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Caffè Borbone, profit falls in the half year (-27%)

Turnover grew (+ 3.7%), but the cost of raw materials weighed on the EBITDA

From the half-year report presented by Italmobiliare, the financial data of Caffè Borbone, a 60% subsidiary, emerged. At 30 June 2022 the Neapolitan company closed the first half of 2022 with a turnover of 134.0 million Euros, up 3.7% compared to 2021. The gross operating margin amounted to 33.9 million euros, with a margin of 25% of turnover. The decrease compared to the previous period - the company explains - is attributable to the increase in the cost of raw materials, which the company has only partially reversed to the end customer through the price list increases. 

Net profit for the first half was 17.9 million euros, down by 27% compared to the previous year. The net financial position at 30 June 2022 was negative for 14.3 million euros, already net of the distribution of dividends to the parent company for 30 million euros made in the second quarter. In the first half, cash generation before dividends was positive for 8.0 million euros. At the channel level, large-scale distribution is growing (+ 46%) in a mono-portioned market which records a + 7%.

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