Registration Document - Pernod Ricard

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4 Notes 80 ANNUAL CONSOLIDATED FINANCIAL STATEMENTS to the annual consolidated fi nancial statements Notes to the annual consolidated financial statements NOTE 1 Accounting principles 80 NOTE 2 Highlights of the fi nancial year 87 NOTE 3 Scope of consolidation 87 NOTE 4 Assets held for sale 88 NOTE 5 Segment reporting 88 NOTE 6 Interest (expense) income 90 NOTE 7 Other operating income and expenses 90 NOTE 8 Corporate income tax 91 NOTE 9 Earnings per share 92 NOTE 10 Expenses by nature 93 NOTE 11 Intangible assets and goodwill 93 NOTE 12 Property, plant and equipment 95 NOTE 13 Financial assets 96 NOTE 14 Inventories 97 NOTE 15 Breakdown of trade receivables 98 PERNOD RICARD NOTE 16 Provisions 99 NOTE 17 Financial liabilities 104 NOTE 18 Financial instruments 106 NOTE 19 Interest rate and foreign exchange derivatives 108 NOTE 20 Trade and other accounts payable NOTE 21 Notes to the consolidated cash fl ow 109 statement 109 NOTE 22 Shareholders’ equity 110 NOTE 23 Share-based payments NOTE 24 Off balance sheet fi nancial 111 commitments and disputes 114 NOTE 25 Related parties 116 NOTE 26 Post balance sheet events 116 NOTE 27 List of main consolidated companies 116 Pernod Ricard SA is a French public limited company (Société Anonyme), subject to all laws governing commercial companies in France, and particularly to the provisions of the French Commercial Code. The Company is headquartered at 12, place des États-Unis, 75016 Paris and is listed on the Paris Stock Market. The consolidated financial statements reflect the accounting position of Pernod Ricard and its subsidiaries (the “Group”). They are presented in euros rounded to the nearest million. The Group’s business is the sale of W ines & S pirits. The consolidated annual financial statements for the financial year ended 30 June 2009 were approved by the Board of Directors on 2 September 2009. NOTE 1 Accounting principles 1. Principles and accounting standards governing the preparation of the annual consolidated financial statements Because of its listing in a country of the European Union (EC), and in accordance with EC Regulation 1606/2002, the Group’s consolidated financial statements for the financial year ending 30 June 2009 have been prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union. These standards include the standards approved by the International Accounting Standards Board (IASB), being IFRS, IAS (International Accounting Standards) and their interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or its predecessor, the Standing Interpretations Committee (SIC). The accounting policies used in preparing the consolidated financial statements for the year ending 30 June 2009 are consistent with those used for the consolidated financial statements for the year ending 30 June 2008, except for standards and interpretations adopted by the European Union that are applicable as from 1 July 2008 (see Note 1.2). The Group’s financial year runs from 1 July to 30 June. 2. Changes in accounting standards The following amendments have become applicable to the preparation of the consolidated annual financial statements at 30 June 2009: ◆ amendments to IAS 39 and IFRS 7 ( reclassification of financial assets) which permit certain financial assets to be reclassified in particular circumstances. The Group has not reclassified any financial assets. The annual consolidated financial statements do not take into account: ◆ draft standards and interpretations which still have the status of exposure drafts of the IASB and the IFRIC at the balance sheet date; ◆ new standards, amendments to existing standards and interpretations published by the IASB but not yet approved by the European Accounting Regulatory Committee at the balance sheet date. These include: I REFERENCE DOCUMENT 2008/2009 I
◆ f amendment to IAS 39 (Eligible hedged items ), amendment to IFRS 7 (Improving disclosures about financial instruments ), amendments to IAS 39 and IFRIC 9 regarding the treatment of embedded derivatives when financial assets are reclassified and IFRS amendments issued in April 2009 under the IASB’s annual improvements programme. The Group is examining the possible impacts of these amendments on its consolidated financial statements, f interpretations IFRIC 15 (Agreements for the construction of real estate), IFRIC 17 (Distribution of non-cash assets to owners) and IFRIC 18 (Transfer of assets from customers) which were found not to apply to the Group; standards and interpretations published by the IASB and adopted by the European Union on the balance sheet date, but only obligatory for periods commencing after 1 July 2008. This is the case for: f IFRS 8 (Operating segments) whose application is only f obligatory for periods beginning after 1 January 2009. IFRS 8 replaces IAS 14 and requires that operating sectors, as presented under segment information, should be identified on the basis of internal data used by Group management. Application of this standard will have no impact on the financial status of the Group nor on the way in which its consolidated financial statements are presented, IAS 1 revised (Presentation of financial statements) whose application is only obligatory for periods beginning after 1 January 2009. Application of the revisions will have no impact on the financial status of the Group, but will alter the way in which its financial statements are presented, f IAS 23 revised (Borrowing costs), which removes the option of immediately recognising as an expense those borrowing costs directly related to the acquisition, construction or production of a qualifying asset. The Group is examining the possible impacts of the revised standard on its consolidated financial statements, f revised version of IFRS 3 (Business combinations) and f amendments to IAS 27 (Consolidated and separate financial statements), IAS 28 (Investments in associates) and IAS 31 (Interests in joint ventures). The Group is examining the possible impacts of these standards and amendments on its consolidated financial statements, amendment to IFRS 2 (Vesting conditions and cancellations), amendments to IAS 32 and IAS 1 (Puttable financial instruments and obligations arising on liquidation), amendments to IFRS 1 and IAS 27 (Cost of an investment in a subsidiary, jointly controlled entity or associate) and amendments to IFRSs issued in May 2008 as part of the annual process of improving standards. The Group is examining the possible impacts of these standards and amendments on its consolidated financial statements, f IFRIC 12 (Service concession arrangements) and IFRIC 13 (Customer loyalty programmes) interpretations which were found not to apply to the Group, f IFRIC 14 (Limit on a defined benefit asset, minimum funding requirements and their interaction) and IFRIC 16 (Hedges of a net investment in a foreign operation) interpretations. The Group is examining the possible impacts of these interpretations on its consolidated financial statements. ANNUAL CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the annual consolidated fi nancial statements 3. Consolidation scope and methods The annual consolidated financial statements include the financial statements of the Parent Company, Pernod Ricard SA, and those of entities controlled by the Parent Company (“the subsidiaries”). Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities, irrespective of the percentage held in the entity. Minority interests in the net assets of consolidated subsidiaries are presented separately from Parent Company shareholders’ equity. Minority interests include both the interests of minority shareholders at the date of the original business combination and minority interests in any subsequent changes to shareholders’ equity. Intragroup transactions and internal profits and losses relating to consolidated companies are eliminated. Companies over which the Group exercises significant influence are accounted for under the equity method. 4. Measurement basis The financial statements are prepared in accordance with the historical cost method, except for certain categories of assets and liabilities, which are measured in accordance with the methods provided for by IFRS. 5. Principal uncertainties arising from the use of estimates and judgment by Management Estimates – The preparation of consolidated financial statements in accordance with IFRS requires that Management makes a certain number of estimates and assumptions which have an impact on the amount of the Group’s assets, liabilities, shareholders equity, and items of profit and loss during the financial year. These estimates are made on the assumption the company will continue as a going concern, are based on information available at the time of their preparation and reflect the current environment of economic and financial crisis whose scale and depth cannot be reliably forecast. Estimates may be revised where the circumstances on which they were based change or where new information becomes available. Future outcomes can differ from these estimates. Goodwill and intangible assets – As indicated in Note 1.7, in addition to annual impairment tests applied to goodwill and intangible assets with indefinite useful lives (brands for example), specific impairment tests are applied where there is an indication that the value of an intangible asset may have been impaired. Any impairment loss recognised is calculated using discounted future cash flows and/or the market values of the assets in question. These calculations require the use of assumptions regarding market conditions and any changes in these assumptions may thus lead to outcomes different from those initially estimated. Net goodwill was measured at €4,888 million at 30 June 2009, compared with €3,203 million at 30 June 2008. Other intangible assets (chiefly brands) were measured at €11,310 million at 30 June 2009, compared with €7,138 million at 30 June 2008. I REFERENCE DOCUMENT 2008/2009 I PERNOD RICARD 81
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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
Page 31 and 32: CORPORATE GOVERNANCE AND INTERNAL C
Page 33 and 34: ◆ ◆ ◆ ◆ ◆ CORPORATE GOVER
Page 35 and 36: CORPORATE GOVERNANCE AND INTERNAL C
Page 37 and 38: Statutory Auditors’ Report Report
Page 39 and 40: Risk factors 60 Risks in connection
Page 41 and 42: Analysis of business activity and r
Page 43 and 44: TOTAL MANAGEMENT REPORT 3 Analysis
Page 45 and 46: Cash and capital Reconciliation of
Page 47 and 48: Human resources Number of employees
Page 49 and 50: 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: Annual c onsolidated cash flow stat
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 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
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the vesting period of the beneficia
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NOTE 4 Maturity of receivables and
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NOTE 9 Provisions PERNOD RICARD SA
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NOTE 11 Deferred income and adjustm
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PERNOD RICARD SA FINANCIAL STATEMEN
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EUR interest rate hedge Maturity PE
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In euro thousand Share capital Shar
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Dividends distributed during the la
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PERNOD RICARD SA FINANCIAL STATEMEN
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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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