In a complex year such as 2020, the Italian leading dairy group Granarolo confirmed a strong resilience maintaining the profitability targets set in the budget. This is also confirmed by the just-approved financial statements: consolidated turnover reached €1,280 million, down by -3% compared to 2019.
The social changes imposed by the “new normal” have penalized out-of-home consumption in favor of domestic consumption through a change in the spending mix that has mainly favored commodity products with longer shelf lives (e.g. milk – up to 30 days shelf life and long-life UHT milk) in addition to ingredients (eggs, cheese, mascarpone, etc.).
GRANAROLO’S 2020 ECONOMIC RESULTS
Granarolo’s sales are traditionally concentrated in Italy, (66.8% of revenues). Sales in Europe, accounting for 28.2% of total revenues, increased by +1% while sales in non-European markets, accounting for 4.9% of revenues, fell by -10.9%. On foreign markets, sales reached 33% of the total confirming a stable distribution compared to 2019.
- The group’s EBITDA reached 78.5 million euros (6.1% of revenues) growing by 5.8 million euros (+8%)over 2019;
- Operating income (EBIT) stood at 28 million euros (2.2% of sales revenue);
- Net income amounted to 15.8 million euros;
- The Net Financial Position stood at 164 million euros, an increase of 2.6 million euros compared to 2019.
POST-COVID PROSPECTS
“During 2020 our group, which operates in a sector that is not easy in terms of average margins and with significant logistics costs, reacted promptly to the new market situation brought about by the pandemic and the strong restrictions related to it” – says Gianpiero Calzolari, president of Granarolo.