MILAN, Italy — The Board of Directors of Italmobiliare S.p.A., the parent company of Caffè Borbone, has reviewed and approved the interim report at June 30, 2021. The NAV of Italmobiliare exceeds 2 billion euro (1,838.2 million euro at December 31, 2020), with the NAV of the Portfolio Companies rising to 1,252.8 million (+130.7 million euro on December 31, 2020). The total change also reflects the increase in the market value of the investment in HeidelbergCement AG (+10.6 million euro), of the other listed investments (+5.5 million euro) and of the private equity funds (+18.2 million euro), net of dividends paid out.
The NAV per share amounts to 47.31 euro, an increase of 10.31% compared with the end of 2020, gross of dividends paid (+8.65% net of the dividend of 0.65 euro per share).
During the half year, the overall performance of the Portfolio Companies, which represent more than 60% of NAV, showed a decidedly positive result compared with both 2020 and 2019 prior to Covid.
All of the companies closed the half year with a growth of over 15% on 2020 (with the exception of Sirap, penalised by the loss in intragroup revenues) with revenue higher than the same period in 2019 and a rising GOP. The Officina Profumo-Farmaceutica di Santa Maria Novella, which has had another less than brilliant result in the retail segment because of the pandemic, was the only exception.
For Italmobiliare S.p.A., revenue increased during the half year mainly due to the increase in dividends approved or collected from investee companies and the positive results from the financial assets.
The consolidated financial position at June 30, 2021 was a positive balance of 354.5 million euro, compared with 320.8 million euro at the end of December 2020.
At a consolidated level, revenue came to 232.7 million euro (155.6 million at June 30, 2020) and the profit to 117.4 million (1.4 million in the first half of 2020).
In general, the half year for Caffè Borbone was characterized by a very positive performance on the part of the capsule business, that continues to trigger the overall performance of the company, recording a growth of almost 30% in the half year compared with the previous year. At channel level, Caffè Borbone continues its trend of increasing market share in the large-scale retail trade, closing the half year with a +57% compared with 2020 in a mono-portioned market which posted an overall +7% (source: Nielsen); the performance of the specialist store channel was also very positive.
Caffè Borbone closes the first half of 2021 with a turnover of 129.2 million euro, up by 24.1% compared with 2020. The gross operating profit for the first half comes to 46.2 million euro, up by almost 35% compared with 2020 and with a margin of 35.7% of sales, an improvement compared with the same period of 2020 (2.8 percentage points more).
Profit for the first half of the year was 24.7 million euro, 4.3% up on the previous year.
The net financial position at June 30, 2021 is negative for 12.3 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 was positive for 29.5 million euro.