SOURCE: PERNOD RICARD

September 20, 2007 01:59 ET

PERNOD RICARD : 2006/07 ANNUAL RESULTS - Strong sales and profit margin growth

PARIS--(Marketwire - September 20, 2007) - 2006/07 ANNUAL RESULTS

Strong sales and profit margin growth

Sales: EUR 6,443 million (+9.1%*)

Operating profit from ordinary activities: EUR 1,447 million (+21%*)

Profit from ordinary activities (Group share): EUR 833 million (+24%**)

Net profit (Group share): EUR 831 million (+30%)

Paris, 20 September 2007 - The Pernod Ricard Board of Directors' meeting of 19 September 2007, chaired by Patrick Ricard, approved the financial statements for the 2006/07 financial year ended 30 June 2007.

The 2006/07 fiscal year was a highly successful year for Pernod Ricard, marked by:

- Dynamic sales in all regions, driven by the strong growth of the wine and spirits market and by the Group's performance, which took full advantage of the commercial synergies related to the Allied Domecq acquisition;

- A strong 21%* increase in operating profit from ordinary activities, which resulted from increased sales, higher contribution margin from the portfolio, due to the 15 strategic brands representing a greater share of consolidated sales, and from the achievement of 100% of structure synergies;

- A sharp increase in profit from ordinary activities and improved debt ratios.

* Organic growth measured excluding July for Allied Domecq brands

** Measured on a constant foreign exchange basis

Strong sales growth (+6.2%)

Net sales for the 2006/07 financial year increased by 6.2% to EUR 6,443 million (excluding duties and taxes). The increase was due to a strong 9.1% organic growth, a 2.8% negative foreign exchange effect and a 0.2% positive Group structure effect.

This strong organic growth was based on the following:

- The good overall performance of our markets, particularly in emerging countries;

- The dynamism of our brand portfolio, in particular our 15 strategic brands, which registered growth of +9%* and +13%* in volume and value, respectively;

- Our powerful global network and commercial synergies related to the Allied Domecq acquisition;

- The relaunch of media and advertising & promotional campaigns for brands acquired as part of the Allied Domecq takeover, which benefited from a substantial increase in advertising expenditure, in particular in the second half-year.

Improved contribution margin from the portfolio

Gross margin increased by +10.2%*, thanks to strong sales growth and the improved gross margin/sales ratio, which rose to 59.8% from 59.0% on a constant foreign exchange basis. The greater proportion represented by the Top 15 brands, the overall evolution of the mix within the Top 15 and the value strategy applied to the whole portfolio all strongly contributed to the improvement, in spite of the rise in alcohol and energy prices.

This good performance made it possible to significantly increase advertising and promotional expenditure, in line with sales growth. The increase was further enhanced in the second half-year due to the roll-out of the new campaigns of brands acquired as part of the Allied Domecq takeover, in particular Ballantine's, Beefeater and Stolichnaya.

The 15 strategic brands attracted more than 70% of marketing expenditure and 90% of growth in the 2006/07 financial year.

All in all, the contribution after advertising and promotional expenses generated by the brand portfolio totalled EUR 2,486 million, (+10.3%*) being 38.6% of sales (+ 60 bp vs 2005/06 on a constant foreign exchange basis).

* Organic growth measured excluding July for Allied Domecq brands

Decrease in the Structure costs / Sales ratio

Structure costs amounted to EUR 1,039 million over the period, compared to EUR 1,075 million in the previous financial year. The speed of the Allied Domecq integration indeed allowed, as planned, the achievement of 100% of the EUR 270 million in synergies in the 2006/07 financial year and to lower the structure costs / sales ratio from 19% before the takeover to 15.6%, excluding the (non cash) impact of the cost of stock options.

Operating profit from ordinary activities

Overall, under the combined effect of growing sales, increased portfolio contribution margin rate and structure synergies, operating profit from ordinary activities grew by 21%* to EUR 1,447 million. The operating profit margin improved by 230 bp to 22.5% compared to the previous financial year, on a constant foreign exchange basis.

Analysis of performance by region

Asia/Rest of the World and America were again the leading profit growth drivers in the financial year, posting increases of +39%* and +21%* in operating profit from ordinary activities, respectively. The two regions generated total operating profit from ordinary activities of EUR 807 million, being 56% of Group profits.

Against the background of an improving economic situation, Europe and France also experienced a 2006/07 financial year of strong growth, with increases in operating profit from ordinary activities of +12%* and +10%*, respectively. This renewed dynamism was generated by stronger sales in numerous markets, such as France, Germany and Italy, and by continuing strong growth in Central and Eastern Europe markets (Russia, Poland). These two regions realised a combined operating profit from ordinary activities of EUR 640 million.

Profit from ordinary activities

Financial Income/(expense) from ordinary activities was an expense of EUR 341 million, of which EUR 332 million corresponded to financial expenses paid in respect of the debt (i.e. an average interest rate of about 5.0%), EUR 12 million in finance structuring costs, and EUR 3 million in other financial income.

Income tax on items from ordinary activities resulted in a EUR 249 million expense (i.e. a rate of 22.5%). Disposed operations did not generate any profits in the 2006/07 financial year, whereas profits of Dunkin Brands and Britvic had contributed EUR 57 million in the previous year, until their respective disposals.

Finally, the minority interest share of profit from ordinary activities was EUR 25 million and originated from Corby (Canada), Jinro Ballantine's (South Korea) and Havana Club International (Cuba).

* Organic growth measured excluding July for Allied Domecq brands

Overall, profit from ordinary activities (Group share) amounted to EUR 833 million, a 24% increase on constant foreign exchange basis compared to 2005/06. Our initial guidance of an increase of about 20% was thus exceeded. Diluted earnings per share from ordinary activities grew by 21% to EUR 7.75, on a constant foreign exchange basis.

Net profit

Other operating income/(expense) was a EUR 20 million income. The balance of EUR 31 million in costs relating to the restructuring and integration of Allied Domecq was largely offset by asset disposal capital gains of EUR 31 million and other income of EUR 20 million.

The EUR 10 million expense from other financial items primarily comprised exchange losses.

Finally, other items generated an income tax expense of EUR 11 million.

After taking account of all other items, Net profit (Group share) totalled EUR 831 million, a 30% increase compared to the 2005/06 financial year.

Debt

Net debt at 30 June 2007 amounted to EUR 6.5 billion, compared to an opening balance of EUR 6.9 billion, after payment of capital gains tax upon the disposal of Dunkin Brands.

The decrease in debt resulted in improved debt ratios, with in particular a Net Debt**/EBITDA ratio decrease to 3.9 against 4.3 in 2005/06.

Finally, pension commitment follow-up showed a decrease of nearly EUR 500 million in the deficit over the financial year, due in particular to payments made to pension funds and the rising value of the assets invested in these funds. This performance was made more secure by the reduction of the share of assets invested in shares, from 50% to 24% at 30 June 2007, within the pension funds taken over following the Allied Domecq acquisition.

Payments to UK funds will thus be reduced to about EUR 70 million in 2008, from EUR 150 million in 2006.

Dividend: +20%

These excellent results allow the Board of Directors to propose to the Annual General Meeting of 7 November 2007 a cash dividend of EUR 2.52 per share, stable compared to last year's. This is an effective increase of 20%, considering the granting of one free share for every five shares held on 16 January 2007. Such an increase, combined to that of the previous financial year, results in a 41% rise in the dividend since the Allied Domecq acquisition.

* Organic growth measured excluding July for Allied Domecq brands

** After restatement of treasury shares value

Due to the payment of an interim dividend of EUR 1.26 on 4 July 2007, the balance of EUR 1.26 will be paid on Wednesday 14 November 2007.

In addition, the Board of Directors will submit for approval by the General Meeting a one-for-one share split, to be carried out in January 2008.

Conclusion and Outlook

Commenting on these results, Patrick Ricard declared:

"2006/07 was an excellent year for Pernod Ricard, with in particular the confirmed success of the Allied Domecq takeover and the strong growth in results and profitability.

The dynamism of our brands, the strength of our distribution network and the good start of the new financial year in July and August, in particular for the premium brands (only aniseed-based products suffered from the adverse weather) allow us to begin the 2007/08 financial year with confidence, while keeping a watchful eye on business environment developments.

Therefore, based on current market conditions and on a like-for-like basis*, our guidance is a further year of strong growth in Pernod Ricard sales and operating profit from ordinary activities in the 2007/08 financial year."

* Foreign exchange and Group structure

Shareholders' agenda: 2007/08 1st quarter sales - Tuesday 30 October 2007

Combined General Meeting - Wednesday 7 November 2007

The slide show is available on: www.pernod-ricard.com and the photographs are on the "Photolibrary" page of the "News" section on the web site

Pernod Ricard contacts

Francisco de la VEGA/ Communication VP Tel: +33 (0)1 41 00 40 96

Denis FIEVET/ Financial Communication & Investor Relations VP Tel: +33 (0)1 41 00 41 71

Florence TARON/ Press Relations Manager Tel: +33 (0)1 41 00 40 88

APPENDICES

Consolidated income statement.

+-------------------------+------------+------------+
|(EUR  millions)          |  30/06/2007|  30/06/2006|
+-------------------------+------------+------------+
|Net sales................|       6,443|       6,066|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|....                     |            |            |
+-------------------------+------------+------------+
|Cost of sales............|     - 2,616|     - 2,488|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|..                       |            |            |
+-------------------------+------------+------------+
|Gross Margin.............|       3,827|       3,578|
|.........................|            |            |
|.........................|            |            |
|........................ |            |            |
+-------------------------+------------+------------+
|A&P and distribution cost|     - 1,341|     - 1,248|
|s........................|            |            |
|.........................|            |            |
|................         |            |            |
+-------------------------+------------+------------+
|Contribution after A&P ex|       2,486|       2,330|
|penses...................|            |            |
|.........................|            |            |
|............             |            |            |
+-------------------------+------------+------------+
|Selling, general and admi|     - 1,039|     - 1,075|
|nistrative expenses......|            |            |
|.........................|            |            |
|.........                |            |            |
+-------------------------+------------+------------+
|Operating profit from ord|       1,447|       1,255|
|inary activities ........|            |            |
|.........................|            |            |
|..........               |            |            |
+-------------------------+------------+------------+
|Other operating income an|          20|       - 126|
|d expenses ..............|            |            |
|.........................|            |            |
|..........               |            |            |
+-------------------------+------------+------------+
|Operating profit.........|       1,467|       1,129|
|.........................|            |            |
|.........................|            |            |
|........................ |            |            |
+-------------------------+------------+------------+
|Net financing cost.......|       - 332|       - 319|
|.........................|            |            |
|.........................|            |            |
|.......................  |            |            |
+-------------------------+------------+------------+
|Other financial income an|        - 20|        - 91|
|d expenses...............|            |            |
|.........................|            |            |
|...........              |            |            |
+-------------------------+------------+------------+
|Financial income and expe|       - 351|       - 410|
|nses.....................|            |            |
|.........................|            |            |
|...............          |            |            |
+-------------------------+------------+------------+
|Income tax expense ......|       - 260|       - 108|
|.........................|            |            |
|.........................|            |            |
|.....................    |            |            |
+-------------------------+------------+------------+
|Share of net profit / los|           1|           2|
|s of associates..........|            |            |
|.........................|            |            |
|..............           |            |            |
+-------------------------+------------+------------+
|Net profit from continuin|         856|         613|
|g operations.............|            |            |
|.........................|            |            |
|...........              |            |            |
+-------------------------+------------+------------+
|Net profit from discontin|           0|          57|
|ued operations...........|            |            |
|.........................|            |            |
|.........                |            |            |
+-------------------------+------------+------------+
|Net profit...............|         856|         670|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|...                      |            |            |
+-------------------------+------------+------------+
|Attributable to minority |          25|          31|
|interests................|            |            |
|.........................|            |            |
|............             |            |            |
+-------------------------+------------+------------+
|Attributable to equity ho|         831|         639|
|lders of the Parent......|            |            |
|.........................|            |            |
|......                   |            |            |
+-------------------------+------------+------------+
Consolidated balance sheet.
+-------------------------+------------+------------+--+
|Assets                   |  30/06/2007|  30/06/2006|  |
+-------------------------+------------+------------+--+
|(EUR  millions)          |            |            |  |
+-------------------------+------------+------------+--+
|(Net book value)         |            |            |  |
+-------------------------+------------+------------+--+
|Non-current assets       |            |            |  |
+-------------------------+------------+------------+--+
|Intangible assets........|       7,836|       8,028|  |
|.........................|            |            |  |
|.....................    |            |            |  |
+-------------------------+------------+------------+--+
|Goodwill.................|       3,477|       3,527|  |
|.........................|            |            |  |
|........................ |            |            |  |
+-------------------------+------------+------------+--+
|Property, plant and equip|       1,675|       1,637|  |
|ment.....................|            |            |  |
|..........               |            |            |  |
+-------------------------+------------+------------+--+
|Biological assets........|          60|          53|  |
|.........................|            |            |  |
|.....................    |            |            |  |
+-------------------------+------------+------------+--+
|Non current financial ass|         121|         142|  |
|ets......................|            |            |  |
|..............           |            |            |  |
+-------------------------+------------+------------+--+
|Investments in associates|           2|          10|  |
|........................ |            |            |  |
|...............          |            |            |  |
+-------------------------+------------+------------+--+
|Deferred tax assets......|         839|        821 |  |
|.........................|            |            |  |
|...................      |            |            |  |
+-------------------------+------------+------------+--+
|Total non current assets.|      14,010|      14,218|  |
|.........................|            |            |  |
|............             |            |            |  |
+-------------------------+------------+------------+--+
|Current assets           |            |            |  |
+-------------------------+------------+------------+--+
|Inventories..............|       3,563|       3,327|  |
|.........................|            |            |  |
|........................ |            |            |  |
+-------------------------+------------+------------+--+
|Operating receivables....|       1,228|       1,160|  |
|.........................|            |            |  |
|.................        |            |            |  |
+-------------------------+------------+------------+--+
|Income tax receivable ...|          91|         230|  |
|.........................|            |            |  |
|..................       |            |            |  |
+-------------------------+------------+------------+--+
|Other current assets.....|         145|         294|  |
|.........................|            |            |  |
|..................       |            |            |  |
+-------------------------+------------+------------+--+
|Current derivative instru|          51|          84|  |
|ments....................|            |            |  |
|............             |            |            |  |
+-------------------------+------------+------------+--+
|Cash and cash equivalents|         383|         447|  |
|.........................|            |            |  |
|..............           |            |            |  |
+-------------------------+------------+------------+--+
|Total current assets.....|       5,462|       5,542|  |
|.........................|            |            |  |
|...............          |            |            |  |
+-------------------------+------------+------------+--+

|Total assets.............|      19,472|      19,760|  |
|.........................|            |            |  |
|...................      |            |            |  |
+-------------------------+------------+------------+--+
+-------------------------+------------+------------+
|Liabilities and          |  30/06/2007|  30/06/2006|
|shareholders' equity(EUR |            |            |
|millions)                |            |            |
+-------------------------+------------+------------+
|Shareholders' equity     |            |            |
+-------------------------+------------+------------+
|Share capital............|         340|        292 |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|..                       |            |            |
+-------------------------+------------+------------+
|Additional paid-in capita|       2,053|      2,539 |
|l........................|            |            |
|.........................|            |            |
|....................     |            |            |
+-------------------------+------------+------------+
|Retained earnings and cur|       3,067|      2,230 |
|rency translation adjustm|            |            |
|ents.....................|            |            |
|.                        |            |            |
+-------------------------+------------+------------+
|Net profit attributable t|         831|        639 |
|o equity holders of the p|            |            |
|arent....................|            |            |
|....                     |            |            |
+-------------------------+------------+------------+
|Shareholders' equity -   |       6,290|      5,700 |
|attributable to equity   |            |            |
|holders of the parent    |            |            |
+-------------------------+------------+------------+
|Minority interests.......|         168|        172 |
|.........................|            |            |
|.........................|            |            |
|.......................  |            |            |
+-------------------------+------------+------------+
|Total shareholders' equit|       6,458|      5,872 |
|y........................|            |            |
|.........................|            |            |
|..............           |            |            |
+-------------------------+------------+------------+
|Non-current liabilities  |            |            |
+-------------------------+------------+------------+
|Non-current provisions...|         534|         707|
|.........................|            |            |
|.........................|            |            |
|...................      |            |            |
+-------------------------+------------+------------+
|Provisions for pensions  |         773|       1,009|
|and other long-term      |            |            |
|employee benefits        |            |            |
+-------------------------+------------+------------+
|Deferred tax liabilities.|       2,326|      2,264 |
|.........................|            |            |
|.........................|            |            |
|........................ |            |            |
+-------------------------+------------+------------+
|Bonds....................|       2,511|       1,705|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|....                     |            |            |
+-------------------------+------------+------------+
|Non-current derivative in|          73|         58 |
|struments................|            |            |
|.........................|            |            |
|............             |            |            |
+-------------------------+------------+------------+
|Other non-current financi|       3,938|      4,534 |
|al liabilities...........|            |            |
|.........................|            |            |
|...............          |            |            |
+-------------------------+------------+------------+
|Total non-current liabili|      10,155|     10,277 |
|ties.....................|            |            |
|.........................|            |            |
|................         |            |            |
+-------------------------+------------+------------+
|Current liabilities      |            |            |
+-------------------------+------------+------------+
|Current provisions.......|         355|        458 |
|.........................|            |            |
|.........................|            |            |
|......................   |            |            |
+-------------------------+------------+------------+
|Operating payables.......|       1,773|      1,731 |
|.........................|            |            |
|.........................|            |            |
|.....................    |            |            |
+-------------------------+------------+------------+
|Income tax payable.......|         198|         795|
|.........................|            |            |
|.........................|            |            |
|......................   |            |            |
+-------------------------+------------+------------+
|Other current liabilities|         141|        127 |
|.........................|            |            |
|.........................|            |            |
|.......................  |            |            |
+-------------------------+------------+------------+
|Other current financial l|         375|        500 |
|iabilities...............|            |            |
|.........................|            |            |
|..................       |            |            |
+-------------------------+------------+------------+
|Current derivative instru|          16|            |
|ments....................|            |            |
|.........................|            |            |
|................         |            |            |
+-------------------------+------------+------------+
|Total current liabilities|       2,859|      3,610 |
|.........................|            |            |
|.........................|            |            |
|...................      |            |            |
+-------------------------+------------+------------+
|Total liabilities and sha|      19,472|     19,760 |
|reholders' equity........|            |            |
|.........................|            |            |
|........                 |            |            |
+-------------------------+------------+------------+
Condensed cash flow statement.
+-------------------------+------------+------------+
|(EUR  millions)          |  30/06/2007|  30/06/2006|
+-------------------------+------------+------------+
|                         |   12 months|   12 months|
+-------------------------+------------+------------+
|Operating profit         |       1,467|       1,129|
+-------------------------+------------+------------+
|Depreciation and         |         149|         148|
|amortization             |            |            |
+-------------------------+------------+------------+
|Net changes in provisions|       - 125|         - 7|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|..........               |            |            |
+-------------------------+------------+------------+
|Net changes in impairment|           3|          23|
|of goodwill and intangib |            |            |
|le assets................|            |            |
|.........................|            |            |
|...............          |            |            |
+-------------------------+------------+------------+
|Impact of derivatives hed|         - 0|         - 3|
|ging trading transactions|            |            |
|.........................|            |            |
|.........................|            |            |
|......................   |            |            |
+-------------------------+------------+------------+
|Fair value adjustments on|         - 1|           2|
|biological assets....... |            |            |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|..                       |            |            |
+-------------------------+------------+------------+
|Net (gain) / loss on     |        - 30|       - 325|
|disposal assets          |            |            |
+-------------------------+------------+------------+
|Stock options impact     |          29|          21|
+-------------------------+------------+------------+
|Net cash provided by     |       1,490|         988|
|operating activities     |            |            |
|before changes in working|            |            |
|capital                  |            |            |
+-------------------------+------------+------------+
|Decrease/(increase) in   |       - 149|         238|
|working capital          |            |            |
+-------------------------+------------+------------+
|Net cash from operating  |       1,342|       1,226|
|activities               |            |            |
+-------------------------+------------+------------+
|Financial Expenses (Paid)|       - 362|       - 337|
|/ Received               |            |            |
+-------------------------+------------+------------+
|Tax Expenses (Paid) /    |       - 187|       - 175|
|Received                 |            |            |
+-------------------------+------------+------------+
|Dividends on Equity      |           0|         - 0|

|method                   |            |            |
+-------------------------+------------+------------+
|Acquisition and proceeds |       - 141|        - 35|
|from sales of fixed      |            |            |
|assets                   |            |            |
+-------------------------+------------+------------+
|Changes in receivables   |           0|         - 3|
|and payables related to  |            |            |
|non-current assets       |            |            |
+-------------------------+------------+------------+
|Free Cash Flow           |         653|         676|
+-------------------------+------------+------------+
|Proceeds/(cash           |       - 200|         197|
|expenditures) from       |            |            |
|disposals/acquisitions of|            |            |
|non-current financial    |            |            |
|assets                   |            |            |
+-------------------------+------------+------------+
|Changes in consolidation |       - 557|     - 5,670|
|scope                    |            |            |
+-------------------------+------------+------------+
|Net profit from          |           0|          57|
|discontinued operations  |            |            |
+-------------------------+------------+------------+
|Dividends paid           |       - 251|       - 113|
+-------------------------+------------+------------+
|Other changes in         |          34|         519|
|shareholders' equity     |            |            |
+-------------------------+------------+------------+
|(Acquisition)/disposal of|        - 25|        - 20|
|treasury shares          |            |            |
+-------------------------+------------+------------+
|Increase / (decrease) in |       - 346|     - 4,353|
|net debt (before effect  |            |            |
|of exchange rate changes)|            |            |
|.........................|            |            |
+-------------------------+------------+------------+
|Net effect of exchange ra|         182|         147|
|te changes...............|            |            |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|......                   |            |            |
+-------------------------+------------+------------+
|Increase / (decrease) in |       - 164|     - 4,206|
|net debt (after effect of|            |            |
|exchange rate changes).. |            |            |
|.........................|            |            |
|..                       |            |            |
+-------------------------+------------+------------+
|Net debt at beginning of |     - 6,351|     - 2,145|
|period...................|            |            |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|........                 |            |            |
+-------------------------+------------+------------+
|Net debt at end of period|     - 6,515|     - 6,351|
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|.........................|            |            |
|...........              |            |            |
+-------------------------+------------+------------+
Segment reporting

Total:

+-------------------------+-------------+--------+--+-----------+-------+
|(EUR  millions)          |30/06/2007   |        |  |  Variation|       |
|                         |12 months    |        |  |           |       |
+-------------------------+-------------+--------+--+-----------+-------+
|Net sales (Excl. T&D)    |        6 443|  100.0%|  |        376|   6.2%|
+-------------------------+-------------+--------+--+-----------+-------+
|Gross margin             |        3 827|   59.4%|  |        249|   6.9%|
+-------------------------+-------------+--------+--+-----------+-------+
|Advertising & promotion  |      (1 101)|   17.1%|  |       (66)|   6.3%|
+-------------------------+-------------+--------+--+-----------+-------+
|Contribution after A&P   |        2 486|   38.6%|  |        156|   6.7%|
+-------------------------+-------------+--------+--+-----------+-------+
|Operating profit from    |        1 447|   22.5%|  |        193|  15.3%|
|ordinary activities      |             |        |  |           |       |
+-------------------------+-------------+--------+--+-----------+-------+

+------------------------+--------------+-------+-----------------+-------+
|(EUR  millions)         |Organic growth|       |  |  Forex impact|       |
|                        |              |       |  |              |       |
+------------------------+--------------+-------+--+--------------+-------+
|Net sales (Excl. T&D)   |           537|   9.1%|  |         (170)|  -2.8%|
+------------------------+--+-----------+-------+--+--------------+-------+
|Gross margin            |           356|  10.2%|  |         (124)|  -3.5%|
+------------------------+--------------+-------+--+--------------+-------+
|Advertising & promotion |          (91)|   9.0%|  |            29|  -2.8%|
+------------------------+--------------+-------+--+--------------+-------+
|Contribution after A&P  |           233|  10.3%|  |          (90)|  -3.8%|
+------------------------+--------------+-------+--+--------------+-------+
|Operating profit from   |           250|  21.0%|  |          (70)|  -5.6%|
|ordinary activities     |              |       |  |              |       |
+------------------------+--------------+-------+--+--------------+-------+

+------------------------+--+--------------------+------+-+-+-+-+-++
|(EUR  millions)         |  |Change in Group     |      | | | | | ||
|                        |  |structure           |      | | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
|Net sales (Excl. T&D)   |  |                  10|  0.2%| | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
|Gross margin            |  |                  17|  0.5%| | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
|Advertising & promotion |  |                 (4)|  0.3%| | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
|Contribution after A&P  |  |                  12|  0.5%| | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
|Operating profit from   |  |                  12|  1.0%| | | | | ||
|ordinary activities     |  |                    |      | | | | | ||
+------------------------+--+--------------------+------+-+-+-+-+-++
Rest of the world:
+-------------------------+--+--------------------+--------+--+
|(EUR  millions)          |  |30/06/2006 12 months|        |  |
|                         |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+
|Net sales (Excl. T&D)    |  |               1 717|  100.0%|  |
+-------------------------+--+--------------------+--------+--+
|Gross margin             |  |                 884|   51.5%|  |
+-------------------------+--+--------------------+--------+--+
|Advertising & promotion  |  |               (292)|   17.0%|  |
+-------------------------+--+--------------------+--------+--+
|Contribution after A&P   |  |                 540|   31.4%|  |
+-------------------------+--+--------------------+--------+--+
|Operating profit from    |  |                 289|   16.9%|  |
|ordinary activities      |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+

+-------------------------+---------------+-------+--+-----------+-------+
|(EUR  millions)          |30/06/2007     |       |  |  Variation|       |
|                         |12 months      |       |  |           |       |
+-------------------------+---------------+-------+--+-----------+-------+
|Net sales (Excl. T&D)    |          1 884| 100.0%|  |        166|   9.7%|
+-------------------------+---------------+-------+--+-----------+-------+
|Gross margin             |          1 007|  53.4%|  |        123|  13.9%|
+-------------------------+---------------+-------+--+-----------+-------+
|Advertising & promotion  |          (344)|  18.3%|  |       (53)|  18.0%|
+-------------------------+---------------+-------+--+-----------+-------+
|Contribution after A&P   |            601|  31.9%|  |         62|  11.4%|
+-------------------------+---------------+-------+--+-----------+-------+
|Operating profit from    |            389|  20.6%|  |         99|  34.3%|
|ordinary activities      |               |       |  |           |       |
+-------------------------+---------------+-------+--+-----------+-------+

+-------------------------+--------------+--------+-------------+------+
|(EUR  millions)          |Organic growth|        | Forex impact|      |
|                         |              |        |             |      |
+-------------------------+--+-----------+--------+-------------+------+
|Net sales (Excl. T&D)    |  |        194|  11.4% |         (53)| -3.1%|
+-------------------------+--+-----------+--------+-------------+------+
|Gross margin             |  |        150|  17.2% |         (40)| -4.6%|
+-------------------------+--+-----------+--------+-------------+------+
|Advertising & promotion  |  |       (62)|  21.4% |           12| -4.0%|
+-------------------------+--+-----------+--------+-------------+------+
|Contribution after A&P   |  |         79|  14.7% |         (27)| -5.0%|
+-------------------------+--+-----------+--------+-------------+------+
|Operating profit from    |  |        111|  38.8% |         (21)| -7.2%|
|ordinary activities      |  |           |        |             |      |
+-------------------------+--+-----------+--------+-------------+------+


+-------------------------+--+--------------------+------+-+-+-+-+-++
|(EUR  millions)          |  |Change in Group     |      | | | | | ||
                             |structure           |      | | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Net sales (Excl. T&D)    |  |                  26|  1.5%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Gross margin             |  |                  13|  1.4%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Advertising & promotion  |  |                 (2)|  0.8%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Contribution after A&P   |  |                   9|  1.7%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Operating profit from    |  |                   9|  3.2%| | | | | ||
|ordinary activities      |  |                    |      | | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
Americas:
+-------------------------+--+--------------------+--------+--+
|(EUR  millions)          |  |30/06/2006 12 months|        |  |
|                         |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+
|Net sales (Excl. T&D)    |  |           1 694 (1)|  100.0%|  |
+-------------------------+--+--------------------+--------+--+
|Gross margin             |  |               1 005|   59.3%|  |
+-------------------------+--+--------------------+--------+--+
|Advertising & promotion  |  |               (280)|   16.5%|  |
+-------------------------+--+--------------------+--------+--+
|Contribution after A&P   |  |                 672|   39.7%|  |
+-------------------------+--+--------------------+--------+--+
|Operating profit from    |  |                 391|   23.1%|  |
|ordinary activities      |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+

+-------------------------+--------------------+---------+--+-----+------+
|(EUR  millions)          |30/06/2007          |Variation|  |     |      |
|                         |12 months           |         |  |     |      |
+-------------------------+--------------------+--------+---+-----+------+
|Net sales (Excl. T&D)    |               1 786|  100.0%|   |   92|  5.4%|
+-------------------------+--------------------+--------+---+-----+------+
|Gross margin             |               1 036|   58.0%|   |   31|  3.1%|
+-------------------------+--------------------+--------+---+-----+------+
|Advertising & promotion  |               (283)|   15.8%|   |  (3)|  1.0%|
+-------------------------+--------------------+--------+---+-----+------+
|Contribution after A&P   |                 689|   38.6%|   |   17|  2.5%|
+-------------------------+--------------------+--------+---+-----+------+
|Operating profit from    |                 418|   23.4%|   |   28|  7.1%|
|ordinary activities      |                    |        |   |     |      |
+-------------------------+--------------------+--------+---+-----+------+

+-------------------------+--+----------------+-------+--+--------------+
|(EUR  millions)          |  |  Organic growth|       |  |  Forex impact|
|                         |  |                |       |  |              |
+-------------------------+--+----------------+-------+--+--------------+
|Net sales (Excl. T&D)    |  |             200|  12.3%|  |         (115)|
+-------------------------+--+----------------+-------+--+--------------+
|Gross margin             |  |             110|  11.4%|  |          (86)|
+-------------------------+--+----------------+-------+--+--------------+
|Advertising & promotion  |  |            (17)|   6.3%|  |            17|
+-------------------------+--+----------------+-------+--+--------------+
|Contribution after A&P   |  |              79|  12.2%|  |          (66)|
+-------------------------+--+----------------+-------+--+--------------+
|Operating profit from    |  |              76|  20.9%|  |          (52)|
|ordinary activities      |  |                |       |  |              |
+-------------------------+--+----------------+-------+--+--------------+

+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|(EUR  millions)          |        |  |Change in Group |      | | | | | ||
|                         |        |  |structure       |      | | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|Net sales (Excl. T&D)    |   -6.8%|  |               7|  0.4%| | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|Gross margin             |   -8.6%|  |               7|  0.7%| | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|Advertising & promotion  |   -6.0%|  |             (3)|  1.0%| | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|Contribution after A&P   |   -9.8%|  |               4|  0.6%| | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
|Operating profit from    |  -13.4%|  |               4|  1.1%| | | | | ||
|ordinary activities      |        |  |                |      | | | | | ||
+-------------------------+--------+--+----------------+------+-+-+-+-+-++
(1): EUR 13 million AD bulk sales reclassified between Americas and Europe

Europe:

+-------------------------+--+--------------------+--------+--+
|(EUR  millions)          |  |30/06/2006 12 months|        |  |
|                         |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+
|Net sales (Excl. T&D)    |  |           2 000 (1)|  100.0%|  |
+-------------------------+--+--------------------+--------+--+
|Gross margin             |  |               1 207|   60.3%|  |
+-------------------------+--+--------------------+--------+--+
|Advertising & promotion  |  |               (309)|   15.5%|  |
+-------------------------+--+--------------------+--------+--+
|Contribution after A&P   |  |                 814|   40.7%|  |
+-------------------------+--+--------------------+--------+--+
|Operating profit from    |  |                 453|   22.7%|  |
|ordinary activities      |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+

+-------------------------+--------------+--------+--+-----------+-------+
|(EUR  millions)          |30/06/2007    |        |  |  Variation|       |
|                         |12 months     |        |  |           |       |
+-------------------------+--------------+--------+--+-----------+-------+
|Net sales (Excl. T&D)    |         2 091|  100.0%|  |         91|   4.5%|
+-------------------------+--------------+--------+--+-----------+-------+
|Gross margin             |         1 291|   61.7%|  |         84|   6.9%|
+-------------------------+--------------+--------+--+-----------+-------+
|Advertising & promotion  |         (312)|   14.9%|  |        (3)|   1.0%|
+-------------------------+--------------+--------+--+-----------+-------+
|Contribution after A&P   |           890|   42.6%|  |         76|   9.3%|
+-------------------------+--------------+--------+--+-----------+-------+
|Operating profit from    |           506|   24.2%|  |         53|  11.6%|
|ordinary activities      |              |        |  |           |       |
+-------------------------+--------------+--------+--+-----------+-------+

+-------------------------+--------------+-------+---------------+-------+
|(EUR  millions)          |Organic growth|       |   Forex impact|       |
|                         |              |       |               |       |
+-------------------------+--+-----------+-------+---------------+-------+
|Net sales (Excl. T&D)    |  |        120|   6.3%|            (2)|  -0.1%|
+-------------------------+--+-----------+-------+---------------+-------+
|Gross margin             |  |         87|   7.4%|              2|   0.2%|
+-------------------------+--+-----------+-------+---------------+-------+
|Advertising & promotion  |  |        (7)|   2.3%|              1|  -0.3%|
+-------------------------+--+-----------+-------+---------------+-------+
|Contribution after A&P   |  |         75|   9.5%|              3|   0.4%|
+-------------------------+--+-----------+-------+---------------+-------+
|Operating profit from    |  |         52|  12.2%|              3|   0.7%|
|ordinary activities      |  |           |       |               |       |
+-------------------------+--+-----------+-------+---------------+-------+

+-------------------------+--+--------------------+-------+-+-+-+-+-++
|(EUR  millions)          |  |Change in Group     |       | | | | | ||
|                         |  |structure           |       | | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
|Net sales (Excl. T&D)    |  |                (27)|  -1.4%| | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
|Gross margin             |  |                 (5)|  -0.4%| | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
|Advertising & promotion  |  |                   3|  -1.0%| | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
|Contribution after A&P   |  |                 (2)|  -0.2%| | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
|Operating profit from    |  |                 (2)|  -0.4%| | | | | ||
|ordinary activities      |  |                    |       | | | | | ||
+-------------------------+--+--------------------+-------+-+-+-+-+-++
(1): EUR 13 million AD bulk sales reclassified between Americas and Europe

France:

+-------------------------+--+--------------------+--------+--+

|(EUR  millions)          |  |30/06/2006 12 months|        |  |
|                         |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+
|Net sales (Excl. T&D)    |  |                 654|  100.0%|  |
+-------------------------+--+--------------------+--------+--+
|Gross margin             |  |                 482|   73.7%|  |
+-------------------------+--+--------------------+--------+--+
|Advertising & promotion  |  |               (154)|   23.6%|  |
+-------------------------+--+--------------------+--------+--+
|Contribution after A&P   |  |                 304|   46.5%|  |
+-------------------------+--+--------------------+--------+--+
|Operating profit from    |  |                 121|   18.5%|  |
|ordinary activities      |  |                    |        |  |
+-------------------------+--+--------------------+--------+--+

+-------------------------+--------------+--------+--+-----------+-------+
|(EUR  millions)          |30/06/2007    |        |  |  Variation|       |
|                         |12 months     |        |  |           |       |
+-------------------------+--------------+--------+--+-----------+-------+
|Net sales (Excl. T&D)    |           682|  100.0%|  |         28|   4.2%|
+-------------------------+--------------+--------+--+-----------+-------+
|Gross margin             |           493|   72.3%|  |         11|   2.3%|
+-------------------------+--------------+--------+--+-----------+-------+
|Advertising & promotion  |         (161)|   23.7%|  |        (7)|   4.6%|
+-------------------------+--------------+--------+--+-----------+-------+
|Contribution after A&P   |           306|   44.9%|  |          2|   0.6%|
+-------------------------+--------------+--------+--+-----------+-------+
|Operating profit from    |           134|   19.6%|  |         13|  10.5%|
|ordinary activities      |              |        |  |           |       |
+-------------------------+--------------+--------+--+-----------+-------+

+-------------------------+--------------+-------+--+--------------+------+
|(EUR  millions)          |Organic growth|       |  |  Forex impact|      |
|                         |              |       |  |              |      |
+-------------------------+--+-----------+-------+--+--------------+------+
|Net sales (Excl. T&D)    |  |         23|   3.6%|  |             0|  0.0%|
+-------------------------+--+-----------+-------+--+--------------+------+
|Gross margin             |  |          8|   1.8%|  |             0|  0.0%|
+-------------------------+--+-----------+-------+--+--------------+------+
|Advertising & promotion  |  |        (6)|   3.7%|  |           (0)|  0.0%|
+-------------------------+--+-----------+-------+--+--------------+------+
|Contribution after A&P   |  |          1|   0.3%|  |             0|  0.0%|
+-------------------------+--+-----------+-------+--+--------------+------+
|Operating profit from    |  |         12|  10.0%|  |             0|  0.0%|
|ordinary activities      |  |           |       |  |              |      |
+-------------------------+--+-----------+-------+--+--------------+------+

+-------------------------+--+--------------------+------+-+-+-+-+-++
|(EUR  millions)          |  |Change in Group     |      | | | | | ||
|                         |  |structure           |      | | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Net sales (Excl. T&D)    |  |                   4|  0.7%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Gross margin             |  |                   3|  0.6%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Advertising & promotion  |  |                 (2)|  1.0%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Contribution after A&P   |  |                   1|  0.3%| | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
|Operating profit from    |  |                   1|  0.8%| | | | | ||
|ordinary activities      |  |                    |      | | | | | ||
+-------------------------+--+--------------------+------+-+-+-+-+-++
Strategic brands volume and organic growth
+-------------------------+-------------------+--------------------+
|(In million of 9 litre   |  Volume 30/06/2007|Pro forma Volume    |
|cases)                   |                   |30/06/2006          |
+-------------------------+-------------------+--------------------+
|                         |                   |           12 months|
+-------------------------+-------------------+--------------------+
|Chivas Regal.............|                4.1|                 3.9|
|.........................|                   |                    |
|.........................|                   |                    |
|.......                  |                   |                    |
+-------------------------+-------------------+--------------------+
|Ballantine's ............|                5.9|                 5.3|
|.........................|                   |                    |
|.........................|                   |                    |
|.........                |                   |                    |
+-------------------------+-------------------+--------------------+
|Ricard ..................|                5.7|                 5.6|
|.........................|                   |                    |
|.........................|                   |                    |
|............             |                   |                    |
+-------------------------+-------------------+--------------------+
|Martell .................|                1.6|                 1.3|
|.........................|                   |                    |
|.........................|                   |                    |
|.........................|                   |                    |
|...                      |                   |                    |
+-------------------------+-------------------+--------------------+
|Malibu ..................|                3.5|                 3.3|
|.........................|                   |                    |
|.........................|                   |                    |
|..........               |                   |                    |
+-------------------------+-------------------+--------------------+
|Kahlua ..................|                2.2|                 2.1|
|.........................|                   |                    |
|.........................|                   |                    |
|...........              |                   |                    |
+-------------------------+-------------------+--------------------+
|Jameson .................|                2.3|                 2.1|
|.........................|                   |                    |
|.........................|                   |                    |
|.........                |                   |                    |
+-------------------------+-------------------+--------------------+
|Beefeater ...............|                2.4|                 2.3|
|.........................|                   |                    |
|.........................|                   |                    |
|..........               |                   |                    |
+-------------------------+-------------------+--------------------+
|Stolichnaya .............|                3.1|                 2.6|
|.........................|                   |                    |
|.........................|                   |                    |
|........                 |                   |                    |
+-------------------------+-------------------+--------------------+
|Havana Club .............|                2.8|                 2.4|
|.........................|                   |                    |
|.........................|                   |                    |
|......                   |                   |                    |
+-------------------------+-------------------+--------------------+
|The Glenlivet ...........|                0.5|                 0.5|
|.........................|                   |                    |
|.........................|                   |                    |
|.......                  |                   |                    |
+-------------------------+-------------------+--------------------+
|Jacob's Creek ...........|                7.8|                 7.5|
|.........................|                   |                    |
|.........................|                   |                    |
|.......                  |                   |                    |
+-------------------------+-------------------+--------------------+
|Mumm ....................|                0.6|                 0.6|
|.........................|                   |                    |
|.........................|                   |                    |
|........                 |                   |                    |
+-------------------------+-------------------+--------------------+
|Perrier Jouet ...........|                0.2|                 0.2|
|.........................|                   |                    |
|.........................|                   |                    |
|.........                |                   |                    |
+-------------------------+-------------------+--------------------+
|Montana..................|                1.4|                 1.2|
|.........................|                   |                    |
|.........................|                   |                    |
|.........................|                   |                    |
+-------------------------+-------------------+--------------------+
|15 strategic brands .....|               44.1|                40.8|

|.........................|                   |                    |
|.........................|                   |                    |
|......................   |                   |                    |
+-------------------------+-------------------+--------------------+

+-------------------------+-----------------+--------------------+
|(In million of 9 litre   |  Volume % change|Volume organic      |
|cases)                   |                 |growth* 2006/2007   |
+-------------------------+-----------------+--------------------+
|                         |        12 months|                    |
+-------------------------+-----------------+--------------------+
|Chivas Regal.............|               4%|                  4%|
|.........................|                 |                    |
|.........................|                 |                    |
|.......                  |                 |                    |
+-------------------------+-----------------+--------------------+
|Ballantine's ............|              11%|                 17%|
|.........................|                 |                    |
|.........................|                 |                    |
|.........                |                 |                    |
+-------------------------+-----------------+--------------------+
|Ricard ..................|               2%|                  2%|
|.........................|                 |                    |
|.........................|                 |                    |
|............             |                 |                    |
+-------------------------+-----------------+--------------------+
|Martell .................|              17%|                 17%|
|.........................|                 |                    |
|.........................|                 |                    |
|.........................|                 |                    |
|...                      |                 |                    |
+-------------------------+-----------------+--------------------+
|Malibu ..................|               8%|                 11%|
|.........................|                 |                    |
|.........................|                 |                    |
|..........               |                 |                    |
+-------------------------+-----------------+--------------------+
|Kahlua ..................|               4%|                  7%|
|.........................|                 |                    |
|.........................|                 |                    |
|...........              |                 |                    |
+-------------------------+-----------------+--------------------+
|Jameson .................|              11%|                 11%|
|.........................|                 |                    |
|.........................|                 |                    |
|.........                |                 |                    |
+-------------------------+-----------------+--------------------+
|Beefeater ...............|               6%|                 10%|
|.........................|                 |                    |
|.........................|                 |                    |
|..........               |                 |                    |
+-------------------------+-----------------+--------------------+
|Stolichnaya .............|              18%|                 19%|
|.........................|                 |                    |
|.........................|                 |                    |
|........                 |                 |                    |
+-------------------------+-----------------+--------------------+
|Havana Club .............|              15%|                 15%|
|.........................|                 |                    |
|.........................|                 |                    |
|......                   |                 |                    |
+-------------------------+-----------------+--------------------+
|The Glenlivet ...........|              15%|                 15%|
|.........................|                 |                    |
|.........................|                 |                    |
|.......                  |                 |                    |
+-------------------------+-----------------+--------------------+
|Jacob's Creek ...........|               5%|                  5%|
|.........................|                 |                    |
|.........................|                 |                    |
|.......                  |                 |                    |
+-------------------------+-----------------+--------------------+
|Mumm ....................|               3%|                  3%|
|.........................|                 |                    |
|.........................|                 |                    |
|........                 |                 |                    |
+-------------------------+-----------------+--------------------+
|Perrier Jouet ...........|              15%|                 14%|
|.........................|                 |                    |
|.........................|                 |                    |
|.........                |                 |                    |
+-------------------------+-----------------+--------------------+
|Montana..................|              17%|                 18%|
|.........................|                 |                    |
|.........................|                 |                    |
|.........................|                 |                    |
+-------------------------+-----------------+--------------------+
|15 strategic brands .....|               8%|                  9%|
|.........................|                 |                    |
|.........................|                 |                    |
|......................   |                 |                    |
+-------------------------+-----------------+--------------------+

+-------------------------+--------------------+
|(In million of 9 litre   |Net sales organic   |
|cases)                   |growth              |
+-------------------------+--------------------+
|                         |                    |
+-------------------------+--------------------+
|Chivas Regal.............|                  6%|
|.........................|                    |
|.........................|                    |
|.......                  |                    |
+-------------------------+--------------------+
|Ballantine's ............|                 22%|
|.........................|                    |
|.........................|                    |
|.........                |                    |
+-------------------------+--------------------+
|Ricard ..................|                  3%|
|.........................|                    |
|.........................|                    |
|............             |                    |
+-------------------------+--------------------+
|Martell .................|                 28%|
|.........................|                    |
|.........................|                    |
|.........................|                    |
|...                      |                    |
+-------------------------+--------------------+
|Malibu ..................|                 15%|
|.........................|                    |
|.........................|                    |
|..........               |                    |
+-------------------------+--------------------+
|Kahlua ..................|                 12%|
|.........................|                    |
|.........................|                    |
|...........              |                    |
+-------------------------+--------------------+
|Jameson .................|                 18%|
|.........................|                    |
|.........................|                    |
|.........                |                    |
+-------------------------+--------------------+
|Beefeater ...............|                 14%|
|.........................|                    |
|.........................|                    |
|..........               |                    |
+-------------------------+--------------------+
|Stolichnaya .............|                 21%|
|.........................|                    |
|.........................|                    |
|........                 |                    |
+-------------------------+--------------------+
|Havana Club .............|                 14%|
|.........................|                    |
|.........................|                    |
|......                   |                    |
+-------------------------+--------------------+
|The Glenlivet ...........|                 16%|
|.........................|                    |
|.........................|                    |
|.......                  |                    |
+-------------------------+--------------------+
|Jacob's Creek ...........|                  4%|
|.........................|                    |
|.........................|                    |
|.......                  |                    |
+-------------------------+--------------------+
|Mumm ....................|                  6%|
|.........................|                    |
|.........................|                    |
|........                 |                    |
+-------------------------+--------------------+
|Perrier Jouet ...........|                 21%|
|.........................|                    |
|.........................|                    |
|.........                |                    |
+-------------------------+--------------------+
|Montana..................|                 22%|
|.........................|                    |
|.........................|                    |

|.........................|                    |
+-------------------------+--------------------+
|15 strategic brands .....|                 13%|
|.........................|                    |
|.........................|                    |
|......................   |                    |
+-------------------------+--------------------+
(*) Organic growth of volume measured from August to June for AD brands

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