GRANDUCHY OF LUXEMBOURG – IVS Group S.A. informs that it received on January 15th, 2020, a communication from the Italian Antitrust Authority (IAA) which, following the ruling of the Council of State published on 2 September 2019, has recalculated and reduced the fine applied in 2016 to IVS Italia S.p.A.
The amount of the reduction proposed by the IAA is slightly less than Euro 8.0 million (plus interest). Given that IVS Italia S.p.A. had already fully paid such a fine, the reduction – if accepted by IVS – will generate an extraordinary income and a corresponding cash-in in 2020 accounts.
IVS Group S.A. and IVS Italia S.p.A. are evaluating with their advisors the possible reply to the communication received by IAA. In any case, IVS Group remains fully and definitely convinced of the correctness of their behaviours, as always sustained throughout the procedure.
IVS Group S.A. is the Italian leader and the second player in Europe in the business of automatic and semi-automatic vending machines for the supply of hot and cold drinks and snacks (vending).
The core vending business is mainly carried out in Italy (80% of sales), France, Spain and Switzerland, with around 201,000 vending machines; the group has a network of 82 branches and more than 3,000 employees. The Group serves more than 15,000 corporate clients and public entities, with around 850 million vends per year.