Annual Financial Report at
December 31, 2024
* 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.
* * *
*
CONTENTS
1. GENERAL INFORMATION .......................................................................................... .…4
Corporate offices and positions
Corporate data and Group structure
2. DIRECTORS REPORT ................................................................................................. .7
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 .......................................................................... 27
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 ................................................................... 84
Annual Financial Report at December 31, 2024
General information
1 /
GENERAL INFORMATION
Corporate offices and positions
Board of Directors
(1)
Chairman Lorenzo Sassoli de Bianchi
D
eputy 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)
Deloitte & Touche 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 24, 2024, in office until the approval of the 2032 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, 2024
5
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: v[email protected]
Website: www.valsoiaspa.com – Investor Relations section
Share Capital - fully paid up at December 31, 2024: Euro 3,559,720.56
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, 2024, 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, 2024
6
Annual Financial Report at December 31, 2024
Directors
Report
2 /
DIRECTORS’ REPORT AS AT 31 December 2024
Key financial highlights
Income statement ratios
(EUR 000)
2024
2023 (Restated)
Change
Euro
%
Euro
%
Euro
%
Total sales revenue
116,751
100.0
112,818
100.0
3,933
+3.5
Total revenue and
income
119,215
102.1
115,297
102.2
3,918
+3.4
Gross operating result (EBITDA)
(*)
14,264
12.2
12,508
11.1
1,756
+14.0
Net operating result (EBIT)
(**)
11,339 9.7% 9,655 8.6 1,684 +17.4
Pre
-
tax profit (1)
11,802
10.1%
10,270
9.1
1,532
+ 14.9
Taxes (total) and non
-
recurring
tax effects
(3,527)
3.0
(3,131)
2.8
(396)
+12.6
Net profit for the year (1)
8,275
7.1
7,139
6.3
1,136
15.9
(1) The figures for the year 2023 have been restated to retroactively reflect the effects of the change in the standard adopted to measure equity
investments in subsidiaries, from the cost method to the equity method, implemented by the Directors as from the current financial year. For further
details, please refer to the comments in the notes to the financial statements under Changes in accounting standards and measurement criteria.
(*) Interim result not defined as an accounting measure under IFRS. This interim result is defined by the Company as profit/(loss) from continuing
operations before depreciation and amortisation of property plant and equipment, intangible fixed assets and rights of use, financial operations
(including foreign exchange income and expenses) and income taxes. With reference to this interim result, for a better understanding, it should be
noted that EBITDA in the 2024 Financial Statements was negatively impacted by the economic effect of the Stock Options Plan and the Stability
Pact for EUR 546 thousand (EUR 549 thousand in 2023) and positively by the effects resulting from the application of IFRS16 for EUR 781
thousand (EUR 735 thousand in 2023).
(**) Interim result not defined as an accounting measure under IFRS. This interim result is defined by the Company as the profit/(loss) from continuing
operations before financial management (including foreign exchange income and expenses) and income taxes.
Equity indicators
(EUR 000)
12/31/2024
12/31/2023
(Restated)
Change
Current non
-
financial assets
25,502
24,942
560
Current non
-
financial liabilities
(25,697)
(25,124)
(573)
Net working capital
(194)
(182)
(12)
Other net operating assets/(liabilities)
(4,121)
(4,195)
(75)
Non
-
current assets
66,347
61,840
4,507
Total INVESTMENTS
62,032
57,462
4,570
Shareholders’ equity
90,461
84,772
5,690
Short
-
term net financial position (assets)
(13,736)
(15,523)
1,787
Valsoia S.p.A./Annual Financial Report at December 31, 2024
8
Non
-
current financial assets (*)
(19,754)
(18,905)
(849)
Non
-
current loans and borrowings
5,060
7,119
(2,059)
Adjusted net financial position (**)
(28,429)
(27,309)
(1,120)
Total
SOURCES
62,032
57,462
4,570
The figures for the year 2023 have been restated to retroactively reflect the effects of the change in the standard adopted to measure equity
investments in subsidiaries, from the cost method to the equity method, implemented by the Directors as from the current financial year. For further
details, please refer to the comments in the notes to the financial statements under Changes in accounting standards and measurement criteria.
(*) Non-current financial assets consist of investments in Italian government bonds (BTPs);
(**) The Adjusted Net Financial Position, hereinafter also referred to as “NFP-r”, is an indicator of the financial structure and is determined in
accordance with Esma Guidelines 32-382-1138, with the addition of the values of non-current financial assets. The figure at December
31, 2024 includes the effect on the NFP deriving from the application of IFRS 16 Leases, equal to EUR 1.8
million (EUR 2.1 million at December 31, 2023).
Economic and financial
performance indicators
12/31/2024
12/31/2023
(Restated)
ROE (Net profit for the period / Shareholders’ equity)
9.1% 8.4%
ROI (EBIT / Total investments)
18.3% 16.8%
ROS (EBIT / Revenue)
9.7% 8.6%
EBITDA margin (EBITDA / Sales Revenue)
12.2% 11.1%
Primary structure index
(Equity / Non
-
current assets)
1.05 1.05
Secondary structure index
(Net fin. pos. + M/L-term loans and borrowing) / Non-current
assets
1.10 1.12
Acid test
(Short-term net financial pos. + Current non-financial assets)
/ Current non
-
fin. liabilities
1.53 1.61
Debt ratio
(Short-term net financial pos. + Non-current loans and
borrowings) / Shareholders’ equity)
n.a. n.a.
The figures for the year 2023 have been restated to retroactively reflect the effects of the change in the standard adopted to measure equity
investments in subsidiaries, from the cost method to the equity method, implemented by the Directors as from the current financial year. For further
details, please refer to the comments in the notes to the financial statements under Changes in accounting standards and measurement criteria.
MAIN EVENTS FOR THE PERIOD AND BUSINESS PERFORMANCE
In 2024 Valsoia S.p.A. (the “Company”) recorded Sales Revenues of EUR 116.75 million with an increase of
3.5% (+EUR 3.9 million) compared to the end of the previous year (equal to EUR 112.82 million).
The growth of revenues was due to both the growth of the Health Food Division (the "Valsoia Bontà e Salute"
Valsoia S.p.A./Annual Financial Report at December 31, 2024
9
brand) and the positive performance of the Traditional Food Division (Loriana, Santa Rosa confetture, Diete.Tic,
Weetabix, Oreo O’s Cereali, Vallè and Haagen Dazs Brands).
Consumption in Italy (total grocery markets - Modern Distribution) in 2024 was positive in terms of value
(+1.3% source: NIQ December 2024) and essentially stable in terms of volume (+0.4%). The “Large Brands”
cluster in particular, in which Valsoia's Brands are placed, recorded stable trends in value (+0.2%) but with
volumes decreasing by 1% (source: NIQ December 2024).
During 2024, this decrease in consumption was more marked for packaged food, which recorded, again with
reference to the “Large Brands” cluster, -1.5% in volume with +1.0% in value (Source: NIQ December 2024).
Against this backdrop, the “Large Brands” in the total grocery market - Modern Distribution, continued to see
a reduction in their market share (44.6%, 0.5 share points less than the previous year against a growth in
private labels (22.7%; +0.4 share points compared to the previous year).
In the FMCG markets in general, 2024 saw increasing promotional indices in an attempt to support sell-out
volumes, while retail prices, after the strong inflationary boost of 2023, decisively slowed down their growth
during the year, reducing the average annual inflation, for FMCG, to around +1% (slightly higher, around +2%,
for products in the “Large Brands” cluster).
Valsoia operates with its Brands in a very large number of markets (20 product categories monitored by NIQ),
thus diversifying and reducing the risk of fluctuations in volumes and revenues in the markets in which it
operates. During 2024, the number of market segments, in terms of volume consumption trends, proved to
be well balanced between positivity and negativity for the Company's Brands.
The Company's total Brand portfolio showed a positive trend also for 2024, in the volumes of the FMCG lines
(+1% overall, +0.6% Italy), in contrast to the trend illustrated above for the same lines in the “Large Brands”
cluster (-1.5%). This performance confirms the solidity of Brand Equity for the Company's Brands, in a context
of consumer prices confirmed at the levels reached with the strong inflation of 2023.
Work continued on improving distribution coverage and point-of-sale space by expanding the activities of the
“sell-out specialists” network dedicated to the Company's Brands and active in over 40% of weighted
distribution in Italy.
Sales abroad showed an increase of 7.9% in value in 2024 compared to the previous year. Organic growth
(+3.8% in volumes) is supported in particular by the good performance of plant-based ice cream and beverages
while the first foreign sales of Piadina “Loriana” continue to grow.
During 2024, support continued to be given to the Company's own Brands, with increased investments in
communication and consumer sampling activities at major events such as concerts, trade fairs and national
sporting events. These investments support the Company's Brands and markets.
In terms of costs of raw materials, 2024 was characterised by small downward adjustments for some
categories, offset by increases, sometimes considerable, for others (e.g. cocoa, chocolate and vegetable fats).
Valsoia S.p.A./Annual Financial Report at December 31, 2024
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