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Cantina di Soave: 63.5 million euros distributed to its grower-members

Soave. Unanimous approval of the 2016-17 financial report in the course of the final session of the general members’ meeting held at Rocca Sveva on 10 November, to the satisfaction of Attilio Carlesso and Bruno Trentini, respectively Cantina di Soave President and General Manager, and to the entire Board of Trustees.

Overview:

  • 118 million euros in consolidated turnover
  • The 2016 harvest, which saw over 1 million quintals of grapes brought in, represented a consolidated turnover of 118 million euros. The sales component saw in an increase of 6% over the preceding year’s performance, both in volume and value of bulk product, thanks in particular to  DOP and IGP wines, which managed to maintain good performance levels, despite some market declines in other wine types.
  • Bottled wines also rose in value (2%). In line with company strategies adopted in recent years, sales of bottled wines constitute a full 50% of overall revenue; 53% of that derives from branded wines, the company’s core business, as opposed to 47% coming from private label turnover.
  • Equally satisfactory is the proportion between domestic and international sales, 58% and 42% respectively. Among the primary markets for white wines, largely Soave and Pinot Grigio, Germany (+20%) and Austria (+16%) performed well, and Great Britain continues strong, despite the fears concerning the Brexit vote, which was held at the beginning of our financial year. Among the primary markets for our highest value-added red wines, Scandinavia and Switzerland continued their strong showings.
  • Regarding capitalisation, net assets reached 57 million euros this year, with an operative cash flow of over 6 million euros and profit for the year of 1,804,000 euros. Satisfactory as well was liquidity, which, despite 14 million euros of current investments, went from 39,025,000 to 38,023,000 euros.
  • The total value of conferred grapes increased to 81 million euros and remuneration payouts for same amounted to 63.5 million euros.

 “Management policies during the 2016-17 period,” stated General Manager Bruno Trentini, “were completely in line with those of preceding years. The company has continued to follow its policy of reinforcing its core brands, within the larger policy of promoting the denomination areas and maximising member profits. 80% of our production, in fact, derives from native-grape wines. We have reached, and in some cases exceeded, the objectives we set for ourselves, and the results announced today reward the efforts of the entire winery team, across all departments. The expansion project for all production facilities is moving forward and is scheduled for completion in 2018. This construction is, of course, challenging from a management point of view, but from a financial point of view as well, since, for the period in question, we are speaking of 14 million euros. And this is perhaps the most significant fact in the entire financial report, since despite the fact that this project has necessitated a huge expense, our liquidity saw only a very slight decline, from the previous 39,025000 euros to the current 38,023,000 euros, a difference of just a bit more than one million euros. This is an impressive, almost unique, figure within the Italian wine production sector, and demonstrates the proven ability of our company to generate liquidity.”

“In report after report,” stated Cantina di Soave President Attilio Carlesso, “is has become almost a habit to underscore the Cantina’s record achievements and outstanding performances, but in the sphere of finances nothing should be taken for granted. Every balance sheet is a story unto itself, and we are immensely proud of this year’s results, which are the fruit of the 2016 vintage, so positive in both quantity and quality, and in management capability. The financial report has been approved by the members once again unanimously, and that is enormously gratifying, because the balance sheet is important, but for a cooperative the satisfaction of its member-growers is even more important. Over this financial year, the 2,200 growers who make up the great Cantina di Soave family have seen grape compensation rise to 63.5 million euros and the average income per hectare reach almost 12,000 euros, figures that were impossible even just a few years ago. Those are indeed record achievements and, it bears underscoring, not at all to be taken for granted.”