Market Overview

Pernod Ricard: 2017/18 Full-year Sales and Results

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Pernod Ricard (Paris:RI):

Press release - Paris, 29 August 2018

VERY STRONG FY18:
+6.0% ORGANIC SALES GROWTH (-0.3%
REPORTED)

6.3% ORGANIC GROWTH IN PRO1
(-1.5% REPORTED)

FY19 GUIDANCE:
ORGANIC GROWTH IN PRO1
BETWEEN +5% AND +7%

SALES

Sales for FY18 totalled €8,987m. Organic Sales growth accelerated
to +6.0% vs. +3.6% in FY17, thanks to consistent strategy
implementation. Reported Sales were down -0.3%.

Sales were very strong, with broad-based growth coming from a wide
spectrum of markets…

  • Americas: continued dynamism +6%, with USA now growing broadly
    in line with market and acceleration in Mexico and Brazil
  • Asia-Rest of World: acceleration +9%, thanks to return to
    strong growth in China and India
  • Europe: modest growth +2%, with good momentum in Eastern
    Europe, Germany and UK but difficulties in France and Spain
  • Travel Retail in good growth, across all regions, thanks in
    part to new organisation, leading to value market share gains

… and brands:

  • Strategic International Brands' acceleration +7% vs. +4% in
    FY17: 11 out of 13 in growth, 6 improving vs. FY17
  • Very strong performance of Martell (+14%) and Jameson (+14%)
  • improving trends for overall Scotch portfolio (+3% vs. stable
    in FY17) and return to growth of Chivas (+5%)
  • Absolut +2%, thanks to success outside of USA (+6%) although
    USA still in decline
  • significant improvement of Seagram's Indian whiskies +13% vs.
    +3% in FY17
  • Innovation contributing significantly to topline growth.

Q4 Sales were €1,927m with +5% in organic growth (-2% reported),
broadly consistent with underlying trends in the first 9 months of
the year.

RESULTS

FY18 PRO1 was €2,358m, with organic growth
of +6.3%
and -1.5% reported. The PRO margin was up +14bps
organically but down -34bps on a reported basis due to adverse FX
(-€180m.)

_______________
1 PRO: Profit from Recurring
Operations

Organic PRO1 growth was in line with the revised annual
guidance of c. +6%
. It was driven by:

  • Gross margin +6%, a +15bps margin improvement vs. FY17 on an
    organic basis,
    thanks to:
    • Pricing improving
    • Operational excellence savings limiting impact of cost
      of goods' increases
      (in particular Agave cost and GST in India)
    • strong growth from Martell and Jameson but negative mix from
      growth in Seagram's Indian Whiskies and decline of Ricard
  • A&P: +7% to prepare for future growth, remaining broadly
    stable at c. 19% of Sales
  • Tight management of Structure costs: +5% (+4% excluding
    Other income and expense), with targeted investment in Emerging
    markets and growth relays
    .

The FY18 corporate income tax rate on recurring items was c.
25%,
in line with FY17. The expected rate for FY19 is c. 26%.

Group share of Net PRO1 was €1,511m, +2%
reported vs. FY17.

Group share of Net profit was €1,577m, +13% reported vs. FY17,
thanks in particular to a reduction in financial expenses.

FREE CASH FLOW AND DEBT

Free Cash Flow was very strong, increasing to €1,433m, +10% vs. FY17,
resulting in a Net debt decrease of -€889m to €6,962m.

The average cost of debt reduced to 3.5% vs. 3.8% in FY17. The
expected for FY19 is c. 3.9%.

The Net Debt/EBITDA ratio at average rates was 2.62 at
30 June 2018, significantly down from 3.0 at 30 June 2017.

PROPOSED DIVIDEND

A dividend of €2.36 is proposed for the Annual General Meeting of
21 November 2018, up +17% from FY17, corresponding to an increase
in pay-out ratio to 41%,
reflecting the Group's policy of gradually
increasing cash distribution from approximately one-third of Group Net
Profit from Recurring Operations to c. 50% by FY20.

As part of this communication, Alexandre Ricard, Chairman and
Chief Executive Officer, declared, "FY18 was a very strong year. Consistent
strategic implementation has enabled us to deliver a significant
improvement in business performance while investing for the future.
Our
Sales have accelerated and diversified, and our margins improved.

In FY19, in a still uncertain geopolitical and monetary environment,
we will continue consistently implementing our strategy.
Our
guidance for FY19 is organic growth in Profit from Recurring Operations
between +5% and +7%."

_______________
1 PRO: Profit from Recurring
Operations
2 Average EUR/USD rate of 1.19 in FY18 vs.
1.09 in FY17

All growth data specified in this presentation refers to organic
growth, unless otherwise stated.
Data may be subject to rounding.

A detailed presentation of FY18 Sales and Results can be downloaded
from our website:
www.pernod-ricard.com

Audit procedures have been carried out on the full-year financial
statements. The Statutory Auditors' report will be issued following
their review of the management report.

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.

Free cash flow

Free cash flow comprises the net cash flow from operating activities
excluding the contributions to Allied Domecq pension plans, aggregated
with the proceeds from disposals of property, plant and equipment and
intangible assets and after deduction of the capital expenditures.

"Recurring" indicators

The following 3 measures represent key indicators for the measurement
of the recurring performance of the business, excluding significant
items that, because of their nature and their unusual occurrence, cannot
be considered as inherent to the recurring performance of the Group:

- Recurring free cash flow

Recurring free cash flow is calculated by restating free cash flow
from non-recurring items.

- Profit from recurring operations

Profit from recurring operations corresponds to the operating profit
excluding other non-current operating income and expenses.

- Group share of net profit from
recurring operations

Group share of net profit from recurring operations corresponds to
the Group share of net profit excluding other non-current operating
income and expenses, non-recurring financial items and corporate income
tax on non-recurring items.

Net debt

Net debt, as defined and used by the Group, corresponds to total
gross debt (translated at the closing rate), including fair value and
net foreign currency assets hedging derivatives (hedging of net
investments and similar), less cash and cash equivalents.

EBITDA

EBITDA stands for "earnings before interest, taxes, depreciation and
amortization". EBITDA is an
accounting
measure calculated using the Group's profit from recurring operations
excluding depreciation and amortization on operating fixed assets.

About Pernod Ricard

Pernod Ricard is the world's n°2 in wines and spirits with
consolidated Sales of €8,987m in FY18. 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, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as
well Jacob's Creek, Brancott Estate, Campo Viejo and Kenwood wines.
Pernod Ricard employs a workforce of approximately 18,900 people and
operates through a decentralised organisation, with 6 "Brand Companies"
and 86 "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 Euronext (Ticker: RI; ISIN code:
FR0000120693) and is part of the CAC 40 index.

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

FY18

 

(in 9Lcs millions)

Organic Sales growth

FY18

Volumes Price/mix

 

 
Absolut 11.4 2% 2% 0%
Chivas Regal 4.4 5% 5% 0%
Ballantine's 7.1 5% 5% 0%
Ricard 4.5 -6% -5% -1%
Jameson 7.3 14% 12% 1%
Havana Club 4.6 6% 5% 0%
Malibu 3.8 6% 5% 1%
Beefeater 2.9 4% 4% 0%
Martell 2.4 14% 12% 2%
The Glenlivet 1.1 5% 5% 0%
Royal Salute 0.2 -2% 1% -2%
Mumm 0.8 1% -1% 2%
Perrier-Jouët 0.3 6% 1% 6%
Strategic International Brands 50.7 7% 4% 3%
 

Sales Analysis by Region

           
Net Sales

(€ millions)

FY17 FY18 Change Organic Growth   Group Structure   Forex impact
           
Americas 2,661 29.5% 2,546 28.3% (114) -4% 159 6% (18) -1% (255) -10%
Asia / Rest of World 3,568 39.6% 3,648 40.6% 80 2% 324 9% (1) 0% (242) -7%
Europe 2,781   30.9% 2,792   31.1% 11   0% 50   2% (7)   0% (32)   -1%
World 9,010   100.0% 8,987   100.0% (23)   0% 533   6% (26)   0% (530)   -6%
 
                                     
Net Sales

(€ millions)

Q4 2017 Q4 2018 Change Organic Growth   Group Structure   Forex impact
 
Americas 628 32.0% 603 31.3% (24) -4% 43 7% (5) -1% (63) -10%
Asia / Rest of World 690 35.2% 682 35.4% (8) -1% 38 5% 0 0% (46) -7%
Europe 645   32.9% 642   33.3% (3)   0% 12   2% (2)   0% (13)   -2%
World 1,962   100.0% 1,927   100.0% (35)   -2% 93   5% (6)   0% (122)   -6%
 
                                     
Net Sales

(€ millions)

H2 2017 H2 2018 Change Organic Growth   Group Structure   Forex impact
 
Americas 1,230 31.1% 1,148 29.4% (82) -7% 80 7% (4) 0% (157) -13%
Asia / Rest of World 1,527 38.7% 1,583 40.5% 56 4% 188 12% (0) 0% (132) -9%
Europe 1,192   30.2% 1,174   30.1% (18)   -2% 8   1% (3)   0% (24)   -2%
World 3,949   100.0% 3,905   100.0% (44)   -1% 277   7% (8)   0% (314)   -8%

Bulk Spirits are allocated by Region according to the Regions'
weight in the Group

 

Summary Consolidated Income Statement

     
(€ millions) FY17 FY18 Change
             
Net sales   9,010   8,987   0%
Gross Margin after logistics costs   5,602   5,604   0%
Advertising and promotion expenses   (1,691)   (1,720)   2%
Contribution after A&P expenditure   3,912   3,884   -1%
Structure costs   (1,517)   (1,526)   1%
Profit from recurring operations   2,394   2,358   -2%
Financial income/(expense) from recurring operations (376) (301) -20%
Corporate income tax on items from recurring operations (509) (520) 2%

Net profit from discontinued operations, non-controlling interests
and
share of net income from associates

  (27)   (26)   -3%
Group share of net profit from recurring operations   1,483   1,511   2%
 
Other operating income & expenses (163) (62) NA
Financial income/(expense) from non-recurring operations 3 (1) NA
Corporate income tax on items from non recurring operations 71 129 NA
             
Group share of net profit   1,393   1,577   13%
Non-controlling interests   28   26   -7%
Net profit   1,421   1,603   13%
 

Profit from Recurring Operations by Region

                       
World
                                     
(€ millions) FY17 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 9,010 100.0% 8,987 100.0% (23) 0% 533 6% (26) 0% (530) -6%
Gross margin after logistics costs 5,602 62.2% 5,604 62.4% 1 0% 345 6% (5) 0% (338) -6%
Advertising & promotion (1,691) 18.8% (1,720) 19.1% (29) 2% (120) 7% (1) 0% 92 -5%
Contribution after A&P 3,912   43.4% 3,884   43.2% (28)   -1% 225   6% (6)   0% (247)   -6%
Profit from recurring operations 2,394   26.6% 2,358   26.2% (37)   -2% 155   6% (11)   0% (180)   -8%
 
Americas
                                     
(€ millions) FY17 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 2,661 100.0% 2,546 100.0% (114) -4% 159 6% (18) -1% (255) -10%
Gross margin after logistics costs 1,790 67.3% 1,690 66.4% (99) -6% 92 5% (4) 0% (187) -10%
Advertising & promotion (551) 20.7% (533) 20.9% 18 -3% (29) 5% (1) 0% 47 -9%
Contribution after A&P 1,239   46.6% 1,157   45.5% (81)   -7% 64   5% (5)   0% (140)   -11%
Profit from recurring operations 790   29.7% 735   28.9% (55)   -7% 55   7% (9)   -1% (101)   -13%
 
Asia / Rest of the World
                                     
(€ millions) FY17 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 3,568 100.0% 3,648 100.0% 80 2% 324 9% (1) 0% (242) -7%
Gross margin after logistics costs 2,102 58.9% 2,164 59.3% 62 3% 207 10% (0) 0% (145) -7%
Advertising & promotion (618) 17.3% (662) 18.1% (44) 7% (82) 13% (0) 0% 38 -6%
Contribution after A&P 1,484   41.6% 1,502   41.2% 18   1% 125   8% (0)   0% (107)   -7%
Profit from recurring operations 1,000   28.0% 996   27.3% (4)   0% 74   7% (0)   0% (77)   -8%
 
Europe
                                     
(€ millions) FY17 FY18 Change Organic Growth Group Structure Forex impact
 
Net sales (Excl. T&D) 2,781 100.0% 2,792 100.0% 11 0% 50 2% (7) 0% (32) -1%
Gross margin after logistics costs 1,710 61.5% 1,749 62.6% 39 2% 46 3% (1) 0% (5) 0%
Advertising & promotion (522) 18.8% (525) 18.8% (3) 1% (9) 2% (0) 0% 6 -1%
Contribution after A&P 1,188   42.7% 1,224   43.8% 36   3% 36   3% (1)   0% 1   0%
Profit from recurring operations 604   21.7% 626   22.4% 22   4% 26   4% (2)   0% (2)   0%

Bulk Spirits are allocated by Region according to the Regions'
weight in the Group

 

Foreign Exchange Impact

     
Forex impact FY18

(€ millions)

Average rates evolution On Net Sales

On Profit from
Recurring
Operations

     

FY17

  FY18   %
 
US dollar USD 1.09 1.19 9.5% (215) (116)
Chinese yuan CNY 7.42 7.76 4.5% (38) (26)
Indian rupee INR 72.41 77.70 7.3% (64) (22)
Japanese yen JPY 118.88 131.65 10.7% (18) (11)
Other               (194) (6)
Total               (530) (180)

Note: Impact on PRO includes strategic hedging on Forex

 

Sensitivity of profit and debt to EUR/USD exchange rate

 
Estimated impact of a 1% appreciation of the USD and linked
currencies(1)
   
Impact on the income statement(2) (€ millions)
Profit from recurring operations +18
Financial expenses (2)
Pre-tax profit from recurring operations +16
 
 
 
Impact on the balance sheet (€ millions)
Increase/(decrease) in net debt +41
 

(1) CNY, HKD (2) Full-year
effect

 

 

Balance Sheet

   

Assets
(€ millions)

6/30/2017 6/30/2018
(Net book value)
Non-current assets
Intangible assets and goodwill 17,152 16,858
Tangible assets and other assets 3,028 3,322
Deferred tax assets 2,377 1,556
Total non-current assets 22,557 21,737
 
Current assets
Inventories 5,305 5,472
of which aged work-in-progress 4,416 4,532
of which non-aged work-in-progress 72 71
Receivables (*) 1,134 1,122
Trade receivables 1,059 1,031
Other trade receivables 74 91
Other current assets 270 280
Other operating current assets 264 273
Tangible/intangible current assets 6 7
Tax receivable 111 177
Cash and cash equivalents and current derivatives 700 771
Total current assets 7,521 7,821
 
Assets held for sale 10 0
 
Total assets 30,088 29,558
 
(*) after disposals of receivables of: 557 610
 
     
Liabilities and shareholders' equity
(€ millions)
6/30/2017 6/30/2018
 
Group Shareholders' equity 13,706 14,797
Non-controlling interests 180 181
of which profit attributable to non-controlling interests 28 26
Total Shareholders' equity 13,886 14,978
 
Non-current provisions and deferred tax liabilities 4,524 3,567
Bonds non-current 6,900 6,777
Non-current financial liabilities and derivative instruments 522 494
Total non-current liabilities 11,946 10,838
 
Current provisions 159 143
Operating payables 1,826 1,951
Other operating payables 935 960
of which other operating payables 619 621
of which tangible/intangible current payables 316 338
Tax payable 156 225
Bonds - current 94 93
Current financial liabilities and derivatives 1,087 371
Total current liabilities 4,256 3,743
 
Liabilities held for sale 0 0
Total liabilities and shareholders' equity 30,088 29,558
 

Analysis of Working Capital Requirement

         
(€ millions) June

2016

June

2017

June

2018

FY17 WC
change*

FY18 WC
change*

 
Aged work in progress 4,364 4,416 4,532 148 160
Advances to suppliers for wine and ageing spirits 5 5 10 (0) (1)
Payables on wine and ageing spirits (109) (107) (96) (1) 6
Net aged work in progress 4,260 4,314 4,447 147 166
0
Trade receivables before factoring/securitization 1,517 1,617 1,641 127 88
Advances from customers (2) (16) (6) (14) 10
Other receivables 305 333 353 60 40
Other inventories 857 818 869 (3) 81
Non-aged work in progress 73 72 71 (1) 4
Trade payables and other (2,168) (2,323) (2,471) (191) (225)
Gross operating working capital 582 502 457 (22) (3)
0
Factoring/Securitization impact (520) (557) (610) (46) (63)
Net Operating Working Capital 62 (56) (153) (68) (65)
0
Net Working Capital 4,322 4,258 4,294 79 100
   
* at average FX rates Of which recurring variation 65 141
Of which non recurring variation 14 (41)
 

Net Debt

   
(€ millions) 30/06/2017 6/30/2018
  Current   Non-current   Total Current   Non-current   Total
Bonds 94 6,900 6,993 93 6,777 6,869
Syndicated loan - 319 319 - - -
Commercial paper 630 - 630 280 - 280
Other loans and long-term debts 441 161 601 80 463 542
Other financial liabilities 1,071 480 1,551 360 463 822
Gross Financial debt 1,165 7,379 8,545 452 7,239 7,691
Fair value hedge derivatives – assets (6) (17) (22) - - -
Fair value hedge derivatives – liabilities - 7 7 - 25 25
Fair value hedge derivatives (6) (9) (15) - 25 25
Net investment hedge derivatives – assets - - - - - -
Net investment hedge derivatives – liabilities - - - - - -
Net investment hedge derivatives - - - - - -
Net asset hedging derivative instruments – assets (2) - (2) (1) - (1)
Net asset hedging derivative instruments – liabilities - - - - - -
Net asset hedging derivative instruments (2) - (2) (1) - (1)
Financial debt after hedging 1,158 7,370 8,528 452 7,265 7,716
Cash and cash equivalents (677) - (677) (754) - (754)
Net financial debt 481 7,370 7,851 (303) 7,265 6,962
 

Change in Net Debt

   
(€ millions) 30/06/2017 30/06/2018
Operating profit 2,232 2,296
Depreciation and amortisation 219 216
Net change in impairment of goodwill, PPE and intangible assets 75 73
Net change in provisions (59) (35)
Retreatment of contributions to pension plans acquired from Allied
Domecq and others
7 14
Changes in fair value on commercial derivatives and biological assets (14) (1)
Net (gain)/loss on disposal of assets 6 (48)
Share-based payments 34 35
Self-financing capacity before interest and tax 2,499 2,549
Decrease / (increase) in working capital requirements (79) (100)
Net interest and tax payments (771) (659)
Net acquisitions of non financial assets and others (350) (358)
Free Cash Flow 1,299 1,433
of which recurring Free Cash Flow 1,471 1,422
Net disposal of financial assets and activities, contributions to
pension plans acquired from Allied Domecq and others
50 (60)
Dividends paid (511) (551)
(Acquisition) / Disposal of treasury shares and others (36) (23)
Decrease / (increase) in net debt (before currency translation
adjustments)
802 798
Foreign currency translation adjustment 62 91
Decrease / (increase) in net debt (after currency translation
adjustments)
865 889
Initial net debt (8,716) (7,851)
Final net debt (7,851) (6,962)
 

Net Debt Maturity at 30 June 2018

Missing charts are available on the original document and on www.pernod-ricard.com

Gross Debt after hedging at 30 June 2018

Missing charts are available on the original document and on www.pernod-ricard.com

Bond details

       
Currency Par value Coupon Issue date Maturity date
 
EUR € 850 m 2.000% 3/20/2014 6/22/2020
€ 650 m 2.125% 9/29/2014 9/27/2024
€ 500 m 1.875% 9/28/2015 9/28/2023
€ 600 m 1.500% 5/17/2016 5/18/2026
 
USD $ 1,000 m 5.750% 4/7/2011 4/7/2021
$ 1,500 m 4.450% 10/25/2011 1/15/2022
$ 1,650 m o/w:

 

$ 800 m at 10.5 years 4.250%

01/12/2012

7/15/2022
$ 850 m at 30 years 5.500%   1/15/2042
$ 201 m Libor 6m + spread 1/26/2016 1/26/2021
$ 600 m 3.250% 6/8/2016 6/8/2026
 

Net Debt / EBITDA ratio evolution

   

Closing rate

Average rate

EUR/USD rate: FY17 -> FY 18

1.14 -> 1.17 1.09 -> 1.19
Ratio at 06/30/2017 3.0

3.01

EBITDA & cash generational excl. Group
structure effect
and forex impact

(0.5)

(0.5)

Group structure and forex impacts

+0.2

+0.1

Ratio at 06/30/2018 2.7 2.6

1 Syndicated credit spreads and covenants are
based on the same ratio at the average rate

 

Diluted EPS calculation

   
(x 1,000) FY17 FY18
 
Number of shares in issue at end of period 265,422 265,422
Weighted average number of shares in issue (pro rata temporis) 265,422 265,422
Weighted average number of treasury shares (pro rata temporis) (1,189) (1,308)
Dilutive impact of stock options and performance shares 1,245 1,429
Number of shares used in diluted EPS calculation 265,478 265,543
 
(€ millions and €/share)   FY17   FY18   reported

Group share of net profit from recurring operations 1,483 1,511 +2%
Diluted net earnings per share from recurring operations 5.58 5.69 +2%
 

IFRS 15 Pro-Forma

Implementation from FY19, leading to:

  • reclassification of certain A&P expenses in deduction of Sales
  • integration of the activity of certain third-party bottlers in India
    into Sales and Cost of Goods Sold

Main proforma estimated impacts:

  • neutral on PRO but PRO margin up c. +80bps
  • Sales reduced by c. -3%
  • Gross Margin ratio down c. -170bps
  • A&P / Sales ratio down c.-270bps to c. 16%

Upcoming Communications

DATE1

    EVENT
Thursday October 18 2018 Q1 FY19 Sales
Wednesday November 21 2018 Annual General Meeting
Thursday February 7 2019 H1 FY19 Sales & Results
Thursday April 18 2019 Q3 FY19 Sales

1 The above dates are indicative and are
liable to change

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