Pernod Ricard: Excellent Rebound with Sales and PRO1 Above FY19 levels2 And Strong Growth Momentum
Regulatory News:
Press release - Paris, 1 September 2021
Pernod Ricard (Paris:RI):
SALES
Sales for FY21 totalled €8,824m, with organic growth of +9.7%. Reported Sales growth was +4.5% due to a significant adverse FX impact resulting from USD and Emerging market currency depreciation vs. Euro.
FY21 Sales grew in all regions:
Americas: +14%, excellent broad-based growth with the USA, Canada and South America offsetting decline in Travel Retail Asia-RoW: +11%, very strong growth mainly driven by China, Korea and Turkey, and to a lesser extent India Europe: +4%, dynamic rebound with the UK, Germany and Eastern Europe offsetting declines in Spain, Ireland and Travel Retail.By category:
Strategic International Brands: +11%, very strong rebound, primarily driven by Martell in China and Jameson in the USA Strategic Local Brands: +7%, driven by recovery of Seagram’s Indian whiskies, Kalhua, Passport and Ramazzotti Specialty Brands: +28%, continued very strong growth of Lillet, Aberlour, Malfy, American whiskeys, Avion and Redbreast Strategic Wines: stable, with Campo Viejo growth offset by decline of Jacob’s Creek and Kenwood.Innovation grew +22%.
Price/mix was +4% on Strategic brands.
Q4 Sales were €1,883m, +56.5% organic growth, on a low basis of comparison.
FY21 saw very strong and diversified growth driven by domestic Must-wins with the USA and China reaching record Sales above $2bn and €1bn. Premiumisation was strong, thanks to growth of Strategic International Brands and Specialty Brands. Pernod Ricard gained market share in most key markets.
Business transformation momentum is strong, with significant investments behind priority brands and markets, strong progress in digital transformation, strong e-commerce growth (+63%) and acceleration of the sustainability roadmap.
RESULTS
FY21 PRO was €2,423m, an organic growth of +18.3% (+7.2% reported) with a very strong organic operating margin expansion of +213bps:
Gross margin expanding +64bps driven by: Stable pricing with fewer price increases in Covid context Better fixed cost absorption from volume growth andoperational excellence savings A&P ratio at c. 16%, resulting from purpose-based investment, with quick response to channel shifts and strong reinvestment in markets and categories returning to growth Structure costs: +136bps, reflecting very strict discipline and FY20 reorganisations. A strong increase is expected in FY22 to support future growth PRO includes +€28m from USA drawback Significant FX impact on PRO -€255m due to USD and Emerging market currency depreciation vs. Euro.The FY21 corporate income tax rate on recurring items was 24.3%, in line with that of FY20, with geographical mix offsetting the positive effect of the French tax rate reduction.
Group share of Net PRO was €1,612m, +12% reported vs. FY20.
Group share of Net profit was €1,305m, +297% reported, a significant increase due mainly to non-recurring items in FY20, in particular a €1bn impairment charge.
CASH FLOW AND DEBT
Cash performance was outstanding, with Recurring Free Cash Flow at €1,745m, its historical high.
The average cost of debt stood at 2.8% vs. 3.6% in FY20, thanks to successful bond refinancing.
Net debt decreased by €972m vs. 30 June 2020 to €7,452m driven primarily by a very significant Free Cash Flow improvement linked to business recovery. The Net Debt/EBITDA ratio at average rates3 was 2.6x at 30 June 2021.
The return to stakeholders is significant:
A dividend of €3.12 is proposed for the Annual General Meeting of 10 November 2021, back to the historical high of FY19 The remaining c. €0.5bn Share buyback programme will resume in FY22 A second employee ownership programme will take place in FY224.WINNING STRATEGY
The Transform & Accelerate strategy launched in 2018 has driven significant achievements. The fundamental consumer insights driving the strategy are now more compelling than ever. As a result, Pernod Ricard will continue its transformational journey to become The Conviviality Platform. This strategy seeks to maximise long-term value creation, with the following medium-term ambition (in a normalised context):
Embed dynamic growth and deliver operating leverage
+4 to +7% topline growth, leveraging key competitive advantages and consistent investment behind key priorities Focus on pricing and building new operational excellence initiatives Significant A&P investment, maintained at c.16% of Sales, with strong arbitration to support must-win brands and markets while stimulating innovation Discipline on Structure costs, investing in priorities while maintaining agile organisation, with growth below topline growth rates Operating leverage of c.50-60 bps pa, provided topline within +4 to +7% bracketFinancial policy priorities, while retaining Investment grade ratings:
Investment in future organic growth, in particular through strategic inventories and capex Continued active portfolio management, including value-creating M&A Dividend distribution at c.50% of Net profit from Recurring Operations Share buy-back programme (to resume in FY22)A comprehensive strategic update will be provided during a capital market day in FY22.
Alexandre Ricard, Chairman and Chief Executive Officer, stated,
“The business rebounded very strongly during FY21 to exceed FY19 levels. We expect this good Sales momentum to continue in FY22 with, in particular, a very dynamic Q1. I would like to take this opportunity to praise the exceptional commitment of our teams during this difficult time and express my support to those who have been or continue to be impacted by this pandemic.
We will stay the strategic course, accelerating our digital transformation and our ambitious Sustainability & Responsibility roadmap. Thanks to our solid fundamentals, our teams and our brand portfolio, we are emerging from this crisis stronger.”
All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.
A detailed presentation of FY21 Sales and Results can be downloaded from our website: www.pernod-ricard.com
Audit procedures have been carried out on the financial statements. The Statutory Auditors’ report will be issued after examination of the management report and completion of procedures required for the filing of the Universal registration document.”
Definitions and reconciliation of non-IFRS measures to IFRS measures
Pernod Ricard’s management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.
Organic growth
Organic growth is calculated after excluding the impacts of exchange rate movements and acquisitions and disposals.
Exchange rates impact is calculated by translating the current year results at the prior year’s exchange rates.
For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.
Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prior year, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.
This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.
Profit from recurring operations
Profit from recurring operations corresponds to the operating profit excluding other non-current operating income and expenses.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €8,824 million in FY21. Created in 1975 by the merger of Ricard and Pernod, the Group has developed through organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard, which owns 16 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive brand portfolios in the industry, including: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo, and Kenwood wines. Pernod Ricard’s brands are distributed across 160+ markets and by its own salesforce in 73 markets. The Group’s decentralised organisation empowers its 19,000 employees to be true on-the-ground ambassadors of its vision of “Créateurs de Convivialité.” As reaffirmed by the Group’s strategic plan, “Transform and Accelerate,” deployed in 2018, Pernod Ricard’s strategy focuses on investing in long-term, profitable growth for all stakeholders. The Group remains true to its three founding values: entrepreneurial spirit, mutual trust, and a strong sense of ethics, as illustrated by the 2030 Sustainability and Responsibility roadmap supporting the United Nations Sustainable Development Goals (SDGs), “Good times from a good place.” In recognition of Pernod Ricard’s strong commitment to sustainable development and responsible consumption, it has received a Gold rating from Ecovadis. Pernod Ricard is also a United Nation’s Global Compact LEAD company.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.
Appendices
Emerging Markets
Asia-Rest of World Americas Europe Algeria Malaysia Argentina Albania Angola Mongolia Bolivia Armenia Cambodia Morocco Brazil Azerbaijan Cameroon Mozambique Caribbean Belarus China Namibia Chile Bosnia Congo Nigeria Colombia Bulgaria Egypt Persian Gulf Costa Rica Croatia Ethiopia Philippines Cuba Georgia Gabon Senegal Dominican Republic Hungary Ghana South Africa Ecuador Kazakhstan India Sri Lanka Guatemala Kosovo Indonesia Syria Honduras Latvia Iraq Tanzania Mexico Lithuania Ivory Coast Thailand Panama Macedonia Jordan Tunisia Paraguay Moldova Kenya Turkey Peru Montenegro Laos Uganda Puerto Rico Poland Lebanon Vietnam Uruguay Romania Madagascar Zambia Venezuela Russia SerbiaUkraine
Strategic International Brands’ organic Sales growth
VolumesFY21 Organic Sales
growth
FY21 Volumes Price/mix (in 9Lcs millions) Absolut
10.5
5%
2%
3%
Chivas Regal3.6
3%
-1%
4%
Ballantine's7.6
1%
6%
-5%
Ricard4.2
-1%
1%
-3%
Jameson8.6
15%
14%
1%
Havana Club4.3
-4%
3%
-7%
Malibu4.8
24%
22%
2%
Beefeater2.9
-5%
-6%
2%
Martell2.4
24%
20%
3%
The Glenlivet1.4
19%
16%
3%
Royal Salute0.2
-6%
-12%
6%
Mumm0.7
12%
12%
0%
Perrier-Jouët0.3
5%
6%
0%
Strategic International Brands51.5
11%
7%
4%
Sales Analysis by Period and Region
Net Sales(€ millions) FY20 FY21 Change Organic Growth Group Structure Forex impact Americas
2,449
29.0
%
2,627
29.8
%
178
7
%
336
14
%
85
3
%
(244
)
-10
%
Asia / Rest of World3,467
41.0
%
3,640
41.2
%
173
5
%
372
11
%
1
0
%
(201
)
-6
%
Europe2,532
30.0
%
2,557
29.0
%
26
1
%
101
4
%
(11
)
0
%
(64
)
-3
%
World8,448
100.0
%
8,824
100.0
%
376
4
%
810
10
%
75
1
%
(508
)
-6
%
Net Sales(€ millions) Q4 FY20 Q4 FY21 Change Organic Growth Group Structure Forex impact Americas
411
33.2
%
633
33.6
%
222
54
%
255
64
%
17
4
%
(50
)
-12
%
Asia / Rest of World368
29.8
%
635
33.7
%
266
72
%
278
76
%
1
0
%
(12
)
-3
%
Europe458
37.0
%
616
32.7
%
157
34
%
158
35
%
(1
)
0
%
0
0
%
World1,238
100.0
%
1,883
100.0
%
646
52
%
691
57
%
16
1
%
(62
)
-5
%
Net Sales(€ millions) H2 FY20 H2 FY21 Change Organic Growth Group Structure Forex impact Americas
988
33.2
%
1,225
31.9
%
237
24
%
315
33
%
38
4
%
(116
)
-12
%
Asia / Rest of World1,052
35.4
%
1,513
39.4
%
461
44
%
521
50
%
0
0
%
(61
)
-6
%
Europe934
31.4
%
1,101
28.7
%
168
18
%
184
20
%
(4
)
0
%
(12
)
-1
%
World2,974
100.0
%
3,839
100.0
%
865
29
%
1,019
35
%
35
1
%
(189
)
-6
%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Summary Consolidated Income Statement
(€ millions) FY20 FY21 Change Net sales8,448
8,824
4
%
Gross Margin after logistics costs5,086
5,293
4
%
Advertising and promotion expenses(1,327
)
(1,393
)
5
%
Contribution after A&P expenditure3,759
3,900
4
%
Structure costs(1,499
)
(1,477
)
-1
%
Profit from recurring operations2,260
2,423
7
%
Financial income/(expense) from recurring operations(328
)
(262
)
-20
%
Corporate income tax on items from recurring operations(468
)
(526
)
12
%
Net profit from discontinued operations, non-controlling interests and share of net income from associates(25
)
(24
)
-4
%
Group share of net profit from recurring operations1,439
1,612
12
%
Other operating income & expenses(1,283
)
(62
)
NA Financial income/(expense) from non-recurring operations(38
)
(109
)
NA Corporate income tax on items from non recurring operations210
(142
)
NA Non controlling interests (non-recurring)6
NA Group share of net profit
329
1,305
NA Non-controlling interests
21
13
-37
%
Net profit350
1,318
NA
Note: USA Drawback impacting PRO +€28m and Other Operating Income & Expenses +€109m
Profit from Recurring Operations by Region
World (€ millions) FY20 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)8,448
100.0
%
8,824
100.0
%
376
4
%
810
10
%
75
1
%
(508
)
-6
%
Gross margin after logistics costs5,086
60.2
%
5,293
60.0
%
206
4
%
550
11
%
33
1
%
(376
)
-7
%
Advertising & promotion(1,327
)
15.7
%
(1,393
)
15.8
%
(66
)
5
%
(116
)
9
%
(15
)
1
%
66
-5
%
Contribution after A&P3,759
44.5
%
3,900
44.2
%
141
4
%
434
12
%
17
0
%
(311
)
-8
%
Profit from recurring operations2,260
26.8
%
2,423
27.5
%
163
7
%
415
18
%
2
0
%
(255
)
-11
%
Americas (€ millions) FY20 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)2,449
100.0
%
2,627
100.0
%
178
7
%
336
14
%
85
3
%
(244
)
-10
%
Gross margin after logistics costs1,599
65.3
%
1,699
64.7
%
100
6
%
260
16
%
38
2
%
(197
)
-12
%
Advertising & promotion(461
)
18.8
%
(470
)
17.9
%
(9
)
2
%
(39
)
9
%
(10
)
2
%
39
-9
%
Contribution after A&P1,138
46.5
%
1,229
46.8
%
91
8
%
221
19
%
28
2
%
(158
)
-14
%
Profit from recurring operations718
29.3
%
803
30.6
%
85
12
%
194
27
%
15
2
%
(124
)
-17
%
Asia / Rest of the World (€ millions) FY20 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)3,467
100.0
%
3,640
100.0
%
173
5
%
372
11
%
1
0
%
(201
)
-6
%
Gross margin after logistics costs1,969
56.8
%
2,060
56.6
%
91
5
%
219
11
%
(4
)
0
%
(124
)
-6
%
Advertising & promotion(517
)
14.9
%
(542
)
14.9
%
(25
)
5
%
(44
)
9
%
(1
)
0
%
20
-4
%
Contribution after A&P1,452
41.9
%
1,518
41.7
%
66
5
%
175
12
%
(5
)
0
%
(103
)
-7
%
Profit from recurring operations938
27.0
%
996
27.4
%
58
6
%
148
16
%
(6
)
-1
%
(84
)
-9
%
Europe (€ millions) FY20 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)2,532
100.0
%
2,557
100.0
%
26
1
%
101
4
%
(11
)
0
%
(64
)
-3
%
Gross margin after logistics costs1,519
60.0
%
1,534
60.0
%
15
1
%
71
5
%
0
0
%
(55
)
-4
%
Advertising & promotion(349
)
13.8
%
(381
)
14.9
%
(32
)
9
%
(33
)
9
%
(5
)
2
%
6
-2
%
Contribution after A&P1,169
46.2
%
1,153
45.1
%
(17
)
-1
%
38
3
%
(6
)
0
%
(49
)
-4
%
Profit from recurring operations605
23.9
%
624
24.4
%
19
3
%
73
12
%
(7
)
-1
%
(47
)
-8
%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Note: Drawback impacting Profit from Recurring Operations in Americas and World by +€28m
Foreign Exchange Impact
Forex impact FY21(€ millions) Average rates evolution On Net Sales On Profit from
Recurring
Operations FY20 FY21 % US dollar USD
1.11
1.19
7.9%
(180)
(89)
Russian rouble RUB73.95
89.10
20.5%
(41)
(33)
Turkish Lira TRL6.76
9.22
36.5%
(33)
(31)
Indian rupee INR80.13
87.94
9.7%
(92)
(28)
Chinese yuan CNY7.77
7.90
1.5%
(17)
(13)
Pound sterling GBP0.88
0.89
1.0%
(3)
4
Other(142)
(65)
Total(508)
(255)
Sensitivity of profit and debt to EUR/USD exchange rate
Estimated impact of a 1% appreciation of the USD Impact on the income statement(1) (€ millions) Profit from recurring operations + 11 Financial expenses(2
)
Pre-tax profit from recurring operations + 10 Impact on the balance sheet (€ millions) Increase/(decrease) in net debt + 36 (1) Full-year effectBalance Sheet
Assets 30/06/2020 30/06/2021 (€ millions) (Net book value) Non-current assets Intangible assets and goodwill16,576
16,230
Tangible assets and other assets3,699
3,963
Deferred tax assets1,678
1,623
Total non-current assets21,953
21,816
Current assets Inventories6,167
6,555
aged work-in-progress5,084
5,373
non-aged work-in-progress76
84
other inventories1,006
1,098
Receivables (*)906
1,126
Trade receivables862
1,080
Other trade receivables44
46
Other current assets323
413
Other operating current assets317
408
Tangible/intangible current assets6
6
Tax receivable142
141
Cash and cash equivalents and current derivatives1,947
2,086
Total current assets9,485
10,321
Assets held for sale87
11
Total assets31,525
32,147
(*) after disposals of receivables of:513
592
Liabilities and shareholders’ equity 30/06/2020 30/06/2021 (€ millions) Group Shareholders’ equity13,968
14,829
Non-controlling interests243
246
of which profit attributable to non-controlling interests21
13
Total Shareholders’ equity14,211
15,075
Non-current provisions and deferred tax liabilities3,511
3,555
Bonds non-current8,599
8,787
Lease liabilities - non current433
405
Non-current financial liabilities and derivative instruments192
108
Total non-current liabilities12,735
12,854
Current provisions222
163
Operating payables1,877
2,337
Other operating payables1,016
1,134
of which other operating payables633
724
of which tangible/intangible current payables383
410
Tax payable232
282
Bonds - current723
70
Lease liabilities - current88
103
Current financial liabilities and derivatives404
128
Total current liabilities4,563
4,218
Liabilities held for sale16
-
Total liabilities and shareholders' equity31,525
32,147
Analysis of Working Capital Requirement
(€ millions) June2019 June
2020 June
2021 FY20WC
change* FY21WC
change* Aged work in progress
4,788
5,084
5,373
294
206
Advances to suppliers for wine and ageing spirits
12
19
9
7
(10
)
Payables on wine and ageing spirits(105
)
(108
)
(93
)
(5
)
22
Net aged work in progress
4,695
4,995
5,289
296
218
Trade receivables before factoring/securitization
1,842
1,375
1,672
(434
)
309
Advances from customers
(24
)
(38
)
(21
)
(14
)
17
Other receivables
338
343
445
12
64
Other inventories
889
1,006
1,098
121
91
Non-aged work in progress
79
76
84
(1
)
9
Trade payables and other
(2,717
)
(2,364
)
(2,946
)
293
(574
)
Gross operating working capital405
398
331
(24
)
(85
)
Factoring/Securitization impact
(674
)
(513
)
(592
)
161
(79
)
Net Operating Working Capital(269
)
(115
)
(261
)
138
(164
)
Net Working Capital
4,427
4,879
5,028
433
54
* at average rates Of which recurring variation
450
79
Of which non recurring variation
(17
)
(25
)
Net Debt
(€ millions) 30/06/2020 30/06/2021 Current Non-current Total Current Non-current Total Bonds723
8,599
9,322
70
8,787
8,857
Commercial paper
299
-
299
7
-
7
Other loans and long-term debts
81
192
273
115
108
222
Other financial liabilities
380
192
572
122
108
229
Gross Financial debt
1,103
8,791
9,894
192
8,894
9,086
Fair value hedge derivatives – assets
(3
)
(40
)
(44
)
-
(22
)
(22
)
Fair value hedge derivatives – liabilities-
-
-
-
-
-
Fair value hedge derivatives
(3
)
(40
)
(44
)
-
(22
)
(22
)
Net investment hedge derivatives – assets-
(13
)
(13
)
-
(43
)
(43
)
Net investment hedge derivatives – liabilities-
-
-
-
-
-
Net investment hedge derivatives
-
(13
)
(13
)
-
(43
)
(43
)
FINANCIAL DEBT AFTER HEDGING1,100
8,737
9,837
192
8,830
9,022
Cash and cash equivalents
(1,935
)
-
(1,935
)
(2,078
)
-
(2,078
)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT(835
)
8,737
7,902
(1,886
)
8,830
6,944
Lease Debt
88
433
522
103
405
508
NET FINANCIAL DEBT
(747
)
9,171
8,424
(1,783
)
9,235
7,452
Change in Net Debt
(€ millions)
30/06/2020 30/06/2021 Operating profit978
2,361
Depreciation and amortisation350
367
Net change in impairment of goodwill, PPE and intangible assets1,007
78
Net change in provisions97
(80)
Changes in fair value on commercial derivatives and biological assets(3)
1
Net (gain)/loss on disposal of assets(27)
(16)
Share-based payments23
28
Self-financing capacity before interest and tax2,423
2,738
Decrease / (increase) in working capital requirements(433)
(54)
Net interest and tax payments(809)
(686)
Net acquisitions of non financial assets and others(352)
(370)
Free Cash Flow830
1,628
of which recurring Free Cash Flow1,003
1,745
Net acquitions of financial assets and activities and others(587)
(116)
Dividends paid(849)
(704)
(Acquisition) / Disposal of treasury shares and others(526)
(20)
Decrease / (increase) in net debt (before currency translation adjustments)(1,132)
788
Foreign currency translation adjustment(69)
265
Non cash impact on lease liabilities(603)
(81)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)(1,804)
972
Initial net debt(6,620)
(8,424)
Final net debt(8,424)
(7,452)
Net Debt Maturity at 30 June 2021
€ billions
[Missing charts are available on the original document and on www.pernod-ricard.com]
Strong liquidity position at c. €5.5bn as of 30th June 2021, of which €3.4bn credit lines undrawn
Gross debt after hedging at 30 June 2021 (excluding lease liabilities)
- 8% floating rate and 92% fixed rate
- 61% in EUR and 39% in USD
Bond details
Currency Par value Coupon Issue date Maturity date EUR € 500 m1.875
%
9/28/2015 9/28/2023 € 1,500 m o/w: € 500 m0.000
%
10/24/2019 10/24/2023 € 500 m0.500
%
10/24/2027 € 500 m0.875
%
10/24/2031 € 650 m2.125
%
9/29/2014 9/27/2024 € 1,500 m o/w: 4/1/2020 € 750 m1.125
%
4/7/2025 € 750 m1.750
%
4/8/2030 € 500 m o/w: 4/27/2020 € 250 m1.125
%
4/7/2025 € 250 m1.750
%
4/8/2030 € 600 m1.500
%
5/17/2016 5/18/2026 USD $ 1,650 m o/w: $ 800 m4.250
%
1/12/2012 7/15/2022 $ 850 m5.500
%
1/15/2042 $ 600 m3.250
%
6/8/2016 6/8/2026 $ 2,000 m o/w: $ 600 m1.250
%
4/1/2028 $ 900 m1.625
%
10/1/2020 4/1/2031 $ 500 m2.750
%
10/1/2050Net Debt / EBITDA ratio evolution
Closing rate Average rate(1) EUR/USD rate Jun FY20 -> Jun FY21 1,12 -> 1,19 1,11 -> 1,19 Ratio at 30/06/20203.2
3.2
EBITDA & cash generation excl. Group structure effect and forex impacts(0.9)
(0.9)
Group structure and forex impacts0.3
0.3
Ratio at 30/06/20212.6
2.6
1) Last-twelve-month rate
Diluted EPS calculation
(x 1,000) FY20 FY21 Number of shares in issue at end of period265,422
261,877
Weighted average number of shares in issue (pro rata temporis)265,422
262,143
Weighted average number of treasury shares (pro rata temporis)(2,564)
(1,347)
Dilutive impact of stock options and performance shares1,179
718
Number of shares used in diluted EPS calculation264,037
261,514
(€ millions and €/share) FY20 FY21 reported Δ Group share of net profit from recurring operations1,439
1,612
12.0%
Diluted net earnings per share from recurring operations5.45
6.16
13.1%
Note: 3.5m shares cancelled in July 2020 pursuant to share buy-back
Upcoming Communications
Date1
Event
21 October 2021 9am CET
Q1 FY22 Sales
10 November 2021 2pm CET
Annual General Meeting
22 November 2021 3pm CET
EMEA LATAM conference Call
10 February 2022 9am CET
H1 FY22 Sales and Results
1 The above dates are indicative and are liable to change
1 PRO: Profit from Recurring Operations
2 At constant FX
3 Based on average EUR/USD rates: 1.19 in FY21
4 Subject to AMF approval (and to AGM of 10 November 2021 if launched after that date)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210831006093/en/