Massimo Zanetti Group, H18 revenue at Euro 434.4 millions
The net profit amounts to Euro 7.1 million, up 62.3% compared to first half of 2017
The Board of Directors of Massimo Zanetti Beverage Group S.p.A., one of the leading brands worldwide in the production, processing and marketing of roasted coffee and other selected categories of colonial products, listed on the Milan Stock Exchange (MZB.MI), approved today the Half Year Financial Report at June 30, 2018.
In the first six months of 2018, the roasted coffee sales volumes of Massimo Zanetti Beverage Group S.p.A. showeda slight decline, -1.9% compared to the first half of 2017 (62.1 thousand tons compared with 63.2 thousand tons ofthe first half 2017).
This trend is due to the decrease in the Americas (-5.3% compared to the first half of 2017) in the Private Label andMass Market channels, partially offset by positive performance of all other areas: Southern Europe was up 3.2%compared with the first half of 2017, Northern Europe was up 1.9% compared with the first half of 2017, and AsiaPacific and Cafés was up 12.0% compared to the first half of 2017.
Food Service channel performed well in all markets (+3.1%, compared with the first half of 2017), in line with theGroup’s strategy which focuses on channel and product mix highly-profitable.
The Group’s consolidated revenue amounted to Euro 434.4 million in the first half of 2018, compared to Euro 475.6 million of the first half of the prior year, a decrease of 8.7% at current exchange rates, - 3.3% at constant exchangerates compared to the first half of 2017.
Ebitda amounts to Euro 32.1 million (7.4% on revenue), compared to Euro 29.1 million in 2017 (6.1% on revenue),up by 10.2% compared to the first half of 2017.
Operating income (Ebit) amounted to Euro 14,1 million for the six months ended June 30, 2018, an increase of+30.2% compared to Euro 10.8 million of the six months ended June 30, 2017. In addition to as previously describedfor Ebitda, this increase is attributable to the decrease in amortization and depreciation, amounting to Euro 0.3million.
The net profit amounts to Euro 7.1 million, up 62.3% compared to first half of 2017. Income taxes increased Euro480 thousand, mainly due to the increased taxable income generated by the Group in the six months ended June30, 2018 compared to the same period of 2017.
Massimo Zanetti, Group's Chaiman and Ceo, said: “In the first half of 2018, key profitabilityindicators have grown considerably: the Ebitda increased by more than 10% and the net profit by more than 60%.Revenue in the first half of the year, which was substantially stable at an organic level (-3% compared to the firsthalf of 2017), showed a steady improvement in the sales mix, generating a positive expansion of margins. All geographical areas and all sales channels reported increased volumes, except for the American market, whichdecreased by 5%. In particular, the Asia-Pacific region reported interestingly growing volumes (+12%) and the FoodService channel performed well in all markets.Based on the reported results for the first six months and considering the positive outlook for the remaining partof the year, we confirm our expectations of solid growth in profitability for the financial year”.
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