Shareholders’ meeting of Davide Campari-milano S.p.A.
SHAREHOLDERS’ MEETING OF DAVIDE CAMPARI-MILANO S.p.A.
2008 results approved
Dividend of € 0.11 per share approved
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.