Entreprendre No. 37, April 2000

Transcription

Entreprendre
T h e m a g a z i n e fo r s h a r e h o l d e r s
In conversation with
Patrick Ricard
Event
Art and Water...
with passion!
File
No 37 - April 2000
Tequila,
cactus, sweet cactus!
An unque
thirst for winning
THE BEST TRADING RESULTS
IN THE INDUSTRY, THE CONSOLIDATION
OF TECHNOLOGICAL PROGRESS AND THE CONTINUED APPLICATION OF ITS DIVER SIFICATION POLICY: CHAIRMAN
PERFORMANCE
PATRICK RICARD
STRATEGY.
What is your view of the 1999 financial year?
Patrick Ricard: Patrick Ricard: With strong sales
growth of 14.3%, our group reported the best trading results in the industry for the second year running. We grew internally by 6.1% and we improved
in all three of our business sectors.
So, we continued to grow our core activity of wines
and spirits, whilst continuing our diversification
into fruit processing and distribution.
Which part of the world saw the strongest
growth?
P. R.: We are growing in every part of the world, but
especially in Europe through the expansion of our
distribution activities, with 30.5% of our sales now
coming from France itself. However, we are still suffering the effects of the Asian economic crisis as well
as unfavourable business environment in South
America.
How did the wines and spirits sector perform?
P. R.: We now have the most complete portfolio in the
APRIL 2000 - NO. 37 ENTREPRENDRE
G ROUP ’ S
inside the European Community, which cost us
280,000 cases.
All of which confirms that ours is the right strategy.
It’s based on the one hand on concentrating our
resources on a number of priority brands and, on the
other hand, on promoting brands with strong regional identities on a country-by-country approach,
which gives us a basis on which to maximise the profitability of our distribution networks. In reality, globalization doesn’t change the tastes of consumers who
stay loyal to deep-rooted traditions. The French prefer our Pastis; the Germans prefer our Ramazzotti
and Becherovka bitters, the Greeks our Ouzo Mini,
the Japanese our lychee-based liqueur Dita and the
Irish our Irish whiskeys (Jameson, Power, etc.).
At the same time, the international potential of these
brands is enhanced by the fact of belonging to our
Group’s own network. That’s why Larios gin, which
is so popular in Spain, has just been launched so successfully in Italy and France where it is already number four in the market. Larios is now the Group’s
number two brand in volume terms.
And what are the success stories?
P. R.: Our anise brands grown both in France and in
export markets and Ricard, the world’s third largest
spirits brand, leads every market in France,
▲
industry, with seven million-case brands; and that’s
without including Becherovka and Wyborowa. At
8.7%, our growth in this sector is certainly satisfactory and is probably the best in the industry. It’s been
achieved despite the abolition of the duty free trade
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ANALYSES THE
AND EXPLAINS ITS
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uenchable
PERNOD RICARD GROUP
CHAIRMAN, PATRICK RICARD:
“With strong sales
growth of 14.3%,
our group reported
the best trading
results in the industry
for the second year
running”.
Dividend
1.6 euro,
an increase of 6.7%.
■
Studio Pernod Ricard
This dividend is subject to the approval
of the Annual General Meeting
of Shareholders on 2 May 2000.
ENTREPRENDRE N° 37- AVRIL 2000
5
[ Thirst for winning ]
Sales
In millions of euros
1999
3,590.3
Comparison 99/98
1998
3,137.7
+ 14.4%
Operating profit
1999
372.3
Comparison 99/98
1998
349.4
+ 6.6%
Pre-tax profit
1999
340.2
Comparison 99/98
1998
314.1
+ 8.3%
Net profit
Comparison 99/98
1998
202.2
Sources: Pernod Ricard
1999
213.2
+ 5.5%
Belgium and Luxembourg.
Whiskies have also done extremely well, especially
Clan Campbell, which is on its way to becoming
France’s favourite Scotch, not forgetting Aberlour,
which is the new French market leader in malt
whiskies. I should also add that in our domestic
market, our Irish whiskeys hold the growth record
in their category.
Wild Turkey, our Kentucky bourbon, is growing
strongly in the USA and Japan. Havana Club continues to race ahead of all other spirits in terms of
average growth over four years.
Amongst our wines, Jacob’s Creek has increased its
volumes six-fold since its acquisition by the Group
and grew by 25% last year. Finally, the Ramazzotti
brand grew by 35%, which was the best performance in the German market.
How do you see the prospects for future growth?
P. R.: We are expecting a lot from our Wyborowa and
Zubrowka vodkas, which recently joined our network as part of our acquisition of the Polish company Agros, which owns these brands in export
markets. We will also be potential buyers for the
“polmos” which distil these vodkas when they
become privatised.
We are also putting a lot of faith in Becherovka, the
Czech liqueur, popular in Eastern Europe, and also
in the Armenian brandies that we recently relaunched in Russia and elsewhere in the region.
Finally, we have just acquired the tequila which was
missing from our portfolio: Viuda de Romero.
What contribution does processed fruit now
make?
P. R.: Processed fruit is another growth sector and
accounted for 30% of our sales. Despite a difficult
trading environment, especially in Great Britain and
Eastern Europe, SIAS-MPA, which is already the
world leader in fruit preparations, grew strongly in
volume terms through internal growth and some
recent acquisitions.
Amongst our successes, I must stress the track
record of Pampryl (which has grown by 26%) and
the consolidation of Champomy (which has grown
by 11%) and which we are currently introducing in
Southern Europe and The Netherlands. We intend
to develop every possible synergy to exploit the
Polish fruit juice market.
Are you looking for a new buyer for Orangina?
P. R.: It is a matter of regret, both for the brand with
6
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its immense potential and for our employees who
work with that brand, that this sale was not approved
by the French Government. Orangina will therefore
remain as part of our Group and we will do everything in our power to ensure its growth. Last year’s
sales for this brand were its second best for a decade.
The successful test marketing of “frosted” Orangina
demonstrates its huge potential.
E W S
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P D AT E S
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RANGE
The Group receives
awards for:
▲
Its Givrés, voted
the most refreshing
soft drink of the year;
Distribution has grown very well. Do you think
you will continue to grow in this sector?
P. R.: Distribution has grown by 37%, thanks to significant increases in activity and the impact of acquisitions. BWG, our distribution subsidiary, delivers
one of our best returns on investment.
We acquired two new companies in 1999: Saxtons
and Bargain Booze, both benefiting from BWG’s
expertise, especially in brand marketing, modernisation (especially in terms of IT), franchisee training
and centralised purchasing.
▲
Clan Campbell, voted
malt of the year by French
distributors;
IRISH DISTILLERS
American stars
A Great First: American critic Paul Pacult, of Spirit
Journal, has awarded five stars to an Irish whiskey:
Jameson Gold. This rare distinction has been
awarded to a whiskey which is aged in oak casks,
and one part of which (uniquely in the industry)
is stored in new oak casks.
How isd the Financial year 2000 looking?
Interview by Alain Lamour
Photos: Studio Pernod Ricard
P. R.: Our customers absolutely exhausted their 1999
end-of-year stocks, thanks to the “Millennium”
effect, which means that they’ve been busy restocking
at the beginning of the financial year. In addition to
that, some of the new brands our network has been
waiting for, have just joined our international portfolio, including the Polish vodkas, Wyborowa and
Zubrowka, the Czech bitter Becherovka, and Viuda
de Romero, our new Mexican tequila. Finally, both
the economic climate and consumer trends seem to
be in our favour, so I’m very optimistic. ■
Ararat, voted new
product of the year by
Russian distributors.
▲
How do you explain the fall in share price during
1999?
P. R.: We have suffered from the backlash which followed the Government’s decision to bar our disposal of Orangina. At the same time, the whole of our
industry has seen investors turn away in favour of
“dot com” shares. They are sure to return when they
are looking for less speculative shares in the future.
None of this will prevent us from continuing to
apply our fast growth strategy aimed at doubling our
profits every 7 years. We have the resources we need
to make any acquisitions that interest us. The bottom line is that ours is a blue-chip stock with great
potential, which most analysts are now recommending as a “buy” for the medium term.
ENTREPRENDRE NO. 37 - APRIL 2000
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HAVANA CLUB
PA S T I S 5 1
A palace
for the Cuban rum
An elegant profile
The Cuban capital
inaugurated the
Havana Club
Foundation in
April this year.
Established
in an 18th century
palace in the heart
of old Havana, it is primarily a museum that
traces the history of rum in Cuba, explains the
various processes involved in its production
and takes the visitor inside an old rum
distillery. But it’s also a place for relaxation
and culture, incorporating a shop, a bar
(open day and night) with music from
the island’s leading musicians, a conference
room and an art gallery offering the opportunity
to promote local artists.
The new Pastis 51 bottle, which arrived
on the shelves last November, has now
made its appearance in cafés, hotels,
restaurants and the international
markets. Slim, elegant, slightly conical
and with “heavier” shoulders, it sports
WHISKEY IRLANDAIS
The Midleton distillery
hits the front page
Photos : Studio Pernod Ricard
The Midleton distillery
near Cork has just been
nominated as “Distillery
of the Year 1999” by the
American magazine “The
Malt Advocate”. The subtlety of Jameson Gold, the
exceptional vintage of
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P D A T E S
Jameson Limited Edition,
Pure Pot Still 15 year old,
and the variety of the traditional and outstanding
production methods used,
all helped convince the
jury of the excellence of
Midleton whiskeys.
]
a new, more open, look:
the famous Pastis 51 sun logo
has been redesigned, the lower
“pastis de Marseille” label now
breaks with the traditional codes
of the market to become yellow,
whilst the acanthus leaves enclosing
the number 51 are engraved in silver.
Alongside the new-look bottle,
the new range of support products
for the catering trade also takes on
a new modern, more aesthetic style,
united by the glass logo ring carried
by each object in the range.
PA M P R Y L
FRUIT JUICE
It’s the bottle that
makes the difference
Between 7 and 27 February,
an interstellar advertising film
has been telling French TV viewers
all about the exceptional qualities
of Pampryl’s new fruit juice
packaging. Before the new
PAN bottle and its revolutionary
technology were invented,
the passengers of an
intergalactic space
ship came within an inch
of disaster as a result
badly kept fruit juice.
That’s now impossible,
because thanks to the
expertise of Pampryl
and its PAN bottle orange
juice is a delicious drink
once more.
[
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IN CONVERSATION
7
NEWS UPDATES
O N T E N T S
]
An unquenchable thirst for winning
Interview on Pernod Ricard’s excellent results with Chairman, Patrick Ricard.
The latest news from the range
Givrés, Pastis 51, Irish Distillers, the Havana Club Foundation in Cuba,
PAN bottles…
10
EVENTS
14
18
26
30
STRATEGY
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Art and water... with passion!
The terraces of the George Pompidou Centre in Paris have been renovated thanks
to sponsorship from the Group. One of them now bears the name of Paul Ricard.
Building the future on 25 brands
The Pernod Ricard portfolio of prestige brands.
FILE
Cactus, sweet cactus!
The Group’s purchase of Viuda de Romero, one of Mexico’s oldest tequilas.
BRANDS
Becherovka, the sweetest of bitters!
A unique taste created from over twenty aromatic herbs.
MARKETS
Crus & Domaines de France
Varietal and vintage wines from one of France’s biggest wine exporters.
Entreprendre
in action
DIVIDEND
Pernod Ricard Warrants: all five of them!
1.6 euros.
6.7 % increase
An analysis by Éric Lépine, Derivatives Sales Manager at Société Générale.
Cover photo: Pernod Ricard Mexico
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The Paul Ricard terrace
at the GEORGES POMPIDOU CENTRE
looks to the West: “the direction for men
of vision”, according to Apollinaire.
Art and... wat
with
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APRIL 2000 - No. 37 ENTREPRENDRE
PERNOD RICARD HAS SPONSORED THE RENOVATION
OF THE TERRACES AT PARIS’S GEORGE POMPIDOU
CENTRE AND THE INSTALLATION OF WATER ON
TWO OF THEM. IT IS, BY ANY MEASURE, AN
EXCEPTIONAL EXAMPLE OF SPONSORSHIP, AS SHOWN BY THE DECISION TO NAME ONE
OF THE TERRACES OF EUROPE’S LARGEST MODERN
ART MUSEUM THE “PAUL RICARD” TERRACE.
A
fter two years of work, the
George Pompidou Centre
has undergone a transformation and, having opted for a facelift,
the result is a space which can really
present the 20th century’s most outstanding works of art effectively.
Once inside the centre, visitors see
the name of Paul Ricard.
As an expression of its gratitude to
the group for financing the renovations on the fourth and fifth floor
terraces, the management team at
the “Machine” as it is lovingly called,
has bestowed the name of the great
art lover on spaces which, without
the support of Pernod Ricard, would
probably still be like castaways in
stormy waters. The original idea was
the brain-child of Renzo Piano, the
architect who designed the building
in co-operation with Richard
▲
ater...
h passion!
CHAIRMAN, PATRICK RICARD: “The group intends to play a full part in
the most creative aspects of life.”
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PERNOD RICARD HAS FOUND
a perfect marriage of its
two passions: art with water,
which lies at the heart
of all its business.
12
APRIL 2000 - No. 37 ENTREPRENDRE
Rogers. Since it was first opened, the
terraces of the George Pompidou
Centre housed only an artistic aberration called “the draught”.
A few sculptures were exhibited there
from time to time, but they always
gave the impression that they were
just waiting for a better exhibition
location. Under the direction of the
Genoese architect, the centre’s renovations team proposed introducing
water to the fourth and fifth floor
terraces so that the sculptures on display there would be reflected in a living mirror – a horizontal canvas
which would reflect the moods of the
city and its weather.
The project struck an immediate
chord with the Pernod Ricard
Group. As Patrick Ricard explains,
“In this project, Pernod Ricard has
found a perfect marriage of two passions:
for contemporary art for water. Water is
at the heart of everything we do, as a
source of life and pleasure”. Working
with the group, Renzo Piano has
designed the terraces so that the visitor does not immediately notice the
depth of the water, because the surface of the stone has been painted
black. The designer thus justifies its
abstract nature saying “It makes no
difference whether the water is a few
centimetres deep or bottomless. These
water terraces are not works of art in
[ Art and water...
Yv e s O l l i v r o
]
From left to right: Patrick Ricard, Madame Claude Pompidou, Jean-Jacques Aillagon,
President of the George Pompidou Centre and Claudia Cardinale.
On 14 January 2000, all Paris was there to see the unveiling of the Paul Ricard water
terraces designed by Renzo Piano for the George Pompidou Centre.
themselves. They are works of nature
which complement the works of art; art
that vibrates and undulates to the
rhythm of the weather of which they are
a part.”
In practice, the sculptures installed
on these terraces unfold themselves
in mirror images to better define
their identities. In the same way,
these spaces overlooking the city also
reveal Paris as it “floats” on the surface of the water: multi-facetted by
day and mysterious by night. These
terraces have now become havens of
peace bridging the gap between the
George Pompidou Centre and Paris
itself and, more symbolically, between
art and the city. The Pernod Ricard
Group has invested a million euros in
this project.
As far as Patrick Ricard is concerned,
this investment also reflects a belief
strongly held by the company: “We’ve
heard a lot about citizenship in recent
years, but a lot less about business involvement in creating the treasures of the
future. Through its many local and
national initiatives, Pernod Ricard is
demonstrating its intention to play a full
part in the most creative and constructive aspects of life. I would add that for
an international group such as ours, it is
an emotional experience to see the name
of Paul Ricard living on in such an
exceptional environment. Such a passionate enthusiast must surely have
dreamed of such an honour.”
One final word: The Paul Ricard
terrace looks to the West, which for
Apollonius was “the direction for men
of vision”. ■
with passion !
Corinne Ricard and couturier, Jean-Charles de Castelbajac.
13
Building
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the future on 25
brands
A LONGSIDE ITS GLOBAL BRANDS , THE P ERNOD R ICARD G ROUP
IS DEVELOPING OTHER , MORE REGIONAL , BRANDS WITH
STRONG GROWTH POTENTIAL, AND IT ’ S A STRATEGY
THAT REALLY PAYS OFF IN A MARKET AS SPECIALISED AS
WINES AND SPIRITS .
Pernod Ricard Group Managing
Director, THIERRY JACQUILLAT.
I
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n the drinks industry that is no truly global brand growth: a powerful and truly world-wide distribudistributed and consumed everywhere in the world tion network. So when it buys a brand, usually presregardless of age, culture or religion, with the pos- tigious enough in its home market, the Group has
sible exception a cola”, says Group Managing Director, the resources to develop it and introduce it successThierry Jacquillat. This is especially true in the fully into other countries. Larios gin is an excellent
wines and spirits sector, where
example of how this process works
culture and tradition are both
in practice. First acquired in January
Culture and tradition
extremely powerful factors influ1998, this flagship Spanish brand is
are extremely powerful
encing consumption. A soft drink
now back on the path to growth in
factors influencing
brand can lure a young adolescent
its own domestic market. Better still,
consumption.
away from his or her preferred
and in the space of just a few short
product through well-targeted advertising, but how months, it has become the euro zone’s top selling
many generations and advertising campaigns would gin in volume terms, thanks to the effectiveness of
it take to make an American drink as much vodka as the Group’s world-wide distribution network and a
a Russian or consume the same amount of wine as a well-targeted marketing policy. Strong cultural
Frenchman? And what other product could be
launched into a market on the basis of objective criteria as diverse as these?
IN BRIEF
As Thierry Jacquillat explains, “We have transformed
■ The million case brands:
these constraints through sheer effort to build a complete
Ricard, Larios gin, Pastis 51, Clan Campbell
portfolio of major international brands – Jameson,
whisky, Havana Club rum, Jameson whiskey
Ricard, Wild Turkey, Jacob’s Creek, Clan Campbell,
and Suze.
Havana Club, Wyborowa and Aberlour, – alongside
■ Fifteen or so highly promising
which we have nurtured fifteen or so highly promising
regional brands, including:
regional brands, such as Pastis 51, Suze, Larios gin,
Amaro Ramazzotti, Naïri Armenian
Amaro Ramazzotti, our Naïri Armenian brandy,
brandy, Becherovka, ouzo Mini and Soho,
Becherovka, Ouzo Mini and Soho, our lychee-based
the lychee-based liqueur.
liqueur”. Pernod Ricard also has another essential
strength, and one that is vital for its continued
15
Taste, colour
and...
a little
alchemy
The Pernod Ricard Group owns its own research
centre, but what does it do? Well, its missions
are several - to develop new products, ensure
the long term quality and taste of existing
brands, improve the formulation of mature
brands, conduct consumer testing, etc.
“The success or failure of a product launch
or the growth or decline of a brand all depend
on a subtle mixture of tastes, cultures, drinking
habits, marketing, and so on”, says Jacques
Bricout, the Group’s Research Director,
“It’s the opposite of an exact science!”
The example of Suze, which is very popular
with French drinkers, but which has never been
successfully adopted by German consumers,
despite their well-known liking for bitters,
is a particularly good illustration. All the more
so when you look at the success achieved several
years later in the same German market
by another of the Group’s bitters, Amaro
Ramazzotti: over 5 million bottles were sold
in 1999, more than in its home market of Italy!
How can anyone predict two such different
outcomes for such similar flavours? Does
the answer lie in the origins of the products
themselves? Is it in the difference between
the taste of the Amaro Ramazzotti plant
and the more earthy bitterness of gentian?
Is it its colour, the shape of its bottle...
or even the name “Suze” too close to the German
word “süß”, meaning sweet or sugary? Is that
what derailed it? It’s a mystery... According
to Marie-Hélène Simchowitz, Head of New
Products at Pernod, “What makes the difference
is often those things that are undetectable to
the consumer, but which the specialist can identify
precisely.” As far as Jacques Bricout is concerned,
one thing is certain: “A new-born baby can only
detect two taste sensations: sweet and creamy
(from its mother’s milk). Everything else
is learned. And, beyond these social aspects,
we also know that taste is, above all else,
a matter of sheer pleasure.”
16
[
Building
the future on 25 brands
]
barriers may still exist, but the market is changing
nevertheless. Consumer tastes change. For example,
we are now seeing a marked trend towards diluted
drinks - more long drinks and cocktails based on
soft drinks.
Another major trend is the growth of ever more
“exotic” habits of consumption.
Today, more scotch is drunk in France than in the
UK and more cognac in England than in France.
Wine drinking is on the decrease in the traditional
wine producing countries, but is growing in others;
the fashion for drinking Mojitos has stimulated sales
of rum in European countries, etc. Young consumers are also looking for new tastes, which is why
Pernod Ricard has launched products such as Two
Dogs, a fermented drink based on lemon juice, and
Wild Turkey Cola. “It’s a niche market we should not
neglect”, stresses Thierry Jacquillat, “but it’s also a
complex segment, in which you have to pay very close
attention to the influence of fash“I am very optimistic
ion. For example, Two Dogs has
about the future
found its own audience in Australia
of our 25 key brands.”
and although it sold well for a while
after its launch in the UK, it was
later dropped by British consumers.”
Although harmonisation might be too strong a
term, we are part of a significant shift in which markets are moving towards each other. Could this
kind of globalisation open up the market to completely standardised global brands and kill off other, more individual, ones? “In the long term, that’s
got to be a possibility”, says Thierry Jacquillat, “but it
will certainly take time, and probably several generations. As far as eroding sales of particular, more individual, products is concerned – and I’m thinking here
especially of aniseed-based aperitifs – we’ve been hearing
this story for many years now and... we’re still waiting!
We have a very wide and solid range in this market, and
one that is growing in countries where we really didn’t
expect it to, like England and Germany. What’s more,
our brands continue to grow in their countries of origin,
such as Ricard in France and Mini Ouzo in Greece. In
total, our 25 key brands, whether global or regional,
represent 75% of our volumes. I’m very optimistic about
their future.” ■
Antoine Marcé
Tequil
18
Cactus, sweet
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THE PURCHASE OF VIUDA DE ROMERO,
ONE OF M EXICO ’ S OLDEST TEQUILAS , HAS
GIVEN P ERNOD R ICARD THE WINGS
IT NEEDS TO SOAR OVER THE U.S.
MARKET.
I
▲
cactus!
Pernod Ricard Mexico
la
t became official on 17 January
this year: Pernod Ricard had
bought the Mexican tequila
producer, Viuda de Romero. Seen
against the continual development
of the group’s clear spirits portfolio
in recent years, this acquisition adds
a new and dynamic segment to the
Group’s portfolio: Tequila. Or perhaps we should say “El Tequila”, as
they do in Mexico, where this blue
agave 1 based drink is virtually an
institution. As Christian Barré, the
Managing Director of
Pernod Ricard Mexico,
Of the 190 million makes clear, “Tequila is
litres of tequila
its original Mexican name.
produced in Mexico Until the Peso crisis of 1994,
during 1999,
when the price of foreign
half was exported. drinks rocketed, the image of
this spirit was as a popular
drink of mediocre quality. At the same
time as the country’s financial crisis,
Mexican producers got together to set up
the Consejo Regulador del Tequila
(CRT), the regulatory authority that
sets quality standards2 for Tequila, and
that’s all it took for Mexican drinkers
to rediscover their traditional drink!”
The figures speak for themselves:
Mexico produced 190 million litres
of tequila in 1999, with sales up
12% on 1998 overtaking those of
brandy and rum. At the same time,
tequila consumption overseas continues to grow apace: almost 95
million litres of the spirit were
exported in 1999, accounting for
half of all the tequila produced in
19
[ Tequila
One
of Mexico’s
oldest brands
]
VIUDA DE ROMERO TEQUILA
has the traditional,
authentic image
vital for export sales.
Photos : Pernod Ricard Mexico
The history of spirits
production in Mexico
first mentions the name
of Epitacio Romero in 1852,
as a producer of “mescal
wine”, but it was his son,
Francisco, who gave
the brand its future.
When Francisco died in 1906,
his widow, Catalina Aguilar
Madrueno took over
the running of the business
to become the Viuda
de Romero (Widow Romero)
now immortalised
in the name of the brand.
The current distillery came
on stream in 1976 and
was purchased in 1983
by L. A. Cetto, who launched
the Real Hacienda brand
in 1990. Viuda de Romero
joined Pernod Ricard Americas
in 1999.
▲
Mexico. It is clear from these figures that the CRT’s efforts to bring
the name of tequila to a wider audience have certainly borne fruit
abroad, and since 1999, copies produced from raw materials other
than blue agave have forbidden
from being marketed as tequila anywhere in the European Union.
Good prospects then for Pernod
Ricard’s purchase of one of Mexico’s
oldest distilleries. Operational
since 1852 and located right at the
heart of the producing area in the
village of Tequila itself (northwest of Guadalajara), the company
markets two main brands. Viuda
de Romero is 51% blue agave,
whilst the premium brand, Real
Hacienda, is 100% blue agave:
around a million bottles a year of The group also cultivates 300,000
these two key brands are produced. Weber tequilana (blue agave) plants
Viuda de Romero is Mexico’s num- from which to produce its tequila.
ber seven brand in terms of sales, Most of the production process
has remained a closelyalthough the sales levguarded secret since the
els themselves are marThe tequila production
ginal. The Mexican sub- process has been a secret birth of company, so all
sidiary also produces a since the company’s birth. we can say is that this
Sangrita, an non-alcocactus, so common in
holic drink based on tomatoes and rural Jalisco, is steam-cooked, pressed
citrus juices, which is drunk with and left to ferment (at which point
tequila swallow for swallow.
sugar cane is added to produce the
51% tequilas).
The fermented product is then
double-distilled to achieve an alcoSTRATEGIC CHALLENGES
hol content of 38° to 55°. At this
■ To strengthen the commercial
stage, the alcohol is left to rest in
presence of Pernod Ricard
casks (for “Añejo” tequila) or in oak
Mexico.
tuns (for “Reposados” tequila).
■ To penetrate the US
“The authenticity and pedigree of
clear spirits market.
the product and the traditions of the
■ To exploit the growing
company itself are wonderful assets,
success of tequila.
especially in export markets”, adds
Christian Barré, and this is pre-
20
Ay tequila(s)!
The final distinction
is in the ageing process.
“Reposadas” tequilas
mature for several
months in the in oak
tuns that give them
their light amber colour.
The “Añejos” are aged
in small casks for at least
one year. The market
for 51% tequilas is stable,
with the majority
of production going
for export. Consumption
of 100% tequilas is rising
in “connoisseur” countries,
especially Mexico and the
USA But don’t bother asking
any more about the market
for “Añejos” – it’s a secret!
Photos: Pernod Ricard Mexico
The Mexican NOM standard
classifies tequilas into
two main categories,
according to their blue
agave content: the Tequila
category, containing
at least 51% blue agave
(the remainder usually
being sugar cane), and
the 100% blue agave
tequilas, which produced
only from cactus.
The Viuda de Romero
brand is a 51% tequila,
whilst Real Hacienda
is a 100% agave
premium tequila.
The second difference
is the colour. There are clear
tequilas and golden tequilas.
FIRST ESTABLISHED IN 1852 IN THE VILLAGE OF TEQUILA,
Viuda de Romero is one of Mexico’s
oldest distilleries, producing nearly
a million bottles a year.
21
Tequila
in figures
[ Tequila
]
In 1999, tequila became
Mexico’s number one spirit
for the first time ever, both
in terms of value and volume.
Production rose by 12%
between 1998 and 1999.
■
■ In
1999, total exports
of tequila reached almost
11 million 9-litre cases,
which were shipped to over
60 different countries.
Almost 50% of all Mexican
tequila is exported.
■ 80%
of tequila exports
find their way to the USA,
12% to Europe, 4% to South
America (excluding Mexico),
2% to Asia and 2% to the rest
of the world.
■ Over
93% of exports
are accounted for by tequilas
containing 51% blue agave.
■ In France, tequila
consumption has grown
by 7% in the last three years.
22
cisely where Pernod Ricard’s ambitions lie. “Beyond the first objective
of this acquisition, which was to establish a base for the group in Mexico”,
says Michel Bord, President of
Austin-Nichols and Pernod Ricard
Americas, “tequila is a gateway into
the U.S. clear spirits market, where
we are not strongly represented, especially in view of the embargo on our
Havana Club rum. Despite the competition, a traditional brand like Viuda
de Romero is likely to attract strong
support from the large Hispanic populations of California, Texas, Florida
and Chicago. And Real Hacienda, our
Premium brand should prove popular
amongst connoisseurs.”
Profession
Tequila manager
MEXICAN 100% TEQUILA is made from pure
blue agave, whilst its 51% tequilas
have sugar cane added.
because Viuda de Romero
has enormous potential.
The potential for a really
authentic tequila in the US
market is very clear.
The European is still
small, but it is growing
substantially, especially
with the modern, party
image tequila has today.
The Group’s European
presence is also an excellent
lever for growing the brand.
The enthusiasm I’ve already
seen amongst the American
and European subsidiaries
is proof positive that
the Group is ready for
this new adventure.”
▲
The challenge is a big one: in 1999,
over 80% of tequila exports (all
brands) found their way to the USA
In the same period, 12% of all
exports went to Europe, 4% to other
Latin American countries and 2%
to Asia. In France, the market has
grown by 7% in the last three years
and is currently 225,000 cases a
year. Viuda de Romero, little of
which is exported at the moment, is
also appreciated by tequila drinkers
in Japan, France, Belgium, the USA
and Latin America. This brand is
the market leader in El Salvador
and the Dominican Republic.
“We’re going to put the emphasis on
the Reposados and Añejos products (see
inset on page 21), especially
in the US, which is a more mature
When Olivier Fages joined
the Group in 1995,
he was “non-Group”
spirits manager
at Pernod Ricard Canada,
later taking up the post
of Tequila manager.
“Viuda de Romero is a real
challenge and a fantastic
opportunity”, he says.
“It’s a challenge because
it means putting a brand
not widely known outside
Mexico on the world
map – in a market
where two competitor
brands currently take
the lion’s share.
It’s an opportunity
also produces
Sangrita, a
non-alcoholic
drink made
from tomato
juice and citrus
fruit juices,
which is drunk
together with
tequila what else!
TEQUILA VIUDA
DE ROMERO
23
[
The growth
in clear spirits
■ TEQUILA is on a roll, growing
at 10% a year, plus it’s a clear
spirit and all clear spirits
are doing extremely well
at the moment.
This is why the Group
is committed to strengthening
its brand portfolio in
this market sector through
a series of successful
acquisitions. Its range
is now one of the most
complete in the world.
VODKA, usually taken neat
in Russia, Poland, France
and elsewhere, and now
increasingly mixed with fruit
juice to bring out its taste,
is selling 450 million cases
a year, 33 million of which
are international brands.
Amongst these is Altaï,
Pernod Ricard’s Russian vodka,
and the Polish Wyborowa
and Zubrowka (bison grass)
vodkas, which recently joined
the Group’s portfolio.
The world vodka market
grew by 5% last year,
and the Group anticipates
even greater increases amongst
its three prestige brands.
■
RUM, taken neat for its own
qualities or mixed with other
ingredients, is particularly prized
as a solid basis for cocktails,
but it’s the famous Cuban rum
that is most prized of all. Carried
by the current vogue for all things
Latin American, rum has seen
its sales climb significantly:
up over 2% last year to 130 million
cases, 30 million of which were
international brands. The star
in this firmament is Havana Club,
which has held the world record
for spirit brand growth for several
years now (25%). The main
markets for rum are the USA,
Mexico and Spain, followed
by Germany, France, Great Britain
and Italy, where Havana Club
is literally a smash hit.
Tequila
]
■
PERNOD RICARD MEXICO
■ Growth: +20% in volume
between 1998 and 1999.
■ Forecast for 2000:
over 10 million dollars.
■ Employees: 107 (including the
employees at Viuda de Romero).
■ Brands produced and/or
distributed: Viuda de Romero,
Havana Club, Jameson, Larios,
Terra Andina, Etchart, Dubonnet.
market, a more discerning market,
and one which is more receptive to
these high quality products”, explains
Christian Barré. “This appetite for
quality will involve us in re-launching
the Premium Real Hacienda brand. In
terms of numbers, we
“The American market expect to reach the
is a more mature
100,000 case mark
market, a more
for sales in Mexico
discerning market, very soon and raise
and one which
export and dutyis more receptive to free sales to at least
high quality products 50,000 cases.”
such as Reposados
Over and above the
and Añejos tequilas.” undoubted qualities of the brand itself, the Group has
the best possible weapon to help it
achieve its objectives: its world-wide
network and, more especially, a
forty-strong U.S. organisation, in
which every person has practical
experience of the complexities of
American legislation. ■
■ GIN is much more widely
appreciated than its ancestor,
genever, with 60 million cases
enjoyed every year, 20 million
of them international brands
like Larios. Produced in Spain,
the Group’s main gin brand
is growing unashamedly in
its export markets, and especially
in France (10% market share
in one year) and Italy.
Olivier Cerendini
24
1. Blue agave, or Weber tequilana, whose name is taken from
that of the French botanist who first classified agave species
in the early 1900s.
2. The Norma Oficial Mexicana (NOM) set the quality standards for tequila on 3 September 1997.
Becherov k
the sweetest of b
[
ka,
B
R A N D S
]
A STRONG IMAGE, A POWERFUL TASTE VERY
POPULAR IN CENTRAL E UROPE AND COCKTAILS FULL OF
FLAVOUR: UNDER THE LEADERSHIP OF THE P ERNOD
R ICARD G ROUP, B ECHEROVKA C ZECH BITTER HAS CON SOLIDATED ITS POSITION IN THE REGION .
b itters!
A
▲
n illustrious member of the two days. The result is a coloured
great family of bitters that and highly flavoured liquid to
includes Suze in France which sugar, alcohol and water are
and Amaro Ramazzotti in Italy (see then added. The preparation is then
inset on page 28), Becherovka is a poured into large oak casks, where
genuine symbol of national identi- it remains for several weeks before
ty in the Czech Republic, where being filtered and bottled.
its reputation is based
The final result is a 38on its completely tradidegree proof bitter, whose
“Production
tional production process
slightly sweet and spicy
at the Jan Becher
and authentic roots.
taste gives off delicate
plant is rising
In fact, Becherovka, which
exotic notes. In its counand should reach
is produced 120 kilometry of origin, men and
14 million litres
tres west of Prague in the
women of all ages enjoy
this year.”
small spa town of KarlovyBecherovka. “Becherovka
Vary, was created in 1807 by Joseph drinkers enjoy it either before meals or
Becher. Becher was a pharmacist of after and in every way: straight, with
German origin who worked in ice or even mixed with soda. One of the
Karlsbad, as Karlovy-Vary was then country’s most popular cocktails is
called (see inset on page 29). Bitters – Becherovka and Tonic, better know to
these plant-based alcoholic drinks – Czechs as Beton, which means the
were very fashionable in the 19th same in Czech as it does in French –
century, as much for their medicinal
virtues as their taste. In this enviLA BECHEROVKA IS:
ronment, Becherovka took off very
quickly and Jan Becher’s family firm
■ a brand which joined
prospered for almost a century and
the Pernod Ricard Group
a half, with its products enjoying
portfolio in 1998;
great success both at home and in
■
a Czech bitter prepared
neighbouring countries. Its devotees
using over twenty different
still enthuse about Becherovka’s
aromatic herbs;
digestive properties today.
Twenty or so different herbs and
■ a “sweet” bitter with notes
spices are used in the production of
of spice;
Becherovka, most of them import■ a spirit that’s just as good
ed from the Far East, their identistraight as on ice or
ties remaining a closely-guarded
in a cocktail;
secret. They are dried before being
■ a piece of Czech heritage.
loaded into large fabric bags and
submerged, like giant tea bags, in
tanks of 96% alcohol at 50°C for
27
Bitters
28
BECHEROVKA IS APPRECIATED as much
for its taste as for its medicinal
virtues, with its connoisseurs
and devotees making much
of its digestive properties.
It was in 18th and 19th century
Europe that most bitters
first appeared, prepared
by apothecaries keen
to offer pleasant tasting,
but healthy drinks. Today,
Europe remains the world’s
largest market for bitters,
led by Germany, Italy,
France, the Czech Republic
and, to a lesser extent,
The Netherlands, Hungary,
Slovakia and Denmark.
Becherovka, Ramazzotti
and Suze are the Pernod
Ricard Group’s principal
bitters brands. In Germany
and Italy, where they were
traditionally taken after
meals, neat and without ice,
bitters are increasingly
being enjoyed as aperitifs,
whether in the evening
or even during the day,
when they are usually
accompanied by a thin
slice of lemon, as served
in cafés and restaurants.
In bars, they are served
as long drinks, topped up
with soda. Each brand
appeals to the culture of
its own native land,
so the yellow colour of Suze,
so popular in France,
holds few attractions
for the German drinker.
On the other hand,
Amaro Ramazzotti has been
very successful in Austria,
eastern Europe and especially
Germany, where
consumption has already
exceeded that of
its home market, Italy!
the Czech Becherovka. “Immediately after the Second World War, the
Becher family emigrated to Germany
and resumed production of their bitters
under the name of Becherbitter. In the
Concrete!”, says Alan Walden-Jones, meantime, the original brand was
Managing Director at Jan Becher. nationalised by Czechoslovakia, so the
After privatisation of the company same product was being produced in
in 1997, the Pernod Ricard Group both countries under different names”,
became a major shareholdexplains Alan Waldener - part of its policy of
Jones. Today, the Group
“Export demand
acquiring strong regional
accounts for 20% continues to strengthen
brands. Since July 1998,
Becherovka’s position in the
of sales.”
it has been distributing
Czech Republic to create a
the brand, now reunited with its solid base for expansion.
German counterpart following the So, with this acquisition, the group
purchase in 1999 of Johann Becher, has added yet another million case
which produces its local version of brand to its portfolio, with 14 million
[
Becherovka, the sweetest of bitters!
]
BECHEROVKA HAS
A GENUINE NATIONAL
SYMBOLIC SIGNIFICANCE
in the Czech
Republic and owes
its reputation to its
completely traditional
production process.
Its recipe includes
over twenty different
herbs and spices.
From Karlsbad
to Karlovy Vary
When Joseph Becher created
Becherovka in 1807, Karlovy
Vary, then named Karlsbad,
was part of the AustroHungarian empire. Karlsbad,
(the “baths of Charles”)
got its name from the fact
that in the 14th century,
Charles IV had made this small
town the centre of his hunting
lands. From the 16th century
onwards, the town became
famous all over Europe for
its hot springs, which attracted
many famous names, including
Peter the Great, Goethe,
Beethoven, Liszt, Strauss,
Wagner, and even Karl Marx.
When Czechoslovakia became
independent in 1918, the name
of the town was translated
into Czech to become Karlovy
KARLOVY VARY,
litres forecast to leave the Jan Becher
plant this year. This rise in production is required to satisfy export
demand, which accounts for 20% of
all sales now that Becherovka has the
support of the Pernod Ricard Group’s
international distribution network.
Already, sales to Slovakia – until
now the only real export market –
have practically doubled in one
year. Becherovka has also been relaunched in Russia, Hungary,
Austria and Poland, and Germany
could soon become the most important export market. ■
THE FORMER KARLSBAD,
is celebrated
all over Europe
for the virtues
of its spa waters.
JAN BECHER IS:
the Czech company
which has produced
Becherovka since 1807;
■
a production site
in the centre of the spa town
of Karlovy Vary, 120 kilometres
west of Prague;
■
Vary. Today, the nostalgic
atmosphere of the old AustroHungarian empire continues
to attract thousands of
visitors to the town. Leonardo
DiCaprio, Sophia Loren and
Gregory Peck are just three
of the 20th century celebrities
to have fallen under the spell
of this peaceful little town.
a production capacity
of 14 million litres.
■
Fr é d é r i c Le g r a n d
29
[
M
A R K E T S
]
Crus & Domai
A passion for great wines
ALTHOUGH CRUS & DOMAINES DE FRANCE EXPORTS
THE CELLARS OF THE CHÂTEAU GRAND ORMEAU
30
mainly Bordeaux wines, the company
also markets wines from every other
region of France. 60% of its sales
volume is accounted for by
Appellations contrôlées,
20% by Vins de Pays
and 20% by Vins de
table.
FROM VARIETAL WINES TO GREAT VINTAGES, FROM BORDEAUX TO BURGUNDY AND
EVERY OTHER IMPORTANT FRENCH WINE-PRODUCING REGION, CRUS & DOMAINES DE
FRANCE EXPORTS WINE ALL OVER THE WORLD, AND ESPECIALLY TO THE COUNTRIES OF ASIA.
E
very year, Crus & Domaines de France ships
almost five million bottles of wine around the
world. Since 1995, the company has devoted
itself entirely to exports and is now Bordeaux’s fifteenth largest exporter. “Crus & Domaines de France
was the result of a merger between wine dealers and major
wine merchants such as Alexis Lichine, Cruse, Victor
Bérard and Pasquier Desvignes” (see inset page 32),
explains Frédéric Muguruza, the company’s Managing
Director. “The wines we buy are stored and aged in our
own cellars.” Although the wines of Bordeaux dominate its range, Crus & Domaines de France buys its
wine from all over France, from Burgundy to the
▲
aines de France
31
ALEXIS LICHINE IS
an internationallyrenowned name
in fine Bordeaux
and Burgundies.
Its strict selection
criteria have made
this merchant house,
first established in
1955, France’s largest
wine exporter.
PASQUIER DESVIGNES,
FOUNDED IN 1823, brought
in American plants
following the phylloxera
epidemic of 1880.
Without this family,
whose good name
has blessed the wine
trade since the 15th Century,
Beaujolais would certainly
not be what it is today.
Photos : Studio Pernod Ricard
Mâcon region, from Beaujolais to the Côtes du Canada, Africa and the Pacific (Tahiti and New Caledonia)”,
Rhône and from Provence and Alsace to the Pays de comments Frédéric Muguruza. “But there’s still an
Loire. The company is interested in every kind of enormous market where we’ve virtually no presence at all
wine: Reds, whites and rosés, whether Vins de pays or – so the United States is now our major priority.”
Appellations Contrôlées, and particularly the great Naturally, being part the Pernod Ricard Group offers
growths. “We are placing increasing emphasis on the tremendous advantages when setting out to conquer
Appellations Contrôlées, which now represent 60% of our new markets. “Our global presence and the willingness
volume, as opposed to 20% for Vins de pays and 20% for of other subsidiaries to sell the Group’s products are preVins de table”, explains Frédéric Muguruza. Crus & cious assets”, he adds.
Domaines de France also handles most of Bordeaux’s Being part of the Group also provides financial security in a business traditionally beset by
most prestigious growths, including
“Japan is the largest
Château Laroque, a Saint-Émilion grand market for Crus & Domaines dramatic climatic influences. “After the
1997 vintage, which buyers avoided because
cru classé, one of the real gems in the
de France, accounting
company’s list. “Japan is our biggest mar- for 40 to 50% of its sales.” it was too expensive, and with overstocking
in some areas, including Asia, we did 50%
ket, generating 40 to 50% of our turnover”
says Frédéric Muguruza. “Cruse enjoys an excellent posi- less business in 1999 than we did in 1998” recalls
tion in the Japanese market, where we work closely with Frédéric Muguruza. “Many traders found themselves in
the country’s second largest importer and, naturally, with an impossible situation, but we did not suffer the same
problems.” All of which is very reassuring for the vinethe Group’s own subsidiary.”
Generally speaking, Asia remains the company’s most yards from whom Crus & Domaines de France buys
important market, and one in which it continues to its wine. ■
consolidate its position. “We’re really well placed
A.L.
in Europe (Germany, Great Britain, The Netherlands),
32
A passion for great wines
CRUSE WORKS
with the most exclusive
châteaux and estates.
Founded in 1819
by Herman Cruse,
a Dane devoted to Claret,
this company selects
the very finest wines
by applying very
strict criteria.
]
THE HOUSE OF WINE MERCHANT
VICTOR BÉRARD, was
founded in Burgundy
in 1857, and has
developed its own
very individual style
with wines from
the Mâcon, Côtes
du Rhône and
Beaujolais regions,
all of which have
outstanding finesse
and elegance.
[
33
Entreprendre
in action
Pernod Ricard Warrants:
all five of them!
THE PERNOD RICARD RANGE OF FINANCIAL PRODUCTS
WAS EXTENDED AT THE START OF THE YEAR BY THREE
Éric Lépine , D ERIVATIVES S ALES
SOCIÉTÉ GÉNÉRALE, EXPLAINS
NEW WARRANTS .
M ANAGER
AT
THE BENEFITS .
DR
THE SUCCESS OF THE TWO
PREVIOUS warrants
encouraged
Société Générale
to launch three
more in January.
What is a warrant?
Éric Lépine: It’s a negotiable security, quoted on the
Stock Market, which allows the holder to buy (or
sell) a company share at a pre-determined price
within a fixed period. In other words, the option to
buy (warrant call) allows the holder to pay 100 today for what might be worth 120 or 150 tomorrow.
The put, or sell, option allows the same holder to
sell for 100 what might be worth no more than 80.
The risk is therefore limited to the amount
originally invested. Unlike equity warrants, warrants
cannot be converted into new shares. Their main
attraction is to enliven a portfolio by the leverage
they offer. In practice, when a share gains 10%, the
warrant to which it is attached can often jump by as
much as 30 or 50%, and the reverse is true when
prices fall.
Are there any Pernod Ricard warrants?
É. L.: Yes, five of them. The success of the two
previous issues encouraged us to extend the range
and Société Générale launched three new ones in
January. These three calls give the holder the right
to buy Pernod Ricard shares at 60, 65 or 75 euro,
up to March 2001, June 2001 or November 2001
respectively.
34
Why did Société Générale decide to launch
three new Pernod Ricard warrants?
É. L.: To begin with, warrants used to be available
only to institutional clients, but since 1993, all
Société Générale warrants have been quoted continuously on the Paris Bourse, making the product
accessible to all types of investor. By ensuring the
liquidity of its products in this way, the bank rapidly
became the market leader and now has over six
hundred quoted warrants. It’s a product range we’ll
continue to support in response to demand from
private investors.
What advantages do these Pernod Ricard
warrants offer?
É. L.: The interest lies in the leverage they offer.
These days, all private shareholders are looking for
ways to maximise the yield from their share portfolios. Warrants offer a way of doing that. Société
Générale is therefor offering all Pernod Ricard
shareholders the opportunity to go bull on the
share in return for a lower investment.
So what is your recommendation for the share?
É. L.: Pernod Ricard is a blue chip share and Société
Générale analysts are of the opinion that the share
is a buy in the six month to one year period. What’s
more, the share suffered in 1999. The catch up
effect, which we expect to see in 2000, is an extremely favourable factor for the share and,
therefore, for the recently issued call warrants. ■
Interview by J.-M. C.
[I
N F O R M AT I O N P R OV I D E R S
Got a question?
]
The Pernod Ricard share:
what the professionals think
Just visit www.pernod-ricard.fr
SG SECURITIES
COMPLETE, ACCURATE, UP-TO-DATE: THE FINANCIAL INFORMATION ON
OFFER AT THE PERNOD RICARD WEB SITE SETS OUT TO BE AS COMPREHENSIVE AS
POSSIBLE. ARE YOU A PROFESSIONAL? WITH JUST TWO CLICKS YOU CAN ACCESS
THE ANNUAL REPORT COMPLETE WITH BALANCE SHEET, PROFIT AND LOSS
ACCOUNT AND SHARE PRICE GRAPHS. Y OU ’ LL ALSO GET FINANCIAL PRESS
RELEASES, THE SCHEDULE FOR FUTURE STATEMENTS, ETC. IT’S ALL RIGHT HERE.
14/02/2000
English speaking investors visiting
pernod-ricard.com get just the same
information as their French speaking
counterparts at www.pernod-ricard.fr.
And, last but not least, all of this is delivered through a flexible navigation interface, attractive graphics and simple
configuration, all of which makes the
work of the busy analyst that much easier.
the mouse) over the action area
labelled “the range” brings up a succession of brand types, each illustrated by
a representative product: Ricard for
anises, Jacob’s Creek for Australian
wines, etc. And well-informed investors
will surely want to join the mailing list
to receive group information directly
by e-mail. Finally, they can access
addresses for other sites around the
world, and once there, visit the Group’s
subsidiary companies.
• Recommendation: buy
• Comment: good sales
performance and scores
above its main competitors.
ABN AMRO
• Comment: despite the
disappointment over Orangina,
the Group is still able to acquire
new brands. The fundamentals
remain excellent, the share
is undervalued.
02/12/1999
KBC SECURITIES
• Recommendation: hold
• Comment: after the speculation
surrounding Orangina, the share
is still fundamentally solid.
25/11/1999
PARIBAS
• Comment: the fundamentals
Students surfing the web in search of
Pernod Ricard shareholders can
also obtain the detail behind each line
of the accounts. Even better, they now
have their own dedicated area with
an information desk, a diary of shareholder events, an organisation diagram
with pictures of the Board and even
instant share prices. The new-look site
also entices visitors to let themselves
be guided to their favourite Pernod
Ricard brands. The presentation techniques are truly amazing – just moving
the cursor (without even clicking on
dynamic employers will immediately
realise that the Pernod Ricard site is
for them too: the words “Careers in
the Group” appear on the very first
page. One click of the mouse button,
and the visitor is offered training
courses, plus contacts in the Human
Resources Departments of the Group’s
principal subsidiaries around the
world! A little word of advice: the history of Pernod Ricard and, perhaps,
the success stories of the brands could
make useful reading before a recruitment interview! ■
remain solid after the bad news
about Orangina.
25/11/1999
CRÉDIT LYONNAIS
SECURITIES
• Recommendation: hold
• Comment: following publication
of 1999 sales figures.
11/02/2000
GOLDMANN SACHS
• Recommendation:
super performance
11/02/2000
ENTREPRENDRE,
the Magazine for Pernod Ricard Group Shareholders.
142, bd Haussmann, 75379, Paris Cedex 08. Tel.: 01 40 76 77 78.
Publishing Director: Alain-Serge Delaitte. Chief Deputy Editor: Laure Beaumont. Pernod Ricard photographic department: Daniel Dewalle, Marc-André Desanges. Design and
Production:
9, rue du Helder, 75431 Paris Cedex 09. Editor: Marie-Odile Durrande. Art Direction: Ralf Schwanen. Editorial secretaries: Patrick Flouriot, Rachid Tarik.
Page makeup: Guylaine Dumesnil.
35

Entreprendre No. 37, April 2000

Transcription

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