wine industry survey - mbres...top 30 italian wine-makers by turnover (2015-2016p) cont. companies...
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Wine industry survey
Mediobanca Research Department
Milan, 7 April 2017
2 2
Leading wine-makers: Italian sales and exports (index 2011=100)
106.9 109.2
108.1
111.6
117.6
100.0
108.8
119.0 120.9
129.1
137.7
2011 2012 2013 2014 2015 2016P
Sales generated in Italy Exports
3 3
Leading wine-makers and manufacturing companies: net sales
(index 2011=100)
100.0
107.8
113.9 114.3
120.1
127.3
98.4 97.4
98.8
102.2
111.7
2011 2012 2013 2014 2015 2016P
Wine industry Manufacturing industry
4 4
Analysis by company and product type in pre-closing 2016P figures
(% chg. in sales 2016P/2015)
6.4 5.9
13.6
4.4
5.8
7.5
13.0
5.6
Limited companies Co-operatives Spumanti Other wines
Total sales Exports
5 5
Percentages of companies by class of change in turnover vs previous edition (2011-2017F) and changes in sales
23.8 21.4 24.5 25.9
36.4 30.1
46.9
17.1 25.0 15.4 18.7
7.8 31.6
25.9 48.6
39.1 33.6 14.4
34.8
22.9
17.3
-8.9 -6.1 -15.3
-25.8
-11.6 -9.1 -7.4
-1.0 -5.6
-7.8
-8.2
-6.6 -3.4
-0.6
-2.8
-3.4
-7.0
-2.8 -2.9
-2.5
9.5
7.8
5.7
0.3
5.1
6.0
2011 2012 2013 2014 2015 2016P 2017F
=< -10% from -5 to -9.99% from -0.01 to -4.99% >= +10% from 5 to 9.99% from 0 to 4.99% % change in sales
6 6
Exports by geographies in 2016P
(% share of turnover and chg. vs 2016P/2015)
52.1
34.2
4.0
1.3
8.4
7.1
6.3
7.9
13.1
1.9
EU countries North America Asia and Australia Central and South America Rest of the world
% division in 2016P % chg. 2016P/2015
7 7
Top 30 Italian wine-makers by turnover (2015-2016P)
Companies Registered office
Total sales Export Net profit
(loss)
as a % of
2015 sales
Net profit
(loss)
as a % of
2016 sales
No. of bottles
produced in 2016
Ownership
structure 2015 2016 % change
2016/2015
Rank
2015 Rank 2016
2016
€ m
as a % of
2016 sales
% change
2016/2015 € m
CANTINE RIUNITE & CIV (°) Campegine (Re) 546 566 3.6 1 1 377 66.5 2.5 1.3 2.0 200,629,998 Co-
operative
of which: GIV - GRUPPO ITALIANO VINI (°) Bardolino (Vr) 358 365 1.9 278 76.2 1.8 1.7 2.2 81,170,000
of which: CANTINE RIUNITE & CIV (*) Campegine (Re) 201 213 5.7 99 46.3 13.5 2.7 1.7 119,459,998
CAVIRO (°) Faenza (Ra) 300 304 1.1 2 2 92 30.5 7.8 2.9 0.4 50,957,345
(^)
Co-
operative
PALAZZO ANTINORI (°) Florence 209 218 4.5 3 3 140 64.0 0.2 21.5 21.0 25,000,000 Family-
owned
CASA VINICOLA ZONIN (°) Gambellara (Vi) 183 193 5.1 4 4 165 85.8 7.5 0.5 2.7 50,200,000 Family-
owned
MEZZACORONA (°) (*) (+) Mezzocorona (Tn) 175 163 n.a. 5 n.a. 97 59.1 n.a. 0.9 1.1 44,930,000 Co-
operative
Gruppo CAMPARI (wine division) (§) Milan 171 169 -1.2 6 7 n.a. n.a. n.a. n.a. n.a. n.a. Family-
owned
CAVIT CANTINA VITICOLTORI (°) (*) Ravina (Tn) 167 178 6.7 7 5 144 80.7 7.6 3.1 3.0 n.a. Co-
operative
FRATELLI MARTINI SECONDO LUIGI Cossano Belbo (Cn) 160 174 9,0 8 6 156 89.7 9.0 1.7 2.5 78,000,000 Family-
owned
CASA VINICOLA BOTTER CARLO & C. Fossalta di Piave (Ve) 154 165 6.6 9 8 160 96.9 9.6 9.2 8.8 77,626,000 Family-
owned
IWB - ITALIAN WINE BRANDS (°) (-) Milan 145 146 0.8 10 11 105 72.1 10.7 3.8 3.2 45,000,000 Mixed
ENOITALIA Calmasino di Bardolino (Vr) 134 148 9.7 11 10 110 74.3 4.3 2.6 n.a. 88,318,528 Family-
owned
Gruppo SANTA MARGHERITA (°) Fossalta di Portogruaro (Ve) 118 157 32.9 12 9 108 68.7 47.6 12.1 21.3 18,830,036 Family-
owned
GRUPPO CEVICO (°) (*) Lugo (Ra) 113 111 -1.7 13 13 31 27.9 -1.1 0.6 1.2 71,323,229 Co-
operative
CANTINA SOCIALE Co-operative DI SOAVE
(°) (*) Soave (Vr) 106 117 10.3 14 12 45 38.3 -1.2 1.6 1.7 35,000,000
Co-
operative
COLLIS VENETO WINE GROUP (°) (*) Monteforte D'Alpone (Vr) 104 106 2.2 15 15 32 30.2 40.0 1.0 1.5 23,000,000 Co-
operative
SCHENK ITALIA (°) Ora (Bz) 101 108 7.7 16 14 80 73.9 9.3 0.5 0.4 57,300,000 non-Italian-
owned
cont.
8 8
Top 30 Italian wine-makers by turnover (2015-2016P) cont.
Companies Registered office
Total sales Export Net profit
(loss) as
a % of 2015
sales
Net profit
(loss) as
a % of 2016
sales
No. of bottles
produced in 2016
Ownership
structure 2015 2016 % change
2016/2015
Rank
2015 Rank 2016
2016
€ m
as a % of
2016 sales
% change
2016/2015 € m
COMPAGNIA DE' FRESCOBALDI (°) Florence 97 101 4.7 17 16 63 62.3 1.9 21.7 22.5 11,267,721 Family-owned
MONDODELVINO (°) Forlì 95 100 5.3 18 18 84 84.1 8.8 0.3 3.2 60,458,366 Mixed
RUFFINO (°) (*) Pontassieve (Fi) 93 99 6.1 19 19 92 93.5 5.5 11.8 16.7 17,091,878 non-Italian-
owned
LUNELLI (°) Ravina (Tn) 84 95 13.4 20 20 25 26.5 6.8 7.6 n.a. n.a. Family-owned
LA VIS (°) (*) (=) Lavis (Tn) 83 76 -8.6 21 24 56 73.8 -10.0 -3.1 5.3 n.a. Co-operative
CONTRI SPUMANTI Cazzano Di Tramigna (Vr) 78 77 -0.9 22 23 30 38.8 -10.9 5.1 3.1 71,067,000 Mixed
LA MARCA VINI E SPUMANTI Oderzo (Tv) 75 101 33.9 23 17 80 79.3 39.4 0.0 0,0 35,000,000 Co-operative
VILLA SANDI Crocetta Del Montello (Tv) 73 88 20.7 24 21 40 45.1 5.4 3.2 8.0 32,200,000 Family-owned
Gruppo BANFI (°) Montalcino (Si) 70 67 -3.9 25 27 38 56.7 -5.7 2.8 5.2 13,818,000 non-Italian-
owned
QUARGENTAN Roncà (Vr) 68 n.a. n.a. 26 n.a. n.a. n.a. n.a. 0.3 n.a. n.a. Family-owned
MIONETTO Valdobbiadene (Tv) 65 72 11.3 27 26 41 57.2 26.7 4.7 4.4 n.a. non-Italian-
owned
VIVO CANTINE (°) (*) Salgareda (Tv) 65 81 25.4 28 22 38 47.3 39.8 0.7 0.6 26,787,250 Co-operative
F.LLI GANCIA & C. Canelli (At) 62 62 -0.9 29 29 30 48.8 13.6 -6.2 -4.9 20,055,439 non-Italian-
owned
MASI AGRICOLA (°) (') S. Ambrogio Di Valpolicella (Vr) 61 64 4.9 30 28 54 84.4 0.3 10.2 9.3 n.a. Family-owned
VS - VINICOLA SERENA Conegliano (Tv) 56 n.a. n.a. 31 n.a. n.a. n.a. n.a. 2.4 n.a. n.a. Family-owned
Gruppo TERRA MORETTI ($) Erbusco (Bs) 47 73 n.a. n.a. 25 n.a. n.a. n.a. 9.7 9,9 9.000.000 Family-owned
(°) Consolidated financial data.
(*) The financial year ends on 31 July for Cantine Riunite & Civ, Mezzacorona, Gruppo Cevico, Collis Veneto Wine Group and Cantine Brusa, on 31 May for Cavit, on 30 June for Cantina Sociale Cooperativa di Soave and La Vis, on 28 February for
Ruffino, on 31 August for Vivo Cantine.
(^) Excluding wine sold in cartons, boxes and barrels.
(+) 2016 data refer to 11 months of operation (financial years ended on 31 August 2015 and on 31 July 2016).
(§) Only part of the wine division's data are included in the aggregate. The Group produces and sells «Riccadonna», «Cinzano» (vermouth and spumanti), «Liebfraumilch» as well as spumanti under the «Mondoro» brand name.
(-) Set up on 27 November 2014 and listed on the stock market (AIM) since 29 January 2015, with a free float of approx. 60%. The group comprises the companies Giordano Vini and Provinco Italia.
(=) Under compulsory administration from 8 June 2015 al 16 April 2016.
(') Listed on the stock market (AIM) since 30 June 2015.
(§) Data taken from the aggregate sales of the group’s wine-making companies. Including the companies acquired from the Campari group at year-end 2016 would lead to combined turnover as at end-2015 of more than €60m, ranking the Moretti
group among the top thirty sector operators.
Source: financial statements and individual companies.
9 9
Indicators of economic performance, financial solidity and production efficiency in 2015
1.0
0.8 0.8 0.8 0.8
0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4
0.4 0.4 0.3
0.2
0.0
z-score (°) Consolidated financial data.
10 10
2017 estimates: estimated changes
in total sales in exports
(as % of those interviewed)
>=+10%
17.3
from +5% to +9.99%
25.9
from 0% to +4.99%
46.9
from -0.01% to -4.99%
7.4 from -5% to -9.99%
0.0
=<-10%
2.5
>=+10%
24.0
from +5% to +9.99%
24.0
from 0% to +4.99%
44.3
from -0.01% to -4.99%
5.1
from -5% to -9.99%
1.3
=<-10%
1.3
11 11
Profitability of wine
(as %, 2011-2015)
5.0 4.8 5.7
6.4 6.7
3.4 3.4 2.7
5.9 6.6
27.0 26.1
29.2
32.1 33.3
2011 2012 2013 2014 2015
ROI ROE NOM/VA
12 12
Profitability of wine and beverages
(as %, 2011-2015)
5.0 4.8
5.7
6.4 6.7
10.5
8.5
9.4
8.7 8.8
3.4 3.4
2.7
5.9
6.6
8.0
8.9
9.5 9.5
10.0
2011 2012 2013 2014 2015
ROI (wine) ROI (beverages) ROE (wine) ROE (beverages)
13 13
ROE by region
(as %, 2015)
-0.8
0.7
4.1
5.3
7.0 7.8 7.9
9.9
Sicilia Friuli V.G. Piedmont Lombardy Emilia-Romagna Trentino-Alto Adige Tuscany Veneto
14 14
Shareholders' portfolios
(€m based on 2015 net equity)
Companies
875
Individuals
1,372
Co-operatives
859
Non-Italian
375
Financial investors
400
Others
76
Stock Market
66
Individuals:
approx. €3.1bn families
(directly or via companies):
approx. €2.2bn
15 15
Nine Italian companies with sales over €150m
(turnover 2015)
2,380
2,221
1,573
983
823
622 546
410 361 300 297 293 266 245 245 241 221 209 200 183 175 171 167 163 160 154 152
* Champagne
** Wine Division
16 16
Exports
(as % of 2015 sales; companies with sales of over €150m)
96.9
89.7 85.8
81.2 80.7
70.6 68.9 66.5 65.9 64.1 64.0 59.1
53.5
46.0 42.6 40.4
37.3
30.5 28.4
9.0 4.2 2.0
17 17
Industrial margins
(EBIT/sales, as %; excluding co-operatives for Italy)
17.5
16.6
17.8
19.4
21.0
7.5
6.7
7.8
9.3 9.5
2011 2012 2013 2014 2015
Non-Italian Italian
18 18
End-markets
non-Italian companies Italian companies
(as % of 2015 sales)
Asia and Australia
13.1%
North America
58.6%
Europe
16.4%
Central and South
America
4.3%
Rest of the world
7.6%
Asia and
Australia
3.9%
North America
34.2%
Europe
51.8%
Central and
South America
1.3%
Rest of the world
8.8%
19 19
Vineyards owned by large producers
(as % of total surface area, equal to 78,287 hectares)
China
25.6%
Argentina
2.9%
Australia
14.9%
Canada
1.4%
Chile
20.6%
Europe
10.1%
New Zealand
5.2%
South Africa
6.7%
United States
12.6%
20 20
Largest vineyards worldwide
(data in hectares)
Yantai Changyu Pioneer Wine
(CN)
20,055
Treasury Wine Estates (AU)
13,425
Viña Concha y Toro (CL)
10,804
E. & J. Gallo Winery (US)
9,308
Constellation Brands (USA)
8,781
Grupo Peñaflor (AR)
6,104
Pernod Ricard (FR)
5,611
21 21
Mediobanca index of listed wine companies
(total return to 14 March 2017, Jan. 2001=100)
696.1
288.1
194.9
283.7
1644.8
285.4
1534.3
622.5
369.6
466.4 445.2
153.6
247.0 200.2 221.0
Australia Chile China France North
America
Spain Other countries World (local
currency)
MB wines index National stock market
22 22
Stock market multiples
(at end-date for 2015 financial statements)
3.1 1.7 2.1
1.2 1.1 1.1 1.2
34.3
26.0
22.1
13.8
16.0
30.4
39.8
China Other countries North America Chile Spain France Australia
P/BV P/E
23
Mediobanca Research Department
Foro Buonaparte 10, Milan, Italy
www.mbres.it