Regulatory News:
Press release - Paris, 28 August 2014
Pernod Ricard (Paris:RI):
+2% ORGANIC GROWTH IN PRO
(in line with objectives
outlined in February)
ORGANIC INCREASE IN OPERATING MARGIN
REDUCTION IN NET DEBT
Sales for the 2013/14 financial year totalled € 7,945 million, broadly stable excluding Group structure and foreign exchange effects. The reported decline in sales was 7% due to a highly unfavourable foreign exchange effect.
Sales were adversely affected by one market, China (-23%):
- Asia-RoW -4%; outside China +5%
- marked improvement in Europe (+2%)
- slowdown of growth in the Americas (+2%) due to the US and Travel Retail
The Top 14 declined 2% as a result of a slight reduction in volumes and unfavourable mix (decline of Martell in China). However, despite a more challenging business environment, pricing remained solid at +2%. The good performance of Key Local Brands (+4%) should be noted, supported by positive pricing. Mix was negative.
As a result of strict control of resources, the operating margin rate increased +52 bps in organic terms, the strongest increase in four years. As a result, profit from recurring operations recorded organic growth of +2% to € 2,056 million.
The foreign exchange impact was highly unfavourable (€-199 million on PRO, as announced). It had a significant impact on the reported change in profit from recurring operations (-8%).
The net financial expense from recurring operations improved by € 98 million due to a very significant reduction in the cost of debt to 4.6% (compared with 5.3% for the 2012/13 financial year).
Group share of net profit from recurring operations decreased by 3%. This decline was lower than the reported decrease in PRO, due to the sharp reduction in financial expenses and the stabilisation of the income tax rate. In organic terms, it grew +9%.
At the end of June, net debt had reduced by € 374 million to € 8.4 billion.
As part of this communication, Pierre Pringuet, Chief Executive Officer of Pernod Ricard, stated: “Despite an environment that was more difficult than anticipated, we have delivered the guidance announced in February, proof of everyone’s commitment, which I would like to commend. We are seriously committed to the Allegro project: this operational efficiency project must enable us to maximise our future growth while generating a hard figure of €150 million of savings.”
Alexandre Ricard, Deputy CEO ＆ Chief Operating Officer, added: “In this context which will remain challenging, we anticipate a gradual improvement in our sales growth, and we will increase the investment behind our brands and priority innovations in order to sustain long-term growth.”
Audit procedures on the consolidated financial statements have been carried out. The Statutory Auditors’ report will be issued following their review of the management report.
A detailed presentation of sales and results for the 2013/14 financial year is available on our website: www.pernod-ricard.com
In line with its standard practice, Pernod Ricard will communicate earnings guidance for the current financial year as part of its Q1 2014/15 sales communication on 23 October 2014.
Note: All growth data specified in this press release refers to organic growth, unless otherwise stated. France is now included in the Europe operating segment.
About Pernod Ricard
Pernod Ricard is the world’s co-leader in wines and spirits with consolidated sales of € 7,945 million in 2013/14. Created in 1975 by the merger of Ricard and Pernod, the Group has undergone sustained development, based on both organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin & Sprit (2008). Pernod Ricard holds one of the most prestigious brand portfolios in the sector: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Kahlúa and Malibu liqueurs, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo and Graffigna wines. Pernod Ricard employs a workforce of approximately 18,000 people and operates through a decentralised organisation, with 6 “Brand Companies” and 80 “Market Companies” established in each key market. Pernod Ricard is strongly committed to a sustainable development policy and encourages responsible consumption. Pernod Ricard’s strategy and ambition are based on 3 key values that guide its expansion: entrepreneurial spirit, mutual trust and a strong sense of ethics.
Pernod Ricard is listed on the NYSE Euronext exchange (Ticker: RI; ISIN code: FR0000120693) and is a member of the CAC 40 index.
Appendices
Sales Analysis by Region (new operating segments) | |||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Europe | 2,827 | 33.0% | 2,773 | 34.9% | (54) | -2% | 47 | 2% | (46) | -2% | (55) | -2% | |||||||||||||
| Americas | 2,316 | 27.0% | 2,142 | 27.0% | (175) | -8% | 47 | 2% | (0) | 0% | (221) | -10% | |||||||||||||
| Asia / Rest of the World | 3,431 | 40.0% | 3,031 | 38.1% | (401) | -12% | (128) | -4% | (14) | 0% | (259) | -8% | |||||||||||||
| World | 8,575 | 100.0% | 7,945 | 100.0% | (629) | -7% | (34) | 0% | (60) | -1% | (535) | -6% | |||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | Q4 2012/13 | Q4 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Europe | 646 | 33.6% | 638 | 36.3% | (8) | -1% | 6 | 1% | (5) | -1% | (10) | -2% | |||||||||||||
| Americas | 609 | 31.6% | 529 | 30.1% | (80) | -13% | (17) | -3% | 2 | 0% | (65) | -11% | |||||||||||||
| Asia / Rest of the World | 670 | 34.8% | 592 | 33.7% | (78) | -12% | (36) | -5% | (1) | 0% | (41) | -6% | |||||||||||||
| World | 1,925 | 100.0% | 1,759 | 100.0% | (166) | -9% | (46) | -2% | (3) | 0% | (116) | -6% | |||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | HY2 2012/13 | HY2 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Europe | 1,208 | 32.9% | 1,161 | 34.4% | (47) | -4% | (12) | -1% | (13) | -1% | (22) | -2% | |||||||||||||
| Americas | 1,034 | 28.2% | 932 | 27.6% | (102) | -10% | 6 | 1% | 2 | 0% | (109) | -11% | |||||||||||||
| Asia / Rest of the World | 1,426 | 38.9% | 1,282 | 38.0% | (144) | -10% | (45) | -3% | (2) | 0% | (97) | -7% | |||||||||||||
| World | 3,668 | 100.0% | 3,375 | 100.0% | (293) | -8% | (52) | -1% | (13) | 0% | (228) | -6% | |||||||||||||
Note: France is now included in the Europe operating segment
Sales Analysis by Region (former operating segments) | |||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| France | 695 | 8.1% | 715 | 9.0% | 20 | 3% | 23 | 3% | (3) | 0% | 0 | 0% | |||||||||||||
| Europe excl. France | 2,132 | 24.9% | 2,058 | 25.9% | (74) | -3% | 23 | 1% | (43) | -2% | (55) | -3% | |||||||||||||
| Americas | 2,316 | 27.0% | 2,142 | 27.0% | (175) | -8% | 47 | 2% | (0) | 0% | (221) | -10% | |||||||||||||
| Asia / Rest of World | 3,431 | 40.0% | 3,031 | 38.1% | (401) | -12% | (128) | -4% | (14) | 0% | (259) | -8% | |||||||||||||
| World | 8,575 | 100.0% | 7,945 | 100.0% | (629) | -7% | (34) | 0% | (60) | -1% | (535) | -6% | |||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | Q4 2012/13 | Q4 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| France | 177 | 9.2% | 185 | 10.5% | 8 | 4% | 9 | 5% | (1) | -1% | 0 | 0% | |||||||||||||
| Europe excl. France | 470 | 24.4% | 453 | 25.8% | (16) | -3% | (3) | -1% | (4) | -1% | (10) | -2% | |||||||||||||
| Americas | 609 | 31.6% | 529 | 30.1% | (80) | -13% | (17) | -3% | 2 | 0% | (65) | -11% | |||||||||||||
| Asia / Rest of World | 670 | 34.8% | 592 | 33.7% | (78) | -12% | (36) | -5% | (1) | 0% | (41) | -6% | |||||||||||||
| World | 1,925 | 100.0% | 1,759 | 100.0% | (166) | -9% | (46) | -2% | (3) | 0% | (116) | -6% | |||||||||||||
| Net Sales | |||||||||||||||||||||||||
| (€ millions) | HY2 2012/13 | HY2 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| France | 321 | 8.8% | 318 | 9.4% | (3) | -1% | (1) | 0% | (2) | -1% | 0 | 0% | |||||||||||||
| Europe excl. France | 887 | 24.2% | 843 | 25.0% | (44) | -5% | (12) | -1% | (11) | -1% | (22) | -2% | |||||||||||||
| Americas | 1,034 | 28.2% | 932 | 27.6% | (102) | -10% | 6 | 1% | 2 | 0% | (109) | -11% | |||||||||||||
| Asia / Rest of World | 1,426 | 38.9% | 1,282 | 38.0% | (144) | -10% | (45) | -3% | (2) | 0% | (97) | -7% | |||||||||||||
| World | 3,668 | 100.0% | 3,375 | 100.0% | (293) | -8% | (52) | -1% | (13) | 0% | (228) | -6% | |||||||||||||
Organic Sales Growth of Strategic Brands | ||||||||
| Volumes | ||||||||
| FY 2013/14 | Net Sales | Volumes | Price/Mix | |||||
| (million 9-litre cases) | ||||||||
| Absolut | 11.1 | -1% | -4% | 3% | ||||
| Chivas Regal | 4.6 | -4% | -7% | 3% | ||||
| Ballantine's | 5.9 | -5% | 0% | -5% | ||||
| Ricard | 4.8 | 4% | 4% | 0% | ||||
| Jameson | 4.7 | 12% | 9% | 3% | ||||
| Havana Club | 4.0 | 5% | 3% | 2% | ||||
| Malibu | 3.5 | -4% | -6% | 1% | ||||
| Beefeater | 2.6 | 0% | -1% | 0% | ||||
| Kahlua | 1.6 | -7% | -5% | -2% | ||||
| Martell | 1.9 | -9% | -6% | -4% | ||||
| The Glenlivet | 1.0 | 8% | 2% | 6% | ||||
| Royal Salute | 0.2 | -8% | -7% | -1% | ||||
| Mumm | 0.6 | 2% | 1% | 0% | ||||
| Perrier-Jouët | 0.3 | 16% | 9% | 7% | ||||
| Top 14 | 46.8 | -2% | -1% | -1% | ||||
| Jacob's Creek | 6.2 | -6% | -6% | 0% | ||||
| Brancott Estate | 2.1 | 9% | 8% | 2% | ||||
| Campo Viejo | 2.1 | 10% | 10% | 0% | ||||
| Graffigna | 0.2 | -3% | -10% | 7% | ||||
| Priority Premium Wines | 10.6 | 0% | -1% | 1% | ||||
Profit from Recurring Operations by Region (new operating segments) | |||||||||||||||||||||||||
| World | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 8,575 | 100.0% | 7,945 | 100.0% | (629) | -7% | (34) | 0% | (60) | -1% | (535) | -6% | |||||||||||||
| Gross margin after logistics costs | 5,351 | 62.4% | 4,987 | 62.8% | (364) | -7% | (1) | 0% | (12) | 0% | (350) | -7% | |||||||||||||
| Advertising & promotion | (1,644) | 19.2% | (1,503) | 18.9% | 141 | -9% | 61 | -4% | 2 | 0% | 78 | -5% | |||||||||||||
| Contribution after A&P | 3,707 | 43.2% | 3,484 | 43.9% | (223) | -6% | 60 | 2% | (11) | 0% | (272) | -7% | |||||||||||||
| Profit from recurring operations | 2,231 | 26.0% | 2,056 | 25.9% | (175) | -8% | 34 | 2% | (10) | 0% | (199) | -9% | |||||||||||||
| Asia / Rest of the World | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 3,431 | 100.0% | 3,031 | 100.0% | (401) | -12% | (128) | -4% | (14) | 0% | (259) | -8% | |||||||||||||
| Gross margin after logistics costs | 2,120 | 61.8% | 1,848 | 61.0% | (272) | -13% | (99) | -5% | (0) | 0% | (173) | -8% | |||||||||||||
| Advertising & promotion | (663) | 19.3% | (550) | 18.1% | 113 | -17% | 75 | -11% | 0 | 0% | 37 | -6% | |||||||||||||
| Contribution after A&P | 1,457 | 42.5% | 1,298 | 42.8% | (159) | -11% | (23) | -2% | (0) | 0% | (136) | -9% | |||||||||||||
| Profit from recurring operations | 1,016 | 29.6% | 884 | 29.2% | (132) | -13% | (31) | -3% | 0 | 0% | (101) | -10% | |||||||||||||
| Americas | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 2,316 | 100.0% | 2,142 | 100.0% | (175) | -8% | 47 | 2% | (0) | 0% | (221) | -10% | |||||||||||||
| Gross margin after logistics costs | 1,490 | 64.3% | 1,394 | 65.1% | (96) | -6% | 51 | 3% | (0) | 0% | (147) | -10% | |||||||||||||
| Advertising & promotion | (454) | 19.6% | (412) | 19.3% | 41 | -9% | 10 | -2% | (0) | 0% | 32 | -7% | |||||||||||||
| Contribution after A&P | 1,036 | 44.7% | 982 | 45.8% | (54) | -5% | 61 | 6% | (0) | 0% | (115) | -11% | |||||||||||||
| Profit from recurring operations | 607 | 26.2% | 579 | 27.0% | (28) | -5% | 49 | 8% | (0) | 0% | (77) | -13% | |||||||||||||
| Europe | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 2,827 | 100.0% | 2,773 | 100.0% | (54) | -2% | 47 | 2% | (46) | -2% | (55) | -2% | |||||||||||||
| Gross margin after logistics costs | 1,741 | 61.6% | 1,745 | 62.9% | 4 | 0% | 46 | 3% | (12) | -1% | (30) | -2% | |||||||||||||
| Advertising & promotion | (527) | 18.7% | (541) | 19.5% | (14) | 3% | (24) | 5% | 1 | 0% | 10 | -2% | |||||||||||||
| Contribution after A&P | 1,213 | 42.9% | 1,204 | 43.4% | (10) | -1% | 22 | 2% | (10) | -1% | (21) | -2% | |||||||||||||
| Profit from recurring operations | 607 | 21.5% | 593 | 21.4% | (14) | -2% | 17 | 3% | (10) | -2% | (21) | -3% | |||||||||||||
Note: France is now included in the Europe operating segment
Profit from Recurring Operations by Region (former operating segments) | |||||||||||||||||||||||||
| Europe excluding France | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 2,132 | 100.0% | 2,058 | 100.0% | (74) | -3% | 23 | 1% | (43) | -2% | (55) | -3% | |||||||||||||
| Gross margin after logistics costs | 1,251 | 58.7% | 1,233 | 59.9% | (18) | -1% | 26 | 2% | (11) | -1% | (34) | -3% | |||||||||||||
| Advertising & promotion | (354) | 16.6% | (357) | 17.4% | (3) | 1% | (14) | 4% | 1 | 0% | 9 | -3% | |||||||||||||
| Contribution after A&P | 897 | 42.1% | 876 | 42.5% | (22) | -2% | 12 | 1% | (10) | -1% | (24) | -3% | |||||||||||||
| Profit from recurring operations | 459 | 21.5% | 433 | 21.1% | (25) | -6% | 5 | 1% | (9) | -2% | (21) | -5% | |||||||||||||
| France | |||||||||||||||||||||||||
| (€ millions) | FY 2012/13 | FY 2013/14 | Change | Organic Growth | Group Structure | Forex impact | |||||||||||||||||||
| Net sales (Excl. T&D) | 695 | 100.0% | 715 | 100.0% | 20 | 3% | 23 | 3% | (3) | 0% | 0 | 0% | |||||||||||||
| Gross margin after logistics costs | 490 | 70.5% | 512 | 71.7% | 22 | 5% | 20 | 4% | (1) | 0% | 3 | 1% | |||||||||||||
| Advertising & promotion | (174) | 25.0% | (184) | 25.7% | (10) | 6% | (10) | 6% | 0 | 0% | 0 | 0% | |||||||||||||
| Contribution after A&P | 316 | 45.5% | 328 | 45.9% | 12 | 4% | 10 | 3% | (1) | 0% | 3 | 1% | |||||||||||||
| Profit from recurring operations | 149 | 21.4% | 160 | 22.4% | 11 | 8% | 13 | 8% | (1) | -1% | (0) | 0% | |||||||||||||
Forex Impact | |||||||||||||
On Profit | |||||||||||||
Forex impact FY 2013/14 | Average rates evolution | On Net | from | ||||||||||
(€ millions) | Sales | Recurring | |||||||||||
| 2012/13 | 2013/14 | % | Operations | ||||||||||
| US dollar | USD | 1.29 | 1.36 | 4.9% | (89) | (55) | |||||||
| Indian rupee | INR | 70.97 | 83.36 | 17.5% | (95) | (38) | |||||||
| Venezuelan bolivar | VEF | 11.91 | 23.48 | 97.2% | (39) | (30) | |||||||
| Russian rouble | RUB | 40.45 | 45.95 | 13.6% | (33) | (23) | |||||||
| Chinese yuan | CNY | 8.08 | 8.33 | 3.1% | (23) | (16) | |||||||
| Japanese yen | JPY | 113.62 | 137.12 | 20.7% | (25) | (14) | |||||||
| Other currencies | (231) | (24) | |||||||||||
| Total | (535) | (199) | |||||||||||
Group Structure Effect | ||||
| On Profit from | ||||
| Group structure FY 2013/14 | On Net Sales | Recurring | ||
| (€ millions) | Operations | |||
| Scandinavian activities | (23) | (11) | ||
| Spanish activities | (21) | 2 | ||
| Australian activities | (5) | 2 | ||
| Other | (11) | (3) | ||
| Total Group Structure | (60) | (10) | ||
Summary Consolidated Income Statement | |||||||
| (€ millions) | 30/06/2013 (*) | 30/06/2014 | Change | ||||
| Net sales | 8,575 | 7,945 | -7% | ||||
| Gross Margin after logistics costs | 5,351 | 4,987 | -7% | ||||
| A&P expenditure | (1,644) | (1,503) | -9% | ||||
| Contribution after A&P expenditure | 3,707 | 3,484 | -6% | ||||
| Structure costs | (1,476) | (1,428) | -3% | ||||
| Profit from recurring operations | 2,231 | 2,056 | -8% | ||||
| Financial income/(expense) from recurring operations | (542) | (444) | -18% | ||||
| Corporate income tax on items from recurring operations | (442) | (416) | -6% | ||||
| Net profit from discontinued operations, non-controlling interests and share of net income from associates | (19) | (11) | -41% | ||||
| Group share of net profit from recurring operations | 1,228 | 1,185 | -3% | ||||
| Other operating income & expenses | (112) | (240) | NA | ||||
| Non-recurring financial items | (12) | (41) | NA | ||||
| Corporate income tax on items from non recurring operations | 68 | 111 | NA | ||||
| Group share of net profit | 1,172 | 1,016 | -13% | ||||
| Non-controlling interests | 19 | 11 | -42% | ||||
| Net profit | 1,191 | 1,027 | -14% | ||||
(*) Data published with respect to fiscal year 2012/2013 has been adjusted following the application of amended IAS 19 (Employee Benefits), adopted in the European Union and whose application is mandatory for the Group from 1 July 2013 with retrospective effect as from 1 July 2012
Balance Sheet (Assets) | |||||
| Assets | |||||
| (€ millions) | 30/06/2013 (*) | 30/06/2014 | |||
| (Net book value) | |||||
| Non-current assets | |||||
| Intangible assets and goodwill | 16,753 | 16,449 | |||
| Tangible assets and other assets | 2,506 | 2,594 | |||
| Deferred tax assets | 1,771 | 1,926 | |||
| Total non-current assets | 21,030 | 20,968 | |||
| Current assets | |||||
| Inventories | 4,484 | 4,861 | |||
| of which aged work-in-progress | 3,617 | 3,963 | |||
| of which non-aged work-in-progress | 69 | 65 | |||
| Receivables (**) | 1,159 | 1,051 | |||
| Trade receivables | 1,090 | 990 | |||
| Other trade receivables | 69 | 61 | |||
| Other current assets | 209 | 194 | |||
| Other current assets | 203 | 188 | |||
| Tangible/intangible current assets | 6 | 6 | |||
| Tax receivable | 27 | 37 | |||
| Cash and cash equivalents and current derivatives | 620 | 503 | |||
| Total current assets | 6,499 | 6,646 | |||
| Assets held for sale | 8 | 2 | |||
| Total assets | 27,537 | 27,616 | |||
| (**) after disposals of receivables of: | 505 | 479 | |||
(*) Data published with respect to fiscal year 2012/2013 has been adjusted following the application of amended IAS 19 (Employee Benefits), adopted in the European Union and whose application is mandatory for the Group from 1 July 2013 with retrospective effect as from 1 July 2012
Balance Sheet (shareholders’ equity and liabilities) | |||||
| Liabilities and shareholders’ equity | |||||
| (€ millions) | 30/06/2013 (*) | 30/06/2014 | |||
| Group Shareholders’ equity | 11,014 | 11,621 | |||
| Non-controlling interests | 165 | 157 | |||
| of which profit attributable to non-controlling interests | 19 | 11 | |||
| Total Shareholders’ equity | 11,179 | 11,778 | |||
| Non-current provisions and deferred tax liabilities | 4,076 | 4,174 | |||
| Bonds | 6,949 | 6,844 | |||
| Non-current financial liabilities and derivative instruments | 915 | 915 | |||
| Total non-current liabilities | 11,940 | 11,933 | |||
| Current provisions | 163 | 251 | |||
| Operating payables | 1,546 | 1,463 | |||
| Other operating payables | 924 | 887 | |||
| Tax payable | 127 | 56 | |||
| Bonds | 1,001 | 929 | |||
| Current financial liabilities and derivatives | 656 | 319 | |||
| Total current liabilities | 4,418 | 3,905 | |||
| Liabilities held for sale | 0 | 0 | |||
| Total current liabilities | 27,537 | 27,616 | |||
(*) Data published with respect to fiscal year 2012/2013 has been adjusted following the application of amended IAS 19 (Employee Benefits), adopted in the European Union and whose application is mandatory for the Group from 1 July 2013 with retrospective effect as from 1 July 2012
Appointments at Pernod Ricard
Pernod Ricard Holding
Conor McQuaid, Managing Director of Pernod Ricard South Africa, will be provisionally appointed VP Marketing, Group as of 1st of September 2014. During the transition period, he will report to Thierry Billot, Managing Director, Brands, and will work with him on the project of merging the Marketing and Commercial Development teams at the Holding, in the context of the organizational project Allegro.
Conor will work in close collaboration with Martin Riley during this period and will succeed him as of 1st of January 2015. At this date, the organizational project of the Holding is planning the creation of a unique management position gathering Marketing and Commercial Development functions together in order to embody the merger of both departments.
Mathieu Lambotte, VP Operations & IT of Pernod Ricard Americas, is appointed Group Chief Information Officer of Pernod Ricard effective 1st September 2014. Mathieu will report to Gilles Bogaert, Managing Director Finance of Pernod Ricard.
Julia Massies, Finance Director Pernod Ricard UK, is appointed Vice President Financial Communication & Investor Relations of Pernod Ricard, effective 1st October 2014. Julia will report to Gilles Bogaert, Managing Director Finance of Pernod Ricard.
Gwénaël Morin, Tax Director of Pernod Ricard Americas, will be appointed Group Tax Director, effective 1st September 2014. Gwénaël will report to Gilles Bogaert, Managing Director Finance of Pernod Ricard.
Pernod Ricard Europe Middle East Africa
Management Entity Southern Europe and Pernod Ricard Italia
Cédric Retailleau has been appointed Managing Director of the new Management Entity Southern Europe & Pernod Ricard Italia since the 1st July 2014. Cédric reports to Christian Porta, Chairman & CEO of Pernod Ricard EMEA, and is a member of the Regional Management Committee. Previously, he was Managing Director of Pernod Ricard Mexico.
Management Entity Sub Saharan Africa
The following will report to Laurent Pillet, Managing Director of the new Management Entity Sub-Saharan Africa.
Pernod Ricard South Africa
Paul Scanlon, Commercial Director of Chivas Brothers, is appointed Managing Director of Pernod Ricard South Africa effective 1st September 2014. Paul will be a member of the Sub-Saharan Africa Management Committee.
Pernod Ricard Kenya & East Africa
Denis Ochanine, currently Managing Director of Pernod Ricard South Eastern Europe is appointed Managing Director of Pernod Ricard Kenya & East Africa effective 1st September 2014. Denis will be a member of the Sub-Saharan Africa Management Committee.
Management Entity Iberia
The following reports to Eric Laborde, Managing Director of the new Management Entity Iberia and Pernod Ricard España.
Pernod Ricard Portugal
Jean-François Collobert is Managing Director of Pernod Ricard Portugal since the 1st July 2014. Jean-François is a member of the Pernod Ricard Iberia Management Committee. Previously, he was Managing Director of Pernod Ricard Venezuela.
Management Entity Western Europe
The following report to David Haworth, Managing Director of the new Management Entity Western Europe and Pernod Ricard Deutschland.
Pernod Ricard Swiss
Bernhard Eisheuer has been appointed Managing Director of Pernod Ricard Swiss effective 1st August 2014. Bernhard is a member of the Western Europe Management Committee. Previously he was Managing Director of Pernod Ricard Austria.
Pernod Ricard Belgium
Denis Fiévet is Managing Director of Pernod Ricard Belgium since the 1st July 2014. Denis is a member of the Western Europe Management Committee. Previously, he was Managing Director of Pernod Ricard Portugal.
Pernod Ricard Austria
Axel Herpin, currently Marketing Director of Pernod Ricard Deutschland, is appointed Managing Director of Pernod Ricard Austria effective 1st September 2014. Axel will be a member of the Western Europe Management Committee.
Management Entity Central Europe
The following reports to Guillaume Girard-Reydet, Managing Director of the new Management Entity Central Europe and Pernod Ricard Polska.
Jan Becher
Marc Beuve-Mery, Managing Director of Pernod Ricard Kenya & East Africa, is appointed Managing Director of Jan Becher effective 15th October 2014. Marc will be a member of the Central Europe Management Committee.
Pernod Ricard Asia
Greater China
Horace Ngai has been appointed Managing Director of Greater China (regrouping China, Taiwan, Hong Kong & Macau) since the 1st July 2014. Horace reports to Pierre Coppéré, Chairman & CEO of Pernod Ricard Asia, and is a member of the Regional Management Team. Previously, he was Managing Director of Pernod Ricard China.
Pernod Ricard China
Jean-Etienne Gourgues has been appointed Managing Director of Pernod Ricard China since the 1st July 2014. Jean-Etienne reports to Horace Ngai, Managing Director of Greater China, and is a member of the Regional Management Team. Previously, he was Managing Director of Pernod Ricard Japan.
Pernod Ricard Taiwan
Jean Touboul, Vice President Financial Communication & Investors Relations Pernod Ricard, is appointed Managing Director of Pernod Ricard Taiwan effective 1st October 2014. Jean will report to Horace Ngai, Managing Director of Greater China.
Pernod Ricard Hong-Kong & Macau
Frantz Hotton has been appointed Managing Director of Pernod Ricard Hong Kong & Macau since the 1st July 2014. Frantz reports to Horace Ngai, Managing Director of Greater China. Previously, he was Commercial Director of Martell Mumm Perrier-Jouët.
Pernod Ricard Japan
Tim Paech has been appointed Managing Director of Pernod Ricard Japan since the 1st July 2014. Tim reports to Pierre Coppéré, Chairman & CEO of Pernod Ricard Asia, and is a member of the Regional Management Team. Previously, he was Managing Director of Pernod Ricard Taiwan.
Pernod Ricard Lanka
Ranjan Das has been appointed Managing Director of Pernod Ricard Lanka since the 1st August 2014. Ranjan reports to David Freeborn, Managing Director of Pernod Ricard Gulf. Previously, he was CFO of Pernod Ricard Singapore-Indochina.
Hong-Kong Service Hub
Carlson Ho has been appointed General Manager of the Hong Kong Service Hub since the 1st July 2014. Carlson reports to Con Constandis, Managing Director of Pernod Ricard Asia Travel Retail. Previously, he was Finance Director of Pernod Ricard Taiwan.
South East Asia Service Hub & Pernod Ricard Singapore-Indochina
Gentiana Au has been appointed General Manager of the South-East Asia Service Hub & CFO Pernod Ricard Singapore-Indochina since the 1st July 2014. Gentiana reports to Paul Robert Bouhier, Managing Director of Thailand-Singapore-Indochina and is a member of the Pernod Ricard Singapore-Indochina Management Committee. Previously, Gentiana was Deputy VP Finance of Pernod Ricard Asia.
Pernod Ricard Americas
Pernod Ricard Mexico
Noël Adrian has been appointed Managing Director of Pernod Ricard Mexico since the 1st July 2014. Noël reports to Philippe Dréano, Chairman & CEO of Pernod Ricard Americas, and is a member of the Regional Management Committee. Previously, he was Deputy Managing Director of Pernod Ricard EMEA.
Pernod Ricard Argentina
Benoit Laug has been appointed Managing Director of Pernod Ricard Argentina since the 1st July 2014. Benoit reports to Philippe Dréano, Chairman & CEO of Pernod Ricard Americas, and is a member of the Regional Management Committee. Previously he was Managing Director of Pernod Ricard Southern Central Europe.
Brand Companies
The Absolut Company
The following report to Paul Duffy, Chairman & CEO of The Absolut Company.
Jonas Tåhlin has been appointed Managing Director ABSOLUT ELYX since the 1st July 2014. Jonas continues to be a member of the Management Committee. Previously, he was Vice President Global Marketing for TAC (The Absolut Company).
Xavier Beysecker has been appointed Absolut Vice President Marketing of The Absolut Company since the 1st July 2014. Xavier is a member of the Management Committee. Previously, he was Managing Director of Pernod Ricard Hong Kong.
Irish Distillers
The following report to Anna Malmhake, Chairman & CEO of Irish Distillers.
Simon Fay has been appointed International Marketing Director of Irish Distillers since the 1st July 2014. Simon is a member of the Management Committee. Previously, he was International Brand Development Director of Irish Distillers.
Julien Soisson, Group Tax Director, is appointed Finance Director of Irish Distillers, effective 1st September 2014. Julien will be a member of the Management Committee.
Martell Mumm Perrier-Jouët
Stéphanie Durroux has been appointed Strategy and Development Director of Martell Mumm Perrier-Jouët since the 1st July 2014. Stéphanie reports to Philippe Guettat, Chairman & CEO of Martell Mumm Perrier-Jouët, and is a member of the Management Committee.
Chivas Brothers
Tony Schofield, Managing Director of Jan Becher, will join Chivas Brothers as of 1st January 2015 and will be appointed Director of Public Affairs with effect from 1st April 2015. Tony will report to Laurent Lacassagne, Chairman & CEO of Chivas Brothers, and will be a member of the Management Committee.
Contacts:
Jean TOUBOUL, +33 (0)1 41 00 41 71
VP,
Financial Communication & Investor Relations
or
Sylvie
MACHENAUD, +33 (0)1 41 00 42 74
Director External Communications
or
Alison
DONOHOE, +33 (0)1 41 00 42 14
Investor Relations
or
Carina
ALFONSO MARTIN, +33 (0)1 41 00 43 42
Press Relations Manager
