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Annual Report 2020 ANNUAL REPORT 2020 ANNUAL REPORT 2020 This Annual Report has been translated into English for the convenience of international readers. In the event of discrepancy, the Italian version shall prevail. Contents 6 Company Officers 7 Group Structure 9 Letter to Shareholders 10 Directors’ Single Report on Operations LAVAZZA GROUP Consolidated Financial Statements at 31 December 2020 56 Accounting Statements • Consolidated Statement of Financial Position • Consolidated Statement of Profit or Loss • Consolidated Statement of Comprehensive Income • Consolidated Statement of Cash Flows • Consolidated Statement of Changes in Equity 62 Notes to the Consolidated Financial Statements 134 Independent Auditors’ Report LUIGI LAVAZZA S.p.A. Financial Statements at 31 December 2020 142 Accounting Statements • Balance Sheet • Statement of Profit or Loss • Statement of Cash Flows 150 Notes to the Financial Statements 210 Statutory Auditors’ Report 220 Independent Auditors’ Report 6 LAVAZZA GROUP - ANNUAL REPORT 2020 Company Officers BOARD OF DIRECTORS Alberto Lavazza Chairman Giuseppe Lavazza Vice Chairmen Marco Lavazza Antonio Baravalle Chief Executive Officer Antonella Lavazza Directors Francesca Lavazza Manuela Lavazza Pietro Boroli Enrico Cavatorta Leonardo Ferragamo Gabriele Galateri di Genola Robert Kunze-Concewitz Antonio Marcegaglia Nunzio Pulvirenti Roberto Spada BOARD OF STATUTORY AUDITORS Gianluca Ferrero Chairman Angelo Gilardi Statutory Auditors Bernardo Bertoldi INDEPENDENT AUDITORS EY S.p.A. COMPANY OFFICERS - GROUP STRUCTURE 7 Group Structure LUIGI LAVAZZA S.p.A. 100% 97.35% 100% 99% 35% LAVAZZA NIMS S.p.A. LAVAZZA COFINCAF S.p.A. Y&L Coee Ltd PROFESSIONAL NETHERLANDS B.V. HOLDING EUROPE S.r.l. 100% 93% 99.99% 100% LAVAZZA LAVAZZA PREMIUM FRESH & HONEST LAVAZZA PROFESSIONAL COFFEES CORP CAFÉ Ltd CAPITAL S.r.l. FRANCE S.a.s. 100% 100% 100% 100% LAVAZZA LAVAZZA CARTE NOIRE S.a.s. CAFFEMOTIVE S.r.l. PROFESSIONAL DEUTSCHLAND GERMANY G.m.b.H. G.m.b.H. 100% 100% 100% 100% LAVAZZA LAVAZZA KAFFEE CARTE NOIRE LAVAZZA TRADING PROFESSIONAL G.m.b.H. OPERATIONS SHENZHEN Co LTD UK Ltd. S.a.s. 100% 100% 100% 100% LAVAZZA LAVAZZA COFFEE MERRILD LAVAZZA PROFESSIONAL (UK) Ltd. KAFFEE ApS SPAGNA S.L. UK OPERATING SERVICES Ltd. 100% 100% 100% 100% LAVAZZA LAVAZZA SWEDEN MERRILD LAVAZZA PROFESSIONAL AB BALTICS SIA MAROC S.a.r.l. HOLDING NORTH AMERICA Inc. 100% 80% 97.54% LAVAZZA KICKING HORSE LAVAZZA ARGENTINA PROFESSIONAL COFFEE Co. Ltd. SA NORTH AMERICA LLC 100% 100% 99.53% LAVAZZA LAVAZZA LAVAZZA DO BRASIL PROFESSIONAL AUSTRALIA Pty Ltd JAPAN GK 100% LAVAZZA AUSTRALIA OCS Pty Ltd 100% LAVAZZA FRANCE S.a.s. 50.01% LA MANUFACTURE DE CAFE ALAIN DUCASSE 8 LAVAZZA GROUP - ANNUAL REPORT 2020 DIRECTORS’ SINGLE REPORT ON OPERATIONS 9 Letter to Shareholders Dear Shareholders, The financial year ended 31 December 2020 closed with a Group’s consolidated result of €72,878 thousand based on the IFRS and Luigi Lavazza S.p.A.’s positive result of €91,470 thousand based on Italian GAAP (OIC). With reference to Article 2428 of the Italian Civil Code and Article 40 of Legislative Decree No. 127(2- bis) of 9 April 1991, the Report on Operations includes both information on the Financial Statements of the Parent Company Luigi Lavazza S.p.A., and the Report on Operations of the Consolidated Financial Statements of the Lavazza Group. In the year just ended, in a highly complex economic and social scenario in which the Covid-19 health emergency severely impacted world markets, the Group achieved a turnover of €2.085 billion and a solid growth in the main markets, despite all the difficulties, tackling every challenge not only as a Global Group but, first and foremost, as a community of people working together. In this particularly difficult context, the Group reported the same excellent cash generation as the previ- ous year, an exceptional figure that testifies to the effective management of the Company’s resources. The growth — well above that of the consumer market in the At Home channel — is a measure of the robust solidity and competitiveness of the Group that also confirmed its market share leadership in the historically rich and vibrant coffee beans segment, which is more similar to its own commercial offer. The achievement of excellent economic and financial results was accompanied by the continuation of all the Research & Development investments and the launch of a well-structured environmental sustain- ability strategy focused on circular economy and carbon neutrality, aimed at reducing the environmen- tal impact and making a positive long-term contribution, in line with the UN Sustainable Development Goals, particularly Goal 12 – Responsible Production and Consumption, and Goal 13 – Climate Action. Finally, in the wake of a long history of social responsibility, which began with the Company’s foundation in 1895, economic support in the fight against the Covid-19 pandemic continued to be provided to the communities in which the Group operates, with the allocation of €12.5 million to the healthcare system, schools and vulnerable groups not only in its own region, but also in the coffee-producing countries. The Chairman of the Board of Directors Alberto Lavazza 10 LAVAZZA GROUP - ANNUAL REPORT 2020 Directors’ Single Report on Operations DIRECTORS’ SINGLE REPORT ON OPERATIONS 11 12 LAVAZZA GROUP - ANNUAL REPORT 2020 Group highlights Group’s result for the year The following table shows the Group’s operating and financial highlights at 31 December 2020 com- pared with the previous year: € million 2020 Ratio % 2019 Ratio % NET REVENUES 2,085.3 100.0% 2,199.7 100.0% EBIT 107.7 5.2% 156.0 7.1% EBITDA 252.8 12.1% 290.6 13.2% ADJUSTED EBITDA (BEFORE NON RECURRING ITEMS) 266.4 12.8% 300.7 13.7% PROFIT FOR THE YEAR 72.9 3.5% 127.4 5.8% CAPEX 111.1 157.0 NET FINANCIAL POSITION (101.7) (82.1) EQUITY ATTRIBUTABLE TO THE GROUP 2,347.0 2,391.2 HEADCOUNT AT 31/12/2020 4,172 4,022 DIRECTORS’ SINGLE REPORT ON OPERATIONS 13 A history made of innovation Over 125 years ago, in his grocery shop in Turin Luigi Lavazza invented and marketed the concept of blending: the art of combining different coffee varieties and origins, which even today distinguishes all of Lavazza products. In the early decades of the 20th century, Lavazza was the first company to locally distribute coffee in bags bearing its logo. In 1950, the Company used for the first time in Italy vacuum tins to preserve coffee and in 1971 the first flexible vacuum brick pack. In 1989, Lavazza was also the first brand to introduce multiple coffee packs. In the same year, it entered the portioned coffee market, becoming the first Italian company to produce and market capsule-based espresso systems. Thanks to ongoing collaborations with an international network of universities and scientific institutes, Lavazza now has different platforms in the portioned coffee segment. Innovation has always been closely intertwined to research, and the Company is known as an organi- sation with a “continuous innovation cycle”, ranging from the art of blending to vacuum-packed coffee, from portioned to decaffeinated coffee and the ISSpresso machine — developed alongside the Italian aerospace engineering firm Argotec (in a public-private partnership with the Italian Space Agency) — capable of functioning in the extreme conditions of space. This constant passion for quality led the company in 1979 to found the Luigi Lavazza Centre for Coffee Studies and Research, dedicated to analysis and in-depth study of espresso and the spread of espresso culture. This then evolved into the Lavazza Training Center, an international network of over 50 coffee schools throughout the world, where 30,000 people are trained each year. Constant innovation is also essential when it comes to the significant industrial investments in recent years that have made the Group more efficient, flexible and nimble in responding to a constantly evolv- ing market. Among the first 100 brands in the world by reputation according to the Reputation Institute, Lavazza has been able to develop its brand awareness through important partnerships perfectly in tune with its brand internationalisation strategy, such as those in the world of sport with the Grand Slam tennis tournaments, and those in the fields of art and culture with prestigious museums like New York’s Gug- genheim Museum, Milan Triennale and The Hermitage State Museum in St. Petersburg, Russia. 14 LAVAZZA GROUP - ANNUAL REPORT 2020 A multibrand Group The Lavazza Group is among the major players in the global coffee arena, with a portfolio of leading brands on reference markets such as Lavazza, Carte Noire, Merrild and Kicking Horse. It operates in 140 markets — across all business segments — with 9 production plants in 6 countries and over 4,000 employees worldwide. A global presence that is the result of a growth path that has lasted for over 120 years, as well as of investments in research and innovation, with a constant focus on sustainability. Over 30 billion cups of coffee produced every year bear witness today to a great success story. Each year Lavazza purchases more than 200,000 tonnes of coffee of over 100 different varieties. The selected coffee roasting and grinding methods are aimed at enhancing the nuances of taste and aroma characterising each origin. In the development of services and products, including both coffee and machines, pertaining to all brands, the utmost attention is devoted to quality, which is ensured through strict controls at every phase of the process, from supplier selection to production. Each new blend or single origin is also tasted personally by members of the Lavazza family, who evaluate it with the knowledge and experience gained in over 120 years of coffee production. Only after their approval and a thorough production, control and packing process, are they ready to be sold and offer that extraordinary taste experience that distinguishes all the Group’s products.
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