Pernod-Ricard Aktie
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Pernod Ricard: FY19 Half-year Sales and Results

Donnerstag, 07.02.19 07:30
Pernod Ricard: FY19 Half-year Sales and Results
Bildquelle: fotolia.com
PARIS –

Regulatory News:

Press release - Paris, 7 February 2019

Pernod Ricard (Paris:RI):

VERY GOOD H1 FY19

+7.8% ORGANIC SALES GROWTH (+5.0% REPORTED)

+12.8% ORGANIC GROWTH IN PRO1 (+10.6% REPORTED)

+11% NET PROFIT FROM RECURRING OPERATIONS2

CONTINUED DELEVERAGING: NET DEBT / EBITDA AT 2.6X3

UPGRADE OF FY19 GUIDANCE4:

ORGANIC GROWTH IN PRO BETWEEN +6% AND +8%

FY19-21 PLAN “TRANSFORM & ACCELERATE”:

SALES +4 TO +7% WITH OPERATING LEVERAGE OF C. 50-60 BPS PER ANNUM

SALES

Sales for H1 FY19 totalled €5,185m, with organic growth of +7.8% and reported growth of +5.0%, due to negative FX.

Growth continued to be dynamic, thanks to the consistent implementation of the medium-term growth and operational excellence roadmap:

  • good diversified growth
  • strong price / mix, in particular on the Strategic International Brands
  • positive impact of earlier Chinese New Year5 which will unwind in H2
  • significant progress on FY16-20 Operational Excellence roadmap: expectation is to complete €200m P&L savings by end June 2019, one year ahead of plan

Strong dynamism reflected consistent long-term investment:

  • Americas: robust growth +4%, with USA growing broadly in line with market
  • Asia-Rest of World: strong acceleration +16%, thanks to China and India (with both markets further enhanced by technical factors5) and Africa Middle-East
  • Europe: stable overall, with continued momentum in Eastern Europe but contrasted performance in Western Europe

Very strong performance across portfolio, with strong price/mix at +2.3%:

  • Strategic International Brands: +10%, strong growth driven by Martell, Jameson, Scotch, Gin and Champagne and very good price/mix effect (+5.9%)
  • Strategic Local Brands: +11%, acceleration thanks to Seagram’s Indian whiskies (including positive pricing)
  • Specialty Brands: +11% with very strong growth of Lillet, Monkey 47 and Altos
  • Strategic Wines: -8%, due to implementation of value strategy and high comparison basis on Campo Viejo (+23% in H1 FY18.)

Q2 Sales were €2,798m, with +5.6% organic growth (+3.2% reported), following a Q1 that was enhanced by phasing and the comparison base.

H2 growth is expected to moderate due to Martell sustainable growth management, wholesaler inventory optimisation in USA and a commercial dispute in France and Germany.

________________________

1 PRO: Profit from Recurring Operations

2 Reported Group share

3 Based on average EUR/USD rates: 1.18 in 2018 vs. 1.13 in 2017

4 Guidance given to market on 29 August 2018 of organic PRO growth between +5% and +7%

5 CNY: Chinese New Year on 5 Feb 2019 vs. 16 Feb 2018; India: low comparison basis due to lapping highway ban in Q1 FY18

RESULTS

H1 FY19 PRO6 was €1,654m, with organic growth of +12.8% and +10.6% reported. For full-year FY19, the FX impact on PRO is estimated at c. +€30m7.

The H1 organic PRO margin was up very significantly, by +148bps, thanks to:

  • very strong topline growth
  • Gross margin expansion +71bps, partially favoured by earlier CNY
    • improved pricing driven by Martell, Seagram’s Indian Whiskies, Chivas, Jameson and Perrier-Jouët
    • negative mix impact due to acceleration of Seagram’s Indian Whiskies, although their margin is improving
    • COGS inflationary pressure mostly offset by Operational excellence initiatives
  • A&P: +5% with reduction in A&P ratio due to H1/H2 phasing
  • Structure cost discipline: +5%.

H2 margin to be softer due to managing Martell growth sustainability, finished goods’ inventory optimisation in USA and A&P phasing.

The H1 FY19 corporate income tax rate on recurring items was c.25%; the rate is expected at c. 26% for full-year FY19.

Group share of Net PRO1 was €1,105m, +11% reported vs. H1 FY18, thanks mainly to excellent improvement in PRO.

Group share of Net profit was €1,023m, -11% reported vs. H1 FY18, despite excellent improvement in PRO due to lapping positive non-recurring items in H1 FY18 (one-off Scotch bulk sale, tax reimbursement and re-evaluation of deferred tax pursuant to the USA tax reform.)

FREE CASH FLOW AND DEBT

Free Cash Flow was €585m, in decline vs. H1 FY18, due to positive non-recurring one-offs in H1 FY18.

Net debt decreased by €152m vs. H1 FY18 to €7,223m at 31 December 2018 despite the €93m increase in the dividend payment. The Net Debt/EBITDA ratio at average rates8 was down significantly to 2.6x at 31 December 2018.

The average cost of debt was 3.8% for H1 FY19 and expected at c. 3.9% for full year FY19.

__________________________

6 PRO: Profit from Recurring Operations; A&P: Advertising & Promotional expenditure

7 Based on average FX rates projected on 24 January 2019, particularly a EUR/USD rate of 1.14

8 Based on average EUR/USD rates: 1.18 in 2018 vs. 1.13 in 2017

TRANSFORM & ACCELERATE 3-YEAR PLAN

“Transform & Accelerate” started in FY19 with the objective of embedding dynamic growth and improving operational leverage, in line with the objective of maximising long term value creation.

FY19-21 ambition:

  • +4% to +7% topline growth, leveraging key competitive advantages and consistent investment behind key priorities
  • focus on pricing and building on operational excellence initiatives, with new plan aiming at delivering additional savings of €100m by FY21
  • strong A&P investment, maintained at c.16% of Sales, with careful arbitration to support must-win brands and markets while stimulating innovation
  • discipline on Structure costs, investing in priorities while maintaining agile organisation, with growth below topline growth rates
  • Operating leverage of c.50-60 bps, provided topline is in +4 to +7% bracket.

REMINDER OF FINANCIAL POLICY

  • progressively increase dividend distribution to c. 50% of Net profit from Recurring Operations by FY20 (NB FY18 dividend at 41%)
  • commitment to active portfolio management and value-creating M&A while retaining investment grade rating.

As part of this communication, Alexandre Ricard, Chairman and Chief Executive Officer, declared,

H1 FY19, the first semester of our new Transform & Accelerate 3-year plan, was very strong. While enhanced by phasing, it confirms the acceleration of our growth, resulting from our long-term investment strategy.

For full year FY19, in an environment that remains uncertain, we aim to continue dynamic and diversified growth across our regions and brands. By the end of June 2019, we will have completed our operational excellence plan announced in 2016, delivering €200m of P&L savings one year ahead of plan.

We are increasing our guidance for FY19 organic growth in Profit from Recurring Operations to between +6% and +8% while improving operating leverage by c. 50bps. We will continue to roll out our strategic plan, focused on investing for sustainable and profitable long-term growth.”

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 FY19 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the half-year financial statements. The Statutory Auditors’ report will be issued following their review of the management report.

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 world’s n°2 in wines and spirits with consolidated Sales of €8,987m in FY18. Created in 1975 by the merger of Ricard and Pernod, the Group has undergone sustained development, based on both organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard holds one of the most prestigious brand portfolios in the sector: 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 employs a workforce of approximately 18,900 people and operates through a decentralised organisation, with 6 “Brand Companies” and 86 “Market Companies” established in each key market. Pernod Ricard is strongly committed to a sustainable development policy and encourages responsible consumption. Pernod Ricard’s strategy and ambition are based on 3 key values that guide its expansion: entrepreneurial spirit, mutual trust and a strong sense of ethics.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN code: FR0000120693) and is part of the CAC 40 index.

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 FY19

  Organic Sales growth

H1 FY19

  Volumes   Price/mix
(in 9Lcs millions)
 
Absolut 6.2 -1% -2% 1%
Chivas Regal 2.6 7% 2% 5%
Ballantine's 4.3 8% 8% 0%
Ricard 2.5 5% 6% -1%
Jameson 4.3 8% 6% 2%
Havana Club 2.5 1% 2% -2%
Malibu 1.8 -5% -6% 1%
Beefeater 1.7 9% 10% -1%
Martell 1.7 23% 15% 8%
The Glenlivet 0.7 11% 10% 1%
Royal Salute 0.1 15% 15% 0%
Mumm 0.5 2% 0% 2%
Perrier-Jouët 0.2 12% 5% 7%
Strategic International Brands 29.1 10% 4% 6%
 

Sales Analysis by Period and Region

Net Sales

(€ millions)

      H1 FY18       H1 FY19       Change       Organic Growth       Group Structure       Forex impact
           
Americas 1,369 27.7% 1,389 26.8% 20 1% 51 4% (5) 0% (26) -2%
Asia / Rest of World 2,015 40.8% 2,266 43.7% 251 12% 323 16% (0) 0% (73) -4%
Europe 1,552   31.4% 1,530   29.5% (23)   -1% 4   0% (9)   -1% (17)   -1%
World 4,937   100.0% 5,185   100.0% 248   5% 378   8% (14)   0% (115)   -2%
 
             
Net Sales

(€ millions)

Q1 FY18 Q1 FY19 Change Organic Growth Group Structure Forex impact
 
Americas 639 28.7% 636 26.6% (3) 0% 15 2% (3) 0% (15) -2%
Asia / Rest of World 916 41.1% 1,084 45.4% 169 18% 208 23% (0) 0% (39) -4%
Europe 671   30.2% 667   27.9% (4)   -1% 7   1% (4)   -1% (8)   -1%
World 2,226   100.0% 2,387   100.0% 161   7% 230   10% (7)   0% (62)   -3%
 
                                     
Net Sales

(€ millions)

Q2 FY18
P.S.: Pernod-Ricard ist eine Champions-Aktie aus dem boerse.de-Aktienbrief und hat seit der Erstempfehlung 191% gewonnen. Die aktuelle Aktienbrief-Ausgabe können Sie hier kostenlos downloaden…


Quelle: Business Wire

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