PERNOD RICARD - 2019 NOTICE OF MEETING

4.

THE GROUP IN 2018/19

an increase in provisions relating to the coverage of y performance-based share and employee share ownership plans of €22million; a €17million increase in other provisions for risks. y During the period, borrowings increased by €107million, due mainly to the revaluation of €(106) million inUS dollar-denominated bonds. The €148million increase in operating debts is explained primarily by:

the increase in other debts amounting to €120million, of which y €100million stem from an increase in the Pernod Ricard Finance current account, €24million from reduced intra-group creditors’ liabilities and tax current accounts and €44million from dividends to pay; the €17million increase in trade payables; y the €11 million increase in tax and social security payables. y The deferred income and adjustment accounts of €494million at 30 June 2019 comprise the €52million increase in the value of unrealised foreign exchange gains compared with 30 June 2018.

27

PERNOD RICARD NOTICEOFMEETING

2019