April 2, 2020 / 4:16 PM / 3 months ago

BRIEF-Remy Cointreau Expects Decrease Of FY Results

April 2 (Reuters) - Remy Cointreau SA:

* ESTIMATED INITIAL IMPACT OF THE COVID 19 PANDEMIC ON THE RÉMY COINTREAU GROUP

* ITS REVENUES FOR 2019/20 FISCAL YEAR, ENDING MARCH 2020, WILL DECLINE BY ABOUT 9% IN REPORTED TERMS, AND BY 12% IN ORGANIC TERMS

* GROUP HOLDS AROUND 300 MILLION EUROS OF EXCESS CASH, ON TOP OF ITS ESTIMATED NEEDS, AS OF END OF MARCH 2020

* THESE EXPECTATIONS IMPLY AN ORGANIC DOWNTURN OF ABOUT 26% IN 4TH QUARTER

* ANTICIPATES THAT ITS CURRENT OPERATING PROFIT WILL DECREASE BY 20% TO 25% IN REPORTED TERMS AND BY 25% TO 30% IN ORGANIC TERMS, FOR FISCAL YEAR 2019/20

* GROUP’S COST STRUCTURE SHOULD GRADUALLY BENEFIT FROM REDUCTION EFFORTS IMPLEMENTED SINCE FEBRUARY 2020

* DUE TO CORONAVIRUS, ANTICIPATES A GREATER DECLINE IN ORGANIC SALES IN 1ST QUARTER OF 2020/21 THAN IN 4TH QUARTER OF FISCAL YEAR 2019/20

* REMAINS CONFIDENT ABOUT ITS ABILITY TO GET THROUGH THIS SANITARY CRISIS AND TO EMERGE FROM IT EVEN STRONGER, OVERTIME

* CURRENTLY WITNESSING SOME IMPROVEMENTS IN GREATER CHINA, WHERE MOST SHOPS HAVE REOPENED, AS WELL AS SOME RESTAURANTS AND BARS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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