Campari great protagonist of the Stock Exchange session in the wake of the quarterly accounts. At the end of the morning - while the Ftse Mib travels down by 1,6%, weighted by industrialists and banks - the title of the beverage group is the only one in positive territory and travels in strong contrast, with an increase of almost five percentage points, to 8,9 euros. Prior to today's session, Campari shares were up 14,4% year-to-date.
Triggering the latest buying spree was the publication of accounts from first semester, closed by the company with net sales to 848,2 million, up 9% (+8% organic growth) thanks to “a very positive organic performance – reads the note – driven by the continuous improvement of the sales mix thanks to the main product and market combinations with high margins, with a recovery of the emerging markets”.
Il gross margin instead it stood at 525,8 million, up by 11,4%, while the Ebit it fell 4,7%, to 171,7 million. L'Net income stopped at 122,8 million, down 16,6%, but at the corrected level profits increased 11,8% to $116,7 million. Finally, the net financial debt at the end of the half year it stood at 937,1 million, up due to the effect of the first application of the accounting standard IFRS 16.
As for Forecasts, Campari specifies that they remain balanced in terms of risks and opportunities and believes that "the positive trend of the business can continue during the second half of the year, with expectations of volatility in emerging markets, in their seasonal peak period".
Furthermore, "the organic growth of the operating result (Ebit) in value terms is expected to continue in a sustained manner - continues the note - while the expansion of the margin on sales is expected to be moderated by an increase in the purchase price of the agave higher than expected, exacerbated by the outperformance of Espolo'n”.
Finally, this year the net profit should benefit from positive net adjustments of approximately 14 million, due to the tax savings linked to the Patent Box regime implemented in Italy for the fifth and last year, for an estimated amount in line with 2018, equal about 26 million.
