Ferrero Group reports Consolidated Financial Statements for the 2023/2024 Financial Year
- The Ferrero Group continues its growth trajectory with an 8.9% increase in turnover to EUR18.4 billion.
- Continued innovation across new products and categories including the launch of Nutella Ice Cream in the same year the brand turns 60 years old.
- Total capital investment for the financial year saw an increase of 18% to EUR958 million including in the United States, Italy, Germany and Chile.
LUXEMBOURG, Feb. 13, 2025 /PRNewswire/ -- The Ferrero Group, through its holding company Ferrero International S.A., approved the Consolidated Financial Statements for the 2023/2024 financial year, which ended on August 31, 20241. The Group closed the financial year with a consolidated turnover of EUR18.4 billion, an increase of 8.9% compared to the previous year, thus continuing the growth strategy driven by Executive Chairman Giovanni Ferrero and executed by Chief Executive Officer Lapo Civiletti.
The 2023/2024 financial year was again marked by a challenging economic environment, with volatile commodity prices and continued inflationary pressures. Despite this, the Ferrero Group continued its strong growth thanks to the resilience of its people, brands and business model. Ferrero maintains its global presence, with 37 manufacturing plants, and ended the financial year with a global workforce reaching 47,517 as of August 31, 2024.
Daniel Martinez Carretero, Chief Financial Officer at Ferrero Group, said: "We are pleased to report another strong year of growth for the Group, despite the continued headwinds the industry is facing. Although the economic environment remains complex, our brands and products continue to perform well. This is testament to the way we continue to innovate our products to meet the changing needs of consumers. To spur this innovation on and to increase our manufacturing capabilities, this financial year saw us increase total capital investment by 18% on the previous period."
The Group's continued product innovation has enabled further expansion across categories, including ice cream and biscuits. Highlights in the 2023/2024 financial year include:
- the launch of Nutella Ice Cream, the first packaged ice cream by the brand, driving the continued growth of the ice-cream category;
- further expansion into the biscuit category with the launch of Kinderini in key markets;
- the successful rollout of Eat Natural and FULFIL brands into further European markets, illustrating how the Group is meeting changing consumer trends and the growth of the better-for-you category.
To support the portfolio and geographic expansion, the Group is working hard to increase its manufacturing capacity. Highlights include:
- the opening of the Group's first chocolate processing plant in the United States. The new 70,000 square feet facility in Bloomington, Illinois produces chocolate for Ferrero leading brands in North America, including Kinder, Ferrero Rocher, Butterfinger, and CRUNCH, and now house a new Kinder Bueno production facility;
- modernization of our Stadtallendorf facility;
- building out our hazelnut sourcing and processing capacity in Chile.
The Group's long-term growth strategy continues to be guided by our commitment to sustainability and having a positive impact throughout the value chain.
1 From 1 September 2023 to 31 August 2024. |
About 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.
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For more information, please visit www.ferrero.com
SOURCE The Ferrero Group
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