MILAN, Italy – The Board of Directors of Italmobiliare S.p.A. – the parent company of Caffè Borbone, one of Italy’s leading coffee roasters – has approved the company’s draft financial statements at December 31, 2023. The group closes another year of significant growth, with NAV up by 172 million (performance +10%); cash and cash equivalents up sharply as a result of disinvestments; growth in turnover (+21.1%) and Ebitda (+80.7%) at consolidated level. proposed dividend totalling 3 euro per share, amounting to 126.8 million.
At a consolidated level, the turnover of the Group stands at 585.8 million euro, up by 21.1% compared with 2022, mainly thanks to the positive contributions made by Caffè Borbone, Casa della Salute, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen.
EBITDA of 99.2 million euro is up by 80.7% compared with last year, again thanks to excellent performances on the part of Caffè Borbone, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen.
Italmobiliare S.p.A. closed the 2023 financial statements with a profit of 51.6 million euro, an increase of 54.1% compared with 33.5 million in 2022. At December 31, 2023, the net financial position of Italmobiliare S.p.A. saw an improvement of 52.8 million euro, going from 151.5 million euro at December 31, 2022 to 204.3 million euro at December 31, 2023. Added to these are the approximately 100 million euros collected following the sale of AGN Energia, which took place after the end of the year.
Caffè Borbone (60% interest)
Caffè Borbone has closed 2023 with revenues of 300.4 million euro, 14.3% up on the previous year. The increase in revenues in Italy (+11%) is driven by Large-Scale Retail Trade, 28% up on the same period of the previous year, an increase that is more than double the average growth rate of the market (+12%, source: Nielsen).
An excellent performance was also achieved by the digital channel, which includes direct e-commerce, Amazon and specialised portals, which grew by 32%. Development of the foreign market also continues, with an increase of 59% on the previous year, including a good start on the part of direct management in America.
The gross operating profit comes to 79.7 million euro (+21%), with a margin on sales of 26.5%, an increase of 1 percentage point despite the fact that the cost of coffee remains very high (particularly that of Robusta, which represents the majority of the volumes purchased by the company) and investments in marketing and people in preparation for the company’s development plan on the American market.
The operating result comes to 68.2 million euro with a net profit in 2023 of 48.0 million euro. The net financial position at December 31, 2023 is positive for 17.1 million euro.
Neutralising the payment of dividends and the one-off impact of the asset acquisition in America, Free Cash Flow in the period was positive for 69.2 million euro, confirming yet again the Company’s capacity for cash generation.
Caffè Borbone, which continues its path of consolidation among the leaders of the single-serve coffee sector in Italy, has undertaken a strong process of growth abroad with the aim of proposing its products with an excellent quality/price ratio in selected European markets and in the United States.
