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Granarolo profits up in 2020 despite the pandemic

Slight drop in turnover due to the reduction in sales in the foodservice sector

The Board of Directors of Granarolo Spa, which met on 11 March under the chairmanship of Gianpiero Calzolari, approved the draft financial statements which will be submitted to the Shareholders' Meeting scheduled for April 14 in single call. Consolidated turnover amounted to 1,280 million euros, a decrease of 3% compared to the previous year, mainly due to the reduction in sales in the Normal Trade and Food Service channel both in Italy and in other countries where the Group is present. As a result of the pandemic, there was in fact a significant reduction in volumes and revenues in this channel that was not fully offset by the increase recorded in the large-scale retail channel. 

"The social changes imposed by the "new normal"- explains a note - penalized consumption outside the home (the channel lost 40.7%, the Granarolo Group the average 25-30%, with peaks of -80% since March in May) in favor of domestic consumption through a change in the spending mix that favored above all commodity products with a longer shelf life (esl milk - up to 30 days in duration and long-life UHT milk) and ingredients (eggs, cheeses, mascarpone)".

The Group's gross operating margin (EBITDA) stood at € 78.5 million, equal to 6.1% of revenues, an improvement of € 5.8 million (+ 8%) compared to 2019. Group sales are traditionally concentrated in Italy (66.8% of revenues); the percentage of sales in Europe equal to 28.2% of revenues increased by 1% while sales on non-European markets equal to 4.9% of revenues decreased by 10.9%. Overall, on foreign markets, turnover reaches 33% of total turnover, confirming a substantially stable distribution compared to the previous year. 

The operating result (EBIT) amounted to 28 million euros, equal to 2.2% of sales revenues. The net result for the year recorded a profit of 15.8 million euros (+ 19% compared to 2019). The Net Financial Position stands at € 164 million, an increase of € 2.6 million compared to the same figure as at 31 December 2019. The Board of Directors has decided to propose to the Shareholders' Meeting the distribution of a dividend equal to 12.5 million euros. In order to give adequate comparability to management events, the financial information and comparative analyzes contained in this press release refer to the data without the application of IFRS 16.

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EFA News - European Food Agency