Campari Group

SHAREHOLDERS’ MEETING OF DAVIDE CAMPARI-MILANO S.p.A.
2007 results approved
Dividend of € 0.11 per share approved (+10%)

Milan, 29 April 2008 - The shareholders’ meeting of Davide Campari-Milano S.p.A. today approved the company’s 2007 accounts.
The shareholders’ meeting approved a dividend of € 0.11 per share. This corresponds to an increase of 10% on last year’s dividend of € 0,10 per share. The dividend will be paid on 8 May 2008 (coupon no. 4 to be detached on 5 May 2008) except on own shares.
CONSOLIDATED RESULTS FOR 2007
In 2007, Group sales totalled € 957.5 million, an increase of 2.7% (+4.9% at constant exchange rates).
The overall change in sales resulted from an organic growth of 7.1%, a negative exchange rate effect of 2.2% and a negative perimeter effect of 2.2%. The last was due to the announced termination of the Lipton Ice Tea distribution contract on the Italian market, in part offset by Glen Grant and Old Smuggler (whose sales started on 15 March 2006) and the newly acquired X-Rated brands (whose sales started on 1 August 2007).
Trading profit increased by 5.3% to € 270.6 million (+7.8% at constant exchange rates), or 28.3% of sales. Organic growth accounted for 7.1% and external growth for 0.7%, while exchange rate effects negatively contributed 2.5%.
EBITDA before one-off’s increased by 5.9% (+8.6% at constant exchange rates) to € 223.0 million, or 23.3% of sales.
EBITDA rose by 4.9% (+7.6% at constant exchange rates) to € 220.1 million, or 23.0% of sales.
EBIT before one-off’s went up by 6.3% (+9.2% at constant exchange rates) to € 203.4 million, or 21.2% of sales.
EBIT increased by 5.3% (+8.2% at constant exchange rates) to € 200.6 million, or 20.9% of sales.
The Group’s profit before tax and minority interests was € 183.3 million, an increase of 4.4% (+7.2% at constant exchange rates).
Group’s net profit was € 125.2 million, an increase of 6,9% (+9,1% at constant exchange rates).
Group shareholders equity as of 31 December 2007 was € 878.6 million.
As of 31 December 2007, net debt stood at € 288.1 million, a decrease of € 91.4 million from 31 December 2006, following the dividend payment (€ 29 million paid on 4 May 2007) and the acquisition of X-Rated (€ 29 million), closed on 1 August 2007. This significant improvement was achieved thanks to the very strong cash flow generation from operating activities: €169.9 million. The net debt to equity ratio as of 31 December 2007 was 32.8%.
As regards events taking place after the end of 2007, it’s worth mentioning that on 2 January 2008, the Group finalised the acquisition of a 80% stake in Cabo Wabo Tequila, ultra premium brand in the US spirit market. The total value, paid in cash, was of US$ 80.8 million (approx. € 55 million at closing’s exchange rate). A more detailed disclosure of the acquisition was circulated following the announcement of the deal on 7 May 2007.

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 concerns the purchase and/or sale of shares, which including existing own shares, will not exceed a maximum of 10% of the share capital. As of today’s date, the proportion of own shares held is close to zero. The authorisation will remain valid until 30 June 2009. The unit price for the purchase and/or sale of own shares will not differ by more than 25% (whether higher or lower) from the weighted average closing price in the three stock market trading sessions prior to each transaction.
Appointment of Director. The shareholders’ meeting approved the proposal of the Board of Directors to confirm  Bob Kunze-Concewitz appointment as Director.

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