The Board of Directors of Valsoia SpA (EXM: VLS) met today and approved the Additional Periodic Disclosure as of March 31, 2024.
“In this first quarter, the Company's revenues have improved slightly in a context that, as far as Italy is concerned, still shows a decidedly negative trend in volumes of total Packaged Consumer Goods – commented President Lorenzo Sassoli de Bianchi – in the six months ending in March, our market shares have grown in many of the main segments in which we operate.
The Company's sales abroad are very satisfactory, recording significant growth in this first quarter. In these first months we have presented interesting innovations in the health and traditional food areas with projects that will be communicated in the coming months of the year.
As regards the “Valsoia Bontà e Salute” brand in particular, an important image renewal has been announced, resulting from a long research process on consumers of alternative plant-based products. The new image is, as always, a spokesperson for a healthy lifestyle, focused on well-being, capable of also enhancing the taste component. The new “system pack” expresses a modern and authoritative brand identity, confirming the historical values of our brand contained in the pay-off: “Bontà e Salute”.
This restyling anticipated a new communication campaign in the stores during the first quarter, which will strengthen the positioning of the “Valsoia Bontà e Salute” brand both on the current target and on a younger target.
The new advertising films have been online since April with an extraordinary media impact that will continue throughout the year through various means, from television to digital, up to local events, in order to increase the visibility of “Valsoia Bontà e Salute” also in the new target clusters. The control of the purchase costs and the margins of the Company, in addition to the constant attention to sustainability, will remain the priorities also for this 2024, the year in which we have decided not to increase our price lists to large-scale distribution with the aim of contributing to the containment of consumer inflation”.
In the first quarter of 2024, the Company recorded Sales Revenues of € 24,7 million compared to € 24,6 million in the same period of 2023. The increase is equal to +0,7% compared to the previous year which had already recorded an increase of +9,5% in the same quarter of 2022. In a general context, characterized by a contraction in volumes of total Packaged Food (-2,8% progressive to 14 April 2024, source NielsenIQ) and Total Grocery (-1,6% on the same date), the Company's brands recorded in the six months ending in March (source NiesenIQ period October 2023-March 2024) a trend substantially aligned with that of their respective markets, however improving their consumer share in 11 of the 16 main markets in which the Company operates.
Sales in foreign countries recorded an increase of +20,4% in anticipation of the summer season which particularly affects the performance of ice cream, the main driver of sales abroad. The Company is committed to managing the average costs of products and services after the extraordinary growth in the last 2 years having also decided on a policy of "no increase" of price lists with the exception of the Santa Rosa Confetture brand and the Valsoia "vegetable hazelnut cream" line, with the aim of containing the inflationary trend in the consumption of its brands.
The Net Financial Position (NFP), as of March 31, 2024, is positive for € 24,2 million. Net of the effect of the application of IFRS 16 at March 31, 2024, the same NFP is equal to € 26,3 million.
Main events after the end of Q1 2024
The month of April showed a decidedly positive trend in revenues and volumes for both Divisions, Healthy Food and Traditional Food, both in Italy and abroad. The planning of communications investments has been activated for all the Company's Brands and in particular for "Valsoia Bontà e Salute" with the new campaign and the new packaging that is starting to have visibility in the points of sale of large-scale distribution. The Company has published, after the Shareholders' Meeting of 24 April 2024, its fourth Sustainability Report referring to the 2023 financial year.
This report does not constitute a “DNF” (Non-Financial Statement) but represents a voluntary reporting aimed at all internal and external stakeholders who wish to gain a deeper understanding of the Company's operations and the main activities related to them.
Stock option Plan 2022-2025
The Board of Directors, having acknowledged the results achieved by the Company in the 2023 financial year as approved by the Shareholders' Meeting of 24 April 2024, has recognized the beneficiaries of the 2022-2025 Stock Option Plan, with reference to the objectives of the second year of the Plan, the accrual of a total of 25.000 option rights exercisable according to the methods and timeframes set out in the Plan itself.
