Revenue Up 17.4 Percent in All the Main Markets and Channels, Driven by Recovery in the Away-From-Home Sector

• Consolidated revenues amounting to about € 500 million, +17.4 percent compared to 2020 and in line with 2019
• EBITDA of € 61.6 million, +16.7 percent compared to 2020 but below pre-pandemic levels (-11.4 percent compared to 2019)
• EBIT of € 20.7million
• Net profit of € 11.9 million
• Net financial position has improved thanks to strong cash generation

The Board of Directors of illycaffè S.p.A. has approved the consolidated financial statement for 2021,[1] which saw revenues increasing compared with 2020 back to 2019 levels and earnings that improved compared to 2020, while remaining below pre-pandemic levels.

In spite of the continuing health emergency, consolidated revenue for 2021 amounted to about € 500 million, a 17.4 percent increase compared to 2020 and driven by the gradual recovery of the away-from-home sector and the positive results achieved by the Home channels (especially e-Commerce and Modern Trade).

Italy saw a 16.7 percent increase in revenues compared to 2020 and a 2.4 percent increase over 2019, thanks to solid recovery in the Ho.Re.Ca. sector and continued growth in the Home channels (especially e-Commerce and Modern Distribution).

The EMEA area (excluding Italy) has grown by 10.1 percent compared to 2020, driven by positive trends in the main reference markets (particularly France, the United Kingdom, Spain and Greece).

The United States, which were strongly hit by the pandemic in 2020, saw a growth of 38.7 percent over the previous year, driven by all of the main distribution channels

The Asian market, which grew by 17.8 percent 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 € 61.6 million, a 16.7 percent increase compared to 2020 but a decrease of 11.4 percent compared to 2019. EBITDA margin amounted to 12.3 percent of total revenue, about the same as in 2020 (12.4 percent) but less than in 2019 (13.9 percent).

EBIT also grew compared to the previous year (+42,1 percent), due to an increase in volumes and lower incidence of amortizations – € 20.7 million, a 33.5 percent reduction compared to 2019 – accounting for a smaller percentage of net revenue.

Net profit amounted to €11.9 million, an increase of 104.7 percent compared to 2020, in line with improvements in operating profits; nevertheless, it remained below 2019 levels (-28.8 percent).

The Net Financial Position improved by 9.9 percent compared to the previous year and amounted to € 123.5 million.

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.

“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 – commented 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. We will focus even more in the distinctiveness of the illy brand, which has always been associated with superior and sustainable quality”.

Over the course of the year illycaffè, the first Italian company to obtain B Corp (Benefit Corporation) certification in recognition of its high social and environmental performance standards, transparency and responsibility, has further strengthened its environmental policies to reduce its direct impact on the ecosystem, beginning with coffee plantations, through the adoption and promotion of sustainable and responsible know-how, techniques and conduct.