Registration Document - Pernod Ricard

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5 Notes 134 PERNOD RICARD SA FINANCIAL STATEMENTS to the Parent Company fi nancial statements NOTE 6 Prepaid expenses and deferred charges In euro thousand At 01.07.2008 Increases Decreases At 30.06.2009 Prepaid expenses (1) 56,359 143 (43,646) 12,856 Bond redemption premiums (2) 2,247 1,424 (465) 3,206 Currency t ranslation adjustment – Asset (3) 19,181 350,229 (19,181) 350,229 TOTAL 77,786 351,796 (63,292) 366,291 (1) The reduction in prepaid expenses is due to movements in the 2008 sale and repurchase agreements item regarding stock options. (2) The increase in bond redemption premiums is linked to the issue of €800 million of new bonds. Bond redemption premiums are amortised over the life of the bonds concerned. (3) The €350 million asset arising from translation adjustments at 30 June 2009 is mainly due to the restatement of assets and liabilities at the closing EUR/USD exchange rate on 30 June 2009. NOTE 7 Composition of share capital At 30 June 2009, the share capital was composed of 258,640,536 shares with a unit par value of €1.55. Total share capital thus amounted to €400,892,830.80. NOTE 8 Shareholders’ equity Appropriation Change in share In euro thousand At 01.07.2008 of profit capital/Other Dividends 2009 profit At 30.06.2009 Share capital 340,509 - 60,384 - - 400,893 Share premiums 2,065,686 - 941,015 - - 3,006,701 Legal reserve 33,980 71 - - - 34,051 Regulated reserves 179,559 - - - - 179,559 Other reserves 195,013 - - - - 195,013 Retained earnings 517,716 925,510 - (288,051) - 1,155,175 Profit for the financial year 925,581 (925,581) - - 306,555 306,555 Interim dividends to be paid - - - (129,320) - (129,320) Interim dividend for previous year (138,400) - - 138,400 - - TOTAL 4,119,643 - 1,001,399 (278,971) 306,555 5,148,627 On 14 April 2009, the C ompany’s B oard of D irectors resolved to carry out a capital increase with preferential subscription rights. This created 38,786,220 new shares with a par value of €1,55 each and a total gross value of €1,035,592 ,000 , including the share premium. PERNOD RICARD On 14 May 2009, the company recognised this capital increase with a par value of €60,119 ,000 and a share premium of €975,473 ,000 . Fees associated with the capital increase totalled €38,818 ,000 , recognised as a reduction in the share premium. I REFERENCE DOCUMENT 2008/2009 I
NOTE 9 Provisions PERNOD RICARD SA FINANCIAL STATEMENTS 5 Notes to the Parent Company fi nancial statements Increases Reversals Reversals of unused In euro thousand Provisions for contingencies and charges At 01.07.2008 Reclassification in the year on use provisions At 30.06.2009 Provision for currency losses 7,824 - 75,326 (7,824) - 75,326 Other provisions for risks and contingencies 58,813 - 29,748 (20,705) (3,917) 63,939 Provisions for pensions and other long-term employee benefits 34,086 - 5,754 (3,751) - 36,089 TOTAL 1 100,723 - 110,828 (32,280) (3,917) 175,354 Provisions for depreciation and amortisation - On intangible assets 915 - - (915) - - On financial assets 156,968 (5,163) 136,776 (3,977) (147,032) 137,572 On trade receivables 529 - 259 (722) - 66 On other receivables 10,256 - 3,053 (4,189) - 9,120 On marketable securities 219 5,163 1,977 (90) - 7,269 TOTAL 2 168,887 - 142,065 (9,893) (147,032) 154,027 OVERALL TOTAL 269,610 - 252,893 (42,173) (150,949) 329,381 Provisions for contingencies and charges The €75,326 ,000 increase in the provision for currency losses at 30 June 2009 is mainly composed of the unrealised currency loss on unhedged US dollar denominated financial assets and liabilities. Other provisions for risks and contingencies correspond to provisions against risks generated by the call options on shares for €32,068 ,000 maturing June 2011 for Plan 14 A and June 2012 for Plan 15 A, and free shares (€29,427 ,000 maturing in 2012 and 2013 as well as various other provisions for €2,444 ,000 ). Provisions for pensions and other long-term employee benefits are presented below: ◆ Description and recognition of employee benefit obligations ◆ Pernod Ricard’s employee benefit obligations are composed of: f long-term post employment benefits (retirement bonuses, medical expenses, etc.), f long-term benefits payable during the period of employment. The liability arising as a result of the C ompany’s net employee benefit obligation is recognised in provisions for contingencies and charges on the balance sheet. Calculation of the provision in respect of the net benefit obligation The provision recognised by Pernod Ricard is equal to the difference, for each benefit plan, between the present value of the employee benefit obligation and the value of plan assets paid to specialised entities in order to fund the obligation. The present value of employee benefit obligations is calculated using the prospective method involving calculating a projected salary at date of retirement (projected unit credit method). The measurement is made at each balance sheet date and the personal data concerning employees is revised at least every three years. The calculation requires the use of economic assumptions (inflation rate, discount rate, expected return on plan assets) and assumptions concerning employees (mainly: average salary increase, rate of employee turnover, life expectancy). At 30 June 2009, the total amount of benefit obligations was €53,726 ,000 . Provisions of €36,089 ,000 have been recognised in respect of these benefit obligations. I REFERENCE DOCUMENT 2008/2009 I PERNOD RICARD 135 ◆ ◆ In this respect, the inflation rate used for measurement of the benefit obligations at 30 June 2009 was 2% and the discount rates used ranged from 5.75% to 6.25% for supplementary pensions, retirement bonuses and medical expenses. Plan assets are measured at their market value at each balance sheet date. Accounting for actuarial gains and losses Actuarial gains and losses mainly arise where estimates differ from actual outcomes (for example between the expected value of plan assets and their actual value at the balance sheet date) or when changes are made to long-term actuarial assumptions (for example: discount rate, rate of increase of salaries, etc.). Actuarial gains and losses are only recognised when, for a given plan, they represent more than 10% of the greater of the present value of the benefit obligation and the fair value of plan assets (termed the “corridor” method). Recognition of the provision is on a straight-line basis over the average number of remaining years’ service of the employees in the plan in question (amortisation of actuarial gains and losses). Components of the expense recognised for the financial year The expense recognised in respect of the benefit obligations described above incorporates: f expenses corresponding to the acquisition of an additional year’s rights, f interest expense arising on the unwinding of discount applied to vested rights at the start of the year (as a result of the passage of time), f income corresponding to the expected return on plan assets, f f f income or expense corresponding to the amortisation of actuarial gains and losses, income or expense related to changes to existing plans or the creation of new plans, income or expense related to any plan curtailments or settlements.
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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
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Shareholders’ equity ANNUAL CONSO
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Annual c onsolidated cash flow stat
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◆ 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 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: NOTE 4 Maturity of receivables and
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
Page 181 and 182: 7 ABOUT THE COMPANY AND ITS SHARE C
Page 183 and 184: Entitlement to dividends - Entitlem
Page 185 and 186: 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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