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Company Profile MARCH 2015
Disclaimer and documents aims
Ferrarini S.p.A. Via Rivaltella, 3 42123 Reggio Emilia Tel. 0522-9321
Dott. Roberto Rabitti Director of Finance & Control R.Rabitti@ferrarini.it Mobile:+39 340 6464502
Dott. Stefano Mussini General Manager S.Mussini@ferrarini.it Mobile: +39 335 370398
This document (Company Profile) has been provided for the purpose of the issuance of the Ferrarini SpA 6,375% 2015 2020 by Ferrarini Spa (hereinafter Ferrarini and/or the Company) and reserved to Professional Investors in order to provide a description of the Company business and of the key economic and financial data, both historical and prospective.
The Business Plan 2015-2018 has been drafted by Ferrarinis Management, whose analysis was based on the data and information provided by the Company or assumed by public sources.
Pursuant to the Law Decree 196/2003 (the Privacy Law) it should be noted that the use of the information contained in this document for other purposes than those listed above and the disclosure or communication of such information to third parties is prohibited without prior written consent of the Company.
Finally, the addressee of this prospectus, by receiving it, undertakes to keep the confidentiality of the data and conclusions contained in it, expressly approving such restriction on the use.
If the addressee disagrees with the confidentiality requirements described above, the relevant addressee should return the original copy of the Company Profile to Ferrarini as soon as possible.
I. Groups Overview Business and Products History Shareholders and Governance Organisation Diagram Productive Capacity Certifications of Quality
II. Reference Market Features and Trends of the Market Market Positioning
III. Historical Economic and Financial Data Economic Data Summary Financial Data Summary Real Estate Details Inventory Details Assets-Liabilities Balance Main Clients and Furnishers Details Financial Year 2014 Pro-forma Income Statement Financial Year 2014 Pro-forma Balance Sheet
IV. Business Plan Preamble to the Business Plan 2015-2018 Expected Evolution of Revenue and Margins Expected Evolution of the Net Financial Position Projected Income Statement and Balance Sheet
V. Expo Milano 2015 Casa Ferrarini Ferrarinis Presence in the Exposition Space
The Group operates internationally in the production, processing, seasoning, and marketing of various kinds of cold meat and cheese.
The specialization of products ranges from the Cooked Ham (Prosciutto Cotto) to lactose and milk, protein free, gluten and polyphosphates free, of which the Group is positionsed as a national leader. These products are flanked by the production of Parma Ham (Prosciutto Crudo di Parma) and Culatello with rind, seasoned in the processing establishment of Langhirano.
The entire production chain of Certified Parmesan Cheese (Parmigiano Reggiano DOP) is monitored by Ferrarini from the forage, dairy cows, processing to the seasoning. For its products, Ferrarini has won major awards (first certified company of Parmesan Cheese).
Ferrarini has expanded to the production and marketing of wine and balsamic vinegar, made from vines on its own grounds, and other food specialties.
Business and Products
Breakdown of Revenues by Product
Breakdown of Revenues by Geographic Area
190 mln 76%
35 mln 14%
18 mln 7%
7 mln 3%
Delicatessen products Certified cheese Agrifood products Other products
ITALY FOREIGN COUNTRIES
The Ferrarini Groups history begins in 1956 in the historical villa at the foothills of Sourthern Reggio Emilia, where the Group still works on as part of its own productions:
1956 The industrial production of cooked ham begins in the site of Rivaltella.
1979 The production of Parma HamIn begins the site of Lesignano de Bagni.
1989 Due to the construction of the site EFFE2, the production of seasoned ham is increased.
1998 The Groups distribution platform starts to operate.
2000 From Nestl the Ferrarini Group acquires Vismara, which was founded in 1898 in Casatenovo (Lecco).
2003 The construction of site EFFE3, dedicated to various kinds of sliced meat, expands the site of Lesignano de Bagni.
2007 The production of delicatessen products starts in the sites of Sierakow e Klosowice (Poland).
Groups Overview History
The 100% of the share capital of the company is held by Elle Effe SA Luxembourg holding company of the Ferrarini family: Luca, Lucio, Licia, Lisa, and Lia Ferrarini are today the leading figures of the Company with various operational roles.
Despite the clear family connotation, the Group has a management structure with proven experience in the field covering the main strategic divisions.
Groups Overview Shareholders and Governance
Chairman Luca Ferrarini
BOARD OF DIRECTORS Directors : Lina, Lucio, Licia, Lisa, Lia
HUMAN RESOURCES Antonio Ferrari
COOKED HAM DIVISION
PARMA HAM DIVISION
AGRICULTURAL DIVISION Stefano Davoli
PARMESAN CHEESE DIVISION
LOGISTICS Gabriele Incerti
MARKETING Claudio Rizzi
COMMERCIAL FOREIGN COUNTRIES
REAL ESTATE/ INSURANCE
R&D Monica Ramaschi
QUALITY Stefano Migli
MANAGEMENT CONTROL SYSTEM Francesco Picchi
MANAGEMENT Giorgio Ciroldi
CED Gianluca Capria
GENERAL MANAGEMENT Stefano Mussini
FOOD Massimo Guidetti
NON FOOD Pietro Ferrari
NORMAL TRADE Antonio Miglioli Alessandro Caiti
GDO Roberto Esposito
STORES Mario Caprari
The Company, in addition to the Partners, employs 455 people, of wich 90 employees and 365 workers.
The employees work in the commercial and administrative functions.
The workers are employed in various departments of the processing/seasoning sector, quality control, slicing department and imput and output logistics sector, as well as in agricultural activities (mainly milking).
Some of the activities and processes such as the greasing and deboning are covered by external resources (on average 20/25 resources) or by cooperatives.
FERRARINI ESPANA SI
ASAHI GRANT Co Ltd
FERRARINI USA Co Inc
FERRARINI SHOP Srl
Le corti di Filippo Re scrl
Latterie di Montagna Matilde di Canossa Srl
FERRARINI FOOD Co Inc
FERRARINI SUISSE SA
Polish Productive Company Management Logistics Activities
Operating Holding Company
EMPORIO GOURMET Ltd
FERRARINI PACIFIC Ltd
Specialised Selling Parmesan Cheese
Groups Overview Organigram
Resources n Employees 90
Workers 365 Total 455
The production is carried out in the site of Rivaltella where the activities of deboning and trimming, syringing and massage, molding and baking , wrapping and packaging, take place.
The processing capacity amounts to 30,000 thighs a week divided between the Reggio Emilia site and the Polish one in Sierakow.
The production is carried out in the site of Lesignano de Bagni where the activities of deboning, seasoning and slicing of the product take place.
In recent years the processing capacity has grown steadily and has been fully utilized, surpassing 1,200,000 thighs/year (12,000 tons /year of meat ) processed in the last financial year.
CERTIFIED PARMESAN CHEESE
The full monitoring of the productive chain of the Parmesan Cheese explains the uniqueness of the Ferrarini productions: The Ferrarini Farms forage; 8 farms of diary cows of Jersey and Frisona breed; The dairies n. 106 and n. 110 of Puianello and Castelnuovo Monti (Reggio Emilia).
In recent years the capacity of processing and maturation has exceeded 45,000 forms.
CERTIFIED BALSAMIC VINEGAR (ACETO BALSAMICO DOP/IGP)
The processing of must from the vineyards of the property begins In the Ferrarini vinegar cellars: stemming and crushing, must boiling, fermentation, acidification and aging in different types of wood for 12, 18 and 25 years, hilling and bottling.
More than 35 hectares in the Emiliane hills offer the Lambrusco, Malbo Gentile, Spergola, Cabernet Sauvignon and Chardonnay grapes which comprise the Ferrarini wine production.
The monitoring of the entire production chain and the system of cultivation and environmentally friendly management reveals the link with local tradition and culture.
Groups Overview Productive Capacity
Consistent with the Ferrarini philosophy of quality in manufacturing tradition and technological innovation, the Company has implemented a Company Quality System that has received all the necessary certifications in relation to hygiene and food safety over the years, in accordan