ITALIAN WINE BRANDS BOARD OF DIRECTORS
APPROVES 2024 FINANCIAL RESULTS
NET INCOME RECORD AT 22.6 MIL + 37.4%
Revenues from Sales: Euro 401.9 million (- 6.3% vs 2023); US revenues 7.8% only
EBITDA Adj1: Euro 50.4 million (+13.7% vs 2023)
NET RESULT: Euro 22.6 million (+37.4% vs 2023)
NET FINANCIAL DEBT: Euro 75.92 million (- 24.6% vs 2023)
FREE CASH FLOW YIELD4 on average share value last month > 18%
Dividend proposal of Euro 0.5 per share; dividend yield 2025: 4.6%
Milan, March 21st 2025 - The Board of Directors of Italian Wine Brands S.p.A., met today, to examine and approve the draft financial statements as of 31 December 2024, drawn up in accordance with the IAS-IFRS accounting principles, and pursuant to the Euronext Growth Milan Issuers' Regulation, ("Regulation EGM") which will be submitted to the next Shareholders' Meeting of the company for approval. Today's Board also examined and approved the Consolidated financial report as of 31 December 2024, drawn up in accordance with the IAS-IFRS international accounting standards.
The Consolidated financial report of the IWB Group as of 12/31/24 highlights the following values (in thousands of Euros):
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2022 | |||
Amounts in €000 | pro-forma (3) | |||||
Revenue from sales | 401,937 | 429,127 | 430,312 | 390,654 | ||
Change in inventories | (13,933) | (19,765) | 3,320 | 610 | ||
Other income | 3,261 | 4,410 | 5,897 | 5,574 | ||
Total revenues | 391,265 | 413,772 | 439,529 | 396,838 | ||
Purchase costs | (248,332) | (271,847) | (298,387) | (271,790) | ||
Costs for services | (65,657) | (70,911) | (78,190) | (70,990) | ||
Personnel costs | (25,435) | (25,078) | (24,256) | (21,633) | ||
Other operating costs | (1,458) | (1,606) | (1,520) | (1,368) | ||
Total operating costs | (340,883) | (369,443) | (402,352) | (365,781) | ||
Adjusted EBITDA (1) | 50,382 | 44,330 | 37,177 | 31,057 | ||
EBITDA | 46,620 | 40,962 | 35,871 | 29,735 | ||
Adjusted net profit/(loss) (2) | 25,319 | 18,886 | 15,154 | 11,986 | ||
Net profit/(loss) | 22,607 | 16,458 | 14,212 | 11,033 | ||
Net debt | 89,316 | 115,932 | 146,547 | 146,547 | ||
of which net debt - third-party lenders | 75,506 | 96,313 | 121,877 | 121,877 | ||
of which net debt - deferred price on acquisitions | 445 | 4,405 | 7,621 | 7,621 | ||
of which net debt - lease liabilities | 13,365 | 15,214 | 17,049 | 17,049 |
1 Adjusted book figures as of 31 December 2024 (for adjusted Ebitda and adjusted Net result) shown gross of non-recurringrevenue and costs, for a total of 3,762 thousand euro attributable to:
- Costs for services amounting to Euro 177 thousand, made up of i) Euro 75 thousand for costs relating to the settlement of supply relationships, ii) Euro 95 thousand for legal consultancy fees for the reorganisation;
- Personnel costs of Euro 1,612 thousand for (i) settlements with former employees and related costs, (ii) the industrial reorganisation which affected the Valle Talloria site, (iii) closure of the Teleselling activities of Giordano Vini;
- Change in inventories of 222 thousand euro relating to the write-down of packaging following the closure of the Valle Talloria plant;
- Costs for services and personnel costs for a total of 1,751 thousand euro relating to the full vesting and assignment of the second tranche of the 2023-2025 Incentive Plan, representing 19% of the overall value of the plan on achievement of the target profit for 2024 (2024 Adjusted EBITDA equal to at least 50.0 million euro).
2 Value net of the IFRS 16; 3 Pro-forma effect: Consolidated data referring to all companies forming part of the group's perimeter, considered for the period 1 January - 31 December
4 (FCF equal to euros 42.3 million- capex equal to euros 5 million)/9,459,683 azioni /21.7 euro per share
Alessandro Mutinelli, President and CEO of the Group, declares: "Italian Wine Brands, the first Italian group listed in the wine
sector, celebrated 10 years since its listing on the EGM segment of the stock exchange in January 2025, a milestone that
demonstrates extraordinary growth and constant expansion on the global market. Over its history, the Group has seen a significant
increase in turnover, which has gone from approximately 140 million euros at the time of the IPO in 2015 to approximately 400
million today, with over 80% of sales made on international markets. With this financial year, we are celebrating the tenth
anniversary with historic records in EBITDA and Net Result. These results and the strength of the Group allow us to look to the
future with renewed confidence and optimism and, despite the volatility of international markets, we will go on with full
commitment on the path of growth in value for all stakeholders".
Revenues from sales
Italian Wine Brands S.p.A. confirms itself as the first listed Italian wine group, consolidating revenues of Euro 401.9 million in 2024. In terms of its markets, IWB generates turnover mainly with foreign customers, given the strategy of taking advantage of the better opportunities for growth in consumption that develop mainly at an international level. The table below shows
- a 3-yearCAGR growth of 1.43% driven by the constant increase in revenue in North America (USA +8%; Canada +9.5%); excellent growth in Poland +26% ; and a significant increase in revenue in Northern Europe (Netherland +15.1%; Sweden: +7.5%), in addition to a higher presence in the Italian market which, looking forward, could represent a driver of growth and the continuous expansion on international markets in line with the global growth strategy according the "vision of the Group "everywhere one of our bottles with one of our brands" (Other countries +29.5%);
- a decrease compared with 2024 revenue equal to Euro 27.2 million deriving from: repositioning of selling prices towards pre-inflationlevels; a decrease in Private Label volumes; a decrease in revenue generated by direct sales in non-digitalchannels (teleselling and direct mailing).
Amounts in €000 | ||||||
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2022 | ∆ % 23 / 24 | Cagr 22 / 24 | |
pro-forma | ||||||
Total Revenues from sales | 401,937 | 429,127 | 430,312 | 390,654 | (6.34%) | 1.43% |
Revenues from sales - Italy | 73,624 | 67,380 | 73,521 | 70,625 | 9.27% | 2.10% |
Revenues from sales - Foreign markets | 328,210 | 361,500 | 355,356 | 318,593 | (9.21%) | 1.50% |
Other Revenues | 103 | 247 | 1,436 | 1,436 | (58.21%) | (73.18%) |
The breakdown of sales revenue by distribution channels shows:
- a constant increase in the Ho.re.ca channel (+8.3% vs 2023; CAGR 22/24 +19.3% consistent with the Group's development strategy in premium own-brand products;
- a reduction in wholesale sales (to large-scale retail chains, state monopolies) due to a lower proportion of private label products and a reduction in prices towards pre-inflationary levels, more than offset in terms of margins by the reduction in production costs;
- a repositioning of the distance selling channel (direct sales to private individuals) at pre-pandemic levels due to new consumer habits and the reduced appeal of "traditional" sales via teleselling and direct mailing, which are not offset by higher online sales, even though there has been significant growth in this area.
Amounts in €000 | ||||||
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2022 | ∆ % 23 / 24 | Cagr 22 / 24 | |
pro-forma | ||||||
Total Revenues from sales | 401,937 | 429,127 | 430,312 | 390,654 | (6.34%) | 1.43% |
Revenues from wholesale division | 284,366 | 311,845 | 303,471 | 279,013 | (8.81%) | 0.95% |
Revenues from distance selling division | 58,124 | 62,257 | 68,545 | 68,502 | (6.64%) | (7.89%) |
Direct Mailing | 26,953 | 30,426 | 34,539 | 34,539 | (11.41%) | (11.66%) |
Teleselling | 10,426 | 12,155 | 13,902 | 13,902 | (14.22%) | (13.40%) |
Digital / WEB | 20,745 | 19,677 | 20,104 | 20,061 | 5.43% | 1.69% |
Revenues from ho.re.ca division | 59,344 | 54,778 | 56,860 | 41,703 | 8.33% | 19.29% |
Other Revenues | 103 | 247 | 1,436 | 1,436 | (58.21%) | (73.18%) |
Margins
The Italian Wine Brands group achieved a consolidated Ebitda adjusted of Euro 50.4 million in 2024, a historic record for the Group compared to the consolidated Ebitda adjusted of Euro 44.3 million in 2023. The margin on turnover grew up to 12.4% compared to 10.23% in 2023, returning to maximum levels and confirming an unstoppable growth path in value.
Amounts in €000 | ||||||
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2022 | ∆ % 23/24 | CAGR ∆ % PF | |
pro-forma | 22 / 24 | |||||
Revenue from sales and other income | 405,198 | 433,537 | 436,209 | 396,228 | (6.54%) | (3.62%) |
Raw materials consumed | (262,266) | (291,612) | (295,066) | (271,180) | (10.06%) | (5.72%) |
% of total revenue | (64.73%) | (67.26%) | (67.64%) | (68.44%) | ||
Costs for services | (65,657) | (70,911) | (78,190) | (70,990) | (7.41%) | (8.36%) |
% of total revenue | (16.20%) | (16.36%) | (17.92%) | (17.92%) | ||
Personnel | (25,435) | (25,078) | (24,256) | (21,633) | 1.42% | 2.40% |
% of total revenue | (6.28%) | (5.78%) | (5.56%) | (5.46%) | ||
Other operating costs | (1,458) | (1,606) | (1,520) | (1,368) | (9.25%) | (2.07%) |
% of total revenue | (0.36%) | (0.37%) | (0.35%) | (0.35%) | ||
Adjusted EBITDA | 50,382 | 44,330 | 37,177 | 31,057 | 13.65% | 16.41% |
% of total revenue | 12.43% | 10.23% | 8.52% | 7.84% |
The table above shows:
- a reduction in the proportion of Consumption of raw materialson turnover due to (i) a better product mix with growth in both volume and value of the Top Brands with a profit margin (defined as the difference between revenue and the cost of raw materials) equal to or greater than 45%, and (ii) lower production costs, in particular the unit cost of dry materials decreased by 12% compared with 2023, more than offsetting the fall in prices resulting from the market repositioning towards pre-inflation levels.
- Costs for Services, equal to Euro 65.66 million, considerably lower than in 2023 and previous years mainly due to (i) lower energy costs (ii) optimisation of transport costs (iii) reduction of commissions not only due to lower volumes, but as a further synergy from the commercial integration of B2B; this in addition to the reductions resulting from lower B2C volumes (tariffs and excise duties, postal delivery). The higher investments in advertising were therefore more than compensated.
- Personnel costsslightly increased in absolute terms from Euro 25.1 million in 2023 to Euro 25.4 million in 2024. This was attributable to the higher percentage of wine production and bottling carried out internally, which made it possible to significantly reduce external processing costs and to increase the overall operating margin.
The revenue and cost dynamics described above have allowed us to achieve an adjusted Ebitdaof Euro 50.4 million (12.5% of sales), a significant improvement both in absolute terms and in percentage terms compared with 2023 and an all-time record for the Group.
The following is a breakdown of the costs that take the gross operating profit to the profit before taxesof the Italian Wine Brands Group
Amounts in €000 | ||||||
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2022 | ∆ % 23/24 | CAGR ∆ % PF | |
pro-forma | 22 / 24 | |||||
Adjusted EBITDA | 50,382 | 44,330 | 37,177 | 31,057 | 13.65% | 16.41% |
Write-down | (857) | (1,601) | (833) | (803) | (46.49%) | 1.43% |
% of total revenue | (0.21%) | (0.37%) | (0.19%) | (0.20%) | ||
Depreciation and amortization | (9,968) | (11,965) | (11,450) | (9,666) | (16.69%) | (6.69%) |
% of total revenue | (2.46%) | (2.76%) | (2.62%) | (2.44%) | ||
Non-recurring items | (3,762) | (3,368) | (1,306) | (1,322) | 11.71% | 69.72% |
% of total revenue | (0.93%) | (0.78%) | (0.30%) | (0.33%) | ||
Release (accrual) of provision for risk | - | (24) | (59) | (54) | (100.00%) | (100.00%) |
% of total revenue | - | (0.01%) | (0.01%) | (0.01%) | ||
Operating profit (loss) | 35,795 | 27,372 | 23,530 | 19,213 | 30.77% | 23.34% |
% of total revenue | 8.83% | 6.31% | 5.39% | 4.85% | ||
Financial income (expenses) | (4,951) | (7,798) | (5,645) | (5,518) | (36.50%) | (6.34%) |
% of total revenue | (1.22%) | (1.80%) | (1.29%) | (1.39%) | ||
EBT | 30,844 | 19,574 | 17,885 | 13,695 | 57.58% | 31.32% |
% of total revenue | 7.61% | 4.51% | 4.10% | 3.46% |
From the table above, it emerges that the income statement of the Italian Wine Brands Group in 2024 featured a significant improvement in the operating result, despite the increase in non-recurring costs brought about by the reorganisation of production and teleselling, from which significant benefits were obtained from the second half of 2024.
All cost items improved, in particular:
- a significant reduction in write-downs, which includes uncollected B2C receivables thanks to continuous improvement in credit management,
- a reduction in depreciation by Euro 2 million, partly due to the concentration of production and the closure/sale of two plants, and partly to a review of the useful life of the fixed assets resulting from the rationalisation in line with accounting standards.
Financial charges decreased by Euro 3 million due to a further reduction in the net financial position, which made it possible to eliminate the use of credit lines other than the bond.
Financial situation
As of December 31, 2024, the Group had a Net Financial Debt of Euro 75.9 million (corresponding to 1.5x the adjusted Gross Operating Margin), a value significantly reduced compared to the Net Financial Debt as of December 31, 2023, equal to Euro 100.7 million. This trend is attributable to: i) the generation of positive cash flow resulting from the improvement in results; ii) the further decrease in working capital, further positive impact of the corporate reorganization; (iii) divestments.
The data reported above do not consider the effect of the accounting of IFRS 16/financial liabilities for leasing, equal to Euro 13.4 million as of December 31, 2024 and Euro 15.2 million as of December 31, 2023.
Financial situation of the Parent Company
The parent company IWB S.p.A. shows a positive net result of Euro 5.8 million and a net financial debt of Euro 113.5 million.
The Board of Directors of IWB has also resolved to propose to the Shareholders' Meeting the distribution of a dividend out of 2024 financial statements equal to Euro 0.50 for each share that will be entitled to it. In the event of approval, the following dates have been set: 19 May 2025 ex-dividend date of coupon N 11; 20 May 2025 date of legitimacy for payment (record date); May 21, 2025 dividend payment date
The annual financial report and the consolidated financial report as of December 31, 2024 will be made available to the public in accordance with the terms and methods set out in the Euronext Growth Milan Regulation, as well as on the IWB website www.italianwinebrands.it, in the Investor Relations - Financial Documents section.
Significant subsequent events
On 28 January 2025 the following were held at the headquarters of the Italian Stock Exchange:
- the Shareholders' meeting, which coincides with the tenth anniversary of the listing approved, the Board of Directors' proposal to distribute an extraordinary dividend of Euro 0.5 per share in consideration of the exceptional growth and value creation achieved by the company over the course of these ten years and recognition of the shareholders' support for IWB's development path, both organically and through external lines;
- the event that celebrated the tenth anniversary of the listing in the presence of the entire Management Team, Directors and Shareholders who were some of the first investors, for a significant anniversary of the first Italian wine group to be listed on the Italian Stock Exchange. As tangible recognition for the competence, passion and dedication of all its collaborators, the Group paid each employee an extraordinary bonus of Euro 1,000.
On 18 February 2025 Italian Wine Brands S.p.A. announced that its subsidiary Giordano Vini S.p.A., through the Italian platform
Svinando, an international leader in the online sale of food and wine products, had launched "Nando", the first virtual assistant
based on artificial intelligence developed internally to offer a browsing and consulting experience tailor-made to the needs of its
customers. Thanks to an advanced search engine based on AI technology, "Nando" is able to guide users on broad topics, from
the characteristics of the products in the catalogue, to food/wine pairings, the right occasions to drink a certain wine, and the
customer's budget. This is a genuinely expert guide, capable of understanding and anticipating the needs of the customer, offering
personalised advice with precision and reliability. "Nando" guarantees quick, accurate and targeted responses, breaks down the
barriers between technology and user, uses a fluid, natural interaction, increasingly close to human language, giving advice just
like a real wine merchant. Svinando is the first Italian e-commerce player in the world of wine to offer a solution of this kind.
On 26 February 2025 the Board of Directors approved an integration of the incentive plan with the aim of further strengthening
the alignment of the Group's objectives with those of the management team. It will allow the Group to go on the path of growth
in revenue, profit margins and cash generation in order to maximise the interests of all stakeholders.
3. Outlook
In 2025, the IWB Group will present itself on the market with:
- an integrated organisational structure;
- an efficient production structure with six months of synergies still to be expressed;
- a presence on international markets that makes it possible to seize new opportunities and to manage potential risks adequately;
- a financial situation which allows us to tackle both organic and external growth with confidence.
On the trade front, while carefully monitoring and trying to anticipate the possible effects of the increase in American tariffs, the Group is continuing with its strategy:
- of developing its Top Brands with a view to a continuous increase in profit margins and the recovery of private label contracts with levels of profitability in line with Group standards, as well as to support volumes;
- of more and more positioning in growth markets;
- of product innovation with the launch of the first IWB-branded NO alcohol wine and products in the "ready to drink" segment on the American market.
On the production and purchasing front:
- the purchasing conditions for the main supplies of raw materials have already been negotiated;
- further cost reductions are expected for utilities.
All the conditions have therefore been created to achieve even better results than in 2024.
Other Corporate governance resolutions
IWB also announces that today the Board of Directors approved the Report on Corporate Governance and Ownership Structures for the 2024 financial year drawn up by the Company pursuant to art. 123-bis of Legislative Decree no. 58/1998 ("TUF") which will be made available to the public, within the terms and rules law and regulation.
Today's Board of Directors of IWB also resolved to submit for approval to the Ordinary Shareholders' Meeting the assignment of the task of certifying the conformity of the sustainability reporting and determining the fee, upon proposal of the supervisory body, pursuant to Legislative Decree 39/2010, as amended by Legislative Decree no. 125 of 6 September 2024. For further
information, please refer to the relevant Explanatory Report approved by the Board of Directors today and to the proposal of the Board of Statutory Auditors attached thereto, which will be made available to the public within the terms and rules required by law.
Furthermore, the Shareholders' Meeting will be convened to approve in an extraordinary meeeting the proposals formulated by the Board of Directors regarding the amendment of Articles 14-15-17-22 of the Articles of Association in order to introduce, in line with the most recent practice, the right for the Company, where provided for or permitted by law or by regulatory provisions, (i) to establish that the participation and exercise of the right to vote in the Meeting by those entitled may also take place exclusively by granting a proxy (or sub-proxy) to vote to the Designated Representative of the Company pursuant to Article 135-undecies of Legislative Decree no. 58/1998; (ii) that the meetings of the shareholders' meeting, as well as those of the board of directors and the Board of Statutory Auditors, may also be held, or exclusively, by videoconference, in compliance with the methods and limits established by the legislation in force at the time.
For further information, please refer to the Explanatory Report, which will be made available to Shareholders in accordance with the terms and methods of the law and regulations.
Proposal to authorise the purchase and disposal of ordinary treasury shares
In today's meeting, the Board of Directors of IWB also resolved to propose to the Ordinary Shareholders' Meeting the request for authorization to carry out transactions for the purchase and disposal of ordinary treasury shares, pursuant to the combined provisions of Articles 2357 and 2357-ter of the Italian Civil Code, as well as Article 132 of the TUF, subject to revocation of the authorization granted by the Shareholders' Meeting of 30 April 2024 for the part not carried out. Authorization is requested for the purchase, even in several tranches, for the period of eighteen months from the date of the resolution of the ordinary Shareholders' Meeting, of a number of ordinary shares of the Company, without indication of the nominal value, for a maximum value of Euro [10,000,000], at a price that is not higher than the highest price between the price of the last independent transaction and the price of the highest current independent offer on the trading venues where the purchase is made, it being understood that the unit price may not in any case be lower by a minimum of 20% and higher by a maximum of 10% compared to the arithmetic mean of the official prices recorded by the Euronext Growth Milan Company stock in the ten trading days preceding each individual purchase transaction. Authorization to dispose of treasury shares is requested without time limits.
The request for authorization to purchase and dispose of ordinary treasury shares, which is the subject of the authorization proposal to be submitted to the Ordinary Shareholders' Meeting, is aimed at providing the Company with a useful strategic investment opportunity for any purpose permitted by the provisions in force, including the purposes contemplated in art. 5 of Regulation (EU) 596/2014 (Market Abuse Regulation, hereinafter "MAR") and in the practices permitted by Consob pursuant to art. 13 MAR, where applicable, including the purpose of purchasing treasury shares with a view to their subsequent cancellation, in the terms and with the methods that may be decided by the competent corporate bodies. More specifically, the authorization to purchase ordinary treasury shares is requested for the purpose of providing the Company with a stock of treasury shares preparatory to the possible use of the shares as consideration in extraordinary transactions, including the exchange of shareholdings with other parties, within the scope of transactions in the interest of the Company, such as potential, further sector aggregations continuously analyzed and evaluated by the Board of Directors. The Company also reserves the right to allocate the shares subject to this authorization, or in any case already in the Company's portfolio, to the service of other purposes permitted by the current provisions of law in the interest of the Company itself, including (i) the allocation to their subsequent cancellation, in the terms and with the methods that will be eventually decided by the competent corporate bodies; and/or (ii) the provision to service incentive and loyalty plans adopted by the Company, including the incentive plan called "2023-2025 Plan Incentive Plan", as well as, in favor of the beneficiaries of extraordinary one-off bonuses, under the terms, conditions and methods established by the Company; and/or (iii) the disposal of the same on Euronext Growth Milan or outside of said system.
It is specified that as of today, IWB holds n. 117,797 treasury shares in its portfolio equal to 1.25% of the relevant share capital. For further information regarding the terms and methods of the authorization, please refer to the Explanatory Report, which will be made available to Shareholders under the terms and methods of the law and regulations.
Shareholders' meeting
The Board of Directors has resolved to convene the ordinary and extraordinary Shareholders' Meeting, with a specific notice, for April 24, 2025, in first call, and, if necessary, for May 12, 2025, in second call.
The Shareholders' Meeting to be convened will be called to deliberate, in ordinary session, on (i) the Financial Statements of Italian Wine Brands S.p.A. as of December 31, 2024 and the allocation of the net profit for the year; (ii) the proposal to authorize the purchase and disposal of ordinary treasury shares pursuant to Articles 2357 and 2357-ter of the Civil Code, as well as Article 132 of the TUF, subject to revocation of the authorization granted by the Shareholders' Meeting of April 30, 2024 for the part not executed; (iii) the assignment of the task of certifying the conformity of the sustainability reporting and determining the fee, pursuant to Legislative Decree 39/2010; in an extraordinary session, the Assembly will be called to deliberate on the matter, (i) the amendment of the articles of association.
The notice of the meeting and the related documentation will be published within the terms and according to the methods provided for by the current legislation, including regulatory, among others, on the IWB website (www.italianwinebrands.it, section Investors - financial-documents - ORDINARY, EXTRAORDINARY AND FINANCIAL STATEMENT APPROVAL MEETINGS).
IWB S.p.A incentive plan 2023-2025.
Following the press release of 5 July 2023 and 26 February 2025 regarding the assignment of Rights under the "2023-2025 Incentive Plan of IWB S.p.A." approved by the IWB Shareholders' Meeting on 27 April 2023 pursuant to art. 114-bis of the TUF, it is hereby announced that today the Board of Directors has established that 19.2% of the no. 383,850 Rights assigned in total on 5 July 2023 and 26 February 2025 to the beneficiaries of the Plan - including the directors of IWB Alessandro Mutinelli, Giorgio Pizzolo, Marta Pizzolo and Sofia Barbanera - and relating to the second tranche relating to the 2024 financial year, net of the rights assigned to five beneficiaries no longer present in the Group and therefore equal to a total of no. 73,600 Rights, may be considered "Matured Rights" pursuant to and for the purposes of the Plan. These 73,600 Matured Rights entitle the beneficiaries of the Plan to receive, free of charge, a total of 36,800 ordinary shares of IWB as well as 36,800 phantom shares, to be paid in cash. Table no. 1 referred to in paragraph 4.24 of Schedule 7, Annex 3A, of Regulation no. 11971/1999 will be published within the terms and according to the procedures of the law and regulations.
For further information regarding the Plan, please refer to the Explanatory Report of the Board of Directors referred to in art. 114-bis of the TUF and the related Information Document available on the Company's website (www.italianwinebrands.it, section Investors / Financial Documents / Report-Assemblies), as well as on the Borsa Italiana website www.borsaitaliana.it.
****
This document uses some alternative performance indicators. The indicators represented are not identified as accounting measures under IFRS and, therefore, should not be considered as alternative measures to those provided by the financial statements.
The consolidated financial statements and the draft financial statements as of 31 December 2024 are currently subject to legal audit, an activity currently being completed.
For information
Italian Wine Brands S.p.A. | Value Track SIM S.p.A. |
Viale Abruzzi 94, Milano | Euronext Growth Advisor |
T. +39 02 30516516 | Viale Luigi Majno, 17/A, Milano |
investors@italianwinebrands.it | ecm@value-track.com |
www.italianwinebrands.it | +39 02 87185120 |
Press Office
Spriano Communication & Partners Via Santa Radegonda 16, Milano Matteo Russo +39 347 9834881 mrusso@sprianocommunication.com Cristina Tronconi +39 346 0477901 ctronconi@sprianocommunication.com
CONSOLIDATED FINANCIAL POSITION
Note | 31.12.2024 | 31.12.2023 | |
Amounts in Euro | |||
Non-current assets | |||
Intangible assets | 5 | 38,469,167 | 38,774,598 |
Goodwill | 6 | 215,968,880 | 215,968,880 |
Land, property, plant and equipment | 7 | 40,856,412 | 51,823,036 |
Right-of-use assets | 7 B | 13,398,871 | 15,464,554 |
Equity investments | 9 | 5,109 | 5,109 |
Other non-current assets | 10 | 222,324 | 235,310 |
Non-current financial assets | - | - | |
Deferred tax assets | 11 | 1,686,119 | 2,693,710 |
Total non-current assets | 310,606,882 | 324,965,198 | |
Current assets | |||
Inventory | 12 | 65,264,485 | 78,552,355 |
Trade receivables | 13 | 50,612,573 | 52,129,713 |
Other current assets | 14 | 2,631,151 | 8,310,750 |
Current tax assets | 15 | 721,156 | 1,674,105 |
Current financial assets | 528,760 | 524,162 | |
Cash and cash equivalents | 16 | 59,500,216 | 70,900,191 |
Total current assets | 179,258,341 | 212,091,275 | |
Non-current assets held for sale | 8 | 9,740,033 | - |
Total assets | 499,605,256 | 537,056,473 | |
Shareholders' equity | |||
Share capital | 1,124,468 | 1,124,468 | |
Reserves | 155,125,347 | 145,344,279 | |
Reserve for defined benefit plans | 30,958 | (63,762) | |
Reserve for stock grants | 794,385 | 789,694 | |
Profit (loss) carried forward | 47,061,082 | 46,203,906 | |
Net profit (loss) for the period | 22,335,624 | 16,300,463 | |
Total shareholders' equity of parent company shareholders | 226,471,864 | 209,699,049 | |
Non-controlling interests | 62,505 | (208,671) | |
Total shareholders' equity | 17 | 226,534,369 | 209,490,377 |
Non-current liabilities | |||
Financial payables | 18 | 133,529,737 | 143,336,515 |
Lease liabilities | 18 | 10,048,538 | 12,107,779 |
Provision for other employee benefits | 19 | 1,548,228 | 1,654,245 |
Provisions for future risks and charges | 20 | 165,610 | 300,637 |
Deferred tax liabilities | 11 | 9,379,847 | 9,490,667 |
Other non-current liabilities | 22 | - | - |
Total non-current liabilities | 154,671,959 | 166,889,843 | |
Current liabilities | |||
Financial payables | 18 | 2,450,424 | 28,805,836 |
Lease liabilities | 18 | 3,316,648 | 3,106,456 |
Trade payables | 21 | 94,697,725 | 113,789,742 |
Other current liabilities | 22 | 10,093,388 | 10,758,709 |
Current tax liabilities | 23 | 7,840,742 | 4,215,509 |
Provisions for future risks and charges | 20 | - | - |
Total current liabilities | 118,398,928 | 160,676,252 | |
Liabilities directly related to assets held for sale | - | - | |
Total shareholders' equity and liabilities | 499,605,256 | 537,056,473 |
COMPREHENSIVE INCOME STATEMENT
Note | 31.12.2024 | 31.12.2023 | |
Amounts in Euro | |||
Revenue from sales | 24 | 401,937,029 | 429,127,486 |
Change in inventories | 12 | (14,154,988) | (19,764,596) |
Other income | 25 | 3,261,215 | 4,409,594 |
Total revenue | 391,043,255 | 413,772,484 | |
Purchase costs | 26 | (248,332,447) | (271,847,220) |
Costs for services | 27 | (67,224,590) | (73,661,770) |
Personnel costs | 28 | (27,408,277) | (25,653,665) |
Other operating costs | 29 | (1,457,644) | (1,647,420) |
Operating costs | (344,422,958) | (372,810,074) | |
EBITDA | 46,620,297 | 40,962,410 | |
Depreciation and amortization | 5-7 | (9,968,066) | (11,964,772) |
Provision for risks | 20 | - | (24,441) |
Write-ups / (Write-downs) | 30 | (857,024) | (1,601,476) |
Operating profit/(loss) | 35,795,207 | 27,371,721 | |
Financial income | 1,916,655 | 1,489,920 | |
Borrowing costs | (6,867,976) | (9,287,567) | |
Net financial income/(expenses) | 31 | (4,951,320) | (7,797,647) |
EBT | 30,843,886 | 19,574,074 | |
Taxes | 32 | (8,237,085) | (3,116,150) |
(Loss) Profit from discontinued operations | - | - | |
Profit (loss) (A) | 22,606,801 | 16,457,924 | |
Attributable to: | |||
Non-controlling interests | (271,176) | (157,461) | |
Group profit (loss) | 22,335,624 | 16,300,463 | |
Other profit/(loss) of comprehensive income statement: | |||
Other items of the comprehensive income statement for the period to be | |||
subsequently released to profit or loss | (179,914) | 251,734 | |
Other items of the comprehensive income statement for the period not | |||
to be subsequently released to profit or loss | |||
Actuarial gains/(losses) on defined benefit plans | 19 | 94,720 | (41,103) |
Tax effect of Other profit/(loss) | - | - | |
Total other profit/(loss), net of tax effect (B) | (85,195) | 210,632 | |
Total comprehensive profit/(loss) (A) + (B) | 22,521,606 | 16,668,555 |
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