Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — Merger or Acquisition (December 2023)
15 slides from Davide Campari-milano's merger presentation, Dec 14, 2023
Slide 1: Acquisition of Courvoisier
Acquisition of Courvoisier Cognac to become Campari Group’s fourth largest leg, enabling deeper expansion into the US and Asia Pacific region Investor presentation 14 December 2023
Slide 2: Acquisition rationale
Acquisition rationale > Unique opportunity to enter the cognac category with top four historical house boasting world renowned brand credentials > To re-establish Courvoisier as a global icon of luxury, priming cognac to become Campari Group’s fourth largest leg along with aperitifs, bourbon and teq
Slide 3: Maison Courvoisier overview
Maison Courvoisier overview > Maison Courvoisier was founded in 1828, by Felix Courvoisier in Jarnac, the Charente region of France. Courvoisier is the youngest and most awarded of the ‘big four’ historical cognac houses > Courvoisier’s signature styles reveal the intricate nuances of the cognac cra
Slide 4: Courvoisier key facts (1)
Courvoisier key facts (1) > In FY2022 net sales of USD249 million, with Contribution After A&P (CAAP) of USD78 million (2) > In 2023 to 31 Oct 2023 net sales of USD148 million, with a decline of 33% vs 2022 (3), and CAAP of USD37 million (2) • performance impacted by recent market driven trends such
Slide 5: Unique opportunity for Campari Group to enter the top league of super premium cognac
Unique opportunity for Campari Group to enter the top league of super premium cognac category > Top four cognac suppliers account for 90% of worldwide sales and have differing skews into Cognac 2022 Sales Value by quality markets and liquid variants, with Courvoisier currently skewing strongly to th
Slide 6: The addition of Courvoisier is a strong fit to Campari Group’s RARE division
The addition of Courvoisier is a strong fit to Campari Group’s RARE division, with strong premiumisation opportunities L ’Essence de Courvoisier $2,000+ Extra & XO Royal $200-$650 XO $70-$180 Mixology / easy mixes $35 - $70 VS & VSOP 6
Slide 7: Campari Group’s proven leadership, focus and brand development capabilities
Strategic rationale World renowned brand, poised to be re-established as global icon of luxury under Campari Group’s proven leadership, focus and brand development capabilities > A strong history of proven strategic premium development capabilities including premium packaging and bottle upgrades, ag
Slide 8: True diversification across the Group’s spirits category exposure
True diversification across the Group’s spirits category exposure > The addition of Courvoisier will further enrich the Group’s portfolio, with a healthy exposure to multiple premiumising categories > Strong exposure to aperitifs, bourbon and tequila & mezcal with cognac to become the fourth leg 202
Slide 9: Courvoisier to enter the Global Priority Brands, boosting the US and China
Courvoisier to enter the Global Priority Brands, boosting the US and China 2022 Campari Group Pro-forma Net Sales by brand & > Premium cognac range to further strengthen Campari Group’s portfolio: category incl. Courvoisier • set to join the global brand priorities cluster with enhanced focus; reach
Slide 10: Strong fit to operational capabilities in France
Strong fit to operational capabilities in France, a core platform for the Group’s Supply Chain > Strong fit with the Group’s French icons operations including Grand Marnier, Champagne Lallier and Bisquit&Dubouché: increased distilling infrastructure, bottling and warehousing capacity in France, supp
Slide 11: Acquisition structure and metrics
Acquisition structure and metrics > Campari Group has entered into exclusive negotiations with Beam Suntory and granted thereto in such context a put option, with a view to acquire 100% of the outstanding share capital of Beam Holding France S.A.S., which holds 100% of the share capital of Courvoisi
Slide 12: Acquisition funding
Acquisition funding > The signing of the transaction is subject to the information and consultation of the French employees’ representatives and the closing of the transaction will be subject to the completion of the appropriate regulatory processes and customary antitrust approvals > Transaction ex
Slide 13: Conclusion
Conclusion > Unique opportunity for Campari Group to enter the top league of super premium cognac category with a world renowned brand > Courvoisier will benefit from Campari Group’s proven leadership, focus and brand development capabilities, leveraging the Group’s enhanced operational and business
Slide 14: Disclaimer
Disclaimer This announcement may contain certain forward-looking statements, estimates and forecasts reflecting management’s current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts
Slide 15: Contacts
CONTACTS i n ve s t o r. r e l a t i o n s @ c a m p a r i . c o m camparigroup.com
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