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  • Company Profile MARCH 2015

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    Disclaimer and documents aims

    Contact details

    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.

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    Index

    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

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    Groups Overview

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    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

    Revenues 2013

    250 mln

    March 2015

    Breakdown of Revenues by Product

    Breakdown of Revenues by Geographic Area

    Groups Overview

    190 mln 76%

    35 mln 14%

    18 mln 7%

    7 mln 3%

    Delicatessen products Certified cheese Agrifood products Other products

    75%

    25%

    ITALY FOREIGN COUNTRIES

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    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

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    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

    Ferrarini

    HUMAN RESOURCES Antonio Ferrari

    COOKED HAM DIVISION

    Gianni Lanzi

    PARMA HAM DIVISION

    Fausto Becchi

    AGRICULTURAL DIVISION Stefano Davoli

    PARMESAN CHEESE DIVISION

    Stefano Migli

    LOGISTICS Gabriele Incerti

    MARKETING Claudio Rizzi

    COMMERCIAL FOREIGN COUNTRIES

    Andrea Gelmuzzi

    REAL ESTATE/ INSURANCE

    Giorgio Panciroli

    R&D Monica Ramaschi

    QUALITY Stefano Migli

    FINANCE/ BANKING

    Roberto Rabitti

    MANAGEMENT CONTROL SYSTEM Francesco Picchi

    MANAGEMENT Giorgio Ciroldi

    CED Gianluca Capria

    GENERAL MANAGEMENT Stefano Mussini

    PURCHASES

    FOOD Massimo Guidetti

    NON FOOD Pietro Ferrari

    NORMAL TRADE Antonio Miglioli Alessandro Caiti

    GDO Roberto Esposito

    COMMECIAL ITALY

    STORES Mario Caprari

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    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.

    ELLE-EFFE S.A.

    FERRARINI S.p.A.

    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

    FERTRANS Srl

    FERRARINI FOOD Co Inc

    FERRARINI SUISSE SA

    FERRARINI Sp.zoo

    100%

    53%

    51%

    100%

    100%

    95%

    45%

    50%

    80%

    70%

    100%

    95%

    Foreign Companies

    Polish Productive Company Management Logistics Activities

    Boutique Ferrarini

    Operating Holding Company

    EMPORIO GOURMET Ltd

    LATINUM ZRT

    100%

    FERRARINI PACIFIC Ltd

    53%

    Specialised Selling Parmesan Cheese

    Groups Overview Organigram

    Resources n Employees 90

    Workers 365 Total 455

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    COOKED HAM

    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.

    PARMA HAM

    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.

    WINE

    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

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    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

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