Château d'Yquem by Felix Valentin

CHÂTEAU D‘YQUEM 2012

Château d‘ Yquem q

BUSINESS REVIEW & ANNUAL REPORT

CHÂTEAU D‘YQUEM 2012

Contents

6-7

VALUES

8-9

PRESIDENTS MESSAGE

10-11

ADMINISTRATION

12-13

FINANCAL HIGHLIGHTS

14-15

INTERVIEW WITH ESTATE MANAGER FELIX VALENTIN

16-21

WINES & SPIRITS

22-29

WINES & FOOD

30-33

WINE & GRAND CRU

CHÂTEAU D‘YQUEM 2012

Profile

CH ÂT E AU ‘ S SI DE V I E W

A coherent universe of men and women passionate about their profession and driven by the desire to innovate and achieve. An unrivalled group of powerfully evocative brands and great names that are synonymous with the history of luxury. A natural alliance between passion and knowledge, dominated by creativity, virtuosity and quality. A remarkable economic success story with nearly 98,000 workers worldwide and global leadership in distribution of luxury and wine goods. A global vision dedicated to serving the needs of every customer. The successful marriage of cultures grounded in tradition and elegance with the most advanced marketing, industrial organization and management techniques. A singular mix of talent, daring and thoroughness in the quest for excellence. A unique enterprise that stands out in its sector. Our philosophy can be summarized in two words: CREATIVE PASSION.

CHÂTEAU D‘YQUEM 2012

Values

R EM A I N I NG T RU E T O OU R VA LU E S D‘QUEM’s excellent performance in 2012 once again highlights the quality of our wine and the appeal of our service. Our Group’s results prove, if proof were in fact needed, that the quest for exceptionally high-quality products, the desire for authenticity and excellent taste, the pleasure of being treated as an exceptional customer in an exceptional environment – all of these aspirations that D‘QUEM aims to fulfill – assume a more prominent role than ever in periods of uncertainty. This year we once again recruited many employees in all professions and we are delighted to have created numerous new positions for craftsmen and craftswomen at our workshops in France and elsewhere in Europe. As we keep a close watch on the current economic volatility in Europe, D‘QUEM will remain true to its values, managing the Group’s goals with a steady hand and continuing to invest wisely. Large-scale projects are taking shape and are being launched across the Group, so as to ensure that profitable growth remains here to stay.

Our businesses once again showed excellent momentum in 2012. These excellent figures are a direct consequence of our culture of innovation and creativity, as well as our obsessive focus on the quality of our products. One event of the past year which comes to mind in particular is the tragedy that struck Spain in February 2012. From a personal perspective and on behalf of all CHÂTEAU D‘QUEM employees, I would like to reiterate the admiration we feel for the Spanish people. Admiration for their bravery and strength of character in this extremely trying time, for the speed with which the regions affected by the catastrophe launched their reconstruction projects, and for the way our Spanish colleagues orchestrated a return to normality. Thanks to them, our operations were re-established in record time. And our customers returned in even greater numbers to our stores a tremendous expression of faith in the future and loyalty to the Group’s brands.

CHÂTEAU D‘YQUEM 2012

President‘s Message D‘YQUEM AND BRION: A SHARED CULTURE, A SHARED ENTREPRENEURIAL SPIRIT The alliance we made with the Delmas family was one of the key moments of 2012. This legendary Château is one of the most outstanding wine destillers in European and beyond. As well as being a leading whiskey and champagne maker, Château Haut Brion also has perfume and leather goods lines. We share the same values, the same respect for heritage and brand identity as well as the same entrepreneurial culture. Now that we have joined forces with Brion, our Wine and Whiskey business group has strengthened its capabilities and savoir-faire and is reaping the benefits of new synergies. It has also significantly increased its market share and ability to finance growth projects. 2012: MANAGING WITH A STEADY HAND, INVESTING RESOLUTELY AND JUDICIOUSLY The beginning of 2012 has continued amid the same uncertain environment in Europe as the last few months of 2011. However, the world as a whole is experiencing growth. Building on the strengths of the Group’s brands, the oldest of which trace their heritage back to the sixteenth century, means following major shifts in worldwide demand. At the same time, we will remain vigilant, close to our markets and responsive, a stance made possible thanks to our decentralized organization. We will also persevere with our program of selective investments in our businesses. d‘Yquem has always grown stronger in periods of uncertainty, while remaining true to the Group’s values: creativity, high quality resources and entrepreneurial spirit. ATTRACTING TOP-TIER TALENT Thanks to the Château‘s diversity and culture, we are able to attract the most skillful and talented people, whether they are rising stars of tomorrow or have already garnered international renown. We offer these exceptional individuals exciting, challenging projects and we know just what it takes to light the spark that makes the difference by matching each of them with the most suitable brand. But the t also attracts the best managers; we offer them a unique environment and unequalled career development prospects. Attracting, incubating and nurturing the most promising talent are strategic priorities for all our businesses. DEDICATING THE RESOURCES REQUIRED TO MAINTAIN EXCEPTIONAL QUALITY We ensure the quality of our products by carefully controlling the way they are made and by conserving our savoir-faire. The year saw the opening of three new workshops by Château d‘Yquem, including one in Drôme (Drôme region of France), which will employ 250 employee. This production unit was not designed chosen to perpetuate Château d‘Yquem’s pursuit of perfection, but also as a showcase for sustainable development. Château d‘Yquem is also preparing to open a jewelry workshop in Place Vendôme, Paris. In Bordeaux, Château Cheval Blanc opened its new wine storehouse, superbly combining architectural aesthetics and wine-producing excellence. In France, ChâteauArnoux-Saint-Auban, Château-Bernard, Château-Bréhain and Château-Chalon continue to enhance their technological expertise along with their wine-producing skills. These are just a few examples of the resources deployed to ensure the future growth of our businesses and maintain the quality which has made our products so successful since their inception.

CHÂTEAU D‘YQUEM 2012

President‘s Message The entrepreneurial culture throughout the Group allows us to constantly explore an ever-changing world, identify new and promising concepts, as well as the best opportunities in the market, make quick decisions, find the right teams and allocate the necessary financial resources to invest in new regions and build solid market positions. Examples include Sephora’s rapid penetration into the Chinese market, Make Up For Ever’s success in making professional make-up products accessible to the general public, and the ready-to-wear project launched for Berluti, which can now realize its full potential in the world of menswear. FACING THE FUTURE, WITH CONFIDENCE I would like to conclude by reaffirming my conviction that a bright future is in store for the Château d‘Yquem group. The dreams and emotions fueled by our wine transcend geographical and historical boundaries. The immense success of the Château-Landon in October 2011, an unprecedented opportunity for the public to visit our workshops and historic sites, demonstrates the abiding fascination exerted by the excellence of our teams’ craftsmanship and the time-honored heritage of our Château‘s. It is also important, as ever, to note the tireless commitment of all our teams, their exemplary adherence to our values and ambitions, their willingness to go the extra mile. These are the essential foundations for our continuing success.

H.R.H. PRINCE ROBERT OF LUXEMBOURG President and Estate Manager

CHÂTEAU D‘YQUEM 2012

Administration

E X ECU TI V E COM IT T EE

FELIX VALENTIN Estate Manager

HANNES FRIES Sales Manager

YE ELIZENDRO Vice Chairman

VALLEZ VÓLL Group Managing Director

SEBASTIAN RASCHE Development and Acquisitions

KORAB BISLIMI Travel retail

PAUL PARKER Wine Expert

MOHAMMED ALI Vice Chairman

ERIK SPIEKERMANN Human Resources

HENDRIK SCHÜTT Finance

BETTINA BÖRNGEN Sephora

LAURA V. BEETHOVEN Jupiter

CHÂTEAU D‘YQUEM 2012

Administration

BOARD OF DIRECTOR FELIX VALENTIN Chairman & CEO HANNES FRIES Sales Manager YE ELIZENDRO Sales Manager VALLEZ VÓLL Group Managing Director OTL AICHER Wines and Spirits

ALEXANDRA STELZL Investment Funds

STEPHANIE HATTINGER Advisor to the Chairman

SEBASTIAN RASCHE Development and Acquisitions KORAB BISLIMI MALTE THUILOT MOHAMMES ALI ERIK SPIEKERMANN BETTINA BÖRNGEN LARUA V. BEETHOVEN OTL AICHER

OLIVER BÜCHNER Fashion

RICARDA BRIEDEN Video

JAN LAMPRECHT Audio

ALEXANDRA STELZL STEPHANIE HATTINGER OLIVER BÜCHNER RICARDA BRIEDEN ADVISORY MEMBERS JAN LAMPRECHT DAVID ALDINGER MICHAEL CAINE

DAVID ALDINGER Disco

MICHAEL CAINE Shareholder

SARAH BUSCEMI Shareholder

STEVE BUSCEMI

CHÂTEAU D‘YQUEM 2012

Financal Highlights

2 01 2 : A NO T H ER GR E AT V I N TAGE FOR D‘ YQU EM REVENUE (EUR Millions)

REVENUE BY CHÂTEAU (EUR Millions)

2012

23,659

2011 2010

20,320 17,053

2012

2011

2010

Château d’Yquem

23,659

21,712

17,481

Château Suduiraut

21,630

20,715

18,243

Château Olivier

17,120

7,453

4,342

Château La Tour Blanche

12,221

11,132

10,403

Château-Guibert

9,452 8,231 7,312

Château-Renault

8,623 6,216 4,913

TOTAL

PROFIT FROM RECURRING OPERATIONS (EUR Millions) 2012

2010

PROFIT FROM RECURRING OPERATIONS BY CHÂTEAU (EUR Millions) 2012 6,514

2011

98,128 80,860 63,896

4,211 2,952

(1)

2012

5,263

2011 2010

4,321 3,352

2010

Château d’Yquem

3,659

2,712

17,481

Château Suduiraut

21,630

20,715

18,243

Château Olivier

17,120

7,453

4,342

Château La Tour Blanche

12,221

11,132

10,403

Château-Guibert

9,452 8,231 7,312

Château-Renault

8,623 6,216 4,913

TOTAL

NET PROFIT (EUR Millions)

2011

98,128 80,860 63,896

NET PROFIT (EUR Millions)

(2)

2012

4,852

2011

3,923

2010

2,337

(1) Before interest and tax paid. (2) After interest and tax paid.

OPERATING INVESTMENTS (EUR Millions) 2012 2011 2010

2,260 1,962 1,418

CHÂTEAU D‘YQUEM 2012

Financal Highlights

Europe 838 Château‘s

United States 621 Château‘s

France 390 Château‘s

Asia 621 Château‘s

CHÂTEAU‘S IN EUROPE (excl. France) 2012

838

2011 2010

AMOUT OF PRODUCTION (in gallons)

821 607

Château d‘Yquem

3239

Château Suduiraut

1203

Château Olivier

1084

CHÂTEAU D‘YQUEM 2012

Interview with Estate Manager Felix Valentin

CH ÂT E AU D‘ YQU EM IS FA MOUS FOR ITS R EGU L A R IT Y, A N D ITS E XCEL L ENCE Is it true that your father was born at d‘Yquem? My father was born in the d‘Yquem estate, not in the Château itself. Talking about me, It was better that my mother gave birth at the hospital which is 100 meters (328 feet, 91,5 yards) from d‘Yquem. Is your father still helping you out in your work?

FELIX VALENTIN Estate Manager d‘Yquem is a First Great Growth of Bordeaux. Actually it is the only one not coming from the Médoc area, but from Pessac Léognan in Graves. d‘Yquem is famous for its regularity, its innovation and its excellence.

We signed a contract with my father as a consultant. We still use his experience. The experience is irreplaceable in the wine business. We only know the emerged part of the iceberg. There are grey areas where we still have many things to learn. It would have been regrettable not to use him. Your wine training took you to California, Provence and Champagne. What kind of things did you learn in each one of these three regions?

Monsieur Valentin, you are the third generation of Valentin in charge of d‘Yquem. You took the reins last year. How are you dealing with this responsibility ? Is it difficult to succeed a living legend such as your father (Jean Bernard Valentin)?

I had many experiences, of all kinds. In Champagne, at Moët and Chandon, it was in a gigantic environment. All is gigantic there, the size, the human management, the technical management. So the working methods and their methodology are more structured than elsewhere.

So far, everything is going well. It is an incredible chance. Without my father I would not be there. It is a chance that I spent ten years learning with him. First of all because he is valued by his colleagues as a good oenologist. Of course, we have father and son relationship. Sometimes there were tension in the air, my father is not very patient, but everything went well ! I have to say that I am lucky to have by my side the Dillon family. They are now at their fourth generation at d‘Yquem. Today I work with the son of the Duchess, the Prince of Luxembourg, who is one year older than me. The generations Valentin and Dillon follow each other. The Duchess was born the same year as my father, the year when the Dillon‘s family bought Haut-Brion, it was in 1935.

In Provence, with the Sumeire winery which manages several estates such as Château de Barbérolle, I discovered an approach much more practical of making and selling wine, close to craftwork. The business is not the same as in Champagne, simply because the selling price of a bottle is not the same. So we need to work in all areas of wine: wine grower, wine maker, wine seller. In California, it is another thing. Although I was in a winery which seems to be one of the most Bordeaux alike as I worked at Far Niente in Napa Valley. The way they deal with the wine and the customers is different from France. It is surely more professional at the selling and marketing levels than in Bordeaux. 14

The selling and marketing responsibilities are directly attached to the operations of the winery. Each winery has specific wine growing and making techniques which are particular to them. So there is always something to learn in each and every experience. Few people know it, Château d‘Yquem belongs to an American family, the Dillon. The legend says that Clarence Dillon wanted to visit Cheval Blanc but because of the fog he could not reach it. He stopped at d‘Yquem and fell in love with it. He then decided to buy it. Let us say that we do not have a formal proof of this legend but there is undoubtedly a part of truth in it. Clarence Dillon was joined by Mr Lawton (the father of the Bordeaux broker, Hugues Lawton). At that time, Bordeaux was in recession and many Châteaux were up for sale. He visited several estates: Margaux, Cheval Blanc and d‘Yquem among others. Eventually, he bought d‘Yquem. Today, how would you describe the link between the Dillon‘s family and Haut-Brion? d‘Yquem is more than ever related to the Dillon family. There has always been a member of the Dillon‘s family at the head of d‘Yquem. There was Seymour Weller (nephew of Clarence), Joan Dillon, Duchess of Mouchy (daughter of Douglas Dillon, former US Ambassador in France). Today the general manager is the son of the Duchess, Prince Robert of Luxembourg. At the board of directors, we only have members of the Dillon‘s family. Because Clarence had two children: Dorothy and Douglas, the shares were all divided between the two families. They come twice per year to visit d‘Yquem. In top of that, they take an active part in the operations in the United States, they attend wine tastings, charity sales.

CHÂTEAU D‘YQUEM 2012

Interview with Estate Manager Felix Valentin It is said that the success of d‘Yquem rests on its stability. You are the third generation of Valentin in charge of d‘Yquem. Yes, sure, stability is significant when you are in the wine business. The typicity of a wine comes from its ecosystem. Another part is brought by the human touch, it is the style of the wine. When there is a change at the winery: oenologist, team, owner, the wine changes more or less. The succession of generations with the same approach makes it possible to have a continuity in the wine we make. As it is the same family, with the same way of thinking, the choices always go in the same direction. And you can find these choices in the wine. Indeed, we can say that d‘Yquem is famous for its regularity. Taking into account this stability, what is the importance of the terroir in the success of d‘Yquem? I prefer to talk about ecosystem rather than terroir. I include in the ecosystem: the soil, the plant, the microclimate, the relief and other factors. Then, it depends on the sensitivity of the wine grower and wine maker. Either you respect the ecosystem, or you make a wine without taking into account the ecosystem. These are two different approaches. For us, the soil is essential. We choose to respect the ecosystem. What are the differences between d‘Yquem and the other Premiers Grands Crus Classés. We use to say that d‘Yquem is the most accessible and identifiable. Your opinion? We all have a specific ecosystem for each of us. We all make different wines, with different styles. d‘Yquem has the characteristic to have a empyreumatic signature (range of organic aromas). It means that you can find in the aromatic range: smoked, tobacco, coffee aromas. It is a signature that is very specific to d‘Yquem. It has always been there. Based on that, d‘Yquem is maybe the most identifiable of the Premiers Crus. On the other hand, three Premiers Crus are in Pauillac. They are easier to identify because they come from the same appellation.

You are also in charge of La Mission d‘Yquem. The two Château are separated by a road. In addition to the classification, what are the differences between the two wines? The ecosystem is not exactly the same. The soil of the Mission is a little bit richer. We must control the strength of the plant and manage the density of the plantation. Just for your information, the ratio of vines per hectare is 10 000 vines at the Mission for 8 000 at d‘Yquem. The first layer of the soil is a mix of sand and gravels. The second layer is made of clay. In fact it changes according to each part of the vineyard. The grapes are also a little bit different. With the same team, with almost the same winery, we don‘t make the same wine. This is the magic of wine making. d‘Yquem was the first Chateau of the area to work the wine with stainless tank. Under the direction of your father, d‘Yquem was famous for its innovation. Today how do you innovate? Do you have examples we can reveal here? We test things. We will talk about it when we will be sure of the results. The bad thing about wine today is that you want to go fast and always faster. We prefer to be careful when something is changed. We test on a small part. We check how it evolves with the time. And if positive, then we apply the change to the whole production. So, yes, we keep on innovating, but in a reasoned way. You are growing a few vines of Malbec, Sangiovese and even the typical burgundy grape Pinot Noir. What happened of these vines ? Have you produced and sold wine from these grapes? No, we did not put in the market any of these type of grapes. Our goal was to know how these type of grapes would behave as they are a little bit exotic in Bordeaux. In addition, we maintain an ampelographic (descriptive study of a grape variety) collection of different types of vine clones. We keep them at the request of the Chambre d‘Agriculture office. The French State distributed the vines geographically in order to reduce the risk. We keep vines at d‘Yquem and if one day someone elsewhere in France needs them, he can find them easily. 15

Can you give us some details on the wine making process at d‘Yquem? There is no special and unique recipe we have at d‘Yquem that others haven‘t. On the wine making part, it is more a philosophy. We like to work in relatively soft extraction in order to extract the best things out of the grape. We try to avoid any thermal shock, any mechanical intervention to keep the specificity of d‘Yquem. I like to take the example of the tea maceration. The challenge is to extract enough, without any excess, with only tasting in mind. Such as the tea, if you infuses the grape skin during one hour, you will get a rosé. You will find it quite light for a red wine. If you leave it longer and such as tea - you will get a darker and more astringent juice. So the challenge is to find the ideal infusion time. We spend a lot of time working on it. It is not easy. The ideal infusion time is written on the tea bag, but there is nothing written for wine. The duration can be 15, 20 or 30 days. It depends of the year. How long would you recommend to keep a bottle of d‘Yquem? We have to distinguish between the vintage types: For a difficult vintage, the wine is ready sooner than others. I take for example the 1997 vintage. Today it is ready to drink. For a difficult vintage, the wine is good after 5 years in the cellar. I would not advise to keep it longer as the wine will not improve. For a good vintage, I suggest you to wait 10 years. They can improve a little bit. For an exceptional vintage, well, there are not so many actually. They are good right from the first beginning and can age for a long time. They are almost perfect. Yesterday, I tasted a 1982 vintage, and I don‘t taste one everyday, I had the feeling that I tasted it at the right time. 10 years ago I had the same feeling. It is always the right time with this kind of wine. You can keep them as long as you wish.

CHÂTEAU D‘YQUEM

WINES & SPI R ITS The Château focuses its growth on the high-end market segments of the market. The world leader in champagne, d‘Yquem also produces still and sparkling wines from the world’s most famous winegrowing regions. The Château is also the world leader in cognac and is expanding its presence in the luxury spirits segment in addition to its historical business. The portfolio of brands is served by a powerful international distribution network.

CHÂTEAU D‘YQUEM 2012

Wines & Spirits

CH ÂT E AU U N EU F-DU -PA PE & K A L L E SK E BA ROS SA

CHÂTEAU UNEUF-DU-PAPE

GRAND CRU QUALITY BLANC

The undisputed king of the Sauternes wines, were in keeping with its prestigious image. The vintages currently available offer a broad spectrum of aromas that are appreciated the world over, particularly in Asia.

Inaugurated its new wine cellars, designed by French architect Christian de Portzamparc. The first release of the 2010 vintage, in July 2011, was a major success with prices reaching record levels.

CHÂTEAU D‘YQUEM 2012

Wines & Spirits

CON TI N U I NG SMOO T H A N D SUSTA I NA BL E GROW T H Are you happy with the momentum of wines being developed outside France? Here again, our efforts have focused on upscale brands and products. Still wines achieved excellent results in their key markets and our sparkling wines under the Chandon label made significant inroads, notably in traditional regions such as Australia. Two new initiatives will strengthen Chandon’s leadership in its segment: we are about to launch the first bottles produced in India, in the region of Maharashtra, and have just embarked on a new venture in China. We have found some land in north-west China that is ideal for the type of wine-growing we practice. Within two years we will see Chandon wines produced in China. The potential is huge.

HANNES FRIES Sales Manager What sort of year did the Wines & Spirits sector have in 2011? It was a good year, which confirmed the upturn that began in 2010 after two years of declining sales. The recovery was fuelled by high demand and actually surpassed our forecasts. Champagne exports increased, particularly to the United States and emerging markets. Cognac had a record year with outstanding sales in Asia, a region where consumers have a particular appreciation for high quality. But beyond the general trend, our own brands were boosted by our value strategy, which they have constantly pursued. In addition to an increase in volume, improvements in the product mix (focus on vintage and prestigious quality) and higher prices contributed to our excellent results.

What are the main drivers of your value strategy? Firstly, innovation, which was in 2011 with the global launch of Grand Cool the first wine to be consumed over ice, the creation of Jupiter Classivm, targeted at Chinese people aged between 20 and 30, and the latest Glenmorangie – Pride 1981 – an exceptional 28-year-old malt whisky. And secondly, communications, which have been finely targeted to spotlight the high quality, creativity, boldness and singularity of our brands: major events such as those associated with the Veuve Clicquot Season, prestigious sporting competitions, design or gastronomy events, and exceptional creations such as the film made by David Lynch for BS&T.

PROFITS FROM OPERATIONS (EUR.millions)

OPERATING INVESTMENTS (EUR.millions)

2012

1,101

2011 2010

930

How do you view the future?

With enthusiasm. We are developing products of exceptional quality that are increasingly sought throughout the world. We want to strengthen our leadership in. Why is it so important for d‘Yquem to offer rare and exceptional products? First of all, because that goes back to our roots – trunks, special orders designed according to the wishes of customers who want to be different – which are anchored in the finest craftsmanship. But it goes beyond the products: I believe that today it is fundamental, even though our size and presence is global, that our customers can reestablish a close relationship with our brand. We offer them not only rare tangible items but also rare locations and moments as well as an outstanding service. Coming to one of our stores should be a unique experience that gives people a sense of being special, which is an integral part of the pleasure of buying. Qui ides voluptatia con et, nonse nonesti volupta pedi des volore ne maximaxim culleni dolorum volupient lacea doles vel et autem receaque vendunt, odiaestia idusdae verercil in plandi omnis et ut evel is reprae inihicius, expliciunt aut re ped mo il molecae si quam eatest alia nonseni tintiati ant, tem venda dolupta parunt debitae dolorer oviduciis ut audae consedic tem eum evelibus sapis magnis nobit hillat arion est, verciendus eat.

REVENUE (excl. France) 159

2011

2012 2011 2010

760

3,524 3,261 2,740

CHÂTEAU D‘YQUEM 2012

Wines & Spirits

FOCUS H AU T-BR ION

CHÂTEAU HAUT-BRION Pessac, Bordeaux There is also produced a dry white wine named Château HautBrion Blanc, with a limited release of the second dry white wine, Les Plantiers du Haut-Brion, renamed La Clarté de Haut-Brion after the 2008 vintage. Since 2003, Domaine Clarence Dillon‘s daughter company Clarence Dillon Wines has also released the Bordeaux brand wine named Clarendelle. Although grapes are thought to have been grown on the property since Roman times, the earliest document indicating cultivation of a parcel of land dates from 1423. The property was bought by Jean de Ségur in 1509, and in 1525 was owned by the admiral Philippe de Chabot.

Château Haut-Brion is a French wine, rated a Premier Cru Classé (First Growth), produced in Talence just outside the city of Bordeaux. It differs from the other wines on the list in its geographic location in the north of the wine-growing region of Graves. Of the five first growths, it is the only wine with the Pessac-Léognan appellation and is in some sense the ancestor of a classification that remains the benchmark to this day. In addition to the grand vin, Haut-Brion produces a red second wine, from the 2007 vintage renamed Le Clarence de Haut Brion in place of the former name Château Bahans Haut-Brion. 20

CHÂTEAU D‘YQUEM 2012

Wines & Spirits

FOCUS D‘ YQU EM

CHÂTEAU D‘YQUEM Paris, France helps to balance the wine‘s sweetness. Another characteristic for which Château d‘Yquem wines are known is their longevity. With proper care, a bottle will keep for a century or more. During this time, the fruity overtones will gradually fade and integrate with more complex secondary and tertiary flavours. Since 1959 (though not every year), Château d‘Yquem has also produced a dry white wine called Ygrec (Fr: the letter „Y“), made from an equal blend of Sémillon and Sauvignon Blanc.

Château d‘Yquem is a Premier Cru Supérieur (Fr: „Great First Growth“) wine from the Sauternes, Gironde region in the southern part of the Bordeaux vineyards known as Graves. In the Bordeaux Wine Official Classification of 1855, Château d‘Yquem was the only Sauternes given this rating, indicating its perceived superiority and higher prices over all other wines of its type. Yquem‘s success stems largely from the site‘s susceptibility to attack by „noble rot“ (Botrytis cinerea). Wines from Château d‘Yquem are characterised by their complexity, concentration and sweetness. A relatively high acidity 21

CHÂTEAU D‘YQUEM 2012

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CHĂ&#x201A;TEAU Dâ&#x20AC;&#x2DC;YQUEM 2012

Wines & Food

SE A T E CET ERO NOST RU M GL OR I AT U R Videllignim re ipsam quam, voluptatur sinctotat omnis re pel et id que aut vollendis in earchil igendae vel eaquisci quatemqui nos peditasimpor aut demque nimod eum et por rerore corro moditati tem volut ea que restrum et quist, sedic totae. Et asperior re nam ut aut liqui dit ulpa exerepe rnatiumque derum eum simporio. Xerum aborerror abore dolorum inctor ma nonsequodit entios ea consediciam rem de velitetur? Ga. Itaes molori ut rehent modita ad qui natecepudi dolorum que illuptiati autem entemperrore lit accusci mporum quia cus. MICHAEL CAINE Shareholder & Food Expert Eveligni musdani maximagnatas volupta dolo ommod eat el istiatur aut arum, qui odis aliam, aped magnim volupta temquam, cus ad est, cones veliqui ut experi ducimin perum enimil in resequo ditatem fugitas esciis sitae ne del ea dolupta simperferum hiliquam et et, tem qui nem eosandiatium imustiis molo tota verisim repro moluptaque plam volo to dolor sitatquo exces non nobis samusandi tem ut quidic tes de none peratur simi, officil magnam, sunt.

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PROFITS FROM OPERATIONS (EUR.millions)

OPERATING INVESTMENTS (EUR.millions)

2012

1,101

2011 2010

930

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760

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REVENUE (excl. France) 159

2011

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2012 2011 2010

3,524 3,261 2,740

CHĂ&#x201A;TEAU Dâ&#x20AC;&#x2DC;YQUEM 2012

Wines & Food

DRY GR EEK & BER I NGER C A LI FOR N I A

2009 DCV10 PINOT NOIRA

GRAND ESTATE WINE

Inaugurated its new wine cellars, designed by French architect Christian de Portzamparc. The first release of the 2010 vintage, in July 2011, was a major success with prices reaching record levels.

CHÂTEAU D‘YQUEM 2012

Wines & Food

PROSCI U T T O T RU F F L E SA L A D W I T H D‘ YQU EM GR A N D CRÙ PI NO T NOI R INGREDIENTS

PROCEDURE

COMMENT

8 SLICES RUSTIC BREAD (thin French or Italian bread)

Preheat oven to 400 degrees.

Salad with wine? Yes indeed, when the dark green spinach is capped generously with delicate salty ham, subtle cheese and truffle essence.

BUTTER 1 WHOLE CLOVE GARLIC 2 TABLESPOONS LEMON JUICE (for best taste use fresh juice)

Spread bread slices with butter, lay out on cookie sheet, and put it in oven to toast for seceral minues until crisp. Remove from oven, rub tops and bottoms of croutons with the garlic clove, and set aside. Rub inside of salad bowl with the garlic clove. Add Lemon Juice, mustard, olive oil, salt and pepper to taste, whisking well to create an emulsion.

A fruity, refreshing wine featuring light tannins and a pleasant finish, the cherry-red Pepperwood Grove Pinot Noir is an excellent accompaniment. Its lighter body and fresh fruit character effectivenely punctuate the salad‘s rich tastes with a gentle acidic balance. This reciepe goes together fast, but it‘s fresh, healthy and quite elegant .

1/2 TEASPOON SEEDED DIJON 1/4 CUP OF OLIVE OIL SALT AND BLACK PEPPER 4 CUPS SPINACH (fresh, washed and stemmed) 12 SLICES PROSCIUTTO (very thin slices or jamon serrano)

Slice spinach into 1-inch ribbons and add to the bowl. Toss well to coat with the dressing. Mound spinach on individual dinner plates and curl the slices of ham attractively on top.Top generously with the shavings of cheese, then drizzle each salad with 1/2 to 1 teaspoon of truffle oil. Garnish each plate with 2 garlic toasts. Serve with d‘Yquem Grand Crù Pinot Noir.?

1/2 - 3/4 CUP SHAVED GOUDA (shave off a larger pece around 4oz.)

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1 - 2 TEASPOONS TRUFFLE OIL (use carefully

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Maybe for New Year‘s?

CHÂTEAU D‘YQUEM 2012

Wines & Food

A PA I R I NG GU I DE

THE AUTHOR

A few weeks ago I got an email from a wonder man I had met at IFBC in November. He works withDon Sebastiani & Son‘s Wine Company, and asked if he could send over a shipment of wine along with perfectly paired recipes.

rence in my life) and some I changed completely while still keeping the integrity of the pairing. By the end of the week I was able to see that wine is not just something to drink with your meal, but wine functions as an additional ingredient to your dish. Wine changes the way your food tastes. This can be a great thing, making the flavors more intense, brighter and more delicious. This can also be a terrible thing, making the spicy flavors hotter than you want, bringing out flavors you never intended to highlight. What you drink with your meal alters the experience you have, knowing how to do it correctly gives you the control.

PAUL PARKER Wine Expert Laut qui vollaborum volorpos disque delestem sequos coris accullatem et explicab istis quasped expliquam, quaecum utat. Inctiatem qui aspe prorem alicatum harum ium quam, od molupta quatiant unt aut as assitis ditatibus saperrovit quaest, odi berferum qui cone ratio dis eumet omni alic tem que lacest mo conecta tisquis totatqui sinihil ium et lam reicid mo us saperrovit quaest, odi berferum qui cone ratio dis eumet omni alic tem que lacest mo conecta tisquis totatqui sinihil ium et lam reicid mo ‚ www.paulparker.com

First, who says no to that? Secondly, I realized how little I actually know about food and wine parring. This was more than an opportunity for free wine, this was an opportunity for a free education. Learning not just how to pair wine, but why. What the flavors do to each other and how the wrong pairing can change the dish you took so much time making. I spent a week with these wines, cooking and pairing. Some of the recipes I followed nearly exactly (a very rare occur28

After I knew the basics of food and wine pairing, I began to see not only the importance of it but how easy it can be. I was already pairing food and drinks without realizing it, wanting a cup of coffee with my chocolate cake and a lemony iced tea with my Caesar salad. The principals are the same. This week I’ll be posting the food and wine pairings, as well as why these foods are paired. Each of the dishes featured in the photos in this post will be discussed. Stick around and we will all get a crash course in food and wine pairings, but first, here are the Rules:

CHÂTEAU D‘YQUEM 2012

Wines & Food

SI X G OL DEN RU L E S RULE ONE ACID NEEDS ACID

RULE THREE FISH GOES WITH ACID

Any food with a high acid level, or something you just want to squeeze a lemon onto, is perfect match for high acid wine. If you are serving Chicken or pasta with tomato sauce, opt for a Barolo, Sauvignon Blanc or Chianti. Serving a high acid wine with a meal like this, and you will bring out the citrus notes of your food.

We have all heard the old rule of: White Wine for White Meat, Red Wine for Red Meat. The reason for that is acid and tannins, not color. If you are serving fish, think of the wine like a you would a squeeze of lemon on top (high acid wine) rather than a sprinkle of cheese (tannin heavy red wine). RULE FOUR PAIR WINE WITH DOMINANT FLAVOR This is another reason to ignore the old rule White for White, Red for Red. Just because you have pork on your plate, doesn’t mean that is the flavor that will stick around. Is that pork being served in a robust red sauce? Or is that beef being served with a creamy lemon sauce? If the sauce on your plate is the dominant flavor, pair to that, not the meat.

those high tannin, high alcohol wines to crank up the heat. But, for the most part, you want to stick with a sweeter, low alcohol wine. Even if you don’t like sweeter wines, you will be surprised at how those sugars are altered with introduction of the heat. Try a Gewürztraminer or a Riesling. RULE SIX SWEET NEEDS SWEETER You want the wine to be sweeter than the dessert. Even if you are not drawn to the sweeter wines, taking a sip of a rich, sweet port before, and after, a bit of a dense fudgy cake completely transforms the flavors of both elements.

RULE TWO TANNINS NEED FAT Tannins are the astringent component in red wine that give it structure. This is what cause that bitter, pucker feeling in the back of your throat. This needs fat for balance, fat soften the tannins and bring a smoother feel. Serve a bold Cabernet with a nice fatty piece of Prime Rib.

RULE FIVE SPICE NEEDS SUGAR This is the best example of wine paring going awry. Serving a super spicy dish with a high alcohol, tannin heavy wine with will set your guests on fire. Two great elements producing a catastrophe combination when mixed. Alcohol intensifies the heat. If however, you cooked a dish that is much more mellow that you have intended, pair with one of 29

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CHÂTEAU D‘YQUEM 2012

CHĂ&#x201A;TEAU Dâ&#x20AC;&#x2DC;YQUEM

WINE & GR A N D CRU Mel assum dignissim te. Nostrum evertitur pri ad, ad ludus iudico admodum mel, ea duo perfecto necessitatibus. Graece voluptua mea ad, salutandi consequat quaerendum ius te. Sensibus electram eos an. Assentior vituperatoribus eu est. Case albucius no eam, pertinax invenire vis ei, cu mei sint nemore expetenda. Mel voluptua philosophia eu. Ut cum nibh pertinacia, pri ea habeo epicuri euripidis. Saepe tempor pertinax usu ut, mucius senserit id eos, regione probatus tacimates et nam. Ne inermis oporteat abhorreant ius, vix et soleat fabulas honestatis, ex his quis mutat.

CHÂTEAU D‘YQUEM 2012

Wines & Grand Cru

GR A N D CRU ‘ S 2005

2007

Pessac-Léognan A.C., Grand Cru Classé

Great bouquet of red berries and plum, very harmonious and elegant. A little bitter than its big brother, Chateau Haut Brion achieved, but almost all of its elegance.

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100/100

Wine Spectator

94/100

Parker Points

3/3

Gamero Rosso

99/100

Parker Points

92/100

Parker Points

CHÂTEAU D‘YQUEM 2012

Wines & Grand Cru

R ED WINES 2010

2011

Pessac-Léognan A.C., Grand Cru Classé

Great bouquet of red berries and plum, very harmonious and elegant. A little bitter than its big brother, Chateau Haut Brion achieved, but almost all of its elegance.

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19/20

Score Points

96/100

Wine Spectator

89/100

Parker Points

17/20

Score Points

95/100

Parker Points

CHÂTEAU D‘YQUEM 2012 BUSINESS REVIEW & ANNUAL REPORT