Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — FY2022 Earnings Presentation
45 slides from Davide Campari-milano's earnings presentation, Feb 21, 2023
Slide 1: Results Presentation Full year ended 31 December 2022
Results Presentation Full year ended 31 December 2022 February 21, 2023
Slide 2: Continued successful execution of the long-term growth strategy in a challenging 2022
Results Summary Sales Results FinancialDevelopments Business Review Marketing Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Continued successful execution of the long-term growth strategy in a challenging 2022 > Strong organic topline performance notwithstanding
Slide 3: Strong performance despite macro challenges and supply constraints
Results Summary Sales Results FinancialDevelopments Business Review Marketing Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Strong performance despite macro challenges and supply constraints, thanks to very healthy brand momentum as well as pricing effect, mitiga
Slide 4: Business growing 40% organically vs. pre-pandemic
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Business growing 40% organically vs. pre-pandemic, thanks to strong brand health and enhanced commercial capa
Slide 5: Strong double-digit growth across all regions
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Strong double-digit growth across all regions, largely driven by the aperitifs and brown spirits, notwithstan
Slide 6: Americas +16.6% SEMEA +18.2%
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Net sales organic performance by market > USA +14.0% • Solid growth overall despite a tough comparison base (
Slide 7: NCEE +14.9% APAC +12.4%
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Net sales organic performance by market > GERMANY +18.6% • Strong overall performance thanks to continued res
Slide 8: Aperol +28.2% organic growth
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Aperol +28.2% organic growth (22% of Group sales) Top 5 markets contribution to > Strong double-digit growth
Slide 9: Campari +23.8% organic growth
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Campari +23.8% organic growth (11% of Group sales) Top 5 markets contribution to > The overall performance wa
Slide 10: Wild Turkey +21.4% organic growth
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Wild Turkey +21.4% organic growth (8% of Group sales) Top 5 markets contribution to > Wild Turkey core bourbo
Slide 11: Brand organic sales performance: Other global priorities
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Brand organic sales performance Other global priorities 1.3% > Grand Marnier: overall positive performance th
Slide 12: Brand organic sales performance: Regional priorities
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Brand organic sales performance Regional priorities > Espolòn: continued strong performance despite the tough
Slide 13: Brand organic sales performance: Local priorities
Results Results Summary Summary Sales Sales Results Results Business Marketing FinancialDevelopments Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Brand organic sales performance Local priorities 6.1% > Campari Soda: positive performance driven by core Ita
Slide 14: Business development initiatives
Business development initiatives 14
Slide 15: Rare Experiences: unleashing the potential of high-end expressions
Results Summary Sales Results Business Developments Financial Review Conclusion & Outlook Annex R A R E E X P E R I E N C E S : U N L E A S H I N G T H E P OT E N T I A L O F H I G H - E N D E X P R E S S I O N S > Opening of 2nd RARE ATTICO in Shanghai GTR > Shop-in-shop GlenGrant tasting experienc
Slide 16: Digital Transformation across core functions
Results Summary Sales Results Business Developments Financial Review Conclusion & Outlook Annex Digital Transformation: delivering business value through simplicity, innovation and technical leadership across core functions Digital Marketing & Finance Supply Chain IT, Cybersecurity, HR Commercial SA
Slide 17: 17
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Slide 18: Full year EBIT organic margin expansion of +50bps
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Full year EBIT organic margin expansion of +50bps thanks to robust topline driving operating leverage, offset
Slide 19: Double-digit EBIT organic growth across most regions
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Double-digit EBIT (1) organic growth across most regions Margin growth drivers FY 2022 EBIT REGIONAL SPLIT (%
Slide 20: Profit before taxation
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Profit before taxation total FY 2022 FY 2021 change € million % sales € million % sales € million Financial i
Slide 21: Group net profit adjusted
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Group net profit adjusted FY 2022 FY 2021 change FY 2022 vsFY 2021 Reported Adjustements Adjusted Reported Ad
Slide 22: Free cash flow generation
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Free cash flow generation FY 2022 FY 2021 Δ FY 2022 vs FY 2021 Δ FY 2022 vs FY 2021 Total Recurring Total Rec
Slide 23: Robust medium-term capex investments to boost supply chain capacity
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Confidence in future demand leading to robust medium-term capex investments to boost in particular supply cha
Slide 24: Improvement in Operating Working Capital level
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Improvement in Operating Working Capital level (1) 16.1 29.4 83.9 € million 641.5 Total: €129.5 million 771.0
Slide 25: Increase in net debt due to cash outlays for acquisitions
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Increase in net debt due to cash outlays for acquisitions (732.9) 11.4 2.4x Net Debt/ EBITDA adj. (x) 1.6x 18
Slide 26: Sustainability: key highlights in 2022
Results Results Summary Summary Sales Sales Results Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Sustainability: key highlights in 2022 Environment (1) Responsible Practices People & Community • CDP-Climate
Slide 27: Conclusion & Outlook
Table of contents Results Summary Sales Results ‒ By region ‒ By brand Conclusion Consolidated P&L & Outlook Cash Flow & Net Financial Debt Sustainability Update Conclusion and Outlook Annex 27
Slide 28: Conclusion & Outlook
Results Summary Results Summary Sales Results Sales Results Business Review Marketing FinancialDevelopments Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Conclusion & Outlook > Strong organic performance was achieved in a challenging 2022, thanks to very healthy
Slide 29: Annex
Annex 29
Slide 30: Net sales by key market
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Net sales by key market FY 2022 FY 2021(1) Change of which: Q4 2022 % Group % Group % organic €m €m % organic
Slide 31: Net sales by brand cluster
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Net sales by brand cluster FY 2022 Change % of which: Q4 2022 €m % total organic perimeter forex Organic Glob
Slide 32: EBIT adjusted by region
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex EBIT adjusted by region Americas North, Central & Eastern Europe Reported Organic Reported Organic FY 2022 FY
Slide 33: FY 2022 Consolidated P&L
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex FY 2022 Consolidated P&L change vs FY change vs FY 2021 2019 Reported Organic margin Organic Perimeter Forex
Slide 34: Q4 2022 Consolidated P&L
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Q4 2022 Consolidated P&L Reported Organic Perimeter Forex Q4 2022 Q4 2021 change change effect impact € milli
Slide 35: FY 2022 EPS adjusted: basic and diluted
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex FY 2022 EPS adjusted: basic and diluted FY 2022 FY 2021 € million € million Group net profit adjusted € milli
Slide 36: Reclassified balance sheet
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Reclassified balance sheet Invested capital and resources € million 31 December 2022 31 December 2021 Total C
Slide 37: Consolidated balance sheet (1 of 2)
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Consolidated balance sheet (1 of 2) Assets 31 December 2022 31 December 2021 Change € million € million € mil
Slide 38: Consolidated balance sheet (2 of 2)
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Consolidated balance sheet (2 of 2) Liabilities and shareholders’ equity 31 December 2022 31 December 2021 Ch
Slide 39: Reclassified Cash flow statement
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Reclassified Cash flow statement FY 2022 FY 2021 Change € million € million € million EBITDA 602.0 480.6 121.
Slide 40: Operating working capital
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Operating working capital Reported Organic Perimeter Forex 31 December 2022 31 December 2021 change change ef
Slide 41: Financial debt details
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Financial debt details Eurobonds and Term loans composition as of 31 December 2022 Outstanding Outstanding Or
Slide 42: Exchange rates effects
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Exchange rates effects Average exchange rates Period end exchange rate change FY 2022 vs FY change 31 Decembe
Slide 43: Environment
Results Summary Results Summary Sales Results Sales Results Marketing FinancialDevelopments Business Review Initiatives Financial Review Conclusion & Outlook Conclusion & Outlook Annex Annex Environment Targets, achievements in 2022 and next steps Targets Achievements in 2022 Next Steps • CDP-Climat
Slide 44: 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 45: 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