May 15 - During the first quarter of 2008, Belvédère had sales of Euro 266.9 million, up 28.9%. On a constant basis, business grew by 10.2%.
Evolution by geographic area
In Poland, business grew by +60.9% (+18.1% on a constant basis) and accounted for 63.7% of our Group’s sales. The distributors acquired since April 2007 contributed €21 million to the quarter’s sales. Our Group’s market share in vodka stayed at a satisfactory level of 26.1% in March 2008 (compared to 27% a year ago. Source: AC Nielsen), thereby showing the abilities of the brands to absorb the price increases made during the period.
In France, business declined by 3.3%, still affected by wine, which is not expected to rebound until the 2nd half of 2008. This area contributed 17.3% of our Group’s sales.
In the United States, Belvédère had sales of e17.6 million, or 6.6% of total sales. These figures include €3.1 million for the vinegar and kitchen wines business, sold in early April and that will be deconsolidated from and after the 2nd quarter 2008.
In Lithuania and Bulgaria, sales jumped during the quarter by 26.9% and 55.5%, respectively, to account for 5.2% and 1.3% of our business.
Prospects
On the basis of the solid trends shown by Belvédère in its principal markets in the early part of the year, we expect sales (on the present scope of consolidation) of approximately €1.2 billion and EBITDA close to €60 million for the full year 2008.
