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2018-12-24 07:30 CET
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Marie Brizard Wine & Spirits : FY 2017 and H1 2018 Results

FY 2017 and H1 2018 Results
FY 2017 and H1 2018 EBITDA in line with guidance

Marie Brizard Wine & Spirits (Euronext: MBWS) today announced the publication of its consolidated financial results for FY 2017 and H1 2018[1]

FY 2017 CONSOLIDATED RESULTS

FY 2017 condensed income statement

in €m, IFRS 15 31 December 2017 31 December 2016  
       
Net sales 423.3 431.3  
Gross profit 134.2 159.8  
Gross margin 31.8% 37.1%  
EBITDA -11.9 17.1  
Operating profit (loss) -72.7 15.4  
Attributable net income -67.3 6.8  

Net sales for FY 2017 totaled €423.3m, a -1.8% decrease compared to FY 2016.   Excluding the impact of third-party brand contracts that ended in 2017[2] and change in scope, net sales decreased by -0.9% compared to 2016.

Gross margin was 31.8% in FY 2017, a contraction vis-à-vis gross margin in the previous year, which stood at 37.1%.  This erosion is due primarily to a higher proportion of Other Businesses in the sales mix, which -- for structural reasons - generates a lower gross margin than the Branded Business.  Other Businesses accounted for 43% of consolidated net sales in 2017, compared to 38% in 2016.  EBITDA in FY 2017 totaled -€11.9m, within the guidance range provided by the Group.

As part of the process for closing the annual accounts, the Group carried out impairment tests on its assets.  In light of the Group's current situation in several of its markets, impairments totaling €57.7m have been recorded.  The most significant impact has been on the brands, for a total impairment charge of €26.2m.  Goodwill accounted for a charge of €13.6m, and tangible assets were charged an amount of €17.3m.  The sale of the Fondaudège site in Bordeaux, finalized in H1 2017, led to a capital gain of €11.1m which is recorded in non-recurring operating income. The Group reported an operating loss of -€72.7m in FY 2017. 

The attributable net loss in FY 2017 totaled -€67.3m.  This includes net financial income of €5.3m related mainly to the reversal of a provision in the amount of €11.3m for the receivable the Group held in Trinidad and Tobago.

FY 2017 EBITDA by cluster

  In €m, IFRS 15 FY 2016 Organic  change Currency impact FY 2017
Branded Business        
- Western Europe, Middle East & Africa 11.6 -2.4   9.2
- Central and Eastern Europe 9.6 -16.9 -0.3 -7.6
- Americas 5.4 -1.6 -0.1 3.7
- Asia Pacific -0.6 - - -0.6
Sub-total Branded Business (excl. holding) 26.1 -20.9 -0.4 4.8
- Holding -10.9 -2.2   -13.1
Total Branded Business 15.2 -23.1 -0.4 -8.4
Other Businesses 1.9 -5.4 -0.1 -3.6
TOTAL MBWS 17.1 -28.5 -0.5 -11.9

Western Europe, Middle East & Africa (WEMEA)

The Western Europe, Middle East & Africa (WEMEA) cluster delivered net sales of €133.3m in 2017, a decrease of -€3.0% versus the previous year.  Net sales in France, accounting for 82% of the cluster, were €109.4m, down         -2.4% compared to FY 2016.  The decrease in sales recorded in 2017 is due primarily to the impact of poor weather on the sale of Fruits and Wines and branded wines.  The WEMEA cluster reported EBITDA of €9.2m in 2017, a -20.5% decrease versus the previous year. 

Central and Eastern Europe (CEE)

The Central and Eastern Europe (CEE) cluster's net sales decreased by -19.8% in FY 2017, to €76.0m.  Poland accounted for 57%, with net sales of €43.4m, a -33.9% year-on-year decrease.  This decline in sales is attributable to the reconfiguration of the Group's route-to-market, and to continued strong competitive pressure in Poland.   

Consequently, the CEE cluster reported an EBITDA loss of -€7.6m in FY 2017, compared to EBITDA of €9.6m in 2016.  This result is due to the decrease in volume, an increase in promotional spending in Q4 2017, added to the Polish affiliate's lower absorption of fixed costs.   

Americas

FY 2017 net sales in the Americas cluster totaled €25.6m, a decrease of -8.3% compared to the previous year.  Sales were affected by the establishment of new distribution contracts in the United States.  EBITDA in the cluster totaled €3.7m in 2017.

Asia Pacific

The Asia Pacific cluster delivered net sales of €4.4m in 2017, a +16.9% increase compared to the previous year.  EBITDA in 2017 was flat compared to the previous year, at -€0.6m, as the Group continued to invest in the cluster to strengthen local staff. 

Other Businesses

The Group's Other Businesses generated 2017 net sales of €184.0m, a year-on-year increase of +11.0%.  2017 EBITDA for Other Businesses totaled -€3.6m, negatively affected by the Sobieski Trade's gross margin, in turn impacted by the strong competitive pressure in the Polish market. 

Balance Sheet and Cash flow items

At 31 December 2017, the Group's shareholders' equity totaled €163.9m compared to €238.5m at year-end 2016.  The decrease is attributable to the net loss generated in FY2017. 

At year-end, the Group's gross financial debt was €63.3m, an increase of €11.2m compared to year-end 2016, affected by the Group's investment plan. 

At 31 December 2017, the Group's net debt was €3.6m, a decrease of-€1.5m compared to year-end 2016.

The FY 2017 accounts have been audited, and the auditors' reports to certify these accounts are being finalized.  The auditors are expected to certify the FY 2017 with observations regarding MBWS' going concern status.   

H1 2018 CONSOLIDATED RESULTS

H1 2018 condensed income statement

In €m 30 June 2018 30 June 2017  
       
Net sales 190.0 205.6  
Gross profit 48.6 65.6  
Gross margin 25.6% 31.9%  
EBITDA -21.1 -1.9  
Operating profit -27.5 -6.1  
Attributable net income -35.6 2.2  

Gross profit in H1 2018 was €48.6m, a -25.9% decrease compared to the first half of the previous year.  This decline resulted primarily from the -7.6% decrease in the Group's net sales, attributable in large part to a sharp decrease in Poland.  The gross margin thus contracted by 6.4 point to 25.5%.  This decrease reflects the higher weight of Other Businesses, which represented 53.5% of the Group's net sales, compared to 43.7% in H1 2017.  It is also attributable to the proactive destocking in the Group's principal markets which led to a lower rate of fixed cost absorption. 
  
As expected, H1 2018 EBITDA was -€21.1m, a significant decrease compared to H1 2017.  This decline resulted mostly from the decrease in sales that negatively affected H1 2018 gross margin and EBITDA. 

Marie Brizard Wine & Spirits' attributable net loss was -€35.6m in H1 2018.

H1 2018 EBITDA by cluster

  In €m, IFRS 15 H1 2017 Organic Change Currency impact H1 2018
Branded Business        
- Western Europe, Middle East & Africa 3.0 -2.5 - 0.5
- Central and Eastern Europe 2.2 -13.3 -0.1 -11.2
- Americas 1.1 -2.7 0.1 -1.6
- Asia Pacific -0.7 0.1 - -0.6
Sub-total Branded Business (excl. holding) 5.6 -18.3 - -12.8
- Holding -6.1 -0.6 - -6.7
Total Branded Business -0.6 -18.9 - -19.5
Other Businesses -1.3 -0.3 - -1.6
TOTAL MBWS -1.9 -19.2 -0.1 -21.1

Western Europe, Middle East & Africa (WEMEA)

Net sales in the WEMEA cluster totaled €58.7m in H1 2018, a -10.6% decrease versus the year-ago period.  In France, which represented 85% of the cluster's revenue, net sales totaled €50.0m, a -9.3% decrease, adversely affected by the destocking carried out by the main distributors at the end of the semester, and by the lack of available stock of 2017 vintage rosé wine.   

In the rest of the cluster, net sales totaled €8.7m in H1 2018, a -17.1% decrease, due primarily to the business in Spain. 

In H1 2018, the cluster's EBITDA totaled €0.5m, a decrease of -€2.5m compared to the same period in the previous year.  This decline is mostly due to a contraction in gross profit.  

Central and Eastern Europe (CEE)

In H1 2018, the CEE cluster's net sales reached €21.1m, a -43.7% decrease compared to H1 2017.  This sharp decline is largely attributable to sales in Poland which decreased by -62.5% during the period, a consequence of the Group's proactive strategy to destock the market, which was finalized at the end of June 2018.

In the rest of the cluster, H1 2018 net sales totaled €12.2m, a -12.0% decrease, affected primarily by a more restrictive regulatory environment regarding the sale of alcohol in Lithuania. 

The CEE cluster's EBITDA in the first half of the year totaled -€11.2m, impacted by the sharp gross profit decline at the Group's affiliate in Poland.

Americas

Net sales in the Americas cluster reached €7.2m in H1 2018, a decrease of -27.6%, due to the destocking of Sobieski in its old packaging carried out by the Group's distributors in the United States.

The Americas cluster generated an EBITDA loss of -1.6m in H1 2018, affected mostly by the decrease in sales in the United States. 

Asia Pacific

Net sales in the Asia Pacific cluster in H1 2018 decreased -19.8% off of a low base, to reach €1.3m.  The cluster's EBITDA was -€0.6m, marking a slight improvement compared to H1 2017, and reflecting the Group's ongoing investment in the cluster, mainly in China.

Other Businesses

The Group's Other Businesses generated net sales of €101.7m in H1 2018, an increase of +13.3% versus the year-ago period.  Other Businesses recorded an EBITDA loss of -€1.6m, affected by the ongoing competitive pressure in the Polish market. 

Balance sheet and cash flow items

At mid-year 2018, the Group's shareholders' equity stood at €130.3m, compared to €163.9m a year earlier.    This decrease is due to the Group's net loss in H1 2018.   Gross debt totaled €93.9m at the end of H1 2018, an increase of €30.6m compared to year-end 2017.  This increase is attributable to the subscription in May 2018 of various bank loans and a current account advance, for a total principal amount of €15m. 

At 30 June 2018, the Group's net debt stood at -€51.7m.

OUTLOOK

Update on the discussions with the banking partners and the measures announced in September

The discussions with the Group's banking partners have not yet been concluded.  Additionally, the work being undertaken to optimize the Group's cost structure and the project to sell some the Group's brands are still ongoing.  The Group has decided to broaden the scope of its asset disposal project to include other assets whose sale would not limit its capacity to grow or execute its strategy.

Binding agreement with COFEPP to increase their shareholding of MBWS
In light of the difficulties encountered in reaching an agreement with the Group's banking partners, and given the downturn in the financial outlook, the Board of Directors has assessed the possibility of finding a partner, capable of providing the necessary financial support for the Group's development and to support the execution of the strategy to be communicated by the Chief Executive Officer in Q1 2019. 

In conclusion of the discussions carried out over the past few weeks, today the Group reached a binding agreement with COFEPP.  The complete terms of this operation are more fully explained in a separate press release published today by the Company.

Next Annual General Meeting of shareholders to be held 31st January 2019

Today's publication of the FY 2017 annual accounts enables the Group to hold its Annual General Meeting of shareholders (AGM) on 31st January 2019.  This meeting is called, in particular, to approve the FY 2017 annual accounts and to vote on the terms of the operation with COFEPP. 

Additionally, shareholders will be asked to vote on the amount of attendance fees allocated to members of the Board of Directors in FY 2018.  The Board will propose -- in order to take into account the Group's financial situation -- that the total amount of attendance fees be reduced by 75% compared to the preceding year.

The process for participating in the AGM will be published on 26th December 2018 on the Group's web site and in the Bulletin of Obligatory Legal Announcements (Bulletin des Annonces Légales Obligatoires).

FY 2018 Annual Objectives

Although it is too early to fully assess the impact of the social movements in France on the Group's Q4 2018 net sales, public information available currently points to a significant sales decrease among large retailers.  Additionally, and as announced in the press release regarding Q3 2018 net sales, the Group's activity in the United States is not expected to have increased in Q4 2018.

Consequently, the Group now expects FY 2018 EBITDA to be in a range between  -€25m and -€28m.

Cautionary note: this press release includes forward-looking assumptions and statements which have not been audited, and that are subject to a number of risks and uncertainties.  

Marie Brizard Wine & Spirits produces and sells a range of wine and spirits across four geographic clusters: Western Europe, Middle East & Africa, Central and Eastern Europe, the Americas, and Asia-Pacific. MBWS has distinguished itself for its know-how, the range of its brands, and a long tradition and history of innovation. From the inception of Maison Marie Brizard in Bordeaux, France in 1755, to the launch of Fruits and Wine in 2010, MBWS has successfully developed and adapted its brands to make them contemporary while respecting their origins. MBWS is committed to providing value by offering its customers bold, trustworthy, flavorful and experiential brands. The company has a broad portfolio of leading brands in their respective market segments, most notably William Peel scotch whisky, Sobieski vodka, Krupnik vodka, Fruits and Wine flavored wine, Marie Brizard liqueurs and Cognac Gautier. MBWS is listed on the regulated market of Euronext Paris, Compartment B (ISIN code FR0000060873, ticker MBWS) and is in the EnterNext© PEA-PME 150 index, among others.
                                                  

Investor Contact
Raquel Lizarraga 
raquel.lizarraga@mbws.com
Tél : +33 1 43 91 50
Press Contact
Simon Zaks, Image Sept
szaks@image7.fr
Tél : +33 1 53 70 74 63

 

ANNEXES

  1. FY 2017 consolidated accounts

Income statement

(in thousands of euros) 31.12.2017 31.12.2016
Revenue 678,707 716,441
Excise tax (255,399) (285,156)
Net sales, excluding excise tax 423,308 431,286
Cost of goods sold (289,103) (271,449)
External expenses (71,014) (71,997)
Personnel expense  (67,283) (63,448)
Taxes and levies (7,161) (7,442)
Depreciation and amortization charges (9,017) (7,471)
Other operating income 8,723 9,210
Other operating expense (15,283) (7,567)
underlying operating profit (26,831) 11,122
Non-recurring operating income 14,042 16,170
Non-recurring operating expenses (59,927) (11,887)
Operating profit (72,716) 15,405
Income from cash and cash equivalents 95 269
Gross cost of debt (5,727) (3,198)
net cost of debt (5,632) (2,929)
Other financial income 16,323 780
Other financial expenses (5,410) (17,595)
net financial expense 5,281 (19,744)
Profit (loss) before tax (67,435) (4,339)
Income tax 39 11,089
net profit from continuing operatoins (67,396) 6,751
Profit (loss) from discontinued operations, net of tax    
net profit (67,396) 6,751
Group share (67,328) 6,885
of which net profit from continuing operations (67,328) 6,885
of which net profit (loss) from discontinued operations    
Non-controlling interests (68) (134)
of which net profit (loss) from continuing operations (68) (134)
of which net profit (loss) from discontinued operations    
Net earnings per share from continuing operations, Group share( €) - €2.42 €0.25
Diluted net earnings per share from continuing operations, Group share ( €) - €2.42 €0.25
Net earnings per share, Group share (€) - €2.42 €0.25
Diluted net earnings per share, Group share ( €) - €2.42 €0.25
Weighted average number of shares outstanding 27,792,439 27,504,562
Diluted weighted average number of shares outstanding 27,816,197 27,541,259

Balance Sheet

(in thousands of euros) 31.12.2017 31.12.2016
Non-current assets    
Goodwill 15,046 28,408
Intangible assets 85,392 110,065
Property, plant & equipment 67,067 61,868
Financial assets 16,285 4,602
Non-current derivatives 127 633
Deferred tax assets 806 6,087
Total non-current assets 184,723 211,662
Current assets    
Inventory and work-in-progress 69,435 75,931
Trade receivables 81,359 103,140
Tax receivables 3,109 699
Other current assets 23,221 28,881
Current derivatives 273 356
Cash and cash equivalents 59,731 49,928
Total current assets 237,127 258,936
Assets held for sales 1,476 3,760
TOTAL Assets 423,326  -  474,359

(in thousands of euros) 31.12.2017 31.12.2016
Shareholders' equity    
Share capital 56,673 56,661
Additional paid-in capital 175,666 448,544
Consolidated and other reserves 17,666 (260,986)
Translation reserves (21,002) (18,164)
Consolidated net profit (loss) (67,328) 6,885
 Shareholders' equity (Group share) 161,675 232,940
Non-controlling interest 2,200 5,585
Total shareholders' equity 163,875 238,525
Non-current liabilities    
Employee benefits 5,963 5,470
Non-current provisions 208 1,385
Long-term borrowings - due in > than 1 year 13,339 4,082
Other non-current liabilities 2,224 2,391
Non-current derivatives 889 587
Deferred tax liabilities 9,832 15,493
Total non-current liabilities 32,455 29,408
Current liabilities    
Current provisions 4,137 3,913
Long-term borrowings - due in less than one year 48,577 45,418
Short-term loans 1,366 2,535
Trade and other payables 87,911 70,993
Tax Liabilities 865 806
Other current liabilities 82,702 82,110
Current derivatives 1,438 650
Total current liabilities 226,997 206,425
Liabilities held for sale    
TOTal shareholders' equity and liabilities 423,326  -  474,359

Cash flow sagement

(in thousands of euros) 31.12.2017 31.12.2016
Total consolidated net profit (loss) (67,396) 6,751
Less net profit (loss) from sold or held-for-sale operations    
Net profit (loss) on continuing operations (67,396) 6,751
Depreciation, amortization and provisions 48,057 (10,325)
Fair value revaluation gains (losses) 209 128
Impact of financial discounting   14,537
Difference between the fair value/cash obtained on the transfer of treasury shares   46
Gains (losses) on disposals and dilution (11,245) (3,410)
Impact of discontinued operations   454
Operating cash flow before net cost of borrowings and tax (30,375) 8,181
Income tax charge (credit) (39) (11,089)
Net cost of borrowings 5,632 2,930
Operating cash flow after net cost of borrowings and tax (24,781) 21
Change in working capital 1 (inventories, trade receivables/payables) 45,196 (8,870)
Change in working capital 2 (other items) 7,063 (74,699)
Taxes paid (2,838) (3,333)
Cash flow from operating activities 24,640 (86,882)
Purchase of minority interests
Purchase of PP&E and intangible assets
(1,061)
(22,221)
 

(18,786)
Acquisition of financial assets
Increase in loans and advances granted
 

(807)
(14)
(2,992)
Decrease in loans and advances granted 3,562 620
Disposal of PP&E and intangible assets 15,524 11,885
Disposal of financial assets    
Dividends received    
Impact of change in consolidation scope (56) (3,972)
Cash flow related to investment activities (5,060) (13,258)
Capital increase 35 35,559
Purchase of treasury shares (2,746) (6,693)
Sale of treasury shares    
Loans received 48,082 46,544
Loans repaid (50,625) (884)
Net interest paid (3,316) (2,786)
Net change in short-term debt (1,185) (10,875)
Cash flow related to financing activities (9,755) 60,865
Impact of fluctuations in exchange rates (23) 92
Cash flow from discontinued operations and sale proceeds    
Change in cash and cash equivalents 9,803 (39,184)
Opening cash and cash equivalents 49,928 89,112
Closing cash and cash equivalents 59,731 49,928
change in cash and cash equivalents 9,803 (39,184)

  1. H1 2018 Consolidated Accounts

Income Statement

(in thousands of euros) 30.06.2018
6 months
30.06.2017
6 months restated
Revenue 266,624 317,660
Excise tax (76,616) (112,076)
NET Sales, excluding excise tax 190,008 205,584
Cost of goods sold (141,403) (139,995)
External expenses (30,724) (30,005)
Personnel expense  (35,497) (34,370)
Taxes and levies (3,203) (3,133)
Depreciation and amortization charges (4,494) (4,095)
Other operating income 5,283 4,348
Other operating expense (7,457) (4,391)
underlying operating profit (27,488) (6,058)
Non-recurring operating income 275 12,850
Non-recurring operating expense (5,445) (1,012)
operating profit (32,658) 5,780
Income from cash and cash equivalents  24 65
Gross cost of debt (3,252) (3,594)
Net cost of debt (3,228) (3,529)
Other financial income 3,873 5,283
Other financial expense (5,275) (5,067)
Net financial expense (4,630) (3,313)
profit (loss) before tax (37,288) 2,467
Income tax 1,583 (254)
net profit from continuing operations (35,705) 2,213
Profit (loss) from discontinued operations, net of tax    
net profit (loss) (35,705) 2,213
Group share (35,598) 2,160
of which net profit (loss) from continuing operations (35,598) 2,160
of which net profit (loss) from discontinued operations    
Non-controlling interest (106) 52
of which net profit (loss) from continuing operations (106) 52
of which net profit (loss) from discontinued operations    
Net earnings per share from continuing operations, Group share (€) - €1.28 €0.08
Diluted net earnings per share from continuing operations, Group share ( €) - €1.28 €0.08
Net earnings per share, Group share (en €)  - €1.28 €0.08
Diluted net earnings per share, Group share (en €) - €1.28 €0.08
Weighted average number of shares outstanding 27 813 971 27,855,017
Diluted weighted average number of shares outstanding 27,831,633 27,893,055

Balance Sheet

(in thousands of euros) 30.06.2018 31.12.2017
Non-current assets    
Goodwill 15,031 15,046
Intangible assets 87,375 85,392
Property, plant & equipment 70,740 67,067
Financial assets 2,449 16,285
Non-current derivatives 50 127
Deferred tax assets 35 806
Total non-current assets 175,680 184,723
Current assets    
Inventory and work-in-progress 77,369 69,435
Trade receivables 53,591 81,359
Tax receivables 4,456 3,109
Other current assets 36,938 23,221
Current derivatives 116 273
Cash and cash equivalents 42,221 59,731
Total current assets 214,690 237,127
Assets held for sales 149 1,476
TOTAL ASSETS 390,519  -  423,326

(in thousands of euros) 30.06.2018 31.12.2017
Shareholders' equity    
Share capital 56,677 56,673
Additional paid-in capital 175,712 175,666
Consolidated and other reserves (48,998) 17,666
Translation reserves (19,530) (21,002)
Consolidated net profit (loss) (35,598) (67,328)
Shareholders' equity (Group share) 128,263 161,675
Non-controlling interest 2,024 2,200
Total shareholders' equity 130,287 163,875
Non-current liabilities    
Employee benefits 6,152 5,963
Non-current provisions 199 208
Long-term borrowings - due in more than 1 year 14,129 13,339
Other non-current liabilities 2,106 2,224
Non-current derivatives 366 889
Deferred tax liabilities 10,356 9,832
Total non-current liabilities 33,310 32,455
Current liabilities    
Current provisions 2,674 4,137
Long-term borrowings - due in less than 1 year 48,495 48,577
Short-term loans 31,290 1,366
Trade and other payables 84,756 87,911
Tax liabilities 479 865
Other current liabilities 58,504 82,702
Current derivatives 725 1,438
Total current liabilities 226,922 226,997
Liabilities held for sale    
TOTAL shareholders' equity and liabilities 390,519 423,326

Cash flow statement

(in thousands of euros) 30.06.2018 30.06.2017
Total consolidated net profit (loss) (35,705) 2,213
Less net profit (loss) from sold or held-for-sale operations    
Net profit (loss) on continuing operations (35,705) 2,213
Depreciation, amortization and provisions 1,658 1,500
Fair value revaluation gains (losses) 664 77
Impact of financial discounting    
Difference between the fair value/cash of the FRN debt    
Difference between the fair value/cash obtained on the transfer of treasury shares   (140)
Gains (losses) on disposals and dilution (268) (8,154)
Impact of discontinued operations    
Operating cash flow before net cost of borrowings and tax (33,650) (4,505)
Income tax charge (credit) (1,583) 254
Net cost of borrowings 3,228 3,529
Operating cash flow after net cost of borrowings and tax (32,006) (721)
Change in working capital 1 (inventories, trade receivablese/payables) 16,679 32,955
Change in working capital 2 (other items) (34,949) (24,185)
Taxes paid 1,237 (1,216)
Cash flow related to operating activities (49,039) 6,832
Purchase of minority interests
Purchase of PP&E and intangible assets
 

(13,598)
 

(14,028)
Acquisition of financial assets
Increase in loans and advances granted
 

(13)
 

(313)
Decrease in loans and advances granted 15,594 147
Disposal of PP&E and intangible assets 2,961 13,548
Disposal of financial assets    
Dividends received    
Impact of change in consolidation scope   (925)
Cash flow related to investment activities 4,944 (1,571)
Capital increase 53 34
Purchase of treasury shares 52 (1,500)
Sale of treasury shares    
 Loans received   1,551
Loans repaid (533) (349)
Net interest paid (3,178) (1,332)
Net change in short-term debt 30,523 (4,149)
Cash flow related to financing activities 26,917 2,552
Impact of fluctuations in exchange rates (332) (84)
Cash flow from discontinued operations and sale proceeds (17,510)  
Change in cash and cash equivalents (17,510) 7,729
Opening cash and cash equivalents 59,731 49,928
Closing cash and cash equivalents 42,221 57,657
change in cash and cash equivalents (17,510) 7,729



[1] The net sales growth mentioned in this press release are expressed at a constant exchange rate and on a like-for-like basis, unless stated otherwise.  The figures at constant exchange rates are calculated by applying the exchange rate in the previous year to the figures for the year being reported. 

[2]The restated figures reflect the end of the distribution contracts for Mateus and Ferreira in the WEMEA cluster, the reclassification of the Pulco contract in Spain to the Private Label category, and the sale of Augustowianka in Poland.  

HUG#2230024