Press Releases 2009

SHAREHOLDERS' MEETING OF DAVIDE CAMPARI-MILANO S.p.A.

Milan, 30 April 2009 2008 accounts were approved at the annual shareholders’ meeting of Davide Campari-Milano S.p.A. held today.

The shareholders’ meeting approved a dividend of € 0.11 per share (unchanged from the previous year). The dividend will be paid on 21 May 2009 (coupon no. 5 to be detached on 18 May 2009) except on own shares.

Consolidated results for 2008

In 2008, Group sales totalled € 942.3 million (-1.6%, +2.7% organic growth, -1.6% exchange rate effect and -2.7% perimeter effect, the latter due to the announced changes in the US portfolio).
Contribution after A&P (gross margin after distribution costs and A&P) was € 341.2 million (-0.1%; +2.8% organic growth), or 36.2% of sales.
EBITDA before one-offs was € 218.3 million (-2.1%; +2.2% organic growth), or 23.2% of sales.
EBITDA was € 214.7 million (-2.5%; -0.4% at constant exchange rates).
EBIT before one-offs was € 199.0 million(-2.1%; -0.1% at constant exchange rates, +2.4% organic growth), or 21.1% of sales.
EBIT was € 195.4 million (-2.6%; -0.4% at constant exchange rates).
Profit before tax and minority interests was € 172.4 million (-5.9%; -3.9% at constant exchange rates).
The Group net profit rose to € 126.5 million, an increase of 3.1% at constant exchange rates and +1.1% at actual exchange rates.

As of 31 December 2008 net financial debt stood at € 326.2 million (€ 288.1 million as of 31 December 2007) after provisions for potential put options and earn outs on minority stakes for € 26.6 million. Before provisions net financial debt was € 299.7 million (€ 288.1 million as of 31 December 2007).

With regards to events taking place after the end of 2008, it is worth mentioning that on 8 April 2009, the Group announced that it signed an agreement to acquire Wild Turkey, the number 1 premium Kentucky straight bourbon whiskey, from Pernod Ricard. This marks the largest acquisition in Campari’s history and strengthens its position as a leading company in the US and international premium spirits markets.

The total purchase price for the acquisition is US$ 575 million (or € 433 million at the exchange rate on the acquisition’s date). The transaction, subject to antitrust approvals, is expected to close prior to June 30, 2009 and the consideration will be paid for in cash. A more detailed disclosure of the acquisition was released following the announcement of the deal on 8 April 2009.

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 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, shall not exceed a maximum of 10% of the share capital. The authorisation will remain valid until 30 June 2010. 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.

Stock options. The shareholders’ meeting has approved the stock option plan pursuant to Art. 114-bis of the Consolidated Law on Financial Intermediation. The plan has been prepared in accordance with the stock option master plan approved by the Board of Directors of 18 March 2009 in replacement of the previous master plan of 2 May 2001. The company will disclose an information document regarding the issuance of stock options pursuant to the applicable law (Art. 84-bis, Consob Regulation no. 11971/99).

* * *

The Manager in charge of preparing Davide Campari-Milano S.p.A.’s financial reports, Paolo Marchesini, certifies - pursuant to article 154 bis, paragraph 2 of the Consolidated Law on Financial intermediation (Legislative Decree 58/1998) - that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

Archive: 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001