Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — FY2017 Earnings Presentation
79 slides from Davide Campari-milano's earnings presentation, Feb 27, 2018
Slide 1: 2017 Full Year Results
2017 Full Year Results Investor Presentation 27 February 2018
Slide 2: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 2 Full Year Results ended 31 December 2017
Slide 3: Results for full year ended 31 December 2017
Results for full year ended 31 December 2017 Consistent strong performance across key indicators FY 2017 Change vs. FY 2016 (5) Q4 2017 (1) Key figures € million % on sales Reported Organic FX Perimeter Organic change Net sales 1,816.0 100.0% +5.2% +6.3% -0.8% -0.4% +6.6% of which: Global priorities
Slide 4: Key highlights
Key highlights Strong organic net sales growth, fueling re-investments into the business > Net Sales • Solid organic sales growth of +6.3%, driven by continuous improvement in sales. thanks to continued positive performance in Q4 (+6.6% vs. +3.2% in Q4 2016) — Global Priorities, up +7.7%, and Region
Slide 5: Solid organic sales growth across key brand-market combinations
Solid organic sales growth across key brand-market combinations > Americas: US up +3.4%, solid growth across the region > Global Priorities: Aperol up +19.5%, high single digit growth in Campari, Wild Turkey and the Jamaican Rums > SEMEA: Italy up +2.0%, double-digit growth in recent route-to- marke
Slide 6: Delivering on strategy
Delivering on strategy Positive margin momentum driven by solid organic performance > Gross margin expansion driven by sales mix improvement > Consistent re-investments in brand building and business infrastructure Organic net sales growth EBIT adjusted margin improvement FY 2014 - FY 2017 (1) 50 bp
Slide 7: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 7 Full Year Results ended 31 December 2017
Slide 8: Net sales results for Full Year 2017
Net sales results for Full Year 2017 Growth drivers % change +6.3% -0.8% -0.4% +5.2% Group net sales organic growth by quarter Q1 Q2 Q3 Q4 €million 1,726.5 +109.0 -13.5 -6.1 1,816.0 2017 5.7% 7.6% 5.1% 6.6% 2016 7.2% 3.4% 6.1% 3.2% (1) FY 2016 Organic growth Forex Perimeter FY 2017 (1) Of which acqu
Slide 9: Net sales by regions & key markets in FY 2017
Net sales by regions & key markets in FY 2017 US is the largest market with 25.5% of Group Net Sales FY 2017 Group Net Sales €1,816.0 m Organic growth +6.3% Americas: 43.7% of total SEMEA: 29.5% of total Organic growth: +7.6% Organic growth: +5.6% Asia Pac: 6.9% of total NCEE: 19.9% of total Organic
Slide 10: Americas: +7.6% organic
Americas: +7.6% organic % change +7.6% -2.4% +4.1% +9.3% Americas net sales organic growth by quarter Q1 Q2 Q3 Q4 2017 8.0% 7.4% 5.6% 9.4% €million €726.3 +55.6 -17.5 +29.8 €794.2 2016 6.9% 0.2% 3.1% 2.3% Organic growth by key market > US +3.4% • Full year organic growth of +3.4%, driven by solid gr
Slide 11: SEMEA: +5.6% organic
SEMEA : +5.6% organic (1) % change +5.6% +0.2% -5.1% +0.7% SEMEA net sales organic growth by quarter Q1 Q2 Q3 Q4 2017 1.4% 3.8% 7.4% 8.9% €million €532.8m +29.7 +0.9 -27.1 €536.3m 2016 4.8% 2.7% 4.3% -0.2% Organic growth by key market > Italy +2.0% • Very satisfactory growth on the year with a flat
Slide 12: NCEE: +7.2% organic
NCEE: +7.2% organic % change +7.2% +0.7% -2.9% +5.0% NCEE net sales organic growth by quarter Q1 Q2 Q3 Q4 €million €344.0. m +24.8 +2.3 -9.9 €361.1 m 2017 11.5% 15.5% 3.8% 1.9% 2016 13.3% 12.7% 14.8% 8.6% Organic growth by key market > Germany -2.6% • Decline in the year, impacted by adverse weather
Slide 13: Asia Pacific: -0.8% organic
Asia Pacific: -0.8% organic % change -0.8% +0.7% +0.9% +0.8% Asia Pacific net sales organic growth by quarter Q1 Q2 Q3 Q4 2017 -1.1% 6.4% -3.5% -2.9% €million €123.5 m -1.0 +0.9 +1.1 €124.4 m 2016 5.8% 2.7% 8.2% 6.7% Organic growth by key market > Australia -0.6% • Australia finished slightly down,
Slide 14: Net sales by brand – Overview
Net sales by brand – Overview Global Priorities Regional Priorities Local Priorities 53% of Total (+400 bps vs. PY) 17% of Total (+0 bps vs. PY) 12% of Total (-100 bps vs. PY) Organic sales: (1) +7.7% Organic sales: +13.0% Organic sales: +1.3% Rest of Portfolio (2) Organic growth by Global Priority
Slide 15: Aperol: +19.5% organic
Top 5 markets by value Aperol: +19.5% (1) organic • Italy Global priorities • Germany • France • US • Austria > Continued acceleration, building on an outstanding performance from previous years thanks to growth in the brand’s core and high potential markets as well as new activations in seeding geo
Slide 16: Spreading the orange wave
Spreading the orange wave Global priorities Aperol Spritz: Summer in the Hamptons This summer, the Aperol Spritz invaded the Hamptons by hosting daily events throughout July, August and September in the Hamptons, NY. Events ranged from public, ticket-only or private across 40 different outlets. The
Slide 17: Campari: +9.8% organic
Top 5 markets by value Campari: +9.8% organic • Italy Global priorities • Argentina • US • Germany • Brazil > Campari closed the year with a very positive performance at +9.8% (1), building on the high-single digit growth trend in the previous three years > Performance by key region • SEMEA • Contin
Slide 18: Cocktail focused
Cocktail focused Global priorities Negroni week 2017: 7,780 bars Campari Creation: 360° campaign served! In October 2017, Campari released a new integrated communication campaign in Italy: “Campari Creation” including a TVC developed in collaboration with the acclaimed award winning director Paolo S
Slide 19: SKYY: -3.5% organic
Top 5 markets by value SKYY: -3.5% organic • US Global priorities • South Africa • Argentina • Brazil • Germany > The SKYY franchise declined by -3.5% in FY 2017 (1), despite positive trends in Q4 (+2.5%) > The continued expansion in the international markets, up +20.1% organically (27.0% of global
Slide 20: California inspired
California inspired Global priorities SKYY Vodka: Casa Ponte In October 2017, SKYY launched the ‘Casa Ponte’ integrated event and communication platform in Brazil. With the aim to participate in the ongoing, local conversation about diversity, SKYY vodka created a physical space in Sao Paolo to host
Slide 21: Wild Turkey: +6.4% organic
Top 5 markets by value Wild Turkey: +6.4% organic • US Global priorities • Australia • Japan • Russia > Very positive organic growth of +6.4%(1)(2) for the Wild Turkey franchise in FY 2017, while the fourth • UK quarter was up +9.1% • Solid performance in Wild Turkey bourbon (+8.6%). Russell’s Reser
Slide 22: Premiumisation journey
Premiumisation journey Global priorities Wild Turkey: Master’s Keep Wild Turkey: It’ll Find You Decades In December 2017, an ultra-premium Limited Edition Bourbon, Wild Turkey Master’s Keep Decades, was ranked #3 Whisky of the Year by Whisky Advocate magazine. The ultra-premium expression, launched
Slide 23: Grand Marnier: +1.8% organic
Top 5 markets by value Grand Marnier: +1.8% organic • US Global priorities • Canada • France • GTR • Italy > Overall the brand’s net sales of €130.4 million in FY 2017 corresponds to 7.2% of total Group sales > Grand Marnier contributed to the Group’s organic growth from Q3 2017, registering an orga
Slide 24: Grand cocktails
Grand cocktails Global priorities San Francisco World Spirits Competition Grand Marnier Maison (Milan) (SFWSC) & Ultimate Spirits Challenge (USC) In November 2017, The Grand Marnier Maison event took place in Italy, a Judges at the 2017 SFWSC declared Grand Marnier Cuvée du PR event to bring to life
Slide 25: Jamaican rums: +6.3% organic
Top 5 markets by value Jamaican rums: +6.3% organic • Jamaica Global priorities • US • Canada • UK • Mexico > Strong growth for the Jamaican rums (+6.3%)(1)(2), with continued exceptional results of Wray&Nephew Overproof and positive development for Appleton Estate > Wray&Nephew Overproof (+12.9% in
Slide 26: The Jamaican rum experience
The Jamaican rum experience Global priorities The Joy Spence Appleton Estate Rum Experience Appleton Estate: Anniversary Blend in Jamaica Appleton Estate, the oldest continuously-run sugar Estate and distillery in Jamaica, recently opened the doors to its newly renovated, world-class visitor facilit
Slide 27: Brand sales review: Regional priorities – Whiskies
Brand sales review Regional priorities Brand sales as Organic Organic Regional priorities % of Group’s change change sales in FY17 in FY17 in Q417 Tequila > Very strong double-digit growth in core US market (+57.1%) 3% +57.9% +62.2% and an acceleration in Q4 (+57.9%) while new markets such as Austra
Slide 28: Brand sales review: Sparkling wine & vermouth
Brand sales review Regional priorities Brand sales as Organic Organic Regional priorities % of Group’s change change sales in FY17 in FY17 in Q417 > Solid performance on the year, mainly due to positive Gin 1%(1) +32.3% +34.9% growth in the US, the UK, Italy and Global Travel Retail (1) Brand acquir
Slide 29: Brand sales review: Local priorities
Brand sales review Local priorities Brand sales as Organic Organic Regional priorities % of Group’s change change sales in FY17 in FY17 in Q417 > Despite a recovery in Q3 in the core Italian market, the 3% -1.1% -2.5% brand is slightly down in FY 2017. Growth remains strong in seeding market Austria
Slide 30: Marketing initiatives
Marketing initiatives Regional priorities Bulldog Gin: European activations in Germany & Spain In October 2017, Bulldog In November 2017, participated with its own stand in the new the Bar Convent Berlin, one of communication the most reputed Trade shows campaign “Come to exclusively for Bartenders
Slide 31: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 31 Full Year Results ended 31 December 2017
Slide 32: Net sales & EBIT analysis by region
Net sales & EBIT (1) analysis by region FY 2016 FY 2017 Net Sales breakdown by region EBIT (1) breakdown by region Evolution of sales and profit regional split reflecting increased weight of the Americas (sales +160 bps vs. PY and EBIT (1) +180 bps vs. PY) thanks to Grand Marnier first time consolid
Slide 33: EBIT by region - Americas
EBIT (1) by region - Americas 21.0% +50 bps +10 bps +80 bps 21.5% FY 2017 FY 2016 Reported € million % of sales € million % of sales change Organic change (90) bps Net sales 794.2 100.0% 726.3 100.0% +9.3% +7.6% Gross profit 464.7 58.5% 412.3 56.8% +12.7% +8.6% A&P (152.7) -19.2% (136.8) -18.8% +11.
Slide 34: EBIT by region - SEMEA
EBIT (1) by region - SEMEA 17.2% +200 bps 16.1% FY 2017 FY 2016 Reported € million % of sales € million % of sales change Organic change (100) bps (50) bps Net sales 536.3 100.0% 532.8 100.0% +0.7% +5.6% (150) bps Gross profit 330.1 61.5% 313.7 58.9% +5.2% +9.1% A&P (108.7) -20.3% (99.0) -18.6% +9.8
Slide 35: EBIT by region - NCEE
EBIT (1) by region - NCEE 27.0% +180 bps +140 bps +70 bps 29.6% FY 2017 FY 2016 Reported € million % of sales € million % of sales change Organic change (130) bps Net sales 361.1 100.0% 343.9 100.0% +5.0% +7.2% Gross profit 219.6 60.8% 198.5 57.7% +10.7% +10.6% A&P (60.8) -16.8% (52.5) -15.3% +15.8%
Slide 36: EBIT by region – Asia Pacific
EBIT (1) by region – ASIA PACIFIC 12.9% +10 bps (20) bps +30 bps 13.0% FY 2017 FY 2016 Reported € million % of sales € million % of sales change Organic change (10) bps Net sales 124.4 100.0% 123.5 100.0% +0.8% -0.8% Gross profit 60.5 48.6% 60.0 48.6% +0.8% -1.1% A&P (20.3) -16.3% (20.2) -16.4% +0.1
Slide 37: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 37 Full Year Results ended 31 December 2017
Slide 38: FY2017 summary P&L: EBIT adjusted
FY2017 summary P&L: EBIT adjusted FY 2017 FY 2016 Reported Organic margin (3) Q4 organic € million % of sales € million % of sales Organic change Forex impact Perimeter effect change accretion/(dilution) (bps) change Net sales 1,816.0 100.0% 1,726.5 100.0% 5.2% 6.3% -0.8% -0.4% 6.6% COGS (1) (741.1)
Slide 39: EBIT adjusted – Key drivers
EBIT adjusted – Key drivers 30.6 0.5 (3.1) €million % change +8.7% +0.1% -0.9% 352.5 380.5 +7.9% (1) % on sales 20.4% +50 bps +10 bps 0 bps 21.0% > Organic growth of +8.7%, ahead of top line growth, leading to +50 bps accretion, as higher investment in marketing (-50 bps) and distribution capabiliti
Slide 40: EBIT adjusted - Key highlights
EBIT adjusted - Key highlights > Gross margin (59.2% on net sales, up from 57.0% in FY 2016): Organic growth of +8.6% in FY 2017, +120 bps margin expansion. Organic growth ahead of top line thanks to favourable sales mix by brand and market: outperformance of key Global and Regional Priorities in
Slide 41: FY2017 summary P&L: Net income reported / adjusted
FY2017 summary P&L: Net income reported / adjusted Reported P&L FY 2017 FY 2016 Reported € million % of sales € million % of sales change EBIT adjusted 380.5 21.0% 352.5 20.4% 7.9% Operating adjustments 13.9 0.8% (33.2) -1.9% -141.8% Operating profit = EBIT 394.3 21.7% 319.4 18.5% 23.5% Net financia
Slide 42: FY2017 underlying financial charges
FY2017 underlying financial charges FY2017 FY2016 Change Net financial income (charges) (1) (40.0) (58.6) (18.5) Put option income (charges) (2) (2.8) 0.6 3.4 Average net debt 1,144 1,130 Average cost of net debt (3) 2.9% 5.6% Notes (1) Includes €6.7 million unrealized fx losses on intercompany loan
Slide 43: FY2017 tax rate analysis
FY2017 tax rate analysis € million FY 2017 FY 2016 Reported Adjusted Reported Adjusted Pretax profit 326.7 337.7 236.7 294.5 - Recurring cash tax (80.1) (80.1) (67.9) (67.9) - Goodwill deferred tax (24.2) (24.2) (28.0) (28.0) Total recurring taxes (104.3) (104.3) (96.0) (96.0) Tax adjustments: - Fis
Slide 44: Non-recurring adjustments
Non-recurring adjustments € million Actual Guidance FY2017 2018 Operating adjustments, of which: Capital gains from asset disposals (1) 49.7 ~38 Transactions fees, restructuring costs (2) (35.8) ~(36) Total operating adjustments 13.9 ~2 Financial adjustments (3) (24.8) Tax adjustments, of which: - F
Slide 45: IFRS 15 to be implemented as of fiscal year 2018
IFRS 15 to be implemented as of fiscal year 2018 IFRS 15 as of fiscal year 2018 • Reclassification of certain A&P expenses in deduction of sales • Neutral on EBIT value but impact on margin ratios on sales post reclassification • In FY 2017 restated, reduction of €62.7 m in sales (-3.5%) and A&P pos
Slide 46: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 46 Full Year Results ended 31 December 2017
Slide 47: Free cash flow
Free cash flow FY 2017 FY 2016 Δ FY17 vs. FY16 Δ FY17 vs. FY16 Total Recurring Total Recurring Total Recurring €m €m €m €m €m % €m % EBITDA adjusted 437.6 437.6 405.3 405.3 32.3 8.0% 32.3 8.0% (1) Other non-cash items (26.5) 9.3 6.8 40.0 (33.3) (30.7) Taxes paid (41.3) (55.8) (46.6) (56.1) 5.3 0.3 C
Slide 48: Operating working capital
Operating working capital €m 58.6 (49.2) (13.2) 587.4 583.6 OWC at OWC at Organic Forex Perimeter 31/12/2016 31/12/2017 % on 32.1% 34.0% sales • Organic increase of €58.6 million, mainly due to: i) increase in receivables of €30.9 million affected by the extended payment terms in the US due to hurri
Slide 49: CAPEX
CAPEX € million FY 2016A FY 2017A FY 2018 guidance Maintenance capex, net of barrel disposal 46.7 55.9 57 Extraordinary capex: Visitor centers and Brand houses 6.0 IT projects 3.6 Other projects (incl. US new head office) 2.3 Total extraordinary capex 9.4 11.9 15 Total capex 56.1 67.7 72 Real estate
Slide 50: Net financial debt decreased by €211 million
Net financial debt decreased by €211 million €m 227.0 146.8 (52.1) (53.6) (28.4) (28.0) (1,192.4) (981.5) Net debt at Net cash from Purchase Forex Others FCF Dividend Net debt at 31/12/2016 (1) Disposals& of own (mainly 31/12/2017 acquisitions shares (2) earn-out) > Net debt to EBITDA pro-forma rati
Slide 51: Debt maturity
Debt maturity > Net debt of €981.5 million as of 31 December, 2017 > Long-term gross debt at €1.3 billion - Following the liability management transaction in Q2 2017, the overall long-term gross debt average coupon declined to 2.41% (from 2.76% at 31 December, 2016) - Fixed interest rate debt accoun
Slide 52: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 52 Full Year Results ended 31 December 2017
Slide 53: New developments going into 2018
New developments going into 2018 New initiatives Relocation of US head office from San Francisco to NYC • Campari Group announced the relocation of its US subsidiary Campari America head office from San Francisco to New York City in the fall of 2018. Located in midtown Manhattan, the new offices wil
Slide 54: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 54 Full Year Results ended 31 December 2017
Slide 55: Conclusion and Outlook
Conclusion and Outlook > Delivered very solid results in full year 2017 in terms of growth and margin momentum across key performance indicators, consistently delivering on strategy > For full year 2018 outlook remains fairly balanced in a still uncertain macroeconomic scenario for some emerging mar
Slide 56: Table of contents
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Operating Results by Region Consolidated P&L Cash Flow & Net Financial Debt New Developments Conclusion & Outlook Annex 56 Full Year Results ended 31 December 2017
Slide 57: Annex index
Annex - 1 Net sales by region and key market Annex - 2 FY 2017 consolidated P&L Annex - 3 Q4 2017 consolidated P&L Annex – 4 Consolidated balance sheet at 31 December, 2017 – Invested capital and financing sources Annex – 5 Consolidated balance sheet at 31 December, 2017 - Assets and liabilities Ann
Slide 58: Net sales by region & key market
Annex - 1 Net sales by region & key market Consolidated Net sales by region FY 2017 FY 2016 Change of which: Q4 2017 €/ml % €/ml % % total organic perimeter forex total organic Americas 794.2 43.7% 726.3 42.1% 9.3% 7.6% 4.1% -2.4% -2.7% 9.4% Southern Europe. Middle East & Africa 536.3 29.5% 532.8 30
Slide 59: Net sales by region & key market
Annex - 1 Net sales by region & key market Southern Europe, Middle East & Africa by market v FY 2017 FY 2016 Change a of which: Q4 2017 r €/ml % €/ml % %totale organic perimeter forex total organic Italy 398.5 74.3% 407.2 76.4% -2.1% 2.0% -4.1% 0.0% -2.4% 0.3% Other countries 137.8 25.7% 125.6 23.6%
Slide 60: FY 2017 Consolidated income statement
Annex - 2 FY 2017 Consolidated income statement Consolidated income statement for the full year 2017 FY 2017 FY 2016 € million % € million % Change (1) 1,816.0 100.0 1,726.5 100.0 5.2% Net sales (2) (741.1) -40.8 (741.9) -43.0 -0.1% Total cost of goods sold CONSOLIDATED INCOME STATEMENT Gross profit
Slide 61: Q4 2017 Consolidated income statement
Annex - 3 Q4 2017 Consolidated income statement Q4 2017 Q4 2016 Reported Organic Forex Perimeter € million % of sales € million % of sales change change impact effect Net sales 540.2 100.0% 546.1 100.0% -1.1% 6.6% -3.2% -4.5% (1) COGS (234.6) -43.4% (239.1) -43.8% -1.9% 6.7% -3.2% -5.4% Gross profit
Slide 62: Consolidated balance sheet
Annex - 4 Consolidated balance sheet Invested capital and resources € mi l l i on 31 December 2017 31 December 2016 (1) Change Inventori es 491.7 543.5 (51.3) Tra de recei va bl es 317.5 306.3 11.1 Pa ya bl es to s uppl i ers (225.6) (262.5) 36.8 Operating working capital 583.6 587.4 (3.8) Ta x cred
Slide 63: Consolidated balance sheet (1 of 2)
Annex - 5 Consolidated balance sheet (1 of 2) Assets 31 December 2017 31 December 2016 Change € million € million ASSETS Non-current assets Net tangible fixed assets 430.9 509.6 (78.7) Biological assets 1.0 7.8 (6.8) Investment property 120.9 122.6 (1.7) Goodwill and trademarks 2,302.7 2,490.9 (188.
Slide 64: Consolidated balance sheet (2 of 2)
Annex - 5 Consolidated balance sheet (2 of 2) Liabilities LIABILITIES AND SHAREHOLDERS’ EQUITY Shareholders’ equity Share capital 58.1 58.1 - Reserves 1,884.5 1,841.9 42.6 Parent company’s portion of shareholders’ equity 1,942.6 1,900.0 42.6 Non-controlling interests' portion of shareholders' - - -
Slide 65: FY 2017 Consolidated cash flow (1 of 2)
Annex - 6 FY 2017 Consolidated cash flow (1 of 2) € million 31 Dec 2017 31 Dec 2016 Change Cash flow generated by operating activities EBIT 394.3 319.4 75.0 Non-cash items Depreciation 57.2 52.7 4.5 Gains on sale of fixed assets (5.1) (3.7) (1.4) Write-off of tangible fixed assets 6.0 0.3 5.7 Funds
Slide 66: FY 2017 Consolidated cash flow (2 of 2)
Annex - 6 FY 2017 Consolidated cash flow (2 of 2) € million 31 Dec 2017 31 Dec 2016 Change Utilizazion of revolving facility loan 180.0 50.0 130.0 Repayment of medium-/long -term financing 0.9 300.0 (299.1) Put option liabilities issue - 0.0 (0.0) Repayment of private placement Campari America 0.0 (
Slide 67: FY 2017 Free cash flow
Annex - 7 FY 2017 Free cash flow 31 December 2017 31 December 2016 Change € million € million EBITDA adjusted 437.6 405.3 32.3 Other adjustment to operating profit (26.5) 6.8 (33.3) Taxes paid (41.3) (46.6) 5.3 Cash flow from operating activities before changes in working capital 369.9 365.5 4.4 Cha
Slide 68: Financial debt as of 31 December 2017
Annex - 8 Financial debt as of 31 December 2017 Gross debt composition as of 31 December, 2017 31 December, 2017 Issue date Maturity Type Currency Coupon Original tenor As % of total € million Aug 3, 2016 Aug-21 Term Loan EUR 0.75% +3m euribor 300 3 years 23% Oct 25, 2012 Oct-19 Unrated Eurobond EUR
Slide 69: Operating working capital
Annex - 9 Operating working capital € million 1 January-31 December 2017 1 January-31 December 2016 Reported Organic Forex Permimeter € million % sales € million % sales Change Change Impact Effect Receivables 317.5 17.5% 306.3 17.7% 3.6% 30.9 (20.8) 1.1 Inventories 491.7 27.1% 543.5 31.5% -9.5% 3.6
Slide 70: Exchange rates effects
Annex - 10 Exchange rates effects Average exchange rate Period end exchange rate change vs 31 December 1 Jan - 31 December 2017 change vs 2016 1 Jan - 31 December 2017 2016 : 1 Euro % : 1 Euro % US Dollar 1.13 -2.0% 1.20 -12.1% Canadian Dollar 1.46 0.2% 1.50 -5.7% Jamaican Dollar 144.49 -4.2% 149.40
Slide 71: IFRS15 – Group net sales FY / 9M / H1 / 3M restated
Annex - 11 IFRS15 – Group net sales FY / 9M / H1 / 3M restated Net sales by region FY 2017 FY 2017 restated Reported (before IFRS15 Restated (after IFRS15 Δ Restated vs. Reported implementation) implementation) €/ml % €/ml % €m % Americas 794.2 43.7% 783.6 44.7% -10.6 -1.3% Southern Europe. Middle E
Slide 72: IFRS15 – Group net sales by brand FY 2017 restated
Annex - 11 IFRS15 – Group net sales by brand FY 2017 restated FY 2017 FY 2017 Net sales by brand cluster Δ Restated vs. Reported Reported (before IFRS15 Restated (after IFRS15 (as-is pre IFRS15) implementation) implementation) €m % Group sales €m % Group sales €m % Global Priorities 953.6 52.5% 912.
Slide 73: IFRS15 – Group P&L FY 2017 restated
Annex - 12 IFRS15 – Group P&L FY 2017 restated Consolidated income statement for the full year 2017 2017 reported (before IFRS15 2017 restated (after IFRS15 Delta Restated vs. Reported implementation) implementation) € million % € million % € million % Net sales 1,816.0 100.0 1,753.4 100.0 (62.7) -3
Slide 74: IFRS15 – Group P&L 9M 2017 restated
Annex - 12 IFRS15 – Group P&L 9M 2017 restated dated income statementConsolidated for the 9M toincome 30 September 2017 statement for the 9M to 30 September 2017 Consolidated income statement for the Reported (as-is pre IFRS15 reporting) 9M(To-be Restated to 30IFRS15 September reporting as2017 of Re
Slide 75: IFRS15 – Group P&L H1 2017 restated
Annex - 12 IFRS15 – Group P&L H1 2017 restated Consolidated income statement for the half year to 30 June 2017 Consolidated income statement for the half year to 30 June 2017 Restated (To-be IFRS15 reporting as of Reported (as-is 2017 reported pre IFRS15 (before IFRS15reporting) 2017 restated (after
Slide 76: IFRS15 – Group P&L 3M 2017 restated
Annex - 12 IFRS15 – Group P&L 3M 2017 restated Consolidated income statement for the 3M until 31 March 2017 Consolidated income statement for the 3M (as-is Reported untilpre31IFRS15 March 2017 reporting) Restated (To-be IFRS15 reporting as of Delta Restated vs. Reported 01/01/2018) 2017 reported € m
Slide 77: IFRS15 – Regional P&L FY 2017 / H1 2017 restated
Annex - 12 IFRS15 – Regional P&L FY 2017 / H1 2017 restated FY 2017 FY 2017 restated H1 2017 H1 2017 restated FY 2017 FY 2017 restated H1 2017 H1 2017 restated Reported (before IFRS15 Restated (after IFRS15 Reported (before IFRS15 Restated (after IFRS15 Reported (before IFRS15 Restated (after IFRS15
Slide 78: Disclaimer
Disclaimer This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Campari Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circums
Slide 79: EIR
TE = 1 EIR