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Bonifiche Ferraresi approves the 1H financial report

Production value of 46.1 million euros in line with the first half of 2020

The board of directors of BFSpA approved the consolidated half-yearly financial report as at 30 June 2021. This refers to the parent company Bf and the subsidiaries Bonifiche Ferraresi SpA agricultural company, SIS Società Italiana Sementi SpA, BF Agro-Industriale srl and BF Agricola srl agricultural company.

The value of production amounted to € 46.1 million in the first half of 2021, substantially in line with the figure recorded in the first half of 2020, equal to € 46.3 million. The volumes referring to the agricultural sector and agricultural services increased, against a contraction in the industrial / packaged sector. In the context of an unfavorable climatic trend, the agricultural sector in the first half of 2021 shows an increase in the value of production (+12%) due to the average increase in yields, also obtained thanks to the use of precision farming techniques, and the positive trend in sales prices. Also for the seeds sector there was an increase in the value of production (+ 8%), mainly due to the provision of services developed thanks to the know-how acquired and consolidated in the face of investments made in research. The livestock sector records a trend substantially in line with that of the first half of 2020.

The production value recorded in the first half of 2021 in the industrial / packaged sector, lower than in the first half of 2020 (-31%), reflects the strategic and market repositioning, with a lower orientation towards private labels (with a higher incidence of turnover) and greater concentration on the Le Stagioni d'Italia brand. Ebitda went from € 4.7 million in the first half of 2020 to € 6.8 million in the first half of 2021 (+ 45.5%) mainly due to the integration of the investments acquired in 2020 in Cai SpA and Progetto Benessere Italia Srl (1.6 million euros) and the enhancement of certain real estate assets (1.7 million euros). Ebit is equal to 2.1 million euros, compared to 1.1 million euros recorded in the first half of 2020, after having recorded amortization of 4.6 million euros, compared to 3.6 million euros in the same period of 2020.

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