Remy Cointreau Unsp/Adr

Good morning to you all. We are here today to present the financial results of Remy Cointreau for the year 2019-2020. As a non-executive chairman, I will present to you the context in which we ended last fiscal year, then Eric Valla, our new CEO, and Luca Maotta, our CFO, will present to you our detailed results. After that, even more importantly, Eric will describe to you our midterm strategy, then we will answer to your questions. Clearly, the last three months of last year were very singular. Since the previous centuries, the companies which make up now the Remy Cointreau Group have been through severe crisis, destruction of all vineyards, fires, prohibition, wars, economic crashes, epidemics, but not quite as a pandemic like the one we are just having now. And then, as you can see on these photos taken in very different locations around the world, our teams reacted all over to help their communities as much as they could and worked as much as possible to be the most efficient when operations could start again.

This is in that context that we ended last fiscal year. As you know already, our results were down.

Sales were down on an organic basis by 11%. Even Remic-Rentrault Group brands were down by 6%. Our current operating profit was down by 22%. Even our current operating margin was down by nearly 3%. And finally, our net profit was down by nearly 32%.