Full Year 2021 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 : Three questions from me. Firstly, your medium-term guidance is dependent on getting back to a normalized context. And obviously, we're still currently under a few restrictions globally when it comes to COVID, and the Travel Retail market shouldn't be expected to recover for a number of years. How long do you think it will take for us to get back to what you would say a normalized context would be? And I suppose my second question is linked to that directly on the Travel Retail business. Can you give us any indication of the current success of the Travel Retail division? We've got, on my numbers, about 3% of sales currently coming from Travel Retail. It used to be around, I think, 8% of sales. Could you give us a level of what you're seeing the current Travel Retail recovery now that some holidays and the like are now happening? And then finally, on the U.S. business, it seems some of the success of your peer group is related to the tequila category and you are somewhat subscale in tequila at the moment. Do you have any plans to either accelerate your current portfolio? Or do you think it might require additional acquisitions in the category to be able to bring that up? Or do you think that you can just make it up elsewhere in other categories?