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Financial datas

2023 Consolidated net sales

The revenue for 2023 shows a growth of +3.7% compared to the previous fiscal year, reaching €6,790.7 million. The organic growth is favorable at +11.6%. The structural effect of +2.1% mainly comes from the integration of SAW S.A.’s activities starting from April 3, 2023. The currency effect is negative at -10%, primarily due to the devaluation of the Argentine peso, which was further accentuated in the fourth quarter, as well as the evolution of the Chinese, Russian, and North American currencies.


Cheese Products account for 60.1% of the consolidated revenue. The revenue shows a growth of 6.8%. At constant exchange rates and scope, the revenue for Cheese Products grows by 8.0%. This growth is driven, on one hand, by tariff adjustments implemented across all markets to cope with high global inflation. On the other hand, it benefits from solid volumes despite pressures on purchasing power and changes in consumer behavior, with a tendency to prioritize more affordable options in the face of inflation.

Other Dairy Products represent 43% of the consolidated revenue and show a variation of -0.2%, including an organic growth of 17% driven by strong volume performance in certain countries and the recovery of out-of-home dining, as well as price effects on a portion of the portfolio that  offset the negative impact of falling prices for industrial products (butter, powder, and whey) in 2023.

2022 net sales per geographical area



Current operating profit


Current operating profit shows a decrease of -9.1% with a positive perimeter effect of +2.5% and a negative currency effect of -11.3%.

Net income

The Group’s share of net income increased by 41.8%. Non-recurring expenses decreased by €27.8 million and continue to be impacted by asset impairments, restructuring costs, and litigation. Financial expenses decreased by €6.4 million, mainly due to a favorable result on currency hedges,  offsetting the negative impact of rising interest rates.

The result on monetary position slightly increased by +€0.4 million, reflecting the application of IAS 29 standard for countries experiencing hyperinflation (Argentina). The contribution from equity-accounted investees slightly changed by +€0.2 million. Corporate income tax decreased by €7 million due to a decrease in non-deductible asset impairments. The net income for the period attributable to noncontrolling interests decreased by €8 million.

Net financial indebtedness / equity

The capital expenditures for tangible and intangible assets amounted to €178.90 million, a decrease of 5.0%. The acquisitions of companies amounted to €34.2 million in 2023.

The net financial debt stands at €439.1 million, an increase of €28.5 million. The equity has decreased by €9.3 million compared to 2022.


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