Belvedere losses revealed

Belvedere losses revealed

Troubled French drinks group Belvédère has seen net losses for 2009 plunge to EUR177.6m (US$234m).

The figure, which compares to losses of EUR61m in the 12 months of 2008, reflects a charge of EUR140.3m from the depreciation of the group's assets – some of which are set to be sold off.

Belvédère’s sales fell to EUR619m from EUR854.7m in 2008.

It said that the poor performance was due to a court placing the group under bankruptcy protection in July 2008. This “significantly reduced the group’s financial capacities in an economic context already very difficult,” it said.

The group, which owns Sobieski vodka, also reported problems results in one of its key countries, Poland, where its market share dwindled from 22.6% to 16.6%.

Belvedere has agreed to sell assets, including spirits subsidiary Marie Brizard, in order to reduce debt and emerge from bankruptcy protection.

For the full announcement, in French, click here.