PERNOD-RICARD - URD 2020-21

First page Table of contents Next page Last page

PERNOD RICARD AT A GLANCE	2
1. EXTRACTS FROM THE INTEGRATED ANNUAL REPORT	5
Message from the Chairman & Chief Executive Officer	6
Our history	12
Our decentralised organisation	14
Our Mindset, our purpose	16
Our brand portfolio	18
Becoming a conviviality platform	20
Our S&R roadmap	24
Some of this year's highlights	26
Our Board of Directors	28
Our Executive Board & Executive Committee	30
Our value creation model	32
Our key financial	34
2. CORPORATE GOVERNANCE	37
Report of the Board of Directors on corporate governance	38
2.1 Composition of the Board of Directors on 30 June 2021	38
2.2 Overview of the composition of the Board of Directors and its Committees	39
2.3 Duties performed by the Directors	40
2.4 Governance Structure	48
2.5 Composition of the Board of Directors	50
2.6 Structure and operation of the Board of Directors	56
2.7 Structure and operation of the Committees	59
2.8 Compensation policy	63
2.9 Financial authorisations and delegations	88
2.10 Share buyback programme	90
2.11 Items liable to have an impact in the event of a public offer	93
2.12 Shareholders’Meetings and attendance procedures	93
2.13 Management structure	95
3. SUSTAINABILITY & RESPONSIBILITY	97
3.1 Pernod Ricard brings Good Times froma Good Place	98
3.1.1 A strategy centred around a vision: “Créateurs de convivialité”	98
3.1.2 A robust governance structure	99
3.2 Themain sustainability risks and opportunities	100
3.2.1 Presentation of themethodology	100
3.2.2 The eight risks and opportunities identified	100
3.3 The four pillars of the Good Times from a Good Place roadmap	103
3.3.1 Nurturing Terroir	103
3.3.2 Valuing People	108
3.3.3 CircularMaking	117
3.3.4 ResponsibleHosting	127
3.4 Ethics & compliance	132
3.4.1 The Group’s ethical practices	132
3.4.2 Presentation, implementation and monitoring of the duty of care	135
3.5 Reference table for the United Nations Sustainable Development Goals (SDGs)	141
3.6 Methodology note and third-party verification	142
3.6.1 Methodology note relating to non-financial reporting	142
3.6.2 Statutory Auditor’s report	145
4. RISK MANAGEMENT	149
4.1 Internal control and risk management	150
4.1.1 Definition of internal control	150
4.1.2 Description of the internal control environment	150
4.2 Risk factors	152
4.2.1 Impact of the Covid-19 pandemic on Pernod Ricard’s key risk factors and outlook	153
4.2.2 Description of key risk factors	154
4.3 Insurance and risk coverage	170
4.3.1 Insurance policies	170
4.3.2 Coverage	170
4.3.3 Resources provided by the Group tomanage the consequences of a claim, especially in the case of an industrial accident	171
4.4 Risks and disputes: provisioning procedure	171
4.5 Financial and accounting information	171
4.5.1 Preparation of the Group’s consolidated financial statements	171
4.5.2 Preparation of Pernod Ricard’s Parent Company financial statements	171
5. MANAGEMENT REPORT	173
5.1 Key figures fromthe consolidated financial statements for the year ended 30 June 2021	174
5.1.1 Income statement	174
5.1.2 Balance sheet	174
5.1.3 Net financial debt	175
5.1.4 Cash Flow statement	175
5.2 Analysis of business activity and results	176
5.2.1 Presentation of results	176
5.2.2 Organic net sales growth of Strategic International Brands	177
5.2.3 Contribution after advertising and promotion	178
5.2.4 Profit fromrecurring operations	178
5.2.5 Financial income/(expense) from recurring operations	178
5.2.6 Group share of net profit from recurring operations	178
5.2.7 Group share of net profit	178
5.3 Net debt	179
5.4 Outlook	179
5.5 Recent developments	180
5.6 Definitions and reconciliation of non-IFRSmeasures to IFRS measures	180
5.6.1 Organic growth	180
5.6.2 Free Cash Flow	180
5.6.3 “Recurring” indicators	180
5.6.4 Net debt	180
5.6.5 EBITDA	180
5.7 Material contracts	181
5.7.1 Significant contracts not related to financing	181
5.7.2 Financing contracts	181
6. CONSOLIDATED FINANCIAL STATEMENTS	185
6.1 Consolidated income statement	186
6.2 Consolidated statement of comprehensive income	187
6.3 Consolidated balance sheet	188
6.4 Changes in consolidated shareholders’ equity	190
6.5 Consolidated cash flow statement	191
6.6 Notes to the consolidated financial statements	192
6.7 Statutory Auditors’ report on the consolidated financial statements	240
7. PERNOD RICARD SA FINANCIAL STATEMENTS	245
7.1 Pernod Ricard SA income statement	246
For the financial years ended 30 June 2020 and 30 June 2021	246
7.2 Pernod Ricard SA balance sheet	247
For the financial years ended 30 June 2020 and 30 June 2021	247
7.3 Pernod Ricard SA cash flow statement	249
For the financial years ended 30 June 2020 and 30 June 2021	249
Note: Presentation of cash flow statement	249
7.4 Analysis of Pernod Ricard SA results and balance sheet	250
7.4.1 Relations between the Parent Company and its affiliates	250
7.4.2 Income statement and balance sheet as at 30 June 2021	250
7.5 Notes to the Pernod Ricard SA Parent Company financial statements	251
7.6 Other items relating to the financial statements	263
Expenses and charges referred to in article 223 quater of the CGI (French Tax Code)	263
Supplier payment deadlines	263
Trade receivable payment times	264
7.7 Financial results over the last five financial years	265
7.8 Dividends paid over the last five financial years	265
7.9 Inventory of marketable securities	266
7.10 Statutory Auditors’ report on the annual financial statements	267
7.11 Statutory Auditors’ special report on regulated agreements	270
8. COMBINED SHAREHOLDERS’ MEETING	271
8.1 Agenda – Combined Shareholders’ Meeting on 10 November 2021	272
8.1.1 Items on the agenda presented at the Ordinary Shareholders’ Meeting	272
8.1.2 Items on the agenda presented at the Extraordinary Shareholders’Meeting	272
8.2 Presentation of the resolutions of the Combined Shareholders’ Meeting on 10 November 2021	273
8.2.1 Resolutions presented at the Ordinary Shareholders’ Meeting	273
8.2.2 Resolutions presented at the Extraordinary Shareholders’Meeting	274
8.3 Draft resolutions of the Combined Shareholders’ Meeting on 10 November 2021	279
8.3.1 Resolutions presented at the Ordinary Shareholders’ Meeting	279
8.3.2 Resolutions presented at the Extraordinary Shareholders’Meeting	282
8.4 Statutory Auditors’ Report on the share capital decrease	295
8.5 Statutory Auditors’ report on the issue of ordinary shares and/or various securities with retention and/or cancellation of preferential subscription rights	296
8.6 Statutory Auditors’ report on the authorisation to grant free performance shares (existing or to be issued) to employees and executive officers	298
8.7 Statutory Auditors’ report on the authorization to grant free shares (existing or to be issued) to Group employees	299
8.8 Statutory Auditors’ report on the issuance of ordinary shares or securities granting access to share capital, reserved for employee members of company savings plans	300
8.9 Statutory Auditors’ report on the issuance of ordinary shares or securities granting access to share capital, with cancellation of preferential subscription rights	301
9. ABOUT THE COMPANY AND ITS SHARE CAPITAL	303
9.1 Information about Pernod Ricard	304
9.1.1 Company name and trading name	304
9.1.2 Registered office and website	304
9.1.3 Legal form	304
9.1.4 Applicable law	304
9.1.5 Date of formation and duration	304
9.1.6 Corporate purpose	304
9.1.7 RCS registration number, NAF business activity code and LEI code	304
9.1.8 Financial year	305
9.1.9 Entitlement to dividends – Entitlement to share in the issuer’s profits	305
9.1.10 Changes in the share capital and the rights attached to shares	305
9.1.11 The Statutory Auditors	305
9.2 Information about the share capital	306
9.2.1 Amount of paid-up capital at 30 June 2021	306
9.2.2 Shares not representing capital	306
9.2.3 Contingent share capital	306
9.2.4 Changes in the share capital over the last five years	307
9.2.5 Changes in voting rights over the last five years	307
9.2.6 Breakdown of share capital and voting rights on 30 June 2021	308
9.2.7 Stock market information on Pernod Ricard shares	311
9.2.8 Other legal information	311
10. ADDITIONAL INFORMATION IN THE UNIVERSAL REGISTRATION DOCUMENT	313
10.1 Persons responsible	314
10.1.1 Names and positions	314
10.1.2 Declaration by the person responsible for the universal registration document and the annual financial report	314
10.2 Documents on display	314
10.3 Reference tables	315
10.3.1 Universal registration document	315
10.3.2 Management report	317
10.3.3 Report on corporate governance	318
10.3.4 Annual financial report	318
10.3.5 Management reports, Parent Company financial statements, Group consolidated financial statements and Statutory Auditors’ reports for financial years ended 30 June 2020 and 30 June 2019	318

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