Pernod Ricard: FY22 Full-year Sales and Results

Rhea-AI Summary

Pernod Ricard reported record sales of €10,701m for FY22, achieving a 17% organic growth and a 21% reported increase, aided by favorable FX impacts. Growth was double-digit across all regions, with strong performances in North America (+12%) and Latin America (+dynamic growth). Specialty Brands showed a remarkable +24% growth. The company also achieved a profit from recurring operations of €3,024m, up 32% from FY21. The proposed dividend of €4.12 represents a 32% increase. Looking ahead, Pernod Ricard anticipates dynamic, broad-based net sales growth for FY23.

Positive

• Record sales of €10,701m, a 21% increase.
• 17% organic growth, with strong performances across all regions.
• Profit from recurring operations rose 32% to €2,124m.
• Proposed dividend of €4.12, a 32% increase from FY21.
• Exceptional growth in Specialty Brands at +24%.

Negative

• Strategic Wines category saw a decline of 4%, mainly due to lower harvest in New Zealand.
• Net debt increased by €1,205m to €8,657m primarily due to M&A and share buybacks.

A record year with excellent performance

+21% reported Sales growth (+17% organic)

+25% reported growth in PRO¹ (+19% organic)

PARIS--(BUSINESS WIRE)-- Regulatory News:

Press release - Paris, 1 September 2022

Pernod Ricard (Paris:RI):

SALES

FY22 Sales grew by +17% organically, totalling €10,701m. Reported Sales growth was +21% with favourable foreign exchange impact mostly from USD and CNY appreciation versus EUR.

Sales in all regions grew double digit :

• Americas: +12%, very strong growth in North America and very dynamic growth in LATAM, supported with a strong rebound in Travel Retail
• Asia-RoW: +19%, excellent growth led by India, Turkey, China and Sub-Saharan Africa. Very strong performance in Korea and Japan
• Europe: +19%, excellent growth in Europe, led by Spain, Germany, Poland, UK and with a very strong rebound in Travel Retail.

All spirits categories delivered strong double digit growth:

• Strategic International Brands: +18%, excellent growth across all regions led by Jameson, Chivas Regal, Ballantine’s, Absolut and Martell
• Strategic Local Brands: +18%, very strong growth notably led by Seagram’s Indian whiskies, Kahlua, Olmeca and Seagram’s Gin
• Specialty Brands: +24%, continued very rapid development led by American Whiskies, Gins and Agave brands. Specialty Brands doubling their weight in Sales vs. FY19
• Strategic Wines: -4%, overall soft performance in particular due to New Zealand lower harvest.

Price/mix was +5% on Strategic Brands.

Q4 Sales were €2,295m, +14% organic growth.

FY22 delivered record Sales with market share gains in most markets, while leveraging our wide portfolio and geographical breadth and achieving price increases across all markets, of mid single digit on average. Sales were driven by strong recovery of the On-trade, resilience in the Off-trade and rapid rebound in Travel Retail, albeit passenger traffic still subdued in China.

Dynamism in Must-Win Markets was strong, notably India +26% and Travel Retail +48%, with USA +8% and China +5%. FY22 recorded outstanding performance across Europe, Africa, Central and South America.

RESULTS

FY22 PRO² grew +19%, to €3,024m (+25% reported) delivering organic operating margin expansion of +52bps:

• Gross margin expanded +12bps as price, mix and fixed cost absorption offset COGS increases
• A&P ratio at c. 16% of Sales, with dynamic allocation between brands, markets and activities
• Structure costs: purposeful increase, notably recruitments to support our digital transformation
• Positive FX impact on PRO of c. +€160m thanks mostly to USD and CNY appreciation versus EUR.

Recurring effective tax rate at 23.2%.

Group share of Net PRO was €2,124m, +32% reported vs. FY21.

Group share of Net Profit was €1,996m, +53% reported, a very strong increase thanks to Profit from Recurring Operations growth, reduced financial expenses and positive FX impact.

CASH FLOW AND DEBT

FY22 recorded a record high cash generation with Recurring Free Cash Flow at €1,926m.

The cost of debt averaged 2.3% vs. 2.8% in FY21, thanks to successful bond debt refinancing.

Net debt increased by €1,205m vs. 30 June 2021 to €8,657m mainly explained by M&A cash-out and share buyback of c. €750m executed during the year. Net Debt/EBITDA ratio at average FX rates³ stood at 2.4x at 30 June 2022.

Return to shareholders is accelerating with:

• A proposed dividend of €4.12, an increase of +32% vs. FY21

Starting our new fiscal year with very healthy trade inventory levels across regions, in a context remaining volatile, we expect for FY23:

• Dynamic, broad based Net Sales growth, on a normalizing comparison basis, with a good start to Q1;
• Intense focus on revenue growth management and operational efficiencies in a high inflationary environment;
• A&P ratio at c. 16% of Net Sales, with improved ROI;
• Continuing investments in structure, notably supporting the rapid deployment of the Conviviality Platform;
• Increased Capex at c. 7% of Net Sales and Strategic Inventories to fuel future growth;
• €500m to €750m share buyback, following our financial policy priorities;
• Significant positive currency effect expected for FY23⁴.

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

“Three words summarize Pernod Ricard’s excellent performance in FY22: record, balanced and sustainable.

FY22 was a record year in many respects. Our Sales broke the symbolic milestone of €10 billion with our fastest growth rate in over 30 years, delivering a record €3 billion profit from recurring operations at a record operating margin of 28.3%.

FY22’s performance was also very well balanced. Growth was driven by all regions, categories, price points and channels, with a comparable contribution from both mature and emerging markets.

Most importantly, our performance was sustainable thanks to the real progress we’ve made on delivering our strategic roadmap “Good Times from a Good Place”.

There has definitely been a newfound appreciation for conviviality since the Covid outbreak and I would like to take this opportunity to praise our teams whose commitment has never wavered, and who continue to play a key role in facilitating convivial experiences with our brands around the world.

While we are faced with a challenging and volatile environment, I am confident that our unique competitive advantages and the rapid deployment of our digital transformation will enable us to deliver our FY23 to FY25 medium-term financial framework.”

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 FY22 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the financial statements. The Statutory Auditors’ report will be issued after examination of the management report and completion of procedures required for the filing of the Universal registration document.”

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 €10,701 million in fiscal year FY22. The Group, which owns 17 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 or Mumm and Perrier-Jouët champagnes. The Group’s mission is to unlock the magic of human connections by bringing “Good Times from a Good Place”, in line with its Sustainability and Responsibility roadmap. Pernod Ricard’s decentralised organisation empowers its 19,480 employees to be on-the-ground ambassadors of its purposeful and inclusive culture of conviviality, bringing people together in meaningful, sustainable and responsible ways to create value over the long term. Executing its strategic plan, Transform & Accelerate, Pernod Ricard now relies on its “Conviviality Platform”, a new growth model based on data and artificial intelligence to meet the ever-changing demand of consumers.

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

		Volumes FY22		Organic Net Sales growth FY22		Volumes		Price/mix
		(in 9Lcs millions)
Absolut		12.4		+19%		+18%		+1%
Chivas Regal		4.6		+29%		+27%		+1%
Ballantine's		9.1		+27%		+20%		+7%
Ricard		4.5		+4%		+5%		(1)%
Jameson		10.4		+24%		+22%		+2%
Havana Club		4.6		+20%		+5%		+15%
Malibu		4.9		+7%		+3%		+4%
Beefeater		3.7		+35%		+27%		+8%
Martell		2.5		+7%		+4%		+3%
The Glenlivet		1.6		+21%		+19%		+2%
Royal Salute		0.2		+38%		+32%		+6%
Mumm		0.7		+9%		+3%		+6%
Perrier-Jouët		0.3		+32%		+16%		+16%
Strategic International Brands		59.6		+18%		+16%		+3%

Sales Analysis by Period and Region

Net Sales (€ millions)		FY21				FY22				Change			Organic Growth					Group Structure					Forex impact
Americas		2,627	29.8	%		3,133	29.3	%		506	+19%		319		+12%			30		+1%			156	+6%
Asia / Rest of World		3,640	41.2	%		4,438	41.5	%		799	+22%		674		+19%			0		+0%			125	+3%
Europe		2,557	29.0	%		3,130	29.2	%		573	+22%		483		+19%			55		+2%			35	+1%
World		8,824	100.0	%		10,701	100.0	%		1,877	+21%		1,476		+17%			86		+1%			316	+4%
Net Sales (€ millions)		Q4 FY21				Q4 FY22				Change			Organic Growth					Group Structure					Forex impact
Americas		633	33.6	%		708	30.9	%		75	+12%		(17	)	(3	)%		9		+1%			83	+13%
Asia / Rest of World		635	33.7	%		857	37.4	%		222	+35%		189		+30%			(0	)	(0	)%		34	+5%
Europe		616	32.7	%		729	31.8	%		114	+18%		87		+14%			18		+3%			9	+1%
World		1,883	100.0	%		2,295	100.0	%		411	+22%		259		+14%			28		+1%			125	+7%
Net Sales (€ millions)		H2 FY21				H2 FY22				Change			Organic Growth					Group Structure					Forex impact
Americas		1,225	31.9	%		1,495	31.5	%		271	+22%		123		+10%			13		+1%			134	+11%
Asia / Rest of World		1,513	39.4	%		1,914	40.4	%		401	+27%		336		+22%			(0	)	(0	)%		65	+4%
Europe		1,101	28.7	%		1,333	28.1	%		231	+21%		183		+17%			37		+3%			12	+1%
World		3,839	100.0	%		4,742	100.0	%		903	+24%		642		+17%			50		+1%			211	+6%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Summary Consolidated Income Statement

(€ millions)	FY21		FY22		Change
Net sales	8,824		10,701		+21%
Gross Margin	5,293		6,473		+22%
Advertising and promotions spend	(1,393	)	(1,698	)	+22%
Contribution after A&P spend	3,900		4,775		+22%
Structure costs	(1,477	)	(1,751	)	+19%
Profit from recurring operations	2,423		3,024		+25%
Financial income/(expense) from recurring operations	(262	)	(215	)	(18	)%
Corporate income tax on items from recurring operations	(526	)	(651	)	+24%
Net profit from discontinued operations, non-controlling interests and share of net income from associates	(24	)	(34	)	+44%
Group share of net profit from recurring operations	1,612		2,124		+32%
Profit from Non Recurring Operations	(62	)	(62	)	+0%
Financial income/(expense) from non-recurring operations	(109	)	(45	)	(59	)%
Corporate income tax on items from non recurring operations	(142	)	(26	)	(82	)%
Non controlling interests (non-recurring)	6		4		(29	)%
Group share of net profit	1,305		1,996		+53%
Non-controlling interests	13		35		NA
Net profit	1,318		2,031		+54%

Profit from Recurring Operations by Region

World
(€ millions)		FY21					FY22					Change				Organic Growth				Group Structure					Forex impact
Net Sales		8,824		100.0	%		10,701		100.0	%		1,877		+21%		1,476		+17%		86		+1%			316		+4%
Gross margin		5,293		60.0	%		6,473		60.5	%		1,180		+22%		904		+17%		27		+1%			249		+5%
Advertising & promotion spend		(1,393	)	15.8	%		(1,698	)	15.9	%		(305	)	+22%		(239	)	+17%		(8	)	+1%			(57	)	+4%
Contribution after A&P spend		3,900		44.2	%		4,775		44.6	%		876		+22%		665		+17%		19		+0%			192		+5%
Profit from recurring operations		2,423		27.5	%		3,024		28.3	%		601		+25%		463		+19%		(17	)	(1)%			155		+6%
Americas
(€ millions)		FY21					FY22					Change				Organic Growth				Group Structure					Forex impact
Net Sales		2,627		100.0	%		3,133		100.0	%		506		+19%		319		+12%		30		+1%			156		+6%
Gross margin		1,699		64.7	%		2,059		65.7	%		360		+21%		179		+11%		19		+1%			162		+10%
Advertising & promotion spend		(470	)	17.9	%		(568	)	18.1	%		(98	)	+21%		(65	)	+14%		(6	)	+1%			(28	)	+6%
Contribution after A&P spend		1,229		46.8	%		1,491		47.6	%		262		+21%		114		+9%		14		+1%			134		+11%
Profit from recurring operations		803		30.6	%		1,014		32.4	%		211		+26%		95		+12%		5		+1%			111		+14%
Asia / Rest of the World
(€ millions)		FY21					FY22					Change				Organic Growth				Group Structure					Forex impact
Net Sales		3,640		100.0	%		4,438		100.0	%		799		+22%		674		+19%		0		+0%			125		+3%
Gross margin		2,060		56.6	%		2,496		56.2	%		436		+21%		383		+19%		(0	)	(0)%			53		+3%
Advertising & promotion spend		(542	)	14.9	%		(633	)	14.3	%		(91	)	+17%		(67	)	+12%		(0	)	+0%			(24	)	+4%
Contribution after A&P spend		1,518		41.7	%		1,862		42.0	%		344		+23%		316		+21%		(0	)	(0)%			29		+2%
Profit from recurring operations		996		27.4	%		1,220		27.5	%		225		+23%		213		+21%		(7	)	(1)%			19		+2%
Europe
(€ millions)		FY21					FY22					Change				Organic Growth				Group Structure					Forex impact
Net Sales		2,557		100.0	%		3,130		100.0	%		573		+22%		483		+19%		55		+2%			35		+1%
Gross margin		1,534		60.0	%		1,918		61.3	%		384		+25%		342		+22%		7		+0%			35		+2%
Advertising & promotion spend		(381	)	14.9	%		(496	)	15.9	%		(115	)	+30%		(107	)	+28%		(3	)	+1%			(6	)	+2%
Contribution after A&P spend		1,153		45.1	%		1,422		45.4	%		269		+23%		235		+20%		5		+0%			29		+3%
Profit from recurring operations		624		24.4	%		790		25.2	%		166		+27%		156		+25%		(15	)	(2)%			25		+4%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Foreign Exchange Impact

Forex impact FY22 (€ millions)			Average rates evolution					On Net Sales		On Profit from Recurring Operations
			FY21	FY22	%
US dollar	USD		1.19	1.13	-5.5	%		145		63
Russian rouble	RUB		89.10	84.39	-5.3	%		12		9
Turkish Lira	TRL		9.22	13.83	49.9	%		(67	)	(72	)
Indian rupee	INR		87.94	84.93	-3.4	%		42		14
Chinese yuan	CNY		7.90	7.28	-7.8	%		100		61
Pound sterling	GBP		0.89	0.85	-4.4	%		20		(18	)
Mexican peso	MXN		24.74	22.92	-7.4	%		7		12
Other								56		87
Total								316		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	+15
Financial result	(1	)
Pre-tax profit from recurring operations	+14
Impact on the balance sheet	(€ millions)
Increase/(decrease) in net debt	+40
(1) Full-year effect

Balance Sheet

Assets	30/06/2021	30/06/2022
(€ millions)
(Net book value)
Non-current assets
Intangible assets and goodwill	16,230	17,657
Tangible assets and other assets	3,963	4,600
Deferred tax assets	1,623	1,844
Total non-current assets	21,816	24,100
Current assets
Inventories	6,555	7,369
aged work-in-progress	5,373	5,732
non-aged work-in-progress	84	91
other inventories	1,098	1,546
Receivables (*)	1,126	1,388
Trade receivables	1,080	1,320
Other trade receivables	46	68
Other current assets	413	435
Other operating current assets	408	430
Tangible/intangible current assets	6	6
Tax receivable	141	145
Cash and cash equivalents and current derivatives	2,086	2,559
Total current assets	10,321	11,896
Assets held for sale	11	15
Total assets	32,147	36,012
(*) after disposals of receivables of:	592	602
Liabilities and shareholders’ equity	30/06/2021	30/06/2022
(€ millions)
Group Shareholders’ equity	14,829	15,944
Non-controlling interests	246	309
of which profit attributable to non-controlling interests	13	35
Total Shareholders’ equity	15,075	16,253
Non-current provisions and deferred tax liabilities	3,555	3,818
Bonds non-current	8,787	9,238
Lease liabilities - non current	405	400
Non-current financial liabilities and derivative instruments	108	197
Total non-current liabilities	12,854	13,653
Current provisions	163	150
Operating payables	2,337	3,019
Other operating payables	1,134	1,311
of which other operating payables	724	799
of which tangible/intangible current payables	410	513
Tax payable	282	263
Bonds - current	70	842
Lease liabilities - current	103	107
Current financial liabilities and derivatives	128	415
Total current liabilities	4,218	6,107
Liabilities held for sale	0	0
Total liabilities and shareholders' equity	32,147	36,012

Analysis of Working Capital Requirement

(€ millions)	June 2020		June 2021		June 2022			FY21 WC change*		FY22 WC change*
Aged work in progress	5,084		5,373		5,732			206		287
Advances to suppliers for wine and ageing spirits	19		9		8			(10	)	(1	)
Payables on wine and ageing spirits	(108	)	(93	)	(115	)		22		(21	)
Net aged work in progress	4,995		5,289		5,626			218		265
Trade receivables before factoring/securitization	1,375		1,672		1,922			309		163
Advances from customers	(38	)	(21	)	(34	)		17		(9	)
Other receivables	343		445		487			64		9
Other inventories	1,006		1,098		1,546			91		342
Non-aged work in progress	76		84		91			9		3
Trade payables and other	(2,364	)	(2,946	)	(3,669	)		(574	)	(534	)
Gross operating working capital	398		331		343			(85	)	(25	)
Factoring/Securitization impact	(513	)	(592	)	(602	)		(79	)	12
Net Operating Working Capital	(115	)	(261	)	(259	)		(164	)	(13	)
Net Working Capital	4,879		5,028		5,366			54		252
* at average rates								79		262
								(25	)	(10	)

Net Debt

(€ millions)	6/30/2021						6/30/2022
	Current		Non-current		Total		Current		Non-current	Total
Bonds	70		8,787		8,857		842		9,238	10,079
Commercial paper	7		-		7		180		-	180
Other loans and long-term debts	115		108		222		226		179	405
Other financial liabilities	122		108		229		406		179	585
Gross Financial debt	192		8,894		9,086		1,248		9,417	10,664
Fair value hedge derivatives – assets	-		(22	)	(22	)	(5	)	-	(5	)
Fair value hedge derivatives – liabilities	-		-		-		-		9	9
Fair value hedge derivatives	-		(22	)	(22	)	(5	)	9	3
Net investment hedge derivatives – assets	-		(43	)	(43	)	-		-	-
Net investment hedge derivatives – liabilities	-		-		-		-		9	9
Net investment hedge derivatives	-		(43	)	(43	)	-		9	9
FINANCIAL DEBT AFTER HEDGING	192		8,830		9,022		1,242		9,435	10,677
Cash and cash equivalents	(2,078	)	-		(2,078	)	(2,527	)	-	(2,527	)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT	(1,886	)	8,830		6,944		(1,284	)	9,435	8,150
Lease Debt	103		405		508		107		400	507
NET FINANCIAL DEBT	(1,783	)	9,235		7,452		(1,177	)	9,835	8,657

Change in Net Debt

(€ millions)	30/06/2021	30/06/2022
Operating profit	2361	2962
Depreciation and amortisation	367	381
Net change in impairment of goodwill, PPE and intangible assets	78	10
Net change in provisions	(80)	7
Changes in fair value on commercial derivatives and biological assets	1	(2)
Net (gain)/loss on disposal of assets	(16)	(5)
Share-based payments	28	40
Self-financing capacity before interest and tax	2,738	3,392
Decrease / (increase) in working capital requirements	(54)	(252)
Net interest and tax payments	(686)	(846)
Net acquisitions of non financial assets and others	(370)	(481)
Free Cash Flow	1,628	1,813
of which recurring Free Cash Flow	1,745	1,926
Net acquitions of financial assets and activities and others	(116)	(723)
Dividends paid	(704)	(826)
(Acquisition) / Disposal of treasury shares and others	(20)	(813)
Decrease / (increase) in net debt (before currency translation adjustments)	788	(549)
Foreign currency translation adjustment	265	(562)
Non cash impact on lease liabilities	(81)	(95)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)	972	(1,205)
Initial net debt	(8,424)	(7,452)
Final net debt	(7,452)	(8,657)

Bond details

Currency	Par value	Coupon		Issue date	Maturity date
EUR	€ 1,500 m o/w:			10/24/2019
	€ 500 m	0.000	%		10/24/2023
	€ 500 m	0.500	%		10/24/2027
	€ 500 m	0.875	%		10/24/2031
	€ 650 m	2.13	%	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
	€ 750 m	1.375	%	4/7/2022	4/7/2029
	€ 500 m	0.125	%	10/4/2021	10/4/2029
USD	$ 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

Net Debt / EBITDA ratio evolution

		Closing rate		Average rate(1)
EUR/USD rate Jun FY21 -> Jun FY22		1.19 -> 1.04		1.19 -> 1.13
Ratio at 30/06/2021		2.6		2.6
EBITDA & cash generation excl. Group structure effect and forex impacts		(0.4	)	(0.4	)
Group structure and forex impacts		0.3		0.2
Ratio at 30/06/2022		2.5		2.4
(1) Last-twelve-month rate

Diluted EPS calculation

(x 1,000)	FY21		FY22
Number of shares in issue at end of period	261876.56		257947.355
Weighted average number of shares in issue (pro rata temporis)	262,143		261,190
Weighted average number of treasury shares (pro rata temporis)	(1,347)		(2,158)
Dilutive impact of stock options and performance shares	718		688
Number of shares used in diluted EPS calculation	261,514		259,719

(€ millions and €/share)	FY21	FY22	reported
			△
Group share of net profit from recurring operations	1,612	2,124	31.8	%
Diluted net earnings per share from recurring operations	6.16	8.18	32.7	%

Available in the media section of Pernod Ricard’s website

¹ Profit from Recurring Operations

² Profit from Recurring Operations

³ Based on average EUR/USD rate: 1.13

⁴ Assuming USD/EUR at 1.00 (spot rate as at 22 Aug)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005908/en/

Florence Tresarrieu / Global SVP Investor 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

Source: Pernod Ricard

FAQ

What were Pernod Ricard's sales figures for FY22?

Pernod Ricard reported sales of €10,701m for FY22, reflecting a 21% increase.

How much did Pernod Ricard's profit from recurring operations grow in FY22?

The profit from recurring operations grew by 32% to €2,124m in FY22.

What is the proposed dividend for Pernod Ricard in FY22?

The proposed dividend for FY22 is €4.12, a 32% increase compared to FY21.

Which region showed the strongest sales growth for Pernod Ricard in FY22?

The Americas region showed strong growth, particularly North America with a 12% increase.

What are the expectations for Pernod Ricard's FY23 performance?

Pernod Ricard expects dynamic and broad-based net sales growth for FY23.