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Company : Allied Domecq Spirits & Wine (I) Private Limited 
Wednesday, October 31, 2001 6:00PM IST (12:30PM GMT)
 
Allied Domecq delivers 13% growth in earnings per share
New Delhi, Delhi, India



HIGHLIGHTS

  2001 2000 % growth
Normalised earnings per share 31.0p 27.4p 24
Normalised earnings per share incl. Mexican excise rebate 33.9p 27.4p 13
Profit before tax £453m £404m 12
Profit before tax incl. Maxican excise rebate £500m £404m 24
Trading profit £543m £487m 11
Turnover £2,879m £2,602m 11
Marketing investment behind Spirits & Wine £330m £301m 10
Dividend 12.1p 11.0p 10
Return on investment 9.6% 9.3%  


(All figures in UK pounds and pence.)

Profits and earnings are stated before goodwill and exceptional items and exclude those of discontinued operations and the Mexican excise rebate unless otherwise stated.

Allied Domecq's Chief Executive, Philip Bowman, today announced double-digit growth in normalized earnings per share of 13% for the full year. Reported earnings further benefited from a rebate of Mexican excise duty that increased the growth in earnings per share to 24%.

"These are excellent results in another year of great change in our own business and the external environment. Two years ago, we committed to achieve significantly better financial performance. We are delivering against that goal with total reported earnings per share increased by 40% since 1999.

"The management capability of the group has been enhanced and we have focused on the profitable growth of our brand assets rather than simply chasing volume at any price. We have made a number of acquisitions to strengthen the business. The criteria are clear - value - enhancing investment targeted at categories and markets that will generate sustainable future growth as well as in local brands that provide scale in strategically important markets.

"Towards the end of the last fiscal year we detected some slowdown in demand in certain markets. Recent events have made the economic outlook even more uncertain. However, the spirits industry has historically weathered adversity better than most others.

"It is too soon to offer any guidance on the medium term impact to our businesses. Although we have already taken initiatives to further reduce overheads, it is clear that earnings growth will be harder to achieve than last year. That said, we are confident that we will continue to build significant value for shareholders.

"Given our commitment to wine and the increased importance of this following a number of the acquisitions, we will operate our wine assets as a separate business under the leadership of David Scotland with effect from 1 January 2002. Neil Everitt, who has very successfully led our Spanish business for the past five years, will assume responsibility for our European operations on the same date."


KEY PERFORMANCE INDCATORS

Comparative information here and in the Operating and Financial Review is based on constant exchange rates.

Spirits and Wine
-- Trading profit up 8% (£423m to £458m)
-- Net turnover up 8% (£1,814m to £1,966m)
-- Brand investment up 7% (£308m to £330m)
-- Core 4 gross margin up 11%

Quick Service Restaurants
-- Trading profit up 6% (£68m to £72m)
-- System-wide sales growth of 4%
-- Same store sales growth Dunkin' Donuts of 7%, Baskin-Robbins of 2%, Togo's of 1%
-- Number of combination stores up 23%

* * *

Internet:
Corporate information can be downloaded from the website at www.allieddomecq.com. A webcast of the presentation to analysts will be available on this site after 14.00 GMT.

 
Media Contact Details
Ratika Kohli, IPAN, 011-332 6200, ratika@ipan.com
 
 
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