illycaffè SpA’s Board of Directors approved the consolidated financial statement for 2021, in which revenues increased compared to 2020 and returned to 2019 levels, while profits improved compared to 2020, but remained below pre-pandemic levels flat.
Despite the ongoing health emergency, consolidated revenues for 2021 amounted to approximately €500 million, up 17.4% compared to 2020, driven by the gradual recovery of out-of-home consumption and the positive results achieved from Home channels (especially e-commerce and modern commerce).
Italy saw a 16.7% increase in revenue compared to 2020 and a 2.4% increase compared to 2019, thanks to the steady recovery of the Ho.Re.Ca sector. and the continued development of Home channels (especially e-commerce and modern commerce).
The EMEA region (excluding Italy) saw an increase of 10.1% compared to 2020, thanks to positive trends in the main reference markets (notably France, the UK, Spain and Greece).
The United States, which was hit hard by the pandemic in 2020, saw a 38.7% year-over-year increase, driven by all major distribution channels.
The Asian market, which grew by 17.8% compared to 2020, benefited from excellent performances in China and South Korea, especially in online channels.
Earnings before taxes, interest and depreciation (EBITDA) amounted to €61.6 million, up 16.7% compared to 2020, but down 11.4% compared to 2019. The EBITDA margin amounted to 12.3% of total revenue, about the same as 2020 (12.4%), but less than 2019 (13.9%).
EBIT also increased compared to the previous year (+42.1%), due to volume growth and lower depreciation – €20.7 million, down 33.5% compared to 2019 – representing a smaller percentage of net income.
Net profits amounted to €11.9 million, up 104.7% compared to 2020, commensurate with the improvement in operating profits, however, they remained below 2019 levels (-28.8%).
The net financial position improved by 9.9% compared to the previous year and amounted to 123.5 million euros.
The outlook for the future remains complex and uncertain due to geopolitical instability, the persistent pandemic, increases in the prices of raw materials, including green coffee, as well as logistical costs.
“The results for 2021, which returned to pre-pandemic turnover levels and the improvement in profitability, are a solid starting point for the current year, whose macroeconomic context is particularly difficult, commented Cristina Scocchia, Managing Director illycaffè consultant – In 2022 we will focus on profitable growth, guided by clear strategic choices and efficient allocation of resources, with the aim of mitigating, as far as possible, the negative effects caused by external factors. We will focus even more on diversification of the illy brand, which has always been associated with superior and sustainable quality”.
In the last year, illycaffè, the first Italian company to obtain the B Corp (Benefit Corporation) certification as a recognition of the high social and environmental performance, transparency and responsibility with which it operates, has strengthened its environmental policies with the aim of reduce the impact on the ecosystem starting from coffee plantations, through the adoption and promotion of sustainable and responsible practices and know-how.
Source: Capital
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