Cantina di Soave reports turnover of €141 million

Italian producer Cantina di Soave has reported that its consolidated turnover hit €141 million, with its 2017-18 financial report also stating that a record €70 million was distributed to its 2,200 grower-members.

The company’s annual press conference, which took place on 7 December.

The Soave-based co-op also announced that the total value of conferred grapes rose to €98.5 million. The 2017 harvest produced 860,000 quintals of grapes, with turnover rising to €141 million, up 20% on the previous year. €70 million was also distributed to the producer’s 2,200 grower members, meaning that their average income per hectare has risen to reach €13,000.

The winery also drew attention to the performance of its bulk wine, with its DOP and IGP wines contributing to a 39% rise in sales.

Sales of bottled wine, in general, grew in volume and value by 11% and 9% respectively with bottled wine sales making up 50% of the company’s total revenue. It noted that its top markets for its whites are the UK, Germany and Austria, while the primary markets for its Ripasso and Amarone are Scandinavia, Switzerland and the UK.

Cantina di Soave reported a profit of €3.3 million with net assets exceeding €62 million.

During a meeting held last month, the election of Roberto Soriolo as the new chairman of the company was also confirmed. Soriolo takes over from Attlilio Carlesso who has served on the Cantina di Soave Board of Directors for the past 10 years.

Commenting on the results, general manager of Cantina di Soave, Bruno Trentini, said: “The current situation of our winery appears stronger than ever over all its component areas. We met or exceeded all the objectives that we had set for ourselves. The outstanding performance of the bottled wines, and in particular of the winery brands, stands out as an important achievement. Over the course of the financial year, the winery succeeded in adhering to its marketing and sales plan, both in Italy and abroad, strengthening existing brands and introducing new ones, in order to protect current market positions and to conquer new placements.

“Production activities over 2017-18 were in line with those of past years, focusing on development of our denominations to maximise income for our membership, and in fact a full 80% of our output derives from local native grapes. Managing a denomination includes achieving a balanced production of products presented to market in order to avoid excess and creating the correct product position in the markets.

“The current financial year has witnessed major expansion of all the winery’s production facilities, which will be completed this coming spring. These activities were onerous in terms of maintaining both production and good financial management, which amounted to 32.4 million euros specific to the just-concluded financial year. This bears particular attention, given that even with that significant financial outlay, overall liquidity rose slightly, from a previous 38.2 million euros to the present 39.3, helped as well by bank financing. What all this testifies to is this winery’s impressive ability to generate liquidity.

“These are extraordinary results, and we are enormously proud of them. We are, after all, a winery cooperative, and the satisfaction and financial well-being of our grower-members is of fundamental importance for us”.