Campari closed the first quarter with sales of €288,7 million, down by 8,4% compared to the same period of 2013 (organic change -3%), and profit before taxes of €20,7 million (-47,4%). In mid-morning, the company's stock dropped 3,6% on the Stock Exchange, a 5,98.
“After a positive start in the first two months of the year, the Group's first quarter results were negatively impacted by a slowdown in orders in March – commented the CEO Bob Kunze-Concewitz -. In particular, the end of the quarter was affected by the slowdown in sales in Russia, due to a less favorable market dynamic and a strengthening of credit control, by a postponement of orders in the United States as well as by the delayed Easter which led the shift of the main promotional activities, and, consequently, the postponement of some orders in the second quarter of the year in the main European markets".
The results for the first quarter of 2014, “traditionally a period of low seasonality – he continued – do not reflect the good performance of the underlying business, which shows signs of improvement in many markets. Net sales updated to the end of April 2014, thanks to the normalization for the inclusion of the delayed Easter effect, are back in positive territory in terms of organic growth”.
Meanwhile, the accounts presented in the quarterly report canceled the benefits resulting from the agreement recently made by the Garavoglia family, Campari's largest shareholder, with the tax authorities. In fact, the financial statements closed with a profit of 48 million euros compared to the 74,2 of the previous management. With regard to Campari, the investment in the listed company was valued at 712 million using the equity method. The family holding company has debts of 174,2 million euros, but is financed by banks for 121 million. In addition to this, the Garavoglias have properties worth 29,5 million and two investments in Luxembourg sicavs for around 68 million.
