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CLARA MOSCHINI

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Masi Agricola: consolidated results of HY2019

A positive 2Q bring the group back to revenues growth (+1%); hyperinflation in Argentina influenced profitability

The Board of Directors of Masi Agricola S.p.A., a company listed on AIM Italia and one of the Italian leaders in the production of premium wines, approved the consolidated half-year financial report as at 30 June 2019.

Net revenues were €29.7 million (€29.5 million in 1H 2018, +1%), EBITDA €5.5 million (€5.9 million in 1H 2018), EBIT €3.7 million (€4.5 million in 1H 2018). Net profit down to €1.7 million (€2.7 million in 1H 2018, mainly due to Argentine hyperinflation and the new accounting standard on rents), Net financial debt1 €10.3 million (€9.1 million at 31 December 2018), and Consolidated shareholders' equity €126.0 million (€127.2 million at 31 December 2018)

Sandro Boscaini, President of Masi Agricola, said: “The first half of 2019 highlighted a context that remains generally very challenging for premium still wines. In Europe, it was also characterised by adverse weather conditions, delaying the arrival of spring and with a consequent decline in demand, especially in tourist destinations. In this scenario, we are therefore satisfied with the trend of our revenues and, in particular, in the second quarter, which allowed a visible recovery from the -5% recorded at the end of March, returning to positive territory. It remains a priority to maintain and develop qualified distribution, in order to consolidate the positioning of Masi and the other brands of the Group, favouring channels and customers with high visibility, solidity, and quality. We have a reduction from a cost-income ratio perspective, while the net profit would be substantially in line with the same period in 2018, if calculated net of the elements not dependent on the management, such as hyperinflation in Argentina and the new accounting policy on rents. The particularly positive trend of Canevel Spumanti and the Masi Wine Experience project, aimed at direct contact with the consumer, should be highlighted”.

During the first half of 2019, Canevel Spumanti S.p.A. presented the new concept of Valdobbiadene Prosecco Superiore DOCG Brut and its counterpart Extra Dry, distinguished by the “Setàge” trademark: the latter, affixed on the label, promotes Canevel's consolidated corporate sparkling wine expertise towards the trade and consumers, which is expressed in a tried and true method, in a plurality of factors and at various levels of the value chain.

In 2019, Masi wines again received a wide range of certifications and exceptional scores from the main international rating authorities. We mention here: Wine Spectator, with 91/100 points for 4 Amarone Costasera 2013; Wine Enthusiast (94 points for Amarone Riserva di Costasera 2012 and the cru of Cantina Privata Boscaini Campolongo di Torbe 2011, 93 points for Amarone Costasera 2013, 92 points for the cru of Cantina Privata Boscaini Mazzano 2011, and 91 points for Vaio Armaron Serego Alighieri 2012); Wine & Spirits, with 95 points for Campolongo di Torbe 2011, 94 for Mazzano 2011, 93 for Costasera 2013, 92 for Riserva Costasera 2012, and 91 for Vaio Armaron.

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