illycaffè registers growth in revenue, the highest In ten years for 2022
April 6 - 2023
Coffee Geography Magazine
Family owned illycaffè, founded in Trieste in 1933, consolidated revenue in 2022 amounted to € 567.7 million, a record increase of 13.6% compared to 2021, the highest growth rate in ten years. The growth achieved in 2022 was led by all of the markets and distribution channels in which the Group has a presence.
According to illycaffè’s announcement, EBITDA amounted to € 71.4 million, a 15.8% increase compared to the previous financial year. The growth in revenue and the increased operating efficiency of the Group – in keeping with its strategy of sustainable and profitable growth – made it possible to offset the extraordinary pressure on margins dictated by the inflationary framework. Margins stood at 12.6% of revenue, an increase of 30 basis points (0.3%) compared to 2021.
Adjusted EBITDA stood at € 78.2 million, a 10.6% increase compared to the previous year. EBIT, which amounted to € 25.9 million, also increased by 24.8% compared to the previous year due to the evolution of operating profitability and the lower impact of depreciation and amortization on net revenues.
Group Net Income stood at € 14.2 million, an increase of 18.9% compared to 2021, exceeding expectations. The net financial position stood at € 154.3 million, a 25.0% increase compared to the previous financial year, due to mostly to the general increase in production costs, particularly the price of green coffee, and to the investment plan launched in 2022.
Cristina Scocchia CEO of illycaffè
Cristina Scocchia, Chief Executive Office of illycaffè said "We are thrilled to have achieved the best results in the last ten years in spite of the challenging macro-economic context. 2022 marked a major milestone towards the achievement of our strategic goals: this year all markets and all distribution channels contributed to our growth, in terms of both revenue and EBITDA. These results underscore the solidity of the strategic direction we have taken. Thanks to its superior sustainable quality, illy coffee is one of the crown jewels of the Italian export sector, and we intend to continue to build on this strength by further accelerating our growth on international markets.”
illycaffè adopted the sustainable business management practices using Standard Ethics, which attributed to the company’s highest possible level of compliance with the international sustainability indicators established by the European Union, the OECD (Organization for Economic Cooperation and Development) and the United Nations.
For 2023, the company plans with the growth path identified in the 2022-26 strategic plan, concentrating on further accelerating its international development in the super- premium market segment.
The expected development will be supported by a major investment plan amounting to € 270 million, of which € 120 million destined for a major expansion in terms of production and logistics to be concentrated in Trieste, the Group's strategic production hub, and focusing on the critical phases of the production process.