MILAN, Italy – Yesterday the Board of Directors of Italmobiliare S.p.A. – approved the additional periodic financial reporting at March 31, 2020 – Italmobiliare holds a 60% interest in Caffè Borbone, a fast-growing leading company in the Italian coffee market.
The economic situation of the quarter was marred by the Covid-19 pandemic and by the protective measures implemented by the institutions at an international level, which have led to a lockdown of many industrial and commercial activities – especially in March – with serious consequences for business operations, as well as for social life.
In the food sector, both Caffè Borbone and Capitelli have continued to grow in terms of revenue and gross operating profit; Sirap (food packaging) has also closed the quarter with an improvement in EBITDA, also following the effects of implementation of the business plan.
Caffè Borbone – third quarter results
Despite the negative impact from the end of February of the Covid-19 emergency on some key channels (think of vending), Caffè Borbone closed the first quarter of 2020 with revenues of 48.9 million euro, up by 15.3% compared with the same period of 2019 driven by the decidedly positive trend of the online channel and of mass merchandising.
It should be stressed that this result was achieved despite a temporary reduction of the company’s production capacity in March.
This demonstrates that the company considers the health of its employees as an absolute priority, as on a precautionary basis, it reduced the length of shifts to ensure wider spacing within its production facility.
The gross operating profit stood at 15.6 million euro, with a growth rate of 26.6% compared with the same period of 2019, also thanks to careful management of operating costs.
The net financial position at March 31, 2020 was negative for 21.3 million euro, with a positive cash flow in the quarter of 10.3 million euro.