2012/2013 full-year Sales and Results
in line with guidance
In 2012/13, Pernod Ricard delivered a solid performance within, as anticipated, a less favourable environment than in 2011/12:
- Organic growth in profit from recurring operations was 6%(1), in line with the stated guidance.
- Emerging markets(2) maintained double-digit growth(1) (+10%) despite a slowdown in the second half of the year, particularly in China. Mature markets were stable(1): strong growth in the US (+8%(1)) and declines(1) in the French and Spanish markets.
- The Top 14 continued to drive growth(1). With sustained value growth (+5%(1)) these brands grew more quickly than the Group’s average (+4%(1)). This was particularly due to Jameson and Martell’s outstanding performances(1) and to solid growth in white spirits.
- Premiumisation and innovation remained the Group’s growth drivers, as testified by a still highly favourable price/mix (+5%(1) for the Top 14). Premium(3) brands increased their share of sales from 73% to 75%.
- The operating margin recorded its best growth in three years (+42 bps(1)) due to the combined effect of continued premiumisation and good control of resources.
- The considerable decrease of € 635 million in net debt was due to a cash flow generation higher than in the previous year. The net debt / EBITDA ratio fell to 3.5(4) at the end of June 2013.
Reflecting on these results, Pierre Pringuet, Vice Chairman and Chief Executive Officer of Pernod Ricard, commented: “Despite a less buoyant environment than that of last year, we achieved our guidance.” He continued, “Our global and balanced exposure to emerging and mature markets will allow us to seize all opportunities. We therefore remain confident in our ability to pursue our growth.”
- Organic growth
- List of emerging markets available in appendix
- Retail price > USD 17 for spirits and > USD 5 for wine
- Margin and debt ratios are based, for the USD, on the average rate for the relevant periods