FRANCE: Full-year profits slip at Belvedere
Belvédère has posted a slip in full-year operating profit, despite a strong performance from its Polish operations.
The France-based spirits and wine producer and distributor said yesterday (28 April) that operating profit in 2007 fell to EUR23.2m (US$36.1m) from EUR31.1m in 2006. Group net profit decreased more markedly, to EUR0.6m compared to EUR14.4m a year earlier.
In February, the company posted full-year sales of EUR1.04bn, up by 35.3% on the year before. At the time, Belvedere said it expected EBITDA to reach a level of between EUR60m and EUR65m before restatements related to businesses and operations sold or terminated. EBITDA restated from operations sold in 2007, however, came in at EUR52.8m.
"Group results of operations are mixed as between the very strong growth of all brands in the spirits area, on the one hand, with especially good performance in Poland with a 30% increase in current operating results courant (sic) and, on the other hand, a more difficult season for wine in France, with a decline of EUR8m in its contribution to our results," the company said.
Moving forward, Belvédère said it will focus on improving its operating results, especially in its wine business in France, and continuing to reduce its indebtedness and financial charges, especially through the sale of land in Krakow.
Vodka is the drink of the moment in the Dominican Republic, growing 50% in 2007 according to recent research from the IWSR....
Belvédère Duty Free is to unveil a limited edition Danzka vodka bottle in Cannes at the end of the month....
Under-pressure French wine & spirits firm Belvedere has opened a new office in Panama as it looks to expand duty free sales for its brands in the region....
Troubled French wine and spirits group Belvedere has reported a 24.5% sales increase for the first six months of 2008....
- Diageo's Labels Give Industry Something to Digest
- Comment - Diageo Spins the Guinness Wheel... Again
- Comment - 'Craft' and the Danger of 'Romance Copy'
- Is A-B InBev/SABMiller 'Mega-Merger' Off?
- Pernod takes positives from China Cognac bounce
- Craft is an 'abused' term - Pernod Ricard exec
- Diageo lines up UK innovations push
- SPI Group 'disappointed' over Stolichnaya ruling
- Kraft Foods agrees Heinz merger
- Heineken unveils global Desperados push
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Champagne: Less Than Bubbly
- Beer Market Insights Africa 2014
- ALDI 2015: Radically transforming Anglo Saxon grocery markets