MILAN, Italy – Italmobiliare’s Board of Directors has reviewed and approved the interim report at June 30, 2022. Italmobiliare S.p.A. is an investment holding company listed on the Milan Stock Exchange owner of a majority stake in Caffè Borbone, one of the top names on the national market and a leading supplier of single serve coffee.
At the end of the half year, Italmobiliare‘s NAV amounts to 1,975.1 million euro (2,082.1 million euro at December 31, 2021), with the variance related in particular to the distribution of dividends for 59.2 million euro, the payment of taxes of 21 million euro and overheads of 11.4 million euro, the negative performance of listed investments (HeidelbergCement AG -8.9 million euro), trading -12.4 million euro and other equity investments – 9.5 million euro, a positive performance by the Private Equity Funds for 13.6 million euro (including a positive exchange rate delta of 9.6 million euro).
On a like-for-like basis compared with the previous year, the value of the Portfolio Companies net of dividend distributions and new investments in the first half (in particular the acquisition of Bene Assicurazioni for 41 million euro) is stable
At June 30, 2022, Italmobiliare’s NAV per share amounts to 46.71 euro (-2.29% compared with December 31, 2021), gross of total dividend distribution of 1.40 euro per share. For Italmobiliare S.p.A., the first half of 2022 closed with a positive result of 55.7 million euro (41.7 million euro at June 30, 2021).
Caffè Borbone
The first half of the year for Caffè Borbone was a period of intense planning. The following matters are particularly worthy of note: expansion of the product range, continuation of brand promotion activities, further strengthening of the company’s organisational structure.
At channel level, Large-Scale Retail is increasingly significant, closing the half year at +46% in a single-dose market that achieved +7%.
Caffè Borbone closes the first half of 2022 with a turnover of 134.0 million euro, up by 3.7% compared with 2021. The gross operating profit for the first half comes to 33.9 million euro, and with a margin of 25%. The decrease compared with the previous period is attributable to the increase in the cost of raw materials that the company only partially passed on to the end customer by increasing the list prices.
The profit for the first half of the year was 17.9 million euro, 27% down on the previous year.
The net financial position at June 30, 2022 is negative for 14.3 million euro, already net of the distribution of dividends for 30 million euro in the second quarter. Cash generation before dividends in the first half year was positive for 8.0 million euro.
