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's activity report 2022

AS OF JUNE 30, 2023 (All amounts in euros, unless otherwise stated)

Pernod Ricard Estonia OÜ, registration number 10230994, was established in the spring of 1997 as part of the Pernod Ricard Group (hereinafter - the „Group“). Its sole owner is Pernod Ricard Europe, Middle East and Africa S.A.S. (France) and its parent company is Pernod Ricad SA, a French joint stock company (Societe Anonyme), registered at 5, Cours Paul

Ricard, 75008 Paris, France.

The Pernod Ricard Group was established in 1975 when two anise spirit producers Pernod and Ricard merged. The Group's headquarters are located in Paris, France.

The Group owns one of the most prestigious brand portfolios in the industry, including: ABSOLUT vodka, Ricard pastis,

Ballantine's, Chivas Regal and Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac Havana Club rum, Beefeater gin, Kahlúa and Malibu liqueurs. and Perrier-Jouët champagnes and Jacob's Creek and Brancott Estate wines. The Group relies on a decentralized organizational structure based on "Brand Company" and "Market Company" subsidiaries. The organization employs 18 thousand people in 73 countries.

Pernod Ricard Estonia OÜ is a distributor of the Group's products, operating as a wholesaler in the Estonian market. The company's operations are affected by seasonality, with peak sales mainly in the summer and around the New Year's holidays. Pernod

Ricard Estonia's portfolio includes 15 key brands: Absolut, Ballantine's, Chivas Regal, Beefeater, Havana Club, Jameson,

Martell, The Glenlivet, Kahlua, Malibu, Ricard, Jacob's Creek, Brancott, Mumm and Perrier-Jouët, plus nearly 50 products owned by the Pernod Ricard Group and other agencies.

The company faces several risk factors in its business operations. The most important of these are as follows:

Risk associated with the global economic environment

Adverse changes in the economic environment, such as high inflation, unemployment, etc., would result in low purchasing power of consumers and an increase in the shadow market. The company constantly reviews its product portfolio to maintain an optimal product selection in a certain economic environment.

Risk associated with further consolidation of retailers

With the consolidation of retail trade, merchants and retailers have greater resources and negotiating power, and therefore they may try to pressure the company and other manufacturers to lower prices, arrange other product discounts and/or demand payment terms that may reduce the company's revenues. As retailers' market share grows, their decisions may have a greater impact on the company's sales and profitability. Changes in retailers' strategies, including reducing the number of brands they sell, allocating shelf space to our competitors' brands or own-brand products (including „store brands”) may negatively affect the company's sales.

Risk associated with the group's reputation and image

The success of the Group's brands depends on the positive image consumers have of these brands. The Group's reputation and image can be significantly damaged at any time by single incidents in industrial facilities or incidents related to a specific product. For example, contamination, regardless of whether it is accidental or malicious, or other events that damage the integrity of these brands or consumer support, can negatively affect the sales of the Group's products.

Risk associated with changes in the regulatory environment

Increasingly strict rules apply to the promotion of alcoholic beverages, aimed at changing consumer behavior and reducing alcohol consumption in particular, as a distributor of international beverage brands, the company is subject to numerous regulatory requirements related to product liability, marketing, advertising, labeling and import.

Regulatory decisions and changes in legal and regulatory requirements may also have a negative impact on

The company's business operations.

Credit risk

Financial assets that could potentially lead to a concentration of credit risk in the Company are mainly cash and receivables from buyers. Credit risks or counterparty default risks are controlled through credit terms and monitoring procedures. The company has a concentration of credit risk from larger Estonian retail chains; but they

AS OF JUNE 30, 2023 (All amounts in euros, unless otherwise stated)

Foreign exchange risk

The company's exposure to currency risk is not significant, as the majority of the company's sales and purchase transactions are in euros. Estonia is in the eurozone.

Liquidity risk

Group financing is available as a long-term or short-term loan, which ensures sufficient funds to ensure the continuity of the company's operations as of June 30, 2023.

Interest rate risk

The company's interest rate risk arises from intercompany loans with variable interest rates. Derivative instruments are not used to hedge the risk arising from fluctuations in interest rates.

Performance review The sales revenue for the 2022/2023 financial year was Pernod Ricard Estonia OÜ 17 467 802 euros. The company's sales revenue grew by 4.31% compared to the previous financial year. The average number of employees of Pernod Ricard Estonia OÜ in 2022/2023 was 23 people.

The current financial year showed different dynamics in sales channels. Increased demand in the HoReCa sector and growth in cross-border purchases by Finns from Estonia due to the end of C-19 restrictions. On the other hand, the retail market slowed down, mainly due to high inflation and possible consumer uncertainty about the future.

Another performance influencer has been the global supply problem, which has affected the timely availability of our products. Our mission in volatile times has been to adapt to the situation and find more efficient ways to reach consumers. We focus even more on our main brands and delivering responsible consumption messages to end consumers.

The events taking place in Ukraine have a potential social and economic impact on Estonia and the region.

The company did not participate in significant research and development projects or other investment projects.

The main indicators of the company's operations in the 2022/2023 financial year are as follows: 2022/2023 2021/2022

Short-term liabilities coverage ratio 1.96 2.19

Debt ratio 101.94% 81.55%

Net profit margin -0.87% 1.96%

Return on equity (ROE) -3.57% 6.8 %

Future prospects

The company will continue to promote its social responsibility policy, focusing on responsible consumption.

Significant subsequent events

As of the end of the reporting year until the approval of the annual accounts, there were no post-balance sheet events that could affect the financial statements or that would be additionally disclosed.

Reet Zimmer