company profile - ferrarinicompany+profile_english.pdf · this document (“company profile”) ......

Company Profile MARCH 2015

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Disclaimer and document’s aims

Contact details

Ferrarini S.p.A. Via Rivaltella, 3 42123 Reggio Emilia Tel. 0522-9321

Dott. Roberto Rabitti – Director of Finance & Control [email protected] Mobile:+39 340 6464502

Dott. Stefano Mussini – General Manager [email protected] 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 Ferrarini’s 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. Group’s Overview ü Business and Products ü History ü Shareholders and Governance ü Organisation Diagram ü Productive Capacity ü Certifications of Quality

II. Reference Market ü Features and Trends of the Market ü Market Positioning

III. Historical Economic and Financial Data ü Economic Data Summary ü Financial Data Summary ü Real Estate Details ü Inventory Details ü Assets-Liabilities Balance ü Main Clients and Furnishers Details ü Financial Year 2014 – Pro-forma Income Statement ü Financial Year 2014 – Pro-forma Balance Sheet

IV. Business Plan ü Preamble to the Business Plan 2015-2018 ü Expected Evolution of Revenue and Margins ü Expected Evolution of the Net Financial Position ü Projected Income Statement and Balance Sheet

V. Expo Milano 2015 ü Casa Ferrarini ü Ferrarini’s Presence in the Exposition Space

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Group’s 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

Group’s 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 Group’s 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 Group’s distribution platform starts to operate.

§2000 From Nestlé 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).

Group’s 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.

Group’s 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

Group’s 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.

Group’s 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 accordance with current law and regulation.

Group’s Overview Certifications of Quality

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Reference Market

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§ The industry in which the Group operates is closely tied to the macroeconomic environment and the propensity to spend of the consumers.

§ In recent years the field of cold meats and cheeses in Italy has suffered a slight contraction (approx. 2% per year) in volumes and prices, a sign that there was a shift of spending towards low-cost products and sales promotions; however, this trend was much higher in southern Italy compared to the regions in which Group Ferrarini realizes its revenues.

§ The national distribution is still characterised by a strong presence in traditional channels (32%), compared to other European markets in where Mass Distribution concentrates almost all the offer, and also a weighting of private the label products more conservative (18% vs. 37% average European countries ), still showing a strong sign of appreciation of national brand products.

Reference Market

§ There was a strong performance for salami exports driven by ‘Made in Italy-mentality’ and the acknowledged importance of the DOP and DOC certifications, and showed very positive growth rates in 2014. In particular the growth in value is larger than the one in volumes for both cooked ham and Parma ham, while exports of Parmesan have marked a significant increase in volume but very low in values, which is a sign of decline in the average prices at the source.

§ The export market has a positive outlook for the next five years.

Features and Trend of the market

Source: ASSICA, International Trade Map

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§ Seasoned ham (prosciutto stagionato) and cooked ham, the core business of Ferrarini productive activity, covers over the 50% of the delicatessen market in Italy.

Reference Market

§ The Group holds a position of absolute leadership the domestic market of cooked ham, with a share of more than 10%.

§ In the traditional Retail Channel, where the quality of the product is more appreciated, the market share rises to 12%, confirming the primacy and value of the products.

Market Positioning Cooked Ham by distribution channel

Market Positioning

Source: REPORT ASSICA – OCTOBER 2014

n.d.

4,0%

5,1%

2,5%

n.d.

8,2%

11,8%

4,0%

2,0%

3,0%

6,1%

8,0%

9,1%

9,0%

2,0%

3,0%

3,1%

4,8%

5,1%

7,9%

10,3%

Beretta

Negroni

Fiorucci

Parmacotto

Grandi Salumifici Italiani

Rovagnati

Total Market

GDO Channel

Retail Channel

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Historical Economic and Financial Data

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§ Revenue: with revenues equal to Eur 250 mln, 2013 confirms the positive growth trend of the net turnover, which is particularly significant in the context of declining consumption (-3% YoY): Ferrarini was able to increase the revenues both in volume and in value.

§ Gross Margin: the significant increase of prices of some commodities - meat and feed for dairy cows - has resulted in a slight decrease of the Gross Margin.

§ EBITDA: the careful containment activities and rationalization of costs for advertising and promotional initiatives, confirmed an EBITDA almost on the level of the previous financial year, even though it shows a slight decrease.

§ EBIT: the annual amortisation reflects the significant investments carried out during the years, most of them in production sites, and confirm an operating income of approx. eur 12 mln.

§ Financial year results: the 2013 consolidated results amounts to Eur 2,6 mln, a slight historical decrease due to higher financial expenses.

Historical Economic and Financial Data Economical Data summary

INCOME STATEMENT 2010 2011 2012 2013

Net Turnover 233.050 241.512 246.610 250.124 GrowthYoY #DIV/0! 3,6% 2,1% 1,4%

GROSS MARGIN 104.637 104.492 102.706 102.073 % Revenues 44,9% 43,3% 41,6% 40,8%

EBITDA 20.425 21.689 20.266 20.194 % Revenues 8,8% 9,0% 8,2% 8,1%

EBIT 12.346 13.672 11.914 11.723 % Revenues 5,3% 5,7% 4,8% 4,7%

Net Result 4.214 3.907 3.105 2.640

FERRARINI SPA consolidated

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§ Fixed Assets: the capital structure is characterized by a high level of fixed assets, mainly formed by production capacity: amongst the Eur 189 mln of fixed assets, approximately Eur 147 mln are related to land and production sites of which Eur 85 mln are dedicated to the Parmesan Cheese production chain that is entirely controlled by the Company: the land of forage, dairies and the valorizzano stables have an impact on the balance sheet of more than Eur 85 mln.

§ Net Working Capital: the entry into force of the Article 62 (payble of perishable goods) required a monitoring and credit managing policy, that allowed to bear positively the changing conditions of collection and payment.

§ Inventory shows a substantial investment in seasoning and aging products: as at December 2013, amongst eur 60 mln of inventory value, approximately the 60% consist of work in progress products, of which: § the 70% is seasoning ham § the 21% is seasoning parmesan § the 2% is aging vinegar

§ The Funding Sources show a significant financial exposure, explained by the nature of business and pecularities of the Ferrarini products (monitoring the entire productive chain) as well as supported by a good capitalisation level.

Historical Economic and Financial Data Financial Data summary

BALANCE SHEET 2010 2011 2012 2013

Fixed Assets 173.372 173.782 193.181 189.948

Net Working Capital 60.995 66.314 53.315 65.823

Severance Fund and other provisions for risks (4.181) (4.141) (4.077) (4.019)

Net invested capital 230.186 235.956 242.419 251.752

Net Equity 108.776 111.687 116.870 125.468

Net Financial Position 121.410 124.268 125.549 126.284


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§ The strong productive connotation and the peculiarities of the manufacturing explain the Group’s significant production-real estate asset, that distinguishes itself by its diversification and level of integration but especially for its uniqueness, which is consistent with the provisions for the certified productions of “Parma Ham”, “Parmesan Cheese” and “Traditional Balsamic Vinegar of Reggio Emilia”.

§ The farms, productive and seasoning sites, are:

§ Rivaltella: historical productive site of Ferrarini for the Cooked Ham, as well as administrative office;

§ Langhirano (Parma): productive site for the manufacturing and controlling of seasoned parma ham, and deboning site;

§ Puianello e Castelnuovo Monti (Reggio Emilia): dairy no. 106 and no. 110;

§ Reggio Emilia: 8 farms for milk production;

§ Viano (Reggio Emilia): vineyards and pressing center;

§ Rivalta (Reggio Emilia): logistic platform;

§ Albinea (Reggio Emilia): vinegar cella.


*

* Partial values as at 2014

Real Estate details

Breakdown Lands and Buildings Balance value Economical value Farms 65.475.448 105.363.392

Residential buildings 5.602.327 16.707.356

Productive/Logistic Sites 38.880.778 54.788.703

Dairies 2.722.308 8.672.000

Office/Residential buildings 5.580.054 10.052.304

Zootechnical/pig-breeding structures 14.507.737 27.080.473

Seasoning site Lesignano de Bagni 6.120.582 38.630.000

Cooked ham site - POLAND 8.094.588 10.232.200

Work raised on Third Parties Goods 244.962 244.962

TOTAL 147.228.784 271.771.390

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§ The 60% of the Inventory is implied for the seasoning/aging of the different products, thus triggering an utilisation of capital for over Eur 32 mln.


§ The specific nature of the products provides in fact for different timings for seasoning (regulated by the relevant consortia) for each type of product, articulated as follows:

§ at least 12 months for coocked ham: in this respect, Ferrarini avails itself of a seasoning period ranging from 18 to 24 months

§ at least 24 months for Parmesan Cheese

§ at least 12 years for Balsamic Vinegar

§ It should also be noted that the market value of the products in seasoning is on average 15% higher than their relevant Inventory valorisation

15%

26%

42%

13%

2%1%1%

59%

Breakdown of the Surplus as of December 2013

Inventory detail

BASIC COMMODITIES FINAL PRODUCTS PRODUCTS UNDER PRODUCTION

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§ The peculiarity of the asset composition, with a duration conditioned by the production and by the surplus in seasoning, triggers a structure of the financing sources coherent with the utilization.

§ Almost the 80% of the Eur 190 mln of patrimonial imobilization is relevant to plots and productive sites, whereas approx. a half is dedicated to the Parmesan Cheese productive chain, entirely led by the company.

§ By analisyng the composition of the Inventory, it appears possible to identify components which, for their relevant nature and/or for their rotation timings, may be qualified as medium-long term liabilities (60% of the Aggregate Inventory: herds Eur 6 mln and seasoning products Eur 33 mln).

Assets- Liabilities Balance 2013

Aggregate Inventory

Value € 61 mln

Assets-Liabilities Balance

€ 315 mln € 315 mln

Fixed Assets 60%

Herds2%

Seasoning inventory

10%

Rotary inventory

7%

Comm. Credits 18%

Net Equity 40%

Fin. Liab. MLT 9%

Net Financial Liabilities

ST 31%

Comm. LIabilities 19%

Funds 1% Other 3%

Assets Liabilities

-

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§ Approx. 75% of the sales is made in the Italian market, whereas the remaining 25% is realized in a number of EU countries (mostly Spain, England), Switzerland and Japan.

§ The first 6 clients of the Group of 2013 have realised approx. 12% of the aggregate revenues, highlighting a very fragmented composition of a high number of customers (over 18,000 customers).

§ The concentration of the suppliers is quite low as well, as the first 6 of them represent only the 15% of the total and are mostly pork meat laborers.

Historical Economic and Financial Data Main Clients and Suppliers details

Costumers % cumul. 1 Esselunga Soa 5% 3 Pac 200 (Conad) 7% 2 Gruppa SMA Rinascente 8% 4 Gruppo Unes 9% 5 Dufrital (Aereoporti) 11% 6 Gruppo Pam Panorama 12%

100% Aggregated revenues 2013

Suppliers % cumul. 1 Suicom Spa 6% 2 Comital 9% 5 Fimar Carni Spa 12% 4 F.lli Martelli 13% 3 Simonini Spa 14% 6 F.lli Sassi 15%

100% Aggregated purchases and services 2013

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§ Accounting year 2014 has confirmed a growing business volume trend, due to significant activity of development in foreign markets, as well as to the effective work carried out in order to safeguard the position achieved in the national market, both in Industrial Distribution as well as in the retail distribution channel.

§ The accurate price restraint policy has lead to a positive trend also with respect to the generated price margins: as of December 2014, the Group recorded a net operational margin equal to Eur 21 mln, which, on the aggregate revenues value of Eur 256 mln, is equal to a margin higher than 8.2%.

§ The income statement closes with a projected revenues amount higher than Eur 3 mln, confirming profitability and a positive trend.

Historical Economic and Financial Data Financial Year 2014 – Pro-forma Income Statement

Income Statement

€/ '000 2012 2013 2014

Total Revenues 246.610 250.124 255.164 GrowthYoY 2,1% 1,4% 2,0%

GROSS MARGIN 102.706 102.073 99.402 % Revenues 41,6% 40,8% 39,0%

EBITDA 20.266 20.194 20.946 % Revenues 8,2% 8,1% 8,2%

EBIT 11.914 11.723 12.418 % Revenues 4,8% 4,7% 4,9%

Net Result 3.105 2.640 3.083


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§ The structure of the financing sources benefits from the new medium-long term financing lines granted during the financial year, at stake, which have allowed the rebalance of the ratio between the short and long term bank loans as well as a better coverage of the utilisation following to the closing of the fiscal year (thigs in seasoning).

§ On the other hand, the dynamic of the circulating commercial capital has settled at the same level registered as of 2013, after the full implementation of art. 62 of Law Decree no.1.


Assets – Liabilities 2014 ratio

€ 326 mln € 326 mln

Aggregate Inventory

Value € 72 mln

Financial Year 2014 – Pro- forma Balance Sheet

Balance Sheet

€/ '000 2012 2013 2014

Fixed Assets 193.181 189.948 190.480

Net Working Capital 53.315 65.823 74.388

% Revenues 21,6% 26,3% 29,2%

Severance Funds and other provisions for risks (4.077) (4.019) (3.442)

Net invested capital 242.419 251.752 261.426

Net Equity 116.870 125.468 132.550

Net Financial Position 125.549 126.284 128.876


Fixed Assets 58%

Herds2%

Seasoning inventory

13%

Rotary Inventory

7%

Comm. Credits 18%

Net Equity 41%

Fin. Liab. MLT 21%

Net Fin. Liab. ST

19%

Comm. Liab. 19%

Funds 1% Others 1%

Assets Liabilities

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The Industrial Plan

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§ The company aims to conduct an international expansion process, in order to consolidate its market position both on the national market and on the international one.

§ In the coming years the goal is to extend commercial activity on highly developed foreign markets – Japan and US – where the Ferrarini trademark and Italian food productions are collecting more and more significant acknowledgement.

§ The funds arising from the issuance of Bonds will then be implied as follows:

§ to support the commercial expansion plan, which will be used for eventual acquisitions in Italy and abroad;

§ to pick eventual opportunities on supplies, which will allow further productive efficiencies, thus entailing several benefits from a marginality standpoint;

§ a rebalance of the financing sources, in line with the structure of the utilisations and the peculiarity of the relevant production activity.

§ The management, on a prudent basis, estimates a growth of the business volume in line with the past, as well as a steady marginality for the upcoming period 2015 – 2018.

§ The new financial position will benefit from the positive evolution of self-financing, and of a stable utilisation structure in consideration of the whole implementation of the new provisions in matter of payments terms of edibles, as well as of the productive investments undetaken during the last few years.

The Industrial Plan Introduction to the 2015-2018 Industrial Plan

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§ The evolution of the revenues expects a medium yearly growth rate equal to 2,5%, perfectly in line with the past (+2,5% C.A.G.R. 2010-2014).

§ Even though the market still shows weak signs of improvement, the Ferrarini quality production has shown positive acknowledgements, both in Italy and abroad, corresponding to the increase of the price range of the product.

§ As for operational marginality, the management soundly foresee a stable evolution, regardless of the forecoming volumes which are showing a significantly positive trend.

The Industrial Plan Revenues and Marginality projection

2014 2018

254

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281

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Revenues 2014 pro - forma

EBITDA 2014 pro - forma

REVENUES 2018 FORECAST

EBITDA 2018 FORECAST

Marginality and Revenues evolution (€ /mln)

EBITDA Margin 2015 - 2018 8,2%

Revenues C.A.G.R. 2015 - 2018 +2,5%

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§ The Net Financial Position, which as at 2014 is equal to eur 129 mln, has shown a slight decalage during last years, due to a higher efficiency process in the financing sources.

§ During last years, the company has succeeded in maintaining a stable level of debt load, regardless of the implementation of art. 62 of Law Decree no.1/2012 (regulating the payment terms of edibles), which has had a significat impact on the level of net circulating capital.

§ The positive self-financing and the generated cash conversion, will allow a progressive reduction of the financial exposure.

The Industrial Plan Projected evolution of the Net Financial Position

2014 2018

128,9

(55,3)

12,3 9,9 97,6

NFP2014 pro-forma

SELF-FINANCING CCN CAPEX NFP2018 FORECAST

Net Financial Position evolution (€/mln)

D

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The Industrial Plan Projected Income Statement and Balance Sheet

Income Statement

€/ '000 2012 2013 2014 2015 2016 2017 2018

Total Revenues 246.610 250.124 255.164 265.882 274.007 278.169 281.561 GrowthYoY 2,1% 1,4% 2,0% 4,2% 3,1% 1,5% 1,2%

GROSS MARGIN 102.706 102.073 99.402 103.690 106.294 108.094 109.322

% Revenues 41,6% 40,8% 39,0% 39,0% 38,8% 38,9% 38,8%

EBITDA 20.266 20.194 20.946 21.773 22.542 22.520 22.775 % Revenues 8,2% 8,1% 8,2% 8,2% 8,2% 8,1% 8,1%

EBIT 11.914 11.723 12.418 13.200 13.540 13.397 13.943 % Revenues 4,8% 4,7% 4,9% 5,0% 4,9% 4,8% 5,0%

Net Result 3.105 2.640 3.083 3.328 3.890 4.494 4.925


Stato Patrimoniale

€/ '000 2012 2013 2014 2015 2016 2017 2018

Fixed Assets 193.181 189.948 190.480 184.667 179.429 173.672 165.508

Net working capital 53.315 65.823 74.388 76.896 78.270 82.727 86.649 % Revenues 21,6% 26,3% 29,2% 28,9% 28,6% 29,7% 30,8%

Severance funds and other provisions for risks (4.077) (4.019) (3.442) (4.391) (5.422) (5.335) (5.402)

Net invested capital 242.419 251.752 261.426 257.171 252.276 251.064 246.756

Net Equity 116.870 125.468 132.550 135.879 139.768 144.263 149.188

Net Financial Position 125.549 126.284 128.876 121.292 112.508 106.802 97.568


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EXPO Milano 2015 «Casa Ferrarini»

§ Ferrarini, in fact, will be the sole operator of its sector to have a dedicated food show room, which will also be placed in a very attractive area: towards Lake Arena (a water pond containing the «Albero della Vita») and alongside to Palazzo Italia.

§ In collaboration with MyChef, an “taste boutique” will be built, where the customers will be able to get to know and taste the best of Ferrarini’s flavours.

§ Casa Ferrarini will be constituted of an expository area, where the visitors will explore the Ferrarini’s world, and a dining area, where Ferrarini’s best food specialties will be served.

§ In the framework of EXPO 2015, which will take place from 1 May to 31 October, Ferrarini will have in its availability an entire expository space of more than 500 square meters.

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EXPO Milano 2015 Ferrarini within the expository area

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