Interim dividend of
€1.33 per share to be paid on 9 July 2021
FY21
Guidance:
Organic Growth in
Profit from Recurring Operations of c. +10%
Regulatory News:
Press release - Paris, 22 April 2021
Pernod Ricard (Paris:RI):
9 Month Sales
Sales for the first 9 months of FY21 totaled €6,941m,
with an organic growth of +1.7%:
- Dynamism of Must-win domestic markets, with USA
continuing to grow mid-single-digits, China at +34% in 9M and India
back to double-digit growth in Q3
- Europe1 continuing to display strong resilience, thanks
in particular to Scotch and Specialty Brands, despite Covid-related
restrictions
- Travel Retail starting to lap easier comparison base,
but still very subdued, with limited passenger traffic
By category:
- Strategic International Brands +1% returning to growth
driven by Martell, Malibu, Jameson and The Glenlivet. Absolut and
blended Scotch still in decline, impacted by Travel Retail
exposure
- Strategic Local Brands now stable, thanks to
double-digit growth of Kahlua, Passport and Ramazzotti
- Specialty Brands +22%, with continued strong dynamism of
Lillet, Malfy and Aberlour in Western Europe, and Tequila and
American whiskey in USA
- Strategic Wines +2%, in good growth, particularly thanks
to Off-trade dynamism in UK and Canada.
Reported 9M Sales declined -3.7% with an unfavourable FX
impact linked mainly to Euro appreciation vs. USD and Emerging
market currencies. For full-year FY21, a significant FX impact
on Profit from Recurring Operations of c. -€250m is
expected2.
Sales for the third quarter of FY21 totalled €1,955m,
with an organic growth of +19.1% and reported growth of
+12.6%.
Dividend
An interim dividend of €1.33 per share will be detached
on 7 July 2021 and paid on 9 July 2021. The final dividend
will be subject to the AGM decision on 10 November 2021.
Alexandre Ricard, Chairman and Chief Executive Officer,
stated,
“Our Q3 was excellent, marking a return to organic Sales growth
for 9M FY21. This confirms the strength of our business, with
strong dynamism of our domestic Must-win markets and good
resilience throughout.
In a still uncertain and volatile global context, with the
current information available on the pandemic, we will continue to
implement our strategy while actively managing resources, in
particular strongly reinvesting where efficient. We expect our
Sales to accelerate in Q4 and accordingly are providing guidance of
an organic growth in Profit from Recurring Operations for full-year
FY21 of c. +10%.”
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 9M FY21 Sales can be downloaded from
our website: www.pernod-ricard.com
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.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and
spirits with consolidated sales of €8,448 million in FY20. Created
in 1975 by the merger of Ricard and Pernod, the Group has developed
through organic growth and acquisitions: Seagram (2001), Allied
Domecq (2005) and Vin&Sprit (2008). Pernod Ricard, which owns
16 of the Top 100 Spirits Brands, holds one of the most prestigious
and comprehensive brand portfolios in the industry, including:
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’s brands are
distributed across 160+ markets and by its own salesforce in 73
markets. The Group’s decentralised organisation empowers its 19,000
employees to be true on-the-ground ambassadors of its vision of
“Créateurs de Convivialité.” As reaffirmed by the Group’s strategic
plan, “Transform and Accelerate,” deployed in 2018, Pernod Ricard’s
strategy focuses on investing in long-term, profitable growth for
all stakeholders. The Group remains true to its three founding
values: entrepreneurial spirit, mutual trust, and a strong sense of
ethics, as illustrated by the 2030 Sustainability and
Responsibility roadmap supporting the United Nations Sustainable
Development Goals (SDGs), “Good times from a good place.” In
recognition of Pernod Ricard’s strong commitment to sustainable
development and responsible consumption, it has received a Gold
rating from Ecovadis. Pernod Ricard is also a United Nation’s
Global Compact LEAD company.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:
FR0000120693) and is part of the CAC 40 and Eurostoxx 50
indices.
1 Excluding Travel Retail 2 Based on average FX rates projected
at 14 April 2021, particularly a EUR/USD rate of 1.19
Appendices
9M FY21 Sales by Region
Net Sales (€ millions) H1 FY20 H1 FY21
Change
Organic
Growth
Group
Structure
Forex impact Americas
1,461
26.7%
1,402
28.1%
(59)
-4%
+22 +2% +47 +3%
(128)
-9%
Asia/Rest of World
2,415
44.1%
2,127
42.7%
(288)
-12%
(148)
-6%
+1
0%
(140)
-6%
Europe
1,598
29.2%
1,456
29.2%
(142)
-9%
(83)
-5%
(8)
0%
(52)
-3%
World
5,474
100.0%
4,985
100.0%
(489)
-8.9%
(209)
-3.8%
+40 +1%
(320)
-6%
Net Sales (€ millions) Q3 FY20 Q3 FY21
Change
Organic
Growth
Group
Structure
Forex impact Americas
577
33.2%
592
30.3%
+15 +3% +60 +10% +21 +4%
(66)
-11%
Asia/Rest of World
684
39.4%
878
44.9%
+194 +28% +243 +36%
(1)
0%
(48)
-7%
Europe
475
27.4%
486
24.8%
+10 +2% +25 +5%
(2)
0%
(12)
-3%
World
1,736
100.0%
1,955
100.0%
+219 +12.6% +328 +19.1% +18
+1%
(127)
-7%
Net Sales (€ millions) 9M FY20 9M FY21
Change
Organic
Growth
Group
Structure
Forex impact Americas
2,038
28.3%
1,994
28.7%
(44)
-2%
+81 +4% +69 +3%
(194)
-10%
Asia/Rest of World
3,099
43.0%
3,005
43.3%
(94)
-3%
+95 +3%
0
0%
(189)
-6%
Europe
2,073
28.8%
1,942
28.0%
(132)
-6%
(58)
-3%
(10)
0%
(64)
-3%
World
7,210
100.0%
6,941
100.0%
(269)
-3.7%
+118 +1.7% +59 +1%
(447)
-6%
1. Note: Bulk Spirits are allocated by Region according to the
Region’s weight in the Group
Foreign exchange impact on 9M FY21 Sales
Forex impact 9M FY21
Average rates
evolution
On Net Sales (€ millions)
9M
FY20
9M
FY21
%
US dollar USD
1.11
1.19
7.4%
(130)
Indian rupee INR
79.01
87.62
10.9%
(84)
Russian Rouble RUB
72.05
88.98
23.5%
(40)
Bresilian real BRL
4.63
6.44
39.1%
(34)
Turkish Lira TRL
6.49
8.93
37.6%
(28)
Other currencies
(131)
Total
(447)
Upcoming communications
Date1
Event
Tuesday 25 May 2021, 3pm CET Sustainability &
Responsibility conference call Tuesday 22 June 2021, 12pm CET
Asia conference call
Wednesday 1 September 2021, 9am CET FY21 Sales & Results
conference call
1. Dates are indicative and liable to change
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210421006052/en/
Julia Massies / VP, Financial Communications & Investor
Relations +33 (0) 1 70 93 17 03 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
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