PERNOD RICARD - 2018-2019 Universal registration document
5.
MANAGEMENT REPORT Net debt
Net debt 5.3
Reconciliation of Net financial debt – The Group uses net financial debt in the management of its cash and its Net debt capacity. A reconciliation of net financial debt and the main balance sheet items is provided in Note 4.9 – Financial instruments in the Notes to the annual consolidated financial statements. The following table shows the change in Net debt over the year:
30.06.2019
30.06.2018
€ million
Profit fromrecurring operations Other operating income and expenses
2,358
2,581 (206)
(62)
Depreciation of fixed assets
216
226
Net change in impairment of goodwill and property, plant and equipment and intangible assets
73
69
Net change in provisions
(35)
7 3
Restatement of contributions to pension funds acquired fromAllied Domecq and others
14 (1)
Fair value adjustments on commercial derivatives and biological assets
(7)
Net (gain)/loss on disposal of assets
(48)
0
Share-based payments
35
40
Sub-total of depreciation and amortisation, change in provisions and other SELF-FINANCINGCAPACITY BEFORE FINANCING INTEREST ANDTAX*
254
339
2,549 (100) (659) (358) 1,433
2,714
Decrease/(increase) in working capital requirements
(181) (829) (338)
Net interest and tax payments
Net acquisitions of non-financial assets and other
FREE CASHFLOW
1,366
of which recurring free cash flow
1,422
1,477
Net disposal of financial assets and activities, contributions to pension plans acquired fromAllied Domecq and others
(60)
(181)
Change in the scope of consolidation
- -
- -
Capital increase and other changes in shareholders’ equity
Dividends and interim dividends paid (Acquisition)/disposal of treasury shares
(551) (23)
(645) (121)
Sub-total dividends, purchase of treasury shares and other
(575) 798
(766)
DECREASE/(INCREASE) INDEBT (BEFORE FOREIGN EXCHANGE IMPACT)
420
Opening IFRS 15 impact
16
Foreign currency translation adjustments
91
(94) 342
DECREASE/(INCREASE) INDEBT (AFTER FOREIGN EXCHANGE IMPACT)
889
Net debt at beginning of period
(7,851) (6,962)
(6,962) (6,620)
Net debt at end of period
Excluding investments in pension funds acquired from Allied Domecq. *
150
2018-2019
PERNOD RICARD UNIVERSAL REGISTRATIONDOCUMENT
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