4 June 2007 - In the 1st quarter of 2007, Belvédère Group had sales of Euro 218.1 million, up 79% (+270% excluding excise duties). In pro forma terms, business was up 13.5% (+24.5% excluding excise duties).
This level of business allowed us to earn 3 month operating income of €5.3 million, compared to €1.9 million last year. On a pro forma basis, operating income was €5.4 million, compared to €6.9 million in 2006. It should be emphasized that, as a result of seasonal variations in sales (especially of spirits), the first quarter results are relatively insignificant compared to results for the year taken as a whole. Thus, last year, pro forma operating income for the 1st quarter accounted for less than 15% of operating income for the year, which was €49.6 million. In respect of interest expense, it went in a year from € -0.9 million to € -10.2 million, mainly because of the debt taken on last year in connection with the acquisition of Marie Brizard and the 0.75 point increase in the Euribor rate over the period.
After taking into consideration interest and finance charges, and because of seasonal variation in sales during the 1st quarter, our net income(loss) was a loss of € -4.5 million, compared to a slightly positive level of net income in 2006 of €1.2 million.
Prospects
With a particularly dynamic level of business activity since the beginning of the fiscal year and a level of operating profitability consistent with our expectations, we can confirm our objective of combining our high level of organic and external growth with a new improvement in our margins.