DAVIDE CAMPARI-MILANO SPA • Company's accounts for the fiscal year ending 31 December 2014 approved
• Dividend of € 0.08 per share approved for the full year 2014 (in line with 2013 level)
Milan, April 30, 2015-The Shareholders' meeting of Davide Campari-Milano S.p.A. (Reuters CPRI.MI- Bloomberg CPR IM) approved today the company's accounts for the fiscal year ending December 31, 2014.
The Shareholders' meeting approved a dividend per share for the full year 2014 of € 0.08 (in line with 2013 level). The cash dividend will be payable on May 20, 2015 (the detachment date of the coupon n. 12 will be May 18, 2015 pursuant to the Borsa Italiana calendar, with a record date May 19, 2015).
2014 CONSOLIDATED RESULTSAs announced on March 10, 2015, in 2014 Group sales totalled € 1,560.0 million showing a reported growth of +2.4%. The sales organic change was +3.4%, the exchange rates effect was -4.1%, and the perimeter effect was +3.1% driven by the acquisitions of Forty Creek Distillery and Gruppo Averna.
Gross margin increased by +2.6% to € 831.7 million (+3.3% organic change), or 53.3% of sales. Advertising and promotion spending (A&P) was up by +4.6% to € 260.8 million, or 16.7% of sales. CAAP (Contribution after A&P) was up by +1.7% to € 570.9 million (+2.5% organic change), or 36.6% of sales. Structure costs, i.e. selling, general and administrative costs, increased by +4.3% to € 272.7 million, or 17.5%of sales.
EBITDA pre one-offs was down by -0.5% to € 337.5 million (-0.4% organic change), or 21.6% of sales. EBIT pre one-offs declined by -0.5% to € 298.2 million (flat organic change), or 19.1% of sales. Negative one-off's amounted to € (43.2) million, mainly relating to provisions for restructuring initiatives and write down of intangible assets. EBITDA reached € 294.4 million, a decrease of -10.5%, or 18.9% of sales. EBIT reached € 255.0 million, a decrease of -11.9%, or 16.3% of sales.Pre-tax profit was € 194.2 million, down by -15.7%, mainly driven by negative one-off's. Group net profit was € 128.9 million, down by -13.9%, negatively impacted by one-off's. Adjusted Group net profit1 was € 154.4 million, down -0.7%.
As of December 31, 2014, net financial debt stood at € 978.5 million (€ 852.8 million as of December 31,
2013), after a total investment of € 236.1 million in the acquisitions of Forty Creek Distillery Ltd. and
Gruppo Averna closed in June 2014, capital expenditure of € 47.9 million and dividend of € € 46.1 million.1 Adjusted net income for one-off's and relating fiscal effects for FY 2014 and FY 2013
Page 1 of 9
OTHER RESOLUTIONSAmendments to the company's Articles of Association. The Extraordinary Shareholders' Meeting approved the amendment to Article 5 of the Articles of Association to give the Board of Directors the authorisation for 5 more years to increase the share capital and issue convertible bonds and other financial instruments.
Own shares. The Shareholders' meeting authorised purchase and/or sale of own shares, mainly to be used to service the stock option plans. The authorisation concerns the purchase and/or sale of shares, which, including existing own shares, with regards to the shares acquired must not exceed the overall share capital limit according to article 2357 of the Italian Civil Code. The authorisation will remain valid until June 30, 2016. The unit price for the purchase and/or sale of own shares will not differ by more than 25% (upwards or downwards) from the weighted average price in the three stock market trading sessions prior to each transaction.
Stock options. The Shareholders' meeting approved a stock option plan pursuant to article 114-bis of the Consolidated Law on Financial Intermediation and in accordance with the stock option regulation in effect, not concerning the company's directors.
Remuneration Report. The Shareholders' meeting approved the Remuneration Report drawn up in accordance with article 123-ter, paragraph 6, of the Consolidated Law on Financial Intermediation.
FILING OF DOCUMENTATIONThe annual financial statements for the year ending 31 December 2014, and the other documents included in the Annual Report have been made available to the general public at the Company's head office and on the Company's website www.camparigroup.com/en/governance/agm; the documentation is also available on the
1INFO network for the storage of Regulated Information (www.1info.it). The minutes of the ordinary shareholders' meeting as well as those of the extraordinary shareholders' meeting will be made available by the applicable regulations, pursuant to articles 77 and 85 of Consob Regulation No. 11971/99.
The Executive responsible for preparing Davide Campari-Milano S.p.A.'s financial reports, Paolo Marchesini, certifies - pursuant to article 154 bis, paragraph 2, of the Legislative Decree 58/1998 - that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.
FOR FURTHER INFORMATIONInvestor Relations | Corporate Communications |
Chiara Garavini Tel.: +39 02 6225 330 Email: chiara.garavini@campari.com | Chiara Bressani Tel. : +39 02 6225 206 Email: chiara.bressani@campari.com |
Jing He Tel. +39 02 6225 832 Email: jing.he@campari.com | Enrico Bocedi Tel.: +39 02 6225 680 Email: enrico.bocedi@campari.com |
http://www.camparigroup.com/en/investorhttp://www.camparigroup.com/enhttp://www.youtube.com/campariofficialhttps://twitter.com/GruppoCampari
Page 2 of 9
ABOUT GRUPPO CAMPARI
Davide Campari-Milano S.p.A., together with its affiliates ('Gruppo Campari'), is a major player in the global beverage sector, trading in over 190 nations around the world with leading positions in Europe and the Americas. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. The Group's portfolio, with over 50 brands, spans spirits, the core business, wines and soft drinks. Internationally-renowned brands include Aperol, Appleton Estate, Campari, Cinzano, SKYY and Wild Turkey. Headquartered in Sesto San Giovanni, Italy, Campari owns 16 plants and 3 wineries worldwide and has its own distribution network in 19 countries. The Group employs around 4,000 people. The shares of the parent company, Davide Campari-Milano S.p.A. (Reuters CPRI.MI - Bloomberg CPR IM), are listed on the Italian Stock Exchange since 2001. For more information: http://www.camparigroup.com
Please enjoy our brands responsibly
- Appendix to follow -
Page 3 of 9
GRUPPO CAMPARI
Consolidated net sales by brand for the Full Year 2014
1 January-31 December 2014 1 January-31 December 2013 %
€ million % € million % change top 6 international franchises 793.0 50.8% 800.3 52.5% -0.9% high potential brands 253.4 16.2% 224.7 14.7% 12.8% key local brands 261.3 16.7% 252.5 16.6% 3.5% agency brands 150.0 9.6% 153.0 10.0% -2.0% non-core 102.2 6.5% 93.6 6.1% 9.1%
total 1,560.0 100.0% 1,524.1 100.0% 2.4%
breakdown of % change | total % change | Organic growth | Exchange rate effect | External growth |
top 6 international franchises | -0.9% | 3.0% | -4.0% | 0.0% |
high potential brands | 12.8% | 4.3% | -5.5% | 14.0% |
key local brands | 3.5% | 5.1% | -3.0% | 1.4% |
agency brands | -2.0% | 2.3% | -3.2% | -1.0% |
non-core | 9.1% | 2.1% | -6.9% | 13.9% |
total | 2.4% | 3.4% | -4.1% | 3.1% |
Page 4 of 9
GRUPPO CAMPARI
Consolidated net sales by geographic area for 20141 January-31 December 2014 1 January-31 December 2013 %
€ million % € million % change Americas 605.1 38.8% 623.3 40.9% -2.9% Italy 411.9 26.4% 376.4 24.7% 9.4% Rest of Europe 382.0 24.5% 368.3 24.2% 3.7% Rest of the world and global travel retail 161.0 10.3% 156.2 10.3% 3.1% Total 1,560.0 100.0% 1,524.1 100.0% 2.4%
breakdown of % change | total % change | Organic growth | Exchange rate | External growth |
Americas | -2.9% | 4.0% | -6.5% | -0.5% |
Italy | 9.4% | 3.5% | 0.0% | 5.9% |
Rest of Europe | 3.7% | 3.2% | -4.2% | 4.8% |
Rest of the world and global travel retail | 3.1% | 1.5% | -4.4% | 6.0% |
total | 2.4% | 3.4% | -4.1% | 3.1% |
Consolidated EBIT before one-off's by geographic area for 2014
1 January-31 December 2014 1 January-31 December 2013 %
€ million % € million % change Americas 101.1 33.9% 104.1 34.8% -2.9% Italy 90.7 30.4% 77.2 25.7% 17.5% Rest of Europe 80.8 27.1% 82.8 27.6% -2.5% Rest of the world and global travel retail 25.6 8.6% 35.5 11.9% -28.0%
Total 298.2 100.0% 299.6 100.0% -0.5%
Breakdown of % change | Total % change | Organic growth | Exchange rate effect | External growth |
Americas | -2.9% | -1.8% | -2.7% | 1.6% |
Italy | 17.5% | 12.1% | 0.0% | 5.4% |
Rest of Europe | -2.5% | -1.5% | -6.1% | 5.1% |
Rest of the world and global travel retail | -28.0% | -17.4% | -11.2% | 0.6% |
Total | -0.5% | 0.0% | -3.9% | 3.4% |
Page 5 of 9
GRUPPO CAMPARI
Consolidated income statement for full year 20141 January-31 December 2014 1 January-31 December 2013 %
€ million % € million € million Change Net sales(1) 1,560.0 100.0% 1,524.1 100.0% 2.4% Total cost of goods sold(2) (728.3) -46.7% (713.7) -46.8% 2.0% Gross profit 831.7 53.3% 810.5 53.2% 2.6%
Advertising and promotion (260.8) -16.7% (249.2) -16.4% 4.6% Contribution after A&P 570.9 36.6% 561.2 36.8% 1.7% SG&A(3) (272.7) -17.5% (261.6) -17.2% 4.3% EBIT before one-off's 298.2 19.1% 299.6 19.7% -0.5%
One off's (43.2) -2.8% (10.3) -0.7% -
Operating profit=EBIT 255.0 16.3% 289.3 19.0% -11.9%
Net financing costs (60.3) -3.9% (58.9) -3.9% 2.3% One off's financial expenses (0.8) -0.1% (0.2) 0.0% - Income from associates (0.2) 0.0% (0.2) 0.0% 0.0% Put option 0.5 0.0% 0.2 0.0% 0.0%
Profit before taxes and minority interests 194.2 12.4% 230.2 15.1% -15.7% Taxes (64.6) -4.1% (79.8) -5.2% -19.1% Net Profit 129.5 8.3% 150.4 9.9% -13.9% Minority interests (0.6) 0.0% (0.6) 0.0% 7.2%
Group net profit 128.9 8.3% 149.8 9.8% -13.9% Depreciation and amortisation (39.4) -2.5% (39.5) -2.6% -0.3% EBITDA before one-off's 337.5 21.6% 339.1 22.3% -0.5%
EBITDA 294.4 18.9% 328.8 21.6% -10.5%
(1) | Net of discounts and excise duties. |
(2) | Includes cost of material, production and logistics costs. |
(3) | Includes selling, general and administrative costs. |
Page 6 of 9
GRUPPO CAMPARI
Consolidated balance sheet as of 31 December 201431 December 2014
31 December 2013
€ million € million ASSETS
Non-current assets
Net tangible fixed assets 441.5 396.6
Biological assets 17.5 17.3
Investment property 1.5 0.5
Goodwill and trademarks 1,841.0 1,556.4
Intangible assets with a finite life 29.8 26.0
Interests in affiliates and joint ventures 0.7 0.9
Deferred tax assets 19.1 12.4
Other non-current assets 56.7 33.7
Total non-current assets 2,407.7 2,043.7
Current assets
Inventories 477.0 442.6
Current biological assets 4.1 4.5
Trade receivables 313.6 288.5
Current financial receivables 22.8 34.1
Cash and cash equivalents 230.9 441.6
Income taxes receivables 13.0 17.0
Other receivables 26.7 29.4
Total current assets 1,088.2 1,257.8
Assets for sale 21.9 1.0
Total assets 3,517.7 3,302.5
LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity
Share capital 58.1 58.1
Reserves 1,516.8 1,333.6
Group's shareholders' equity 1,574.8 1,391.6
Non-controlling interests 5.1 4.5
Total shareholders' equity 1,579.9 1,396.1
Non-current liabilities
Bonds 1,086.9 1,127.0
Other non-current liabilities 25.8 48.7
Defined benefit obligations 9.4 8.6
Provisions for risks and charges 37.9 32.4
Deferred tax liabilities 266.2 204.7
Total non-current liabilities 1,426.1 1,421.4 Current liabilities
Payables to banks 36.7 122.3
Other financial liabilities 117.4 44.4
Payables to suppliers 223.2 198.1
Income tax payables 4.9 7.2
Other current liabilities 127.8 113.1
Total current liabilities 509.9 485.0
Liabilities held for sale 1.7 0.0
Total liabilities 1,937.8 1,906.4
Total liabilities and shareholders' equity 3,517.7 3,302.5
Page 7 of 9
GRUPPO CAMPARI
Consolidated cash flow statement as of 31 December 201431 December 2014
€ million
31 December 2013
€ million
EBITDA 294.4 328.8
Impairment loss on goodwill and trademarks 23.7 0.0
Other changes in non-cash items 4.9 7.5
Changes in tax and other non financial net receivables 20.3 (4.0)
Taxes on income paid (53.0) (75.8)
Cash flow from operating activities
before change in operating working capital
290.2 256.6
Net change in operating working capital (6.9) (36.0)
Cash flow from operating activities 283.3 220.6
Net interest paid (57.5) (55.9)
Cash flow from investing activities (47.9) (58.9)
Free cash flow 177.9 105.9
Acquisitions(1) (236.1) (13.6)
Purchase and sales of trademarks and distribution rights and payment of put option and earn out
(6.2) (15.4)
Dividends paid (46.1) (39.8) Other changes (6.1) (25.2) Cash flow from other activities (294.6) (94.0) Exchange rate differences and other movements (9.2) (0.2) Change in net debt as a result of operating activities (125.9) 11.7
Change in payable for the exercise of put options and payment of earn out 0.2 5.3
Change in net financial position (125.7) 16.9
Net financial position at start of period (852.8) (869.7)
Net financial position at end of period (978.5) (852.8)
(1) Includes acquisitions of Forty Creek Distillery Ltd. (€ 132.4 million after post-closing adjustments) e Fratelli Averna S.p.A. (€ 103.7 million).
Page 8 of 9
DAVIDE CAMPARI-MILANO S.p.A. Parent company income statement1 January-
31 December 2014
1 January-
31 December 2013
€ million € million Net sales 546.5 542.3
Total cost of goods sold (247.0) (255.7)
Gross margin 299.5 286.6
Advertising and promotion 59.6 (51.9)
Contribution after A&P 240.0 234.8
SG&A (97.6) (73.7)
of which one-off's (17.4) 1.4
Operating profit 142.4 161.0
Income from associates 44.3 112.7
Net financial income (expenses) (54.1) (49.3)
of which one off's financial expenses (0.8) (0.2)
Pre-tax profit 132.6 224.4
Taxes (33.9) (39.4)
Net profit 98.7 185.0
31 December 2014
€ million
31 December 2013
€ million
Total non-current assets 2,012.8 1,908.8
Total current assets 376.9 427.1
Total assets held for sale 1.0 1.0
Total assets 2,390.7 2,336.9
Total shareholders' equity 989.6 936.9
Total non-current liabilities 1,150.3 1,243.4
Total current liabilities 250.7 156.7
Total liabilities and shareholders' equity 2,390.7 2,336.9
Parent company cash flow31 December 2014 31 December 2013
€ million € million
Cash flow from operating activities 144.4 146.5
Cash flow from investing activities (62.8) 5.6
Cash flow from financing activities (153.0) (179.1)
Increase (decrease) in cash and banks (71.4) (27.0)
Cash and banks at start of financial year 120.6 147.7
Cash and banks at end of financial year 49.2 120.6
Page 9 of 9
|
distributed by
|
