-3.9% organic decrease in Sales (-8.9%
reported) -2.4% organic decline in PRO1 (-10.8%
reported)
Regulatory News:
Pernod Ricard (Paris:RI):
H1 FY21 Sales and Results Press release - Paris, 11
February 2021
SALES
Sales for H1 FY21 totalled €4,985m, with an organic
decline of -3.9% (-8.9% reported), with an unfavourable FX
impact linked mainly to Euro appreciation vs. USD and Emerging
market currencies.
H1 FY21 Sales declined but Q2 improved vs. Q1. For H1
FY21, the trends were:
- Americas +2%: good growth in most domestic markets, with
particular dynamism in USA (+5%), but significant decline in Travel
Retail
- Asia-RoW -6%: double-digit growth in China (+13%),
Turkey, Korea and Pacific, and return to growth in India in Q2: +2%
(India H1 -6%), but Covid-related declines in certain Asian markets
and Travel Retail
- Europe -5%: continued very strong growth in Germany, UK,
Russia and Poland, more than offset by Covid impact in Spain,
France, Ireland and Travel Retail
- Sales excluding Travel Retail grew +1%.
Strategic International Brands declined due to Travel Retail and
On-Trade exposure but Specialty Brands performed very
strongly:
- Strategic International Brands -6%: solid growth of
Malibu, Jameson and The Glenlivet, but overall category impacted by
Travel Retail exposure. Martell and Scotch growing in domestic
markets
- Strategic Local Brands -4%: mainly driven by Seagram’s
Indian whiskies and Seagram’s Gin in Spain
- Specialty Brands +22%: continued very dynamic
development of Lillet, Malfy, Aberlour, American whiskeys
(Jefferson’s, TX, Rabbit Hole and Smooth Ambler), Avion and
Redbreast
- Strategic Wines +3%: solid growth thanks mainly to Campo
Viejo and Brancott Estate.
Pernod Ricard gained or held share in key markets,
notably in Europe, despite the On-trade disruption. Dynamic
portfolio management continued, with Innovation in strong
growth (+10%.)
Q2 Sales were €2,750m, with -2.4% organic decline, but
improving vs. Q1 Sales (-5.6%), thanks in particular to better
trends in China and India.
RESULTS
H1 FY21 Profit from Recurring Operations declined -2.4%
organically, with an organic margin improvement of +51bps,
thanks to dynamic management of resources and favourable
phasing:
- Gross margin contracting -108bps, driven by:
- Soft pricing, with fewer price increases and on solid
comparison basis (H1 FY20 +2% on Strategic Brands, benefiting from
FY19 Martell price increases)
- Adverse mix primarily linked to decline in Travel
Retail
- Higher Cost of Goods mainly from continued agave cost
pressures and lower fixed cost absorption, offsetting Operational
Excellence initiatives
- A&P: +132bps, resulting from purpose-based
investment, with strong reduction in markets and channels with
subdued demand, and favourable phasing (ratio of c. 16% expected
for FY21, with strong double-digit increase in H2)
- Structure costs: improving +27bps, reflecting dynamic
management of resources and FY20 reorganisations
- Strong negative FX impact on PRO -€155m due to USD and
Emerging market currency depreciation vs. Euro. A significant
negative FX impact is also expected for full-year FY21.
The H1 FY21 corporate income tax rate on recurring items
was 23.4% vs. 24.2% for H1 FY20, due to a reduction in the
French tax rate and geographical mix.
Group share of Net PRO was €1,087m, -11% reported vs. H1
FY20 and the Group share of Net profit €966m, -6% reported,
reflecting decline in Profit from Recurring Operations partially
offset by lower non-recurring items.
Earnings Per Share were -9%, reflecting decline in PRO and
positive impact of FY20 Share buy-back.
FREE CASH FLOW AND DEBT
Recurring Free Cash Flow was very strong at €995m. The
decline in Profit from Recurring Operations was offset by a
significant improvement in operating Working Capital
Requirement (inventory normalisation and payables rebuilding
vs. June, leading to very strong cash conversion2 at 79%),
a lower increase in strategic inventories and broadly
stable capital expenditure.
The average Cost of debt stood at 3.2% vs. 3.7% in H1
FY20, thanks to successful US Dollar bond debt refinancing.
Net debt decreased by €443m vs. 30 June 2020 to
€7,980m. The Net Debt/EBITDA ratio at average rates3 was
3.4x at 31 December 2020.
SUSTAINABILITY &
RESPONSIBILITY
Pernod Ricard continued to drive its 2030 Sustainability &
Responsibility roadmap, with progress in each of the 4 pillars
(Nurturing Terroir, Circular Making, Valuing People and Responsible
Hosting.) Significant achievements were attained in particular
regarding packaging: all single-use Point-of-Sales plastic will
be removed from June 2021.
Alexandre Ricard, Chairman and Chief Executive Officer,
stated,
“We are particularly encouraged by our Must-win domestic markets
returning to growth in H1 FY21. The first half confirms the
long-term sustainability and underlying strength of our
business.
Despite an uncertain and volatile environment, with disruption
in the On-trade and a prolonged downturn in Travel Retail, we
anticipate organic Sales growth for full-year FY21, thanks in
particular to our dynamic performance in domestic Must-win markets
USA, China and India.
We will continue to implement our strategy, in particular
accelerating our digital transformation, while dynamically managing
resources. Thanks to our solid fundamentals, our teams and our
brand portfolio, I am confident that Pernod Ricard will emerge from
this crisis stronger.
I would like to take this opportunity to praise our teams, whose
engagement and performance are exemplary in these very challenging
times, and to express our support to our On-trade and Travel Retail
partners who continue to be impacted by the pandemic.”
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 H1 FY21 Sales and Results can be
downloaded from our website: www.pernod-ricard.com
Limited review procedures have been carried out by the Statutory
Auditors on the condensed half-yearly consolidated financial
statements. The Statutory Auditors’ Review Report on the
Half-yearly Financial Information is being issued.
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.
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 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.
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
VolumesH1 FY21 Organic Sales growthH1 FY21
Volumes Price/mix (in 9Lcs millions)
Absolut
5.6
-12%
-11%
-1%
Chivas Regal
2.1
-16%
-20%
4%
Ballantine's
4.2
-12%
-5%
-7%
Ricard
2.3
-5%
-4%
-1%
Jameson
4.7
3%
2%
1%
Havana Club
2.4
-9%
-2%
-6%
Malibu
2.5
26%
26%
0%
Beefeater
1.6
-20%
-20%
0%
Martell
1.5
-3%
-6%
3%
The Glenlivet
0.7
2%
0%
2%
Royal Salute
0.1
-28%
-32%
5%
Mumm
0.5
-5%
-2%
-3%
Perrier-Jouët
0.2
-19%
-17%
-2%
Strategic International Brands
28.3
-6%
-5%
-1%
Sales Analysis by Period and 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)
-9%
(209)
-4%
40
1%
(320)
-6%
Net Sales(€ millions) Q2 FY20 Q2 FY21
Change Organic Growth Group Structure Forex
impact Americas
788
26.3%
729
26.5%
(59)
-7%
(10)
-1%
27
3%
(76)
-10%
Asia / Rest of World
1,299
43.4%
1,209
44.0%
(90)
-7%
(11)
-1%
0
0%
(79)
-6%
Europe
904
30.2%
811
29.5%
(93)
-10%
(50)
-6%
(5)
-1%
(37)
-4%
World
2,991
100.0%
2,750
100.0%
(241)
-8%
(71)
-2%
22
1%
(192)
-6%
Net Sales(€ millions) Q1 FY20 Q1 FY21
Change Organic Growth Group Structure Forex
impact Americas
674
27.1%
673
30.1%
(0)
0%
32
5%
20
3%
(52)
-8%
Asia / Rest of World
1,116
44.9%
918
41.0%
(198)
-18%
(138)
-12%
1
0%
(61)
-5%
Europe
694
27.9%
645
28.8%
(49)
-7%
(32)
-5%
(2)
0%
(14)
-2%
World
2,483
100.0%
2,236
100.0%
(248)
-10%
(138)
-6%
18
1%
(128)
-5%
Note: Bulk Spirits are allocated by Region according to the
Regions’ weight in the Group
Summary Consolidated Income Statement
(€ millions) H1 FY20 H1 FY21 Change
Net sales
5,474
4,985
-9%
Gross Margin after logistics costs
3,419
3,021
-12%
Advertising and promotion expenses
(842)
(706)
-16%
Contribution after A&P expenditure
2,577
2,315
-10%
Structure costs
(789)
(721)
-9%
Profit from recurring operations
1,788
1,595
-11%
Financial income/(expense) from recurring operations
(164)
(151)
-8%
Corporate income tax on items from recurring operations
(392)
(337)
-14%
Net profit from discontinued operations, non-controlling interests
and share of net income from associates
(15)
(20)
30%
Group share of net profit from recurring operations
1,216
1,087
-11%
Other operating income & expenses
(152)
(61)
NA Financial income/(expense) from non-recurring operations
(1)
(103)
NA Corporate income tax on items from non recurring operations
(31)
44
NA
Group share of net profit
1,032
966
-6%
Non-controlling interests
14
18
26%
Net profit
1,046
984
-6%
Profit from Recurring Operations by Region
Segment Reporting World (€
millions) H1 FY20 H1 FY21 Change
Organic Growth Group Structure Forex impact
Net sales (Excl. T&D)
5,474
100.0%
4,985
100.0%
(489)
-9%
(209)
-3.9%
40
1%
(320)
-6%
Gross margin after logistics costs
3,419
62.5%
3,021
60.6%
(398)
-12%
(188)
-5.5%
17
0%
(227)
-7%
Advertising & promotion
(842)
15.4%
(706)
14.2%
136
-16%
101
-12.1%
(5)
1%
40
-5%
Contribution after A&P
2,577
47.1%
2,315
46.4%
(261)
-10%
(87)
-3.4%
12
0%
(187)
-7%
Profit from recurring operations
1,788
32.7%
1,595
32.0%
(193)
-11%
(42)
-2.4%
4
0%
(155)
-9%
Americas (€ millions) H1 FY20
H1 FY21 Change Organic Growth Group
Structure Forex impact Net sales (Excl. T&D)
1,461
100.0%
1,402
100.0%
(59)
-4%
22
2%
47
3%
(128)
-9%
Gross margin after logistics costs
986
67.5%
909
64.8%
(77)
-8%
3
0%
22
2%
(103)
-10%
Advertising & promotion
(285)
19.5%
(250)
17.8%
35
-12%
18
-6%
(4)
2%
21
-8%
Contribution after A&P
701
48.0%
659
47.0%
(43)
-6%
21
3%
18
3%
(81)
-12%
Profit from recurring operations
486
33.3%
459
32.7%
(27)
-6%
27
5%
11
2%
(65)
-13%
Asia / Rest of the World (€ millions)
H1 FY20 H1 FY21 Change Organic Growth
Group Structure Forex impact Net sales (Excl.
T&D)
2,415
100.0%
2,127
100.0%
(288)
-12%
(148)
-6%
1
0%
(140)
-6%
Gross margin after logistics costs
1,442
59.7%
1,232
57.9%
(211)
-15%
(120)
-8%
(3)
0%
(87)
-6%
Advertising & promotion
(341)
14.1%
(291)
13.7%
50
-15%
35
-10%
0
0%
15
-4%
Contribution after A&P
1,101
45.6%
940
44.2%
(161)
-15%
(86)
-8%
(3)
0%
(72)
-7%
Profit from recurring operations
833
34.5%
674
31.7%
(159)
-19%
(95)
-11%
(4)
0%
(60)
-7%
Europe (€ millions) H1 FY20
H1 FY21 Change Organic Growth Group
Structure Forex impact Net sales (Excl. T&D)
1,598
100.0%
1,456
100.0%
(142)
-9%
(83)
-5%
(8)
0%
(52)
-3%
Gross margin after logistics costs
991
62.0%
881
60.5%
(110)
-11%
(71)
-7%
(2)
0%
(37)
-4%
Advertising & promotion
(216)
13.5%
(164)
11.3%
52
-24%
49
-23%
(1)
0%
3
-2%
Contribution after A&P
775
48.5%
717
49.2%
(58)
-7%
(22)
-3%
(2)
0%
(34)
-4%
Profit from recurring operations
468
29.3%
461
31.7%
(7)
-1%
26
5%
(3)
-1%
(30)
-6%
Note: Bulk Spirits are allocated by Region according to the
Regions’ weight in the Group
Foreign Exchange Impact
Forex impact H1 FY21(€ millions) Average rates
evolution On Net Sales On Profit from Recurring
Operations H1 FY20 H1 FY21 % US dollar USD
1.11
1.18
6.5%
(79)
(40)
Russian rouble RUB
71.19
88.61
24.5%
(33)
(24)
Turkish Lira TRL
6.36
8.94
40.5%
(20)
(20)
Indian rupee INR
78.59
87.48
11.3%
(59)
(18)
Chinese yuan CNY
7.80
7.99
2.5%
(17)
(12)
Pound sterling GBP
0.88
0.90
2.6%
(5)
4
Other
(106)
(46)
Total
(320)
(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 +10 Financial expenses
(2)
Pre-tax profit from recurring operations +9
Impact on the balance sheet (€
millions) Increase/(decrease) in net debt +38
(1) Full-year effect
Balance Sheet
Assets 30/06/2020 12/31/2020 (€
millions) (Net book value) Non-current assets
Intangible assets and goodwill
16,576
15,953
Tangible assets and other assets
3,699
3,867
Deferred tax assets
1,678
1,578
Total non-current assets
21,953
21,398
Current assets Inventories
6,167
6,139
aged work-in-progress
5,084
5,135
non-aged work-in-progress
76
72
other inventories
1,006
932
Receivables (*)
906
1,829
Trade receivables
862
1,758
Other trade receivables
44
70
Other current assets
323
299
Other operating current assets
317
293
Tangible/intangible current assets
6
5
Tax receivable
142
133
Cash and cash equivalents and current derivatives
1,947
1,964
Total current assets
9,485
10,363
Assets held for sale
87
11
Total assets
31,525
31,772
(*) after disposals of receivables of:
513
750
Liabilities and shareholders’ equity
30/06/2020 12/31/2020 (€ millions)
Group Shareholders’ equity
13,968
14,435
Non-controlling interests
243
244
of which profit attributable to non-controlling interests
21
18
Total Shareholders’ equity
14,211
14,679
Non-current provisions and deferred tax liabilities
3,511
3,424
Bonds non-current
8,599
8,680
Lease liabilities - non current
433
409
Non-current financial liabilities and derivative instruments
192
82
Total non-current liabilities
12,735
12,595
Current provisions
222
187
Operating payables
1,877
2,345
Other operating payables
1,016
753
of which other operating payables
633
704
of which tangible/intangible current payables
383
49
Tax payable
232
349
Bonds - current
723
237
Lease liabilities - current
88
103
Current financial liabilities and derivatives
404
523
Total current liabilities
4,563
4,497
Liabilities held for sale
16
0
Total liabilities and shareholders' equity
31,525
31,772
Analysis of Working Capital Requirement
(€ millions) June2019 December2019
June2020 December2020 H1 FY20 WC change* H1
FY21 WC change* Aged work in progress
4,788
5,047
5,084
5,135
123
67
Advances to suppliers for wine and ageing spirits
12
13
19
10
1
(8)
Payables on wine and ageing spirits
(105)
(182)
(108)
(161)
(77)
(47)
Net aged work in progress
4,695
4,878
4,995
4,984
47
11
Trade receivables before factoring/securitization
1,842
2,928
1,375
2,508
1,070
1,173
Advances from customers
(24)
(17)
(38)
(18)
7
19
Other receivables
338
340
343
354
(20)
27
Other inventories
889
923
1,006
932
15
(62)
Non-aged work in progress
79
76
76
72
(3)
(2)
Trade payables and other
(2,717)
(2,951)
(2,364)
(2,870)
(206)
(554)
Gross operating working capital
405
1,299
398
978
864
601
Factoring/Securitization impact
(674)
(827)
(513)
(750)
(143)
(246)
Net Operating Working Capital
(269)
472
(115)
227
721
355
Net Working Capital
4,427
5,350
4,879
5,211
768
366
* at average rates Of which recurring variation
763
350
Of which non recurring variation
5
16
Net Debt
(€ millions) 30/06/2020 12/31/2020
Current Non-current Total Current
Non-current Total Bonds
723
8,599
9,322
237
8,680
8,917
Syndicated loan
-
-
-
-
-
-
Commercial paper
299
-
299
232
-
232
Other loans and long-term debts
81
192
273
275
82
357
Other financial liabilities
380
192
572
507
82
589
Gross Financial debt
1,103
8,791
9,894
744
8,762
9,506
Fair value hedge derivatives – assets
(3)
(40)
(44)
-
(30)
(30)
Fair value hedge derivatives – liabilities
-
-
-
-
-
-
Fair value hedge derivatives
(3)
(40)
(44)
-
(30)
(30)
Net investment hedge derivatives – assets
-
(13)
(13)
-
(53)
(53)
Net investment hedge derivatives – liabilities
-
-
-
-
-
-
Net investment hedge derivatives
-
(13)
(13)
-
(53)
(53)
FINANCIAL DEBT AFTER HEDGING
1,100
8,737
9,837
744
8,679
9,423
Cash and cash equivalents
(1,935)
-
(1,935)
(1,955)
-
(1,955)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT
(835)
8,737
7,902
(1,212)
8,679
7,468
Lease Debt
88
433
522
103
409
513
NET FINANCIAL DEBT
(747)
9,171
8,424
(1,108)
9,089
7,980
Change in Net Debt
(€ millions)
12/31/2019
12/31/2020
Operating profit
1,636
1,534
Depreciation and amortisation
174
179
Net change in impairment of goodwill, PPE and intangible assets
8
6
Net change in provisions
75
(31)
Changes in fair value on commercial derivatives, biological assets
and investments
(3)
(5)
Net (gain)/loss on disposal of assets
(7)
2
Share-based payments
21
15
Self-financing capacity before interest and tax
1,903
1,699
Decrease / (increase) in working capital requirements
(768)
(364)
Net interest and tax payments
(401)
(347)
Net acquisitions of non financial assets and others
(164)
(153)
Free Cash Flow
570
835
of which recurring Free Cash Flow
627
995
Net acquitions of financial assets and activities and others
(540)
(33)
Dividends paid
(843)
(699)
(Acquisition) / Disposal of treasury shares and others
(228)
(25)
Decrease / (increase) in net debt (before currency translation
adjustments)
(1,041)
78
Foreign currency translation adjustment
(36)
406
Non cash impact on lease liabilities
(531)
(40)
Decrease / (increase) in net debt (after currency translation
adjustments and IFRS 16 non cash impacts)
(1,608)
443
Initial net debt
(6,620)
(8,424)
Final net debt
(8,228)
(7,980)
Net Debt Maturity at 31 December 2020
€ billions
[Missing charts are available on the original document and on
www.pernod-ricard.com]
Strong liquidity position at c. €5,3bn as of 31st
December, of which €3.4bn undrawn credit lines
Gross debt after hedging at 31st December 2020 (excluding lease
liabilities):
- 5% floating rate and 95% fixed rate
- 58% in EUR and 41% in USD
FY21 maturity includes US$201m reimbursed at maturity on 26th
January 2021
Bond details at 31 December 2020
Currency
Par value
Coupon
Issue date
Maturity date
EUR
€ 500 m
1.875%
9/28/2015
9/28/2023
€ 1,500 m o/w:
€ 500 m
0.000%
10/24/2019
10/24/2023
€ 500 m
0.500%
10/24/2027
€ 500 m
0.875%
10/24/2031
€ 650 m
2.125%
9/29/2014
9/27/2024
€ 1,500 m o/w:
4/1/2020
€ 750 m
1.125%
4/7/2025
€ 750 m
1.750%
4/8/2030
€ 500 m o/w:
4/27/2020
€ 250 m
1.125%
4/7/2025
€ 250 m
1.750%
4/8/2030
€ 600 m
1.500%
5/17/2016
5/18/2026
USD
$ 201 m
Libor 6m + spread
1/26/2016
1/26/2021
$ 1,650 m o/w:
1/12/2012
$ 800 m
4.250%
7/15/2022
$ 850 m
5.500%
1/15/2042
$ 600 m
3.250%
6/8/2016
6/8/2026
$ 2,000 m o/w:
€ 600 m
1.250%
10/1/2020
4/1/2028
€ 900 m
1.625%
4/1/2031
€ 500 m
2.750%
10/1/2050
Note: US$201m reimbursed at maturity on 26th January 2021
Net Debt / EBITDA ratio evolution
Closing rate
Average rate(1)
EUR/USD rate Jun FY20 -> Dec FY21
1.12 -> 1.23
1.11 -> 1.14
Ratio at 30/06/2020
3.2
3.2
EBITDA & cash generation excl. Group structure effect(2) and
forex impacts
0.0
0.0
Group structure(2) and forex impacts
0.1
0.2
Ratio at 31/12/2020
3.3
3.4 (3)
(1) Last-twelve-month rate (2) Including IFRS16 impact (3)
Syndicated credit leverage ratio restated from IFRS16 is 3.3
Diluted Earnings Per Share (EPS) calculation
(x 1,000)
H1 FY20
H1 FY21
Number of shares in issue at end of period
265,422
261,877
Weighted average number of shares in issue (pro rata temporis)
265,422
262,315
Weighted average number of treasury shares (pro rata temporis)
(1,462)
(1,654)
Dilutive impact of stock options and performance shares
1,303
816
Number of shares used in diluted EPS calculation
265,263
261,478
(€ millions and €/share)
H1 FY20
H1 FY21
reported
△
Group share of net profit from
recurring operations
1,216
1,087
-10.6%
Diluted net earnings per share from recurring operations
4.58
4.16
-9.3%
Upcoming Communications
Date1
Event
9 March 2021, 3pm CET
North America conference call
22 April 2021, 9am CET
Q3 FY21 Sales conference call
25 May 2021, 3pm CET
Sustainability & Responsibility
conference call
22 June 2021
Asia conference call
1 The above dates are indicative and are liable to change
1 PRO: Profit from Recurring Operations 2 Recurring Operating
Cash Flow / PRO 3 Based on average EUR/USD rates: 1.14 in calendar
year 2020
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210210006042/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 Alison Donohoe / Press Relations
Manager +33 (0) 1 70 93 16 23 Emmanuel Vouin / Press Relations
Manager +33 (0) 1 70 93 16 34
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Storico
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