Extraordinary and Ordinary Shareholders’ meeting of Davide Campari-Milano S.p.A.

Extraordinary and Ordinary Shareholders’ meeting of Davide Campari-Milano S.p.A.

 

  • 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 results

As 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 € 570.9million (+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 profit[1] 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.

 

 

Other resolutions

Amendments 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 documentation

The 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.

 



[1] Adjusted net income for one-off’s and relating fiscal effects for FY 2014 and FY 2013

Publishing date: 
30 Apr 2015
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Last updated Apr 30 2015