Esselunga cancels the debts contracted in 2017 to take over the properties of the Villata supermarkets and closes the first six months of 2020 with revenues e margini up on an annual basis: respectively +1,9%, to 4,06 billion, and +9,7%, to 395,9 million (including extraordinary costs for interventions imposed by the pandemic to safeguard the safety of customers and employees ).
In the same period, the supermarket chain founded by Bernardo Caprotti invested 126,8 million and opened three new stores.
Halfway through the year the net financial position of the company was positive for 3,8 million. The figure compares with the loss of 847,5 million recorded at the end of 2017 to acquire 67,5% of the Caprotti property at 964 million. With regard to prices, the products on the shelves have received an inflation of 1,7%, against the 3% recorded by suppliers.
“It was a particularly difficult semester due to Covid 19 – commented the CEO, Sami Khale – Our priorities have been to protect customers, our people and maintain business continuity in a period of great uncertainty. To guarantee all this, we have invested over 13,5 million”.
At this point, Esselunga is preparing to merge with the parent company Supermakets Italiani. The operation will bring the debt to rise, it is estimated at around 1,3 billion, part of the sum that Marina Caprotti needed to liquidate the brothers Giuseppe and Violetta and take over 100% of the large-scale distribution giant. Even this new debt, however, does not scare Esselunga, given that cash flows are close to 400 million a year and interest rates will remain low for a long time to come.
“On a commercial level, we were heavily penalized by the lockdown period during which over 50% of our customers were unable to leave their municipality of residence and consequently were unable to go to our stores to do their shopping – added Kahale – However, Esselunga's sales grew by 1,9%”.
