ITALY: Exchange rates fail to derail Gruppo Campari growth in 2011
- Full-year net profits inch up by 1.4% to EUR159.2m (US$208.9m)
- Net sales increase by 9.6% to EUR1.27bn
- EBITDA up by 10.3% EUR325.8m
- Warning of tough Q1 in 2012 due to comparables
Gruppo Campari issued its full-year results earlier today (12 March)
Gruppo Campari has posted a set of "very positive" results for 2011, despite a slight drag from a slightly negative exchange rate impact.
The Milan-based company said earlier today (12 March) that net profits for the 12-month period rose by 1.4% year-on-year, coming in at EUR159.2m (US$208.9m). Net sales registered a lift of 9.6% to EUR1.27bn, as EBITDA climbed by 10.3% to EUR325.8m.
The company hailed a particularly strong performance across its whole portfolio in Australia, after it moved its distribution in-house early last year.
"Full-year 2011 results confirm the solid underlying trends of Gruppo Campari," said company CEO Bob Kunze-Concewitz. "The significant investments in marketing and in route-to-market, coupled with product innovation and acquisitions, further strengthened our business, broadening our development opportunities in terms of product and market combinations."
Looking forward, Campari warned that the first quarter of 2012, which is "traditionally small", will be markedly lower, due to "a very tough comparison base and some isolated events"; namely a slow start in Brazil following a price increase introduced in January, and the potential effects of a commercial dispute in Germany.
"Whilst the ... first quarter will be soft in 2012 ... our expectations for the full-year 2012 remain cautiously optimistic," Kunze-Concewitz added. "We expect our strong business fundamentals to ... help overcome the challenges created by the weak macroeconomic environment, strained credit situation and business transitions."
Campari's board also confirmed a full-year dividend of EUR0.07 per share. Payment will be made on 24 May to shareholders of record on 21 May.
For Campari's official statement, click here.
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