Press Release Details 5.23

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Pernod Ricard: FY22 Full-year Sales and Results

09/01/2022

A record year with excellent performance

+21% reported Sales growth (+17% organic)

+25% reported growth in PRO1 (+19% organic)

Regulatory News:

Press release - Paris, 1 September 2022

Pernod Ricard (Paris:RI):

SALES

FY22 Sales grew by +17% organically, totalling €10,701m. Reported Sales growth was +21% with favourable foreign exchange impact mostly from USD and CNY appreciation versus EUR.

Sales in all regions grew double digit :

  • Americas: +12%, very strong growth in North America and very dynamic growth in LATAM, supported with a strong rebound in Travel Retail
  • Asia-RoW: +19%, excellent growth led by India, Turkey, China and Sub-Saharan Africa. Very strong performance in Korea and Japan
  • Europe: +19%, excellent growth in Europe, led by Spain, Germany, Poland, UK and with a very strong rebound in Travel Retail.

All spirits categories delivered strong double digit growth:

  • Strategic International Brands: +18%, excellent growth across all regions led by Jameson, Chivas Regal, Ballantine’s, Absolut and Martell
  • Strategic Local Brands: +18%, very strong growth notably led by Seagram’s Indian whiskies, Kahlua, Olmeca and Seagram’s Gin
  • Specialty Brands: +24%, continued very rapid development led by American Whiskies, Gins and Agave brands. Specialty Brands doubling their weight in Sales vs. FY19
  • Strategic Wines: -4%, overall soft performance in particular due to New Zealand lower harvest.

Price/mix was +5% on Strategic Brands.

Q4 Sales were €2,295m, +14% organic growth.

FY22 delivered record Sales with market share gains in most markets, while leveraging our wide portfolio and geographical breadth and achieving price increases across all markets, of mid single digit on average. Sales were driven by strong recovery of the On-trade, resilience in the Off-tradeandrapid rebound in Travel Retail, albeit passenger traffic still subdued in China.

Dynamism in Must-Win Markets was strong, notably India +26% and Travel Retail +48%, with USA +8% and China +5%. FY22 recorded outstanding performance across Europe, Africa, Central and South America.

RESULTS

FY22 PRO2 grew +19%, to €3,024m (+25% reported) delivering organic operating margin expansion of +52bps:

  • Gross margin expanded +12bps as price, mix and fixed cost absorption offset COGS increases
  • A&P ratio at c. 16% of Sales, with dynamic allocation between brands, markets and activities
  • Structure costs: purposeful increase, notably recruitments to support our digital transformation
  • Positive FX impact on PRO of c. +€160m thanks mostly to USD and CNY appreciation versus EUR.

Recurring effective tax rate at 23.2%.

Group share of Net PRO was €2,124m, +32% reported vs. FY21.

Group share of Net Profit was €1,996m, +53% reported, a very strong increase thanks to Profit from Recurring Operations growth, reduced financial expenses and positive FX impact.

CASH FLOW AND DEBT

FY22 recorded a record high cash generation with Recurring Free Cash Flow at €1,926m.

The cost of debt averaged 2.3% vs. 2.8% in FY21, thanks to successful bond debt refinancing.

Net debt increased by €1,205m vs. 30 June 2021 to €8,657m mainly explained by M&A cash-out and share buyback of c. €750m executed during the year. Net Debt/EBITDA ratio at average FX rates3 stood at 2.4x at 30 June 2022.

Return to shareholders is accelerating with:

  • A proposed dividend of €4.12, an increase of +32% vs. FY21

Starting our new fiscal yearwith very healthy trade inventory levels across regions, in a context remaining volatile, we expect for FY23:

  • Dynamic, broad based Net Sales growth, on a normalizing comparison basis, with a good start to Q1;
  • Intense focus on revenue growth management and operational efficiencies in a high inflationary environment;
  • A&P ratio at c. 16% of Net Sales, with improved ROI;
  • Continuing investments in structure, notably supporting the rapid deployment of the Conviviality Platform;
  • Increased Capex at c. 7% of Net Sales and Strategic Inventories to fuel future growth;
  • €500m to €750m share buyback, following our financial policy priorities;
  • Significant positive currency effect expected for FY234.

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

“Three words summarize Pernod Ricard’s excellent performance in FY22: record, balanced and sustainable.

FY22 was a record year in many respects. Our Sales broke the symbolic milestone of €10 billion with our fastest growth rate in over 30 years, delivering a record €3 billion profit from recurring operations at a record operating margin of 28.3%.

FY22’s performance was also very well balanced. Growth was driven by all regions, categories, price points and channels, with a comparable contribution from both mature and emerging markets.

Most importantly, our performance was sustainable thanks to the real progress we’ve made on delivering our strategic roadmap “Good Times from a Good Place”.

There has definitely been a newfound appreciation for conviviality since the Covid outbreak and I would like to take this opportunity to praise our teams whose commitment has never wavered, and who continue to play a key role in facilitating convivial experiences with our brands around the world.

While we are faced with a challenging and volatile environment, I am confident that our unique competitive advantages and the rapid deployment of our digital transformation will enable us to deliver our FY23 to FY25 medium-term financial framework.”

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 FY22 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 will be issued after examination of the management report and completion of procedures required for the filing of the Universal registration document.”

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, acquisitions and disposals and changes in applicable accounting principles.

- 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 amounting to €10,701 million in fiscal year FY22. The Group, which owns 17 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive portfolios in the industry with over 240 premium brands distributed across more than 160 markets. Pernod Ricard’s portfolio includes 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 or Mumm and Perrier-Jouët champagnes. The Group’s mission is to unlock the magic of human connections by bringing “Good Times from a Good Place”, in line with its Sustainability and Responsibility roadmap. Pernod Ricard’s decentralised organisation empowers its 19,480 employees to be on-the-ground ambassadors of its purposeful and inclusive culture of conviviality, bringing people together in meaningful, sustainable and responsible ways to create value over the long term. Executing its strategic plan, Transform & Accelerate, Pernod Ricard now relies on its “Conviviality Platform”, a new growth model based on data and artificial intelligence to meet the ever-changing demand of consumers.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.

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 FY22 Organic Net Sales
growth FY22
Volumes Price/mix
(in 9Lcs millions)
 
Absolut

12.4

+19% +18% +1%
Chivas Regal

4.6

+29% +27% +1%
Ballantine's

9.1

+27% +20% +7%
Ricard

4.5

+4% +5%

(1)%

Jameson

10.4

+24% +22% +2%
Havana Club

4.6

+20% +5% +15%
Malibu

4.9

+7% +3% +4%
Beefeater

3.7

+35% +27% +8%
Martell

2.5

+7% +4% +3%
The Glenlivet

1.6

+21% +19% +2%
Royal Salute

0.2

+38% +32% +6%
Mumm

0.7

+9% +3% +6%
Perrier-Jouët

0.3

+32% +16% +16%
Strategic International Brands

59.6

+18% +16% +3%

Sales Analysis by Period and Region

Net Sales
(€ millions)
FY21 FY22 Change Organic Growth Group Structure Forex impact
 
Americas

2,627

29.8

%

3,133

29.3

%

506

+19%

319

 

+12%

30

 

+1%

156

+6%
Asia / Rest of World

3,640

41.2

%

4,438

41.5

%

799

+22%

674

 

+19%

0

 

+0%

125

+3%
Europe

2,557

29.0

%

3,130

29.2

%

573

+22%

483

 

+19%

55

 

+2%

35

+1%
World

8,824

100.0

%

10,701

100.0

%

1,877

+21%

1,476

 

+17%

86

 

+1%

316

+4%
 
Net Sales
(€ millions)
Q4 FY21 Q4 FY22 Change Organic Growth Group Structure Forex impact
 
Americas

633

33.6

%

708

30.9

%

75

+12%

(17

)

(3

)%

9

 

+1%

83

+13%
Asia / Rest of World

635

33.7

%

857

37.4

%

222

+35%

189

 

+30%

(0

)

(0

)%

34

+5%
Europe

616

32.7

%

729

31.8

%

114

+18%

87

 

+14%

18

 

+3%

9

+1%
World

1,883

100.0

%

2,295

100.0

%

411

+22%

259

 

+14%

28

 

+1%

125

+7%
 
Net Sales
(€ millions)
H2 FY21 H2 FY22 Change Organic Growth Group Structure Forex impact
 
Americas

1,225

31.9

%

1,495

31.5

%

271

+22%

123

 

+10%

13

 

+1%

134

+11%
Asia / Rest of World

1,513

39.4

%

1,914

40.4

%

401

+27%

336

 

+22%

(0

)

(0

)%

65

+4%
Europe

1,101

28.7

%

1,333

28.1

%

231

+21%

183

 

+17%

37

 

+3%

12

+1%
World

3,839

100.0

%

4,742

100.0

%

903

+24%

642

 

+17%

50

 

+1%

211

+6%

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

Summary Consolidated Income Statement

(€ millions) FY21 FY22 Change
 
Net sales

8,824

 

10,701

 

+21%
Gross Margin

5,293

 

6,473

 

+22%
Advertising and promotions spend

(1,393

)

(1,698

)

+22%
Contribution after A&P spend

3,900

 

4,775

 

+22%
Structure costs

(1,477

)

(1,751

)

+19%
Profit from recurring operations

2,423

 

3,024

 

+25%
Financial income/(expense) from recurring operations

(262

)

(215

)

(18

)%

Corporate income tax on items from recurring operations

(526

)

(651

)

+24%
Net profit from discontinued operations, non-controlling interests
and share of net income from associates

(24

)

(34

)

+44%
Group share of net profit from recurring operations

1,612

 

2,124

 

+32%
 
Profit from Non Recurring Operations

(62

)

(62

)

+0%
Financial income/(expense) from non-recurring operations

(109

)

(45

)

(59

)%

Corporate income tax on items from non recurring operations

(142

)

(26

)

(82

)%

Non controlling interests (non-recurring)

6

 

4

 

(29

)%

 
Group share of net profit

1,305

 

1,996

 

+53%
Non-controlling interests

13

 

35

 

NA
Net profit

1,318

 

2,031

 

+54%

Profit from Recurring Operations by Region

World
 
(€ millions) FY21 FY22 Change Organic Growth Group Structure Forex impact
 
Net Sales

8,824

 

100.0

%

10,701

 

100.0

%

1,877

 

+21%

1,476

 

+17%

86

 

+1%

316

 

+4%
Gross margin

5,293

 

60.0

%

6,473

 

60.5

%

1,180

 

+22%

904

 

+17%

27

 

+1%

249

 

+5%
Advertising & promotion spend

(1,393

)

15.8

%

(1,698

)

15.9

%

(305

)

+22%

(239

)

+17%

(8

)

+1%

(57

)

+4%
Contribution after A&P spend

3,900

 

44.2

%

4,775

 

44.6

%

876

 

+22%

665

 

+17%

19

 

+0%

192

 

+5%
Profit from recurring operations

2,423

 

27.5

%

3,024

 

28.3

%

601

 

+25%

463

 

+19%

(17

)

(1)%

155

 

+6%
 
Americas
 
(€ millions) FY21 FY22 Change Organic Growth Group Structure Forex impact
 
Net Sales

2,627

 

100.0

%

3,133

 

100.0

%

506

 

+19%

319

 

+12%

30

 

+1%

156

 

+6%
Gross margin

1,699

 

64.7

%

2,059

 

65.7

%

360

 

+21%

179

 

+11%

19

 

+1%

162

 

+10%
Advertising & promotion spend

(470

)

17.9

%

(568

)

18.1

%

(98

)

+21%

(65

)

+14%

(6

)

+1%

(28

)

+6%
Contribution after A&P spend

1,229

 

46.8

%

1,491

 

47.6

%

262

 

+21%

114

 

+9%

14

 

+1%

134

 

+11%
Profit from recurring operations

803

 

30.6

%

1,014

 

32.4

%

211

 

+26%

95

 

+12%

5

 

+1%

111

 

+14%
 
Asia / Rest of the World
 
(€ millions) FY21 FY22 Change Organic Growth Group Structure Forex impact
 
Net Sales

3,640

 

100.0

%

4,438

 

100.0

%

799

 

+22%

674

 

+19%

0

 

+0%

125

 

+3%
Gross margin

2,060

 

56.6

%

2,496

 

56.2

%

436

 

+21%

383

 

+19%

(0

)

(0)%

53

 

+3%
Advertising & promotion spend

(542

)

14.9

%

(633

)

14.3

%

(91

)

+17%

(67

)

+12%

(0

)

+0%

(24

)

+4%
Contribution after A&P spend

1,518

 

41.7

%

1,862

 

42.0

%

344

 

+23%

316

 

+21%

(0

)

(0)%

29

 

+2%
Profit from recurring operations

996

 

27.4

%

1,220

 

27.5

%

225

 

+23%

213

 

+21%

(7

)

(1)%

19

 

+2%
 
Europe
 
(€ millions) FY21 FY22 Change Organic Growth Group Structure Forex impact
 
Net Sales

2,557

 

100.0

%

3,130

 

100.0

%

573

 

+22%

483

 

+19%

55

 

+2%

35

 

+1%
Gross margin

1,534

 

60.0

%

1,918

 

61.3

%

384

 

+25%

342

 

+22%

7

 

+0%

35

 

+2%
Advertising & promotion spend

(381

)

14.9

%

(496

)

15.9

%

(115

)

+30%

(107

)

+28%

(3

)

+1%

(6

)

+2%
Contribution after A&P spend

1,153

 

45.1

%

1,422

 

45.4

%

269

 

+23%

235

 

+20%

5

 

+0%

29

 

+3%
Profit from recurring operations

624

 

24.4

%

790

 

25.2

%

166

 

+27%

156

 

+25%

(15

)

(2)%

25

 

+4%

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

Foreign Exchange Impact

Forex impact FY22
(€ millions)
Average rates evolution On Net Sales On Profit from
Recurring
Operations
FY21 FY22 %
 
US dollar USD

1.19

1.13

-5.5

%

145

 

63

 

Russian rouble RUB

89.10

84.39

-5.3

%

12

 

9

 

Turkish Lira TRL

9.22

13.83

49.9

%

(67

)

(72

)

Indian rupee INR

87.94

84.93

-3.4

%

42

 

14

 

Chinese yuan CNY

7.90

7.28

-7.8

%

100

 

61

 

Pound sterling GBP

0.89

0.85

-4.4

%

20

 

(18

)

Mexican peso MXN

24.74

22.92

-7.4

%

7

 

12

 

Other

56

 

87

 

Total

316

 

155

 

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 +15
Financial result

(1

)

Pre-tax profit from recurring operations +14
 
 
 
Impact on the balance sheet (€ millions)
Increase/(decrease) in net debt +40
 
(1) Full-year effect

Balance Sheet

Assets 30/06/2021 30/06/2022
(€ millions)
(Net book value)
Non-current assets
Intangible assets and goodwill

16,230

17,657

Tangible assets and other assets

3,963

4,600

Deferred tax assets

1,623

1,844

Total non-current assets

21,816

24,100

 
Current assets
Inventories

6,555

7,369

aged work-in-progress

5,373

5,732

non-aged work-in-progress

84

91

other inventories

1,098

1,546

Receivables (*)

1,126

1,388

Trade receivables

1,080

1,320

Other trade receivables

46

68

Other current assets

413

435

Other operating current assets

408

430

Tangible/intangible current assets

6

6

Tax receivable

141

145

Cash and cash equivalents and current derivatives

2,086

2,559

Total current assets

10,321

11,896

 
Assets held for sale

11

15

 
Total assets

32,147

36,012

 
(*) after disposals of receivables of:

592

602

 
 
Liabilities and shareholders’ equity 30/06/2021 30/06/2022
(€ millions)
 
Group Shareholders’ equity

14,829

15,944

Non-controlling interests

246

309

of which profit attributable to non-controlling interests

13

35

Total Shareholders’ equity

15,075

16,253

 
Non-current provisions and deferred tax liabilities

3,555

3,818

Bonds non-current

8,787

9,238

Lease liabilities - non current

405

400

Non-current financial liabilities and derivative instruments

108

197

Total non-current liabilities

12,854

13,653

 
Current provisions

163

150

Operating payables

2,337

3,019

Other operating payables

1,134

1,311

of which other operating payables

724

799

of which tangible/intangible current payables

410

513

Tax payable

282

263

Bonds - current

70

842

Lease liabilities - current

103

107

Current financial liabilities and derivatives

128

415

Total current liabilities

4,218

6,107

 
Liabilities held for sale

0

0

Total liabilities and shareholders' equity

32,147

36,012

Analysis of Working Capital Requirement

(€ millions) June
2020
June
2021
June
2022
FY21 WC change* FY22 WC change*
 
Aged work in progress

5,084

 

5,373

 

5,732

 

206

 

287

 

Advances to suppliers for wine and ageing spirits

19

 

9

 

8

 

(10

)

(1

)

Payables on wine and ageing spirits

(108

)

(93

)

(115

)

22

 

(21

)

Net aged work in progress

4,995

 

5,289

 

5,626

 

218

 

265

 

 
Trade receivables before factoring/securitization

1,375

 

1,672

 

1,922

 

309

 

163

 

Advances from customers

(38

)

(21

)

(34

)

17

 

(9

)

Other receivables

343

 

445

 

487

 

64

 

9

 

Other inventories

1,006

 

1,098

 

1,546

 

91

 

342

 

Non-aged work in progress

76

 

84

 

91

 

9

 

3

 

Trade payables and other

(2,364

)

(2,946

)

(3,669

)

(574

)

(534

)

Gross operating working capital

398

 

331

 

343

 

(85

)

(25

)

 
Factoring/Securitization impact

(513

)

(592

)

(602

)

(79

)

12

 

Net Operating Working Capital

(115

)

(261

)

(259

)

(164

)

(13

)

 
Net Working Capital

4,879

 

5,028

 

5,366

 

54

 

252

 

 
* at average rates

79

 

262

 

(25

)

(10

)

Net Debt

(€ millions) 6/30/2021 6/30/2022
Current Non-current Total Current Non-current Total
Bonds

70

 

8,787

 

8,857

 

842

 

9,238

10,079

 

Commercial paper

7

 

-

 

7

 

180

 

-

180

 

Other loans and long-term debts

115

 

108

 

222

 

226

 

179

405

 

Other financial liabilities

122

 

108

 

229

 

406

 

179

585

 

Gross Financial debt

192

 

8,894

 

9,086

 

1,248

 

9,417

10,664

 

Fair value hedge derivatives – assets

-

 

(22

)

(22

)

(5

)

-

(5

)

Fair value hedge derivatives – liabilities

-

 

-

 

-

 

-

 

9

9

 

Fair value hedge derivatives

-

 

(22

)

(22

)

(5

)

9

3

 

Net investment hedge derivatives – assets

-

 

(43

)

(43

)

-

 

-

-

 

Net investment hedge derivatives – liabilities

-

 

-

 

-

 

-

 

9

9

 

Net investment hedge derivatives

-

 

(43

)

(43

)

-

 

9

9

 

FINANCIAL DEBT AFTER HEDGING

192

 

8,830

 

9,022

 

1,242

 

9,435

10,677

 

Cash and cash equivalents

(2,078

)

-

 

(2,078

)

(2,527

)

-

(2,527

)

NET FINANCIAL DEBT EXCLUDING LEASE DEBT

(1,886

)

8,830

 

6,944

 

(1,284

)

9,435

8,150

 

Lease Debt

103

 

405

 

508

 

107

 

400

507

 

NET FINANCIAL DEBT

(1,783

)

9,235

 

7,452

 

(1,177

)

9,835

8,657

 

Change in Net Debt

(€ millions) 30/06/2021 30/06/2022
Operating profit

2361

 2962

Depreciation and amortisation

367

381

Net change in impairment of goodwill, PPE and intangible assets

78

10

Net change in provisions

(80)

7

Changes in fair value on commercial derivatives and biological assets

1

(2)

Net (gain)/loss on disposal of assets

(16)

(5)

Share-based payments

28

40

Self-financing capacity before interest and tax

2,738

3,392

Decrease / (increase) in working capital requirements

(54)

(252)

Net interest and tax payments

(686)

(846)

Net acquisitions of non financial assets and others

(370)

(481)

Free Cash Flow

1,628

1,813

of which recurring Free Cash Flow

1,745

1,926

Net acquitions of financial assets and activities and others

(116)

(723)

Dividends paid

(704)

(826)

(Acquisition) / Disposal of treasury shares and others

(20)

(813)

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

788

(549)

Foreign currency translation adjustment

265

(562)

Non cash impact on lease liabilities

(81)

(95)

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

972

(1,205)

Initial net debt

(8,424)

(7,452)

Final net debt

(7,452)

(8,657)

Bond details

Currency Par value Coupon Issue date Maturity date
 
EUR € 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
€ 650 m

2.13

%

9/29/2014 9/27/2024
€ 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
€ 600 m

1.500

%

5/17/2016 5/18/2026
€ 750 m

1.375

%

4/7/2022 4/7/2029
€ 500 m

0.125

%

10/4/2021 10/4/2029
 
USD $ 1,650 m o/w: 1/12/2012
$ 800 m

4.250

%

7/15/2022
$ 850 m

5.500

%

1/15/2042
$ 600 m

3.250

%

6/8/2016 6/8/2026
$ 2,000 m o/w:
$ 600 m

1.250

%

10/1/2020 4/1/2028
$ 900 m

1.625

%

4/1/2031
$ 500 m

2.750

%

10/1/2050

Net Debt / EBITDA ratio evolution

Closing rate Average rate(1)
EUR/USD rate Jun FY21 -> Jun FY22 1.19 -> 1.04 1.19 -> 1.13
Ratio at 30/06/2021

2.6

 

2.6

 

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

(0.4

)

(0.4

)

Group structure and forex impacts

0.3

 

0.2

 

Ratio at 30/06/2022

2.5

 

2.4

 

 
(1) Last-twelve-month rate

Diluted EPS calculation

(x 1,000) FY21   FY22
Number of shares in issue at end of period

261876.56

 

 257947.355

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

262,143

 

261,190

Weighted average number of treasury shares (pro rata temporis)

(1,347)

 

(2,158)

Dilutive impact of stock options and performance shares

718

 

688

Number of shares used in diluted EPS calculation

261,514

 

259,719

(€ millions and €/share) FY21 FY22 reported
Group share of net profit from recurring operations

1,612

2,124

31.8

%

Diluted net earnings per share from recurring operations

6.16

8.18

32.7

%

Available in the media section of Pernod Ricard’s website

1 Profit from Recurring Operations

2 Profit from Recurring Operations

3 Based on average EUR/USD rate: 1.13

4 Assuming USD/EUR at 1.00 (spot rate as at 22 Aug)

Florence Tresarrieu / Global SVP Investor Relations and Treasury +33 (0) 1 70 93 17 03
Edward Mayle / Investor Relations Director +33 (0) 1 70 93 17 13
Charly Montet / Investor Relations Manager +33 (0) 1 70 93 17 13
Emmanuel Vouin / Head of External Engagement +33 (0) 1 70 93 16 34

Source: Pernod Ricard
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