5 FINANCE
2019/2020 was a singular year.
It experienced the combined effects of (i) a global pandemic that severely limited consumption of spirits in the on-trade segment and purchases at airports, (ii) the threat of US import tariffs, (iii) a degree of global geopolitical instability, and
(iv)
the consequences of decisions specific to the Group, such as changes in its European distribution network and its withdrawal from some Partner Brand distribution contracts.
