PERNOD RICARD - Universal Registration Document 2019-2020

First page Table of contents Next page Last page

Pernod Ricard at a glance	4
1. Extracts from the Integrated Annual Report	7
Message from the Chairman & Chief Executive Officer	8
Our history	10
Our decentralised organisation	12
Our Mindset, our purpose	14
Our brand portfolio	16
Our strategy ‘Transform & Accelerate’	18
Our S&R roadmap	20
Progress so far	22
Our Board of Directors	24
Our Executive Board & Executive Committee	26
Our value creation model	28
Our key financial figures	30
Our key non-financial figures	31
2. Corporate Governance	33
Report of the Board of Directors on corporate governance	34
2.1 Composition of the Board of Directors on 30 June 2020	34
2.2 Overview of the composition of the Board of Directors and its Committees	35
2.3 Duties performed by the Directors	36
2.4 Governance Structure	45
2.5 Composition of the Board of Directors	46
2.6 Structure and operation of the Board of Directors	52
2.7 Structure and operation of the Committees	55
2.8 Compensation policy	58
2.9 Financial authorisations and delegations	79
2.10 Share buyback programme	81
2.11 Items liable to have an impact in the event of a public offer	83
2.12 Shareholders’ Meetings and attendance procedures	84
2.13 Management structure	85
3. Sustainability & Responsibility	87
3.1 Pernod Ricard brings good times from a good place	88
3.1.1 A strategy centred around a vision: “Créateurs de convivialité”	88
3.1.2 A robust governance structure	89
3.2 The main sustainaibility risks and opportunities	90
3.2.1 Presentation of the methodology	90
3.2.2 The eight risks and opportunities identified	90
3.3 The four pillars of the good times from a good place roadmap	93
3.3.1 Nurturing Terroir	93
3.3.2 Valuing People	96
3.3.3 Circular Making	103
3.3.4 Responsible Hosting	114
3.4 Ethics & compliance	116
3.4.1 The Group’s ethical practices	116
3.4.2 Presentation and implementation of the Devoir de Vigilance	118
3.5 Reference table for the United Nations Sustainable Development Goals (SDGs)	121
3.6 Methodology note and third-party verification	122
3.6.1 Methodology note relating to non-financial reporting	122
3.6.2 Statutory Auditors' Report	125
4. Risk Management	129
4.1 Internal control and risk management	130
4.1.1 Definition of internal control	130
4.1.2 Description of the internal control environment	130
4.2 Risk factors	132
4.2.1 Impact of the Covid-19 pandemic on Pernod Ricard’s key risk factors and outlook	133
4.2.2 Description of key risk factors	134
4.3 Insurance and risk coverage	150
4.3.1 Insurance policies	150
4.3.2 Coverage	150
4.3.3 Resources provided by the Group to manage the consequences of a claim, especially in the case of an industrial accident	151
4.4 Risks and disputes: provisioning procedure	151
4.5 Financial and accounting information	151
4.5.1 Preparation of the Group’s consolidated financial statements	151
4.5.2 Preparation of Pernod Ricard’s parent company financial statements	151
5. Management Report	153
5.1 Key figures from the consolidated financial statements for the year ended 30 June 2020	154
5.1.1 Income statement	154
5.1.2 Balance sheet	154
5.1.3 Net financial debt	155
5.1.4 Cash flow statement	155
5.2 Analysis of business activity and results	155
5.2.1 Presentation of results	156
5.2.2 Organic net sales growth of Strategic International Brands	157
5.2.3 Contribution after advertising & promotion costs	158
5.2.4 Profit from recurring operations	158
5.2.5 Financial income/expense from recurring operations	158
5.2.6 Group net profit from recurring operations	158
5.2.7 Group net profit	158
5.3 Net debt	159
5.4 Outlook	159
5.5 Definitions and reconciliation of alternative performance indicators with IFRS indicators	160
5.5.1 Organic growth	160
5.5.2 Free Cash Flow	160
5.5.3 “Recurring” indicators	160
5.5.4 Net debt	160
5.5.5 EBITDA	160
5.6 Material contracts	160
5.6.1 Significant contracts not related to financing	160
5.6.2 Financing contracts	161
6. Consolidated Financial Statements	165
6.1 Consolidated income statement	166
6.2 Consolidated statement of comprehensive income	167
6.3 Consolidated balance sheet	168
6.4 Changes in consolidated shareholders’ equity	170
6.5 Consolidated cash flow statement	171
6.6 Notes to the consolidated financial statements	172
6.7 Statutory auditors’ report on the consolidated financial statements	220
7. Pernod Ricard SA Financial Statements	225
7.1 Pernod Ricard SA income statement	226
For the financial years ended 30 June 2019 and 30 June 2020	226
7.2 Pernod Ricard SA balance sheet	227
For the financial years ended 30 June 2019 and 30 June 2020	227
7.3 Pernod Ricard SA cash flow statement	229
For the financial years ended 30 June 2019 and 30 June 2020	229
7.4 Analysis of Pernod Ricard SA results and balance sheet	230
7.4.1 Relations between the Parent Company and its affiliates	230
7.4.2 Income statement and balance sheet as at 30 June 2020	230
7.5 Notes to the Pernod Ricard SA financial statements	232
7.6 Other items relating to the financial statements	244
7.7 Financial results over the last five financial years	246
7.8 Dividends paid over the last five financial years	246
7.9 Inventory of marketable securities	247
7.10 Statutory Auditors’ report on the financial statements	248
7.11 Statutory Auditors’ special report on regulated agreements	251
8. Combined Shareholders’ Meeting	253
8.1 Agenda – Combined Shareholders’ Meeting on 27 November 2020	254
8.1.1 Item on the agenda presented at the Extraordinary Shareholders’ Meeting	254
8.1.2 Items on the agenda presented at the Ordinary Shareholders’ Meeting	254
8.1.3 Items on the agenda presented at the Extraordinary Shareholders’ Meeting	254
8.2 Presentation of the resolutions of the Combined Shareholders’ Meeting on 27 November 2020	255
8.2.1 Resolution presented at the Extraordinary Shareholders’ Meeting	255
8.2.2 Resolutions presented at the Ordinary Shareholders’ Meeting	255
8.2.3 Resolutions presented at the Extraordinary Shareholders’ Meeting	257
8.3 Draft resolutions of the Combined Shareholders’ Meeting on 27 November 2020	259
8.3.1 Resolution presented at the Extraordinary Shareholders’ Meeting	259
8.3.2 Resolutions presented at the Ordinary Shareholders’ Meeting	259
8.3.3 Resolutions presented at the Extraordinary Shareholders’ Meeting	263
8.4 Statutory Auditors’ report on the issuance of ordinary shares or securities conferring entitlement to share capital, reserved for members of company saving plans	267
8.5 Statutory Auditors’ report on the issuance of ordinary shares or securities conferring entitlement to share capital, with cancellation of preferential subscription rights	268
9. About the company and its Share Capital	269
9.1 Information about Pernod Ricard	270
9.1.1 Company name and trading name	270
9.1.2 Registered office and website	270
9.1.3 Legal form	270
9.1.4 Applicable law	270
9.1.5 Date of formation and duration	270
9.1.6 Corporate purpose	270
9.1.7 RCS registration number, NAF business activity code and LEI code	270
9.1.8 Financial year	271
9.1.9 Entitlement to dividends – Entitlement to share in the issuer’s profits	271
9.1.10 Changes in the share capital and the rights attached to shares	271
9.1.11 The Statutory Auditors	271
9.2 Information about the share capital	272
9.2.1 Amount of paid-up capital at 30 June 2020	272
9.2.2 Shares not representing capital	272
9.2.3 Contingent share capital	272
9.2.4 Changes in the share capital over the last five years	273
9.2.5 Changes in voting rights over the last five years	273
9.2.6 Allocation of share capital and voting rights on 30 June 2020	274
9.2.7 Stock market information on Pernod Ricard shares	277
9.2.8 Other legal information	277
10. Additional Information in the Universal Registration Document	279
10.1 Persons responsible	280
10.1.1 Names and positions	280
10.1.2 Declaration by the person responsible for the universal registration document and the annual financial report	280
10.2 Documents on display	280
10.3 Reference tables	281
10.3.1 Registration Document	281
10.3.2 Management report	283
10.3.3 Corporate governance report	284
10.3.4 Annual financial report	284
10.3.5 Management reports, Parent Company financial statements, Group consolidated financial statements and Statutory Auditors’ reports for financial years ended 30 June 2019 and 30 June 2018	284

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