May 28, 2024

Costaalegre Restaurant

Learn marketing business

Pernod Ricard: H1 FY21 Confirms Sustainable Business Strength, With Growth Returning in Must-Win Domestic Markets USA, China and India

12 min read

PARIS–(BUSINESS WIRE)–Regulatory News:

Pernod Ricard (Paris:RI):

H1 FY21 Sales and Results

Press release – Paris, 11 February 2021

SALES

Sales for H1 FY21 totalled €4,985m, with an organic decline of -3.9% (-8.9% reported), with an unfavourable FX impact linked mainly to Euro appreciation vs. USD and Emerging market currencies.

H1 FY21 Sales declined but Q2 improved vs. Q1. For H1 FY21, the trends were:

  • Americas +2%: good growth in most domestic markets, with particular dynamism in USA (+5%), but significant decline in Travel Retail
  • Asia-RoW -6%: double-digit growth in China (+13%), Turkey, Korea and Pacific, and return to growth in India in Q2: +2% (India H1 -6%), but Covid-related declines in certain Asian markets and Travel Retail
  • Europe -5%: continued very strong growth in Germany, UK, Russia and Poland, more than offset by Covid impact in Spain, France, Ireland and Travel Retail
  • Sales excluding Travel Retail grew +1%.

Strategic International Brands declined due to Travel Retail and On-Trade exposure but Specialty Brands performed very strongly:

  • Strategic International Brands -6%: solid growth of Malibu, Jameson and The Glenlivet, but overall category impacted by Travel Retail exposure. Martell and Scotch growing in domestic markets
  • Strategic Local Brands -4%: mainly driven by Seagram’s Indian whiskies and Seagram’s Gin in Spain
  • Specialty Brands +22%: continued very dynamic development of Lillet, Malfy, Aberlour, American whiskeys (Jefferson’s, TX, Rabbit Hole and Smooth Ambler), Avion and Redbreast
  • Strategic Wines +3%: solid growth thanks mainly to Campo Viejo and Brancott Estate.

Pernod Ricard gained or held share in key markets, notably in Europe, despite the On-trade disruption. Dynamic portfolio management continued, with Innovation in strong growth (+10%.)

Q2 Sales were €2,750m, with -2.4% organic decline, but improving vs. Q1 Sales (-5.6%), thanks in particular to better trends in China and India.

RESULTS

H1 FY21 Profit from Recurring Operations declined -2.4% organically, with an organic margin improvement of +51bps, thanks to dynamic management of resources and favourable phasing:

  • Gross margin contracting -108bps, driven by:

    • Soft pricing, with fewer price increases and on solid comparison basis (H1 FY20 +2% on Strategic Brands, benefiting from FY19 Martell price increases)
    • Adverse mix primarily linked to decline in Travel Retail
    • Higher Cost of Goods mainly from continued agave cost pressures and lower fixed cost absorption, offsetting Operational Excellence initiatives
  • A&P: +132bps, resulting from purpose-based investment, with strong reduction in markets and channels with subdued demand, and favourable phasing (ratio of c. 16% expected for FY21, with strong double-digit increase in H2)
  • Structure costs: improving +27bps, reflecting dynamic management of resources and FY20 reorganisations
  • Strong negative FX impact on PRO -€155m due to USD and Emerging market currency depreciation vs. Euro. A significant negative FX impact is also expected for full-year FY21.

The H1 FY21 corporate income tax rate on recurring items was 23.4% vs. 24.2% for H1 FY20, due to a reduction in the French tax rate and geographical mix.

Group share of Net PRO was €1,087m, -11% reported vs. H1 FY20 and the Group share of Net profit €966m, -6% reported, reflecting decline in Profit from Recurring Operations partially offset by lower non-recurring items.

Earnings Per Share were -9%, reflecting decline in PRO and positive impact of FY20 Share buy-back.

FREE CASH FLOW AND DEBT

Recurring Free Cash Flow was very strong at €995m. The decline in Profit from Recurring Operations was offset by a significant improvement in operating Working Capital Requirement (inventory normalisation and payables rebuilding vs. June, leading to very strong cash conversion2 at 79%), a lower increase in strategic inventories and broadly stable capital expenditure.

The average Cost of debt stood at 3.2% vs. 3.7% in H1 FY20, thanks to successful US Dollar bond debt refinancing.

Net debt decreased by €443m vs. 30 June 2020 to €7,980m. The Net Debt/EBITDA ratio at average rates3 was 3.4x at 31 December 2020.

SUSTAINABILITY & RESPONSIBILITY

Pernod Ricard continued to drive its 2030 Sustainability & Responsibility roadmap, with progress in each of the 4 pillars (Nurturing Terroir, Circular Making, Valuing People and Responsible Hosting.) Significant achievements were attained in particular regarding packaging: all single-use Point-of-Sales plastic will be removed from June 2021.

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

“We are particularly encouraged by our Must-win domestic markets returning to growth in H1 FY21. The first half confirms the long-term sustainability and underlying strength of our business.

Despite an uncertain and volatile environment, with disruption in the On-trade and a prolonged downturn in Travel Retail, we anticipate organic Sales growth for full-year FY21, thanks in particular to our dynamic performance in domestic Must-win markets USA, China and India.

We will continue to implement our strategy, in particular accelerating our digital transformation, while dynamically managing resources. Thanks to our solid fundamentals, our teams and our brand portfolio, I am confident that Pernod Ricard will emerge from this crisis stronger.

I would like to take this opportunity to praise our teams, whose engagement and performance are exemplary in these very challenging times, and to express our support to our On-trade and Travel Retail partners who continue to be impacted by the pandemic.”

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 H1 FY21 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Limited review procedures have been carried out by the Statutory Auditors on the condensed half-yearly consolidated financial statements. The Statutory Auditors’ Review Report on the Half-yearly Financial Information 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 and Eurostoxx 50 indices.

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
H1 FY21
Organic Sales growth
H1 FY21
Volumes Price/mix
(in 9Lcs millions)
 
Absolut

5.6

-12%

-11%

-1%

Chivas Regal

2.1

-16%

-20%

4%

Ballantine’s

4.2

-12%

-5%

-7%

Ricard

2.3

-5%

-4%

-1%

Jameson

4.7

3%

2%

1%

Havana Club

2.4

-9%

-2%

-6%

Malibu

2.5

26%

26%

0%

Beefeater

1.6

-20%

-20%

0%

Martell

1.5

-3%

-6%

3%

The Glenlivet

0.7

2%

0%

2%

Royal Salute

0.1

-28%

-32%

5%

Mumm

0.5

-5%

-2%

-3%

Perrier-Jouët

0.2

-19%

-17%

-2%

Strategic International Brands

28.3

-6%

-5%

-1%

Sales Analysis by Period and Region

Net Sales
(€ millions)
H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact
 
Americas

1,461

26.7%

1,402

28.1%

(59)

-4%

22

2%

47

3%

(128)

-9%

Asia / Rest of World

2,415

44.1%

2,127

42.7%

(288)

-12%

(148)

-6%

1

0%

(140)

-6%

Europe

1,598

29.2%

1,456

29.2%

(142)

-9%

(83)

-5%

(8)

0%

(52)

-3%

World

5,474

100.0%

4,985

100.0%

(489)

-9%

(209)

-4%

40

1%

(320)

-6%

 
Net Sales
(€ millions)
Q2 FY20 Q2 FY21 Change Organic Growth Group Structure Forex impact
 
Americas

788

26.3%

729

26.5%

(59)

-7%

(10)

-1%

27

3%

(76)

-10%

Asia / Rest of World

1,299

43.4%

1,209

44.0%

(90)

-7%

(11)

-1%

0

0%

(79)

-6%

Europe

904

30.2%

811

29.5%

(93)

-10%

(50)

-6%

(5)

-1%

(37)

-4%

World

2,991

100.0%

2,750

100.0%

(241)

-8%

(71)

-2%

22

1%

(192)

-6%

 
Net Sales
(€ millions)
Q1 FY20 Q1 FY21 Change Organic Growth Group Structure Forex impact
 
Americas

674

27.1%

673

30.1%

(0)

0%

32

5%

20

3%

(52)

-8%

Asia / Rest of World

1,116

44.9%

918

41.0%

(198)

-18%

(138)

-12%

1

0%

(61)

-5%

Europe

694

27.9%

645

28.8%

(49)

-7%

(32)

-5%

(2)

0%

(14)

-2%

World

2,483

100.0%

2,236

100.0%

(248)

-10%

(138)

-6%

18

1%

(128)

-5%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Summary Consolidated Income Statement

(€ millions) H1 FY20 H1 FY21 Change
 
Net sales

5,474

4,985

-9%

Gross Margin after logistics costs

3,419

3,021

-12%

Advertising and promotion expenses

(842)

(706)

-16%

Contribution after A&P expenditure

2,577

2,315

-10%

Structure costs

(789)

(721)

-9%

Profit from recurring operations

1,788

1,595

-11%

Financial income/(expense) from recurring operations

(164)

(151)

-8%

Corporate income tax on items from recurring operations

(392)

(337)

-14%

Net profit from discontinued operations, non-controlling interests and share of net income from associates

(15)

(20)

30%

Group share of net profit from recurring operations

1,216

1,087

-11%

 
Other operating income & expenses

(152)

(61)

NA
Financial income/(expense) from non-recurring operations

(1)

(103)

NA
Corporate income tax on items from non recurring operations

(31)

44

NA
 
Group share of net profit

1,032

966

-6%

Non-controlling interests

14

18

26%

Net profit

1,046

984

-6%

Profit from Recurring Operations by Region

Segment Reporting
 
World
 
(€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

5,474

100.0%

4,985

100.0%

(489)

-9%

(209)

-3.9%

40

1%

(320)

-6%

Gross margin after logistics costs

3,419

62.5%

3,021

60.6%

(398)

-12%

(188)

-5.5%

17

0%

(227)

-7%

Advertising & promotion

(842)

15.4%

(706)

14.2%

136

-16%

101

-12.1%

(5)

1%

40

-5%

Contribution after A&P

2,577

47.1%

2,315

46.4%

(261)

-10%

(87)

-3.4%

12

0%

(187)

-7%

Profit from recurring operations

1,788

32.7%

1,595

32.0%

(193)

-11%

(42)

-2.4%

4

0%

(155)

-9%

 
Americas
 
(€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

1,461

100.0%

1,402

100.0%

(59)

-4%

22

2%

47

3%

(128)

-9%

Gross margin after logistics costs

986

67.5%

909

64.8%

(77)

-8%

3

0%

22

2%

(103)

-10%

Advertising & promotion

(285)

19.5%

(250)

17.8%

35

-12%

18

-6%

(4)

2%

21

-8%

Contribution after A&P

701

48.0%

659

47.0%

(43)

-6%

21

3%

18

3%

(81)

-12%

Profit from recurring operations

486

33.3%

459

32.7%

(27)

-6%

27

5%

11

2%

(65)

-13%

 
Asia / Rest of the World
 
(€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

2,415

100.0%

2,127

100.0%

(288)

-12%

(148)

-6%

1

0%

(140)

-6%

Gross margin after logistics costs

1,442

59.7%

1,232

57.9%

(211)

-15%

(120)

-8%

(3)

0%

(87)

-6%

Advertising & promotion

(341)

14.1%

(291)

13.7%

50

-15%

35

-10%

0

0%

15

-4%

Contribution after A&P

1,101

45.6%

940

44.2%

(161)

-15%

(86)

-8%

(3)

0%

(72)

-7%

Profit from recurring operations

833

34.5%

674

31.7%

(159)

-19%

(95)

-11%

(4)

0%

(60)

-7%

 
Europe
 
(€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D)

1,598

100.0%

1,456

100.0%

(142)

-9%

(83)

-5%

(8)

0%

(52)

-3%

Gross margin after logistics costs

991

62.0%

881

60.5%

(110)

-11%

(71)

-7%

(2)

0%

(37)

-4%

Advertising & promotion

(216)

13.5%

(164)

11.3%

52

-24%

49

-23%

(1)

0%

3

-2%

Contribution after A&P

775

48.5%

717

49.2%

(58)

-7%

(22)

-3%

(2)

0%

(34)

-4%

Profit from recurring operations

468

29.3%

461

31.7%

(7)

-1%

26

5%

(3)

-1%

(30)

-6%

Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group

Foreign Exchange Impact

Forex impact H1 FY21
(€ millions)
Average rates evolution On Net Sales On Profit from Recurring Operations
H1 FY20 H1 FY21 %
US dollar USD

1.11

1.18

6.5%

(79)

(40)

Russian rouble RUB

71.19

88.61

24.5%

(33)

(24)

Turkish Lira TRL

6.36

8.94

40.5%

(20)

(20)

Indian rupee INR

78.59

87.48

11.3%

(59)

(18)

Chinese yuan CNY

7.80

7.99

2.5%

(17)

(12)

Pound sterling GBP

0.88

0.90

2.6%

(5)

4

Other

(106)

(46)

Total

(320)

(155)

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 +10
Financial expenses

(2)

Pre-tax profit from recurring operations +9
 
 
 
Impact on the balance sheet (€ millions)
Increase/(decrease) in net debt +38
 
(1) Full-year effect

Balance Sheet

Assets 30/06/2020 12/31/2020
(€ millions)
(Net book value)
Non-current assets
Intangible assets and goodwill

16,576

15,953

Tangible assets and other assets

3,699

3,867

Deferred tax assets

1,678

1,578

Total non-current assets

21,953

21,398

 
Current assets
Inventories

6,167

6,139

aged work-in-progress

5,084

5,135

non-aged work-in-progress

76

72

other inventories

1,006

932

Receivables (*)

906

1,829

Trade receivables

862

1,758

Other trade receivables

44

70

Other current assets

323

299

Other operating current assets

317

293

Tangible/intangible current assets

6

5

Tax receivable

142

133

Cash and cash equivalents and current derivatives

1,947

1,964

Total current assets

9,485

10,363

 
Assets held for sale

87

11

 
Total assets

31,525

31,772

 
(*) after disposals of receivables of:

513

750

 
 
Liabilities and shareholders’ equity 30/06/2020 12/31/2020
(€ millions)
 
Group Shareholders’ equity

13,968

14,435

Non-controlling interests

243

244

of which profit attributable to non-controlling interests

21

18

Total Shareholders’ equity

14,211

14,679

 
Non-current provisions and deferred tax liabilities

3,511

3,424

Bonds non-current

8,599

8,680

Lease liabilities – non current

433

409

Non-current financial liabilities and derivative instruments

192

82

Total non-current liabilities

12,735

12,595

 
Current provisions

222

187

Operating payables

1,877

2,345

Other operating payables

1,016

753

of which other operating payables

633

704

of which tangible/intangible current payables

383

49

Tax payable

232

349

Bonds – current

723

237

Lease liabilities – current

88

103

Current financial liabilities and derivatives

404

523

Total current liabilities

4,563

4,497

 
Liabilities held for sale

16

0

Total liabilities and shareholders’ equity

31,525

31,772

Analysis of Working Capital Requirement

(€ millions) June
2019
December
2019
June
2020
December
2020
H1 FY20 WC change* H1 FY21 WC change*
 
Aged work in progress

4,788

5,047

5,084

5,135

123

67

Advances to suppliers for wine and ageing spirits

12

13

19

10

1

(8)

Payables on wine and ageing spirits

(105)

(182)

(108)

(161)

(77)

(47)

Net aged work in progress

4,695

4,878

4,995

4,984

47

11

 
Trade receivables before factoring/securitization

1,842

2,928

1,375

2,508

1,070

1,173

Advances from customers

(24)

(17)

(38)

(18)

7

19

Other receivables

338

340

343

354

(20)

27

Other inventories

889

923

1,006

932

15

(62)

Non-aged work in progress

79

76

76

72

(3)

(2)

Trade payables and other

(2,717)

(2,951)

(2,364)

(2,870)

(206)

(554)

Gross operating working capital

405

1,299

398

978

864

601

 
Factoring/Securitization impact

(674)

(827)

(513)

(750)

(143)

(246)

Net Operating Working Capital

(269)

472

(115)

227

721

355

 
Net Working Capital

4,427

5,350

4,879

5,211

768

366

 
* at average rates Of which recurring variation

763

350

Of which non recurring variation

5

16

Net Debt

(€ millions) 30/06/2020 12/31/2020
Current Non-current Total Current Non-current Total
Bonds

723

8,599

9,322

237

8,680

8,917

Syndicated loan

Commercial paper

299

299

232

232

Other loans and long-term debts

81

192

273

275

82

357

Other financial liabilities

380

192

572

507

82

589

Gross Financial debt

1,103

8,791

9,894

744

8,762

9,506

Fair value hedge derivatives – assets

(3)

(40)

(44)

(30)

(30)

Fair value hedge derivatives – liabilities

Fair value hedge derivatives

(3)

(40)

(44)

(30)

(30)

Net investment hedge derivatives – assets

(13)

(13)

(53)

(53)

Net investment hedge derivatives – liabilities

Net investment hedge derivatives

(13)

(13)

(53)

(53)

FINANCIAL DEBT AFTER HEDGING

1,100

8,737

9,837

744

8,679

9,423

Cash and cash equivalents

(1,935)

(1,935)

(1,955)

(1,955)

NET FINANCIAL DEBT EXCLUDING LEASE DEBT

(835)

8,737

7,902

(1,212)

8,679

7,468

Lease Debt

88

433

522

103

409

513

NET FINANCIAL DEBT

(747)

9,171

8,424

(1,108)

9,089

7,980

Change in Net Debt

(€ millions)

12/31/2019

12/31/2020

 
Operating profit

1,636

1,534

Depreciation and amortisation

174

179

Net change in impairment of goodwill, PPE and intangible assets

8

6

Net change in provisions

75

(31)

Changes in fair value on commercial derivatives, biological assets and investments

(3)

(5)

Net (gain)/loss on disposal of assets

(7)

2

Share-based payments

21

15

Self-financing capacity before interest and tax

1,903

1,699

Decrease / (increase) in working capital requirements

(768)

(364)

Net interest and tax payments

(401)

(347)

Net acquisitions of non financial assets and others

(164)

(153)

Free Cash Flow

570

835

of which recurring Free Cash Flow

627

995

Net acquitions of financial assets and activities and others

(540)

(33)

Dividends paid

(843)

(699)

(Acquisition) / Disposal of treasury shares and others

(228)

(25)

Decrease / (increase) in net debt (before currency translation adjustments)

(1,041)

78

Foreign currency translation adjustment

(36)

406

Non cash impact on lease liabilities

(531)

(40)

Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)

(1,608)

443

Initial net debt

(6,620)

(8,424)

Final net debt

(8,228)

(7,980)

Net Debt Maturity at 31 December 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 31st December, of which €3.4bn undrawn credit lines

Gross debt after hedging at 31st December 2020 (excluding lease liabilities):

  • 5% floating rate and 95% fixed rate
  • 58% in EUR and 41% in USD

FY21 maturity includes US$201m reimbursed at maturity on 26th January 2021

Bond details at 31 December 2020

Currency

Par value

Coupon

Issue date

Maturity date

 

 

 

 

EUR

€ 500 m

1.875%

9/28/2015

9/28/2023

€ 1,500 m o/w:

 

 

 

€ 500 m

0.000%

10/24/2019

10/24/2023

€ 500 m

0.500%

10/24/2027

€ 500 m

0.875%

10/24/2031

€ 650 m

2.125%

9/29/2014

9/27/2024

€ 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

€ 600 m

1.500%

5/17/2016

5/18/2026

 

 

 

 

USD

$ 201 m

Libor 6m + spread

1/26/2016

1/26/2021

$ 1,650 m o/w:

 

1/12/2012

 

$ 800 m

4.250%

7/15/2022

$ 850 m

5.500%

1/15/2042

$ 600 m

3.250%

6/8/2016

6/8/2026

$ 2,000 m o/w:

 

 

 

€ 600 m

1.250%

10/1/2020

4/1/2028

€ 900 m

1.625%

4/1/2031

€ 500 m

2.750%

10/1/2050

Note: US$201m reimbursed at maturity on 26th January 2021

Net Debt / EBITDA ratio evolution

Closing rate

Average rate(1)

EUR/USD rate Jun FY20 -> Dec FY21

1.12 -> 1.23

1.11 -> 1.14

Ratio at 30/06/2020

3.2

3.2

EBITDA & cash generation excl. Group structure effect(2) and forex impacts

0.0

0.0

Group structure(2) and forex impacts

0.1

0.2

Ratio at 31/12/2020

3.3

3.4 (3)

(1) Last-twelve-month rate
(2) Including IFRS16 impact
(3) Syndicated credit leverage ratio restated from IFRS16 is 3.3

Diluted Earnings Per Share (EPS) calculation

(x 1,000)

H1 FY20

H1 FY21

Number of shares in issue at end of period

265,422

261,877

Weighted average number of shares in issue (pro rata temporis)

265,422

262,315

Weighted average number of treasury shares (pro rata temporis)

(1,462)

(1,654)

Dilutive impact of stock options and performance shares

1,303

816

Number of shares used in diluted EPS calculation

265,263

261,478

(€ millions and €/share)

H1 FY20

H1 FY21

reported

Group share of net profit from recurring operations

1,216

1,087

-10.6%

Diluted net earnings per share from recurring operations

4.58

4.16

-9.3%

Upcoming Communications

Date1

Event

9 March 2021, 3pm CET

North America conference call

22 April 2021, 9am CET

Q3 FY21 Sales conference call

25 May 2021, 3pm CET

Sustainability & Responsibility conference call

22 June 2021

Asia conference call

1 The above dates are indicative and are liable to change


1 PRO: Profit from Recurring Operations

2 Recurring Operating Cash Flow / PRO

3 Based on average EUR/USD rates: 1.14 in calendar year 2020

costaalegrerestaurant.com | Newsphere by AF themes.