Allegrini 2018

Caviro: record growth in the year of Covid-19, thanks to mass retail, exports and alcohol production

Financial statement of August 31, 2020: 362 million euros (+ 10%). Carlo Dalmonte confirmed president of the largest wine cooperative in Italy

Caviro, the largest wine cooperative in Italy (owning brands such as Tavernello and Leonardo da Vinci, ed.), adopted strategic and contingent lines of action that have given them top results: +10% increase in turnover, to 362 million euros (financial statements closed on August 31, 2020), an operating profit of 4.4 million euros, and a net equity that reached 89.2 million euros, due to growth on the mass retail channel, which is one of its strongest points, diversification of markets at Country and channel levels, and the ability to adapt to requests during a very challenging phase, converting part of their production into alcohol, for which there was enormous demand, especially during the first phase of the Covid-19 emergency. The Ebitda is close to 27 million euros, and 7.4% on turnover, while the net financial position has gone from 53.6 million euros to 51.2 million euros, thanks to the reduction in operating working capital, and revenues from wine are 69%, from alcohol musts and tartaric acid 21%, from energy and the environment 10%, while investments amount to 24.5 million euros. “The economic performance was propelled by sales on the mass retail channel, exports and the alcohol production of Caviro Extra”, explained an official note from the Group, which yesterday confirmed Carlo Dalmonte president of the company for the next 3 years. The budget is well above expectations, especially in a year of great economic challenges like 2020 has been.
“The excellent results wine sales have achieved on the mass retail channel and abroad, in addition to the growth of the alcohol production and the sales sector were, indeed, directly linked to the pandemic wave that imposed rules of sanitization on small and large scale, which Caviro responded to in an appropriate and proactive manner. Investments in the areas of research and development, technology and product quality introduced over the last two years, have therefore definitely made a difference; on the one hand, by satisfying the final consumer’s demand for the product and, on the other, by guaranteeing service and customer care even when there was a real and urgent need for supplies of raw materials”, explained Caviro.
“The pandemic has heavily influenced the national and international macroeconomic scenario”, emphasized Carlo Dalmonte, president of the Caviro Group, “the effects of the emergency have challenged our Group’s companies and activities in different ways. We had to acknowledge and deal with the slowdown on the HORECA (hotel and restaurant) channel for the wine market, and at the same time, we have noted the increase and excellent performances directed to the mass retail channel, exports, the production of sanitizers, disinfectants and services for the agro-industrial chain”.
Going more into detail, Caviro explained, “in the early stages of the health emergency, there was a positive trend for the consumption of wine at home in Italy. The mass retail channel has registered several changes in consumer habits. Many of the basic categories have shown positive trends and, one of these is packaged wine. In the 12-month period (from August 31, 2019 to August 31, 2020) wine consumption grew +3.8% in volume, while the turnover figure at checkout stands registered +4.4% increase. In this perspective, Caviro has confirmed its leading position in market share for volume and value, registering significant growth, especially in sales of the historic brik brand, Tavernello, which grew +4.2% compared to the previous year, for a market share equal to 35.1% of the brik segment”.
As far as exports are concerned, which account for 28% of the Group's total revenues, Caviro managed to reverse the negative trend the entire country had registered and, more generally, of all the major exporters, marking a significant +18% in the B2c wine world, compared to the previous same period. However, as we said, the Group’s positive results are also merit of the outstanding performance of Caviro Extra, the subsidiary that manages the production of alcohol, musts and tartaric acid. Since March 2020, due to the coronavirus pandemic, alcohol has become precious and unobtainable, and Caviro Extra has managed to rapidly and significantly increase its production, thus transforming a difficult moment into an opportunity for flexibility and solidarity with the community. “This reaction”, explained Dalmonte, “enabled us to respond to the very large demand as well as to contribute directly by donating to local pharmacies, Civil Protection and to other local organizations and associations”. Caviro’s response was not only immediate but also innovative, as they launched a cleansing and sanitizing liquid on the market with a specific formula for hands. The product was obtained from by-products of the wine and agro-food chain.
Investments in sustainability have paid off, however. In 2020 the Group received the Equalitas recognition, certified by Valoritalia, together with the confirmation of the SA8000 certification, an international standard on corporate social responsibility. “Sustainability”, said the CEO, SimonPietro Felice, “is the ability to resist in the long term, to be resilient to the worst events, and to be there tomorrow too. It is a goal that we at Caviro have been cultivating with foresight and in a tangible way, which adds value to every step of the Group’s activity through developing projects and processes that are always innovative and consistent. It is no coincidence, then, that we have decided to pursue 7 objectives of the United Nations 2030 Agenda for Sustainable Development. One of the main strategic projects of the three-year period 2020-2022 is to consolidate the Group positioning as a prominent and reference voice in the field of sustainability. The aim is to make all of our companies’ customers understand that Caviro is not only a solid and reliable company but it is also, and above all, an ethical and virtuous company, whose business model has proved to be successful, capable of generating real and shared value, for the people, for the territory, and for the planet”.

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