Pernod Ricard Achieves Good Overall Performance in Q1 2012/13
Pierre Pringuet, Chief Executive Officer of Pernod Ricard, took this opportunity to comment: “In a less favourable macro-economic environment we realised a good overall performance in the first quarter.”
25 Oct 2012 --- The Pernod Ricard Board of Directors, meeting 24 October 2012 and chaired by Danièle Ricard, approved the financial statements for the first quarter 2012/13.
Pernod Ricard’s consolidated net sales (excluding taxes and duties) totalled EUR 2,203 million for the first three months of the 2012/13 financial year (from 1 July to 30 September 2012), compared to EUR 1,987 million in the same period of ht e previous year. This 11% increase equates to:
- organic growth of +5%
- a negative Group structure effect limited to 1%, primarily due to the disposal of certain
Canadian activities in 2011/12
- a highly-favourable 7% positive foreign exchange impact, primarily due to the USD and the Chinese Renminbi
For the full 2012/13 financial year, the updated foreign exchange impact on profit from recurring operations is estimated at EUR 42 million.
During the first quarter of 2012/13, strategic brands reported sustained value growth: Top 14 sales grew +7%with a continued highly favourable price/mix.
Growth remained strong in emerging markets, although below that of the 2011/12 financial year, and mature markets proved resilient with a stable performance.
By region:
- more moderate, yet still strong growth in Asia, with China and
India remaining the main growth drivers
- strong momentum in the United States
- ongoing, marked bipolarisation in Europe, with continued sustained growth in Eastern Europe and a challenging start to the year in Western Europe, which is showing softness compared to financial year 2011/12
- declinein France due to depressed consumption (related to the excise duty hike of 1
January 2012) and the end of destocking
The comparatives for the first quarter of 2012/13 are difficult in the first quarter of 2011/12 due to the exceptional performances achieved in China and India and the recovery of Duty Free sales in the Americas in the first quarter of 2011/12.
Organic growth for the second quarter of 2012/13 will be adversely affected by the technical effects of the second quarter of 2011/12 (French pre-buying ahead of the excise duty hike and an early Chinese New Year), which had a positive effect of EUR 124 million on sales and EUR 77 million on Profit from Recurring Operations.
