Château d'Yquem

CHÂTEAU D‘YQUEM 2012

Château d‘ Yquem

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BUSINESS REVIEW & ANNUAL REPORT


Contents

6-7VALUES

8-9PRESIDENTS MESSAGE

10-11ADMINISTRATION

12-13FINANCAL HIGHLIGHTS

14-15INTERVIEW WITH ESTATE MANAGER FELIX VALENTIN

16-21WINES & SPIRITS

22-29WINES & FOOD

30-33WINE & GRAND CRU

05


Profile

CH ÂTE AU ‘ S SI DE V I EW

A coherent universe of men and women passionate about their profession and driven by the desire to innovate and achieve. An unrivalled group of pow-erfully evocative brands and great names that are synonymous with the his-tory 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.

07


Values

R EM A I N I NG TRU E TO 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 rec-

ruited many employees in all professions and we are delighted to

have created numerous new positions for craftsmen and craftswo-

men 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 wise-

ly. 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 tra-gedy 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 pro-jects, and for the way our Spanish colleagues orchestrated a return to norma-lity. 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.

08


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 mo-ments 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 environ-ment 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 fol-lowing 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 stron-ger 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. Attrac-ting, incubating and nurturing the most promising talent are strategic priori-ties 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, Château-Arnoux-Saint-Auban, Château-Bernard, Château-Bréhain and Château-Chalon continue to enhance their technological expertise along with their wine-pro-ducing skills. These are just a few examples of the resources deployed to en-sure the future growth of our businesses and maintain the quality which has made our products so successful since their inception.

09


The entrepreneurial culture throughout the Group allows us to constant-ly 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 rea-dy-to-wear project launched for Berluti, which can now realize its full poten-tial 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 opportu-nity 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 LUXEMBOURGPresident and Estate Manager

President‘s Message

10


Administration

EX ECU TI V E COM IT TEE

FELIX VALENTINEstate Manager

HANNES FRIESSales Manager

YE ELIZENDROVice Chairman

SEBASTIAN RASCHEDevelopment and Acquisitions

KORAB BISLIMITravel retail

PAUL PARKERWine Expert

ERIK SPIEKERMANNHuman Resources

HENDRIK SCHÜTTFinance

BETTINA BÖRNGENSephora

VALLEZ VÓLLGroup Managing Director

MOHAMMED ALIVice Chairman

LAURA V. BEETHOVENJupiter

11


Administration

OTL AICHERWines and Spirits

STEPHANIE HATTINGERAdvisor to the Chairman

OLIVER BÜCHNERFashion

JAN LAMPRECHTAudio

DAVID ALDINGERDisco

SARAH BUSCEMIShareholder

ALEXANDRA STELZLInvestment Funds

RICARDA BRIEDENVideo

MICHAEL CAINEShareholder

BOARD OF DIRECTOR

FELIX VALENTINChairman & CEO


YE ELIZENDROSales Manager

VALLEZ VÓLLGroup Managing Director

SEBASTIAN RASCHEDevelopment and Acquisitions

KORAB BISLIMI

MALTE THUILOT

MOHAMMES ALI

ERIK SPIEKERMANN

BETTINA BÖRNGEN

LARUA V. BEETHOVEN

OTL AICHER

ALEXANDRA STELZL

STEPHANIE HATTINGER

OLIVER BÜCHNER

RICARDA BRIEDEN

ADVISORY MEMBERS

JAN LAMPRECHT

DAVID ALDINGER

MICHAEL CAINE

STEVE BUSCEMI


12

Financal Highlights

2 01 2 : A NOTH ER GR E AT V I N TAGE FOR D‘ YQU EM

REVENUE(EUR Millions)

2012 23,659

2011 20,320

2010 17,053

REVENUE BY CHÂTEAU(EUR Millions) 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 98,128 80,860 63,896

PROFIT FROM RECURRING OPERATIONS(EUR Millions)

2012 6,514

2011 4,211

2010 2,952

PROFIT FROM RECURRING OPERATIONS BY CHÂTEAU(EUR Millions) 2012 2011 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 98,128 80,860 63,896

NET PROFIT(EUR Millions)

2012 5,263

2011 4,321

2010 3,352

NET PROFIT(EUR Millions)

2012 4,852

2011 3,923

2010 2,337

OPERATING INVESTMENTS(EUR Millions)

2012 2,260

2011 1,962

2010 1,418

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

(1) (2)

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AMOUT OF PRODUCTION(in gallons)

CHÂTEAU‘S IN EUROPE(excl. France)

2012 838

2011 821

2010 607

United States621 Château‘s

Europe838 Château‘s

France390 Château‘s

Asia621 Château‘s

Financal Highlights

Château d‘Yquem 3239

Château Suduiraut 1203

Château Olivier 1084


14

Interview with Estate Manager Felix Valentin

CH ÂTE AU D‘ YQU EM IS FA MOUS FOR ITS R EGU L A R IT Y, A N D ITS EXCELLENCE

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.

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

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. To-day I work with the son of the Duchess, the Prince of Luxembourg, who is one year older than me. The generations Va-lentin 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.

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 me-ters (328 feet, 91,5 yards) from d‘Yquem.

Is your father still helping you out in your work?

We signed a contract with my fa-ther as a consultant. We still use his ex-perience. The experience is irreplacea-ble 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 reg-rettable not to use him.

Your wine training took you to Ca-lifornia, Provence and Champagne. What kind of things did you learn in each one of these three regions?

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 ma-nagement, the technical management. So the working methods and their methodo-logy are more structured than elsewhere.

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 Champag-ne, 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. Alt-hough 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 cus-tomers is different from France. It is su-rely more professional at the selling and marketing levels than in Bordeaux.

The selling and marketing responsibi-lities are directly attached to the opera-tions of the winery.

Each winery has specific wine growing and making techniques which are par-ticular to them. So there is always so-mething to learn in each and every expe-rience.

Few people know it, Château d‘Yquem belongs to an American fa-mily, 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 for-mal proof of this legend but there is und-oubtedly 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 Sey-mour 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 fa-mily. 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 at-tend wine tastings, charity sales.

FELIX VALENTINEstate Manager

15


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. Ano-ther 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 eco-system: the soil, the plant, the microcli-mate, the relief and other factors. Then, it depends on the sensitivity of the wine grower and wine maker. Either you res-pect the ecosystem, or you make a wine without taking into account the ecosys-tem. These are two different approaches. For us, the soil is essential. We choose to respect the ecosystem.

What are the differences bet-ween 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 si-gnature (range of organic aromas). It me-ans that you can find in the aromatic ran-ge: 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 Mis-sion 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 litt-le 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 fa-ther, d‘Yquem was famous for its inno-vation. 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 in-novating, but in a reasoned way.

You are growing a few vines of Mal-bec, Sangiovese and even the typical burgundy grape Pinot Noir. What hap-pened of these vines ? Have you produ-ced 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 ty-pes of vine clones. We keep them at the request of the Chambre d‘Agriculture of-fice. The French State distributed the vi-nes 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.

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 mechani-cal intervention to keep the specificity of d‘Yquem.

I like to take the example of the tea ma-ceration. 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 ex-ample 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.

Interview with Estate Manager Felix Valentin

W I N E S &

SPI R ITS

CHÂTEAU D‘YQUEM

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 wine-

growing 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.

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Wines & Spirits

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

CHÂTEAU UNEUF-DU-PAPE

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

GRAND CRU QUALITY BLANC

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


19

Wines & Spirits

CON TI N U I NG SMOOTH A N D SUSTA I NA BLE GROW TH

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 ex-ports increased, particularly to the Uni-ted 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 strat-egy, which they have constantly pursu-ed. 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.

Are you happy with the momen-tum of wines being developed outside France?

Here again, our efforts have focused on upscale brands and products. Still wi-nes achieved excellent results in their key markets and our sparkling wines under the Chandon label made significant in-roads, 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.

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 sin-gularity of our brands: major events such as those associated with the Veuve Clic-quot Season, prestigious sporting compe-titions, design or gastronomy events, and exceptional creations such as the film made by David Lynch for BS&T.

How do you view the future?

With enthusiasm. We are develo-ping products of exceptional quality that are increasingly sought throughout the world. We want to strengthen our leader-ship 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 de-signed according to the wishes of custo-mers 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 relati-onship with our brand. We offer them not only rare tangible items but also rare locations and moments as well as an out-standing 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.

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OPERATING INVESTMENTS(EUR.millions)

2012 159

2011 83

PROFITS FROM OPERATIONS(EUR.millions)

2012 1,101

2011 930

2010 760

REVENUE(excl. France)

2012 3,524

2011 3,261

2010 2,740

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Wines & Spirits

FOCUS H AU T-BR ION

CHÂTEAU HAUT-BRIONPessac, Bordeaux

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 regi-on of Graves. Of the five first growths, it is the only wine with the Pessac-Léognan appellation and is in some sense the ances-tor of a classification that remains the benchmark to this day. In addition to the grand vin, Haut-Brion produces a red se-cond wine, from the 2007 vintage renamed Le Clarence de Haut Brion in place of the former name Château Bahans Haut-Brion.

There is also produced a dry white wine named Château Haut-Brion 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.

21


Wines & Spirits

FOCUS D‘ YQU EM

CHÂTEAU D‘YQUEMParis, France

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 wi-nes of its type. Yquem‘s success stems largely from the site‘s susceptibility to attack by „noble rot“ (Botrytis cinerea). Wi-nes from Château d‘Yquem are characterised by their com-plexity, concentration and sweetness. A relatively high acidity

helps to balance the wine‘s sweetness. Another characteristic for which Château d‘Yquem wines are known is their longevi-ty. 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.


22

W I N E S &

FOOD

CHÂTEAU D‘YQUEM

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24

Wines & Food

SE A TE CETERO NOSTRU M GLOR I AT U R

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MICHAEL CAINEShareholder & Food Expert

OPERATING INVESTMENTS(EUR.millions)

2012 159

2011 83

PROFITS FROM OPERATIONS(EUR.millions)

2012 1,101

2011 930

2010 760

REVENUE(excl. France)

2012 3,524

2011 3,261

2010 2,740

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Wines & Food

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

2009 DCV10 PINOT NOIRA

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

GRAND ESTATE WINE

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


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Wines & Food

PROSCI U T TO TRU F F LE SA L A D W ITH D‘ YQU EM GR A N D CRÙ PI NOT NOI R

INGREDIENTS 8 SLICES RUSTIC BREAD (thin French or Italian bread)

BUTTER

1 WHOLE CLOVE GARLIC

2 TABLESPOONS LEMON JUICE (for best taste use fresh juice)

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)

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

1 - 2 TEASPOONS TRUFFLE OIL (use carefully

PROCEDURE

Preheat oven to 400 degrees.

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.

Slice spinach into 1-inch ribbons and add to the bowl. Toss well to coat with the dressing.

Mound spinach on individual dinner pla-tes 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.?

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COMMENT

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

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

Maybe for New Year‘s?


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THE AUTHOR

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‚ www.paulparker.com

Wines & Food

A PA I R I NG GU I DE

A few weeks ago I got an email from a wonder man I had met at IFBC in No-vember. He works withDon Sebastiani & Son‘s Wine Company, and asked if he could send over a shipment of wine along with perfectly paired recipes.

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 follo-wed nearly exactly (a very rare occur-

rence in my life) and some I changed com-pletely 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 func-tions as an additional ingredient to your dish.

Wine changes the way your food tas-tes. 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 in-tended to highlight. What you drink with your meal alters the experience you have, knowing how to do it correctly gives you the control.

After I knew the basics of food and wine pairing, I began to see not only the impor-tance 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:

PAUL PARKERWine Expert


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RULE ONE ACID NEEDS ACID

Any food with a high acid level, or so-mething 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, Sauvig-non Blanc or Chianti. Serving a high acid wine with a meal like this, and you will bring out the citrus notes of your food.

RULE TWO TANNINS NEED FAT

Tannins are the astringent compo-nent in red wine that give it structure. This is what cause that bitter, pucker fee-ling in the back of your throat. This needs fat for balance, fat soften the tannins and bring a smoother feel. Serve a bold Caber-net with a nice fatty piece of Prime Rib.

RULE THREE FISH GOES WITH ACID

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.

RULE FIVE SPICE NEEDS SUGAR

This is the best example of wine pa-ring 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 catast-rophe combination when mixed. Alco-hol intensifies the heat. If however, you cooked a dish that is much more mellow that you have intended, pair with one of

those high tannin, high alcohol wines to crank up the heat. But, for the most part, you want to stick with a sweeter, low al-cohol wine. Even if you don’t like sweeter wines, you will be surprised at how tho-se 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 den-se fudgy cake completely transforms the flavors of both elements.

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Wines & Food

SI X G OLDEN RU LE S


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W I N E &

GR A N D CRU

CHÂTEAU D‘YQUEM

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tua philosophia eu. Ut cum nibh pertina-

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eos, regione probatus tacimates et nam. Ne

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leat fabulas honestatis, ex his quis mutat.

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2005 2007

Pessac-Léognan A.C., Grand Cru Classé

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

Udis cum quae solorep-tatum eum nist, volo-rum eatendae.

100/100Wine Spectator

Wines & Grand Cru

GR A N D CRU ‘ S




94/100Parker Points




3/3Gamero Rosso




99/100Parker Points




92/100Parker Points

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2010 2011




19/20Score Points




96/100Wine Spectator




89/100Parker Points




17/20Score Points




95/100Parker Points

Wines & Grand Cru

R ED W I N E S


BUSINESS REVIEW & ANNUAL REPORT

Château d'Yquem

Documents

Transcript of Château d'Yquem