Marie Brizard Wine & Spirits: Financial information - Trinidad receivable.
July 03 2020 - 11:40AM
Marie Brizard Wine & Spirits: Financial information - Trinidad
receivable.
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. Negotiations are ongoing to lift
all the conditions precedent relating to Advance No 2, and in
particular the fulfilment of the condition to amend the contract
for the bulk supply of Scotch Whisky. 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
ContactImage Sept Claire
Doligezcdoligez@image7.frPhone: +33 (0)1 53 70 74 70 |
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