Campari: Shareholders' Meeting approves 2001 accounts
Milan, April 30th, 2002 – Today, the Shareholders' Meeting of Davide Campari-Milano S.p.A. adopted the Company's 2001 accounts and approved a dividend of € 0.88 per share, gross of all applicable withholding taxes, payable as of May 9th, 2002.
The Shareholders' Meeting was saddened by the announcement of the sudden death of the Director Professor Vincenzo Caianiello.
Mr. Carlo Campanini Bonomi, Ambassador Renato Ruggiero and Mr. Matteo D'Asta were appointed to the Board of Directors until approval of the 2003 accounts.
2001 was a turning point for the Campari Group in terms of the significance of acquisitions, the positive effects of going public and achieving excellent economic and financial results.
As announced on 27th March 2002, consolidated sales net of discounts and excise duties were € 494.3 million, up by 13.9%, of which 9.9% was attributable to external growth, mainly deriving from the Brazilian acquisition in January 2001, and 4.0% resulting from organic growth (5.5% excluding adverse exchange rates effects).
Sales growth is mainly attributable to the very positive performance of spirits, which increased by 20.6%, 16.5% of which was derived from the Brazilian acquisition and 4.1% (6.6% excluding adverse exchange rate effects) from organic growth of core brands such as CampariSoda, SKYY Vodka and Jägermeister. Net sales of wines, represented almost entirely by the Cinzano brands, totalled € 73.6 million, revealing an increase of 8.4%. Soft drinks' net sales were € 127.4 million, with an increase of 2.5%, led by Crodino's excellent performance (by far the segment's most profitable brand), which grew by 8.9%.
Operating margins benefited from a favourable sales mix, with higher volumes by the more profitable brands.
EBITDA and EBIT before non-recurring expenses, resulting mainly from costs related to the IPO, grew respectively by 13.5% and by 9.0%.
Net profits were up 20.0% at € 63.4 million.
The Group's cash generation was strong: the income statement reports a cash surplus from operations of € 88.3 million. At year's end, the Group's positive financial position was € 96.6 million. As of December 31, 2001, consolidated net equity was € 430.3 million.
Among the events subsequent to the end of 2001, it's worth mentioning that on January 15, 2002, the Group finalized the acquisition of an additional 50% share in Skyy Spirits, LLC, the American company that owns SKYY Vodka, one of the leading brands of the US premium vodka market, thereby becoming the company's controlling shareholder with a 58.9% majority. Moreover, on February 6, 2002, the Group finalized the acquisition of a 100% share in Zedda Piras S.p.A., a company based in Alghero, Italy, and owner of Mirto di Sardegna, which controls 67.62% of Sella & Mosca S.p.A., a major player in the Italian premium wine market.
For 2002, Campari foresees an approximate 30% growth in consolidated sales, a significant portion of which is the result of consolidation of the recently acquired companies.
The Campari Group is one of the world's leading alcoholic beverage players with a leading position in the Italian and Brazilian markets and a strong presence in the USA, Germany and Switzerland.
The Group, which has more than 140 years experience in the business, has always had a strong international bias, with over 50% of consolidated sales deriving from the export of its brands to over 190 countries.
Following an intensive acquisition campaign undertaken over the last few years, the Group today has an extensive portfolio that spans three business segments: spirits, wines and soft drinks. The Group's portfolio includes a combination of strong international brands, such as Campari, SKYY Vodka, Cynar and Cinzano and leading local brands, such as CampariSoda, Crodino, Sella & Mosca, Zedda Piras, Biancosarti, Lemonsoda, Oransoda and Pelmosoda in Italy, Ouzo 12 in Greece and in Germany, Dreher, Old Eight, Drury's and Liebfraumilch in Brazil and Gregson's in Uruguay. The Group has its headquarters in Milan, Italy, while its main subsidiaries are located in Monaco, USA, Brazil, Germany, Switzerland and France. The Group has over 1,300 employees, and shares of the parent company Davide Campari-Milano S.p.A have been listed on the Milan stock exchange since July 2001.