Here are the accounts and business of Bonifiche Ferraresi (which celebrates the entry of Eni and Intesa Sanpaolo)
What will change for Bonifiche Ferraresi after the transactions with Eni and Intesa Sanpaolo. The article by Emanuela Rossi
Eni and Intesa Sanpaolo devote themselves to agriculture and do so with one of the largest and most solid groups in the sector , Bonifiche Ferraresi, controlled by the holding company BF Spa. But let's see what the agreement provides and who it is, what it does and what figures Bonifiche boasts Ferraresi.
WHAT THE AGREEMENT PROVIDES FOR
The board of the holding company BF Spa has approved the creation of a 50/50 joint venture with Eni for activities "of research, experimentation and analysis on oil plant seeds in order to be able to use them as feed-stock for Eni bio-refineries" highlights a note of the group led by Claudio Descalzi.
The shares will be subscribed by Eni at a unit price of 3.225 per share, for a total value of approximately 20 million. The agreement also provides for the purchase by the Six-legged Dog of a minority stake in the share capital of Bonifiche Ferraresi SpA Società Agricola equal to 5% against payment of 20 million.
This agreement for Eni "has strategic value: Bonifiche Ferraresi is the largest Italian agricultural company and Eni produces advanced biofuels in the biorefineries in Gela and Venice Porto Marghera, one of the tools to contribute to the containment of co2 in transport".
As specified by the multinational, the testing and experimentation activities of the jv will be carried out in the "open-air laboratories" of Bonifiche Ferraresi in Sardinia and the research "will be aimed at evaluating the replicability of the productions in Italy and in foreign countries where it is Eni present ”, in particular in Africa.
But there is more. Intesa Sanpaolo will also join the joint venture, which will pay out another 20 million, again for 3.32% of Bf. After all, the banking group highlights in a press release, by Bf "Intesa recognizes the role of primary market operator with strong focus on ESG issues, that is and this is an absolute guarantee, of sustainable global equity and focused on the agri-food chain, a fundamental sector for the Italian economy and Made in Italy. The investment is also in line with Intesa Sanpaolo's development plan in the agri-food sector, especially in the world of production chains, confirmed by the recent establishment of the Agribusiness Department, within the Banca dei Territori Division ”.
WHO IS IT AND WHAT IT DOES BONIFICHE FERRARESI
Bonifiche Ferraresi is the first Italian landowner and today has a heritage of approximately 7,750 hectares. The land of Bonifiche Ferraresi – in Jolanda di Savoia and Mirabello (Ferrara), in Santa Caterina (Arezzo), in Arborea (Oristano) and in Massa Marittima and Monterotondo Marittimo (Grosseto) – host crops of rice, corn, durum and soft wheat, barley, sugar beets, alfalfa, soybeans, vegetables, medicinal plants and fruit.
Founded in 1872, in 1942 the Bank of Italy became its largest shareholder and in 1947 it went public. Its recent history is instead linked to the BFSpA group, a NewCo made up of a consortium of private investors, which in June 2014 acquired the majority stake in Bonifiche Ferraresi from Palazzo Koch. The completion of the takeover bid in 2017, which involved the parent company BFSpA and Bonifiche Ferraresi, led to the listing of BFSpA's shares on the Stock Exchange starting from June 2017 and the de-listing of Bonifiche Ferraresi in November 2017.
The managing director is Federico Vecchioni, a highly regarded manager and former president of the Grosseto Chamber of Commerce. The Board of Directors of Bonifiche Ferraresi currently consists of 7 members, appointed by the ordinary shareholders' meeting of 25 May 2020: Giancarlo Giorgi (chairman), Federico Vecchioni (CEO), Giorgi Emilio, Rossella Locatelli, Alessandro Nova, Marco Salvi, Luigi Scordamaglia. The board will remain in office until the date of the meeting called to approve the financial statements for December 31, 2021.
THE ACCOUNTS OF BONIFICHE FERRARESI
With regard to the accounts, the latest available financial statements – as at 31 December last – show revenues from sales of 36.1 million in 2020 compared to 33.1 million in the previous year, thanks to the consolidation of the processing and marketing of finished products (pasta, rice and herbal teas) through the distribution channel of the GDO. The value of production stood at around 47.5 million compared to 47.8 million in 2019 (-0.5% on the year). The gross operating result (EBITDA) rises to Euro 6.3 million, with an increase of more than 31% compared to the EBITDA achieved in 2019. The operating result (EBIT) is -469 thousand euros compared to -418 thousand euros of the previous year. And again: in 2020 the net financial position rose from 34.1 million to 42.6 million.
LOANS IN PROGRESS WITH INTESA SANPAOLO
From the results of the 2020 financial statements, Bonifiche Ferraresi has several medium / long-term loans in place with Intesa Sanpaolo. In particular, a loan agreement, with an original duration of 48 months, at a variable rate equal to the three-month Euribor unsecured, the residual debt of which amounts to € 190 thousand at 31 December 2020; three loans for a total of € 4 million, with a duration of 10 years, at a variable 3-month Euribor rate +130 bps spread, with the residual debt value of the long-term portion which as of December 31st last year was equal to € 2,790 thousand; a loan agreement with Banca Intesa received by merger from Cicalino Green Srl equal to 3 million, amortized every six months until 2033, with a 6-month Euribor rate +290 bps, hedged with an IRS derivative and residual value at 31 December 2020 equal to to 2,711 thousand euros; a loan agreement obtained on December 16, 2020 for 5 million, with a 72-month amortization plan, 3-month Euribor rate +75 bps, hedged with an IRS derivative.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-conti-e-business-di-bonifiche-ferraresi-che-festeggia-lingresso-di-eni-e-intesa-sanpaolo/ on Sun, 12 Dec 2021 13:29:27 +0000.