Roadshow Presentation

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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
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Key offering features
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Transaction timetable
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Shareholding structure
Pre-IPO
Post-IPO

• The post-IPO shareholding structure illustrated
  is based on the assumption of the full exercise
  of the greenshoe

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Marco P. Perelli-Cippo
Group overview
Group overview
Group overview
Group overview

• Chief Executive Officer

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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

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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

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The diversification phase
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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

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Brazil the latest successful acquisition
In January 2001, Campari acquired a number of
leading brands in Latin American countries
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A successful growth story
Net sales (m)

• 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)

EBITDA (m)
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Stefano Saccardi
Brand portfolio, marketing distribution
Brand portfolio, marketing distribution
Brand portfolio, marketing distribution
Brand portfolio, marketing distribution

• Officer Legal Affairs and Business development

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Current brand portfolio
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Spirits strong brands to tap markets worldwide
Spirits represent 54.7 of total 2000 net sales
2000 Spirits net sales by market
2000 Spirits net sales by product
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Spirits a portfolio of successful brands
Own Brands
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Spirits a portfolio of successful brands
Third party brands
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Wines a division with high potential
Wines represent 16.4 of total 2000 net sales
2000 Wines net sales by market
2000 Wines net sales by product
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Wines market leaders
Own brands
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Soft drinks a growing segment
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

2000 Soft drinks net sales by product
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Soft drinks market leaders
Own brands
Third party brands (Italy)
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A market driven company
Advertising Promotion (AP) is a fundamental
driver of success for Camparis business model

• Image is key
• AP is a crucial element of Camparis marketing
  strategy
• Through AP, our distinctive values are
  highlighted
• quality
• prestige
• dynamism
• image
• brand power

AP 19982000
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A marketing driven company
Advertising campaigns are global, but effectively
tailored to local markets
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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

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Paolo Marchesini
Group financials
Group financials
Group financials
Group financials

• Chief Financial Officer

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A track record of high sales
Total net sales 98-00 (m)
Trading Margin2 103.6 104.7 123.83 9.3as of
net sales 31.1 28.6 28.5
EBITDA 85.6 86.4 104.7 10.6as of net
sales 25.7 23.6 24.1EBIT 72.0 66.9 85.3 8.8as
of net sales 21.6 18.3 19.7
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Spirits segment overview
Net sales 98-00 (m)
Trading margin 98-00 (m)
Net Sales 220.1 218.8 236.0 Trading margin
83.1 81.8 89.8as of net sales 37.8 37.4 38.1a
s of Group trading margin 80.2 78.1 73.3
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Wines segment overview
Net sales 98-00 (m)
Trading margin 98-00 (m)
Net Sales 7.1 26.1 70.7 Trading margin
1.0 4.7 14.1as of net sales 13.5 17.9 20.0as
of Group trading margin 0.9 4.5 11.5
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Soft Drinks segment overview
Net sales 98-00 (m)
Trading margin 98-00 (m)
Net sales 106.3 121.2 124.3 Trading
margin 19.6 18.3 18.7as of net
sales 18.4 15.1 15.0as of Group trading
margin 18.9 17.4 15.2
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A strong financial base to fuel continuing growth
Cash 152.1 134.2 167.7
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 cash 130.5 102.5 139.3
Marketable securities 47.0 19.1 48.9
Net cash and marketable securities 177.5 121.6
188.2
Net Equity 336.2 368.8 398.7
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Marco P. Perelli-Cippo
Strategy and conclusion
Strategy and conclusion
Strategy and conclusion
Strategy and conclusion

• Chief Executive Officer

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Climbing the ladder of global leadership
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Camparis competitive positioning

• Category leadership in aperitifs
• Niche global brands
• Strong local market positions

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Reasons for Campariscontinued success
Strong brands in a well balanced portfolio
High margins and healthy financial position
Presence in markets with favourable income
patterns
Turnaround and value creation skills
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Strategy
Campari intends to continue to deliver solid
growth ...
while maintaining focus on costs
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Investment highlights
Top quality management
Innovative marketing
Proven track record MA
Disciplined cost control
World class brands and market positions
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