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The
family-owned company said it had decided to suspend all its
activities in Russia and has also had to temporarily halt
distribution in Ukraine.
Lavazza said it would have to tackle "an extremely complex and
challenging" 2022, due to the rise in the prices of raw
materials.
"First and foremost green coffee, but also packaging, energy,
logistics - and the risks deriving from the dramatic current
geopolitical situation,” Chief Executive Antonio Baravalle said.
The price increases were mainly due to global supply chain
issues and damage caused by weather events, the Turin-based
group added.
Earnings before interest, taxes, depreciation, and amortisation
(EBITDA) came in at 312 million euros ($337.93 million) in 2021,
up 23.3% on 2020.
Revenues increased 11% to 2.3 billion euros last year, also
thanks to a recovery in the "out of home" channel after the
slowdown caused by the COVID-19 epidemic, when lockdowns kept
people at home.
($1 = 0.9233 euros)
(Reporting by Cristina Carlevaro, editing by Jane Merriman)
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