中國反腐繼續影響人頭馬業績

Rémy Cointreau’s heavy exposure to a slowing Chinese market and a continuing reliance on cognac sales have harmed its financial performance – resulting in a 14.6 per cent like-for-like fall in half-year operating profit.

人頭馬君度(Rémy Cointreau)對經濟正在放緩的中國市場的較大敞口，以及該公司對干邑銷售的持續依賴，損害了其財務表現，導致半年營業利潤在可比基礎上下降14.6%。

The Paris-based maker of Rémy Martin cognac said its operating profit in the six months to September 30 stood at 102.1m, down from 132.7m during the same period last year. However, the figure was broadly in line with the 104m forecast by Bernstein Research. At a group level, Remy’s operating margin was 21.6 per cent compared with 23.8 per cent a year earlier.

總部位於巴黎的人頭馬乾邑釀造商表示，在截至9月30日的六個月裏，其營業利潤爲1.021億歐元，低於去年同期的1.327億歐元。然而，這個數字與伯恩斯坦研究公司(Bernstein Research)預測的1.04億歐元大致吻合。在集團層面，人頭馬君度的營業利潤率爲21.6%，低於去年同期的23.8%。

At its all-important Rémy Martin division, operating profits were down 27.7 per cent on a like-for-like basis, to 78m, over the half-year period. The operating margin was also down, to 28.2 per cent on a reported basis, compared with 35.5 per cent during the period a year earlier.

在重要的人頭馬部門，上述半年期間的營業利潤在可比基礎上下降27.7%，至7800萬歐元。營業利潤率也出現下降，在報告基礎上爲28.2%，低於去年同期的35.5%。

The group said on Thursday the margin decline was “impacted mainly by the destocking effort in Greater China”.

該集團週四表示，利潤率下降“主要是受到大中華區減少庫存的影響”。

Rémy has been one of the hardest hit European companies supplying the Chinese market with luxury and high-end products. Its Rémy Martin cognac division accounts for almost 80 per cent of group operating profit while China accounts for almost half group sales.

在向中國市場供應奢侈品和高端產品的歐洲企業中，人頭馬君度迄今是受到最沉重打擊的公司之一。其人頭馬乾邑部門佔集團營業利潤的近80%，而中國佔了集團銷售近一半。

Sales have plummeted since the Chinese government clamped down on consumption by officials about 18 months ago, and Rémy has suffered more than most because of its strength in producing the sort of premium cognac associated with gift-giving.

自中國最高層在大約18個月前開始遏制官員消費以來，銷售已大幅下滑，而人頭馬君度受到的打擊比多數企業更加沉重，因爲此前其上乘干邑被視爲送禮佳品。

In September, Valérie Chapoulaud-Floquet, a luxury specialist and a former L’Oréal and Louis Vuitton executive, took over as Rémy’s chief executive, filling the void created in January when Frédéric Pflanz resigned after less than 100 days in the post.

9月，奢侈品專家、歐萊雅(L’Oréal)和路易威登(Louis Vuitton)前高管瓦萊麗•沙普洛-弗洛奎(Valérie Chapoulaud-Floquet)出任人頭馬君度首席執行官，填補了1月弗雷德裏克•弗朗茨(Frédéric Pflanz)上任不到100天就辭職留下的空白。

His abrupt resignation produced unease at a time when falling sales in China started to hit profits. The resignation less than a month later of Patrick Piana, chief executive of the Rémy Martin division, added to the uncertainty.

在中國銷售下降開始影響利潤之際，他的突然辭職引發了不安。不到一個月後，人頭馬部門的首席執行官帕特里克•皮亞納(Patrick Piana)也提出辭職，進一步增加了不確定性。

On Thursday, Rémy said the global macroeconomic environment continued to be “mixed”, but it stood by its outlook for the full year – confirming its target of achieving organic growth in both sales and operating profit.

人頭馬君度週四表示，全球宏觀經濟環境繼續“有好有壞”，但它仍堅持全年展望——確認其目標是實現銷售和營業利潤的有機增長。

Shares rose 4 per cent in early trading to 60.84.

該公司股票早盤上漲4%，至60.84歐元。