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Italian wine leaders: Tenuta San Guido by profitability, Antinori by hectares under vine (3,000)

Data and curiosities from journalist Anna di Martino’s historic analysis of Italian wineries’ balance sheets for “Corriere della Sera”

Italian wine, as a whole, everyone says, needs to work on value, positioning and profitability. But, in this sense, there are already champions among the rows of Italy, with resounding performances. Such as the Tenuta San Guido of the Incisa della Rocchetta family, the cradle of the Sassicaia myth, which once again dominates the 2022 ranking on profitability, with an index that exceeds 62%, looking at the ratio between the gross operating margin (ebitda) and the turnover achieved by the emblazoned Bolgheri maison, which therefore leads undisturbed the top ten of the special ranking, reserved only for private companies, which photographs the wineries that have achieved high profitability in the last financial year. At least according to the now historical and authoritative survey by journalist Anna di Martino, published today in “L’Economia” of the daily newspaper “Corriere della Sera”, which has lined up the turnovers of the largest Italian wine realities, also analyzing peculiar aspects. Looking at the fundamental parameter of profitability, on the second and third steps of the podium are two new entries: Looking at the fundamental parameter of profitability, on the second and third steps of the podium are two new entries: the Tuscan Biserno - which brought together in a wine project the brothers Piero, Lodovico (who is honorary president) and Ilaria Antinori, founded together with partner Umberto Mannoni and today led by Ilaria’s son, Niccolò Marzichi Lenzi - and the Friulian Jermann (which is largely controlled by Antinori), with indices of 52.7% and 48.4% respectively. Entering, for the first time, the ranking of the most important Italian companies, the two well-known wine brands also rightfully take the profitability podium. They both belong, with different shares, to Marchesi Antinori, which just this year leaves the podium, placing eighth, with an index of 27.2% (Biserno and Jermann’s data are separate from Antinori’s).
In fourth place overall, another name among the most historic names in Italian wine is confirmed, such as Marchesi Frescobaldi, led by Lamberto Frescobaldi, with a ratio close to 39 %, up more than 2 points (on 2022). With a turnover of 153.9 million, the Tuscan house headed by Lamberto Frescobaldi, Anna di Martino points out, has a tonnage quite different from the top three, and its profitability ratio therefore has a very significant specific weight. The same holds true for the Marzotto brothers’ Santa Margherita Group, which again this year ranks fifth, with a ratio of 34.6% against sales of an impressive 260.4 million. Back to a more restrained size with Argiolas: based in Serdiana (Cagliari), the Sardinian winery led by the family of the same name is the spearhead of viticulture in its region, and not only: with an index of 30.6% it rises to sixth place, gaining one position over last year. Let’s move on to Sicily, in the Palermo area, with Cusumano, another family-controlled winery led by Diego Cusumano, which improves its index by as much as 5 points, reaching 30% and placing seventh. In ninth place, another regular in this circle of good managers: we are in Montecchio, south of Orvieto, Umbria where the Famiglia Cotarella is based, a reality that ranges from Umbria to Lazio to Tuscany, walking at a pace capable of generating a 25% index. In closing a new entry in the “Top 10”, which is a piece of Tuscan history (with properties also in Sicily), as Marchesi Mazzei, with its heart in Chianti Classico, in Castello di Fonterutili, led by Filippo and Francesco Mazzei, with 25.03%. Acting as the “common thread” to these wineries is the complete control of the supply chain, from vineyard ownership, which, therefore, emerges as added value, to production (up to, in some cases, distribution, even abroad). Similar characteristics also affect the wineries behind the “Top 10”: nine boast indices above 20%. These are Donnafugata (24.6%), Carpineto (24.5%), Terra Moretti (22.5%), Planeta (22.4%), Casa Paladin (21.19%), Castellani (21.19%), Fantini Group (21.10%), Feudi di San Gregorio (20.75%), Mastroberardino (20.16%).
A ranking, that of profitability, which involves only private wineries, and not cooperative groups, “whose statutory purposes are to help members and to obtain the best return on the grapes they bring to the cooperative”, journalist Anna di Martino further points out.
Another interesting analysis, since it all starts from the vineyard, is that of the private estates with the most owned vineyards. In this case, Antinori is by far No. 1, with no less than 3,000 hectares in production in all its estates (which, in addition to being present in all the most important territories in Tuscany, are in the Langhe, with the Barolo label, Prunotto, in Franciacorta, with Tenuta Montenisa, in Puglia, with Tormaresca, and in Friuli Venezia Giulia, with Jermann), ahead of the 1,700 of Zonin, and Frescobaldi’s 1,572, followed by Banfi, with 1,040 hectares of vines (and largest entity in the Montalcino area), making up a poker of wineries with more than 1,000 hectares under vine owned. Fifth place, with 900 hectares, is held by Tenute del Leone Alato (7 wineries in Italy and one in Romania), of Assicurazioni Generali. The Terra Moretti group, in sixth, has properties spanning Franciacorta, Tuscany and Sardinia. Still growing is the Tommasi family Estates property, which went from 714 to 800 hectares, as well as that of the Santa Margherita group, which rose from 552 hectares to the current 648. Close behind are Cusumano and its 525 hectares under vine in Sicily and Feudi di San Gregorio of the Capaldo family, which has further expanded its vineyard property, including Campania, Puglia Basilicata, Etna, Friuli and Tuscany (Bolgheri) to 500 hectares.
At the overall level, however, an analysis of turnovers shows that the top 117 entities by turnover (above 10 million euros) saw an overall growth, over 2021, of +11.25% in their 2022 budgets, with very strong growth at export (+33.9%) offsetting the domestic decline (-9.8%).
At the absolute top, with 698.5 million euros (+9.9%) are Cantine Riunite e Civ (to whose supremacy Gruppo Italiano Vini - Giv contributes decisively with 466 million euros, +8.1%), ahead of the Argea Group with 455.1 million euros (+8.4%) and Italian Wine Brands at 430 million euros (+1.5%). This was followed by another giant such as the Caviro Group at 417 million euros (+7%), ahead of Cavit with 264.8 million euros (-2.2%) and the Santa Margherita Group, with 260 million euros (+18%). Position No. 7 for Marchesi Antinori with 245 million euros (+14.9%), ahead of, at No. 8, Fratelli Martini with 237 (+8%), La Marca Vini e Spumanti at No. 9, with 235 (+31.2%) and the Mezzacorona Group, which closes the “top 10”, with 213 million euros (+8.6%), ahead of realities such as Zonin, Terre Cevico, Vi.Vo. Cantine, Frescobaldi, Gruppo Lunelli, Villa Sandi, Cadis 1898, Mionetto, Schenk Italiana Wineries, Cantine Ermes, Collis Veneto Wine Group, Ruffino, Tenute Piccini, Vignaioli Veneto Friulani and Contri Spumanti, to stop at the top 25 Italian wine groups by turnover.

Focus - The 10 private companies, with an ebitda/turnover ratio above 25%, in the 2023 ranking (on 2022 financial statements) by journalist Anna di Martino for “Corriere della Sera”

1 - Tenuta San Guido - 62,29%
2 - Biserno - 52,78%
3 - Jermann - 48,46%
4 - Marchesi Frescobaldi - 38,99%
5 - Gruppo Santa Margherita - 34,64%
6 - Argiolas - 30,64%
7 - Cusumano - 30,00%
8 - Marchesi Antinori - 27,20%
9 - Famiglia Cotarella - 25,09%
10 - Marchesi Mazzei - 25,03%

Focus - The 10 private companies, with more than 500 hectares of vines owned in the 2023 ranking (on 2022 budgets), by journalist Anna di Martino for “Corriere della Sera”

1 - Marchesi Antinori - 3.000 ettari
2 - Casa Vinicola Zonin - 1.700 ettari
3 - Marchesi Frescobaldi - 1.572 ettari
4 - Banfi - 1.027 ettari
5 - Le Tenute del Leone Alato - 900 ettari
6 - Terra Moretti - 899 ettari
7 - Tommasi Family Estates - 800 ettari
8 - Gruppo Santa Margherita - 648 ettari
9 - Cusumano - 525 ettari
10 - Feudi di San Gregorio - 500 ettari

Focus - Top 10 Italian wine companies by turnover in 2023 ranking (on 2022 budgets) by journalist Anna di Martino for “Corriere della Sera”

1 - Cantine Riunite & Civ - 698,5 milioni di euro, di cui Giv - Gruppo Italiano Vini 466 milioni di euro (+9,96% sul 2021)
2 - Argea - 455,1 (+8,45%)
3 - Italian Wine Brands - 430,3 milioni di euro (+1,58%)
4 - Gruppo Caviro - 417,4 milioni di euro (+7,08%)
5 - Cavit- 264,8 milioni di euro (-2,27%)
6 - Gruppo Santa Margherita - 260,4 milioni di euro (+18,02%)
7 - Marchesi Antinori - 245,8 milioni di euro (+14,96%)
8 - Fratelli Martini - 237 milioni di euro (+8,02%)
9 - La Marca Vini e Spumanti - 235 milioni di euro (+31,28%)
10 - Gruppo Mezzacorona - 213,4 milioni di euro (+8,6%)

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