Campari Group announces 2018 Full Year results

Consistent delivery on strategy, growing across all key organic performance indicators in 2018


Continued positive margin momentum driven by strong outperformance of Global Priorities in core developed markets, fuelling investments back into the business


Proposed full year dividend of €0.05 per share, in line with previous year



•           Reported sales of €1,711.7 million. Organic growth of +5.3% . On a reported basis, change of -2.4% after the exchange rate and perimeter effects.

•           Favourable sales mix driven by key Global and Regional priorities in core developed markets, leading to a gross margin organic expansion of +120bps, despite adverse agave and sugar business effects.

•           EBIT adjusted  of €378.8 million. Organic growth of +7.6%, ahead of organic sales growth, leading to an organic margin expansion of +50bps, more than compensating reinvestments in brand building initiatives and on-premise commercial capabilities.

•           Group net profit adjusted  of €249.3 million, +6.8%. Group net profit of €296.3 million, -16.8%.

•           Free cash flow at €235.6 million, of which recurring free cash flow of €267.7 million (+7.2%), up to 61.9% of EBITDA adjusted.

•           Net financial debt of €846.3 million as of December 31st, 2018 (down vs. €981.5 million on December 31st, 2017), thanks to the positive free cash flow generation, the proceeds from the sale of non-strategic businesses, net of the acquisition of Bisquit, and after the dividend payment and the net purchase of own shares .

•           Proposed full year dividend of €0.05 per share, in line with previous year.


Milan, March 5th, 2019-The Board of Directors of Davide Campari-Milano S.p.A. (Reuters CPRI.MI-Bloomberg CPR IM) approved the consolidated results and the draft separate financial statements for the full year ended on December 31st, 2018.


Bob Kunze-Concewitz, Chief Executive Officer:We achieved a solid performance across all key indicators in terms of organic growth and margin expansion in full year 2018, consistently delivering on long term strategy. In particular, over the past four years Campari Group has achieved +680bps  of gross margin expansion on sales on a cumulative basis, as the combined result of very healthy organic expansion of +390bps, driven by favourable sales mix, and accretive M&A initiatives, including strategic divestments, and FX contributing the remainder. This remarkable achievement has enabled strengthened investments in brand building and commercial initiatives for long-term, sustainable growth. Moreover, it simultaneously allowed the Group to expand EBIT margin ahead of sales growth by +300bps5 over the last four years on a cumulative basis, of which +130bps in organic terms.

Looking ahead into 2019, our outlook remains fairly balanced in terms of risks and opportunities as uncertainty around macroeconomic instability and currency volatility, particularly in emerging markets, remain. We expect the current underlying business performance to keep its momentum, while we continue facing headwinds from agave purchase price hike. Nevertheless, we remain confident in achieving a positive performance across the key underlying business indicators in 2019, driven by the continued outperformance of the high-margin Global & Regional priority brands in key developed markets.’

Publishing date: 
05 Mar 2019
Last updated Mar 05 2019