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Valsoia, growth of all economic indicators compared to 2019

The draft financial statements at 31 December 2020 had been approved

The board of directors of Valsoia SpA met today, chaired by Mr. Lorenzo Sassoli de Bianchi, and approved the draft financial statements at 31 December 2020 and the proposed distribution of the dividend. Sassoli de Bianchi commented: “The results achieved by Valsoia in 2020 show significant growth in both the food and health segments in which we operate, thanks to a well-diversified product portfolio. Despite a global market scenario characterized by strong uncertainty and volatility, Valsoia has pursued its growth objectives thanks to articulated investment plans in product innovation, marketing and communication. During the year we entered the food supplements market, offering a complete line of 100% vegetable natural supplements for the large-scale distribution channel; we have launched new products: the Super Burger and new references of ice cream and frozen foods developed in response to new consumption trends and global lifestyles".

"At the end of the year we concluded the acquisition of Piadina Loriana (see EFA News article dated 14-12-20 ), the second brand in the Italian market with good growth potential both in Italy and abroad. We will pursue the development strategy with determination. international company that is giving excellent results with double-digit growth in revenues, + 26.9%. The company remains even after extraordinary transactions concluded in 2020 with an excellent positive net financial position of over 21 million euros, therefore able to to allow us further extraordinary growth operations both in Italy and abroad", concludes the chairman. Sales revenues at 31 December 2020, equal to € 83.5 million compared to € 74.8 million in the previous year, show a an increase of + 11.6% compared to the end of 2019. This increase is due both to the growth of the "Valsoia Bontà e Salute" brand products (health division) and to the positive trend of all brands of the food division (Santa Rosa jams, Diete.Tic, Weetabix). Ebitda at 31 December 2020 was € 11.97 million, up 7.6% compared to the previous year, recording an operating margin percentage index of 14.3% versus 14.9% of the previous year.

It should be noted that the gross margin for the year 2020 is conditioned not only by the extraordinary expenses related to the health emergency (safety, protection, extraordinary bonuses for employees, donations) but also by the significant investments in "consumer marketing", as well as by the significant related extraordinary costs to the acquisition of the "Piadina Loriana" business unit (over € 400 thousand). It should be remembered that the acquisition was made on 14 December 2020 with operational effect starting from 31 December 2020. The pre-tax result is equal to € 9.3 million, an increase of + 7.9% compared to 2019. Net profit for the period was € 7.7 million, an increase of 6.2% compared to the previous year. A dividend of € 0.38 per share was also proposed.

There was also a strong increase in sales abroad, which in the twelve months of the year recorded growth of + 26.9% compared to the same period of the previous year. With reference to the two product lines mainly sold abroad (vegetable ice cream and an alternative to spreadable cream, present in about 12,000 international supermarkets) it should be noted that the weight of the export turnover of these product lines is higher than 40% of the respective total turnover.

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EFA News - European Food Agency