Pernod Ricard SA North America Conference Call Transcript

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

Question: Sanjeet Aujla - UBS Investment Bank, Research Division - Analyst : 2 questions from me. Firstly, on Jameson, can you just talk a little bit about your medium term growth expectations for the brand? You spoke quite a bit about refocusing on the core, but can you also just talk a little bit about the role of line extensions and to what extent you need to innovate behind the brand to broaden the occasions and demographic there? And my second question more broadly is, I think, in the past, there's been a great desire to grow in line or ahead of the industry, which has never really come through yet. But as you look at the shape of the portfolio, do you think it's capable of growing at least in line or ahead of the industry once the industry recovers?

Question: Sanjeet Aujla - UBS Investment Bank, Research Division - Analyst : Just a quick follow-up on your earlier comments about a renewed focus on the on-premise channel. Can you just talk a little bit more specifically about what you will be doing differently and which are the kind of priority brands you're focusing on in that channel? And what's the weight of the on-premise of Pernod's portfolio these days as well, please?

Question: Sanjeet Aujla - UBS Investment Bank, Research Division - Analyst : I just got a follow-up on the on-premise as well. Just regarding portfolio management, clearly, you've been a big focus on M&A and plugging some of the portfolio gaps in recent years. But do you see opportunities for divestments of the tail of the portfolio perhaps as well?