Allegrini 2018

Diversification on the market and across multiple businesses, Caviro’s turnover: 390 million euros

Wine, energy and circular economy: the year-end report of the Emilia-Romagna cooperative giant grew +8% in 2021 (compared to 2020)
SimonPietro Felice and Carlo Dalmonte, CEO and president of Caviro

As we are nearing the end of this year, it has been rather challenging for everyone, due to the fear of new restrictions that has been getting stronger day by day, as infections are increasing almost everywhere, counteracting the (positive) numbers that are continuing to come in from year end reports of the big Italian cooperatives. Consequently, following the record numbers of Mezzacorona and Cavit in Trentino, among many others, we now also have the numbers of Caviro, the number two Italian wine group in turnover, and the first in size (36.300 hectares of vineyards managed by 12.400 members, in 7 Regions of Italy), which closed its 2021 annual financial report (as of August 31st) at a consolidated turnover of 390 million euros, marking +8% increase compared to 2020. The Group also supports the employment level in the territories, counting a total of 583 people employed on average, and an increase of 15 units compared to the previous year. The growth of the Romagna wine group, explained a note, was supported by excellent export results (+ 17%), of which wine + 6% and B2b + 75% and, especially, by the extraordinary performance of the Caviro Extra Company. The composition of revenues in the fiscal period from September 1, 2020 to August 31, 2021, emphasized a note from the Group, is divided as follows: wine 65%, musts, alcohol and tartaric acid 20%, energy and environment 15%.
“This year the consumption of wine in mass retail has decreased, while we have registered a noticeable increase in turnover, driven mainly by exports. This”, commented Carlo Dalmonte, president of Caviro, “is especially satisfying because, as we all are quite aware, the development of Italian wine will have to pay more and more attention to foreign markets. On the whole, the Group has shown great flexibility in an absolutely particular year, characterized by sudden starts and stops. The results of many investments made over the years for sustainability, an increasingly close link to the supply chain, and a unified structure have given solidity and economic value to the management, making Caviro a “nimble giant””.
As we take a look at the numbers, underlined a note, we have highlighted that the Group is even more consolidated. It has significant net equity, which has gone from 89 million euros in 2020 to 123 million euros in 2021, and the EBITDA, which has gone from 27 million euros (impacting turnover +7.4%) to 31 million euros (impacting turnover +8%). The net profit as of August 31, 2021 was 8.7 million euros, while investments the Group made reached 22 million euros. “During the 2020 harvest”, explained Caviro, “the ordinary contributions of the shareholders were paid at an average value of 7% above market prices.
One of the most significant data in the wine segment (the companies Caviro SCA, Cesari and Leonardo da Vinci SPA) is +6% growth on the foreign market, an excellent result, due to product diversification with which the Group presents itself on the market, from the point of view of the segment as well as the territory of origin (the Group represents 7 Italian Regions, ed.). In the “daily” sector, the historic Tavernello brand prevails. It is the most consumed wine in Italy and the best-selling Italian wine in the world. And, as a matter of fact, Caviro ranks first for sales in the packaged wine segment, boasting a market share of 6.7% in value and 13.4% in volume. In the premium segment, instead, the brands of the subsidiaries Leonardo da Vinci and Cesari and the new Caviro SCA brand, Vigneti Romio, performed very well.

The United Kingdom, weighs in at 36%, and is confirmed the first export destination market, followed by the United States (12.5%) and Germany (11.5%). The other primary foreign markets in the wine world are, in order, Canada, Switzerland, France, Japan, China and Russia.
The results of “Caviro Extra” are also very good, as we mentioned. It is a subsidiary that carries on and completes the circular economy of the Group, by enhancing the by-products of production and transforming them into noble products, alcohol and energy, achieving + 23% growth in turnover. “The business to business segment of “non-wine” showed extraordinary performances, a result due to conditional factors but also to Extra's ability to penetrate new markets”, added Dalmonte, “the link with the supply chain and investments in the circular economy are concrete elements for us, not purely greenwashing operations, and these numbers demonstrate it”.
In 2020/21, Caviro (the second Italian wine Group in turnover, and first in size, counting 36.300 hectares of vineyards managed by 12.400 members, in 7 Regions of Italy) has invested 22 million euros in structures and technologies aimed at improving its environmental performance. The Group has been pursuing the direction of sustainability for years, which will also characterize management in 2022. The internal “Sustainability Management” function was introduced in 2021, entrusted to a team of only women. Sustainability Management has already defined three strategic objectives that will characterize the three-year period, 2021-2024, of the Group. “The first step will be certifying the sustainability report that will be presented in March 2022” said SimonPietro Felice, CEO of Caviro, “and for the next three years we aim to integrate the Sustainability Plan and the Industrial Plan at the level of actions, resources, costs and investments as well as bring sustainability to the vineyard through distributing a shared protocol among the shareholders. The third project concerns business continuity with a view to human resources and training”.

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