The Spanish wine maker famous for its eponymous Cava brand Codorniu has carried out a €12.2m (US$12.8m) capital increase. The move was approved by the company's general shareholders' meeting on November 2002.

The increase takes the company's capital to €30.5m and was achieved by converting a €7.6m worth of bonds, issued by Codorniu in 1987, into equity.

In November the company reported a consolidated net profit of €11.76m for the fiscal year 2001/2002, a three times year-on-year increase. Turnover for the period reached €191.14m, up 2.9% year-on-year.