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Mzbg (Segafredo), boom of profits (+51%) but the SE doesn't appreciate

Sales volume decreases lightly in nine months, but marginality increases /ATTACHMENT

The Board of Directors of Massimo Zanetti Beverage Group SpA, famous for the Segafredo brand, one of the leading brands worldwide in the production, processing and marketing of roasted coffee and other selected categories of colonial products, approved the Interim Report for the Nine Months ended September 30, 2018.

Revenue: Euro 654.0 million compared to Euro 708.5 million in the nine months of 2017; -7.7% at current exchange rates, -3.7% on a comparable basis 

Gross profit: Euro 285.8 million, -2.1% compared to Euro 292.1 million in the nine months of 2017 with the margin on revenue of 43.7% compared with 41.2% 

Ebitda: Euro 50.6 million, +2.8% compared to Euro 49.2 million in the nine months of  2017, +5.0% on a comparable basis 

Net profit: Euro 12.4 million, +50.9% compared to Euro 8.2 million in the nine months of 2017. 

Massimo Zanetti, the Group's chairman and Chief Executive Officer said: “In the first nine months of 2018, we achieved satisfactory profitability: EBITDA increased 5.0% on a comparable basis and net profit by more than 50%. Revenues for the first nine months of the year is slightly down on a comparable basis (-3.7% compared to the first nine months of 2017) and reflects the continuous improvement in the sales mix fuelled by the performance of the food service channel and highly-profitable products, which resulted in the organic growth of the gross profit. All geographical areas recorded an increase in volumes, except for the US market, down by 5.4%. Specifically, volumes rose considerably in the Asia-Pacific region (+8.7%). Furthermore, the recent acquisition of the Australian group “The Bean Alliance” will enable us to seize additional opportunities in this high-potential area as of next year. Based on the results achieved in the first nine months of 2018 and given the positive outlook for the fourth quarter, we confirm our expectations of solid growth in profitability for the year”.

The market doesn't react positively and on Friday November 9 the title in the Stock Exchange closed to EUR 5,86 (-2.82%). The loss on annual basis is about 25%.

For further information see the attachment to this EFA News.

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