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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pernod Ricard | EU:RI | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.55 | 0.39% | 141.25 | 141.00 | 144.70 | 144.65 | 140.85 | 141.15 | 596,879 | 16:40:00 |
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 :
All spirits categories delivered strong double digit growth:
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-trade and rapid 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:
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:
Starting our new fiscal year with very healthy trade inventory levels across regions, in a context remaining volatile, we expect for FY23:
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 UkraineStrategic International Brands’ organic Sales growth
Volumes FY22 Organic Net Salesgrowth FY22 Volumes Price/mix (in 9Lcs millions) Absolut12.4
+19% +18% +1% Chivas Regal4.6
+29% +27% +1% Ballantine's9.1
+27% +20% +7% Ricard4.5
+4% +5%(1)%
Jameson10.4
+24% +22% +2% Havana Club4.6
+20% +5% +15% Malibu4.9
+7% +3% +4% Beefeater3.7
+35% +27% +8% Martell2.5
+7% +4% +3% The Glenlivet1.6
+21% +19% +2% Royal Salute0.2
+38% +32% +6% Mumm0.7
+9% +3% +6% Perrier-Jouët0.3
+32% +16% +16% Strategic International Brands59.6
+18% +16% +3%Sales Analysis by Period and Region
Net Sales(€ millions) FY21 FY22 Change Organic Growth Group Structure Forex impact Americas2,627
29.8
%
3,133
29.3
%
506
+19%319
+12%
30
+1%
156
+6% Asia / Rest of World3,640
41.2
%
4,438
41.5
%
799
+22%674
+19%
0
+0%
125
+3% Europe2,557
29.0
%
3,130
29.2
%
573
+22%483
+19%
55
+2%
35
+1% World8,824
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 Americas633
33.6
%
708
30.9
%
75
+12%(17
)
(3
)%
9
+1%
83
+13% Asia / Rest of World635
33.7
%
857
37.4
%
222
+35%189
+30%
(0
)
(0
)%
34
+5% Europe616
32.7
%
729
31.8
%
114
+18%87
+14%
18
+3%
9
+1% World1,883
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 Americas1,225
31.9
%
1,495
31.5
%
271
+22%123
+10%
13
+1%
134
+11% Asia / Rest of World1,513
39.4
%
1,914
40.4
%
401
+27%336
+22%
(0
)
(0
)%
65
+4% Europe1,101
28.7
%
1,333
28.1
%
231
+21%183
+17%
37
+3%
12
+1% World3,839
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 sales8,824
10,701
+21% Gross Margin
5,293
6,473
+22% Advertising and promotions spend
(1,393
)
(1,698
)
+22% Contribution after A&P spend3,900
4,775
+22% Structure costs
(1,477
)
(1,751
)
+19% Profit from recurring operations2,423
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 interestsand share of net income from associates(24
)
(34
)
+44% Group share of net profit from recurring operations1,612
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 profit1,305
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 Sales8,824
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 spend3,900
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 spend1,229
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 spend1,518
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 spend1,153
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 fromRecurringOperations FY21 FY22 % US dollar USD1.19
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 INR87.94
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 MXN24.74
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 effectBalance Sheet
Assets 30/06/2021 30/06/2022 (€ millions) (Net book value) Non-current assets Intangible assets and goodwill16,230
17,657
Tangible assets and other assets3,963
4,600
Deferred tax assets1,623
1,844
Total non-current assets21,816
24,100
Current assets Inventories6,555
7,369
aged work-in-progress5,373
5,732
non-aged work-in-progress84
91
other inventories1,098
1,546
Receivables (*)1,126
1,388
Trade receivables1,080
1,320
Other trade receivables46
68
Other current assets413
435
Other operating current assets408
430
Tangible/intangible current assets6
6
Tax receivable141
145
Cash and cash equivalents and current derivatives2,086
2,559
Total current assets10,321
11,896
Assets held for sale11
15
Total assets32,147
36,012
(*) after disposals of receivables of:592
602
Liabilities and shareholders’ equity 30/06/2021 30/06/2022 (€ millions) Group Shareholders’ equity14,829
15,944
Non-controlling interests246
309
of which profit attributable to non-controlling interests13
35
Total Shareholders’ equity15,075
16,253
Non-current provisions and deferred tax liabilities3,555
3,818
Bonds non-current8,787
9,238
Lease liabilities - non current405
400
Non-current financial liabilities and derivative instruments108
197
Total non-current liabilities12,854
13,653
Current provisions163
150
Operating payables2,337
3,019
Other operating payables1,134
1,311
of which other operating payables724
799
of which tangible/intangible current payables410
513
Tax payable282
263
Bonds - current70
842
Lease liabilities - current103
107
Current financial liabilities and derivatives128
415
Total current liabilities4,218
6,107
Liabilities held for sale0
0
Total liabilities and shareholders' equity32,147
36,012
Analysis of Working Capital Requirement
(€ millions) June2020 June2021 June2022 FY21 WC change* FY22 WC change* Aged work in progress5,084
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 progress4,995
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 receivables343
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 capital398
331
343
(85
)
(25
)
Factoring/Securitization impact(513
)
(592
)
(602
)
(79
)
12
Net Operating Working Capital
(115
)
(261
)
(259
)
(164
)
(13
)
Net Working Capital4,879
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 Bonds70
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 profit2361
2962
Depreciation and amortisation367
381
Net change in impairment of goodwill, PPE and intangible assets78
10
Net change in provisions(80)
7
Changes in fair value on commercial derivatives and biological assets1
(2)
Net (gain)/loss on disposal of assets(16)
(5)
Share-based payments28
40
Self-financing capacity before interest and tax2,738
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 Flow1,628
1,813
of which recurring Free Cash Flow1,745
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 adjustment265
(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 m0.000
%
10/24/2023 € 500 m0.500
%
10/24/2027 € 500 m0.875
%
10/24/2031 € 650 m2.13
%
9/29/2014 9/27/2024 € 1,500 m o/w: 4/1/2020 € 750 m1.125
%
4/7/2025 € 750 m1.750
%
4/8/2030 € 500 m o/w: 4/27/2020 € 250 m1.125
%
4/7/2025 € 250 m1.750
%
4/8/2030 € 600 m1.500
%
5/17/2016 5/18/2026 € 750 m1.375
%
4/7/2022 4/7/2029 € 500 m0.125
%
10/4/2021 10/4/2029 USD $ 1,650 m o/w: 1/12/2012 $ 800 m4.250
%
7/15/2022 $ 850 m5.500
%
1/15/2042 $ 600 m3.250
%
6/8/2016 6/8/2026 $ 2,000 m o/w: $ 600 m1.250
%
10/1/2020 4/1/2028 $ 900 m1.625
%
4/1/2031 $ 500 m2.750
%
10/1/2050Net 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 30/06/20212.6
2.6
EBITDA & cash generation excl. Group structure effect and forex impacts
(0.4
)
(0.4
)
Group structure and forex impacts0.3
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 period261876.56
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 shares718
688
Number of shares used in diluted EPS calculation261,514
259,719
(€ millions and €/share) FY21 FY22 reported △ Group share of net profit from recurring operations1,612
2,124
31.8
%
Diluted net earnings per share from recurring operations6.16
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)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005908/en/
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
1 Year Pernod Ricard Chart |
1 Month Pernod Ricard Chart |
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