The result net current has increased by 7

Pernod Ricard drank the Cup on the stock exchange yesterday. The action of the French champion of wines and spirits fell 9,85 at the end, the largest decline in the CAC 40 index. The title was abandoned about 17 in 4 sessions. Some investors took profits, after the publication of annual accounts consistent with expectations, yesterday was the Financial Director, Emmanuel Babeau. But the cagey opening described by the Group also urged professionals caution.

Since the beginning of July, the manufacturer, the Ricard, Ballantine's whisky or recently vodka Absolut saw its turnover grow from about 3 to 5 only at constant perimeter and exchange rates. Either a net slowdown against rising almost 9 recorded during the year ended June 30. The explanation With the crisis, the US market has become more difficult. A weakening accentuated by the tightening of credit, leading wholesalers to reduce their stocks. Under these conditions, the Group did not increase its prices in recent months in the United States, unlike last year. Them will be there or not "as a function of the situation".

In Europe, the situation is less brilliant than before. Particularly in Spain, where the consumption of products Pernod Ricard down, and the United Kingdom, with a market of cafés, restaurants and hotels sick.

Reduce advertising

This is in addition a bad surprise in China. "We had imagined that with the Olympics, the Chinese allowed to party and would consume appropriately toward many imported beverages, our example Chivas, tells Pierre Pringuet, the Associate Director-General. "In fact, they watched the games at home, television, and this has, on the contrary, weighed on consumption."

At this time of economic blues, the group said serene. "In the event of further deterioration, we can play on our advertising and promotion spending," explained Pierre Pringuet yesterday. Last year, they rose 12 at constant structure, to represent 18 of turnover. This year, Pernod Ricard could stop this "escalation of terror" with its competitors, to temporarily support profits.

Especially, management believes that its economic model is very strong and should be allowed to post on the fiscal 2008-2009 an increase of more than 10 of the result net. A model that relies on a global presence, including in emerging countries, a powerful marketing focused on 15 marks and a spectacular mounted in range. An example Martell. Last year, the Group greatly increased the price of this cognac and oriented clients the most expensive qualities. If that sales have stagnated in volume ( 2) but jumped 24 in value, at constant exchange rates. Pernod Ricard benefits in full of the paradox of luxury: "is expensive, more it sells." A "magic" that allows to identify extremely comfortable margins for the more expensive products, such as the whiskies of twenty or thirty years of age.

Last year, this beautiful mechanics has however encountered on a pitfall: the rise of the euro. As all exporters in dollar zone, Pernod Ricard has been penalized. The result net current has increased by 7.7, instead of the 16 have been obtained in constant currency. And, taking into account the expenses related to the purchase of Absolut, the net result, increased to a modest 1, to EUR 840 million. This year, CEO, Patrick Ricard, hoped that the rise of the dollar would play in the opposite direction.