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

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

If you can't read please download the document

  • date post

  • Category


  • view

  • download


Embed Size (px)

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

  • Slide 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 Slide 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. Socit Anonyme Wessanen Europa B.V. Selling Shareholders 29,040,000 No. of Oustanding Shares Slide 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 Slide 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% Slide 5 Roadshow5 Group overview Marco P. Perelli-Cippo Chief Executive Officer Group overview Slide 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 Slide 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 Slide 8 8 The diversification phase 20002000 Acquisition of distribution rights in Brazil for Glenfiddich, Grants and Jgermeister 19 96 Acquisition of distribution rights in Italy for Glenfiddich and Grants 19971997 Acquisition of distribution rights in Brazil for Clan McGregor 19991999 Acquisition of Ouzo 12 and Cinzano Launch of Pelmosoda 19 98 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 Jgermeister Acquisition of Dreher, Old Eight, Drurys, Liebfraumilch and Gregsons 2001 Slide 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 Slide 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 Slide 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) 199819992000 Slide 12 Roadshow12 Brand portfolio, marketing & distribution Stefano Saccardi Brand portfolio, marketing & distribution Officer Legal Affairs and Business development Brand portfolio, marketing & distribution Slide 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 Jgermeister Skyy 1 Grand Marnier Grants Glenfiddich Clan McGregor Gorbatschow Riccadonna Henkell Trocken Lipton Ice Tea Granini Slide 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% Jgermeister 5.8% CampariSoda 28.0% Campari 50.4% Cynar 5.1% Other Products 6.9% Ouzo 12 3.8% Slide 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 Slide 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 Slide 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% Slide 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 Slide 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% Slide 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) Slide 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 19982000 Advertising & Promotion (A&P) is a fundamental driver of success for Camparis business model A&P(m) % of net sales Slide 22 22 A marketing driven company Media Advertising campaigns are global, but effectively tailored to local markets Sponsorships Consumer promotions Slide 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 Slide 24 Roadshow24 Group financials Paolo Marchesini Chief Financial Officer Group financials Slide 25 25 A track record of high sales Total net sales 98-00 (m) (m)1998 1999 2000CAGR (%) Net Sales 333.5366.0434.0 1 14.1 Growth (%)na9.718.6 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 EBITDA85.686.4104.710.6 as % of net sales25.723.624.1 EBIT72.066.985.38.8 as % of net sales21.618.319.7 Trading Margin 2 103.6104.7123.8 3 9.3 as % of net sales31.128.628.5 Slide 26 26 Spirits segment overview Net sales 98-00 (m)Trading margin 98-00 (m) (m) 1998 19992000 Net Sales 220.1218.8236.0 Trading margin 83.181.889.8 as % of net sales37.837.438.1 as % of Group trading margin80.278.173.3 Slide 27 27 Wines segment overview Net sales 98-00 (m)Trading margin 98-00 (m) (m) 1998 19992000 Net Sales Trading margin 1.04.714.1 as % of net sales13.517.920.0 as % of Group trading margin0.94.511.5 Slide 28 28 Soft Drinks segment overview Net sales 98-00 (m)Trading margin 98-00 (m) (m) 1998 19992000 Net sales106.3121.2124.3 Trading margin19.618.318.7 as % of net sales18.415.115.0 as % of Group trading margin18.917.415.2 Slide 29 29 A strong financial base to fuel continuing growth Cash152.1134.2167.7 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 cash130.5102.5139.3 Marketable securities47.019.148.9 Net cash and marketable securities177.5121.6188.2 Net Equity 336.2368.8398.7 (m) 1998 19992000 Slide 30 Roadshow30 Strategy and conclusion Marco P. Perelli-Cippo Chief Executive Officer Strategy and conclusion Slide 31 31 RankCom