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Roadshow Presentation Initial Public Offering - June 2001

Roadshow Presentation Initial Public Offering - June 2001. Roadshow Presentation Initial Public Offering - June 2001. Roadshow Presentation Initial Public Offering - June 2001. Roadshow Presentation Initial Public Offering - June 2001. Mercato Telematico Azionario – Milan. Listing.

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Roadshow Presentation Initial Public Offering - June 2001

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  1. Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial Public Offering - June 2001 Roadshow

  2. Mercato Telematico Azionario – Milan Listing Offer of 12,705,000 secondary shares 12% greenshoe (1,524,600 shares) Structure Offering • Global offering of 43.75% of the outstanding shares to: • Institutional investors (including Rule 144A placement into the US) • Italian retail (“OPV”) of minimum 3,200,000 shares (25.2%) Selling Shareholders Gioch S.A. Société Anonyme Wessanen Europa B.V. Lock-up 180 days No. of Oustanding Shares 29,040,000 Global Co-ordinators Sponsor and Lead Manager of Retail offer Key offering features

  3. 15 June Start of roadshow and bookbuilding 22 June Set maximum retail price 25 June Start of OPV (retail offer) 28 June End of roadshow, institutional bookbuilding and OPV 29 June Pricing and allocation 5 July First day of trading Transaction timetable

  4. Wessanen Europa B.V. 35% Alicros S.r.l. 51% Alicros S.r.l. 51% Free Float49% Gioch S.A.14% Shareholding structure Pre-IPO Post-IPO • The post-IPO shareholding structure illustrated is based on the assumption of the full exercise of the greenshoe

  5. Group overview Group overview Group overview Group overview Marco P. Perelli-Cippo Chief Executive Officer Roadshow

  6. Campari Group: a leader in the beverage sector • Italy’s largest (ninth largest globally) producer and distributor of branded spirits • The spirits portfolio includes three of the top 100 premium brands (Campari, CampariSoda, Cynar) • Cinzano is the second best-selling brand in the global vermouth category • The three largest markets are Italy, Germany and Brazil • A distribution network covering more than 190 countries worldwide • An attractive portfolio of third party brands completes its quality product offering

  7. A long history of tradition and expansion • 1860 Gaspare Campari invented the Campari formula and founded the business • 1904 Established production facilities in Milan. Beginning of industrial phase • 1932 Launch of CampariSoda • 1950 Beginning of international expansion • 1995 Beginning of acquisition activity

  8. Acquisition of distribution rights in Brazil for Clan McGregor Acquisition of Ouzo 12 and Cinzano Launch of Pelmosoda Acquisition of Dreher, Old Eight, Drury’s, Liebfraumilch and Gregson’s Acquisition of Cynar, Biancosarti, Crodino, Lemonsoda, Oransoda 1995 1996 1997 1998 1999 2000 2001 2001 Acquisition of distribution rights in Italy for Jägermeister Acquisitionof distribution rights in Italy for Glenfiddich and Grant’s Acquisition of distribution rights in Brazil for Glenfiddich, Grant’s and Jägermeister Acquired 10% of Skyy Spirits LLC Acquisition of distribution rights in Italy for Lipton Ice Tea The diversification phase

  9. Cinzano: awakening the “sleeping beauty” • In November 1999, Campari acquired Cinzano from UDV • The Cinzano line is made up of vermouths and sparkling wines • Cinzano is a truly global brand with a 250 year history • Distributed in over 100 countries, Cinzano is the world’s no.2 vermouth and is also a leading brand in sparkling wines • With Cinzano, Campari is proving its capability to create value by revitalising the brand through a focused and unique marketing strategy

  10. Number 1 Brazilian aguardente with a 32.9% market share • Number 2 Brazilian whisky with a 17.9% market share • Number 3 Brazilian whisky with a 9.1% market share • Number 1 Uruguayan whisky with a 22.9% market share • Number 7 Brazilian sweet wine Brazil: the latest successful acquisition In January 2001, Campari acquired a number of leading brands in Latin American countries

  11. 1998 1999 2000 A successful growth story Net sales (€m) • Impressive growth over last years (CAGR of 14%) • Strong profitability with EBITDA margins above 20% • Balanced brand portfolio • spirits (54.7% of sales) • wines (16.4% of sales) • soft drinks (28.9% of sales) • Diverse geographic presence (foreign sales represent 43% of total sales) EBITDA (€m)

  12. Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Stefano Saccardi Officer Legal Affairs and Business development Roadshow

  13. Spirits Wines Soft drinks Campari CampariSoda Cynar Biancosarti Ouzo 12 Dreher Old Eight Drury’s Gregson’s Cinzano Liebfraumilch Crodino Lemonsoda Oransoda Pelmosoda Crodo Own brands Third party Jägermeister Skyy1 Grand Marnier Grant’s Glenfiddich Clan McGregor Gorbatschow Riccadonna Henkell Trocken Lipton Ice Tea Granini 1 Minority stake and worldwide distribution rights (excl. US) Current brand portfolio

  14. Italy50.4% EU28.6% CampariSoda28.0% Campari50.4% Jägermeister5.8% Cynar5.1% Americas12.6% Ouzo 123.8% Rest ofEurope5.3% OtherProducts 6.9% RoW3.1% Spirits: strong brands to tap markets worldwide Spirits represent 54.7% of total 2000 net sales 2000 Spirits net sales by market 2000 Spirits net sales by product

  15. Group’s flagship brand sold in 190 countries around the world • Group’s second most important brand, with a highly loyal consumer base • Traditional Italian brand with strong positions in selected international markets and potential for growth • Worldwide leader in the Ouzo category (particularly strong in Greece and Germany) • Fourth Italian aperitif by sales with a loyal consumer base Spirits: a portfolio of successful brands Own Brands

  16. Brands Markets Description • Widely recognised top of the line premium bitter Italy, Brazil • One of the fastest growing vodka brands in the US, distributed all over the world Worldwide (excl. US) • Prestigious orange based French liqueur Germany • Scotch Whiskies with high brand awareness Italy, Brazil Switzerland • Popular vodka in Germany Spirits: a portfolio of successful brands Third party brands

  17. Italy8.5% Cinzano Sparkling Wines 45.7% Cinzano Vermouth35.0% EU52.5% Americas9.4% Rest ofEurope9.7% RoW19.9% OtherProducts19.3% Wines: a division with high potential Wines represent 16.4% of total 2000 net sales 2000 Wines net sales by market 2000 Wines net sales by product

  18. World’s No.2 Vermouth and a leading sparkling wine in Italy and Germany Third party brands Markets Description The best selling Asti sparkling wine in Australia and New Zealand Worldwide (excl. Italy, US, UK, France, Romania) Market leader in German sparkling wines Switzerland Wines: market leaders Own brands

  19. Lemonsoda,Oransoda,Pelmosoda28.0% Crodino40.5% Lipton Ice Tea22.5% Other products9.0% Soft drinks: a growing segment Soft drinks represent 28.9% of total 2000 net sales • Sales are mainly concentrated in Italy • From 1998 to 2000 net sales have grown at a CAGR of 8.2% and volumes at a CAGR of 4.8% • Crodino has significantly improved its leadership position since it was acquired 2000 Soft drinks net sales by product

  20. Most popular non-alcoholic single-serving aperitif Consumption patterns and returns similar to those of alcoholic aperitifs Leading carbonated fruit drinks with natural ingredients High-quality mineral water brands (Lisiel, Valle D’oro and Cesa) Full line of soft drinks Highly successful and popular brand in its category Soft drinks: market leaders Own brands Third party brands (Italy)

  21. A&P(€m) % of net sales A market driven company Advertising & Promotion (A&P) is a fundamental driver of success for Campari’s business model • Image is key • A&P is a crucial element of Campari’s marketing strategy • Through A&P, our distinctive values are highlighted • quality • prestige • dynamism • image • brand power A&P 1998–2000

  22. Media Consumer promotions Sponsorships A marketing driven company Advertising campaigns are global, but effectively tailored to local markets

  23. Global distribution coverage • Distribution in over 190 countries • Direct networks where critical mass has been achieved (i.e. Italy, Brazil, Switzerland and Germany) • Joint-Ventures with qualified operators in selected markets (Benelux) • The best independent distributors everywhere else

  24. Group financials Group financials Group financials Group financials Paolo Marchesini Chief Financial Officer Roadshow

  25. 1999 (€m) 1998 2000 CAGR (%) Net Sales 333.5 366.0 434.0114.1Growth (%) na 9.7 18.6 1 Include €3.0m deriving from production of Smirnoff ICE, on behalf of UDV 2 Trading margin: Net sales - Cost of goods – A&P – Sales and Distribution costs 3 it includes €1.2m of profits deriving from production of Smirnoff ICE, on behalf of UDV A track record of high sales Total net sales 98-00 (€m) Trading Margin2103.6 104.7 123.839.3as % of net sales 31.1 28.6 28.5 EBITDA 85.6 86.4 104.7 10.6as % of net sales 25.7 23.6 24.1EBIT 72.0 66.9 85.3 8.8as % of net sales 21.6 18.3 19.7

  26. 1998 (€m) 1999 2000 Spirits segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) Net Sales 220.1 218.8 236.0 Trading margin 83.1 81.8 89.8as % of net sales 37.8 37.4 38.1as % of Group trading margin 80.2 78.1 73.3

  27. 1998 (€m) 1999 2000 Wines segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) Net Sales 7.1 26.1 70.7 Trading margin 1.0 4.7 14.1as % of net sales 13.5 17.9 20.0as % of Group trading margin 0.9 4.5 11.5

  28. 1998 (€m) 1999 2000 Soft Drinks segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) Net sales 106.3 121.2 124.3 Trading margin 19.6 18.3 18.7as % of net sales 18.4 15.1 15.0as % of Group trading margin 18.9 17.4 15.2

  29. 1998 (€m) 1999 2000 A strong financial base to fuel continuing growth Cash 152.1 134.2 167.7 Bank debt (1.9) (13.0) (11.5) Debt due to real estate leasing (19.7) (18.7) (16.9)and other financial debt Net cash 130.5 102.5 139.3 Marketable securities 47.0 19.1 48.9 Net cash and marketable securities 177.5 121.6 188.2 Net Equity 336.2 368.8 398.7

  30. Strategy and conclusion Strategy and conclusion Strategy and conclusion Strategy and conclusion Marco P. Perelli-Cippo Chief Executive Officer Roadshow

  31. Rank Company No. of top 100 premium spirit brands No. of top 100 premium spirit brands Pernod Ricard 1 UDV (Diageo) 17 63.3 Allied Domecq 2 12 26.8 3 11 26.7 4 Bacardi 5 25.8 5 Brown-Forman 4 11.8 6 V&S Vin & Spirit AB 2 8.3 7 Suntory 5 7.7 8 Jim Beam Brands 3 7.3 Tequila Cuervo SA 9 Campari 3 6.2 10 Eckes AG 4 5.7 De Kuyper BV Total top 10 66 189.5 Destileria Serralles 11 1 5.5 12 William Grant 2 5.2 13 1 4.7 14 1 4.3 15 Constellation Brands 2 3.2 Total top 15 73 212.3 Other companies 27 43.6 Total top 100 100 255.9 Source: Impact Databank, February 2001 Climbing the ladder of global leadership

  32. Global category leadership Diageo Portfolio of strong markets or brands AlliedDomecq PernodRicard Bacardi Regional, single or niche product powerhouse JimBeamBrands BrownForman V&S Local market/secondary brands DeKuyper ConstellationBrands Eckes Campari’s competitive positioning • Category leadership in aperitifs • Niche global brands • Strong local market positions

  33. Reasons for Campari’scontinued success Strong brands in a well balanced portfolio High margins and healthy financial position Presence in markets with favourable income patterns Turnaround and value creation skills

  34. Organic growth External growth Selective strategic acquisitions Continue monitoring attractive acquisition candidates Strong financial position capable of supporting acquisition strategy • Consolidation of the established business • Continue revitalisation of Cinzano • Target emerging markets (such as Eastern and Central Europe and Asia) • Line extension of selected brands Strategy Campari intends to continue to deliver solid growth ... … while maintaining focus on costs

  35. Investment highlights Top quality management Innovative marketing Proven track record M&A Disciplined cost control World class brands and market positions

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