Regulatory News:
Pernod Ricard (Paris:RI):
Press release - Paris, 28 April 2022
9 Month Sales
Sales for the first 9 months of FY22 totalled €8,407m,
with an organic growth of +18%, with strong price/mix:
- Very dynamic Must-win domestic markets, with USA at
+13%, enhanced by phasing; India maintaining strong growth +19% and
China +12% following softer CNY impacted by Covid and a high
comparison basis
- Excellent growth in Europe with some deceleration in
March notably due to impacts of conflict in Ukraine
- Rest of World sees very strong growth in LATAM,
Africa-Middle East and Asia, notably Korea and Japan
- Travel Retail at +33% with increasing passenger traffic
outside of China.
By category:
- Strategic International Brands: excellent performance
+20% (Q3 +22%), driven by Jameson, Martell, Chivas Regal, Absolut,
Ballantine’s and The Glenlivet
- Strategic Local Brands: +14% (Q3 +15%), delivering
notably strong growth in Q3 of Blender’s Pride, Royal Stag and
Passport
- Specialty Brands: +28% (Q3 +45%), with very dynamic
performance across portfolio notably US Whiskeys, Malfy, Monkey 47,
Avion, Lillet, Redbreast and Del Maguey
- Strategic Wines: -3% (Q3 +3%), overall soft in
particular due to New Zealand lower harvest
Reported 9M Sales grew +21% with a favourable FX impact
of €191m. For full-year FY22, a positive FX impact on Profit
from Recurring Operations of c. €110m is expected1.
Sales for the third quarter of FY22 totalled €2,447m,
with an organic growth of +20% and a reported growth of
+25%.
Dividend
An interim dividend of €1.56 per share will be detached
on 6 July 2022 and paid on 8 July 2022. The final dividend
will be subject to the AGM decision on 10 November 2022.
Alexandre Ricard, Chairman and Chief Executive Officer,
stated,
“Our Q3 was very strong and continues the broad-based
performance we enjoyed in the first half, with all our regions and
Must-win markets showing very strong growth.
The global environment remains volatile with an increasingly
challenging and inflationary context. We expect a softer Q4
impacted by Covid disruptions in China, phasing normalization in
the US and conflict in Ukraine.
Overall we expect for FY22 a strong diversified Sales momentum
across the Regions due to On-trade rebound, Off-trade resilience
and a continuing recovery in Travel Retail.
We are increasing investments to fuel growth momentum.
Accordingly we are providing full year guidance for FY22 of an
organic growth in Profit from recurring Operations of c. +17% with
some operating margin expansion.”
All growth data specified in this press release refers to
organic growth, unless otherwise stated. Data may be subject to
rounding.
A detailed presentation 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, acquisitions and
disposals and changes in applicable accounting principles. -
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 amounting to €8,824 million in
fiscal year FY21. The Group, which owns 16 of the Top 100 Spirits
Brands, holds one of the most prestigious and comprehensive
portfolios in the industry with over 240 premium brands distributed
across more than 160 markets. Pernod Ricard’s portfolio includes
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, New
Zealand wines, Campo Viejo, Mumm sparkling and Kenwood wines.
Pernod Ricard’s strategy focuses on investing in long-term and
sustainable growth for all its stakeholders, remaining true to its
founding values: entrepreneurial spirit, mutual trust, and strong
sense of ethics. The Group’s decentralised organisation empowers
its 18,500 employees to be on-the-ground ambassadors of its vision
of “Créateurs de Convivialité”. Pernod Ricard 2030 Sustainability
and Responsibility roadmap “Good Times from a Good Place” is
integrated into all its activities from grain to glass, and Pernod
Ricard is recognised as a UN Global Compact LEAD participant for
its contribution to the United Nations Sustainable Development
Goals (SDGs). Pernod Ricard is listed on Euronext (Ticker: RI; ISIN
Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50
indices.
Appendices
9M FY22 Sales by Region
Net Sales(€ millions) H1 FY21 H1 FY22
Change Organic Growth Group Structure Forex
impact Americas
1,402
28.1
%
1,638
27.5
%
+235 +17% +196 +14% +17 +1% +22 +2% Asia / Rest of the World
2,127
42.7
%
2,524
42.4
%
+397 +19% +338 +16% +0 +0% +60 +3% Europe
1,456
29.2
%
1,797
30.2
%
+341 +23% +300 +21% +19 +1% +22 +2%
World
4,985
100.0
%
5,959
100.0
%
+974 +20% +834 +17% +36
+1% +104 +2% Net Sales(€
millions) Q3 FY21 Q3 FY22 Change
Organic Growth Group Structure Forex impact
Americas
592
30.3
%
787
32.2
%
+195 +33% +140 +24% +4 +1% +52 +9% Asia / Rest of World
878
44.9
%
1,057
43.2
%
+179 +20% +148 +17% +0 +0% +31 +4% Europe
486
24.8
%
603
24.7
%
+118 +24% +96 +20% +18 +4% +4 +1%
World
1,955
100.0
%
2,447
100.0
%
+492 +25% +384 +20% +22
+1% +86 +4% Net Sales(€
millions) 9M FY21 9M FY22 Change
Organic Growth Group Structure Forex impact
Americas
1,994
28.7
%
2,425
28.8
%
+431 +22% +336 +17% +21 +1% +74 +4% Asia / Rest of the World
3,005
43.3
%
3,581
42.6
%
+576 +19% +485 +16% +0 +0% +91 +3% Europe
1,942
28.0
%
2,401
28.6
%
+459 +24% +396 +20% +37 +2% +26 +1%
World
6,941
100.0
%
8,407
100.0
%
+1,466 +21% +1,217 +18% +58
+1% +191 +3%
Foreign exchange impact on 9M FY22 Sales
Forex impact 9M FY22(€ millions)
Average rates
evolution
On Net Sales
9M FY21
9M FY22
%
US dollar USD
1.19
1.15
(3.4
)%
+72 Pound sterling GBP
0.89
0.85
(5.3
)%
+18 Chinese yuan CNY
7.93
7.36
(7.3
)%
+85 Indian rupee INR
87.62
85.82
(2.1
)%
+19 Turkish Lira TRL
8.93
12.83
+43.8%
(42
)
Russian rouble RUB
88.98
86.10
(3.2
)%
+7 Canadian Dollar CAD
1.55
1.45
(6.3
)%
+13 Other +19
Total +191
Upcoming communications (Dates are indicative and liable
to change)
10 may 2022: North America conference call
8 June 2022: Capital Market Day in Paris
1 September 2022: FY22 Sales and Results
28th April calls details
Available in the media section of Pernod Ricard’s website
1 Based on YTD average rate & projected spot rate on April
15th 2022, particularly EUR/USD = 1.13
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427006247/en/
Florence Tresarrieu / Global SVP Investors Relations and
Treasury +33 (0) 1 70 93 17 03 Edward Mayle / Investor Relations
Director +33 (0) 1 70 93 17 13 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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