Nestlé, Maho, DiOlio, and Calvo sell more but earn less

the Economic inflation Which has plagued the shopping cart for two years has had a detrimental impact on companies producing food and beverages in Spain, which They sold much more due to increases in the prices of their products, but at the same time they did not increase their profits by even a single euro.

This is shown through the analysis conducted by EXPANSIÓN with data from 40 of the largest groups in this sector, national or operating in Spain. The list includes the largest companies in drinks (Coca-Cola Partners Europacific Iberia, DAM, Maho San Miguel or García Carrión), as well as food groups from various sub-sectors, including Meat products (Vall Companys, El Pozo, Campofrío or Incarlopsa); to Fish (Nueva Pescanova, Gilsa or Calvo), dairy products (Capsa or Pascual) or multinational companies (Nestlé, Unilever or Mondelez)To give just some examples.

Its numbers published in the Commercial Register show this The combined trading value of these companies increased by 18% over the past yearThe first to be shaken by inflation, From 36.906 to 43.555 million euros.

However, that Additional bills, often resulting from higher pricesHe was accompanied by A And an even higher increase of 24.32% in its spending on supplies -Increased from 21,382 to 26,582 million-.

Although companies They adjusted the rest of their costs so that they would not be exposed to the greater impact of inflation on their accountsThe big picture is that The combined operating results (ebit) of the 40 companies mentioned reached 2.315 million in 2022, exactly five million less than the previous year. (2,320 million).

So the x-rays show a Operating profit -Reflecting the development of normal business- which The company remained flat despite achieving an additional turnover of 6,649 million eurosany He settles the accusations made by many of these companies that they “made money” thanks to inflation.

he Net profit – An inventory of the financial results and tax payment of the companies analyzed Increased from 1,730 to 1,957 million, an increase of 13%. However, this difference of 227 million is greatly influenced by the company: Grain foods. the old Siro achieved operating losses of $38 million, but its net profits amounted to $186 millionThis is due to the exceptional impact resulting from the acquisition of the group before Davidson Kempner and Effendis. The process eliminated the group’s debt, an effect that was directly referred to as a benefit. Without the Ceralto effect, the net joint benefit of the groups analyzed would also have remained constant.

Noticeable differences

However, the corporate image hides completely different realities. All of them, without exception, increased their sales and supply costs in 2022, although to very varying degrees.

Eight companies (Valls Companys, Citri&Co, Vicky Foods, Noel Alimentaria, Cerealto, Fini, Compañía de Bebidas Pepsico and Zamora Company) increased its sales by more than 30%. while Seven companies achieved less than double-digit growth: Nestlé Spain (1.95%), Importaco (3.19%), Anicube (4.58%), Campofrio (4.95%), Ferrero Iberica (6.18%), Caico (7.27%) and Mondelez (9.15%). ).

However, the most notable differences have been recorded in Operating profit developmentwhich shows the winners and losers of inflation, although this variable did not only affect their results.

A total of 16 out of 40 companies analyzed increased their dividends in the past yearIn some cases, significantly. PepsiCo, Nueva Pescanova and Pascual doubled itwhile Coca-Cola EuroPacific partners Iberia, Jelsa and Fini increased the value of their shares by more than 30%.. next to, Mondelez Vicky Foods and Schweppes turned from losses to operating profits.

The opposite aspect was shown by the other 21 companies analyzed. Noel Alimentaria, Capsa and Grup Cañigueral reduced their operating results by more than 50%while The decrease exceeded 30% in the case of El Pozo, Encarlopsa, Diulio and Felix Solis.

next to, Campofrio and Importaco went from making profits to reporting operating losses, while Cerealto and Citri&Co, which already had red numbers in 2021, raised them in 2022.

What will happen in 2023?

Most companies operating in this sector are not listed on the stock market.So we will have to wait until the end of the year to see its development. However, the numbers provided by listed companies so far show this The strong distortion in its results continues in 2023.

Deoleo’s sales volume was almost flat in the first half of 2023 (from 399 to 401 million), but Its operating profits fell from 17.3 million to 6.8 million. instead of, Ebro Foods achieved a growth of 6.8% (from 1,459 to 1,558 million) and Its profits increased by 47%, reaching 140 million euros.

Vescovan It is located in an average position. Its sales volume rose by 10.7% from January to Juneup to 628.6 million, while Its operating profits increased by half by 4.5%.reaching 88 million, with the consequent loss of margins.