(Finance) – Italian Wine Brands ended the first semester with a turnover of 196.8 million euros. The revenues indicate a progression of the Group on international markets, where sales of Euro 165 million were achieved (+15.3% compared to the first half of 2022) and highlight how the acquisitions have guaranteed greater geographical diversification, contributing to the strengthening of the Group in key countries such as the United States (+32.3% growth compared to the first half of 2022) and Germany (+18.21%), respectively the first and second destination market for Italian wine abroad
The Gross Operating Margin restated consolidated is equal to 17.3 million and compares with a consolidated restated EBITDA for the first half of 2022 equal to 14.2 million. The margin on turnover grew to 8.7% compared to 7.88% in the first half of 2022. The operating result grew by 22.8% to 9.89 million, while profit before taxes increased by 11.6% to 6.2 million of Euro.
At 30 June 2023, the Group presents a net financial debt (excluding IFRS16 effect) equal to Euro 138.5 million, a decrease compared to the net financial debt at 30 June 2022, equal to Euro 144.1 million despite the effect of the acquisition of Blackbeard.
The Boards of Directors of the Group’s Italian subsidiaries today approved further steps in IWB reorganization projectwhich includes among other things the partial demerger of Giordano Vini in favor of Enoitalia and fusion for incorporation of Provinco Italia, Blackbeard and Fossalto in Enoitalia. Operations that are part of the broader corporate reorganization project of the IWB Group aimed at rationalizing and making the operating companies more efficient. The goal is to get to concentrate the Italian business on two companies, compared to six at the beginning of 2023: the company resulting from the merger of the Italian companies and which will be called IWB Italia will have as its mission sales to business customers and production for all Group companies, further improving sales synergies and optimizing costs of product and process; Giordano Vini will remain focused on direct sales to end customers.
The Merger will allow important achievements savings in governance costs and administrative management of the entities involved and will allow us to seek balanced operational dimensions that allow us to withstand the competitive challenge and the development of the company. The Demerger intends to remodulate the scope of activities of Giordano rationalizing it, within the framework of the overall activities of the IWB Group of which it is part, and assigning the so-called “B2B” or “wholesale and ho.re.ca” production and sales activities to Enoitalia; the so-called “B2C” sales activity remains in the hands of Giordano.