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Fundado el 20 de mayo de 2013

Pernod Ricard: FY20 Full-year Sales and Results

Strong Resilience and Agility in FY20, Despite Covid-19 Impact

-9.5% Organic Sales Decline (-8.0% Reported)

-13.7% Organic Decline in PRO1 (-12.4% Reported)

PARIS–(BUSINESS WIRE)–Regulatory News:

Press release – PARIS, 2 September 2020

Pernod Ricard (Paris:RI):

SALES

Sales for FY20 totalled €8,448m, with an organic decline of -9.5% (-8.0% reported), with a favourable FX impact linked mainly to USD appreciation vs. Euro.

Sales growth in H1 was robust but H2 was impacted by Covid-19. For FY20, the trends were:

  • Americas: -6%, with good resilience in USA2 and Canada in slight growth, but double-digit decline in Latin America and Travel Retail
  • Asia-RoW: -14%, driven mainly by China, India and Travel Retail, against high basis of comparison
  • Europe: -6%, overall good resilience with Germany, UK and Eastern Europe growing, partially offsetting declines in Travel Retail, Spain and France.

Key categories were impacted by the pandemic, but Specialty Brands performed well:

  • Strategic International Brands: -10%, after broad-based growth in H1, mainly driven by Martell, Chivas Regal, Absolut and Ballantine’s
  • Strategic Local Brands: -9%, in modest growth at the end of 9M, but strong decline in Q4, mainly due to Seagram’s Indian whiskies, on high comparison basis
  • Specialty Brands: +7%, despite Covid-19, thanks to more favourable geographic exposure, with dynamic growth of Lillet, Altos and Redbreast
  • Strategic Wines: -4%, due mainly to Jacob’s Creek, despite growth of Campo Viejo.

Q4 Sales were €1,238m, with -36.2% organic decline (-37.9% reported), with a significant impact of Covid-19 throughout the world, particularly for Travel Retail and the On-trade. There was better than expected resilience of the Off-trade, notably in USA and Europe.

H2 saw the implementation of Covid-19 crisis management, while pursuing the long-term transformation agenda:

  • Priority given to health and safety of employees and business partners
  • Sound inventory position at June end, thanks to robust demand management and supply chain continuity
  • Active resource management and strong cost mitigation to adjust to Covid-19 context
  • Continued roll-out of 2030 Sustainability & Responsibility roadmap, while developing new measures to support stakeholders during crisis
  • Implementation of digital transformation and completion of Reconquer project to resume growth in France and reorganisation of Wine business to reignite its performance.

During FY20, Pernod Ricard gained or held market share in its Top 10 markets.

RESULTS

H1 was solid with +4.3% organic PRO, on a high basis of comparison (+12.8% in H1 FY19), demonstrating the success of the Transform & Accelerate strategic plan.

Due to the Covid-19 impact in H2, FY20 PRO was €2,260m, an organic decline of -13.7% and -12.4% reported.

The FY20 organic PRO margin erosion was limited to -131bps, with:

  • Resilient pricing on Strategic brands: +1%
  • Gross margin contracting -140bps, driven by:

    • Adverse mix linked to Strategic International Brands, especially Martell and Chivas Regal
    • Higher Cost of Goods mainly due to agave price pressure, glass and GNS in India, lower fixed cost absorption, only partially offset by operational excellence savings
  • A&P: +88bps, thanks to very strong mitigation plan in H2
  • Structure costs: -79bps, with topline decline reducing fixed cost absorption, despite strong cost discipline.

The FY20 corporate income tax rate on recurring items was c.24% vs. 26% in FY19.

Group share of Net PRO was €1,439m, -13% reported vs. FY19 and the Group share of Net profit €329m, -77% reported, impacted by €1bn asset impairment triggered by Covid-19, in particular on Absolut (€912m gross; €702m net of tax.)

FREE CASH FLOW AND DEBT

Recurring Free Cash Flow was €1,003m, reflecting the impact of Covid-19 on the business.

The average Cost of debt stood at 3.6% vs. 3.9% in FY19. Low rates on new bond financing not fully reflected in full year FY20.

Cash was actively managed and the liquidity position reinforced, thanks to bond issuances and an additional credit line. Liquidity at 30 June 2020 stood at €5.3bn, of which €3.4bn credit lines was undrawn.

Active portfolio management continued throughout the year, with the Italicus and KI NO BI transactions and the disposal of Café de Paris in H2.

Net debt increased by €1,804m3 vs. 30 June 2019 to €8,424m due to lower Free Cash Flow, an increase in the M&A cash-out, a €523m Share buyback (prior to suspension of the programme in April), an increase in the dividend payout to c.50% (vs. 41% in FY19), additional lease liabilities following the IFRS16 norm application and a negative translation adjustment mainly due to EUR/USD evolution.

The Net Debt/EBITDA ratio at average rates4 was 3.2x at 30 June 2020.

A dividend of €2.66 is proposed for the Annual General Meeting of 27 November 2020.

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

The Group has proven very resilient through FY20 and demonstrated its agility and ability to keep its supply chains operational, control costs and manage cash. I would like to take this opportunity to praise the exceptional commitment of our teams during this difficult time.

For FY21, Pernod Ricard expects continued uncertainty and volatility, in particular relating to sanitary conditions and their impact on social gatherings, as well as challenging economic conditions. We anticipate a prolonged downturn in Travel Retail but resilience of the Off-trade in the USA and Europe and sequential improvement in China, India and the On-trade globally.

We will stay the strategic course and accelerate our digital transformation while maintaining strict discipline, with clear, purpose-based investment decisions. We will harness our agility to adjust fast to capture new opportunities. Thanks to our solid fundamentals, our teams and our brand portfolio, I am confident that Pernod Ricard will emerge from this crisis stronger.”

All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.

A detailed presentation of FY20 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the financial statements. The Statutory Auditors’ report is being issued.

Definitions and reconciliation of non-IFRS measures to IFRS measures

Pernod Ricard’s management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.

Organic growth

Organic growth is calculated after excluding the impacts of exchange rate movements and acquisitions and disposals.

Exchange rates impact is calculated by translating the current year results at the prior year’s exchange rates.

For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.

Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prior year, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.

This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.

Profit from recurring operations

Profit from recurring operations corresponds to the operating profit excluding other non-current operating income and expenses.

About Pernod Ricard

Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €8,448 million in FY20. Created in 1975 by the merger of Ricard and Pernod, the Group has developed through organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard, which owns 16 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive brand portfolios in the industry, including: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo, and Kenwood wines. Pernod Ricard’s brands are distributed across 160+ markets and by its own salesforce in 73 markets. The Group’s decentralised organisation empowers its 19,000 employees to be true on-the-ground ambassadors of its vision of “Créateurs de Convivialité.” As reaffirmed by the Group’s strategic plan, “Transform and Accelerate,” deployed in 2018, Pernod Ricard’s strategy focuses on investing in long-term, profitable growth for all stakeholders. The Group remains true to its three founding values: entrepreneurial spirit, mutual trust, and a strong sense of ethics, as illustrated by the 2030 Sustainability and Responsibility roadmap supporting the United Nations Sustainable Development Goals (SDGs), “Good times from a good place.” In recognition of Pernod Ricard’s strong commitment to sustainable development and responsible consumption, it has received a Gold rating from Ecovadis. Pernod Ricard is also a United Nation’s Global Compact LEAD company.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 index.

__________________________

1 PRO: Profit from Recurring Operations

2 Sell-out at +2% (internal estimate)

3 Including €603m additional lease liabilities pursuant to IFRS16 norm application

4 Based on average EUR/USD rates: 1.11 in FY20

Appendices

Emerging Markets

 

Asia-Rest of World

 

Americas

 

Europe

Algeria

 

Malaysia

 

Argentina

 

Albania

Angola

 

Mongolia

 

Bolivia

 

Armenia

Cambodia

 

Morocco

 

Brazil

 

Azerbaijan

Cameroon

 

Mozambique

 

Caribbean

 

Belarus

China

 

Namibia

 

Chile

 

Bosnia

Congo

 

Nigeria

 

Colombia

 

Bulgaria

Egypt

 

Persian Gulf

 

Costa Rica

 

Croatia

Ethiopia

 

Philippines

 

Cuba

 

Georgia

Gabon

 

Senegal

 

Dominican Republic

 

Hungary

Ghana

 

South Africa

 

Ecuador

 

Kazakhstan

India

 

Sri Lanka

 

Guatemala

 

Kosovo

Indonesia

 

Syria

 

Honduras

 

Latvia

Iraq

 

Tanzania

 

Mexico

 

Lithuania

Ivory Coast

 

Thailand

 

Panama

 

Macedonia

Jordan

 

Tunisia

 

Paraguay

 

Moldova

Kenya

 

Turkey

 

Peru

 

Montenegro

Laos

 

Uganda

 

Puerto Rico

 

Poland

Lebanon

 

Vietnam

 

Uruguay

 

Romania

Madagascar

 

Zambia

 

Venezuela

 

Russia

 

 

 

 

 

 

Serbia

 

 

 

 

 

 

Ukraine

Strategic International Brands’ organic Sales growth

 

Volumes

FY20

 

Organic Sales growth

FY20

 

Volumes

 

Price/mix

(in 9Lcs millions)

 

 

 

 
Absolut

10.3

-11%

-7%

-4%

Chivas Regal

3.7

-17%

-19%

2%

Ballantine’s

7.2

-8%

-5%

-3%

Ricard

4.2

-6%

-6%

-1%

Jameson

7.6

-1%

-2%

0%

Havana Club

4.2

-6%

-8%

2%

Malibu

3.9

5%

5%

0%

Beefeater

3.1

-7%

-4%

-3%

Martell

2.0

-20%

-24%

5%

The Glenlivet

1.2

2%

-3%

4%

Royal Salute

0.2

-2%

-7%

5%

Mumm

0.6

-13%

-13%

0%

Perrier-Jouët

0.3

-12%

-21%

8%

Strategic International Brands

48.3

-10%

-7%

-3%

Sales Analysis by Period and Region

 

Net Sales

(€ millions)

 

FY19

 

FY20

 

Change

 

Organic Growth

 

Group Structure

 

Forex impact

 
Americas

2,545

27.7%

2,449

29.0%

(96)

-4%

(161)

-6%

43

2%

23

1%

Asia / Rest of World

3,965

43.2%

3,467

41.0%

(498)

-13%

(547)

-14%

27

1%

21

1%

Europe

2,672

29.1%

2,532

30.0%

(140)

-5%

(159)

-6%

15

1%

4

0%

World

9,182

100.0%

8,448

100.0%

(734)

-8%

(867)

-10%

85

1%

47

1%

 

Net Sales

(€ millions)

 

Q4 FY19

 

Q4 FY20

 

Change

 

Organic Growth

 

Group Structure

 

Forex impact

 
Americas

589

29.5%

411

33.2%

(178)

-30%

(176)

-31%

14

2%

(16)

-3%

Asia / Rest of World

777

39.0%

368

29.8%

(409)

-53%

(376)

-48%

4

1%

(37)

-5%

Europe

628

31.5%

458

37.0%

(170)

-27%

(164)

-26%

5

1%

(11)

-2%

World

1,994

100.0%

1,238

100.0%

(756)

-38%

(716)

-36%

24

1%

(65)

-3%

 

Net Sales

(€ millions)

 

H2 FY19

 

H2 FY20

 

Change

 

Organic Growth

 

Group Structure

 

Forex impact

 
Americas

1,155

28.9%

988

33.2%

(167)

-14%

(183)

-16%

28

2%

(12)

-1%

Asia / Rest of World

1,699

42.5%

1,052

35.4%

(647)

-38%

(615)

-36%

11

1%

(43)

-3%

Europe

1,143

28.6%

934

31.4%

(209)

-18%

(206)

-18%

8

1%

(11)

-1%

World

3,997

100.0%

2,974

100.0%

(1,023)

-26%

(1,004)

-25%

47

1%

(66)

-2%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Summary Consolidated Income Statement

 
(€ millions)

FY19

FY20

Change

 
Net sales

9,182

8,448

-8%

Gross Margin after logistics costs

5,648

5,086

-10%

Advertising and promotion expenses

(1,512)

(1,327)

-12%

Contribution after A&P expenditure

4,137

3,759

-9%

Structure costs

(1,556)

(1,499)

-4%

Profit from recurring operations

2,581

2,260

-12%

Financial income/(expense) from recurring operations

(314)

(328)

5%

Corporate income tax on items from recurring operations

(586)

(468)

-20%

Net profit from discontinued operations, non-controlling interests and share of net income from associates

(27)

(25)

-8%

Group share of net profit from recurring operations

1,654

1,439

-13%

 
Other operating income & expenses

(206)

(1,283)

NA
Financial income/(expense) from non-recurring operations

3

(38)

NA
Corporate income tax on items from non recurring operations

4

210

NA
 
Group share of net profit

1,455

329

-77%

Non-controlling interests

27

21

-22%

Net profit

1,482

350

-76%

Profit from Recurring Operations by Region

 
World
 
(€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

9,182

100.0%

8,448

100.0%

(734)

-8%

(867)

-10%

85

1%

47

1%

Gross margin after logistics costs

5,648

61.5%

5,086

60.2%

(562)

-10%

(653)

-12%

44

1%

47

1%

Advertising & promotion

(1,512)

16.5%

(1,327)

15.7%

184

-12%

216

-14%

(24)

2%

(7)

0%

Contribution after A&P

4,137

45.1%

3,759

44.5%

(378)

-9%

(437)

-11%

19

0%

40

1%

Profit from recurring operations

2,581

28.1%

2,260

26.8%

(320)

-12%

(355)

-14%

(2)

0%

36

1%

 
Americas
 
(€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

2,545

100.0%

2,449

100.0%

(96)

-4%

(161)

-6%

43

2%

23

1%

Gross margin after logistics costs

1,698

66.7%

1,599

65.3%

(98)

-6%

(156)

-9%

29

2%

29

2%

Advertising & promotion

(504)

19.8%

(461)

18.8%

43

-9%

58

-12%

(11)

2%

(4)

1%

Contribution after A&P

1,193

46.9%

1,138

46.5%

(55)

-5%

(98)

-8%

17

1%

26

2%

Profit from recurring operations

785

30.9%

718

29.3%

(67)

-9%

(101)

-13%

9

1%

25

3%

 
Asia / Rest of the World
 
(€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

3,965

100.0%

3,467

100.0%

(498)

-13%

(547)

-14%

27

1%

21

1%

Gross margin after logistics costs

2,308

58.2%

1,969

56.8%

(339)

-15%

(365)

-16%

10

0%

16

1%

Advertising & promotion

(592)

14.9%

(517)

14.9%

75

-13%

87

-15%

(9)

1%

(3)

1%

Contribution after A&P

1,716

43.3%

1,452

41.9%

(264)

-15%

(279)

-16%

1

0%

13

1%

Profit from recurring operations

1,179

29.7%

938

27.0%

(241)

-20%

(247)

-21%

(6)

-1%

12

1%

 
Europe
 
(€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

2,672

100.0%

2,532

100.0%

(140)

-5%

(159)

-6%

15

1%

4

0%

Gross margin after logistics costs

1,643

61.5%

1,519

60.0%

(124)

-8%

(131)

-8%

5

0%

2

0%

Advertising & promotion

(415)

15.5%

(349)

13.8%

66

-16%

71

-17%

(4)

1%

(0)

0%

Contribution after A&P

1,228

45.9%

1,169

46.2%

(58)

-5%

(60)

-5%

1

0%

1

0%

Profit from recurring operations

617

23.1%

605

23.9%

(12)

-2%

(7)

-1%

(5)

-1%

(1)

0%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Foreign Exchange Impact

 
Forex impact FY20
(€ millions)

Average rates evolution

On Net Sales

On Profit from Recurring Operations

FY19

FY20

%

 
US dollar USD

1.14

1.11

-3.1%

70

35

Chinese yuan CNY

7.79

7.77

-0.1%

1

1

Indian rupee INR

80.52

80.13

-0.5%

5

2

Pound sterling GBP

0.88

0.88

-0.5%

1

3

Other

(30)

(4)

Total

47

36

Sensitivity of profit and debt to EUR/USD exchange rate

 
Estimated impact of a 1% appreciation of the USD
 
Impact on the income statement(1)

(€ millions)

Profit from recurring operations

+12

Financial expenses

(3)

Pre-tax profit from recurring operations +9
 
 
 
Impact on the balance sheet (€ millions)
Increase/(decrease) in net debt +48
 
(1) Full-year effect
 

Balance Sheet

 
Assets 30/06/2019 30/06/2020
(€ millions)
(Net book value)
Non-current assets
Intangible assets and goodwill

17,074

16,576

Tangible assets and other assets

4,002

3,699

Deferred tax assets

1,590

1,678

Total non-current assets

22,666

21,953

 
Current assets
Inventories

5,756

6,167

aged work-in-progress

4,788

5,084

non-aged work-in-progress

79

76

other inventories

889

1,006

Receivables (*)

1,226

906

Trade receivables

1,168

862

Other trade receivables

59

44

Other current assets

359

323

Other operating current assets

291

317

Tangible/intangible current assets

67

6

Tax receivable

105

142

Cash and cash equivalents and current derivatives

929

1,947

Total current assets

8,375

9,485

 
Assets held for sale

5

87

 
Total assets

31,045

31,525

 
(*) after disposals of receivables of:

674

513

 
 
Liabilities and shareholders’ equity 30/06/2019 restated* 30/06/2020
(€ millions)
 
Group Shareholders’ equity

15,987

13,968

Non-controlling interests

195

243

of which profit attributable to non-controlling interests

27

21

Total Shareholders’ equity

16,182

14,211

 
Non-current provisions and deferred tax liabilities

3,584

3,511

Bonds non-current

6,071

8,599

Lease liabilities – non-current

433

Non-current financial liabilities and derivative instruments

379

192

Total non-current liabilities

10,034

12,735

 
Current provisions

149

222

Operating payables

2,187

1,877

Other operating payables

1,058

1,016

of which other operating payables

660

633

of which tangible/intangible current payables

398

383

Tax payable

307

232

Bonds – current

944

723

Lease liabilities – current

88

Current financial liabilities and derivatives

182

404

Total current liabilities

4,826

4,563

 
Liabilities held for sale

2

16

Total liabilities and shareholders’ equity

31,045

31,525

* Opening positions of Group Balance Sheet Liabilities have been restated from impact of IFRIC 23 first application (uncertain tax positions reclassified from Non current provisions to Tax payable for €150m).

Analysis of Working Capital Requirement

 
(€ millions)

June

2018

June

2019

June

2020

FY19 WC

change*

FY20 WC

change*

 
Aged work in progress

4,532

4,788

5,084

268

294

Advances to suppliers for wine and ageing spirits

10

12

19

2

7

Payables on wine and ageing spirits

(96)

(105)

(108)

(11)

(5)

Net aged work in progress

4,447

4,695

4,995

259

296

 
Trade receivables before factoring/securitization

1,641

1,842

1,375

187

(434)

Advances from customers

(6)

(24)

(38)

(18)

(14)

Other receivables

353

338

343

24

12

Other inventories

869

889

1,006

15

121

Non-aged work in progress

71

79

76

2

(1)

Trade payables and other

(2,471)

(2,717)

(2,364)

(226)

293

Gross operating working capital

457

405

398

(15)

(24)

 
Factoring/Securitization impact

(610)

(674)

(513)

(63)

161

Net Operating Working Capital

(153)

(269)

(115)

(78)

138

 
Net Working Capital

4,294

4,427

4,879

181

433

 
* at average rates Of which recurring variation

201

450

Of which non recurring variation

(21)

(17)

Net Debt

 
(€ millions) 30/06/2019 6/30/2020
Current Non-current Total Current Non-current Total
Bonds

944

6,071

7,015

723

8,599

9,322

Syndicated loan

Commercial paper

299

299

Other loans and long-term debts

177

363

540

81

192

273

Other financial liabilities

177

363

540

380

192

572

Gross Financial debt

1,121

6,434

7,555

1,103

8,791

9,894

Fair value hedge derivatives – assets

(13)

(13)

(3)

(40)

(44)

Fair value hedge derivatives – liabilities

2

2

Fair value hedge derivatives

(12)

(12)

(3)

(40)

(44)

Net investment hedge derivatives – assets

(13)

(13)

Net investment hedge derivatives – liabilities

Net investment hedge derivatives

(13)

(13)

Net asset hedging derivative instruments – assets

Net asset hedging derivative instruments – liabilities

0

0

Net asset hedging derivative instruments

0

0

FINANCIAL DEBT AFTER HEDGING

1,121

6,422

7,543

1,100

8,737

9,837

Cash and cash equivalents

(923)

(923)

(1,935)

(1,935)

NET FINANCIAL DEBT EXCLUDING LEASE DEBT

198

6,422

6,620

(835)

8,737

7,902

Lease Debt

88

433

522

NET FINANCIAL DEBT

198

6,422

6,620

(747)

9,171

8,424

 

Change in Net Debt

 
(€ millions)

30/06/2019

30/06/2020

Operating profit

2,375

978

Depreciation and amortisation

226

350

Net change in impairment of goodwill, PPE and intangible assets

69

1,007

Net change in provisions

7

97

Retreatment of contributions to pension plans acquired from Allied Domecq and others

3

Changes in fair value on commercial derivatives and biological assets

(7)

(3)

Net (gain)/loss on disposal of assets

0

(27)

Share-based payments

40

23

Self-financing capacity before interest and tax (1)

2,714

2,423

Decrease / (increase) in working capital requirements

(181)

(433)

Net interest and tax payments

(829)

(809)

Net acquisitions of non financial assets and others

(338)

(352)

Free Cash Flow (2)

1,366

830

of which recurring Free Cash Flow (3)

1,477

1,003

Net acquisitions of financial assets and activities, contributions to pension plans acquired from Allied Domecq and others

(181)

(587)

Dividends paid

(645)

(849)

(Acquisition) / Disposal of treasury shares and others

(121)

(526)

Decrease / (increase) in net debt (before currency translation adjustments)

420

(1,132)

IFRS 15 opening adjustment

16

Foreign currency translation adjustment

(94)

(69)

Non cash impact on lease liabilities (4)

(603)

Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts) (5)

342

(1,804)

Initial net debt

(6,962)

(6,620)

Final net debt

(6,620)

(8,424)

Note: IFRS16 impacts are: (1) +108M€ / (2) +98M€ / (3) +86M€ / (4) -603M€ / (5) -497M€

Net Debt Maturity at 30 June 2020

€ billions

[Missing charts are available on the original document and on www.pernod-ricard.com]

Strong liquidity position at c. €5.3bn as of 30th June 2020, of which €3.4bn credit lines undrawn

Gross debt after hedging at 30 June 2020

  • 14% floating rate and 86% fixed rate
  • 52% in EUR and 49% in USD

Bond details

 
Currency Par value Coupon Issue date Maturity date
 
EUR

€ 650 m

2.125%

9/29/2014

9/27/2024

€ 500 m

1.875%

9/28/2015

9/28/2023

€ 600 m

1.500%

5/17/2016

5/18/2026

€ 1,500 m o/w:

 

10/24/2019

 

€ 500 m

0.000%

10/24/2023

€ 500 m

0.500%

10/24/2027

€ 500 m

0.875%

10/24/2031

€ 1,500 m o/w:

 

4/1/2020

 

€ 750 m

1.125%

4/7/2025

€ 750 m

1.750%

4/8/2030

€ 500 m o/w:

 

4/27/2020

 

€ 250 m

1.125%

4/7/2025

€ 250 m

1.750%

4/8/2030

 

 

 

 

USD

$ 500 m

5.750%

4/7/2011

4/7/2021

$ 1,500 m

4.450%

10/25/2011

1/15/2022

$ 1,650 m o/w:

 

1/12/2012

 

$ 800 m at 10.5 years

4.250%

7/15/2022

$ 850 m at 30 years

5.500%

1/15/2042

$ 201 m

Libor 6m + spread

1/26/2016

1/26/2021

$ 600 m

3.250%

6/8/2016

6/8/2026

Net Debt / EBITDA ratio evolution

 

Closing rate

Average rate(1)

EUR/USD rate Jun FY19 -> Jun FY20

1.14 -> 1.12

1.14 -> 1.11

Ratio at 30/06/2019

2.3

2.3

EBITDA & cash generation excl. Group structure effect(2) and forex impacts

0.6

0.6

Group structure(2) and forex impacts

0.3

0.3

Ratio at 30/06/2020

3.2

3.2 (3)

 
(1) Last-twelve-month rate
(2) Including IFRS16 impact
(3) Syndicated credit leverage ratio restated from IFRS16 is 3.1

Diluted EPS calculation

(x 1,000)

FY19

FY20

Number of shares in issue at end of period

265,422

 

265,422

Weighted average number of shares in issue (pro rata temporis)

265,422

 

265,422

Weighted average number of treasury shares (pro rata temporis)

(1,248)

 

(2,564)

Dilutive impact of stock options and performance shares

1,246

 

1,179

Number of shares used in diluted EPS calculation

265,420

 

264,037

Contacts

Julia Massies / VP, Financial Communications & Investor Relations +33 (0) 1 70 93 17 03

Charly Montet / Investor Relations Manager +33 (0) 1 70 93 17 13

Alison Donohoe / Press Relations Manager +33 (0) 1 70 93 16 23

Emmanuel Vouin / Press Relations Manager +33 (0) 1 70 93 16 34

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