Edrington Financial results

The Edrington Group’s results for the 12 months ended 31st March, 2011

FINANCIAL HIGHLIGHTS

Group turnover UP 18.2% at £553.4m (2010: £468.3m)
Profit before tax (excluding exceptional items) UP 19.3% to £141.5m (2010: £118.6m)
Shareholders’ earnings (excluding exceptional items) UP 20.1% to £65.0m (2010: £54.1m)
Dividend UP 16.1% to 27p (2010: 23.25p)

BRAND HIGHLIGHTS

The Famous Grouse grows by 4% with premium expressions contributing 8% growth
The Macallan grows by 14% to over 700,000 cases
Brugal consolidates position as number one rum in Spain and grows into other markets
Cutty Sark adds one million cases of sales to the Group in first full year of ownership
Highland Park grows by 9%

ROUTE TO MARKET

China and Hong Kong distribution companies become part of the Group. Edrington directly controls eight distribution companies.

CORPORATE

William A. Robertson formed a partnership with John W. Baxter in 1861 to create the business that would evolve into the present day Edrington Group. 150 years later the Group has 2,300 employees mostly based overseas.


Commenting on the results, Ian Curle, chief executive, said today:
The Group continues to make good progress and we have further improved Edrington’s strategic position and business performance during 2010/11.

The strategic position of the Group was enhanced with the acquisition of the Cutty Sark brand and by taking ownership of the Maxxium distribution companies in China and Hong Kong.

Our strong financial performance was supported by brand growth, increased earnings and improved cash flow.

Profit before tax (pre-exceptionals) of £141.5m has grown by 19% in the current year and by 95% over the last three years (from £72.6m).
Shareholders’ earnings (pre-exceptionals) have grown similarly, by 20% in the current year and by 76% over the last three years. This is prior to exceptional earnings, which further enhance these figures.

Brand growth has been driven by increased investment and improved economic conditions in many of our markets. We have continued to invest behind our premium brands despite the difficult trading conditions in mature markets in recent years. This investment is now paying off as we see stability returning to many western markets. In the current year we have experienced growth in the USA and UK, however, this has been offset by declines in Greece and Spain.

In Asia our business has continued to grow steadily and we are experiencing positive developments in Russia and a number of emerging territories.

During the year we made significant investments in our operational assets in both Scotland and the Dominican Republic. We also continued to lay down substantial whisky stocks to enable the long term growth of our brands.

Strategy
Our strategy is focussed on the long term development of Edrington and it can be summarised as follows:

§ Invest in our premium spirits portfolio:
- Our premium spirits portfolio comprises The Macallan, The Famous Grouse, Brugal, Cutty Sark and Highland Park. Investment is targeted on brand equity growth and is focussed in the markets where we anticipate the greatest opportunity for long term growth. Brand initiatives are focussed strongly on the consumer and sustained with programmes that innovate within our categories.
§ Invest and develop our Route to Market:
- We operate a number of Route to Market models, depending on the best fit for our brands in each marketplace. In recent years, we have increased the number of markets where we have full ownership, however, joint ventures and third party arrangements still play an important part of our Route to Market model.
§ Invest in our people and align our resources to support our brand growth.
- With the addition of Hong Kong and China we now employ over 2,300 people worldwide. This has increased the talent available to Edrington and provides us with an opportunity to future growth. A consequence of the international development of The Group is that our operating model has become more decentralised leading to more of our key decisions makers being located in our key markets.

Brands
The Famous Grouse brand grew by 4% during the year with the premium expressions contributing 8% growth. The Black Grouse continued to spearhead the brand’s premium development with sales growth of 21%.
The overall strong performance was driven by brand share growth in the UK and resilient performances in the USA and major European markets. Although at an early stage of development, the brand continues to make progress in emerging markets, with Russia a notable highlight.

The Macallan continues its impressive performance on all fronts. Our leading luxury malt whisky brand grew by 14%, selling over 700,000 cases. This growth has been achieved at premium prices as we continue to invest behind the brand. Asian markets represent over 50% of brand sales and our rate of growth in the USA market has increased as the economy improves. The brand has been supported with the launch of premium expressions, including the third Lalique crystal decanter and the Masters of Photography Edition featuring the world renowned photographer Albert Watson.

The Brugal brand consolidated its position as the number one rum in Spain during the year and increased its availability in other international markets. Sales also grew in the Dominican Republic with an increase in popularity of the Brugal Blanco expression.

The premium position of the brand was enhanced by the repackaging of the entire range for domestic and international markets. A new communication platform is being launched as we increase the investment behind the brand and drive for growth in the USA and other international markets.

The acquisition of Cutty Sark added a further one million case brand to our premium spirits portfolio and strengthened our distribution presence in southern Europe and the USA.

The acquisition was earnings positive in the first year allowing further investment behind the brand this year as we reveal new packaging and introduce the brand to new markets.

The Highland Park brand grew its contribution by 9% as we continue to invest behind the brand. The renowned quality of this whisky is matched by the range of awards it receives. We remain committed to growing the premium range of the brand which was enhanced by the launch of the 50 year old this year.

Route to Market
The strategic position of the Group has improved with further investment in Route to Market. On 1st April, 2011 we took ownership of the Maxxium distribution companies in China and Hong Kong. Asia has been an area of significant growth for Edrington over the last number of years and we now own distribution companies in Taiwan, China, Hong Kong and South Korea. The business operates from a regional office in Shanghai and we now employ over 280 people in Asia.

This decentralised approach has been extended to the Nordics where we now manage Sweden, Norway, Finland, Denmark, Germany, Switzerland and Austria from our Stockholm office. The Nordic markets are of particular importance to The Famous Grouse and Highland Park where they represent 14% and 13% of contribution respectively.

The Group is currently in the process of opening a regional office in New York to support brand growth in America. The primary focus is the North American premium spirits market where our brands have significant potential and the market continues to grow. The team will also oversee South America and identify opportunities for the development of our brands as this region continues to enjoy economic growth.

Edrington’s regional offices now include Shanghai, New York, Madrid, Stockholm and Santo Domingo.

People
The ongoing success and growth of the Group is due to the talent and endeavour of our employees. As Edrington has grown in recent years we have benefited from the skills and cultural diversity of our newer employees. We will seek to develop these skills and harness the potential of all employees as we continue to grow the business. I would like to take this opportunity to thank all our employees for their ongoing commitment and dedication.

Limburg Whisky Fair 2011

The limburg whisky fair report 2011 is avaible on : http://www.whisky-news.com

Le reportage du Limburg Whisky Fair 2011 est disponible sur : http://www.whisky-news.com

Whisky-time dégustation 27 Mai 2011

Bonjour à tous,
Nous avons le plaisir d'organiser une dégustation qui nous permettra de préparer nos papilles à l'arrivée de l'été.
A cette occasion nous aimerions vous faire découvrir des distilleries peu connues comme Tullibardine ou Tomintoul... Celles-ci se font nettement moins remarquer et pourtant elles offrent des produits fort intéressants.
Notre dégustation aura lieu le : Vendredi 27 mai 2011, dès 19h.
Nous nous réjouissons de vous retrouver et, dans cette attente, nous vous adressons nos salutations les meilleures.
Pour toutes questions ou inscription : amg@whisky-time.chPrix : Fr. 45.- / personne
www.whisky-time.ch
Anne-Marie GraticciaWhisky Time - Rue de l'Horloge 61095 Lutry / VD (Suisse)+41 21 791 70 02 - +41 21 791 64 65

Bonjour à tous,

Nous avons le plaisir d'organiser une dégustation « spécial Japon ».
Celle-ci comprendra la dégustation de 5 whiskies japonais ainsi qu'un repas japonais,
proposé par le restaurant Ko-Han de Lutry.

Cette dégustation « spéciale » se déroulera le :

· Vendredi 25 mars 2011A 19h.30 au caveau du Château de LutryPrix spécial, repas et dégustation de whisky : Fr. 90.- / personne(Pour les personnes ne consommant pas de whisky :Fr. 45.- pour le repas)



Pour valider votre inscription, veuillez procéder au paiement selon les coordonnées ci-dessous, avant le 23.3.2011 :
Coordonnées bancaires Whisky Time - Horloge 6 - 1095 Lutry
IBAN (format électronique)
CH0200767000E09928824
IBAN (format papier)
IBAN CH02 00767 000E 0992 8824
Adresse bancaire
Banque Cantonale Vaudoise
Place St-François 14, CP 300
1002 Lausanne
Clearing National
767
SWIFT/BIC
BCVLCH2LXXX
CCP
10-725-4

ou numéro de compte CCP 10-22257-6.

Nous nous réjouissons de vous retrouver et, dans cette attente, nous vous adressons nos salutations les meilleures.


Pour toutes questions : amg@whisky-time.ch

Anne-Marie GraticciaWhisky Time - Rue de l'Horloge 61095 Lutry / VD (Suisse)+41 21 791 70 02 - +41 21 791 64 65

www.whisky-time.ch

Angel's Share tasting Oberentfelden

Das Angels Share-Team hat sich wieder etwas Spezielles einfallen lassen und lädt ein zu einem besonderen Raritäten-Tasting mit dem ThemaSchottische Single-Malts aus den Jahren 1965-70Freitag, 25. Februar 2011, Beginn 19.30 Uhr

Die speziellen Abfüllungen präsentiert Peter Hofmann. Martin und Annett Baumli sorgen wieder für ein attraktives Menü und die passenden Getränke.Wir werden folgende Raritäten geniessen können (in chronologischer Reihenfolge):

1965Springbank, Single Cask, The Bottlers destilliert September 1965; abgefüllt Oktober 1996; 31 Jahre; Fass 2628; 44,7%

1966Secret Stills Speyside (Cragganmore), Single Malt aus drei Sherry-Fässern, Gordon & MacPhaildestilliert Fass 1204 am 23.4.1966; Fässer 1449 und 1452 am 21.5.1966;abgefüllt im September 2006; 40 Jahre; 45%

1967Balblair, Single Malt, Millennium-Abfüllung, Destillerie-Abfüllungdestilliert 1967; abgefüllt 2000; Flasche Nr. 959; 33 Jahre; 45,4%1968

Glen Garioch, Single Cask, Official Distillery Archive, Destillerie-Abfüllungdestilliert 18.5.1968; abgefüllt 1997; 29 Jahre; Fass 9; 56,6%

1969Laphroaig, Single Malt, Sailing Ship Label, Gordon & MacPhail für Sestante, Parmadestilliert 1969; abgefüllt (wahrscheinlich) Herbst 1988; 19 Jahre; 40%

1970Glencraig, Single Malt aus der Destillerie Glenburgie,Gordon & MacPhail Connoisseurs Choicedestilliert 1970; abgefüllt 1998; 28 Jahre; 40%

Das Menü für diesen Abend:Vorspeise Cullen Skink (die beliebte schottische Suppe mit geräuchertem Fisch, Kartoffeln usw.)Hauptgang Pochierte Pouletbrust auf grünen Spargeln an Whisky-Hollandaise Neue KartoffelnDessert Schoggivariation "Angels Share"Achtung: Nur 30 Geniesser können an diesen Anlass mitmachen!Warum ist Teilnehmerzahl an diesem Tasting auf 30 Geniesser beschränkt? Weil es sich bei den Whisky-Raritäten um Einzelflaschen handelt! Selbstverständlich können auch Begleitpersonen (ohne den Whiskygenuss) teilnehmen. Gebt deshalb bei der Anmeldung an, ob die angemeldeten Personen den Abend mit oder ohne Whiskys geniessen möchten. Wir berücksichtigen die Anmeldungen in der Reihenfolge des Einganges.Preis Essen und Whiskys Fr. 140.— pro Person; ohne Whiskys Fr. 40.—(Echte Super-Preise . . .)Das ganze Angels Share-Team freut sich auf diesen Anlass!

Bis bald und freundliche GrüssePeter Hofmann und das Angels Share-Team

NB. Im Hotel Aarau West sind am betreffenden Datum noch ein paar Zimmer frei. Reservationen zu unseren Spezialtarifen können entweder direkt oder über uns gemacht werden.

V O R A N Z E I G EAm Samstag, 12. März 2011, um 19 Uhr starten wir zu unserer bereits zum Kult-Anlass gewordenen

Paddy’s Night mit einem irisch angehauchten Menü, irischen Bieren und Whiskeys – musikalisch begleitet von denBogroads

Diese fantastische einheimische Irish Folk Gruppe wird für einen unvergesslichen Abend sorgen!Weitere Informationen auf unserer Homepage unter Aktuell und Events. Reservationen sind ab sofort möglich und werden – wie immer bei schnell ausgebuchten Events – in der Reihenfolge des Einganges berücksichtigt.

Dégustation whisky à Lutry

Bonjour, Bonne année à tous,

Nous avons le plaisir d'organiser une dégustation qui, nous l’espérons, vous fera commencer l’année avec les papilles en éveil, stimulées par de bons single-malts whiskies.

Celle-ci aura donc lieu le :

Vendredi 28 janvier 2011Dès 19h.

Nous nous réjouissons de vous retrouver et, dans cette attente, nous vous adressons nos salutations les meilleures.
Pour toutes questions ou inscription : amg@whisky-time.chPrix : Fr. 45.- / personne

Anne-Marie GraticciaWhisky Time - Rue de l'Horloge 61095 Lutry / VD (Suisse)+41 21 791 70 02 - +41 21 791 64 65

http://www.whisky-time.ch/

dalmore whisky tasting

You are cordially invited to attend an exclusive gathering of an elite group of Whisky connoisseurs. The Nth 2011 show is a unique whisky experience that will give a select few the chance to sample some of the world’s rarest, oldest and most unique whiskies.There will also be the chance to take part in an aficionado’s master class, hosted by The Dalmore’s world–renowned Master Distiller, Richard Paterson. This will include an insight into the art of crafting The Dalmore, and an exclusive tasting of six exceptional Dalmore expressions. Book tickets for Richard Paterson’s master class before the end of January for your chance to win one of five bottles of King Alexander III. Winners to be announced at the event.
The Nth 2011 Show will be held at The Wynn/Encore Resort, Las Vegas on 18th and 19th March 2011. To find out more, or to book your tickets to the show and the master class, please click here.
http://www.universalwhiskyexperience.com/tickets