Davide Campari Milano : Gruppo Campari announces 2016 first half results

• Sales: € 743.9 million (-1.8%, organic growth +5.0%, organic growth of Global Priorities +9.0%)
• Contribution after A&P: € 297.6 million (+3.6%, organic growth +7.4%, 40.0% of sales)
• EBITDA adjusted2: € 172.0 million (+6.3%, organic change +9.1%, 23.1% of sales)
• EBIT adjusted2: € 146.4 million (+5.6%, organic change +7.9%, 19.7% of sales)
• Group net profit: € 67.2 million (-13.8%) entirely driven by negative adjustments, mainly due to the Grand Marnier transaction costs
• Group net profit adjusted3: € 77.3 million (+9.4%)
• Net financial debt: € 1,342.9 million (€ 825.8 million as of 31 December 2015) after the payment of the Grand Marnier acquisition for an overall value of € 682.9 million

Milan, August 2, 2016-The Board of Directors of Davide Campari-Milano S.p.A. (Reuters CPRI.MI-Bloomberg CPR IM) approved the consolidated results for the first half year ended June 30, 2016.

Bob Kunze-Concewitz, Chief Executive Officer: 'In the first half of 2016 we delivered a sustained organic growth across all operating performance indicators, reflecting the consistent execution of the Group's growth strategy. Notwithstanding the expected reversal of the first quarter positive one-off's, good organic growth rates for net sales and profitability indicators were confirmed in the second quarter. Moreover, in the first half of 2016 the sales mix by brand and market continued to improve, driving a positive operating margin expansion, in line with the Group's growth strategy. Key drivers were the continued outperformance of Global and Regional Priorities as well as a positive performance particularly in the high-margin developed markets (such as North America and Western Europe). It should be noted that the very satisfactory first half results were achieved notwithstanding the negative impact of the non-core low- margin sugar business in Jamaica. Looking at the remainder the year, the outlook shared at the beginning of the year remains broadly unchanged. In particular, with reference to the macroeconomic environment, we expect that the volatility in some emerging markets and the uncertainty on the movements of Group's key foreign currencies will continue. At the same time, we remain confident to deliver a positive and profitable performance. With regards to the brand portfolio, we expect a continued growth of high-margin global priorities, particularly aperitifs, American whiskies and Jamaican rums, also thanks to a further strengthening of brand building investments in the second half of the year to fuel long term growth.

1 Campari, Aperol, SKYY, Wild Turkey and the Jamaican rums

2 Adjusted mainly for SPML transaction costs and write off's from asset disposals

3 Group net profit net of adjustments, related tax effects and other tax adjustments in 1H 2016 and 1H 2015.

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Moreover, we expect innovation to continue to drive the expansion of premium offerings. With regards to markets, we remain confident to achieve a positive performance in the Group's core strategic regions, thanks to the continued contribution of the Group's strengthened route-to-market. Finally, with respect to the external growth, in the second half of 2016 we will benefit from the positive effects of integration of the Grand Marnier business.'.

In the first half of 2016, Group sales totalled € 743.9 million showing a decrease of -1.8%. The organic sales growth was +5.0%, mitigated by an exchange rate effect of -4.2%, as a result of the devaluation of key Group currencies, mainly the Argentine Pesos (-38.5%) and the Brazilian Real (-20.0%), whilst the US Dollar was stable in comparison to the first half 2015. The perimeter effect of -2.7% was driven by the combined effect of the termination of some distribution agreements and the sale of non-core businesses, in line with the Group's strategy of streamlining non-strategic and low-margin activities and increasing focus on the core business. It should be noted that the acquisition of Société des Produits Marnier Lapostolle S.A. ('SPML'), owner of Grand Marnier, closed on June 29, 2016 did not determine any perimeter effect in the net sales during the first half 2016.

Adjustments were negative by € 14.5 million and related mainly to the outlay of the SPML transaction costs (€ 8.0 million) and write off's from asset disposals7.

4 EBIT before SG&A.

5 Adjusted mainly for SPML transaction costs and write off's from asset disposals.

6 Group net profit net of adjustments, related tax effects and other positive tax adjustments in 1H 2016 and 1H 2015.

7 In 1H 2015 adjustments amounted to € 2.9 million, mainly resulting from gain on the sale of non-core division of Federated Pharmaceutical in Jamaica.

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Group pre-tax profit was € 102.5 million, down by -9.3%

Group net profit was € 67.2 million, down by -13.8%, entirely driven by negative adjustments of € 14.5 million8.

Group net profit adjusted9 was € 77.3 million, up by +9.4%.

As of June 30, 2016, net financial debt stood at € 1,342.9 million (€ 825.8 million as of December 31, 2015), after the payment of the Grand Marnier acquisition for € 682.9 million10 and the dividend distribution. Net debt to EBITDA pro-forma ratio11 is 3.2 times as of June 30, 2016, up from 2.2 times as of December 31, 2015.

Looking at sales by region, the Americas (40.0% of total Group sales in the first half 2016) posted an overall change of -8.0%, with an organic growth of +3.2%, an exchange rate impact of -7.6% and a perimeter effect of -3.5%, due to the termination of distribution agreements and the sale of non-core businesses in Jamaica. In the US (23.5% of total Group sales and 58.7% of the region), sales registered a positive organic performance of +8.6% across the brand portfolio, partially helped by the non-recurring new fill whisky bulk sales (+5.0% excluding this effect). Key drivers were the positive performance of Wild Turkey (+7.1%, mainly driven by core bourbon) and the Italian specialties (particularly Aperol growing by +74.2%), sustained by the continued very positive consumption and depletion trends. SKYY grew by +0.5%, driven by core SKYY Vodka. The Regional Brands showed a positive performance, mainly driven by Espolòn (+52.6%), confirming very good momentum, Frangelico and Cynar. Sales in Jamaica (4.5% of total Group sales and 11.3% of the region) registered an organic change of -18.1%, entirely due to the non-core and low-margin sugar business (+9.6% excluding the sugar effect). The core business is showing the benefit of increased focus, particularly Campari (up by triple digit) and the Jamaican rums (up by double digit). Sales in Brazil (2.4% of total Group sales and 5.9% of the region) registered an overall organic decline of -26.5%, reflecting the slowdown in consumption due to the economic recession as well as the anticipated sales in the fourth quarter of 2015 ahead of a duty increase. The weak results of local brands as well as Campari and SKYY were partially offset by the very positive performance of Aperol, starting from a small base. Sales in Argentina (2.7% of total Group sales and 6.9% of the region) registered a strong double-digit organic growth (+49.6%), driven by high‐margin premium brands Campari, Cinzano, SKYY, Aperol and Cynar, benefitting from continuing market share gain in a weakening environment. Sales in Canada (2.9% of total Group sales and 7.2% of the region) registered a very positive organic growth of +8.5%, driven by Forty Creek and the aperitifs (Campari and Aperol), confirming the positive trend, although starting from a small base, as well as Carolans, Wild Turkey, Frangelico and Espolòn. Sales in Mexico (1.6% of Group net sales, or 4.1% of the region) registered a very positive double digit growth of +23.4% driven by the excellent performance of the Jamaican rums and SKYY ready‐to‐drink.

Sales in Southern Europe, Middle East and Africa12 (34.8% of total Group sales in the first half 2016) posted an overall growth of +0.6%, with an organic change of +3.6%, a neutral exchange rate impact and a perimeter effect of -3.0%, due to the termination of distribution agreements and the sale of a non‐core private label business in Italy. The Italian market (27.0% of total Group sales and 77.5% of the region) achieved a satisfactory organic performance (+0.8%), driven by Campari (+12.4%) and Aperol (+6.6%), confirmed by the continued positive sell out data. A good performance was registered by Averna, benefitting from the new advertising campaign and the increased focus within the Group's sales organisation, as well as Braulio,

8 Mainly related to the outlay of SPML transaction costs (€ 8.0 million) and write off's from asset disposals.

9 Group net profit net of adjustments, related tax effects and other positive tax adjustments in 1H 2016 and 1H 2015.

10 Overall value of € 682.9 million as of 30 June 2016 included i) the payment of € 472.7 million consisting of € 125.5 million paid for the purchase of the initial stake of SPML's capital for on 15 March 2016 and € 347.2 million paid for the shares tendered to the friendly offer on 29 June 2016, and ii) the estimated liabilities of € 210.2 million attributable to future commitments for share purchases from selling shareholders and squeeze-out compensation.

11 Net debt calculated at average exchange rates in the last 12 months; pro-forma EBITDA to take into account the contribution of acquired business on a 12 months basis.

12 Including Global Travel Retail.

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Sales in the North, Central and Eastern Europe (18.7% of total Group sales in the first half 2016) increased by +9.1% overall, driven by an organic change of +12.9%, an exchange rate effect of -2.8% as a result of the devaluation of the Russian Rouble, and a perimeter effect of -1.0% as a result of the termination of agency brands. Sales in Germany (10.2% of total Group sales and 54.2% of the region) recorded an overall organic growth of +9.5%, driven by Aperol, Campari, SKYY Vodka, Frangelico and Ouzo 12. The overall growth was slightly mitigated by Cinzano sparkling wines and vermouth. Russia (1.0% of total Group sales and 5.1% of the region) showed a positive organic performance (+16.5%), which benefitted from a low comparison base (-37.7% in the first half 2015), mainly driven by Mondoro and Cinzano vermouth and the positive development of Campari and Aperol. However, the local macroeconomic environment remains weak, uncertain and affected by elevated credit risk. The region's other markets (7.6% of Group net sales and 40.7% of the region) registered an overall positive organic growth (+17.1%), mainly driven by UK (+51.0%, driven by Aperol and Campari under constant development, and the good performance of the Jamaican rums and Wild Turkey) as well as North and Eastern Europe, driven by aperitifs.

Sales in Asia Pacific (6.5% of total Group sales in the first half 2016) decreased by -2.6% overall, with an organic change of +4.2%, an exchange rate effect of -6.7%, mainly due to the devaluation of the Australian Dollar, and a perimeter effect of -0.1%. Organic performance in Australia (4.8% of total Group sales and 74.5% of the region) was a positive +12.6%, driven by the good performance of all the leading brands which continued to outperform the market, particularly Wild Turkey bourbon, Wild Turkey ready-to-drink, Aperol, SKYY ready-to-drink and Espolòn. The phasing of the local co-packing business contributed as well to the overall positive organic performance. The other markets (1.6% of Group net sales and 25.5% of the region) registered an overall organic change of -14.4%. The positive performance in New Zealand (Riccadonna, Aperol and Appleton Estate) was more than offset by a decline in Japan, due to an order phasing, and China, due to a persistent economic slowdown, affecting overall the market trends.

Looking at the sales of Global Priority brands in the first half 2016, Campari registered a very positive organic growth of +9.5%. The result was driven by the very good performance in Italy, Argentina and Jamaica, as well as Germany, US, France, Greece and the UK. The overall performance was partially offset by weakness in Brazil and Nigeria.

The Jamaican rums, including Appleton Estate, J.Wray and Wray&Nephew Overproof, showed a positive organic growth of +7.9%, mainly attributable to Jamaica (Wray&Nephew Overproof), driven by the expected shipment recovery in the second quarter, as well as Peru and Mexico (Appleton Estate and Wray&Nephew Overproof). The performance was also driven by a positive growth in the core US, on a strong comparison base, and Canadian markets, and very satisfactory results in core UK, Germany and New Zealand.

With regards to the Regional Priorities, Cynar showed an overall good organic result (+1.0%), mainly driven by the continued positive results achieved in Italy and the US, helping to offset the decline in Brazil. Averna

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