Pernod ricard financial analysis 2010

5654 mots 23 pages
Financial Analysis Pernod Ricard
Financial Statement and Business Analysis November the 9th 2010

M. Autret T. Bourlière C. Fraquelli G. Garcia Huertas M. Leoni

Financial Analysis
November 9th 2010

Company overview
A global leader Pernod Ricard is the world’s co-leader in wines and spirits with consolidated sales of € 7,081 million in 2009/10. Since its creation in 1975, Pernod Ricard has undergone steady development, founded on both organic growth and successive acquisitions. The purchase of Allied Domecq (2005) and V&S in July 2008 is the most recent sign of the Group’s worldwide ambitions that has become the 2nd largest spirits producer only 0.2% behind Diageo

Strategic objectives Pernod Ricard's undoubted aim is to become the world's leading wine & spirits company if not by volume, certainly by value sales. Following the acquisition of most of Allied Domecq's brand portfolio and V&S the company is now the second to Diageo in both volume & value terms in spirits and moved from the top 20 to the top 10 in wine. With net sales currently around 70% of Diageo's it has some way to go, although the latter's sales include beer. Pernod Ricard has laid out three major strategic objectives:  Premiumise the portfolio  Focus on strategic brands  Develop in emerging markets. Pernod Ricard’s strong global distribution & portfolio of premium brands is in very strong position to exploit dynamic growth in emerging markets & continue to benefit from good growth in core markets.

2009/ 2010 Results
1Organic growth in sales (+2%): € 7,081 million
 Profit from recurring operations (+4%) Significant reinvestment to support brands  Increase in marketing investment: € 1,262 million (+2%, organic growth +5%) Further key stage in debt reduction  Marked improvement in Net Debt / EBITDA ratio (on average foreign exchange rates): 4.9 at 30 June 2010 vs 5.4 at 30 June 2009 Strong cash generation  Free Cash Flow from recurring operations € 1,160 million

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