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Trading Statement on HY1 2009/10


HY1 Sales performance of FY 2009/10 in line with our expectations

Trading Statement on HY1 2009/10

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Sales for the first half of Fiscal Year 2009/10 (ending 31/12/2009) have been in line with our expectations, with a circa 3% Net Sales organic* decline. This resulted from an improved second quarter with a 2% decline, after a 4% decline over the first quarter, on a still challenging comparison basis.
Product mix was positive with in particular a better performance by spirits compared to wines and champagne.
Asia showed a good performance over the first semester, with confirmed dynamism in China and India and first signs of recovery in South Korea and in Duty Free markets.
Business remained difficult in Europe, with however a good resistance in France and an improving trend in Eastern Europe. In the Americas, our sales in the US have not yet benefited from the economic recovery while sales remained globally well oriented in the other countries of the region.

Our first half Fiscal Year 2009/10 sales allow us to confirm our guidance of between +1% to +3% organic* growth for our profit from recurring operations for the full year 2009/10.


Final and detailed results for first half Fiscal Year 2009/10 will be released on Thursday, 18 February 2010

* on a like-for-like basis

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