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Ferrero Group reports Consolidated Financial Statements for the 2022/2023 Financial Year

Published

10 months ago

February 14, 2024

The Ferrero Group continues its growth trajectory with a 21% increase in turnover to EUR17 billion and a 14% rise in its global workforce to 47,212 employees.
The Group expanded its presence in North America with the strategic acquisition of ice cream maker Wells Enterprises Inc.

LUXEMBOURG, Feb. 14, 2024 /PRNewswire/ — The Ferrero Group, through its holding company Ferrero International S.A., approved the Consolidated Financial Statements for the 2022/2023 financial year, which ended on August 31, 2023¹. The Group closed the financial year with a consolidated turnover of EUR17 billion, an increase of +20.7% compared to the previous year’s turnover of EUR14 billion, boosted by both organic growth and acquisitions, continuing the growth strategy driven by the Executive Chairman Giovanni Ferrero and executed by CEO Lapo Civiletti.

Despite a 2022/2023 financial year marked by a challenging economic and geopolitical environment, the Ferrero Group was able to continue its robust growth and consolidate its market share across categories and regions thanks to the resilience of its people, brands, and business model. Ferrero’s manufacturing plants worldwide grew to 37 from 32 the previous year, while the Group’s global workforce as of August 31, 2023 amounted to 47,212 employees, up from 41,441 as of August 31, 2022.

“We are pleased to report a period of strong growth despite the economic and geopolitical challenges, with continued inflationary pressures remaining a factor across the globe. In addition to revenue growth, the global workforce has also grown by over 5,000 people, which is a testament of the long- term vision of our business strategy,” said Daniel Martinez Carretero, Chief Financial Officer at Ferrero Group.

At the end of January 2023, the Group completed the acquisition of Wells Enterprises Inc., its operations, and its strong portfolio of iconic brands, which include Blue Bunny®, Blue Ribbon Classics®, Bomb Pop® and Halo Top®. The acquisition is part of the Ferrero Group’s strategic growth ambition to expand its business in North America and in the ice cream category. The deal also included four US manufacturing facilities, located in the states of Iowa, Nevada, and New York.

At the end of March 2023, the Group also finalized the acquisition of Fresystem Group, an Italian family-owned business that produces frozen bakery products. The acquisition is part of Ferrero’s strategic growth plans and follows the launch of Nutella Muffins, which have been produced by Fresystem since 2021.

Innovation remains at the core of our DNA to support the growth of Ferrero’s most iconic brands, expanding their presence into new categories of the Sweet Packaged Food arena, thus meeting new consumer needs. This was exemplified in the 22/23 fiscal year by the introduction of new Kinder, Rocher, and Raffaello references within the Ice Cream segment across Europe, and the successful roll out of Nutella Biscuits and Nutella B-ready in the United States.

The Group has expanded its production capacity to meet increasing demand for Ferrero’s products. This financial period saw total capital investments of EUR 811 million – the main investments were property, plant and equipment in Italy, the United States, Germany, and Spain.

With the Group’s long-term approach to growth under the leadership of Executive Chairman Giovanni Ferrero, comes an always-on attention to sustainability. The Group sustainability strategy is focused on four key pillars: protecting the environment, sustainably sourcing high-quality ingredients, promoting responsible consumption, and empowering people.

Ferrero Group

Ferrero began its journey as a pastry shop in the small town of Alba in Piedmont, Italy, in 1946. Today, it is one of the world’s largest sweet-packaged food companies, with much loved brands sold in more than 170 countries. The Ferrero Group brings joy to people around the world with much-loved products including Nutella®, Kinder®, Tic Tac®, and Ferrero Rocher®.

About 47,000 employees are passionate about helping people celebrate life’s special moments. The Ferrero Group’s family culture, now in its third generation, is based on dedication to quality and excellence, heritage and a commitment to the planet and communities in which we operate.