PERNOD RICARD : Full Year 2005/2006 Results - Total success of Allied Domecq integration

2005/06 ANNUAL RESULTS

Total success of Allied Domecq integration

Profit from recurring operations: € 1,255 million (+72%)
Underlying earnings per share: € 8.12
Group net profit: € 639 million (+32%)
Net indebtedness at 30 June 2006: € 6,351 million
(€ 3,600 million reduction since Allied Domecq acquisition)

Paris, 21 September 2006 – The Board of Directors of Pernod Ricard, meeting on 20 September 2006, approved the financial statements for the 2005/06 financial year ended 30 June 2006.

Successful integration of Allied Domecq

The 2005/06 financial year was marked by the successful integration of Allied Domecq, following its acquisition on 26 July 2005. All previously announced objectives have been met or exceeded 11 months after this major transaction:

• The integration of Allied Domecq brands and personnel has been completed at a lower cost than anticipated (between € 350 and € 400 million, compared to an initial estimate of € 450 million). As early as the 2006/07 financial year, Pernod Ricard will benefit from the full € 270 million expected synergies in structure costs, that is a year earlier than initially planned.

• Contribution after advertising and promotion expenses of acquired Allied Domecq brands is in line with expectations (about € 1,000 million over a full 12 month period).

• At the same time, Pernod Ricard has transferred a number of Allied Domecq brands to Fortune Brands together with Larios Gin for around € 4,300 million and disposed of non-strategic assets or assets conflicting with competition regulations for close to € 2,600 million before tax (Dunkin'Brands, Britvic, Bushmills, Glen Grant…).

• Proceeds from and speed of the disposal of these assets exceeded expectations. With a net cash flow from operations and in spite of transaction costs, asset disposals enabled a significant reduction in indebtedness, which decreased by € 3,600 million since 26 July 2005 to € 6,351 million at 30 June 2006.

• Moreover, Pernod Ricard original brands experienced continuing strong growth, in spite of the scale of the transactions completed over the period.

All these successes contributed to the excellent results achieved by Pernod Ricard in the 2005/06 financial year.

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