illycaffè S.p.A Board of Directors has approved the consolidated financial statement for 2021, which saw revenues increase back to 2019 levels, and earnings that improved compared to 2020, while remaining below pre-pandemic levels.
Despite the continuing health emergency, illycaffè’s consolidated revenue for 2021 amounted to about US$532 million (about €500 million), a 17.4 per cent increase compared to 2020, and driven by the gradual recovery of the away-from-home sector.
“The results for 2021, which saw turnover returning to pre-pandemic levels and improved profitability, are a solid starting point to take on the current year, whose macro-economic context is particularly challenging,” says Cristina Scocchia, CEO of illycaffè.
“In 2022 we will focus on profitable growth, driven by clear strategic choices and efficient resource allocation, with the goal of mitigating, to the extent possible, the negative impacts brought about by exogenous factors.”
Italy saw a 16.7 per cent increase in revenues compared to 2020 and a 2.4 per cent increase over 2019, thanks to solid recovery in the Ho.Re.Ca. sector and continued growth in the home sector.
illycaffès United States market, strongly hit by the pandemic in 2020, saw a growth of 38.7 per cent over the previous year, driven by all of the main distribution channels.
The Asian market, which grew by 17.8 per cent compared to 2020, benefited from excellent performance in China and South Korea, especially in online channels.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to about US$65.6 million (€61.6 million), a 16.7 per cent increase compared to 2020 but a decrease of 11.4 per cent compared to 2019.
Net profit amounted to about US$12.7 million (€11.9 million), an increase of 104.7 per cent compared to 2020, in line with improvements in operating profits.
illycaffè says the outlook for the future remains complex and uncertain due to geo-political instability, a resilient pandemic, increases in the prices of raw materials including green coffee, and logistical costs.
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