| Paris, 3 July 2020 Financial information Marie Brizard Wine & Spirits (Euronext: MBWS) announces the collection of an additional receivable in Trinidad and Tobago, amounting to €6.7 million. MBWS Ltd, the Group's subsidiary in Trinidad and Tobago, received on June 26, 2020, an additional repayment of its receivable from Clico Investment Bank located in Trinidad and Tobago, in the amount of 50.8 million Trinidadian dollars, i.e. approximately €6.7 million. This amount will be converted within a timeframe that accounts for the low liquidity for this currency, thus having no immediate impact on the Group's short-term cash position. This receivable had been fully written down in the Group's accounts. Historical summary of Trinidad's receivable: An investment with an initial value of €25 million was made on 10 July 2006 for a period of two years in the form of a commercial paper with a fixed interest rate with Clico Investment Bank in Trinidad and Tobago, a subsidiary of the CL Financial Group, then a shareholder of MBWS. The note matured on 10 July 2008 and has not been repaid. At the end of 2008, CL Financial Group was nationalized and the CIB bank went into liquidation in 2011. As a result, the note was written down in full, i.e. €27,813 K (principal and interest) in the accounts of MBWS for the 2012 financial year. The initiatives taken by the company, as a creditor of CIB, had already resulted in the recovery of a first part of the debt between June and December 2018, amounting to approximately €13.4m (TND 107.9m). Status of the Group's financing Under the amended agreement concluded on May 13, 2020, which resulted in COFEPP making available on May 25, 2020 a current account advance of €6 million to the benefit of MBWS, the additional current account advance for €4 million, to meet the cash requirements of the MBWS Group until 15 July 2020, subject to the approval of the COFEPP and upon proof of the cash requirements concerned, has not yet been made. Discussions are ongoing in an attempt to lift all the conditions precedent relating to Advance No. 2, and in particular the condition for the amendment of the Scotch Whisky bulk supply contract, the fulfilment of which remains uncertain to date. About Marie Brizard Wine & Spirits Marie Brizard Wine & Spirits is a wine and spirits group based in Europe and the United States. Marie Brizard Wine & Spirits stands out for its know-how, a combination of brands with a long tradition and a spirit resolutely turned towards innovation. From the birth of the Maison Marie Brizard in 1755 to the launch the Fruits and Wine in 2010, the Marie Brizard Wine & Spirits Group has been able to develop its brands in a modern way while respecting their origins. Marie Brizard Wine & Spirits' commitment is to offer its customers trustworthy, bold and full of flavors and experiences. The Group now has a rich portfolio of leading brands in their market segments, including William Peel, Sobieski, Krupnik, Fruits and Wine, Marie Brizard and Cognac Gautier. Marie Brizard Wine & Spirits is listed on Euronext Paris Compartment B (FR0000060873 - MBWS) and is part of the EnterNext© PEA-PME 150 index Contact Image Sept Claire Doligez [email protected] Phone: +33 (0)1 53 70 74 70 | |
