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Salov Group: 2020 consolidated financial statements with numbers in clear growth

Volumes + 32%, turnover + 21%, net profit + 45%

Salov SpA, an Italian industrial group among the main global players in the oil sector, owned by Chinese Bright Food, confirms and consolidates for 2020, a year strongly impacted by the pandemic, the growth trend already recorded in 2019. The ordinary shareholders' meeting, in fact, approved the consolidated financial statements 2020, recording a considerable increase in all performance indicators compared to the already positive year of the previous year. The Group, which has its headquarters and plant in Massarosa (Lucca) and to which two historical brands such as Sagra and Filippo Berio belong, recorded double-digit growth in consolidated turnover in 2020, which rose to 335,598,000 Euros (+21 % on an annual basis) due to sales amounting to 120 million liters (+ 32%). The conspicuous increase in sales volumes also affects the net profit, equal to 12 million euros, and on the Ebitda which has risen to 26 million euros.

“2020 was a challenging test bed in every respect, but in particular for the solidity of the strategic choices that we started to implement in 2019”, comments Fabio Maccari, CEO of the Group. “Having passed the stress test induced by the pandemic, bringing more than positive results to the balance, authorizes us to look to the next challenges with reasonable optimism and awareness of our resources”. The positive trend in production, however, is also attributable to the structural growth and consolidation of the 75 foreign markets in which Salov has been present for some time. The contribution of panic buying to sales volumes, in fact, has been estimated at around 10 million liters: an important boost, but not equivalent to the total growth of over 18 million liters on an annual basis which has in any case been recorded and in leaves regardless of the pandemic.

The numbers shown in the financial statements are explained by the consolidation of the renewal process undertaken in 2019 with the new management at the helm of the company, which has chosen to: continue to develop the business of the Sagra and Filippo Berio brands by focusing on the constant search for quality combined with sustainability, as an integral part of the corporate strategy; consolidate the growth of the branches in China and Brazil, in addition to the commercial offices in Toronto, opened in new markets in the last two years, expanding the historical presence of the United States, Great Britain, Russia and Singapore. Consistently with the foregoing, the Group's net financial position, in line with that of 2019 but with an improvement in the relationship between financial position and Ebitda, reported benefits on liquidity.

In 2019, the Group launched a three-year investment plan of 15 million euros to upgrade the production site which will allow both to increase the bottling capacity, bringing it up to 20 million more bottles, and a gain in terms of greater flexibility, by completely overhauling the logistics system and increasing the capacity of the warehouse. All managed according to the architecture of Industry 4.0. In addition to this three-year investment, Salov has earmarked approximately 5 million euros for the innovation of the information technology infrastructure in order to make the company even smarter. "In 2020 Salov made important investments aimed at continuous improvement in terms of product quality and environmental performance that concerned the packaging, with the introduction of the new glass bottle in all formats and the passage of the external packaging from the tray to carton, the warehouse, with the new storage station for empty bottles and the expansion of the storage capacity of the extra virgin olive oil at a controlled temperature, and the production lines, with a new line capable of satisfying spot productions and change format, without overloading the production line”, said Maccari. "The company will continue in the next few years to spread the culture of olive oil on international and Italian markets, capitalizing and further implementing what has already been done in 2020, with the aim of becoming more and more the reference point in the sector. extra virgin olive oil”, concluded the CEO.

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