Allegrini 2018

Italian wine: after 2021 recovery, positive outlook for 2022 as well, despite everything

Mediobanca’s Report 2022: Riunite-Giv, Iwb and Botter-Mondo del vino leading by turnover, Antinori first “private”, Frescobaldi No. 1 by profitability

Cantine Riunite-Giv, with 635.2 million (+9.7% over 2020), Italian Wine Brands at 423.6 million (after the acquisitions of Enoitalia and Enovation Brands Inc) and the Botter-Mondodelvino cluster (controlled by the Clessidra fund) at 415 million (+19.3%) at the top in terms of turnover, after so many “mergers & acquisitions” operations, they are the new big players in Italian wine, with Antinori, which, with 265 million euros (+24.6%), is confirmed as the top private and family-owned Italian wine company, and on the podium for profitability (17%), along with Santa Margherita (21.3%) and Frescobaldi (25.6%). Again, in terms of turnover increases in 2021, Tenute Piccini dominates the scene with a +61% over 2020 which places it ahead of the Lunelli Group (+57.6%), Terra Moretti (+47.6%), Serena Wines 1881 (+40.1%) ending with +32.7% for Villa Sandi. While some realities are confirmed with an overwhelming propensity to export compared to the Italian market: Fantini Group touches 97.4%, Ruffino 94.5% and the Botter-Mondodelvino pole 91.1%. In a scenario in which, after 2021 overall growth, despite the difficulties of recent months, with the effects of the war, inflation and logistics having “replaced” the consequences of Covid among the main problems, 2022 expected growth by wine producers, with an estimate of +4.8% (which would reach 5.6% for the export component alone). Driving sales, according to expectations, will still be, above all, bubbles (+5.7% total revenues, +7.5% exports) while still wines expect +4.6% (+5.3% exports). More skeptical about the future are operators exposed to the off trade channel (large-scale distribution and retail), while the increased use of direct sales provides more security. With positive expectations on exports improved especially from neighboring markets of EU countries. This is, in a nutshell, the state of the art emerging from the annual “Survey of the National Wine Sector” by Centrostudi Mediobanca, which covers Italy’s 251 leading corporations with a 2020 turnover of more than 20 million euros and aggregate revenues of 9.3 billion euros, accounting for 85.3 percent of the sector’s national turnover.
As Mediobanca points out, therefore, in 2021 the many acquisitions and merger deals involving Italian wine have changed the ranking of big players by sales. Sales leadership in 2021 remains with the Cantine Riunite-GIV group, with turnover at 635.2 million (+9.7% over 2020). In second place is Italian Wine Brands (423.6 million), which climbs five positions after the acquisition of Enoitalia and U.S.-based Enovation Brands Inc. Completing the podium is the Botter-Mondodelvino (Clessidra) pole, up 19.3% on 2020 to 415 million. Five other companies with revenues above 200 million follow: Romagna-based cooperative Caviro, whose 2021 revenues of 389.9 million euros grew 7.7%; Trentino-based Cavit (2021 revenues of 271 million euros, +29.2% over 2020); Tuscany-based Antinori (265 million euros, +24.6% over 2020); Veneto-based Santa Margherita (220.6 million, +28.3%); and Piedmont-based Fratelli Martini, which achieved 5.4% growth to 219.4 million euros. Closing out the “top 10” by turnover is, again, the Zonin 1821 group, with 198.5 million euros (+11.3%) and the Trentino cooperative Mezzacorona at 196.5 million euros (+1.5%).
Regional specificities emerge from company accounts. In 2020, the best Roi (return on investment, ed.) belongs to companies from Piedmont (8.2%), second position for those from Veneto (5.5%) and on the lowest step of the podium the Tuscans (4.4%). Tuscan producers, however, excel in margins: with an Ebit margin at 14.6% they outpace the Piedmontese (9.8%) and Lombardy (6.7%). Tuscany also has the greatest financial stability, with financial debts amounting to just 22.5% of invested capital. Major exporters are the producers from Piedmont (72.2% of turnover) and Tuscany (63.8%). In 2020, the greater international projection safeguarded the sales of Piedmontese producers (+10.8%) driven by exports (+20.1%) but failed to do the same for Tuscan producers (-11.2% in total). Tuscany recovers in 2021 with sales up 24.9%. Also advancing are Lombard producers (+22.4% total sales and +23.8% sales across borders) favored by the greater spread of sparkling wines (46.1% of sales). Mediobanca’s data, again, confirm that 2021, at least for Italy's largest wine producers, was decidedly positive, with sales up 14.2% (+14.8% domestic market, +13.6% foreign), Ebit margin up slightly to 6%, compared to 5.4% in 2020, with net income rose from 4.2% to 4.3% of sales. Sparkling wines (+21%) accelerated more than still wines (+12.4%) while cooperatives contained growth to +9.2% (+19.6% non-cooperatives). The closest markets prevailed among the markets, namely EU countries with 41.2% of exports, ahead of North America (34.1%). 2021, Mediobanca further adds, preserved the large-scale retail channel, which, stable at 35.6 percent of the market, grew in value by 13.5 percent, but above all came the recovery of Horeca. (+28.1%), which rose from 15.6% to 15.9%.

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