Registration Document - Pernod Ricard

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5 Analysis 128 PERNOD RICARD SA FINANCIAL STATEMENTS of results Analysis of results Relations between the Parent Company and its subsidiaries The main role of Pernod Ricard SA, the Group’s Parent Company, is to carry out general interest and coordination activities in the areas of strategy, financial control of subsidiaries, external growth, marketing, development, research, human resources and communication. Pernod Ricard SA’s financial relations with its subsidiaries mainly involve the billing of royalties for the use of brands owned by Pernod Ricard SA, rebilling for research activities relating to product innovation and receipt of dividends. Highlights of the financial year 1. Acquisition of Vin&Sprit (“V&S”) On 23 July 2008, Pernod Ricard acquired 100% of the shares in the Vin&Sprit g roup (V&S), for €5.3 billion. The acquisition was funded by means of a syndicated multi-currency loan. As a result of this acquisition V&S products ceased to be distributed by Future Brands and Maxxium as from 1 October 2008. Pernod Ricard exited the Future Brands joint venture at the cost of a $230 million indemnity fee and Maxxium on payment of €59 million in indemnity fees and the transfer of €60 million of shares on 30 March 2009. 2. Capital increase On 14 May 2009, Pernod Ricard SA increased its capital by €1,036 million (gross before fees). Under the transaction 38,786,220 new shares were subscribed for at a price of €26.70 per share. The capital increase allowed the company to repay parts of tranche B of its euro- and dollar-denominated syndicated loan: €330 million and $910 million, respectively. PERNOD RICARD 3. Bond issue On 15 June 2009, Pernod Ricard SA issued €800 million of bonds. The proceeds allowed it to repay the next tranches of the multi-currency syndicated loan falling due and to extend the average maturity of the Group’s debt. Income statement and balance sheet at 30 June 2009 Analysis of the 2008/2009 income statement Operating income was €62.6 million compared to €65 million in 2008, a fall of €2.4 million linked to declines in royalties on brands and media rebillings, partly offset by reversals of some provisions. Operating expenses amounted to €(116.8) million compared with €(121.7) million in 2008. The €4.9 million reduction was chiefly due to a lower media spend (media spending is rebilled) and lower depreciation, amortisation and provision charges as well as overall savings on fees and travel costs, despite the rise in banking fees linked to the bond issue. An operating loss of €(54.2) million was incurred in the financial year ending 30 June 2009. The interest (expense ) income was €267.3 million, compared with €884.1 million at end June 2008. Dividends received at end June 2009 were lower than last year by €(399) million and the cost of debt was €(181.2) million higher. Operating result before tax amounted to €213.1 million. Exceptional items at 30 June 2009 represented a charge of €(28.1) million, mainly linked to acquisition fees on the V&S acquisition . I REFERENCE DOCUMENT 2008/2009 I
Finally, income tax generated a gain of €121.5 million due to the effects of tax consolidation. In consequence, net profit for the year at 30 June 2009 was €306.6 million. Analysis of the 2008/2009 balance sheet Pernod Ricard’s balance sheet total at 30 June 2009 was €14,602 million, an increase of €5,844 million compared with 30 June 2008. Assets Total net fixed assets stood at €11,523.5 million, compared with €8,527.9 million the previous financial year. This increase of €2,995.6 million is largely explained by a rise in the value of investments as a result of the V&S acquisition. PERNOD RICARD SA FINANCIAL STATEMENTS 5 Analysis of results Current assets increased by €2,560 million in the year to €2,712 million at 30 June 2009. This significant increase was related to intra -group debts in the context of the V&S acquisition . Liabilities and shareholders’ equity Shareholders’ equity stood at €5,148.6 million, compared with €4,119.6 million for the previous financial year. The €1,029 million increase in shareholders’ equity reflected principally the capital increase held on 14 May 2009. Provisions for contingencies and charges were up by €74.6 million due to the provisions taken for currency losses. During the year total debt rose by €4,524.7 million as a result of the V&S acquisition (increase in the syndicated loan and PR Finance borrowings), and the bond issue of 15 June 2009. I REFERENCE DOCUMENT 2008/2009 I PERNOD RICARD 129
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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
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Mr. Patrick Ricard, Chairman of the
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In June 2007, the Committee decided
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Accordingly, Pernod Ricard’s E xe
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HISTORY OF ALLOCATIONS OF STOCK OPT
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Employee profit-sharing plans All e
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MANAGEMENT REPORT 3 Human resources
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Moreover, the Group may find itself
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Cubaexport’s application for rene
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Risks for consumers The Group has n
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Coverage Type of insurance Cover an
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Factoring agreement On 15 December
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Stolichnaya On 15 November 2000, Al
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4 ANNUAL CONSOLIDATED FINANCIAL STA
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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 99 and 100: ANNUAL CONSOLIDATED FINANCIAL STATE
Page 101 and 102: At 30 June 2009, there was no reaso
Page 103 and 104: Changes in provisions for pensions
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: Cash flow statement For the financi
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
Page 153 and 154: Directors concerned: ◆ Mr. Patric
Page 155 and 156: I REFERENCE DOCUMENT 2008/2009 I PE
Page 157 and 158: Statutory Auditors’ Report on the
Page 159 and 160: COMBINED (ORDINARY AND EXTRAORDINAR
Page 165 and 166: Thirteenth resolution COMBINED (ORD
Page 169 and 170: Nineteenth resolution COMBINED (ORD
Page 173 and 174: 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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