Annual Financial Report
at December 31, 2023
* Brand in exclusive distribution in the Italian territory
Contributing to people’s wellbeing by helping them make informed food choices.
Promoting awareness of the health benefits of plant-based foods. Spreading
knowledge of healthy eating responsibly and with passion.
That’s Valsoia. And that’s the mission expressed in our logo with the Italian for
'goodness and health' – "bontà e salute".
A mission everyone can experience in all our deliciously healthy products.
It’s this commitment to pleasure and health that has made the Valsoia brands some
of Italy’s leading and best-loved household names, thanks to the quality of our
products and constant research and innovation.
* * *
*
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TABLE OF CONTENTS
1. GENERAL INFORMATION ...........................................................................................…5
Corporate offices and positions
Corporate data and Group structure
2. DIRECTORS REPORT ................................................................................................ .8
Key financial highlights
Main events for the period and business performance
Analysis of the statement of financial position
Main risks and uncertainties to which the Company is exposed
Significant events after the interim period and business outlook
Other information
Notes
Allocation of profit for the period
3. ANNUAL FINANCIAL STATEMENTS ........................................................................ .28
Statement of financial position
Income Statement
Statement of comprehensive income
Statement of cash flows
Statement of changes in equity
Notes to the financial statements
4. STATEMENT PURSUANT TO ART. 154 BIS
OF ITALIAN LEGISLATIVE DECREE NO. 58/98 .................................................................. .89
Annual Financial Report at December 31, 2023
General information
1 /
GENERAL INFORMATION
Corporate offices and positions
Board of Directors
(1)
Chairman Lorenzo Sassoli de Bianchi
De
puty Chairman Furio Burnelli
Gregorio Sassoli de Bianchi
Chief Executive Officer and General Manager
(2)
Andrea Panzani
Directors Susanna Zucchelli
Francesca Postacchini
Camilla Chiusoli
Ilaria Monetti
Marco Montefameglio
Board of Statutory Auditors
(1)
Chairman Gianfranco Tomassoli
Statutory Auditors Claudia Spisni
Massimo Mezzogori
Alternate Auditors Massimo Bolognesi
Simonetta Frabetti
Supervisory Board
(3)
Chairman Gianfranco Tomassoli
S
tanding members Maria Luisa Muserra
Giulia Benini
(3.1)
Independent Auditors
(4)
KPMG S.p.A.
Manager in charge of financial reporting
(5)
Nicola Mastacchi
(1) Appointed at the Shareholders’ Meeting of April 27, 2023, in office until the approval of the 2025 Financial Statements.
(2) Chief Executive Officer (since April 23, 2015) and General Manager (since February 04, 2014).
(3) Appointed on March 13, 2023, in office until the approval of the 2025 Financial Statements.
(3.1) Internal member, Legal Specialist of Valsoia S.p.A. since November 2018;
(4) Appointed on April 23, 2015, in office until the approval of the 2023 Financial Statements.
(5) Appointed by the Board of Directors on May 23, 2019, Manager of Valsoia S.p.A., Statutory Auditor.
Valsoia S.p.A./Annual Financial Report at December 31, 2023
6
Corporate data and Group structure
Company Name: Valsoia S.p.A.
Registered office: Via Ilio Barontini 16/5 - 40138 Bologna (BO) - Italy
Telephone no. +39 051 6086800
Fax no. +39 051 248220
Certified e-mail: [email protected]t
Website: www.valsoiaspa.com – Investor Relations section
Share Capital - fully paid up: Euro 3,554,100.66
Tax Code and registration number in the Companies Register of Bologna: 02341060289
VAT no.: 04176050377
Enrolment with the Chamber of Commerce of Bologna: no. BO-338352
Production facility:
C.so Matteotti 13 - 13037 Serravalle Sesia (VC) – Italy
As at December 31, 2023, the structure of the Valsoia Group, in addition to parent company Valsoia S.p.A.,
included the following subsidiary:
At the closing of this period, Valsoia does not own any other investments above 10% of the share capital,
represented by shares with voting rights in non-listed companies, nor does it own shares in limited liability
companies.
The Company has no branch offices.
Valsoia S.p.A. has decided to take the option authorised by art. 70, par. 8 and art. 71, par. 1-bis of Consob
Regulation No. 11971/99 (as amended) and therefore to dispense with the obligation to provide disclosure to
the public in the event of significant mergers, spin-offs, share capital increases through contributions in kind,
acquisitions and disposals.
Company Name Share Capital Main office % Held
Valsoia Pronova d.o.o. € 100,000 Ljubljana (Slovenia) 100
Swedish Green Food
Company AB
SEK 50,000 NYKVARN (Sweden) 100
Valsoia S.p.A./Annual Financial Report at December 31, 2023
7
Annual Financial Report at December 31, 2023
Directors
Report
2 /
REPORT ON OPERATING PERFORMANCE AT December 31, 2023
Key financial highlights
Income statement ratios
(EUR 000)
2023
2022
Change
Euro
%
Euro
%
Euro
%
Total sales revenue
112,818
100.0
101,320
100.0
11,498
+11.3
Total revenue and
income
115,297
102.2
103,662
102.3
11,635
+11.2
Gross operating result (EBITDA)
(*)
12,508
11.1
12,448
12.3
60
+0.5
Net operating result (EBIT)
9,655
8.6
9,755
9.6
(100)
-
1.0
Pre
-
tax profit
10,355
9.2
11,058
10.9
(703)
-
6.3
Taxes (total) and
non
-
recurring
tax effects
(3,131)
2.8
(3,082)
3.0
(49)
1.6
Net profit for the period
7,224
6.4
7,976
7.9
(752)
-
9.4
(**) The interim result is not defined as an accounting measurement pursuant to the IFRS standards; therefore, the definition criteria for this
parameter may not be consistent with those adopted by other companies. With reference to this interim result, for a better understanding, it should
be noted that EBITDA in the 2023 Financial Statements was negatively impacted by the economic effect of the Stock Options Plan for EUR 549
thousand (EUR 75 thousand in 2022) and positively by the reclassification effects on the Income Statement resulting from the application of
IFRS16 for EUR 735 thousand (EUR 672 in 2022).
Equity indicators
(EUR 000)
12.31.2023 12.31.2022 Change
Current non
-
financial assets
24,942
26,916
(1,974)
Current non
-
financial liabilities
(25,124)
(27,368)
2,244
Net working capital
(182)
(452)
270
Other net operating
assets/(liabilities)
(4,195)
(2,653)
(1,542)
Non
-
current assets
62,114
57,950
4,164
Total INVESTMENTS
57,737
54,845
2,892
Shareholders’ equity
85,046
81,933
3,113
Short
-
term net financial position (assets)
(15,523)
(16,728)
1,205
M/L
-
term net
financial position (assets) (*)
(18,905)
(19,471)
566
Non
-
current loans and borrowings
7,119
9,111
(1,992)
Net financial position (assets) (*)
(27,309)
(27,088)
(221)
Total SOURCES
57,737
54,845
2,892
(*) The medium/long-term net financial position consists of the investment in Italian government bonds (BTPs);
(**) = The figure at December 31, 2023 includes the effect on the NFP deriving from the application of IFRS 16 Leases, equal to EUR 2.1 million
Valsoia S.p.A./Annual Financial Report at December 31, 2023
9
(EUR 2.4 million at December 31, 2022); this effect is purely accounting in nature.
Economic and financial
performance indicators
12.31.2023 12.31.2022
ROE (Net profit for the period/Shareholders’ equity)
8.5%
9.7%
ROI (EBIT/Total
investments)
16.7%
17.8%
ROS (EBIT/Revenue)
8.6%
9.6%
EBITDA margin (EBITDA (b)/Sales revenue)
11.1%
12.3%
Primary structure index
/Non
-
current assets
1.05
1.06
Secondary structure index
(Net fin. pos. + M/L-term loans and borrowing)/Non-current
assets
1.12
1.15
Acid test
(Short-term net financial pos. + Current non-financial assets)
/Current non
-
fin. liabilities
1.61
1.60
Debt ratio
(Short-term net financial pos. + Non-current loans and
borrowings)
/Shareholders' equity
n.a.
n.a.
MAIN EVENTS FOR THE PERIOD AND BUSINESS PERFORMANCE
In 2023 the Company recorded Sales Revenues of EUR 112.82 million with an increase of +11.3% (+EUR
11.50 million) compared to the end of the previous year (equal to EUR 101.32 million) already up by +11.4%
(+EUR 10.37 million) on 2021.
The growth of revenues was due to both the growth of the Health Food Division (the "Valsoia Bontà e Salute"
brand) and the positive performance of the Traditional Food Division (brands Loriana, Santa Rosa, Diete.Tic,
Weetabix, Oreo O's Cereals, Vallè and Haagen Dazs).
Consumption in Italy (total modern distribution grocery markets) was positive in value terms during the year
(+7.9%; source NielsenIQ), while volumes were down significantly (-1% compared to the same period last year).
The decline in real consumption substantially characterised all of 2023, confirming the first negative signs seen
starting in the third quarter of 2022, a consequence of the significant inflationary growth.
After peaking in December 2022 (+15%), prices to the public continued to grow at the same rate until the end
of the first four months of 2023, reducing the rate of inflation in the following months to +4.5% in December.
However, the anti-inflation quarter (October, November and December) showed an increase in consumer
prices of more than 5% (grocery total compared to the same period last year - source: NielsenIQ).
Valsoia S.p.A./Annual Financial Report at December 31, 2023
10
