MILAN – The Lavazza Shareholders’ Meeting approved on Tuesday, May 20th, the Financial Statements of Luigi Lavazza S.p.A. and the Group’s Consolidated Financial Statements for 2013.
Gruppo Lavazza, the world’s No. 7 coffee player by sales and Italy’s biggest coffee roaster, reported yesterday total sales of EUR1.34 billion (US$1.84 billion) for fiscal year 2013, up 0.7% from 2012. EBITDA was EUR245.7 (US$336.6 million) and EBIT was EUR145.4 million (US$199.2 million) up 38, 9% and 48% from the previous fiscal year.
At the consolidated level, profit amounted to EUR84.8 million (US$116.19 million), down 12.7% compared with 2012, when the company benefited from the capital gain arising on the sale of part of the shares held in Green Mountain Coffee Roasters
While the Italian market continued to contract, in 2013 Lavazza increased by 0.6% its share by volume, reaching 44.4%, whereas its market share by value was 47.5% (source: Nielsen).
Lavazza aims to boost its revenues by almost 50% in the next ten years to avoid being swallowed by bigger competitors.
“The consolidation game has started and we want to sit at the table with the big players. We want to look at the menu with them, we don’t want to be on the menu,” Chief Executive Antonio Baravalle said on Tuesday in an interview with Reuters.
The Lavazzas are determined to resist takeover offers while being open to regional partnerships to help boost growth, Baravalle said.
He said the group would favour regional partnerships with local players to enter new markets, but could also buy well-established local brands
The Italian Family-owned company, founded by Luigi Lavazza in 1895, aims to raise revenue to 2 billion euros ($2.7 billion) in ten years and increase its non-Italian revenues to 70% from the present 46%, reported the same source.
