PARIS--(BUSINESS WIRE)--Regulatory News:
Pernod Ricard (Paris:RI):
Press release - Paris, 27 August 2015
SUMMARY
Solid results
- Confirmation of the gradual improvement in Sales: +2% vs. flat in FY 13/14 (+8% reported)
- Market share gains in most key markets
- Profit from Recurring Operations (PRO) organic growth: +2%, in line with the guidance of +1% to +3%. Reported PRO growth was +9%, with a very favourable FX impact.
- Recurring Free Cash Flow: + 38%
- Group share of Net PRO +12%. Group share of Net profit -15% due to impairment charge on Absolut (+25% excluding net impairment charge of €404m)
- Leverage ratio further reduced
- Proposed dividend: €1.80, up +10% vs. FY 13/14
Healthy growth
- Increase in A&P investment: +2%, in particular to support innovation
- Negative mix, but stable pricing
- Strong cost discipline
As part of this communication, Alexandre Ricard, Chairman and Chief Executive Officer, declared, “Our full year results are solid, delivering improving Sales and Profit from recurring operations in line with guidance. Our strategy has remained consistent and is delivering results.
For FY15/16, despite a challenging and volatile macroeconomic environment, we aim to continue gradually improving our business performance. We will continue to support priority brands and innovations while focusing on operational excellence.”
SALES
Sales for the full year 2014/15 totalled €8,558m. Organic Sales growth was +2%. Reported Sales growth was +8% with a very favourable FX impact.
This gradual improvement was driven by:
- Asia-Rest of the World: +4% return to growth thanks to improving Sales in China (-2% vs. -23% in FY13/14) and continued very strong dynamism in India (+18%);
- Americas: +2% with USA stable for full year (improving in H2) and growth in rest of region;
- Europe: stability with a return to growth in Spain +2% but difficulties in Eastern Europe and Travel Retail.
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 returned to growth, despite negative mix (China). Absolut was impacted by a challenging USA market but grew outside the USA.
The Top 14 returned to growth: +2% (vs. -2% in FY13/14), with a performance improvement driven by Ballantine’s and Martell and continued strong growth of Jameson and The Glenlivet.
Key Local Brands performed well: +5% driven by Indian whiskies and standard Scotch brands, despite the decline of Imperial in Korea.
Priority Premium Wines were stable with the growth of Campo Viejo offsetting Jacob’s Creek.
There were market share gains in most key markets.
Q4 Organic Sales growth was +3%, with a favourable basis of comparison (destocking in Q4 13/14.) Reported Q4 Sales were up +15%, due to a stronger USD.
RESULTS
Full year PRO increased +9% (+2% organically) to € 2,238m and the PRO margin to 26.2% thanks to a favourable FX impact. Key organic margin drivers were:
- Decrease in Gross Margin ratio: -105bps, with stable pricing in a challenging and competitive environment, negative mix due to geographic mix and quality mix (Martell) yet good cost control
- Increase in A&P: +2%, overall in line with top line, with a focus on Top 14 and new business opportunities and double-digit increase in support for key innovation projects, partly financed by €25m reinvestment from Allegro, as expected
- Strong decrease in structure costs driven by Allegro: -3%, better than initially planned due to vacancies linked to implementation of new organisation.
FX impact on reported PRO was +€155m, mainly driven by USD.
The cost of debt was lowered to 4.4% and is expected to be close to 4.2% for FY15/16.
The corporate income tax rate on recurring items slightly decreased to 24.4%.
Reported group share of Net PRO was up +12%. Reported Group share of Net profit was down -15%, due to an impairment charge on Absolut (+25% excluding the impairment charge.) The latter was driven by lower growth in the USA, but has no cash or business impact. Group mid- to long-term prospects presented during the Capital Market Day in June are unchanged.
FREE CASH FLOW AND DEBT
Reported Free Cash Flow from recurring operations improved significantly, close to historically high levels (€1,154m, +38%) due in particular to tight working capital management. EBIT cash conversion was excellent at 88%, +6pts vs FY13/14, while the Group continued to invest in the long-term.
Free Cash Flow increased +€53m to €808m, impacted by non-recurring items of -€346m, mainly relating to the settlement of accrued tax and restructuring liabilities.
Net debt increased by +€668m to €9,021m mainly driven by a mechanical FX impact (+€964m due to variation of €/USD parity between 30 June 2014 at 1.37 and 30 June 2015 at 1.12.)
The leverage ratio at average rates was reduced to below 3.5 from 3.6 for FY13/14 (with €/USD parity at 1.36 in FY13/14 vs. 1.20 in FY14/15.)
PROPOSED DIVIDEND
A dividend of €1.80 is proposed for the AGM, +10% vs FY13/14, corresponding to a pay-out ratio of 36%, in line with the customary policy of cash distribution of approximately one-third of Group net profit from recurring operations.
Audit procedures on the consolidated financial statements have been carried out. The Statutory Auditors’ report will be issued following their review of the management report.
A detailed presentation of Sales and Results can be downloaded from our website: www.pernod-ricard.com
In line with its standard practice, Pernod Ricard will communicate earnings guidance for the current financial year as part of its Q1 2015/16 sales communication on 22 October 2015.
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 € 8,558 million in 2014/15. 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.
Appendices
Top 14 brands and Priority Premium Wines organic sales growth
|
Volumes
FY 2014/15 |
Net Sales | Volumes | Price/mix | |||||||||||||
| (in 9Lcs millions) | ||||||||||||||||
| Absolut | 11.2 | -1% | 0% | -1% | ||||||||||||
| Chivas Regal | 4.5 | 0% | -1% | 0% | ||||||||||||
| Ballantine's | 6.2 | 3% | 4% | -1% | ||||||||||||
| Ricard | 4.9 | 0% | 2% | -2% | ||||||||||||
| Jameson | 5.1 | 10% | 9% | 2% | ||||||||||||
| Havana Club | 4.0 | 0% | 1% | -1% | ||||||||||||
| Malibu | 3.4 | -3% | -3% | 0% | ||||||||||||
| Beefeater | 2.6 | 3% | 2% | 1% | ||||||||||||
| Kahlua | 1.5 | 2% | -1% | 3% | ||||||||||||
| Martell | 2.1 | 2% | 8% | -6% | ||||||||||||
| The Glenlivet | 1.1 | 11% | 7% | 3% | ||||||||||||
| Royal Salute | 0.2 | -8% | -9% | 2% | ||||||||||||
| Mumm | 0.7 | 7% | 13% | -6% | ||||||||||||
| Perrier-Jouët | 0.3 | 9% | 11% | -2% | ||||||||||||
| Top 14 | 47.8 | 2% | 2% | 0% | ||||||||||||
| Jacob's Creek | 6.0 | -3% | -4% | 0% | ||||||||||||
| Brancott Estate | 2.2 | 1% | 6% | -5% | ||||||||||||
| Campo Viejo | 2.2 | 9% | 9% | 0% | ||||||||||||
| Kenwood | 0.5 | na | na | na | ||||||||||||
| Graffigna | 0.2 | -22% | -18% | -4% | ||||||||||||
| Priority Premium Wines | 11.2 | -1% | 1% | -1% | ||||||||||||
Sales analysis by region
|
Net Sales
(€ millions) |
FY 2013/14 | FY 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Europe | 2,773 | 34.9% | 2,731 | 31.9% | (42) | -2% | 8 | 0% | (11) | 0% | (40) | -1% | ||||||||||||||||||||||||
| Americas | 2,142 | 27.0% | 2,382 | 27.8% | 240 | 11% | 51 | 2% | 13 | 1% | 176 | 8% | ||||||||||||||||||||||||
| Asia / Rest of the World | 3,031 | 38.1% | 3,446 | 40.3% | 415 | 14% | 120 | 4% | (6) | 0% | 301 | 10% | ||||||||||||||||||||||||
| World | 7,945 | 100.0% | 8,558 | 100.0% | 613 | 8% | 180 | 2% | (4) | 0% | 437 | 6% | ||||||||||||||||||||||||
|
Net Sales
(€ millions) |
Q4 2013/14 | Q4 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Europe | 638 | 36.3% | 647 | 32.1% | 9 | 1% | 5 | 1% | (2) | 0% | 6 | 1% | ||||||||||||||||||||||||
| Americas | 529 | 30.1% | 637 | 31.6% | 107 | 20% | 10 | 2% | (2) | 0% | 100 | 19% | ||||||||||||||||||||||||
| Asia / Rest of the World | 592 | 33.7% | 732 | 36.3% | 140 | 24% | 30 | 5% | (2) | 0% | 113 | 19% | ||||||||||||||||||||||||
| World | 1,759 | 100.0% | 2,016 | 100.0% | 257 | 15% | 45 | 3% | (6) | 0% | 218 | 12% | ||||||||||||||||||||||||
|
Net Sales
(€ millions) |
HY2 2013/14 | HY2 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Europe | 1,161 | 34.4% | 1,152 | 29.3% | (9) | -1% | 1 | 0% | (3) | 0% | (6) | -1% | ||||||||||||||||||||||||
| Americas | 932 | 27.6% | 1,140 | 29.0% | 207 | 22% | 30 | 3% | (2) | 0% | 179 | 19% | ||||||||||||||||||||||||
| Asia / Rest of the World | 1,282 | 38.0% | 1,645 | 41.8% | 363 | 28% | 124 | 10% | (5) | 0% | 244 | 19% | ||||||||||||||||||||||||
| World | 3,375 | 100.0% | 3,937 | 100.0% | 562 | 17% | 156 | 5% | (10) | 0% | 416 | 12% | ||||||||||||||||||||||||
Summary consolidated income statement
| (€ millions) | 30/06/2014 | 30/06/2015 | Change | ||||
| Net sales | 7,945 | 8,558 | 8% | ||||
| Gross Margin after logistics costs | 4,987 | 5,296 | 6% | ||||
| A&P expenditure | (1,503) | (1,625) | 8% | ||||
| Contribution after A&P expenditure | 3,484 | 3,671 | 5% | ||||
| Structure costs | (1,428) | (1,433) | 0% | ||||
| Profit from recurring operations | 2,056 | 2,238 | 9% | ||||
| Financial income/(expense) from recurring operations | (444) | (457) | 3% | ||||
| Corporate income tax on items from recurring operations | (416) | (434) | 4% | ||||
| Net profit from discontinued operations, non-controlling interests and share of net income from associates | (11) | (18) | 68% | ||||
| Group share of net profit from recurring operations | 1,185 | 1,329 | 12% | ||||
| Other operating income & expenses | (240) | (649) | NA | ||||
| Non-recurring financial items | (41) | (32) | NA | ||||
| Corporate income tax on items from non recurring operations | 111 | 213 | NA | ||||
| Group share of net profit | 1,016 | 861 | -15% | ||||
| Non-controlling interests | 11 | 19 | 69% | ||||
| Net profit | 1,027 | 880 | -14% | ||||
Profit from recurring operations by region
| World | ||||||||||||||||||||||||||||||||||||
| (€ millions) | FY 2013/14 | FY 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Net sales (Excl. T&D) | 7,945 | 100.0% | 8,558 | 100.0% | 613 | 8% | 180 | 2% | (4) | 0% | 437 | 6% | ||||||||||||||||||||||||
| Gross margin after logistics costs | 4,987 | 62.8% | 5,296 | 61.9% | 309 | 6% | 27 | 1% | (3) | 0% | 284 | 6% | ||||||||||||||||||||||||
| Advertising & promotion | (1,503) | 18.9% | (1,625) | 19.0% | (122) | 8% | (32) | 2% | (2) | 0% | (88) | 6% | ||||||||||||||||||||||||
| Contribution after A&P | 3,484 | 43.9% | 3,671 | 42.9% | 187 | 5% | (5) | 0% | (5) | 0% | 196 | 6% | ||||||||||||||||||||||||
| Profit from recurring operations | 2,056 | 25.9% | 2,238 | 26.2% | 182 | 9% | 33 | 2% | (7) | 0% | 155 | 8% | ||||||||||||||||||||||||
| Asia / Rest of the World | ||||||||||||||||||||||||||||||||||||
| (€ millions) | FY 2013/14 | FY 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Net sales (Excl. T&D) | 3,031 | 100.0% | 3,446 | 100.0% | 415 | 14% | 120 | 4% | (6) | 0% | 301 | 10% | ||||||||||||||||||||||||
| Gross margin after logistics costs | 1,848 | 61.0% | 2,073 | 60.2% | 225 | 12% | 16 | 1% | (1) | 0% | 210 | 11% | ||||||||||||||||||||||||
| Advertising & promotion | (550) | 18.1% | (627) | 18.2% | (77) | 14% | (23) | 4% | 0 | 0% | (54) | 10% | ||||||||||||||||||||||||
| Contribution after A&P | 1,298 | 42.8% | 1,446 | 42.0% | 148 | 11% | (7) | -1% | (1) | 0% | 156 | 12% | ||||||||||||||||||||||||
| Profit from recurring operations | 884 | 29.2% | 999 | 29.0% | 115 | 13% | (11) | -1% | (1) | 0% | 127 | 14% | ||||||||||||||||||||||||
| Americas | ||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| (€ millions) | FY 2013/14 | FY 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Net sales (Excl. T&D) | 2,142 | 100.0% | 2,382 | 100.0% | 240 | 11% | 51 | 2% | 13 | 1% | 176 | 8% | ||||||||||||||||||||||||
| Gross margin after logistics costs | 1,394 | 65.1% | 1,519 | 63.8% | 125 | 9% | 15 | 1% | 0 | 0% | 110 | 8% | ||||||||||||||||||||||||
| Advertising & promotion | (412) | 19.3% | (478) | 20.1% | (65) | 16% | (27) | 7% | (3) | 1% | (35) | 9% | ||||||||||||||||||||||||
| Contribution after A&P | 982 | 45.8% | 1,041 | 43.7% | 59 | 6% | (12) | -1% | (3) | 0% | 74 | 8% | ||||||||||||||||||||||||
| Profit from recurring operations | 579 | 27.0% | 632 | 26.5% | 53 | 9% | 11 | 2% | (5) | -1% | 46 | 8% | ||||||||||||||||||||||||
| Europe | ||||||||||||||||||||||||||||||||||||
| (€ millions) | FY 2013/14 | FY 2014/15 | Change | Organic Growth | Group Structure | Forex impact | ||||||||||||||||||||||||||||||
| Net sales (Excl. T&D) | 2,773 | 100.0% | 2,731 | 100.0% | (42) | -2% | 8 | 0% | (11) | 0% | (40) | -1% | ||||||||||||||||||||||||
| Gross margin after logistics costs | 1,745 | 62.9% | 1,704 | 62.4% | (41) | -2% | (3) | 0% | (2) | 0% | (35) | -2% | ||||||||||||||||||||||||
| Advertising & promotion | (541) | 19.5% | (521) | 19.1% | 20 | -4% | 18 | -3% | 1 | 0% | 2 | 0% | ||||||||||||||||||||||||
| Contribution after A&P | 1,204 | 43.4% | 1,183 | 43.3% | (21) | -2% | 15 | 1% | (2) | 0% | (34) | -3% | ||||||||||||||||||||||||
| Profit from recurring operations | 593 | 21.4% | 608 | 22.2% | 14 | 2% | 33 | 6% | (2) | 0% | (17) | -3% | ||||||||||||||||||||||||
Foreign exchange impact
|
Forex impact FY 2014/15
(€ millions) |
Average rates evolution |
On Net |
On Profit |
||||||||||||||||||
| 2013/14 | 2014/15 | % | |||||||||||||||||||
| US dollar | USD | 1.36 | 1.20 | -11.4% | 233 | 105 | |||||||||||||||
| Chinese yuan | CNY | 8.33 | 7.43 | -10.7% | 87 | 56 | |||||||||||||||
| Russian rouble | RUB | 45.95 | 59.35 | 29.2% | (54) | (40) | |||||||||||||||
| Indian rupee | INR | 83.36 | 74.48 | -10.7% | 77 | 30 | |||||||||||||||
| Hong Kong Dollar | HKD | 10.52 | 9.32 | -11.5% | 12 | (13) | |||||||||||||||
| Korean won | KRW | 1.45 | 1.29 | -10.6% | 25 | 13 | |||||||||||||||
| Venezuelan bolivar | VEF | 23.48 | 60.07 | 155.8% | (11) | (10) | |||||||||||||||
| Other currencies | 70 | 12 | |||||||||||||||||||
| Total | 437 | 155 | |||||||||||||||||||
Note: Impact on PRO includes strategic hedging on Forex
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 | +17 | |
| Financial expenses | (3) | |
| Pre-tax profit from recurring operations | +14 | |
| Impact on the balance sheet | (€ millions) | |
| Increase/(decrease) in net debt | +56 | |
| (1) CNY, HKD | (2) Full-year effect | |
Balance sheet (assets)
|
Assets |
6/30/2014 | 6/30/2015 | |||
| (Net book value) | |||||
| Non-current assets | |||||
| Intangible assets and goodwill | 16,449 | 17,706 | |||
| Tangible assets and other assets | 2,594 | 2,933 | |||
| Deferred tax assets | 1,926 | 2,339 | |||
|
Total non-current assets |
20,968 | 22,978 | |||
| Current assets | |||||
| Inventories | 4,861 | 5,351 | |||
| of which aged work-in-progress | 3,963 | 4,430 | |||
| of which non-aged work-in-progress | 65 | 73 | |||
| Receivables (*) | 1,051 | 1,152 | |||
| Trade receivables | 990 | 1,084 | |||
| Other trade receivables | 61 | 68 | |||
| Other current assets | 194 | 260 | |||
| Other operating current assets | 188 | 245 | |||
| Tangible/intangible current assets | 6 | 15 | |||
| Tax receivable | 37 | 61 | |||
| Cash and cash equivalents and current derivatives | 503 | 595 | |||
| Total current assets | 6,646 | 7,419 | |||
| Assets held for sale | 2 | 1 | |||
| Total assets | 27,616 | 30,398 | |||
| (*) after disposals of receivables of: | 479 | 591 | |||
Balance sheet (liabilities and shareholders’ equity)
| Liabilities and shareholders’ equity | 6/30/2014 | 6/30/2015 | |||
| (€ millions) | |||||
| Group Shareholders’ equity | 11,621 | 13,121 | |||
| Non-controlling interests | 157 | 167 | |||
| of which profit attributable to non-controlling interests | 11 | 19 | |||
| Total Shareholders’ equity | 11,778 | 13,288 | |||
| Non-current provisions and deferred tax liabilities | 4,174 | 4,427 | |||
| Bonds | 6,844 | 6,958 | |||
| Non-current financial liabilities and derivative instruments | 915 | 587 | |||
| Total non-current liabilities | 11,933 | 11,972 | |||
| Current provisions | 251 | 173 | |||
| Operating payables | 1,463 | 1,696 | |||
| Other operating payables | 887 | 920 | |||
| of which other operating payables | 600 | 623 | |||
| of which tangible/intangible current payables | 287 | 297 | |||
| Tax payable | 56 | 116 | |||
| Bonds | 929 | 1,514 | |||
| Current financial liabilities and derivatives | 319 | 719 | |||
| Total current liabilities | 3,905 | 5,138 | |||
| Liabilities held for sale | 0 | 0 | |||
| Total current liabilities | 27,616 | 30,398 | |||
Analysis of Working Capital Requirement
| (€ millions) |
June
2013 |
June
2014 |
June
2015 |
FY 13/14 |
FY 14/15 |
||||||||
| Aged work in progress | 3,617 | 3,963 | 4,430 | 258 | 233 | ||||||||
| Advances to suppliers for wine and ageing spirits | 6 | 6 | 8 | 1 | 1 | ||||||||
|
Payables on wine and aging spirits |
91 | 97 | 107 | 4 | 8 | ||||||||
| Net aged work in progress | 3,532 | 3,872 | 4,331 | 254 | 226 | ||||||||
| Trade receivables before factoring/securitization | 1,595 | 1,469 | 1,674 | (92) | 129 | ||||||||
| Advances from customers | 12 | 3 | 3 | (8) | (0) | ||||||||
| Other receivables | 266 | 243 | 305 | (11) | 47 | ||||||||
| Other inventories | 799 | 833 | 847 | 47 | (13) | ||||||||
| Non-aged work in progress | 69 | 65 | 73 | (1) | 1 | ||||||||
| Trade payables and other | 2,079 | 1,963 | 2,208 | (77) | 115 | ||||||||
| Gross operating working capital | 638 | 645 | 689 | 28 | 50 | ||||||||
| Factoring/Securitization impact | 505 | 479 | 591 | 25 | (84) | ||||||||
| Net Operating Working Capital | 133 | 165 | 98 | 53 | (34) | ||||||||
| Net Working Capital | 3,665 | 4,037 | 4,428 | 308 | 193 | ||||||||
| * without FX effects and reclassifications | Of which recurring variation | 319 | 192 | ||||||||||
| Of which non recurring variation | (12) | 0 | |||||||||||
Change in Net Debt
| (€ millions) | 30/06/2014 | 30/06/2015 | |||
| Self-financing capacity before interest and tax | 2,157 | 2,296 | |||
| Decrease (increase) in working capital requirements | (308) | (193) | |||
| Financial result and tax cash | (841) | (992) | |||
| Net acquisitions of non financial assets | (253) | (302) | |||
| Free Cash Flow | 755 | 808 | |||
| Disposals/acquisitions assets and others | (142) | (51) | |||
| Change in Group structure | |||||
| Dividends and others | (448) | (461) | |||
| Decrease (increase) in net debt (before currency translation adjustments) | 165 | 296 | |||
| Foreign currency translation adjustment | 209 | (964) | |||
| Decrease (increase) in net debt (after currency translation adjustments) | 374 | (668) | |||
| Initial net debt | (8,727) | (8,353) | |||
| Final net debt | (8,353) | (9,021) | |||
Debt Maturity at 30 June 2015
[Missing charts are available on the original document and on www.pernod-ricard.com]
Gross Debt Hedging at 30 June 2015
[Missing charts are available on the original document and on www.pernod-ricard.com]
Bond Details
| Currency | Par value | Coupon | Issue date | Maturity date | |||||
| EUR | € 1,200 m | 4.875% | 3/18/2010 | 3/18/2016 | |||||
| € 1,000 m | 5.000% | 3/15/2011 | 3/15/2017 | ||||||
| € 850 m | 2.000% | 3/20/2014 | 6/22/2020 | ||||||
| € 650 m | 2.125% | 9/29/2014 | 9/27/2024 | ||||||
| USD | $ 201 m | Libor 3M + spread | 12/21/2010 | 12/21/2015 | |||||
| $ 1,000 m | 5.750% | 4/7/2011 | 4/7/2021 | ||||||
| $ 1,500 m | 4.450% | 10/25/2011 | 1/15/2022 | ||||||
| $ 2,500 m o/w: | 1/12/2012 | ||||||||
| $ 850 m at 5 years | 2.950% | 1/15/2017 | |||||||
| $ 800 m at 10.5 years | 4.250% | 7/15/2022 | |||||||
| $ 850 m at 30 years | 5.500% | 1/15/2042 | |||||||
Diluted EPS calculation
| (x 1,000) |
FY |
FY |
||||||||||||
| 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) | (2,107) | (1,441) | ||||||||||||
| Dilutive impact of stock options and performance shares | 2,502 | 2,250 | ||||||||||||
| Number of shares used in diluted EPS calculation | 265,816 | 266,230 | ||||||||||||
| (€ millions and €/share) | FY | FY | reported | |||||||||||
| 13/14 | 14/15 |
∆ |
||||||||||||
| Group share of net profit from recurring operations | 1,185 | 1,329 | +12% | |||||||||||
| Diluted net earnings per share from recurring operations | 4.46 | 4.99 | +12% | |||||||||||
