Pernod Ricard: H1 FY21 Confirms Sustainable Business Strength, With Growth Returning in Must-Win Domestic Markets USA, China and India
Regulatory News:
Pernod Ricard (Paris:RI):
H1 FY21 Sales and Results
Press release - Paris, 11 February 2021
SALES
Sales for H1 FY21 totalled €4,985m, with an organic decline of -3.9% (-8.9% reported), with an unfavourable FX impact linked mainly to Euro appreciation vs. USD and Emerging market currencies.
H1 FY21 Sales declined but Q2 improved vs. Q1. For H1 FY21, the trends were:
Americas +2%: good growth in most domestic markets, with particular dynamism in USA (+5%), but significant decline in Travel Retail Asia-RoW -6%: double-digit growth in China (+13%), Turkey, Korea and Pacific, and return to growth in India in Q2: +2% (India H1 -6%), but Covid-related declines in certain Asian markets and Travel Retail Europe -5%: continued very strong growth in Germany, UK, Russia and Poland, more than offset by Covid impact in Spain, France, Ireland and Travel Retail Sales excluding Travel Retail grew +1%.Strategic International Brands declined due to Travel Retail and On-Trade exposure but Specialty Brands performed very strongly:
Strategic International Brands -6%: solid growth of Malibu, Jameson and The Glenlivet, but overall category impacted by Travel Retail exposure. Martell and Scotch growing in domestic markets Strategic Local Brands -4%: mainly driven by Seagram’s Indian whiskies and Seagram’s Gin in Spain Specialty Brands +22%: continued very dynamic development of Lillet, Malfy, Aberlour, American whiskeys (Jefferson’s, TX, Rabbit Hole and Smooth Ambler), Avion and Redbreast Strategic Wines +3%: solid growth thanks mainly to Campo Viejo and Brancott Estate.Pernod Ricard gained or held share in key markets, notably in Europe, despite the On-trade disruption. Dynamic portfolio management continued, with Innovation in strong growth (+10%.)
Q2 Sales were €2,750m, with -2.4% organic decline, but improving vs. Q1 Sales (-5.6%), thanks in particular to better trends in China and India.
RESULTS
H1 FY21 Profit from Recurring Operations declined -2.4% organically, with an organic margin improvement of +51bps, thanks to dynamic management of resources and favourable phasing:
Gross margin contracting -108bps, driven by: Soft pricing, with fewer price increases and on solid comparison basis (H1 FY20 +2% on Strategic Brands, benefiting from FY19 Martell price increases) Adverse mix primarily linked to decline in Travel Retail Higher Cost of Goods mainly from continued agave cost pressures and lower fixed cost absorption, offsetting Operational Excellence initiatives A&P: +132bps, resulting from purpose-based investment, with strong reduction in markets and channels with subdued demand, and favourable phasing (ratio of c. 16% expected for FY21, with strong double-digit increase in H2) Structure costs: improving +27bps, reflecting dynamic management of resources and FY20 reorganisations Strong negative FX impact on PRO -€155m due to USD and Emerging market currency depreciation vs. Euro. A significant negative FX impact is also expected for full-year FY21.The H1 FY21 corporate income tax rate on recurring items was 23.4% vs. 24.2% for H1 FY20, due to a reduction in the French tax rate and geographical mix.
Group share of Net PRO was €1,087m, -11% reported vs. H1 FY20 and the Group share of Net profit €966m, -6% reported, reflecting decline in Profit from Recurring Operations partially offset by lower non-recurring items.
Earnings Per Share were -9%, reflecting decline in PRO and positive impact of FY20 Share buy-back.
FREE CASH FLOW AND DEBT
Recurring Free Cash Flow was very strong at €995m. The decline in Profit from Recurring Operations was offset by a significant improvement in operating Working Capital Requirement (inventory normalisation and payables rebuilding vs. June, leading to very strong cash conversion2 at 79%), a lower increase in strategic inventories and broadly stable capital expenditure.
The average Cost of debt stood at 3.2% vs. 3.7% in H1 FY20, thanks to successful US Dollar bond debt refinancing.
Net debt decreased by €443m vs. 30 June 2020 to €7,980m. The Net Debt/EBITDA ratio at average rates3 was 3.4x at 31 December 2020.
SUSTAINABILITY & RESPONSIBILITY
Pernod Ricard continued to drive its 2030 Sustainability & Responsibility roadmap, with progress in each of the 4 pillars (Nurturing Terroir, Circular Making, Valuing People and Responsible Hosting.) Significant achievements were attained in particular regarding packaging: all single-use Point-of-Sales plastic will be removed from June 2021.
Alexandre Ricard, Chairman and Chief Executive Officer, stated,
“We are particularly encouraged by our Must-win domestic markets returning to growth in H1 FY21. The first half confirms the long-term sustainability and underlying strength of our business.
Despite an uncertain and volatile environment, with disruption in the On-trade and a prolonged downturn in Travel Retail, we anticipate organic Sales growth for full-year FY21, thanks in particular to our dynamic performance in domestic Must-win markets USA, China and India.
We will continue to implement our strategy, in particular accelerating our digital transformation, while dynamically managing resources. Thanks to our solid fundamentals, our teams and our brand portfolio, I am confident that Pernod Ricard will emerge from this crisis stronger.
I would like to take this opportunity to praise our teams, whose engagement and performance are exemplary in these very challenging times, and to express our support to our On-trade and Travel Retail partners who continue to be impacted by the pandemic.”
All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.
A detailed presentation of H1 FY21 Sales and Results can be downloaded from our website: www.pernod-ricard.com
Limited review procedures have been carried out by the Statutory Auditors on the condensed half-yearly consolidated financial statements. The Statutory Auditors’ Review Report on the Half-yearly Financial Information is being issued.
Definitions and reconciliation of non-IFRS measures to IFRS measures
Pernod Ricard’s management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.
Organic growth
Organic growth is calculated after excluding the impacts of exchange rate movements and acquisitions and disposals.
Exchange rates impact is calculated by translating the current year results at the prior year’s exchange rates.
For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.
Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prior year, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.
This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.
Profit from recurring operations
Profit from recurring operations corresponds to the operating profit excluding other non-current operating income and expenses.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €8,448 million in FY20. Created in 1975 by the merger of Ricard and Pernod, the Group has developed through organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard, which owns 16 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive brand portfolios in the industry, including: 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, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo, and Kenwood wines. Pernod Ricard’s brands are distributed across 160+ markets and by its own salesforce in 73 markets. The Group’s decentralised organisation empowers its 19,000 employees to be true on-the-ground ambassadors of its vision of “Créateurs de Convivialité.” As reaffirmed by the Group’s strategic plan, “Transform and Accelerate,” deployed in 2018, Pernod Ricard’s strategy focuses on investing in long-term, profitable growth for all stakeholders. The Group remains true to its three founding values: entrepreneurial spirit, mutual trust, and a strong sense of ethics, as illustrated by the 2030 Sustainability and Responsibility roadmap supporting the United Nations Sustainable Development Goals (SDGs), “Good times from a good place.” In recognition of Pernod Ricard’s strong commitment to sustainable development and responsible consumption, it has received a Gold rating from Ecovadis. Pernod Ricard is also a United Nation’s Global Compact LEAD company.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.
Appendices
Emerging Markets
Asia-Rest of World Americas Europe Algeria Malaysia Argentina Albania Angola Mongolia Bolivia Armenia Cambodia Morocco Brazil Azerbaijan Cameroon Mozambique Caribbean Belarus China Namibia Chile Bosnia Congo Nigeria Colombia Bulgaria Egypt Persian Gulf Costa Rica Croatia Ethiopia Philippines Cuba Georgia Gabon Senegal Dominican Republic Hungary Ghana South Africa Ecuador Kazakhstan India Sri Lanka Guatemala Kosovo Indonesia Syria Honduras Latvia Iraq Tanzania Mexico Lithuania Ivory Coast Thailand Panama Macedonia Jordan Tunisia Paraguay Moldova Kenya Turkey Peru Montenegro Laos Uganda Puerto Rico Poland Lebanon Vietnam Uruguay Romania Madagascar Zambia Venezuela Russia Serbia UkraineStrategic International Brands’ organic Sales growth
VolumesH1 FY21 Organic Sales growth
H1 FY21 Volumes Price/mix (in 9Lcs millions) Absolut
5.6
-12%
-11%
-1%
Chivas Regal2.1
-16%
-20%
4%
Ballantine's4.2
-12%
-5%
-7%
Ricard2.3
-5%
-4%
-1%
Jameson4.7
3%
2%
1%
Havana Club2.4
-9%
-2%
-6%
Malibu2.5
26%
26%
0%
Beefeater1.6
-20%
-20%
0%
Martell1.5
-3%
-6%
3%
The Glenlivet0.7
2%
0%
2%
Royal Salute0.1
-28%
-32%
5%
Mumm0.5
-5%
-2%
-3%
Perrier-Jouët0.2
-19%
-17%
-2%
Strategic International Brands28.3
-6%
-5%
-1%
Sales Analysis by Period and Region
Net Sales(€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact Americas
1,461
26.7%
1,402
28.1%
(59)
-4%
22
2%
47
3%
(128)
-9%
Asia / Rest of World2,415
44.1%
2,127
42.7%
(288)
-12%
(148)
-6%
1
0%
(140)
-6%
Europe1,598
29.2%
1,456
29.2%
(142)
-9%
(83)
-5%
(8)
0%
(52)
-3%
World5,474
100.0%
4,985
100.0%
(489)
-9%
(209)
-4%
40
1%
(320)
-6%
Net Sales(€ millions) Q2 FY20 Q2 FY21 Change Organic Growth Group Structure Forex impact Americas
788
26.3%
729
26.5%
(59)
-7%
(10)
-1%
27
3%
(76)
-10%
Asia / Rest of World1,299
43.4%
1,209
44.0%
(90)
-7%
(11)
-1%
0
0%
(79)
-6%
Europe904
30.2%
811
29.5%
(93)
-10%
(50)
-6%
(5)
-1%
(37)
-4%
World2,991
100.0%
2,750
100.0%
(241)
-8%
(71)
-2%
22
1%
(192)
-6%
Net Sales(€ millions) Q1 FY20 Q1 FY21 Change Organic Growth Group Structure Forex impact Americas
674
27.1%
673
30.1%
(0)
0%
32
5%
20
3%
(52)
-8%
Asia / Rest of World1,116
44.9%
918
41.0%
(198)
-18%
(138)
-12%
1
0%
(61)
-5%
Europe694
27.9%
645
28.8%
(49)
-7%
(32)
-5%
(2)
0%
(14)
-2%
World2,483
100.0%
2,236
100.0%
(248)
-10%
(138)
-6%
18
1%
(128)
-5%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Summary Consolidated Income Statement
(€ millions) H1 FY20 H1 FY21 Change Net sales5,474
4,985
-9%
Gross Margin after logistics costs3,419
3,021
-12%
Advertising and promotion expenses(842)
(706)
-16%
Contribution after A&P expenditure2,577
2,315
-10%
Structure costs(789)
(721)
-9%
Profit from recurring operations1,788
1,595
-11%
Financial income/(expense) from recurring operations(164)
(151)
-8%
Corporate income tax on items from recurring operations(392)
(337)
-14%
Net profit from discontinued operations, non-controlling interests and share of net income from associates(15)
(20)
30%
Group share of net profit from recurring operations1,216
1,087
-11%
Other operating income & expenses(152)
(61)
NA Financial income/(expense) from non-recurring operations(1)
(103)
NA Corporate income tax on items from non recurring operations(31)
44
NA Group share of net profit1,032
966
-6%
Non-controlling interests14
18
26%
Net profit1,046
984
-6%
Profit from Recurring Operations by Region
Segment Reporting World (€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)5,474
100.0%
4,985
100.0%
(489)
-9%
(209)
-3.9%
40
1%
(320)
-6%
Gross margin after logistics costs3,419
62.5%
3,021
60.6%
(398)
-12%
(188)
-5.5%
17
0%
(227)
-7%
Advertising & promotion(842)
15.4%
(706)
14.2%
136
-16%
101
-12.1%
(5)
1%
40
-5%
Contribution after A&P2,577
47.1%
2,315
46.4%
(261)
-10%
(87)
-3.4%
12
0%
(187)
-7%
Profit from recurring operations1,788
32.7%
1,595
32.0%
(193)
-11%
(42)
-2.4%
4
0%
(155)
-9%
Americas (€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)1,461
100.0%
1,402
100.0%
(59)
-4%
22
2%
47
3%
(128)
-9%
Gross margin after logistics costs986
67.5%
909
64.8%
(77)
-8%
3
0%
22
2%
(103)
-10%
Advertising & promotion(285)
19.5%
(250)
17.8%
35
-12%
18
-6%
(4)
2%
21
-8%
Contribution after A&P701
48.0%
659
47.0%
(43)
-6%
21
3%
18
3%
(81)
-12%
Profit from recurring operations486
33.3%
459
32.7%
(27)
-6%
27
5%
11
2%
(65)
-13%
Asia / Rest of the World (€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)2,415
100.0%
2,127
100.0%
(288)
-12%
(148)
-6%
1
0%
(140)
-6%
Gross margin after logistics costs1,442
59.7%
1,232
57.9%
(211)
-15%
(120)
-8%
(3)
0%
(87)
-6%
Advertising & promotion(341)
14.1%
(291)
13.7%
50
-15%
35
-10%
0
0%
15
-4%
Contribution after A&P1,101
45.6%
940
44.2%
(161)
-15%
(86)
-8%
(3)
0%
(72)
-7%
Profit from recurring operations833
34.5%
674
31.7%
(159)
-19%
(95)
-11%
(4)
0%
(60)
-7%
Europe (€ millions) H1 FY20 H1 FY21 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D)1,598
100.0%
1,456
100.0%
(142)
-9%
(83)
-5%
(8)
0%
(52)
-3%
Gross margin after logistics costs991
62.0%
881
60.5%
(110)
-11%
(71)
-7%
(2)
0%
(37)
-4%
Advertising & promotion(216)
13.5%
(164)
11.3%
52
-24%
49
-23%
(1)
0%
3
-2%
Contribution after A&P775
48.5%
717
49.2%
(58)
-7%
(22)
-3%
(2)
0%
(34)
-4%
Profit from recurring operations468
29.3%
461
31.7%
(7)
-1%
26
5%
(3)
-1%
(30)
-6%
Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Foreign Exchange Impact
Forex impact H1 FY21(€ millions) Average rates evolution On Net Sales On Profit from Recurring Operations H1 FY20 H1 FY21 % US dollar USD
1.11
1.18
6.5%
(79)
(40)
Russian rouble RUB71.19
88.61
24.5%
(33)
(24)
Turkish Lira TRL6.36
8.94
40.5%
(20)
(20)
Indian rupee INR78.59
87.48
11.3%
(59)
(18)
Chinese yuan CNY7.80
7.99
2.5%
(17)
(12)
Pound sterling GBP0.88
0.90
2.6%
(5)
4
Other(106)
(46)
Total(320)
(155)
Sensitivity of profit and debt to EUR/USD exchange rate
Estimated impact of a 1% appreciation of the USD Impact on the income statement(1) (€ millions) Profit from recurring operations +10 Financial expenses(2)
Pre-tax profit from recurring operations +9 Impact on the balance sheet (€ millions) Increase/(decrease) in net debt +38 (1) Full-year effectBalance Sheet
Assets 30/06/2020 12/31/2020 (€ millions) (Net book value) Non-current assets Intangible assets and goodwill16,576
15,953
Tangible assets and other assets3,699
3,867
Deferred tax assets1,678
1,578
Total non-current assets21,953
21,398
Current assets Inventories6,167
6,139
aged work-in-progress5,084
5,135
non-aged work-in-progress76
72
other inventories1,006
932
Receivables (*)906
1,829
Trade receivables862
1,758
Other trade receivables44
70
Other current assets323
299
Other operating current assets317
293
Tangible/intangible current assets6
5
Tax receivable142
133
Cash and cash equivalents and current derivatives1,947
1,964
Total current assets9,485
10,363
Assets held for sale87
11
Total assets31,525
31,772
(*) after disposals of receivables of:513
750
Liabilities and shareholders’ equity 30/06/2020 12/31/2020 (€ millions) Group Shareholders’ equity13,968
14,435
Non-controlling interests243
244
of which profit attributable to non-controlling interests21
18
Total Shareholders’ equity14,211
14,679
Non-current provisions and deferred tax liabilities3,511
3,424
Bonds non-current8,599
8,680
Lease liabilities - non current433
409
Non-current financial liabilities and derivative instruments192
82
Total non-current liabilities12,735
12,595
Current provisions222
187
Operating payables1,877
2,345
Other operating payables1,016
753
of which other operating payables633
704
of which tangible/intangible current payables383
49
Tax payable232
349
Bonds - current723
237
Lease liabilities - current88
103
Current financial liabilities and derivatives404
523
Total current liabilities4,563
4,497
Liabilities held for sale16
0
Total liabilities and shareholders' equity31,525
31,772
Analysis of Working Capital Requirement
(€ millions) June2019 December
2019 June
2020 December
2020 H1 FY20 WC change* H1 FY21 WC change* Aged work in progress
4,788
5,047
5,084
5,135
123
67
Advances to suppliers for wine and ageing spirits12
13
19
10
1
(8)
Payables on wine and ageing spirits(105)
(182)
(108)
(161)
(77)
(47)
Net aged work in progress4,695
4,878
4,995
4,984
47
11
Trade receivables before factoring/securitization1,842
2,928
1,375
2,508
1,070
1,173
Advances from customers(24)
(17)
(38)
(18)
7
19
Other receivables338
340
343
354
(20)
27
Other inventories889
923
1,006
932
15
(62)
Non-aged work in progress79
76
76
72
(3)
(2)
Trade payables and other(2,717)
(2,951)
(2,364)
(2,870)
(206)
(554)
Gross operating working capital405
1,299
398
978
864
601
Factoring/Securitization impact(674)
(827)
(513)
(750)
(143)
(246)
Net Operating Working Capital(269)
472
(115)
227
721
355
Net Working Capital4,427
5,350
4,879
5,211
768
366
* at average rates Of which recurring variation763
350
Of which non recurring variation5
16
Net Debt
(€ millions) 30/06/2020 12/31/2020 Current Non-current Total Current Non-current Total Bonds723
8,599
9,322
237
8,680
8,917
Syndicated loan-
-
-
-
-
-
Commercial paper299
-
299
232
-
232
Other loans and long-term debts81
192
273
275
82
357
Other financial liabilities380
192
572
507
82
589
Gross Financial debt1,103
8,791
9,894
744
8,762
9,506
Fair value hedge derivatives – assets(3)
(40)
(44)
-
(30)
(30)
Fair value hedge derivatives – liabilities-
-
-
-
-
-
Fair value hedge derivatives(3)
(40)
(44)
-
(30)
(30)
Net investment hedge derivatives – assets-
(13)
(13)
-
(53)
(53)
Net investment hedge derivatives – liabilities-
-
-
-
-
-
Net investment hedge derivatives-
(13)
(13)
-
(53)
(53)
FINANCIAL DEBT AFTER HEDGING1,100
8,737
9,837
744
8,679
9,423
Cash and cash equivalents(1,935)
-
(1,935)
(1,955)
-
(1,955)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT(835)
8,737
7,902
(1,212)
8,679
7,468
Lease Debt88
433
522
103
409
513
NET FINANCIAL DEBT(747)
9,171
8,424
(1,108)
9,089
7,980
Change in Net Debt
(€ millions)12/31/2019
12/31/2020
Operating profit1,636
1,534
Depreciation and amortisation174
179
Net change in impairment of goodwill, PPE and intangible assets8
6
Net change in provisions75
(31)
Changes in fair value on commercial derivatives, biological assets and investments(3)
(5)
Net (gain)/loss on disposal of assets(7)
2
Share-based payments21
15
Self-financing capacity before interest and tax1,903
1,699
Decrease / (increase) in working capital requirements(768)
(364)
Net interest and tax payments(401)
(347)
Net acquisitions of non financial assets and others(164)
(153)
Free Cash Flow570
835
of which recurring Free Cash Flow627
995
Net acquitions of financial assets and activities and others(540)
(33)
Dividends paid(843)
(699)
(Acquisition) / Disposal of treasury shares and others(228)
(25)
Decrease / (increase) in net debt (before currency translation adjustments)(1,041)
78
Foreign currency translation adjustment(36)
406
Non cash impact on lease liabilities(531)
(40)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)(1,608)
443
Initial net debt(6,620)
(8,424)
Final net debt(8,228)
(7,980)
Net Debt Maturity at 31 December 2020
€ billions
[Missing charts are available on the original document and on www.pernod-ricard.com]
Strong liquidity position at c. €5,3bn as of 31st December, of which €3.4bn undrawn credit lines
Gross debt after hedging at 31st December 2020 (excluding lease liabilities):
5% floating rate and 95% fixed rate 58% in EUR and 41% in USDFY21 maturity includes US$201m reimbursed at maturity on 26th January 2021
Bond details at 31 December 2020
CurrencyPar value
Coupon
Issue date
Maturity date
EUR
€ 500 m
1.875%
9/28/2015
9/28/2023
€ 1,500 m o/w:
€ 500 m
0.000%
10/24/2019
10/24/2023
€ 500 m
0.500%
10/24/2027
€ 500 m
0.875%
10/24/2031
€ 650 m
2.125%
9/29/2014
9/27/2024
€ 1,500 m o/w:
4/1/2020
€ 750 m
1.125%
4/7/2025
€ 750 m
1.750%
4/8/2030
€ 500 m o/w:
4/27/2020
€ 250 m
1.125%
4/7/2025
€ 250 m
1.750%
4/8/2030
€ 600 m
1.500%
5/17/2016
5/18/2026
USD
$ 201 m
Libor 6m + spread
1/26/2016
1/26/2021
$ 1,650 m o/w:
1/12/2012
$ 800 m
4.250%
7/15/2022
$ 850 m
5.500%
1/15/2042
$ 600 m
3.250%
6/8/2016
6/8/2026
$ 2,000 m o/w:
€ 600 m
1.250%
10/1/2020
4/1/2028
€ 900 m
1.625%
4/1/2031
€ 500 m
2.750%
10/1/2050
Note: US$201m reimbursed at maturity on 26th January 2021
Net Debt / EBITDA ratio evolution
Closing rate
Average rate(1)
EUR/USD rate Jun FY20 -> Dec FY211.12 -> 1.23
1.11 -> 1.14
Ratio at 30/06/20203.2
3.2
EBITDA & cash generation excl. Group structure effect(2) and forex impacts0.0
0.0
Group structure(2) and forex impacts0.1
0.2
Ratio at 31/12/20203.3
3.4 (3)
(1) Last-twelve-month rate (2) Including IFRS16 impact (3) Syndicated credit leverage ratio restated from IFRS16 is 3.3Diluted Earnings Per Share (EPS) calculation
(x 1,000)H1 FY20
H1 FY21
Number of shares in issue at end of period265,422
261,877
Weighted average number of shares in issue (pro rata temporis)265,422
262,315
Weighted average number of treasury shares (pro rata temporis)(1,462)
(1,654)
Dilutive impact of stock options and performance shares1,303
816
Number of shares used in diluted EPS calculation265,263
261,478
(€ millions and €/share)H1 FY20
H1 FY21
reported
△
Group share of net profit from recurring operations
1,216
1,087
-10.6%
Diluted net earnings per share from recurring operations4.58
4.16
-9.3%
Upcoming Communications
Date1
Event
9 March 2021, 3pm CET
North America conference call
22 April 2021, 9am CET
Q3 FY21 Sales conference call
25 May 2021, 3pm CET
Sustainability & Responsibility conference call
22 June 2021
Asia conference call
1 The above dates are indicative and are liable to change
1 PRO: Profit from Recurring Operations
2 Recurring Operating Cash Flow / PRO
3 Based on average EUR/USD rates: 1.14 in calendar year 2020
View source version on businesswire.com: https://www.businesswire.com/news/home/20210210006042/en/