Giovanni Ferrero, executive president of the group
Ferrero, an increasingly sweet balance sheet: almost 10 billion in profits in 20 years
The multinational chocolate company, run by the Ferrero family, achieved a return of 650 million euros in 2023. This amount is in addition to the overall dividends of almost 10 billion euros distributed over the last twenty years. The information comes from the latest balance sheet of the Luxembourg holding Schenkenberg, which serves as a safe for the Ferrero family and controls Ferrero International SA, lparent company of the brand's global operations. Il Sole 24 Ore reports it.
Despite the wait for the group's consolidated accounts, which will be made public in the coming weeks, 2023 saw a decline in profits for Ferrero International. The civil balance sheet of Ferrero International SA shows a decrease in net profits of 305.9 million euros. Profits fell to 645.5 million, representing a 32% reduction compared to 951.4 million euros the previous year. The shareholders' meeting, held on December 8, unanimously decided to allocate the entire amount of profits to available reserves, presumably in anticipation of the future distribution of dividends.
On the same date, again in Luxembourg, the financial statements of Schenkenberg, owner of 100% of the capital of Ferrero International SA, were approved. The family safe is a strategic point in the Ferreros' financial relationships. Giovanni Ferrero holds 75.71% of Schenkenberg through two personal companies: Bermic, with the most significant share of 49.01%, valued in the balance sheet at 14.9 billion euros, and Gmbf, with 26.7% , equivalent to 6.2 billion. Another significant share is controlled by M2J Holding, another Luxembourg company headed by Pietro Ferrero's heirs: his widow and three children. Schenkenberg has assets of 7 billion euros, which includes capital and reserves. In the fiscal period ended August 31, 2023, the holding company received dividends of 650 million from Ferrero International, while the previous year it had obtained another 646 million. In total, almost 1.3 billion in two years.
Looking back over the last twenty years, the dividends collected by Schenkenberg and distributed to its shareholders are close to 10 billion euros. Despite the economic changes, the group led by Giovanni Ferrero since 2011 continues to generate profits. With 109 consolidated companies worldwide and 32 production plants, Ferrero is present directly or through authorized distributors in over 170 countries, with a workforce of over 36,700 employees.
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