Campari it closed the first nine months of the year with a net profit of 116,9 million euro, down 21,8%, with revenues amounting to 1,06 billion (+0,8%). In the period, the distribution margin after advertising and promotion costs amounted to 391,8 million (-0,2%, equal to 36,9% of sales), Ebitda amounted to 222,7 million (- 2,8%, 21% of sales) and the net financial debt increased to 1,03 billion (852,8 million at the end of December 2013).
Looking to the future, commented Bob Kunze-Concewitz, CEO of the group, "we believe that the positive evolution of the business can continue, benefiting moreover from a more favorable context with regard to raw material costs, from the absence of the effects of the temporary overlapping of production costs which had a negative impact on 2014, the expected returns on the announced restructuring projects aimed at increasing the focus on the main proprietary brands, and, lastly, new investments in strengthening the Group's distribution capabilities. "
Sharp decline in gross profit for the group Campari in the third quarter of 2014. The data shows a shift from 58 to 25,9 million. The Campari group achieved net sales of 374,3 million, up on the previous 354 million.
In today's note, the Campari group also communicated the launch of three renovation projects among which there is one relating to the sector linked to wines and the exit from non-core activities in Jamaica. The extraordinary charges associated with the three projects amounted to 11,7 million, while the total costs amounted to 33,4 million.
Campari's CEO in conference call Bob Kunze-Concewitz did not want to comment on the rumors about the disposal of some liqueurs and Sella and Mosca wines, stating: "I was very clear that we are looking carefully at non-strategic assets"
Of the remaining 21,7 million in extraordinary charges, 16,1 million are due to the write-down of the goodwill of the wine business and 5,6 million to other one-off negatives including legal and consultancy fees for recent acquisitions.
The spirits group confirmed its goal of a flat contribution margin at the end of the year but also signaled the risks related to the evolution of the sales mix.
It should also be noted that Campari has anticipated for the fourth quarter a organic increase in "high single digit" structural costs, as in the third quarter, due to the strengthening of the commercial organizations in the UK and Canada and the start of direct distribution in Spain.
