Registration Document - Pernod Ricard

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4 Notes 100 ANNUAL CONSOLIDATED FINANCIAL STATEMENTS to the annual consolidated fi nancial statements 3. Provisions for pension benefits The Group provides employee benefits such as pensions and retirement bonuses and other post-employment benefits such as medical care and life assurance: ◆ in France, benefit obligations mainly comprise arrangements for retirement indemnities (non-funded) and supplementary pension benefits (partly funded); ◆ in the United States and Canada, benefit obligations include funded pension plans guaranteed to employees as well as unfunded postemployment medical plans; ◆ in Ireland, the United Kingdom and the Netherlands, benefit obligations mainly consist of pension plans granted to employees. For its defined contribution plans, the Group’s commitments are limited to the payment of periodic contributions. The amount of contributions paid in the financial year ended 30 June 2009 was €30 million. The table below presents a roll-forward of the provision between 30 June 2008 and 30 June 2009: PERNOD RICARD Defined benefit plans in the Group relate mainly to subsidiaries in the United Kingdom, in North America and in the rest of Europe. Defined benefit plans are subject to an annual actuarial valuation on the basis of assumptions depending on the country. Under these pension and other benefit plan agreements, employees receive at the date of retirement either a capital lump sum payment or an annuity. These amounts depend on the number of years of employment, final salary and the position held by the employee. At 30 June 2009, fully or partly funded benefit obligations totalled €3,081 million, being 94.2% of total benefit obligations. Certain subsidiaries, mainly those located in North America, also provide their employees with post-employment medical cover. These benefit obligations are unfunded. They are measured using the same assumptions as those used for the pension obligations in the country in question. Several subsidiaries, mainly in Europe, also provide their employees with other long-term benefits. Benefit obligations of this type are mainly in respect of long-service awards and jubilee awards. The net expense (income) recognised in profit and loss in respect of pensions and other long-term employee benefits is broken down as follows: Expense for the year (in euro million) Pension benefits 30.06.2008 30.06.2009 Medical expenses and other employee benefits Total Pension benefits Medical expenses and other employee benefits Total Service cost 31 2 33 34 1 35 Interest cost (effect of unwinding of discount) 210 8 218 202 8 210 Expected return on plan assets (221) (0) (221) (193) (0) (193) Amortisation of past service cost 1 (0) 1 1 3 4 Amortisation of actuarial (gains)/losses (70) (4) (74) (0) 1 0 Effect of ceiling on plan assets - - - - - - Effect of settlements and curtailments (6) (0) (7) (6) 0 (5) NET EXPENSE (INCOME) RECOGNISED IN PROFIT AND LOSS (56) 5 (51) 39 13 52 The Group has elected to adopt the corridor method under which actuarial gains and losses are only recognised when they represent 30.06.2008 30.06.2009 Medical Medical expenses expenses and other and other Pension employee Pension employee In euro million benefits benefits Total benefits benefits Total Provision at beginning of period 600 173 773 328 149 478 Expenses (income) for the period (56) 5 (51) 39 13 52 Employer contributions (155) - (155) (108) 0 (108) Benefits paid directly by the employer (6) (10) (16) (10) (9) (19) Change in scope (0) (0) (0) 8 (1) 7 Foreign currency gains and losses (55) (19) (74) (8) 4 (4) PROVISION, AT END OF PERIOD 328 149 478 249 156 405 more than 10% of the greater of the present value of the benefit obligation and the fair value of corresponding plan assets. I REFERENCE DOCUMENT 2008/2009 I
Changes in provisions for pensions and other long-term employee benefits are shown below: Net liability recognised in the balance sheet (in euro million) Change in the actuarial value of cumulative benefit obligations Actuarial value of cumulative benefit obligations at beginning of period ANNUAL CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the annual consolidated fi nancial statements Pension benefits 30.06.2008 30.06.2009 Medical expenses and other employee benefits Total Pension benefits Medical expenses and other employee benefits Total 4,062 164 4,226 3,660 141 3,801 Service cost 31 2 33 33 1 34 Interest cost (effect of unwinding of discount) 210 8 218 202 8 210 Employee contributions 4 1 5 2 1 2 Benefits paid (203) (11) (214) (211) (10) (221) Changes to plans 0 (1) (1) 1 3 4 Settlement or curtailment of benefits (21) (0) (21) (12) 0 (12) Actuarial (gains) and losses 144 0 144 (364) (18) (381) Currency t ranslation adjustments (568) (18) (586) (199) 3 (196) Changes in scope of consolidation (1) (0) (2) 30 (1) 29 ACTUARIAL VALUE OF CUMULATIVE BENEFIT OBLIGATIONS AT END OF PERIOD 3,660 141 3,801 3,142 129 3,271 Change in the fair value of plan assets Fair value of plan assets at beginning of period 3,951 2 3,953 3,402 1 3,403 Actual return on plan assets 60 0 60 (132) 1 (132) Employee contributions 4 - 4 2 - 2 Employer contributions 155 - 155 108 0 108 Benefits paid (200) (1) (201) (202) (0) (202) Changes to plans 4 - 4 - - - Settlement of benefits (15) - (15) (11) (0) (11) Currency t ranslation adjustments (555) - (555) (190) - (190) Changes in scope of consolidation (3) - (3) 22 - 22 FAIR VALUE OF PLAN ASSETS AT END OF PERIOD 3,402 1 3,403 2,999 1 3,000 Present value of funded benefits 3,597 1 3,597 3,077 4 3,081 Fair value of plan assets 3,402 1 3,403 2,999 1 3,000 Deficit (surplus) on funded benefits 195 (0) 194 79 3 81 Present value of unfunded benefits Effect of ceiling on plan assets 64 141 205 65 125 191 Unrecognised actuarial gains and (losses) 78 3 81 113 22 135 Unrecognised past service cost (8) 6 (2) (8) 6 (2) NET LIABILITY RECOGNISED IN THE BALANCE SHEET 328 149 478 249 156 405 I REFERENCE DOCUMENT 2008/2009 I PERNOD RICARD 101
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Reference Document 2008/2009
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Reference Document 2008/2009 This r
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1 PRESENTATION OF THE PERNOD RICARD
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2003 saw the Group re-enter the CAC
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The Company’s General Management
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Four sites were sold in 2008/2009:
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Environmental management The Group
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Ricard cemented this commitment by
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2 CORPORATE GOVERNANCE AND INTERNAL
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CORPORATE GOVERNANCE AND INTERNAL C
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Member’s first name and surname o
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Mr. Pierre Pringuet 59 years old, F
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Philip Morris Companies Inc. until
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◆ ◆ ◆ CORPORATE GOVERNANCE AN
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◆ ◆ ◆ CORPORATE GOVERNANCE AN
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◆ ◆ ◆ ◆ ◆ CORPORATE GOVER
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Statutory Auditors’ Report Report
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Risk factors 60 Risks in connection
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Analysis of business activity and r
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TOTAL MANAGEMENT REPORT 3 Analysis
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Cash and capital Reconciliation of
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Human resources Number of employees
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Directors’ compensation Compensat
Page 51 and 52: Mr. Patrick Ricard, Chairman of the
Page 53 and 54: In June 2007, the Committee decided
Page 55 and 56: Accordingly, Pernod Ricard’s E xe
Page 57 and 58: HISTORY OF ALLOCATIONS OF STOCK OPT
Page 59 and 60: Employee profit-sharing plans All e
Page 61 and 62: MANAGEMENT REPORT 3 Human resources
Page 63 and 64: Moreover, the Group may find itself
Page 65 and 66: Cubaexport’s application for rene
Page 67 and 68: Risks for consumers The Group has n
Page 69 and 70: Coverage Type of insurance Cover an
Page 71 and 72: Factoring agreement On 15 December
Page 73 and 74: Stolichnaya On 15 November 2000, Al
Page 75 and 76: 4 ANNUAL CONSOLIDATED FINANCIAL STA
Page 77 and 78: ANNUAL CONSOLIDATED FINANCIAL STATE
Page 79 and 80: Shareholders’ equity ANNUAL CONSO
Page 81 and 82: Annual c onsolidated cash flow stat
Page 83 and 84: ◆ f amendment to IAS 39 (Eligible
Page 85 and 86: Brands recognised in the context of
Page 87 and 88: 16.2 Investment-related l oans and
Page 89 and 90: 23. Earnings per share Basic and di
Page 91 and 92: 30.06.2008 In euro million Income s
Page 93 and 94: NOTE 8 Corporate income tax Analysi
Page 95 and 96: NOTE 10 Expenses by nature ANNUAL C
Page 97 and 98: Within the V&S acquisition, some ne
Page 101: At 30 June 2009, there was no reaso
Page 109 and 110: The fair value of the debt is deter
Page 111 and 112: Classification of hedges and use of
Page 113 and 114: NOTE 23 Share-based payments Stock
Page 117 and 118: 3. In August 2006, the same competi
Page 119 and 120: Incorporated bodies Countries ANNUA
Page 121 and 122: Incorporated bodies Countries ANNUA
Page 123 and 124: I REFERENCE DOCUMENT 2008/2009 I PE
Page 125 and 126: Statutory Auditors’ R eport on th
Page 127 and 128: Balance sheet For the financial yea
Page 129 and 130: Cash flow statement For the financi
Page 131 and 132: Finally, income tax generated a gai
Page 133 and 134: the vesting period of the beneficia
Page 135 and 136: NOTE 4 Maturity of receivables and
Page 137 and 138: NOTE 9 Provisions PERNOD RICARD SA
Page 139 and 140: NOTE 11 Deferred income and adjustm
Page 141 and 142: PERNOD RICARD SA FINANCIAL STATEMEN
Page 143 and 144: EUR interest rate hedge Maturity PE
Page 145 and 146: In euro thousand Share capital Shar
Page 147 and 148: Dividends distributed during the la
Page 149 and 150: PERNOD RICARD SA FINANCIAL STATEMEN
Page 151 and 152: Directors concerned: ◆ Mr. Patric
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Directors concerned: ◆ Mr. Patric
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I REFERENCE DOCUMENT 2008/2009 I PE
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Statutory Auditors’ Report on the
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COMBINED (ORDINARY AND EXTRAORDINAR
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Thirteenth resolution COMBINED (ORD
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Nineteenth resolution COMBINED (ORD
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f f f f f f f COMBINED (ORDINARY AN
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7 ABOUT THE COMPANY AND ITS SHARE C
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Entitlement to dividends - Entitlem
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Powers of the Board of Directors Un
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ABOUT THE COMPANY AND ITS SHARE CAP
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GENERAL AUTHORISATIONS Type of secu
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ABOUT THE COMPANY AND ITS SHARE CAP
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Breakdown of share capital and voti
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Stock options exercised by Director
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Treasury share repurchase programme
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List of information published durin
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List of information published durin
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8 ADDITIONAL INFORMATION ON THE REF
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Reconciliation table Reference Docu
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ADDITIONAL INFORMATION ON THE REFER
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Annual financial report ADDITIONAL
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Registration Document - Pernod Ricard

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