PERNOD RICARD - 2018-2019 Universal registration document

First page Table of contents Next page Last page

Content	2
PERNOD RICARD AT A GLANCE	4
1. Extracts from the Integrated Annual Report	7
Message from the Chairman & Chief Executive Officer	8
Our history: a social & entrepreneurial adventure	10
Our decentralised organisation	12
The Pernod Ricard Mindset: transforming for acceleration	14
Our dynamic portfolio management to meet consumer needs & expectations	16
Our Strategy: ‘Transform & Accelerate’	18
We bring Good Times from a Good Place	20
Our community of inspirational Sustainability & Responsibility leaders	22
Our Board of Directors	24
Our Executive Board & Executive Committee	26
Our value creation model	28
Our key financial figures	30
Our key non-financial figures	31
2. Corporate Governance	33
Report of the Board of Directors on corporate governance	34
2.1 Composition of the Board of Directors on 30 June 2019	34
2.2 Overview of the composition of the Board of Directors and its Committees	35
2.3 Duties performed by the Directors	36
2.4 Governance Structure	46
2.5 Composition of the Board of Directors	48
2.6 Structure and operation of the Board of Directors	54
2.7 Structure and operation of the Committees	56
2.8 Compensation policy	60
2.9 Financial authorisations and delegations	78
2.10 Share buyback programme	80
2.11 Items liable to have an impact in the event of a public offer	82
2.12 Shareholders’ Meetings and attendance procedures	83
2.13 Management structure	84
3. Sustainability & Responsibility	87
3.1 Pernod Ricard brings Good Times from a Good Place	88
3.1.1 A strategy centred around a vision: “Créateurs de convivialité”	88
3.1.2 A robust Governance structure	89
3.2 The main sustainaibility risks and opportunities	89
3.2.1 Presentation of the methodology	89
3.2.2 The eight risks and opportunities identified	89
3.3 The four pillars of the Good Times from a Good Place roadmap	92
3.3.1 Nurturing Terroir	92
3.3.2 Valuing People	95
3.3.3 Circular Making	101
3.3.4 Responsible Hosting	111
3.4 Ethics & compliance	113
3.4.1 The Group’s ethical practices	113
3.4.2 Presentation and implementation of the Devoir de Vigilance	115
3.5 Reference table for the United Nations Sustainable Development Goals (SDGs)	118
3.6 Methodology note and third-party verification	119
3.6.1 Methodology note relating to extra-financial reporting	119
3.6.2 Statutory Auditors report	121
4. Risk Management	125
4.1 Internal control and risk management procedures	126
4.1.1 Definition of internal control	126
4.1.2 Description of the internal control environment	126
4.2 Risk factors	128
4.3 Insurance and risk coverage	143
4.3.1 Insurance policies	143
4.3.2 Coverage	143
4.3.3 Resources provided by the Group to manage the consequences of a claim, especially in the case of an industrial accident	144
4.4 Risks and disputes: provisioning procedure	144
4.5 Financial and accounting information	144
4.5.1 Preparation of the Group’s consolidated financial statements	144
4.5.2 Preparation of Pernod Ricard’s financial statements	144
5. Management Report	145
5.1 Key figures from the consolidated financial statements for the year ended 30 June 2019	146
5.1.1 Income statement	146
5.1.2 Balance sheet	146
5.1.3 Net financial debt	147
5.1.4 Cash flow statement	147
5.2 Analysis of business activity and results	147
5.2.1 Presentation of results	148
5.2.2 Organic net sales growth of Strategic International Brands	150
5.2.3 Contribution after advertising & promotion costs	150
5.2.4 Profit from Recurring Operations	150
5.2.5 Financial income/(expense) from recurring operations	151
5.2.6 Group Net Profit from recurring operations	151
5.2.7 Group Net Profit	151
5.3 Net debt	152
5.4 Outlook	153
5.5 Financial policy	153
5.6 Recent Developments	153
5.7 Definitions and reconciliation of alternative performance indicators with IFRS indicators	154
5.7.1 Organic growth	154
5.7.2 Free cash flow	154
5.7.3 “Recurring” indicators	154
5.7.4 Net debt	154
5.7.5 EBITDA	154
5.8 Material contracts	154
5.8.1 Significant contracts not related to financing	154
5.8.2 Financing contracts	155
6. Consolidated Financial Statements	157
6.1 Consolidated income statement	158
6.2 Consolidated statement of comprehensive income	159
6.3 Consolidated balance sheet	160
6.4 Changes in consolidated shareholders’ equity	162
6.5 Consolidated cash flow statement	163
6.6 Notes to the consolidated financial statements	164
6.7 Statutory Auditors’ report on the consolidated financial statements	209
7. Pernod Ricard SA Financial Statements	213
7.1 Pernod Ricard SA income statement	214
7.2 Pernod Ricard SA balance sheet	215
7.3 Pernod Ricard SA cash flow statement	217
7.4 Analysis of Pernod Ricard SA results	218
7.5 Notes to the Pernod Ricard SA financial statements	219
7.6 Other items relating to the financial statements	231
7.7 Financial results over the last five financial years	232
7.8 Dividends paid over the last five financial years	233
7.9 Inventory of marketable securities	233
7.10 Statutory Auditors’ report on the financial statements	234
7.11 Statutory Auditors’ special report on regulated agreements and commitments	237
8. Combined Shareholders’ Meeting	239
8.1 Agenda - Combined Shareholders’ Meeting held on 8 November 2019	240
8.1.1 Items on the agenda presented at the Ordinary Shareholders’ Meeting	240
8.1.2 Items on the agenda presented at the Extraordinary Shareholders’ Meeting	240
8.2 Presentation of the resolutions of the Combined Shareholders’ Meeting held on 8 November 2019	241
8.2.1 Resolutions presented at the Ordinary Shareholders’ Meeting	241
8.2.2 Resolutions presented at the Extraordinary Shareholders’ Meeting	242
8.3 Draft resolutions of the Combined Shareholders’ Meeting held on 8 November 2019	246
8.3.1 Resolutions presented at the Ordinary Shareholders’ Meeting	246
8.3.2 Resolutions presented at the Extraordinary Shareholders’ Meeting	249
8.4 Statutory Auditors’ report on the share capital reduction	260
8.5 Statutory Auditors’ report on the issue of ordinary shares and/or various securities with retention and/or cancellation of preferential subscription rights	261
8.6 Statutory Auditors’ report on the authorisation to grant free performance shares (existing or to be issued) to employees and executive officers	263
8.7 Statutory Auditors’ report on the authorisation to grant share subscription or purchase options	264
8.8 Statutory Auditors’ report on the issuance of ordinary shares or securities conferring entitlement to share capital, reserved for members of company saving plans	265
8.9 Statutory Auditors' report on the issuance of ordinary shares or securities conferring entitlement to share capital, with cancellation of preferential subscription rights	266
9. About the company and its Share Capital	267
9.1 Information about Pernod Ricard	268
9.1.1 Company name and trading name	268
9.1.2 Registered office and website	268
9.1.3 Legal form	268
9.1.4 Applicable law	268
9.1.5 Date of formation and duration	268
9.1.6 Description of the corporate purpose of the company	268
9.1.7 RCS registration number, NAF business activity code and LEI code	268
9.1.8 Financial year	268
9.1.9 Entitlement to dividends – Entitlement to share in the issuer’s profits	268
9.1.10 Changes in the share capital and the rights attached to shares	269
9.1.11 The Statutory Auditors	269
9.2 Information about the share capital	270
9.2.1 Amount of paid-up capital at 30 June 2019	270
9.2.2 Shares not representing capital	270
9.2.3 Contingent share capital	270
9.2.4 Changes in the share capital over the last five years	270
9.2.5 Changes in voting rights over the last five years	270
9.2.6 Allocation of share capital and voting rights on 30 June 2019	271
9.2.7 Stock market information on Pernod Ricard shares	273
9.2.8 Other legal information	273
10. Additional Information in the Universal Registration Document	275
10.1 Persons responsible	276
10.1.1 Names and positions	276
10.1.2 Declaration by the person responsible for the Universal Registration Document and the annual financial report	276
10.2 Documents on display	276
10.3 Reference tables	277
10.3.1 Universal Registration Document	277
10.3.2 Management report	279
10.3.3 Corporate governance report	280
10.3.4 Annual financial report	280
10.3.5 Management reports, Parent Company financial statements, Group consolidated financial statements and Statutory Auditors’ reports for financial years ended 30 June 2018 and 30 June 2017	280

Made with FlippingBook - professional solution for displaying marketing and sales documents online