Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — FY2020 Earnings Presentation
76 slides from Davide Campari-milano's earnings presentation, Feb 18, 2021
Slide 1: Results Presentation Full year ended 31 December 2020
Results Presentation Full year ended 31 December 2020 February 18, 2021
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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 2
Slide 3: Continued execution of our long-term growth strategy in a challenging 2020
Continued execution of our long-term growth strategy in a challenging 2020 Managing the short-term emergency while continuing to nurture the long-term growth > Increased focus on digital marketing and off-premise brand building to drive home consumption occasions fuelling double-digit Continuing str
Slide 4: Resilient financial performance in FY 2020 given the very challenging context of Covid-19
Resilient financial performance in FY 2020 given the very challenging context of Covid-19 FY 2020 Change vs. FY 2019 Q4 2020 € million Reported Organic FX Perimeter (1) Organic change Net sales 1,772.0 -3.8% -4.1% -2.7% +3.0% -7.0% Gross profit 1,025.9 -8.5% -8.5% -1.3% +1.3% -12.1% % on sales/ marg
Slide 5: Core brands' health remains strong, confirmed by resilient home-consumption trends
Core brands’ health remains strong, confirmed by resilient home-consumption trends > Net Sales • Overall organic decline of -4.1% with Q4 down -7.0%, largely due to the impact of renewed lockdowns and severe restrictive measures affecting key on-premise markets. On a full year basis, continued susta
Slide 6: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 6
Slide 7: Shipment resilience across key off-premise brand-market combinations
Shipment resilience across key off-premise brand-market combinations FY 2020 Net sales organic performance by Region FY 2020 Net sales organic performance by Priority (1) (1) Including Rest of Portfolio, down -10.0% in FY 2020 > Americas: the US grew +3.4% after a positive performance in Q4 (+13.0%)
Slide 8: Strong brand momentum in off-premise across key brand-market combinations in 2020
Strong brand momentum in off-premise across key brand-market combinations in 2020 Strong off-premise sell-out trends in key brand-market combinations (1) Total Campari US Total Campari Germany Total Spirits Market Aperol Total Spirits Market Espolòn Aperol Wild Turkey Campari SKYY Vodka Ouzo12 Grand
Slide 9: E-commerce: rapid acceleration, high recruitment & poised for future growth
E-commerce: rapid acceleration, high recruitment & poised for future growth Solid development in key E-commerce markets such as the US & UK, with others (Australia, Germany, France, Italy) registering strong double-digit growth from a low base > E-commerce accounts for approx. 2% of Group’s net sale
Slide 10: US remains the largest market with 28.6% of Group net sales in FY 2020
US remains the largest market with 28.6% of Group net sales in FY 2020 FY 2020 Net sales €1,772.0 million Organic growth: -4.1% Others 1.5% Australia 5.8% USA 28.6% Asia Pac: 7.4% of total Organic growth: +4.6% Others 6.8% UK 2.8% Americas: 43.7% of total Organic growth: -1.8% Russia 2.9% NCEE: 22.8
Slide 11: Off-premise gaining momentum
Off-premise gaining momentum > Strong sell-out trends registered across the off-premise channel in key markets during 2020 Weight of off-premise by net sales (%) pre-Covid 19 (1) Off-premise weight (pre-Covid 19) and sell-out value growth in 2020 (2) Group and regions Key markets 100% 50% Ca. 70% Ca
Slide 12: Americas (-1.8% organic): focus on the US market
Americas (-1.8% organic): focus on the US market Shipments impacted by lockdowns and destocking, whilst strong brand momentum continues US: > Overall positive shipments performance (+3.4%) despite the on-premise (accounting for ca. 30% of the market’s net sales pre-Covid 19) restrictions impacting i
Slide 13: Americas: -1.8% organic (cont)
Americas (1): -1.8% organic (cont) Other markets % change -1.8% -4.7% +0.7% Regional net sales €million 821.5 -14.8 -38.3 +5.5 773.9 quarterly growth Q1 Q2 Q3 Q4 2020 -0.9% -13.5% 4.3% 2.5% 2019 13.1% 7.3% 0.5% 4.3% Organic growth by key market in FY 2020 > Canada +12.5% • Resilient growth continued
Slide 14: SEMEA: -18.6% organic
SEMEA (1): -18.6% organic % change -18.6% -0.1% +11.6% Regional net sales €million 498.7 -92.7 -0.4 +58.0 463.6 quarterly growth Q1 Q2 Q3 Q4 2020 -23.0% -39.8% 23.8% -30.2% 2019 6.4% 8.6% 8.9% -1.8% (2) Organic growth by key market in FY 2020 > Italy -17.4% • Highly volatile year given its strong on
Slide 15: NCEE: +6.8% organic
NCEE (1): +6.8% organic % change +6.8% -2.0% -2.2% Regional net sales €million 393.8 +26.7 -8.0 -8.8 403.7 quarterly growth Q1 Q2 Q3 Q4 2020 6.6% 5.4% 23.8% -3.0% 2019 11.6% 4.2% 10.4% 9.9% Organic growth by key market in FY 2020 > Germany +8.6% • Solid growth in a resilient off-premise market (esti
Slide 16: Asia Pacific: +4.6% organic
Asia Pacific (1): +4.6% organic % change +4.6% -2.9% +0.0% Regional net sales €million 128.5 +5.9 -3.7 +0.0 130.8 quarterly growth Q1 Q2 Q3 Q4 2020 3.5% 10.1% 2.9% 2.8% 2019 -3.1% 4.9% 0.7% 0.6% Organic growth by key market in FY 2020 > Australia +20.2% • Continued very positive performance in off-p
Slide 17: Net sales by brand
Net sales by brand FY 2020 Net sales €1,772.0 million Organic growth: -4.1% Agency brands & Co-packing 8% Rest of Portfolio: 15% Rest of own brands 7% Local Priorities, 11% Organic change: -4.4% Aperol 19% Global Priorities, 56% Organic change -3.8% Campari 10% Wild Turkey 8% SKYY 7% The Jamaican ru
Slide 18: Aperol (19% of Group net sales): -0.1%
Aperol (19% of Group net sales): -0.1% (1) > Organic performance of the brand was highly impacted by the weak results in core on-premise skewed markets due to lockdown measures, such as Top 5 markets by value the core Italian market (accounting for 31% of total Aperol sales in FY 2020) and Spain, to
Slide 19: Unparalleled affection from consumers worldwide
Unparalleled affection from consumers worldwide #AperolSpritz: 1st most mentioned cocktail online worldwide in 2020 (1) DIGITAL & SOCIAL UNIVERSAL LANGUAGE: OWN THE ECOMMERCE TOOLKIT NEW ASSETS RELEASE ACCELERATION BEYOND APERITIVO SPRITZ The Aperol Spritz is the original Spritz Implemented in 20+ m
Slide 20: Campari (10% of Group net sales): -4.5%
Campari (10% of Group net sales): -4.5% (1) Top 5 markets by value > Impacted heavily by the weak Q4 performance, mainly driven by Italy > Overall declines in core on-premise skewed markets such as Italy, Brazil, Jamaica as well as Spain. GTR also declined > Italy > Double-digit growth in the US, th
Slide 21: Building a passionate consumer base
Building a passionate consumer base CREDIBILITY & PREMIUMNESS PENETRATION & INNOVATION PASSION IN CREATIVITY Premium taste with unique authenticity RED DIARIES DIGITAL & SOCIAL INT’L FILM FESTIVALS ECOMMERCE EXPERIENTIAL 21
Slide 22: Wild Turkey (8% of Group net sales): +4.9%
Wild Turkey (8% of Group net sales): +4.9% (1) Top 5 markets by value > Positive growth overall for Wild Turkey bourbon after an acceleration in Q4 driven by the core markets of the US and Australia. This growth was partly > US mitigated by the double-digit decline in core Japan, due to destocking i
Slide 23: SKYY Vodka (7% of Group net sales): -16.2%
SKYY Vodka (7% of Group net sales): -16.2% (1) Top 5 markets by value > US > Continued decline in the core US market (-10.5%), driven by destocking ahead of a complete brand relaunch. Flavours continued to be more > Germany impacted than the Core > Argentina > SKYY Vodka off-premise sell-out trends
Slide 24: Grand Marnier (6% of Group net sales): -14.9%
Grand Marnier (6% of Group net sales): -14.9% (1) Top 5 markets by value > Overall decline was driven by the negative shipment performance in the core US, impacted by both destocking and the brand’s on-premise skew as > US well as weakness in GTR and France > Canada > Excluding the US destocking eff
Slide 25: Jamaican rums (6% of Group net sales): +5.2%
Jamaican rums (6% of Group net sales): +5.2%(1) Top 5 markets by value > Appleton Estate registered a positive full year result (+3.1%), sustained by a favourable category trend in the premium rum, driven by the US and Canada, boosted by the new packaging and product range, offsetting the negative p
Slide 26: Espolòn (5% of Group net sales): +29.9%
Espolòn (5% of Group net sales): +29.9% (1) Regional priorities > Continued very positive performance driven by the core US market (+34.2%) after a solid year end (Q4 +33.9%) as the brand continues to benefit from strong category momentum > Off-premise sell-out trends remain even stronger, at +87.4%
Slide 27: Brand sales review: other regional priorities
Brand sales review Other regional priorities Brand sales as Organic Organic Regional % of Group’s change change priorities in FY 2020 sales in FY 2020 in Q4 2020 > Overall negative performance driven by GTR and core Spain due to the Covid-19 impact as well as persistent 1% -11.6% +10.5% Gin competit
Slide 28: Brand sales review: local priorities & others
Brand sales review Local priorities & others Brand sales as Organic Organic Local % of Group’s change change priorities and in FY 2020 sales in FY 2020 in Q4 2020 Other > Overall decline due to on-premise restrictions impacting core Italy 3% -15.7% -30.2% > Similarly, strong decline due to on-premis
Slide 29: 2020 brand and global campaign roll-outs
2020 brand and global campaign roll-outs CRODINO AVERNA: OPEN SICILY Averna has launched its first ever global campaign, ‘Open Sicily’, which celebrates the vibrant world of Sicily With the aim of reinforcing the presence of and the modern expressions of the island with new an updated and modernised
Slide 30: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 30
Slide 31: Net Sales & EBIT analysis by region
Net Sales & EBIT analysis by region FY 2019 FY 2020 7.0% Americas 7.4% Americas 21.4% 22.8% Net Sales Southern Europe, Middle Southern Europe, Middle East & Africa East & Africa breakdown 43.7% North, Central & Eastern by region 27.1% 44.6% North, Central & Eastern Europe Europe 26.2% Asia Pacific A
Slide 32: EBIT by region - Americas
EBIT (1) by region - Americas 20.9% +140 bps 18.1% FY 2020 FY 2019 Reported change Organic change +130 bps € million % of sales € million % of sales % % -450 bps -100 bps Net sales 773.9 100.0% 821.5 100.0% -5.8% -1.8% Gross profit 429.4 55.5% 479.7 58.4% -10.5% -9.3% Organic change -420 bps (2) A&P
Slide 33: EBIT by region - SEMEA
EBIT (1) by region - SEMEA 17.7% FY 2020 FY 2019 Reported change Organic change -130 bps € million % of sales € million % of sales % % -420 bps Net sales 463.6 100.0% 498.7 100.0% -7.0% -18.6% -330 bps 7.0% Gross profit 279.4 60.3% 333.1 66.8% -16.1% -20.1% A&P (90.6) -19.5% (89.2) -17.9% +1.6% +0.4
Slide 34: EBIT by region - NCEE
EBIT (1) by region - NCEE 33.7% +10 bps +40 bps 33.0% FY 2020 FY 2019 Reported change Organic change -80 bps -40 bps € million % of sales € million % of sales % % Net sales 403.7 100.0% 393.8 100.0% +2.5% +6.8% Gross profit 255.9 63.4% 248.5 63.1% +3.0% +5.4% Organic change -110 bps (2) A&P (60.4) -
Slide 35: EBIT by region - Asia Pacific
EBIT (1) by region - Asia Pacific 12.1% +20 bps +40 bps 0 bps 12.6% -10 bps FY 2020 FY 2019 Reported change Organic change € million % of sales € million % of sales % % Net sales 130.8 100.0% 128.5 100.0% +1.8% +4.6% Gross profit 61.3 46.8% 60.0 46.6% +2.2% +5.1% Organic change +50 bps (2) A&P (17.6
Slide 36: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 36
Slide 37: EBIT adjusted
EBIT adjusted FY 2020 Q4 2020 Reported Forex Organic FY 2020 FY 2019 Organic change Perimeter effect change impact change € million % of sales € million % of sales % % % % % Net Sales 1,772.0 100.0% 1,842.5 100.0% -3.8% -4.1% -2.7% 3.0% -7.0% Gross Profit 1,025.9 57.9% 1,121.2 60.9% -8.5% -8.5% -1.3
Slide 38: EBIT adjusted
EBIT adjusted > Gross profit: on a reported basis down -8.5% in value, to 57.9% on sales (-300 bps dilution): • Organic change of -8.5% in value, leading to -280 bps margin dilution (Q4: -12.1% in value, -320 bps dilution), due to unfavorable sales mix, mainly driven by the following: the outperform
Slide 39: Operating adjustments
Operating adjustments FY 2020 €million Intangible assets impairment losses (35.4) Transaction fees (re-domiciliation, M&A, route-to-market) (15.9) Restructuring costs (incl. sugar business in Jamaica) (21.4) Covid-19 donations and others (17.4) Total Operating adjustments (90.1) > Total operating ad
Slide 40: Profit before tax
Profit before tax FY 2020 FY 2019 Reported change % of % of €million €million % sales sales EBIT adjusted 321.9 18.2% 408.0 22.1% -21.1% Operating adjustments (90.1) -5.1% (21.7) -1.2% - Operating profit = EBIT 231.8 13.1% 386.3 21.0% -40.0% (1) Net financial income (charges) (38.9) -2.2% (33.0) -1.
Slide 41: Group Net Profit adjusted
Group Net Profit adjusted Adjustments details: FY 2020 FY 2019 Actual Actual € million FY 2020 FY 2019 €million Reported Adjustments Adjusted Reported Adjustments Adjusted Total operating, financial & Earn-out adjustments, of Profit before tax 209.6 (69.3) 278.9 354.6 (15.8) 370.4 which: (69.3) (15.
Slide 42: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 42
Slide 43: Free cash flow
Free cash flow FY 2020 FY 2019 Δ FY2020 vs. FY2019 Δ FY2020 vs. FY2019 Total Recurring Total Recurring Total Recurring € million € million € million € million € million % € million % EBITDA 309.8 458.1 (148.3) -32.4% EBITDA adjusted 399.9 479.8 (79.9) -16.7% Other non-cash items 38.7 (7.0) (20.3) (1
Slide 44: Operating Working Capital
Operating Working Capital(1) (43.4) (61.4) 29.8 692.3 617.4 (2) OWC at 31/12/2019 Organic Forex Perimeter OWC at 31/12/2020 % on sales 37.6% 34.8% > OWC decrease of €74.9 million as of 31 December 2020 vs. 31 December 2019 (2). Key drivers: • Organic decrease of €43.4 million, due to: - Increase in
Slide 45: CAPEX
CAPEX FY 2019 FY 2020 FY 2020 guidance(1) FY 2021 guidance actual actual € million € million € million € million Maintenance capex (net of barrel disposal) 61.1 64 64.6 ~ 60 Extraordinary capex (incl.new offices, brand houses and other projects) 21.3 30 15.1 ~ 40 Total capex 82.4 94 79.8 ~ 100 (1) G
Slide 46: Net debt increase largely driven by share buyback and M&A
Net debt increase largely driven by share buyback and M&A(1) (36.0) 168.6 (271.2) (62.9) (125.0) (777.4) (1,103.8) Total: €(326.4) million Net debt at 31/12/2019 FCF Net value from disposals & Dividend Purchase of own shares Others Net debt at 31/12/2020 acquisitions > Net financial debt at €1,103.8
Slide 47: Debt maturity
Debt maturity(1) > Net debt of €1,103.8 million as of 31 December 2020 > Long-term Eurobonds & term loan amounted to €1,150 million: • Average nominal coupon of 1.42% • Fixed interest rate debt accounts for ca. 78% of the overall gross debt Net debt maturity as of 31 December 2020 (€million) 3.5 550
Slide 48: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 48
Slide 49: Group developments – Digital Transformation
Group developments – Digital Transformation > The Group has accelerated its digital transformation journey, enabling business strategy & value creation through digital technology adoption Empowering our sales teams with data and technology to enable focus and efficacy with customers Developing digit
Slide 50: Business developments – increased focus on Asia
Business developments – increased focus on Asia China - Aperol market exploration update and New distributor > Aperol exploration: micro battles update • The micro-battles, aimed to gather consumer insights and help define the brand’s playbook in China, gradually took place within key cities across
Slide 51: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 51
Slide 52: Our People: the most important asset to invest
Our People: the most important asset to invest Signature mix: Seizing Opportunities, Inspiring Ownership, Growing Every Day, and Achieving Together > Campari Group considers the people's health, integrity and well-being as primary and fundamental elements > Over the years the Group has steadily impr
Slide 53: Responsible Practices: communication, serving and sourcing
Responsible Practices: communication, serving and sourcing Further education and involvement on responsible drinking Our commitment and focus > Educational sessions on responsible drinking for 100% of the Camparistas > Ad hoc and continuous training for global marketing community (based on our Code
Slide 54: The Environment
The Environment Responsible use of resources and reduction of the environmental impact > The Group highly promotes the responsible use of resources and reduction of the environmental impact of its production activities, and over the years, the Group has managed to steadily improve key indicators in
Slide 55: Community Involvement
Community Involvement Exporting best practices across key markets > Culture and education continued to be key elements of the Group’s DNA. In particular, the Company name has continued to be associated with the world of art, design and cinema > In 2020, the Group was actively participating to the ch
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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 56
Slide 57: Looking forward: cautious confidence in the short-term and optimistic about long-term
Looking forward: cautious confidence in the short-term and optimistic about the buoyant long-term business momentum > 2020 performance showed strong business resilience and brand momentum in key off-premise brand-market combinations, as supported by sustained consumption trends > Looking into 2021 a
Slide 58: 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 Corporate Initiatives Sustainability Roadmap Conclusion & Outlook Annex 58
Slide 59: Annex index
Annex - 1 Net sales by region and key market Annex - 2 Net sales by brand cluster Annex - 3 FY 2020 consolidated income statement Annex - 4 Q4 2020 consolidated income statement Annex - 5 FY 2020 EPS adjusted: basic and diluted Annex - 6 Balance sheet at 31 December 2020 - Invested capital and finan
Slide 60: Net sales by region & key market
Annex - 1 Net sales by region & key market FY 2020 FY 2019 Change of which: Q4 2020 €m % €m % % organic perimeter forex organic Americas 773.9 43.7% 821.5 44.6% -5.8% -1.8% 0.7% -4.7% 2.5% Southern Europe, Middle East & Africa 463.6 26.2% 498.7 27.1% -7.0% -18.6% 11.6% -0.1% -30.2% North, Central &
Slide 61: Net sales by region & key market
Annex - 1 Net sales by region & key market Southern Europe, Middle East & Africa by market FY 2020 FY 2019 Change of which: Q4 2020 €m % €m % % organic perimeter forex organic Italy 303.8 17.1% 367.0 19.9% -17.2% -17.4% 0.1% 0.0% -32.6% France 102.5 5.8% 40.3 2.2% 154.7% 38.4% 116.2% 0.0% 9.6% GTR 8
Slide 62: Net sales by brand cluster
Annex - 2 Net sales by brand cluster Consolidated Net sales by brand cluster FY 2020 FY 2019 Change of which: Q4 2020 €m % €m % % organic perimeter forex organic Global Priorities 985.4 55.6% 1,048.5 56.9% -6.0% -3.8% 0.0% -2.2% -7.1% Regional Priorities 319.1 18.0% 309.2 16.8% 3.2% 0.4% 6.1% -3.3%
Slide 63: FY 2020 Consolidated P&L
Annex - 3 FY 2020 Consolidated P&L Organic margin Reported Organic Forex Perimeter FY 2020 FY 2019 accretion/ change change impact effect (dilution) € million % of sales € million % of sales % (bps) (3) % % % Net Sales 1772.0 100.0% 1842.5 100.0% -3.8% -4.1% -2.7% 3.0% COGS (1) (746.1) -42.1% (721.3
Slide 64: Q4 2020 Consolidated income statement
Annex - 4 Q4 2020 Consolidated income statement Reported Q4 2020 Q4 2019 Organic change Forex impact Perimeter effect change € million % of sales € million % of sales % % % % Net Sales 489.6 100.0% 538.7 100.0% -9.1% -7.0% -5.7% 3.6% COGS (1) (225.2) -46.0% (226.1) -42.0% -0.4% 0.1% -6.9% 6.4% Gross
Slide 65: FY 2020 EPS adjusted: basic and diluted
Annex - 5 FY 2020 EPS adjusted: basic and diluted FY 2020 FY 2019 Group net profit adjusted € million 202.1 267.4 Weighted average of ordinary share outstanding number 1,133,816,568 1,144,315,926 Basic earnings per share adjusted € 0.18 0.23 Group net profit adjusted net of dilution € million 202.1
Slide 66: Reclassified balance sheet
Annex - 6 Reclassified balance sheet Invested capital and resources € million 31 December 2020 31 December 2019 Change Inventories (including biological assets) 656.8 616.7 40.1 Trade receivables 281.8 316.8 (35.0) Trade payables (321.2) (241.2) (80.0) Operating working capital 617.4 692.3 (74.9) Ta
Slide 67: Consolidated balance sheet (1 of 2)
Annex - 7 Consolidated balance sheet (1 of 2) Assets 31 December 2020 31 December 2019 Change € million € million € million ASSETS Non-current assets Property, plant and equipment 485.7 508.3 (22.5) Right of use assets 71.5 80.5 (9.0) Biological assets 5.5 3.9 1.6 Investment properties (0.0) 1.1 (1.
Slide 68: Consolidated balance sheet (2 of 2)
Annex - 7 Consolidated balance sheet (2 of 2) Liabilities and shareholders’ equity 31 December 2020 31 December 2019 Change € million € million € million LIABILITIES AND SHAREHOLDERS’ EQUITY Shareholders’ equity Issued capital and reserves attributable to owners of the parent 1,996.6 2,386.6 (389.9)
Slide 69: Reclassified cash flow statement
Annex - 8 Reclassified cash flow statement 31 December 2020 31 December 2019 Change € million € million € million EBITDA 309.8 458.1 (148.3) Goodwill, trademark and sold business impairment 45.7 - 45.7 Effects due to IAS 29 application 2.4 4.5 (2.1) Provisions and other changes from operating activi
Slide 70: Cash flow statement (1 of 2)
Annex - 9 Cash flow statement (1 of 2) € million 31 December 2020 31 December 2019 Change Operating profit 231.8 386.3 (154.5) Effects from hyperinflation accounting standard adoption 2.4 4.5 (2.1) Depreciation and amortisation 78.0 71.8 6.2 Gains and losses on sales of fixed assets 0.6 (2.5) 3.1 Im
Slide 71: Cash flow statement (2 of 2)
Annex - 9 Cash flow statement (2 of 2) € million 31 December 2020 31 December 2019 Change Proceeds from issue of bonds, notes and debentures 545.0 149.3 395.7 Repayments of bonds, notes and debentures (580.9) (219.1) (361.9) Proceeds from non-current borrowings 195.1 248.7 (53.7) Repayment of non-cu
Slide 72: Financial debt details
Annex - 10 Financial debt details Eurobonds and Term loan composition as of 31 December 2020 Outstanding Original As % of Issue date Maturity Type Currency Coupon Amount tenor total (€ million) Apr 5, 2017 Apr-22 Unrated Eurobond EUR 1.768% 50 5 years 4% Apr 5, 2017 Apr-24 Unrated Eurobond EUR 2.165
Slide 73: Operating working capital
Annex - 11 Operating working capital Reported Organic Perimeter Forex 31 December 2020 31 December 2019 change change effect impact € million % sales € million % sales €million Trade receivables 281.8 15.9% 316.8 17.2% (35.0) (42.0) 38.8 (31.8) Total inventories, of which: 656.8 37.1% 616.7 33.5% 40
Slide 74: Exchange rates effects
Annex - 12 Exchange rates effects Average exchange rate Period end exchange rate change 31 December 2020 FY 2020 FY 2019 change FY 2020 vs FY 2019 31 December 2020 31 December 2019 vs 31 December 2019 : 1 Euro : 1 Euro % : 1 Euro : 1 Euro % US Dollar 1.141 1.120 -1.9% 1.227 1.123 -8.5% Canadian Doll
Slide 75: 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 76: 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