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Document De Référence 2007-2008 Pernod Ricard

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Document De Référence 2007-2008 Pernod Ricard Document de référence 2007/2008 1 PRÉSENTATION 5 COMPTES SOCIAUX DU GROUPE PERNOD RICARD 3 DE PERNOD RICARD SA 122 Historique et organisation 4 Compte de résultat 124 Activité et stratégie 6 Bilan 125 Tableau de financement 127 2 GOUVERNEMENT Analyse du résultat 128 D’ENTREPRISE ET Annexe aux comptes sociaux 130 CONTRÔLE INTERNE 18 Résultats fi nanciers au cours Rapport du Président-Directeur Général des cinq derniers exercices 145 sur les conditions de préparation Rappel des dividendes distribués et d’organisation des travaux du Conseil au cours des cinq derniers exercices 146 et les procédures de contrôle interne Inventaire des valeurs mobilières en application au 30 juin 2008 147 de la Loi de Sécurité Financière dans le cadre de la préparation des comptes Rapport général des Commissaires consolidés de Pernod Ricard au titre aux Comptes sur les comptes sociaux 148 de l’exercice 2007 /2008 20 Rapport spécial des Commissaires Organes d’administration, de Direction aux Comptes sur les conventions et de Direction Générale 21 et engagements réglementés 149 Limitation des pouvoirs 32 Composition des structures de Direction 33 6 ASSEMBLÉE GÉNÉRALE Confl its d’intérêts 35 MIXTE 154 Rémunération et avantages 35 Ordre du jour de l’Assemblée Générale Procédure de contrôle interne 41 Mixte du 5 novembre 2008 156 Information fi nancière et comptable 43 Présentation des résolutions 157 Rapport des Commissaires aux Comptes 44 Projet de résolutions 160 Rapport des Commissaires aux Comptes sur la réduction de capital par annulation 3 RAPPORT DE GESTION 46 d’actions achetées 165 Analyse de l’activité et du résultat 48 Rapport des Commissaires aux Comptes Acquisition du Groupe Vin&Sprit 52 sur l’émission de bons de souscription Trésorerie et capitaux 54 d’actions en cas d’offre publique portant sur les titres de la Société 166 Perspectives 54 Rapport des Commissaires aux Comptes Ressources humaines 55 sur l’émission d’actions ou de valeurs Facteurs de risque 59 mobilières donnant accès au capital avec Contrats importants 64 suppression du droit préférentiel de souscription réservée aux adhérents de plans d’épargne d’entreprise 167 4 COMPTES CONSOLIDÉS ANNUELS 69 Comptes consolidés 70 7 INFORMATIONS SUR LA Compte de résultat consolidé annuel 70 SOCIÉTÉ ET LE CAPITAL 169 Informations concernant Pernod Ricard 170 Bilan consolidé annuel 71 Informations concernant le capital 173 Capitaux propres 73 Tableau des flux de trésorerie consolidé annuel 75 Annexe aux comptes consolidés annuels 76 8 INFORMATIONS Rapport des Commissaires aux Comptes COMPLÉMENTAIRES DU sur les comptes consolidés 120 DOCUMENT DE RÉFÉRENCE 187 Personnes responsables 188 Documents accessibles au public 188 Tables de concordance 189 DOCUMENT DE RÉFÉRENCE 2007/2008 Le présent document de référence a été déposé auprès de l’Autorité des Marchés Financiers le 2 octobre 2008, conformément à l’article 212-13 de son Règlement Général. Il pourra être utilisé à l’appui d’une opération fi nancière s’il est complété par une note d’opération visée par l’Autorité des Marchés Financiers. DOCUMENT DE RÉFÉRENCE Présentation Gouvernement Rapport Comptes Comptes Assemblée Informations Informations du Groupe d’E ntreprise et de gestion consolidés sociaux de Générale M ixte sur la S ociété complémentaires Pernod Ricard contrôle interne annuels Pernod Ricard SA et le capital du document de référence 2 PERNOD RICARD 2007/2008 DOCUMENT DE RÉFÉRENCE PRÉSENTATION DU GROUPE 1 PERNOD RICARD Historique et organisation 4 Plus de 30 ans de croissance ininterrompue 4 Faits marquants de l’exercice 2007/2008 5 Un « business model » décentralisé 5 Activité et stratégie 6 Principales activités (15 marques stratégiques) 6 Principaux marchés (4 grandes zones géographiques) 7 Dépendance de l’émetteur vis-à-vis des brevets, licences, contrats industriels 8 Position concurrentielle 8 Propriétés immobilières, usines et équipements 8 Gestion de l’environnement 11 Recherche et Développement 16 DOCUMENT DE RÉFÉRENCE PERNOD RICARD 2007/2008 3 DOCUMENT DE RÉFÉRENCE Présentation Gouvernement Rapport Comptes Comptes Assemblée Informations Informations du Groupe d’E ntreprise et de gestion consolidés sociaux de Générale M ixte sur la S ociété complémentaires Pernod Ricard contrôle interne annuels Pernod Ricard SA et le capital du document de référence Historique et organisation Plus de 30 ans de croissance Consolidation et organisation En 1997, le Groupe complète son portefeuille d’alcools blancs avec ininterrompue l’acquisition du gin Larios, numéro un en Europe continentale. La société produisant Larios fusionne ses activités avec la société Pernod Ricard de distribution locale, PRACSA , établie dans le pays Création de Pernod Ricard (ci-après « Pernod depuis 1978. Pernod Ricard acquiert ainsi une position de premier plan en Espagne, un des plus importants marchés du monde, lui Ricard » ou « le Groupe ») et premières permettant d’y distribuer ses produits internationaux et ses marques acquisitions internationales locales comme les vins Palacio de la Vega et le pacharan Zoco . Pernod Ricard naît en 1975 du rapprochement des deux sociétés Suite à ces nombreuses acquisitions, le Groupe se réorganise d’anisés Pernod SA et Ricard SA, concurrentes de toujours sur le en mettant l’accent sur la décentralisation. D’une part, Pernod marché français. Le Groupe ainsi formé dispose alors de nouvelles Ricard met en œuvre la régionalisation, avec 4 filiales directes ressources pour développer ses R éseaux de D istribution et son ayant en charge un continent. D’autre part, la structure du Groupe portefeuille de marques (produits Ricard, Pernod, Pastis 51, Suze, sera organisée autour de Filiales de Distribution (ayant une force Dubonnet, etc.) en France et à l’étranger. commerciale sur les marchés locaux) et de filiales « Propriétaires de Pour ses premières acquisitions, Pernod Ricard privilégie un produit, Marques » (qui ont en charge la production et la stratégie mondiale le whisky, qui est le spiritueux le plus consommé dans le monde, et de la marque). Ces dernières ne distribuent qu’à des filiales du un pays, les États-Unis, le marché le plus important du secteur. Ainsi, Groupe et ne disposent généralement pas de force de vente. Pernod dans le courant de l’année 1975, le nouveau Groupe acquiert la société Ricard s’assure ainsi d’une cohérence mondiale de ses marques, tout Campbell Distillers, producteur de whiskies écossais, et en 1981, en adaptant la stratégie aux spécificités locales des marchés. Austin Nichols, producteur du bourbon américain Wild Turkey. Fin 1999, le Groupe acquiert la tequila Viuda de Romero au Mexique. De 1999 à 2001, le Groupe consolide ses positions dans les pays de Les bases du réseau mondial l’Est grâce à l’acquisition de Yerevan Brandy Company (brandies Le Groupe poursuit son développement hors de France à travers arméniens, avec la marque Ararat), de Wyborowa (vodka polonaise) une première implantation en Asie et, surtout, à travers la création et de Jan Becher (amer tchèque). Ararat, en complément des vins d’un R éseau de D istribution européen très dense. En dix ans, le géorgiens Tamada et Old Tbilissi, permet au Groupe d’asseoir sa Groupe couvre ainsi tout le territoire de l’Europe des Quinze, en y position en Russie où la marque réalise l’essentiel de ses volumes, implantant de manière forte ses marques : Pernod au Royaume- tandis que le Groupe permet à Wyborowa de se développer au niveau Uni et en Allemagne, Ricard en Espagne et en Belgique. Différentes international. acquisitions locales accroissent également le portefeuille de ce réseau (l’ouzo Mini en Grèce, la liqueur Zoco en Espagne, etc.). Le recentrage stratégique En 1985, Pernod Ricard acquiert la société Ramazzotti, qui produit A l’aube du nouveau siècle, le rachat des activités de Vins & Spiritueux depuis 1815 un amer réputé, Amaro Ramazzotti, et qui lui apporte de Seagram, conjointement avec Diageo, permet au Groupe de doubler une importante structure commerciale et de distribution en Italie. de taille dans le secteur des Vins & Spiritueux. Pernod Ricard investit En 1988, le Groupe prend le contrôle de la société Irish Distillers, 3,15 milliards de dollars américains pour 39,1 % de ces activités. Le principal producteur de whiskeys irlandais, avec les marques Groupe entre alors dans le trio de tête des opérateurs mondiaux et prestigieuses Jameson, Bushmills, Paddy et Powers. Avec Jameson, consolide sa place sur les continents américain et asiatique, tout en le Groupe peut développer une marque à fort potentiel. Entre 1988, restant leader en Europe. L’année 2002 est aussi celle de l’intégration date de l’acquisition, et 2007, les volumes de ventes de cette marque réussie de 3 500 collaborateurs de Seagram. ont crû de presque 10 % par an en moyenne, passant de 0,4 million de Le Groupe occupe alors des positions clés avec des marques de qualité caisses à 2,3 millions de caisses. dans le secteur du whisky comme Chivas Regal et The Glenlivet, dans En 1989, le Groupe étend son réseau à l’Australie, en acquérant le secteur du cognac avec Martell et dans les alcools blancs avec Orlando Wines, numéro deux australien du vin. L’entreprise formera Seagram’s Gin. Il intègre également des marques locales leaders avec Wyndham Estate, en 1990, le groupe Orlando Wyndham. La comme Montilla au Brésil ou Royal Stag en Inde. marque Jacob’s Creek deviendra la marque de vin australien la plus Conséquence de cette acquisition majeure, le Groupe décide de se exportée, leader au Royaume-Uni, en Nouvelle-Zélande, en Irlande, recentrer sur son cœur de métier. Le désengagement du secteur sans en Scandinavie et en Asie. alcool est entrepris : entre 2001 et 2002, le Groupe cède Orangina, En 1993, Pernod Ricard et la société cubaine Cuba Ron créent Havana acquis en 1984, SIAS-MPA, leader mondial des préparations de fruits Club International, un joint venture pour la commercialisation du pour yaourts et desserts lactés, ainsi que BWG, société de distribution rhum Havana Club, qui connaît depuis lors une des croissances des en Irlande et au Royaume-Uni, et CSR-Pampryl.
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