fourth goal: a deep-rooted change in house, using production methods at one the upstream and downstream supply with the environment by limiting its chain to limit greenhouse gas emissions impact on nature. Telmont aims to act indirectly linked to this activity. "In the name of the Earth" and to cultivate the age-old wisdom that encourages us Fifth goal: to step up efforts in the area to value nature without ever altering it. of traceability and information. Each "In the name of Mother Nature" commits the bottle will be numbered so that customers house to five goals in the coming decades can trace its production route. From this (see insert), the results of which will year onwards, all information relating to be shared with the general public in all the wine’s production and composition truthfulness. The Remy Cointreau Group, will appear on the front labels. which acquired a majority stake in the company in 2020, fully supports this ambition to act "In the name of Mother Nature". WHISKIES
Single malt whisky brands continued their upward trend, despite the health crisis.
The whisky division comprises five rewarding years of good social and single malts that share the same values of environmental practices. From an economic excellence: Bruichladdich, Port Charlotte perspective, the three Scottish single and Octomore are distilled on the Isle malts benefited from strong demand of Islay in Scotland; Westland Distillery in the US market, the rebound in Asia, operates in Seattle in the United States; and good resilience in Europe. and the Domaine des Hautes Glaces farm distillery in the French Alps has just Perfectly integrated into the local economy celebrated its tenth anniversary. of the Seattle area, where it actively participates in preserving Garry oak trees, The Covid-19 crisis has not prevented Westland Distillery is now recognised the single malt portfolio from making nationally on account of the undisputed further remarkable progress in 2020/2021. quality of its whiskies and the success The significant investments made of its new e-commerce platform. in recent years to boost brand awareness and desirability, the development Domaine des Hautes Glaces is inaugurating of dedicated websites for these brands, its new distillery ten years after its and education on social media around the creation, and entering a new era in its concept of "provenance" have all paid off. history: an increased distillation capacity The category’s strong development in the that continues to maintain its ethos, Asia-Pacific region is also a promising with single malts made only from organic grow th driver. grains grown in the Trièves Mountains.
On Islay, Bruichladdich Distillery has become the first single malt Scotch whisky distillery to receive B Corp certification, _PROGRESSIVE HEBRIDEAN DISTILLERS
Bruichladdich Distillery became the first single malt Scotch whisky distillery in the world to receive B Corp certification, at the beginning of the 2020/2021 financial year. MY COINTREAU _ ANNUAL REPORT
In 2020/2021, the performance of our Fernando de Castilla. Octomore, the all three of the distillery’s whisky brands É
Islay single malt Scotch whisky portfolio, most heavily peated single malt Scotch with particular emphasis on Bruichladdich’s R including the Bruichladdich, Port Charlotte whisky in the world, successfully launched The Classic Laddie. Distribution expansion and Octomore single malt brands, was its "ODX" digital experience platform in the on- and off-trade market will be strongly driven by the US market - despite to drive awareness, experiential engagement, supported with increased brand-building the imposed 25% import tariff. Asia’s and CR M. investment to drive awareness and desirability, strong rebound has also been greatly while direct sales and e-commerce will also beneficial. While the Travel Retail channel At the start of the 2020/2021 financial year, continue to be a priority. suffered, Europe has shown resilience Bruichladdich Distillery officially received throughout the health crisis, with strong B Corp certification – joining a movement 73 home consumption and trade-up trends at of companies using business as a force for play. E-commerce and e-retail channels good, prioritising people, the planet and have been key growth drivers across profit equally. B Corp unites companies who all markets and the brands were well seek to be the best for the world, rather than B Corp certification placed to benefit from the trend, through the best in the world (see insert). investments made in this area in recent Bruichladdich Distillery is the first In May 2020, Bruichladdich years. In general, at-home consumption single malt Scotch distillery in the world Distillery was officially awarded has offset the impact from the closure to receive B Corp accreditation. B Corp certification. This recognises of the on-trade market in much of the world. its compliance with the highest Bruichladdich Distillery was also standards of social and environmental In keeping with Rémy Cointreau’s successfully awarded funding (through performance, public transparency, values, Bruichladdich Distillery the UK Government Green Distilleries and accountability, to strike the launched "No Hidden Measures", Competition) to carry out feasibility right balance between profit and a communication campaign designed to studies, exploring cutting edge hydrogen- purpose. hero the importance of transparency combustion technology as a zero- and provenance in our whiskies. emission heat source to create steam for Established in 2006, the B Corp "No Hidden Measures" invites consumers distilling. Furthermore, the company has certification process was organised to trace the composition of the whisky, feasibility studies underway exploring to help purpose-driven companies from farm to bottling, using the bottle 12 other renewable energy solutions as protect and improve their positive lot codes. alternatives to fossil fuel. As part of the impact over time. Bruichladdich distillery’s broader sustainability goals, Distillery has joined other companies Port Charlotte continued to invest behind they are reducing packaging and waste, around the world that are helping its "We Are Islay" campaign in all markets and developing a sustainable agriculture to address some of the challenges and released new additions to the range. vision with academic partners on their facing our modern societies. The launch of Port Charlotte OLC:01 was own land. It leads the way in its field. an important event. Distilled in 2010 and limited to 30,000 bottles, this single Bruichladdich Distillery has high ambitions The distillery will be reassessed malt is one of a few to be aged in real for its brands in 2021/2022, especially every three years to maintain its sherry hogsheads of specific and significant in its strategic markets: United States, accredited status. provenance, the result of our long-term United Kingdom, China, and Travel Retail. partnership with the fine Spanish bodega A&P investments will be accelerated behind _DOMAINE _WESTLAND DISTILLERY DES HAUTES GLACES In addition to its proactive role locally, Ten years after its creation, Westland Distillery is receiving ever greater the Domaine des Hautes Glaces recognition globally. opens its new distillery. When the Covid-19 pandemic took hold at Created 10 years ago in the heart of the During the 2020/2021 In 2021/2022, the beginning of the financial year, Westland focused exclusively on the production of hand Trièves Mountains, in the French Alps, financial year, a local and the Domaine plans the Domaine des Hautes Glaces distillery organic production line was sanitizer, which was donated to local hospitals is entering its second decade with a new also launched: "Graines to receive customers as a priority, ultimately providing sanitizer distillery and new ambitions. But its original des Cîmes", or Grains from at the new site. to more than 100 organizations. In July, after philosophy remains unchanged: to make the Treetops. Bringing the first peak of the pandemic had passed, a whisky from ingredients sourced only from together 15 farms, the first harvest was whisky production resumed and the tasting its terroir, in line with organic and rural a great success, with high-quality barley room was reopened according to local health production methods. The new distillery and excellent yields. This will allow guidance. now has five stills, which are still heated the distillery to gradually increase by wood pellet burners, three beautiful oak its annual production to reach 70,000 litres In the autumn, Westland launched its new vats of 12,000 litres each, and a magnificent of pure alcohol per year. The future malting communication campaign around the Outpost cellar, semi-underground, that can hold up plant planned for the summer of 2022 Range of whiskies, including Garryana, of
to 4,000 casks. will enable the Domaine to perfectly control which Edition #5 was released in November, MY COINTREAU _ ANNUAL REPORT
every stage in the creation of its whiskies. followed by Colere. Garryana pays tribute to É All that has been built at the Domaine the terroir of the Pacific Northwest region (best American single malt of the year) and R des Hautes Glaces in the last 10 years comes In 2021/2022, the Domaine plans to receive of the United States by utilizing casks made Single Cask #5410 (best American single cask together beautifully; energy flows through customers at the new site. The park, which from wood native to this region. Demonstrating single malt of the year). The communication the various sites and is renewed every day, is the entrance to the Domaine, is being its commitment to the protection of the region’s campaign around the Outpost range also won with new initiatives moving the distillery transformed to guide future visitors on their forests (see insert), the distillery collects awards in the United States and internationally. consistently forward. At the moment, journey to the distillery or to the priory’s fallen Garry oak trees in protected forests for instance, the composting of dried grains vaulted barns, which house a shop and two and air-dries them for three years to make Lastly, the cellars of the new Skagit Valley is being studied to better recover this waste tasting rooms. exceptional casks that infuse the spirit with estate were developed about an hour north – part of which is already given to a horse unique aromas. of the Seattle distillery. The site spans 75 breeder. 32 hectares, a large portion of which will Last winter, Westland launched its dedicated be dedicated to growing barley, both e-commerce platform in the United States. for research purposes and to supply the The website gives Westland fans across distillery. The land has already been certified the country access to the entire range. "Salmon Safe", a status that guarantees the This successful launch went hand-in-hand farming has no negative effects on salmon with a wide range of digital events to further and its environment; indeed, salmon is one develop the brand’s reputation and appeal: of the most ecologically important species virtual tours, whisky tastings, cocktail classes, in the region. Their first estate crop, expected virtual whisky exhibitions, and more. to receive Organic certification, was planted this spring. In the long run the estate will be During the year, Westland Distillery received used to practise the most cutting-edge forms two prestigious awards for Garryana Edition #5 of sustainable agriculture.
Protecting Garry oak tress As it did last year, the Westland team put on their boots and got down to work to help save the Garry oak trees in the Schibig-Lakeview Nature Preserve, 30 minutes south of the city. They had to weed around the young trees planted a few years earlier, and remove the protective tubes and ground cover that were necessary at the time.
Quercus garryana remains a rare and threatened oak species. Westland makes the casks using only trees blown down by storms or considered hazardous. But that is not enough. The distillery team is working to restore the natural environment of Garry oak trees in the Seattle region and to draw attention to the cultivation and preservation of this endangered species. THE MARKETS
_AMERICAS _ASIA-PACIFIC
Despite the closure of on-trade establishments The Asia-Pacific region as a whole has (bars, restaurants, nightclubs, etc.), suffered from the Covid-19 pandemic, the US spirits market was buoyant in hit hard by its dependence on tourism 2020/21, bolstered by the acceleration of and on-site consumption. Two markets a few promising trends brought on by the within the region nevertheless recorded pandemic. a surprisingly remarkable performance: Greater China and Australia. Firstly, the move upmarket continued to gain momentum, while consumers seek out In Greater China, the shutdown of on-trade authenticity and provenance. Although most establishments (bars, restaurants, karaoke MY COINTREAU _ ANNUAL REPORT
of the portfolio benefited from this trend, bars, etc.) set the year off to a slow start, _EUROPE, MIDDLE EAST É
Rémy Martin 1738 and Rémy Martin VSOP but their reopening in the summer of 2020 AND AFRICA _TRAVEL RETAIL R cognacs recorded particularly spectacular pushed cognac and whisky consumption growth rates through the recruitment to new heights during the rest of the year. The Europe, Middle East and Africa With the collapse of international air travel of new consumers. Moreover, many initiatives were taken region was affected by the public health (-75% in 2020), Travel Retail has felt the to meet the increasingly demanding crisis overall. Here, the closure of bars full onslaught of the public health crisis. In addition, the boom in home consumption expectations of Chinese consumers in and restaurants was not offset by a rise In China, however, the duty-free allowance over the past 12 months was underpinned terms of brand experience. An immersive in at-home mixology, as in the United increase for Chinese citizens visiting the by years of investment in cocktail culture presentation of the Rémy Martin House States. The United Kingdom alone followed Hainan free-trade port has created a new by brands like Cointreau and The Botanist. was organised at the Guangzhou Opera this trend. duty-free market with great potential. 77 Takeaway cocktails delivered to customers House and enjoyed tremendous success. The same is true in South Korea and Taiwan, by bars and restaurants also made high-end Louis XIII broadened the level of experience Although the UK market also experienced with the rise in domestic flights to the islands mixology at home more accessible. Lastly, offered to its customers through unprecedented a sharp decline in the on-trade sector, this of Jeju, Penghu and Kinmen. Cointreau partnered with Independent cultural events: Heritage Awakening was immediately offset by an unprecedented Restaurant Coalition to raise consumers’ cultural round tables, a poetic experience at acceleration in retail and e-commerce sales. Travel Retail initiatives have focused awareness of the challenges facing the the Shenzhen Sky Concert Hall – the highest Cointreau and Mount Gay, in particular, primarily on Hainan Island, which offers hospitality sector with its first ever TV music hall in the world – and an artistic had a record year. Cointreau’s partnership strategic opportunities for Rémy Martin campaign during the annual Superbowl event. Symphony of Time concert in Shanghai. with Channel Four to sponsor the Friday and Louis XIII, from airports to luxury We stepped up the quality of customer Night In show was very effective and shopping centres. E-commerce is the fastest growing distribution relations with the launch of concierge services garnered widespread attention for the channel in the United States, and the Group’s for Louis XIII VIP customers, together Margarita recipe. Due to the travel bans, the online platforms brands have benefited greatly from this with a mini WeChat programme dedicated that were developed to replace team travel momentum. Louis XIII and Westland even to Rémy Martin customers. Lastly, hundreds In Africa and the Middle East, the pandemic will be maintained after the health crisis launched their own websites in collaboration of live streaming sessions were held affected all sales channels. Rémy Cointreau’s in order to reduce the carbon footprint. with Reserve Bar. on social networks for the new generation teams had to show agility: online sales sites of connoisseurs. were launched in South Africa, Kenya and Visibility on duty-free sales for 2021/2022 In Canada, at-home consumption also helped Dubai; Zoom tasting and food pairing sessions remains low. Nevertheless, the Group will offset the closure of on-trade establishments. Australia saw a huge increase in retail sales. in South Africa also drew many Louis XIII continue to invest in preparing the recovery In contrast, Latin America was adversely The rise of at-home cocktails was especially customers, wine lovers and art collectors; of this important and strategic channel. affected by the suspension of tourism and beneficial for Cointreau; buoyed by significant and in India, online tastings organised travel. media investments, it has become the third with whisky clubs boosted Bruichladdich’s most valuable brand in the liqueur category. reputation among connoisseurs. In order to reduce its environmental impact, The Botanist also stood out, while cognacs the region restricted gift boxes to limited showed resilience. Thus, despite a very challenging environment editions and special occasions. As a result, in this part of the world, the Group only 20% of the volumes are now packaged The region has an optimistic outlook for continued to invest in preparing for recovery in boxes, compared to 30% previously. the year 2021/2022. With buoyant domestic and the future. consumption, prospects in Greater China are The region looks ahead to 2021/2022 with excellent, while other markets should benefit confidence. The above trends are expected at least partially from a recovery in tourism to continue to drive the Group’s growth. and the reopening of the hospitality sector. CORPORATE SOCIAL RESPONSIBILITY
"Rémy Cointreau cares for the terroirs that are essential to its Maisons and cultivates the savoir-faire of its people, so that clients can enjoy exceptional spirits and sensory experiences.
Upholding this heritage enables the family company to write its own destiny and to proudly pass on its centuries-old legacy to future generations."
Rémy Cointreau Group's purpose CSR GOVERNANCE Sustainable Development lies at the heart of Rémy Cointreau's policy and AND STRATEGY forms the basis of the CSR charter. Rémy Cointreau has thus identified four major goals for its CSR strategy:
- Preserving the terroirs to reveal - Respecting the value of time, to their excellence, by encouraging create exceptional products, while responsible cultivation methods and contributing to the fight against innovating to maintain their essence global warming, protecting water and biodiversity. resources, taking action to reduce the environmental impact of our - Committing to men and women, activities, and striving for carbon as a way of asserting its uniqueness, neutrality. with responsible and committed Rémy Cointreau’s Corporate Social The Group’s long-standing commitment governance, while guaranteeing - Maintaining strict standards around Responsibility commitment is the to CSR has recently been recognised collective progress internally and responsible consumption to pay cornerstone of its centuries-old brands; by several rankings and ratings. with its suppliers and partners, tribute to its exceptional products, by it is an integral part of the Group’s The Carbon Disclosure Project (CDP)
and playing an active role in local raising awareness among customers, MY COINTREAU _ ANNUAL REPORT
DNA and punctuates its history. gave the Group a score of A-, and the communities. employees and partners of the Group. É The Group’s Houses have spanned the Vérité40 index gave it an A. At the same R ages by combining the excellence of their time, Rémy Cointreau was products with continuous improvement in ranked first in the food Rémy Cointreau’s Corporate th terms of CSR. Each of them, in its own sector and 26 across all Social Responsibility way, protects its terroir and nurtures business sectors based the expertise of the women and men who on social, environmental commitment is the cornerstone work there, so that customers can enjoy and governance criteria, of its centuries-old brands; exceptional sensory experiences. according to a study it is an integral part of the led by French magazine 81 The year 2020/2021 was marked by Le Point i n par t nersh ip Group’s DNA and punctuates a health crisis on an unprecedented with the German institute its history. scale. But the Group’s teams were no Statista. In 2020, the less enthusiastic – quite the contrary! Scottish distillery Bruichladdich had Whether in Barbados, Cognac, Samos already received the B-Corp label. or the Isle of Islay, they devoted all their energy to ensuring that the Group’s 2025 More than ever, Group's Houses are commitment is a collective success. This proud to proactively embrace sustainable strategy, called "Sustainable Exception", exception. They continue to innovate embodies the Group’s special attention in order to create exceptional spirits to developing its products of excellence that reflect the terroirs in which they and relies on practical actions coupled were produced. By valuing its heritage with quantified targets to help preserve in this way, the family group is writing the planet. a new chapter in its history and proudly passing on this centuries-old legacy This year, the Group ramped up its to future generations. efforts to obtain sustainable agriculture certifications, with real progress at Bruichladdich, Mount Gay, Cointreau and St-Rémy. The Group also took bold measures to reduce its carbon footprint, eliminating a significant portion of its gift boxes across its portfolio. The Bruichladdich site is now fully powered by renewable electricity. Moreover, in the last nearly 20 years Rémy Cointreau has undertaken to follow and implement the 10 principles of the UN Global Compact, including the principle to encourage the development and diffusion of environmentally friendly technologies. _OF THE 17 SDGS, RÉMY COINTREAU HAS SELECTED THE 10 RELATED TO ITS MAJOR CHALLENGES: RÉMY COINTREAU TRANSLATION INTO CHALLENGES 2025 GOALS
SDG 3 Ensure healthy lives and promote Responsible consumption Qualitative information well-being for all at all ages (externally)
Responsible Optimal water communication Training Gender and effluent Responsible and consumption of teams equality management sourcing policy SDG 4 Ensure inclusive and equitable In-house training 80% of employees benefiting quality education and promote and skills development from at least 1 training lifelong learning opportunities per annum RESPONSIBLE LIFE CONSUMPTION ON LAND AND PRODUCTION for all
SDG 5 Achieve gender equality Non-discrimination Absolute equality throughout and empower all women and girls and in-house social balance the Group; 90/100 in the gender Non-discrimination Eco-design Reduced GHG Sustainable in our teams emissions agriculture Anti-corruption professional equality index (in France) around the world of our products (transport) (upstream)
SDG 6 Ensure availability Water management Annual monitoring and sustainable management (specific case of Barbados site) _MATERIALITY MATRIX of water
SDG 8 Quality work and economy / Well-being of employees Qualitative information Promote sustained economic
growth, full and productive MY COINTREAU _ ANNUAL REPORT employment, and decent work Responsible sourcing 100% of suppliers have É R LIFE Sedex membership ON LAND Sustainable Optimal water agriculture and effluent (upstream) Local impact (sustainable Qualitative information management development of terroirs)
Responsible Reduce inequality within Internal societal balance Annual monitoring communication SDG 10 Training Eco-design and among countries and global consistency of teams of our products and consumption
RESPONSIBLE CONSUMPTION AND PRODUCTION 83 Responsible SDG 12 Ensure sustainable consumption Circular economy and reduced EPI mapping sourcing policy and production patterns consumption of raw materials (packaging’s Environmental Performance Index) of the Group’s entire product portfolio Anti-corruption Client information Qualitative information (nutritional labelling)
SDG 13 Take urgent action to combat Contribution to global efforts - 100% renewable energy Reduced GHG climate change and its impacts emissions (transport) (limit of 2°C) and corporate consumption, worldwide
- Impact on + Value the Group’s sustainability - 25% reduction in carbon emissions (scopes 1 and 2) in absolute terms Non-discrimination in our teams - 30% reduction in carbon emissions around the world (scope 3), in intensity Gender equality SDG 15 Sustainable land use / Protecting, Sustainable agriculture 100% of sustainably managed restoring and promoting agricultural land the sustainable use of land (brands’ agricultural ecosystems / Sustainable forest raw material sourcing) management / Preserving biodiversity - Stakeholders’ Expectations + Preserving biodiversity Specific biodiversity conservation actions
SDG 16 Peace and justice: effective Business Ethics 100% of employees and accountable institutions trained in the ethics and anti-bribery charter Special attention was paid to the five The year's successes and events thus priority SDGs (SDGs 6, 8, 12, 13 remind everyone of Rémy Cointreau's Governance Annual monitoring of the and 15), which for the past four years have nature: preserving the Terroirs, committing number of B Corp-certified sites been linked to the variable compensation to People and respecting the value of of the Group's senior executives. The CSR Time, by uniting the Group with its Committee, which is formed from the partners in the long term and striving Board of Directors and is responsible for to take exemplary decisions in line with implementing the CSR strategy, monitors its ambition: becoming the world leader As part of the materiality analysis conducted, food wastage, the fight against food insecurity, respect for animal well-being, this commitment. in exceptional spirits. and the promotion of responsible, fair and sustainable food were not selected as relevant CSR challenges for the Group. BUILDING A BALANCED FUTURE BY COMBATING CLIMATE CHANGE
Respecting the value of Time means adopting sustainable production practices while limiting greenhouse gas (GHG) emissions and the use of natural resources, such as water. In accordance with the 2015 Paris Agreement, Rémy Cointreau has undertaken to halve its carbon emissions by 2030 in order to reach “Net Zero” by 2050. This achievement would require reducing the carbon footprint at all stages of the life cycle of its wines and spirits: production, eco-design packaging, transport and waste management. The Group has implemented tools to measure its environmental footprint at all levels (scopes 1, 2 and 3). MY COINTREAU _ ANNUAL REPORT É R
85 Priority: net zero carbon by 2050 to preserve the planet "We have made strong commitments "In terms of sourcing, the year 2020 within the framework of the "Sustainable has prompted us to further strengthen Exception" plan that affect the entire the relationship with our partners. production chain, from the production of Since the start of the crisis, we have our spirits, to their packaging and transport. created a task force and remained in close contact with our suppliers, in - On scope 1, this means choosing fuels order to hear their concerns and grow that emit less carbon, as in France, together. where we switched to biogas in April 2021, or on the Isle of Islay, where the This relationship has outlasted the crisis HyLaddie project is investigating the use and made us aware of the need to secure of hydrogen for the distillery’s heating our production plan. We thus decided requirements. to relocate our sourcing operations to ensure we adopt a strongly local - On scope 2, we are working on the approach. This allows us to reduce purchase of renewable electricity. transport requirements and to implement a multi-sourcing strategy. - On scope 3, we are focusing our efforts on eco-design to roll out lighter bottles Taken together, these measures have and increase the proportion of recycled culminated in the creation of a CSR glass. Besides, we are favouring partners officer position within our team." who have adopted a carbon reduction programme." Jean-Pascal Martin Festa, Chief Procurement Officer Patrick Marchand, Chief Operating Officer _FAVOURING SUSTAINABLE AND RENEWABLE ENERGIES
Identifying alternatives to fossil fuels Rémy Cointreau has identified alternative three "average" representative structures: solutions to conventional natural gas in most a professional distiller, a grower-distiller, of its regions, ranging from biogas (as in and a wine deliverer. France) to liquefied natural gas (as in the Caribbean, in Barbados). In the combustion In addition, five other professional distillers phase (scope 1), biogas produces 100 times working with the House have come together less emissions than conventional natural gas. to share their data and build a roadmap including targets such as carbon footprint Wherever it operates, the Group and its brands reduction, waste management, biodiversity are innovating to reduce its environmental and quality development, and the safety MY COINTREAU _ ANNUAL REPORT impact. The Scottish distillery Bruichladdich, and working comfort of employees. Their É R for example, is carrying out a feasibility approach is consistent with ISO 14001 study named HyLaddie that investigates certification, which is based on the principle the integration of innovative hydrogen of continuous improvement of environmental combustion technology at the production performance by controlling the impact of the site. This study will be finalised in 2021 and company’s activities. could enable the implementation of practical solutions that will make a strong contribution It was also in Cognac, at Rémy Martin, that to the net zero targets for 2050. the Green Analytical Project – a sustainable analytical chemistry think tank – audited 87 In Cognac, in order to measure the sources the laboratory’s activity. The audit looked of carbon emissions even more thoroughly, at the everyday routine of the laboratory, Rémy Martin will carry out a partial (but general practices, waste management, energy Continuing the transition to green representative) carbon assessment of its savings, analytical methods, and operator electricity winegrowers’ cooperative (Alliance Fine safety to provide an in-depth assessment Champagne – AFC) in 2021, analysing and indicate areas for improvement. Rémy Cointreau has set itself the renewable sources in the United Kingdom target of 100% renewable electricity since May 2020. by 2025. Since 2016, all electricity used by the In 2019, the Mount Gay Group’s French sites has teams on the island of been renewable, with the Rémy Cointreau Barbados began to produce exception of Domaine des photovoltaic power: solar has set itself the target Rémy Cointreau, Climate Hautes Glaces, for which panels now cover 25% Leadership status 94% of the total energy of 100% renewable of the packaging site’s total used is renewable (wood- electricity by 2025. electricity consumption. For the first time, the Carbon Disclosure fired stills). Meanwhile, By 2024, the figure is Project (CDP) has awarded the Rémy Cointreau at Westland Distillery expected to rise to 30% Group "Climate Leadership" status, with in Seattle, 90% of the with the installation of a score of A- for 2020. This score recognises energy used is renewable, new panels. The site has the most transparent companies in the whereas at Bruichladdich in Islay, 100% also been fitted with energy-efficient world in terms of environmental reporting. of the electricity used has come from bulbs and lamps. The Group is pleased to have improved by two levels in one year. Worldwide, only 8% (or 776) of the 9,526 companies analysed this year achieved this recognition. On average, the Group’s sector (Food & Beverage Europe) traditionally gets a C rating (Awareness). Reducing and recycling waste Rémy Cointreau closely monitors the disabled sportsmen and women, and helps entire life cycle of its products to reduce to improve living conditions for people and recover its waste. suffering from a disability.
_INNOVATING TO FOSTER Generally, waste from the production sites On the island of Barbados, Mount Gay SUSTAINABILITY AT EVERY STAGE is used in "material" or energy recovery introduced a new waste processing line channels. This concerns mainly packaging in 2019, mainly for glass, cardboard and OF THE PRODUCT LIFE CYCLE MY COINTREAU _ ANNUAL REPORT
waste: glass and cardboard. In the past plastic. This year once again, employees É
two years, waste monitoring and treatment were made aware of waste management and R indicators have included a distinction sorting. The initiative was supplemented between material and energy recovery. by an internal glass and plastic recycling The Group’s primary aim is to reduce campaign to encourage employees to better Reducing the carbon footprint through waste tonnage and to prioritise material sort waste. eco-design recovery over energy recovery. The total waste produced (2,382 tonnes) In the past two years, the Group has This approach demonstrates Rémy Cointreau’s In Cognac, alongside label designer and was down 4%. The material recovery rate been implementing practical and speedy determination to continue to make progress expert Litho Bru, the House of Rémy Martin was 88%, up 2% on the previous year. 89 measures to reduce the environmental in this regard and to produce with ever has committed to a programme for the The energy recovery rate was stable at 6%. impact of its packaging, which accounted greater mindfulness. optimisation of raw materials and waste The waste recovery rate this year was for 35% of its carbon emissions in 2020. management. The House has investigated 95%, up 2% on 2019/2020. The aim is to eco-design 100% of its The innovations are not always technical a method of recycling label backing products by 2025. To that end, the in nature, and sometimes involve "simply" sheets – glassine, which generates up packaging development teams apply the removing the packaging. As such, to 30 tonnes of material every year – 5R method: reduce, reuse, recycle, respect, a significant portion of the Rémy Martin at the merchant’s site. At the same time, rethink. Whenever possible, the Group’s range discontinued its gift boxes during about 10,000 pieces of canister waste brands reduce the weight of glass in their 2020/2021, in particular bottles intended per year are now dismantled (separation bottles and use recycled materials in their for the US market. Since February 2021, of scrap metal and cardboard) and new packaging, which in turn reduces Bruichladdich has also been running recycled, while wood offcuts generated by the carbon emissions of their production the "Go one tin lighter" campaign, the Product Development Centre (PDC) and transport methods. giving customers the option to buy are now shredded and recycled. bottles that don’t come in a tin. Initially, At Group level, Rémy Cointreau has the distillery is targeting 5,000 bottles In most of the Group’s sites, cardboard developed the Environmental Performance sold without a tin, followed by 10,000. cups have replaced plastic cups in vending Index (EPI). With this comprehensive At the same time, the online store offers machines, aluminium water bottles have tool, packaging engineers can accurately fully cardboard packaging. To best been provided to employees, and water gauge the environmental footprint of each support these changes, the site now has fountains have been installed. The Westland package. This makes it possible not only a packaging development manager tasked site has switched to compostable cups and to identify the most virtuous products and with designing and improving product an initiative has been launched to train those that require innovation, but also packaging to minimise the environmental employees in good waste management to address the concerns of customers who impact. This drive also led to the St- techniques and in identifying what can want to steer clear of over-packaging and Rémy Signature bottle being sold without be recycled and composted. heavy packaging. a case in 2020, as a bare bottle, which is different from previous editions. For the past year, the Paris administrative In addition to working on products that site has been collecting plastic caps in require innovation, the Group is perfecting partnership with the "Les Bouchons existing packaging. This year, Adelphe d’Amour" association. Recycling the assessed the packaging of Cointreau collected caps allows the association products to optimise every detail. to purchase specific equipment for _OPTIMISING FLOWS TO REDUCE GREENHOUSE GAS EMISSIONS
Developing practical solutions to preserve water resources Integrating environmental concerns Integrating environmental concerns Rémy Cointreau also expresses its into freight transport into digital flows commitment to sustainability and the An exemplary approach means integrating The Rémy Cointreau Group also takes environment through reasonable water environmental concerns from start to care to integrate environmental concerns management measures. finish. To reduce its carbon emissions into commodity and digital flows. from freight transport, the Group provides The Group ramped up its water its stakeholders (carriers, partners, In 2018, Rémy Cointreau introduced the management actions significantly this employees, etc.) with the TK Blue tool. possibility of receiving and processing supplier year, allowing it to be upgraded from It allows everyone to track and share invoices following a digitised tax process. a C score in 2019 to a B score in 2020 their actions to reduce greenhouse gas New tools have been rolled out within the under the CDP (Carbon Disclosure emissions. 100% of the Group’s carriers supplier accounting department to enable Project) environmental reporting system. are expected to be connected to this tool the receipt and processing of paperless This score is the result of several local by 2025. invoices. All suppliers were contacted actions geared towards the common goal to notify them and raise awareness of these of responsible management. This achievement To transport its spirits from Europe new document-sharing methods. This reduces provides further recognition of the work to Asia, Rémy Cointreau is committed invoice sending and processing times. accomplished by the Group’s women to rail transport. In 2019, tests were and men to express Rémy Cointreau’s conducted to replace some air and At Group level, this commitment involves commitments in practice. road transport operations with rail raising employee and stakeholder awareness transport, which is more environmentally of digital eco-gestures: unsubscribing from At the Barbados site, the Mount Gay friendly. Since then, further tests newsletters, emptying the recycle bin, teams are studying sugarcane production on the transport link between Group's deleting large attachments, providing training in circumstances of drought, considering Chinese warehouses have saved around in the management of digitised documents, that the plant already requires a lot of water. The strategy involves creating 2 tonnes of CO2 equivalent and reduced etc. This awareness is promoted through some logistics costs. internal communication and dedicated a pond to capture rainwater, installing events, such as the IT Green Week in 2019. two greenhouses with irrigation systems, Building on this approach, the Group and planting drought-resistant varieties is studying sustainable transport methods (such as cassava). In the same spirit on each continent – spanning rail, sea of streamlining various water uses, and road transport – and has committed new sanitary facilities have been set up to a programme to optimise container in Brandons and at the St-Lucy distillery. loading. TAKING CARE OF OUR TERROIRS AS PART OF A LONG-TERM APPROACH
Giving back to the Earth. More than a credo, this is the Group’s DNA and reflects its course of action under its Sustainable Exception strategy. All around the world, the Group’s employees are taking action and sharing knowledge with an overarching goal: preserving and transmitting their inheritance. Mindful of the challenges that global warming has in store for them, the Group’s brands are working tirelessly to protect and prepare their terroirs in a changing world. In support of SDG 15, which aims to preserve and restore terrestrial ecosystems, Rémy Cointreau wants to take MY COINTREAU _ ANNUAL REPORT
its strong commitment to responsible and sustainable agriculture É even further. The Group has set itself the target of having 100% R of its land managed sustainably by 2025. To realise this ambition, the Group’s brands are continuing to innovate and prioritise sustainable farming methods, protect biodiversity, and collaborate with local communities to prepare for the future.
Oranges et terroir, the Cointreau brand’s 93 environmentally friendly initiative to create an exceptional supply chain The orange has an extraordinary background, having travelled from one continent to another in the company of illustrious explorers. The founder of the eponymous brand, Édouard Cointreau, travelled the world to uncover the best varieties and perfect his liqueur. Presented at the Paris World’s Fairs (1889, 1900) and lauded by more than 300 awards since its creation in 1885, Cointreau liqueur with its 40 aromas has taken the cocktail world by storm ever since. Its outstanding organoleptic qualities and exceptional oranges place it in a class of its own.
Today, the Oranges et terroir project perpetuates this quest for superlative sweet and bitter orange peels. Within this framework and to further the aims of SDG 15, Rémy Cointreau is establishing partnerships with its international suppliers to ensure high-quality supplies. In Spain, Tunisia, Brazil and Morocco, the Group is conducting agricultural audits to ensure that its suppliers implement responsible and sustainable farming methods in line with international standards (Global G.A.P. or Rainforest, depending on the country) and consistent with the company’s environmental policy.
The project measures the roll-out of sustainable agriculture by suppliers to continue to source excellent raw materials, while also supporting the establishment of exceptional supply chains and building a strong and long-lasting partnership with farmers around the world.
This commitment is gaining ground: 55% of partner orange production areas have been recognised as operating in line with sustainable agriculture methods. _FAVOURING SUSTAINABLE FARMING METHODS TO BEQUEATH FERTILE LAND TO FUTURE GENERATIONS
The Rémy Cointreau brands cultivate their terroirs with the utmost care to combat global warming. In the Samos vineyards,
the grain fields of Islay or on the slopes of Isère, the Group’s MY COINTREAU _ ANNUAL REPORT men and women are cleverly adjusting their farming methods É and innovating while respecting local expertise, in order to pass R on their inheritance to the generations following in their footsteps.
Ensuring 100% of the Group’s terroirs implement responsible methods 95 by 2025 The House of Rémy Martin is spearheading a major contribution to the inter-professional a new experiment in Charente. In 2018, the plantation’s ecosystem and that of the environmental commitments in the Cognac drive for sustainable agriculture. The AFC Rémy Martin Estates set up a pioneering island overall, the rum brand acquired region. In 2012, it was the first to obtain winegrowers represent 86% of all HVE experimental platform in the region with 134 hectares of sugarcane production High Environmental Value (HVE) (level 3) certified farms in Charente. the French Wine and Vine Institute (IFV). land in 2018. Since then, Mount Gay certification for its Estates. Backed They are adding to the momentum of The study conducted makes it possible to has been testing new farming methods by the French Ministry of Agriculture HVE certification in Nouvelle-Aquitaine, test farming systems that limit their use (organic farming and permaculture) on and Food, this recognition of excellence the region with the highest number of plant protection products by introducing these plots and aims to convert its entire acknowledges the House’s practical and of HVE-certified farmers in France. biocontrol products. plantation to organic farming within measurable commitments around four four years. Test plots were planted with themes: biodiversity, plant protection The House now encourages winegrowers In Barbados in the Caribbean, the a different cultivar each, selected for strategy, fertilisation management, who are ready to apply for dual certification, world’s oldest commercial rum distillery their unique characteristics and suited and preservation of the region’s soils as provided by the BNIC (Bureau National has undertaken an ambitious project to their microclimate. As of the 2021 and water quality. The House lays claim Interprofessionnel du Cognac), which integrates that proves that anything is possible harvest, the seeds will be harvested to Sustainable Exception and strives criteria specific to the Cognac production to people of good will. The land used individually to obtain a specific molasses to spread its vision of sustainable line (CEC - Certification environnementale de la for sugarcane production had to be per "climate" and then distilled and aged agriculture more widely by onboarding filière Cognac) in addition to the requirements restored and fertilised to enrich the soil. separately; this is already being done at the largest number of winegrowers in of the HVE certification introduced by The Mount Gay teams set up a crop Domaine des Hautes Glaces. Ultimately, a virtuous approach. the French Ministry of Agriculture and rotation system by introducing food a range of plot-based and single-varietal Food. Rémy Martin hopes to have 70% of crops such as sweet potatoes and pigeon rums will allow rum enthusiasts to see that A practical illustration of the brand’s role its partners classified as HVE- or CEC- peas, which are now planted alongside making better rum starts with planting in driving this inter-professional impetus, certified by 2024, and 100% by 2028. mango, pomegranate and mahogany trees and crops. 100% of the AFC cooperative has been trees. The aim by 2023 is to further committed to a collective, sustainable In its Estates, Rémy Martin is testing extend the development of these mixed viticulture approach for two years now. alternative and natural solutions to protect farming practices and share them with This year, a new group of winegrowers the vineyards in order to improve the local farmers. obtained level 3 HVE certification - long-term fertility potential of the soil and the highest level of commitment in this establish even more sustainable winegrowing In order to improve its knowledge of the certification. The 253 winegrowers of the practices by 2025. The Biocontrol and terroir, reintroduce biodiversity and, most AFC with level 3 certification are making Ecosystem Balance (BEE) project is importantly, increase the resilience of the Anticipating the potential impact of global warming on our terroirs In Seattle, single malt whisky producer Last year, the House carried out the first Westland Distillery has welcomed harvest of its new plots of grape varieties a researcher from the local university that are more resistant to vine diseases in into its teams to study which varieties Saint-Preuil. This was the result of 20 years can grow in low environmental impact of collective research in partnership with the farming systems, with the aim of preserving French National Institute for Agricultural exceptional flavours. This initiative adds Research (INRAE), the French Wine to the research and development projects and Vine Institute (IFV), and players in carried out by the brand for several the Cognac sector. Planted in 2018 with years: crop rotation, partnerships with three varieties resistant to mildew and local universities, and research into local powdery mildew, the plots have proven to barley varieties. be highly resistant to these vine diseases and are expected to reduce the use of plant MY COINTREAU _ ANNUAL REPORT
On the Isle of Islay, Bruichladdich protection products by 80 to 90%. This É
Distillery has been replanting traditional research project aims to find alternative R barley for over 16 years, using different solutions by helping to continuously adapt barley varieties to preserve the terroir. grape varieties to climate change. The Botanist gin has launched its foundation to work with islanders to Building on this momentum, the Rémy Martin improve both their understanding and teams explored more than 300 hectares local botanical diversity. The targets of vineyards with different winegrowers, for 2028 are to maintain and develop a Chamber of Agriculture, and players supplies that perpetuate the Isle of in the agricultural distribution sector 97 Islay's biodiversity and the development to identify the grape varieties affected by of organic farming in Scotland. flavescence dorée and uproot the infected vines. Ultimately, this approach will In Cognac, Rémy Martin has carried out promote the use of fewer insecticides. extensive mapping work to list all the plots across its estates and assess their A showcase of quality, environmental action diversity. This work allows the brand and experimentation, the Rémy Martin to leverage new technologies to gain Estates enable the brand to try out more detailed knowledge of its terroir: alternative solutions on a larger scale climate data, pest pressure, biomass, and to equip winegrowers with the tools soil resistivity, etc. to improve their environmental practices.
The Rémy Martin Estates: an open-air laboratory with the BEE project In Juillac-le-Coq, the Rémy Martin Estates have been participating since 2018 in the national research plan to reduce the use of plant protection products. A pioneering experimental This initiative adds to the research platform in the region has been provided to the Biocontrol and Ecosystem Balance (BEE) project. Managed alongside the IFV, the platform is intended to develop an agro-ecological and development projects carried out approach by testing farming systems that limit the use of plant protection products through by the brand for several years: the introduction of biocontrol products with a view to cutting the Treatment Frequency crop rotation, partnerships Index (TFI) by 75%. The work is carried out with no impact on grape yield or the quality of eaux-de-vie produced in Grande Champagne. The first results are encouraging, with local universities, and research and the study will continue until 2023 in order to study the vine’s behaviour more broadly into local barley varieties. over different years in response to this new farming method. _CULTIVATING BIODIVERSITY IN ALL TERROIRS
Farmlands and their ecosystems are being worn out by global warming and, in some cases, years of intensive farming. MY COINTREAU _ ANNUAL REPORT This is true for all raw materials: grains, vines, sugarcane É and oranges. Rémy Cointreau and its brands are actively R fighting to preserve biodiversity and to continue to produce exceptional products that reflect their distinctive terroirs.
Preserving regional biodiversity 99 in the long term Biodiversity is the true wealth of the flora and fauna surveys to be conducted to protect the birdlife and nature of the terroirs. Whether in Samos, on the Isle to monitor and promote the regeneration island that the brand calls home. Tasks of Islay, in Cognac or in Seattle, the of fauna and flora that used to exist along include monitoring birds and identifying Group’s brands help protect the diversity the Charente river. Trees such as ash and threats to biodiversity, producing of the local fauna and flora. To this end, alder were planted within a poplar plot communication and education materials to Rémy Cointreau has included the protection to recolonise the natural environment. raise public awareness, and implementing of biodiversity in its 2025 CSR plan – active initiatives to protect local birds, "Sustainable Exception" – as a major In addition, beekeeping fields were set up reptiles and insects. The island is home challenge reflected in practical actions on the Rémy Martin Estates. They promote to one of the last oases of biodiversity on the ground. The Group also renewed floral diversity through the activity of in the Mediterranean: thousands its environmental commitments as part bees, which need a varied, high-quality of migratory and local birds, hundreds of the Act4nature international alliance. diet to grow and produce honey. of species of mammals and reptiles, Its undertakings cover biodiversity, including many rare and endangered protecting forests and natural areas, Since 2018, Mount Gay in Barbados has species, along with more than 1,500 reducing carbon emissions, combating been participating in the "We Plantin" species of plants, including 60 species of global warming, and rolling out training national tree replanting project developed orchid. This rich and varied biodiversity and awareness-raising initiatives on these by the government. The brand has is essential for grape growing. With this issues among stakeholders. planted more than one million trees, partnership, Metaxa aims to protect the including banana, mango, carambola and unique character of its terroir, enhance For nearly 10 years, the Rémy Martin avocado trees, along with other forgotten its biodiversity, and encourage responsible Estates have been providing three hectares varieties, to enhance the sustainability organic farming practices. of experimental woodland in Charente and diversity of the Estates. The theme to successfully conduct biodiversity of World Environment Day also encouraged protection tests with the French National ecological initiatives by the teams: setting Forest Ownership Centre (CNPF) and up new beehives, producing seedlings the French Bird Protection League in greenhouses, and more. (LPO), with which an ecological monitoring of plots of land has been In Samos, Greece, Metaxa has partnered organised. The collaboration allows for with the Hellenic Ornithological Society MY COINTREAU _ ANNUAL REPORT É R
Cointreau distils research and development projects to preserve its raw materials and the terroirs on which they are grown In Corsica, with the help of an INRAE 101 researcher, Rémy Cointreau is studying the connection between the terroirs and the genetic components of the orange and bitter orange in order Fostering abundant research on the to better understand and preserve the diversity of nature products’ authenticity. Rémy Cointreau Since opting for HVE certification, characteristics of its terror; as such, it Nearly 7,000 kilometres away, in Barbados, also supports the varietal research the House of Rémy Martin has been is working to help safeguard G u e r c u s the teams are working with a researcher work conducted by the San-Giuliano implementing actions and tests on the garryana. This special variety of oak to study the use of seedless river tamarind research platform, which houses vineyards of its Estates with a focus on tree, specific to the region, is part of as a leguminous mulch and windbreak. a globally unique collection of 800 citrus biodiversity protection - one of the four what makes the brand's products so Regular river tamarind spreads its seeds varieties. Eager to contribute to this themes of HVE environmental certification. unique: it is the only wood used to age by the wind and grows as a weed in biodiversity, the brand has helped Last year, in conjunction with the French its eaux-de-vie. Actively engaged in the fight many sugarcane fields across the island. to maintain the collection of varieties National Biodiversity Observatory, the against global warming, the site’s team By using the seedless variety, farmers could used in the thesis, i.e. 90 species of Estates applied protocols to monitor have also planted 600 trees across four tap into the benefits of river tamarind as citrus fruit, in order to study their earthworms, butterflies and bees on their hectares. They carry out maintenance work a legume without having to worry about properties and improve their production. plots and thus measure the level of life on the plot with the Forterra association to its unintentional spread. in their soils. This year, five winegrower ensure the oak trees have a high survival In Guadeloupe, to further reduce its partners of the AFC joined the network. rate and will continue to grow over footprint, the Group is carrying out A call for volunteers will complete the next 10 years. With this plantation, an ambitious project with the French the process to obtain even more data the brand also wants to bring back the Agricultural Research Centre for on biodiversity in the vineyards. Western Bluebird (Sialia mexicana), which International Development (CIRAD): has practically disappeared from the region. finding alternative methods to In addition, the House is continuing fight citrus greening, which affects to establish green corridors on its Estates, Off the coast of Scotland, Bruichladdich orange trees on several continents. which enable nature (fauna, flora, insects Distillery’s teams have planted 7,500 trees In order to reduce the use of inputs, and trees) to reclaim the environment. to boost the island’s biodiversity. the Group is seeking in particular to They have also invested in a pollinator identify rootstocks that can withstand Westland Distillery in the United States project to preserve the wild flowers, which this disease. cares deeply about preserving the distinctive reflect the local plant diversity. _COLLABORATING WITH STAKEHOLDERS TO PRESERVE THE TERROIRS
The Group’s brands seek to cooperate with local players in good faith, and to disseminate their environmental policy with respect to preserving the terroirs. They adapt their cultivation methods to each region, thus respecting the unique characteristics of local areas, practices and populations.
Working with all local players to protect the distinctive characteristics of the terroirs In Scotland, Bruichladdich Distillery’s Chambers of Agriculture. This personalised, teams are trained in the brand’s CSR tailored support enables the House’s 800 approach via online training modules. winegrower partners to review their A sustainable agriculture seminar was practices and adapt them with a view to Communicating to pay tribute to the held in September 2019 in Scotland to obtaining HVE environmental certification,
terroirs that enable the production MY COINTREAU _ ANNUAL REPORT allow the teams to chat with experts about as decided by the brand. of exceptional products É different farming methods and to adapt R their farming practices to preserve the The brands’ commitment is also expressed Protecting the terroirs also means terroirs and mobilise the island’s farmers. through their contributions to larger promoting their exceptional character. The sustainable agriculture seminar will organisations. Barbados, for example, has Since September 2019, the patronage be held every two years. been a member of Bonsucro since early of the House of Rémy Martin has 2021; this organisation aims to promote enabled the creation of a promenade In Cognac, since 2014, the House of the sustainable production, processing and of "admirable trees" allowing all visitors Rémy Martin is the only one providing trade of sugarcane worldwide. Bonsucro to the Estate of Versailles to locate and sustainable agriculture training to its comprises more than 250 members, who better understand the site’s most precious 103 partners in the Alliance Fine Champagne are involved at all stages of the sugarcane trees. The Estate of Versailles and the cooperative and to all the region’s farmers, supply chain: farmers, millers, merchants, House of Rémy Martin share the same with the support of the BNIC and the buyers, support organisations, and more. passion for trees, especially oak trees like the Quercus Robur - a necessary and exclusive resource for ageing the brand’s eaux-de-vie. Whether through the art of blending, cooperage, vine growing Domaine des Hautes Glaces: bringing terroir or crystal making, the skills of excellence and community together through peasant agriculture and their transmission are at the heart of the Cognac brand’s concerns. In terms of exceptional supply chains, Domaine des Hautes Glaces is a true pioneer. Nestled in the heart of the French Alps, in the Trièves Mountains, Driven by this same ambition - to unveil the farm distillery is the result of a local development project where farmers are the terroir through a journey into the key true partners committed to developing new crops of organic barley, rye, spelt, oats values of time and experience - Louis XIII and triticale. All of them already use organic grains and raw materials sourced has launched the first online store for its locally to revive centuries-old expertise and create organic whiskies made from cognac of excellence. The online store local resources only. This singular, united vision of Domaine des Hautes Glaces now offers visitors a now channel to learn – which questions the very concept of terroir – has enabled the dissemination more about its environmental commitment, of new farming methods and the development of a sustainable rural production line from harvest to bottling and distillation. to convert neighbouring farms to organic agriculture. Special attention is paid to preserving the forests of the Limousin region "In founding the estate, the idea was to bring raw material back to the heart to produce the famous oak tierçons. of the product and, finally, to question the concept of terroir in the same way as we do with wine; to draw a correlation between the raw material, the place where it The Saint-Rémy distillery, using supplies grows, and the end quality of the product. This is what makes it a terroir whisky, sourced only in France, works hard to since everything is done from start to finish, from growing the grains to the blending strengthen the quality of its supplier process, in a very specific region: a mountain plateau in the heart of the Alps." relationships. To enhance the reliability of its eaux-de-vie sourcing, the brandy Frédéric Revol, agricultural engineer, House is interviewing cooperatives Chief Executive Officer of Domaine des Hautes Glaces via questionnaires to ascertain their level of commitment and involvement. BUILDING A COMMUNITY OF AGENTS OF CHANGE TO PASS ON EXCEPTIONAL EXPERTISE
45% women in managerial positions, nearly 20 hours of training per year and per employee (pre-Covid-19), an average salary 7% higher than international standards, and hundreds of solidarity initiatives: a few figures few figures that illustrate Rémy Cointreau’s commitment to the women and men who have been building the Group’s future for so many years. The Group promotes exemplary governance, develops collective intelligence, and encourages solidarity actions with local communities. MY COINTREAU _ ANNUAL REPORT É R
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_ADOPTING EXEMPLARY GOVERNANCE THAT BENEFITS THE RÉMY COINTREAU COMMUNITY
Governing and acting responsibly is first and foremost about shaping a shared destiny and acting to bring about change. Rémy Cointreau attaches special importance to the establishment of ethical and responsible governance that is committed up to the highest management level. In order to maintain the strictest standards and a capacity for effective control, the Group has implemented mechanisms to measure progress, shares its commitments with its partners, and ensures their implementation.
"I believe there is a single watchword that embodies the values and spirit of Rémy Cointreau: sincerity. In a world where communication often takes precedence over truthfulness, let’s remain sincere in our ambitions and CSR actions, and make this commitment a real element of differentiation."
Philippe Farnier, Chief Executive Officer of the House of Rémy Martin and Head of Group CSR Being able to keep our entire Meeting clients I was very proud of our Being surrounded team safe during the pandemic Last year, I really felt that, over Zoom tastings collective Virtual Adaptation (albeit virtually) by supportive I was very proud last year and improving the clarity, through our actions when Covid-19 restrictions to Training last year. Also, colleagues as we worked from of the efforts in Cognac engagement and speed in our projects, we can meant face-to-face moving fleet cars to hybrid home during the pandemic to help our growers attain of our internal communications and are contributing was not possible brought vehicles was a great source brought me joy and gratitude HVE certification. was a source of satisfaction to a more sustainable future. me joy last year. of satisfaction in my work. in 2020. for me in 2020.
Brian Copeland Ian McLernon David Dankenbrink Jennifer Romanczuk Hugh Lander AJ Cunningham
I am very happy that I was given I was very stimulated last year I have been able to do something Learning and seeing first-hand the opportunity to work in another department. by the development of the second and make a difference to bring joy and happiness the very first clean-up down by the Jersey Shore Attending the GTR workshop was very interesting and third edition of our newsletter, in the time of a pandemic and restrictions. with all the plastic was an eye-opener for me in 2020. for me in 2020; we worked in an innovative way, which was distributed to our major accounts For example, help customers and accounts Moreover, paying more attention with my family I learned new tools, and it was nice to exchange and buyers. It was a great way to highlight that needed assistance. But also, maintain on how we dispose of plastic and recyclables, opinions with so many different people our B Corp status and our key selling points relationships and have the ability to sell thanks and doing our part for social responsibility. who shared their experience. on these brands. to the relationships that I have established.
Natalia Zubel Danielle McAuliffe Brian Boersig Tricia Kim Developing a governance framework to support CSR criteria that benefit all employees The CSR Committee, which reports to the partners, suppliers and other stakeholders. Board of Directors, has been implementing Compliance with the various regulations indicators to measure governance actions is more than just a legal requirement. over the past three years in order to make It is part and parcel of Rémy Cointreau’s each member of the Executive Committee values of honesty, integrity and equality. an ambassador for CSR commitments. Aware that its employees may be the A portion of the variable compensation first to be subject to inappropriate of senior executives on the Executive behaviour, the Group wishes to equip them Committee is now indexed to CSR with tools and support that guarantee objectives, in accordance with the main a framework of trust. Every year, the Group SDGs: Water management (SDG 6), Well- raises awareness among its employees MY COINTREAU _ ANNUAL REPORT
being of employees (SDG 8), Circular to ensure each of them is able to recognise É economy and eco-design (SDG 12), bad practices, abuse or wrongdoing, R Action to combat climate change, reducing and to whistleblow in full confidence and carbon emissions, and the transport of seek out the necessary help. products (SDG 13), and Sustainable agriculture (SDG 15).
In addition to governance actions, the Affirming its exemplary CSR efforts CSR Committee (whose members are and expertise on the international Rémy Cointreau is actively taken from the Board of Directors) aims stage 109 primarily to oversee the implementation committed to financial of the Group’s CSR policy. The following transparency Rémy Cointreau has been recognised for The CSR award main topics were covered: its CSR commitment on the international for the Best Non-Financial The anti-bribery charter raises stage. In 2020, the Group received the Performance Declaration - France’s "Pacte" Act: confirmation of employee awareness of the risks of CSR award for the Best Non-Financial (DPEF) the purpose; money laundering and tax evasion, Performance Declaration (DPEF), granted - review of 2019/2020 CSR reporting; and explains how to react to specific by France’s National Council of Public - confirmation and monitoring of the 2025 requests that could be made by certain Accountants (CSOEC) and the French CSR plan – "Sustainable Exception"; business partners. It refers to the Group’s National Institute of Auditors (CNCC). - implementation of the carbon plan to mandatory procedures on the matter, achieve the 2030 carbon targets and and in particular the due diligence to Rémy Cointreau also moved up 18 places the "Net Zero 2050" target; be carried out to ensure that a current in the ranking of the workplace and or future business partner does - 2021/2022 budgets dedicated to employment ratings agency Humpact. th not involve the Group in transactions 8 in its sector implementing the CSR strategy; With 3.5 out of 5 stars, the Group is now (out of 40 companies). that may favour these practices or - change in CSR organisation in 2021/2022; 8 th in its sector (out of 40 companies). Humpact factors in criteria related - roll-out of B Corp certification; that are located in countries included Humpact factors in criteria related to to job and value creation - activities of the Rémy Cointreau on the watchlists of France, the job and value creation, relying on the Foundation. European Union or the USA. independent company Talence Gestion for financial analysis. Rémy Cointreau’s governance must ensure The Rémy Cointreau Group keeps the integration of the Group’s CSR a regulatory watch and defines its Lastly, Rémy Cointreau is one of the approach at all levels of management, tax policy with the help of a team of top three winners of the Trophées 2020 de from the Board of Directors to the tax specialists under the supervision l’Immatériel (Awards for the Intangible). structures overseeing teams of co-workers. of the Finance Department. The Group Organised by the Observatoire de l'immatériel, It is this governance philosophy that is is committed to complying with all tax the award recognises companies based on The top three winners of the embodied as closely as possible to the regulations applicable to the countries five areas that are deemed to represent Trophées 2020 de l’Immatériel employees across the Group’s various in which it operates. Its tax policy intangible qualities: business ethics, (Awards for the Intangible) brands. is not based on any tax avoidance CSR policy, supplier relations, customer schemes and complies with the principles relations, and skills management. The Group’s approach to ethical business laid down by the OECD. conduct is equally demanding of its Ramping up responsible sourcing initiatives In its drive to set an example, Rémy Cointreau of working standards, hygiene, safety, encourages, embodies and disseminates and even commercial ethics. sustainable practices within its ecosystem. MY COINTREAU _ ANNUAL REPORT
To help achieve this goal, regular discussions É
In keeping with SDG 8 and in an effort are held with suppliers throughout the year R to improve transparency and ethics in its to present the Group’s CSR policy, especially business practices, Rémy Cointreau now in the area of responsible sourcing. explicitly requests its suppliers to join SEDEX (Supplier Ethical Data Exchange), Two new indicators reflecting In its drive to set an an international organisation that aims the roll-out of SEDEX among example, Rémy Cointreau to encourage ethical and responsible suppliers were also created business practices in global supply this year to report on their encourages, embodies chains. This provides the Group with an commitments in greater and disseminates 111 overview of supplier practices – in terms detail. This year, a specific sustainable practices communication presenting the Group’s CSR policy on within its ecosystem. responsible sourcing was mailed to all suppliers. In addition, in order to have a more detailed view of the CSR policies of suppliers, including second-tier suppliers, two new indicators were created to represent their SEDEX commitments.
The self-assessment questionnaire allows SEDEX member suppliers to share information on their business with their customers by answering a series of comprehensive questions tailored to different types of businesses.
This first use of SEDEX data makes it possible to map potential CSR risks among suppliers in greater detail. These risks are nevertheless identified based on self- reporting questionnaires only, as not all suppliers have necessarily been subject to a CSR audit.
After a first audit conducted in 2019/2020 at a packaging supplier to test the approach, 11 new supplier audits were carried out this year. The audits involved suppliers of packaging materials and agricultural raw materials as part of the "Sustainable Agriculture" project. Guaranteeing non-discrimination and gender equality _COMMITTING TO THE GROUP’S WOMEN The Group’s human resources teams - formation of a working group of seven AND MEN, AND DEVELOPING COLLECTIVE support each employee with his or her teams to discuss non-discrimination and INTELLIGENCE career and offer protection to those who diversity in South East Asia, identifying need it. The Group draws its abundant practical actions to be implemented, etc. Committing to People and building the future with them means cultural and ethnic diversity from its taking action for the well-being of all, everywhere in the world. countries of operation. Accordingly, the Proof of its commitment to gender equality The well-being, equality and fulfilment of each employee teams responsible for recruitment strive at work: Rémy Cointreau’s French sites are key to collective success. To ensure everyone plays a role in the to establish a diverse pool of talent, all scored 83/100 on the Equality 2020 index. Group’s CSR commitment, Rémy Cointreau fosters a sustainable passionate about the brands, and whose approach to management to support employees in the long term. expertise, creativity and intelligence Bruichladdich Distillery implemented enhance the Group’s identity and the a strong community enterprise programme. flavours of its products. It promotes career opportunities for the 98 employees on the Isle of Islay, maximises Rémy Cointreau’s sites supported this social benefits and training programmes, Promoting individual well-being inclusion movement through new schemes and favours local suppliers wherever to guarantee collective success in 2020: possible. These measures allowed it to become the first European distillery - creation of a Diversity Council for the to obtain B Corporation (B-Corp) MY COINTREAU _ ANNUAL REPORT
In terms of training and social relations, especially true where training is concerned: É the past year has been largely characterised internal sessions specially tailored Americas, with the establishment of certification of excellence, following R by the health crisis. Nevertheless, to the diversity of the Group’s businesses a foundational plan on Diversity, Equity a stringent validation process. the Group’s international scope and pre- have been set up. These include the Brand and Inclusion; existing managerial culture, centred Academy to better understand the brands, on a humanist approach and a sustainable the Art of selling Academy for sales - launch of an enhanced rewards and vision of personal support, cleared aspects, the Finance Academy to learn recognition programme to encourage the way for increased telecommuting. about finance, and the Quality Academy inclusion at Mount Gay; For the French sites in Angers, Cognac on products and their presentation. and Paris, a new telecommuting charter Two new academies will soon follow: the 113 will be in force after the health crisis Digital Academy and the Management and will allow interested employees Academy. In addition: to adjust their working methods. - on the Isle of Islay, the teams organised Throughout this period, the Group took yoga and meditation sessions, and all necessary measures to guarantee the encouraged each other to walk 100 miles safety of its employees and to support (160.9 km) over 4 weeks, then 250 miles "After 15 months of intense work and on-site production teams: distribution (321.9 km) over 8 weeks, to donate the rigorous examination we stand here, of recommendations on health measures equivalent of one pound per mile to not only as the first single malt Scotch and provision of the necessary equipment two organisations chosen by the staff. whisky distillery to be B-Corp certified, requested by the local health authorities. 30% of the workforce participated but as the first whisky and gin company A further highlight is the Group’s choice, in this initiative; in Europe to attain B-Corp status. throughout the health crisis, not to apply I’ve been asked what the benefit is to us, for government aid in France, while still - on the Isle of Islay once again, but that’s not important. Being a certified maintaining the remuneration of all its a sponsorship system was set up to B-Corp business is validation that the employees at 100%. allow sponsors to make regular contact transparent, sustainable, community with their sponsored children during minded business we’ve been running Rémy Cointreau is also continuing its the lockdown period that continued since 2001 is a worthwhile project. proactive approach to social dialogue. for 12 months; We are excited to now be officially part The Group regularly engages with of a global movement of leaders using its social partners on social issues - all over the world, teams organised business as a force for good, standing through specific company agreements. virtual meetings to learn how to work shoulder to shoulder, and working together That is the case in France in particular, remotely, participate in seminars, to create a more inclusive and sustainable with various agreements regarding or simply to meet up socially; economy." forward-planning of employment and skills, profit-sharing, the establishment - all over the world, Christmas packages Douglas Taylor, of a collective retirement savings plan, were delivered to employees’ homes. Chief Executive Officer of Bruichladdich and professional equality. Distillery.
The human resources policy anticipates the Group’s requirements, and that is _ADVOCATING EXCELLENCE PRACTICES AMONG THE GROUP’S PARTNERS AND CUSTOMERS
Involving employees around the world, from their regions The Rémy Cointreau Group’s values of crisis slowed down the project, the mutual support and altruism are naturally Mount Gay teams, in consultation with shared by its teams; all around the world, the local authorities, decided to focus MY COINTREAU _ ANNUAL REPORT
they are involved in local communities on this other public interest initiative É
and participate in solidarity initiatives instead, which reflects the spirit of R in their regions. solidarity characteristic of the Group’s CSR policy. At the Barbados site, Mount Gay Rémy Cointreau, in solidarity with restaurant continues to keep close ties with local All over the world, the Rémy Cointreau and bar staff hit hard by the Covid-19 crisis schools. The distillery once again hosted teams have contributed their skills 20 students from the Samuel Jackman to the fight against Covid-19 and in Rémy Cointreau launched the "Love Letter" campaign Prescod Institute of Technology (SJPIT) support of the most affected populations. to support restaurant and bar staff who have been hit as part of a tree crop production course. The factories and distilleries of Westland, hard by the Covid-19 crisis. Aired during the 2020 115 The students were able to apply the Angers, Mount Gay and Rémy Martin Super Bowl, this 30-second ad encourages viewers knowledge they received, notably on have produced several thousand litres to send letters of support to bar and restaurant topics such as orchard design, composting, of hand sanitiser for several organisations, partners, who enhance the country’s social and planting fruit trees, pruning, fertilising government institutions and their partners. festive life. The campaign also invites the public and mulching. There was also a focus on The teams made an active contribution to share a simple "Thank you" or "See you soon" the use of sustainable farming practices, on the ground by donating masks, on social networks with the #saverestaurants and this resulted in the planting of neutral alcohol, and providing human hashtag. This initiative was supplemented by 1,000 trees. The wealth of discussions and financial support to structures in a $200,000 donation to the United States generated by these meetings enabled need. Mount Gay staff, for example, Bartenders Guild (USBG) emergency fund, all Mount Gay players, students and assisted people affected by the crisis from which professionals were able to request employees to ramp up their knowledge of and partnered with the St-Lucy Parish immediate assistance. implementing responsible and sustainable Independence Committee (PIC) to collect agriculture. and distribute food and sanitary supplies. In the same vein, the Collectif 1806 (the Group’s In June and July 2020, more than 1,700 trade advocacy collective) organised various In Barbados, the Group encourages donations were received. community-support actions to enable bartenders and supports employee involvement to maintain a minimum level of activity. In particular, in community initiatives. Rémy Cointreau the team has expanded its internal cocktail database is one of the leading economic players by paying professionals to develop new recipes on the island; it is fully aware of its role and participate in live social networking events. and responsibilities. Initiatives include: In partnership with some bars and restaurants, collecting plastic waste, introducing the collective distributed nearly 1,400 meals selective sorting, waste processing activities, and baskets of fresh produce and/or health and training in best practices, promoting hygiene kits to people in need. responsible alcohol consumption at major festive events, and helping disadvantaged In Europe, during lockdown, the Group set up families by providing decent housing. a system allowing everyone to support their favourite establishments by buying one or more vouchers In St-Lucy, the distillery’s 130 employees to be used upon their reopening (Belgium, Poland, refurbished the Charlie Griffith sports Ukraine, etc.). centre by repainting the exterior and landscaping the grounds. As the Covid-19 Promoting responsible consumption The premium positioning of the Group’s Among its employees, for more than two of communication campaigns and awareness- products requires a strong commitment to years, videos and explanatory panels have raising actions around alcohol abuse protecting its employees and consumers been installed in the Group’s premises (in Asia and the United States). alike, for both ethical and health to inform and sensitise employees. In Paris, reasons. Responsible consumption is 40 ambassadors of all the brands have In 2020, these initiatives were supplemented thus the number one commitment of the been trained in responsible consumption. by Rémy Cointreau’s co-signature Responsible Communication Charter of the memorandum of understanding on signed by Rémy Cointreau. It applies to On the island of Barbados, Mount Gay European nutrition labelling. Pursuant all employees, regardless of their position has continued its partnership with the to an agreement between the world’s or occupation. Substance Abuse Foundation (SAF), five largest spirits producers and several which combats all forms of addiction, national federations, Rémy Cointreau will By consuming in a moderate and appreciative including excessive alcohol consumption, gradually include accurate nutritional manner, we pay tribute to the work by focusing on the education of young information on its labels. This commitment of the men and women who develop people. Mount Gay continues its active was made under the auspices of the exceptional products with passion and participation in the Barbados Alcohol European association spiritsEUROPE. discipline. Driven by this conviction, Industry Association (BAIA), particularly Rémy Cointreau promotes responsible through the development of promotional In France, Rémy Cointreau continues to consumption through various actions: and educational campaigns on responsible contribute to the "Alcohol Prevention" plan. MY COINTREAU _ ANNUAL REPORT
drinking, including the implementation of Implemented jointly by five professional É
- in Europe and Asia, gradually advertising self-regulation. A partnership organisations in the alcoholic beverage R implementing voluntary decisions to has also been launched with Adopt-A-KM, sector, this plan commits professionals include symbols on its packaging with a community programme that beautifies to an active approach to combating risky advice for pregnant women; and maintains the roads on the island behaviour. Several actions are offered, of Barbados. As part of this programme, such as supporting people who may be The Group is committed to promoting - a willingness, in Europe, to include the billboards on responsible consumption at risk of excessive consumption and responsible drinking worldwide responsibledrinking.eu URL on packaging. were installed for a 12-month period along rolling out the use of breathalysers. Rémy Cointreau plays an active role in This is the EU portal for consumers two of the island’s busiest motorways, the following major organisations: of 28 European countries, which provides thus ensuring maximum visibility of this By playing an active role in the Alcohol and 117 comprehensive information on the risks prevention campaign. Society and Alcohol and Health working - in France: the FFS (Fédération française of alcohol abuse; groups of professional organisations across des spiritueux, or French federation of Also in Barbados, last year Mount Gay the entire spirits industry, Rémy Cointreau spirits producers), the FEVS (Fédération - nutrition labelling on the Group’s decided to put new labels on rum bottles is bolstering the effective promotion des exportateurs de vins et spiritueux, products; with specific statements to warn consumers of responsible consumption. Since 2019, or French federation of wine and spirits against drinking and driving, under-age Rémy Cointreau has also been involved exporters) and the "Prévention et Modération" - developing a responsible consumption drinking, and drinking during pregnancy. with the “Prévention et Modération” (Prevention and Moderation) association page on the Rémy Cointreau Intranet; This decision was implemented this year. (Prevention and Moderation) association, created to join together all the initiatives - in Europe: spirits EUROPE (the European - signing the DFWC (Duty Free World Among external stakeholders, in each of professional organisations to help Spirits Industry Federation) Council) code of conduct, which focuses country where the Group operates, strong prevent risky behaviour and promote primarily on responsible marketing partnerships have been established with local responsible drinking. - in the United States: DISCUS (Distilled communication and the responsible and national federations. Rémy Cointreau Spirits Council of the United States) management of points of sale. lends its support to the implementation In the United States, as a member of the Distilled Spirits Council of the - in Barbados: BAIA (Barbados Alcohol United States (DISCUS), Westland has Industry Association) officially adopted the Council’s Code of Responsible Practices. Westland employees - in Asia: APISWA (Asia Pacific International "All our employees are responsible ambassadors. They are ambassadors have been trained in this code. They are Spirits and Wines Alliance) because they work alongside our clients, alongside our distributors, and required to comply with its provisions, alongside agencies that we work with occasionally; we must show absolutely including the guidelines that apply to - in China: FSPA (Foreign Spirits Producers impeccable behaviour at all times and drive them to adopt the same attitude. all advertising and marketing activities Association). This is essential, because alcohol is a very sensitive product and its consumption in the US domestic market: product must be reasonable. Moreover, we take a long-term approach, and alcohol advertising, consumer communication, All these organisations share one common has been around for centuries; our wish is that it continues to be consumed promotional events, and distribution goal: contributing to the development responsibly and reasonably for centuries to come, for the pleasure of our and sales materials. customers and the longevity of our Houses." of alcohol action plans in order to assist governments with protecting consumers Hervé Dumesny, through their members’ ethical commitments Group CSR and Public & Regulatory Affairs Director and advertising self-regulation. TABLE OF PROGRESS INDICATORS (1) AND MONITORING INDICATORS(2)
_2016 _2017 _2018 _2019 _2020 2017 2018 2019 2020 2021
Employee Turnover, in %(2) 14.8 13.2 13.8 13.6 well-being - GRI Standard 401-1 Absenteeism, in %(2) 3.0 2.3 2.0 2.3 2.0 - GRI Standard 403-2 Workplace accident frequency rate, 13.31 9.13 8.51 11.21 3.5 in %(2) - GRI Standard 403-2 Average age, in years(2) 41 41 40 41 41 Seniority, in years(2) 9.1 8.4 7.9 8.0 7.9 Non-discrimination Ratio of male / female managers, in %(1) 43 44 45 46 and internal - GRI Standard 401-1 social balance Gender Equality Index, 83(e) 83 scored out of 100(1) EMPLOYEE RELATED RISKS Internal Percentage of employees completing at 79 74 69
training / skills least one training course per yearn, in %(2) MY COINTREAU _ ANNUAL REPORT development É (2) Hours of training 18 463 24 243 26 615 31 677 19 975 R - GRI Standard 404-1
LIFE Sustainable Percentage of agricultural land managed 36 52 58 64 ON LAND agriculture sustainably, in %(1) Percentage HVE certification of vineyards in the 23 42 50 54 Cognac wine-growing cooperative (AFC), in %(1)
145 789 135 528 174 842(a) 180 449(f) 121 189(g) Climate change CO2 emissions (Total Scopes 1, 2 & 3), (2) in tCO2eq - GRI Standard 305-3 37.0 46.5(a) 40.6 35.4 119 Percentage of significant CO2 emissions - product packaging, in %(2) 22.7 19.3(a) 12.2 15.3 Percentage of significant CO2 emissions - downstream product transportation, in %(2) 30.6 14.7(a) 13.0 18.5 Percentage of significant CO2 emissions - raw materials, in %(2) Total energy consumption, in MWh(2) 41 854 39 656 38 495 39 261 40 125 - GRI Standard 302-1 ENVIRONMENTAL RISKS Renewable electricity consumption, 78 77 79 82 86 (world) in %(1) Water and Water consumption in m3 (2) 133 418 174 945(b) 195 096(c) 189 287 200 838(h) wastewater - GRI Standard 303-1 management Volume of liquid waste recovered from 23(e) 32 distillation, in %(2) - GRI Standard 306-1
RESPONSIBLE CONSUMPTION Circular economy / Volume of solid waste recovered, 89 92 94 93 95 AND PRODUCTION customer in %(2) - GRI Standard 306-2 information
Responsible Percentage of suppliers who are 82(e) purchasing Sedex members, in %(1) - GRI Standards 308-1 and 414-1
Business ethics People trained in the anti-bribery charter, 80(e) as a % SOCIETAL RISKS Number of alerts(2) 6 5 7 Governance Number of B-Corp certified 1 1 production sites(1)
(a) Indicator performance change mainly reflects the adjustment to how emissions are calculated (migration from the Bilan Carbone tool to the GHG Protocol tool) and the inclusion of the Islay, Domaine des Hautes Glaces and Westland sites. / (b) Indicator performance mainly reflects the partial inclusion in CSR reporting for the first time of water consumption from the well used at the Barbados site./ (c) Indicator performance change mainly reflects the inclusion in CSR reporting the first time of all water consumption from the well used at the Barbados site. / (d) No indicator due to the frequency of training (every two years). / (e) New indicator 2025 CSR Plan. / (f) Change due
mainly to an extension to scope 3 (CO2 emissions). / (g) Change mainly due to that of Scope 3 (-34%), for two reasons. The first is the correction in the calculation of Scope 3 upstream transportation data for the Barbados site (impact: around -6%). The second and main reason concerns the integration of the suppliers' actual emission factors (mainly glassmakers and carriers) and directly reduces the Group's total CO2 emissions by 26%. / (h) Change mainly due to the increased water consumption of the Rémy Martin Estates (following a more extensive distillation campaign than last year – more abundant harvest), of Domaine des Hautes Glaces (following the start-up of the new distillery – higher production capacity than the old distillery), and of the Barbados site (following the creation of a new unit to process the sugarcane harvested on the property). FINANCE
2020/2021 was a year of resilience.
After a decline in the first half of the year, activity rebounded significantly in the second half, ending the year up +1.8% at constant scope and exchange rates. This performance was driven by the Americas (+18.6%) and in particular by the United States, which benefited from a shift in consumption from bars and restaurants towards at-home consumption. The trend in Asia Pacific (-4.5%) masks strong growth in mainland China and Australia. Europe, Middle East & Africa (-21.7%) was penalised by health restrictions, but the United Kingdom, Benelux, Switzerland and Eastern Europe recorded good momentum.
During the year, the Group completed the acquisition of two new Maisons: the Maison de cognac JR. Brillet and the Maison de Champagne J. de Telmont. MY COINTREAU _ ANNUAL REPORT É R
CONSOLIDATED ANNUAL RESULTS 2020/2021 123
_COGNAC _LIQUEURS & SPIRITS
Cognac sales were up 3.7%* in financial Despite a sharp upturn in business in the Rémy Cointreau emerges stronger from Covid-19 year 2020/2021. This overall growth was second half of the year (+7.2%*), sales of Profitability close to all-time highs driven by a 9.1% increase in volumes Liqueurs & Spirits declined slightly over the Launch of a share buyback programme combined with adverse price/mix effects full year (-3.2%*). The House of Cointreau Increased confidence in 2030 guidance of -5.4% as a result of very strong growth and the Whisky business both posted very in VSOP and intermediaries (CLUB and strong performance, while the rest of the 1738 Accord Royal). After a notable portfolio was hampered by weakness in the decline in the first half of the year, sales EMEA region (due to the closure of the on- quickened significantly in the second trade channel) and the Duty Free segment. In the year to end-March 2021, Rémy Cointreau thus able to increase its communication half (up 27.0%*), buoyed by the United Current Operating Profit came in at posted sales of €1,010.2 million, up 1.8% investment (up 0.9 percentage point) States and mainland China. Although €33.0 million, down 11.9% on a reported on an organic basis (at constant scope to support its brands through the recovery. the decline slowed in the second half basis (+2.5% on an organic basis). The current and exchange rates) and down 1.4% The margin also includes slightly favourable of the year, the Duty Free segment and operating margin declined 1.0 percentage on a reported basis. This performance currency effects (adding 0.3 percentage the on-trade channel continued to weigh point to 13.3% due to a combination of lower demonstrates the Group’s resilience amid point) and a scope effect of -0.2 percentage on performance in Southeast Asia, Africa volumes and continued strategic investment, the Covid-19 pandemic. point. and Latin America. notably to support strong performance by the Cointreau brand and pave the way Current Operating Profit came in at Excluding non-recurring items, net profit Current Operating Profit totalled for future growth. €236.1 million, up 9.7% on a reported attributable to the Group came in at €221.0 million, up 10.7% on a reported basis and 12.8% on an organic basis. This €148.2 million, up 19.4% on a reported basis. basis (and up 11.3% on an organic resulted in a current operating margin basis). The current operating margin _PARTNER BRANDS of 23.4% (up 2.4 percentage points), close rose 2.9 percentage points to 30.1%, to its all-time highs. This performance buoyed by a sharp decline in overhead Partner Brands sales declined slightly in the was driven by strong growth in the gross costs and favourable currency effects. full year (-1.5%*), with Current Operating margin (up 0.8 percentage point on an It also takes account of increased Profit coming in at negative €0.8 million, organic basis) and excellent control communication investment, particularly down from negative €1.7 million in the of overheads (down 2.4 percentage points in the key markets of the United States year to end-March 2020. on an organic basis). The Group was and China.
* Organic growth is calculated assuming constant exchange rates and consolidation scope. _CONSOLIDATED RESULTS
Current Operating Profit came in at lower than the rate for the year ended €236.1 million, up 9.7% on a reported March 2020 (36.3% on a reported basis basis and 12.8% on an organic basis. and 33.9% excluding non-recurring items). Consequently, the current operating The lower tax rate in some countries margin rose 2.4 percentage points to (notably France and the United States) 23.4% over the full year (+2.3 percentage was partially offset by an unfavourable points on an organic basis). geographical mix of results.
This performance was mainly driven by After taking into account the Group’s remarkable growth in Current Operating share of net income from associates, Profit from Group Brands (+9.9% on net profit attributable to the Group _IMPLEMENTATION an organic basis), together with lower came in at €144.5 million, up 27.5% on OF A SHARE BUYBACK _2021/2022 holding company costs (as a result of a a reported basis.
PROGRAMME OUTLOOK MY COINTREAU _ ANNUAL REPORT
sharp reduction in travel expenses and É the non-recurrence of costs associated Excluding non-recurring items, net At its meeting of 2 June 2021, the Board In a still fragile and uncertain public health, R with organisational changes in financial profit attributable to the Group came in of Directors of Rémy Cointreau decided, economic and geopolitical environment, year 2019/2020). at €148.2 million, up 19.4% on a reported pursuant to Resolutions 19 and 20 the Rémy Cointreau Group has emerged basis, giving a net margin of 14.7%, up passed at the Shareholders’ Meeting of stronger from the Covid-19 crisis. Conversely, adverse currency effects 2.6 percentage points. Earnings per 23 July 2020*, to authorise the company’s reduced Current Operating Profit by share (excluding non-recurring items) Chief Executive Officer to implement For financial year 2021/2022, the Group €4.8 million over financial year 2020/2021. came in at €2.96, up 18.7%. a share buyback programme. is confident in its ability to continue The EUR/USD exchange rate deteriorated to win market share in the exceptional over the period (averaging 1.17, compared Net debt stood at €314.3 million, down Pursuant to this authorisation, an investment spirits sector. In particular, the Group 125 with 1.11 in the year to end-March 2020), €136.6 million from the position at services provider will be instructed is anticipating an excellent start to its while the average collection rate (linked end-March 2020. This change was mainly to purchase up to a maximum of 1 million financial year, underpinned by very to the Group’s hedging policy) came driven by a significant improvement shares of Rémy Cointreau SA, accounting favourable base effects, shipment phasing out at 1.17, compared with 1.16 in the in Free Cash Flow, the disposal of for 1.98% of the share capital, at the price effects, and new, structurally more buoyant year to end-March 2020. Scope effects Passoã SAS and by the fact that the authorised in Resolution 19 passed at the consumption trends in the United States. (acquisition of Maisons Brillet and dividend, in respect of financial year Shareholders’ Meeting of 23 July 2020. J. de Telmont) weighed in at €1.7 million. 2019/2020, was mainly paid in shares. Being ahead in the roll-out of its 2030 The buyback programme is intended strategic plan and given the favourable Operating profit came in at €235.9 million The net debt to EBITDA ratio thus came to facilitate the following transactions, environment, the Group has decided after taking into account a net operating out at 1.33x, down significantly from in decreasing order of priority: to revise up its investments in communication expense of €0.2 million (in respect of end-March 2020 (1.86x). to support its brands through the recovery acquisition costs over the period). 1. Decrease the share capital by cancelling and boost their medium-term growth The return on capital employed (RoCE) treasury shares; potential by developing brand awareness The Group posted a net financial expense came out at 17.1% for the year ended and attractiveness. Expected good growth of €14.6 million over the period (a 31 March 2021, up 0.6 percentage point 2. Meet obligations arising from free share in Current Operating Profit will also be €13.4 million improvement). While the year on year (+1.5 percentage points on incentive programmes for employees and/ tempered by adverse currency effects cost of gross financial debt declined very an organic basis). Continued strategic or corporate officers of the company estimated at between -€16 million and slightly to €12.0 million (as a result of a purchases of eaux-de-vie adversely and/or its affiliates; -€20 million, and adverse scope effects reduction in the Group’s average debt), affecting capital employed were offset estimated at circa -€2 million. other finance costs fell €8.5 million as by a significant improvement in the 3. Meet obligations arising from securities a result of changes in the terms of some profitability of Group Brands. giving access to the share capital. eaux-de-vie supply contracts since the beginning of the financial year. The On the strength of the significant uplift Subject to market conditions**, t h i s Group posted a net foreign exchange loss in its results, the Group will propose at buyback programme will expire no later of €0.4 million, down significantly from its Shareholders’ Meeting on 22 July than 8 December 2021. the foreign exchange loss of €4.7 million that an ordinary dividend of €1.85 per posted in the year to end-March 2020. share be paid in respect of financial year 2020/2021, a significant increase The tax expense totalled €77.6 million, on both 2019/2020 (€1.00) and 2018/2019 giving an effective tax rate of 35.1% (€1.65). The dividend will be paid entirely (33.5% excluding non-recurring items), in cash.
* See section 7.1.4 of the 2019/20 Universal Registration Document ** The implementation of these buybacks, their duration, and the final amounts thus repurchased will depend in particular on market conditions. Rémy Cointreau reserves the right to change all or part of the terms of these buybacks, within the limits indicated above CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED INCOME STATEMENT
_AS OF 31 MARCH, IN €M 2021 2020 _AS OF 31 MARCH, IN €M 2021 2020
Goodwill and other intangible assets 508.1 498.2 NET SALES 1 010.2 1 024.8 IFRS 16 Right-of-use assets 17.4 20.8 Property, plant and equipment 336.6 310.1 Cost of sales (330.1) (347.9) Investments in associates 1.7 0.9 Other financial assets 26.6 87.3 Deferred tax liability 29.5 23.2 GROSS PROFITS 680.1 676.9
Distribution costs (341.6) (355.0) Administrative expenses (102.5) (106.8) NON-CURRENT ASSETS 919.9 940.6
Inventories 1 492.5 1 363.9 Trades and other receivables 158.1 199.4 CURRENT OPERATING PROFIT 236.1 215.1 Income tax receivables 4.9 10.4 Other operating income/(expense) (0.2) (19.7) Derivative financial instruments 4.7 5.1 Cash and cash equivalents 201 269.4 MY COINTREAU _ ANNUAL REPORT
OPERATING PROFIT 235.9 195.5 É R CURRENT ASSETS 1 861.2 1 848.2 Finance costs (12.0) (12.7) Other financial income (2.6) (15.3)
TOTAL ASSETS 2 781.1 2 788.7 NET FINANCIAL EXPENSE (14.6) (28.0) Share capital 80.8 80.2 Share premium 834.8 795.1 Treasury shares (25.1) (30.0) PROFIT BEFORE TAX 221.2 167.5 Consolidated reserves and profit for the year 635.3 534.4 127 Translation differences 22.6 22.7 Income tax (77.6) (60.9) Share in profit of associates 0.6 0.3
EQUITY - ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY 1 548.4 1 402.5 PROFIT FROM CONTINUING OPERATIONS 144.3 106.9
Non - controlling interests 0.8 0.9 Net profit/(loss) from discontinued operations _ 6.4
EQUITY 1 549.2 1 403.4 NET PROFIT FOR THE YEAR 144.3 113.2 Long-term financial debt 423.8 452 Provision for employee benefits 29.1 30.3 ATTRIBUTABLE TO: Long-term provisions for liabilities and charges 2.1 2.2 non-controlling interests (0.3) (0.1) Deferred tax liabilities 57.1 59.4 owner of the parent company 144.5 113.4
NON-CURRENT LIABILITIES 512.1 543.9 NET EARNINGS PER SHARE - FROM CONTINUING OPERATIONS Short-term financial debt and accrued interest 91.5 268.3 basic 2.88 2.15 Trade and other payables 586.1 534.4 diluted 2.75 2.04 Income tax payables 27.4 18.7 Short-term provisions for liabilities and charges 7.7 11.5 Derivative financial instruments 7.1 8.7 NET EARNINGS PER SHARE Liabilities held for sale _ _ basic 2.89 2.28 diluted 2.75 2.17
CURRENT LIABILITIES 719.8 841.5 NUMBER OF SHARES USED FOR THE CALCULATION basic 50 070 497 49 806 712 TOTAL EQUITY AND LIABILITIES 2 781.1 2 788.7 diluted 52 646 147 52 400 986 Rémy Cointreau
21 boulevard haussmann 75009 paris
www.remy-cointreau.com
The French version of this document is available on request or via the www.remy-cointreau.com website. All the regulatory information required by the AMF is available on the Company’s website www.remy-cointreau.com
Photo credits: Rémy Cointreau, Nathalie Baetens, Alexis Blondel, Alain Costa, Thomas Gogny, Adam Palander, Maude White, Kate Hannett. Integrated report content: LABRADOR
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