The Board of Directors of Italian Wine Brands S.p.A., met today, to examine and approve the draft financial statements as at 31 December 2023, 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.
2023 RESULTS
- Cash Generation: EUR 30.64mn
- Revenues from Sales: EUR 429.1mn (in line with 2022 pro-forma)
- EBITDA Adjusted: EUR 44.3mn (+19% vs 2022 pro-forma)
- Net Result Adjusted: EUR 18.9mn (+24,3% vs 2022 pro-forma)
- Net Financial Debt: EUR 100.72mn
- Free Cash Flow Yield on average share value (last month) > 17%
- Dividend proposal of EUR 0.5 per share
Alessandro Mutinelli, President and CEO of the Group, declares: "It is with great satisfaction that I present this financial statement, which grows in margins and cash generation compared to the previous year. This result takes on even greater value when compared with the general market trend, which recorded a contraction in volumes shipped due to the reduced spending capacity of end consumers. For the first time in IWB history Adjusted EBITDA exceeded the threshold of EUR 44mn with growth of 19% compared to the previous year. The bank net financial position improved from EUR 122mn to EUR 96mn. In 2023 we also worked to realize a new group's corporate structure, effective by January 1, 2024, with a reduction to just two Italian operating companies. The objective is to have a lean and efficient group, able to promptly respond to the market, with quality and service, enhancing its people and assets. We have also invested in environmental sustainability, with two new photovoltaic plants which will allow self-production of about 1/3 of the group's energy needs. The IWB group is today widely diversified: it exports to over 80 countries, is present in both off-trade and on-trade channels, sells directly to the final consumer with its own online platform, has its own brands that cover different price ranges. But we know that there is still a lot to do, many new customers to reach in every corner of the earth, new products and brands to develop, processes to make more efficient. Because the limit to improvement does not exist."
About Italian Wine Brands
The company is the largest private wine group in Italy, the first to be listed on the Milan stock exchange. It has been producing wines since 1900 in the cellars, sourcing the raw material from a strong network of suppliers, according to strict quality protocols guaranteed by the constant supervision of our oenologists. Products are inspired by the best of the Italian wine tradition, from South Tyrol to Sicily. Among the flagship labels are the greatest Italian wines: Barolo, Amarone, Prosecco, Primitivo di Manduria.
The original winery is in the Langhe region of Piedmont, in the heart of Barolo, where the vinification, ageing and bottling facilities are located. A second winery is strategically located in Apulia, in Torricella, the land of Primitivo di Manduria, with a vinification and ageing centre. Two more wineries are in Veneto, one of which specialises in sparkling wines, especially Prosecco.
Source: Market Screener