Pernod Ricard: Record breaking H1 FY22 Sales and PRO1 at c. €6bn and c. €2bn
Regulatory News:
Pernod Ricard (Paris:RI):
Press release - Paris, 10 February 2022
SALES
Sales for H1 FY22 totalled €5,959m, with an organic growth of +17% (+20% reported), with a favourable FX impact linked mainly to strength of US Dollar and Chinese Yuan vs. Euro.
H1 FY22 Sales grew in all regions:
Americas +14%: very dynamic growth in the region, notably USA, Brazil and Travel Retail Asia-RoW +16%: excellent growth driven by China, India and Turkey Europe +21%: outstanding growth across the region, with rebound in Spain, France, Travel Retail and continued dynamism in Eastern Europe.Strategic International Brands and Specialty portfolio are driving strong price/mix with:
Strategic International Brands +19%: broad-based rebound with all brands growing, notably Jameson, Martell, Ballantine’s, Absolut and Chivas Regal, all double-digit Strategic Local Brands +14%: driven by recovery of Seagram’s Indian whiskies Specialty Brands +21%: continued very dynamic momentum of American whiskeys, Malfy, Monkey 47, Redbreast, Lillet and agave portfolio Strategic Wines -6%: soft first half, due in particular to New Zealand lower harvest.Price/mix on Strategic Brands was strong at +6%.
Innovations are in strong growth +43%.
Q2 Sales were €3,242m, with +14% organic growth, slowing vs. Q1 Organic Sales (+20%), cycling higher comparison basis in some markets.
RESULTS
H1 FY22 PRO was €1,998m, an organic growth of +22%, with a strong organic operating margin improvement of +147bps:
Gross margin expanding +39bps: Strong pricing across regions and operational excellence savings more than compensating inflation in Costs of Goods, notably from logistics and commodities Phasing in A&P with acceleration expected in H2 with ratio of c. 16% for FY22 Structure costs reinforcement to support Sales growth and transformation momentum Positive FX impact on PRO +€39m with US Dollar and Chinese Yuan appreciation vs. Euro offsetting significant Turkish Lira depreciation.Group share of Net PRO was €1,438m, +32% reported vs. H1 FY21 and the Group share of Net Profit was €1,390m, +44% reported, reflecting increase in Profit from Recurring Operations, lower non-recurring operating items, lower financial expenses and increase in Corporate Income Tax.
Excellent Earnings Per Share +33%, reflecting growth in PRO and positive impact of FY22 Share buy-back.
FREE CASH FLOW AND DEBT
Very strong H1 cash conversion with Recurring Free Cash Flow at €1,383m, +39%. Cash generation supported by strong growth in Profit from Recurring Operations. Seasonal Working Capital requirements in line with business growth.
The average Cost of debt stood at 2.2% vs. 3.2% in H1 FY21 following successful bond refinancings.
Net debt increased by €471m vs. 30 June 2021 to €7,923m. The Net Debt/EBITDA ratio at average rate2 was 2.4x at 31 December 2021.
OUTLOOK
In an ongoing volatile environment with potential disruptions of Covid-19, Pernod Ricard expects for FY22:
Continued On-Trade rebound, Off-trade resilience and Travel Retail gradual recovery driving strong diversified Sales momentum across regions
Dynamic topline driving operating margin expansion albeit moderating vs. H1, with increased investments to fuel growth momentum
Continued implementation of Transform & Accelerate, including digital transformation to develop Pernod Ricard into a Conviviality Platform
Strong cash generation while upweighting investments behind key Capex and Strategic inventories
Acceleration of share buy-back programme with additional c. €250m (total of c. €750m for FY22)
Alexandre Ricard, Chairman and Chief Executive Officer, stated,
“The execution of our Transform & Accelerate strategy is delivering an excellent and broad-based performance in the first half, with brand share gains in most countries and with all our Must-Win Markets showing very strong growth. I take the opportunity to praise the engagement and performance of our teams throughout the world, who have relentlessly accomplished outstanding work, in an environment still largely disrupted on many fronts by the Covid crisis.
Despite the ongoing volatile environment, we expect for FY22 strong Sales growth across regions, with continued On-Trade rebound, Off-trade resilience and a gradual Travel Retail recovery. We will increase investments to fuel growth momentum.
We remain focused on executing our strategy, progressing on our Sustainability and Responsibility journey and accelerating our digital transformation. A successful mix of robust fundamentals, the dedication of our teams and our portfolio of brands, has yielded a very strong set of results and seen us through this crisis, emerging even stronger.”
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 FY22 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 amounting to €8,824 million in fiscal year FY21. The Group, which owns 16 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive portfolios in the industry with over 240 premium brands distributed across more than 160 markets. Pernod Ricard’s portfolio includes 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, New Zealand Wines, Campo Viejo, Mumm Sparkling and Kenwood wines. Pernod Ricard’s strategy focuses on investing in long-term and sustainable growth for all its stakeholders, remaining true to its founding values: entrepreneurial spirit, mutual trust, and strong sense of ethics. The Group’s decentralised organisation empowers its 18,500 employees to be on-the-ground ambassadors of its vision of “Créateurs de Convivialité”. Pernod Ricard 2030 Sustainability and Responsibility roadmap “Good Times from a Good Place” is integrated into all its activities from grain to glass, and Pernod Ricard is recognised as a UN Global Compact LEAD participant for its contribution to the United Nations Sustainable Development Goals (SDGs). 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
Ukraine
Strategic International Brands’ organic Sales growth
Volumes
H1 FY22
Organic Net Sales
growth
H1 FY22
of which Volume
of which Price/mix
(in 9Lcs millions)
Absolut6.9
+23%
+22%
+1%
Chivas Regal2.6
+23%
+25%
(2)%
Ballantine's5.3
+29%
+25%
+4%
Ricard2.4
+2%
+5%
(3)%
Jameson5.8
+22%
+22%
+0%
Havana Club2.4
+12%
(1)%
+12%
Malibu2.6
+9%
+5%
+4%
Beefeater2.0
+31%
+27%
+4%
Martell1.7
+11%
+14%
(3)%
The Glenlivet0.9
+21%
+16%
+5%
Royal Salute0.1
+41%
+40%
+1%
Mumm0.6
+24%
+18%
+6%
Perrier-Jouët0.2
+51%
+38%
+13%
Strategic International Brands33.3
+19%
+18%
+2%
Sales Analysis by Period and Region
Net Sales
(€ millions)
H1 FY21
H1 FY22
Change
Organic Growth
Group Structure
Forex impact
Europe1,456
29.2%
1,797
30.2%
+341 +23% +300 +21% +19 +1% +22 +2% Americas1,402
28.1%
1,638
27.5%
+235 +17% +196 +14% +17 +1% +22 +2% Asia / Rest of World2,127
42.7%
2,524
42.4%
+397 +19% +338 +16% +0 +0% +60 +3% World4,985
100.0%
5,959
100.0%
+974 +20% +834 +17% +36 +1% +104 +2%
Net Sales
(€ millions)
Q2 FY21
Q2 FY22
Change
Organic Growth
Group Structure
Forex impact
Europe811
29.5%
1,005
31.0%
+193 +24% +156 +19% +19 +2% +19 +2% Americas729
26.5%
864
26.7%
+135 +19% +107 +15% +0 +0% +28 +4% Asia / Rest of World1,209
44.0%
1,373
42.3%
+163 +13% +122 +10% +0 +0% +41 +3% World2,750
100.0%
3,242
100.0%
+492 +18% +386 +14% +19 +1% +87 +3%
Net Sales
(€ millions)
Q1 FY21
Q1 FY22
Change
Organic Growth
Group Structure
Forex impact
Europe645
28.8%
793
29.2%
+148 +23% +144 +22% +0 +0% +4 +1% Americas673
30.1%
773
28.5%
+100 +15% +89 +13% +17 +3%(6)
(1)%
Asia / Rest of World918
41.0%
1,152
42.4%
+234 +26% +215 +23% +0 +0% +19 +2% World2,236
100.0%
2,718
100.0%
+482 +22% +448 +20% +17 +1% +17 +1%Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Summary Consolidated Income Statement
(€ millions)H1 FY21
H1 FY22
Change
Net sales4,985
5,959
20%
Gross Margin after logistics costs3,021
3,640
20%
Advertising and promotion expenses(706)
(840)
19%
Contribution after A&P expenditure2,315
2,801
21%
Structure costs(721)
(803)
11%
Profit from recurring operations1,595
1,998
25%
Financial income/(expense) from recurring operations(151)
(102)
-32%
Corporate income tax on items from recurring operations(337)
(436)
29%
Net profit from discontinued operations, non-controlling interests and share of net income from associates(20)
(21)
8%
Group share of net profit from recurring operations1,087
1,438
32%
Other operating income & expenses(61)
(2)
NA Financial income/(expense) from non-recurring operations(103)
(32)
NA Corporate income tax on items from non recurring operations44
(16)
NA Non controlling interests (non-recurring)3
Group share of net profit966
1,390
44%
Non-controlling interests18
21
17%
Net profit984
1,411
43%
Profit from Recurring Operations by Region
World(€ millions)
H1 FY21
H1 FY22
Change
Organic Growth
Group Structure
Forex impact
Net sales4,985
100.0%
5,959
100.0%
+974 +20% +834 +17% +36 +1% +104 +2% Gross margin3,021
60.6%
3,640
61.1%
+619 +20% +532 +18% +17 +1% +69 +2% Advertising & promotional spend(706)
14.2%
(840)
14.1%
(134)
+19%(111)
+16%(4)
+1%(19)
+3% Contribution after A&P spend2,315
46.4%
2,801
47.0%
+485 +21% +422 +18% +13 +1% +51 +2% Profit from recurring operations1,595
32.0%
1,998
33.5%
+403 +25% +355 +22% +8 +1% +39 +2% Americas(€ millions)
H1 FY21
H1 FY22
Change
Organic Growth
Group Structure
Forex impact
Net sales1,402
100.0%
1,638
100.0%
+235 +17% +196 +14% +17 +1% +22 +2% Gross margin909
64.8%
1,070
65.3%
+161 +18% +123 +14% +11 +1% +27 +3% Advertising & promotional spend(250)
17.8%
(264)
16.1%
(14)
+6%(7)
+3%(3)
+1%(5)
+2% Contribution after A&P spend659
47.0%
806
49.2%
+147 +22% +117 +18% +8 +1% +23 +3% Profit from recurring operations459
32.7%
595
36.3%
+136 +30% +110 +24% +6 +1% +20 +4% Asia / Rest of the World(€ millions)
H1 FY21
H1 FY22
Change
Organic Growth
Group Structure
Forex impact
Net sales2,127
100.0%
2,524
100.0%
+397 +19% +338 +16% +0 +0% +60 +3% Gross margin1,232
57.9%
1,458
57.8%
+226 +18% +198 +16% +0 +0% +29 +2% Advertising & promotional spend(291)
13.7%
(361)
14.3%
(70)
+24%(58)
+20%(0)
+0%(12)
+4% Contribution after A&P spend940
44.2%
1,097
43.5%
+157 +17% +140 +15%(0)
(0)%
+17 +2% Profit from recurring operations674
31.7%
814
32.3%
+140 +21% +128 +19% +0 +0% +12 +2% Europe(€ millions)
H1 FY21
H1 FY22
Change
Organic Growth
Group Structure
Forex impact
Net sales1,456
100.0%
1,797
100.0%
+341 +23% +300 +21% +19 +1% +22 +2% Gross margin881
60.5%
1,112
61.9%
+231 +26% +211 +24% +7 +1% +14 +2% Advertising & promotional spend(164)
11.3%
(214)
11.9%
(50)
+30%(46)
+28%(1)
+1%(2)
+1% Contribution after A&P spend717
49.2%
898
50.0%
+181 +25% +165 +23% +5 +1% +11 +2% Profit from recurring operations461
31.7%
589
32.7%
+127 +28% +117 +25% +3 +1% +8 +2%Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group
Foreign Exchange Impact
Forex impact H1 FY22(€ millions) Average rates evolution On Net Sales On Profit from
Recurring
Operations H1 FY21 H1 FY22 % US dollar USD
1.18
1.16
(1.7)%
+23 +17 Chinese yuan CNY7.99
7.47
(6.6)%
+56 +33 Indian rupee INR87.48
86.52
(1.1)%
+7 +2 Russian rouble RUB88.61
84.86
(4.2)%
+8 +6 Argentinian peso ARS90.61
114.76
+26.7%(10)
(4)
Turkish Lira TRL8.94
11.42
+27.8%(19)
(19)
Pound sterling GBP0.90
0.85
(5.8)%
+14(15)
Other +25 +19 Total +104 +39Sensitivity 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
+15
Financial expenses
(1)
Pre-tax profit from recurring operations
+14
Impact on the balance sheet
(€ millions)
Increase/(decrease) in net debt
+37
(1) Full-year effect
Balance Sheet
Assets(€ millions) 30/06/2021 12/31/2021 (Net book value) Non-current assets Intangible assets and goodwill
16,230
16,857
Tangible assets and other assets3,963
4,146
Deferred tax assets1,623
1,687
Total non-current assets21,816
22,690
Current assets Inventories6,555
6,694
aged work-in-progress5,373
5,446
non-aged work-in-progress84
82
other inventories1,098
1,166
Receivables (*)1,126
2,233
Trade receivables1,080
2,165
Other trade receivables46
67
Other current assets413
353
Other operating current assets408
345
Tangible/intangible current assets6
8
Tax receivable141
77
Cash and cash equivalents and current derivatives2,086
2,023
Total current assets10,321
11,380
Assets held for sale11
0
Total assets32,147
34,070
-
(*) after disposals of receivables of:592
919
Liabilities and shareholders’ equity 30/06/2021 12/31/2021 (€ millions) Group Shareholders’ equity14,829
15,757
Non-controlling interests246
265
of which profit attributable to non-controlling interests13
21
Total Shareholders’ equity15,075
16,022
Non-current provisions and deferred tax liabilities3,555
3,650
Bonds non-current8,787
8,236
Lease liabilities - non current405
402
Non-current financial liabilities and derivative instruments108
97
Total non-current liabilities12,854
12,385
Current provisions163
151
Operating payables2,337
2,976
Other operating payables1,134
886
of which other operating payables724
828
of which tangible/intangible current payables410
58
Tax payable282
423
Bonds - current70
785
Lease liabilities - current103
105
Current financial liabilities and derivatives128
337
Total current liabilities4,218
5,663
Liabilities held for sale0
0
Total liabilities and shareholders' equity32,147
34,070
Analysis of Working Capital Requirement
(€ millions)
June
2020
December
2020
June
2021
December
2021
H1 FY21 WC
change*
H1 FY22 WC
change*
5,084
5,135
5,373
5,446
67
21
Advances to suppliers for wine and ageing spirits19
10
9
14
(8)
5
Payables on wine and ageing spirits(108)
(161)
(93)
(147)
(47)
(53)
Net aged work in progress4,995
4,984
5,289
5,313
11
(28)
Trade receivables before factoring/securitization1,375
2,508
1,672
3,085
1,173
1,360
Advances from customers(38)
(18)
(21)
(31)
19
(8)
Other receivables343
354
445
399
27
(40)
Other inventories1,006
932
1,098
1,166
(62)
10
Non-aged work in progress76
72
84
82
(2)
(3)
Trade payables and other(2,364)
(2,870)
(2,946)
(3,626)
(554)
(593)
Gross operating working capital398
978
331
1,075
601
725
Factoring/Securitization impact(513)
(750)
(592)
(919)
(246)
(315)
Net Operating Working Capital(115)
227
(261)
155
355
410
Net Working Capital4,879
5,211
5,028
5,468
366
382
* at average rates Of which recurring variation350
374
Of which non recurring variation16
8
Net Debt
(€ millions)30/06/2021
12/31/2021
Current
Non-current
Total
Current
Non-current
Total
Bonds70
8,787
8,857
785
8,236
9,021
Syndicated loan-
-
-
-
-
-
Commercial paper7
-
7
170
-
170
Other loans and long-term debts115
108
222
163
94
258
Other financial liabilities122
108
229
333
94
428
Gross Financial debt192
8,894
9,086
1,118
8,330
9,448
Fair value hedge derivatives – assets-
(22)
(22)
(10)
(4)
(14)
Fair value hedge derivatives – liabilities-
-
-
-
-
-
Fair value hedge derivatives-
(22)
(22)
(10)
(4)
(14)
Net investment hedge derivatives – assets-
(43)
(43)
-
(22)
(22)
Net investment hedge derivatives – liabilities-
-
-
-
-
-
Net investment hedge derivatives-
(43)
(43)
-
(22)
(22)
FINANCIAL DEBT AFTER HEDGING192
8,830
9,022
1,108
8,305
9,413
Cash and cash equivalents(2,078)
-
(2,078)
(1,997)
-
(1,997)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT(1,886)
8,830
6,944
(889)
8,305
7,416
Lease Debt103
405
508
105
402
507
NET FINANCIAL DEBT(1,783)
9,235
7,452
(784)
8,707
7,923
Change in Net Debt
(€ millions)
12/31/2020
12/31/2021
Operating profit1,534
1,995
Depreciation and amortisation179
189
Net change in impairment of goodwill, PPE and intangible assets6
Net change in provisions(31)
(22)
Retreatment of contributions to pension plans acquired from Allied Domecq and others Changes in fair value on commercial derivatives and biological assets(5)
(3)
Net (gain)/loss on disposal of assets2
(3)
Share-based payments15
17
Self-financing capacity before interest and tax1,699
2,173
Decrease / (increase) in working capital requirements(364)
(382)
Net interest and tax payments(347)
(313)
Net acquisitions of non financial assets and others(153)
(157)
Free Cash Flow835
1,320
of which recurring Free Cash Flow995
1,383
Net acquisitions of financial assets and activities, contributions to pension plans acquired from Allied Domecq and others(33)
(464)
Dividends paid(699)
(820)
(Acquisition) / Disposal of treasury shares and others(25)
(292)
Decrease / (increase) in net debt (before currency translation adjustments)78
(256)
Foreign currency translation adjustment406
(168)
Non cash impact on lease liabilities(40)
(47)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)443
(471)
Initial net debt(8,424)
(7,452)
Final net debt(7,980)
(7,923)
Net Debt Maturity at 31 December 2021
€ billions
[Missing charts are available on the original document and on www.pernod-ricard.com]
Strong liquidity position at €5.4bn as of 31st December 2021, of which €3.4bn credit lines undrawn
Gross debt after hedging at 31st December 2021 (excluding lease liabilities):
9% floating rate and 91% fixed rate 60% in EUR and 40% in USDBond details at 31 December 2021
Currency
Par value
Coupon
Issue date
Maturity date
EUR
€ 1,500 m o/w:
10/24/2019
€ 500 m
0.000%
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
€ 500 m
0.125%
10/4/2021
10/4/2029
USD
$ 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
Net Debt / EBITDA ratio evolution
Closing rate
Average rate(1)
EUR/USD rate 30/06/2021 -> 31/12/2021
1.19 -> 1.13
1.19 -> 1.18
Ratio at 30/06/2021
2.6
2.6
EBITDA & cash generation excl. Group structure effect and forex impacts
-0.4
-0.4
Group structure and forex impacts
0.2
0.1
Ratio at 31/12/2021
2.4
2.4
(1) Last-twelve-month rateDiluted Earnings Per Share (EPS) calculation
(x 1,000)
HY FY21
HY FY22
Number of shares in issue at end of period
261,877
261,877
Weighted average number of shares in issue (pro rata temporis)
262,315
261,877
Weighted average number of treasury shares (pro rata temporis)
(1,654)
(1,656)
Dilutive impact of stock options and performance shares
816
609
Number of shares used in diluted EPS calculation
261,478
260,829
(€ millions and €/share)
HY FY21
HY FY22
reported
△
Group share of net profit from recurring operations
1,087
1,438
32.3%
Diluted net earnings per share from recurring operations
4.16
5.51
32.6%
Upcoming Communications
Date1
Event
28 April 2022
Q3 FY22 Sales conference call
10 May 2022
North America conference call
8 June 2022
Capital Market Day in Paris
24 June 2022
Asia conference call
1 The above dates are indicative and are liable to change
1 PRO: Profit from Recurring Operations
2 vs. H1 FY20 at constant FX
3 Based on average EUR/USD rate: 1.18 in calendar year 2021
View source version on businesswire.com: https://www.businesswire.com/news/home/20220209006171/en/