Pernod Ricard: FY18 Half-year Sales and Results

PARIS--()--Regulatory News:

Pernod Ricard (Paris:RI):

Press release - Paris, 8 February 2018

VERY GOOD H1 FY18
+5.1% ORGANIC SALES GROWTH (+0.4% REPORTED)
+5.7% ORGANIC GROWTH IN PRO1 (-0.3% REPORTED)
+25% NET PROFIT2
VERY STRONG FREE CASH FLOW GROWTH: +21%

UPGRADE OF FY18 GUIDANCE3:
ORGANIC GROWTH IN PRO BETWEEN +4% AND +6%

SALES

Sales for H1 FY18 totalled €5,082m, with organic growth of +5.1% and reported growth of +0.4%, due to negative FX.

Performance accelerated, thanks to the consistent implementation of the medium-term growth roadmap:

  • Sustained and diversified growth, with all regions and categories performing well
  • improving price / mix
  • negative impact of later Chinese New Year4 offset by strong Martell demand (high-single digit volume target for full FY18)
  • favourable basis of comparison in some geographies (as in Q1.)

All categories were dynamic, each growing +5%:

  • Strategic International Brands continued their strong growth, driven in particular by Martell and Jameson
  • Strategic Local Brands accelerated thanks to Seagram’s Indian whiskies, Olmeca/Altos and improving trend on Imperial (Korea)
  • Strategic Wines accelerated due to Campo Viejo’s momentum
  • “Other” improved significantly driven by fast-growing premium brands, in particular Monkey 47, Lillet and Avion.

In terms of geography, the acceleration was driven by Asia, in particular China (despite adverse Chinese New Year phasing), India and Travel Retail Asia

  • Americas: continued dynamism +6%
  • Asia-Rest of World: acceleration +7% vs. +3% in H1 FY17
  • Europe: continued good performance +3%

Q2 Sales were €2,790m, with +4.6% organic growth (-0.8% reported), broadly consistent with underlying trends in Q1.

_______________
1 PRO: Profit from Recurring Operations
2 Reported Group share
3 Guidance given to market on 31 August 2017 of organic PRO growth between +3% and +5%
4 Chinese New Year on 16 February 2018 vs. 28 January 2017

RESULTS

H1 FY18 PRO1 was €1,496m, with organic growth of +5.7% and -0.3% reported, due to USD weakness2. For full-year FY18, the FX impact on PRO1 is estimated at c. -€180m3.

The organic PRO margin was up +21bps, driven by:

  • Gross margin ratio: +65bps (partly enhanced by phasing)
    • price impact improving
    • positive mix thanks in particular to Martell, Jameson and Chivas
    • tight management of Cost Of Goods Sold thanks to operational efficiency initiatives, but negative impact of agave cost and Goods & Services Tax in India
  • A&P1: +7%
    • growth ahead of topline in H1 due to phasing and accelerated spend to internationalise Martell
  • Structure costs ratio stable.

The H1 FY18 corporate income tax rate on recurring items was c.25% and this rate should carry through for full-year FY18. The USA tax reform is not expected to have a material impact on the corporate income tax rate in future.

Group share of Net PRO1 was €994m, +4% reported vs. H1 FY17, despite adverse FX, thanks to a reduction in financial expenses. At constant FX, growth was +10%.

Group share of Net profit was €1,147m, +25% reported vs. H1 FY17, due to a reduction in financial expenses and positive non-recurring items (including a one-off sale of bulk Scotch inventory, the reimbursement of the French 3% tax on FY13-17 dividends and a €55m one-off P&L positive net impact further to the reevaluation of deferred tax assets pursuant to the USA tax reform.)

IFRS 15 will be implemented from FY19, leading to the reclassification of certain A&P expenses in deduction of Sales and the integration of the activity of certain third-party bottlers in India into Sales and Cost of Goods Sold. The main proforma estimated impacts are:

  • neutral on PRO but PRO margin up c. 70bps
  • Sales reduced by c.3%
  • Gross Margin down c. 170bps
  • A&P / Sales ratio down c. 300bps to c.16%.

FREE CASH FLOW AND DEBT

Free Cash Flow increased very strongly to €799m, +21% vs. H1 FY17, resulting in a Net debt decrease of €476m to €7,375m. The Net Debt/EBITDA ratio at average rates2 was down significantly to 2.9x at 31 December 2017.

The average cost of debt reduced to 3.4% vs. 4.0% in H1 FY17. The expected cost for full-year FY18 is c. 3.6%.

_______________
1PRO: Profit from Recurring Operations; GM: Gross Margin; A&P: Advertising & Promotional expenditure
2EUR/USD average rate of 1.18 in H1 FY18 vs. 1.10 in H1 FY17
3Based on average FX rates projected on 25 January 2018, particularly a EUR/USD rate of 1.25

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

H1 FY18 was a very good semester, with an acceleration vs. FY 17, in particular in China, India and Global Travel Retail.

For full-year FY18, we will maintain our focus on digital, innovation and operational excellence (including pricing.) We expect sustained and diversified growth to continue across our regions and brands. We are therefore increasing our guidance for full-year FY18 organic growth in Profit from Recurring Operations to between +4% and +6%1.”

About Pernod Ricard

Pernod Ricard is the world’s n°2 in wines and spirits with consolidated Sales of €9,010 million in FY17. 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, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo and Kenwood wines. Pernod Ricard employs a workforce of approximately 18,500 people and operates through a decentralised organisation, with 6 “Brand Companies” and 86 “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.

_______________
1 Guidance given to market on 31 August 2017 of organic PRO growth between +3% and +5%

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 FY18 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the half-year financial statements. The Statutory Auditors’ report will be issued following their review of the management report.

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.

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

H1 FY18


(in 9Lcs millions)
Organic Sales growth

H1 FY18

Volumes Price/mix
 
Absolut 6.4 2% 3% 0%
Chivas Regal 2.6 2% 2% 1%
Ballantine's 4.0 2% 3% -1%
Ricard 2.3 -8% -8% 0%
Jameson 4.0 12% 11% 1%
Havana Club 2.4 7% 5% 2%
Malibu 1.9 7% 5% 1%
Beefeater 1.6 3% 1% 1%
Martell 1.4 10% 8% 3%
The Glenlivet 0.6 1% 3% -2%
Royal Salute 0.1 -5% -5% 0%
Mumm 0.5 0% -2% 1%
Perrier-Jouët 0.2 4% 1% 3%
Strategic International Brands 28.1 5% 3% 2%
 

Sales Analysis by Region

           
Net Sales

(€ millions)

Q1 FY17 Q1 FY18 Change Organic Growth Group Structure Forex impact
           
Americas 649 29% 652 28% 3 0% 40 6% (3) 0% (34) -5%
Asia / Rest of World 917 41% 940 41% 23 2% 64 7% (1) 0% (41) -4%
Europe 682   30% 701   31% 19   3% 23   3% (1)   0% (3)   0%
World 2,248   100% 2,292   100% 45   2% 128   6% (5)   0% (78)   -3%
 
                                     
Net Sales

(€ millions)

Q2 FY17 Q2 FY18 Change Organic Growth Group Structure Forex impact
 
Americas 782 28% 747 27% (35) -5% 38 5% (10) -1% (64) -8%
Asia / Rest of World 1,123 40% 1,125 40% 2 0% 71 6% (1) 0% (69) -6%
Europe 907   32% 918   33% 11   1% 19   2% (3)   0% (5)   -1%
World 2,813   100% 2,790   100% (23)   -1% 128   5% (14)   0% (137)   -5%
 
                                     
Net Sales

(€ millions)

H1 FY17 H1 FY18 Change Organic Growth Group Structure Forex impact
 
Americas 1,431 28% 1,399 28% (32) -2% 79 6% (13) -1% (98) -7%
Asia / Rest of World 2,040 40% 2,065 41% 25 1% 136 7% (1) 0% (110) -5%
Europe 1,589   31% 1,619   32% 29   2% 42   3% (4)   0% (8)   -1%
World 5,061   100% 5,082   100% 22   0% 256   5% (19)   0% (216)   -4%
 

Bulk spirits are allocated by Region according to the Regions’ weight in the Group

Summary Consolidated Income Statement

     
(€ millions) H1 FY17 H1 FY18 Change
             
Net sales   5,061   5,082   0%
Gross Margin after logistics costs   3,158   3,200   1%
Advertising and promotion expenses   (901)   (930)   3%
Contribution after A&P expenditure   2,257   2,270   1%
Structure costs   (756)   (774)   2%
Profit from recurring operations   1,500   1,496   0%
Financial income/(expense) from recurring operations (201) (153) -24%
Corporate income tax on items from recurring operations (334) (333) 0%

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

  (9)   (16)   80%
Group share of net profit from recurring operations   957   994   4%
 
Other operating income & expenses (0) 62 NA
Financial income/(expense) from non-recurring operations (4) 4 NA
Corporate income tax on items from non recurring operations (38) 87 NA
             
Group share of net profit   914   1,147   25%
Non-controlling interests   10   16   65%
Net profit   924   1,163   26%
 

Profit from Recurring Operations by Region

World                        
                                     
(€ millions) H1 FY17 H1 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 5,061 100% 5,082 100% 22 0% 256 5% (19) 0% (216) -4%
Gross margin after logistics costs 3,158 62% 3,200 63% 42 1% 195 6% (6) 0% (146) -5%
Advertising & promotion (901) 18% (930) 18% (28) 3% (67) 7% 0 0% 39 -4%
Contribution after A&P 2,257   45% 2,270   45% 13   1% 127   6% (6)   0% (108)   -5%
Profit from recurring operations 1,500   30% 1,496   29% (5)   -0.3% 87   5.7% (9)   -1% (83)   -6%
 
Americas
                                     
(€ millions) H1 FY17 H1 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 1,431 100% 1,399 100% (32) -2% 79 6% (13) -1% (98) -7%
Gross margin after logistics costs 972 68% 937 67% (35) -4% 52 5% (6) -1% (82) -8%
Advertising & promotion (291) 20% (299) 21% (8) 3% (27) 9% 0 0% 19 -6%
Contribution after A&P 681   48% 638   46% (43)   -6% 25   4% (5)   -1% (63)   -9%
Profit from recurring operations 463   32% 423   30% (40)   -9% 17   4% (8)   -2% (50)   -11%
 
Asia / Rest of World
                                     
(€ millions) H1 FY17 H1 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 2,040 100% 2,065 100% 25 1% 136 7% (1) 0% (110) -5%
Gross margin after logistics costs 1,212 59% 1,243 60% 30 2% 103 8% (0) 0% (73) -6%
Advertising & promotion (330) 16% (355) 17% (26) 8% (44) 13% (0) 0% 18 -6%
Contribution after A&P 883   43% 887   43% 5   1% 59   7% (0)   0% (55)   -6%
Profit from recurring operations 633   31% 628   30% (5)   -1% 36   6% (0)   0% (41)   -6%
 
Europe
                                     
(€ millions) H1 FY17 H1 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 1,589 100% 1,619 100% 29 2% 42 3% (4) 0% (8) -1%
Gross margin after logistics costs 973 61% 1,020 63% 47 5% 39 4% (1) 0% 8 1%
Advertising & promotion (280) 18% (275) 17% 5 -2% 4 -1% 0 0% 1 -1%
Contribution after A&P 693   44% 745   46% 52   7% 43   6% (1)   0% 10   1%
Profit from recurring operations 405   25% 445   27% 40   10% 34   8% (1)   0% 7   2%
 

Bulk spirits are allocated by Region according to the Regions’ weight in the Group

Foreign Exchange Impact

     
Forex impact H1 FY18

(€ millions)

Average rates evolution On Net Sales

On Profit from
Recurring
Operations1

  H1 FY17   H1 FY18   %    
US dollar USD 1.10   1.18   7.1% (87) (46)
Chinese yuan CNY 7.41 7.81 5.5% (27) (18)
Turkish lira TRL 3.43 4.30 25.6% (8) (8)
Japanese yen JPY 116.12 131.67 13.4% (11) (7)
Indian rupee INR 73.73 75.87 2.9% (14) (5)
Pound sterling GBP 0.86 0.89 3.8% (9) 3
Other             (61) (3)
Total             (216) (83)
 

For full-year FY18, a negative FX impact on PRO of c. -€180m is expected1

Notes
1. Impact on PRO includes strategic hedging on Forex
2. Based on average FX rates for full FY 18 projected on 25 January 2018, particularly EUR/USD = 1.25

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 +18
Financial expenses (2)
Pre-tax profit from recurring operations +16
 
 
 
Impact on the balance sheet (€ millions)
Increase/(decrease) in net debt +44
 
(1) CNY, HKD (2) Full-year effect
 

Balance Sheet

   
Assets
(€ millions)
 

30/06//2017

 

31/12//2017

(Net book value)
Non-current assets
Intangible assets and goodwill 17,152 16,692
Tangible assets and other assets 3,028 3,107
Deferred tax assets 2,377 1,581
Total non-current assets 22,557 21,380
 
Current assets
Inventories 5,305 5,251
of which aged work-in-progress 4,416 4,356
of which non-aged work-in-progress 72 59
Receivables (*) 1,134 1,841
Trade receivables 1,059 1,763
Other trade receivables 74 78
Other current assets 270 269
Other operating current assets 264 263
Tangible/intangible current assets 6 5
Tax receivable 111 144
Cash and cash equivalents and current derivatives 700 907
Total current assets 7,521 8,412
 
Assets held for sale 10 5
 
Total assets   30,088   29,797
 
(*) after disposals of receivables of: 557 840
 
         
Liabilities and shareholders’ equity
(€ millions)
 

30/06//2017

 

31/12//2017

 
Group Shareholders’ equity 13,706 14,372
Non-controlling interests 180 184
of which profit attributable to non-controlling interests 28 16
Total Shareholders’ equity 13,886 14,556
 
Non-current provisions and deferred tax liabilities 4,524 3,743
Bonds non-current 6,900 6,677
Non-current financial liabilities and derivative instruments 522 617
Total non-current liabilities 11,946 11,036
 
Current provisions 159 148
Operating payables 1,826 2,032
Other operating payables 935 729
of which other operating payables 619 693
of which tangible/intangible current payables 316 36
Tax payable 156 279
Bonds - current 94 92
Current financial liabilities and derivatives 1,087 925
Total current liabilities 4,256 4,205
 
Liabilities held for sale

-

-

 
Total liabilities and shareholders' equity   30,088   29,797
 

Analysis of Working Capital Requirement

         
(€ millions)

June
2016

 

December
2016

June
2017

 

December
2017

H1 FY17 WC
change

H1 FY18 WC
change

 
Aged work in progress 4,364 4,331 4,416 4,356 8 (25)
Advances to suppliers for wine and ageing spirits 5 16 5 24 11 20
Payables on wine and ageing spirits (109) (140) (107) (153) (31) (47)
Net aged work in progress 4,260 4,207 4,314 4,228 (12) (52)
 
Trade receivables before factoring/securitization 1,517 2,745 1,617 2,603 1,192 1,042
Advances from customers (2) (17) (16) (8) (15) 8
Other receivables 305 297 333 315 (3) 5
Other inventories 857 784 818 837 (76) 42
Non-aged work in progress 73 80 72 59 7 (12)
Trade payables and other (2,168) (2,521) (2,323) (2,565) (322) (302)
Gross operating working capital 582 1,367 502 1,241 783 782
 
Factoring/Securitization impact (520) (913) (557) (840) (386) (294)
Net Operating Working Capital 62 454 (56) 402 397 489
 
Net Working Capital 4,322 4,661 4,258 4,630 385 436
 
Of which recurring variation 374   453
Of which non recurring variation 10   (17)
 

Net Debt

   
(€ millions)

30/06//2017

31/12//2017

    Current   Non-current   Total   Current   Non-current   Total
Bonds   94   6,900   6,993   92   6,677   6,769
Syndicated loan -   319   319 -   209   209
Commercial paper 630 - 630 730 - 730
Other loans and long-term debts 441 161 601 177 380 558
Other financial liabilities   1,071   480   1,551   908   589   1,497
GROSS FINANCIAL DEBT   1,165   7,379   8,545   1,000   7,266   8,266
Fair value hedge derivatives – assets (6) (17) (22) (3) (5) (8)
Fair value hedge derivatives – liabilities - 7 7 - 8 8
Fair value hedge derivatives   (6)   (9)   (15)   (3)   3   0
Net investment hedge derivatives – assets - - - - - -
Net investment hedge derivatives – liabilities - - - - - -
Net investment hedge derivatives   -   -   -   -   -   -
Net asset hedging derivative instruments – assets (2) - (2) (6) - (6)
Net asset hedging derivative instruments – liabilities - - - - - -
Net asset hedging derivative instruments   (2)   -   (2)   (6)   -   (6)
Financial debt after hedging   1,158   7,370   8,528   991   7,269   8,260
Cash and cash equivalents   (677)   -   (677)   (886)   -   (886)
Net financial debt 481 7,370 7,851 106 7,269 7,375
 

Change in Net Debt

   
(€ millions)   31/12/2016   31/12/2017
Operating profit 1,500 1,558
Depreciation and amortisation 106 106
Net change in impairment of goodwill, PPE and intangible assets 4 1
Net change in provisions (75) (17)
Retreatment of contributions to pension plans acquired from Allied Domecq 4 3
Changes in fair value on commercial derivatives and biological assets 1 (2)
Net (gain)/loss on disposal of assets (10) (39)
Share-based payments 20 18
Self-financing capacity before interest and tax 1,551 1,628
Decrease / (increase) in working capital requirements (385) (436)
Net interest and tax payments (363) (263)
Net acquisitions of non financial assets and others (145) (129)
Free Cash Flow 658 799
of which recurring Free Cash Flow 741 690
Net disposal of financial assets and activities, contributions to pension plans acquired from Allied Domecq (0) 8
Dividends paid (501) (543)
(Acquisition) / Disposal of treasury shares and others (23) (32)
Decrease / (increase) in net debt (before currency translation adjustments) 134 231
Foreign currency translation adjustment (371) 245
Decrease / (increase) in net debt (after currency translation adjustments) (237) 476
Initial net debt (8,716) (7,851)
Final net debt   (8,953)   (7,375)
 

Debt Maturity at 31 December 2017

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

Available cash at end December 2017: €0.9bn in cash and €2.3bn syndicated credit not used (syndicated credit coming to maturity in June 2022)

Gross Debt Hedging at 31 December 20171

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

Natural debt hedging maintained: EUR/USD breakdown close to that of EBITDA

69% of Gross debt at fixed rates

1. includes fair value and net foreign currency asset hedge derivatives

Bond details

       
Currency Par value Coupon Issue date Maturity date
 

 

€ 850 m   2.000%  

20/03//2014

 

22/06//2020

€ 650 m   2.125%  

29/09//2014

 

27/09//2024

EUR

€ 500 m   1.875%  

28/09//2015

 

28/09//2023

€ 600 m   1.500%  

17/05//2016

 

18/05//2026

 

 

$ 1,000 m   5.750%  

07/04/2011

 

07/04//2021

$ 1,500 m   4.450%  

25/10/2011

 

15/01//2022

$ 1,650 m o/w:

 

USD

$ 800 m at 10.5 years 4.250%

12/01//2012

15/07//2022

$ 850 m at 30 years   5.500%      

15/01//2042

$ 201 m   Libor 6m + spread  

26/01//2016

 

26/01//2021

$ 600 m   3.250%  

08/06//2016

 

08/06//2026

 

Diluted EPS

     
(x 1,000) H1 FY17 H1 FY18
 
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) (1,148) (1,388)
Dilutive impact of stock options and performance shares 1,166 1,437
Number of shares used in diluted EPS calculation 265,440 265,471
 
(€ millions and €/share) H1 FY17 H1 FY18 reported

Group share of net profit from recurring operations 957 994 +4%
Diluted net earnings per share from recurring operations 3.61 3.74 +4%
 

Upcoming Communications

   

DATE1

EVENT

Thursday 22 March 2018

EMEA LATAM conference call

Thursday 19 April 2018

Q3 FY18 Sales

Wednesday 6 June 2018

Asia Conference call

Wednesday 29 August 2018

FY18 Full-year Sales & Results

Thursday 18 October 2018

Q1 FY19 Sales

Wednesday 21 November 2018

Annual General Meeting

1 The above dates are indicative and are liable to change

 

Contacts

Pernod Ricard
Julia Massies, +33 (0)1 41 00 41 07
VP, Financial Communication & Investor Relations
or
Adam Ramjean, +33 (0)1 41 00 41 59
Investor Relations Manager
or
Emmanuel Vouin, +33 (0)1 41 00 44 04
Press Relations Manager
or
Alison Donohoe, +33 (0)1 41 00 44 63
Press Relations Manager

Contacts

Pernod Ricard
Julia Massies, +33 (0)1 41 00 41 07
VP, Financial Communication & Investor Relations
or
Adam Ramjean, +33 (0)1 41 00 41 59
Investor Relations Manager
or
Emmanuel Vouin, +33 (0)1 41 00 44 04
Press Relations Manager
or
Alison Donohoe, +33 (0)1 41 00 44 63
Press Relations Manager