Page 1


EUROPEAN CELLARS

BUSINESS REVIEW 2013 JANUARY 9th 2014

2


TOP LINE REVIEW


European Cellars

TOTAL REVENUE: 2013 3% over 2007

2006

2007

2008

2009

2010

2011

2012

2013


European Cellars

TOTAL CASES Jan-Dec 2013 362,117

298,715

351,106 294,728  

363,421

282,356 262,400   227,229  

2006

2007

2008

2009

2010

2011

2012

2013


European Cellars

TOTAL CASES Jan-Dec 2013 362,117

298,715

351,106 294,728  

363,421

282,356 262,400  

3% growth in revenue versus 2007 227,229 .03% growth in cases

2006

2007

2008

2009

2010

2011

2012

2013


European Cellars DI Shipments 2013

Cases

% Change

Robbie

2013

41,131

20.09%

Cases

2012

34,251

32.12%

Revenue

2013

25,596

23.06%

Cases

2012

20,799

29.82%

Revenue

2013

79,045

10.5%

2012

71,533

14.47%

2013

67,768

7.82%

2012

62,852

14%

2013

46,440

-0.41%

Cases

2012

46,631

8.67%

Revenue

2013

52,073

-1.23%

Cases

2012

52,721

-2.34%

Revenue

2013

52,080

-15.57%

2012

61,683

-23.9%

Lambertus

John

Mark

Kristin

NY/NJ

Alex

Cases Revenue Cases Revenue

Cases Revenue

7 Â


European Cellars

Commission Ranking Rank

Producer

Rank

Producer

1

Evodia

11

Janasse

2

Lafage

12

Estezargue

3

Hazaña

13

Mas d’En Compte

4

Castaño

14

Chateau Pesquié

5

Burgans

15

Puech Haut

6

Herencia Altes

16

Gramona

7

Michel Gassier

17

Jean-François Merieau

8

Capçanes

18

Claude Riffault

9

Espelt

19

Droin

10

Artevino

20

Marcoux

8


European Cellars

Top Performance 2012

2013

% Growth

Case Variance

Lafage  

13,372  

27,260  

104%

13,888  

Capcanes  

10,477  

15,472  

48%

4,995  

Novellum-­‐Lafage  

17,052  

20,668  

21%

3,616  

St Roch  -­‐  Lafage    

620  

3,521  

468%

2,901  

8,648  

11,277  

30%

2,629  

530  

2,192  

314%

1,662  

7,788  

9,247  

19%

1,459  

Roure  

150  

1,098  

632%

948  

Tikves  

4,882  

5,624  

15%

742  

Giraud  

793  

1,506  

90%

713  

Espelt   Famille  Brechet     Artevino  

9


European Cellars

Top Performance 2012

2013

% Growth

Case Variance

Casenove  

286  

                   968    

238%

682  

Conreria d'Scala  Dei    

540  

             1,193    

121%

653  

Equipo Navazos  

720  

             1,238    

72%

518  

Terroir al  Limit    

124  

                   377    

204%

253  

Calendal  

132  

                   381    

189%

249  

Mas Doix    

1,016  

             1,248    

23%

232  

Marcoux  

1,132  

             1,304    

15%

172  

Sardonia  

107  

                   233    

118%

126  

Gramona  

4,617  

             4,724    

2%

107  

Binigrau  

400  

                   481    

20%

81  

10


European Cellars

Sales Trendline – Cases 120,000

100,000

80,000

60,000

40,000

20,000

0 Q1  

Q2

Q3 2012  

Q4

2013

11


European Cellars

Monthly Sales Trendline – Cases 45000 40000   35000   30000   25000   20000   15000   10000   5000   0   January  

February

March

April

May

June

July

2012

2013

August

September

October

November December  

12


DISTRIBUTOR PERFORMANCE


Top Distributor Performance – DI Shipments 2012

2013  

% GROWTH

CASE VARIANCE

TEXAS (RNDC  TX  vs  Virtuoso  &  Pioneer)

5,094

11,739

130%

6,645

Freedom (A)

14,462

19,871

37%

5,409

Maverick (A)

21,658

26,443

22%

4,785

0

3,451

3,451

ARIZONA (Youngs  vs  Quench)

2,302

5,451

137%

3,149

Classic (B)

14,895

16,819

13%

1,924

LOUISIANA (Vino  vs  Purveyor)

2,411

4,137

72%

1,726

George's (D)

1,482

3,000

102%

1,518

River City  (C)

0

1,489

1,489

FLORIDA (Stacole  vs  Country  Vintner)

38,065

39,525

4%

1,460

M. S.  Walker  (A)

39,792

41,227

4%

1,435

L'ed Bank  (B)

4,643

6,014

30%

1,371

0

1,268

1,268

Standard (D)

1,095

2,281

108%

1,186

IPO Wines  (A)

22,291

23,399

5%

1,108

DISTRIBUTORS

Youngs (C)

Grassroots


BRAND OVERVIEWS


JDHS 2013 Review + 2014 planning


JDHS DISTRIBUTION CHANGES IN 2013

!  Switched from Regal Wine Company to Young’s Market/Estates Group in California !  Opened new Colorado distribution with Classic Wines !  Switched Virginia/DC distribution to The Country Vintner. TCV now covers Virginia, Washington DC, West Virginia, Maryland, Delaware, and Florida. !  Switched North Carolina distribution to Freedom Beverage !  Opened new Louisiana distribution with Vino Wholesale !  Opened new New Mexico distribution with Southern Wines & Spirits !  Opened new Nevada distribution with Southern Wines & Spirits !  Opened new Arizona distribution with Young’s Market !  Opened new Hawaii distribution with Flavors of Italy !  Opened new Missouri distribution with Major Brands !  Opened new Kentucky distribution with River City !  Renewed relationship with !  Bourget Wines in Minnesota !  L’eft Bank Wines in Wisconsin


New distribution priorities for 2014 Â

Oregon Washington Ohio Â


Distribution changes for 2014? Â

Connecticut? Pennsylvania? Michigan?


FOCUS MARKETS FOR 2014 Â

Georgia Virginia/DC New York Illinois Texas California


JDHS goal vs budget 2013

2013 Case  Goal  

2013 Actual  Cases  

Difference

23,000

21,415

-­‐1,585

! Price per case was the higher in 2013 than it has ever been ! These figures only include the properties that were brought to EC from JDHS in January 2013 and do not include Giacchino or Champault.


2012 vs 2013

2012 Actual  Cases  

2013 Actual  Cases  

Difference

18,237

21,415

3,094


2012 vs 2013 By territory/market Western Region

Territory Alex   Alex   Alex   Alex   Alex   Alex   Alex  

Market Hawaii  (Flavors)   California  (Direct)   California  (Regal)   California  (Young's)   New  Mexico  (SWS)   Nevada  (SWS)   Arizona  (Young's)  

2012 Cases   2013  Cases   Difference   0   504   1866   0   0   0   0   2370  

36 390   330   3398   49   153   197   4553  

36 -­‐114   -­‐1536   3398   49   153   197   2183  


2012 vs 2013 By territory/market Central/Eric Lambertus

Territory Eric   Eric  

Market Vino  Wholesale  (LA)   Classic  (CO)  

2012 Cases   2013  Cases   Difference   0   0   0  

495 342   837  

495 342   837  


2012 vs 2013 By territory/market House

Territory House  

Market IPO/NY  &  NJ  

2012 Cases   2013  Cases   Difference   3388  

2228

-­‐1160


2012 vs 2013 By territory/market Southeast

Territory John/JW   John/AO   John/AO   John/AO   John/AO   John/AO  

Market Tennessee  (BB)   SC  &  AL  (Grassroots)   NC  (Juice)   NC  (Freedom)   Georgia  (Quality)   East  Coast  (TCV)  

2012 Cases   2013  Cases   Difference   149   1700   429   0   2621   573   5472  

311 1249   0   1428   1409   1153   5550  

162 -­‐451   -­‐429   1428   -­‐1212   580   78  


2012 vs 2013 By territory/market New England

Territory Kristen   Kristen  

Market New  England  (MSW)   CT  (Mid-­‐State)  

2012 Cases   2013  Cases   Difference   4086   56   4142  

5183 196   5379  

1097 140   1237  


2012 vs 2013 By territory/market Mid-West

Territory Mark   Mark   Mark   Mark   Mark   Mark  

Market Michigan  (Arbor)   Minnesota  (Bourget)   Illinois  (Cream)   Missouri  (Major)   Wisconsin  (LB)   Kentucky  (River)  

2012 Cases   2013  Cases   Difference   21   168   695   0   0   0   884  

0 69   779   43   346   77   1314  

-­‐21 -­‐99   84   43   346   77   430  


2012 vs 2013 By territory/market Robbie

Territory Robbie   Robbie  

Market WA  &  OR  (C&G)   Texas  (RNDC)  

2012 Cases   2013  Cases   Difference   901   1080   1981  

0 1470   1470  

-­‐901 390   -­‐511  


2012 vs 2013 By producer

Michel Delhommeau, Muscadet 2012 Cases   2013  Cases   Difference   1,868  

1,751

-­‐117

! 2013 Saint Vincent and Harmonie release the first week of March ! This producer has PLENTY of wine.


2012 vs 2013 By producer

Domaine de la Fruitière, Muscadet 2012 Cases   2013  Cases   Difference   1,302  

2,384

1,082

! Remember that “Petit M” will now be “Clos du Bel Abord” with new package and new wine style. ! This new Muscadet will release the first week of March. ! Chardonnay and Vignes Blanches 2013 are RELEASED NOW! ! This producer has plenty of wine!


2012 vs 2013 By producer

Damien Laureau, Savennières 2012 Cases   2013  Cases   Difference   73  

212

139

! We will be on 2011’s for the next couple of months ! New wine: Savennières “Les Petits Gorgées” 2012 which is much less expensive than “Les Genets” is now released.


2012 vs 2013 By producer

Louis de Grenelle, Saumur 2012 Cases   2013  Cases   Difference   1075  

1479

404

! This brand is gaining momentum and the property has a lot of wine to sell. ! Slight package change for all wines.


2012 vs 2013 By producer

Domaine des Roches Neuves, Saumur 2012 Cases   2013  Cases   Difference   104  

70

! Very high priority for the first quarter of 2014. ! All wines are released.

-­‐34


2012 vs 2013 By producer

Frédéric Mabileau, St. Nicolas de Bourgeuil 2012 Cases   2013  Cases   Difference   112  

152

40


2012 vs 2013 By producer

Domaine de la Noblaie, Chinon 2012 Cases   2013  Cases   Difference   540  

1023

! Please push the rosé as a top JDHS rosé priority

483


2012 vs 2013 By producer

Domaine Saint Nicolas, Fièfs Vendéens 2012 Cases   2013  Cases   Difference   350  

257

483

! The property made more “Les Clous” this year. It will release in mid February


2012 vs 2013 By producer

Domaine du Viking, Vouvray 2012 Cases   2013  Cases   Difference   302  

724

422

! Virtually all of the 2012 Viking is sold. ! We’ll be kicking off a new Vouvray property to supplement Viking very shortly.


2012 vs 2013 By producer

La Craie Vouvray 2012 Cases   2013  Cases   Difference   1063  

! Currently on 2012 vintage.

938

-­‐125


2012 vs 2013 By producer

Jean-Francois Merieau, Touraine 2012 Cases   2013  Cases   Difference   3669  

3460

-­‐209

! Tough situation with Hexagonales running out halfway through the year. ! We’ll be moving to a new Sauvignon to replace Hex very shortly. ! “L’Arpent des Vaudon” 2013 will release in early March.


2012 vs 2013 By producer

Domaine des Huards, Cour-Cheverny 2012 Cases   2013  Cases   Difference   341  

440

99

! We’re doing a slightly better job moving “Romo” which the property is happy with. ! We’ll have a small allocation of Cheverny Blanc 2013 this year.


2012 vs 2013 By producer

Claude Riffault, Sancerre 2012 Cases   2013  Cases   Difference   2034  

2068

! Small amount of 2012 vintage still at Bilbao ! 2013 Boucauds and Chasseignes will release in March ! Chailloux and Denisottes will release in May ! Rosé 2013 is gorgeous and will release in February

34


2012 vs 2013 By producer

Domaine Vacheron, Sancerre 2012 Cases   2013  Cases   Difference   1082  

1184

102

! 2013 Sancerre Blanc will release at the end of this month ! 2012 Les Romains, Guignes Chevres, Chambrates, and Paradis will release in March


2012 vs 2013 By producer

Champagne Francoise Bedel 2012 Cases   2013  Cases   Difference   271  

263

! One of the hottest grower Champagnes on the market. ! New package for all wines in spring 2013. ! Let’s get this going!!!

-­‐8


2012 vs 2013 By producer

Champagne Dosnon & Lepage 2012 Cases   2013  Cases   Difference   619  

536

-­‐83

! Seems to be doing ok as a brand but we’re not growing it. ! All wines are available.


2012 vs 2013 By producer

Chateau Vincens, Cahors 2012 Cases   2013  Cases   Difference   112  

334

222

! Tremendous potential here. The property has a lot of wine and is very responsive. ! Strong press from Wine Enthusiast.


European Cellars

Chateauneuf-du-Pape

48 Â


European Cellars

Chateauneuf-du-Pape 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Clos St Jean

1564

794

-770

1326

60%

Famille Brechet

530

2192

1662

2774

79%

Giraud

793

1506

713

1748

86%

Janasse

7034

6372

-662

7462

85%

Marcoux

1132

1304

172

1338

97%

Roger Sabon

1532

1021

-511

1838

56%

TOTAL

12585

13189

604

16486

80%

49 Â


European Cellars

REVIEW "  2012 Vintage Update •  High quality •  Slightly more concentrated than 2011 •  Yield 20% less than 2011 – our allocations have remained steady •  The wines have been reviewed by Jeb Dunnuck •  Price increases on all but some Sabon and Famille Brechet "  2013 Vintage Update •  Very difficult •  Old vine Grenache suffered the most with a reduction in yields •  Declassification across the board to keep quality high •  More time to sell the 2012 vintage

50


European Cellars

REVIEW "  Clos Saint Jean •  We need more points of distribution, reorder and further sales: •  120 cases of VV and 50 cases of Blanc •  Sell 14 VV with 7 Blanc •  Target: Glazer’s, L’eft Bank, NWS, River City, Standard, RNDC Texas, YMCO AZ "  Roger Sabon •  We need to deal on Renaissance utilizing 2010 Secret – 3 : 1 •  We need more distribution on remaining balances •  Target: A&B, Classic, L’eft Bank, Maverick, NWS, Quality, RNDC Indiana, Vino, YMCO AZ

51


European Cellars

REVIEW "  Chateau Vaudieu & Famille Brechet •  2012 quality is beyond exceptional •  US market represents 12% of their production •  Large 70ha estate •  1st French property to import 80hl Bio-D tronconic eggs from Italy •  As we grow volume, price will stay constant •  Essential brand – Q1 incentive – Prepaid producer •  We can get more 2012 Lirac Blanc upon request •  Need to drive Rosé commitments in January – lighter color, package change •  Need more distribution •  Target: Freedom, L’eft Bank, NWS, Paustis, Quality, RNDC Indiana, Vino, Winebow, YMCO AZ

52


European Cellars

REVIEW "  Marcoux •  Lots of wines still to sell •  173cases of Rouge and 39 cases of Blanc •  Need more distribution on remaining balances •  Target: A&B, Glazer’s, L’eft Bank, NWS, Quality, River City, RNDC Indiana, Winebow, YMCO AZ •  2011 V.V. – we have 30 wooden cases and 1 magnum (132€) •  Cherry pick older vintages in DB "  Giraud •  We need increased distribution on Premices •  2011 Tradition – 54 cases remaining

53


European Cellars

Rhone

54 Â


European Cellars 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Calendal

132

381

249

601

63%

Clos Chanteduc

700

407

-293

700

58%

Collière

1139

808

-331

1608

50%

Estezargues

8713

7427

-1286

13245

56%

Garrigue

3410

3057

-353

4618

66%

Michel Gassier

17878

13600

-4278

25,060

54%

2

70

68

1000

7%

317

128

-189

411

31%

0

4059

4059

5000

81%

Pesquie

11948

8992

-2956

12,184

74%

Roche

1733

557

--1176

1325

42%

St Jean du Barroux

202

593

391

695

85%

Vindemio

1115

21

-1094

1954

1%

TOTAL

47289

40100

-7189

68401

59%

Rhone

Juvenal Mas des Volques Pesquie – Paradou

55


European Cellars

Southern France

56 Â


European Cellars

Southern France 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

286

968

682

5214

19%

Lafage

13372

27260

13888

19702

138%

L’Hortus

2364

1293

-1071

2267

57%

Novellum

17052

20668

3616

16000

129%

Peira

345

249

-96

504

49%

Puech Haut

7481

5973

-1508

9364

64%

St Roch

620

3521

2901

1680

210%

Troullier

31

0

-31

349

0%

TOTAL

41551

59932

18381

55080

109%

Casenove

57


European Cellars

La Peira "  La Peira Market Plan "  Existing distribution: "  NY/NJ, MA, NC, FL, VA, MD, CA, WA, CO "  Targeted new distribution: "  GA, IL & LA "  These 12 markets will receive an allocation for La Peira in 2014: "  Allocation will include each of the 4 wines we represent – La Peira, Las Flors, Deusyls & Les Obrieres "  Eric Solomon will be visiting each of these markets to present these wines to the trade, conduct seminars and high profile consumer events

58


European Cellars

Chablis, Switzerland, Macedonia, Monbazillac

2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

0

59

59

126

47%

Droin

3528

3095

-433

3319

93%

Tikves

4882

5624

742

6804

83%

Tirecul

253

253

0

272

93%

TOTAL

8663

9098

435

10545

86%

Bovard

59 Â


European Cellars

Green Spain

60 Â


European Cellars

Green Spain 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Burgans

31242

27552

-3690

31,240

88%

Pazo de Senorans

2724

1142

-1582

3472

33%

Pena das Donas

244

245

1

665

37%

Rafael Palacios

2795

2723

-72

4,800

57%

Sameiras

80

49

-31

112

44%

Sanclodio

164

203

39

560

36%

37249

31914

-5335

40,849

78%

TOTAL

61 Â


European Cellars

REVIEW "  Pazo de Senorans •  2013 Pazo in Bilbao and ready to ship "  Pena das Donas, Sameiras & Sanclodio •  Sitting on inventory that needs to ship "  Rafael Palacios •  205 cases of 2012 Sabrego remain, 2013 released in February •  2013 Louro available at the end of March •  2011 Sorte O Soro available now, ready to ship "  Suertes del Marques (for lack of another place to put it…) •  7 Fuentes, El Esquilón & La Solana available in Bilbao •  Available in March: El Ciruelo, Los Pasitos & Vidonia

62


European Cellars

Catalunya

63 Â


European Cellars

Catalunya 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Binigrau

369

361

-8

448

78%

Cal Raspallet

25

8

-17

56

14%

Can Rafols

0

139

139

-

-

Capçanes

10477

15472

4995

15796

98%

0

122

122

280

44%

Espelt

8648

11277

2629

11032

102%

Gramona

4617

4724

107

3908

121%

Herencia Altes

21339

16465

4874

20,040

82%

TOTAL

45475

48568

3093

51431

94.4%

Castell d’Encus

64


European Cellars

REVIEW "  Binigrau •  2013 Nounat released in March "  Can Rafols •  We are behind and must focus on this producer •  Mas Oller Mar and Terraprima white must be gone this month "  Capçanes •  Mas Donis Rosé will be in Bilbao early February •  2012 Mas Donis Red is on hold per Eric Solomon "  Cara Nord •  Wines ready in Bilbao •  New released will be available in March/April

65


European Cellars

REVIEW "  Celler d’Encus •  We are way behind and new released are imminent "  Gramona •  2013 Gessami available at Bilbao, ready to ship •  Enoteca released in February "  Espelt •  2013 Vailet and Corali in Bilbao, ready to ship "  Herencia Altes •  2013 Garnatxa Blanca released in February •  2013 Garnatxa Negre released in March

66


European Cellars

Priorat

67 Â


European Cellars

Priorat 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Celler Cecilio

0

1704

1704

1,000

170%

Clos Erasmus

728

505

-223

906

56%

Closa Batllet

1120

603

-517

722

84%

Conreria d’Scala Dei

540

1193

653

1960

61%

Mas Alta

2503

2352

-151

3154

75%

Mas d’En Compte

4233

3613

-620

5,804

62%

Mas Doix

1016

1248

232

1844

68%

Nit de Nin

440

131

-309

520

25%

Terroir al Limit

124

377

253

220

171%

10704

11726

1022

16130

73%

TOTAL

68


European Cellars

REVIEW "  Conreria d’Scala Dei •  2012 Brugueres in Bilbao, ready to ship •  2010 Black Slate Escaladei in Bilbao, ready to ship •  2012 Black Slate Morera Blanc released at the end of February "  Mas Alta •  2012 Black Slate Vilella Alta released in February "  Mas Doix •  168 cases of Les Crestes unsold •  2009 VV remains without sales, there are 440 cases to sell!

69


European Cellars

Central Spain

70 Â


European Cellars

Central Spain 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

75709

66226

-9483

65,000

102%

Calandria

400

463

63

839

55%

Comando G

60

69

9

154

45%

Equipo Navazos

720

1238

518

1270

97%

Jimenez-Landi

734

286

-448

1064

27%

Menade

3714

1012

-2702

5112

20%

Vila Viniteca

1136

966

-170

2184

44%

TOTAL

82473

70260

-12213

75,623

93%

Evodia

71 Â


European Cellars

REVIEW "  Comando G / Daniel Jimenez •  Wines are prepaid and sitting in Bilbao – we must start selling them "  Equipo Navazos •  #42, #44, #45 & #46 are in Bilbao, ready to ship •  #47 & #48 will be released in March "  Menade •  2013 Verdejo Organic & Creta Verdejo Organic released in February "  Vila Viniteca •  We are sitting on the following back vintages: •  150 cases 2011 Niepoort-Navazos •  6 cases 2010 La Mujer Cañon •  162 cases 2011 El Hombre Bala •  308 cases El Perro Verde 72


European Cellars

Murcia & Valencia

73 Â


European Cellars

Murcia & Valencia

2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Casa Castillo

3808

3006

-802

8064

37%

Castano

28620

16956

-11664

23452

72%

Roure

150

1098

948

1512

73%

Sierra Salinas

4202

3175

-1027

4112

77%

0

1120

1120

-

-

36780

25355

-11425

37140

68.3%

Valsangiacomo TOTAL

74 Â


European Cellars

REVIEW "  Casa Castillo •  Must sell remaining 2011 Monastrell by the end of January (390 cases) "  Castaño •  2013 Macabeo/Chardonnay and Rosado available end of January "  Celler del Roure •  2012 Cullerot and 2011 Parotet released in February "  Valsangiacomo •  2012 Bobal de Sanjuan in Bilbao, ready to ship

75


European Cellars

Rioja &

Ribera del Duero

76 Â


European Cellars

Rioja & Ribera del Duero 2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Aalto

2190

1643

-547

3224

51%

Artevino

14817

17515

2698

20104

87%

Benjamin Romeo

1396

1097

-299

3,369

33%

Creta

4578

2270

-2308

5000

45%

0

14912

14912

-

-

Monasterio

995

1042

47

1,064

98%

Sardonia

107

233

126

168

139%

24083

38712

14629

32929

118%

Hazana Rioja

TOTAL

77 Â


European Cellars

Artevino

2012 Sales

2013 Sales

2013 vs 2012

2013 Goals

% of 2013 Goal

Villacreces

4053

4493

440

5488

82%

Izadi

2741

3625

884

3416

106%

Vetus

757

783

26

1456

54%

Orben

236

248

12

420

59%

14817

17515

2698

20104

87%

ARTEVINO

78 Â


European Cellars

REVIEW "  Aalto •  We start our commitment for sales of 280 cases per month in 2014 "  Benjamin Romeo •  Must sell current inventory of whites •  Focus on Predicador "  Hazaña •  2400 cases of 2011 remain, we will ship 2012 when it is gone. "  Hacienda Monasterio •  2010 in Bilbao, ready to ship "  Quinta Sardonia •  Must sell current inventory, we are behind

79


NATIONAL PORTFOLIO TASTING


European Cellars

2014 National Portfolio Tasting

Location – Charlotte, NC •  1 day France ( JDHS & ESS) •  1 day Spain •  Guided tasting, seminars •  March 17th – 18th •  Duke Mansion •  Portfolio managers and trade will be invited

81


European Cellars

2014 National Portfolio Tasting

Invitation process •  The invitation list has been finalized •  Eric Lambertus will be handling the details •  Each distributor will be contacted by phone •  Details •  Cost sharing •  Invitations to the trade •  This will begin on Friday, January 10th

82


GORDONS VS VINLUX


FIN

Business review 2013 final  
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