Davide Campari-Milano N.V. · MIL:CPR
Davide Campari-Milano — FY2016 Earnings Presentation
73 slides from Davide Campari-Milano's earnings presentation, Feb 28, 2017
Slide 1: Full Year 2016 Results Investor Presentation
2015 2016Half Full year Year Results Results Investor InvestorPresentation Presentation 28 February2015 4 August 2017 1 Results for the full year ended 31 December 2016
Slide 2: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 2 Results for the full year ended 31 December 2016
Slide 3: Results for Full Year ended 31 December 2016
Results for Full Year ended 31 December 2016 Solid results across all key performance indicators FY 2016 Change vs. FY 2015 (4) Key figures € million % on sales Reported Organic FX Perimeter (1) Net sales 1,726.5 100.0% +4.2% +4.7% -3.3% +2.8% of which: Global priorities +6.3% Regional priorities +9
Slide 4: Delivering on strategy
Delivering on strategy Key highlights > Organic growth • Solid organic sales growth in FY 2016: +4.7% (+3.2% in Q4), in line with Group’s mid-to-long term goal — Continuous improvement in sales mix driven by the consistent outperformance of Global Priorities, up +6.3% (+0.7% in Q4), and Regional Pri
Slide 5: Positive organic growth across all the regions
Positive organic growth across all the regions Organic sales growth highlights by region > Americas FY2016: +2.9% (Q4: +2.3%) • Positive full year growth in US (+2.1%) mitigated by rebalancing of stock in Q4 ahead of route-to-market changes. Continued growth in Canada, Argentina and Mexico • Decline
Slide 6: Sales organic performance driven by Global & Regional brands
Sales organic performance driven by Global & Regional brands Organic sales growth highlights Global Priorities Regional Priorities Local Priorities Organic sales growth in FY (1) +6.3% Organic sales growth in FY (2) +9.3% Organic sales growth in FY -1.2% Solid growth driven by high margin global Ver
Slide 7: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 7 Results for the full year ended 31 December 2016
Slide 8: Net sales results for Full Year 2016
Net sales results for Full Year 2016 Growth drivers (€ million) +4.7% -3.3% +2.8% (*) Breakdown of change in perimeter €m - Acquisitions (1) 81.5 (2) +78.3 -54.8 +46.2 - Disposals (22.3) - New agency brands 2.9 (3) 1,726.5 - Termination of agency brands (15.9) 1,656.8 +4.2% Total perimeter change 46
Slide 9: Net sales results for Q4 2016
Net sales results for Q4 2016 Growth drivers (€ million) +3.2% -2.4% +5.8% Group sales organic growth by quarter 2016 2015 +16.6 -12.4 +29.9 Q1 7.2% 4.2% Q2 3.4% 1.7% 1H 5.0% 2.7% 512.1 546.1 Q3 6.1% 2.1% +6.7% 9M 5.4% 2.5% Q4 3.2% 4.2% 2H 4.5% 3.3% FY 4.7% 3.0% Q4 2015 Organic growth Forex Perimete
Slide 10: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 10 Results for the full year ended 31 December 2016
Slide 11: Net sales by regions and key markets
Net sales by regions and key markets Full Year 2016 FY 2016 net sales: € 1,726.5 m Organic growth: +4.7% Americas Southern Europe, Middle East and Africa (42.1% of Group net sales) (30.9% of Group net sales) Organic growth: +2.9% Organic growth: +2.6% Asia Pacific North, Central & Eastern Europe (7.
Slide 12: Net sales by region – Americas
Net sales by region – Americas FY 2016 geographic overview €701.6 m +2.9% By market Organic Forex Perimeter % Group sales -6.1% +6.7% €726.3 m USA 2.1% 0.3% 14.7% 24.8% Jamaica -2.1% -5.4% -11.1% 4.6% +20.2 -42.7 +47.3 Brazil -12.7% -3.8% -0.7% 3.3% Argentina 42.3% -52.7% -0.4% 2.6% 42.3% of 42.1% o
Slide 13: Net sales by region - Southern Europe, Middle East & Africa
Net sales by region - Southern Europe, Middle East & Africa (1) FY 2016 geographic overview €525.3 m +2.6% 0% -1.2% €532.8 m By market Organic Forex Perimeter % Group sales +13.9 +0.8 -6.3 Italy 0.3% 0.0% -2.5% 23.6% Other markets 11.6% -0.1% 3.8% 7.3% GTR 11.9% 0.0% 4.2% 1.6% 31.7% of 30.9% of Grou
Slide 14: Net sales by region - North, Central & Eastern Europe
Net sales by region - North, Central & Eastern Europe FY 2016 geographic overview €313.9 m +11.9% -3.4% +1.1% €343.9 m By market Organic Forex Perimeter % Group sales Germany 6.0% 0.0% 0.5% 10.2% +37.3 -10.7 +3.4 Russia 27.7% -10.7% 4.3% 2.2% Other markets 16.1% -6.3% 1.1% 7.6% 18.9% of 19.9% of Swi
Slide 15: Net sales by region - Asia Pacific
Net sales by region - Asia Pacific FY 2016 geographic overview €116.0 m +6.9% -1.1% +1.5% €123.5m By market Organic Forex Perimeter % Group sales +6.0 -1.2 +1.7 Australia 7.2% -0.9% 0.3% 5.0% Other markets 3.2% -1.5% 4.3% 2.2% Japan -1.4% -0.8% 8.5% 0.8% 7.0% of Group 7.2% of Group sales sales China
Slide 16: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 16 Results for the full year ended 31 December 2016
Slide 17: Net sales by brand - Overview
Net sales by brand - Overview Full Year 2016 Organic growth by category FY 2016 Organic growth by Global Priority in FY 2016 Global Priorities Regional Priorities Local Priorities Rest of portfolio FY 2016 Net sales: € 1,726.5 m Organic growth: +4.7% Rest of portfolio 22% (1) Regional Priorities Loc
Slide 18: Brand sales review: Aperol
Top 5 markets • Italy Brand sales review • Germany Global Priorities • France • Austria • Switzerland > High double digit organic growth of Aperol at +18.5% in FY 2016 (1), building on an outstanding performance from previous years (FY2015: +11.8%, FY2014: +7.0%) due to continued sustained growth in
Slide 19: Marketing initiatives
Marketing initiatives Aperol SKI activations Digital marketing in high potential Continued winter Aperol brand activations which will open up new consumption occasions markets and deseasonalize the brand – with many promotional activities in the Swiss/Italian ski resorts. Over 120 Swiss outlets acti
Slide 20: Brand sales review: SKYY
Top 5 markets • USA Brand sales review • Brazil Global Priorities • Germany • Italy • China > The SKYY franchise declined by -1.4% in FY 2016, with the Infusions portfolio bringing down the results for the franchise due to category weakness. The core SKYY Vodka was slightly up on the year (+0.2%), d
Slide 21: Marketing initiatives
Marketing initiatives Experiential marketing, events and digital Innovative marketing in key core market in high potential markets Experiential marketing in New Events & Social York over the holiday season; a media campaign knitting needle armed crew, led #QuietSKYY in by acclaimed artist Magda Jama
Slide 22: Brand sales review: Campari
Top 5 markets • Italy Brand sales review • Argentina Global Priorities • USA • Germany > Continued positive performance of Campari at +8.6% in FY2016, building on the high single • Brazil digit growth trend in the previous three years (FY13: +8.2%, FY14: +9.8%, FY15: +6.1%) > Performance by key regi
Slide 23: Marketing Initiatives
Marketing Initiatives Leveraging the Negroni trend: Negroni week Red nights – The Negroni BAR UK A pop up bar in London’s trendy Shoreditch area was opened in the summer of 2016 with the largest selection of Negronis in the world. 30 Negroni variations were sold, taken from the Campari Classic Cockt
Slide 24: Brand sales review: Wild Turkey
Top 5 markets • USA Brand sales review • Australia Global Priorities • Japan • GTR • UK > Positive organic growth of +1.0%(1)(2) for the Wild Turkey franchise with positive results in the core USA market, while growing markets such as the UK and Canada enjoyed double digit growth > Performance in Wi
Slide 25: Marketing initiatives
Marketing initiatives New Tv commercial with Matthew McConaughy ‘THE JOURNEY BEGINS’ Wild Turkey PR, Digital and TV activities A new standout national TVC Fourth consecutive year of the trade campaign starring advocacy program: bringing top barmen Matthew and whiskey professionals together McConaugh
Slide 26: Brand sales review: Jamaican rums
Top 5 markets • Jamaica Brand sales review • USA Global Priorities • Canada • GTR (US) • Mexico > Sustained organic growth in FY 2016 at +2.0% (Q4: -4.4%)(1)(2) against tough comparables from previous years of double digit growth. Exceptional results for Wray&Nephew Overproof and J.Wray, in part mit
Slide 27: Marketing initiatives
Marketing initiatives J.Wray Jamaican rum Premium spiced rum: The Baron Samedi A dark, high proof, mixable rum with a focus on quality and unique ingredients (Haitian Vetiver & spices) differentiate this brand from competitors. With a focus for on-premise, the brand has significant promotional activ
Slide 28: Brand sales review: Regional Priorities
Brand sales review Regional Priorities Brand sales as % Organic Organic Regional Priorities of Group’s sales change change FY 2016 FY 2016 Q4 2016 1% +1.8% -2.6% > Overall positive results mainly driven by Italy and the USA, which offset weakness in Brazil and Switzerland Bitters > Positive results
Slide 29: Regional Priorities (cont'd)
Brand sales review Regional Priorities (cont’d) Brand sales as % Organic Organic Regional Priorities of Group’s sales change change in FY 2016 FY 2016 Q4 2016 > Sustained strong double digit growth in our core US market Tequila (+41.9%) while also registering positive momentum in new 2% +38.6% +27.4
Slide 30: Brand sales review: Local Priorities
Brand sales review Local Priorities Brand sales as % Organic Organic Local Priorities of Group’s sales change change in FY 2016 FY 2016 Q4 2016 > Continued weakness in the core Italian market, despite a 3% -2.4% +5.3% positive Q4 > Decline in core Italian markets (91% of brands sales) 3% -3.3% +5.0%
Slide 31: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 31 Results for the full year ended 31 December 2016
Slide 32: Net sales and EBIT analysis by region
Net sales and EBIT (1) analysis by region FY 2015 FY 2016 Net Sales breakdown by region EBIT (1) breakdown by region > Americas represent the Group’s largest region (42.1% of Group’s net sales in FY 2016, from 42.3% in FY 2015) and also represents the largest profit pool for the Group (43.2% of Grou
Slide 33: EBIT by region – Americas
EBIT (1) by region – Americas 19.3% 40bps 280bps 21.0% FY 2016 FY 2015 Reported Organic change € million % of sales € million % of sales change change (70)bps (70)bps Net sales 726.3 100.0% 701.6 100.0% 3.5% 2.9% Gross profit 412.3 56.8% 377.0 53.7% 9.4% 3.6% (110)bps A&P Contribution after(136.8) 2
Slide 34: EBIT by region – SEMEA
EBIT (1) by region – SEMEA 18.9% 50bps 30bps 17.2% FY 2016 FY 2015 Reported Organic change (80)bps (180)bps € million % of sales € million % of sales change change Net sales 532.8 100.0% 525.3 100.0% 1.4% 2.6% 10bps Gross profit 313.7 58.9% 304.6 58.0% 3.0% 3.5% A&P (99.0) -18.6% (95.4) -18.2% 3.8%
Slide 35: EBIT by region – NCEE
EBIT (1) by region – NCEE 26.0% 140bps 10bps 27.0% FY 2016 FY 2015 Reported Organic change Organic margin (40)bps (10)bps € million % of sales € million % of sales change change change (bps) Net sales 343.9 100.0% 313.9 100.0% 9.6% 11.9% 90bps Gross profit 198.5 57.7% 177.8 56.6% 11.6% 14.7% +140 A&
Slide 36: EBIT by region – Asia Pacific
EBIT (1) by region – Asia Pacific 90bps 13.9% 12.9% FY 2016 FY 2015 Reported Organic change € million % of sales € million % of sales change change (40)bps (120)bps (20)bps Net sales 123.5 100% 116.0 100.0% 6.4% 6.0% Gross profit 60.0 48.6% 57.6 49.7% 4.2% 5.1% (80)bps A&P (20.2) -16.4% (20.1) -17.3
Slide 37: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 37 Results for the full year ended 31 December 2016
Slide 38: FY 2016 Consolidated P&L
FY 2016 FY 2015 FY 2016 Consolidated€ million EBIT% of sales € million % of sales Reported change Organic change Forex impact Perimeter effect Net sales 1,726.5 100.0% 1,656.8 100.0% 4.2% +4.7% -3.3% +2.8% (1) FY 2016 FY 2015 COGS (741.9) -43.0% (739.8) -44.6% 0.3% +3.4% -4.0% 0.9% Reported Organic
Slide 39: FY 2016 Consolidated P&L - Gross Profit
FY 2016 Consolidated P&L - Gross Profit Organic change 55.4% 60bps 30bps 80bps 57.0% FY 2016 FY 2016 FY 2015 FY 2015 Reported OrganicReported Forex Organic Perimeter Forex Q4 organic Perimeter Q4 organic € million % of sales € million € million% of% sales of sales€ million % of sales change change c
Slide 40: FY 2016 Consolidated P&L - Contribution after A&P
FY 2016 Consolidated P&L - Contribution after A&P 38.1% 40bps 30bps 40bps 39.2% FY 2016 FY 2016 FY 2015 FY 2015 Reported Reported Organic Organic Forex Forex PerimeterPerimeter Q4 organicQ4 organic € million € million % of sales% of€sales million € million % of sales% of sales change change change c
Slide 41: FY 2016 Consolidated P&L - EBIT and EBITDA adjusted
FY 2016 Consolidated P&L - EBIT and EBITDA adjusted FY 2016 FY 2015 Reported Organic Forex Perimeter 20.1% (20)bps 30bps 30bps 20.4% € million € million % of sales % of sales change growth impact impact Contribution after A&P 676.0 39.2% 630.8 38.1% 7.2% +5.8% -2.7% +4.0% (1) SG&A (323.5) -18.7% (29
Slide 42: FY 2016 Consolidated P&L – Group pretax profit
FY 2016 Consolidated P&L – Group pretax profit FY 2016 FY 2015 Change € million % € million % % (1) 1,726.5 100.0% 1,656.8 100.0% 4.2% EBITsales adjusted Operating Net profit = EBIT 352.5 319.4 20.4% 18.5% 332.7 309.8 20.1% 18.7% 6.0% 3.1% Net financial income (charges) (58.6) -3.4% (60.9) -3.7% -3.
Slide 43: FY 2016 Consolidated P&L – Group net profit
FY 2016 Consolidated P&L – Group net profit FY 2016 FY 2015 Reported % of sales % of sales € million € million change Pretax profit 236.7 13.7% 249.4 15.1% -5.1% Taxes (70.5) -4.1% (73.4) -4.4% -4.0% Net profit 166.3 9.6% 176.0 10.6% -5.5% Minority interests (0.0) - (0.6) - - Group net profit 166.3
Slide 44: FY 2016 Consolidated P&L – Tax rate
FY 2016 Consolidated P&L – Tax rate (€ million) FY 2016 FY 2015 Pretax profit (Reported) A 236.7 249.4 Operating and financial adjustments (1) B (57.8) (22.9) Pretax profit (adjusted) C=A-B 294.5 272.3 Total tax (reported) D (70.5) (73.4) Goodwill deferred tax (non-cash) E (28.0) 28.0 Tax effects an
Slide 45: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand DRAFT - NOT FOR CIRCULATION • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Conclusion and Outlook • Annex 45 Results for the full year ended 31 December 2016
Slide 46: Operating Working Capital
Operating Working Capital € million 31 31 organic December December change Forex Perimeter change 2016 2015 Receivables 306.4 295.9 10.5 (10.4) 7.8 13.1 Inventories 543.0 498.2 44.8 14.0 (4.7) 35.4 - Maturing inventory 293.7 269.8 23.9 (3.7) (5.5) 33.0 - All others 249.3 228.4 20.9 17.7 0.8 2.4 Paya
Slide 47: Consolidated cash flow
Consolidated cash flow € million Notes 31 Dec 2016 31 Dec 2015 Change EBITDA 372.1 357.1 15.0 Write-down's of goodwill and trademark and disposed assets (1) 0.0 16.2 (16.2) Other adjustments to operating profit (2) 22.6 (14.8) 37.4 Changes in other non financial receivables and payables (3) 17.3 10.
Slide 48: Consolidated cash flow (cont'd)
Consolidated cash flow (cont’d) € million Notes 31 Dec 2016 31 Dec 2015 Change Free cash flow 243.2 200.0 43.2 Acquisitions and disposals net of NFP (6) (396.1) 22.9 (419.0) Dividend paid by the Parent Company (52.1) (45.7) (6.4) Other changes (7) (7.5) (16.9) 9.4 Cash flow from other activities (45
Slide 49: Consolidated cash flow (cont'd)
Consolidated cash flow (cont’d) > Increase/(Decrease) in Free Cash Flow from operating activities of € 43.2 million (from € 200 million in FY 2015 to € 243.2 million in FY 2016) + increase in EBITDA of € 15.0 million - negative variance from write down of intangibles and disposed assets by € (16.2)
Slide 50: Net financial debt
Net financial debt € million of which 31 December 2016 31 December 2015 Change perimeter, net Short-term cash/(debt) 241.4 423.4 (182.0) 27.1 - Cash and cash equivalents 354.1 844.3 (490.2) 45.6 - Short-term debt (112.7) (420.9) 308.2 (18.5) Medium to long-term net cash/(debt) (1,243.7) (1,244.7) 1.
Slide 51: Long-term outstanding gross debt as of 31 December 2016
Long-term outstanding gross debt as of 31 December 2016 > Long-term gross debt down from € 1,714.9 million as of 31 December 2015 to € 1,300.0 million as of 31 December 2016 after prepayment of all outstanding USPPs of USD 310 million in September 2016. Original Equivalent amount As % of Maturity Ty
Slide 52: Debt maturity profile as of 31 December 2016
Debt maturity profile as of 31 December 2016 Debt maturity profile as of 31 December 2016 Cumulative debt maturity 2016 2017 2018 2019 2020 2021 DFD DFD 52 Results for the full year ended 31 December 2016
Slide 53: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 53 Results for the full year ended 31 December 2016
Slide 54: New marketing Initiatives
New marketing Initiatives Global Priorities “Whisky Barons” collection: Pre- CAMPARI RED DIARIES Australian Open sponsorship prohibition style With one of the oldest Key Aperol sponsorship Kentucky distilleries still of the Australian Open in existence, Campari is with an exclusive Club uniquely cap
Slide 55: Grand Marnier acquisition – The state of the art…
Grand Marnier acquisition – The state of the art… …and the way forward Grand Marnier > The Group’s 4th Global Priority (1) > Acquisition integration on track • Grand Marnier contribution in H2 2016: net sales of € 81.5 million and EBIT adjusted of € 16.1 million, in line with expectations • Perimete
Slide 56: New developments: US distribution capabilities
New developments Continuous strengthening of US distribution capabilities US distribution capabilities > Announced strengthening of the Group’s existing partnership with Southern Glazer’s Wine and Spirits (SGWS), the largest US wine and spirits distribution company > Effective 1st March 2017, 14 new
Slide 57: Premium brand portfolio strengthening…
Premium brand portfolio strengthening… …and streamlining of non-core low margin businesses BULLDOG Gin • Acquisition closed on 10 February - Purchase price of USD 58.4 million inclusive of working capital and 2017 assumed liabilities, plus earn out • As a fast growing, leading premium - EV multiple
Slide 58: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 58 Results for the full year ended 31 December 2016
Slide 59: Outlook and conclusion
Outlook and conclusion > Looking to the future, the outlook remains fairly balanced > Regarding the macroeconomic environment: • Uncertain political environments in developed markets and challenging emerging economies may affect consumption trends and currencies > Yet, the Group remains confident to
Slide 60: Table of contents
Table of contents • Results summary • Sales results - overall - by region - by brand • Operating results by region • Consolidated P&L • Operating Working Capital and debt analysis • New developments • Outlook • Annex 60 Results for the full year ended 31 December 2016
Slide 61: Annex index
Annex - 1 Net sales by region and key market Annex - 2 FY 2016 consolidated P&L Annex - 3 Q4 2016 consolidated P&L Annex – 4 Consolidated balance sheet at 31 December 2016 – Invested capital and financing sources Annex – 5 Consolidated balance sheet at 31 December 2016 - Asset and liabilities Annex
Slide 62: Net sales by region and by key market
Annex - 1 Net sales by region and by key market Consolidated Net sales by region FY 2016 FY 2015 change of which: €/ml % €/ml % % organic perimeter forex Americas 726.3 42.1% 701.6 42.3% 3.5% 2.9% 6.7% -6.1% Southern Europe, Middle East & Africa 532.8 30.9% 525.3 31.7% 1.4% 2.6% -1.2% 0.0% North, Ce
Slide 63: Net sales by region and by key market (cont'd)
Annex - 1 Net sales by region and by key market (cont’d) Southern Europe, Middle East & Africa by market FY 2016 FY 2015 Change of which: €/ml % €/ml % % organic perimeter forex Italy 407.1 76.4% 416.3 79.2% -2.2% 0.3% -2.5% 0.0% Other countries 125.7 23.6% 109.0 20.8% 15.3% 11.6% 3.8% -0.1% Souther
Slide 64: FY 2016 Consolidated income statement
Annex - 2 FY 2016 Consolidated income statement CONSOLIDATED INCOME STATEMENT FY 2016 FY 2015 Change € million % € million % % Net sales (1) 1,726.5 100.0% 1,656.8 100.0% 4.2% (2) (741.9) -43.0% (739.8) -44.6% 0.3% COGS Gross profit 984.6 57.0% 917.1 55.4% 7.4% Advertising and promotion (308.6) -17.
Slide 65: Q4 2016 Consolidated P&L
Annex - 3 Q4 2016 Consolidated P&L CONSOLIDATED INCOME STATEMENT Q4 2016 Q4 2015 Q4 2016 at constant perimeter and FX Q4 2016 Q4 2015 Change Organic margin Reported Organic Forex Perimeter € €mmillion %% of sales €€ million m % of%sales % € million % of sales accretion / (1) change change impact eff
Slide 66: Consolidated balance sheet
Annex - 4 Consolidated balance sheet Invested capital and financing sources € million 31 December 2016 31 December 2015 Change Inventories 543.0 498.2 44.8 Trade receivables 306.4 295.9 10.5 Payables to suppliers (262.8) (217.2) (45.6) Operating working capital 586.6 576.9 9.7 Tax credits 19.7 22.2
Slide 67: Consolidated balance sheet (1 of 2)
Annex - 5 Consolidated balance sheet (1 of 2) Assets (€ million) 31 December 2016 31 December 2015 Change ASSETS Non-current assets Net tangible fixed assets 494.3 444.1 50.1 Biological assets 0.4 16.8 (16.4) Investment property 121.9 0.4 121.5 Goodwill and trademarks 2,504.9 1,906.6 598.3 Intangibl
Slide 68: Consolidated balance sheet (2 of 2)
Annex - 5 Consolidated balance sheet (2 of 2) Liabilities (€ million) 31 December 2016 31 December 2015 Change Shareholders' equity - Share capital 58.1 58.1 0.0 - Reserves 1,841.9 1,687.4 154.5 Group's shareholders'equity 1,900.0 1,745.5 154.5 Minority interests (0.0) 0.3 (0.3) Total shareholders'e
Slide 69: Consolidated cash flow (1 of 2)
Annex - 6 Consolidated cash flow (1 of 2) € million 31 Dec 2016 31 Dec 2015 Change Cash flow generated by operating activities EBIT 319.4 309.8 9.6 Depreciation 52.7 47.4 5.4 Gains on sale of fixed assets (3.7) (5.4) 1.7 Write-off of tangible fixed assets 0.3 0.5 (0.2) Funds provisions 18.0 1.2 16.8
Slide 70: Consolidated cash flow (2 of 2)
Annex - 6 Consolidated cash flow (2 of 2) € million 31 Dec 2016 31 Dec 2015 Change Eurobond issue 0.0 600.0 (600.0) Revolving facility loan 50.0 0.0 50.0 Repayment of medium-/long -term financing 300.0 0.0 300.0 Repayment of private placement Campari America (719.7) (86.0) (633.7) Repayment of other
Slide 71: Exchange rates effects
Annex - 7 Exchange rates effects Average exchange rate Period end exchange rate change vs 31 2016 change vs 2015 31 December 2016 December 2015 : 1 Euro % : 1 Euro % US Dollar 1.107 0.3% 1.054 3.3% Canadian Dollar 1.467 -3.3% 1.419 6.5% Jamaican Dollar 138.379 -6.2% 134.906 -3.2% Mexican Peso 20.660
Slide 72: 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 circum
Slide 73: WWW.CAMPARIGROUP.COM
For additional information: Investor Relations - Gruppo Campari Phone: +39 02 6225 330; Fax: +39 02 6225 479 Website: http://www.camparigroup.com/en/investors E-mail: investor.relations@campari.com WWW.CAMPARIGROUP.COM 73 Results for the full year ended 31 December 2016