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

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

 

  • Company’s accounts for the fiscal year ending 31 December 2013 unanimously approved
  • Dividend of € 0.08 per share for the full year 2013 (+14.3% increase compared to the previous year)

 

Milan, April 30, 2014-The Shareholders’ meeting of Davide Campari-Milano S.p.A. (Reuters CPRI.MI - Bloomberg CPR IM) unanimously approved today the company’s accounts for the fiscal year ending December 31, 2013.

The Shareholders’ meeting approved a dividend for the full year 2013 per share of € 0.08 (increasing by +14.3% compared to the previous year). The cash dividend will be payable on May 22, 2014 (the detachment date of the coupon n. 11 will be May 19, 2014 pursuant to the Borsa Italiana calendar, with a record date of May 21, 2014).

 

2013 Consolidated results

As announced on March 12, 2014, in 2013 Group sales totalled € 1,524.1 million showing a reported growth of +13.7%. The sales organic change was +1.7%,the exchange rates effect was -3.6%, and the perimeter effect was +15.6%, mainly driven by the acquisition of  Lascelles deMercado&Co. Ltd. (‘LdM’), completed at the end of 2012.

Gross margin increased by +5.3% to € 810.5 million (-0.5% organic change) or 53.2% of sales.

Advertising and promotion spending (A&P) was up by +5.1% to € 249.2 million, or 16.4% of sales (17.7% of sales in 2012), including the LdM business.

CAAP (Contribution after A&P) was up by +5.4% to € 561.2million (-0.4% organic growth), or 36.8% of sales.

Structure costs, i.e. selling, general and administrative costs, increased by +14.9% to € 261.6million, or 17.2% of sales, mainly as a result of the consolidation of LdM.

EBITDA pre one-off’s was up by +0.5% to € 339.1 million (-2.4% organic change), or 22.3% of sales.

EBITDA reached € 328.8 million, an increase of +2.7%, or 21.6% of sales.

EBIT pre one-off’s decreased by -1.7% to € 299.6 million (-3.2% organic change), or 19.7% of sales.

EBIT reached € 289.3 million, an increase of +0.6% (-3.3% organic change), or 19.0% of sales.

Net negative one-off’s of € 10.3 million, mainly attributable to restructuring programs implemented in Italy, Jamaica and, to a lesser extent, other Group’s subsidiaries as well as other net non-recurring charges.

Pre-tax profit was € 230.2 million, down by -2.5%.

Group net profit was € 149.8 million, down by -4.4% (+1.6% at constant exchange rates), negatively impacted by one-off’s.

As of 31 December 2013, net financial debt stood at € 852.8 million (€ 869.7 million as of 31 December 2012), after non-recurring cash outflows of € 86.2 million in full year 2013, mainly driven by acquisitions (including € 15.6 million for the US distribution rights of LdM and € 13.6 million for Australian bottler Copack Beverage LP) and extraordinary capex, thanks to healthy cash flow generation.

Other resolutions

Remuneration Report. The Shareholders’ meeting approved the Remuneration Report drawn up in accordance with article 123-ter, paragraph 6, of TUF.

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 master plan in effect.

Own shares. The Shareholders’ meeting authorised the purchase and/or sale of own shares, mainly to be used to serve the stock option plans. The authorisation concerns the purchase, on one or more occasions, of ordinary shares of the Company at a nominal value of € 0.10. The shares acquired must not exceed the overall share capital limit pursuant to applicable law also taking into account the own shares already held by the Company. The Board of Directors is also authorised to sell, on one or more occasions, the total quantity of own shares held. The authorisation will remain valid until 30 June 2015. The unit price for the purchase and/or sale of own shares will not differ by more than 25% (whether upwards or downwards) from the weighted average price in the three stock market trading sessions prior to each transaction.

 

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. 

Publishing date: 
30 Apr 2014
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Last updated Apr 30 2014