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Time is on our side TFF Consolidated revenue million IFRS at 31/07/2021 1st Quarter GROUP 1ST QUARTER 2021/2022 SOLID BUSINESS LEVELS THANKS TO A DYNAMIC ALCOHOLS DIVISION 2021/2022 65.6 2020/2021 66.8 Change brute -1.8 % September 9th , 2021 , 5:45 p.m. Change in € like - on - like + 0.2 % The Group's activity saw contrasts in the 1st quarter with the wine market down substantially and an alcohol market showing strong growth . It was the Group's balanced structure that allowed it to reach € 65.6 million in consolidated revenue , down -1.8 % but up + 0.2 % on a like - on - like basis . The growth momentum seen on the alcohol market since the start of 2021 continues even as the wine market remains impacted by climate setbacks . THE WINE DIVISION : € 33.7 million , -19.8 % and -19.5 % like- on - like ( scope effect + 0.6 % , currency effect - 0.9 % ) The level of activity fell significantly in the USA as a result of the 2020 fires that led the Group's customers to postpone part of their purchases with many barrels left over from last year . The 2021 weather conditions ( spring frosts and diseases ) have also disrupted activity in France and Europe , with a harvest that is proving difficult for winegrowers to predict . THE ALCOHOL DIVISION : € 31.9 million , + 28.9 % and + 33.8 % at constant exchange rates The bourbon division returned to solid growth with the aim of producing more than 450,000 barrels this year . The Group's seven production sites are operating under the strain of tight market for raw materials , but with a full order book and on a market that is sustainably buoyant . The scotch whisky division's activity is well oriented and has benefited from a favorable base effect . Demand is strong although still impacted by an abundance of used bourbon barrels which continue to weigh on prices in the trading business . However , the market offers good visibility and activity is expected to remain at high levels . CAUTION AND AMBITION FOR THE YEAR The 2021/2022 financial year will continue to be impacted by a combination of adverse factors in the wine market , including a harvest that is expected to be relatively small in the Northern Hemisphere . The vitality of the alcohol division should enable the Group to offset the wine division's decline and maintain its level of consolidated activity over the year . The Group stands ready to support the expected rebound of the wine market in 2022/2023 , whilst managing the ramping - up of the Bourbon division until 2025 .