Pernod Ricard: 2016/17 Half-Year Sales and Results

STRONG H1 17 PERFORMANCE:

  • +4% ORGANIC SALES GROWTH (+2% REPORTED)
  • +4% ORGANIC GROWTH IN PROFIT FROM RECURRING OPERATIONS (“PRO”) (+3% ADJUSTED FOR EARLIER CHINESE NEW YEAR1) AND +4% REPORTED
  • STRONG FREE CASH FLOW

FY 17 GUIDANCE CONFIRMED:

ORGANIC GROWTH IN PRO BETWEEN +2% AND +4%

PARIS--()--Regulatory News:

Pernod Ricard (Paris:RI):

SALES

Sales for H1 17 totalled €5,061m. Organic Sales growth was +4%, representing a continued improvement vs. FY 16. Reported Sales growth was +2% with an unfavourable FX impact.

The continued improvement, was driven by:

  • Strong growth continuing in USA, for Jameson worldwide and innovation
  • Improvement vs. FY16 in China, Travel Retail and Russia, as well as for Absolut, Martell and Chivas
  • … Despite the temporary adverse impact of demonetisation leading to growth deceleration in India

Sales growth was +3%, restated for earlier CNY1.

The Group continued to consistently implement its mid-term strategy:

  • Following changes, the new organisations are getting up to speed in USA, Global Travel Retail and China
  • The brand portfolio is continuing to be actively managed, with the acquisition of a majority stake in Smooth Ambler and the disposal of Domecq brandies and wines
  • Innovation is contributing +1% to overall growth, driven by Jameson Caskmates, Lillet and Olmeca Altos

Q2 17 Sales were €2,813m, +4% organic growth, in continuity of Q1. Q2 reported Sales growth was +3%.

RESULTS

H1 17 PRO was €1,500m, with organic growth of +4% (+3% adjusted for CNY1) and +4% reported:

  • Gross margin down -31bps:
    • Price/mix turning positive but pricing remaining subdued
    • Tight management of costings
    • Sustained investment in A&P: +1% to support key initiatives
    • Tightly managed structure costs

1 Chinese New Year (“CNY”) on 28 January 2017 vs. 8 February 2016

The Operational efficiency implementation is on track with the 2020 roadmap2 covering manufacturing, procurement, A&P and supply chain.

Financial expenses from recurring operations were down €16m thanks to the average cost of debt reducing from 4.2% to 4.0% in H1 17. For full-year FY17, the cost of debt is expected to be 3.8%.

The tax rate on recurring operations was 25.7% in H1, close to the c. 26% expected for FY17.

Reported Group share of Net Profit from Recurring Operations was €957m, +5% vs. H1 16.

Reported Group share of Net profit was €914m, +3% vs. H1 16.

FREE CASH FLOW AND DEBT

Cash generation was very strong, with Free Cash Flow of €658m, +34% vs. H1 16, partly enhanced by phasing.

Net debt increased by €237m to €8,953m mainly driven by an adverse translation adjustment on USD-denominated debt (EUR/USD parity on 30 June 2016 at 1.11 vs. 31 December 2016 at 1.05.)

The Net debt / Ebitda ratio at average rates decreased to <3.4, an improvement vs. both 31/12/15 (<3.6) and 30/06/16 (3.4), in spite of adverse cash seasonality.

As part of this communication, Alexandre Ricard, Chairman and Chief Executive Officer, declared,

Our half-year results are strong, delivering a continued performance improvement. Our strategy remains consistent and is driving results.

For full year FY 17, in an uncertain environment, we plan to continue improving our business performance year-on-year vs. FY 16. We will continue to support priority markets, brands and innovations while focusing on operational excellence. We expect to deliver organic growth in Profit from Recurring Operations in line with the guidance of +2% to +4% 3.”

All growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding.

A detailed presentation of H1 17 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Limited audit procedures have been carried out on the half-year financial statements. The Auditors’ report on their limited review is being prepared and will be available on our website.

1 Initiatives to contribute over the period FY16 to FY20 total P&L savings of c. €200m, of which around half will be reinvested in A&P, and cash savings of c. €200m
2 Over the full FY17, the FX impact on PRO is estimated at approximately +€ 80m, based on average FX rates for full FY 17 projected on 31 January 2017 , particularly a EUR/USD rate of 1.09

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.

Free cash flow

Free cash flow comprises the net cash flow from operating activities excluding the contributions to Allied Domecq pension plans, aggregated with the proceeds from disposals of property, plant and equipment and intangible assets and after deduction of the capital expenditures.

“Recurring” indicators

The following 3 measures represent key indicators for the measurement of the recurring performance of the business, excluding significant items that, because of their nature and their unusual occurrence, cannot be considered as inherent to the recurring performance of the Group:

  • Recurring free cash flow

Recurring free cash flow is calculated by restating free cash flow from non-recurring items.

  • Profit from recurring operations

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

  • Group share of net profit from recurring operations

Group share of net profit from recurring operations corresponds to the Group share of net profit excluding other non-current operating income and expenses, non-recurring financial items and corporate income tax on non-recurring items.

Net debt

Net debt, as defined and used by the Group, corresponds to total gross debt (translated at the closing rate), including fair value and net foreign currency assets hedging derivatives (hedging of net investments and similar), less cash and cash equivalents.

EBITDA

EBITDA stands for “earnings before interest, taxes, depreciation and amortization”. EBITDA is an accounting measure calculated using the Group's profit from recurring operations excluding depreciation and amortization on operating fixed assets.

About Pernod Ricard

Pernod Ricard is the world’s n°2 in wines and spirits with consolidated Sales of € 8,682 million in FY16. 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 and Malibu, Mumm and Perrier- Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo and Kenwood wines. Pernod Ricard employs a workforce of 18,500 people and operates through a decentralised organisation, with 6 “Brand Companies” and 85 “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

House of Brands

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

Emerging Markets

                   
Americas     Asia-Rest of World       Europe
Argentina     Algeria       Malaysia       Albania
Bolivia Angola Mongolia Armenia
Brazil Cambodia Morocco Azerbaijan
Caribbean Cameroon Mozambique Belarus
Chile China Namibia Bosnia
Colombia Congo Nigeria Bulgaria
Costa Rica Egypt Persian Gulf Croatia
Cuba Ethiopia Philippines Georgia
Dominican Republic Gabon Senegal Hungary
Ecuador Ghana South Africa Kazakhstan
Guatemala India Sri Lanka Kosovo
Honduras Indonesia Syria Latvia
Mexico Iraq Tanzania Lithuania
Panama Ivory Coast Thailand Macedonia
Paraguay Jordan Tunisia Moldova
Peru Kenya Turkey Montenegro
Puerto Rico Laos Uganda Poland
Uruguay Lebanon Vietnam Romania
Venezuela Madagascar Zambia Russia
Serbia
Ukraine
 

Strategic International Brands Organic Growth

                                                     

Volumes
H1 17

Organic Sales growth
H1 17

Volumes

Price/mix

(in 9Lcs millions)      
     
Absolut 6.2 1% 2% -1%
Chivas Regal 2.6 -1% 0% -1%
Ballantine's 3.9 6% 7% -1%
Ricard 2.5 2% 3% -1%
Jameson 3.6 20% 16% 4%
Havana Club 2.3 5% 7% -2%
Malibu 1.8 7% 6% 0%
Beefeater 1.6 5% 4% 1%
Martell 1.3 7% 7% 0%
The Glenlivet 0.6 0% -1% 1%
Royal Salute 0.1 3% 7% -4%
Mumm 0.5 3% 4% -1%
Perrier-Jouët 0.2 9% 5% 4%
Strategic International Brands 27.2 6% 5% 0%
 

Sales Analysis by Period and Region

                                                       

Net Sales
(€ Million)

 

Q1 16

Q1 17

Change

Organic Growth

Group Structure

Forex impact

           
Americas 627 28.2% 649 28.9% 22 3% 52 8% (7) -1% (24) -4%
Asia / Rest of the World 938 42.2% 917 40.8% (21) -2% 1 0% (0) 0% (21) -2%
Europe 658   29.6% 682   30.3% 24   4% 38   6% 5   1% (19)   -3%
World 2,223   100.0% 2,248   100.0% 24   1% 91   4% (2)   0% (64)   -3%
 
             
Net Sales

(€ Million)

  Q2 16 Q2 17 Change Organic Growth Group Structure Forex impact
 
Americas 742 27.1% 782 27.8% 40 5% 43 6% 1 0% (4) -1%
Asia / Rest of the World 1,081 39.5% 1,123 39.9% 43 4% 51 5% (0) 0% (8) -1%
Europe 911   33.3% 907   32.3% (4)   0% 12   1% 5   1% (22)   -2%
World 2,734   100.0% 2,813   100.0% 79   3% 107   4% 6   0% (34)   -1%
 
             
Net Sales

(€ Million)

  H1 16 H1 17 Change Organic Growth Group Structure Forex impact
 
Americas 1,369 27.6% 1,431 28.3% 62 4% 95 7% (5) 0% (28) -2%
Asia / Rest of the World 2,019 40.7% 2,040 40.3% 22 1% 52 3% (0) 0% (30) -1%
Europe 1,570   31.7% 1,589   31.4% 19   1% 50   3% 10   1% (41)   -3%
World 4,958   100.0% 5,061   100.0% 103   2% 197   4% 4   0% (99)   -2%
 
As of 1 July 2016, Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Summary Consolidated Income Statement

                           
(€ millions)     12/31/2015       12/31/2016       Change
Net sales     4 958       5 061       2%
Gross Margin after logistics costs     3 078       3 158       3%
Advertising and promotion expenses     (908)       (901)       -1%
Contribution after A&P expenditure     2 170       2 257       4%
Structure costs     (732)       (756)       3%
Profit from recurring operations     1 438       1 500       4%
Financial income/(expense) from recurring operations     (217)       (201)       -7%
Corporate income tax on items from recurring operations (302) (334) 11%

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

    (10)       (9)       -10%
Group share of net profit from recurring operations     909       957       5%
 
Other operating income & expenses (35) (0) NA
Financial income/(expense) from non-recurring operations (1) (4) NA
Corporate income tax on items from non recurring operations 13 (38) NA
                       
Group share of net profit     886       914       3%
Non-controlling interests     10       10       -3%
Net profit     896       924       3%
 

Profit from Recurring Operations by Region

                                                       
(€ millions) H1 16 H1 17 Change Organic Growth Group Structure Forex impact
           
Net sales (Excl. T&D) 4,958 100.0% 5,061 100.0% 103 2% 197 4% 4 0% (99) -2%
Gross margin after logistics costs 3,078 62.1% 3,158 62.4% 80 3% 106 3% 3 0% (29) -1%
Advertising & promotion (908) 18.3% (901) 17.8% 7 -1% (11) 1% (1) 0% 18 -2%
Contribution after A&P 2,170   43.8% 2,257   44.6% 87   4% 96   4% 2   0% (11)   -1%
Profit from recurring operations   1,438   29.0% 1,500   29.6% 63   4% 59   4% 1   0% 3   0%
 
Americas
                                 
(€ millions) H1 16 H1 17 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 1,369 100.0% 1,431 100.0% 62 4% 95 7% (5) 0% (28) -2%
Gross margin after logistics costs 890 65.0% 972 68.0% 82 9% 64 7% 0 0% 18 2%
Advertising & promotion (277) 20.2% (291) 20.4% (14) 5% (19) 7% (0) 0% 5 -2%
Contribution after A&P 613   44.8% 681   47.6% 68   11% 45   7% 0   0% 23   4%
Profit from recurring operations   400   29.2% 463   32.4% 63   16% 36   9% 0   0% 27   7%
 
Asia / Rest of the World
                                     
(€ millions) H1 16 H1 17 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 2,019 100.0% 2,040 100.0% 22 1% 52 3% (0) 0% (30) -1%
Gross margin after logistics costs 1,229 60.9% 1,212 59.4% (16) -1% 11 1% (0) 0% (27) -2%
Advertising & promotion (350) 17.3% (330) 16.2% 20 -6% 13 -4% 0 0% 7 -2%
Contribution after A&P 879   43.6% 883   43.3% 3   0% 24   3% (0)   0% (20)   -2%
Profit from recurring operations   645   31.9% 633   31.0% (12)   -2% 7   1% 0   0% (19)   -3%
 
Europe
                                     
(€ millions) H1 16 H1 17 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 1,570 100.0% 1,589 100.0% 19 1% 50 3% 10 1% (41) -3%
Gross margin after logistics costs 959 61.1% 973 61.2% 15 2% 31 3% 3 0% (20) -2%
Advertising & promotion (281) 17.9% (280) 17.6% 1 0% (4) 1% (1) 0% 6 -2%
Contribution after A&P 677   43.1% 693   43.6% 16   2% 27   4% 2   0% (14)   -2%
Profit from recurring operations   393   25.0% 405   25.5% 12   3% 16   4% 1   0% (5)   -1%

As of 1 July 2016, Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Foreign Exchange Impact

                         

Forex impact H1 17
(€ Million)

Average rates evolution On Net Sales

On Profit from
Recurring
Operations 1

      H1 16   H1 17   %
                       
US dollar USD 1.10 1.10 -0.5% 6 2
Chinese yuan CNY 7.00 7.41 5.7% (27) (19)
Japanese yen JPY 134.37 116.12 -13.6% 12 7
Argentinian peso ARS 10.66 16.67 56.4% (30) (5)
Pound sterling GBP 0.72 0.86 19.4% (49) 7
Other currencies               (11) 11
Total               (99) 3
 

For full-year FY17, a positive FX impact on PRO of c. €80m is expected2

   
Notes

1

Impact on PRO includes strategic hedging on Forex

2

based on average FX rates for full FY 17 projected on 31 January 2017, particularly EUR/USD = 1.09

 

Sensitivity of profit and debt to EUR/USD exchange

 
Estimated impact of a 1% appreciation of the USD and linked currencies(1) (before hedging)
     
Impact on the income statement(2)   (€ millions)
Profit from Recurring Operations   +17(3)
Financial expenses (2)
Pre-tax Profit from Recurring Operations +15
 
 
     
Impact on the balance sheet   (€ millions)
Increase/(decrease) in Net Debt +54
 
(1) CNY, HKD (2) Full year effect
(3) including +€12M on USD only

Balance Sheet

                   
Assets 6/30/2016 12/31/2016
(€ millions)    
(Net amounts)
Non-current assets
Intangible assets and goodwill 17,572 17,953
Tangible assets and other assets 3,233 2,989
Deferred tax assets 2,505 2,527
Total non-current assets 23,310 23,469
 
Current assets
Inventories 5,294 5,194
Receivables (*) 1,068 1,924
Other current assets 251 232
Tax receivable 92 117
Cash and cash equivalents and current derivatives 577 764
Total current assets 7,282 8,232
 
Assets held for sale 6 51
     
Total assets 30,598 31,752
 
(*) after disposals of receivables of: 520 913
 
     
Liabilities and shareholders’ equity 6/30/2016 12/31/2016
(€ millions)    
 
Group Shareholders’ equity 13,337 13,850
Non-controlling interests 169 171
of which profit attributable to non-controlling interests 20 10
Total Shareholders’ equity 13,506 14,021
 
Non-current provisions and deferred tax liabilities 4,718 4,842
Bonds non-current 7,078 7,260
Non-current financial liabilities and derivative instruments 341 220
Total non-current liabilities 12,137 12,322
 
Current provisions 167 136
Operating payables 1,688 2,010
Other operating payables 909 709
Tax payable 101 242
Bonds - current 1,884 1,959
Current financial liabilities and derivatives 207 353
Total current liabilities 4,955 5,409
 
Liabilities held for sale 0 0
     
Total liabilities and shareholders' equity 30,598 31,752
 

Analysis of Working Capital Requirement

                                             
(€ millions)

June
2015

December
2015

June
2016

December
2016

H1 16 WC
change*

H1 17 WC
change*

 
Aged work in progress 4,430 4,416 4,364 4,331 45 8
Advances to suppliers for wine and ageing spirits 8 13 5 16 6 11
Payables on wine and ageing spirits 107 148 109 140 42 31
Net aged work in progress 4,331 4,281 4,260 4,207 9 (12)
 
Trade receivables before factoring/securitization 1,674 2,571 1,517 2,745 956 1,192
Advances from customers 3 1 2 17 (2) 15
Other receivables 305 312 305 297 12 (3)
Other inventories 847 824 857 784 (3) (76)
Non-aged work in progress 73 71 73 80 0 7
Trade payables and other 2,208 2,419 2,168 2,521 253 322
Gross operating working capital 689 1,359 582 1,367 715 783
 
Factoring/Securitization impact 591 861 520 913 (270) (386)
Net Operating Working Capital 98 497 62 454 445 397
 
Net Working Capital 4,428 4,778 4,322 4,661 455 385
   
* without FX effects and reclassifications

 

Of which recurring variation

459 374

 

Of which non recurring variation

(4) 10
 

Net Debt

                                                   
(€ millions) 12/31/2015 12/31/2016
  Current       Non-current       Total Current       Non-current       Total
Bonds 1,390       7,562       8,951 1,959       7,260       9,218
Syndicated loan 0       138       138            
Commercial paper 298 298 30 30
Other loans and long-term debts 149 177 325 276 167 443
Other financial liabilities 447       315       761 306       167       473
GROSS FINANCIAL DEBT 1,836       7,876       9,712 2,265       7,427       9,692
Fair value hedge derivatives – assets (14) (57) (72) (29) (29)
Fair value hedge derivatives – liabilities 9 9
Fair value hedge derivatives (14)       (57)       (72)         (20)       (20)
Net investment hedge derivatives – assets
Net investment hedge derivatives – liabilities
Net investment hedge derivatives                                    
Net asset hedging derivative instruments – assets
Net asset hedging derivative instruments – liabilities 141 141 9 9
Net asset hedging derivative instruments 141               141 9               9
Financial debt after hedging 1,963       7,819       9,782 2,274       7,407       9,681
Cash and cash equivalents (524)               (524) (728)               (728)
Net financial debt 1,439 7,819 9,258 1,546 7,407 8,953
 

Change in Net Debt

                   
(€ millions)     31/12/2015       31/12/2016
         
Operating profit 1,403 1,500
Depreciation and amortisation 107 106
Net change in impairment of goodwill, PPE and intangible assets 1 4
Net change in provisions (77) (75)
Retreatment of contributions to pension plans acquired from Allied Domecq 43 4
Changes in fair value on commercial derivatives and biological assets 4 1
Net (gain)/loss on disposal of assets (0) (10)
Share-based payments 15 20
Self-financing capacity before interest and tax 1,495 1,551
Decrease / (increase) in working capital requirements (455) (385)
Net interest and tax payments (391) (363)
Net acquisitions of non financial assets and others (159) (145)
Free Cash Flow 490 658
of which recurring Free Cash Flow 544 741
Net disposal of financial assets and activities, contributions to pension plans acquired from Allied Domecq (40) (0)
Dividends paid (483) (501)
(Acquisition) / Disposal of treasury shares and others (28) (23)
Decrease / (increase) in net debt (before currency translation adjustments) (60) 134
Foreign currency translation adjustment (177) (371)
Decrease / (increase) in net debt (after currency translation adjustments) (237) (237)
Initial net debt (9,021) (8,716)
Final net debt     (9,258)       (8,953)
 

Debt Maturity at 31 December 2016

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

  • Available cash at end December 2016: €0.7bn in cash and €2.4bn in available credit facilities (syndicated credit coming to maturity in October 2018)

Gross Debt Hedging at 31 December 2016

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

  • Large part of Gross debt at fixed rates (81%)
  • As of January 2017, the Gross Debt in USD has been reduced to 57% (vs. 62% at 31/12/2016)

Bond Details

                                   
Currency Par value Coupon Issue date Maturity date
 
EUR € 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
€ 500 m 1.875% 9/28/2015 9/28/2023
€ 600 m 1,500% 5/17/2016 5/18/2026
 
USD $ 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
$ 201 m Libor 6m + spread 1/26/2016 1/26/2021
$ 600 m 3,250% 6/8/2016 6/8/2026
 

Number of shares used in diluted EPS calculation

                           
(x 1,000)     H1 16       H1 17        
               
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) 1 490 1 148
Dilutive impact of stock options and performance shares 1 698 1 166
Number of shares used in diluted EPS calculation 265 630 265 440
                       
(€ millions and €/share)     H1 16       H1 17       reported

Group share of Net Profit from Recurring Operations 909 957 +5%
Diluted net earnings per share from recurring operations 3,42 3,61 +5%
 

Contacts

Pernod Ricard
Julia Massies / VP, Financial Communication & Investor Relations +33 (0)1 41 00 41 07
Sylvie Machenaud / Director External Communications +33 (0)1 41 00 42 74
Adam Ramjean / Investor Relations Manager +33 (0)1 41 00 41 59
Emmanuel Vouin / Press Relations Manager +33 (0)1 41 00 44 04
Apolline CELEYRON / Press Relations Officer +33 (0)1 41 00 40 97

Contacts

Pernod Ricard
Julia Massies / VP, Financial Communication & Investor Relations +33 (0)1 41 00 41 07
Sylvie Machenaud / Director External Communications +33 (0)1 41 00 42 74
Adam Ramjean / Investor Relations Manager +33 (0)1 41 00 41 59
Emmanuel Vouin / Press Relations Manager +33 (0)1 41 00 44 04
Apolline CELEYRON / Press Relations Officer +33 (0)1 41 00 40 97