PERNOD RICARD - Universal Registration Document 2019-2020

5. MANAGEMENT REPORT Analysis of business activity and results

5.2.1 5.2.1.1

Presentation of results

Group net profit per share from recurring operations – diluted

30.06.2019

30.06.2020

€ million

Number of shares in circulation – diluted

265,419,549

264,036,831

Profit from recurring operations

2,581

2,260

Operation margin

28.1%

26.8%

Financial income/(expense) from recurring operations

(314)

(328)

Corporate income tax on recurring operations

(586)

(468)

Non-controlling interests, discontinued operations and share of net profit from equity associates

(27)

(25)

GROUP NET PROFIT FROM RECURRING OPERATIONS  (1)

1,654

1,439

GROUP NET EARNINGS PER SHARE FROM RECURRING OPERATIONS – DILUTED (€) 5.45 Profit from recurring operations adjusted for financial result from recurring operations, recurring income tax, share of net result of associates and profit from assets held for (1) sale, as well as non-controlling interests. 6.23

5.2.1.2 Group € million

Profit from recurring operations

30.06.2019 30.06.2020

Reported growth

Organic growth  (1)

Net sales

9,182

8,448

(734)

-8%

(867)

-10%

Gross margin after logistics expenses

5,648

5,086

(562)

-10%

(653)

-12%

Advertising and promotion expenses

(1,512)

(1,327)

184

-12%

216

-14%

Contribution after advertising & promotion expenses

4,137

3,759

(378)

-9%

(437)

-11%

PROFIT FROM RECURRING OPERATIONS

2,581

2,260

(320)

-12%

(355)

-14%

Organic growth is defined in note 5.5 - Definitions and reconciliation of alternative performance indicators with IFRS indicators. (1)

America € million

30.06.2019 30.06.2020

Reported growth

Organic growth  (1)

Net sales

2,545

2,449

(96)

-4%

(161)

-6%

Gross margin after logistics expenses

1,698

1,599

(98)

-6%

(156)

-9%

Advertising and promotion expenses

(504)

(461)

43

-9%

58

-12%

Contribution after advertising & promotion expenses

1,193

1,138

(55)

-5%

(98)

-8%

PROFIT FROM RECURRING OPERATIONS

785

718

(67)

-9%

(101)

-13%

Organic growth is defined in note 5.5 - Definitions and reconciliation of alternative performance indicators with IFRS indicators. (1)

Asia/Rest of World € million

30.06.2019 30.06.2020

Reported growth

Organic growth  (1)

Net sales

3,965

3,467

(498)

-13%

(547)

-14%

Gross margin after logistics expenses

2,308

1,969

(339)

-15%

(365)

-16%

Advertising and promotion expenses

(592)

(517)

75

-13%

87

-15%

Contribution after advertising & promotion expenses

1,716

1,452

(264)

-15%

(279)

-16%

PROFIT FROM RECURRING OPERATIONS

1,179

938

(241)

-20%

(247)

-21%

Organic growth is defined in note 5.5 - Definitions and reconciliation of alternative performance indicators with IFRS indicators. (1)

154

Pernod Ricard Universal Registration Document 2019-2020