€41,35 million : + 21,2 %

A strong start to the year for the whisky market

All our markets are on the rise, especially whisky:

- Our wine businesses: € 28.18 million, up 5.3% on a like-for-like basis :
The U.S. market has boosted our wine activity and continues to look as buoyant as it has for the last three years.
The market, which is now extremely strong and confident, is once again looking towards a generous and quality harvest.
It is characterized by double-digit growth and accounts for two thirds of the turnover of our wine businesses.
Our wood for oenology businesses, and particularly STAVIN, play no small part in this achievement.

- Our whisky businesses: €13.17 million, up 77.1% on a like-for-like basis :
With returns higher than those forecast, this is a business buoyed by extremely strong demand from distilleries and with perspectives that remain very attractive given the new cycle of growth in which the market finds itself. Indeed the strengthening of production and storage capacities on this market has been stimulated by an uninterrupted increase in the consumption of whisky, especially in emerging countries.

Our target for 2013/2014: €175 million

With a solid lead on our forecasts and low debt levels, TFF Group is, in the absence of any further acquisitions for the time being, continuing to strengthen its financial position by lowering its debt still further.

The size and timings of the late harvest in Europe this year, as ever defined by prevailing weather conditions, will influence our activity over the next quarter, providing a rather favorable base effect.

TFF Group maintains a target of annual turnover of around €175 million, an ambition justified by the strength of the whisky market.