Pernod Ricard at a glance | 2 |
1. Extracts from the integrated annual report | 5 |
Message from Alexandre Ricard | 7 |
One year of convivial moments | 10 |
Our history | 12 |
Our decentralised organisation | 14 |
Our brand portfolio | 16 |
Our Mindset for Growth: Conviviality | 18 |
Our strategy: long-term sustainable growth | 20 |
Our growth model: The Conviviality Platform | 22 |
Our foundations: people and performance | 24 |
Our Sustainability & Responsibility roadmap: strengthening our business | 26 |
Our value creation model | 28 |
Our key financial figures | 30 |
Our key non-financial figures | 31 |
Our Board of Directors | 32 |
Our Executive Board & Executive Committee | 34 |
2. Corporate governance | 37 |
2.1 Our Board of Directors (on 30 June 2022) | 38 |
2.2 Summary of the composition of the Board of Directors | 39 |
2.3 Duties performed by the Directors | 40 |
2.4 Governance structure | 49 |
2.5 Composition of the Board of Directors | 51 |
2.6 Structure and operation of the Board of Directors | 58 |
2.7 Structure and operations of the Committees | 61 |
2.8 Compensation report | 65 |
2.9 Financial authorisations and delegations | 90 |
2.10 Share buyback programme | 93 |
2.11 Items liable to have an impact in the event of a public offer | 96 |
2.12 General Meetings and attendance procedures | 96 |
2.13 Management structure | 98 |
3. Sustainability & Responsibility | 101 |
3.1 Pernod Ricard brings good times from a good place | 102 |
3.1.1 A strategy built around a vision: “Créateurs de convivialité” | 102 |
3.1.2 A robust governance structure | 103 |
3.2 The main sustainability risks and opportunities | 104 |
3.2.1 Presentation of the methodology | 104 |
3.2.2 Key risks and opportunities | 104 |
3.3 The four pillars of the Good Times from a Good Place roadmap | 108 |
3.3.1 Nurturing Terroir | 108 |
3.3.2 Valuing People | 113 |
3.3.3 Circular making | 124 |
3.3.4 Responsible Hosting | 137 |
3.4 Ethics & compliance | 143 |
3.4.1 The Group’s ethical practices | 143 |
3.4.2 Presentation and implementation of the Duty of Care | 147 |
3.4.3 EU Taxonomy | 155 |
3.5 Reference table for the United Nations Sustainable Development Goals (SDGs) | 157 |
3.6 Methodology note and third-party verification | 158 |
3.6.1 Methodology note on non-financial reporting | 158 |
3.6.2 Statutory Auditor’s report | 162 |
4. Risk management | 165 |
4.1 Internal control and risk management | 166 |
4.1.1 Definition of internal control | 166 |
4.1.2 Description of the internal control environment | 166 |
4.2 Risk factors | 168 |
4.2.1 Description of key risk factors | 170 |
4.3 Insurance and risk coverage | 185 |
4.3.1 Insurance policies | 185 |
4.3.2 Coverage | 185 |
4.3.3 Means put in place by the Group to manage the consequences of a claim, in particular in the event of an industrial accident | 186 |
4.4 Risks and disputes: provisioning procedure | 186 |
4.5 Financial and accounting information | 186 |
4.5.1 Preparation of the Group’s consolidated financial statements | 186 |
4.5.2 Preparation of Pernod Ricard’s separate financial statements | 186 |
5. Management report | 187 |
5.1 Key figures from the consolidated financial statements for the year ended 30 June 2022 | 188 |
5.1.1 Income statement | 188 |
5.1.2 Balance sheet | 188 |
5.1.3 Net financial debt | 189 |
5.1.4 Cash Flow statement | 189 |
5.2 Analysis of business activity and results | 190 |
5.2.1 Presentation of results | 190 |
5.2.2 Organic net sales growth of Strategic International Brands | 191 |
5.2.3 Contribution after advertising and promotion expenses | 192 |
5.2.4 Profit from recurring operations | 192 |
5.2.5 Financial income/(expense) from recurring operations | 192 |
5.2.6 Group share of net profit from recurring operations | 192 |
5.2.7 Group share of net profit | 192 |
5.3 Net debt | 193 |
5.4 Outlook | 193 |
5.5 Definitions and reconciliation of non-IFRS measures to IFRS measures | 194 |
5.5.1 Organic growth | 194 |
5.5.2 Free Cash Flow | 194 |
5.5.3 “Recurring” indicators | 194 |
5.5.4 Net debt | 194 |
5.5.5 EBITDA | 194 |
5.6 Material contracts | 195 |
5.6.1 Significant contracts not related to financing | 195 |
5.6.2 Financing contracts | 195 |
6. Annual consolidated financial statements | 199 |
6.1 Annual consolidated income statement | 200 |
6.2 Consolidated statement of comprehensive income | 201 |
6.3 Consolidated balance sheet | 202 |
6.4 Statement of changes in annual consolidated shareholder equity | 204 |
6.5 Annual consolidated cash flow statement | 205 |
6.6 Notes to the consolidated financial statements | 206 |
6.7 Statutory Auditors’ report on the consolidated financial statements | 254 |
7. Pernod Ricard SA separate financial statements | 259 |
7.1 Pernod Ricard SA income statement | 260 |
For the financial years ended 30 June 2021 and 30 June 2022 | 260 |
7.2 Pernod Ricard SA balance sheet | 261 |
For the financial years ended 30 June 2021 and 30 June 2022 | 261 |
7.3 Pernod Ricard SA cash flow statement | 263 |
For the financial years ended 30 June 2021 and 30 June 2022 | 263 |
Note: Presentation of cash flow statement | 263 |
7.4 Analysis of Pernod Ricard SA income statement and balance sheet | 264 |
7.4.1 Relations between the Parent Company and its affiliates | 264 |
7.4.2 Income statement and balance sheet as at 30 June 2022 | 264 |
7.5 Notes to the Pernod Ricard SA separate financial statements | 265 |
7.6 Other items relating to the financial statements | 277 |
7.7 Financial income/(expense) over the last five financial years | 279 |
7.8 Dividends paid over the last five financial years | 279 |
7.9 Inventory of marketable securities | 280 |
7.10 Statutory Auditors’ report on the annual financial statements | 281 |
7.11 Statutory Auditors’ special report on regulated agreements | 284 |
8. Annual Ordinary General Meeting | 285 |
8.1 Agenda – Annual Ordinary General Meeting on 10 November 2022 | 286 |
8.2 Presentation of the resolutions of the Annual Ordinary General Meeting on 10 November 2022 | 286 |
8.3 Draft resolutions of the Annual Ordinary General Meeting on 10 November 2022 | 288 |
9. About the Company and its share capital | 293 |
9.1 Information about Pernod Ricard | 294 |
9.1.1 Company name and trading name | 294 |
9.1.2 Registered office and website | 294 |
9.1.3 Legal form | 294 |
9.1.4 Applicable law | 294 |
9.1.5 Date of formation and duration | 294 |
9.1.6 The issuer’s objects and purposes | 294 |
9.1.7 RCS registration number, NAF business activity code and LEI code | 294 |
9.1.8 Financial year | 295 |
9.1.9 Entitlement to dividends – Entitlement to share in the issuer’s profits | 295 |
9.1.10 Changes in the share capital and the rights attached to shares | 295 |
9.1.11 The Statutory Auditors | 295 |
9.2 Information about the share capital | 296 |
9.2.1 Amount of paid-up capital at 30 June 2022 | 296 |
9.2.2 Shares not representing capital | 296 |
9.2.3 Contingent share capital | 296 |
9.2.4 Changes in the share capital over the last five years | 297 |
9.2.5 Changes in voting rights over the last five years | 297 |
9.2.6 Breakdown of share capital and voting rights on 30 June 2022 | 298 |
9.2.7 Stock market information on Pernod Ricard shares | 301 |
9.2.8 Other legal information | 301 |
10. Additional information in the universal registration document | 303 |
10.1 Persons responsible | 304 |
10.1.1 Names and positions | 304 |
10.1.2 Declaration by the person responsible for the universal registration document and the annual financial report | 304 |
10.2 Documents on display | 304 |
10.3 Reference tables | 305 |
10.3.1 Universal registration document | 305 |
10.3.2 Management report | 307 |
10.3.3 Report on corporate governance | 308 |
10.3.4 Annual financial report | 308 |
10.3.5 Management reports, Parent Company financial statements, Group consolidated financial statements and Statutory Auditors’ reports for financial years ended 30 June 2022 and 30 June 2021 | 308 |