Turismo
Chambres de l'Artémise : STRATEGIC PROJECT FOR BELVEDERE / MARIE BRIZARD WINE & SPIRITS
Continuing our explanatory approach vis-à-vis Belvédère / Marie Brizard Wine & Spirits' shareholders, we felt that it was important to share with them our strategic vision and the aspirations we have for the Group.
We want to clearly reaffirm the BiG 2018 strategic plan's status as the bedrock of the development of Belvédère (MB W&S) in the spirits sector through to 2018.
Driven by an executive committee that we contributed to putting together from May 2014, this strategy has begun to produce results, and we feel that it would be appropriate to reassert its key principles here.
With this committee, we have drawn up a detailed development plan based on:
The aim of this development plan is to strengthen a portfolio of strong multiregional brands of spirits, driven by a strategy consisting of a distinctive offer and the gradual migration of local brands to the Group's emblematic brands.
This development plan is being driven by an experienced and strengthened management team with the necessary marketing expertise and an in-depth knowledge of the spirits sector. We have full confidence in this team, and there is total agreement and cohesion between them and us.
Jean Noël Reynaud, CEO of Belvédère (MB W&S), told us the following: " ."
We would like to reiterate to the entire management team our determination to continue and accelerate the BiG 2018 plan, and would again like to reassure them that they have our total trust and thank them for their commitment
In full agreement with Senior Management, we have identified opportunities that will enable us to accelerate the implementation of the BiG 2018 plan through a number of initiatives:
The BiG 2018 plan will be accelerated through an external growth strategy whose aim is to supplement the Group's brand portfolio in categories in which we currently do not have a presence (rum, bourbon, etc.) or through appropriate regional strengthening. Of course, these opportunities will have to be compatible with the development of a platform of multiregional "standard +" brands of spirits and generate industrial and commercial synergies. Sobieski would thus be more specifically dedicated to Europe and the United States, Fruits and Wine and Marie Brizard to Europe, the United States and Asia, and William Peel to Europe and Brazil.
Moreover, for more than 6 months we have been working with Senior Management to identify potential targets. A number of possibilities are currently being looked into.
There is a consensus within the Board of Directors that the Group needs to create industrial partnerships in the spirits sector that will create value for Belvédère (MB W&S) and its shareholders. This work has also begun, and talks are underway with certain spirit brands.
Convinced that the debt frozen as a result of the business continuation plan means that major constraints are weighing on the Group, we are in favour of its early repayment. The Group will then be able to pay its shareholders a dividend again. However, this must be done in a balanced manner, and never to the detriment of our investments and our external growth, which must continue to be absolute priorities for the Group. It is this balance that we independent Board members wish to ensure.
It should be remembered that Belvédère (MB W&S) is not a wine Group. More than three quarters of its business is carried out in the spirits sector.
The Belvédère (MB W&S) project put forward by Diana Holding, a family-run Moroccan agro-industrial and wine group, and Castel, a world leader in wine, is based on the idea of expanding the geographical scope of the Group's distribution. Whilst this may be all very well for wine, the same cannot be said of spirits. The distribution of spirits across new geographical regions serves no purpose unless it is accompanied by a true brand construction strategy. Indeed, distributing our products here, there and everywhere would run the risk of damaging our brands.
What about sourcing? What about production? What about the inventory policy (notably regarding scotch, which takes three years to age)? These are fundamental questions.
Diana Holding's proposal for a logistics platform in Tangiers (already announced in November 2014) may be an opportunity for Belvédère (MB W&S), but it is certainly not a real strategy.
For months now, the Belvédère (MB W&S) teams have been working to develop synergies. It has to be recognised that, apart from some distribution projects still to be detailed, synergies have not been forthcoming in other areas. This is notably true with regard to sourcing, although Diana Holding - using Belvédère (MB W&S) suppliers - has managed to generate savings of approximately 1 million euros.
Increasing distribution is good, but we have to do things step by step and start by building strong multiregional brands and then develop them.
Proxy advisors ISS, Glass Lewis and Proxinvest recently published their reports on the resolutions tabled for the upcoming Shareholders' Meeting. All three support the voting recommendations expressed by the Board's independent members regarding the composition of the Belvédère (MB W&S) Board of Directors.
This is further proof that our commitment is in the best interest of all of the Group's shareholders, and not just a chosen few.
Copyright GlobeNewswire
Attachment(s)
http://hugin.info/169498/R/1930773/694050.pdf
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: %s via Globenewswire