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Pernod Ricard Earnings Release 2014
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H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de convivialité
GRADUAL IMPROVEMENT IN SALES VS. 2013/14
STABLE PROFIT FROM RECURRING OPERATIONS IN H1
2014/15 GUIDANCE CONFIRMED:
ORGANIC GROWTH IN PROFIT FROM RECURRING OPERATIONS
BETWEEN +1% AND +3%
SALES
Sales for the first semester of 2014/15 totalled €4.621m. Organic Sales growth was +1% (+2% when restated for later Chinese New Year¹). Reported H1 Sales growth was +1% with a modestly positive FX impact on H1 (likely to significantly improve in H2).
This gradual improvement was driven regionally by:
- an improving trend in Asia-Rest of World (stable / +3% restated for CNY phasing vs. -4% in H1 2013/14), with a continued strong performance in India, Africa-Middle East and Travel Retail, and a gradual improvement of underlying trends in China vs FY 2013/14 (yet to be confirmed with upcoming CNY)
- growth in the Americas: +2% (vs. +3% in H1 2013/14) with a good performance in Brazil and Travel Retail but a challenging business environment in the US
- stable sales in Europe (vs. +4% in H1 2013/14), resulting from a slowdown in Eastern Europe (partly due to a technical impact in Poland), Germany and Travel Retail, but improving trend in Spain and UK.
In terms of categories, growth was driven by Whiskies (continued strong performance of Jameson, The Glenlivet, Ballantine's and Indian whiskies) and also of champagnes Mumm and Perrier-Jouët, both in high single digit growth. Martell displayed an improving trend, with volumes up but Sales still declining due to unfavourable mix. Absolut was impacted by a challenging US market but grew outside the US.
The Top 14 returned to +2% volume growth driven by whiskies and champagnes, but Sales were flat (+2% restated for CNY phasing) due to broadly flat pricing in a more challenging and competitive global business environment and negative mix, largely driven by Martell (increasing weight of Noblige vs. Cordon Bleu/XO in China.)
Priority Premium Wines declined (-2%) due to Jacob's Creek, despite the continued growth of Campo Viejo (strong momentum in UK).
The 18 Key Local Brands (+3%) reported strong volume growth +11% linked to the Indian whiskies, Passport and 100 Pipers, but unfavourable mix.
Q2 Organic Sales growth was -1% due to the negative impact of CNY phasing. Reported Q2 Sales were up +1%, due to a stronger USD, partly offset by weaker Rouble.
¹ 3 week difference in timing of Chinese New Year ("CNY"): 19 February 2015 vs. 31 January 2014. Restatement of H1 shipments by 19 days of additional shipments
Pernod Ricard Créateurs de convivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
PROFIT
H1 Profit from Recurring Operations was flat at € 1,358 m (+2% restated for later CNY.) There was a small decline in Operating Margin (-22bps), driven by:
- Gross margin decline (-106 bps) due to stable pricing and negative mix from both geography (India growth vs. China decline) and quality (mix of Martell) and exacerbated by technical reasons (CNY phasing and high comparative basis on Cordon Bleu in H1 2013/14)
- slight reduction in A&P ratio to 17.7%, while increasing support for key innovation projects (Elyx, Tequila Avión)
- favourable impact of structure cost reduction (-3%), driven by Allegro. Structure costs are expected in slight decline for the full FY 2014/15.
FX impact on reported profit from recurring operations was +€2m (+0%) in H1 but is expected to be +€140m² for the full year 2014/15.
The cost of debt was stable at 4.6% in H1 and is still expected to be close to 4.5% for the full FY 2014/15.
The corporate income tax rate on recurring items slightly decreased in H1 2014/15 to 25.3%. The full year 2014/15 tax rate still expected to be near 26%.
Reported group share of net profit from recurring operations was up +1%.
Reported Group share of net profit was down -5%, due to the variation in non-recurring items.
FREE CASH FLOW AND DEBT
Reported Free Cash Flow from recurring operations improved (€492m, +38%) due to tight working capital management.
Non-recurring Free Cash Flow items were -€90m in H1, mainly relating to the Allegro cash-out.
Net debt increased by +€681m to €9,034m mainly driven by a mechanical FX impact (+€517m due to variation of €/$ parity between 30 June 2014 @1.37 and 31 December 2014 @ 1.21.)
As part of this communication, Alexandre Ricard, Chairman and Chief Executive Officer, declared, "Our H1 results are solid and in line with the guidance given in October. Our Sales are gradually improving despite an environment that remains challenging. Heartened by this encouraging first semester, we confirm our full year guidance of growth in Profit from Recurring Operations between +1% and +3%.
I am confident in the strength of our portfolio of premium brands and of our global network that support our three strategic growth pillars: premiumisation, expansion and innovation."
2 based on average FX rates for full FY 2014/15 projected on 9th February 2015, particularly EUR/USD = 1.21
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de comivialité
A detailed presentation of sales and results for the first semester of 2014/15 can be downloaded from our website: www.pernod-ricard.com
Note: All growth data specified in this press release refers to organic growth (constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.
About Pernod Ricard
Pernod Ricard is the world's co-leader in wines and spirits with consolidated Sales of € 7,945 million in 2013/14. Created in 1975 by the merger of Ricard and Pernod, the Group has undergone sustained development, based on both organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard holds one of the most prestigious brand portfolios in the sector: 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, Kahlúa and Malibu liqueurs, Mumm and Perrier-Jouët champagnes, as well Jacob's Creek, Brancott Estate, Campo Viejo, Graffigna and Kenwood wines. Pernod Ricard employs a workforce of approximately 18,000 people and operates through a decentralised organisation, with 6 "Brand Companies" and 80 "Market Companies" established in each key market. Pernod Ricard is strongly committed to a sustainable development policy and encourages responsible consumption. Pernod Ricard's strategy and ambition are based on 3 key values that guide its expansion: entrepreneurial spirit, mutual trust and a strong sense of ethics.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN code: FR0000120693) and is part of the CAC 40 index.
Contacts Pernod Ricard
Julia Massies / VP, Financial Communication & Investor Relations +33 (0)1 41 00 42 02
Sylvie Machenaud / Director External Communications +33 (0)1 41 00 42 74
Alison Donohoe / Investor Relations +33 (0)1 41 00 42 14
Carina Alfonso Martin / Press Relations Manager +33 (0)1 41 00 43 42
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de convivialité
Appendices
List of 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 |
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de comivialité
Top 14 brands organic sales growth
| Net Sales | Volumes | Price/mix | |
|---|---|---|---|
| Absolut | -1% | -1% | -1% |
| Chivas Regal | 0% | 1% | -1% |
| Ballantine's | 5% | 6% | -1% |
| Ricard | -3% | -3% | 0% |
| Jameson | 10% | 8% | 2% |
| Havana Club | 0% | 2% | -2% |
| Malibu | -5% | -5% | 0% |
| Beefeater | 4% | 2% | 2% |
| Kahlua | 4% | 3% | 1% |
| Martell | -9% | 2% | -11% |
| The Glenlivet | 14% | 11% | 3% |
| Royal Salute | -8% | -9% | 0% |
| Mumm | 8% | 14% | -6% |
| Perrier-Jouët | 9% | 10% | -1% |
| Top 14 | 0% | 2% | -2% |
Period Ricard
Créateurs de comivalité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Sales analysis by period and region
| Net Sales (€ millions) | Q1 2013/14 | Q1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Europe | 666 | 33.1% | 652 | 32.0% | (15) | -2% | (4) | -1% | (4) | -1% | (6) | -1% |
| Americas | 532 | 26.4% | 530 | 26.0% | (2) | 0% | 16 | 3% | 6 | 1% | (24) | -4% |
| Asia / Rest of the World | 814 | 40.5% | 855 | 42.0% | 41 | 5% | 34 | 4% | 0 | 0% | 7 | 1% |
| World | 2 013 | 100.0% | 2 037 | 100.0% | 25 | 1% | 46 | 2% | 3 | 0% | (24) | -1% |
| Net Sales (€ millions) | Q2 2013/14 | Q2 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe | 946 | 37.0% | 927 | 35.9% | (19) | -2% | 11 | 1% | (3) | 0% | (27) | -3% |
| Americas | 677 | 26.5% | 712 | 27.5% | 34 | 5% | 6 | 1% | 8 | 1% | 20 | 3% |
| Asia / Rest of the World | 934 | 36.5% | 945 | 36.6% | 11 | 1% | (38) | -4% | (2) | 0% | 51 | 5% |
| World | 2 558 | 100.0% | 2 584 | 100.0% | 26 | 1% | (22) | -1% | 3 | 0% | 45 | 2% |
| Net Sales (€ millions) | H1 2013/14 | H1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe | 1 612 | 35.3% | 1 579 | 34.2% | (33) | -2% | 7 | 0% | (7) | 0% | (33) | -2% |
| Americas | 1 209 | 26.5% | 1 242 | 26.9% | 32 | 3% | 21 | 2% | 15 | 1% | (4) | 0% |
| Asia / Rest of the World | 1 749 | 38.3% | 1 801 | 39.0% | 52 | 3% | (4) | 0% | (2) | 0% | 58 | 3% |
| World | 4 570 | 100.0% | 4 621 | 100.0% | 51 | 1% | 24 | 1% | 6 | 0% | 21 | 0% |
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de comivialité
Summary consolidated income statement
| (€ millions) | 31/12/13 | 31/12/2014 | Change |
|---|---|---|---|
| Net sales | 4 570 | 4 621 | 1% |
| Gross Margin after logistics costs | 2 909 | 2 889 | -1% |
| A&P expenditure | (821) | (819) | 0% |
| Contribution after A&P expenditure | 2 088 | 2 070 | -1% |
| Structure costs | (729) | (712) | -2% |
| Profit from recurring operations | 1 359 | 1 358 | 0% |
| Financial income/(expense) from recurring operations | (227) | (235) | 3% |
| Corporate income tax on items from recurring operations | (295) | (284) | -4% |
| Net profit from discontinued operations, non-controlling interests and share of net income from associates | (11) | (6) | -40% |
| Group share of net profit from recurring operations | 826 | 834 | 1% |
| Other operating income & expenses | (20) | (28) | NA |
| Non-recurring financial items | 2 | (11) | NA |
| Corporate income tax on items from non recurring operations | 20 | (7) | NA |
| Group share of net profit | 828 | 788 | -5% |
| Non-controlling interests | 11 | 7 | -35% |
| Net profit | 839 | 795 | -5% |
Pernod Ricard
Créateurs de convivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Profit from recurring operations by region
World
| (€ millions) | H1 2013/14 | H1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales (Excl. T&D) | 4 570 | 100.0% | 4 621 | 100.0% | 51 | 1% | 24 | 1% | 6 | 0% | 21 | 0% |
| Gross margin after logistics costs | 2 909 | 63.6% | 2 889 | 62.5% | (19) | -1% | (33) | -1% | 4 | 0% | 10 | 0% |
| Advertising & promotion | (821) | 18.0% | (819) | 17.7% | 2 | 0% | 12 | -1% | (1) | 0% | (9) | 1% |
| Contribution after A&P | 2 088 | 45.7% | 2 070 | 44.8% | (18) | -1% | (21) | -1% | 2 | 0% | 1 | 0% |
| Profit from recurring operations | 1 359 | 29.7% | 1 358 | 29.4% | (1) | 0% | (3) | 0% | 1 | 0% | 2 | 0% |
Asia / Rest of the World
| (€ millions) | H1 2013/14 | H1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales (Excl. T&D) | 1 749 | 100.0% | 1 801 | 100.0% | 52 | 3% | (4) | 0% | (2) | 0% | 58 | 3% |
| Gross margin after logistics costs | 1 089 | 62.3% | 1 093 | 60.7% | 4 | 0% | (38) | -4% | (0) | 0% | 42 | 4% |
| Advertising & promotion | (298) | 17.1% | (296) | 16.4% | 3 | -1% | 12 | -4% | 0 | 0% | (9) | 3% |
| Contribution after A&P | 791 | 45.2% | 797 | 44.3% | 6 | 1% | (27) | -3% | (0) | 0% | 33 | 4% |
| Profit from recurring operations | 584 | 33.4% | 570 | 31.7% | (13) | -2% | (41) | -7% | (0) | 0% | 28 | 5% |
Americas
| (€ millions) | H1 2013/14 | H1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales (Excl. T&D) | 1 209 | 100.0% | 1 242 | 100.0% | 32 | 3% | 21 | 2% | 15 | 1% | (4) | 0% |
| Gross margin after logistics costs | 794 | 65.7% | 808 | 65.1% | 14 | 2% | 1 | 0% | 5 | 1% | 8 | 1% |
| Advertising & promotion | (231) | 19.1% | (242) | 19.5% | (11) | 5% | (6) | 2% | (2) | 1% | (4) | 2% |
| Contribution after A&P | 563 | 46.6% | 566 | 45.6% | 3 | 1% | (4) | -1% | 4 | 1% | 4 | 1% |
| Profit from recurring operations | 356 | 29.4% | 375 | 30.2% | 19 | 5% | 14 | 4% | 2 | 1% | 3 | 1% |
Europe
| (€ millions) | H1 2013/14 | H1 2014/15 | Change | Organic Growth | Group Structure | Forex Impact | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales (Excl. T&D) | 1 612 | 100.0% | 1 579 | 100.0% | (33) | -2% | 7 | 0% | (7) | 0% | (33) | -2% |
| Gross margin after logistics costs | 1 025 | 63.6% | 988 | 62.6% | (37) | -4% | 4 | 0% | (1) | 0% | (40) | -4% |
| Advertising & promotion | (292) | 18.1% | (282) | 17.9% | 10 | -3% | 6 | -2% | 0 | 0% | 4 | -1% |
| Contribution after A&P | 734 | 45.5% | 706 | 44.7% | (27) | -4% | 10 | 1% | (1) | 0% | (36) | -5% |
| Profit from recurring operations | 419 | 26.0% | 412 | 26.1% | (7) | -2% | 24 | 6% | (1) | 0% | (39) | -7% |
Period Ricard
Créateurs de comivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Foreign exchange impact
| Forex impact H1 2014/15 (€ millions) | Average rates evolution | On Net Sales | On Profit from Recurring Operations | |||
|---|---|---|---|---|---|---|
| 2013/14 | 2014/15 | % | ||||
| US dollar | USD | 1.34 | 1.29 | -4.1% | 43 | 23 |
| Chinese yuan | CNY | 8.20 | 7.92 | -3.4% | 15 | 10 |
| Indian rupee | INR | 83.44 | 78.85 | -5.5% | 19 | 8 |
| Venezuelan bolivar | VEF | 16.79 | 64.35 | 283.4% | (14) | (12) |
| Russian rouble | RUB | 43.89 | 53.98 | 23.0% | (32) | (25) |
| Other currencies | (11) | (2) | ||||
| Total | 21 | 2 |
Note : Impact on PRO includes strategic hedging on Forex
Foreign exchange estimated impact FY 2014/15 (profit from recurring operations)
Over the full 2014/15 financial year, the forex impact on profit from recurring operations is estimated at approximately € 140 million, based on average FX rates for full FY 2014/15 projected on 9th February 2015, particularly EUR/USD = 1.21
Sensitivity of profit and debt to EUR/USD exchange rate: Estimated impact of a +1% appreciation of the USD and linked currencies(1)
| Impact on the income statement(2) | (€ millions) |
|---|---|
| Profit from recurring operations | +15 |
| Financial expenses | (2) |
| Pre-tax profit from recurring operations | +13 |
| Impact on the balance sheet | (€ millions) |
| --- | --- |
| Increase/(decrease) in net debt | +53 |
Notes : (1) CNY, HKD, (2) Full-year effect
Period Ricard
Créateurs de comivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Balance sheet (assets)
| Assets
(€ millions) | 30/06/2014 | 31/12/2014 |
| --- | --- | --- |
| (Net book value) | | |
| Non-current assets | | |
| Intangible assets and goodwill | 16 449 | 17 522 |
| Tangible assets and other assets | 2 594 | 2 824 |
| Deferred tax assets | 1 926 | 2 091 |
| Total non-current assets | 20 968 | 22 437 |
| Current assets | | |
| Inventories | 4 861 | 4 962 |
| of which aged work-in-progress | 3 963 | 4 127 |
| of which non-aged work-in-progress | 65 | 68 |
| Receivables () | 1 051 | 1 729 |
| Trade receivables | 990 | 1 657 |
| Other trade receivables | 61 | 71 |
| Other current assets | 194 | 214 |
| Other current assets | 188 | 209 |
| Tangible/intangible current assets | 6 | 6 |
| Tax receivable | 37 | 36 |
| Cash and cash equivalents and current derivatives | 503 | 624 |
| Total current assets | 6 646 | 7 565 |
| Assets held for sale | 2 | 26 |
| Total assets | 27 616 | 30 028 |
| () after disposals of receivables of: | 479 | 733 |
Period Ricard
Créateurs de comivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Balance sheet (liabilities and shareholders' equity)
| Liabilities and shareholders' equity
(€ millions) | 30/06/2014 | 31/12/2014 |
| --- | --- | --- |
| Group Shareholders' equity | 11 621 | 12 780 |
| Non-controlling interests | 157 | 165 |
| of which profit attributable to non-controlling interests | 11 | 7 |
| Total Shareholders' equity | 11 778 | 12 945 |
| Non-current provisions and deferred tax liabilities | 4 174 | 4 414 |
| Bonds | 6 844 | 7 813 |
| Non-current financial liabilities and derivative instruments | 915 | 647 |
| Total non-current liabilities | 11 933 | 12 873 |
| Current provisions | 251 | 202 |
| Operating payables | 1 463 | 1 669 |
| Other operating payables | 887 | 760 |
| of which other operating payables | 600 | 719 |
| of which tangible/intangible current payables | 287 | 41 |
| Tax payable | 56 | 126 |
| Bonds | 929 | 1 199 |
| Current financial liabilities and derivatives | 319 | 253 |
| Total current liabilities | 3 905 | 4 209 |
| Liabilities held for sale | 0 | 0 |
| Total current liabilities | 27 616 | 30 028 |
Period Ricard
Créateurs de convivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Analysis of Working Capital Requirement
| (€ millions) | June 2013 | December 2013 | June 2014 | December 2014 | H1 13/14 WC change* | H1 14/15 WC change* |
|---|---|---|---|---|---|---|
| Aged work in progress | 3 617 | 3 706 | 3 963 | 4 127 | 78 | 89 |
| Advances to suppliers for wine and ageing spirits | 6 | 12 | 6 | 14 | 7 | 8 |
| Payables on wine and ageing spirits | 91 | 138 | 97 | 149 | 45 | 52 |
| Net aged work in progress | 3 532 | 3 580 | 3 872 | 3 992 | 39 | 45 |
| Trade receivables before factoring/securitization | 1 595 | 2 309 | 1 469 | 2 390 | 783 | 910 |
| Advances from customers | 12 | 2 | 3 | 3 | (9) | (1) |
| Other receivables | 266 | 251 | 243 | 266 | (1) | 15 |
| Other inventories | 799 | 797 | 833 | 767 | 29 | (61) |
| Non-aged work in progress | 69 | 65 | 65 | 68 | (0) | (1) |
| Trade payables and other | 2 079 | 2 155 | 1 963 | 2 236 | 134 | 224 |
| Gross operating working capital | 638 | 1 264 | 645 | 1 252 | 686 | 639 |
| Factoring/Securitization impact | 505 | 684 | 479 | 733 | (188) | (240) |
| Net Operating Working Capital | 133 | 580 | 165 | 520 | 498 | 399 |
| Net Working Capital | 3 665 | 4 160 | 4 037 | 4 512 | 536 | 444 |
- without FX effects and reclassifications
Of which recurring variation
537 444
Of which non recurring variation
(1) 1
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Pernod Ricard
Créateurs de convivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Change in Net Debt
| (€ millions) | 31/12/2013 | 31/12/2014 |
|---|---|---|
| Self-financing capacity before interest and tax | 1 417 | 1 389 |
| Decrease (increase) in working capital requirements | (536) | (444) |
| Financial result and tax cash | (414) | (406) |
| Net acquisitions of non financial assets | (134) | (137) |
| Free Cash Flow | 133 | 202 |
| Disposals/acquisitions assets and others | (70) | (122) |
| Change in Group structure | ||
| Dividends and others | (441) | (445) |
| Decrease (increase) in net debt (before currency translation adjustments) | (179) | (165) |
| Foreign currency translation adjustment | 281 | (517) |
| Decrease (increase) in net debt (after currency translation adjustments) | 102 | (681) |
| Initial net debt | (8 727) | (8 353) |
| Final net debt | (8 626) | (9 034) |
Debt Maturity at 31 December 2014
Gross debt maturity at end December 2014: 6 years and 2 months
Syndicated credit not used
Available cash at end December 2014: € 0.6 billion in cash and € 2.3 billion in available credit facilities
New € 650 million bond issue in September 14 (20-year maturity, coupon 2.125%)
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Pernod Ricard
Créateurs de convivialité
Gross Debt Hedging at 31 December 2014
(€ millions)
Natural debt hedging maintained: EUR/USD breakdown close to that of EBITDA
Large part of gross debt at fixed rates (90%)
Bond Details
| Currency | Par value | Coupon | Issue date | Maturity date |
|---|---|---|---|---|
| EUR | € 800 m | 7.000% | 15/06/2009 | 15/01/2015 |
| € 1,200 m | 4.875% | 18/03/2010 | 18/03/2016 | |
| € 1,000 m | 5.000% | 15/03/2011 | 15/03/2017 | |
| € 850 m | 2.000% | 20/03/2014 | 22/06/2020 | |
| € 650 m | 2.125% | 29/09/2014 | 27/09/2024 | |
| USD | $ 201 m | Libor 3M + spread | 21/12/2010 | 21/12/2015 |
| $ 1,000 m | 5.750% | 07/04/2011 | 07/04/2021 | |
| $ 1,500 m | 4.450% | 25/10/2011 | 15/01/2022 | |
| $ 2,500 m o/w: | ||||
| $ 850 m at 5 years | ||||
| $ 800 m at 10.5 years | ||||
| $ 850 m at 30 years | 2.950% | |||
| 4.250% | ||||
| 5.500% | 12/01/2012 | 15/01/2017 | ||
| 15/07/2022 | ||||
| 15/01/2042 |
Period Ricard
Créateurs de comivialité
H1 2014/15 SALES AND RESULTS
Press release - Paris, 12 February 2015
Number of shares used in diluted EPS calculation
| (x 1,000) | H1
13/14 | H1
14/15 |
| --- | --- | --- |
| 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) | (2,156) | (1,493) |
| Dilutive impact of stock options and performance shares | 2,501 | 2,115 |
| Number of shares used in diluted EPS calculation | 265,766 | 266,043 |
| (€ millions and €/share) | H1
13/14 | H1
14/15 | reported
Δ |
| --- | --- | --- | --- |
| Group share of net profit from recurring operations | 826 | 834 | +1% |
| Diluted net earnings per share from recurring operations | 3.11 | 3.13 | +1% |
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