Press releases
07/08/2002 : 2002 Half-Year sales
Paris, 07 August 2002 - Pernod Ricard (SICOVAM 12069) today reported interim consolidated sales excluding duties and tax of €2,574 million at 30 June 2002, up 18% on first-half 2001.
While the currency effect was a scant -0.5%, consolidation differences were significant, owing to the acquisition of Seagram and the disposal of non-core businesses. Organic growth for the period under review was 3.4%.
Spirits and Wine
The Spirits and Wine division generated consolidated first-half sales (ex duties and tax) of €1,502 million. This represents a sharp 78% rise over first-half 2001 and is consistent with the 75% increase reported in first-quarter 2002.
Half-year sales of Seagram brands amounted to €604 million (of which €250 million in the first quarter). This second-quarter revenue surge reinforces the full-year sales target of €1.5 billion for 2002.
Pernod Ricard's historical brands generated sales of €898 million at 30 June, an organic increase of 4.5% and a slight improvement on the first-quarter's 3.1% rise.
Sales volumes for the twelve key brands were broadly stable:
- The half year 2002 performance of Seagram brands is not comparable to that of the first-half 2001, owing to overstocking in the market (as mentioned earlier).
- Demand in the French market slowed slightly at the end of the second quarter. This is reflected in sales of Ricard, Pastis 51 and Clan Campbell.
- Havana Club (+11%), Jameson (+5%), Jacob's Creek (+15%) continue to post gratifying gains.
Non-core businesses
Sales of the "Fruit Preparations" business amounted to €364 million, compared with €671 million in 2001. The difference is attributable to asset disposals. Excluding currencies and consolidation impacts, activity remained stable, with growth of 0.6%. SIAS MPA, which has been sold to Butler Capital, was consolidated until mid-May 2002.
The "Distribution" division reported sales of €708 million, up 4.9% overall and 4.7% organically. On 18 July 2002, Pernod Ricard and Electra announced the planned disposal of BWG. The deal is subject to approval from the competition authorities.
Conclusions and outlook
Despite a slight slowdown in some European markets in June, the Group's first-half performance is in line with objectives.
Stressing that the first half-year accounts for just 40% of the annual sales of the Spirits and Wine division, Chairman and CEO Patrick Ricard said he was "satisfied with this performance which, barring a sudden downturn in the economic environment, puts the Group on track to reach its targets for 2002". Mr Ricard added: "I am delighted that the process of incorporating Seagram's business is proceeding as planned".
Sales split at 30 June 2002 (€ million)
| (€ million) |
30/06/02 |
30/06/01 |
Change |
Organic growth |
Currency effect |
Consol. impact excl. Seagram |
Consol. impact, Seagram |
||
| Total, Spirits & Wine |
1502 |
58% |
843 |
39% |
78.1% |
4.5% |
-1.0% |
2.9% |
604 |
| Total, Fruit Preparation |
364 |
14% |
671 |
31% |
-45.8% |
0.6% |
-0.5% |
-45.9% |
|
| Total, Distribution |
708 |
28% |
675 |
31% |
4.9% |
4.7% |
0.2% |
||
| Total, Group |
2574 |
100% |
2189 |
100% |
17.6% |
3.4% |
-0.5% |
-12.9% |
604 |
Spirits & Wine, sales split at 30 June 2002 (€ million)
| (€ million) |
30/06/02 |
30/06/01 |
Change |
Organic growth |
Currency effect |
Consol. impact excl. Seagram |
Consol. impact, Seagram
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Spirits & Wine, France
|
281
|
19%
|
262
|
31%
|
7,0%
|
0,3%
|
0,0%
|
0,0%
|
17
|
|
Spirits & Wine, Europe
|
542
|
36%
|
370
|
44%
|
46,5%
|
6,0%
|
0,0%
|
6,9%
|
124
|
|
Spirits & Wine, America
|
393
|
26%
|
101
|
12%
|
290,2%
|
8,0%
|
-8,6%
|
-0,5%
|
293
|
|
Spirits & Wine, ROW
|
286
|
19%
|
110
|
13%
|
160,1%
|
5,8%
|
0,4%
|
-0,3%
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
Total, Group
|
1 502
|
100%
|
843
|
100%
|
78,1%
|
4,5% |
-1,0%
|
2,9%
|
604
|
| Key brand growth (vol.) |
H1 2002/2001 |
MAT 2002/2001 at end June 2002 |
| Jacob's Creek |
+15% |
+15% |
| Amaro Ramazzotti |
+10% |
+11% |
| Havana Club |
+11% |
+10% |
| Clan Campbell |
-2% |
-1% |
| Jameson |
+5% |
+6% |
| Ricard |
-3% |
-2% |
| Pastis 51 |
-2% |
+1% |
| Chivas |
-19% |
-17% |
| Martell |
-21% |
-17% |
| Seagram Gin |
-8% |
-8% |
| Wild Turkey |
-3% |
-1% |
| The Glenlivet |
+5% |
-1% |
| Total, 12 key brands |
-1% |
0% |
Contacts
Alain-Serge Delaitte / Media Tel: +33 (0)1 40 76 77 12
Patrick de Borredon / Investor Relations Tel: +33 (0)1 40 76 77 33
