The Group monitors environmental and geopolitical risks, has emergency plans in place and continuously develops plans to deal with such crises. At the heart of Campari America are two legends in the American spirits industry. 2 0 obj As regards the fixed-rate financial liabilities hedged by interest rate swaps, the change in the hedging instrument offsets the change in the underlying liability, with practically no effect on the income statement. 1 0 obj endobj The Group is exposed to the risk of fluctuating interest rates in respect of its financial assets, payables to banks and lease agreements. The following table shows the effects on the Group’s income statement of a possible change in interest rates, if all other variables remain constant. The main competitors are large international groups involved in the current wave of mergers and acquisitions, which are operating aggressive competitive strategies at global level. In 1860 John Wray took his 22-year-old nephew, Charles James Ward, who was a dynamic and gifted entrepreneur into the business. J. Wray & Nephew Limited’s principal operations include the cultivation of sugar cane, the manufacture of sugar and the distillation of rum and other spirits; the ageing, blending and bottling of rum; the production of wines and other alcoholic beverages and the marketing, sales and distribution of the Company’s brands as well all non-owned brands that are represented by the Company in Jamaica. Please Drink Responsibly’ and all our customers are educated about the importance of selling alcoholic beverages only to persons over the legal drinking age. A negative value in the table indicates a potential net reduction in profit and equity, while a positive value indicates a potential net increase in these items. The requirement to make the legislation governing the health of consumers, particularly young people, ever more stringent could, in the future, lead to the adoption of new laws and regulations aimed at discouraging or reducing the consumption of alcoholic drinks. Net of tax, the effects are as follows: The Group develops its business activities on an international scale, and sales achieved in non-EU markets are progressively increasing. ?�ZX^_���3�Tmōp`�aJ�Ӓq �0||�pPp�p�u�qe�:� R1��p�_��e00����p�յ��C_��gWÁ�( To cover these risks, the Group makes use of derivatives, primarily interest rate swaps, cross currency swaps and forward contracts, to hedge interest rate and exchange rate risks. Therefore, exposure to foreign exchange transactions generated by sales and purchases in currencies other than the Group’s functional currencies represented an insignificant proportion of consolidated sales in 2017. Financial transactions are carried out with leading domestic and international institutions, whose ratings are monitored, in order to minimise counterparty insolvency risk. The Group counts compliance with regulations and with local and international standards among its priorities, together with business continuity assessment, back-up scenarios and global insurance policies. Davide Campari-Milano N.V. Campari America is a wholly owned subsidiary of Davide Campari-Milano S.p.A. (Reuters CPRI.MI – Bloomberg CPR IM). Overall, at 31 December 2017, 65% of the Group’s total financial debt was fixed-rate debt. J. Wray & Nephew Limited places great emphasis on the quality of our brands and makes investments to ensure the maintenance of the high product standards that have become a hallmark of the Company. In 2013 the Campari Group took over the Australian Copack Beverage A Limited For these transactions, Group policy is to mitigate the risk by using forward sales or purchases. 3 0 obj The joint venture began operating in April 2003, and is intended to boost sales of both groups’ brands on the Spanish market. Since that time J. Wray & Nephew has changed hands several times ending with this latest acquisition by the Campari Group. 5 0 obj