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Central European Distribution's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Please also note that statements made during this conference call, other than those related to historical information, constitute forward-looking statements within the meaning of the Private Securities Litigation and Reform Act of 1995. Without limiting the foregoing discussions, the forecasts, estimates, targets, schedules, plans, beliefs, expectations and the like are intended to identify forward-looking statements. These forward-looking statements, which are based on management's current beliefs and assumptions and current information known to management, involve known and unknown risks and uncertainties and the other factors that may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by forward-looking statements.

Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements are contained in the press release issued today and our Form 10-K filed with the Securities and Exchange Commission. CEDC is under no duty and undertakes no obligation to update any forward-looking statements made in this call.

With that, I'll turn the call over to William Carey, our President and Chief Executive Officer. Bill?

William V. Carey

Thank you, Jim. I welcome everyone to our Q1 earnings call. First off, we'll be going over on the presentation as filed on our website. We'll be going over Poland Q1 results, Russia Q1 results, a bit about our other markets, and then we'll get into the financials surrounding Q1. And then we'll get to the outlook for the rest of the year, how we see Poland, Russia and a few of our other markets and open up the call for questions.

So starting off on Page 3 of the presentation, Q1 overview for Poland. We had a good quarter for Poland. We're up about 7% in our domestic volume growth and up 15% in value. As you recall, the first 3 quarters last year, domestic volume was higher than the domestic value. And the last 2 quarters, as explained on our last few calls, that certainly today, value -- our value growth is certainly more than our volume growth. So we're seeing that continuing through our performance as you should see that continuing out through the rest of the year. But the overall vodka market was down 1% to 2%. It was no surprise, really, for the overall vodka market as compared to the last year.

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