Full Year 2020 Pernod Ricard SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : I was wondering if you could let us know a little bit more about what's happening in India. There's obviously been a lot of changes with regard to taxation and a complete shutdown of the distilleries. What's the current state of the market? And would you expect a recovery within the first half of the year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 02, 2020 / 7:00AM, PERP.PA - Full Year 2020 Pernod Ricard SA Earnings Call Secondly, on the Travel Retail market, are you seeing any of the shift from Travel Retail into the other off-trade channels within the countries? And finally, on the A&P spend, I was wondering if you could clarify, you mentioned 16% ratio to the answer to a previous question. Am I misremembering that it used to be 16.5%? Or are you just being a little bit less specific at the moment? Should we expect 16% or 16.5% on a normal basis?