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Pernod Ricard has initiated a share buyback program worth €150 million, starting from October 31, 2022, which may last until November 22, 2022. This action is part of a broader buyback strategy aiming to repurchase between €500 million to €750 million in FY23. The maximum share price for this buyback is capped at €280 per share, as determined in the November 2021 Shareholders’ Meeting. With FY22 consolidated sales of €10,701 million, Pernod Ricard is the second-largest global producer of wines and spirits, owning a diverse portfolio of 16 top brands.
Positive
Initiation of a €150 million share buyback program indicates confidence in the company's financial health.
The buyback is part of a larger plan of up to €750 million for FY23, reflecting strong cash flow management.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
Press Release – 31 October 2022
As part of its share buyback program announced on 1 September 2022 (€500m to €750m communicated for FY23), Pernod Ricard(Paris:RI)has signed an agreement with an investment services provider, whereby Pernod Ricard will undertake to acquire its own shares for a maximum amount of c. €150mover a period starting on October 31, 2022 and possibly extending until November 22, 2022.
The price of the shares purchased under this mandate shall not exceed the limit of €280 per share set by Pernod Ricard Shareholders’ Meeting held on November 10, 2021.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €10,701 million in FY22. 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.
