Pernod Ricard On Track to Meet Financial Targets

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Pernod Ricard On Track to Meet Financial Targets

Pernod Ricard On Track to Meet Financial Targets
May 05
11:41 2011

Following a solid third quarter, Pernod Ricard has confirmed its targets for the full 2010/11 and 2011/12 financial years. Over the first nine months of the 2010/11 financial year (to 31st March 2011) consolidated sales (excluding tax and duties) increased by 11% to Eur5.90b, compared to the same period in the previous year, and organic growth was 7%, in line with the first half of the financial year. During the nine months period, sales grew by 16% in emerging markets and by 2% in mature markets.

Sales in Europe (excluding France) for the first nine months, were stable on an organic basis at Eur1.63b, but declined 3% on a reported basis following the disposal of certain assets in Spain and Scandinavia. This stability was a marked improvement compared to the 6% organic decline during the same period of the previous year. The situation remained difficult overall in Western Europe (in particular in Spain), but growth was confirmed in Central and Eastern Europe, more specifically due to Russia and Ukraine. In France, organic growth remained sound at 4%, bringing sales to Eur549m.

Pierre Pringuet, chief executive of Pernod Ricard.

The improving business trend in Pernod Ricard’s overall global business, noted in the first half, was confirmed in the third quarter of 2010/11. In addition to strong growth in emerging markets and a recovery in mature markets, portfolio premiumisation was confirmed by 11% organic growth from the group’s top 14 brands in the first nine months, with a significant price/mix effect of 4%. The period also saw a 9% increase in premium brands, which represented 71% of sales in the first nine months compared to 69% in the prior year.

“The third quarter 2010/11 confirmed the improved business trends since the start of the financial year and strengthens our confidence in our ability to meet our targets – organic growth in profit from recurring operations of close to 7% for the full 2010/11 financial year and Net Debt/EBITDA ratio close to 4 at the 30 June 2012 year-end,” says Pierre Pringuet, chief executive of Pernod Ricard.

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