PERNOD RICARD - 2019 NOTICE OF MEETING
4.
THE GROUP IN 2018/19
Net debt 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 of the FY19Universal RegistrationDocument. 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 y
216
226
Net change in impairment of goodwill and property, plant and equipment y and intangible assets
73
69
Net change in provisions y
(35)
7 3
Restatement of contributions to pension funds acquired fromAlliedDomecq and others y
14 (1)
Fair value adjustments on commercial derivatives and biological assets y
(7)
Net (gain)/loss on disposal of assets y
(48)
0
Share-based payments y
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)
2,714 (181) (829) (338) 1,366
Decrease/(increase) in working capital requirements
Net interest and tax payments
Net acquisitions of non-financial assets and other
(358)
FREE CASHFLOW
1,433 1,422
of which recurring free cash flow
1,477
Net disposal of financial assets and activities, contributions to pension plans acquired fromAlliedDomecq and others
(60)
(181)
Change in the scope of consolidation
- -
- -
Capital increase and other changes in shareholders’ equity y
Dividends and interimdividends paid y (Acquisition)/disposal of treasury shares y
(551) (23) (575) 798
(645) (121) (766)
Sub-total dividends, purchase of treasury shares and other
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. *
24
PERNOD RICARD NOTICEOFMEETING
2019
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