Italian coffee producer Lavazza expects its revenues to recover this year, aiming to reach at least the 2.2 billion euros ($ 2.58 billion) level seen in 2019, and continues to evaluate opportunities for mergers and acquisitions, the company's CEO said on Thursday.
Last year, the family-owned company posted sales valued at 2.085 billion euros, with the retail business offsetting only part of the losses related to the drop in coffee consumption away from home.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 253 million euros in 2020, down 13% compared to 2019.
The group also wants to resume the level of Ebitda reached in 2019, or a level slightly below this, said Chief Executive Antonio Baravalle at a virtual press conference.
Despite the negative impact of the Covid-19 pandemic on coffee consumption in bars, restaurants and offices, the group ended 2020 with a positive net financial position of 102 million euros.
"If we see opportunities for mergers and acquisitions, we will try to take advantage of them, albeit with great attention to economic and financial aspects," said Baravalle, adding that at the moment the group does not have concrete plans for acquisitions.
The pandemic did not interrupt the company's investments, said the CEO, noting that the coffee producer will invest a total of 50 million euros in 2020/21 to reduce its carbon footprint and achieve carbon neutrality by 2030.
The Turin-based group does not plan to be listed on the stock exchange at the moment, as it has achieved the financial results it needs and its shareholders are not looking for a strategy to leave the company, said the CEO.
Baravalle also said he expected sales in restaurants and bars and coffee consumption in offices to gradually recover, adding that the group does not plan to change its long-term strategy, which aims to expand in all three segments.
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