Ordinary and extraordinary shareholders' meeting

Milan, 24 April 2006 - The Shareholders’ meeting of Davide Campari-Milano S.p.A. today approved the company’s 2005 results.
The meeting approved a dividend of € 0.10 per share, unchanged from the previous year. The dividend will be paid from 11 May 2006 (coupon no. 2 to be detached on 8 May 2006).


2005 CONSOLIDATED RESULTS
As indicated on 21 March, the 2005 results were very positive and showed growth in sales and at all levels of profitability compared to the previous year.
In 2005, Group sales totalled € 809.9 million, an increase of 7.8% (+6.6% at constant exchange rates).
The overall change in consolidated sales resulted from organic growth of 4.1% and a positive exchange rate effect of 1.2%. External growth of 2.5% came from sales of third-party brands that the Group has begun distributing (Jack Daniel’s and the other Brown-Forman brands on the Italian market, and to a lesser extent, Martin Miller’s gin in the US).
Trading profit increased by 7.1% (+6.8% at constant exchange rates), to € 234.8 million, or 29.0% of sales. The total change is composed of 5.7% organic growth, 1.1% external growth and 0.3% positive currency effect.

EBITDA before one off’s increased by 7.8% (+7.9% at constant exchange rates) to € 196.6 million, or 24.3% of sales.                                                                                               
EBITDA rose by 9.1% (+8.9% at constant exchange rates) to € 201.3 million, or 24.9% of sales.
EBIT before one off’s went up by 8.9% (+9.1% at constant exchange rates) to € 179.1 million, or 22.1% of sales.
EBIT increased by 10.3% (+10.3% at constant exchange rates) to € 183.9 million, or 22.7% of sales.

With regard to depreciation and amortisation, please note that following the adoption of the international accounting standards IAS / IFRS, the amortisation of intangible assets no longer includes goodwill and trademark amortisation.
Profit before tax and minority interests was € 174.2 million, an increase of 10.9% (+10.7% at constant exchange rates).
Group’s net profit was € 118.0 million, a rise of 21.8% (+22.1% at constant exchange rates).
Shareholders’ equity was € 695.8 million at 31 December 2005.
At 31 December 2005, net financial debt stood at € 371.4 million (€ 327.5 million at 30 September 2005). The debt to equity ratio at 31 December 2005 was 53.4%.

EVENTS TAKING PLACE AFTER THE END OF 2005
On 15 March 2006, the Campari Group completed the acquisition from Pernod Ricard of Scotch whisky brands Glen Grant, Old Smuggler and Braemar as well as related assets, including the Glen Grant distillery in Rothes, Scotland. The agreement was announced on 22 December 2005. The payment of the acquisition of € 130 million, financed via bank debt, was made in cash.

OTHER RESOLUTIONS
Own shares. The Shareholders’ meeting authorised the purchase and/or sale of own shares, mainly to be used to service the stock option plans. The authorisation shall concern the purchase and/or sale of a total number of shares, including existing own shares, up to 10% of the share capital. As of today, the company has own shares corresponding to 3.11% of the share capital. The authorisation shall remain valid until 30 June 2007. The corresponding minimum and maximum purchase and/or sale price will be determined at a unit price which, as regards the said price range, shall not be less than 25% and shall not exceed 25% than the average reference price determined by the three Stock Market sessions prior to each single transaction. 
Amendments to the company's by-laws. The extraordinary Shareholders’ Meeting approved an amendment to the company's by-laws to give directors the authorisation to increase the share capital (both free or against payment) and issue bonds (both convertible and not) and other financial instruments.

Publishing date: 
24 Apr 2006
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Last updated May 06 2013