On 23 August 2021, the US Court of Appeals for the Federal Circuit rendered their decision in favour of the National Association of Manufacturers. As a result, Pernod Ricard can claim drawback upon eligible spirits exported from the USA(1).
For Pernod Ricard, the impact of this decision for FY21 represents an additional profit before tax of US$163m, of which US$33m of Profit from Recurring Operations, equivalent to an additional c.1% of organic growth(2).
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1 Under US law, a company can claim drawback i.e. a refund of the duties or taxes that were paid on certain goods upon their importation when similar goods are exported
2 Not included in Company guidance communicated to market on 23 June 2021
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About pernod ricard
Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard’s consolidated sales amounted to € 12,137 million in fiscal year FY23. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices