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Roadshow1 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial.

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Presentation on theme: "Roadshow1 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial Public Offering - June 2001 Roadshow Presentation Initial."— Presentation transcript:

1 Roadshow1 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

2 2 Key offering features Structure Offer of 12,705,000 secondary shares 12% greenshoe (1,524,600 shares) Lock-up 180 days Sponsor and Lead Manager of Retail offer Mercato Telematico Azionario – Milan Listing Global Co-ordinators 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%) Offering Gioch S.A. Société Anonyme Wessanen Europa B.V. Selling Shareholders 29,040,000 No. of Oustanding Shares

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

4 4 Pre-IPO Gioch S.A. 14% Wessanen Europa B.V. 35% Alicros S.r.l. 51% Shareholding structure The post-IPO shareholding structure illustrated is based on the assumption of the full exercise of the greenshoe Post-IPO Alicros S.r.l. 51% Free Float 49%

5 Roadshow5 Group overview Marco P. Perelli-Cippo Chief Executive Officer Group overview

6 6 Campari Group: a leader in the beverage sector Italys 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 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 8 The diversification phase Acquisition of distribution rights in Brazil for Glenfiddich, Grants and Jägermeister Acquisition of distribution rights in Italy for Glenfiddich and Grants Acquisition of distribution rights in Brazil for Clan McGregor Acquisition of Ouzo 12 and Cinzano Launch of Pelmosoda Acquired 10% of Skyy Spirits LLC Acquisition of distribution rights in Italy for Lipton Ice Tea 1995 Acquisition of Cynar, Biancosarti, Crodino, Lemonsoda, Oransoda Acquisition of distribution rights in Italy for Jägermeister Acquisition of Dreher, Old Eight, Drurys, Liebfraumilch and Gregsons 2001

9 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 worlds 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 10 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 Number 1 Brazilian aguardente with a 32.9% market share Brazil: the latest successful acquisition In January 2001, Campari acquired a number of leading brands in Latin American countries

11 11 A successful growth story 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) Net sales (m) EBITDA (m)

12 Roadshow12 Brand portfolio, marketing & distribution Stefano Saccardi Brand portfolio, marketing & distribution Officer Legal Affairs and Business development Brand portfolio, marketing & distribution

13 13 Current brand portfolio Soft drinksWinesSpirits Own brands Campari CampariSoda Cynar Biancosarti Ouzo 12 Dreher Old Eight Drurys Gregsons Cinzano Liebfraumilch Crodino Lemonsoda Oransoda Pelmosoda Crodo 1 Minority stake and worldwide distribution rights (excl. US) Third party Jägermeister Skyy 1 Grand Marnier Grants Glenfiddich Clan McGregor Gorbatschow Riccadonna Henkell Trocken Lipton Ice Tea Granini

14 14 Spirits: strong brands to tap markets worldwide 2000 Spirits net sales by market2000 Spirits net sales by product Spirits represent 54.7% of total 2000 net sales Americas 12.6% EU 28.6% Italy 50.4% RoW 3.1% Rest of Europe 5.3% Jägermeister 5.8% CampariSoda 28.0% Campari 50.4% Cynar 5.1% Other Products 6.9% Ouzo %

15 15 Groups flagship brand sold in 190 countries around the world Groups 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 16 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 Popular vodka in Germany Switzerland Spirits: a portfolio of successful brands Scotch Whiskies with high brand awareness Italy, Brazil Third party brands DescriptionBrandsMarkets

17 17 Wines: a division with high potential 2000 Wines net sales by market2000 Wines net sales by product Wines represent 16.4% of total 2000 net sales Americas 9.4% EU 52.5% Italy 8.5% RoW 19.9% Rest of Europe 9.7% Cinzano Vermouth 35.0% Other Products 19.3% Cinzano Sparkling Wines 45.7%

18 18 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 Worlds No.2 Vermouth and a leading sparkling wine in Italy and Germany Wines: market leaders DescriptionMarkets Third party brands Own brands

19 19 Soft drinks: a growing segment 2000 Soft drinks net sales by product 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 Crodino 40.5% Lipton Ice Tea 22.5% Other products 9.0% Lemonsoda, Oransoda, Pelmosoda 28.0%

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

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

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

23 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 Roadshow24 Group financials Paolo Marchesini Chief Financial Officer Group financials

25 25 A track record of high sales Total net sales (m) (m) CAGR (%) Net Sales Growth (%)na 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 EBITDA as % of net sales EBIT as % of net sales Trading Margin as % of net sales

26 26 Spirits segment overview Net sales (m)Trading margin (m) (m) Net Sales Trading margin as % of net sales as % of Group trading margin

27 27 Wines segment overview Net sales (m)Trading margin (m) (m) Net Sales Trading margin as % of net sales as % of Group trading margin

28 28 Soft Drinks segment overview Net sales (m)Trading margin (m) (m) Net sales Trading margin as % of net sales as % of Group trading margin

29 29 A strong financial base to fuel continuing growth Cash 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 Marketable securities Net cash and marketable securities Net Equity (m)

30 Roadshow30 Strategy and conclusion Marco P. Perelli-Cippo Chief Executive Officer Strategy and conclusion

31 31 RankCompany No. of top 100 premium spirit brands Climbing the ladder of global leadership 9Campari36.2 Source: Impact Databank, February UDV (Diageo)17 2Pernod Ricard12 3AlliedDomecq11 4Bacardi5 5Brown-Forman4 6V&S Vin & Spirit AB2 7Suntory5 8Jim Beam Brands3 10Eckes AG4 Total top TequilaCuervo SA1 12William Grant2 13DeKuyper BV1 14DestileriaSerralles1 15Constellation Brands2 Total top 1573 Other companies27 Total top

32 32 Local market/second ary brands Constellation Brands Eckes De Kuyper Portfolio of strong markets or brands Allied Domecq Pernod Ricard Bacardi Regional, single or niche product powerhouse Brown Forman V&S Jim Beam Brands Category leadership in aperitifs Niche global brands Strong local market positions Global category leadership Diageo Camparis competitive positioning

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

34 34 Strategy Campari intends to continue to deliver solid growth... … while maintaining focus on costs Organic growthExternal growth 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 Selective strategic acquisitions Continue monitoring attractive acquisition candidates Strong financial position capable of supporting acquisition strategy

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

36 36


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