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  • Integrated Annual Report 2019/2020

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TABLE OF CONTENT

      • Foreword
      • Foreword - Page 3
      3
      • 1. Strategic presentation of the...
        1. Strategic presentation of the group
      • 1. Strategic presentation of the group - Page 6

      page 6 TO 43

      • 2. Manifesto
      • 2. Manifesto - Page 44

      page 44 TO 51

      • 3. The year of the brands in...
        3. The year of the brands in 2019/2020
      • 3. The year of the brands in 2019/2020 - Page 52

      page 52 TO 75

      • 4. Corporate Social...
        4. Corporate Social Responsibility
      • 4. Corporate Social Responsibility - Page 76

      page 76 TO 111

      • 5. Finance
      • 5. Finance - Page 112

      page 112 TO 119

      • Contacts
      • Contacts - Page 120
      120
    • Foreword
    • Foreword
    • 1. Strategic presentation of the group
    • 1. Strategic presentation of the group
    • 2. Manifesto
    • 2. Manifesto
    • 3. The year of the brands in 2019/2020
    • 3. The year of the brands in 2019/2020
    • 4. Corporate Social Responsibility
    • 4. Corporate Social Responsibility
    • 5. Finance
    • 5. Finance
    • Contacts
    • Contacts
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/ 122 122 pages

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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.
FINANCE

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