Pernod Ricard SA · EURONEXT:RI
Pernod Ricard SA — FY2009/10 Earnings Presentation
76 slides from Pernod Ricard SA's earnings presentation, Sep 2, 2010
Slide 1: 2009/10 Full-Year Sales and Annual Results
2009/10 Full-Year Sales and Annual Results* Organic growth: Sales: +2% Profit from Recurring Operations: +4% Advertising and promotion expenditures: +5% Free Cash Flow from recurring operations: € 1,160 million This presentation can be downloaded from our website: www.pernod-ricard.com * Audit proce
Slide 2: 2009/10 Environment and Highlights
2009/10 Environment and Highlights A contrasting economic environment: • Rebound over HY2 (partly technical) in most countries • Strong growth in most new economies • Very gradual recovery of consumer spending in the US, against a continuing uncertain backdrop • Contrasting situation in Europe with
Slide 3: 2009/10 Key Figures
2009/10 Key Figures Sales: € 7,081 million (-2%), being organic growth of +2%, an improvement vs 2008/09 stability driven by TOP 14: volume +2%*, sales +4%* 5%* increase in advertising and promotion expenditures: return to the 2007/08 pre-crisis investment level Profit from recurring operations: € 1
Slide 4: 2009/10 Key Figures
2009/10 Key Figures Group share of net profit from recurring operations: € 1,001 million (-1% or +7% excluding foreign exchange) Group share of net profit: € 951 million (+1%) Strong cash generation: FCF from recurring operations € 1,160 million Significant debt reduction: € (1,090) million excludin
Slide 5: Presentation structure
Presentation structure - Group share of NPRO* - Sales analysis - Profit from recurring operations - Summarised consolidated income statement - Analysis by geographic region - Group share of NPRO - Non-recurring items and net profit - Conclusion and outlook *net profit from recurring operations 5
Slide 6: Focus on 4th quarter
Focus on 4th quarter (€ millions) 103 (37) 1,755 43 1,646 -2% +6% +3% +7% Sales Organic Forex Group Sales Q4 growth impact structure Q4 08/09 09/10 Organic growth +3%, driven by Top 14 (+6%) Very favourable forex impact due to the depreciation of EUR against most other currencies (USD and currencies
Slide 7: Change in 2009/10 Q4 Sales
Change in 2009/10 Q4 Sales Confirmation of trends observed since the start of the 2010 calendar year: • Strong growth in emerging markets • Rebound in certain markets: Russia, South Korea, Duty Free • Gradual recovery in the US • Western Europe: persisting difficulties in Spain, in the UK, in Irelan
Slide 8: Change in 2009/10 Full-Year Sales
Change in 2009/10 Full-Year Sales (€ millions) 130 (50) (201) 7,203 -1% 7,081 +2% -3% -2% 08/09 Organic Forex Group 09/10 sales growth impact structure sales Organic growth: +2% (driven by Top 14 growth +4%*) with a marked +9% upturn in HY2 Negative forex impact limited to € (50) million over the fu
Slide 9: Organic sales growth by quarter/half-year
Organic sales growth by quarter/half-year during 2008/09 and 2009/10 10 +7% 5 +3% 0 HY1: +5% -5 -3% HY2: -7% -10 -15 -12% FY: 0% -20 Q1 Q2 Q3 Q4 08/09 08/09 08/09 08/09 20 +16% 15 HY1: -3% HY2: +9% 10 +3% 5 0 FY: +2% -5 -4% -2% -10 Q1 Q2 Q3 Q4 09/10 09/10 09/10 09/10 9
Slide 10: Organic Sales Growth Analysis
Organic Sales Growth Analysis Q4 2009/10 FY 2009/10 Top 14: Spirits & Champagne +6% +4% Priority premium wines -4% -2% 18 key local spirits brands -2% +4% Other 0% -3% Total +3% +2% Very favourable growth mix confirmed in Q4 Premium brands* represented 69% of 2009/10 sales, compared to 68% in 2008/0
Slide 11: Portfolio review: TOP 14 spirits & champagne
Portfolio review TOP 14: spirits & champagne Volume: +2%* Sales: +4%* % of Group sales: 55% * organic growth calculated over 11 months from August to June for Absolut 11
Slide 12: TOP 14: spirits & champagne
TOP 14: spirits & champagne Volume organic Net Sales organic Mix / price effect growth (*) growth (*) (*) Absolut 6% 6% 0% 9 brands out of 14 Chivas Regal 1% 5% 4% Ballantine's -4% -4% 0% reported net sales Ricard 0% 1% 1% Jameson 9% 12% 3% organic growth Malibu -1% -1% 0% Beefeater -1% 1% 2% 13 bra
Slide 13: Absolut
Volume* +6% Sales* +6% Sound performance by the brand, improved compared to the first year of integration Price / mix effect neutral overall with price increases in many markets that offset the downward pricing adjustment in the US Improved trend in the US: 2009/10 depletions -2% (-5% in HY1 and +2%
Slide 14: Chivas Regal
Volume +1% Sales* +5% Very favourable price / mix effect and strong upturn in HY2 (+25% including +41% for Chivas 18) Europe: improvement in HY2, especially in Russia and Spain. Very good performance in France Americas: • Signs of improvement in the US with 2009/10 depletions -1% (-3% in HY1 and +1%
Slide 15: Ballantine's
Volume -4% Sales* -4% Ballantine’s Finest (volume -4%): decline in Spain, Germany and Central Europe but slight growth in France and strong growth in Poland, Portugal, Latin America and Duty Free -7% decline in superior qualities but strong recovery in HY2 (+15%), especially in Asian Duty Free marke
Slide 16: Martell
Volume +6% Sales* +12% Martell VS -15%, Noblige +34%, Cordon Bleu +13% Outstanding double-digit growth in Asia, driven by China, Vietnam, Taiwan, the Philippines and Indonesia Mix markedly improved for the fourth consecutive year and price increases in April 2010 Participation in the Shanghai World
Slide 17: Jameson and Havana Club
& Volume +9% Sales* +12% US: continuing very strong increase in depletions (+24%), confirmed by Nielsen (+16%) and NABCA (+22%) Growth in Europe: slight decline in Ireland, but strong upturn in HY2 in Eastern Europe (Russia) and the UK. Good performance in France and Scandinavia Accelerated growth i
Slide 18: Royal Salute and The Glenlivet
& Volume +6% Sales* +1% Continuing expansion of Royal Salute in its key markets (China and Duty Free Asia) Negative price / mix effect linked to the increased share of Duty Free vs domestic markets in Asia Launch of “62 Gun Salute - The Pinnacle of Scotch Whisky”, priced at USD 2,200 in Duty Free, w
Slide 19: Ricard and Beefeater
& Volume stable Sales* +1% France: good performance (+1%) due to off-trade market share gains (Nielsen volume +3% in a market -0.2%), offsetting the on-trade decline Slight decline (-2%) in all other European markets On-trade launch of the 35cl bottle (first 35cl bottle for aniseed spirits) Volume -
Slide 20: Malibu and Kahlua
& Volume -1% Sales* -1% US: good performance, depletions +4% (Nielsen -2% and NABCA stable) Decline in main European markets (UK, Spain, France and Germany) but improved trend in HY2 (volume +2%) Launch of the “Malibu cocktails” Launch of “Malibu By U bottle” concept, through www.malibu-rum.com/byu
Slide 21: Mumm and Perrier-Jouët
& Dinner In the Sky Event Champagne: improvement in HY2 Volume -9% Sales* -7% Volume HY2 +1% France: • Growth in off-trade (Nielsen +1%), no compromise on prices • Continuing difficulties in the on-trade Decline in most other markets, including Italy, the UK, Switzerland and the US but satisfactory
Slide 22: Priority premium wines
Priority premium wines Volume: -6% Sales: -2%* % of Group sales: 5% *Organic growth 22
Slide 23: Jacob's Creek and Brancott Estate
& Volume -10% Sales* -5% Decline in the UK: continuing implementation of the high-value strategy, with premium range growth and a selective policy of participating in promotional campaigns Growth in other, more profitable markets: Australia, US, Sweden and China “True Character” platform, rollout of
Slide 24: Campo Viejo and Graffigna
& Volume +2% Sales* +1% Satisfactory growth in Spain Decline in the UK (high-value strategy) Strong growth in the US Global relaunch of Dominio de Campo Viejo, the brand’s super premium benchmark (new label) Volume +7% Sales* +37% Very strong growth in the US, which becomes Graffigna’s leading expor
Slide 25: Key local spirits brands
18 key local spirits brands Volume: +4% Sales: +4%* % of Group sales: 17% *Organic growth 25
Slide 26: Key local spirits brands
18 key local spirits brands Confirmed resilience of the 18 key local spirits brands: +4% growth in volume and +4%* in value, with: • renewed growth by premium Scotch whisky Imperial in South Korea (+12%*), • and continuing very strong growth of local whisky brands in India: Royal Stag (+30%*), Blend
Slide 27: Presentation structure
Presentation structure - Group share of NPRO* - Sales analysis - Profit from recurring operations - Summarised consolidated income statement - Analysis by geographic region - Group share of NPRO - Non-recurring items and net profit - Conclusion and outlook *net profit from recurring operations 27
Slide 28: Summarised consolidated income statement
Summarised consolidated income statement FY FY ∆ ∆ (€ millions) 08/09 09/10 organic Sales 7,203 7,081 -2% +2% Gross margin after logistics costs 4,208 4,218 - +4% GM / sales 58.4% 59.6% Advertising & promotion expenditures (1,237) (1,262) +2% +5% A&P / sales 17.2% 17.8% Contribution after A&P expend
Slide 29: Foreign exchange / Group structure effects on PRO
Foreign exchange / Group structure effects on PRO (€ millions) 69 (63) 1,846 (58) (19) 19 1,795 +4% -3% Forex impact € (58) million = -3% Organic Group Venezuela Other PRO FY 08/09 USD effect PRO FY 09/10 growth structure effect currencies effect € 63 million negative Group structure effect on 2009/
Slide 30: Gross margin after logistics costs
Gross margin after logistics costs FY Organic FY (€ millions) 08/09 growth 09/10 Gross margin after logistics costs 4,208 +4% 4,218 GM / sales 58.4% 59.6% +115bps Further strong increase in gross margin after logistics costs / sales ratio Gross margin growing at double the pace of sales This increas
Slide 31: Advertising & promotion expenditures
Advertising & promotion expenditures FY FY (€ millions) 08/09 Organic growth 09/10 A&P expenditures (1,237) +5% (1,262) A&P / sales 17.2% 17.8% +65bps As announced, Pernod Ricard significantly increased expenditures to support its brands (+5%*), with an A&P / sales ratio of 17.8%, compared to 17.2%
Slide 32: Contribution after A&P expenditures
Contribution after A&P expenditures FY Organic FY (€ millions) 08/09 growth 09/10 Contribution after A&P expenditures (CAPE) 2,971 +4% 2,956 CAPE / sales 41.2% 41.7% +50bps +4% CAPE growth and improved CAPE / sales ratio concurrently to an increase in A&P expenditures *Organic growth 32
Slide 33: Structure costs
Structure costs FY FY (€ millions) 08/09 Organic growth 09/10 Structure costs* (1,125) +3% (1,160) Structure costs / sales 15.6% 16.4% * Structure costs: Selling expenses + General and administrative + Other income/(expenses) +78bps Excluding other income and expenses, increase in structure costs li
Slide 34: Profit from recurring operations
Profit from recurring operations FY FY (€ millions) 08/09 Organic growth 09/10 Profit from recurring operations 1,846 +4% 1,795 PRO / sales 25.6% 25.4% -28bps PRO growth of +4%*, beating the guidance announced at the start of the financial year (between +1% and +3%) PRO organic growth rate identical
Slide 35: Presentation structure
Presentation structure - Group share of NPRO* - Sales analysis - Profit from recurring operations - Summarised consolidated income statement - Analysis by geographic region - Group share of NPRO - Non-recurring items and net profit - Conclusion and outlook *net profit from recurring operations 35
Slide 36: Contribution to organic growth by region
Contribution to organic growth by region Profit from recurring operations (€ millions) 6 (14) 11 1,916 66 1,846 +1% -3% +7% +14% PRO FY 08/09 Asia & RoW Americas Europe France PRO FY 09/10 on a like-for-like basis Organic growth in profit from recurring operations primarily due to Asia & RoW Europe
Slide 37: Asia – Rest of World
Asia – Rest of World FY FY (€ millions) 08/09 09/10 ∆ Organic growth Sales(1) 2,023 2,273 +12% +9% Gross margin after logistics costs 1,136 1,263 + 11% +10% GM / sales 56.1% 55.6% A&P expenditures (383) (424) + 11% +10% A&P / sales 18.9% 18.7% Profit from recurring operations(2) 495 566 +14% +14% PR
Slide 38: Asia – Rest of World
Asia – Rest of World Double-digit growth in China enhanced by a very favourable price / mix effect for Martell. Negative technical impact in Q4 (price increases in April). Wholesalers’ sales and consumer demand remained highly buoyant in Q4 Very strong growth in India due to local whisky brands: Roy
Slide 39: Americas
Americas FY FY (€ millions) 08/09 09/10 ∆ Organic growth Sales 2,027 1,911 -6% +4% Gross margin after logistics costs 1,253 1,193 -5% +5% GM / sales 61.8% 62.4% A&P expenditures (346) (332) -4% +7% A&P / sales 17.0% 17.4% Profit from recurring operations(1) 610 541 -11% +1% PRO / sales 30.1% 28.3% (
Slide 40: Americas
Americas US, sales stable overall (shipments, depletions and sales) but improved over HY2 (depletions HY2 +1% vs -2% in HY1): • Recovery by Absolut following the price adjustment (depletions HY2 +2% vs -5% in HY1) • Good growth by Malibu and The Glenlivet • Continuing great success of Jameson, with
Slide 41: Europe (excluding France)
Europe (excluding France) FY FY (€ millions) 08/09 08/09 ∆ Organic growth Sales 2,417 2,177 -10% -5% Gross margin after logistics costs 1,302 1,234 -5% -1% GM / sales 53.8% 56.7% A&P expenditures (339) (337) -1% +1% A&P / sales 14.0% 15.5% Profit from recurring operations(1) 563 501 -11% -3% PRO / s
Slide 42: France
France FY FY (€ millions) 08/09 09/10 ∆ Organic growth Sales 735 721 -2% - Gross margin after logistics costs 518 528 +2% +2% GM / sales 70.5% 73.2% A&P expenditures (169) (170) - - A&P / sales 23.1% 23.6% Profit from recurring operations(1) 178 187 +5% +7% PRO / sales 24.2% 25.9% (1) head office co
Slide 43: Analysis by geographic region
Analysis by geographic region Sales Profit from recurring operations FY 08/09 FY 08/09* 10% 10% 28% 27% 34% France 30% 28% Europe 33% FY 09/10 Americas FY 09/10 10% 10% 32% Asia and 32% RoW 28% 31% 27% 30% Asia - RoW became the Group’s main region in 2009/10 Contribution of each region increasingly
Slide 44: Significance of new economies in 2009/10
Significance of new economies in 2009/10 Sales Profit from recurring operations 33% 33% New economies Mature 67% 67% markets Sales achieved in new economies* reported organic growth of +8% in 2009/10 These markets are just as profitable as mature markets and represented 1/3 of 2009/10 sales This is
Slide 45: Presentation structure
Presentation structure - Group share of NPRO* - Sales analysis - Profit from recurring operations - Summarised consolidated income statement - Analysis by geographic region - Group share of NPRO - Non-recurring items and net profit - Conclusion and outlook *net profit from recurring operations 45
Slide 46: Financial income/(expenses) from recurring operations
Financial income/(expenses) from recurring operations FY FY (€ millions) 08/09 09/10 Net financing costs (581) (446) Other financial income/(expenses) from recurring operations (38) (51) Financial income/(expenses) from recurring operations (619) (497) Strong decline in net financing costs due to de
Slide 47: Change in net debt
Change in net debt (€ millions) 10,888 (1,110) 786 10,584 (116) 136 9,798 € (1,090) million Net Debt at FCF Disposals/acquisitions Dividends Net Debt at 30.06.10 Translation Net Debt at 30.06.09 before translation adjustment 30.06.10 + other* adjustment * Including € 67 million contribution to pensi
Slide 48: Free Cash Flow
Free Cash Flow (€ millions) FY 08/09 FY 09/10 Profit from recurring operations 1,846 1,795 Amortisation, depreciation and provision movements and 141 196 other Self-financing capacity from recurring operations 1,987 1,991 Decrease (increase) in WCR 246 (4) Financial income (expenses) and taxes (760)
Slide 49: Free Cash Flow
Free Cash Flow Significant generation of FCF from recurring operations, due to: • Controlled working capital requirements: increase limited to € 4 million ⌐ Strict control over growth in ageing inventories (cognac, whiskies): € 120 million increase ⌐ Substantial reduction of € 40 million in Pacific
Slide 50: Change in Net Debt / EBITDA ratio
Change in Net Debt / EBITDA ratio Closing rate Average rate Change in EUR/USD rate: 08/09 09/10 1.41 1.23 1.37 1.39 Ratio at 30 June 2009 5.3 5.4 EBITDA & Cash generation (0.6) (0.6) excluding forex and group (0.5) structure effects Group structure 0.1 0.1 Forex impact 0.5 Ratio at 30 June 2010 5.3(
Slide 51: Debt maturity at June 2010
Debt maturity at 30 June 2010 At 30 June 2010, Pernod Ricard held € 0.7 billion in cash and € 2.2 billion in undrawn credit lines Debt repayments are covered until the 2012/13 financial year inclusive (€ billions) 9 8 7 1.0 6 Cash 5 Other Commercial paper 4 Bonds 6.6 3 Syndicated loan 2 1 0.2 1.1 0.
Slide 52: Gross debt hedging at June 2010
Gross debt hedging at 30 June 2010 12,000 11,285 10,000 60% 54 % 8,000 6,000 39% 54 % 14 % 4,000 56 % 12% 2,000 32 % 17 % 1% 27 % 34% - EUR USD Others Total Variable Collars Fixed Debt breakdown by currency consistent with that of EBITDA About 1/3 of debt maintained at variable rate 52
Slide 53: Income tax
Income tax Corporate income tax: € (223) million Corporate income tax on items from Corporate income tax on non- recurring operations: € (271) million recurring items: Rate: 20.9% € 48 million Change in effective corporate income tax rate to 20.9%, in line with our forecasts. Increase compared to 20
Slide 54: Minority interests and other
Minority interests and other (€ millions) FY 08/09 FY 09/10 Minority interests (21) (27) Other 8 1 Minority interests notably include: • Havana Club • Corby (Canada) • JBC (South Korea) In 2008/09, other items included: • Profits and losses of disposed brands: Cruzan, Grönstedts, Dry Anis, etc. • Th
Slide 55: Group share of net profit from recurring operations
Group share of net profit from recurring operations FY FY at ∆ (€ millions) 08/09 09/10 constant forex Profit from recurring operations 1,846 1,795 -3% Financial income/(expenses) from recurring operations (619) (497) -20% Income tax on items from recurring operations (204) (271) +32% Minority inter
Slide 56: Net earnings per share from recurring operations – Group share
Net earnings per share from recurring operations – Group share FY FY FY at (€ millions and €/share) 08/09 08/09 09/10 constant restated* forex Diluted number of shares (thousands) 236,491 241,221 264,856 +10% +10% Net profit from recurring operations 1,010 1,010 1,001 -1% +7% Diluted net earnings pe
Slide 57: Dividend: € 1.34 / share
Dividend: € 1.34 / share € 05/06(1) 06/07(1) 07/08(1) 08/09 09/10* Proposed 0.97 1.17 1.22 0.50 1.34 dividend * 09/10 dividend subject to approval by the Annual General Meeting of 10 November 2010 As announced, return to the usual policy of distribution in cash of about 1/3 of net profit from recurr
Slide 58: Presentation structure
Presentation structure - Group share of NPRO* - Sales analysis - Profit from recurring operations - Summarised consolidated income statement - Analysis by geographic region - Group share of NPRO - Non-recurring items and net profit - Conclusion and outlook *net profit from recurring operations 58
Slide 59: Non-recurring items
Non-recurring items Other operating income and expenses (€ millions) FY 09/10 Capital gains and losses on disposals and asset valuations • Impact of disposals: Tia Maria, Scandinavian assets, Domecq Bodegas assets, etc. (16) • Impact of impairment tests on assets: primarily Kahlua for € (100) millio
Slide 60: Group share of net profit
Group share of net profit FY FY (€ millions) ∆ 08/09 09/10 Profit from recurring operations 1,846 1,795 -3% Other operating income and expenses (89) (88) -1% Operating profit 1,757 1,707 -3% Financial income/(expenses) from recurring operations (619) (497) -20% Other non-recurring financial items (7
Slide 61: Conclusion and outlook
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Slide 62: Conclusion for the 2009/10 financial year
Conclusion for the 2009/10 financial year Pernod Ricard has demonstrated its capacity to withstand the crisis and to keep growing in new economies, while remaining true to its premiumisation strategy and giving priority to long-term investments: • Growth in profit from recurring operations in excess
Slide 63: Outlook and guidance for the 2010/11 financial year
Outlook and guidance for the 2010/11 financial year The Group’s 2010/11 priorities remain: • The development of strategic premium brands • A continuing strong marketing investment level • Debt reduction In line with our practice, we will communicate our earnings guidance for the current financial ye
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Slide 65: 2009/10 Full-Year Sales and Results Appendices
2009/10 Full-Year Sales and Results Appendices 65
Slide 66: Brands Organic Growth
Brands Organic Growth Volumes FY 2008/09 Volumes FY 2009/10 Volume organic growth Net Sales organic (*) growth (*) (Million of 9 litre cases) (Million of 9 litre cases) Absolut 10.2 10.4 6% 6% Chivas Regal 4.2 4.2 1% 5% Ballantine's 6.1 5.9 -4% -4% Ricard 5.4 5.4 0% 1% Jameson 2.7 2.9 9% 12% Malibu
Slide 67: Sales Analysis by Period and Region
Sales Analysis by Period and Region Net Sales FY 2008/09 FY 2009/10 Change Organic Growth Group Structure Forex impact (€ millions) France 735 10.2% 721 10.2% (14) -2% (2) 0% (12) -2% 0 0% Europe excl. France 2,417 33.6% 2,176 30.7% (241) -10% (123) -5% (99) -4% (19) -1% Americas 2,027 28.1% 1,911 2
Slide 68: Summarised Consolidated Income Statement
Summarised Consolidated Income Statement (€ millions) 30/06/2009 30/06/2010 Change Net sales 7 203 7 081 -2% Gross Margin after logistics costs 4 208 4 218 0% A&P expenditure (1 237) (1 262) 2% Contribution after A&P expenditure 2 971 2 956 -1% Structure costs (1 125) (1 160) 3% Profit from recurrin
Slide 69: Profit from recurring operations by region
Profit from recurring operations by region World (€ millions) FY 2008/09 FY 2009/10 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D) 7,203 100.0% 7,081 100.0% (122) -2% 130 2% (201) -3% (50) -1% Gross margin after logistics costs 4,208 58.4% 4,218 59.6% 10 0% 167 4% (87) -2%
Slide 70: Profit from recurring operations by region
Profit from recurring operations by region Europe excluding France (€ millions) FY 2008/09 FY 2009/10 Change Organic Growth Group Structure Forex impact Net sales (Excl. T&D) 2,417 100.0% 2,176 100.0% (241) -10% (123) -5% (99) -4% (19) -1% Gross margin after logistics costs 1,302 53.8% 1,234 56.7% (
Slide 71: Foreign Exchange Effect
Foreign Exchange Effect Average movement in exchange On Profit Forex impact FY 2009/10 rates On Net from (€ millions) Sales Recurring 2008/09 2009/10 % Operation Venezuelan Bolivar VEF 2.95 8.93 203.0% (112) (58) US Dollar USD 1.37 1.39 1.5% (20) (19) Russian Ruble RUB 40.16 42.05 4.7% (7) (4) Mexic
Slide 72: Group Structure Effect
Group Structure Effect On Profit from Group structure FY 2009/10 On Net Sales Recurring (€ millions) Operations Total Group Structure (201) (63) 72
Slide 73: Consolidated Balance Sheet 1/2
Consolidated Balance Sheet 1/2 Assets 30/06/2009 30/06/2010 (€ millions) (Net book value) Non-current assets Intangible assets and goodwill 16 199 17 757 Property, plant and equipment and investments 1 940 2 083 Deferred tax assets 1 115 1 307 Total non-current assets 19 253 21 148 Current assets In
Slide 74: Consolidated Balance Sheet 2/2
Consolidated Balance Sheet 2/2 Liabilities and shareholders’ equity 30/06/2009 30/06/2010 (€ millions) Shareholders’ equity 7 423 9 122 Minority interests 185 216 of which profit attributable to minority interests 21 27 Shareholders’ equity – attributable to equity 7 608 9 337 holders of the parent
Slide 75: Change in Net Debt
Change in Net Debt (€ millions) 30/06/2009 30/06/2010 Self-financing capacity 1 782 1 893 Decrease (increase) in working capital requirements 246 (48) Financial result and tax cash (794) (573) Net acquisitions of non financial assets (197) (163) Free Cash Flow 1 037 1 110 Net disposals of financial
Slide 76: Number of shares used in EPS calculation
Number of shares used in EPS calculation (in thousands) FY FY (1) FY 08/09 08/09 09/10 Number of shares in issue at end of period 258,641 263,813 264,232 Weighted number of shares in issue (pro rata temporis) 236,359 241,086 263,950 Number of treasury shares (1,488) (1,519) (1,257) Dilutive impact o