Campari posts sales of €1.05m and pre-tax profit of €149.5m

14 November, 2013

The directors of Davide Campari-Milano SpA has announced its consolidated results for the nine months ending 30 September 2013.

Sales stand at €1.052.5 million, an increase of 13% while the group pre-tax profit: €149.5 million, a decrease of 14.9%.

Its net financial debt stands at €910.7m (€869.7m as of December 31, 2012).

Campari has gained the distribution rights for Bulldog Gin, a super premium gin segment, with a call option to acquire the brand in 2020.

The company says the group’s results in the first nine months of 2013 benefited from strong acceleration in the organic performance in Q3 (third quarter), mainly driven by the expected realignment of shipments to the underlying consumption trends in Italy. Furthermore, while results were positively impacted by the contribution of the acquisition of Lascelles deMercado (Wray & Nephew and Appleton Jamaican rums), they were also negatively affected by an unfavourable translation foreign exchange effect, which worsened in the third quarter.

Campari CEO Bob Kunze-Concewitz, said: “With a worsening foreign exchange outlook, continued macroeconomic challenges in some key markets and volatile sales mix evolution, the overall business context remains tough. However, having successfully completed the announced restructurings, plants start-up’s and the integration of significant new business in the first nine months of 2013, we expect our performance to stabilise in the fourth and key quarter of the year.

Looking forward, on the back of this transitionary year we will start reaping the benefits accruing from the new set up and expect our long term growth to be driven by sustained brand building across key brand-market combinations and the strengthening resonance of the brand portfolio in new geographies," he says.

Moreover, we are pleased to announce our partnership with the Bulldog Gin Company. With Bulldog Gin we will become a key player in the attractive super premium gin category in key markets, further premiumise Campari's brand portfolio and increase on-premise focus, particularly in the US,” says Kunze-Concewitz.

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