MILAN, Italy — The Board of Directors of Italmobiliare S.p.A., the parent company of Caffè Borbone, approved on May 11, 2021, the additional periodic financial reporting at March 31, 2021. 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.
The first quarter of 2021 closes with positive results for the Portfolio Companies, albeit in a situation that is still very complex. Further significant growth for Caffè Borbone; Tecnica Group starts showing a relevant improvement in its results compared with 2020, even higher than in 2019.
In light of these trends, at a consolidated level, the quarter closed with an increase in revenue to 115.6 million euro (86.7 million in the first quarter of 2020) and with an improvement in gross operating profit (EBITDA) of 39 million euro (compared with a loss of 6 million euro in March 2020).
Italmobiliare‘s Net Asset Value at the end of March amounted to 1,871.1 million euro, an increase of 32.9 million compared with December 31, 2020 (1,838.2 million).
The net financial position of Italmobiliare SpA at the end of March was positive for 356.4 million euro (387.2 million at the end of 2020), a reduction taking into account the investments made as co-investor of the Clessidra Capital Partner 3 fund in the acquisition of Botter SpA (-36 million euro) and in private equity funds (-15.6 million), partially offset by the sale of HeidelbergCement shares (+25.4 million).
In the food sector, both Caffè Borbone and Capitelli have continued to grow in terms of revenue and gross operating profit, with Caffè Borbone increasing its revenue by 32.9% to 65 million euro and EBITDA by 50.6% to 23.5 million euro.
Caffè Borbone
Caffè Borbone closed the first quarter with revenue of 65.0 million euro, an increase of 32.9% compared with the previous year, only partially attributable to the temporary reduction in production capacity in March 2020 during the first lockdown.
At channel level, both the online channel and the large-scale retail trade, where Caffè Borbone also rises in terms of market share, continue to grow at above average rates (in the quarter, +67% for Caffè Borbone vs. +14% for the single-portion coffee market, source: Nielsen).
At product level, the performance of the capsule aggregate was positive, growing by 47% compared with the first quarter of 2020.
Gross operating profit comes to 23.5 million euro, with a growth rate of over 50% compared with the same period of 2020 (an improvement of 7.9 million euro).
The net financial position at March 31, 2021 was positive for 10.2 million euro, with positive cash generation in the quarter of 22.0 million euro, only partially attributable to the decrease in working capital compared with December 31, 2020.
