Pernod Ricard: FY20 Full-year Sales and Results
Regulatory News:
Press release - PARIS, 2 September 2020
Pernod Ricard (Paris:RI):
SALES
Sales for FY20 totalled €8,448m, with an organic decline of -9.5% (-8.0% reported), with a favourable FX impact linked mainly to USD appreciation vs. Euro.
Sales growth in H1 was robust but H2 was impacted by Covid-19. For FY20, the trends were:
Americas: -6%, with good resilience in USA2 and Canada in slight growth, but double-digit decline in Latin America and Travel Retail Asia-RoW: -14%, driven mainly by China, India and Travel Retail, against high basis of comparison Europe: -6%, overall good resilience with Germany, UK and Eastern Europe growing, partially offsetting declines in Travel Retail, Spain and France.Key categories were impacted by the pandemic, but Specialty Brands performed well:
Strategic International Brands: -10%, after broad-based growth in H1, mainly driven by Martell, Chivas Regal, Absolut and Ballantine’s Strategic Local Brands: -9%, in modest growth at the end of 9M, but strong decline in Q4, mainly due to Seagram’s Indian whiskies, on high comparison basis Specialty Brands: +7%, despite Covid-19, thanks to more favourable geographic exposure, with dynamic growth of Lillet, Altos and Redbreast Strategic Wines: -4%, due mainly to Jacob’s Creek, despite growth of Campo Viejo.Q4 Sales were €1,238m, with -36.2% organic decline (-37.9% reported), with a significant impact of Covid-19 throughout the world, particularly for Travel Retail and the On-trade. There was better than expected resilience of the Off-trade, notably in USA and Europe.
H2 saw the implementation of Covid-19 crisis management, while pursuing the long-term transformation agenda:
Priority given to health and safety of employees and business partners Sound inventory position at June end, thanks to robust demand management and supply chain continuity Active resource management and strong cost mitigation to adjust to Covid-19 context Continued roll-out of 2030 Sustainability & Responsibility roadmap, while developing new measures to support stakeholders during crisis Implementation of digital transformation and completion of Reconquer project to resume growth in France and reorganisation of Wine business to reignite its performance.During FY20, Pernod Ricard gained or held market share in its Top 10 markets.
RESULTS
H1 was solid with +4.3% organic PRO, on a high basis of comparison (+12.8% in H1 FY19), demonstrating the success of the Transform & Accelerate strategic plan.
Due to the Covid-19 impact in H2, FY20 PRO was €2,260m, an organic decline of -13.7% and -12.4% reported.
The FY20 organic PRO margin erosion was limited to -131bps, with:
Resilient pricing on Strategic brands: +1% Gross margin contracting -140bps, driven by: Adverse mix linked to Strategic International Brands, especially Martell and Chivas Regal Higher Cost of Goods mainly due to agave price pressure, glass and GNS in India, lower fixed cost absorption, only partially offset by operational excellence savings A&P: +88bps, thanks to very strong mitigation plan in H2 Structure costs: -79bps, with topline decline reducing fixed cost absorption, despite strong cost discipline.The FY20 corporate income tax rate on recurring items was c.24% vs. 26% in FY19.
Group share of Net PRO was €1,439m, -13% reported vs. FY19 and the Group share of Net profit €329m, -77% reported, impacted by €1bn asset impairment triggered by Covid-19, in particular on Absolut (€912m gross; €702m net of tax.)
FREE CASH FLOW AND DEBT
Recurring Free Cash Flow was €1,003m, reflecting the impact of Covid-19 on the business.
The average Cost of debt stood at 3.6% vs. 3.9% in FY19. Low rates on new bond financing not fully reflected in full year FY20.
Cash was actively managed and the liquidity position reinforced, thanks to bond issuances and an additional credit line. Liquidity at 30 June 2020 stood at €5.3bn, of which €3.4bn credit lines was undrawn.
Active portfolio management continued throughout the year, with the Italicus and KI NO BI transactions and the disposal of Café de Paris in H2.
Net debt increased by €1,804m3 vs. 30 June 2019 to €8,424m due to lower Free Cash Flow, an increase in the M&A cash-out, a €523m Share buyback (prior to suspension of the programme in April), an increase in the dividend payout to c.50% (vs. 41% in FY19), additional lease liabilities following the IFRS16 norm application and a negative translation adjustment mainly due to EUR/USD evolution.
The Net Debt/EBITDA ratio at average rates4 was 3.2x at 30 June 2020.
A dividend of €2.66 is proposed for the Annual General Meeting of 27 November 2020.
Alexandre Ricard, Chairman and Chief Executive Officer, stated,
“The Group has proven very resilient through FY20 and demonstrated its agility and ability to keep its supply chains operational, control costs and manage cash. I would like to take this opportunity to praise the exceptional commitment of our teams during this difficult time.
For FY21, Pernod Ricard expects continued uncertainty and volatility, in particular relating to sanitary conditions and their impact on social gatherings, as well as challenging economic conditions. We anticipate a prolonged downturn in Travel Retail but resilience of the Off-trade in the USA and Europe and sequential improvement in China, India and the On-trade globally.
We will stay the strategic course and accelerate our digital transformation while maintaining strict discipline, with clear, purpose-based investment decisions. We will harness our agility to adjust fast to capture new opportunities. Thanks to our solid fundamentals, our teams and our brand portfolio, I am confident that Pernod Ricard will emerge 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 FY20 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 is being issued.
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 €8,448 million in FY20. 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 index.
__________________________
1 PRO: Profit from Recurring Operations
2 Sell-out at +2% (internal estimate)
3 Including €603m additional lease liabilities pursuant to IFRS16 norm application
4 Based on average EUR/USD rates: 1.11 in FY20
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
Serbia
Ukraine
Strategic International Brands’ organic Sales growth
Volumes
FY20
Organic Sales growth
FY20
Volumes
Price/mix
(in 9Lcs millions)
Absolut
10.3
-11%
-7%
-4%
Chivas Regal3.7
-17%
-19%
2%
Ballantine's7.2
-8%
-5%
-3%
Ricard4.2
-6%
-6%
-1%
Jameson7.6
-1%
-2%
0%
Havana Club4.2
-6%
-8%
2%
Malibu3.9
5%
5%
0%
Beefeater3.1
-7%
-4%
-3%
Martell2.0
-20%
-24%
5%
The Glenlivet1.2
2%
-3%
4%
Royal Salute0.2
-2%
-7%
5%
Mumm0.6
-13%
-13%
0%
Perrier-Jouët0.3
-12%
-21%
8%
Strategic International Brands48.3
-10%
-7%
-3%
Sales Analysis by Period and Region
Net Sales
(€ millions)
FY19
FY20
Change
Organic Growth
Group Structure
Forex impact
Americas2,545
27.7%
2,449
29.0%
(96)
-4%
(161)
-6%
43
2%
23
1%
Asia / Rest of World3,965
43.2%
3,467
41.0%
(498)
-13%
(547)
-14%
27
1%
21
1%
Europe2,672
29.1%
2,532
30.0%
(140)
-5%
(159)
-6%
15
1%
4
0%
World9,182
100.0%
8,448
100.0%
(734)
-8%
(867)
-10%
85
1%
47
1%
Net Sales
(€ millions)
Q4 FY19
Q4 FY20
Change
Organic Growth
Group Structure
Forex impact
Americas589
29.5%
411
33.2%
(178)
-30%
(176)
-31%
14
2%
(16)
-3%
Asia / Rest of World777
39.0%
368
29.8%
(409)
-53%
(376)
-48%
4
1%
(37)
-5%
Europe628
31.5%
458
37.0%
(170)
-27%
(164)
-26%
5
1%
(11)
-2%
World1,994
100.0%
1,238
100.0%
(756)
-38%
(716)
-36%
24
1%
(65)
-3%
Net Sales
(€ millions)
H2 FY19
H2 FY20
Change
Organic Growth
Group Structure
Forex impact
Americas1,155
28.9%
988
33.2%
(167)
-14%
(183)
-16%
28
2%
(12)
-1%
Asia / Rest of World1,699
42.5%
1,052
35.4%
(647)
-38%
(615)
-36%
11
1%
(43)
-3%
Europe1,143
28.6%
934
31.4%
(209)
-18%
(206)
-18%
8
1%
(11)
-1%
World3,997
100.0%
2,974
100.0%
(1,023)
-26%
(1,004)
-25%
47
1%
(66)
-2%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Summary Consolidated Income Statement
(€ millions)FY19
FY20
Change
Net sales9,182
8,448
-8%
Gross Margin after logistics costs5,648
5,086
-10%
Advertising and promotion expenses(1,512)
(1,327)
-12%
Contribution after A&P expenditure4,137
3,759
-9%
Structure costs(1,556)
(1,499)
-4%
Profit from recurring operations2,581
2,260
-12%
Financial income/(expense) from recurring operations(314)
(328)
5%
Corporate income tax on items from recurring operations(586)
(468)
-20%
Net profit from discontinued operations, non-controlling interests and share of net income from associates(27)
(25)
-8%
Group share of net profit from recurring operations1,654
1,439
-13%
Other operating income & expenses(206)
(1,283)
NA Financial income/(expense) from non-recurring operations3
(38)
NA Corporate income tax on items from non recurring operations4
210
NA Group share of net profit1,455
329
-77%
Non-controlling interests27
21
-22%
Net profit1,482
350
-76%
Profit from Recurring Operations by Region
World (€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)9,182
100.0%
8,448
100.0%
(734)
-8%
(867)
-10%
85
1%
47
1%
Gross margin after logistics costs5,648
61.5%
5,086
60.2%
(562)
-10%
(653)
-12%
44
1%
47
1%
Advertising & promotion(1,512)
16.5%
(1,327)
15.7%
184
-12%
216
-14%
(24)
2%
(7)
0%
Contribution after A&P4,137
45.1%
3,759
44.5%
(378)
-9%
(437)
-11%
19
0%
40
1%
Profit from recurring operations2,581
28.1%
2,260
26.8%
(320)
-12%
(355)
-14%
(2)
0%
36
1%
Americas (€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)2,545
100.0%
2,449
100.0%
(96)
-4%
(161)
-6%
43
2%
23
1%
Gross margin after logistics costs1,698
66.7%
1,599
65.3%
(98)
-6%
(156)
-9%
29
2%
29
2%
Advertising & promotion(504)
19.8%
(461)
18.8%
43
-9%
58
-12%
(11)
2%
(4)
1%
Contribution after A&P1,193
46.9%
1,138
46.5%
(55)
-5%
(98)
-8%
17
1%
26
2%
Profit from recurring operations785
30.9%
718
29.3%
(67)
-9%
(101)
-13%
9
1%
25
3%
Asia / Rest of the World (€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)3,965
100.0%
3,467
100.0%
(498)
-13%
(547)
-14%
27
1%
21
1%
Gross margin after logistics costs2,308
58.2%
1,969
56.8%
(339)
-15%
(365)
-16%
10
0%
16
1%
Advertising & promotion(592)
14.9%
(517)
14.9%
75
-13%
87
-15%
(9)
1%
(3)
1%
Contribution after A&P1,716
43.3%
1,452
41.9%
(264)
-15%
(279)
-16%
1
0%
13
1%
Profit from recurring operations1,179
29.7%
938
27.0%
(241)
-20%
(247)
-21%
(6)
-1%
12
1%
Europe (€ millions) FY19 FY20 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)2,672
100.0%
2,532
100.0%
(140)
-5%
(159)
-6%
15
1%
4
0%
Gross margin after logistics costs1,643
61.5%
1,519
60.0%
(124)
-8%
(131)
-8%
5
0%
2
0%
Advertising & promotion(415)
15.5%
(349)
13.8%
66
-16%
71
-17%
(4)
1%
(0)
0%
Contribution after A&P1,228
45.9%
1,169
46.2%
(58)
-5%
(60)
-5%
1
0%
1
0%
Profit from recurring operations617
23.1%
605
23.9%
(12)
-2%
(7)
-1%
(5)
-1%
(1)
0%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Foreign Exchange Impact
Forex impact FY20(€ millions)
Average rates evolution
On Net Sales
On Profit from Recurring Operations
FY19
FY20
%
US dollar USD1.14
1.11
-3.1%
70
35
Chinese yuan CNY7.79
7.77
-0.1%
1
1
Indian rupee INR80.52
80.13
-0.5%
5
2
Pound sterling GBP0.88
0.88
-0.5%
1
3
Other(30)
(4)
Total47
36
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+12
Financial expenses(3)
Pre-tax profit from recurring operations +9 Impact on the balance sheet (€ millions) Increase/(decrease) in net debt +48 (1) Full-year effectBalance Sheet
Assets 30/06/2019 30/06/2020 (€ millions) (Net book value) Non-current assets Intangible assets and goodwill17,074
16,576
Tangible assets and other assets4,002
3,699
Deferred tax assets1,590
1,678
Total non-current assets22,666
21,953
Current assets Inventories5,756
6,167
aged work-in-progress4,788
5,084
non-aged work-in-progress79
76
other inventories889
1,006
Receivables (*)1,226
906
Trade receivables1,168
862
Other trade receivables59
44
Other current assets359
323
Other operating current assets291
317
Tangible/intangible current assets67
6
Tax receivable105
142
Cash and cash equivalents and current derivatives929
1,947
Total current assets8,375
9,485
Assets held for sale5
87
Total assets31,045
31,525
(*) after disposals of receivables of:674
513
Liabilities and shareholders’ equity 30/06/2019 restated* 30/06/2020 (€ millions) Group Shareholders’ equity15,987
13,968
Non-controlling interests195
243
of which profit attributable to non-controlling interests27
21
Total Shareholders’ equity16,182
14,211
Non-current provisions and deferred tax liabilities3,584
3,511
Bonds non-current6,071
8,599
Lease liabilities - non-current-
433
Non-current financial liabilities and derivative instruments379
192
Total non-current liabilities10,034
12,735
Current provisions149
222
Operating payables2,187
1,877
Other operating payables1,058
1,016
of which other operating payables660
633
of which tangible/intangible current payables398
383
Tax payable307
232
Bonds - current944
723
Lease liabilities - current-
88
Current financial liabilities and derivatives182
404
Total current liabilities4,826
4,563
Liabilities held for sale2
16
Total liabilities and shareholders' equity31,045
31,525
* Opening positions of Group Balance Sheet Liabilities have been restated from impact of IFRIC 23 first application (uncertain tax positions reclassified from Non current provisions to Tax payable for €150m).
Analysis of Working Capital Requirement
(€ millions)
June
2018
June
2019
June
2020
FY19 WC
change*
FY20 WC
change*
4,532
4,788
5,084
268
294
Advances to suppliers for wine and ageing spirits10
12
19
2
7
Payables on wine and ageing spirits(96)
(105)
(108)
(11)
(5)
Net aged work in progress4,447
4,695
4,995
259
296
Trade receivables before factoring/securitization1,641
1,842
1,375
187
(434)
Advances from customers(6)
(24)
(38)
(18)
(14)
Other receivables353
338
343
24
12
Other inventories869
889
1,006
15
121
Non-aged work in progress71
79
76
2
(1)
Trade payables and other(2,471)
(2,717)
(2,364)
(226)
293
Gross operating working capital457
405
398
(15)
(24)
Factoring/Securitization impact(610)
(674)
(513)
(63)
161
Net Operating Working Capital(153)
(269)
(115)
(78)
138
Net Working Capital4,294
4,427
4,879
181
433
* at average rates Of which recurring variation201
450
Of which non recurring variation(21)
(17)
Net Debt
(€ millions) 30/06/2019 6/30/2020 Current Non-current Total Current Non-current Total Bonds944
6,071
7,015
723
8,599
9,322
Syndicated loan-
-
-
-
-
-
Commercial paper-
-
-
299
-
299
Other loans and long-term debts177
363
540
81
192
273
Other financial liabilities177
363
540
380
192
572
Gross Financial debt1,121
6,434
7,555
1,103
8,791
9,894
Fair value hedge derivatives – assets-
(13)
(13)
(3)
(40)
(44)
Fair value hedge derivatives – liabilities-
2
2
-
-
-
Fair value hedge derivatives-
(12)
(12)
(3)
(40)
(44)
Net investment hedge derivatives – assets-
-
-
-
(13)
(13)
Net investment hedge derivatives – liabilities-
-
-
-
-
-
Net investment hedge derivatives-
-
-
-
(13)
(13)
Net asset hedging derivative instruments – assets-
-
-
-
-
-
Net asset hedging derivative instruments – liabilities0
-
0
-
-
-
Net asset hedging derivative instruments0
-
0
-
-
-
FINANCIAL DEBT AFTER HEDGING1,121
6,422
7,543
1,100
8,737
9,837
Cash and cash equivalents(923)
-
(923)
(1,935)
-
(1,935)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT198
6,422
6,620
(835)
8,737
7,902
Lease Debt-
-
-
88
433
522
NET FINANCIAL DEBT198
6,422
6,620
(747)
9,171
8,424
Change in Net Debt
(€ millions)30/06/2019
30/06/2020
Operating profit
2,375
978
Depreciation and amortisation226
350
Net change in impairment of goodwill, PPE and intangible assets69
1,007
Net change in provisions7
97
Retreatment of contributions to pension plans acquired from Allied Domecq and others3
Changes in fair value on commercial derivatives and biological assets(7)
(3)
Net (gain)/loss on disposal of assets0
(27)
Share-based payments40
23
Self-financing capacity before interest and tax (1)2,714
2,423
Decrease / (increase) in working capital requirements(181)
(433)
Net interest and tax payments(829)
(809)
Net acquisitions of non financial assets and others(338)
(352)
Free Cash Flow (2)1,366
830
of which recurring Free Cash Flow (3)1,477
1,003
Net acquisitions of financial assets and activities, contributions to pension plans acquired from Allied Domecq and others(181)
(587)
Dividends paid(645)
(849)
(Acquisition) / Disposal of treasury shares and others(121)
(526)
Decrease / (increase) in net debt (before currency translation adjustments)420
(1,132)
IFRS 15 opening adjustment16
Foreign currency translation adjustment(94)
(69)
Non cash impact on lease liabilities (4)(603)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts) (5)342
(1,804)
Initial net debt(6,962)
(6,620)
Final net debt(6,620)
(8,424)
Note: IFRS16 impacts are: (1) +108M€ / (2) +98M€ / (3) +86M€ / (4) -603M€ / (5) -497M€Net Debt Maturity at 30 June 2020
€ billions
[Missing charts are available on the original document and on www.pernod-ricard.com]
Strong liquidity position at c. €5.3bn as of 30th June 2020, of which €3.4bn credit lines undrawn
Gross debt after hedging at 30 June 2020
14% floating rate and 86% fixed rate 52% in EUR and 49% in USDBond details
Currency Par value Coupon Issue date Maturity date EUR€ 650 m
2.125%
9/29/2014
9/27/2024
€ 500 m
1.875%
9/28/2015
9/28/2023
€ 600 m
1.500%
5/17/2016
5/18/2026
€ 1,500 m o/w:
10/24/2019
€ 500 m
0.000%
10/24/2023
€ 500 m
0.500%
10/24/2027
€ 500 m
0.875%
10/24/2031
€ 1,500 m o/w:
4/1/2020
€ 750 m
1.125%
4/7/2025
€ 750 m
1.750%
4/8/2030
€ 500 m o/w:
4/27/2020
€ 250 m
1.125%
4/7/2025
€ 250 m
1.750%
4/8/2030
USD
$ 500 m
5.750%
4/7/2011
4/7/2021
$ 1,500 m
4.450%
10/25/2011
1/15/2022
$ 1,650 m o/w:
1/12/2012
$ 800 m at 10.5 years
4.250%
7/15/2022
$ 850 m at 30 years
5.500%
1/15/2042
$ 201 m
Libor 6m + spread
1/26/2016
1/26/2021
$ 600 m
3.250%
6/8/2016
6/8/2026
Net Debt / EBITDA ratio evolution
Closing rate
Average rate(1)
EUR/USD rate Jun FY19 -> Jun FY201.14 -> 1.12
1.14 -> 1.11
Ratio at 30/06/20192.3
2.3
EBITDA & cash generation excl. Group structure effect(2) and forex impacts0.6
0.6
Group structure(2) and forex impacts0.3
0.3
Ratio at 30/06/20203.2
3.2 (3)
(1) Last-twelve-month rate (2) Including IFRS16 impact (3) Syndicated credit leverage ratio restated from IFRS16 is 3.1Diluted EPS calculation
(x 1,000)FY19
FY20
Number of shares in issue at end of period265,422
265,422
Weighted average number of shares in issue (pro rata temporis)265,422
265,422
Weighted average number of treasury shares (pro rata temporis)(1,248)
(2,564)
Dilutive impact of stock options and performance shares1,246
1,179
Number of shares used in diluted EPS calculation265,420
264,037
(€ millions and €/share) FY19 FY20 reported∆ Group share of net profit from recurring operations
1,654
1,439
-13.0%
Diluted net earnings per share from recurring operations6.23
5.45
-12.5%
Note: 3.5m shares cancelled in July 2020 pursuant to share buy-back
Upcoming Communications
Date1
Event
22 October 2020
Q1 FY21 Sales
27 November 2020
Annual General Meeting
11 February 2021
H1 FY21 Sales and Results
1 The above dates are indicative and are liable to change
View source version on businesswire.com: https://www.businesswire.com/news/home/20200901006151/en/