Bacardi Limited

Company Profile

Publication Date: 13 Apr 2010

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Europe, Middle East & Africa Americas Asia Pacific
119 Farringdon Road 245 5th Avenue Level 46
London 4th Floor 2 Park Street
EC1R 3DA New York, NY 10016 Sydney, NSW 2000
United Kingdom USA Australia

t: +44 20 7551 9000 t: +1 212 686 7400 t: +61 2 8705 6900

f: +44 20 7551 9090 f: +1 212 686 2626 f: +61 2 8088 7405
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TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................6
Key Employees.....................................................................................................8
Key Employee Biographies..................................................................................9
Major Products and Services............................................................................13
Revenue Analysis...............................................................................................14
SWOT Analysis...................................................................................................15
Top Competitors.................................................................................................19
Company View.....................................................................................................20
Locations and Subsidiaries...............................................................................21

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Company Overview

COMPANY OVERVIEW

Bacardi Limited (Bacardi) is the largest privately held spirits company in the world. The company
produces and markets a variety of spirits and wines. It operates in America, Europe and Asia. It is
headquartered in Hamilton, Bermuda and employs about 6,000 people.

The company recorded revenues of $4,394 million, during financial year ended March 2009 (FY2009),
a decrease of 3% compared with FY2008. The operating profit of the company was $1,030 million,
during FY2009, a decrease of 3.8% compared with FY2008. The net profit was $805.1 million in
FY2009, an increase of 1.3% compared with FY2008.

KEY FACTS

Head Office Bacardi Limited

65 Pitts Bay Road
Pembroke Hamilton 08
Bermuda
BMU
Phone 441 295 4345
Fax 441 292 0562
Web Address http://www.bacardilimited.com
Revenue / turnover 4,394.0
(USD Mn)
Financial Year End March
Employees 6,000

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Business Description

BUSINESS DESCRIPTION

Bacardi is one of the leading wine and spirits group in the world. The company's portfolio consists
of more than 200 brands and labels, including Bombay Sapphire gin, Martini vermouth, Dewar's
Scotch whiskey, and B&B and Benedictine liqueurs. Other offerings by Bacardi include vodka, tequila,
cognac, and sparkling wine. The company serves more than 110 countries including the US, Spain,
France, the UK, Mexico, Germany, Italy and Russia.

The company operates 27 production facilities, including bottling, distilling, and manufacturing
facilities, located in 17 countries including Puerto Rico, Scotland, Italy, France, Spain, Germany and
Mexico.

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History

HISTORY

Don Facundo Bacardi Masso formed Bacardi Company in Santiago de Cuba in 1862. The early
1900s witnessed strong growth as sales and exports increased.

During 1910s, the company opened two bottling plants, one in Barcelona and the other in New York
City. During the same period, due to prohibition the bottling plant in New York was shut down. The
growth continued in 1920s with the opening of another bottling plant in Santiago de Cuba.

The company's name was changed to Compania Ron Bacardi during 1930s. In the following decade,
Bacardi Imports was founded, which became the company's US marketing and sales branch. During
1950s the company built a distillery in Puerto Rico, Mexico and a bottling plant on the outskirts of
Mexico City. During the same period the company constructed two new Hatuey breweries in Cuba
and started the construction of a new distillery in Recife, Brazil.

The company's Cuban assets were confiscated by the socialist government of Cuba in 1960. Despite
having to leave Cuba, the Bacardi family completed building new production facilities in Brazil,
Bahamas and Canada during 1960s. During the same period, the company moved Bacardi Imports
from New York City to Miami, Florida.

New facilities were built in Spain, Panama, and Bermuda during the 1970s. All Bacardi operations
were consolidated into Bacardi & Company with its headquarters in Hamilton, Bermuda in 1990s.

In 1992, Bacardi made multiple acquisitions including Martini & Rossi. It acquired Dewar's scotch
and Bombay gin in 1998.

Bacardi concluded an agreement with Brown-Forman in 2002, to share sales force and logistics
operation in the UK. Bacardi completed the acquisition of brand Grey Goose vodka in 2004.

The company renewed its contract with Brown-Forman during 2006, extending it till 2012. In the
same year, the company acquired 42 Below, a New Zealand spirits company.

In 2007, the company completed the purchase of 106-acre tract of land in central Scotland to be
developed as a second maturation, blending and storage facility for its premium portfolio of Dewar's
Scotch whiskies.

Bacardi acquired 100% of e.s.japan, its distributor in Japan, in 2008. The company also entered into
a long-term distribution agreement where Bacardi would market, sell and distribute the CUTTY SARK
Whisky brands in Japan.

Bacardi launched Bacardi 'O' an orange-flavored rum in Bangalore, India in December 2009.

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History

In February 2010, Bacardi and Brown-Forman agreed to end their distribution arrangements in
Germany. They decided not to renew the contract expiring at the end of September 2010.

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Key Employees

KEY EMPLOYEES

Name Job Title Board

Seamus Mcbride President and Chief Executive Officer Executive Board
Facundo L. Bacardi Chairman Executive Board
Victor R. Arellano Director Non Executive Board
Jaime Bergel Director Non Executive Board
Francisco Carrera-Justiz Director Non Executive Board
Toten A. Comas Director Non Executive Board
Robert J. Corti Director Non Executive Board
Adolfo L. Danuillecourt Director Non Executive Board
Michael J. Dolan Director Non Executive Board
Paul De Hechavarria Director Non Executive Board
Ignacio De La Rocha Director Non Executive Board
John S. Galantic Director Non Executive Board
Melanie Liddle Healey Director Non Executive Board
Barry E. Kabalkin Director Non Executive Board
Roman Martinez Director Non Executive Board
Guy Peyrelongue Director Non Executive Board
Philip Shearer Director Non Executive Board
Michael Brennam President and Chief Executive Officer, Bacardi Senior Management
International Limited
Jacques Croisetière Chief Financial Officer and Senior Vice President Senior Management
Jeri R. Dunn Global Chief Information Officer Senior Management
Harold Dyrik Regional President, Asia Pacific Senior Management
John Esposito Regional President, North America Senior Management
John Grey Chief of Global Operations Senior Management
Robbie A. Jamieson Regional President, Latin America Senior Management
Eduardo Sanchez Senior Vice President and General Counsel Senior Management
Patrick Sauvageot Regional President, Europe, Middle East and Senior Management
Africa
Scott M. Northcutt Senior Vice President, Human Resources Senior Management
Atul Vora Vice President, Business Development Senior Management

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Seamus Mcbride

Board: Executive Board

Job Title: President and Chief Executive Officer
Since: 2008
Age: 55

Mr. Mcbride has been the President and Chief Executive Officer at Bacardi since 2008. He has
nearly 30 years of global management experience in the consumer goods industry including marketing,
commercial operations and systems.

Facundo L. Bacardi

Board: Executive Board

Job Title: Chairman
Since: 2005
Age: 42

Mr. Bacardi has been the Chairman at Bacardi since 2005. Previously he was the Deputy Chairman
of the company. Mr. Bacardi received a BSBA in Finance from American University and a JD degree
from Emory University Law School.

Michael Brennam

Board: Senior Management

Job Title: President and Chief Executive Officer, Bacardi International Limited

Mr. Brennam is currently the President and Chief Executive Officer at Bacardi International Limited.
He has been with Bacardi since 2000 working in the finance area both in Europe and Bermuda. Mr.
Brennan is also Vice President of Finance and Corporate Controller for Bacardi Limited. Prior to
joining Bacardi, Mr. Brennan worked in professional public accounting firms in Canada and Bermuda.
Mr. Brennan holds both Canadian Chartered Accountant (CA) and Chartered Financial Analyst (CFA)
designations.

Jeri R. Dunn

Board: Senior Management

Job Title: Global Chief Information Officer
Since: 2006

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Key Employee Biographies

Ms. Dunn has been the Global Chief Information Officer at Bacardi since 2006. Previously, she
worked for Nestle, Tyson Foods and Curtis Industries.

Harold Dyrik

Board: Senior Management

Job Title: Regional President, Asia Pacific
Since: 2005

Mr. Dyrvik has been the Regional President, Asia Pacific at Bacardi since 2005. He has been with
Bacardi since 2005. Prior to joining Bacardi, he worked as a strategic management consultant to
multinational FMCG companies in Asia. Previously, he worked for Philip Morris International for
more than 20 years.

John Esposito

Board: Senior Management

Job Title: Regional President, North America
Since: 2006

Mr. Esposito has been the Regional President, North America at Bacardi since 2006. He has spent
more than 25 years in the Wines and Spirits industry. Previously, he was President and Chief
Executive Officer of Moet Hennessy. He also has held a number of key positions including President
and Chief Executive Officer at Schieffelin & Somerset, President of Premier Beverage Company of
Florida, Vice President and Director of Sales for W.A. Taylor & Co, and Vice President, National
Sales Manager Seagram Wine Co.

John Grey

Board: Senior Management

Job Title: Chief of Global Operations
Since: 2005

Mr. Grey has been the Chief of Global Operations at Bacardi since 2005. He has been with Bacardi
since 2005. Previously, he served as Global Logistics Director for The Big Food Group, responsible
for all supply chain and distribution activities and had served as Managing Director for its internet
retail business.

Robbie A. Jamieson

Board: Senior Management

Job Title: Regional President, Latin America
Since: 2007

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Key Employee Biographies

Mr. Jamieson has been the Regional President, Latin America at Bacardi since 2007. Prior to joining
Bacardi, he has served in general management roles for the past 16 years. He also held the position
of Marketing Director KFC Puerto Rico.

Eduardo Sanchez

Board: Senior Management

Job Title: Senior Vice President and General Counsel
Since: 2003

Mr. Sanchez has been the Senior Vice President and General Counsel at Bacardi since 2003. He
has been with Bacardi since 2003. Previously, he served as the Vice President and Deputy General
Counsel, North and Latin America, at The Coca-Cola Company. Before that, Mr. Sanchez was with
Bestfoods, a leading international consumer food company acquired by Unilever, where he served
as the Vice President and General Counsel.

Patrick Sauvageot

Board: Senior Management

Job Title: Regional President, Europe, Middle East and Africa
Since: 2007

Mr. Sauvageot has been the Regional President, Europe, Middle East and Africa at Bacardi since
2007. Previously, he served as the Chief Executive Officer at Hennessy. Prior to that, he spent 17
years with Danone, serving in a variety of key roles-including Chief Executive Officer at Danone in
the Czech Republic, Argentina, and France. Mr. Sauvageot holds a Master's Degree from ESSEC
in Paris.

Scott M. Northcutt

Board: Senior Management

Job Title: Senior Vice President, Human Resources
Since: 2009

Mr. Northcutt has been the Senior Vice President of Human Resources at Bacardi since 2009. He
is responsible for all aspects of employee career development, employee benefits, succession
planning, as well as management and organization development. Mr. Northcutt has more than 20
years of experience in the international human resources field, having held key leadership positions
in several global companies.

Atul Vora

Board: Senior Management

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Key Employee Biographies

Job Title: Vice President, Business Development

Mr. Vora is currently the Vice President, Business Development at Bacardi. Mr. Vora is responsible
for building and expanding strategic relationships and driving business development activities in
new markets. Previously, Mr. Vora spent 13 years with Coopers & Lybrand in its Audit and Transaction
Support functions in the UK and Kenya.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES

Bacardi is one of the world's leading wine and spirit manufacturing companies. The company's key
products and brands include:

Products:

Rum
Gin
Vermouth
Scotch whisky
Liqueurs
Vodka
Tequila
Cognac
Wine
Beer

Brands:

Bacardi Rum
Dewar’s Blended Scotch Whisky
Bombay Sapphire Gin
Grey Goose vodka.
Cazadores Tequila
Eristoff Vodka
Martini Vermouth
Martini Sparkling Wines

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Revenue Analysis

REVENUE ANALYSIS

The company recorded revenues of $4,394.0 million, during financial year March 2009 (FY2009), a
decrease of 3% compared with FY2008. For the FY2009, Europe, Middle East and Africa, the
company's largest geographic market, accounted for 51.4% of the total revenues.

The company generates all its revenues from the sale of wines and spirits.

Revenue by Geography

Europe, Middle East and Africa, Bacardi's largest geographical market, accounted for 51.4% of the
total revenues in FY2009. Revenues from Europe, Middle East and Africa reached $2,260 million
in FY2009, a decrease of 0.9% compared with FY2008.

North America accounted for 38.6% of the total revenues in FY2009. Revenues from North America
reached $1,698 million in FY2009, a decrease of 5.4% compared with FY2008.

Latin America and Asia Pacific accounted for 9.9% of the total revenues in FY2009. Revenues from
Latin America and Asia Pacific reached $436 million in FY2009, a decrease of 4.2% over FY2008.

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SWOT Analysis

SWOT ANALYSIS

Bacardi is the largest privately held spirits company in the world. It manufactures varieties of rum
apart from gin, vermouth, whisky, liqueurs, vodka, tequila, cognac, wine and beer. It has operations
in more than 100 countries worldwide. Bacardi has a portfolio of more than 200 global brands. Strong
market presence gives it an edge over its competitors and enhances its brand image. However,
dampening consumer confidence and increasing labor costs could lead to a loss of market share of
the company, which in turn, would affect its profitability.

Strengths Weaknesses

Strong brand equity Lack of scale

Robust manufacturing capabilities High debt burden
Strong global presence

Opportunities Threats

Positive outlook for global spirits market Stringent advertising regulations

Positive outlook for the Indian market Intense competition
Growing wine market Increasing labor costs

Strengths

Strong brand equity

Bacardi is the largest privately held spirits company in the world. It manufactures varieties of rum
apart from gin, vermouth, whisky, liqueurs, vodka, tequila, cognac, wine and beer. Its brand portfolio
consists of more than 200 brands and labels, including the following: Bacardi rum, the world's number
one selling rum; MARTINI vermouth, the world leader in vermouth; Grey Goose vodka, the world
leader in super premium vodka; Dewar's Blended Scotch whisky, the number one selling blended
Scotch whisky in the US; Bombay Sapphire gin, one of the fastest growing brands in the spirits
industry; and Cazadores Blue Agave tequila, the top selling 100% blue agave tequila worldwide, as
well as other leading brands. Strong brand equity gives it an edge over its competitors and enhances
its market position.

Robust manufacturing capabilities

Bacardi has strong manufacturing capabilities. It owns 27 production facilities located in 17 countries
including Puerto Rico, Scotland, Italy, France, Spain, Germany and Mexico. Bacardi's distillery in
Aberfeldy, Scotland produces a distinctive single malt scotch whisky under the brand name Aberfeldy;
The Martini & Rossi plant in Pessione, Italy produces 12 million cases per year and is the company’s

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SWOT Analysis

largest bottling operation worldwide, while the Bacardi facility in Jacksonville is the company’s largest
bottling facility in the Americas region.

Strong manufacturing capabilities enable the company to maintain control over quality and respond
quickly to changes in demand.

Strong global presence

The company has a strong global presence with its operations in 110 markets worldwide. It has a
significant presence various regions including North America, the Europe, Middle East and Africa,
Latin America and Asia Pacific. The principal markets in North America region include the US,
Canada and the Caribbean. The principal markets in Europe, Middle East and Africa regions include
Spain, France, Russia, Germany, Italy and the UK. The principal markets in Latin America include
Mexico, Brazil, Venezuela, and the Dominic Republic.

Furthermore, the company’s global presence enabled it to spread its customer base across all the
regions. The company derives around 51.4% of its revenue from Europe, Middle East and African
region; 38.64% from North America and 9.92% from Latin America and Asia Pacific.

Bacardi’s strong global presence with its wide spread sources of revenues indicates it caters to
businesses in different parts of the world. This helps in reducing its business risks across various
geographies.

Weaknesses

Lack of scale

Bacardi lacks the scale to compete with large players in the market. Some of the company's
competitors are much larger in size in terms of revenues. During FY2009, the company's revenue
were recorded at $4,394 million whereas some of its competitors including Pernod Ricard and
Diageo's revenue were E7,203 million ($9,899 million) and £12,283 million (approximately $19,848.5
million) respectively, during the same period. The company's competitors have the financial strength
to exert pricing pressure on the company and thus negatively impact its margins.

High debt burden

The company holds a substantial amount of debt. As of March 2009, the total long-term debt
outstanding for the company stood at $2,398.9 million. The company’s long-term debt increased by
22% to reach $2398.9 million in FY2009 from $1961.1 million in FY2008. The servicing of this debt
is draining its profitability as the interest expenses increased at a rate of 2% from $144.5 million in
FY2007 to $151.4 million in FY2009. The company's substantial debt limits its ability to obtain
additional financing to fund capital expenditures for future growth, and also restricts its working
capital for efficient operations management.

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SWOT Analysis

Opportunities

Positive outlook for global spirits market

The spirits market has witnessed a steady growth in the international markets. In 2013, the global
spirits market is forecasted to have a value of $230,000 million, an increase of 12% since 2008.
Market consumption volume is forecasted to increase at a compounded annual growth rate, CAGR
(2008–13) of 4.3% to reach 15,600 million liters in 2013. Bacardi specializes in the manufacture,
development and distribution of spirits. A growing spirits market thus provides an opportunity for the
company to boost revenues.

Positive outlook for the Indian market

The Indian alcoholic drinks market recorded strong growth over the last few years. In 2013, the
market is forecasted to have a value of $23,300 million, an increase of 63.8% since 2008. The
market's volume is expected to rise to 3,400 million liters, an increase of 50.5% since 2008. The
company has a strong presence in India through Bacardi Martini India Limited (BMIL), a (74:26) joint
venture between Gemini Distilleries and Bacardi. BMIL has strong brands in India including Bacardi
Breezer, the largest selling brand in the Ready to Drink (RTD) segment. Furthermore, the company
launched Bacardi 'O', orange-flavored rum in Bangalore, India in December 2009. The Indian markets
has witnessed a double digit growth in the white spirit market in the recent times, and the introduction
of Bacardi O product will help the company further strengthen its portfolio of product offerings in
India. The company can leverage the growing alcoholic drinks market in India and boost its revenue.

Growing wine market

The wine market is expected to witness strong growth globally. The global wine market is forecasted
to grow to $286,000 million in 2013, representing an increase of 10.1% since 2008. Further, in 2013,
the market is forecast to have a volume of 22,000 million liters, an increase of 3% since 2008. Bacardi
has an array of premium wine brands in its portfolio including Martini Sparkling Wines, Grandi Auguri
and Magici Istanti. Hence, it is well positioned to tap the growing consumption of wine in the US and
other countries as well.

Threats

Stringent advertising regulations

Alcohol companies have been criticized for the irresponsible portrayal of alcoholic drinks in
advertisements. Especially in the European countries, advertising watchdogs have been coming
down heavily on alcohol advertising, claiming that such advertisements fuel binge drinking. In order
to control this, Most EU countries have imposed legal bans on advertising of spirits on TV and radio;
on broadcast advertisements linking alcohol with children, driving, sport or promoting alcohol abuse;

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SWOT Analysis

and on sponsorship of TV and radio programs by companies primarily concerned in alcohol production.
Such stringent advertisement regulations imposed on manufacturers of alcoholic beverages could
have a negative impact on the brand image of the company.

Intense competition

The brewing industry is highly competitive and has been witnessing a consolidation phase, as larger
players are taking the merger and acquisition route to secure brands and market share. Bacardi
faces a stiff competition from major global players such Diageo, Pernod Ricard, Fortune Brands and
Brown-Forman, each of which has several brands that compete directly with Bacardi. In the spirits
segment Diageo holds market share of 5.8% and Pernod Ricard accounted for 4.9% in FY2009
which is reasonably higher than Bacardi.

Intense competition and unanticipated actions by competitors could lead to downward pressure on
prices and adversely affect the company's market position.

Increasing labor costs

In recent years, the labor costs are rising in the US and the UK. The tight labor markets increased
overtime, government mandated increases in minimum wages and a higher proportion of full-time
employees are resulting in an increase in labor costs. The federal minimum wage rate in the US,
which remained at $5.15 per hour since 1997 reached $6.55 per hour in 2008, and further increased
to $7.25 per hour in July 2009. The minimum wage in the US is expected to increase further in 2010.
Similarly, in the UK, the national minimum wage was increased to £5.8 ($9.4) in October 2009. In
the UK, the minimum wage had gone up by 60% since the government introduced the minimum
wage policy in 1999.The increased labor costs would affect the company's margins as the company
employs majority of its workforce in the US and the European region.

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Bacardi Limited

Diageo plc
Pernod Ricard
Remy Cointreau
Fortune Brands, Inc.

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Company View

COMPANY VIEW

A Joint statement by Seamus Mcbride, President and chief executive officer and Facundo L. Bacardi
chairman of the board of Bacardi Limited is given below. The statement has been taken from the
company’s 2009 annual report.

We are pleased to report that despite the most challenging economic environment in the last fifty
years, Bacardi Limited has again increased net earnings to a record level. This is an achievement
each of you should be proud of given the extremely difficult year that we faced.

As the US recession spread around the world, all markets began to feel the full effect of a weakening
economy and this bought new pressures to our business driving down the volumes across the key
brands and markets in the second half of the year. These volumes declines were caused by a
combination of lower depletions and distributors reducing the inventory levels. We were able to
partially offset the volume declines with price increases.

However, we believe despite of this challenging environment we can capitalize on our rich history,
stand behind our market leading brands and emerge from this recession in stronger shape. We have
an energized and dedicated team of employees who will meet the challenges we face, and continue
to build on this Company’s great legacy. We would like to share with you our success over this past
year, and comment on our challenges as we look to the further of Bacardi Limited.

The global economic outlook and its impact on our industry is difficult for anyone to predict. What is
clear is that the market for branded consumer products, including alcoholic beverages, remains
extremely challenging. The spirits industry continues to be exposed to overall reductions in
consumption, and premium and super-premium brands remain exposed to the impact of consumers
trading down to less expensive entrants.

We have a great company, and our challenge is to make it even greater. Be assured we will get that
without losing our unique historical identity, but rather build upon it as a source of pride, distinction,
and inspiration.

We would like to take this opportunity to thank our business partners, employees, executives, directors
and shareholders for their support and confidence over the twelve months.

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office
Bacardi Limited
65 Pitts Bay Road
Pembroke Hamilton 08
Bermuda
BMU
P: 441 295 4345
F: 441 292 0562
http://www.bacardilimited.com

Other Locations and Subsidiaries

Bacardi-Martini B.V. Bacardi-Martini Gmbh

Groningenweg 8 Handelskai 94-96
NLD Millennium Tower
1200 Wien, Wien Austria
AUT

Bacardi-Martini Asia Pacific Limited Bacardi-Martini Danmark A/S

18/F Bank Of East Asia Harbour View Ctr Baltorpbakken 1
56 Gloucester Rd 2750 Ballerup, Kobenhavn
Wan Chai DNK
HKG

Bacardi-Martini Ltd. Bacardi Gmbh

Church Green Close Hindenburgstr 49
Kings Worthy 22297 Hamburg
Winchester DEU
SO23 7TW, England
GBR

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