Pernod Ricard : Read the Universal Registration Document

21

22Universal

registration

document including the annual financial report

2021-2022

102

104

Contents

Pernod Ricard at a glance

1. Extracts from the integrated annual report

Message from Alexandre Ricard

One year of convivial moments

Our history

Our decentralised organisation

Our brand portfolio

Our Mindset for Growth

Our strategy

Our growth model

Our foundations

Our Sustainability & Responsibility roadmap

Our value creation model

Our key financial figures

Our Board of Directors

Our Executive Board & Executive Committee

1. Corporate governance
2. 1. Our Board of Directors (on 30 June 2022)
   2. Summary of the composition of the Board of Directors
   3. Duties performed by the Directors
   4. Governance structure
   5. Composition of the Board of Directors
   6. Structure and operation of the Board of Directors
   7. Structure and operations of the Committees
   8. Compensation report
   9. Financial authorisations and delegations
   10. Share buyback programme
   11. Items liable to have an impact in the event of a public offer
   12. General Meetings and attendance procedures
   13. Management structure
3. Sustainability & Responsibility m
4. 1. Pernod Ricard brings good times from a good place
   2. The main sustainability risks and opportunities
   3. The four pillars of the Good Times from a Good Place roadmap
   4. Ethics & compliance
   5. Reference table for the United Nations Sustainable Development Goals (SDGs)
   6. Methodology note and third-party verification
5. Risk management m
6. 1. Internal control and risk management
   2. Risk factors
   3. Insurance and risk coverage
   4. Risks and disputes: provisioning procedure
   5. Financial and accounting information

• 5. Management report m

5.1 Key figures from the consolidated financial

• statements for the year ended 30 June 2022

7	5.2	Analysis of business activity and results
10	5.3	Net debt
12	5.4	Outlook
14	5.5	Definitions and reconciliation of non-IFRS measures
16		to IFRS measures
18	5.6	Material contracts
20	6. Annual consolidated financial statements m
22
6.1	Annual consolidated income statement
24
26	6.2	Consolidated statement of comprehensive income
28	6.3	Consolidated balance sheet
30	6.4	Statement of changes in annual
32		consolidated shareholder equity
34	6.5	Annual consolidated cash flow statement
	6.6	Notes to the consolidated financial statements

1. 6.7 Statutory Auditors' report on the consolidated
2. financial statements

39	7. Pernod Ricard SA separate financial
statements m
40
7.1	Pernod Ricard SA income statement
49
51	7.2	Pernod Ricard SA balance sheet
58	7.3	Pernod Ricard SA cash flow statement
61	7.4	Analysis of Pernod Ricard SA income statement
65		and balance sheet
90	7.5	Notes to the Pernod Ricard SA separate financial
93		statements
7.6	Other items relating to the financial statements
96	7.7	Financial income/(expense) over the last five
96		financial years
7.8	Dividends paid over the last five financial years
98
7.9	Inventory of marketable securities

101 7.10 Statutory Auditors' report on the annual financial

statements

7.11 Statutory Auditors' special report on regulated agreements

108	8. Annual Ordinary General Meeting
143
8.1 Agenda - Annual Ordinary General Meeting

1. on 10 November 2022
2. 8.2 Presentation of the resolutions of the Annual Ordinary General Meeting on 10 November 2022

165	8.3 Draft resolutions of the Annual
Ordinary General Meeting on 10 November 2022
166

168 9. About the Company and its share capital

1. 9.1 Information about Pernod Ricard
2. 9.2 Information about the share capital
   10. Additional information in the universal registration document
3. 1. Persons responsible
   2. Documents on display
   3. Reference tables

187

188

190

193

193

194

195

199

200

201

202

204

205

206

254

259

260

261

263

264

265

277

279

279

280

281

284

285

286

286

288

293

294

296

303

304

304

305

Items in the annual financial report (AFR) are identified in the contents by the pictogram

21

22Universal

registration document

including the annual financial report

This Universal Registration Document has been filed on 21 September 2022 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This is a translation into English of the (universal) registration document of the Company issued in French and it is available on the website of the Issuer.

This Document is a reproduction of the official version of the Universal Registration Document including the 2021-2022 Annual Financial Report prepared in accordance with the European Single Electronic Format (ESEF) and filed with the AMF, available on the websites of the Company and the AMF.

Pernod Ricard Universal Registration Document 2021-2022

1

Pernod Ricard at a glance

Pernod Ricard

at a glance

Three words summarize Pernod Ricard's excellent performance

in FY22: record, balanced and sustainable.

World

N°1

for premium spirits(a)

Our performance was sustainable thanks to the real progress we've made on delivering our strategic roadmap "Good Times from a Good Place".

Alexandre Ricard,

Chairman & CEO

>160

countries

where our brands are distributed

93%

of markets with a global or local responsible drinking initiative

0.9%

gender pay gap(b)

13%

reduction

in water consumption(c)

15,6%

FY22 was a record year in many respects. Our Sales broke the symbolic milestone of €10 billion with our fastest growth rate in over 30 years, delivering a record €3 billion profit from recurring operations at a record operating margin of 28.3%.

FY22's performance was also very well balanced. Growth was driven by all regions, categories, price points and channels, with a comparable contribution from both mature and emerging markets.

Most importantly, our performance was sustainable thanks to the real progress we've made on delivering our strategic roadmap "Good Times from a Good Place".

Key figures

				Profit from
		Net		Recurring
€ million		Sales		Operations
FY22		10,701		3,024		28.3%(2)
Organic		+16.9%		+19.0%
growth(1)
Reported		+21.3%		+24.8%
growth
FY21		8,824		2,423		27.5%(2)

There has definitely been a newfound appreciation for conviviality since the Covid outbreak and I would like to take this opportunity to praise our teams whose commitment has never wavered, and who continue to play a key role in facilitating convivial experiences with our brands around the world.

While we are faced with a challenging and volatile environment, I am confident that our unique competitive advantages and the rapid deployment of our digital transformation will enable us to deliver our FY23 to FY25 medium-term financial framework."

Group Net Profit
from Recurring Group	Proposed
Operations(1)	Net Profit	dividend

2,124 1,996 €4.12 per share(3)

€3.12

1,612 1,305 per share

reduction

in CO2 emission(d)

1. Alternative performance indicators are defined in note 5.5 - Definitions and reconciliation of alternative performance indicators with IFRS indicators of the Management Report
2. Operating margin.
3. Dividend proposed for approval by the Shareholders' Meeting of 10 November 2022.

• Pernod Ricard Universal Registration Document 2021-2022

An international and	Scotland	Finland
decentralised Group	Sweden
England
		Poland
Ireland	Germany	Czech

Pernod Ricard at a glance

€10,701M

France

Republic

in net sales

Italia

Spain

Canada

United States

Greece

€3,024M

China

	Armenia
	Cuba
Mexico	India

Production	Brazil
site
Brand Company	Australia
head office
Market Company	South Africa
Argentina
head office

New-Zealand

Americas	Europe	Asia/Rest of the world
€3,133M	€3,130M	€4,438M
€1,014M	€790M	€1,220M
3,948(e)	10,038(e)	5,494(e)

Decentralisation is a founding organisational principle that Pernod Ricard has harnessed since the beginning to encourage consumer-centric decision making and address customer needs in a timely manner. Conferring a competitive advantage during uncertain times, as seen during the Covid-19 pandemic, decentralization renders company operations more flexible, efficient and effective. Based on each affiliate's operational autonomy and the overall strategic principles defined at Group level, it is defined by the constant interaction between headquarters, Brand Companies and Market Companies.

A unique portfolio

of premium brands

Pernod Ricard has one of the most comprehensive portfolios of premium brands on the market, encompassing every major category of wine and spirits and providing the Group with a clear competitive advantage. Constantly evolving thanks to a dynamic management policy driven by brand acquisitions or disposals, this portfolio allows Pernod Ricard to always be aligned with new consumer trends while investing in the most promising segments and brands.

1. Source: "The Pernod Ricard Market View", based on IWSR volume data at end 2021.
2. 1% not being considered a difference by external service providers.
3. Reduction per unit of production between FY18 and FY22.
4. Reduction of production sites (Scopes 1 and 2) in absolute value between FY10 and FY22.
5. Headcount at 30 June 2022.
6. Source: "The Pernod Ricard Market View", based on IWSR volume data at end 2021.
7. Four points above Glint's FMGCG benchmark.

Profit from

recurring operations

19,480

Employees(e)

World

N°2

for wines and spirits

17

brands

amongst the world's top 100

for premium spirits (f)

76

Employee

engagement score (g)

Pernod Ricard Universal Registration Document 2021-2022

3