MILAN, Italy – On March 8, 2023, the Board of Directors of Italmobiliare S.p.A., the parent company of Caffè Borbone, reviewed and approved the consolidated financial statements and the draft separate financial statements of the Company at December 31, 2022. The Board of Directors will propose to the next Shareholders’ Meeting the distribution of a dividend of 0.70 euro per share, for a total of 29,598,051 euro, to be taken out of the profit for the year, which amounts to 33.5 million.
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.
In 2022, Italmobiliare’s Portfolio Companies had aggregate revenue of 2,090.4 million euro, an increase of 18% compared with 2021. The aggregate EBITDA was 268.3 million, down due to the pressure on margins linked to the rise in the cost of raw materials and a number of contingent factors. In particular, Italgen’s production was affected by the ongoing drought, while AGN Energia’s results compare with a 2021 that featured the positive impact of hedging LPG purchases during the lock-down.
The negative performance during the year of SIDI also weighs on the overall results, though it only became a Portfolio Company on October 25, 2022. If we eliminate these three factors, EBITDA remained substantially stable (+1.4% compared with the previous year), confirming yet again the resilience of the Holding Company’s portfolio.
Excluding treasury shares, the Net Asset Value of Italmobiliare comes to 2,029.1 million euro (2,082.1 million euro at December 31, 2021. Considering the distribution of 59.2 million euro of dividends during the year, the net performance is positive for 6.2 million euro.
Italmobiliare S.p.A. has closed its 2022 financial statements with a profit of 33.5 million euro (53.1 million in 2021). The pre-tax result amounts to 21.4 million (74.9 in 2021).
“The 2022 results confirm the value of our diversified portfolio of Italian industrial excellence – commented Carlo Pesenti, Chief Executive Officer of Italmobiliare – even in a complex global macroeconomic scenario, conditioned by the rise in energy costs following the war in Ukraine and the increase in raw material costs. The positive net performance of the NAV, considering the distribution of dividends during the year, together with the growth in aggregate revenue and substantial stability of the Portfolio Companies’ EBITDA confirm both the validity of investment choices and the management skills of the Holding and of the companies themselves, which have been able to react pro-actively to the difficulties. During the year, investments were also made in Bene Assicurazioni, an innovative company able to intercept the transformations underway in the insurance sector, and SIDI Sport, an iconic brand known all over the world. Going forward, we aim to focus more and more on developing this core portfolio of shareholdings.”
“The uncertainties of the traditional economy, the climate challenge, social inequalities and the imbalance in the distribution of wealth confirm how sustainability is a real urgency and no longer just an option – underlines the Chairman Laura Zanetti. For some time, Italmobiliare has chosen sustainability as a lever for success, integrating ESG policies into its business strategy, through an accurate assessment of the profile of potential investments, active ownership in the management phase, transparency and performance reporting in all the management phases up to disinvestment, which is also designed to continue the path undertaken up to that point.
Faced with what are by now the tangible effects of climate change, the Holding and Portfolio Companies have responded by reducing direct CO2 emissions by 35% compared with 2020 and eliminating indirect ones by using only renewable electricity. Furthermore, just today the Board of Directors approved Italmobiliare’s adhesion to the Science Based Targets initiative, which commits to setting and pursuing short and long-term emission reduction objectives in line with the net-zero scenario. It is no coincidence that Italmobiliare ranks at the top of the comparables in the main ESG Ratings worldwide.”
Summary of results
In 2022 Italmobiliare S.p.A. recorded revenue and income of 137.0 million euro (110.8 million euro at December 31, 2021), an EBITDA of 70.3 million (76.2 million in 2021) and a profit of 33.5 million (53.1 in 2021). Net income and charges from equity investments are positive for 68.8 million euro, up by 36.9 million euro compared with 31.9 million euro at December 31, 2021.
Net income and expenses from the investment of liquid assets, on the other hand, decreased by 89.5 million euro, mainly due to the negative performance of the investment and private equity funds. Other income and expenses are negative for 28.4 million euro, substantially in line with the previous year.
At December 31, 2022 the net financial position of Italmobiliare S.p.A. is showing a decrease of 186 million euro, going from 337.5 million euro at December 31, 2021 to 151.5 million euro at the end of December 2022.
At a consolidated level, in 2022 the Italmobiliare Group recorded revenue and income of 483.6 million (492.3 million at December 31, 2021). EBITDA has fallen to 54.9 million (170.5 million at December 31, 2021) mainly due to the results of Italmobiliare which are affected by the negative performance of the private equity portfolio and trading activities (2022 result -27.4 million compared with the positive performance of 62.7 million in 2021) and a reduction in the EBITDA of Caffè Borbone (-17.3 million) and Italgen (-13.2 million).
After an increase in amortisation and depreciation and impairment losses on non-current assets compared with 2021, operating profit was 22.7 million (145.2 million in 2021). Taking into account the overall positive performance of the portfolio companies, the profit attributable to the owners of the parent company comes to 21.1 million, compared with 139.7 million at the end of 2021, and the consolidated equity attributable to the owners of the parent company amounts to 1,426.8 million (1,459.6 million at the end of 2021).
Dividend
The Board of Directors of Italmobiliare will propose to the Shareholders’ Meeting on April 27, 2023 the distribution of a dividend of 0.70 euro per share, paid out of the profit for the year, for a total of 29,598,051 euro. The dividend will be paid on May 10, 2023, going ex-coupon on May 8, 2023 (with a record date of May 9, 2023).
Caffè Borbone (60% interest)
Caffè Borbone closed 2022 with revenue of 262.7 million euro, up 4% on the previous year, which was positively affected by the increase in domestic coffee consumption due to the pandemic.
Analysing the distribution channels, 2022 discounts the short-term impacts of the strategy of serving specialist stores directly, reducing recourse to the wholesale channel, while the GDO (large-scale retail trade) channel is growing at above-average rates. Encouraging signals from abroad with growth of 22%. In terms of products, single-serve coffee is still the main product, though there has been a recovery in sales of coffee beans (+17% compared with 2021), having been affected by the slowdown in the Ho.Re.Ca. channel (hotels, restaurants and bars) due to the health emergency.
EBITDA comes to 65.8 million euro, with a margin on sales of just over 25%, and non-recurring costs of 2.7 million euro. Without these costs, operating profit would have been 68.5 million euro. The contraction compared with the same period of the previous year is mainly due to higher raw material costs and the increases in transport and electricity.
Net of slightly higher depreciation and amortisation, the operating result comes to 54.8 million euro with a net profit for 2022 of 38.8 million euro. The net financial position at December 31, 2022 is negative for 20.6 million euro, already net of 50 million euro of dividends paid (20 million euro in the last quarter). Cash generation, gross of dividends, has been positive for 22 million euro, despite the 10.5 million euro increase in working capital.
