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Tenuta San Guido, Antinori and Planeta: the champions of Italian wine by profitability

Business journalist Anna Di Martino’s analysis of the 2021 budgets of 115 companies (worth 55% of wine turnover)

Cantine Riunite & Civ at the top by turnover with 635.2 million euros in 2021, ahead of Italian Wine Brands with 423.6 and Botter-Mondodelvino with 419.6; Tenuta San Guido, the cradle of Sassicaia, the absolute leader in profitability, with an Ebitda-to-turnover ratio of 62.6%, ahead of Marchesi Antinori (which is also the first family-owned company by turnover, with 259 million euros), with 45.6%, and the Sicilian winery Planeta, which climbs the rankings and comes third, with a ratio of 37.95%; Marchesi Antinori, still at the top in terms of hectares of vines owned among private companies, with 3. 000, ahead of Zonin with 1,800 and Frescobaldi with 1,480: these are the highlights that emerge from the latest edition of the historical and authoritative analysis on Italian wine carried out by journalist Anna di Martino, and published today in “Corriere Economia”, the economic weekly of “Corriere della Sera”, carried out on the 2021 budgets of the largest and most important Italian wine companies. 115 companies analyzed, with a turnover of more than 10 million euros, including 73 private realities and 42 cooperatives, capable of putting together 8 billion euros in turnover, of which 4.6 to exports, for a total production of more than 2.3 billion bottles, 167,700 hectares owned (and 11,023 leased), capable of employing 13,651 employees.
A representative sample of the great widespread wealth of Italian wine (which weighs 55.6% of the sector’s total turnover calculated by the Unione Italiana Vini - Uiv Observatory, 65.36% of exports and 46.2% of domestic sales), and which testifies once again to the strength of a sector that, in 2021, has put growth in sales of 18.3% on 2021 +15% in Italy and +20.8% in exports). And that it is capable of flourishing different business models,
from large cooperation to private individuals, whether they are large structured companies, family-run businesses, with or without external management, owned by entrepreneurs or financial or investment groups.
In terms of turnover, 24 are the wineries that exceed 100 million euros in 2021. That is, Cantine Riunite & Civ with 635.2 (of which 431 can be attributed to the Gruppo Italiano Vini), Italian Wine Brands with 423.6, the Botter-Mondodelvino Pole with 419.6, the Caviro Group with 390, Cavit with 271, Antinori with 259, Gruppo Santa Margherita at 220.6, Fratelli Martini at 219.4, Zonin at 198.5, Mezzacorona at 195.5, in the “Top 10”, and then gradually La Marca (179), Terre Cevico (136.6), Gruppo Lunelli (134), Cantina di Soave (133), Frescobaldi (131.8), Schenk Italian Wineries (129.8), Ruffino (125.1), Villa Sandi (121.3), Collis Veneto Wine Group (116), Vi. Vo. Cantine (115.9), Mionetto (104.5), Tenute Piccini (102), Gruppo Ermes (101.6) and Contri Spumanti (100.5). As mentioned, on the profitability front, a fundamental parameter for the prosperity of any company at the absolute top is confirmed the Bolgheri brand Tenuta San Guido of the Incisa della Rocchetta family, cradle of Sassicaia, with an ebitda to turnover ratio of 62.65%, ahead of Marchesi Antinori with 45.56% (and a size 6 times larger than Tenuta San Guido itself), ahead of Planeta, among the protagonists of Sicily’s wine renaissance, with an important 37.95%. This is followed by other top Italian wine brands such as Frescobaldi (36.42%), Santa Margherita (35.89%), Piergiorgio Castellani’s Tuscan Castellani (33.04%), Sardinia icon Argiolas, a new entry in this peculiar ranking with an index of 32, 63%, tripled over 2020, and again, the Sicilian Donnafugata of the Rallo family, at 27.5%, the Cotarella Family, between Lazio and Umbria, with 25.71%%, and again, from Sicily, the Cusumano label with 25%. But excellent results, above 20% ratio between turnover and ebitda, also for such prestigious realities as Umani Ronchi (23.3%), Mastroberardino (22.12%), Carpineto (22.12%), Marchesi Mazzei (21.97%), Gruppo Lunelli (21.64%), Terra Moretti ( 20.55%), Fantini group (20.40%) and Feudi di San Gregorio (20.34%). The private area, Anna di Martino’s analysis points out, is the one that marched the strongest: the ranking of the largest increases in total turnover is dominated, as last year, by Italia Wine Brands, with +107.33% linked mainly to the purchase of Enoitalia, ahead of the Prosit Group, at +105.54% is Prosit, and Genagricola’s Tenute del Leone Alato, with +103.58% (thanks to the entry in turnover of the two distribution subsidiaries in the U.S. and China). But excellent performances were also posted by Latentia Winery (+58.45%), the Lunelli Group, which celebrates 120 years of Ferrari Trento with +55.8% growth, ahead of the Sicilian Donnafugata at +52.12%, then Tenute Piccini (+50%), Bottega (+48.7%), Terra Moretti (+47.5%) and Marchesi Mazzei (+46.54%). And increases of more than 40% were also recorded by companies such as Serena Wines, Cantina di Rauscedo, Tenute Ambrogio e Giovanni Folonari and Montelvini.
So many large groups with a very strong propensity to export, which, in some cases, accounts for almost all of their turnover. Such as Cantine Sgarzi Luigi, which develop 99.2% of its business abroad, or Fantini Vini with 96.88%, and the Ruffino group, with 94.5%. Also above 90% are Botter-Mondodelvino, Carpineto and Castellani, while realities such as Pasqua Vigneti e Cantine, Umberto Cesari, Pizzolato, La Marca and Tommasi Family Estates fluctuate between 88% and 86%. But looking at who grew the most in exports in 2021 over 2022, at the absolute top are Tenute del Leone Alato (+202.94%), ahead of Italian Wine Brands (+111.48%) and Prosit (+108), but also growing significantly are entities such as Latentia Winery (+75.16%), Piccini (+58.31%), Villa Sandi (+54.47), Bottega (+50.83), Serena Wines (+45%), Marchesi Mazzei (+44.84) and Agricola San Felice (+43.51%), but also running, among others, are the Veneto-based Zenato (+40%), Friuli-based Fantinel (+42%), Puglia-based Varvaglione (+41%), and UnipolSai Group’s Tenute del Cerro (+38%), while on the domestic market the performance of wineries such as Barone Ricasoli (+106%) or Fratelli Martini (+56%) are spiking. Looking at bottled volumes, on the other hand, at the absolute top is the Botter-Mondodelvino pole, of the Sgr Clessidra fund, with 170.2 million bottles, ahead of Italian Wine Brands with 170, and Contri Spumanti, at a distance, with 74.9 million bottles. Just at the foot of the podium is Zonin, with 58.5 million bottles, ahead of Schenk Italian Wineries with 55.8, Cielo e Terra with 37.3, and then again Apulia’s Latentia Winery with 35.1 million bottles, then Lombardy’s Losito e Guarini with 34.6, and again Ruffino with 30.8 million bottles, and Giancarlo Moretti Polegato’s Villa Sandi, with 29.5.
An articulate but concise picture emerges from the analysis of the 2021 financial statements, which tells, once again, of a wine sector that, at least in its leading companies, has more than solid economic fundamentals, which allow the wine industry to look to the future with confidence, despite the difficulties of our times that, in these months, are mainly called inflation and rising production costs.

Focus - The top 10 by profitability (ebitda-to-turnover ratio)
Tenuta San Guido - 62,65%
Marchesi Antinori - 45,56%
Azienda Planeta - 37,95%
Marchesi Frescobaldi - 36,42%
Gruppo Santa Margherita - 35,89%
Castellani - 33,04%
Argiolas - 32,63%
Donnafugata - 27,05%
Famiglia Cotarella - 25,71%
Cusumano - 25,00%

Focus - The top 10 private wineries (2021 turnover in millions of euros)
Italian Wine Brands - 423,6
Polo Botter - Mondodelvino 419,6
Palazzo Antinori - 259,0
Gruppo Santa Margherita - 220,6
Fratelli Martini - 219,4
Casa Vinicola Zonin - 198,5
Gruppo Lunelli - 134,0
Marchesi Frescobaldi - 131,8
Schenk Italian Wineries - 129,8
Ruffino Gruppo - 125,1

Focus - The top 10 cooperative wineries (2021 turnover in millions of euros)
Cantine Riunite & Civ - 635,2
Gruppo Caviro - 390,0
Cavit - 271,0
Gruppo Mezzacorona - 196,5
La Marca Vini e Spumanti - 179,0
Terre Cevico - 136,6
Cantina di Soave - 133,0
Collis Veneto Wine Group - 116,0
Gruppo Vi.V.O. Cantine - 115,9
Gruppo Ermes - 101,6

Focus - The top 10 by increase in turnover
Italian Wine Brands - 107,33%
Prosit - 105,54%
Le Tenute del Leone Alato - 103,58%
Latentia Winery - 58,45%
Gruppo Lunelli - 55,81%
Donnafugata - 52,12%
Tenute Piccini - 50,00%
Bottega - 48,76%
Terra Moretti - 47,56%
Marchesi Mazzei - 46,54%

Focus - The 10 private companies with more hectares under vines owned
Antinori - 3.000 ettari
Casa Vinicola Zonin - 1.800
Marchesi Frescobaldi - 1.480
Banfi - 1.046
Le Tenute del Leone Alato - 900
Terra Moretti - 896
Tommasi Family Estates - 714
Gruppo Santa Margherita - 552
Cusumano - 525
Feudi di San Gregorio - 490

Focus - The top 10 by number of bottles
Polo Botter - Mondodelvino -170.2 million bottles
Italian Wine Brands - 170.0 million bottles
Contri Spumanti - 74.9 million bottles
Casa Vinicola Zonin - 58.5 million bottles
Schenk Italian Wineries - 55.8 million bottles
Cielo e Terra - 37.3 million bottles
Latentia Winery - 35.1 million bottles
Losito and Guarini - 34.6 million bottles
Ruffino Gruppo - 30.8 million bottles
Villa Sandi - 29.5 million bottles

Focus - The top 10 by export propensity (percentage of total sales)
Cantine Sgarzi Luigi - 99,20%
Fantini Group Vini - 96,88%
Ruffino Gruppo - 94,54%
Polo Botter - Mondodelvino 92,44%
Carpineto - 92,17%
Castellani - 92,00%
Pasqua Vigneti e Cantine - 88,43%
Umberto Cesari - 87,17%
La Cantina Pizzolato - 86,69%
La Marca Vini e Spumanti - 86,59%
Tommasi Family Estates - 86,00%

Focus - The top 10 by export growth
Le Tenute del Leone Alato - 202,94%
Italian Wine Brands - 111,48%
Prosit - 108,00%
Latentia Winery - 75,16%
Tenute Piccini - 58,31%
Villa Sandi - 54,47%
Bottega - 50,83%
Serena Wines - 45,00%
Marchesi Mazzei - 44,84%
Agricola San Felice - 43,51%

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