Campari approves half-year results as at 30 June 2004 - Growth continues in sales and at all levels of profitability

Moreover, if sales and main profitability indicators were considered before the impact of exchange rates (i.e. using average rates for the first six months of 2003), they would show double-digit growth versus the same period of last year.

In the first half of the year, Group sales totalled € 367.4 million, an increase of 10.4% (+13.3% at constant exchange rates). Organic growth was 4.6%, while exchange rate movements had a negative effect of 2.9%, mainly because of the fall in value of the US dollar. External growth of 8.7% was due almost entirely to the newly-acquired Barbero 1891 S.p.A.

Trading profit increased by 13.8% to € 104.1 million, or 28.3% of sales.

EBITDA rose by 7.4% (+13.1% at constant exchange rates) to € 84.7 million, or 23.1% of sales.
EBITA increased by 7.1% (+11.0% at constant exchange rates) to € 75.9 million, or 20.7% of sales.
EBIT went up by 2.4% (+7.3% at constant exchange rates) to € 58.3 million, or 15.9% of sales.

Profit before taxes and minority interests was € 55.0 million, up 7.0% (+13.1% at constant exchange rates).
Group profit before taxes (i.e. profit before taxes and after minority interests) was € 48.7 million, up 11.8% (+17.5% at constant exchange rates).
Group net profit was € 30.9 million, an increase of 10.7% (+18.0% at constant exchange rates).
Consolidated shareholders’ equity was € 550.3 million at 30 June 2004.
As of 30 June 2004, net debt stood at € 303.0 million (€ 297.1 million at 31 December 2003). The debt to equity ratio at 30 June 2004 was 55.1%.

The spirits segment, which accounted for 65.5% of total sales, recorded growth of 10.4%, due to the combination of organic growth of 3.8%, external growth of 10.7% and a negative exchange rate effect of 4.1%. The Campari brand posted growth of 6.0% at constant exchange rates (4.1% at actual exchange rates): the positive performance registered in Brazil, Italy, Japan and other important European markets more than offset the drop in consumption on the German market caused by particularly adverse weather conditions in the second quarter. SKYY Vodka sales rose by 2.8% at constant exchange rates. Sales of SKYY flavours (15% of total SKYY brand sales), however, showed a decline of 17.3% at constant exchange rates, due to the comparison with an extremely strong first half in 2003, which coincided with the launch of new line-extensions. Overall, SKYY brand sales, including the flavours range, fell by 0.7% at constant exchange rates (-10.2% at actual exchange rates). The spirits segment also benefited from a good performance from its Brazilian brands (+25.1% at constant exchange rates), CampariSoda (+6.2% at constant exchange rates), tequila 1800 (+30.7% at constant exchange rates), Ouzo 12 (+10.6% at constant exchange rates) and Scotch whisky (+6.4% at constant exchange rates). However, sales of Cynar and Jägermeister dropped by 1.9% and 1.1% respectively. External growth was entirely due to Barbero 1891 S.p.A. All Barbero brands made a positive contribution, especially Aperol, which recorded volume growth of 18.8% compared with the first half of last year.

The wines segment (12.2% of total sales) posted growth of 22.9%. Organic growth (+14.9%) benefited from the steady advance of Cinzano sparkling wines (+4.9% at constant exchange rates), thanks to a good performance on the Italian market, and of Cinzano vermouths (+5.5% at constant exchange rates), on the back of increased sales in Japan and the main European markets. The wines segment was also boosted by a good performance from Sella & Mosca (+11.7%) and Riccadonna. External growth (+9.7%) was almost entirely due to Barbero 1891 S.p.A., particularly the Mondoro and Enrico Serafino brands.

Sales of soft drinks accounted for 21.2% of the total, and were generated almost entirely on the Italian market. This segment posted growth of 3.0%, thanks to a good performance from Crodino (+8.7%) and Lipton Ice Tea (+4.3%). Sales of Lemonsoda, Oransoda and Pelmosoda, meanwhile, slipped by 5.3%, as the weather was much better in the second quarter of last year.

By region, first-half sales in Italy posted organic growth of 4.9%, and accounted for 54.6% of total Group sales, owing to the significant contribution of Barbero 1891 S.p.A. (+13.7%), whose sales are concentrated on the Italian market. Sales in Europe (17.1% of the total) as a whole were also boosted significantly by external growth (+7.4%), again mostly attributable to Barbero 1891 S.p.A., but organic growth was negative (-9.4%) following a poor performance in Germany, partly because of the termination of Campari Mixx distribution due to increased duties on ready-to-drinks.

In the Americas, which account for 25.9% of total sales, the US market posted growth of 6.1% (at constant exchange rates), which was completely wiped out by negative exchange rate movements (-10.6%), while sales in Brazil grew by 17.6% in local currency terms (+15.3% at actual exchange rates).

* * *

Please note that at 17.00 today, Wednesday 8 September 2004, Campari’s management will hold a conference call to present the Group’s first-half results to analysts, investors and journalists. To participate, please dial one of the following numbers:

  • from Italy: 800 914 576 (toll free number)
  • from abroad: +390237008208

The presentation can be downloaded before the conference call from the Investor Relations homepage of Campari’s website, at

Publishing date: 
08 Sep 2004
Last updated Dec 19 2012