Registration Document - Pernod Ricard

23. Earnings per share
Basic and diluted earnings per share are calculated on the basis of the
weighted average number of outstanding shares, less the weighted
average number of dilutive instruments.
The calculation of diluted earnings per share takes into account the
potential impact of the exercise of all dilutive instruments (such
NOTE 2 Highlights of the financial year
1. Purchase 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 multilinked-currency loan.
As a result of this acquisition the distribution of V&S products by
Future Brands and Maxxium was terminated as of 1 October 2008.
Pernod Ricard exited the Future Brands joint venture at the cost of a
$230 million fee and Maxxium on payment of a €59 million in fee and
the sale of shares on 30 March 2009 ( €60 million).
2. Main brands sold
On 30 September 2008, the Cruzan brand and related assets were
sold to Fortune Brands for $100 million.
On 1 April 2009, the Group agreed the sale of the Star Gin, Red Port
and Dry Anis brands to Arcus Gruppen AS following an agreement
with the European Commission under which Pernod Ricard undertook
to dispose of these brands.
In April 2009, agreement was reached with Altia on the sale of the
Grönstedts Cognac brand. This was one of the brands that had to
NOTE 3 Scope of consolidation
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS 4
Notes to the annual consolidated fi nancial statements
as stock options and convertible bonds, etc.) on the theoretical
number of shares. When funds are obtained at the date of exercise
of the dilutive instruments, the “treasury stock” method is used to
determine the theoretical number of shares to be taken into account.
When funds are obtained at the issue date of the dilutive instruments,
net profit is adjusted for the finance cost, net of tax, relating to these
instruments.
be divested under the agreement granting consent for the V&S
acquisition.
On 29 May 2009, the Group sold the Wild Turkey B ourbon brand and
its associated assets to Campari for $581 million.
3. 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.
4. 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.
The main changes to Group scope as of 30 June 2009 are presented in Note 2 – Highlights of the financial year, above.
Impact of the year’s main acquisition: V&S
The impact of the main acquisition made by the Group during the year on sales and the contribution after advertising and promotional expenses
is as follows:
In euro million 30.06.2008
Net sales 915
Contribution after advertising & promotion expenses 357
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