Earnings Release • Feb 24, 2022
Earnings Release
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Strong performance with double-digit growth across key financial indicators vs. both 2020 and 2019, despite the fourth wave of the pandemic impacting consumption and logistics and the intensifying cost inflation
Very positive momentum across all regions and brand clusters
Increase in proposed full year dividend to €0.06 per share, up +9.1% vs. previous year
Continued good progress across the four pillars of the Group's Sustainability roadmap
Proposal for appointment of the Board of Directors of Davide Campari-Milano N.V. for the next three-year period
Milan, February 23rd, 2022-The Board of Directors of Davide Campari-Milano N.V. (the 'Company') (Reuters CPRI.MI-Bloomberg CPR IM) approved the Annual Report for the year ended December 31st, 2021 of Campari Group.
Bob Kunze-Concewitz, Chief Executive Officer: '2021 was a very successful year as we delivered strong business performance across key financial indicators. The solid results were achieved thanks to very healthy brand momentum benefiting from overall increased consumption and penetration versus pre-pandemic levels. Such positive trends continued in the fourth quarter despite the fourth-wave disruption at year-end.
Looking at 2022, we remain highly confident about the continued strong business momentum with accelerated consumer recruitment across our key brands, fully leveraging new consumption habits across both on-premise and off-premise channels. Regarding profitability, whilst we continue to leverage price increase opportunities to mitigate cost headwinds, the temporary input costs pressure is expected to further intensify during the current year, postponing the gross margin accretion (+70 bps previously expected) and ultimately leading to broadly unchanged organic EBIT margin in 2022. As a long-term focused organization, we remain committed to maintaining a sustained level of investments behind our brands and capabilities, in order to be best positioned to fully benefit from the gradual phase out of the pandemic induced challenges.'.
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| FY 2021 | FY 2020 | Reported | Organic | Perimeter | Forex | |
|---|---|---|---|---|---|---|
| € million | € million | Change | change | impact | Impact | |
| Net sales | 2,172.7 | 1,772.0 | 22.6% | 25.6% | -1.9% | -1.0% |
| EBIT-adjusted | 435.2 | 321.9 | 35.2% | 42.3% | -2.6% | -4.6% |
| % on sales | 20.0% | 18.2% | ||||
| Group net profit-adjusted | 307.9 | 202.1 | 52.4% | |||
| Group net profit | 284.8 | 187.9 | 51.6% | |||
| EBITDA-adjusted | 514.9 | 399.9 | 28.8% | 34.7% | -1.9% | -4.0% |
| % on sales | 23.7% | 22.6% | ||||
| Free cash flow, of which: | 332.3 | 168.6 | 97.1% | |||
| Recurring free cash flow | 407.5 | 261.7 | 55.7% | |||
| Net financial debt at the end of the period | 830.9 | 1,103.8 | ||||
| Basic earnings per share adjusted (€) | 0.27 | 0.18 | 53.3% | |||
| Proposed full year dividend per share (€) | 0.06 | 0.055 | 9.1% |
REVIEW OF CONSOLIDATED SALES FOR THE FULL YEAR 2021 RESULTS
Group sales totalled €2,172.7 million, up +22.6% on a reported basis or +25.6% in organic terms. Compared to the full year 2019, which represents the unaffected base with regards to the Covid-19 impact, the organic growth was +20.5%. The positive net sales organic growth continued in the fourth quarter, up +20.9%, despite the challenges of logistic constraints (+12.0% vs. the fourth quarter of 2019).
The perimeter effect was -1.9% due to agency brands termination. FX effect was -1.0% mainly driven by the devaluation of the US Dollar and emerging market currencies over the year.
Analysis of organic change by geography:
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1 Source: Nielsen data XAOC+Liquor+Plus Conv CYTD Wks-52 W/E 1/1/2022
2 Includes Global Travel Retail.
Gross profit totalled €1,296.8 million, corresponding to 59.7% of net sales, up by +26.4% in value on a reported basis. It grew organically by +28.5%, generating +140 bps margin accretion thanks to a favourable sales mix driven by the outperformance of aperitifs, combined with the suspension of US import tariffs, and a stronger absorption of fixed production costs driven by higher production volumes and an easy comparison base. These positive effects more than offset the increased input and logistics costs as well as the dilutive effect of Espolòn due to the high cost of agave, with the latter lessening thanks to price increases introduced during the year.
Advertising and Promotion expenses (A&P) were €397.8 million, corresponding to 18.3% of net sales, up by +28.4% in value on a reported basis. They increased organically by +29.1%, faster than topline growth (+25.6%), hence dilutive on margin by -50 basis points. It grew +26.0% vs. FY 2019 (-80 basis points dilution), reflecting strong investments behind key brands, accelerating in the fourth quarter.
CAAP (Contribution after A&P) was €899.0 million, corresponding to 41.4% of net sales, up by +25.5% in value on a reported basis (up organically by +28.3%). Organic change was +14.2% vs. 2019.
Selling, general and administrative expenses (SG&A) totalled €463.8 million, corresponding to 21.3% of net sales, +17.7% in value on a reported basis. They grew organically by +16.8% in value, lower than topline, generating +160 bps margin accretion, reflecting investments to strengthen Group's capabilities and business infrastructure, as well as the expected structure costs phasing (mainly incentives and hiring catch up), impacting in particular the fourth quarter.
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EBIT-adjusted was €435.2 million, corresponding to 20.0% of net sales, up by +35.2% in value on a reported basis. It grew organically by +42.3%, generating an accretion of +240 basis points. The perimeter effect on EBIT-adjusted was -2.6% (or -€8.3 million), mainly due to the discontinuation of agency brands. The forex effect on EBIT-adjusted was -4.6% (or -€14.7 million), driven by the devaluation of the US Dollar as well as key emerging markets currencies against the Euro.
Operating adjustments were negative at -€34.3 million, mainly attributable to restructuring initiatives, write-off of minor brands and non-recurring last mile long-term incentive schemes3 , partly mitigated by the positive adjustment resulting from the closure of a tax dispute in Brazil and one-off refunds.
EBITDA-adjusted was €514.9 million, up by +28.8% in value on a reported basis (up organically +34.7%), corresponding to 23.7% of net sales.
EBIT (18.4% of net sales) and EBITDA (22.1% of net sales) were at €400.8 million and €480.6 million respectively.
Net financial expenses were €17.1 million in 2021. Excluding the exchange gain/(loss), the net financial charges were €25.0 million (vs. €34.8 million in 2020), driven by a lower average cost of net debt (2.5% in 2021 vs. 3.5% in 2020, thanks to the liability management activities carried out over the last years).
Profit before taxation-adjusted was €415.3 million, up +48.9% vs. 2020. Profit before taxation was €388.6, up +85.4%.
Taxation totalled €105.6 million, on a reported basis. Recurring income taxes were equal to €109.2 million excluding positive tax adjustments totalling €3.6 million.
Group net profit-adjusted reached €307.9 million, up +52.4% in value on a reported basis. Group net profit was €284.8 million, up +51.6% in value on a reported basis, after negative overall adjustment of -€23.1 million4 .
Free cash flow was €332.3 million (vs. €168.6 million in 2020). Recurring free cash flow amounted to €407.5 million (up 55.7% from €261.7 million in 2020). When measured as a percentage of EBITDA-adjusted, the ratio was 79.1% in 2021, up from 65.4% in 2020. This increase was driven by the solid business performance and efficient working capital management.
Net financial debt at €830.9 million as of 31 December 2021, down €272.8 million vs. 31 December 2020 (€1,103.8 million), thanks to the very positive free cash flow generated by the business.
Net debt to EBITDA-adjusted ratio at 1.6x as of 31 December 2021, improving from 2.8x as of 31 December 2020, driven by the solid business performance.
In 2021, the Group continued to make solid progress across all four pillars of its sustainability roadmap.
Environment. In 2021 the Group achieved ahead of time the water usage (L/L) target initially set for 2025 and consequently renewed its commitment to water efficiency by introducing a new and more challenging target for 2025. In terms of gas emissions, the Group has made the key commitment to achieve net zero by 2050. The target of 100% renewable electricity for European production sites, which was set for 2025, was fully achieved in 2021 as well. Moreover, the Group completed its first sustainability-linked share buyback program with a reward mechanism to allocate an amount deriving from the outperformance5 to energy efficiency projects. The outperformance generated by the programme allows the Group to finance photovoltaic transformation projects in two production sites in Italy.
People. In 2021, the Group created and implemented a DEI (Diversity, Equity and Inclusion) index to evaluate performances and measure improvements at global and local level. As further evidence of its commitment to ethical communication, the Group joined the Unstereotype Alliance, a thought and action platform with the mission to eradicate harmful stereotypes in media and advertising content. To further enhance the Camparistas' sense of belonging, the Group launched its first Employee Stock Ownership Plan with a high participation rate of 51.6%.
Responsible practices. As part of the Group's Global Responsible Alcohol Strategy, the Group revised its Code on Commercial Communication with new specific guidelines for digital marketing communications and for Influencer Generated Contents. Moreover, the Group published and communicated a new Policy on Responsible Alcohol Consumption to all its Camparistas in 2021.
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3 Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current Chief Executive Officer has been approved by the competent Company's corporate bodies and therefore implemented as illustrated in the Remuneration Report.
4 Of which €(34.3) million negative operating adjustments, €4.7 million positive financial adjustments, €2.9 million positive adjustments related to the reassessments of previously held associates and joint ventures, and €3.6 million positive tax adjustments.
5 The outperformance is the difference between the purchase price and the average VWAP (Volume Weighted Average Price) during the execution period.
Community involvement. The Group continued to show strong commitment to education and culture with a strong focus on the world of art, design and cinema by extending local best practices to other markets. Moreover, the Group continued to contribute to the fight against the pandemic by supporting business partners, consumers and hospitals in its main markets.
Board of Directors. The Board of Directors proposed to the Shareholders' meeting to approve the appointment of the following executive and non-executive directors of Davide Campari-Milano N.V. for a three-year period expiring at the end of the Annual General Meeting to be held in 2025:
The curriculum vitae of the Board of Directors' Candidates are available at the corporate offices of the Company in Sesto San Giovanni (MI), Via Franco Sacchetti 20, and on the Company's website (https://www.camparigroup.com/en/page/group/governance).
Mid-Term Incentive Plan. The Board of Directors proposed to the Shareholders' meeting to approve a mid-term incentive plan based on Campari shares aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be awarded with a right to receive a number of Campari shares for free, subject to their uninterrupted employment during a three-year vesting period. Relevant details are available in the Information Document pursuant to article 114-bis of the Consolidated Law on Financial Intermediation to be published on the Campari Group's website.
Dividend, sustainability report and renumeration report. The Board of Directors proposed to the Shareholders' Meeting, a dividend of €0.06 per share for the year 2021, gross of withholding taxes, +9.1% increase versus last year. The dividend will be paid on April 21 st , 2022 (with an ex-date for coupon n. 2 of April 19 th , 2022 in accordance with the Italian Stock Exchange calendar, and a record date of April 20th , 2022). The Board of Directors resolved to convene the Annual General Meeting on April 12th , 2022 to approve the Annual Report including, inter alia, the financial statements for the year ended 31st December 2021, the non-financial disclosure, the corporate governance and the remuneration report.
Share buyback. The Board of Directors proposed to the Shareholders' meeting to authorise the purchase of own shares, mainly aimed at the replenishment of the portfolio of own shares to serve the current and future stock option plans for the Group's management, according to the limits and procedures provided by the applicable laws and regulations. The authorization is requested until June 30th, 2023.
Stock options. The Board of Directors proposed to the Shareholders' meeting to approve a stock option plan. The plan foresees the granting of stock option plans to directors of the Board and the Company's management, granting the relevant bodies the authorization to implement the plan by June 30th, 2023. Relevant details are available in the Information Document pursuant to article 114-bis of the Consolidated Law on Financial Intermediation to be published on the Campari Group's website.
* * *
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The Annual Report as of 31st December 2021 (including, inter alia, the non-financial disclosure, the corporate governance report, the report of the non-executive directors, the statement and responsibilities in respect to the annual report, the remuneration report and the independent auditor's report) is available at the corporate offices of the Company in Sesto San Giovanni (MI), Via Franco Sacchetti 20, on the Company's website (https://www.camparigroup.com/en/page/investors), as well as the authorized storage of the Dutch Financial Markets Authority (AFM).
The following documentation
is available at the above corporate offices and on the Company's website (www.camparigroup.com/en/page/group/governance).
The Board of Directors is responsible for preparing the annual report, inclusive of the management report, the full year consolidated financial statements and the Company only financial statements at 31 December 2021, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS).
This press release contains certain forward-looking statements relating to the Campari Group. All statements included in this press release concerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the following: volatility and deterioration of capital and financial markets, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation and other economic, business and competitive factors affecting the businesses of Campari Group. Such factors include, but are not limited to: (i) changes in the laws, regulations or policies of the countries where Campari Group operates; (ii) the adoption, both at a global level and in the countries where Campari Group operates, of restrictive public policies that have an impact on the production, distribution, marketing, labelling, importation, price, sale or consumption of alcoholic products; (iii) long-term changes in consumers' preferences and tastes, social or cultural trends resulting in a reduction in the consumption of products of the Campari Group as well as in purchasing patterns and the ability of Campari Group to anticipate these changes in the marketplace; and (iv) increased production costs and volatility of raw materials' prices.
Therefore, Campari and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements.
These forward-looking statements speak only as of the date of this document and Campari does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law. It should be noted that the draft company only financial statements and consolidated financial statement, as well as the data related to the Non-Financial Disclosure, are subject to auditing.
At 1:00 pm (CET) today, February 23rd, 2022, Campari's management will hold a conference call to present the Group's results for the Group's Full Year 2021 Results. To participate, please dial one of the following numbers:
The presentation slides can be downloaded before the conference call from the main investor relations page on Campari Group's website, at https://www.camparigroup.com/en/page/investors.
A recording of the conference call will be available from today until Wednesday March 2nd, calling the following number: • (+39) 02 8020987 (Access code: 700903#, PIN: 903#)
FOR FURTHER INFORMATION
Investor Relations
Chiara Garavini Tel. +39 02 6225330 Email: [email protected] Jing He Tel. +39 02 6225832 Email: [email protected] Thomas Fahey Tel. +44 (0)20 31009618 Email: [email protected]
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Corporate Communications
Enrico Bocedi Tel. +39 02 6225680 Email: [email protected]
https://www.camparigroup.com/en/page/investors http://www.camparigroup.com/en http://www.youtube.com/campariofficial https://twitter.com/campari
Visit Our Story
Campari Group is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group's key focus, include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and Appleton Estate. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in Europe and the Americas. Campari Group's growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses.
Headquartered in Milan, Italy, Campari Group operates in 22 production sites worldwide and has its own distribution network in 22 countries. Campari Group employs approximately 4,000 people. The shares of the parent company Davide Campari-Milano N.V. (Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the Italian Stock Exchange since 2001. For more information: http://www.camparigroup.com/en. Please enjoy our brands responsibly.
- Appendix to follow -
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| 1 January-31 December 2021 |
% Change of which: | |||||
|---|---|---|---|---|---|---|
| € m | % Split | Total | organic | perimeter | forex | |
| Global Priorities | 1,226.1 | 56.4% | 24.4% | 26.2% | 0.0% | -1.8% |
| Regional Priorities | 419.1 | 19.3% | 29.2% | 29.8% | 0.5% | -1.2% |
| Local Priorities | 266.9 | 12.3% | 24.7% | 24.6% | 0.0% | 0.1% |
| Rest of portfolio | 260.5 | 12.0% | 5.0% | 18.3% | -14.4% | 1.1% |
| Total | 2,172.7 | 100.0% | 22.6% | 25.6% | -1.9% | -1.0% |
| 1 January-31 December 2021 |
% Change of which: | |||||
|---|---|---|---|---|---|---|
| € m | % Split | Total | organic | perimeter | forex | |
| Americas | 927.9 | 42.7% | 19.9% | 23.0% | 0.0% | -3.1% |
| Southern Europe, Middle East & Africa | 638.8 | 29.4% | 37.8% | 36.7% | 1.0% | 0.1% |
| North, Central & Eastern Europe | 438.1 | 20.2% | 8.5% | 18.6% | -9.7% | -0.3% |
| Asia Pacific | 167.8 | 7.7% | 28.3% | 22.9% | 0.8% | 4.6% |
| Total | 2,172.7 | 100.0% | 22.6% | 25.6% | -1.9% | -1.0% |
| 1 January-31 December 2021 |
% Change of which: | |||||
|---|---|---|---|---|---|---|
| € m | % Split | Total | organic | perimeter | forex | |
| Americas | 184.5 | 42.4% | 32.1% | 44.3% | 0.0% | -12.3% |
| Southern Europe, Middle East & Africa | 71.2 | 16.4% | 119.8% | 129.1% | -9.4% | 0.1% |
| North, Central & Eastern Europe | 162.5 | 37.3% | 21.9% | 26.0% | -4.3% | 0.2% |
| Asia Pacific | 17.0 | 3.9% | 3.1% | -13.2% | 3.4% | 12.9% |
| Total | 435.2 | 100.0% | 35.2% | 42.3% | -2.6% | -4.6% |
| FY 2021 | FY 2020 | ||||
|---|---|---|---|---|---|
| € million | % | € million | % | Change | |
| Net sales | 2,172.7 | 100.0% | 1,772.0 | 100.0% | 22.6% |
| Cost of goods sold(1) | (875.8) | -40.3% | (746.1) | -42.1% | 17.4% |
| Gross profit | 1,296.8 | 59.7% | 1,025.9 | 57.9% | 26.4% |
| Advertising and promotional costs | (397.8) | -18.3% | (309.8) | -17.5% | 28.4% |
| Contribution margin | 899.0 | 41.4% | 716.1 | 40.4% | 25.5% |
| SG&A(2) | (463.8) | -21.3% | (394.2) | -22.2% | 17.7% |
| Result from recurring activities (EBIT-adjusted) |
435.2 | 20.0% | 321.9 | 18.2% | 35.2% |
| Adjustments to operating income (expenses) | (34.3) | -1.6% | (90.1) | -5.1% | -61.9% |
| Operating result (EBIT) | 400.8 | 18.4% | 231.8 | 13.1% | 72.9% |
| Financial income (expenses) | (17.1) | -0.8% | (38.9) | -2.2% | -55.9% |
| Adjustments to financial income (expenses) | 4.7 | 0.2% | 1.4 | 0.1% | 235.7% |
| Put option, earn out income (charges) and hyperinflation effects |
0.2 | 0.0% | 18.1 | 1.0% | -99.0% |
| Profit (loss) related to associates and joint ventures |
(0.1) | 0.0% | (2.8) | -0.2% | -97.7% |
| Group profit before taxation | 388.6 | 17.9% | 209.6 | 11.8% | 85.4% |
| Group profit before taxation-adjusted | 415.3 | 19.1% | 278.9 | 15.7% | 48.9% |
| Taxation | (105.6) | -4.9% | (22.7) | -1.3% | 364.4% |
| Net profit for the period | 283.0 | 13.0% | 186.9 | 10.5% | 51.4% |
| Net profit for the period-adjusted | 306.1 | 14.1% | 201.1 | 11.3% | 52.2% |
| Non-controlling interests | (1.8) | -0.1% | (1.0) | -0.1% | 77.9% |
| Group net profit | 284.8 | 13.1% | 187.9 | 10.6% | 51.6% |
| Group net profit-adjusted | 307.9 | 14.2% | 202.1 | 11.4% | 52.4% |
| Depreciation and amortisation | (79.7) | -3.7% | (78.0) | -4.4% | 2.2% |
| EBITDA-adjusted | 514.9 | 23.7% | 399.9 | 22.6% | 28.8% |
| EBITDA | 480.6 | 22.1% | 309.8 | 17.5% | 55.1% |
(1) Includes cost of material, production and logistics costs. (2) Includes selling, general and administrative costs.
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| 31 December 2021 | 31 December 2020 | |
|---|---|---|
| € million | € million | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 560.3 | 482.7 |
| Right of use assets | 71.8 | 71.5 |
| Biological assets | 13.4 | 8.9 |
| Goodwill | 1,416.3 | 1,354.1 |
| Brands | 974.9 | 956.6 |
| Intangible assets with a finite life | 54.0 | 44.3 |
| Investments in associates and joint ventures | 26.1 | 26.1 |
| Deferred tax assets | 55.3 | 44.5 |
| Other non-current assets | 5.3 | 5.7 |
| Other non-current financial assets | 5.7 | 7.1 |
| Total non-current assets | 3,183.0 | 3,001.5 |
| Current assets | ||
| Inventories | 742.0 | 656.7 |
| Biological assets | 3.7 | 1.6 |
| Trade receivables | 290.4 | 281.8 |
| Other current financial assets | 15.8 | 1.2 |
| Cash and cash equivalents | 791.3 | 548.1 |
| Income tax receivables | 17.7 | 17.4 |
| Other current assets | 49.2 | 45.0 |
| Assets held for sale | - | 3.3 |
| Total current assets | 1,910.1 | 1,555.2 |
| Total assets | 5,093.1 | 4,556.7 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Shareholders' equity | ||
| Issued capital and reserves attributable to owners of the parent | 2,371.8 | 1,996.6 |
| Non-controlling interests | 3.0 | 1.8 |
| Total shareholders' equity | 2,374.8 | 1,998.4 |
| Non-current liabilities | ||
| Bonds | 845.5 | 894.7 |
| Loans due to banks | 355.2 | 320.0 |
| Other non-current financial liabilities | 120.9 | 169.3 |
| Post-employment benefit obligations | 30.1 | 33.4 |
| Provisions for risks and charges | 34.4 | 41.8 |
| Deferred tax liabilities | 366.0 | 338.0 |
| Other non-current liabilities | 21.5 | 7.3 |
| Other non-current liabilities | 1,773.6 | 1,804.6 |
| Current liabilities | ||
| Bonds | 50.0 | - |
| Loans due to banks | 198.1 | 244.3 |
| Other current financial liabilities | 73.9 | 31.9 |
| Trade payables | 394.6 | 321.2 |
| Income tax payables | 54.4 | 16.1 |
| Other current liabilities | 173.7 | 140.3 |
| Total current liabilities | 944.7 | 753.7 |
| Total liabilities | 2,718.3 | 2,558.3 |
| Total liabilities and shareholders' equity | 5,093.1 | 4,556.7 |
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| 31 December 2021 | 31 December 2020 | |
|---|---|---|
| € million | € million | |
| EBITDA | 480.6 | 309.8 |
| Effects due to IAS 29 application | 4.5 | 2.4 |
| Goodwill, trademark and sold business impairment | 8.0 | 45.7 |
| Accruals and other changes from operating activities | 64.7 | (9.3) |
| Income taxes paid | (79.1) | (119.7) |
| Cash flow from operating activities before changes in working capital | 478.7 | 228.8 |
| Changes in net operating working capital | 5.0 | 43.4 |
| Cash flow from operating activities | 483.7 | 272.2 |
| Net interests paid | (15.6) | (25.3) |
| Adjustments to financial income (charges) | - | 1.4 |
| Capital expenditure | (135.7) | (79.8) |
| Free cash flow | 332.3 | 168.6 |
| (Acquisition) disposal of companies or business division | (3.1) | (120.6) |
| Dividend paid out by the Parent Company | (61.6) | (62.9) |
| Other changes (incl. net purchase of own shares) | (6.5) | (275.6) |
| Total cash flow used in other activities | (71.2) | (459.1) |
| Exchange rate differences and other changes | 4.3 | 10.9 |
| Change in net financial position due to operating activities | 265.4 | (279.6) |
| Put option and earn-out liability changes | (3.5) | (5.6) |
| Increase in investments for lease right of use | (13.0) | (7.8) |
| Net cash flow of the period=change in net financial position | 248.9 | (293.0) |
| Net financial position at the beginning of the period | (1,103.8) | (777.4) |
| Net financial position at the end of the period | (830.9) | (1,103.8) |
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| 1 January-31 December 2021 | 1 January-31 December 2020 | |
|---|---|---|
| € million | € million | |
| Net sales | 777.2 | 602.5 |
| Cost of goods sold | (302.9) | (228.0) |
| Gross margin | 474.4 | 374.5 |
| Advertising and promotional | (74.6) | (64.4) |
| Contribution after A&P | 399.7 | 310.0 |
| Selling, general and administrative expenses | (144.8) | (134.8) |
| Other operating income/ (expenses) | (15.1) | (114.2) |
| Operating result | 239.8 | 61.0 |
| Financial income (charges) | (20.5) | (35.4) |
| Dividends | 14.9 | 62.2 |
| Share of profit (loss) of associates | (2.2) | (0.7) |
| Profit before tax | 231.9 | 87.2 |
| Taxes | (65.0) | (3.9) |
| Net profit | 166.9 | 83.3 |
| 31 December 2021 | 31 December 2020 | |
|---|---|---|
| € million | € million | |
| Total non-current assets | 2,923.7 | 2,603.0 |
| Total current assets | 519.4 | 379.7 |
| Total assets | 3,443.1 | 2,982.6 |
| Total shareholders' equity | 1,534.2 | 1,122.4 |
| Total non-current liabilities | 1,238.6 | 1,281.1 |
| Total current liabilities | 670.3 | 579.1 |
| Total liabilities and shareholders' equity | 3,443.1 | 2,982.6 |
| 31 December 2021 | 31 December 2020 | |
|---|---|---|
| € million | € million | |
| Cash flow generated from (used in) operating activities | 221.1 | 155.5 |
| Cash flow generated from (used in) investing activities | (1.8) | (20.6) |
| Cash flow generated from (used in) financing activities | (110.4) | (322.1) |
| Net change in cash and cash equivalents: increase (decrease) |
108.9 | (187.3) |
| Cash and cash equivalents at the beginning of period | 69.7 | 257.0 |
| Cash and cash equivalents at end of period | 178.6 | 69.7 |
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Building tools?
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