Sofidel approved its consolidated Financial Statement 2020
The company attained positive results and significant growth compared to 2019, both in terms of turnover and the net operating margins
The Shareholders’ General Meeting of Sofidel, one of the global leaders in the production of tissue paper for sanitary and domestic use, best known in Italy and Europe for the Regina brand, has approved its consolidated Financial Statement 2020.
In a global context characterized by the economic and social impact of the Covid-19 emergency, Sofidel attained positive results and significant growth compared to 2019, both in terms of turnover and the net operating margins.
Specifically, Net sales rose from 1,919 to 2,173 million euros (+253 million) with a percentage increase of more than 13%. While, on one hand, this result was preferred by a dynamic of growing global demand for essential goods for sanitary and domestic use, on the other it was made possible thanks to the attainment of full operating capacity in the second half of 2020 by the new factory in Oklahoma, a new generation greenfield site that enabled production capacity to be increased and Sofidel’s geographical coverage in the United States to be improved, boosting the growth potential in this market.
The EBITDA was 418 million euros, equal to an incidence (EBITDA margin) of 19.25% on the net revenues, a significant improvement on the 2019 performance, when it stood at 259 million, due in part to the stable price of the raw material (cellulose), which remained at the levels of the second half of 2019, and favorable energy costs for the entire period.
The Shareholders’ General Meeting ofSofidel also appointed its new Board of Directors, including external directors for the first time.
“In a year when the company achieved the milestone of a turnover of two billion, Sofidel’s Shareholders’ General Meeting decided to open up its Board of Directors to external directors in order to acquire new additional expertise and professionalism to help meet the challenges that await us”, according to a statement issued by the Chairman Edilio Stefani and the Chief Executive Officer Luigi Lazzareschi.
Everyone at Sofidel thanked the outgoing Chairman Emi Stefani, who decided to end his active daily involvement in the company on reaching his ninetieth year. Similar thanks and gratitude were expressed to Lorenza Magazzini and Cristina Lazzareschi, the wife and daughter respectively of Sofidel’s other co-founder, Giuseppe Lazzareschi, who are leaving their posts.
