Press releases
19/09/2001 : Pernod Ricard First Half Results for Six Months to 30th June 2001
Paris, 19 September 2001 - Pernod Ricard, one of the largest international suppliers of spirits and wine, today reports first half results that show a strong improvement in the Company's financial performance and also lower levels of debt:
- Pre-tax profit up 14.7% to 168.6m euros
- Net income up 29.7% to 104.7m euros
- Free cash flow up 86.9% to 106.7m euros
- Turnover up 7.4% to 2189m euros
The Spirits and Wine sector achieved good performances across all brands and regions, with an overall volume growth of 5.2%. The 10 highest contributing brands, representing 70% of profit in this core business, were up 12.4% by volume. Operating profit in this sector was up 16.2% to 126m euros.
The Fruit Processing sector has shown a slight decline in turnover (-4%) partly due to the disposal of Italcanditi, San Giorgio Flavors and some Agros businesses, and also due to adverse weather conditions that impacted Orangina sales. Nevertheless, operating profit was stable at 37m euros.
In the wholesale grocery distribution sector (BWG), turnover was up 16% of which organic growth was up 12.6%. Operating profit down -7% to 18m euros due to the new excise duty system on tobacco in the UK and the impact of foot and mouth regulations on retail businesses.
Patrick Ricard, Chairman and Chief Executive Officer, said:
'I am very optimistic about the completion of the Seagram deal. Every parameter is on track. Management teams are in place preparing integration, the disposal of Seagram non-core assets is well underway and already ahead of schedule, and the growth of our future brands is very promising. Furthermore I am confident that the proceeds from the early disposal of our non-core activities will contribute to the bettering of our financial structure.'
The group is still waiting regulatory approval from the US and Canadian authorities for the Seagram transaction.
Enquiries:
Pernod Ricard
Alain-Serge Delaitte
Vice President of Communications: + 33 1 40 76 77 12
Citigate Dewe Rogerson: + 44 207 638 9571
Chris Barrie
Laure Lagrange
- Pre-tax profit up 14.7% to 168.6m euros
- Net income up 29.7% to 104.7m euros
- Free cash flow up 86.9% to 106.7m euros
- Turnover up 7.4% to 2189m euros
The Spirits and Wine sector achieved good performances across all brands and regions, with an overall volume growth of 5.2%. The 10 highest contributing brands, representing 70% of profit in this core business, were up 12.4% by volume. Operating profit in this sector was up 16.2% to 126m euros.
The Fruit Processing sector has shown a slight decline in turnover (-4%) partly due to the disposal of Italcanditi, San Giorgio Flavors and some Agros businesses, and also due to adverse weather conditions that impacted Orangina sales. Nevertheless, operating profit was stable at 37m euros.
In the wholesale grocery distribution sector (BWG), turnover was up 16% of which organic growth was up 12.6%. Operating profit down -7% to 18m euros due to the new excise duty system on tobacco in the UK and the impact of foot and mouth regulations on retail businesses.
Patrick Ricard, Chairman and Chief Executive Officer, said:
'I am very optimistic about the completion of the Seagram deal. Every parameter is on track. Management teams are in place preparing integration, the disposal of Seagram non-core assets is well underway and already ahead of schedule, and the growth of our future brands is very promising. Furthermore I am confident that the proceeds from the early disposal of our non-core activities will contribute to the bettering of our financial structure.'
The group is still waiting regulatory approval from the US and Canadian authorities for the Seagram transaction.
Enquiries:
Pernod Ricard
Alain-Serge Delaitte
Vice President of Communications: + 33 1 40 76 77 12
Citigate Dewe Rogerson: + 44 207 638 9571
Chris Barrie
Laure Lagrange
