Growing in times of crisis, realizing 95% of turnover in Italy. It is the miracle of Valsoia, a Bolognese company in the food sector which today presented an excellent quarterly report, with all data improving, after an already clearly positive 2012.
Revenues in March are 21,832 million (+16,6% compared to the first quarter of last year), Ebitda 2,6 million (+224,7%), net profit 1,296 million (+1,8%), debt position 6,648 million against 11,367 million as at 31st December 2012 and 16,423 million as at 31st March 2012. “In the period following the end of the quarter – reads a note – the positive sales trend continued”.
In short, the demand for food and health does not decrease. Already in 2012 things had gone well for Valsoia: turnover of 93,3 million euros (+63,8%), Ebitda of 9,432 million (+63,1%), net profit of 4,490 million (+73.2%) with a dividend distribution of €0,170 per share. After the entry of the Santa Rosa and Pomodorissimo brands, there is now talk of new acquisitions, but the owner Lorenzo Sassoli de Bianchi is holding back the enthusiasm.
"On my table there are at least 40 open dossiers - he says - but none has the right characteristics or prevails over the other". After all, Valsoia's "secret" is precisely that of not being in a hurry.
“We're doing well – says Sassoli – because we put a project in place right from the start and we pursued it. We were born with an innovative design, practically inventing the segment that combined nutrition and health. We went on the stock market without looking for liquidity, but to grow culturally, emancipating the company from the typically Italian family location. And that rewarded us."
The company was founded in 90 by the will of Sassoli, a doctor with firm entrepreneurial roots and, right from the start, explored a fairly new sector for Italy: that of healthy eating. Valsoia specializes in the production of vegetable foods, exploiting the properties of soy and along this path chooses only raw materials that are not genetically modified and come from countries with solid controls. Growth matures over time, one step after another, with the addition of products: from milk to ice cream, from rice-based foods to breakfast cereals. The quotation is in 2006 when the turnover is 50 million euros. In 2009 the company earned 91,38% of the Stock Exchange.
"Even in a euphoric context we remained down to earth - adds Sassoli - at a time when everyone tended to grow bigger by getting into debt without too many thoughts, thanks to the ease of finding money, we stayed put, until the right opportunity arrived, Santa Rose. Because we also want to grow through external lines, but with strong brands and not just anything. In 2011 we managed to bring home this important brand, with great potential. In fact, the jam segment is growing, unlike others in the food sector”.
For Santa Rosa and Pomodorissimo, Valsoia signs a check to Unilever for around 25 million, but manages to digest the outlay with a certain ease. “We had cash and we never wanted to overdo it.”
It has been rumored for some time that the company is ready for new acquisitions. Who for example? “The identikit of what we are looking for is always the same: a niche, leading and Italian brand, given that our market is practically entirely internal”. No suffering from declining consumption? “No, our motto is goodness and health and the consumer knows us by now. We grow because we invest heavily in research and innovation. Today, for example, we are studying zero-fat ready-made sauces. It is a great novelty, for diet and good digestion”.
What about advertising investments? “Yes, we do those too. Santa Rosa was a nice brand, but a kind of sleeping beauty that needed to be awakened. Among other things, as president of Upa, the Advertising Association, I am convinced that one of the useful actions to restart growth is the tax exemption of additional advertising investments. This could stimulate consumption and give a breather to the media system that is really suffering”. In the double role of entrepreneur and president of Upa, do you see a light at the end of the tunnel of the crisis? “Some timid signals are visible. I am convinced that we have already touched it is time to start the ascent".
