INTEGRATED ANNUAL REPORT 2020/2021

4. Finance

IMPLEMENTATION OF A SHARE BUYBACK PROGRAMME

At its meeting of 2 June 2021, the Board of Directors of Rémy Cointreau decided, pursuant to Resolutions 19 and 20 passed at the Shareholders’ Meeting of 23 July 2020*, to authorise the company’s Chief Executive Officer to implement a share buyback programme.

Pursuant to this authorisation, an investment services provider will be instructed to purchase up to a maximum of 1 million shares of Rémy Cointreau SA, accounting for 1.98% of the share capital, at the price authorised in Resolution 19 passed at the Shareholders’ Meeting of 23 July 2020.

The buyback programme is intended to facilitate the following transactions, in decreasing order of priority:

  1. Decrease the share capital by cancelling treasury shares;
  2. Meet obligations arising from free share incentive programmes for employees and/or corporate officers of the company and/or its affiliates;
  3. Meet obligations arising from securities giving access to the share capital.

Subject to market conditions**, this buyback programme will expire no later than 8 December 2021.

2021/2022 OUTLOOK

In a still fragile and uncertain public health, economic and geopolitical environment, the Rémy Cointreau Group has emerged stronger from the Covid-19 crisis.

For financial year 2021/2022, the Group is confident in its ability to continue to win market share in the exceptional spirits sector. In particular, the Group is anticipating an excellent start to its financial year, under pinned by very favourable base effects, shipment phasing effects, and new, structurally more buoyant consumption trends in the United States.

Being ahead in the roll-out of its 2030 strategic plan and given the favourable environment, the Group has decided to revise up its investments in communication to support its brands through the recovery and boost their medium-term growth potential by developing brand awareness and attractiveness. Expected good growth in Current Operating Profit will also be tempered by adverse currency effects estimated at between -€16 million and -€20 million, and adverse scope effects estimated at circa -€2 million.

* 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