Annual Report 2023

Cover page: Barilla Plant in Parma in a charming setting – credits Giampaolo Ricò

Annual Report  2023

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Summary
Chairman’s letter
Directors and officers
Barilla’s history
Barilla Group
Our Purpose
Directors’ Report
Our brands
Barilla worldwide
Consolidated financial highlights
Group structure and organisation
Economic scenario
Group operating activities
Capex
Sustainability – note
Risk management
Corporate Governance and Compliance
Significant events after the year-end
Management outlook
Other significant operating events
Related party transactions
Consolidated financial statements
for the year ended 31 December 2022
Statement of financial position
Consolidated income statement
Statement of comprehensive income
Statement of changes in equity
Statement of cash flow
Illustrative notes
	 1.	Group structure and business
	 2.	Significant events after the year-end
	 3.	Declaration of compliance with International Financial 	
	 	 Reporting Standards IFRS
	 4.	Basis of preparation – accounting and valuation policies
	 5.	Change in scope of consolidation  and other operations 	
	 	 of the year	
	 6.	Notes to the consolidated financial statements
	 7.	Financial instruments and net financial position	
	 8.	Disclosures in accordance with IAS 24 regarding related 	
	 	 party transactions and key management compensation
Appendices:
	 1.	List of companies included in the scope of consolidation
	 2.	List of investments in associated and other companies 
	 3.	Currency rate of exchange  	
	 4.	Summary of public disbursements in accordance with 	
	 	 article 1 of Italian Law n. 124/2017
Report of Indipendent Auditors
Corporate information and contacts
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December. For the first time, Barilla pasta goes into orbit with approximately 3 kg of fusilli on board the ISS 
(International Space Station) capsule of Mission Ax-3. Without the addition of preservatives or additives, the 
product was treated solely with heat. Seasoned with extra virgin olive oil and sea salt, the pasta was tested and 
evaluated in a series of sensory experiments with the aim of understanding the dietary needs of astronauts in 
zero gravity.

October. Guido Barilla and Alessandro Savelli, Founder & CEO of Pasta Evangelists, at the inauguration of the first Pasta 
Evangelists factory in the United Kingdom, the largest pasta factory in UK history.
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In 2023, we were faced with a landscape full of uncertainties. The 
international scenario, already troubled by the conflict between 
Russia and Ukraine, was further shaken by the outbreak of war in 
the Middle East. A situation that forced everyone to repeatedly 
revise every economic forecast, especially due to a sharp increase 
in interest rates and the consequent rise in the costs of raw 
materials and energy.
In 2023, the Group's total turnover was approximately €4.9 billion, 
an increase of 4% compared to 2022. The EBITDA margin remained 
constant at 10%, confirming the previous year's results.
In this context, to accelerate the company's international expansion, 
Barilla added the Business Development Centre in Amsterdam 
and continued to invest in the Digital Hub in London, focused on 
new marketing and sales strategies via digital and e-commerce 
platforms. All this while always maintaining its cultural and 
technological roots in Parma.
Major steps in the push towards internationalisation were also 
demonstrated by the construction and opening of the Pasta 
Evangelists plant in London, now the largest pasta and sauce 
production site in the United Kingdom, and the acquisition of the 
bakery company Back to Nature in the USA, where a dedicated new 
team has been created in Minneapolis.
The U.S. market has indeed shown great potential for development, 
facilitated by the increase in domestic consumption of pasta dishes, 
which has enabled us to grow both in terms of volumes and value. 
This situation differs from those in Italy and Europe, where we 
recorded a decline in volumes in the pasta sector.
The Group's investments in 2023 saw €230 million directed 
towards improving quality and safety processes, adopting Industry 
4.0 techniques, and starting work on the new Research and 
Development Centre in Parma, which will guide technological and 
product innovation activities carried out in the various countries 
where we maintain a presence. These initiatives form part of the €1 
billion investment plan over five years, partly designed to strengthen 
our commitment to sustainability.
These and many other concrete actions accompany us on our journey, 
made possible by all the Barilla People who have contributed to our 
growth with constant passion and dedication. 
Parma, May 2024
Guido Barilla
Chairman’s letter

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Directors and officers
BARILLA HOLDING S.r.l. 
Board of directors
Chairman
Guido Maria Barilla
Deputy chairman
Luca Barilla
Directors
Emanuela Barilla
Paolo Barilla
Board of statutory auditors
Chairman
Luigi Capitani
Auditors
Claudio Marchignoli
Mario Tardini
Independent auditors
KPMG S.p.A.
BARILLA INIZIATIVE S.p.A
Board of directors
Chairman
Guido Maria Barilla
Deputy chairmen
Luca Barilla
Paolo Barilla
Chief executive officer
Gianluca Lorenzo Maria Di Tondo 
Directors
Emanuela Barilla
Gratian Anda
Nicolaus Issenmann
Andrea Pontremoli
Antonio Belloni
Board of statutory auditors
Chairman
Mario Tardini
Auditors
Alberto Pizzi
Augusto Schianchi
Independent auditors
KPMG S.p.A.
BARILLA INTERNATIONAL
Limited 
Board of directors
Directors
Gianluca Lorenzo Maria Di Tondo 
Francesco Giliotti
Giangaddo Prati
Independent auditors
MHA - Bakertilly International Limited

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«THE BRAND MUST BE ABLE TO BUILD RELATIONSHIPS,
NOT JUST TRANSACTIONS, WITH CONSUMERS;
AND OUR FUTURE IS DEPENDENT ON OUR
CONTINUING TO CREATIVELY RENEW
THE WAY WE COMPETE»
Guido Barilla
«I DON’T THINK OF A GREAT COMPANY
IN TERMS OF SIZE, I THINK IT SHOULD BE
GREAT FOR THE VALUES AND TRUST THAT
INSPIRES»
Paolo Barilla
«IT IS IMPORTANT TO UNDERLINE THAT, IF
BARILLA AFTER MANY YEARS MANAGED TO
BECAME AN ESTIMATED AND WELL REPUTED
COMPANY, IT IS ALSO BECAUSE IT HAS ALWAYS
BEEN COMMITTED TO CREATE WELLBEING FOR
THE ENTIRE COMMUNITY.»
Luca Barilla
We were born in Parma in 1877, 145 years ago, when
Pietro Barilla opened a small bread and pasta shop. That moment
marked the beginning of a journey of quality and passion that has
identified Barilla over the years, leading us to the development of
iconic brands in the food sector.
TURNOVER (MLN EURO)
GEOGRAPHICAL AREAS
EMPLOYEES
4.4% 
 
ASIA, 
AFRICA, 
AUSTRALIA
37.7% 
 
ITALY
23.6% 
 
AMERICAS
34.3% 
 
REST OF
EUROPE
AND RUSSIA
Barilla Group
Barilla’s history in a nutshell, since 1877
«I STARTED WORKING WHEN I WAS THIRTEEN YEARS OLD.
MY FATHER WOULD SEND ME WITH OUR HANDCART
TO FETCH A FEW SACKS OF FLOUR, WHICH WERE THEN
TRANSFORMED INTO BREAD IN OUR OLD SMALL BRICK OVEN.
AFTER A FEW YEARS, IN A SMALL SHOP, WITH THE HELP
OF MY SISTERS AND MY MOTHER WHO WORKED AT
THE COUNTER, WE SOLD THE BREAD THAT MY FATHER AND
I PRODUCED BY WORKING FOR UP TO 18 HOURS A DAY»
Riccardo Barilla
«IT IS MY BELIEF THAT THE THREE CHARACTERISTICS OF A
BUSINESSMAN ARE COURAGE, INTUITION,
AND OPTIMISM. I THINK THAT THE ENTREPRENEUR HAS
AN IMPORTANT ROLE TO PLAY NO MATTER
WHAT HIS FIELD. BUT THE FOOD SECTOR HAS A
SPECIFIC ROLE, I WOULD CALL IT A DEEPER AND MORE
CHALLENGING ONE, BECAUSE FOOD GOES OUT TO
EVERYONE: TO CHILDREN, TO THE ELDERLY,
TO FAMILIES. FOOD HAS THIS SENSITIVITY, THIS
IMPORTANCE FOR THE HEALTH OF PEOPLE»
Pietro Barilla
«THE ITALIAN NUTRITIONAL MODEL IS THE ESSENTIAL POINT OF REFERENCE FOR HEALTHY EATING HABITS,
FOR THE RESPECT AND PROTECTION OF THE NATURAL RESOURCES OF OUR PLANET AND FOR SAFEGUARDING
THE RIGHTS OF FUTURE GENERATIONS»
Guido, Luca and Paolo Barilla
4,869
 
2023
4,663
 
2022
9,040
 
2023
9,001
 
2022

INNOVATION
2022
NEW BARILLA VISUAL IDENTITY: 
NEW PACKS IN THE ICONIC DEEP BLUE WITH 
MORE SUSTAINABLE PACKAGING, DESIGNED 
TO BE ENTIRELY RECYCLABLE AND MADE WITH 
CARDBOARD FROM RESPONSIBLY MANAGED 
FORESTS  WITH NO SEE-THROUGH PLASTIC 
WINDOW
NEW AL BRONZO PASTA LAUNCH: 
THE NEW AL BRONZO PASTA, MADE WITH FINE 
100% ITALIAN DURUM WHEAT, CREATED WITH 
LAVORAZIONE GREZZA, THE TRADITIONAL 
BRONZE DRAWING METHOD.
THE BARILLA ADVENTURE STARTS
THE BARILLA STORY BEGINS IN 1877
WITH PIETRO BARILLA, IN A BREAD
AND PASTA SHOP IN THE CENTRE
OF PARMA.
THE BEGINNINGS
EXPANSION
IN BRAZIL, MIDDLE
EAST AND RUSSIA
INVEST IN THE 
FUTURE
INTERNATIONAL
DEVELOPMENT
INNOVATION
RICCARDO
AT THE HELM
OF BARILLA
140 YEARS
OF BARILLA
HISTORY
PASTA 
EVANGELISTS
AND CATELLI
FUSILLI 
IN SPACE
CONTINUED
GROWTH IN LINE
WITH “GOOD FOR
YOU, GOOD FOR
THE PLANET”
THE FIRST FACTORY OPENED
IN THE EARLY YEARS OF THE 20TH 
CENTURY, THE FOUNDER WAS 
SUCCEEDED BY HIS SONS RICCARDO 
AND GUALTIERO. THE FIRST 
FACTORY OPENED, EMPLOYING
100 WORKERS AND PRODUCING 
80,000KG OF PASTA A DAY, AND IN 
THE SAME YEAR BARILLA REGISTERED 
ITS FIRST TRADEMARK: A LITTLE BOY 
CRACKING AN EGG YOLK INTO A 
FLOUR TROUGH.
THE MULINO BIANCO
ERA BEGIN
1975 SAW THE LAUNCH OF 
MULINO BIANCO, A NEW 
BAKERY PRODUCTS LINE, 
INCLUDING BISCUITS, 
BREAD SUBSTITUTES AND 
SNACKS, CHARACTERIZED BY 
AUTHENTICITY AND RECIPES 
WITH NATURAL INGREDIENTS, 
USING THE EXPERIENCE 
BARILLA HAS GAINED IN 
CENTURIES OF CEREAL 
PROCESSING
NEL 2016 BARILLA PORTA AVANTI 
IL PIANO DI ESPANSIONE GEOGRAFICA IN BRASILE, 
MEDIO ORIENTE E RUSSIA, CONFERMANDO AL CONTEMPO 
LA SUA FORZA NEGLI USA 
E NEI MERCATI EMERGENTI DELL’ASIA. CONTINUA L’IMPEGNO 
DELL’AZIENDA PER MIGLIORARE IL PROFILO NUTRIZIONALE DEI SUOI 
PRODOTTI, CON LA SOSTITUZIONE DELL’OLIO 
DI PALMA IN QUELLI DA FORNO 
E L’AUMENTO DELL’OFFERTA 
DI PRODOTTI INTEGRALI.
BARILLA EXPECTS 
TO INVEST ABOUT 1 
BILLION EUROS OVER 
FIVE YEARS ON ITS 
INDUSTRIAL ASSETS.
ABOUT 60% OF THE 
INVESTMENTS WILL BE 
AIMED AT BOOSTING 
COMPETITIVENESS AND SUSTAINABILITY BY 
IMPROVING PROCESSES AND TECHNOLOGIES, 
WHILE OVER 40% WILL SUPPORT INNOVATION AND 
GEOGRAPHIC EXPANSION.
CREATION OF A NEW DIGITAL 
HUB IN LONDON.
OCTOBER 2020, 
ACQUISITION OF PASTA 
ZARA FACTORY, MUGGIA 
(TRIESTE, ITALY).
FEEDING THE FUTURE 
SINCE 140 YEARS WE ARE 
PASSIONATE ABOUT PASTA, FROM 
THE FIELD TO THE TABLE, AND WE 
ARE COMMITTED TO BRING PEOPLE
THE BEST EXPERIENCES: HIGH 
QUALITY AND TASTY MOMENTS, 
PRESERVING OUR PLANET.
1877
POST WORLD
WAR II YEARS
GIANNI AND PIETRO AT THE HELM 
OF THE COMPANY
AFTER RICCARDO BARILLA’S 
DEATH IN 1947, HIS SONS PIETRO 
AND GIANNI TOOK THE REINS 
OF THE COMPANY, DEVELOPING 
MODERN PRODUCTION SYSTEMS 
AND ENGAGING IN INTENSE 
BUSINESS COMMUNICATION AND 
ADVERTISING ACTIVITIES.
1947
1975
2016
2017
2018
2020
2022
2019
2021
2023
BARILLA
ITALIAN
LEADER
THE PEDRIGNANO (PARMA)
FACTORY IS BUILT
IN THE EARLY SIXTIES, BARILLA 
BECAME A LIMITED COMPANY.
IT HAD 1,300 EMPLOYEES
AND 200 SALESPEOPLE.
IN 1965, BARILLA ENTERED THE 
PACKAGED BAKERY PRODUCTS 
MARKET FOR THE FIRST TIME, WITH 
THE PRODUCTION
1958
1970
THEINTERNATIONAL
EXPANSION
THE NINETIES AND THE 
FIRST DECADE OF THE 
NEW MILLENNIUM WERE 
CHARACTERIZED BY A STRONG 
INTERNATIONALIZATION 
PROCESS, WITH THE GROWTH 
OF BARILLA’S PRESENCE IN 
EUROPEAN AND US MARKETS, 
THE OPENING OF NEW 
2000
BCFN
CREATION OF THE BARILLA
CENTER FOR FOOD AND
NUTRITION
THE YEAR 2009 SAW THE LAUNCH 
OF THE BARILLA CENTER FOR 
FOOD AND NUTRITION (BCFN), 
A MULTIDISCIPLINARY RESEARCH 
CENTRE COMMITTED TO THE 
PROMOTION AND DEBATE OF 
TOPICS RELATED TO FOOD AND 
NUTRITION..
2009
THE RETURN
OF PIETRO BARILLA
THE RELAUNCH
IN 1979, PIETRO BARILLA RETURNED
TO THE HELM OF THE COMPANY.
THE HISTORIC RE-ACQUISITION 
COINCIDED WITH THE RESUMPTION
OF A LONG-TERM INDUSTRIAL AND
ADVERTISING STRATEGY, BASED ON 
THE IDEA OF RELAUNCHING PASTA 
AND THE ITALIAN FIRST COURSE 
AND DEVELOPING THE OFFER
OF BAKERY PRODUCTS.
GUIDO, LUCA AND PAOLO
AT THE HELM OF THE COMPANY
IN 1993, AFTER THE DEATH OF PIETRO 
BARILLA, LEADERSHIP OF THE COMPANY 
PASSED INTO THE HANDS OF HIS SONS 
GUIDO, LUCA AND PAOLO.
1979
1993
1910
AFTER THE DEATH OF HIS FATHER 
AND BROTHER, RICCARDO BARILLA 
STEERED THE COMPANY’S GROWTH 
IN THE TWENTIES AND THIRTIES.
IN 1936, PIETRO, RICCARDO’S 
SON, ENTERED THE COMPANY AND 
BEGAN DEVELOPING ITS
OF BREADSTICKS AND CRACKERS.
IN 1969, THE PEDRIGNANO (PARMA) 
FACTORY WAS BUILT, THE LARGEST 
PASTA PRODUCTION PLANT IN 
THE WORLD, WITH A PRODUCTION 
CAPACITY OF 1,000 TONS A DAY.
PRODUCTION PLANTS AND THE 
ACQUISITION OF IMPORTANT 
BRANDS SUCH AS PAVESI 
(ITALY), MISKO (GREECE), FILIZ 
(TURKEY), WASA (SWEDEN), 
YEMINA AND VESTA (MEXICO), 
LIEKEN (GERMANY) AND 
HARRYS (FRANCE).
INDUSTRIAL INVESTMENTS 
CONTINUE WITH THE 
CONSTRUCTION OF TWO NEW 
PRODUCTION LINES AT THE PLANT 
IN RUSSIA AND THE EXPANSION OF
THE AMES PLANT (USA).
BARILLA ENTERS THE CREAM 
SPREADS MARKET IN ITALY WITH 
THE NEW PAN DI STELLE CREAM.
WASA IS THE FIRST BARILLA GROUP
BRAND TO ACHIEVE 100% CARBON
NEUTRALITY.
JANUARY 2021: 
ACQUISITION OF A 
MAJORITY STAKE IN PASTA 
EVANGELISTS, A PREMIUM 
BRITISH BRAND SPECIALIZED 
IN PRODUCTION AND 
DIGITAL DISTRIBUTION OF 
FRESH PASTA AND HIGH-
QUALITY SAUCES.
FEBRUARY 2021: 
ACQUISITION OF CATELLI IN 
CANADA, INCLUDING THE 
LANCIA® AND SPLENDOR® 
BRANDS AND THE PLANT IN 
MONTREAL (QUEBEC).
IN DECEMBER, IT WAS ANNOUNCED 
THAT, FOR THE FIRST TIME, BARILLA 
PASTA WILL GO INTO ORBIT 
ABOARD THE ISS (INTERNATIONAL 
SPACE STATION) CAPSULE OF THE 
AX-3 MISSION.
THE HISTORY OF BARILLA

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In the awareness that the choices made on 
a daily basis by each and every one of us 
have an effect on the whole of society and 
the planet we live on, Barilla has decided to 
celebrate its 145th anniversary by renewing 
its commitment to a better present and future.
Underpinning this commitment is a new Purpose that encompasses 
in a few words the rationale for the way we do business: “The joy of 
food for a better life”.
A commitment to offer people not only foodstuffs, but also the 
joy that can be taken from good food, well-made with selected 
ingredients.
A journey to be contributed to by every brand in the Group, through 
projects aimed at improving the goodness and safety of our products, 
and at disseminating responsible consumption patterns. We will 
embrace a concept of holistic well-being, working on raw material 
supply chains to promote sustainable agricultural and breeding 
practices.
Our Purpose

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medium Discount and Premium brands have increased; 
•	
the investment plan, developed and approved in previous 
years, continued throughout the course of the year. The new 
investments represent an integral part of a wider plan aimed 
at achieving a structural costs advantage through these same 
investments;
•	
with regard to Governance, the Group continued to invest 
in processes and procedures that guarantee (in addition to 
regulatory requirements on the general principles of privacy 
and compliance) corporate safety, particularly in relation 
new technologies.  The Group is investing increasingly more 
resources to meet new ESG standards, an area that has been 
a focus of Group Governance for some time, well in advance of 
current regulations.
Again this year, in order to report revenue that reflects current buying 
power at the reporting date, the Barilla Group which operates in 
Turkey through a subsidiary, adjusted revenue applying the change in 
general price index (in line with the accounting standard on Financial 
Reporting in Hyperinflationary Economies).  
Group revenue, including the above-mentioned hyperinflationary 
impact in Turkey, amounted to euro 4,869 million.
Group revenue, net of the above-mentioned hyperinflationary 
impact, was euro 4,842 million, a gradual increase of 4% compared 
to the previous year, which amounted to 7% on a like for like basis 
net of the exchange rate. 
Transactions involving subsidiaries 
The following commentary provides a detailed review of the 
activities of the individual Group companies and Barilla Holding S.r.l. 
in accordance with the disclosure requirements of article 2428 of the 
Italian Civil Code and article 40 of (Italian) Legislative Decree (L.D.) 
127 of 9 April 1991, amended by (Italian) L.D. 32/2007.
Accounting 
standards 
- 
International 
Financial Reporting Standards (IFRS)
The Group’s consolidated financial statements have been prepared in 
accordance with International Financial Reporting Standards – IFRS 
(hereinafter IAS/IFRS) endorsed by the European Union.
The past year was marked by great uncertainty. In addition to 
ongoing military conflict (the failure to reach a ceasefire in Ukraine 
together with the sudden and unforeseen conflict in the Middle 
East), 2023 experienced alternating economic factors and in turn the 
resulting forecasts, which underwent numerous revisions, presented 
significant difficulties for businesses in terms of decision making 
on investments, both at operating and strategic level.  Within this 
context, at the outset inflation had been considered temporary and 
in line with the economic recovery that had followed the downturn 
caused by the Covid pandemic. Prolonged inflation then took on a 
more structural format that triggered a series of interest rate rises to 
levels that had not been seen since the early 80s.  This led to rapid 
changes in prices (amongst others, energy and wheat prices), with 
unexpected shifts in market trends. 
Barilla employed prudent tactics in its business operations in order 
to protect financial results, undertaking price increases to counteract 
the hike in raw materials’ costs.  
In the first days of 2024, the new Group structure was implemented 
following the reorganization plan that was completed in 2023. The 
objective is to configure a global Group not only in terms of its 
presence on the markets, but also and above all in its coordination 
of management with strategic and marketing functions and with the 
aim of developing growth through management by product category. 
The Cultural Transformation of the Group represents a priority of the 
new organizational structure. The new organization provides for the 
aggregation of the operating companies, under which Barilla Holding 
S.r.l. controls the newly established Barilla International B.V., Barilla 
Iniziative S.p.A. and Barilla International UK. 
In addition to the new organization structure, the Group’s actions 
focused on the key aspects of operating performance:
•	
as already mentioned, immediate action was taken on 
fluctuating costs and prices. Costs exploded, the first phase 
having started in 2021, with a corresponding increase in 
product prices, and the subsequent highly volatile costs being 
counteracted immediately through sales promotions. The results 
to date of these operating measures aimed at saving the bottom 
line, have still resulted in a decrease in volumes and market 
share in the Pasta business. The loss in market share relates to 
all of the Branded pasta categories while sales of both small and 
For further detail on the accounting policies adopted, see the 
Illustrative Notes to the consolidated financial statements.
General information
All amounts are expressed in thousands of euros except where 
otherwise indicated.  All comparisons made throughout this report 
and the consolidated financial statements refer to the financial 
information for the previous reporting period (disclosed in brackets). 
Percentage ratios (on margins and changes) are calculated based on 
the values expressed in thousands of euros.
The Group, of which Barilla Holding S.r.l. is the parent company, is 
defined as “the Group”.  
Where comments relate specifically to the parent company, or the 
individual subsidiaries, the full name and legal form of the companies 
are stated.
Revenue (€/MM)
(INDEX vs previous year net of forex impact)
Revenues net of IAS29 Hyperinflationary impact - by business area
Directors’ Report
0
1000
2000
3000
4000
2023
2022
104
118
4,869
4,663
Meal Solution  
57.1%
Bakery 41.9%
Others* 1.0%
% net sales
*includes Fresh Pasta business (Pasta Evangelists Limited)
BAKERY
MEAL SOLUTION
OTHERS (*)

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The leading pasta brand in Greece, MISKO was founded in 1927 and 
embodies the values of the Hellenic pasta tradition, personified 
by the monk Akakios riding his donkey to buy pasta at the village 
market. MISKO has formed part of Barilla since 1991.
Founded in 1877 as a small bread and pasta shop in Parma, the Barilla 
brand is now the number one for pasta in Italy and around the world.
The best durum wheat and cutting-edge technologies make it 
possible to offer pasta that always remains al dente and ready-made 
sauces to millions of people around the world.
The ancient Voiello brand was founded in 1879 in Torre Annunziata 
(Naples), a major center of pasta production since the 16th century. 
Made with 100% Italian Aureo wheat, Voiello symbolizes Neapolitan 
pasta culture in its rough molding, and in its unique shapes, inspired 
by tradition. Voiello has formed part of Barilla since 1973.
Founded in 1977, Filiz is one of the largest pasta producers in Turkey, 
a country that ranks as one of the most avid consumers of pasta. Filiz 
has been part of Barilla since 1994.
Tolerant is the brand of plant-based foods, naturally rich in protein, 
designed to make a difference for people in search of a healthier 
lifestyle and those with food intolerances or dietary restrictions. 
Tolerant is a line of pasta based on legumes subjected to minimal 
transformation processes, made with a single organic ingredient.
Yemina – founded in 1952 is the leading brand in the Mexican 
market. It joined Barilla as a result of the joint venture established 
with Mexico’s Group Herdez in 2002
A Premium British brand specialized in the production and digital 
distribution of fresh pasta and high-quality sauces, in both the recipe 
boxes category and online takeaway. With its 2021 acquisition of a 
majority stake in Pasta Evangelists, Barilla entered the fresh pasta 
market and consolidated its presence in the United Kingdom.
Catelli, a leader in the Canadian market with over 100 years of 
history, was acquired in 2021 together with the Lancia® and 
Splendor® brands and the plant in Montreal, Quebec. A family-run 
company, aimed at bringing inspired by the Italian lifestyle and the 
Mediterranean diet to the world.
Our brands
Academia Barilla was founded in 2004 with the aim of promoting 
Italian gastronomic culture, and disseminating the Mediterranean 
Diet as a healthy and balanced lifestyle.
A 3D printed pasta line that reinvents the art of making pasta. 
With BluRhapsody a new Made in Italy digital craftsmanship is born.
Launched in 1970 on the French bakery market, the Harrys brand is 
now a leader in the bread sector and plays a leading role in morning 
goods. Quality and innovation are two of the main strengths that 
have made it such a success.
The Pavesi brand was created in 1937 by Mario Pavesi, a brilliant 
confectioner and entrepreneur from Novara. It offers a wide range of 
bakery and pastry products, unique for their flavor and the production 
technology used. Pavesi has formed part of Barilla since 1992.
Founded in 1975, Mulino Bianco has established itself as a reference 
brand in the food culture of Italian families and enjoys a recognized 
leadership in breakfast goods. It boasts over 140 baked products in 
various categories to satisfy every palate and nutritional preference, all 
designed with particular attention paid to quality and environmental 
sustainability based on the Carta del Mulino guidelines.
Gran Cereale was founded in 1989 as a Mulino Bianco wholemeal 
biscuit and has grown to become the Barilla Group brand that 
offers wholemeal and natural products. To date, the brand offers 
consumers a range of products that includes whole grain biscuits, 
bars and breakfast cereals.
Pan di Stelle was founded in 1983 as one of the Mulino Bianco biscuits 
for breakfast. When the snack and cake were launched in 2007, it 
began its journey as a separate brand, which has now become a 
much-loved household name.
FIRST is a brand specializing in retail services.
Founded in Sweden in 1919, Wasa is the world’s largest producer of 
crispbreads. With a wide range of rye and wheat-based products, 
Wasa currently sells its products in over 40 countries. Wasa joined 
Barilla in 1999.
Barilla for Professionals offers high-quality products, services and
know-how for the catering industry.
Barilla acquires the U.S. brand Back to Nature, which specializes in 
producing healthy snacks. Founded in 1960, it offers a wide range 
of non-GMO plant-based products such as cookies, crackers, nuts, 
and granola.

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regarding European fiscal rules, which confirms a single operational 
indicator for public debt and deficit, while at the same time allowing 
the use of country specific reference trajectories over an adjustment 
period, is a signal that paves the way towards the adoption of more 
favorable reforms and investments in each member state.
Finally, the expectation of higher disposable income due to falling 
inflation and resilient labor markets, further support a more 
optimistic outlook. The slowdown of inflation and in particular the 
fall in raw material prices, have encouraged the Group to implement 
a detailed price reduction policy in 2024, together with more 
dynamic trade marketing policies and focus on customer perception.
Group operating activities
From a long-term perspective, the Group continues its strategy 
to pursue with great determination the objective of accelerating 
growth, with the lighthouse being the corporate purpose: “The joy of 
food for a better life”, which identifies in just a few, clear words the 
“why” of its way of doing business.
The structure of the Global Leadership Team for the majority of 2023 
was based on the following model: 
1.	Regions that are responsible for ensuring business growth 
and profitability through the development of Customers and 
Channels and a solid portfolio of brands and product categories in 
compliance with corporate guidelines:
•	 Italy Region;
•	 America Region;
•	 Western Europe Region comprising France, Iberia (Spain and 
Portugal), UK, Benelux (Belgium, Holland, Luxembourg);
•	 Central Europe, comprising Germany, Switzerland, Austria, 
Poland; 
•	 Greater Eastern Europe Region, comprising: 
         a. Eastern Europe markets: Greece, Slovenia, Croatia, South     
         Adriatic (Serbia, Bosnia, Montenegro, Kosovo), Central East   
        (Romania, Hungary, Slovakia, Czech Republic), South East 
        (Albania, Bulgaria, North Macedonia, Cyprus); 
        b.Russia & CIS markets; 
•	  Asia, Africa & Australia Region;
•	  Northern Europe Region, comprising Sweden, Norway, Finland, 
         Denmark, and the Baltic states (Latvia, Estonia, Lithuania). 
2.	Process Units that act as global competence centers guaranteeing 
the alignment of strategies, standard processes, and the 
development of key capabilities.
In order to coordinate global brand development, the marketing 
function is divided as follows:
•	 Meal Solutions, comprising the manufacturing and sale of first 
courses (pastas and sauces) under the Barilla, Voiello, Misko, 
Filiz, Yemina, Tolerant, Catelli, Lancia, and Splendor brands;
•	 Bakery, consisting of the production and sale of bakery products 
principally through the Mulino Bianco, Pan di Stelle, Pavesi, 
Wasa and Harrys brands.
The Pasta Evangelists business unit is responsible for developing 
new business models for the sale of take-away and ready-cooked 
fresh pasta, distributed both through a number of stores and the 
e-commerce channel.
The Back to Nature business continues determinedly the production 
and sale of plant-based and non-GMO bakery products, mainly in 
North America. 
A review process commenced on this model from 1 September 2023, 
the impact of which will take full effect from 2024, and is based on a 
number of fundamental principles, comprising: 
a) the balance between regions and categories, defining the different 
roles and responsibilities;
b) the creation of a Brand driven organization, inspired by the 
consumer and client focused;
c) the unification of Global and Local marketing into a single 
integrated function in order to achieve a consistent global approach.
Performance analyzed by Region is detailed below:
Italy Region
The focal point in 2023 was the overall increase in prices driven by 
higher energy and raw material costs.
The impact of these increases on the fast moving consumer goods 
(FMCG) sector was already evident commencing the second half of 
2022 but it was in 2023 that the price increases peaked.
The December 2022 inflation, close to 12% decreased during 
the 2023.
This resulted in an increase in revenue for FMCGs but not a similar 
rise in volumes: in fact 2023 closed with an increase in value terms of 
8.3% (compared to +6.6% in 2022) but a 1.7% decrease in volumes.
Within this framework, many Italian families tried to offset the 
increase in their grocery spending, not only in terms of the mix in 
order to lower expenditure, but also reducing waste, the level of 
stock in their store cupboards and, as a result, buying less in general.
To further complicate an already difficult situation, this was 
compounded by the negative impact of the decrease in spending 
power that fell by 7.3%.
With regard to distribution channels, all channels fell in volume 
terms in 2023. Even the Discount channel, that represents 23.1% 
of Consumer Packaged Goods (CPG) revenue, and e-Commerce 
(accounting for only 2.2%), recorded negative results.
In Italy, the Private Label sector (including the Discount channel) 
increased as a percentage from 29.9% in 2022 to 31.4% in 2023, 
with an increase in revenue above the average for CPGs (+ 12.8% 
compared to + 8.3%); this growth was driven in part also by an 
increase in volumes (+ 3.8%), in contrast to the Top 20 FMCG 
Players, Followers and Small Players that overall recorded a 
Consolidated financial highlights 
Within the global macroeconomic context described above, the 
EBITDA margin was in line with the previous year at 10% of Group 
revenue, and in line with the major international groups in the food 
sector and amounted to euro 497 million.
The margin, net of the above-mentioned hyperinflationary impact, 
amounted to euro 494 million. 
Profit before taxes amounted to euro 271 million (295 million). 
Consolidated profit for the year amounted to euro 284 million, 
compared to euro 231 million in 2022. 
Consolidated profit attributable to Group equity holders (net of non-
controlling interests) amounted to 238 million, compared to euro 
192 million last year. Profit attributable to non-controlling interests 
amounted to euro 47 million. 
Current and deferred income taxes for the year totaled positive euro 
13 million. This compares to a negative amount of euro 65 million 
last year. The difference in the tax burden in 2023 is largely due 
to the implementation of the Patent Box agreement in relation to 
previous year taxes, the recording of deferred tax assets on tax losses 
recoverable in future years and lower taxes on operating profits.
Given the ongoing uncertainties in the financial markets, the Group 
continued to adopt prudent financial policies resulting in a positive 
Group net financial position (NFP) of euro 57 million compared 
to negative euro 15 million last year (further details are set out in 
the Illustrative Notes to the consolidated financial statements). 
The robust cash flow will be sufficient to support planned future 
investments and acquisitions.
The principal loans in place at the year-end were:
•	
Bonds issued by Barilla Iniziative S.p.A. totaling USD 335 
million, placed with US institutional investors in 2013 and 
2015 that mature in 2025 and 2027 respectively. These bonds, 
including the related hedging instruments valued at mark-to-
market, amounted to euro 282 million at the year-end;
•	
A revolving credit facility (RCF) amounting to euro 500 million 
(with an option to increase further to euro 800 million) 
maturing in January 2025 which was unused as at 31 December 
2023; 
•	
A term loan of euro 200 million entered into in December 2020 
between Barilla Iniziative S.p.A. and Intesa Sanpaolo S.p.A, 
maturing in December 2025 and amortizable commencing 31 
December 2022 (the residual amount was euro 100 million at 
31 December 2023).
As a result of contractual changes made during the year effective from 
5 January 2024, Barilla G. e R. Fratelli Società per Azioni becomes the 
principal debtor of the above loans, while Barilla Iniziative S.p.A. and 
Barilla International B.V. become guarantors.
The NFP also includes an investment portfolio created in previous 
years, that largely comprises Investment Grade bonds denominated 
in euro with a 1-year average maturity, diversified by sectors and 
geographical areas. The value of these investments amounted to 
euro 253 million at 31 December 2023.
Group structure and organisation
The Group, through the operating sub-holdings Barilla Iniziative S.p.A. 
and Barilla International Ltd, and in turn through their subsidiaries, 
operates in the manufacture and sale of pasta, sauces, and bakery 
products both in the domestic and international markets.
The Group operates directly in 28 countries, exports its products to 
more than 100 countries and owns 30 production facilities across 11 
countries.
Economic scenario 
The global economy, despite showing positive trends, slowed down 
in 2023 due to market turbulence; overall growth was 3%, against 
3.5% recorded in 2022. In the latter part of the year, countries such 
as the United States and China showed signs of slowing down, and 
geopolitical tensions, already significant due to the Russia-Ukraine 
conflict, increased further with the conflict in the Middle East.
The euro area also experienced stagnation, a reflection of the 
poor dynamics of domestic and foreign demand, and in particular 
the persistent weaknesses in the construction and manufacturing 
industries that were joined also by the services sector.
The leading world banks, the Federal Reserve and the Bank of 
England, maintained the base rates at the end of the year, while 
waiting for concrete signs of a fall in inflation rates.
The European Central Bank also made the same decision on 14 
December 2023 as it considered the conditions at the time sufficient 
to guarantee price stability and support the real economy and that 
by maintaining these rates for a sufficiently long period would 
provide a fundamental contribution to a stable return of inflation to 
the medium-long term goal of 2%.
In this regard, the euro area annual inflation rate fell in October 
and November 2023 to 2.9%, mainly thanks to the trends in energy 
and food prices.  Italy also saw a fall in inflation in the latter part of 
the year, this time also in relation to non-energy industrial goods 
and services. Businesses and households expect a further fall in 
inflationary pressure in the short-medium term. 
The GDP in Italy increased by 0.9% in 2023, employment 
continued to grow, the labor market was stable and the dynamic 
of salary levels remained strong. 
The outlook for 2024 will be impacted by the issues that arose in 
the previous year. 
On one hand, the economic forecasts are exposed to the risks 
relating to geopolitical factors such as the potential escalation of 
conflicts in the Middle East and Asia, that would result in a fall in 
consumer and business confidence that in turn would lead to a 
fall in consumption and investment.  Uncertainty surrounding the 
upcoming elections in a number of countries, first and foremost 
the United States, Europe and India, where in the latter more than 
900 million people are eligible to vote.
On the other hand, the agreement reached by the EU Council 
EBITDA (€/MM)
% on revenues
0,0
37,5
75,0
2,5
50,0
2023
2022
10%
10%
497
489
Revenues by geographical area net of hyperinflation impact - IAS 29
 
Italy
37.7%
Rest of Europe and 
Russia (*) 34.3%
Asia, Africa,
Australia 4.4%
Americas 23.6%
ITALY
% net sales
AMERICAS
ASIA, AFRICA, AUSTRALIA
REST OF EUROPE AND RUSSIA (*)
*Includes: 
Northern Europe, Western 
Europe, Greater Eastern 
Europe

20
21
Biscuits (+32%), which were launched in recent years and in respect 
of which both distribution and revenue continued to increase, and 
the Sandwich product category that managed to maintain volumes in 
line with the previous year, resulting in double digit growth in revenue 
(+10%).  Wasa increased its market share in the Crispbread category 
in Sweden, Norway and Denmark.
At individual country level, over and above the strong performance 
in terms of revenue for all countries, of note is yet another year of 
growth in Norway both in volumes (+3%) and revenue (+13%).
In the Meal Solutions segment, opposing trends were experienced 
between that of the Pasta business, where the drop in volumes 
negatively impacted the market shares in Sweden in particular, and 
that of the Pesto business where, following an extremely difficult 
2022 due to the rise in raw material costs, volumes increased that also 
contributed to growth in the market shares in Sweden and Norway.
Pasta Evangelists 
2023 represented the 'year of the factory' for Pasta Evangelists. 
Production of pasta and fresh sauces commenced on 1 September 
2023 for the first time in the history of the company and the Group 
Chairman and Managing Director attended the official opening of 
the new factory in October.  The 5,000 sqm manufacturing facility 
is one of a kind and is the largest pasta and sauces factory in the 
United Kingdom (UK). It was designed to create unique pasta shapes 
such as corzetti, saccottini, mac & cheese, crestoni, anolini, pasta 
dragons, cannelloni and other formats. Over the course of the year 
the company also increased its takeaway business across the whole 
of the UK and entered into agreements with franchisees to open its 
first takeaway units that are expected to hit the high street in the 
second half of 2024.
Back to Nature
The Back to Nature brand, which was acquired on 3 January 2023, 
just completed its first year as part of the Barilla Group and got off 
to a very promising start. A team of highly skilled people was set up 
with headquarters in Minneapolis, employing talents with start-up 
experience in the CPGs world. 
The team defined a vision that will allow Barilla to create a solid 
Bakery business in future, through the development of a concrete and 
innovative growth plan. This plan will center on the modernization of 
the brand identity, to foster customer penetration and in turn re-
establish the brand as a leading force in the US Bakery market.
Capex
downturn in volumes.
The general increase in prices was accompanied by increased 
promotions that had little impact and resulted in a modest 
contribution from promotions (from 25.4% to 25.8%).
Within this difficult context, following the May 2022 price 
increases, the further inflation generated in the second half of the 
year required the Barilla Group in Italy to implement price increases 
from January 2023. This led to growth in revenue over the year but 
also negatively impacted the performance in volume terms across 
all categories generally in favor of Private Label products.
The Bakery business closed with a decrease in volumes compared to 
the previous year arising from the negative impact on consumption 
of price elasticity and a contraction in the market in favor of Private 
Label products.
With regard to market share in value terms, the Biscuit, Snacks 
and Rusks product categories all fell, losing share to Private Label 
products, while the share of Dry Snacks increased, and Breads 
remained constant.  Innovation played an important role with 
significant launches over the course of 2023 (Pinsa, Tartelle Cacao, 
Biscotto Intrecci, Ringo Caramel, Merenda Bontreccia and the 
relaunch of Linea Armonie, Ringo Core and Macine). With regard to 
marketing, the most significant initiatives comprised the importance 
placed on breakfast with the Collection, which involves various 
products across the Biscuit, Snacks and Bread categories, and was 
extremely well received, the Nostalgia Marketing initiative, the 
Christmas advertising of Pan di Stelle with the partnership of Disney 
Wish, Pavesini, Gran Pavesi Sfoglie and Ringo (including the new 
partnership with Xfactor in Back to School), the brand activation of 
Gocciole, the digital support of Wasa and the return of advertising 
on Togo, after an absence of more than 10 years, through a digital 
campaign featuring the band Neri per Caso.
The price increases and the strong price elasticity in the Pasta 
category impacted the performance of this sector with a fall in 
volumes and market share compared to the previous year in the 
classic range, while market share in the premium segment was 
stable (Voiello and Barilla Al Bronzo, which were leading players in 
2023 thanks to important initiatives supporting these brands).
America Region
Despite inflation being more contained in the countries in the 
America Region in 2023, these rates were higher than the targets 
set by the respective central banks. The prices of durum wheat, the 
raw material used in the majority of the products sold by Barilla 
in the Region, were still high.  Furthermore, the economic outlook 
remained highly challenging during the year with continued volatility 
in demand and further interruptions in the supply chain.  Within this 
scenario, Barilla recorded more than 3% growth in total revenue for 
the Region at constant exchange rates:
•	
in the United States, the most important market in the Region, 
the Pasta retail channel grew both in volume and value terms 
as consumers increased domestic consumption of pasta.  After 
having experienced problems in the supply chain that disrupted 
deliveries and resulted in products being out of stock in 2021 
and 2022, a number of main competitors’ products returned to 
fully stock the shelves in 2023.  Consequently, Barilla’s market 
share fell by 2.8%. This decrease was particularly notable in the 
durum wheat product category; while in the Better-For-You 
segment, Barilla increased market share of multi-grain products 
(i.e. Protein Plus).  Despite the competitive rebalancing of the 
supply chain, Barilla’s market share still remained well above 
pre-pandemic levels. Within the Condiments category, Barilla’s 
market share in value terms fell by 0.6 percentage points for the 
Pesto category and 0.4 percentage points for Red Sauces.  With 
regard to the Crispbreads category, Wasa gained 1.2 percentage 
points in the market share of the retail channel in value terms.  
In the Food Service channel, Barilla increased revenue as a result 
of price rises required to compensate increased costs;
•	
in Canada, the Pasta category in the retail channel also grew 
both in terms of volume and value as consumers increased 
domestic consumption of pasta. Price rises however led 
consumers to favor low value brands. Consequently, the 
portfolio of the Barilla brands in total lost 1.9 percentage points 
of market share in value terms.  This fall is attributable to the 
Catelli brand that was affected by the shift in consumption to 
low value brands, while the premiumization of Barilla brands 
meant they were more resilient in the market;
•	
in Mexico, the Pasta category in the Modern Trade channel 
increased both in volume and value terms as a result of 
inflation. In this channel the overall market share in value terms 
of Barilla brands fell by 0.7 percentage points.  On the other 
hand, the Pasta category in the Traditional Trade channel fell in 
volume but increased in value.  In this channel, taken together 
the Barilla brands increased market share in value terms by one 
percentage point.  The expansion of the Yemina brand in both 
channels in the domestic market contributed to the overall 
growth in this business;
•	
n Brazil, the Pasta in the retail channel grew both in volume and 
value. This channel continued to experience a rapid shift from 
the Modern Trade channel, with the closure of hypermarkets 
and supermarkets and opening of Cash & Carry stores due to 
the low prices offered.  Moreover, more consumers in general 
have moved away from durum wheat based products to Soft-
Wheat-with-Eggs products.  As a result, Barilla’s market share 
in the Modern Trade channel increased by 0.2 percentage 
points in the San Paolo area, where the Group’s activities are 
concentrated. Barilla also enjoyed growth in the Cash & Carry 
channel through Soft-Wheat-with-Eggs products.
Western Europe Region
Given this period of high inflation and tense competition, the 
Western Europe region performed extremely well in terms of revenue 
and closed the year with a revenue index of 107 compared to 2022.
France, which is the leading country in the region, enjoyed a 7% 
growth in revenue with varying results between the Meal Solutions 
and Bakery segments. The Harrys brand in France closed 2023 with 
a 10% increase in revenue despite numerous competitor initiatives 
in respect of both the soft breads and brioche categories. The Pesto 
business also recorded strong growth with a 13% increase in revenue 
compared to 2022 in contrast to the results in the Pasta segment 
that experienced a 2% fall compared to 2022 that was largely due to 
a shift in market share to the main competitors.
The Benelux area closed the year with an increase in value terms 
thanks to the constant development of the Sauces business in Belgium 
and the Wasa business in the Netherlands, which consolidated its 
market leader position. In Iberia the results were in line with 2022 
thanks to the Pesto and Wasa businesses.
Central Europe Region
The Region experienced a 5% decrease in volumes compared to last 
year but grew 7% in terms of revenue. 
The increase in revenue was due to price increases introduced in 
the previous year in order to continue to mitigate the increase in 
production and logistics costs.
The increase in revenue in the Region was driven in particular by the 
results achieved in Germany, +11% and Poland, +7%.
All product categories recorded an increase in revenue with Pasta 
+3%, Pesto and Red Sauces +15% and Bakery +6%.
The market shares in value terms in Germany increased in the Red 
Sauces category but fell in the Pasta, Pesto and Bakery categories. 
The Central Europe Region continued to pursue the strategy aimed 
at creating value, through focus on product, customer and country mix. 
Greater Eastern Europe Region
In 2023 the region recorded significant growth both in volumes and 
value compared to the previous year, it increased market share in all 
of the key markets and guaranteed high service levels. With regard to 
products, the Pasta segment grew by 4% in value and strong results 
were also enjoyed by the Sauces and Pesto segments with a solid 
29% increase in value and finally the Bakery business increased by 
27% in value.
The Eastern European markets enjoyed a positive trend in revenue 
compared to the previous year with a 10% increase in value that was 
largely due to the price increases applied across all of the product 
categories in the countries in the region. Outstanding growth was 
recorded in the Central East area with a 23% increase in revenue 
compared to 2022 and a 17% increase in the Adriatik area. All of the 
product categories in these markets increased in 2023 compared 
to the previous year, with 6% recorded in the Pasta category, 24% 
in Sauces and Pesto and 16% in Bakery, with continued progress in 
implementation of the development plan.
The Russia and CIS markets in 2023 recorded top line growth in 
volumes (+9%) and Net Sales (+11%, all other things being equal), 
with profitability enjoyed across all of the categories.  The revenue 
indices across the various businesses were as follows: index102 for 
Dry Pasta, 129 for AMS Bread, 121 for Pesto, 153 for Red Sauces and 
132 for Wasa (all like for like). In 2023 the Blue Box Pasta recorded 
a value SOM of 14.2% (+1.4%). The market shares of Pesto and Red 
Sauces were 37.3% (+0.5%) and 68.5% (+15.7%) respectively.
Asia, Africa, Australia Region
The business in the region recorded a 33% increase in revenue 
compared to 2022 at constant exchange rates, driven by the strong 
performance of Filiz pasta in Turkey that offset the strong downturn 
in China where recovery has been slower than expected resulting in a 
negative impact on the bottom line. This increase in revenue allowed 
the region to invest more in marketing, corresponding to 7.7% of Net 
Sales (6.9% of Net Sales in 2022), which has led to an increase in 
market share in both volume and value. The region closed the year 
with EBITDA of 6.8% of Net Sales (7.7% in 2022).
In Turkey, despite the vulnerable and uncertain macroeconomic 
and social situation, with significant increase in inflation and the 
depreciation of the Turkish lira, the Filiz brand became market leader 
and both net sales and profitability improved significantly.
The other geographic areas (Africa, Middle East, Japan, South Korea 
and South East Asia) recorded significant increases in revenue.
Northern Europe Region
2023 experienced a decrease in volumes compared to the previous 
year (-3%), that was due to a significant fall in consumption in the 
early part of the year, with recovery in the second half of the year 
thanks to promotions, while revenue increased by a similar amount to 
that achieved in 2022 (+9% at constant exchange rates). The growth 
in revenue was experienced across all of the countries and categories 
and was driven once again by the price increases implemented 
to counteract the continued inflation on production costs at the 
beginning of the year.  Within the Wasa business, growth continued for 
0
5
0
5
0
2023
2022
4.7%
4.9%
230
230
(€/MM)
% on revenues

Rendering of the new Barilla Research & Development center in Parma.
22
23
 The new laboratories: with an investment of 16 million euros, the center will be completed by September 2025 and will 
employ 200 people at full capacity. This 12,000 square meter facility at the Parma Headquarters will concentrate all the 
group's technical expertise, fostering global innovation through its laboratories and pilot plants.

24
25
current market situation and wishes to contribute positively to the 
sustainable development of the supply chains as part of its social and 
environmental commitment to offer quality products that reflect the 
business purpose “The Joy of Food for a Better Life".
Barilla is more determined than ever to continue on the path towards 
sustainability, increasing investment in innovative products, in 
promoting sustainable supply chains and reducing its environmental 
impact.  Together with the support of the Barilla Foundation, it 
continues to play a fundamental role in explaining to communities 
the importance of food and healthy lifestyles for a better future. 
Barilla acts responsibly and with great willingness to promote 
increasing attention to sustainability topics by defining its 
corporate strategy to incorporate these principles in line with 
the business development plans. The Group is in fact developing 
a new Environmental, Social and Governance (ESG) ecosystem 
that comprises its redefined sustainability strategy, the adoption 
of new indicators measurable over time and the definition of a 
new governance structure that facilitates the integration of the 
sustainability strategy within the overall corporate vision.
 
Barilla’s strategy will as always feature a prominent social and 
environmental responsibility, from the study and development of a 
distinct portfolio of products on the market that are able to combine 
tradition and innovation, while at the same time strengthening the 
sustainability of the supply chains, introducing regenerative farming 
principles, reducing the environmental impact of the strategic 
supply chains and the production facilities and designing recyclable 
packaging.
Environmental management
Environmental management is an integral part of Barilla’s way of doing 
business.
The Barilla Group’s commitment to the environment began almost 20 
years ago with implementation of the Environmental Management System 
at the Group manufacturing facilities. The first factory to certify its own 
Environmental Management System was the Ascoli Piceno plant (Italy) in 
2003, closely followed by other Group factories and mills; today almost all 
the production sites, 28, have implemented and certified this system in line 
with international technical standard UNI EN ISO 14001. 
Another cornerstone of Barilla’s environmental management is the Life 
Cycle Assessment method that calculates the environmental impact of 
its products. The results of these analyses are published for the majority of 
Barilla products using the Environmental Product Declarations, which are 
certified environmental declarations developed by the international EPD 
(Environmental Product Declaration) – (www.environdec.com).
Moreover, Barilla is the first food group to have developed and obtained third 
party certification on a system measuring the environmental impact of its 
products (EPD Process System). 
In 2023, 85 EPDs (Environmental Product Declarations) on Barilla products 
were available on the environdec.com website, corresponding to around 70% 
of production volumes; in order to better illustrate this, the Barilla EPD book 
was published, a guide to analyze the environmental impact of its products. 
The Barilla Group constantly works on reducing the impact of its products 
throughout the whole supply chain through several projects including the 
following: 
•	
collaborations with players involved in the Group strategic supply chains 
aimed at employing agricultural practices that are more sustainable and 
have a lower impact, for example in terms of CO 2eq emissions, water 
consumption, the use of fertilizers and phytopharmaceuticals or using 
practices that support the safeguarding of the soil and biodiversity. 
Examples of such tools include: the Handbook for Sustainable Durum 
In order to achieve the objectives of product innovation, improved 
efficiency and increased production capacity, Group capital 
expenditure amounted to euro 230 million, of which euro 17 million 
relates to new contracts for leased tangible assets signed during 
the year and recorded in accordance with the relevant accounting 
standards. 
Capital expenditure represented 4.7% of Group revenue. 
The Group’s main investments comprised: 
•	
a new production line for Fisarmoniche at the Melfi factory (Italy) 
that employs a specific patentable technology, the aim being to 
strengthen the leadership position in the minicakes business;
•	
the opening of the new Pasta Evangelists food manufacturing plant 
in West London for the production of fresh pasta and sauces. The 
production capacity is able to support business requirements up 
until 2028 also through the use of numerous controlled temperature 
areas (fridges/freezers) and new state of the art machinery. The 
factory will facilitate significant improvements in terms of product 
quality and freshness; 
•	
in order to support the current and future Wasa crispbread business 
by developing new market opportunities, expenditure was carried 
out on line 1, dedicated to the production of rectangular rye 
crispbread products, at the Celle plant (Germany), with the obsolete 
oven being replaced by a new hybrid heat oven that enabled the 
closure of the old line 13 in Filipstad (Sverige). This investment is 
part of the Wasa Goes Global (WGG) program;
•	
the replacement of the now obsolete cogeneration system at the 
plant in Foggia (Italy), with a new trigeneration system, the aim 
being to improve energy procurement technology and reduce CO2 
emissions;
•	
works commenced on preparing the offices that will house the new 
Business Development Center in the new Amsterdam facility, which 
will reinforce the Group’s polycentric approach;
•	
the replacement of mechanical and electrical components in the 
durum wheat tower was carried out at the Pedrignano plant in 
Parma (Italy) in order to guarantee operating continuity of the 
factory and ensure adherence with safety regulations and corporate 
Good Manufacturing Practice (GMP) guidelines;
•	
the restructuring and rationalization of the Research and 
Development buildings at the Pedrignano plant in Parma (Italy), at 
the same time improving the earthquake resistance, with the aim 
of improving the working environment, facilitating the exchange of 
know-how and fostering innovation by bringing everyone together 
in one location;
•	
the partial re-vamp of line 101, dedicated to short pasta production, 
at the Ames plant (United States), which operates non-stop, in 
order to guarantee production continuity;
•	
the replacement of the cutting and packaging machines of line 8 
of the La Malterie plant (France), in order to guarantee production 
quality and continuity;
•	
the migration and integration of the Back to Nature business, the 
US business acquired early in the year, into the Group’s systems and 
models.
Sustainability – note
In a complex and uncertain international landscape, where supply 
chains have been put to the test in terms of availability and 
quality of raw materials and inflationary fluctuations throughout 
the entire year, the role of food products and the related supply 
chains takes on increasing importance. Barilla is fully aware of the 
Gennaio 2021: Mulino Bianco ha creato delle confezioni speciali di Abbracci dedicate a tutti 
gli infermieri e infermiere d’Italia donando il ricavato della vendita al Fondo Solidarietà FNOPI 
(Federazione Nazionale Ordini Professioni Infermieristiche) fino al raggiungimento di 2 milioni 
di euro.
Wheat Farming and the decision-making support system Granoduro.
net® and the GranoScan® app that monitors wheat diseases and aim 
to make wheat farming more sustainable. The two important projects 
aimed at developing a more sustainable soft wheat supply chain have 
not only demonstrated their effectiveness but are also in the advanced 
stages of implementation. In particular, the Mulino Charter, for the soft 
wheats used in the production of Mulino Bianco brands, now covers 
96% of purchases and in addition to the focus on biodiversity has now 
launched a precision farming project to reduce the environmental 
impact of farming and create a decision-making support system called 
Barilla Farming. Similarly in France, the Harrys Charter for the soft 
wheat supply used in the production of the Harrys brand products 
covered 100% of all purchases. Finally, of note is the Basil Charter 
for the procurement of Italian basil from sustainable farming, which 
safeguards the biodiversity and places value on the farming community 
throughout the Pesto supply chain; 
•	
in order to explore more advanced technologies that enable not only 
a reduction in carbon footprint but that also have a positive impact on 
carbon capture, an innovative pilot project was launched on the Wasa 
brand, together with strategic partners, that is based on the principles 
of regenerative agriculture. The project aims to renew the natural ability 
of soil to absorb  CO2eq emissions: 14 farmers in Germany and Sweden 
are involved and will apply agronomic principles such as cover-crop, 
minimal tillage, crop rotation and the reduced use of fertilizers, with 
the aim of having a positive impact on the manufacturing process 
of crispbread, taking advantage of the ability of plants to capture 
carbon from the atmosphere and return it to the soil.
Moreover, the Barilla Group is heavily committed to the fight against 
climate change; in 2019 it joined the SBTI (Science Based Targets Initiative), 
which was set up to assist companies in defining targets to reduce their 
greenhouse gas (GHG) emissions “based on science”, to meet the level of 
decarbonization required to keep the increase in global temperature below 
2°C compared to preindustrial levels as outlined in the Fifth Assessment 
Report of the Intergovernmental Panel on Climate Change (IPCC) and the 
Paris Agreement.
The reduction targets were approved by the Science Based Targets 
Initiative and were published in the Group Sustainability Report in 
July 2020: 
•	
25% of total emissions, scope 1 (Direct Emissions) and scope 2 
(Indirect Emissions), by 2030 vs 2017;
•	
26% of intensive emissions (per tons of finished product), scope 
3 (All Other Emissions), by 2030 vs 2017.
The Group is preparing to present new targets aligned with a 1.5 °C 
rise scenario.
Moreover, Wasa became the Group’s first Carbon Neutral brand in 2018.
In order to achieve this goal all greenhouse gas emissions (GHG) in 
the production chain of each of the individual brands’ products (from 
soil to the shelf) were reduced, calculated, and offset in compliance 
with international standard PAS 2060. The process has been certified 
by an Independent Third-Party Body (DNV).  
Health and safety
There was a 56% fall in the number of accidents in 2023 compared to 
2010 (the reference year during which various sustainability projects 
were defined and launched). As a result, the accident incidence rate 
fell by 49% and the severity rate by 48% compared to 2010.
Moreover, the Montreal plant (Canada) and those in Thiva (Greece), 
Caserta and Cremona (Italy) had no accidents in 2023. The mills that 
have achieved and maintained the “Zero accident” goal for a number 
of years now include the mill in Ames (USA) for 13 years, the Volos 
mill (Greece) for 12 years, the Galliate mill (Italy) for 10 years and the 
mills in Pedrignano for 4 and Castelplanio (both Italy) for 3 years. The 
Ascoli (Italy) and Solne (Russia) plants and the Altamura and Ferrara 
mills (both Italy) only recorded one accident.
The fall in accident rates continued at the plants in France, which 
recorded a significant fall in both the accident incidence rate, -68%, 
and the severity rate, -49%, compared to 2010. This goal was 
achieved also thanks to the implementation of the Barilla Integrated 
Occupational Safety Management System that is based on the UNI 
EN ISO 45001 certification; currently all of the 24 European plants 
and mills have been certified under this system. 
Moreover, a project analyzing Safety Culture was developed and 
implemented in France in 2021 and is being rolled out to all of the 
Italian plants. The project is aimed at engaging employees as much 
as possible in recognizing the importance of their contribution and 
behavior in improving health and safety conditions at work.
Training continues to play a fundamental role: in person courses 
continued and as an alternative e-learning and video conference 
courses were organized in order to maintain focus on these issues. 
More than 70,000 total training hours (in person and remote) on the 
topic of health and safety took place in 2023.
As in previous years, the global audit plan continued to cover the areas 
of safety, the environment, fire prevention and energy with more than 
130 specific checks taking place in 2023 across all of the pasta plants, 
bakeries, and mills together with the support of specialist enterprises. 
A number of these checks resulted in the issue of new ISO 45001, 
ISO 14001 and ISO 50001 certificates. No significant matters of non-
compliance came to light during the audits. 
Energy management
Barilla constantly strives to improve the energy efficiency of its plants.
The production of Mulino Bianco, Pan di Stelle, Gran Cereale, Wasa, 
Harrys and Barilla sauces is covered by GO certificates (European 
Guarantees of Origin) confirming that production uses renewable 
energy sources, moreover all of the Italian pasta factories run 
co/trigeneration plants for the joint production of electricity, thermal 
energy and, in the case of trigeneration, cooling energy. This reduces 
the quantity of fossil fuels that would be used in separate energy 
generation or if purchased on the national grid, resulting in improved 
efficiency and a lower environmental impact.
The pasta factories in Parma and Foggia (Italy) are covered by the 
Emissions Trading Scheme and are subjected to regular audits, and 
levels of CO2eq emissions are certified by a third party.
In 2023 the continued focus on reducing its environmental impact 
and the new socio-economic situation, primarily the energy crisis 
and higher energy costs, led Barilla to evaluate continuously self-
produced renewable energy projects in particular through the 
installation of photovoltaic solar plants.
A multi-year investment plan was drawn up that will involve all of 
Barilla’s European manufacturing facilities.  More specifically, in 
2023 two photovoltaic plants were installed, one generating power 
in excess of 1.5MWp at the Rubbiano Sauces plant (Parma-Italy) and 
another of approximately 0.7MWp at the Volos mill (Greece).
The two new plants join those already installed in the Muggia and 
Melfi (Italy) and Thiva (Greece) plants.
The “ESP - Energy Saving Project” program, launched approximately 
20 years ago and has operated uninterrupted, continued with 
renewed impetus. The project, under the direction of the central 
offices, provides that colleagues in the technical departments of the 
factories share the best technical and managerial solutions in order 
to improve the energy performance of the plants.  
The plan to roll-out the Energy Management System, in compliance 
with the international technical standard ISO 50001, alongside its 
third-party certification, began in 2016.  To date, 24 factories have

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27
Italian Products
Mulino Bianco Armonia: Cecille, BuonFarro, CioccaAvena, PandiYò, Mirtillini
Baiocchi Pistacchio 
Intrecci 
Tartelle Cacao
Ringo Caramels twist
GranCereale Barrette caffè cioccolato nocciola - GranCereale Barrette cocco cioccolato e mandorle
BonTreccia 
Gran Bauletto rustico 
Pesto Basilico e Limone
La Gran Penna ruvida Voiello 
Pinsa

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28
been certified according to this standard with two of these, Bolu 
(Turkey) and Solne (Russia), completing the first certification process 
in 2023. 
Human capital  
The number of employees at December 31, 2023, was 9,040 (9,001), 
of which 4,125 (4,189) are located in Italy and 4,915 (4,812) overseas. 
An analysis of the composition of employees compared to the 
previous year is illustrated below:
The number of Group employees is largely in line with that of the 
previous year. 
2023 marked a year of significant change and transition for Barilla 
employees. 
A plan to transform the organization, culture and way we do business 
was launched in June that centers on Barilla’s People and Products. 
With regard to people a People Agenda was drawn up comprising a 
number of plans and initiatives aimed at nurturing and supporting 
the organizational and cultural change across four important areas: 
internationality/inclusion; 
cohesion/collaboration; 
delegation; 
optimism/entrepreneurship.
Leveraging previous experience from the cultural change project 
Work@Barilla, dedicated to the development of ways of working in 
terms of performance, collaboration and wellbeing, Barilla employees 
now have a further transformative opportunity to contribute to the 
evolution of the business.
The four pillars of change were summarized into a behavioral model 
that, together with the Barilla values, define the Barilla culture, the 
way in which it works, collaborates and most of all achieves results. 
This required a total review of our performance management concept 
and process in order to align and synergize it with the objectives of 
the cultural evolution.
The result of this process was the launch of a new performance 
program in December 2023 together with a global training campaign 
that involved approximately 1,500 employees and local sessions 
in order to reach everyone who was not able to participate in the 
global campaign. Today the performance of employees of the Barilla 
offices is a perfect balance between the “what” that represents the 
objectives that must be attained and the “how” being how Barilla 
behavior is interpreted while carrying out daily duties and achieving 
business goals.
As mentioned above the People Agenda is a multi-year plan of 
cultural evolution that comprises training, communication, reviews 
of the HR processes and enabling initiatives, which relate to projects 
that will support the implementation of the agenda commencing 
2024.
As part of the plans designed to develop Barilla People, a Continuous 
Feedback Tool was launched on a global scale. This tool will gather 
360° feedback from colleagues in order to increase awareness of 
invidividuals’ strength and development areas. In particular, the 
launch took place following a number of pilot trials across the 
professional families in the Supply Chain and GRDQ whereby the 
process was initially introduced to reinforce the habit of using the 
tool, and using it correctly, achieving extremely positive results.
With regard to our manufacturing facilities, in 2023 a pilot program 
previously launched in 2018 but unfortunately suspended during the 
pandemic, was reinstated. This involves training on matters affecting 
the leadership of plant employees, the target audience being the first 
and second plant line managers.
The program comprises itinerant training sessions for small mixed 
groups in terms of role and location, structured with the objective 
of improving knowledge of the different factories and instilling and 
consolidating collaboration across the various functions in order to 
create an operations network.
The program was relaunched in 2023 and the key matters broached 
were: motivation through delegation, effective communication, 
management of feedback, developing active listening, developmental 
interviews.
As part of the diversity and inclusion journey, the Disability Inclusion 
Roadmap progressed in 2023. The new CEO, Gianluca Di Tondo, as 
part of the global movement The Valuable 500, publicly renewed 
his commitment to drive innovation through inclusion of diverse 
abilities and skills.
Recognizing 
the 
importance 
of 
adopting 
a 
reasonable 
accommodation process as a minimum global requirement in 
order to guarantee opportunity equality for people with disabilities, 
the Diversity and Inclusion Committee (D&I), together with 
Human Resources, guided the progress of these works with the 
target of developing a standardized policy to manage workplace 
accommodation requests by the end of 2024.
The interdepartmental collaboration of the Barilla D&I Committee is 
further highlighted by the synergies with the RDQ team in planning 
a new research and development center at the headquarters in 
Parma. From the outset the objective of the plan was to make the 
future Innovation Centre a model for inclusion and accessibility. 
The buildings will employ sustainable materials and will improve 
the inclusivity of people with disabilities through flexible interiors, 
routes for the visually impaired and tactile mapping.
Also in the context of Barilla Diversity, Equity & Inclusion and 
as further evidence of its commitment on the subject of gender 
equality, a new global policy was launched for parental leave that 
aims to place value on parenthood and reduce one of the key factors 
in the work gender gap. This new corporate policy came into effect 
on 1 January 2024, and offers a minimum of 12 weeks paid parental 
leave for each parent across all of the world, independent of gender, 
marital status, sexual orientation and whether adoptive parents or 
not. Moreover, the initiative aims to contribute to improving the 
work-life balance of Barilla People and comes at a historic moment 
where focus on this matter is extremely high.
Also in 2023, in conjunction with the Barilla Audit team, a Diversity & 
Inclusion map was drawn up with primary focus on investigating the 
structure and activities of the D&I Board and the D&I Committee.
Firstly, the D&I safeguarding areas, as stated in the Code of Ethics 
and Code of Conduct, and the activities disclosed in the 2022 
sustainability report, were identified. Subsequently the D&I 
legislative and regulatory requirements were examined for all of the 
Group’s legal entities, with focus on varied subjects such as family 
conditions, multiculturality, sexual orientation, generations, gender 
equality and physical abilities.
Again this year the constant commitment of the Employee Resource 
Groups (ERG) continued. These are groups of volunteers, organized, 
led and trained by Barilla employees with the aim of fostering a more 
inclusive corporate culture and to drive change within the business, 
touching on subjects that vary from disability to LGBTQ+ rights. 
There are currently 17 Barilla ERGs across the world.
In line with the approach of active listening, focus groups were formed 
to discuss the subjects of flexibility and personal empowerment. 
These topics emerged as crucial for employees and the aim is to 
12/31/2023
12/31/2022
Managers and employees 
3,756
3,737
Blue-collar workers
5,284
5,264
Total 
9,040
9,001
Harrys Products in France: 
100% Mie Seigle Tranches epaisses
Brioche Tranchée Caramel
Toast Aromates
Toast Brioche
Toast Nature
Toast Seigle

30
31
Paolo Barilla with Air Force Colonel Walter Villadei, leader of the Ax-3 Mission. The collaboration between Barilla, 
the Italian Ministry of Agriculture, Food Sovereignty, and Forestry, the Air Force, and Axiom Space was established 
to support the candidacy of Italian cuisine as an Intangible Cultural Heritage of Humanity by UNESCO.
December. Paolo Barilla presents Pasta in Space. Some crew members have been involved in conducting sensory 
experiments to better understand the nutritional needs of astronauts in extreme conditions.

32
33
explore them in more depth in order to gather useful ideas in order 
to develop further opportunities and improvements.
Research and development activities
The constant commitment of the Group to perfect product recipes 
continued in 2023, aiming not only to offer more products that 
taste better and form part of a healthy, balanced diet but also to 
guarantee the quality and safety of the products across the entire 
product supply chain.
Thanks to this commitment, summed up in “The Joy of Food for a 
Better Life”, in 2023 the Group invested euro 45 million in research 
and development activities. In order to contribute to this journey, 
a new Nutritional and Wellbeing Model was introduced with the 
aim of supporting Barilla in offering tasty and nutritional products 
in the correct portion size that form part of a healthy lifestyle and 
celebrate the joy of food. This new model extends the principles 
of the previous Nutritional Guidelines and adopts a more holistic 
approach to wellbeing with the aim of promoting informed dietary 
choices and emphasizing the value and the role products play in 
health and wellbeing.
Over the years our commitment has led to significant improvements 
in the nutritional profile of numerous existing products. From 2010 
to date, a total of 497 products have been reformulated through 
a reduction in the levels of sugar, salt and fats and an increase in 
the fiber content. More specifically, in 2023 the salt content in 
three pasta sauces (Pesto Rosso, Pesto alla Calabrese, Bolognese 
Pouch) and one bread category (Harrys Toast Seigle) was reduced. 
Furthermore, two red sauces (Ricotta Sauce, Montanara Ragù) 
benefited from a reduction in total and saturated fats respectively. In 
order to respond to the needs of customers that cannot eat certain 
product categories, two gluten free products were reformulated to 
remove lactose from the recipes (Mulino Bianco Cioccosole and Fior 
di Miele), while two new milk and egg free biscuits were launched on 
the market (Mulino Bianco Mirtillini and Buonfarro). 
Alongside the reformulation of existing products, significant 
research and development efforts were also carried out to offer 
new products made with raw materials selected from responsible 
supply chains that are able to combine taste with nutritional 
quality. With this aim in mind, in order to encourage customers to 
consume greater quantities of fiber in their diet, six new fiber rich 
products were launched on the market (amongst which Mulino 
Bianco Intrecci, Gran Bauletto alla Segale; Harrys Brioche Tranchée 
Caramel) and a further six products that provide a source of fiber 
(including Mulino Bianco Cioccoavena and Racconti Harrys 100% 
Mie Seigle).
New single-portion products with less than 150 kcal per portion 
were also launched (Ringo Caramel) together with products 
containing a variety of ingredients with distinctive nutritional 
properties such as spelt flour (Buonfarro), oats, buckwheat, rye 
(Gran Bauletto alla Segale and Harrys 100% Mie Seigle), chia seeds 
and dried cranberries, and spinach and tomatoes (Misko Tricolore 
Tortellini with Cheese) or chick peas.
In the field of scientific research, independent scientific studies 
continued in 2023 in Europe and the United States to investigate 
the impact of low glycemic index foods or the characteristics of 
the Mediterranean and Nordic diets on a number of metabolic 
indicators and cardiovascular health.
Sustainable supply chain management and relations with 
the local territory
The Group has long been committed to purchasing raw materials 
and packaging materials that minimize the environmental impact 
and contribute to the well-being of the territories in which it 
operates.
Barilla products are developed through collaboration with more 
than 1,300 worldwide suppliers and using more than 800 types of 
raw materials and 50 of packaging materials.
In order to standardize the approach across the different raw 
material and packaging material supply chains, Barilla established 
a Sustainable Agriculture Code (SAC), Animal Welfare Guidelines, 
and Sustainable Packaging Principles. These are founded on the 
principles that underpin the responsible management practices of 
supply chains.
2023 was a year of change with increased focus on projects that 
have a greater impact on the brands and the consumer. The total 
of strategic materials purchased in line with the above-mentioned 
codes and principles amounted to 68% and more specifically, the 
purchase of strategic packaging materials in compliance with the 
principles remained stable at 99.7% while the purchase of raw 
materials fell slightly compared to 2022 amounting to 64% of total 
volumes.
The Italian durum wheat supply chain has a stable catchment area 
and is faithful in the application of the tools aimed at making farming 
more sustainable including the Handbook for Sustainable Durum 
Wheat Farming and the “Granoduro.net®” decision making tool and 
the “GranoScan®” App. The farming agreements with supply chain 
partners in Italy accounted for approximately 70% of total volumes 
of durum wheat purchases. The number of farmers who adopt these 
systems is stable and involve more than 7,000 farms producing 
approximately 400,000 tons, which is slightly down on 2022 due to 
both yields and the widespread use of sustainable practices without 
directly employing technological tools.  
The egg, basil, sugar and tomato supply chains are 100% in line with 
the sustainable farming principles (SAC). A certified supply chain for 
basil was developed in blockchain, inserting a QR code on the Pesto 
Genovese label in the Italian market in order to make the supply 
chain transparent. The consumer can see from which farmer and 
field the basil came and when it was harvested.
Following the war in Ukraine the certification of sunflower and 
other oils was only partially possible and amounted to 91% at the 
end of 2023. 
99.9% of strategic packaging materials, principally paper and 
cardboard, plastic materials, glass, and caps, is now recyclable 
and more than 99% of packaging provides recycling instructions 
for the final consumer. All of the paper supply chain is certified in 
accordance with state of the art standards such as FSC and PEFC 
with the exception of Russia as the current crisis does not permit the 
sourcing of 100% certified cardboard. 
Developments in packaging are focused on the increase in the 
circular economy and the reduction in the use of virgin plastic, 
continuing the optimization of packaging based on the LCA tool.
Relations with consumers 
Barilla adopts a shared model and common guidelines in all of 
the markets in which it operates across the world, designed to 
offer a presence and increasingly effective relations, while taking 
into careful consideration cultural differences and the diversified 
approaches required.  
Barilla’s commitment to creating and upkeeping valued relations 
with its customers and managing on a daily basis across the world 
all types of contact in a timely, careful and professional manner, 
remain at the core of its business.  From the request for information 
to complaints, Barilla works constantly to take advantage of this 
spontaneous contact to strengthen further links with customers in 
terms of satisfaction and brand trust thereby generating positive 
word-of-mouth and loyalty. 
The company places increasing focus, alongside traditional 
channels, on new communication instruments such as interactive 
chats (Chatbots) that enable waiting times to be reduced and are 
constantly accessible and available to provide immediate responses.
Through the “Raccolta Punti Colazione 2023” initiative and earlier 
still with that of the “Raccolta Punti Colazione 2022”, outstanding 
results have been achieved through the use of Chatbots in the 
Italian market, a new listening tool adopted in 2021 that can be 
adopted in the near future in other markets if required.
Risk management 
Risk management plays a central role in corporate governance.
In recent years, as part of the Enterprise Risk Management process, 
a complete risk mapping assessment was carried out on all business 
areas with constant monitoring by the relevant supervisory boards.
Moreover, the relevant managers together with the Board of 
Statutory Auditors, place great importance on the findings 
presented in the internal auditor’s Management Letter.
With regard to the investment choices approved by the Board of 
Directors, a fundamental element of business development, all new 
project proposals requiring approval are sent to the board members 
with sufficient notice and are supported by detailed technical and 
financial documentation outlining alternative scenarios that are 
prepared using calculations and reference parameters that meet 
current best practices. The Enterprise Risk Management model 
is designed to identify the key risks associated with the strategic 
business transformation and bring them to the attention of 
the governing bodies in order to enable the implementation of 
structured actions, support the business decision making process, 
facilitate the identification of critical factors and stimulate actions 
and measures aimed at mitigating these factors and the related 
business impact. The Enterprise Risk Management project, managed 
by the ERM department, has benefited from the active participation 
of the Group Leadership Team, the Board of Directors and Board 
of Statutory Auditors in relation to key business risks, enabling 
internal discussions on key risks that could be critical both in the 
medium and long-term, and is now a permanent fixture. In this 
regard, a risk analysis was performed in relation to the Supply Chain 
(procurement and production chains) disruptions and the volatility 
in raw materials prices arising from the current global scenario 
comprising both geopolitical conflicts and climate factors, which 
take on increasing importance. The Group continued the analysis 
of ESG (Environment, Social and Governance) risks, such as those 
inherent to the quality and safety of products, those related to 
employees and also environmental repercussions, identifying the 
key topics affecting the business and the improvement measures to 
be implemented to manage these. As a continuation of the activities 
carried out in previous years, particular attention was paid once 
again to the risks associated with climate change, evaluating the 
potential impact of transition risks and physical risks with the aim 
of further investigating the implications for the business model of 
the various scenarios set out by the IPPC (Intergovernmental Panel 
on Climate Change).  With particular reference to transition risks, 
an in depth examination was made on the regulatory, technological, 
market and reputation risks. Moreover, Barilla continued the process 
of analyzing climate risks in relation to the procurement of strategic 
raw materials and operating continuity with the aim of increasing 
understanding of these risks and defining actions to mitigate current 
and future risks.
Barilla worked across all areas of the business in order to provide 
consistent analyses and information in order to prioritize risks and 
establish a comprehensive action plan. As part of this process, an 
annual risk assessment is performed covering all business units with 
the cooperation of the Group’s risk matter experts (Treasury, Tax, 
Health, Safety and the Environment, Compliance, Quality, Food 
Safety & Tech-regulatory, Scientific Relations & Sustainability, 
Digital & Business Technology). 
With regard to Information Technology risks, the Group adopts a 
disaster recovery service for most of its applications, with more 
stringent supply requirements in respect of those that are critical to 
business continuity. This service is tested yearly and also covers the 
cloud applications.  The network infrastructure adopted provides a 
further level of redundancy for remote access to systems.
Cyber Security represents a constant priority to the Group which 
continued to pursue projects and carry out investment in this 
area. The regular monitoring of events and technological defense 
measures were further intensified to maintain a consistently 
sufficient level of security. The corporate network is equipped with 
a sophisticated infrastructure that only allows the connection of 
automatically recognized, authorized devices and an anti-intrusion 
system. 
Intensive Cyber Threat Intelligence activities are carried out in order 
to intercept proactively potential cyber threats to the Group’s 
assets in light of the particularly critical situation that has recently 
affected large Italian corporations.
The ISO 27001 certification covering the organizational, regulatory, 
and technical measures in place to protect and control information 
assets, in respect of ICT services managed by head office and used by 
the entire Group and which was also extended to local ICT services 
managed in France and Sweden, was renewed this year. 
The Group employs a “continual improvement” approach in 
adopting the measures consistent with the risk management plan 
shared with management, which has put in place a structured plan 
aimed at including the security by design approach also in respect of 
industrial automation systems and systems managed locally by the 
various subsidiaries worldwide.
Corporate Governance e Compliance
 
Barilla Holding S.r.l. adopts a “traditional” administration and 
control system. As such, the corporate governance structure is 
based on the following corporate bodies: the Board of Directors, the 
Board of Statutory Auditors and the Independent Auditors.
The Board of Directors (BoD) is the body vested with the widest 
powers, except for those reserved to the Shareholders' Meeting by 
law or the Articles of Association, and can delegate specific offices 
to its members; it is responsible for the direction of management, 
assessing the adequacy of the organizational, administrative and 
accounting structure, the assessment of the overall operating 
performance as well as the adoption of resolutions on those matters 
reserved to it by law or by the Articles of Association. 
The current BoD comprises four Directors whose mandate expires 
on approval of the 2024 financial statements.
The Board of Statutory Auditors, appointed by the General 
Shareholders' Meeting, supervises compliance with the law and the 
Articles of Association and compliance with the principles of proper 
administration. The mandate of the Board of Statutory Auditors will 
end on approval of the 2024 financial statements.
The entity appointed to carry out the audit of the financial

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35
guaranteeing compliance, at national and international level, with 
the rules of public law governing the areas of competition, food & 
advertising, privacy, anti-bribery, international sanctions and anti-
money laundering.  In order to identify behavior that departs from 
the above laws, the Compliance Function set up a whistleblowing 
channel through which it is possible to report possible breaches in 
policy and which guarantees anonymity and protects the party who 
made the notification from any form of retaliation. 
The Chief Compliance Officer and the Compliance Function hold 
periodic meetings with several bodies including the Supervisory 
Body, the Board of Statutory Auditors, the Group Internal Audit and 
Enterprise Risk Management functions, the Tax Control Framework 
Committee, as well as management where necessary.
The Chief Compliance Officer and the Compliance Function are 
expected to report to the Board of Directors on their activities at 
least annually.
Within the general context of the ICS, work continued to improve 
the system that guarantees compliance with EU Regulation 
679/2016 on data protection ("GDPR"), with updates made to, inter 
alia: mapping of the IT systems involved in treating personal data, 
the legal documentation (e.g. disclosure information), the GDPR 
Master Policy and reference procedures to reflect updates to the 
relevant regulatory framework and the Register of Personal Data 
Treatment.  Training and initiatives to raise awareness regarding 
the importance of compliance with regulations also continued and 
from an organizational perspective a new Data Protection Officer 
was appointed to oversee the support structure.
The Group Ethics and Compliance Committee, comprising members 
of the Supervisory Body of Barilla G. e R. Fratelli Società per Azioni 
and an external British compliance expert, was replaced by the Global 
Compliance & Audit Committee, appointed by Barilla International 
B.V. on 1.31.2024. This committee ensures the implementation of 
the Code of Ethics and compliance regulations across the entire 
Group and its members are P. Barilla, the Chief Audit Officer, the 
Chief Legal, Compliance & Communication Officer, M. Ziliotti and 
J. King.
In order to support these activities, similar committees were set up 
in a number of the Group’s subsidiaries.
Corporate governance, risk management processes (including 
cybersecurity) and the internal control system are all monitored by 
the Group Internal Audit department that operates independently 
and in accordance with the International Standards for the 
Professional Practice of Internal Auditing. This is achieved through 
the audit of corporate cycles and processes following an audit plan 
approved by the BoD.
Compliance activities were intensified also from a tax point of 
view through the Tax Compliance Framework (TCF) Model, which 
identifies and maps the various business processes and highlights 
potential tax risks and the related actions required in order to 
mitigate them. 
The Tax Control Framework Committee performs an advisory and 
recommendation role and has the objective of supervising the 
upkeep of an effective system for controlling and managing fiscal 
risk, which is defined and implemented as part of the TCF, in addition 
to direction and control activities aimed at overseeing the control 
activities on processes as required by the TCF.
The Tax Control Framework Committee comprises the head of 
Group Internal Audit, the head of Enterprise Risk Management, and 
an external member with extensive national and international tax 
experience.
The three-year mandate of the committee ends on 12.31.2024.
statements, pursuant to law, is KPMG S.p.A.; it has been engaged to 
audit the consolidated financial statements of the Barilla Group and 
those of the Group companies; this mandate will end on approval of 
the 2024 financial statements.
The corporate governance structure of Barilla Iniziative S.p.A. is 
based on the following corporate bodies: the Board of Directors, the 
Board of Statutory Auditors, and the Independent Auditors.
The current BoD comprises nine directors (two of whom represent 
the non-controlling interests) whose mandate will end on the date 
of the next General Shareholders' Meeting, called to approve the 
2023 financial statements.
The Board of Statutory Auditors, appointed by the General 
Shareholders' Meeting, supervises compliance with the law and the 
Articles of Association and compliance with the principles of proper 
administration. The mandate of the Board of Statutory Auditors 
will end on the approval of the 2024 financial statements. The 
appointed Independent Auditor is KPMG S.p.A. whose mandate will 
end on approval of the 2024 financial statements. 
Barilla Iniziative S.p.A., from 27 March 2018, has adopted an 
Organization, Management and Control Model pursuant to (Italian) 
Legislative Decree 231/2001 (the MOG). The MOG includes a 
general section and special sections that outline the business 
processes and predicate offences that could impact them, together 
with the Code of Ethics. The MOG was subsequently updated to 
reflect the introduction of new predicate offences and was subject 
to approval by the Board of Directors. 
In order to evaluate the effective and correct implementation of the 
MOG, the BoD of Barilla Iniziative S.p.A. appointed a monocratic 
Supervisory Board (SB), which comprises one external member who 
is a university lecturer and freelance professional. The SB reports on 
its activities to the BoD on a half-yearly basis. 
With regard to Barilla G. e R. Fratelli - Società per Azioni and its 
main subsidiaries, the governance structure, in general, is similar 
to that of Barilla Iniziative S.p.A., and includes a “traditional” 
administration and control system comprising the following 
corporate bodies: the Board of Directors, the Board of Statutory 
Auditors and the Independent Auditors, appointed by the General 
Shareholders’ Meeting.
The current BoD comprises eight Directors whose mandate expires 
on approval of the 2023 financial statements.
The SB, appointed by the BoD in accordance with Legislative Decree 
231/2001, carried out its activities on the prevention of offences 
pursuant to this decree (and subsequent additions/amendments) 
through verification of the effectiveness and correct implementation 
of the MOG and Code of Ethics adopted by the company. 
The MOG includes a general section and several special sections 
relating to the processes by which the company operates and the 
predicate offences that could impact it, together with the Code 
of Ethics. The special sections identify the business processes and 
types of predicate offences, the risks of crimes being committed 
in respect of these processes, procedures, and the systems and 
protocols aimed at preventing this as well as all the principles and 
values with which the companies of the Barilla Group identify and 
which the Directors, the Statutory Auditors, employees, external 
collaborators, suppliers, and customers are required to comply with.  
The original MOG was approved by the Board of Directors of Barilla 
G. e R. Fratelli - Società per Azioni on 4 March 2005; subsequently 
it has been updated and approved by the BOD to reflect the gradual 
introduction of new predicate offences and ensure, through the 
latest version authorized on 13 December 2021, that greater 
emphasis is placed on the organization structure and internal 
control system adopted in order to prevent predicate offences.
The current Supervisory Body (SB) comprises a legal professional, 
previously the Chief Legal Corporate and Compliance Officer and 
now a freelance lawyer, the head of Group Internal Audit and an 
external member who is a university professor and freelance 
professional. The SB reports on its activities to the BoD on a half-
yearly basis. 
The Board of Statutory Auditors supervises compliance with the law 
and the Articles of Association and compliance with the principles 
of proper administration. The members are appointed to office for 
a three year period and may be re-elected. The current Board of 
Statutory Auditors is made up of 3 permanent statutory auditors 
and 2 substitute auditors and the current mandate will end with the 
approval of the 2024 financial statements. 
The entity appointed to carry out the audit of the financial 
statements, pursuant to law, is KPMG S.p.A. It has also been 
engaged to audit the financial statements of the principal Group 
companies. The current mandate will end with the approval of the 
2024 financial statements.
The Remuneration Committee was set up on 1.1.2022 and 
comprises four members, three of whom are company directors 
and one external member who is a consultant of the company. As 
the Committee performs an advisory role on behalf of the BoD of 
the company and the companies of the Barilla Holding group, the 
mandate ended on 1.30.2024.  Barilla International B.V. appointed a 
Compensation & Talent Strategy Committee on 1.31.2024.
The Strategy Committee, comprising four members who are 
company directors, performs an advisory role on Group strategy on 
behalf of the BoD and management of the Company. The current 
mandate was renewed on 27 October 2023 up to 30 January 2024. 
Barilla International B.V. appointed a Strategy Committee on 
1.31.2024. 
The governance structure of the main Italian subsidiaries is 
consistent with local operating conditions and where necessary, also 
takes into consideration local legislation in respect of companies 
located overseas. 
The Governance of the Group is structured, thanks to the 
experience consolidated in recent years, according to international 
best practices and in line with the regulations governing listed 
companies. The shared culture of the Group is founded on a keen 
awareness of its own responsibilities.
This also applies to Barilla International Ltd, a UK company set up 
in 2020 with a BoD comprising three directors whose term of office 
will remain in place until revoked.
Corporate governance in the UK requires that the directors act in 
order to ensure the company’s success on behalf of its shareholders. 
The Board of Directors is empowered to manage the business, 
and the Directors hold several responsibilities and duties towards 
the company itself. The directors must perform their duties with 
competence, in good faith and be loyal to the company. 
The company has secondary headquarters in Italy, that currently 
only hold the investments in the Russian subsidiaries following 
the aforementioned transfer of its assets to Barilla G. e R. Fratelli – 
Società per Azioni. 
Given the multinational context in which it operates and in line with 
increasing global compliance requirements, the Barilla Group set up 
a Compliance Function (the Function) in 2016 which is currently 
located within the Group Legal and Corporate Affairs Process 
Unit, the head of which was appointed Chief Legal Corporate and 
Compliance Officer. 
This Function set-up an Integrated Compliance System (ICS) 
composed of, inter alia, the Compliance Policy and other related 
policy-procedures that put into place a series of checks aimed at

March. Bottega Barilla wins the Ebeltoft Retail Innovation Award, recognizing the most innovative retail projects 
worldwide in the ‘Feel & Link’ category. An exemplary brand experience that places the customer at the center, engaging 
all five senses and creating a strong emotional connection.
37
36
B.V., Barilla Iniziative S.p.A. and Barilla International UK.  
As part of the project, the functions carried out by Barilla Iniziative 
S.p.A. were transferred to Barilla G. e R. Fratelli – Società per Azioni 
that in turn transferred a number of functions, relating to the 
development of international business, to Barilla International B.V.
Management outlook
In 2024 activities are proceeding in accordance with expectations; 
the early part of the year has been encouraging with growth 
recorded in the main geographic areas and product categories. 
Other significant operating events
There are no further significant events other than those previously 
mentioned. 
Related party transactions
Transactions with Group companies and related parties fall within 
the ordinary course of business of the Group companies and take 
place on an arm’s length basis, considering market conditions and 
in compliance with Group transfer pricing policies. As such these are 
not considered atypical or unusual.  
The nature of the principal transactions with the above parties and 
the detailed disclosures required by IAS 24 are set out in note 8 of 
the Illustrative Notes to the consolidated financial statements.
Signficant events after the year-end
As in the previous year, 2024 will also be affected by the significant 
uncertainty caused by the continued conflict between Russia and 
the Ukraine together with that of Israel/Palestine. 
The situation is constantly monitored by the company directors and 
those of the subsidiaries in order to be able to face potential specific 
risks that currently are not fully preventable in the short/medium-
term. Our primary goal continues to be to guarantee continuity of 
the normal production cycle and the maximum safety in procuring 
raw materials. 
The group reorganization project was finalized in early 2024, in which 
Barilla Holding S.r.l controls the newly formed Barilla International

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39
December. BTogether Event in Amsterdam. The top management team of the Group is on stage.

40
41
(euro thousands)
Consolidated financial statements
for the year ended 31 December 2023
  Assets
 Note
2023
2022
Current assets
Cash and cash equivalents
6.1
400,048
520,079
Trade receivables
6.2
566,080
533,976
Tax credits 
6.3
130,791
94,726
Other assets
6.4
178,342
158,597
Inventories
6.5
465,803
507,743
Other assets at fair value
6.6
253,226
240,361
Derivative financial instruments
6.21
5,290
27,270
Total current assets
1,999,580
2,082,752
Non-current assets
Property, plant and equipment  
6.7
1,370,109
1,370,384
Right of use tangible fixed assets
6.8
45,771
46,887
Goodwill  
6.9
526,490
515,070
Other intangible assets
6.10
130,414
97,946
Trade and other receivables
6.11
4,849
3,397
Deferred income tax assets
6.12
292,272
231,654
Equity instruments
6.13
3,613
3,388
Financial receivables
6.14
763
652
Derivative financial instruments
6.21
18,488
25,575
Total non-current assets
2,392,769
2,294,953
Total assets
4,392,349
4,377,705
Liabilities and equity
 Note
2023
2022
Current liabilities
Trade payables
6.15
1,024,133
1,000,816
Borrowings
6.16
218,956
369,404
Derivative financial instruments
6.21
3,497
1,927
Retirement benefit obligations
6.17
11,071
12,287
Current income tax liabilities 
6.18
27,163
23,548
Other liabilities
6.19
222,209
231,456
Provisions for other liabilities and charges
6.20
96,405
67,866
Total current liabilities
1,603,434
1,707,304
Non-current liabilities
Borrowings
6.16
389,665
450,700
Derivative financial instruments
6.21
9,145
6,521
Retirement benefit obligations
6.17
98,600
96,931
Deferred income tax liabilities 
6.12
17,143
4,959
Other payables
6.22
4,763
4,309
Provisions for other liabilities and charges
6.20
46,512
37,479
Total non-current liabilities
565,828
600,899
Equity
6.23
Share capital 
112,720
112,720
Reserves:
- Currency translation reserve
2,854
34,674
- Other reserves
1,509,513
1,399,735
Profit/(loss) for the year
237,547
192,162
Capital and reserves attributable to group equity holders
1,863,034
1,739,291
Non-controlling interests
313,412
291,425
Profit/(loss) attributable to non-controlling interests
46,642
38,786
Total non-controlling interests  
6.24
360,054
330,211
Total equity
2,223,088
2,069,502
Total liabilities and equity
4,392,349
4,377,705
Statement of financial position 
(euro thousands)

42
43
Share 
capital
Currency 
translation 
reserve
Actuarial 
gains 
(losses) 
reserve
Hedging 
reserve
Deferred 
taxes 
reserve
Retained 
earnings
Profit
Total 
Group 
equity
Non 
controlling 
interests
Total 
equity
Balance at 31 December 2021
112,720
22,087
(43,960)
4,917
9,568 1,259,270
228,978
1,593,579
301,559
1,895,138
Hyperinflation IAS 29 as at 1.1.2022
-
3,878
-
-
-
-
-
3,878
684
4,562
Destination of the profit
-
-
-
-
-
228,978
(228,978)
-
-
-
Dividends and reserves 
distribution
-
-
-
-
-
(82,060)
-
(82,060)
(19,666)
(101,726)
Comprehensive income:
Profit
-
-
-
-
-
-
192,162
192,162
38,786
230,948
Other comprehensive income
-
8,709
24,773
4,094
(5,844)
-
-
31,732
8,848
40,580
Total comprehensive income
-
8,709
24,773
4,094
(5,844)
-
192,162
223,894
47,634
271,528
Balance at 31 December 2022
112,720
34,674
(19,187)
9,011
3,724 1,406,188
192,162
1,739,291
330,211
2,069,502
Note
2023
2022
Revenue
6.25
4,868,663
4,663,288
Cost of sales
6.26
(3,119,992)
(3,069,897)
Gross Profit
1,748,671
1,593,391
Logistic Costs
6.26
(451,929)
(460,918)
Selling Costs
6.26
(192,121)
(174,256)
Marketing Costs
6.26
(441,894)
(343,432)
Reaserch and Development Costs
6.26
(46,636)
(42,252)
General & Amministrative expenses
6.26
(310,194)
(258,726)
Other income and (expenses)
6.27
(4,517)
(5,340)
Operating Profit
 
301,380
308,467
Finance income and (costs)
6.28
(30,686)
(12,985)
Profit before income tax
270,694
295,482
Income tax expense
6.29
13,495
(64,534)
Profit /(Loss) for the year
284,189
230,948
Profit /(Loss) attributable to non controlling interests
46,642
38,787
Profit /(Loss) attributable to Group equity holder
237,547
192,162
Note
2023
2022
Profit/(loss) for the year
(a)
284,189
230,948
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses) on future employee benefits
6.17
(5,828)
29,671
Fiscal effect
6.12
1,656
(7,473)
Total items that will not be reclassified to profit or loss
(b)
(4,172)
22,198
Items that may be subsequently reclassified to profit or loss:
Cost of hedging reserve – effective portion in changes in fair value
(11,549)
4,816
Fiscal effect
6.12
2,448
(839)
Currency translation adjustment
(35,692)
14,405
Total items that may be subsequently reclassified to profit or loss
(c)
(44,793)
18,382
Other comprehensive income for the year
(b+c)
(48,965)
40,580
Total comprehensive income/(loss) for the year
(a+b+c)
235,224
271,528
Total profit/(loss) for the year attributable to:
- Non-controlling interest 
46,642
38,786
- Group equity holders
237,547
192,162
Total
284,189
230,948
Total comprehensive income/(loss) attributable to:
- Non-controlling interest
42,158
47,634
- Group equity holders
193,066
223,894
Total
235,224
271,528
Share 
capital
Currency 
translation 
reserve
Actuarial 
gains 
(losses) 
reserve
Hedging 
reserve
Deferred 
taxes 
reserve
Retained 
earnings
Profit
Total 
Group 
equity
Non 
controlling 
interests
Total 
equity
Balance at 31 December 
2022
112,720
34,674
(19,187)
9,011
3,724
1,406,188
192,162
1,739,291
330,211
2,069,502
Destination of the profit
-
-
-
-
-
192,162
(192,162)
-
-
-
Dividends and reserves 
distribution
-
-
-
-
-
(69,323)
-
(69,323)
(12,315)
(81,638)
Comprehensive income:
Profit
-
-
-
-
-
-
237,547
237,547
46,642
284,189
Other comprehensive income
-
(31,820)
(6,131)
(9,817)
3,287
-
-
(44,481)
(4,484)
(48,965)
Total comprehensive income
-
(31,820)
(6,131)
(9,817)
3,287
-
237,547
193,066
42,158
235,224
Balance at 31 December 
2023
112,720
2,854
(25,318)
(806)
7,011
1,529,027
237,547
1,863,034
360,054
2,223,088
Consolidated income statement
(euro thousands)
Statement of comprehensive income 
(euro thousands)
Statement of changes in equity
(euro thousands)
(euro thousands)

45
44
Statement of cash flow 
(euro thousands) 
Note
2023
2022
Profit/(loss) before income tax
270,694
295,482
Monetary correction (IAS 29) of the period
8,566
2,250
Finance costs – net, excluding gains on disposals of equity investments
20,074
7,439
Amortization and depreciation
194,545
179,313
(Profit)/loss on disposal of property, plant and equipment, intangible assets
(5,838)
4,141
Change in trade receivables/payables
(8,788)
63,661
Change in inventories
47,317
(97,582)
Change in provisions (including employee provisions)
32,238
2,671
Changes in other assets and liabilities
(36,372)
(39,200)
Net Variation derivatives on commodities
13,370
(8,446)
Income taxes paid
(57,517)
(86,749)
Foreign exchange gains/(losses), translation and other minor differences
(3,319)
(316)
Net cash generated from/(used in) operating activities
(a)
474,970
322,663
Purchases of property, plant and equipment
(190,392)
(186,658)
Purchases of software
(23,100)
(21,491)
Increase due to Leasing (IFRS 16)
(16,839)
(22,017)
Cash in for disposal/(Purchases) of other fixed assets
22,514
(7,596)
Cash in for companies sold/(cash out) for business combination
(48,757)
18,295
Proceeds from capital grants
342
8,190
Net cash generated from/(used in) investing activities
(b)
(256,232)
(211,277)
Net change in borrowings and other financial investments
(162,791)
(41,590)
Dividends paid and reserve distribution
(69,323)
(82,060)
Dividends paid and reserve distribution third parties
(12,315)
(19,666)
Interest cashed/(paid)
(6,752)
(2,133)
Net cash generated from/(used in) financing activities
(c)
(251,181)
(145,449)
Net (decrease)/increase in cash and cash equivalents net of bank overdrafts
(a+b+c)
(32,443)
(34,063)
Cash and cash equivalents net of bank overdrafts at beginning of the year
299,113
327,609
Cash and cash equivalents net of bank overdrafts at end of the year
247,709
299,113
Exchange differences on cash and bank overdrafts
18,961
(5,567)
Net (decrease)/increase in cash and cash equivalents net of bank overdrafts
(32,443)
(34,063)
Bank balances
400,048
520,079
Bank overdrafts
(152,339)
(220,966)
Total cash and cash equivalents net of bank overdrafts
247,709
299,113
November. Delivery ceremony to the local iFun Association of a minibus for the transport of autistic children, a gift from 
the People of the Foggia Plant.
April. Delivery event of the ambulance donated on the occasion of the 40th anniversary of the Castiglione delle Stiviere 
Plant (Mantua) to the local Red Cross, in the presence of Luca Barilla.

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47
Illustrative notes
1. Group structure and business
The Barilla Holding Group (hereinafter “the Group” or “Barilla”), with 
registered office in Parma (Italy) is the parent company of Barilla 
Holding S.r.l. (hereinafter “Barilla Holding” or “Parent company”), 
which operates in the manufacture and sale of pasta , sauces and 
bakery products, both in Italy and worldwide. 
The entire share capital of Barilla Holding is 100% owned by Guido 
Maria Barilla e F.lli S.r.l. & C. S.a.p.A. 
The parent company of Barilla Holding, Guido M. Barilla and F.lli 
S.r.l. & C. S.a.p.A. presents the Consolidated financial statements of 
the Group at 12/31/2023, that will be presented, approved and filed 
with its own Statutory financial statements. The aforementioned 
Consolidated financial statements will be also filed with the 
Directors’ and Auditors’ Reports in the Emilia Companies Registrar 
(Italy). 
A list of the companies included in the scope of consolidation is 
provided in appendix 1 and a list of investments in associated and 
other companies in appendix 2. 
2. Significant events after the year-end
As in the previous year, 2024 will also be affected by the significant 
uncertainty caused by the continued conflict between Russia and the 
Ukraine together with that of Israel/Palestine. 
The situation is constantly monitored by the company directors and 
those of the subsidiaries in order to be able to face potential specific 
risks that currently are not fully preventable in the short/medium-
term. Our primary goal continues to be to guarantee continuity of 
the normal production cycle and the maximum safety in procuring 
raw materials. 
The Group reorganization project was finalized in early 2024, in which 
Barilla Holding S.r.l controls the newly formed Barilla International 
B.V., Barilla Iniziative S.p.A. and Barilla International UK.  
As part of the project, the functions carried out by Barilla Iniziative 
S.p.A. were transferred to Barilla G. e R. Fratelli – Società per Azioni 
that in turn transferred a number of functions, relating to the 
development of international business, to Barilla International B.V.
3. 
Declaration 
of 
compliance 
with 
International Financial Reporting Standards 
(IFRS)
The Group’s Consolidated financial statements have been prepared in 
accordance with all the International Financial Reporting Standards 
(IFRS) issued by the International Accounting Standards Board 
(IASB) and endorsed by the European Union (EU). IFRS comprise 
all of the International Financial Reporting Standards, International 
Accounting Standards (IAS) and the interpretations issued by the 
IFRS Interpretations Committee (IFRSIC), previously named as 
Standards Interpretations Committee (SIC). 
4. Basis of preparation – Accounting and 
valuation policies
In accordance with Regulation 1606 issued by the European 
Parliament and the European Council in July 2002, the Group’s 
Consolidated financial statements (hereinafter ‘the Financial 
Statements') have been prepared in accordance with the 
International Financial Reporting Standards (IAS/IFRS) in force at 31 
December 2023.
IFRS have been adopted in Italy and in other countries. A significant 
number of IFRS have recently been published or revised for which no 
established practice relating to their interpretation and application 
exists. Consequently, the Financial Statements have been prepared 
based on the most recent information and technical guidance 
available in respect of IFRS. Any new or revised interpretation or 
practice will be reflected in future financial statements in accordance 
with the relevant accounting standards.
The Financial Statements for the year ended 31 December 2023 have 
been compared with the prior year financial statements (amounts 
included in brackets in the Notes to the financial statements), and 
include the statement of financial position, consolidated income 
statement, statement of comprehensive income, statement of 
changes in equity, statement of cash flow and the illustrative notes 
of the consolidated financial statements. Where necessary, certain 
comparative data from prior year, as well as the relative disclosures, 
have been consistently reclassified. Amounts are expressed in 
thousands of euro, the functional currency of the Group, since the 
euro the currency of the economy where the parent and the major 
companies of the Group operate.
The Group has chosen to present the income statement using the 
classification of expenses by function while the statement of financial 
position has been prepared with separate disclosure of current and 
non-current assets and liabilities.
Cost of sales includes all production costs of goods sold, comprising 
raw materials, components, internal and third party direct and 
indirect production labour costs, industrial depreciation and 
amortization and all other production expenses. 
The cash flow statement has been presented applying the indirect method. 
The consolidation principles, the criteria applied in the conversion 
of the financial statements expressed in foreign currency, the 
accounting principles, the valuation criterias and estimates adopted 
are the same used in preparing the consolidated financial statements 
as at December 31, 2022 included the accounting standard IAS 29 
- 'Financial reporting in hyperinflationary economies' as the scope 
of consolidation includes an entity that operates, as of the financial 
statements closing on December 31, 2022, in a currency of a 
hyperinflationary economy. 
The Group, in accordance with article 1, clauses 125-129, of the Italian 
Law n. 124/2017, relating the monitoring of public disbursement and 
later on complemented with the “Safety” Legislative Decree (n. 
113/2018) and “Simplification” Legislative Decree (n. 135/2018), 
received during 2023, disbursement equal to euro 97. A list of 
disbursements is provided in appendix 4.
Accounting standards, amedments and interpretations 
effective from 2023
The following accounting standards, interpretations and amendments 
approved by the European Commission came into force starting from 
the financial year 2023:
IFRS 17 'Insurance Contracts' (effective date 1.1.2023): the standard 
provides comprehensive guidance for insurance contracts under IFRS 
standards, with the aim of enhancing transparency and reducing 
diversity in the accounting of insurance contracts.
Amendments to IFRS 17 'Insurance Contracts':   initial Application of 
IFRS 17 and IFRS 9 – Comparative Information (effective date 1.1.2023): 
these amendments aim to assist companies in avoiding temporary 
discrepancies in accounting between financial assets and insurance 
contract liabilities, thereby enhancing the usefulness of comparative 
information for financial statement users.
Amendment to IAS 12 'Income Taxes':  deferred Taxes related to Assets 
and Liabilities arising from a Single Transaction (effective date 1.1.2023): 
these amendments require companies to recognize deferred tax assets 
and liabilities on specific transactions that, at initial recognition, give 
rise to equal taxable and deductible temporary differences. These 
amendments exclude from the scope of the exemption from recognition 
as per paragraphs 15 and 24 of IAS 12 those individual transactions, 
such as lease contracts, which involve the recognition of an asset 
and a liability.
Amendments to IAS 1 'Presentation of Financial Statements' 
and IFRS Practice Statement 2: Disclosure of Accounting Policies 
(effective date 1.1.2023): 
the amendments to IAS 1 aim to provide clearer disclosure of 
accounting policies in the financial statements by prescribing 
the requirement for companies to disclose material, rather than 
significant, information about applied accounting principles. The 
changes clarify that information regarding accounting policies 
is considered material if necessary to understand other material 
information in the financial statements. Additionally, they clarify 
that if a company provides immaterial information about accounting 
policies, such information should not overshadow material 
information.
Amendments to IAS 8 'Accounting Policies, Changes in 
Accounting Estimates and Errors': Definition of Accounting 
Estimates (effective date 1.1.2023):  the amendments introduce 
the definition of accounting estimates as "monetary amounts in the 
financial statements that are subject to measurement uncertainty" 
and clarify how companies should distinguish changes in accounting 
policies from changes in accounting estimates. This distinction is 
important because changes in accounting estimates are prospectively 
applied only to future transactions and other future events, whereas 
changes in accounting policies are generally retrospectively applied to 
past transactions and other past events.
Amendments to IAS 12 'Income Taxes': International Tax Reform 
– Pillar Two Model Rules (immediate and 1.1.2023 effective date):  
the amendments introduce a temporary and mandatory exception to the 
recognition of deferred taxes arising from jurisdictions implementing the 
OECD's global tax rules (Pillar Two Model). Consequently, companies are 
not required to recognize or provide information on deferred tax assets and 
liabilities related to Pillar Two income taxes. However, companies must 
disclose the application of this temporary exception in the accompanying 
notes to the financial statements.
The application of the above amendments has not resulted in significant 
impacts on the Group's consolidated financial statements; regarding the 
effects of the aforementioned amendment to IAS 12, please refer to the 
"Taxes" paragraph.
Accounting principles, amendments, and interpretations 
effective from January 1, 2024
The 
following 
accounting 
principles, 
amendments, 
and 
interpretations endorsed by the European Commission will come 
into effect as detailed below:
•	 Amendments to IFRS 16 'Leases': Lease liabilities in a Sale and 
Leaseback transaction (effective date: January 1, 2024).
•	 Amendments to IAS 1 'Presentation of Financial Statements' 
(effective date: January 1, 2024):
•	 Classification of Liabilities as Current or Non-current;
•	 Classification of Liabilities as Current or Non-current – 
Deferral of Effective Date;
•	 Non-current Liabilities with Covenants.
Accounting standards, amendments and interpretations 
not yet approved by the European Union on 31 December 
2023
The following accounting standards, amendments and interpreta-
tions have been issued by the IASB but have not yet been implemen-
ted by the EU: 
•	 amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange 
Rates’: Lack of Exchangeability (effective date 01/01/2025);
•	 amendments to IAS 7 ‘Statement of Cash Flow’ and IFRS 7 ‘Financial 
Instruments: 
Disclosures’: 
Supplier 
Finance 
Arrangements 
(effective date 01/01/2024).
The Group is still evaluating the impact of application of the new 
standards listed above.
Accounting and valuation policies
Basis of preparation
The Financial Statements are presented in euro and all amounts are 
stated in thousands of euro (unless otherwise stated).
The Financial Statements have been prepared under the historical 
cost convention, as modified for impairment losses where applicable, 
except for the financial instruments measured at fair value and the 
effect of business aggregations, with recognition of assets and 
liabilities subject to aggregation at fair value. 
The accounting policies are uniformly adopted by all Group 
companies.  The purchase or sale of financial assets are recognized or 
derecognized using settlement date accounting.
Estimates and assumptions
The preparation of the Consolidated financial statements requires 
management to adopt estimates that are based on subjective 
assumptions derived from historical experience that are considered 
reasonable and realistic in relation to the specific circumstances. 
Such estimates affect the reported amounts of assets and liabilities, 
revenues and costs and the disclosures relating to contingent assets 
and liabilities at the balance sheet date.
Estimates and assumptions principally relate to the evaluation of 
the recoverable amount of intangible assets, definition of the useful

48
49
lifes of property, plant and equipment, the recoverability of trade 
and other receivables and the recognition and measurement of 
provisions for other liabilities and charges. 
Estimates and assumptions are based on the best knowledge 
available at the date of preparation of the financial statements.
Critical accounting policies
A summary of the accounting policies that require management to 
exercise more critical judgment in forming estimates, and for which 
a change in the underlying conditions of the assumptions used could 
have a significant impact on the Consolidated financial statements, 
is set out below:
a. Goodwill
The value of goodwill is tested for impairment on an annual basis 
in order to identify any potential impairment losses (impairment 
test).  This assessment requires goodwill to be allocated to cash 
generating units (CGU) and determination of the recoverable 
amount, representing the higher of fair value and value in use.
Where the recoverable amount of the cash generating units is 
lower than the carrying amount, including allocated goodwill, an 
impairment loss is recognized. Allocation of goodwill to the CGUs 
and determination of their value in use require estimates to be 
made that are based on subjective assumptions and factors that 
may change over time with potentially significant effects on the 
valuations carried out by management.
b. Depreciation
The cost of property, plant and equipment is depreciated 
systematically over the estimated useful lifes of the related assets. 
The useful life of Group assets is determined by management at the 
acquisition date; this is based on historical experience for similar 
assets, market conditions and information regarding future events 
that could affect the useful life, for example changes in technology. 
As a result, the effective economic life of an asset may differ from 
the estimated useful life. The Group reviews changes in technology 
and business factors on a regular basis in order to update the residual 
useful lifes. This update may result in a change in the depreciation 
period and an adjustment to the depreciation charge for future 
periods.
c. Impairment of fixed assets
The carrying amount of fixed assets is tested for impairment to 
identify any impairment losses, when there is any indication that 
the carrying value cannot be recovered through future use or sale. 
The identification of any such impairment indicators requires 
management to carry out subjective valuations based on both 
internally and externally available information, and subjective 
assumptions based on historical experience. Moreover, where there 
is an indication of a potential impairment, this should be determined 
applying suitable valuation techniques. The proper identification of 
impairment indicators and the estimates used to determine the 
recoverable amounts depend on subjective assumptions and factors 
which may vary over time, affecting management valuations and 
estimates.
d. Deferred income tax assets
Accounting for deferred income tax assets is based on expectations 
relating to the generation of future taxable income, and the 
evaluation of technical and institutional factors relating to the 
fiscal regime to which the taxes relate (for example: time limits 
for the recovery of tax losses).  The estimate of future taxable 
income for the purpose of recording deferred tax assets depends on 
factors and assumptions that may vary over time and could have a 
significant impact on the valuation of deferred tax assets. 
Where applicable, deferred tax assets are netted with deferred tax 
liabilities.
e. Provisions for other liabilities and charges
Provisions are made to cover the potential liability relating to 
legal and tax risks. The measurement of the provisions recognized 
in the financial statements in relation to these risks, represents 
management’s best estimate at the balance sheet date. This 
estimate requires assumptions to be made that depend on factors 
that may change over time and could therefore have a significant 
effect on the current estimates made by management in the 
preparation of the Consolidated financial statements.
 
f. Determination of the fair value of financial instruments
The fair value of financial instruments is based on market quotations 
or, where unavailable, applying suitable valuation techniques with 
up-to-date financial variables used by market investors and, where 
possible, taking into account the prices of recent transactions on 
similar financial instruments. 
The fair value hierarchy introduces three levels of input:
• Level 1: quoted prices in active markets for identical assets or 
   liabilities;
• Level 2: prices calculated using observable market inputs;
• Level 3: prices calculated using inputs that are not based on   
   observable market data.
The fair value of financial instruments of level 2 is determined by 
using standard valuation techniques. Barilla has developed a model 
based on market practices, which are commonly based on similar 
financial instruments indicators, cash flow analysis and pricing 
models based on observable market data. In the determination 
of the valuation, the Group maximizes the use of market data 
compared to internal specific estimates. 
g. Hyperinflation index and conversion exchange rate in Turkey
In the Turkish subsidiary, balance sheet items not expressed in 
current units as of the reporting date and all income statement 
items have been restated by applying an inflationary index 
published by the Turkish Central Bank.The inflation rate used for 
the purpose of adopting inflation accounting is the consumer price 
indx (CPI). At the reference date of the financial statements, this 
index (CPI) was equal to 1,859.38 (1,128.45 as of 12.31.2022) with a 
change compared to the previous year equal to 65% (64% change 
in 2022 versus 2021, compared to the three-year period 2019-2021 
in which the same index stood at 100.
In compliance with the provisions of IAS 21, the profits and 
losses on the net monetary position were directly reflected in the 
Consolidated Net Equity Conversion Reserve as at 31 December 
2023 and the previous period.
Principles of consolidation
The Consolidated financial statements comprise the financial statements 
of the parent company Barilla Holding and the subsidiaries in which 
Barilla Holding holds, either directly or indirectly, a controlling interest. 
Subsidiaries represent those companies over which Barilla Holding 
exercises the control, i.e. it has the power, either directly or indirectly, 
over the investee or it is exposed to variable returns from its involvement 
with the subsidiary, or it has the rights to variable returns based on the 
ability to affect those returns through its power over the investee’s 
significant activities.
The financial statements of the subsidiaries are consolidated on a line-
by-line basis from the date on which the parent gains effective control 
up to the date on which such control ceases.  All the transactions 
between the Group’s legal entities are eliminated. 
The reporting date of all Group companies is 31 December.
Non-controlling interests
Non-controlling interests are measured at their proportionate share 
of the net assets from the date of the acquisition
Foreign currency transactions
All transactions are measured using the currency of the primary 
economic environment in which each Group company operates 
(the functional currency). Transactions denominated in currencies 
different from the functional currency of the Group companies 
are translated at the exchange rate prevailing on the transaction 
date. Monetary assets and liabilities are translated using year-end 
exchange rates and exchange differences are recognized in the 
consolidated income statement as financial items. Non-monetary 
assets and liabilities, which are measured at historical cost and 
denominated in foreign currency, are converted at the exchange rate 
prevailing on the transaction date. 
Translation of financial statements denominated in 
foreign currencies
The financial statements of subsidiaries denominated in non-euro 
functional currencies, are translated as follows:
•	
assets and liabilities are translated at the year-end rate;
•	
revenues and expenses are translated at average exchange rates 
for the period, except for the income statement of companies 
operating in hyghperinflationary countries, that was converted 
at the period-end exchange rates;
•	
all resulting translation differences are reported in the 
statement of comprehensive income.
On disposal of those entities that gave rise to exchange differences, 
the cumulative amount of exchange differences deferred in a 
separate component of the statement of comprehensive income are 
recognized in the income statement.
The exchange rates used are presented in the appendix 3.
Intangible assets
Intangible assets with a finite useful life are valued at cost, net of 
amortization and impairment losses, while those with an indefinite 
useful life, comprising exclusively goodwill, are reviewed annually 
for impairment. Cost does not include capitalized borrowing costs.  
Amortization commences when the asset is available for use.
Goodwill
The positive difference between the purchase price and the Group’s 
share of the fair value of assets, liabilities and contingent liabilities 
acquired as part of a business combination, is recorded as goodwill 
and is classified as an intangible asset with an indefinite useful life, if 
recoverable with future cash flows.
Goodwill is not amortized but is subjected to an annual impairment 
test.  For the purpose of this assessment, goodwill is allocated to 
groups of cash generating units (CGU). Goodwill impairment losses 
may not be reversed under any circumstances.
Trademarks and licenses 
Trademarks and licenses are valued at cost less amortization and 
accumulated impairment losses. Trademarks are amortized over 
their useful lifes while licenses are amortized over the lower of the 
contract duration and their useful lifes.
Software
The cost of software licenses, including other incremental costs, 
is capitalized and recorded in the financial statements net of 
amortization and accumulated impairment losses.
Research and development costs
The research costs relating to new products and/or processes are 
entirely expensed when incurred. Given the nature of the Group’s 
business, no development costs, qualified for capitalization, are 
incurred.
The useful lifes of intangible assets are as follows:
Property, plant and equipment
Property, plant and equipment are stated at acquisition or 
production cost, potentially revalued without exceeding the fair 
value according to designated monetary revaluation laws, including 
directly attributable expenses, less accumulated depreciation and 
accumulated impairment losses, with the exception of land, which 
is not depreciated but valued at cost less accumulated impairment 
losses. Based on the type of investment activities, cost does not 
include capitalized borrowing costs.
Depreciation is recorded from the month in which the asset is 
available for use, or when it is potentially able to provide economic 
benefits.
Depreciation is calculated systematically on a monthly basis applying 
depreciation rates that allocate the depreciable amount of the asset 
over its useful life or, where the asset is disposed of, up until the last 
entire month of use.
The useful lifes of property, plant and equipment are as follows:
Government grants relating to property, plant and equipment are 
recorded as a reduction in the value of the related asset and are 
recognized as income over the depreciation period.
Leasehold improvements that have a physical consistency are 
classified in property, plant and equipment in line with the nature of 
the cost incurred.
The depreciation period is the lower between the residual useful life 
Category
Useful life 
Trademarks and Customer 
relationship 
5 to 20 years
Software
3 to 5 years
Category
Useful life 
Buildings
 15 - 50 years
Plant and machinery:
- generic                       
- specific		
- highly-technological  
10 - 30 years
5 - 30 years
10 years
Industrial and commercial 
equipment:
- furniture and fittings
- electronic machinery
8.33 years
2 – 3.5 years
Motor vehicles	
5 years
Other equipments
2.5 years

50
51
September. 2023 US Open women's singles won by Coco Gauff, brand Ambassador of Barilla.
March. Champion Mikaela Shiffrin, Barilla brand Ambassador, with her 87th victory, definitively enters the legend of sport 
and becomes the greatest skier of all time in alpine skiing. To celebrate this exceptional achievement, BluRhapsody® has 
created an exclusive 3D printed pasta format for her, which was produced in limited edition and sold at auction by Barilla 
(of which Mikaela Shiffrin has been a testimonial for several years) on the Charity Stars platform. The proceeds were 
entirely donated to support the Food for Soul charity.

52
53
price of the asset, significant adverse changes in the technological, 
market, and legal environment, the trend in market rates of return 
and the discount rate used in valuing investments.
The recoverable value of an asset is defined as the higher of the 
fair value net of selling costs and value in use. The value in use is 
determined as the present value of expected future cash flows 
generated by it calculated applying a discount rate that reflects the 
current market valuation of the time value of money and the risks 
inherent in the asset. 
Where it is not possible to estimate the recoverable value of a 
single asset, the Group estimates the recoverable value of the cash 
generating unit to which it belongs. If the conditions that led to the 
reduction in value no longer exist, the carrying value of the asset or 
the cash generating unit is restated to the new estimated recoverable 
value, which may not exceed the carrying value that would have 
been recognized if the original impairment had not been incurred. 
This restatement is recorded in the consolidated income statement.
Purchased goodwill that is allocated to units or groups of cash 
generating units (CGU) during the year is subjected to an impairment 
test by the end of the financial period in which the purchase and 
allocation took place.
In order to assess its recoverability, the goodwill is allocated at 
the purchase date to each of the CGUs or groups of CGUs that are 
expected to benefit from the acquisition.
Where the carrying value of the CGU (or groups of CGUs) is higher 
than the respective recoverable amount, an impairment loss is 
recognized as an expense in the consolidated income statement. 
Under no circumstances the value of goodwill which was formerly 
impaired may be restored.
The impairment loss is initially recorded as a reduction in the carrying 
amount of the goodwill allocated to the CGU (or group of CGUs) and 
secondly to other assets in the CGU on a pro-rata basis considering 
the relative carrying amount of each asset in the CGU up to the 
recoverable amount of individual assets with a finite useful life. 
The future cash flows derive from the business plans prepared by 
Group management, which normally cover a period not exceeding 
five years.  The long-term growth rate used for the purpose of 
estimating the terminal value of the CGU (or group of CGUs) does 
not generally exceed the average long-term growth rate for the 
industry, the country or the market in which the CGU (or group of 
CGUs) operates.
The future cash flows are estimated with reference to current 
conditions of the CGUs and do not consider benefits that may 
arise from future restructuring to which the company is not yet 
committed, or future investments intended to improve or enhance 
the performance of the CGU.
The Group has identified the cash generating units at production 
line level.
For the purpose of the impairment test, goodwill and the trademarks 
are allocated to groups of CGUs, as described in Directors’ Report in 
the paragraph ‘Group operating activities’.
Amortized cost method of measuring financial assets 
and liabilities
The amortized cost method requires calculation of the effective 
interest rate at the time the transaction is entered into. The effective 
interest rate is the rate that exactly discounts the future cash flows 
to the net carrying amount at initial recognition.
Any changes in future cash flows, if not attributable to changes in 
market conditions, result in the restatement of the carrying value of 
the financial assets and liabilities with a corresponding entry to the 
income statement.
Financial assets
On initial recognition, financial assets are measured at fair value and 
divided based on their type:
•	 Debt instruments;
•	 equity instruments.
The purchase and sale of financial assets are recognized when the 
entity becomes party to the contractual provisions of the instrument. 
They are derecognized when the contractual rights to the financial 
asset have expired or the Group has substantially transferred all the 
risks and rewards relating to the asset.
Debt instruments are measured as follows:
(a) Amortized costs
Debt instruments measured at amortized costs are simple financial 
instruments that involve exclusively the payment of principal and 
interest and are owned with the aim to collect contractual cash flows 
(“Held to collect”).
These financial assets are recognized initially at fair value, adding the 
transactions costs, and are subsequently accounted for at amortized 
cost using the effective interest rate, net of possible impairment losses.
The interest, foreign exchange differences, impairment losses, gains/
(losses) for cash flow forecast reviews and for derecognition are 
recorded in the consolidated income statement.
The instruments are classified as current assets, with the exception 
of those having contractual maturity after twelve months from the 
reporting date, which are classified as non-current assets.
Trade receivables due within one year are recognized at fair value, 
which normally coincides with the nominal value.
The receivables that have been securitized or transferred to factor, 
with or without recourse, which do not fulfil all the required 
conditions for derecognition of financial assets, are maintained 
among the assets in the statement of financial position; a financial 
liability with equivalent amount is recorded in the financial 
statements as “Payables due to banks”.
The receivables that have been transferred, which fulfil all the required 
conditions for derecognition of financial assets, are derecognized at 
the time of the transfer. The gains or losses related to the transfer of 
these assets are recognized into the consolidated income statement 
when the same assets are removed from the statement of financial 
position, being the only aim of the transfer to collect cash flows.
(b) Fair Value through Other Comprehensive Income - OCI  
The financial assets valued at Fair value through Other Comprehensive 
Income are represented by simple instruments that involve 
exclusively the payment of principal and interest held with the aim 
to collect contractual cash flows and potential/possible sales.
The gains and losses originating from the changes in fair value 
are recognized in the other comprehensive income (OCI) in the 
period that they are incurred. The possible reclassification to the 
consolidated income statement at the line “Profit/loss for change in 
fair value of financial assets” is made only when the financial asset is 
effectively transferred.
The interests, foreign exchange differences and the impairment 
losses are instead recorded in the consolidated income statement.
(c) Fair Value Through Profit and Loss
The assets valued at Fair value through Profit and Loss are those 
instruments that are held for other purposes than the collection of 
contractual cash flows.
The changes in fair value, foreign exchange differences and the gains/
(losses) for derecognition are recognized in the consolidated income 
statement.
At each reporting date the Group evaluates the expected losses 
related to the debt instruments measured at amortized cost, mainly 
represented by trade receivables, and financial assets at Fair Value 
Through Profit and Loss.
According to the general principle, all financial assets at initial 
recognition are subject to impairment using the “12-month expected 
credit loss” methodology, that is assessing the expected loss of the 
asset for all default events that may occur within the next twelve 
months after the reporting date (Stage I financial assets).
In case a significant increase in credit risk occurs subsequently to 
the initial recognition (Stage 2 financial assets) and when there is 
objective evidence of impairment (Stage 3 financial assets), the loss 
allowance should be measured according to the “lifetime expected 
credit losses” methodology, that is assessing the expected loss for 
all default events that may occur over the whole lifetime of the 
instrument.
For the trade receivables without a significant financial component, 
a simplified approach is applied that allows to calculate the expected 
losses always based on the “lifetime expected credit losses” method.
Expected credit losses are calculated based on the probability of 
default, on the expected exposure at the time of default (EAD – 
Exposure at default) evaluated from the future cash flows and the 
estimated loss in case of default (LGD – Loss given default).
The loss allowance is accounted for as an adjustment of the carrying 
value of the instrument.
Equity instruments are valued as follows:
Equity instruments are valued at Fair Value Through Profit and Loss 
in case the entity does not opt for the irrevocable option at Fair 
Value through Other Comprehensive Income at initial recognition. 
If the aforesaid option is adopted, the initial carrying amount of the 
instrument will amount to the sum of fair value and transaction 
costs, if any. The subsequent changes in fair value, the foreign 
exchange differences, the impairment losses and the gains/(losses) 
for derecognition are recorded in the other comprehensive income 
applying the accrual basis.
So far, the Group has not exercised the option for any equity 
instrument.
If the option is not exercised, the changes in fair value, the gains and 
the losses for derecognition are recognized in the relative items of 
the consolidated income statement.
In any case, dividends coming from the equity participations are 
shown as dividend income in the consolidated income statement 
under the heading “Dividends” when the Group has acquired the 
right to receive this payment.
Financial liabilities
The financial liabilities that are not held for trading are initially 
recorded at fair value net of transaction costs, and subsequently to 
the initial recognition are measured at amortized cost applying the 
effective interest rate. The difference between amortized cost and 
the amount to be repaid is recognized in the income statement over 
the term of the liability.
Upon initial recognition, the fair value option can instead be exercised 
(Fair Value Through Profit and Loss) only to avoid an “accounting 
mismatch” between the asset and its respective liability or when 
the liability is based on fair value or in case the liability includes an 
embedded derivative to separate.
of the asset and the residual period of the lease contract.
Spare parts that are significant in value are capitalized and depreciated 
over the useful life of the asset to which they relate; the cost of other 
spare parts is expensed in the income statement as incurred.
Leasing
Property, plant and equipment acquired under right-of-use whereby 
the Group assesses whether a contract is, or contains, a lease. A 
contract is, or contains, a lease if the contract conveys the right to 
control the use of an identified asset for a period of time in exchange 
for consideration. To assess whether a contract conveys the right 
to control the use of an identified asset it must involves the use of 
an identified asset and should be physically distinct or represent 
substantially all of the capacity of a physically distinct asset. 
Furthermore when, the Group has the right to obtain substantially 
all of the economic benefits from use of the asset throughout the 
period of use and has the right to direct the use of the asset; this right 
is obtained when it has the decision-making rights that are most 
relevant to changing how and for what purpose the asset is used.
The right of use asset is initially measured at cost, which comprises 
the initial amount of the lease liability adjusted for any lease 
payments made at or before the commencement date, plus any 
initial direct costs incurred and an estimate of costs to dismantle 
and remove the underlying asset or to restore the underlying asset 
or the site on which it is located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-
line method from the commencement date to the earlier of the end 
of the useful life of the right-of-use asset or the end of the lease 
term. The longer term of the useful life of the asset is considered if 
the lease transfers ownership of the asset to the lessee at the end of 
the lease term or if the value of the right of use also considers the 
fact that the lessee will exercise the purchase option. 
The estimated useful lifes of right-of-use assets are determined on 
the same basis as those of property and equipment. In addition, the 
right-of-use asset is periodically reduced by impairment losses, if 
any, and adjusted for certain remeasurements of the lease liability.
Impairment of property, plant and equipment and 
intangible assets
In the presence of specific indicators of a loss in value, an impairment 
test should be carried out on property, plant and equipment and 
intangible assets.
The impairment test consists in the measurement of the recoverable 
value of the assets and comparison with the related carrying amount.
If the recoverable amount of an asset is lower than its carrying 
amount, the latter should be reduced to the recoverable amount. This 
reduction represents an impairment loss and should be recognized 
as an expense in the consolidated income statement.  In respect to 
assets that are not amortized, the impairment test is carried out on 
an annual basis, irrespective of whether specific indicators exist.
During the year, the Group assesses whether there is any indication 
that property, plant and equipment and intangible assets with finite 
useful lifes may be impaired. For this purpose, both internal and 
external sources of information are taken into consideration.
With regard to internal sources, the following indicators are 
considered: obsolescence or physical deterioration of the asset, 
significant adverse changes in the extent to which an asset is used 
and deterioration in the expected level of the asset’s performance.
With regard to external sources, these include: trend of the market

54
55
and is governed by a detailed formal plan specifying details of the 
employment termination, or when payment of the benefit is the 
result of an offer made to encourage voluntary redundancy.
Provisions for other liabilities and charges
Provisions are recorded to cover the Group’s legal, contractual or 
constructive obligations that derive from a past event.  A provision 
is recognized where it is probable that an outflow of resources will 
be required and a reliable estimate of the amount can be made.  
Where it is estimated that these obligations will arise more than 
twelve months after the balance sheet date and that they will have 
a material impact on the financial statements, they are recorded at 
present value applying a discount rate that reflects current market 
assessments of the time value of money and the country risk. 
Any adjustment to the estimated provision is recognized in the 
consolidated income statement in the period in which the adjustment 
occurred. Where discounting is used, any increase in the provision to 
reflect the passage of time and the impact of changes in the discount 
rate are recognized as borrowing costs.
Restructuring provisions are recognized when there is a constructive 
obligation, which takes place when the Group has a detailed formal 
plan and has informed those affected by the plan or when the Group has 
announced the plan in sufficient detail to raise valid expectation in those 
affected by the plan that the restructuring will be carried out.
Provisions for tax risks are recognized in view of probable tax liabilities for 
assessments notified to the Group not yet settled at the reporting date.
Derivative financial instruments
Accounting for derivative financial instruments
Derivative financial instruments are measured at fair value, with any 
difference charged to the consolidated income statement, with the 
exception of cash flow hedges, where gains or losses are recognized in 
the statement of comprehensive income.
Derivatives that qualify for hedge accounting
In all cases where derivatives are designated as hedging instruments, 
the Group formally documents, from the inception of the hedge, the 
relationship between the hedging instrument and the related hedged 
item or transaction, the risk management objectives and the hedging 
strategy adopted.
The Group also documents the valuation methodology and 
the hedging instrument’s effectiveness to compensate changes 
attributable to the hedged risk based on changes in the fair value of 
the hedging instrument compared to changes in the fair value of the 
hedged item. This assessment is carried out at inception and on a 
continuous basis throughout the life of the hedge. At the same time, 
the potential causes of hedging ineffectiveness are reported.
Categories of derivatives
Hedging instruments are categorized as follows:
i) Derivatives designated as cash flow hedge: if the hedging 
instrument is designated to cover the exposure to fluctuation 
in cash flows attributable to a particular risk associated with a 
recognized asset or liability, or a highly foreseeable transaction, 
the gains or losses on the effective portion of the hedging 
instrument are recognized in the statement of comprehensive 
income; the ineffective portion of the gain or loss on the hedging 
instrument is recognized in the consolidated income statement. 
Depending on the nature of the hedge, financial or commodity 
related, the ineffective portion is classified in either finance 
income/costs on financial transactions or operating income/
costs, respectively.
Financial liabilities are classified as current liabilities unless the 
Group has, at the reporting date, an unconditional right to extend 
the term of the financing at least over twelve months from the end 
of the period.
Trade payables and other payables whose maturity fall within the 
normal commercial terms are recognized at fair value which normally 
coincides with the nominal value.
In case of financial liabilities hedged by fair value hedge derivative 
instruments, their carrying value is determined based on the fair 
value of the corresponding hypothetical derivative, which represents 
a hypothetical derivative contract calibrated at a null value at the 
time of designation of the hedging relationship.
Inventories
Inventories are stated at the lowest between the cost, measured 
applying the FIFO (first in – first out) method, and net realizable 
value. To account for obsolete or slow-moving inventory provisions 
are recognized, that are reversed if the circumstances of the 
abovementioned provisions are no longer applicable. The repackaging 
materials and the CO2 certificates are managed as inventory and 
valued at weighted average cost. 
Cash and cash equivalents
Cash and cash equivalents include cash on hand, bank and postal 
deposits and short-term highly liquid investments that are readily 
convertible into cash (three months from the date of acquisition) 
and not subject to significant fluctuations in value.
Employee benefits
(a) Pension funds
Group companies operate both defined contribution and defined 
benefit plans.  
A defined contribution plan is a plan where the Group pays fixed 
contributions to a separate entity (a fund) and will have no legal or 
constructive obligation to pay further contributions if the fund does 
not hold sufficient assets to pay all employee benefits relating to 
employee services in the current and prior periods.  With respect 
to defined contribution plans, the Group pays contributions, 
either voluntary or specified in the plan rules, to public and private 
insurance pension funds.  Contributions are recognized as payroll 
costs applying the accrual basis.
The defined benefit obligation recorded in the financial statements 
corresponds to the present value of the obligation at the balance 
sheet date, less, where applicable, the fair value of any plan assets. 
The defined benefit obligations are determined on an annual basis 
by an independent actuary using the Projected Unit Credit Actuarial 
Method. The present value of the defined benefit plan is determined 
discounting future cash flows by a rate equal to that of high-quality 
corporate bonds of equivalent currency and term to the benefit 
obligations. Remeasurements of actuarial gains and losses arising on 
the above adjustments and changes in the actuarial assumptions are 
reflected in the statement of comprehensive income. 
Service costs and net interest related to the time value in the 
actuarial calculation (classified within “Finance income and costs”) 
are recognized in the consolidated income statement.
(b) Termination benefits  
Termination benefits are those payable on termination of an 
employment before the normal retirement date, or when an 
employee accepts voluntary redundancy. The Group recognizes 
termination benefits when a demonstrable commitment exists 
    The amounts directly recognized in the statement of 
comprehensive income are reclassified into the consolidated 
income statement in the period in which the hedged item affects 
profit or loss.
    When a hedging instrument reaches maturity, or it is sold, or 
it no longer meets the conditions required to be classified as a 
hedge, the related fair value adjustments accumulated to date 
will be retained until the hedged item affects profit or loss, 
and only at that time will it be recognized in the consolidated 
income statement applying the accounting treatment relevant 
to the hedged item. If the forecast transaction that was subject 
to the hedge is no longer expected to affect the consolidated 
income statement, the accumulated fair value adjustments are 
immediately recognized in the consolidated income statement.
    For the valuation of the financial liabilities hedged by cash flow 
hedges, please refer to the specific paragraph.
ii) Derivatives designated as fair value hedge are classified based on 
the hedged item. The accounting treatment of changes in fair value 
is the following:
   a) when the hedge item relates to commodities, the variation is  
       classified as operating income/costs;
     b) when the hedged item is purely financial, the variation is classified 
        as follows:
       -  the difference between the valuation, at reporting date, of the  
          mark-to-market actual derivative, which includes the interest  
             rate basis spread component (hereafter ‘basis’), and the mark-to-
          market actual derivative without basis is recognized in the   
          statement of comprehensive income;
      -  the basis component of the derivative, as calculated at the  
            inception date, is spread over the consolidated income statement  
          on a straight-line basis over the life of the instrument;
       - the foreign exchange differences and the interest component, 
          excluding the basis effect described above, are recognized in the 
           consolidated income statement at the line “finance income and 
            costs”; refer to the dedicated paragraph for further details about 
          the valuation of the hedged item.
     At the time the financial instrument is transferred, the residual portion
   of the basis recorded in the other comprehensive income (OCI) is 
reclassified into the consolidated income statement.
iii) Derivative financial instruments at fair value through profit or 
loss that are not designated as hedges are classified as current or 
non-current assets or liabilities based on their contractual maturity.
   The gain or loss arising from changes in the fair value of these 
instruments is recognized in the consolidated income statement. 
Depending on the nature of the underlying instrument, financial or 
commodity related, the variation of fair value is classified in either 
finance income/costs on financial transactions or operating income/
costs, respectively.
Determination of the fair value of a hedging instrument 
The fair value of an interest rate swap is determined based on the 
present value of the expected future cash flows, also considering the 
market interest rates and the creditworthiness of counterparties. The 
fair value of forward foreign exchange contracts is determined using 
the forward exchange market rates at the balance sheet date. 
The fair value of other hedging instruments listed on an active 
market is based on the market prices prevailing at the balance sheet 
date. The fair value of unlisted instruments is determined using 
valuation techniques based on a commonly adopted methods and 
assumptions and market information at the balance sheet date.
Non-current assets and liabilities held for sale and 
discontinued operations  
A non-current asset, or group of non-current assets and liabilities, is 
classified as held for sale when the carrying amount is to be recovered 
primarily from a sale transaction rather than through continuing use. 
The assets (or groups of assets) held for sale are measured at the 
lower of their carrying amount and their fair value less estimated 
selling costs. 
The results and the carrying amount of a component of an entity that 
represents a separate major line of business or geographical area, or 
even a operative segment, of operations are classified separately in 
the income statement and in the balance sheet (in case of ‘held for 
sale’ only) when they meet the conditions to be classified as held for 
sale or discontinued operations. At reference date of this year there 
are no non-current assets or liabilities intended to be sold.
Total equity 
Costs directly attributable to share capital transactions are recorded 
as a deduction from total equity. 
Revenue recognition
Revenue is recognized at the fair value of the amount received 
for the sale of products or services, net of returns, discounts and 
consideration payables to customers (for example, couponing 
redemption costs) according to the accrual principle and to the 
standard that requires five steps: (i) identifying a contract with a 
customer; (ii) identifying the performance obligations entailed by 
the contract; (iii) determining the transaction price; (iv) allocating 
the transaction price to the performance obligations; (v) recognizing 
revenues when the entity satisfies a performance obligation.
Sale of products
Revenues from product sales are recognized when for each performance 
obligation all of the following conditions are met, which normally take 
place upon the delivery to the customer:
•	  the significant risks and rewards arising from ownership of the 
goods are transferred to the buyer; 
•	  effective control over the goods is transferred;
•	  the amount of revenue can be reliably measured;
•	  it is probable that the economic benefits associated with the 
transaction will flow to the entity;
•	  the costs incurred or to be incurred in respect of the transaction 
can be reliably measured.
Dividends
Dividends received from not consolidated entities are recognized 
when the legal right to receive a payment is established.
Government grants
Revenue based government grants are recognized in the income 
statement when the right to receive the payment is established.
Finance income and costs
Finance income and costs are recorded on an accrual basis and 
comprise: interest payable accrued on all the borrowings, interest 
income on cash and cash equivalents and similar securities, dividends, 
foreign exchange gains and losses and the financial impact arising 
from hedging transactions over the exposure to interest rate and 
foreign exchange risk that are booked in the consolidated income 
statement.

57
56
56
5. Change in the scope of consolidation and 
other operations of the year
Change in the scope of consolidation:
On January 3, 2023, the Group completed the acquisition of the Back 
to Nature business from B&G Foods Inc (USA) through its subsidiary 
Back to Nature Foods LLC (formerly BA Brussels LLC), based in 
Illinois, a company established at the end of last year with the aim of 
finalizing the aforementioned business combination.
The "Back to Nature" brand products, founded in 1960 and primarily 
distributed through specialized channels in the United States of 
America, were conceived to provide people with food prepared with 
recipes inspired by nature. The new business offers a portfolio of 
plant-based and non-GMO baked goods, mainly in North America. 
With these premises, the acquisition is consistent with the Group's 
long-term strategy to build a significant multi-brand baked goods 
platform in the United States of America, where the Group is already 
a market leader in the crispy bread category.
With reference to the business combination, for which a consideration 
of USD 51.4 million was agreed upon, fully paid at the beginning of 
2023, the Group proceeded with the identification of the fair value 
of the acquired assets, liabilities, and potential liabilities assumed 
within the timelines prescribed by IFRS 3. As stipulated by the 
standard, the positive difference between the purchase price and the 
fair value of the acquired assets, liabilities, and potential liabilities 
was allocated to goodwill, amounting to USD 11.4 million, which 
in turn was attributed to the cash generating unit 'America Bakery 
category'.
Below is the fair value of the assets and liabilities, expressed in the 
acquisition currency, United States dollars (USD), and in thousands 
of euros, converted at the exchange rate on the day the business 
combination was completed:
In the second half of 2023, the Italian companies Barilla CO S.r.l. and 
Barilla Iniziative 2 S.r.l., and the Dutch company Barilla International 
B.V., were established to address, from a corporate perspective, the 
new reorganization plan starting from the beginning of 2024. The 
aim of this plan is to shape a global Group, not only in terms of 
market presence but also and above all in its management structure 
Taxation 
Taxation includes both current and deferred income taxes.  Current 
income taxes are based on the estimated amount that the Group 
expects to pay calculated by applying to the taxable income the 
enacted tax rates, or those substantially enacted, in each of the 
relevant tax jurisdictions.
Deferred income tax assets and liabilities are determined applying the 
liability method, whereby all of the temporary differences between 
the tax bases of assets and liabilities and the carrying amounts at 
the balance sheet date, except for goodwill, are calculated.  Deferred 
income tax assets and liabilities are measured using the tax rates that 
are expected to apply in the period when the asset will be realized 
or the liability settled. Income taxes arising upon distribution of 
dividends are recognized at the time of distribution.
For the purpose of recognizing deferred tax assets, the Group assesses 
the likelihood that sufficient future taxable income will be available 
to recover these assets. Tax assets and liabilities, both current and 
deferred, may only be offset where the amounts relate to the same 
tax authority, when the reversal period is the same and there is a 
legally enforceable right to offset the recognized amounts.
Distribution of dividends
Dividends payable to shareholders are recognized when the legal 
obligation of payment is established..
Transactions with non-controlling interests  
The acquisition and disposal of non-controlling interests in companies 
whose control is already effective are classified as transactions with 
Group shareholders. Any differences between the carrying value and 
the purchase price paid or received are recorded in equity.   
Put options over non-controlling interests 
The unconditional put options granted to minority shareholders as 
per the shareholders' agreements are recognized in the Consolidated 
financial statements by recording the liability resulting from the 
possible exercise of the option. It is recorded at a value equal to the 
expected exercise price, based on the best information available at 
the date of reference of the financial statements. These financial 
liabilities are valued at net present value or at amortized cost, 
using the effective interest method. At the end of each period, the 
corresponding adjustment is recognized in the consolidated income 
statement, respectively for the difference in fair value and for the 
difference between the amortized cost and the expected repayment 
value, over the life of the liability.. 
Accounting standards for high inflation countries
Group companies operating in high-inflation countries restate the 
values of their respective original financial statements to eliminate 
the distorting effects due to the loss of purchasing power of the 
currency. The inflation rate used for the purpose of adopting 
inflation accounting corresponds to the consumer price index 
(CPI). Companies operating in countries where the cumulative rate 
of inflation over a three-year period approaches or exceeds 100% 
adopt inflation accounting and interrupt it if the cumulative rate of 
inflation over a three-year period falls below 100%. 
Gains and losses on the net monetary position are recognized to the 
consolidated income statement.
Back to Nature
Fair Value of assets 
and liabilities 
acquired
Back to Nature
Fair  Value of assets 
and liabilities 
acquired
(USD thousands)
(EUR thousands)
Inventories
4,965
4,708
Customer relationship
16,500
15,647
Other intangible assets
20,300
19,251
Total assets acquired
41,765
39,606
Deferred tax liabilities
(1,723)
(1,634)
Total liabilities acquired
(1,723)
(1,634)
Purchased price
(51,414)
(48,757)
Goddwill
11,372
10,784
May. From the first days of the hydrogeological emergency, Barilla has been active in supporting the populations affected 
by the flood in Emilia-Romagna. The Barilla Mobile Column/Kitchen, provided to the Civil Protection of Parma, operated in 
the areas between Ravenna and Faenza with 8 vehicles donated by Barilla. About 70 people, including about 20 volunteers 
of the "Angeli Barilla" team, were mainly involved in the preparation and serving of meals and breakfasts for displaced 
populations, for a total of about 3,000 meals/breakfasts per day.

58
59
with strategic and marketing direction functions, with the objective 
of driving growth through product category management.
Finally, in July 2023, the liquidation procedure of the two reference 
companies for American restaurants, previously closed, IKRG – 
Midtown West LLC and IKRG – OC1 LLC, was concluded. These 
liquidations did not have significant effects on the consolidated 
financial statements.
Please, refer to appendixes 1 and 2 for a list of subsidiaries.
6. Notes to the consolidated financial 
statementsi
Statement of financial position
6.1 Cash and cash equivalents
Cash and cash equivalents, which amounts to euro 400,048 (euro 
520,079), include bank and postal deposit accounts held in primary 
financial institutions, cheques and other cash on hand.
The balance includes secured deposits, for euro 4,340 (euro 2,130), 
linked to the Mark-to-Market performance of some hedging 
derivatives; the deposit is payable in short term.
The change in cash and cash equivalents recorded during the year is 
reported in the statement of cash flow.
6.2 Trade receivables
Trade receivables consist of amounts due from customers in relation 
to the sale of goods and provision of services, net of allowances for 
doubtful accounts. 
The fair value of trade receivables approximates their carrying 
amount at the year-end. This also represents the maximum exposure 
to credit risk.
Detail of receivables by maturity, net of allowance for doubtful 
accounts, is as follows:
On December 31, 2023 all trade receivables, past due or not, are 
subject to certain analyses for the identification of possible risks of 
customer insolvency. Receivables past due for more than 12 months 
have been totally written down.
Movements in the allowance for doubtful accounts are as follows:
The charges to and utilization of the allowance for doubtful accounts 
are included in “Other income and expenses” in the consolidated 
income statement.
6.3 Tax credits
Tax credits for euro 130,791 (euro 94,726) represent the amounts due 
from tax authorities in the various countries where the Group operates. 
The item includes the receivable from the Italian tax authorities 
following the Group's participation in the national tax consolidation, 
of which Barilla Holding S.r.l. is the Parent Company. The fair value of 
tax credits substantially approximates their nominal and carrying value.
6.4 Other assets
The balance is detailed as follow:
During the year, VAT receivables were collected in Italy for euro 
103.2 million.
The decrease in the item "Other receivables" compared to 2022 is 
mainly due to the utilization through offsetting of the energy bonus 
credits accumulated in the previous year.
The “Amounts due from factoring entities” item comprises receivables 
due from factoring companies in respect of trade receivables sold but 
not yet paid. 
The item "Accrued income and prepaid expenses" pertains to costs 
for legal services, consultancy, and other services already paid but 
pertaining to future periods, as well as costs for short-term rentals or 
related to low-value assets, insurance, and marketing.
The fair value of the credits approximates the nominal and book 
value.
2023
2022
Trade Receivable
596,997
566,828
Allowance for doubtful accounts
(30,917)
(32,852)
Total
566,080
533,976
6.5 Inventories
Inventories are detailed as follows:
The item ‘Advances’ mainly refers to advance payments given to raw 
material suppliers in Italy.
Movements in the inventory obsolescence provision are detailed as 
follows:
In 2022, the decrease in the item 'Changes in the scope of 
consolidation' was related to the sale of the company Harry's 
Restauration SAS.
6.6 Other asset at Fair Value
Other assets at fair value, as at 31 December 2023, for euro 253,226 
(euro 240,361), mainly consist of Investment Grade bond portfolios 
(issued by private companies and government), valued at fair value 
and subscribed by the subsidiaries Barilla Sverige AB and Barilla 
Netherlands B.V. The debt securities, readily releasable on demand 
and denominated in EUR currency, with an average maturity less 
than 1 year, are diversified by sector and geographical area. The 
above-mentioned securities are directly owned, with the exception 
of 4% of the portfolio invested through mutual funds.
2023
2022
Raw materials and semi-finished goods
193,935
220,808
Finished goods
264,268
279,074
Advances
7,600
7,861
Total
465,803
507,743
2023
2022
Opening Balance
8,069
7,554
Charges
4,513
4,616
Utilization
(3,535)
(3,729)
Monetary correction
(4)
8
Foreign exchange differences
(180)
(1)
Variation in scope
-
(379)
Closing Balance
8,863
8,069
2023
2022
VAT receivables
95,540
84,255
Amounts due from factoring entities
52,426
41,549
Other receivables
5,675
13,665
Accrued income and prepayments
9,760
5,433
Amounts due from social security 
authorities
3,836
3,721
Supplier advances
6,489
5,211
Amounts due from employees
3,554
3,855
Guarantee deposits
1,062
908
Total
178,342
158,597
2023
2022
Not yet overdue
555,843
518,104
Less than 3 months
9,216
12,922
Beetween 3 and 6 months
165
2,133
Beetween 6 and 12 months
856
817
Total
566,080
533,976
2023
2022
Opening Balance
32,852
35,609
Charges
1,360
942
Utilization and release
(3,093)
(4,010)
Foreign exchange differences
(202)
311
Closing Balance
30,917
32,852

Maggio. Colori, profumi, melodie e sapori sono stati gli ingredienti di un’esperienza coinvolgente ideata per il 
lancio del nuovo Pesto Barilla Basilico e Limone: la Limonaia Urbana a Milano. Tre giornate interamente dedicate a 
masterclass food e a masterclass di artigianato italiano.
60
61
May. Colors, scents, melodies and flavors were the ingredients of an engaging experience designed for the launch 
of the new Barilla Basil and Lemon Pesto: the Urban Lemon House in Milan. Three days entirely dedicated to food 
masterclasses and Italian craftsmanship masterclasses.
Barilla Roadshow Pesto Basilico e Limone in one of the six German cities where promotional events were held to 
highlight the product and the brand.

62
63
Land
Buildings and 
Warehouse
Plant and 
machinery
Cars and other 
trasportation
Total
Movements 2022
Net book amounts at 1/1
273
23,508
5,029
6,001
34,811
Hyperinflation 1/1
-
24
8
24
56
Capital Expenditure
-
17,483
2,166
2,368
22,017
Remeasurement
106
2,484
455
211
3,256
Derecognition
-
(19)
-
(15)
(34)
Depreciation and impairment losses
(19)
(7,271)
(2,715)
(3,371)
(13,376)
Monetary correction
-
19
14
77
110
Foreing exchange differences
18
(61)
52
60
69
Variation in scope
-
-
(22)
-
(22)
Net book amount at 12/31
378
36,167
4,987
5,355
46,887
Of which:
Historical cost
475
53,474
51,078
12,139
117,166
Depreciation and accumulated impairments losses
(97)
(17,307)
(46,091)
(6,784)
(70,279)
Movements 2023
Net book amounts at 1/1
378
36,167
4,987
5,355
46,887
Capital Expenditure
-
11,729
1,850
3,260
16,839
Remeasurement
4
1,611
914
221
2,750
Derecognition
-
(3,381)
(187)
(47)
(3,615)
Depreciation and impairment losses
(19)
(10,696)
(2,501)
(3,545)
(16,761)
Monetary correction
(83)
(24)
(58)
(321)
(486)
Foreing exchange differences
-
(6)
11
152
157
Net book amount at 12/31
280
35,400
5,016
5,075
45,771
Of which:
Historical cost
384
61,895
49,194
9,870
121,343
Depreciation and accumulated impairments losses
(104)
(26,495)
(44,178)
(4,795)
(75,572)
2023
2022
Not later than one year 
14,262
13,815
Later than 1 year and not later than 5 years
23,376
26,095
Later than 5 years 
13,483
11,979
Total value of future minimum lease 
payments 
51,121
51,889
2023
2022
Total future minimum lease payments
51,121
51,889
Interests
(3,636)
(3,832)
Present value of lease payments
47,485
48,057
6.8 Right-of-use Asset
Below are the movements by category of the right-of-use of fixed assets, relating to year 2023 and related comparative data:
The total value of future financial minimum lease payments, included 
in the scope of application of IFRS 16 undiscounted, by period of 
maturity is as follows:
The reconciliation between the future minimum lease payments and 
the present value of the lease payments is as follows:
Goodwill
Movements 2022
Opening balance at 1/1
537,369
Foreign exchange differences
(9,333)
Business Combination
(12,966)
Total at 12/31
515,070
Movements 2023
Variation in scope
636
Foreign exchange differences
10,784
Total at 12/31
526,490
- of wihch gross value
717,273
- of which accumulated impairments
(190,783)
The net amount lease payments, not included in the valuation of 
the IFRS 16 Leasing liabilities and, therefore, recognized in the 
consolidated operating income statement as at December 31, 2023, 
6.9 Goodwill
Movements in goodwill are as follows:
In 2022, the item 'Variation in scope’ of consolidation was related to 
the disposal of the subsidiary Harry’s Restauration SAS, which was 
divested in December.
The accumulated loss as on December 31, 2023 amount to euro 
20,177 (euro 22,913).
Land
Buildings
Plant and 
machinery
Industrial and 
commercial 
equipment
Other 
Asset
Assets under 
construction
Total
Movements 2022
Net book amounts at 1/1
54,444
344,222
752,452
23,809
36,494
107,075
1,318,494
Hyperinflation 1/1
65
2,103
2,130
1
120
-
4,419
Capital expenditure
-
-
-
-
-
186,658
186,658
Capitalization
1,462
22,552
130,119
4,677
6,269
(165,079)
-
Grants cashed
-
(104)
(8,086)
-
-
-
(8,190)
Disposal Cost
(834)
(10,506)
(25,074)
(3,641)
(30,564)
(648)
(71,267)
Disposal Accumulated Depreciation
-
8,806
48,786
3,720
7,680
-
68,992
Depretiation and impairment losses
-
(22,891)
(106,937)
(8,416)
(5,978)
-
(144,222)
Foreing exchange differences
609
2,418
5,809
75
47
5,768
14,728
Monetary correction
51
1,472
2,359
1
28
-
3,911
Variation in scope
(13)
(1,164)
(1,866)
-
(20)
(76)
(3,139)
Net book amount at 12/31
55,784
346,908
799,692
20,226
14,076
133,698
1,370,384
Of which:
Historical cost
55,784
798,641
2,838,454
125,164
79,740
133,698
4,031,481
Depreciation 
and 
accumulated 
impairments losses
-
(451,733)
(2,038,762)
(104,938)
(65,664)
-
(2,661,097)
Movements 2023
Net book amounts at 1/1
55,784
346,908
799,692
20,226
14,076
133,698
1,370,384
Capital expenditure
-
-
-
-
-
190,392
190,392
Capitalization
729
28,603
152,081
8,001
8,170
(197,584)
-
Grants cashed
-
-
(342)
-
-
-
(342)
Disposal Cost
(276)
(5,572)
(62,575)
(16,123)
(1,300)
-
(85,846)
Disposal Accumulated Depreciation
-
5,449
51,232
10,682
1,713
-
69,076
Depreciation and impairment losses
-
(24,139)
(113,069)
(7,365)
(6,669)
-
(151,242)
Foreing exchange differences
(703)
(5,657)
(11,938)
(63)
(347)
(7,582)
(26,290)
Monetary correction
52
1,402
2,448
-
75
-
3,977
Net book amount at 12/31
55,586
346,994
817,529
15,358
15,718
118,924
1,370,109
Of which:
Historical cost
55,586
811,179
2,910,333
115,651
85,471
118,924
4,097,143
Depreciation 
and 
accumulated 
impairments losses
-
(464,185)
(2,092,803)
(100,293)
(69,753)
-
(2,727,034)
6.7 Property, plant and equipment
Movements in property, plant and equipment are as follows
amounts to euro 24,034 (euro 22,615).
Please, refer to note 6.26 for the analysis of rental costs not included 
in the total amount of leasing liabilities in compliance with the IFRS 
16 accounting principle.

64
65
The value test exercise of the carrying amount with reference to 31 
December 2023 did not entail the need for further write-downs for 
any CGU.
Specifically, for the ‘Bakery - Europe’ the sensitivity analysis carried 
out on the key assumptions reported that a change in the same, such 
as to cause a loss in value of the CGUs to which goodwill is allocated, 
is highly unlikely due to the significant excess value of the same 
compared to the related carrying amount.
Goodwill denominated in foreign currencies, mainly in Swedish 
and Danish Kroners, Great Britain Pounds, Canadian and American 
Dollars, has undergone a change in value due to the exchange 
rate effect. At 31 December 2023, the conversion effect shows an 
accumulated negative net balance of euro 27,894.
CGU Groups identified
Amount
Europe - Bakery
436,451
Europe - Fresh Pasta
41,683
Europe - Pasta
20,442
Canada - Pasta
15,526
America - Bakery
10,291
Other minor
2,097
Total
526,490
In 2023, the increase in the item 'Business combination,' amounting 
to euro 10,784, is attributable to the acquisition of the bakery 
business, America Back to Nature, in the United States of America, 
completed in January and converted at the exchange rate on the day 
the transaction was finalized. As of December 31, 2023, the goodwill, 
converted at the year-end exchange rate, has a value of euro 10,291.
In 2022, the 'Variation in the scope’ of consolidation were related 
to a portion of the goodwill of the bakery business in Europe, 
associated with the sale of Harry’s Restauration SAS, which occurred 
in December.
An analysis of goodwill by groups of Cash Generating Unit - CGU for 
impairment test purposes at 31 December 2023 is summarized in 
the table below:
Discount Rate
Growth Rate
2023
2022
2023
2022
CGU identified groups – average values
5.3%
5.5%
2.2%
2.3%
period plus a terminal value. The plans are prepared with varying 
detail depending on specific requirements and the relevance of the 
selected variables, starting from a series of key macroeconomic 
indicators (e.g. foreign exchange rates, inflation rates, market 
assumptions) and economic-financial targets.
Group management formulates the qualitative and quantitative 
content of the plan used for the relevant impairment. The flows 
deriving from groups of CGU at the end of the plan period 
correspond to the perpetual income based on the final year of the 
plan, appropriately normalized.
The key assumptions used to perform the impairment test are as 
follows:
Licenses and 
software
Trademarks
Customer 
Relationship
Other
Assets 
under 
construction
Total
2022 Movements
Opening balance at 1/1
42,498
41,603
-
271
10,004 10,004
94,376
Hyperinflation 1/1
7
8
-
11
-
26
Acquisitions and capitalizations
24,387
1,874
-
782
(2,027)
25,016
Foreign exchange differences
39
35
-
(8)
119
185
Amortization
(16,271)
(5,169)
-
(275)
-
(21,715)
Monetary correction
9
12
-
37
-
58
Total at 12/31
50,669
38,363
-
818
8,096
97,946
Of which:
Historical cost
196,112
311,256
-
1,511
8,096
516,975
Amortization and accumulated impairment losses
(145,443)
(272,893)
-
(693)
-
(419,029)
2023 Movements
Opening balance at 1/1
50,669
38,363
-
818
8,096
97,946
Acquisitions and capitalizations
21,046
1,831
-
603
3,108
26,588
Foreign exchange differences
(396)
(1,373)
(693)
(163)
(40)
(2,665)
Amortization
(19,370)
(5,768)
(1,012)
(410)
-
(26,560)
Monetary correction
72
10
-
125
-
207
Business combination
-
19,251
15,647
-
-
34,898
Total at 12/31
52,021
52,314
13,942
973
11,164
130,414
Of which:
Historical cost
213,894
330,960
14,932
2,135
11,164
573,085
Amortization and accumulated impairment losses
(161,873)
(278,646)
(990)
(1,162)
-
(442,671)
The annual impairment test on goodwill consists in estimating the 
recoverable amount of the groups of cash generating units to which 
the goodwill is allocated and compared with the carrying value of 
the related assets including goodwill. The recoverable amount of the 
groups of cash generating units was determined based on the value 
in use, calculated at the present value of the expected future cash 
flows relating to the groups of cash generating units.
The cash flows utilized to determine value in use cover a five-year 
6.10 Intangible Assets
The Intangible Assets are composed as follows

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March. Colleagues from the German team present at the Internorga Fair, dedicated to the foodservice and 
hospitality sector, held in Hamburg.
Norway: launch of Wasa Delicate Sea Salt and Wasa Falu Chia.

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6.11 Trade and other receivables
The balance comprises of: 
6.12 Imposte differite attive e passive
Deferred income tax assets and liabilities are recognized separately 
in the statement of financial position, exclusively in relation to 
temporary differences between the carrying value of assets and 
liabilities in the balance sheet and their tax base. Deferred tax assets 
on tax losses carried forward are only recognized where it is probable 
that sufficient future taxable profits will be earned to allow recovery 
of the tax differences that will be reversed.
The table below illustrates the composition and movements in 
deferred income tax assets and liabilities represented as net for each 
entity where they could be actually offset by underlying balance 
sheet items and period of generation:
2023
2022
Guarantee deposits
1,450
714
Other non-current receivables
3,399
2,683
Total
4,849
3,397
integration process for new American business Back to Nature, acquired 
during the year, and to the integration systems for the application 
Data related to Finance, Supply Chain downstream and upstream, 
Purchasing, RDQ, Sales and HR functions, as well as the migration of 
the infrastructure and data from SAP BW to SAP BW/4.
The assets under construction mainly refers to the software costs 
not yet used.
The fair value of trade and other receivables approximates their 
carrying value.
The item ‘Trademarks’ includes Catelli, Splendor and Lancia 
brands acquired in 2021, and the brand Tolerant, acquired in 2018, 
specialized in the production of gluten-free, legume-based pasta.
Furthermore, following the business combination completed at the 
beginning of 2023, the Group acquired the new American brand Back 
to Nature, for a value of USD 20.3 million.
The trademarks of Barilla G. e R. (Barilla, Mulino Bianco) have not 
been recognized in the financial statements as they were developed 
internally.
In 2023, the Group acquired the Customer Relationship for an 
amount of USD 16.5 million, representing the acquired customer 
portfolio and market shares of the American business, Back to 
Nature. This value is attributable to the customer loyalty that the 
business has built throughout its history.
Both intangible assets recognized following the mentioned business 
combination are supported by external expertise
The increase in “Licenses and software” and “Assets under 
construction”, for euro 23,100, refers to different process,
as Transform Customer Services & Supply Chain Planning, SAP BW
2023
Opening Balance
Impact on equity
Reversals/charges 
through income 
statement
Foreign 
exchange 
impact
Monetary 
correction
Closing Balance
Deferred Taxes
Property, plant and equipment
(29,296)
-
11,430
1,617
(795)
(17,044)
Right of Use Tangible Asset
(6,705)
-
1,885
25
(39)
(4,834)
Leasing
6,231
-
(908)
(91)
-
5,232
Intangible assets
197,135
-
(11,867)
(19)
(53)
185,196
Financial liabilities and 
derivatives
1,772
2,448
(2,581)
(28)
-
1,611
Inventories
(13,401)
-
7,836
70
60
(5,435)
Spare Parts
8,180
-
584
(185)
-
8,579
Provisions for other liabilities 
and charges
34,755
-
11,819
2
-
46,576
Pension funds
6,613
1,656
734
(175)
-
8,828
Tax losses carried forward
8,831
-
24,566
(81)
-
33,316
Other
12,580
-
1,342
(813)
(5)
13,104
Total
226,695
4,104
44,840
322
(832)
275,129
Deferred income tax assets
231,654
292,272
Deferred income tax liabilities 
(4,959)
(17,143)
Total
226,695
275,129
2022
Opening 
Balance
Reversals/charges 
through income 
statement
Impact on 
equity
Foreign 
exchange 
impact
Monetary 
correction
Variation in scope
Closing 
Balance
Deferred Taxes
Property, plant and equipment
(31,073)
3,523
-
(523)
(1,666)
443
(29,296)
Leasing
5,322
1,053
-
(144)
-
-
6,231
Right of Use Tangible Asset  IFRS 
16
(5,574)
(1,181)
-
83
(33)
-
(6,705)
Intangible assets
207,835
(10,618)
-
(65)
(17)
-
197,135
Financial liabilities and derivatives
(826)
1,963
669
(34)
-
-
1,772
Inventories
(4,012)
(9,293)
-
123
(191)
(28)
(13,401)
Spare Parts
7,309
704
-
96
-
71
8,180
Provisions for other liabilities and 
charges
31,916
3,007
-
40
-
(208)
34,755
Pension funds
16,489
(632)
(8,981)
(229)
-
(34)
6,613
Tax losses carried forward
3,779
4,896
-
156
-
-
8,831
Other
12,830
(850)
-
602
(2)
12,580
Total
243,995
(7,428)
(8,312)
105
(1,909)
244
226,695
Deferred income tax assets
247,269
231,654
Deferred income tax liabilities 
(3,274)
(4,959)
Total
243,995
226,695
The deferred tax assets related to intangible assets primarily pertain 
to the deferred taxes recognized following the civil and tax revaluation 
of trademarks that occurred in 2020 at the subsidiary Barilla G. & 
R. Fratelli Società per Azioni. These deferred taxes represent the 
future tax benefit accruing to the Group net of the tax substitute 
debt included in the balance as of December 31, 2022, under the 
item "Other current liabilities" for a total of euro 7,499, a debt 
extinguished in the second half of 2023. Deferred income taxes have 
not been recognized on the undistributed earnings of subsidiaries, as 
the Group is able to control the timing of these distributions and it is 
probable that they will not be distributed in the near future.
The item "Tax losses carried forward " refers to deferred taxes assets 
set aside for tax losses that can be recovered in future years.
6.13 Equity instruments 
The item principally comprises equity investments in BRW S.p.A., 
amounting to euro 680 and other minor non-current financial assets 
amounting to euro 3,613 (euro 3,388). 
6.14 Financial Receivables 
The item represents the financial receivables due from the minority 
shareholders of the English subsidiary Pasta Evangelists Ltd, for euro 
763 (euro 652). Financial receivables are valued using the amortized 
cost criterion at an effective interest rate.
6.15 Trade payables
Trade payables, which amounted to euro 1,024,134 (euro 1,000,816), 
represent amounts due in relation to the purchase of goods and 
services. Trade payables are recorded at nominal value, which 
substantially approximates their fair value.  All amounts are payable 
within one year.
The total amount includes euro 3,537 (euro 1,442) due to BRW S.p.A. 
The balance includes the amounts due to co-packers, which are 
governed by medium/long-term supply contracts negotiated at arm’s 
6.16 Borrowings
The item Borrowings, included among current and non-current 
liabilities, is represented by financial payables for which repayment 
is expected, respectively, within and beyond twelve months. Details 
of the item are provided below:
2023
2022
Bonds
-
47,448
Short-term portion of bank overdrafts and leasing obligations
218,956
321,956
Total Short Term Borrowings
218,956
369,404
Bonds
291,494
299,241
Long term portion of bank overdrafts and leasing obligations
83,906
133,869
Put option held of minority shareholders
14,265
17,590
Total Long Term Borrowings
389,665
450,700
Total borrowings
608,621
820,104

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70
Nominal value in 
currency
Nominal coupon 
in USD
Maturity
Carrying 
value
Hedging transaction
Effective 
interest rate 
in euro
Nominal value 
in euro
Effective average 
interest rate
150,000
4.43%
13 Dec. 2025
132,423
115,050
4.35% (V)
4.39%
185,000
4.03%
28 Oct. 2027
159,071
169,867
4.30% (V)
4.37%
Total Notes
335,000
291,494
284,917
From 2 to 5 years
Over 5 years
Total
Bonds
291,494
-
291,494
Bank borrowings and leasing obligations
71,563
12,343
83,906
Put option held of minority shareholders
14,265
-
14,265
Total medium/long-term bank borrowings
377,322
12,343
389,665
The ‘short-term portion of banks overdrafts and lease obligations’ 
mainly includes the portion, due within 12 months, of the loans 
subscribed with the Intesa Sanpaolo, for euro 50,000 (euro 50,000), 
lease payables, due within 12 months, for euro 15,758 (euro 14,216), 
and loans maturing within one year, for euro 152,339 (euro 224,740). 
The decrease in this latter item is attributable to the full repayment 
of the revolving line of credit drawn down for euro 75,000 as of 
December 31, 2022. In the previous period, the same item also 
included a financing arrangement with Mediobanca, for euro 30,000, 
which was paid off during 2023.
The Long term portion of ‘Bank borrowings and leasing obligations’ 
mainly refers to a loan with Intesa Sanpaolo subscribed in 2020, at 
a fixed rate and repayable in four equal tranches starting from the 
fiscal year 2022. At 12.31.2023 has a residual amount of euro 100,000, 
evenly distributed within and beyond 12 months.
The same line item includes the portion of medium/long-term leasing 
obligations for the effect of the adjustment for the standard IFRS 16, 
with a balance at year-end amounting to euro 31,727 (euro 33,841). 
The financial cash flow for the year 2023, relating to leasing contracts 
subject to the Standard IFRS 16-Leases, amounted to euro 20.6 million 
(euro 11 million).
The “Put option held of minority shareholders” is attributable to the 
agreements with the minority shareholders of Barilla Rus LLC that, 
signed by the Group in June 2020, foresees the recognition of a put 
option exercisable in the year 2025 and a call option exercisable in 
the year 2029. By virtue of these agreements in place as of December 
31, 2023, a non-current liability is recognized in the consolidated 
balance sheet, it is evalueted at the present value of its assumed 
extinguishment value and converted into euro currency at the current 
exchange rate, amounting to euro 11,245 (8,332 euro). The variation 
in term of fair value of this liability was booked in the consolidated 
income statement as 'Financial expenses and income'.
The same item, 'Put option held to minority shareholders', also 
includes the valuation of the agreements signed by the Group, in 
January 2021, with the minority shareholders of the acquired company 
'Pasta Evangelists Ltd', amounting to euro 3,019 (euro 9,258). These 
agreements foresee the recognition of a put option, valued at net 
present value and classified under non-current liabilities in the 
consolidated balance sheet, as it can be exercised in 2026. 
The total amount of revolving credit facility, maturing in December 
2025, is equal to 500 million of euro (with an option to increase to 
euro 800 million). At the end the year 2023, the revolving credit 
facility resulted unused. While, it resulted drawn down for euro 75,000 
on 31 December 2022, totally reimbursed during the 2023.
As a result of contractual changes made during the year, effective from 
5 January 2024, Barilla International B.V. becomes guarantor of that 
operation, in place of Barilla International Ltd; Barilla G. e R. Fratelli 
Società per Azioni and Barilla Iniziative S.p.A. remain co-borrowers and 
co-garantors, for them self or for Group’s companies.
Current borrowings are measured at amortized cost, which is deemed 
to represent their fair value. 
Bank borrowings are not guaranteed by any property, plant or 
equipment.
Below is the breakdown of outstanding bonds:
During the month of July 2023, the tranche with a maturity date of 
2023, originally subscribed by the subsidiary Barilla France Sas, was 
repaid; therefore, the debt as of December 31, 2023, is represented by 
the tranches originally issued by Barilla Iniziative S.p.A. with maturity 
dates in 2025 and 2027.
The interest rate and foreign exchange rate risks are hedged by cross 
currency and interest rate swaps, details of which are provided in note 7. 
The maturity dates of medium/long-term borrowings are illustrated 
in the table below:
May. In the external gardens of the Parma Pasta Factory arrives Echinoidea, the new artistic installation created by 
GG-loop in partnership with Rubner Haus and Artemide, where nature, innovation and beauty meet and give life to a 
contemplative experience, focused on sustainability. An elegant structure usable both for the work of Barilla People 
outdoors or as a gathering space.

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73
*Total borrowings due within one year and after one year, detailed in the 
tables, include negative derivatives and are expressed net of the positive 
value of derivatives, except for derivatives on commodities as disclosed in 
paragraph 6.21 “Derivate financial instruments”.
Currency
Carrying value 
2023
Carrying value 
2022
Euro
271,355
422,945
USD (American Dollar)
284,479
320,207
GBP (British pound - UK)
19,232
25,151
TRY (Turkish Lira)
1,342
3,565
RUB (Rouble - Russia)
13,187
9,553
SEK (Krone - Svezia)
1,299
1,392
Other 
7,838
7,022
Total borrowings due within one 
year and after more than one 
year *
598,733
789,835
The following table depicts the borrowings (including the respective 
hedging instruments related to bond loans issued) by maturity date 
and type of interest rate:
Borrower 
Description
Interest 
rate
At 
12/31/2023
Maturity
Barilla 
Iniziative Spa
Bonds (including 
cross currency 
and interest rate 
swaps)
floating
281,608
2025 - 2027
Barilla 
Iniziative Spa
Intesa San Paolo 
loan
fixed
100,000
2024 - 2025
Barilla 
International 
Ltd
Put option held 
of minority 
shareholders
fixed
14,265
2025 - 2026
Various 
counterparts
Banks
floating
155,378
2024 - 2030
Various 
counterparts
Leasing 
fixed
47,482
2024 - 2049
Total bank borrowings (either due within 
or after  one year)  *
598,733
Borrowings (including the respective hedging instruments related to 
bond loans issued) due within one year and after more than one year 
are denominated in the following currencies:
Below is the reconciliation of the change in financial payables due 
within one year and after one year, highlighted under ‘Net cash flow 
from financing activities’ in the statement of cash flows, corresponds 
to the sum of “Borrowings disbursement/reimbursement”, “Foreign 
exchange effect on foreign currency debts” and “Fair value changes 
through consolidated income statement”, the Net of ‘Bank 
overdrafts’ movements:
Total 
borrowings 
due with-in 
one year and 
after one 
year
thereof: 
Bank 
overdraft
Total net financial liabilities at December 
31, 2021 * (a)
711,490
90,961
Total derivatives (assets)/liab at December 
31, 2021
(48,858)
Total Debt at December 31, 2021
760,348
Movements in 2022:
Monetary changes of the period:
Borrowing disbursement/reimbursement, 
including those due to parent company
79,375
130,000
Total monetary changes of the period
79,375
130,000
Non-monetary changes of the period 2022:
Foreign exchange effect on foreign currency 
debt
(2,880)
5
Fair value changes through income 
statement
4,636
Fair value changes through OCI
(2,786)
Total non-monetary changes of the 
period
(1,030)
5
Total changes (b)
78,345
130,005
Total net financial liabilities at December 
31, 2022 * (a+b=c)
789,835
220,966
Total derivatives (assets)/liab at December 
31, 2022
(30,268)
Total Debt at December 31, 2022
820,103
220,966
Movements in 2023
Monetary changes of the period:
Borrowing disbursement/reimbursement, 
including those due to parent company
(154,690)
(68,967)
Total monetary changes of the period
(154,690)
(68,967)
Non-monetary changes of the period 2023:
Foreign exchange effect on foreign currency 
debt
(1,597)
8
Fair value changes through income 
statement
(33,230)
Fair value changes through OCI
(1,582)
Total non-monetary changes of the 
period
(36,409)
8
Total changes (d)
(191,099)
(68,959)
Total net financial liabilities at December 
31, 2023 * (c+d)
598,736
152,007
Total derivatives (assets)/liab at December 
31, 2023 regulate to bonds
(27,090)
Total Debt at December 31, 2022
625,824
The effective interest rates on borrowings amount to 3.3% (1.4% in 
2022). The calculation does not include non-recurring items relating 
to bonds or early repayment of loans, the put options due to minority 
shareholder  and the fair value changes related to bonds.
The comparison between the carrying value and fair value of 
borrowings is disclosed in note 7.
Financial covenants and other contractual obligations
The Bonds and Bank facility currently outstanding (the “Financing”) 
require the compliance with certain contractual obligations and 
financial covenants (collectively, the “Covenants”).
The main Covenants, as defined in one or more Financing contracts, 
are in line with market practice for similar transactions, as follows:
Financial covenants
•	 Ratio of Net Borrowings to EBITDA;
•	 Ratio of EBITDA to Net Interest on borrowings;
•	 Ratio of borrowings of operating companies plus borrowings secured 
by real guarantees (except where permitted contractually) to Total 
Assets as resulting from the financial statements.
Other restrictions and contractual obligations
•	 Change of control;
•	 Undertaking not to subordinate the Financing to other debt 
(“pari passu”) and/or not to grant liens/pledges in favour of such 
debtholders (except where permitted contractually);
•	 Undertaking not to dispose certain key assets (such as: key plants, 
trademarks, licenses and intellectual property);
•	 Limitations in disposal proceeds, acquisition policies and dividends 
(where applicable).
Events of Default
The main events of default, which are not applicable to non-material 
Group companies, are summarized as follows:
• Failure to pay any sum due under the Financing;
• Non-compliance with financial covenants and/or other contractual 
obligations (subject to materiality thresholds);
• Cross default (in relation to event of defaults under other Financing 
that exceed certain thresholds);
• Insolvency, bankruptcy and other insolvency proceeding;
• Significant change in the Group’s business.
When an event of default occurs, which cannot be recovered within 
the applicable time limits, the Lenders have the right to request 
the immediate repayment of the borrowed amount, together with 
interest and any other sums contractually due.
No defaults arose either during the year or at the year end and 
moreover the Group was compliant with all the financial covenants.
6.17 Retirement benefit obligations
The “Retirement benefits obligation” includes provisions for defined 
benefit plans relating to the employment relationship such as 
severance pay, equivalent plans and pension funds. Total obligations 
relating to future benefits payable to employees amounts to euro 
109,671 (euro 109,218), of which amount due within one year is euro 
11,071 (euro 12,287) and amount due longer than one year is equal to euro 
98,600 (euro 96,931), net of plan assets for euro 3,809 (euro 3,988).
In Italy, the TFR represents the deferred compensation payable 
by companies to employees on termination of employment, in 
accordance with article 2120 of the Italian Civil Code. Following 
reforms introduced in the Italian law, the TFR provision accrued until 
31 December 2006 is still considered a defined contribution plan, while 
the portion further matured is annually paid to managing institution. 
The main specific risks related to this plan refers to the accrued benefit 
that is payable to the members as a lump sum when retiring or leaving 
the company. According to the Italian law, it is also possible to receive 
an advance from the total accumulated benefit. Therefore, there is the 
risk that members will leave the plan sooner than expected or demand 
an advance payment in a larger size than expected, generating an 
actuarial loss in the plan due to cash flow acceleration. Other risks 
to which the plans are exposed are limited to inflation, to which the 
accrued benefits are linked, and discount rate.
The foreign other plans and pension schemes relate to companies 
operating in France, Greece, Germany, Sweden, Turkey, Norway, 
Mexico, Switzerland and Canada.
The principal features of some of the most significant plans are as follows:
- In France, there are the “Retirement Indemnity Plan” and the “Long 
Service Awards Plan”. The first plan attributes the right to receive a 
sum of money on termination of employment upon retirement, in 
proportion to the number of years of service, final salary levels and 
whether termination was voluntary or not. The specific risks are 
related to the fact that Retirement Indemnity Plans are mandatory 
by law and are defined by national bargaining agreements, therefore 
these plans are subject to the legislative risk and rate of withdrawal of 
beneficiary from the plan. The “Seniority Award Scheme” pay benefits 
at any defined anniversary of working life related to the service in 
the company. The awards paid are exempt of payroll taxes within the 
value of one month of salary. The main risks on these plans are linked 
to changes of fiscal legislation risk characterizing them that could 
require additional costs. Other risks that can be identified are related 
to the change in the discount rate and withdrawal rate of employees;
- In Greece, there is the pension plan (Retirement Indemnity Plan) 
which provides that the employer is required to pay an indemnity 
where the employee has reached pensionable age or employment is 
terminated involuntarily.
The payment indemnity received from the employee depends on 
several factors including years of service, the equivalent monthly 
salary in the last year of service (including bonuses) and the reason for 
termination. The indemnity paid by the entity is for several months 
and not one-off, based on a scale of multiples in relation to years of 
service and also taking into consideration the reason for termination. 
Main risks are related to the changes in the discount rate;
- In Germany, there are three pension plans: "Pension", "Jubilee Plan" 
and "Early Retirement Plan". The pension plan paid by the entity when 
the employee has reached pensionable age or in case of disability, with 
the possibility of the right of pension plan for the assisting spouse. 
The pension plan provides for the payment of an ongoing pension 
and not a one-off lump sum. The plan is based on a pre-determined 
percentage of annual salary and taking into consideration the increase 
of salaries and longevity risk. The risk connected to this plan, linked to 
national contracts, is relating to pension increased established by the 
local law, that may have to be increased retrospectively (up to a limit 
of three years) as well as in respect of future increases;
- In Sweden, “IPT2 Plan” is the pension scheme for white collar 
employees based on the collective bargaining agreement. The risks 
are linked to any changes on the collective bargaining agreement. An 
external influence on the possible increase in pensions derives from the 
funding level in the short term of the monopoly insurer of plans in Sweden;

74
75
‘Variation in scope’ in previous year was refered to employee pension 
plans in France due to the sale of the company Harrys Restauration SAS. 
The item “Services costs” comprehends the provision for the year.
The assumptions adopted in determining retirement benefit 
obligations may be summarized as follows:
The cost of future employee retirement benefits recognized in the 
income statement is classified under the following headings: 
The plan assets composition is as follows:
 2023
Discount 
rate
Expected rate of 
return on plan 
assets
Estimated 
salary growth
Inflation 
rate
Italy
3.20%
n.a.
4.25%
2.25%
Germany
3.85% 
3.2% 
 3.15%
3.74%
3.00%
0.05%
France 
3.20%
3.80%
2.25%
2.25%
Greece
3.20%
n.a.
2.75%
2.25%
Mexico
9.25%
9.25%
4.75%
3.50%
Norway
3.60%
3.00%
3.75%
2.25%
Sweden
3.25%
n.a.
3.00%
2.00%
Turkey
20.80%
n.a.
25.40%
23.90%
Switzerland
1.30%
2.20%
2.50%
1.25%
Canada
4.60%
n.a.
3.00%
n.a.
 2022
Discount 
rate
Expected rate of 
return on plan 
assets
Estimated 
salary growth
Inflation 
rate
Italy
3.80%
n.a.
n.a.
2.50%
Germany
3.75% 
3.8% 
3.25%
1.08%
2.50%
2.50%
France 
3.80%
0.99%
2.25%
2.50%
Greece
3.75%
n.a.
3.00%
2.50%
Mexico
9.25%
8.25%
4.75%
3.50%
Norway
3.00%
1.50%
3.50%
2.00%
Sweden
3.90%
n.a.
3.00%
2.00%
Turkey
11.00%
n.a.
13.50%
12.00%
Switzerland
2.20%
0.25%
2.50%
1.25%
Canada
5.10%
n.a.
3.00%
n.a.
2023
2022
Cost of sales
615
1,151
Logistics costs
147
268
Selling costs
1,484
749
Marketing costs
87
122
General and administrative expenses, 
techinical and development costs
231
590
Total
2,564
2,880
2023
2022
Opening balance
109,218
147,263
Services costs
2,564
2,880
Finance costs
3,822
1,700
Actuarial (gains) / losses
5,828
(29,671)
Exchange differences for the year
(848)
(1,578)
Benefits paid
(10,913)
(11,125)
Variation in scope
-
(251)
Closing Balance
109,671
109,218
Of which:
- Due within one year
11,071
12,287
- Due after one year
98,600
96,931
- In Canada, there is a pension plan called “Post-Retirement Plan”, 
mainly related to Federal Government plans. The plan is based on 
different combinations of factors among which gains or contributes, 
the years of participation to the plan and the retirement age. The 
main risk is linked to the plan indexation (also named protection from 
inflation) with moderate increase every year based on the price to 
consume index increase (or a portion of the increase).
The retirement benefit obligations are determined applying actuarial 
calculations carried out by an independent expert or company and are 
adjusted for events that require changes to be reflected therein.
The last actuarial valuation was performed at December 31, 2023 
using the projected unit credit method, on the basis of which the 
present value of the obligation for the company is determined relating 
to benefits to be paid to employees after termination of employment.
The weighted duration of defined benefit obligations is equal to 12 
years, split by plan as follows:
2023
2022
Amounts due to employees
143,069
153,056
Amounts due to social security 
authorities
29,623
27,342
Withholding taxes from employees, 
consultants and freelance workers
24,553
11,455
Amounts due to customers
8,567
11,286
Other liabilities
3,154
2,639
Other taxes
4,247
11,154
VAT payable
2,034
2,459
Accruals and deferred income
6,962
12,065
Total 
222,209
231,456
2023
2022
Listed shares and bonds
11
10
Cash and cash equivalents
5
6
Total listed assets
16
16
Insurance contracts
3,723
3,870
No listed - other
71
102
Total asset
3,809
3,988
Years
Weighted 
duration 
Average future 
working lifetime
Average
10.43
9.16
Italy
6.12
8.40
Germany
11.81
4.94
France
9.66
15.53
Mexico
10.58
15.62
Canada
10.2
7.04
Sweden
15.12
10.37
Greece
11.96
0
Turkey
18.75
20.37
Intital Balance
Charges
Used / reversed / 
reclassification
Foreign exchange 
impact
Ending Balance
Employee risk provision
14,460
5,745
(10,831)
(78)
9,296
Restructuring provision
53,258
30,300
(2,886)
                         -  
80,672
Price contest risk provision
1,460
2,272
(1,006)
57
2,783
Returns and unsold goods provision
2,611
                         -  
(174)
(19)
2,418
Revocatory risk provision
12,544
2,772
(904)
                         -  
14,412
Litigation provision
2,565
93
18
(54)
2,622
Other provisions
18,447
18,786
(6,576)
57
30,714
Total
105,345
59,968
(22,359)
(37)
142,917
Of which:
Provisions for other liabilities and charges
67,866
                         -  
                         -  
                         -  
96,405
Provisions for other liabilities and charges
37,479
                         -  
                         -  
                         -  
46,512
The effect on the retirement benefit obligation of a reasonably 
possible change in the actuarial assumption considered in computing 
the defined‐benefit obligation is provided below:
Effect in %
Increase 
in actuarial
assumption 
Decrease  
in actuarial
assumption
Discount rate (0.5% 
movement)
3.94%
2.95%
Rate of salary increase 
(0.5% movement)
4.02%
3.09%
Inflation rate (0.25% 
movement)
2.13%
1.63%
Life expectancy (1 year 
variation)
3.61%
n.a
6.18 Current income tax liabilities
Current income tax liabilities amount to euro 27,163 (euro 23,548) 
and comprise provision for current taxes on profit for the year.
6.19 Other liabilities
Other liabilities consist of the following:
The item "Withholdings for employees, consultants and freelance 
workers" increased in 2023 mainly due to withholdings on royalties.
Accruals and deferred income mainly relate to accrued interest 
payables.
The fair value of other liabilities approximates the carrying value.
6.20 Provisions for other liabilities and charges 
The current and non-current portions of provisions for other liabilities and charges may be detailed as follows:
The “Employee risk provision” and the “Restructuring provision” have 
been recognized in relation to reorganization programs that include 
redundancy incentives and other future employee obligations.
The "Revocatory risk provisions" were registered for collected 
commercial receivables for which there is a risk of a clawback action. 
The “Other provisions” mainly include commercial risks and risks 
against distributors. The provisions due for longer than one year 
have not been discounted due to the uncertainty of the period of 
utilization.

76
77
March. A corporate volunteer initiative promoted by Mulino Bianco, which took place in 10 Italian locations of 
Banco Alimentare. About 200 Barilla People contributed to the preparation of food parcels for needy families, for a 
total of about 16 tons of donated products. The parcels were then distributed to various solidarity centers.

78
79
12/31/2023
12/31/2022
Assets
Liabilities
Assets
Liabilities
- Fair value hedge - interest rate derivatives
18,488
8,602
21,645
5,069
- Held for trading - forward exchange contracts  
-
-
-
1,452
- Cash flow hedge - commodities
-
543
3,930
-
Total non-current portion
18,488
9,145
25,575
6,521
- Cash flow hedge  - interest rate derivatives
-
-
13,692
-
- Cash flow hedge - commodities
1,033
-
6,503
-
- Held for trading - forward exchange contracts  
1,764
3,497
1,155
1,927
- Held for trading - commodities
2,493
-
5,920
-
Total current portion
5,290
3,497
27,270
1,927
Total derivative financial instruments
23,778
12,642
52,845
8,448
concerning the US Private Placement bonds, all designated as fair 
value hedge:
•	 contracts for the tranches, with a nominal value of USD 50 
million, expired and reimbursed on 15 July 2023. The positive fair 
value at 31 December 2023 were reset to zero. The corresponding 
negative impact in 2023 was charged to the consolidated income 
statement;
•	 contracts for the tranche, with a nominal value of USD 150 
million, expiring on 13 December 2025. The positive fair value at 
31 December 2023 amounted to euro 18,488. Taking into account 
the release of the basis spread component, the negative impact on 
the consolidated income statement amounted to euro 2,736 and 
the negative impact on comprehensive income to euro 421;
•	 contracts for the tranches, with a nominal value of USD 185 
million, that expire on 28 October 2027. The positive fair value at 
31 December 2023 amounted to euro 8,602. Taking into account 
the release of the basis spread component, the negative impact on 
the consolidated income statement amounted to euro 3,925 and 
the negative impact on comprehensive income to euro 392.
“Derivative contracts on commodities” mainly includes hedging 
of the electricity costs, the price of wheat and the CO2 certificates.
The movements of hedging reserve is the following:
The hedging reserve includes the hedge portion of derivatives on 
commodities and the effective portion related to the interest rate 
6.21 Derivative financial instruments 
hedge for the derivatives designated as cash flow hedge, as well 
as the basis component for the currency and interest rate swap 
contracts designated as fair value hedge.
As of December 31, 2023, the notional value of the cross currency 
and interest rate swap contracts, designed as fair flow hedge, that 
expire from 2025 to 2027 and designated as fair value hedge is euro 
291,494; and derivatives on commodities for energy in Sweden for 
euro 490.
The financial risk management policy is disclosed in note 7
6.22 Other payables
Other payables, that amounted to euro 4,763 (euro 4,309), includes, 
among other things, payables for social security contributions. 
6.23 Equity
Fully paid share capital as of 31 December 2023, as in the prior year, 
is divided n. 112,720,000 ordinary shares with a nominal value of 
euro 1 each.
During 2023, the shareholders’ meeting decided for a dividend 
distribution for euro 81,638, paid in July.
The Group does not own, nor has owned or has acquired own shares 
during the year, nor directly neither indirectly through subsidiary or 
associated Company. 
Barilla Mexico 
SA
Barilla Iniziative and 
Barilla International  
Ltd sub-groups and 
Barilla International 
BV, Barilla Iniziative 2 
Srl and Barilla CO Srl
Barilla Mexico SA
Barilla Iniziative 
and Barilla 
International 
sub-groups
Percentage of  non-controlling interests
50%
15%
50%
15%
12/31/23
12/31/23
12/31/22
12/31/22
Revenue
154,134
4,868,663
125,670
4,663,289
Result of the period
12,291
230,015
10,254
191,874
Profit/(Loss) attributable to non-controlling interests
6,145
40,497
5,127
33,659
Total comprehensive income/(loss) 
2,736
(7,221)
2,596
35,685
Total comprehensive income/(loss) attributable to non-
controlling interests, without result
2,736
(7,221)
2,596
5,353
Total comprehensive income/(loss) attributable to non-
controlling interests
8,881
33,276
7,723
39,012
Current assets
70,297
1,937,765
56,772
2,048,119
Non-current assets
27,304
2,392,769
23,289
1,588,472
Current liabilities
(32,754)
(1,549,154)
(33,076)
(1,676,251)
Non-current liabilities
(1,756)
(565,828)
(1,656)
(600,900)
Net assets
63,091
2,190,053
45,329
1,359,440
Net assets attributable to non-controlling interest
31,546
328,508
22,664
203,916
Net cash generated from/(used in) operating activities
(5,680)
80,724
869
47,593
Net cash generated from/(used in) investing activities
(1,227)
(39,155)
(3,319)
(31,370)
Net cash generated from/(used in) financing activities
-
(37,677)
(2,162)
(21,817)
Net (decrease)/increase in cash and cash equivalents and bank 
overdrafts
(6,908)
(3,892)
(4,612)
(5,594)
Total dividends paid to non-controlling interests (included in cash 
flow from financing activities)
-
12,315
5,086
14,580
6.24 Non-controlling interests  
As at December 31, 2023, the Group has not recognized the 
minority interest but the recognition of put options exercisable by 
them under the agreements signed with the minority shareholders 
of the Business Combination, which took place in 2021, of Pasta 
Evangelists Limited, as well as for the agreements signed in 2020 
with Perspective Industrial and Infrastructural Technologies-15 LLC 
(formerly RDIF Investment Management-19 LLC), for participation in 
the equity of the subsidiary Barilla Rus LLC.
The following table provides information on the subsidiary controlled 
by the Group with significant participation of non-controlling 
interests. The amounts are gross of intercompany eliminations:
Gross reserve
Tax effect
Movements in  2022
Opening balance at 1/1/2022
5,784
(1,317)
Change in basis 
(1,065)
418
Change in fair value
5,881
(1,316)
Total at 12/31/2022
10,600
(2,215)
Movimentazione 2023	
Change in basis 
(1,064)
256
Change in fair value
(9,003)
1,819
Total at 12/31/2023
533
(140)

81
80
Commitments and guarantees
 Contractual commitments at the year-end that are not recognized 
in the statement of financial position amount to euro 1,099,504 
(euro 1,359,138) and comprise:
•	 commitments for the purchase of finished goods, wheat, other 
raw materials and packaging for euro 885,373 (euro 1,153,192);  
•	 commitments for capital expenditure for euro 58,500 (euro 
59,448);
•	 commitments for energy purchase for euro 155,631 (euro 
146,498).
Group obligations guaranteed by third parties
The guarantees are mainly composed by the amounts issued by 
credit institutions to Barilla G. e R. Fratelli Società per Azioni and 
First S.p.A. to guarantee operations/prize contests and the quality of 
imported wheat equal to euro 8,954 (euro 3,954).
Contingent liabilities
The Group has contingent liabilities in respect of legal and tax claims 
arising in the normal course of the business. Those claims are not 
deemed to originate any material liabilities other than those already 
provided in the financial statements.
Consolidated income statement
The Group has contingent liabilities in respect of legal and tax claims 
arising in the normal course of the business. Those claims are not 
deemed to originate any material liabilities other than those already 
provided in the financial statements.
6.25 Revenue
The Group revenue, including the hyperinflationary effect described 
in paragraph IAS 29 - 'Accounting reporting in hyperinflationary 
economies', amounted to euro 4,868,663 (euro 4,663,288). While, the 
value of the Group revenue without considering the hyperinflationary 
effect above mentioned, stands to euro 4,841,928 (euro 4,646,639).
Below is the composition of revenues for the period, without considering 
the hyperinflationary effect, compared with those of the previous 
period:
2023
2022
Total sales of finished goods 
4,765,917
4,553,044
Sales of by-products
68,378
84,551
Sales of raw materials and others
7,633
9,044
Total
4,841,928
4,646,639
2023
2022
Purchase of raw materials, semi-
finished goods, finished goods, 
materials and change in inventories 
2,205,672
2,177,602
Employee costs
647,280
600,596
Transport and warehousing services
422,145
440,023
Promotional and advertising services
354,246
271,386
Depreciation, amortization and 
impairment
196,119
180,506
Purchase of energy sources
170,230
166,602
Services 
149,319
145,476
Third party manufacturing costs
111,678
96,418
Sales commissions
71,484
64,903
Maintenance costs
56,193
50,918
Consultancy costs 
38,131
24,119
Purchase of other materials
29,384
27,783
Property leases, rentals and leases
24,034
22,615
Insurances
14,435
12,909
Travel and expenses
13,825
12,930
Customs duties
12,058
10,479
Green dot
9,905
10,367
Other taxes
7,652
8,046
Postage and telephone expenses
7,145
6,786
Directors’ and statutory auditors’ 
emoluments
5,247
5,251
Employee training costs 
5,028
4,270
Canteen's costs
3,788
3,472
Demolition cost
3,226
2,618
Others
2,411
1,896
Guest expenses
2,132
1,513
Total
4,562,766
4,349,481
6.26 Detail of costs by nature
The following table sets out the composition of revenues and 
costs by nature; the reclassification by nature of the expenses refer 
to the sum of cost of sales, logistics expenses, selling expenses, 
marketing expenses, technical and development costs and general 
and administrative expenses that are presented in the consolidated 
income statement:
The increase in the item "Promotional and advertising services" is 
attributable to a higher investment in advertising campaigns.
The item 'Purchases of raw materials, semi-finished products, finished 
products, materials and changes in inventories' continues to be affected 
by the price increase already recorded in the previous year.
Lastly, the increase in the item "Third-party manufacturing costs" is 
largely attributable to the expansion of the delivery channel within 
the Pasta Evangelist subsidiary's business.
2023 Open Doors Initiative: with over 4,000 visitors per year, the Parma Pasta Factory showcases the quality behind 
a pack of pasta.

82
83
2023
2022
Income and expenses from continuing 
operations:
Income/(expenses) relating to other 
accounting periods 
22,196
22,901
(Release) net utilization of/charges to 
provisions
(17,128)
(7,613)
Income/(Services) rendered and other 
minor amounts 
11,602
17,384
Insurance repayments 
403
474
Net gains/(losses) on disposals of 
property, plant and equipment
5,813
(4,141)
Membership fees
(1,686)
(1,899)
Employee leaving incentives
(3,165)
(12,930)
Bank commission and factoring services
(2,157)
(2,486)
Allowance and losses on trade 
receivables
(1,431)
(812)
Property and other taxes
(7,969)
(7,609)
Donations to employees and third parties
(10,995)
(8,609)
Total income/(expenses) from 
continuing operations
(4,517)
(5,340)
2023
2022
Net costs relating to the net financial 
position:
Interest income on bank accounts
7,200
2,639
Net income/(expense) on financial assets
12,329
(15,878)
Interest expense on short-term bank 
borrowings
(5,869)
(1,228)
Interest expense on medium/long-term 
bank borrowings 
(1,135)
(4,564)
Interest expense on bonds
(13,101)
(3,632)
Positive/(negative) change in fair value of 
bonds and hedging instruments
1,453
963
Net income/(expense) on put options 
due to non-controlling interests
1,125
13,634
Interest expenses on leases
(1,599)
(910)
Total net finance costs relating to the 
net financial position 
403
(8,976)
Other finance income/(costs):
Net realized exchange gains/(losses)
(9,917)
(5,540)
Net unrealized exchange gains/(losses)
(7,071)
2,464
Net monetary correction gain/(loss)
(10,045)
(1,539)
Commissions on undrawn amounts
(759)
(781)
Interest costs on pension liabilities
(3,822)
(1,775)
Gain of disposal subsidiary company
-
3,211
Other income/(costs)
525
(49)
Total other finance income/(costs)
(31,089)
(4,009)
Total finance costs - net
(30,686)
(12,985)
2023
2022
Cost of sales
141,106
134,226
Logistic Costs
10,419
8,937
Selling Costs
4,719
3,883
Marketing Costs
224
305
General and administrative expenses, 
technical and development costs 
39,652
33,152
Total
196,120
180,503
The detail of “Property leases, rentals and leases”, for 24.03 million 
of euro, is as follows:
The agreements with low value of underline assets mainly refer to 
rent of pallets for euro 11.99 million (10.31 million of euro in 2022). 
It should also be noted that no variable lease payments were paid 
during the year.
The cost for depreciation and amortization charged to the 
consolidated income statement, including the hyperinflationary 
effect for the year 2023, as described in paragraph IAS 29 - 
'Accounting reporting in hyperinflationary economies', is recognized 
in the following items
6.27 Other income and expenses
Other income and expenses comprise:
The net utilization of charges to provisions is attributable to the 
Group's restructuring programs.
6.28 Finance costs - net 
Finance costs - net consisted of the following:
The item 'Net income/(expenses) on financial assets' represents the 
net value of the negative valuation at fair value of Investment Grade 
bonds, shown net of income deriving from coupons accrued during 
the year. The aforementioned securities were purchased by the 
subsidiaries Barilla Sverige AB and Barilla Netherlands BV starting 
from 2019 and at the end of 2023 they have an average duration 
less than 1 year.
In the Consolidated income statement in 2023, the Group recognized 
income, equal to euro 1,125 (13,634 euro), deriving from the valuation 
at net present value of the put options by virtue of the agreements 
signed with the minority shareholders of the subsidiaries Barilla Rus 
Ltd and Pasta Evangelists Limited, described in the note 6.16. 
The positive fair value impact of bond loans and derivatives 
instruments, written with the Fair Value Hedge method, depends 
from the application of amortized cost and the fair value on bonds, 
nets of variation of fair values hedge instruments. During the month 
of July 2023, the tranche with maturity in 2023 originally subscribed 
The lower effective tax burden compared to the theoretical one, calculated by 
weighting the tax rates of the various countries in which the Group operates 
by results produced locally, is mainly due to the reasons set out above.
In December 2021, the OECD Inclusive Framework approved, under 'Pillar 
2', the Global Anti-Base Erosion Rules (GloBE Rules), aimed at curbing the 
transfer of profits to jurisdictions with very low or non-existent taxation, 
as well as tax competition between states. On December 14, 2022, the 
European Commission adopted EU Directive 2022/2523 introducing the 
Top-up tax for multinational groups and, to ensure compliance with EU 
Treaties, extending it to national groups of companies. This Directive must be 
transposed by the Member States by December 31, 2023.
Based on this new set of rules, large multinational groups with consolidated 
revenues of euro 750 million or more will face a minimum level of effective 
taxation of 15% in each jurisdiction in which they operate.
The rules entail the application of Top-Up Tax per jurisdiction, which is a 
supplemental tax - calculated as the difference between the agreed minimum 
tax rate (15%) and the effective tax rate (ETR), if lower - on the profits of the 
consolidated entities and permanent establishments (Constituent Entities) 
Europe
Italy
27.90%
Germany
31.50%
Netherlands
25.80%
Sweden
20.60%
France
25.77%
Austria
24.00%
Turkey
25.00%
Greece
22.00%
Norway
22.00%
Other Countries 
Russia
20.00%
Brasil
34.00%
Mexico
30.00%
Australia
30.00%
United Kingdom
25.00%
North America
United States
21.00%
Canada
26.50%
Value in euro million
Agreements in scope IFRS16 adoption
Services costs
4.3
Agreements not in scope IFRS16 adoption
Contracts Exented:
 
- short term
1.2
- low value of underline asset
12.8
Exclueded contracts
5.7
by the subsidiary Barilla France Sas, was repaid.
Considering the area variation includes an entity operating in 
Turkey which, as of 31 December 2022, has a hyperinflationary 
local currency, the item 'Profit/(loss) on the net monetary position' 
represents the related year adjustment of the non-monetary balance 
sheet items and income statement items. The value is the result of 
applying the general consumer price index (CPI) in order to express 
the real purchasing power of the period.
In 2022 the amount shown in the line ‘Gain of disposal subsidiary 
company’, equal to euro 3,211, was referred to the profit realized 
by the Group following the sale of Harry's Restauration SAS to a 
company belonging to Morato group.
Commissions on undrawn amounts relate to the committed Revolving 
Credit Facility - RCF, cost incurred during the period of non-use.
6.29 Income tax expense
The current and deferred tax expense for the period amounts to a 
positive euro 13,495, compared to a negative tax expense of  euro 
64,534 in the previous period. The variation in the tax burden 
compared to the previous year is mainly due to two factors. Firstly, 
there's an increase in benefits resulting from the Patent Box tax 
incentive, accrued by Barilla G. e R. Fratelli Società per Azioni. An 
agreement signed with the Tax Authority covers the years 2020-
2024. As of December 31, 2023, benefits related to the period 2020-2023 
amount to a total of euro 35.4 million, with euro 4.5 million pertaining to 
the closing period. Secondly, there's the recognition of deferred tax assets 
on tax losses incurred by some companies within the Group.
located in one of the jurisdictions where the group operates. The ETR is 
calculated as the ratio of covered taxes to qualified income (GloBE Income) 
on a per-jurisdiction basis.
The difference between the ETR of the individual jurisdiction and the 
minimum tax rate of 15% identifies the percentage of Top-Up Tax to be 
applied to excess profits, i.e., the portion of GloBE Income that exceeds 
routine profits determined based on the book value of labor costs and 
tangible assets present in the jurisdiction.
The Barilla Group, after an internal analysis, has assessed the application 
of Pillar II legislation based on the available information and believes that 
such changes do not have a material impact on the consolidated financial 
statements.
In accordance with IAS 12, an entity is required to reflect the deferred tax 
impacts of its assets and liabilities based on tax laws enacted or substantially 
enacted at the balance sheet date.
Based on the operational mechanisms of the Pillar 2 model, some application 
issues of IAS 12 have emerged, particularly regarding the accounting for 
deferred taxes:
• possible emergence of additional temporary differences;
• need to reassess assets and liabilities for deferred taxes to reflect potential 
effects arising from the Top-up tax;
• tax rate to be used to measure assets and liabilities for deferred taxes.
Due to the complexity of accounting issues and the limited time available to 
analyze them before the rules of Pillar Two are adopted in individual national 
jurisdictions, the IASB Board has decided to amend IAS 12 to ensure greater 
comparability of financial statements and avoid the risk of entities adopting 
accounting treatments that are inconsistent with the requirements of IAS 12, 
by introducing a temporary and mandatory exception to the accounting for 
deferred taxes related to Pillar Two tax legislation.
Therefore, the Barilla Group has applied the temporary exception introduced 
by IAS 12 for the recognition of deferred tax assets and liabilities arising from 
the OECD Pillar Two.
The nominal tax rates of the countries in which the main Group companies 
operate are as follows:
Year ended 
31 Dec 2023
Profit before income tax 
270,694
Theoretical tax charge  
67,604
Income tax previous year
(27,635)
Net non-deductible expenses/(income not subject to 
tax) 
(25,805)
Remeasurement Deferred taxes
(27,659)
Effective tax charge
(13,495)

85
84
Company
Tax losses 
Period for which losses 
may be carried forward
Rate %
Recognized deferred 
income tax assets
Unrecognized deferred 
income tax assets
Barilla America Inc*
22,766
20 years
various
2,015
-
Barilla Do Brazil LTDA
24,896
Unlimited
34%
8,465
-
Catelli Montreal Inc
15,902
20 years
26.50%
4,222
-
Barilla Belgium S.A.
130
Unlimited
25%
33
-
Barilla Netherlantds B.V.
1,726
Unlimited
25.80%
445
-
Barilla International B.V.
470
Unlimited
25.80%
121
-
Pasta Evangelists Ltd
22,169
Unlimited
25%
-
5,542
Barilla Singapore Pte Ltd
167
Unlimited
17%
28
-
Barilla Central Europe Service 
GmbH **
67,361
Unlimited
various
17,987
-
Total
155,587
33,316
5,542
* fiscal losses refer to State Tax related to several American states
** for Trade Tax purpose the amount of tax losses is 46,772 euro 
Tax losses carried forward and unrecognized deferred income tax 
assets are summarized as follows:
Sweden: Wasa Pesto Sandwich
USA: Chickpea Orzo -  Barilla Love

86
87
From traditional spaghetti - the most beloved main dish in Italian cuisine - to 3D Spaghetti, a glamorous one-bite format 
designed to be the highlight of extraordinary aperitifs and destined to become iconic. A new gesture, a new ritual, offering 
consumption occasions that venture beyond the traditional comfort zone of pasta as a main course.
Sea Urchin, a tribute to the sea and the incredible creatures that inhabit it. This intricately designed 3D pasta creates 
delightful new textures on the palate for a truly extraordinary sensory experience.

88
89
(mainly US dollar), with all other conditions remaining equal, would 
have amounted to:
(iii) ) Price risk
The Group manages the mitigation of operating risks relating to the 
trend in prices of those commodities used in the production process 
mainly through the adoption of medium-term purchasing contracts 
with its suppliers, partially integrated  by derivative contracts on 
wheat and CO2. Hedging contracts are entered into in respect of the 
Swedish electrical energy market using the “Nord Pool” mechanism 
through the supplier.
Sensitivity analysis:
The analysis considers derivatives on commodities, mainly related to 
derivative contracts on wheat and electrical energy.
At 31 December 2023 and 2022 the potential after-tax effects 
on the income statement and other comprehensive income of a 
strengthening/(devaluation) of commodities’ prices, with all other 
conditions remaining equal, would have amounted to:
(b) Credit risk
Credit risk represents the risk that one of the parties to a transaction 
does not fulfil the financial obligations undertaken. This risk relates 
to outstanding trade receivables, securities and cash and cash 
equivalents, and operations with banks and other financial 
institutions comprising: deposits and other transactions, derivative 
instruments and the ability to meet the commitment on the 
irrevocable credit facilities. 
The Group’s accounts receivable is concentrated in the large-scale 
retail channel.
The Group periodically assesses the creditworthiness of its 
counterparties and regularly monitors the respect of the credit limits 
assigned. Insurance policies have been also underwritten to cover 
potential losses related to commercial receivables.
The Group determines the value of debt instruments and the bank 
deposits in accordance with the expected credit losses criterion. As 
far as the credit risk on bank deposits and other financial investments 
is concerned, the Group has established exposure limits for each 
counterparty on the basis of the external credit rating, the level of 
credit default swaps and other market information. The Group believes 
not to be currently exposed to significant risks.
 (c) Liquidity risk
The Group’s policies aim to make the liquidity risk reasonably remote. 
This is achieved through the constant availability of funding through 
undrawn committed credit facilities, which cope with any reasonably 
Income – (cost)
2023
2022
+5%
-5%
+5%
-5%
Effect on Net Result
(1,990)
1,990
(4,724)
4,724
Effect on Other Comprehensive 
Income
391
(391)
(8,325)
8,325
7. Financial instruments and net financial 
position
Risk management policies
The Group’s activities expose it to a variety of financial risks, among 
which: market risks (including foreign exchange risk, interest rate risk 
and price risk), credit risk and liquidity risk.
As part of its risk management policy and in order to minimize the 
impact of market risks, the Group also utilizes hedging instruments 
(whereas no instrument is used or held for speculative purposes). 
The Group manages all the hedging transactions centrally.The Group 
has introduced certain guidelines and procedures that govern risk 
management and control all derivative transactions.
(a) Market risk
(i) Interest rate risk
The exposure to market risk arising from changes in interest is 
mainly related to euro rates, the currency in which nearly all Group 
borrowings at floating rate are denominated or converted by virtue 
of the hedging contracts. The Group decided to keep a mix of fixed 
and floating rate debt, taking into consideration also the asset/
liablily management. At 31 December 2023 approximately 25% 
(33% in 2022) of gross indebtedness was at fixed rate, including 
derivatives financial instruments.
The Group analyzes its interest rate exposure on a dynamic basis. 
In particular, the Group simulates its financing requirements and 
prospective generation of cash flows on different scenarios applying 
varying assumptions based on economic expectations, existing 
positions and potential renewals, alternative financing, hedging 
policy and potential refinancing.
Sensitivity analysis:
The potential after-tax effects on the income statement and other 
comprehensive income of a +/-0.5 percentage point change in euro and 
in US dollar interest rates, with all other conditions remaining unchanged, 
applied to the Group’s floating rate borrowings at 31 December would 
have amounted to:
Income – (cost)
2023
2022
+0.5%
-0.5%
+0.5%
-0.5%
Effect on Net Result
1,797
(1,797)
2,672
(2,694)
Effect on Other Comprehensive 
Income
(17)
17
(8)
8
The tax effects were calculated applying the Group’s effective tax 
rates at 31 December 2023 and 2022.
(ii) Foreign exchange risk
Operating an international business, the Group is potentially exposed 
to the risk that exchange rate fluctuations may have on its assets, 
liabilities and cash flows generated outside the euro area. Actually, 
the Group is not heavily exposed to such risk as the risk that arises 
in the normal course of the business is managed through a policy 
of compensating assets and liabilities, using also, when necessary, 
derivative contracts (principally forward foreign exchange contracts). 
Sensitivity analysis:
The analysis included receivables and payables denominated in 
foreign currencies and derivative financial instruments.
At 31 December 2023 and 2022 the potential after-tax effects on the 
net result and on other comprehensive income of a strengthening/
(devaluation) of the euro against the other foreign currencies 
At 31 December 2022
Less than 
1 year
From 2 to 
5 years
Over 5 
years
Total
Borrowings with banks, 
other lenders and finance 
leases 
314,870
262,010
11,979
588,858
Derivative financial 
instruments through 
consolidated profit or loss
772
-
-
772
Put option held of 
minority shareholders
-
9,258
44,628
53,886
Trade and other payables
1,255,820
4,309
-
1,260,129
Total
1,571,462
275,577
56,607 1,903,646
At 31 December 2023
Less than 
1 year
From 2 to 
5 years
Over 5 
years
Total
Borrowings with banks, 
other lenders and finance 
leases 
216,601
366,054
14,451
597,106
Derivative financial 
instruments through 
consolidated profit or loss
1,734
-
-
1,734
Put option held of 
minority shareholders
-
20,000
-
20,000
Trade and other payables
1,273,831
4,763
-
1,278,595
Total
1,492,166
390,817
14,451
1,897,435
Financial 
assets at fair 
value through 
profit or loss
Financial 
assets at 
amortized 
cost
Equity 
instruments 
at fair value 
through 
profit or loss
Financial 
liabilities at 
fair value 
through 
profit or loss
Financial 
liabilities at 
amortized 
cost
Hedging 
derivatives      
assets
Hedging 
derivatives 
liabilities
Fair value
Fair value 
evaluation 
Level
31 December 2023
Equity instruments
-
-
3,613
-
-
-
-
3,613
Level 3
Derivatives (assets)
4,256
-
-
-
-
1,033
-
5,289
Level 2
Other activities at Fair value
253,226
-
-
-
-
-
-
253,226
Level 1
Trade and other receivables
-
880,826
-
-
-
-
-
880,826
-
Cash and cash equivalents and 
financial assets
-
400,048
-
-
-
-
-
400,048
-
Borrowings with banks and 
other lenders
-
-
-
284,628
314,105
-
-
598,733
-
Trade payables
-
-
-
-
1,024,127
-
-
1,024,127
-
Other payables
-
-
-
-
254,468
-
-
254,468
-
Derivatives  (liabilities)
-
-
-
3,497
-
-
543
4,040
Level 2
Total
257,482
1,280,874
3,613
288,125
1,592,700
1,033
543
31 December 2022
Equity instruments
-
-
3,388
-
-
-
-
3,388
Level 3
Derivatives (assets)
7,075
-
-
-
-
45,770
-
52,845
Level 2
Other activities at Fair value
240,361
652
-
-
-
-
-
241,013
Level 1
Trade and other receivables
-
790,697
-
-
-
-
-
790,697
-
Cash and cash equivalents and 
financial assets
-
520,079
-
-
-
-
-
520,079
-
Borrowings with banks and 
other lenders
-
-
-
355,946
464,158
-
-
820,104
-
Trade payables
-
-
-
-
1,000,816
-
-
1,000,816
-
Other payables
-
-
-
-
259,313
-
-
259,313
-
Derivatives  (liabilities)
-
-
-
3,378
-
-
5,070
8,448
Level 2
Total
247,436
1,311,428
3,388
359,324
1,724,287
45,770
5,070
foreseeable future financial commitments, also taking into account 
the Group’s significant generation of cash flows.
At 31 December 2023, the Group held credit facilities expiring in 2025 
of euro 500,000 (with the option of further increase until euro 800 
millions) in addition to cash and cash equivalents in excess of euro 
400,048.
An analysis of financial liabilities and derivatives assets/liabilities by 
maturity is provided in the table below. The maturity buckets are 
based on the period between the year-end date and the contractual 
maturity of the obligations. 
The amounts in the table represent the undiscounted cash flows 
including interest estimated applying year-end exchange rates.
Income – (cost)
2023
2022
+10%
-10%
+10%
-10%
Effect on Net Result
11,481
(11,848)
24,655
(25,365)
Effect on Other Comprehensive 
Income
-
-
-
-
Categories of financial instruments
In order to provide full financial risk disclosures, the reconciliation 
between the categories of financial assets and liabilities as reported 
in the Group financial position and the categories of financial assets 
and liabilities identified in accordance with IFRS 7 is presented below, 
along with the information of fair value evaluation level provided for 
by IFRS 13:

90
91
12/31/2023
12/31/2022
Bank accounts
399,944
519,951
Cash on hand
104
128
Current financial assets at fair value 
253,226
240,361
Banks and other borrowings  (including 
derivatives) - current
(217,163)
(344,061)
Short-term net financial position 
436,111
416,379
Non-current financial assets at fair value 
(including derivatives)
18,488
25,575
Other financial receivable due after 
one year
763
652
Put option held of minority non current
(14,265)
(17,590)
Borrowings - non current
(375,400)
(433,110)
Derivatives financial instruments (liabilities)
(9,145)
(6,521)
Medium/long-term net financial position
(379,559)
(430,994)
Total net financial position
56,552
(14,615)
Operating profit from 
continuing operations 
(EBIT)
301,380
301,380
308,467
308,467
Monetary correction IAS 
29 of the period
-
(2,042)
-
(84)
Operating profit from 
continuing operations 
restated (EBIT) 
301,380
299,338
308,467
308,383
Amortization and 
impariment losses of 
intangible fixed assets 
(continuing operations) 
26,636
26,552
21,742
21,716
Depreciation and 
impairment losses of 
tangible fixed assets 
(continuing operations) 
169,483
167,991
158,761
157,597
Operating profit from 
continuing operations 
before depreciation, 
amortization and 
impairment losses on 
fixed assets (EBITDA)
497,499
493,881
488,970
487,696
During the year, there was no transfer of financial assets or 
liabilities valued at fair value from level 1 to level 2. For the 
valuation techniques of the financial instruments in the level 
2, refer to the previously described note on ‘Accounting and 
valuation policies’.
The market value of borrowings with banks and other lenders 
was determined as follows:
•	
about the floating rate revolving facility, assuming the 
same credit rating, the nominal repayment value was 
used, as the adjustment of future lending rates in line with 
Euribor determined by the markets ensures the substantial 
alignment in values;
•	
with regard to the US dollar fixed rate US Private Placement, 
the valuation method  for the portion qualified as cash flow 
hedge considers the amortized cost converted in euro at the 
current exchange rate; for the portion qualified as fair value 
hedge, the valuation method considers the amortised cost, 
net of the change in value of the hypothetical derivative 
which underlies the hedging relationship, with all amounts 
converted to euro at the current exchange rate;
•	
the unconditioned put options allowed to the minority 
shareholders in regard of the parasocial agreements have 
been booked in the consolidated financial statement and 
valued at amortized cost or net present value by using the 
effective interest method and converting all to the current 
exchange;
•	
for all other borrowings, given the low value and the fact 
that these largely relate to short-term and/or floating rate 
instruments, the carrying value is considered representative 
of their fair value.
The other debt instruments, consisting of Investment Grade 
bonds, they are measured at fair value through consolidated 
income statement.
Regarding equity investments in unlisted companies included 
in the category equity instruments, the Group during the year 
determined their fair values and adjusted accordingly the 
carrying values. Further details are provided in note 6.13.
Net financial position (alternative performance indicator not 
required by accounting standards)
The net financial position of the Group at the year-end represents 
the sum of financial receivables and payables that originated 
respectively from borrowings and deposits, cash, bank and postal 
accounts, securities classified as financial assets at amortized 
cost and fair value through profit or loss and mark-to-market 
derivatives.
The net financial position of the Group as of 31 December 2023 
is positive for an amount of euro 56,552. In the previous year, the 
net financial position was negative for euro 14,615.
Derivatives relating to commodities used in the production 
process, included in the above total, have a positive mark-to-
market of euro 2,983 (positive for euro 16,353 as of December 
31, 2022).
The Group’s net financial position may be summarized as follows:
Capital risk management
The Group’s objectives regarding capital risk management are to 
safeguard the ability to continue as a going concern in order to 
provide returns for shareholders and benefits for other stakeholders. 
The Group also aims to maintain an optimal capital structure to 
reduce the cost of debt.
The Group monitors its capitalization based on the ratio between 
the net financial position and EBITDA. This ratio is an indicator of 
the ability to repay borrowings and is normalized to exclude non-
recurring items.
Below is the analysis of operating profit from continuing operations 
(EBIT-EBITDA):
12/31/2023
12/31/2022
with 
hyperinflation 
IAS 29 effect
with-out 
hyperinflation 
IAS 29 effect
with 
hyperinflation 
IAS 29 effect
with-out 
hyperinflation 
IAS 29 effect
The ratio net financial position to EBITDA at 31 December is the 
following:
8. Disclosures in accordance with IAS 24 
for related party transactions and key 
management compensation
8.1 Key management compensation
Key management with authority and responsibility for planning, 
directing and controlling the Group’s activities are the executive 
and non-executive directors, represented by the Managing Directors 
and Finance Directors of Barilla Holding and the principal Group 
operating subsidiaries.
Total compensation paid to these individuals is presented below:
8.2 Related parties
Transactions with other Group companies and related parties are 
not considered to be uncharacteristic or unusual as they are carried 
out in the normal course of business. These transactions take place 
on an arm’s length basis, where possible taking into account market 
conditions. Further information is presented in the Directors’ Report.
8.3 Fees to Audit company
KPMG S.p.A. has been engaged for a three-year period, from year 
2022 to 2024, to perform the audit of the Consolidated financial 
statements, as required by the Italian law (Article n. 14 Legislative 
Decree 39/ 2010 and articles n. 2409-bis et seq. of the Italian Civil 
Code). 
The 2023 fees in respect of the legal activities for the statutory 
audit of the annual accounts, the other audit services and the other 
assistance services amounted to euro 1,807.
8.4 Relationships with company bodies
The emoluments of the directors of Barilla Holding S.r.l. for the year 
2023 amounted to euro 4,099. 
The remuneration of the Board of Statutory Auditors of Barilla 
Holding S.r.l. related to Group appointments amounted to a total 
euro 362 in 2023.
2023
2022
Short-term benefits
24,196
19,017
Post-employment benefits
2,473
1,012
Other long-term benefits
5,507
8,343
Total
32,176
28,372
12/31/2023
12/31/2022
Net financial position 
56,552
(14,615)
EBITDA *
493,881
487,696
EBITDA/net financial position 
n.a.
0.03
*without hyperinflationary effect as to paragraph IAS 29 - 'Accounting reporting in 
hyperinflationary economies'

92
93
Fifth edition of Good Food Makers: a global open innovation program for Ag-tech and Food-tech startups. Thanks 
to the know-how of the startup Plug and Play in the scouting and selection process of startups, Barilla collaborates 
with entities that, with their ideas, contribute to shaping a more sustainable food future. In the photo, the Nosh 
Bio group, one of the winning teams that worked with Barilla on the theme "fermentation for clean label."

94
95
Appendix 1.
List of companies included in the scope of consolidation
Appendices
Company, headquarter and activity
Currency
Share Capital 
(nominal value)
% Group 
ownership
Through                                       %
Barilla Singapore Pte Ltd
27 Kreta Ayer Road - Singapore (Singapore)
Holding and Trade
SGD
USD
1,000,000
38,000,000
85.00
Barilla International Limited
100.00
Barilla (SHANGHAI) Trading Company Limited
Unit 1902, Floor 19, Hongyi Plaza, No. 288 Jiujiang Road, 
Huangpu District- Shanghai (Cina)  
Trade
USD
15,120,000 
85.00
Barilla Singapore Pte Ltd
100.00
Barilla Middle East FZE 
Office No. LB191803, Jebel Ali – Dubai (United Arab 
Emirates)
Trade
AED
1,000,000 
85.00
Barilla Singapore Pte Ltd
100.00
Barilla Espana S.L.
Zurbano 43 – Madrid (Spain)
Trade
EURO
3,100
85.00
Barilla International Limited
100.00
Barilla Gida A.S.
Askent sokak n.3A Kosifler Plaza D.11 Ataşehir 
– Istanbul (Turkey) 
Production and trade
TRY
409,550,000
85.00
Barilla International Limited
100.00
Barilla Switzerland AG
Zugerstrasse 76B – Baar (Switzeland) 
Trade
CHF
1,000,000 
85.00
Barilla Central Europe Ser-
vice GmbH
100.00
Barilla Sverige AB
Dalagatan 100, 113 43- Stockholm  (Sweden) 
Production and trade
SEK
5,000,000 
85.00
Barilla International Limited
100.00
Barilla Norge AS
Sandvikavegen  55 - Ottestad (Norway)
Trade
NOK
1,952,000
85.00
Barilla Sverige AB
100.00
Barilla Poland Sp. Z.o.o.
ul. Bobrowiecka 8,00-728 – Warsaw  (Poland)
Trade
PLN
14,050,000
85.00
Barilla Central Europe Ser-
vice GmbH
100.00
Barilla Deutschland GmbH
Gustav-Heinemann-Ufer 72 c - Cologne (Germany)
Production and trade
EURO
51,100
85.00
Barilla Central Europe Ser-
vice GmbH
Barilla Sverige AB
89.9002
10.0998
Barilla Australia PTY Limited
c\o Deloitte  Private  PtyLtd  Level  1,  Grosvenor  Place,  
225  George  Street– Sydney (Australia)
Trade
AUD
30,050,000
85.00
Barilla International Limited
100.00
Barilla Netherlands B.V.
Orteliuslaan 1000 – Utrecht (The Netherlands)
Trade
EURO
18,000
85.00
Barilla International Limited
100.00
Barilla Adriatik d.o.o.
Bravničarjeva ulica, 13 – Ljubljiana (Slovenia)
Trade
EURO
50,000
85.00
Barilla International Limited
100.00
Barilla Hrvatska d.o.o.
Radnička cesta 39 - Zagreb (Croatia)
Trade
EURO
10,000
85.00
Barilla International Limited
100.00
Barilla America N.Y. Inc.
Livington County - New York NY (USA)
Production and trade
USD
10,000
85.00
Barilla International Limited
100.00
Barilla Rus LLC
1 Butyrski Tupik 1 Solnečnogorsk - Moscow (Russia)
Production and trade
RUB
661,401,820
74.628725
Barilla International Limited
Barilla Servizi Finanziari 
S.p.A. - Socio Unico
87.0425
0.7560
Barilla Rus Production LLC
Shmatovo rural area, Stupino urban district – Moscow  
(Russia)
Production and trade
RUB
10,000,000
74.628725
Barilla Rus LLC
100.00
Barilla Romania
48 Nicolae Titulescu - Bucharest (Romania)
Trade
RON
45,000
85.00
Barilla Hellas
100.00
Barilla France SAS
30 Cours de l’île Seguin – Boulogne Billancourt (France)
Production, trade and finacial services
EURO
126,683,296
85.00
Barilla International Limited
100.00
Company, headquarter and activity
Currency
Share Capital 
(nominal value)
% Group 
ownership
Through                                       %
Barilla Iniziative S.p.A.
Via Mantova 166 – Parma (Italy)
Financial services 
EURO
2,000,000
85.00
Barilla Holding S.r.l.
85.00
Barilla Iniziative 2 S.r.l.
Via Mantova 166 – Parma (Italy)
Financial services
EURO
10,000
85.00
Barilla Holding S.r.l.
85.00
Barilla International Limited
Harella House 90-98, Goswell Road - London 
(United Kingdom)
Holding Company
GBP
100
85.00
Barilla Holding S.r.l.
85.00
Barilla International B.V.
Orteliuslaan 1000, 3528BD Utrecht (Netherlands)
Financial services
EURO
10,000
85.00
Barilla Holding S.r.l.
85.00
Barilla CO s.r.l.
Via Mantova 166 – Parma (Italy)
Services
EURO
10,000
85.00
Barilla Holding S.r.l.
85.00
3D Food S.r.l.
Via Madre Teresa di Calcutta 3/A – Parma (Italy)
Production and trade
EURO
25,000
85.00
Barilla G. e R. Fratelli So-
cietà per Azioni - Socio 
Unico
100.00
Barilla Central Europe Service GmbH
Fritz-Vomfelde-Strasse 14-20 – Dusseldorf (Germany)
Financial services
EURO
25,000
85.00
Barilla Iniziative S.p.A.
100.00
Barilla G. e R. Fratelli Società per Azioni - Socio Unico 
Via Mantova 166 – Parma (Italy)
Production and trade
EURO
180,639,990
85.00
Barilla Iniziative S.p.A.
100.00
Barilla Servizi Finanziari S.p.A. - Socio Unico
Via Mantova 166 – Parma (Italy)
Leasing company
EURO
30,000,000
85.00
Barilla G. e R. Fratelli So-
cietà per Azioni - Socio 
Unico
100.00
FIRST S.p.A. - Socio Unico
Via Mantova 166 – Parma (Italy)
Commission company
EURO
5,000,000
85.00
Barilla G. e R. Fratelli So-
cietà per Azioni - Socio 
Unico
100.00
FIRST Commerciale S.r.l. - Socio Unico
Via Mantova 166 – Parma (Italy)
Selling company
EURO
10,000
85.00
FIRST S.p.A. - Socio Unico
100.00
Barilla Hellas S.A.
2, Paradeisou Str. – Marousi (Greece)
Production and trade
EURO
7,611,840
85.00
Barilla International Limited
100.00
Barilla America Inc.
191 North Wacker Drive – Chicago, IL (USA)
Production and trade
USD
1,000
85.00
Barilla International Limited
100.00
Catelli Montreal Inc.
151 Yonge Street, Suite 1500 c/o Torkin Manes LLP – Toronto 
(Canada)
Production and trade
CAD
79,000,300
85.00
Barilla International Limited
100.00
Barilla Japan K.K.
9F, 2-7-3 Hirakawacho Chiyoda-ku -Tokyo (Japan)
Trade
JPY
400,050,000
85.00
Barilla Singapore Pte Ltd
100.00
Barilla Do Brasil LTDA
Avenida Brigadeiro Faria Lima 1336 block 121, 12° Andar - 
San Paolo (Brasil)
Trade
BRL
127,937,135 
85.00
Barilla International Limited
99.99
Barilla Servizi Finanziari 
S.p.A. - Socio Unico
0.01
Barilla Austria GmbH
Grabenweg 64 - Innsbruck (Austria)
Trade
EURO
436,000
85.00
Barilla Central Europe Ser-
vice GmbH
100.00
Barilla Mexico S.A. de C.V.
Calzada San Bartolo Naucalpan
360 Col. Argentina Ponente Deleg. M. Hildalgo - Mexico City 
(Mexico) Production and trade
MXN
227,348,096
42.5
Barilla International Limited
50.00
Barilla Acceleration Limited
Goswell Road, Harella House, 90-98 – Londra (United 
Kingdom)
Services
GBP
100
85.00
Barilla International Limited
100,00

96
97
Appendix  2.
List of investments in associated and other companies
Company, headquarter and activity
Currency
Share Capital 
(nominal value)
% Group 
ownership
Through                                       %
BRW S.p.A.
Via Savona 16 - Milan (Italy)
Advertising
EURO
5,440,085
28.577
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
33.620
Food Farms s.c.p.a.
Strada ponte Caprazucca 6/A - Parma (Italy)
Environmental development
EURO
58,000
11.7215
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
13.79
Fiere di Parma S.p.A.
Via delle Esposizioni 393A, Baganzola -  Parma (Italy)
Fair Activities
EURO
25,401,010
0.23919
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.2814
C.E.P.I.M. – Centro padano interscambio merci S.p.A. 
Piazza Europa 1, Fontevivo – Parma (Italy)
Warehousing
EURO
6,642,928
0.323
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.380
Immobiliare Caprazucca S.p.A.
Strada al Ponte Caprazucca 6 - Parma (Italy)
Real estate trade
EURO
7,517,948
0.00002125
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.000025
SOGEAP – Aeroporto di Parma
Società per la gestione S.p.A.
Via Ferretti Licinio 50/A - Parma (Italy)
Other -airport related activities
EURO
110,280
0.527
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.620
Pallino Pastaria Company
2020 124th Ave NE, Suite C-207 – Bellevue, WA (USA)
Production and trade
USD
501,500
9.401
Barilla America Inc.
11.060
Italia del Gusto – Consorzio Export
La gastronomia di marca
Via delle Esposizioni 393/A, Baganzola - Parma (Italy)
Trade
EURO
157,500
2.431
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
2.860
COMIECO
Via Litta Pompeo 5 - Milano (Italy)
Other
EURO
1,161,900
0.000102
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.00012
CO.NA.I.
Via Tomacelli 132 – Roma (Italy)
Other
EURO
15,159,873
0.119
Barilla G. e R. Fratelli 
Società per Azioni - Socio 
Unico
0.140
FASTIGHETSAKTIEBOLAGET TAREDOM
Pumpgatan 5 - Karlstad (Sweden)
Other
SEK
796,700
0.17
Barilla Sverige AB
0.200
STOREBRAND ABA 
Professor Kohts vei 9 - Lysaker (Norway)
Other
NOK
2,250,000,000
0.000255
Barilla Norge AS
0.0003
TÅGÅKERIET I BERGSLAGEN AB 
Bangardsgatan 2, Kristinehamn (Sweden)
Other 
SEK
3,000,000
8.5
Barilla Sverige AB
10.000
Appendix  3.
Currency rates of exchange 
The main foreign exchange rates used to translate the financial statements are set below:
Appendix 4.
Summary of public disbursements in accordance with article 1 of Italian Law n. 124/2017 
Receiving subject 
name
Receiving 
subject fiscal 
mame
Lending subject name
Reeceived 
amount (in Euro 
unit)
Receiving Date
Purpose
Barilla G. e R. Fratelli 
Società per Azioni
01654010345
EUROPEAN UNION
62,269
01/17/2023
Smart protein
Barilla G. e R. Fratelli 
Società per Azioni
01654010345
EUROPEAN UNION
35,123
09/25/2023
HIFLEX
 
 
Total
97,392
 
 
Currency
Average Change
 2023 
Year end 
12/31/2023
AED
Arab Emirates Dirham
3.9710
4.0581
AUD
Australian Dollar
1.6288
1.6263
BRL
Brazilian Real
5.4010
5.3618
CAD
Canandian Dollar
1.4595
1.4642
CHF
Swiss Franc
0.9718
0.9260
CNY
Chinese Yuan
7.6600
7.8509
DKK
Danish Krone
7.4509
7.4529
GBP
British Pound
0.8698
0.8690
JPY
Japanese Yen
151.9903
156.3300
MXN
Mexican Pesos
19.1830
18.7231
NOK
Norwegian Krone
11.42483
11.2405
PLN
Polish Zloty
4.5420
4.3395
RON
Romanian Leu
4.9467
4.9756
RUB
Russian Ruble
91.8432
100.5506
SEK
Swedish Krone
11.4788
11.0960
TRY*
Turkish Lira
32.6531
32.6531
USD
United States Dollar
1.0813
1.1050
* The average exchange rate of the Turkish Lira is equal to the final reference exchange rate for the application of IAS 29 - 'Accounting reporting in hyperinflationary economies’
Company, headquarter and activity
Currency
Share Capital 
(nominal value)
% Group 
ownership
Through                                       %
Barilla Belgium S.A.
Chaussée de la Hulpe 166 - Bruxelles (Belgium)
Trade
EURO
693,882
85.00
Barilla Netherlands B.V.
71.20
Barilla France SAS
28.80
Barilla Canada Inc.
26 Yonge Street - Toronto (Canada)
Trade
CAD
2,010,000
85.00
Barilla International Limited
100.00
BACK TO NATURE FOODS LLC (già BA Brussels LLC)
191 North Wacker Drive - Chicago, IL (USA)
Trade
USD
65,010,000 
85.00
Barilla America Inc
100.00
Pasta Evangelists LTD
14 Bonhill Street– Londra (United Kingdom)
Production and trade
GBP
9,361
63.104
Barilla International Limited
74.24

98
99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Translation from the Italian original which remains the definitive version) 
Barilla Holding Group 
Consolidated financial statements as at 31 December 2023 
(with independent auditors’ report thereon) 
Report of Indipendent
Auditors
 
KPMG S.p.A. 
Revisione e organizzazione contabile 
Viale Giovanni Falcone, 30/A 
43121 PARMA PR 
Telefono +39 0521 236211 
Email it-fmauditaly@kpmg.it  
PEC kpmgspa@pec.kpmg.it 
 
 
(Translation from the Italian original which remains the definitive version) 
Independent auditors’ report pursuant to article 14 of Legislative 
decree no. 39 of 27 January 2010  
To the sole shareholder of  
Barilla Holding S.r.l. 
Report on the audit of the consolidated financial statements  
Opinion  
We have audited the consolidated financial statements of Barilla Holding Group (the “group”), which 
comprise the statement of financial position as at 31 December 2023, the consolidated income 
statement, statement of comprehensive income, statement of changes in equity and statement of cash 
flows for the year then ended and notes thereto, which include material information on the accounting 
policies. 
In our opinion, the consolidated financial statements give a true and fair view of the group’s financial 
position as at 31 December 2023 and of its financial performance and cash flows for the year then ended 
in accordance with the International Financial Reporting Standards endorsed by the European Union. 
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our 
responsibilities under those standards are further described in the “Independent auditors’ responsibilities 
for the audit of the consolidated financial statements” section of our report. We are independent of Barilla 
Holding S.r.l. in accordance with the ethics and independence rules and standards applicable in Italy to 
audits of financial statements. We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion. 
Responsibilities of the company’s directors and board of statutory auditors (“Collegio 
Sindacale”) for the consolidated financial statements  
The directors are responsible for the preparation of consolidated financial statements that give a true and 
fair view in accordance with the International Financial Reporting Standards endorsed by the European 
Union and, within the terms established by the Italian law, for such internal control as they determine is 
necessary to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error.

100
101
Report of Indipendent
Auditors
 
Barilla Holding Group 
Independent auditors’ report 
31 December 2023 
 
The directors are responsible for assessing the group’s ability to continue as a going concern and for the 
appropriate use of the going concern basis in the preparation of the consolidated financial statements 
and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless 
the directors believe that the conditions for liquidating the parent company or ceasing operations exist, or 
have no realistic alternative but to do so.  
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the 
company’s financial reporting process.  
Auditors’ responsibilities for the audit of the consolidated financial statements 
The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 
an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is 
not a guarantee that an audit conducted in accordance with ISA Italia will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be expected to influence the economic decisions 
of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain 
professional scepticism throughout the audit. We also: 
• 
identify and assess the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, 
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control; 
• 
obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the group’s internal control;  
• 
evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors; 
• 
conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we 
conclude that a material uncertainty exists, then we are required to draw attention in our auditors’ 
report to the related disclosures in the consolidated financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditors’ report. However, future events or conditions may cause the group to cease 
to continue as a going concern; 
• 
evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation; 
• 
obtain sufficient appropriate audit evidence regarding the financial information of the entities and 
business activities within the group to express an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion. 
 
 
 
 
Barilla Holding Group 
Independent auditors’ report 
31 December 2023 
We communicate with those charged with governance, identified at the appropriate level required by ISA 
Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit 
findings, including any significant deficiencies in internal control that we identify during our audit. 
Report on other legal and regulatory requirements 
Opinion pursuant to article 14.2.e) of Legislative decree no. 39/10  
The company’s directors are responsible for the preparation of a directors’ report at 31 December 2023 
and for the consistency of such report with the related consolidated financial statements and its 
compliance with applicable law. 
We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to express 
an opinion on the consistency of the directors’ report with the group’s consolidated financial statements 
at 31 December 2023 and its compliance with applicable law and to state whether we have identified 
material misstatements. 
In our opinion, the directors’ report is consistent with group’s consolidated financial statements at  
31 December 2023 and has been prepared in compliance with the applicable law. 
With reference to the above statement required by article 14.2.e) of Legislative decree no. 39/10, based 
on our knowledge and understanding of the entity and its environment obtained through our audit, we 
have nothing to report.  
Parma, 9 April 2024 
KPMG S.p.A. 
(signed on the original) 
Gianluca Tagliavini 
Director of Audit

102
103
Barilla Holding S.r.l.
Registered office and headquarters
Via Mantova, 166 - 43122 Parma, Italy
Share capital: euro 112,720,000.00 fully paid-in
Emilia Company Register, Tax ID
and VAT no. 00489540344
R.E.A Parma no. 134585
Contacts 
Tel. +39 0521 2621
Fax +39 0521 270621
ufficiorelazioniesterne@barilla.com
mediarelations@barilla.com
www.barillagroup.com
	
barillagroup
 Barilla_group
  @barillapeople
Photo
Barilla historical archive
www.archiviostoricobarilla.com
Giampaolo Ricò
www.ricofotostudio.com
Design e layout
The Brand Company (Parma - Italia)
Graphic design map "Barilla nel mondo"
Visualmade (Milano - Italia)
Printing
Pazzini Stampatore Editore SRL

104