Half Year 2022 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 for me, if that's okay. Firstly, on the digital part of your business, so you said there's strong progress in the digital transformation, and you've made the acquisition of The Whisky Exchange. I was just wondering if you could split out your ambitions on B2B digital versus B2C that you've clearly got with The Whisky Exchange. Secondly, in the Spain part of the slides, you highlighted there's some supply tensions. So I was just wondering if you could elaborate on those a little bit. And then finally, on the A&P spend, the 16% guide for the year, I mean, obviously, it depends on what the top line is, but implies something in the region of 18.5% of sales in the second half. As we look forward into your sort of medium-term guidance, is that the sort of split that we'd expect first half, second half, low 14s in the first half of the year and then sort of mid-18s in the second half of the year because the second half sales is somewhat lower than the first half sales in normal years? Is that sort of how you're thinking about it? Or is this year particularly unusual due to COVID recovery or other things?