MILAN, Itay – OnJuly 31, 2024, the Board of Directors of Italmobiliare S.p.A. – the parent company of Caffè Borbone, one of the top names on the national market and a leading supplier of single serve coffee in Italy – approved the interim report at June 30, 2024. During the first half of the year the Group recorded positive trends by continuing the path of development and operational optimisation of its business activities, achieving growth in revenue and EBITDA at both aggregate and consolidated level.
In particular, at a consolidated level the Group’s revenue and income amounted to 337.6 million euro, an increase of 18.4% compared with the same period last year, mainly thanks to excellent performances by Caffè Borbone (especially in the Large-Scale Retail channel and abroad), Italgen, CDS-Casa della Salute, Officina Profumo-Farmaceutica di Santa Maria Novella and Italmobiliare. EBITDA has more than doubled, coming in at 76.4 million euro.
At June 30, 2024, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,128.9 million euro (2,201.4 million euro at December 31, 2023).
Considering the distribution of 126.9 million euro of dividends during the half-year, the net performance is positive for 54.4 million euro. The NAV per share (excluding treasury shares) is equal to 50.4 euro and, in consideration of the distribution of dividends of 3.0 euro per share, shows an increase of 2.5% compared with the same figure at December 31, 2023.
At June 30, 2024 the net financial position of Italmobiliare S.p.A. is positive, showing an increase of 27.9 million euro, going from 204.3 million euro at December 31, 2023 to 232.2 million euro at the end of June 2024.
Caffè Borbone (60% interest)
In the first half of 2024 Caffè Borbone posted revenue of 166.7 million euro, up by 8.4% compared with the same period of the previous year. At the level of distribution channels, we note the excellent performance of the Large-Scale Retail Trade, with foreign markets also doing well, growing by more than 50% compared with the same period of last year.
EBITDA is equal to 37.4 million euro with a margin of more than 22%, a positive result if we consider the record cost of raw materials, particularly of Robusta coffee, whose prices are at all-time highs. Despite the challenging context due to the high price of coffee as the raw material, the period closed with a net profit of 21.3 million euro.
The net financial position at June 30, 2024 is negative for 29.4 million euro, already net of the distribution of dividends for 35 million euro in the first half.
If we eliminate the payment of dividends, cash generation in the half-year is negative by 11.3 million euro, more than justified by the absorption of working capital of 25 million euro due to the growth of the green coffee warehouse.
