Friday 19 August 2022

illycaffè: 2021 consolidated revenues reach € 499.5M up 16.7%, Ebitda at € 61.7M

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TRIESTE, Italy – The Annual General Meeting of illycaffè S.p.A., which took place on June 20th, 2022 approved the financial statement of December 31st, 2021 and appointed a new Board of Directors, whose term will run through the 2022-2024 fiscal years.

The consolidated financial statement, which was drafted for the first time in accordance with IFRS accounting principles, showed consolidated revenues of € 499.5 million, a 16.7% increase compared to 2020 and in line with 2019, EBITDA of € 61.7 million, net profit of € 11.9 million, and a negative net financial position of € 123.5 million.

Chairman Andrea Illy and Vice-Chair Enrico Tommaso Cucchiani were re-elected to their current positions, as were six incumbent board members: Robert Agostinelli, Carolyn Dittmeier, Anna Illy, Marianne Kirkegaard, Maria Migliorato and Cristina Scocchia. The three new board members are Paola Cillo, Raffaele Jerusalmi and Giovanni Zoppas.

Anna Rossi Illy also remains as Honorary Chairwoman. The Board of Auditors that was nominated last year remains in charge; it is chaired by Joram Bassan, with Alessandra Stabillini and Pasquale Debidda as the other members.

The new Board has appointed Cristina Scocchia as Chief Executive Officer, recognized seven members as independent directors, appointed Raffaele Jerusalmi as Lead Independent Director, and established a supervisory board chaired by Daniele Piva, a Nomination and Remuneration Committee chaired by Enrico Cucchiani, a Control, Riskand Related Parties Transactions Committee chaired by Carolyn Dittmeier, and a Sustainability Committee chaired by Maria Migliorato.

Andrea Illy, Chairman of the Board of Directors of illycaffe stated: “I am honoured to chair this authoritative board, which will have to meet the challenges of boosting the company’s growth in North America, accelerating the ecological transition, and getting ready for the company’s listing on the stock exchange. I would like to take this opportunity to thank the outgoing board, which in spite of the pandemic, successfully managed Rhône Capital’s becoming a minority shareholder”.

The Board of Directors of illycaffè will avail itself of the proven professional skills of its new members Paola Cillo, Raffaele Jerusalmi e Giovanni Zoppas.

Paola Cillo is an Associate Professor in the Management and Technology Department at Bocconi University, and Director of Corporate Research and Financial Institutions at Claudio Demattè Corporate and Financial Institutions. She is the Liaison Officer for Bocconi’s Management and Technology Department, and the academic coordinator for its Full Time MBA programme’s Concentration in Luxury Business Management.

Raffaele Jerusalmi is a Senior Advisor at Banca Pictet and a member of the Board of Directors of E-novia SpA. In 1998 he joined Borsa Italiana, the Italian stock exchange, where he took on increasingly important role, culminating in his service as CEO from 2010 to 2021. During this same timeframe, he was also a member of the Board of Directors of the London Stock Exchange Group (LSEG)and executive director of the Group’s Capital Market division. On June 2nd, 2019 he was appointed “Knight of the Order of Merit of the Italian Republic” by the President of the Republic.

Giovanni Zoppas has been the CEO and Director General of Tecnica Group since May 2021. He has a degree in Political Economy from Bocconi University and has successfully held a series of challenging posts in major international groups such as Benetton, GlaxoSmithKline, Gruppo Coin and Gruppo Marcolin, of which he was CEO and Director General from 2012 to 2017.

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