Shareholders’ meeting

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

2006 results approved
Dividend of € 0.10 per share approved
New Board of Directors appointed with nine members

Luca Garavoglia confirmed as Chairman

Milan, 24 April 2007 - The Shareholders’ meeting of Davide Campari-Milano S.p.A. today approved the company’s 2006 accounts.
The Shareholders’ meeting approved a dividend of € 0.10 per share, unchanged from the previous year. The dividend will be paid on 4 May 2007 (coupon no. 3 to be detached on 30 April 2007) except on own shares.
The Shareholders’ meeting appointed a new Board of Directors for the 2007 - 2009 period, comprised of Eugenio Barcellona, Luca Garavoglia, Paolo Marchesini, Marco Perelli-Cippo, Stefano Saccardi, Enzo Visone and, qualified as independent, Enrico Corradi, Cesare Ferrero and Renato Ruggiero.
In order to ensure the Company’s a more agile governance, Directors were reduced from eleven to nine.
The Shareholders’ meeting confirmed Luca Garavoglia as Chairman of the Company.
Chairman Luca Garavoglia thanked the outgoing directors for their strong commitment to the Group and their very capable work during the past years.
In addition, the Shareholders’ meeting appointed the new Board of Statutory Auditors for the 2007 - 2009 period, comprised of Antonio Ortolani, Chairman and Alberto Lazzarini and Giuseppe Pajardi, auditors.
The Shareholders’ meeting also approved the extension of Auditing engagement conferred to Reconta Ernst & Young S.p.A. for the 2007 - 2009 period.


C
ONSOLIDATED RESULTS FOR 2006

As indicated on 20 March 2007, in 2006 Group sales totalled € 932.4 million, an increase of 15.1% (+14.4% at constant exchange rates).

The overall change in consolidated sales resulted from an organic growth of 4.6% and a positive exchange rate effect of 0.7%. External growth, which came in at 9.9%, was driven by recent acquisitions (Glen Grant Scotch, Old Smuggler and Braemar whiskies, and Teruzzi & Puthod wines) and sales of third-party brands covered by new distribution agreements (the spirits portfolio of the C&C Group on the US and Brazilian markets, Midori liqueur on the US market and Jack Daniel’s and other Brown-Forman brands on the Italian market).

Trading profit increased by 9.4% to € 256.9 million (+8.8% at constant exchange rates), or 27.6% of sales. Organic growth accounted for 4.0% and external growth for 4.9%, while positive exchange rate effects contributed 0.6%.
EBITDA before one-off’s increased by 7.1%
(+6.8% at constant exchange rates) to € 210.6 million, or 22.6% of sales.
EBITDA rose by 4.2%
(+3.9% at constant exchange rates) to € 209.7 million, or 22.5% of sales.
EBIT before one-off’s went up by 6.8%
(+6.5% at constant exchange rates) to € 191.4 million, or 20.5% of sales.
EBIT increased by 3.6%
(+3.3% at constant exchange rates) to € 190.5 million, or 20.4% of sales.
Profit before tax and minority interests
was € 175.5 million, an increase of 0.7%.
Group net profit
was € 117.1 million, a slight decline of 0.8% (-1.4% at constant exchange rates).
As of 31 December 2006, net debt stood at € 379.5 million (€ 371.4 million as of 31 December 2005). Note that on 15 March 2006, Gruppo Campari completed the acquisition of the Glen Grant, Old Smuggler and Braemar Scotch whisky brands and related assets for a cash consideration of around € 130 million. The acquisition was financed by bank debt.

On 2 November 2006, the purchase of the remaining 11% of Skyy Spirits, LLC that the Group did not already own was completed at a cost of around € 49 million, paid in cash and financed by bank debt (Skyy Spirits, LLC is now therefore 100% owned by the Group). Note that the debt figure at 31 December 2005 already included borrowings of € 45.5 million relating to the put option on the remaining shares in Skyy Spirits, LLC.


O
THER 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 nil. The authorisation will remain valid until 30 June 2008. 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.

Publishing date: 
24 Apr 2007
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Last updated May 27 2013