Technology to feed a growing world 2013 ANNUAL REPORT
Pavan Group - Annual Report 2013
Introduction
This document describes the process of economic, social and environmental reporting that Pavan has adopted in recent years. Its publication stems from management’s desire to make the company’s activity transparent, by analysing not only the economic aspects, but also the social and environmental consequences.
All this is part of a corporate philosophy oriented towards sustainability and the integrated type of management system adopted: quality, safety, environment and social responsibility. This seventh edition contains data and information relating to the entire Pavan Group* updated to December 2013. *Pavan s.r.l., Golfetto Sangati s.r.l., V.AL.IN. s.r.l., Pizeta s.r.l., Tecnel s.r.l.
Pavan Group - Annual Report 2013
INDEX
CEO’s message
5
Outlook on Far East
20
Organisation chart
50
Corporate profile
6
Italgrani U.S.A.
23
Human resources
52
Key figures
8
Golfetto Sangati: not just grain milling
24
Corporate social responsibility
54
Financial results
10
High capacity heat treatment lines
27
Study, sport, culture
56
Added value
12
Case history: Alicorp
30
Sustainability
58
Installations
14
Case history: Barilla Mexico
38
Food Tech Master
62
Middle East
17
Case history: Giuntini
44
Award Winning Excellence
64
When art meets mechanics
19
Directors and auditors
66
Pavan Group - Annual Report 2013
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Our growth drives us to improve products and processes
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Pavan Group - Annual Report 2013
Growth based on innovation A careful reading of the annual balance sheet for 2013 has provided us with a new impulse to continue to grow, innovate and compete. The production value is slightly higher than what was the good result obtained in 2012. In a climate of overall and global economic uncertainty and weakness, the more than 50 plants installed over the year surely represent a positive signal for the future of our firm. In 2013 the macroeconomics structure stabilised worldwide, notwithstanding uncertainty and weakness factors in the fundamentals are still present in many areas. Consequently, the economic climate has considerably improved, particularly in Europe and in the more industrialised countries. On the other hand, the economies of the emerging and developing countries have slightly slowed down their resolute growth, and have been affected by the adjusting processes in the course of exchange rates and of the financial situation. At any rate, the worldwide economic climate at the end of 2013 was definitely more favourable with respect to that of the last few years, and this leads operators to look at the developments in 2014 with optimism. In particular, there have been positive results obtained in the American continent, in the Asian area and in
the Middle East. In European market orders resulted to be better than what had been foreseen, and they have been concentrated particularly on innovative plants in terms of product or process. With an investment that reached the 3% of the turnover, in fact, also in 2013 a major commitment to activities of implementation of innovative industrial processes and new types of product continued to be pursued. Innovation is focused on the development and accomplishment of an automated system for the production and packaging of a product that is traditionally very widespread on the Indian market, a system for the production and packaging of oriental pasta products, a completely innovative system for cutting, piling, and packaging of lasagna. There have been considerably good results in the field of snacks and breakfast cereals, in which new projects have been implemented for the production of cracottes, bread chips and co-extruded products. Another area in which our company has had the opportunity to carry out significant research is pet food. The ever-growing attention to the finished product quality has enabled us to develop a co-extrusion system that is able to offer an extremely accurate product, with limited production costs.
weighing machines, and the horizontal units for snacks or long cut pasta, and in the course of 2013 the first high performance packaging machines were installed.
In the area of packaging we have worked hard to increase performance in terms of packaging speed, for what concerns both the multi-headed
Dr. Andrea Cavagnis Chief Executive Officer Pavan Group
In the milling field Golfetto Sangati seems to be the most dynamic and competitive firm, with a constantly expanding order book. The forecast for this unit is definitely interesting, and it encourages new investments in product innovation and in the organisation structure, with the aim of further increasing competiveness and quality level of the solutions offered. The forecasts and the book order which is already being processed enable us to look with optimism at the objective already set in 2012: to reach or exceed the threshold of 150 millions of Euro for the 2014 turnover, which target seems to be at hand. This growth will continue to drive us to improve our products and our production processes towards the efficiency and innovation standards that will enable us to continue to be an ideal partner for the success of our customers.
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Pavan Group - Annual Report 2013
Corporate profile
The Pavan Group is among the world leaders in the design and engineering of technologies and integrated product lines for cereal-based food.
Today, these companies can operate either individually or jointly under an interlacing strategy covering all production processes.
Our strong and solid organisation operates in the food industry as a global supplier of industrial solutions, from the handling of raw materials to final packaging.
The Group implements a full-service strategy that extends from research and the development of new products, to the design and engineering of manufacturing plants, after-sales training and client services.
We operate in this business through eight prestigious brands: Golfetto Sangati, Pavan, Mapimpianti, Montoni, Toresani, Stiavelli, Dizma and Pizeta, all leading Italian brands in the food processing industry. These brands have become part of the Group due to a far-sighted growth and development strategy, which seeks to broaden both the range of services offered and the product portfolio.
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Over the years, the Pavan Group has strengthened its positioning and brand image thanks to its outstanding quality standards and product performance.
Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
Key figures
Turnover (mlnâ‚Ź) Export quota Training hours Employees
2009
2010
2011
2012
2013
83
107
123
136
139
95%
95%
95%
95%
90%
1831
850
5315
3168
3076
563
597
603
609
686*
*includes GBS China Grain Manufacturing Co. Ltd.
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Pavan Group - Annual Report 2013
BUSINESS UNITS Grain processing
Unloading systems, handling and cereal milling plants
Food processing
Manufacturing plants for pasta, extruded products, convenience food
Packaging
Packaging of food & non-food products
Storage
Storage systems for raw materials and finished products
SALES BY DIVISION - 2013
SALES BY CONTINENT - 2013
4
5
3
4 1 3
2 1
2 1.
Food processing
62% 21%
1. 2.
America Europe
36% 36%
2.
Grain processing
3.
Packaging systems
14%
3.
Asia
13%
4.
Storage systems
3%
4. 5.
Oceania Africa & Middle East
3% 12% 9
Pavan Group - Annual Report 2013
Financial results
2013 k€
2012 k€
2011 k€
2010 k€
2009 k€
139,368
136,111
122,756
107,114
83,438
EBITDA (operating results before interest, taxes, depreciation and amortisation)
23,554
21,719
19,464
17,238
10,636
Operating income
18,482
14,600
12,659
11,593
3,743
EBT (operating results before taxes)
17,059
16,758
12,282
10,342
4,265
Net profit
9,886
10,107
6,548
6,038
1,933
Cash flow
19,354
19,619
15,908
14,906
9,502
Net financial liquidity
37,404
19,653
2,680
20,221
17,252
Shareholders’ equity
52,753
49,492
40,250
35,992
30,343
TOTAL SALES REVENUE
10
Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2012
The creation of added value Overall net added value is a clear expression of the results generated by the Pavan Group, providing an appreciation of the resources distributed to all the stakeholders.
The added value distribution statement presented below describes in detail how this wealth has been distributed between the parties who have actively contributed to generating it.
Added value determination statement A
2013 k€
2012 k€
2011 k€
2010 k€
2009 k€
TOTAL OPERATING INCOME
139,368
138,353
125,618
112,467
84,822
Sales revenue
134,997
136,111
122,756
107,114
83,438
2,822
955
1,463
1,953
(271)
108
0
49
2,074
747
1,441
1,287
1,350
1,326
908
(82,933)
(85,043)
(75,914)
(68,628)
(51,364)
662
(798)
1,560
657
(261)
Purchases of raw materials, supplies, consumables and goods
(65,117)
(65,378)
(61,857)
(51,781)
(36,795)
Services
(17,229)
(17,742)
(14,937)
(16,058)
(13,689)
Leases and rentals
(142)
(140)
(82)
(98)
(57)
Provisions for risks
(167)
(154)
(84)
(164)
0
Write-downs and depreciation
(351)
(395)
(191)
(901)
(269)
Other operating costs
(589)
(436)
(323)
(283)
(293)
GROSS ADDED VALUE
56,435
53,310
49,704
43,839
33,458
Change in inventories of finished products Internal work and other capitalised costs Other revenues and income B
PRODUCTION COSTS Change in inventories of raw materials, supplies, consumables and goods
12
C
2013 k€
2012 k€
2011 k€
2010 k€
2009 k€
694
225
(30)
(134)
(108)
Other income
1,217
755
637
273
355
Other expense
(523)
(530)
(667)
(407)
(463)
(1,040)
1,082
249
181
15
228
1,082
341
182
292
Non-recurring expense
(1,268)
0
(92)
(1)
(277)
OVERALL GROSS ADDED VALUE
56,089
54,617
49,923
43,886
33,365
Depreciation and amortisation
(6,405)
(6,570)
(7,211)
(6,042)
(5,978)
OVERALL NET ADDED VALUE
49,684
48,047
42,712
37,844
27,387
2013 k€
2012 k€
2011 k€
2010 k€
2009 k€
32,625
31,289
30,431
27,502 23,122
22,915
21,761
20,747
18,765 15,929
9,009
8,664
8,356
7,543
6,437
Temporary employment contracts
309
510
988
932
539
Personnel services
316
311
297
233
179
Personnel training
76
43
43
30
37
7,053
6,651
5,715
4,201
2,321
6,141
1,944
OTHER AND NON-RECURRING ITEMS Net other income and expense
Net non-recurring income and expense Non-recurring income
Added value distribution statement A
HUMAN RESOURCES Employment costs Direct remuneration Pension funds and health insurance
B
SOCIAL SYSTEM (direct and indirect taxes)
C
ENTERPRISE SYSTEM (changes in reserves and distribution of dividends)
10,006
10,107
6,566
OVERALL NET ADDED VALUE
49,684
48,047
42,712
37,844 27,387
13
Pavan Group - Annual Report 2013
One year of major projects completed: great satisfaction and new potentiality for our customers, all over the world.
NOR
SOUTH
14
TH ATLANTIC OCEA N
SO
PAC
IFI
C O CE AN
ATLANTIC OCEAN H T U
Pavan Group - Annual Report 2013
NO
RT
H
PA
CI
FI
C
O
D IN
CEAN IAN O
INSTALLATIONS Flour Mills, Dry and Fresh Pasta lines, Snack Pellet lines, Handling and Packaging systems.
>10
5-10
1-4
CE
A
Pavan Group - Annual Report 2013
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The vibrant 2013 edition of “Gulfood” Middle East countries are evolving Pavan exhibited at Dubai’s Fair with from traders into considerable satisfaction worldwide esteemed processors.
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Pavan Group - Annual Report 2013
Middle East food industry: the key path from importing to high value processing. In the recent years the Middle East has turned from a big importer of food and grains to one of the fastest growing food processing industry. Led by the positive model of Egypt - the major food processing center in the area - the governments of most Middle East Countries are encouraging the set-up of food manufacturing plants (around 2$bn invested in the last 5 years). This region is showing a high potential both for local and multinational manufacturers, developing foods that are tailored to Middle East tastes and habits. The food sector is also one of the leading destinations for foreign direct investments, with local processing plants established by multinational companies such as General Mills, Nestle, Kraft and Unilever. The Middle East is a complex mix of nations which are demographically and culturally very different. In this scenario the consumption of processed food is growing for different reasons: in Saudi Arabia the young population (70% under the age of 30) prefers Western style food; in the UAE, Qatar and Kuwait more
than 50% of the population is foreign nationals, appreciating a wide range of tastes. Nevertheless, the high incidence of obesity related diseases (3.5 million with Type II diabetes in the area, 25-30% of the population with obesity in Bahrain and Kuwait) increases the demand for dietetic food in the region; and there is some evidence for a growth in private label products and foods with clean, green safe, ethical and animal friendly credentials. This evolving situation led to a 20% increase in processed food consumption on yearly basis, with peaks of consumer-ready food shares reaching 80% of the whole food sold in UAE and Saudi. In this scenario Pavan had a pioneering view when, in early ‘90s, the company started selling and installing production plants for dry pasta processing in the Middle East Countries. The first plant was completed in the UAE, rapidly followed by several installations in Saudi Arabia, Syria, Iran and Kuwait. In the same years several processing lines for pellet snacks extrusion were installed in Jordan, Yemen, Saudi, Syria, Iran and Lebanon.
Pavan joined Gulfood 2013 in order to demonstrate how profitable the direct processing would be in comparison with simple trade of staple food as dry and fresh pasta, couscous, pasta based ready meals, breakfast cereals and cereal-based snacks. All these food categories have a specific plus that determines commercial success in the Middle East: low price for pasta and couscous, high convenience for ready meals, Western style appeal for snacks, dietetic and healthy properties for nutraceutical pasta and organic breakfast cereals. Covering the complete processing chain from cereal milling to the packaged finished product, with its long term know-how on critical issues for Middle East production issues (water and energy optimization, logistic challenges, hygiene compliance, preservation and customization of the finished product‌) Pavan has been working alongside Middle East business players in order to maximize their profits and help them evolve from traders into worldwide esteemed processors.
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Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
GOLFETTO SANGATI
When art meets mechanics. Opening a new way means overthrowing the existing organisation, imagining it anew, in order to rebuild it. A creative act requires absolute willpower. And this willpower is translated into expressive force. This is the process that supports marketing intervention called �Dark Evoque�, which aims at consolidating and securing a position for the image of Golfetto Sangati trademark, through decisive and characterising integrated communication. The project arises from the will to narrate about the machineries in their purest essence, enhancing their
power and design. The first device, object of this campaign, is Synthesis rollermill, a foremost machine, and the technological heart of the milling process. Metal profiles emerge like pointed teeth from the dominant obscurity. Sharp illumination which makes surfaces and construction materials burst: steel, cast iron, translucent plastic materials.
the substantial and discriminating elements in a first approach to the product. Art meets the machine, and what happens unfolds in a series of steps that illuminate an advanced technology, that of Golfetto Sangati, leading firm in the milling field, with expertise and technical know-how developed over decades of activity at global level.
Every detail is highlighted and narrated, taking the observer to a dimension that leaves aside rationality to give way to emotion. Technical characteristics and product plus features are exalted to provide practicality and to convey
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Pavan Group - Annual Report 2013
GOLFETTO SANGATI
The Far East is not so far away: the transfer of know-how and investments enhance the Chinese production site Located in Miyun, 50 km far from the center of Beijing, the production plant GBS Grain Manufacturing Co.Ltd. represents for Golfetto Sangati a window to the Chinese market. From this factory Golfetto Sangati provides the local customers with on-site technical support and coordinates the installation of some of the main product lines intended for the Asian market. The organizational methods and techniques implemented by the Italian headquarters and a particular attention to the selection of construction materials and suppliers allow GBS Grain Manufacturing Co. Ltd. to look after market areas characterized by a high growth rates, while maintaining the high quality standards typical of the renowned Golfetto Sangati’s technology. The recent investment in cutting-edge production technologies improved the accuracy and timeliness of the in-house manufacturing of GBS Grain Manufacturing Co. Ltd. 20
The production plant, with 66 workers and 8 employees, has been growing significantly and reached in 2013 a total turnover of 8 millions Euro, with an expected double-digit growth in the next three years. The strongest players in the Far East market are relying on Golfetto Sangati for the realization of plants with advanced systems and technologies, capable of ensuring high production capacities and high levels of efficiency. Wudeli Flour Group Baixiang Co. Ltd, Baixiang Hebei Province, belonging to Wudeli Flour Group, has decided to boost its capacity to produce wheat flour destined for the whole of the Chinese market, Tibet included. Currently the largest mill in the world, with a daily output of 28,000 tonnes, Wudeli commissioned to Golfetto Sangati 193 Synthesis rollermills (176 single and 17 superimposed). They will be installed on 4 lines with
capacity of 750 tonnes/24h each. The technology chosen for the purpose is Golfetto Sangati’s Synthesis rollermills, synonymous with ultraprecise milling adjustment, easy to maintain and able to comply with the most stringent health standards. The designing of the plants and machinery was monitored throughout by the company’s Headquarters, while GBS Grain Manufacturing Co. Ltd. took care of the manufacturing process.
Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
GOLFETTO SANGATI
Exporting technology to the U.S. market Italgrani USA, a leading miller of durum wheat in North America headquartered in the center of America’s heartland, St. Louis, MO, renews its state-of-the-art technology by the acquisition of a brand-new line of rollermills Synthesis by Golfetto Sangati. With a production capacity of 1,000 T/24h, the milling plant Italgrani USA is one of the largest durum wheat mills in North America. Built in 1987, and in the following decades it has been periodically renovated in order to maintain its efficiency consistent with maximum levels. In order to meet the needs of a constantly growing market, Italgrani USA has decided to increase its production capacity of durum wheat intended for the entire U.S. market by relying on technology capable of meeting the most stringent health requirements and to allow the maximum accuracy control in the milling process. In addition to the robustness and
construction quality of the machines used, the simplicity and speed of maintenance operations represent a key element ensuring continuous and efficient production for Italgrani. With these objectives, Italgrani has selected Golfetto Sangati (Pavan Group) as an industrial partner for the construction of a grinding mill consisting of 22 rollermills Synthesis controlled by the newest generation of Siemens touch screen interfaces.
The grinding rolls, internally produced at the Italian plant of Golfetto Sangati, are made from centrifugal cast iron with very hard surface; the machines installed at Italgrani are equipped with 1000 or 1250 mm rolls, depending on the milling capacity required; a single belt connects the fast front roll to the slow rear roll by means of a tightening pulley mounted on an eccentric system, ensuring reliability and rapid maintenance.
Designed and built in the Italian facilities of Quinto di Treviso, the Synthesis rollermills have a robust structure with cast iron base to ensure machine stability and lower vibration and structural carbon steel beams that connect the two bases, whereas all the parts that come into contact with the product are made of extruded anodized aluminium.
Golfetto Sangati has been the first to introduce the belt transmission, and continued improving this technology in order to assure the most reliable equipment on the market nowadays.
The machines are provided with an internal double wall with cavity for condensation prevention and acoustic insulation; the internal structure is made of electrically welded stainless steel.
This new system, currently being installed, almost completely replaces the existing rollermills and allows production of more than 1,000 T/24h, placing Italgrani at the top for efficiency, production capacity and quality of the finished product and confirming as one of the leading flour suppliers in the North American food industry. 23
Pavan Group - Annual Report 2013
GOLFETTO SANGATI
Milling technology, not just for grains. An in-depth study of logistics and functional solutions of its plants represents the know-how thanks to which Golfetto Sangati develops specific proposals for their customers, working side by side with them as a technological partner. The firm aims at establishing relationships based on trust, ensuring specialised and qualified consultancy, developing an operation plan that undergoes feasibility studies, and in-depth technical analyses, in order to identify the best solutions and the most efficient technologies. One of Golfetto Sangati’s distinguishing strong points is the ability to develop technologies for milling products other than grains, particular raw materials the processing of which requires specific know-how. CAROB FLOUR In 2013 a series of Synthesis rollermills were developed, which were designed for processing Carob (Ceratonia siliqua) seeds, a plant belonging to the legume family, typical of Mediterranean countries. Carob flour is a natural additive, it represents a hydrocolloid derived from hulling and milling of its seeds, and it is classified in the European list of food additives with mark E410. This hydrocolloid product, 24
called ‘carob’, is a galactomannan. Its structure consists of a chain of mannose with ramifications of galactose, in the ratio of 1:4. It is widely used in the food industry as a thickening, emulsifying, stabilising and jellifying agent for canned products. Thanks to its content of glactomannans, carob is widely used also in cosmetics and pharmaceutical industry as a thickening and emulsifying agent for creams. The whole milling system for carob flour (dropping piping, hoppers, pneumatic manifold, filter, settling cyclones, star valves with rotor and case) is manufactured in stainless steel for food processing, the same applies to all parts of the machines that come into contact with the product, in order to satisfy the most demanding health and safety requirements. The newly designed rollermill is equipped with a bell shaped hopper conceived to enhance product entry inside the machine. Capacitive probes check product level in 8 different reading points, and electronic devices on board of the machine are able to make the speed of the supply rollers suitable with respect to the product level detected and set in the bell shaped hopper.
GRINDING OF SALT Amongst the most innovative projects, the design and accomplishment of a series of Synthesis rollermills developed for salt grinding stands out. These are installed inside a mine, at a depth of 140 metres. These machines, which are manufactured entirely in stainless steel, are able to process various grain sizes of product, between 1 to 5 mm, and they are equipped with a bell shaped hopper specifically developed to enhance entrance of rock salt. The laminating rollers are manufactured with a special material, to ensure the utmost precision and efficiency in grinding, which requires specific technical methods. Competence of personnel, as well as flexibility in the research for more efficient solutions, combined with sturdiness and manufacturing quality of the machines, represent the fundamental elements for choosing Golfetto Sangati as a partner who is able to ensure continuity and efficiency in any production context.
Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
FRESH PASTA DIVISION
High-capacity heat treatment lines Pavan presented new high-capacity (2,400 kg/h) heat treatment lines for fresh filled pasta products. In response to several requests for heat treatment equipment that ensures optimal product care and efficient pasteurization, the Pavan Group have developed and manufactured new high-efficiency and high-capacity production lines. Their new heat treatment system has an output capacity of 2,400 kg per hour (this figure applies to 27g double-sheet ravioli). It has been designed so as to rule out rheological alterations to the product during the processing of thin-sheet pasta with a soft (approx. 60%) filling. The quality of the production process is enhanced by the highly competitive levels of energy efficiency of the equipment. A 50% reduction in steam consumption is achieved thanks to the following features: design of the pasteurization chamber; a flow meter which regulates steam flow (this allows for optimal steam use according to the type and quantity of product); radiant plates with closed steam circuit; extractor hoods with
heat-insulating and metal-detectable curtains. In the pre-dryer and in the newly designed cooler (characterized by a separation between machinery and end product compartments), a lapping ventilation system is used: thanks to the significantly higher air speed, this system makes it possible to maximise the effect on the end product. The sealing and fastening of doors have also been redesigned so as to improve thermal insulation. Since all the machinery of the new HE line has been designed for easy inspection and sanitation, the personnel costs resulting from the need to maintain and clean the equipment have been substantially reduced. For easier access and inside cleaning, the conveyor belt of the pasteurizer can be lifted automatically together with the lid. Stainless steel valves, washable and foam-proof engines and sensors are additional features that allow for a thorough, efficient, and fast cleaning of all the internal components. From a methodological point of view, the focus of Pavan’s approach
is on identifying and ensuring the best industrial solution in order to maximise investment returns. Once the desired characteristics of the end product (i.e. recipes, fillings, shelf life, etc.) have been specified in the initial (technical and technological) phase of the project, one can move on to the next stage which consists in deciding which components to include. Finally, there is a costing phase: it takes the form of a specific business plan during which energy consumption, costs, and investment returns are estimated. Each order is assigned to a specific project manager who supervises and coordinates the various implementation stages so as to make sure that the project is in line with the agreed specifications and on schedule. After delivery and installation, there is a start-up phase which involves a rigorous training of operators as well as round-the-clock after-sales support (including remote online guidance). Thanks to technical features, technological innovation, and a consolidated methodology, Pavan can offer their customers the best returns on their machinery investment. 27
Pavan Group - Annual Report 2013
High capacity heat treatment line (2,400 kg/h)
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Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
CASE HISTORY: ALICORP - PERU 870 tons/day OF DRY PASTA WITH PAVAN HIGH CAPACITY LINES
Alicorp, the Peruvian food processor with an annual turnover of beyond 2 billions of dollars, represents a model of technological and economic technology. The group has been able to significantly increase pasta consumption on the national and international markets, dominating Peruvian market with a portfolio of five prestigious trademarks: Don Vittorio, Alianza, Nicolini, Lavaggi and Sayòn. Within the vivacious Peruvian economic system, observed with the utmost attention from all south
American economies interested in understanding the market dynamics and success factors, Alicorp represents the emblem of fast and firm development within the food industry, a model of growth to be inspired by. The Group began this path of growth starting from 1995, with the acquisition of various firms based in Peru. Firstly “La Fabril S.A.”, subsequently “Nicolini Hermanos S.A.” and more recently “Industrias Teal”. In 1998 they began the manufacturing of a new production site within the
current industrial estate, which was planned from the beginning to be easy to scale. In 1999 the first three high performance Pavan production lines were set to work, applying TAS (Thermo Active System) technology and high standard automated solutions. The high quality of the product, the global efficiency of the system and the production costs reached with the new plant, did not prove to be reproduced in any production units where lines applying other technologies operate, with lower automation levels.
Pavan Group - Annual Report 2013
CURRENT SITUATION AND FUTURE DEVELOPMENTS Until 2004 in Peru the estimated pasta production was 270.000 tons a year, with a per capita consumption of 7 Kg. Over the last 10 years a good 19 new production lines have been installed, thus reaching a yearly production of 460.000 tons, corresponding to a production increase by 70% on a decade basis. In Peru pasta consumption is estimated by 10.5 kg per capita, with 70% of
the production destined to internal consumption and 30% for export. Only a small fraction of the national consumption is represented by imported pasta, which is almost entirely produced by renowned Italian manufacturers. In 2013 Pavan Group confirmed itself as the technological partner of Alicorp, designing and accomplishing the most recent pasta production lines for this Peruvian food industry group. By the end of 2014 the overall plant will host 9 operating production lines,
thus reaching the exceptional daily capacity of 870 tons. The plant has thus become one of the largest pasta production facilities at global level. The process is completely automated, from the arrival of raw materials from the two mills up to packaging of the final product and its subsequent arrangement in pallets. The recipe for success in Peru is linked to the use of innovative technologies, to product quality, and to production efficiency, competitive advantages that the Pavan Group guarantees to its customers.
Pavan Group - Annual Report 2013
TAS HP dryer with 10 different zones with independent temperature and humidity control.
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Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
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Buffer storage section. Single tier 23 minutes resident time
Pavan Group - Annual Report 2013
Final cooling section 35
Pavan Group - Annual Report 2013
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Pavan Group - Annual Report 2013
Two extrusion units with compression screws having a diameter of 260 mm and maximum capacity of 7 tons/hour of short-cut pasta
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Pavan Group - Annual Report 2013
CASE HISTORY: BARILLA MEXICO CONFIRMS ITS TRUST TO PAVAN GROUP
The Barilla Mexico project started in 2002 with specific needs and objectives imposed by Barilla Italy and by Herdez Group, a partner of the Italian Group. The need was that of accomplishing a production site within a reduced period of time, with the ambition to be able to exploit the plant in a flexible way, producing two national trademarks, “Yemina” and “Vesta”, and at the same time reproducing the quality standards of the pasta brand symbol. Barilla Mexico entrusts this challenge to Pavan Group.
An agreement has been reached in July 2002, and it included the supply of three turnkey production lines. This goal was met thanks to attentive project management, newest generation process lines and highly technological solutions. The first production line started in June 2003 and after 3 months the site was able to produce up to 250 tons of pasta a day. The site is certified “Food Safety System Certification 22000” and enjoys the prestigious position to be the first plant of Barilla Group
to obtain this recognition. In 2012 the production was beyond 63.000 tons, to confirm the production efficiency of the plant. With the installation of the recent production line for long cut pasta producing 3500 kg/h and complete of packaging section, Barilla Mexico confirms its trust to Pavan Group and reinforces the strong commercial relations that have linked the two firms for over a decade, honoured in 2013 by Italy-Mexico prize for representative collaboration.
Pavan Group - Annual Report 2013
LINE OVERVIEW PRESS Press model PHP 240 with 2 extrusion screws and long kneading times, according to the standards required by the customer, quadruple spreader to allow for a reduced extrusion speed. DRYING PHASE Pre-dryer with a residence time of 70 minutes and multiple product treatment zones. After the separation zone, the drying is
completed in a final dryer/stabilizer TAS made of 3 physically separated tiers and 9 independent zones of product treatment. The drying phase lasts 4 hours. The product is then treated in a humidifier for 15 minutes and in a separate cooling section for 20 minutes. STORAGE The storage section features 4 tiers to store 6 hours of production. The subsequent pasta cutting unit has a system designed to minimise the percentage of dry scraps.
PACKAGING The packaging section is composed of four high-speed horizontal packaging machines, with integrated checkweigher and metal detector and is followed by 2 dual-infeed automatic cartoning machines.
Pavan Group - Annual Report 2013
Thermo Active System dryer with 3 separate tiers. 9 treatment zones with independent temperature and humidity control 40
Pavan Group - Annual Report 2013
Connection pipes between dryer and thermo-regulation circuits
Overheated water to carry out the high-temperature drying diagram
Storage section: 4 overimposed tiers with independent drive; internal air circulation system; storing capacity of 6 production hours. 41
Pavan Group - Annual Report 2013
42
Pavan Group - Annual Report 2013
Horizontal packaging machine to pack spaghetti in 200 g pillow bags with a speed of 120 bags per minute. Integrated checkweigher and metal detector. 43
Pavan Group - Annual Report 2013
INNOVATION OF PRODUCT AND CUTTING-EDGE TECHNOLOGY TO QUALITY PET FOOD
Giuntini represents a model of technological and production excellence, and is now amongst the main producers of pet food in Europe.
it starts dedicating its expertise also to the four-legged friends with the production of pet food.
With an experience of almost fifty years and the support of Pavan Group’ technology, Giuntini provides food products studied and balanced to any dogs and cats’ needs.
In an ever changing market such as the food industry for pets, research on new products leads Giuntini to implement technologies with high degree of flexibility to produce different types of food.
The company was founded in 1956 in Tuscany as a producer of feed for farm animals. Passion for excellence leads to an enlargement of the structure, which moves to the region of Umbria in 1966, where it continues its innovation and growth process until 1980 when
The technological challenge launched by Giuntini in 2013 concerned the accomplishment of a multi-purpose line able to produce 4 types of different pet food with only one extruder: two different sticks, kibbles of different shapes and dimensions,
stuffed croquettes. These are the finest quality products of Giuntini entire production; the quality levels of the finished product have therefore been a guiding criterion in the choice of productive solutions. The experience of Pavan Group in the production technologies applied to breakfast cereals and snacks has led to the creation of a system able of responding to this important customer’s request. The heart of the system is a twin-screw TT70 extruder used by Pavan for the production of various types of breakfast cereals and it is suitable also for the
Pavan Group - Annual Report 2013
production of co-extruded items. The production line for co-extruded kibbles in fact represents the evolution of pet food, presenting a stuffed product with two different formulations for internal and external coating. Besides the standard dried croquette, which is produced in various formats, the line can produce the “multi-flavor” kibbles, in different colours, thanks to a device for fast production change, which drastically reduces product waste.
Upstream the extruder, the flours are handled by a Golfetto Sangati system. The raw material is produced in the feed mill and fed to the dosing cells by means of a pressurised transport system. The dosing unit consists of 7 main cells, 4 big-bags for special products and an electronic scale up to 500Kg. The dosed product is delivered to a mixing unit to be homogenized. The mixture is then sieved through a single-channel plansichter, to remove any coarse particles.
Also the “Crancy” dental stick is produced with the multi-purpose line, reaching a capacity of approximately 500 kg/h.
The waste product is grounded by means of a hammer mill model MSB-60/60 equipped with a grid with 1mm holes, and then it is conveyed to
the sieving area by means of a suction pneumatic line, consisting of filtercyclone and high-pressure blower. The finished mixture is conveyed to a deposit cell feeding the TT extruder. The whole flour section is served by a general suction line complete with LPF bag filter. Downstream, instead, the process differs according to the product. After extrusion, which occurs with pre-defined inserts to differentiate shapes and dimensions, according to the finished product line, the kibbles are conveyed to the dryer by means of a pneumatic suction system. This is a specific model with direct gas
Pavan Group - Annual Report 2013
burner capable to reach particularly high temperatures. The product is then deposited on a vibrating screener equipped with weighing system: part of the powders is removed and the real production capacity is verified, in order to adjust the following greasing system.
46
The product is subsequently led, through a screw, to a static cooler, which stabilize the product, and subsequently it is conveyed to the first storage area, in big-bags.
The production of stuffed kibbles is done by inserting a specific filling group, which allows the co-extrusion; after cutting, the product is introduced in a ginning unit that separates the pieces before the drying and cooling stages. The sticks, extruded in groups of 6 or 18, depending on the type, are conveyed by belt directly to the cutting unit, that, besides determining the length, embosses the grooves which enable the break-up of the product as desired by the customer.
In this production it is not necessary any further drying or additive treatment, and the product is directly pre-stored in bags.
Pavan Group - Annual Report 2013
Dosing group, consisting of 7 main cells, 4 big-bags for special products and electronic scale.
Hammer mill MSB-60/60
Drying and cooling system
47
Pavan Group - Annual Report 2013
48
Pavan Group - Annual Report 2013
TT70 Extruder, able to produce 4 types of different pet food, two different sticks, kibbles of different shapes & dimensions and stuffed kibbles. 49
Pavan Group - Annual Report 2013
PAVAN GROUP HEADQUARTERS
PAVAN GROUP ORGANISATION CHART
ADMINISTRATION
CORPORATE MARKETING
PURCHASING
MANAGEMENT CONTROL
IT
FINANCE
QUALITY
PAVAN
TORESANI
MAPIMPIANTI
Dry pasta
Fresh pasta
Extruded products
Sales area
Sales area
Sales area
Technical area
Technical area
Technical area
MONTONI
50
COMPANY SECRETARY’S OFFICE
DIZMA & STIAVELLI
Die cutting systems
Packaging division
Sales area
Sales area
Technical area
Technical area
Pavan Group - Annual Report 2013
Flour milling & grain handling
V.AL.IN.
PIZETA
Innovative food products
Food industry equipment
Sales area
Sales area
Sales area
Technical area
Technical area
Technical area
Purchasing
Quality
Purchasing
GOLFETTO SANGATI
Administration
TECNEL
Finance
Systems for automation
Sales area Technical area Purchasing
51
Pavan Group - Annual Report 2013
Human resources
Pavan is committed to meeting the expectations of the people who animate the company, by creating a work environment able to attract, keep and exploit talent. Several years ago Pavan started a policy of systematically listening to its employees via the constant exchange of information and suggestions. This is the way to achieve shared objectives. The value of Pavan is the value of its people, and the company is well-aware of this: the tools provided by the Personnel Recruitment and Training function results in the placement of qualified resources in each role, the spreading of a performance culture, the careful management of remuneration policies, and the ongoing development of leadership skills. The process of change that has marked the recent history of Pavan is attributable, in part, to the coordination and effective contribution made by the Personnel Recruitment and Training function, which implements and maintains systems and procedures (selection and placement, assessment, growth, training, salary review and 52
succession planning) in line with company expectations to support the professional growth of all personnel. The creation of a friendly, stimulating and challenging work environment is among the company’s primary objectives: each individual is at the centre of every Pavan Group resource management policy.
686 EMPLOYEES
TRAINING
HOURS OF TRAINING PROVIDED
3.076
Sales and administration
520
Safety
1.127
Technical area
1.429
Number of persons attending training
245
Pavan Group - Annual Report 2013
CONTRACT TYPE
DISTRIBUTION BY GENDER
2
1
1.
Open-end
94.2%
1.
Women
14.2%
2.
Fixed time
5.8%
2.
Men
85.8%
2
1
DISTRIBUTION BY AGE
4
3
45.0
15.7
Average age
Average seniority
26
78
Employees with over 35 years of company seniority
Increases in level and recognitions
1
1.
< 35
12.7%
2.
35 < 45
33.7%
3.
45 < 55
35,1%
4.
> 55
18,5%
2
Development Project The Development Project outlines the activities that the company has identified in order to improve procedures for selection and placement of Human Resources with high potential, destined to become the future management team. Cyclically, the selection process will consider new graduates and young people with diplomas from technical and engineering studies (mechanical,
electro-technical/electronics, chemistry, agricultural, etc.), who have obtained their educational qualifications with marks of at least 95/110 or 80/100. In addition to their specific skills, a careful assessment will be made of the growth potential expressed by them and any aspects of their personality that may affect their expected professional growth. In addition to the already proven selection activities, a psychological type assessment will also be carried
out by qualified experts linked to the company and appropriately documented. Once the selection and recruitment stages are completed, new employees will begin a targeted professional career path that will follow some newly set out fundamental criteria. At the end of a period of 4 or 5 years, the Resources that have attained an adequate level of professional competence and managerial skill, will be given responsibility for a function. 53
Pavan Group - Annual Report 2013
Corporate social responsibility For the Pavan Group, sustainability means offering innovative products and plants with maximum attention to all the effects of its activities on the surrounding environment, and on all stakeholders who gravitate around the Group, with the aim of consolidating a business model that creates value for all. We are aware that every activity carried out and every decision taken involves economic, but
also social, consequences. No matter where in the world, we ensure transparent and fair behaviour towards our colleagues, customers and suppliers. For us, respect for people, shared social values and the commitments made, is a rule of conduct essential to developing sincere, lasting and profitable relationships.
PAVAN’S SOCIAL COMMITMENT
In addition to projects aimed at fighting malnutrition and starting sustainable growth models, Pavan firmly believes in the potential of voluntary work and associations. The sponsorship programme includes several social projects. ”Chernobyl Project” On the initiative of families and local associations, a number of children from Belarus who are affected by the radiation effects of the toxic cloud from Chernobyl are hosted every year during the summer period. Their stay in Italy allows them to receive health care and, at the same time, to enjoy happier environments and situations. Pavan supports the initiative by contributing to the airfares of these children. ”Casa della Sussidiarietà” A three-year project providing for the construction of a centre for terminally ill young people at the ”Opera Immacolata Concezione” of Padua has been financed. 54
”I Ragazzi del Sole” A project aimed at the integration, independence and socialisation of children with disabilities. ”Comunità di San Patrignano” The objective of this community is to take care of and cure marginalised people and drug addicts, without any social, political or religious discrimination. ”Run For Children” This event financed ”Fondazione Istituto di Ricerca Pediatrica Città della Speranza”, a leading foundation in the research and treatment of infant leukaemia. Pavan was an active sponsor of the event and encouraged the participation of its employees by organising a company team. ”Seniores Italia” Non-profit association that promotes the cooperation between professionals and organizations involved in the development of local production system in the emerging market countries.
”AVIS” Avis is a voluntary association founded by those who donate their blood on a voluntary basis, free of charge, regularly and anonymously. It is an entirely nonprofit association pursuing goals of human solidarity. ”La caramella buona” ”La caramella buona” is a non lucrative and social utility organisation against paedophilia. Since 1997 the activity has been focusing on prevention and repression of the crime of paedophilia, of individual sexual abuse, of stalking against women. More specifically, this Onlus takes care of legally protecting the injured parties in trials where charges have been made to sex offenders, and to provide qualified care to the victims of abuse, as well as to their families. This association provides training for the various figures involved in the care of victims, and promotes phenomenon prevention activities by conveying relevant information to parents, adolescents, and children. The Onlus runs the network of ”Case Buone”, apartments for free of charge first aid reception for women and children in emergency conditions.
Pavan Group - Annual Report 2013
RESPONSIBILITY TOWARDS CIVIL SOCIETY
RESPONSIBILITY TOWARDS HUMAN RESOURCES
Creating a network of knowledge, for the mutual growth of all parties involved. Pavan aims to include in the network the most authoritative active parties, providing them with culture and tools in order to contribute towards the sustainable development of local farm to food supply chains. With this objective, the company has established collaborations with non-profit humanitarian organisations, institutions and associations. Among the many projects already implemented,
Pavan makes an equipped gym available for all employees wishing to improve their physical and mental well-being, assisted by a dedicated personal trainer.
Run For Children 2013
particularly noteworthy is the long cooperation (over 25 years) with some of the most authoritative accredited international organisations: FAO (Food and Agriculture Organisation), UNDP (United Nation Development Programme), UNIDO (United Nations Industrial Development Organisation) and WFP (World Food Programme). The commitment alongside them is aimed specifically at starting projects and feasibility studies to increase the level of nutrition and improve the quality of life in developing countries.
In the last sports season, pre-skiing, pilates, functional training, tonic energy and M.E.T. (metabolic exercise training) courses were organised with the participation of over one hundred employees. Activities also included cycling competitions such as the â&#x20AC;?San Luca Trophyâ&#x20AC;?.
San Luca Trophy 2013
55
Pavan Group - Annual Report 2013
Study, sport, culture PROMOTING KNOWLEDGE
PROMOTING SPORT
PROMOTING CULTURE
For the children of its employees, every year Pavan offers Study Scholarships for upper secondary school students and university students who stand out for excellence in technical and scientific subjects.
Team spirit is one of the values characterising the organisational structure of Pavan. Sport as a metaphor for cooperation and the importance of the role of each individual, leads Pavan to support regional initiatives of international importance. Pavan is a sponsor of the Petrarca Rugby team. The company’s sole objective, for non-profit purposes, is to promote sport, training and the preparation of athletes, above all from a civil and moral standpoint, as well as the management of rugby teams.
This commitment to the cultural field is based on the conviction that experience in this area encourages qualities and characteristics that are all-important in the field of work: creativity, intellectual interest, openness to new experiences and the ability to interact with the others.
In 2013, two scholarships were granted for University students and three for High school students.
56
In this perspective, the Pavan Group sponsors the concert activities of ”I Solisti Veneti” in the context of the ”Veneto Festival”.
Pavan Group - Annual Report 2013
57
Pavan Group - Annual Report 2013
Sustainability according to rigorous environmental friendly, social and economic standards.
internal processes: in 2012 an internal campaign has been activated to limit the paper usage, especially by digitalizing archives and optimizing the utilization of each sheet. Furthermore, since 2008 all brochures and leaflets have been printed on certified FSC paper, a mark that identifies the products containing wood coming from forests managed in a correct and responsible way
Pavan shares a strong commitment to protect the environment and scarce resources, now and for future generations, improving efficiency in operations and involving all suppliers to continuously optimize the environmental performance of Pavan equipment along the entire value chain. This effort is oriented also towards
In 2013 water, methane gas and paper consumption have been significantly reduced. Furthermore the recent investment in the photovoltaic system installed at Golfetto Sangati, allowed a substantial decrease of CO2 emissions.
WATER CONSUMPTION (in thousands of m3)
0
1
2
3
4
5
6
7
8
7,162
2013
8,450
2012 2011
8,742
2010
8,767
20 TURNOVER (mlnâ&#x201A;Ź)
58
9
40
60
80
100
120
140
160
Pavan Group - Annual Report 2013
ENERGY CONSUMPTION (in millions of kWh)
0
1
2
3
2013
4
2.51
2012
3.3 2.94
2011
2.76
2010
20
40
60
80
100
120
140
TURNOVER (mln€)
METHANE GAS CONSUMPTION (in thousands of m3) 0
100
200
300
400
500
600
700
360
2013
684
2012 600
2011 2010
450
20
40
60
80
100
120
140
TURNOVER (mln€)
59
Pavan Group - Annual Report 2013
PAPER CONSUMPTION (in tons) 0
2
4
6
8
10
12
7.6
2013
8.6
2012 2011
8.8
2010
11.7
40
80
100
120
140
2013
2012
2011
2010
119,410
199,625
185,435
120,580
1,085
1,620
1,385
1,885
250
460
0
0
27,814
46,706
22,037
17,268
TURNOVER (mlnâ&#x201A;Ź)
WASTE DISPOSAL (in kg)
Disposal of chips, dust, ferrous and non-ferrous material particulate Disposal of aluminum Disposal of copper, bronze, brass Disposal of wood and metal packing The data covers the factories at Galliera Veneta, Quinto di Treviso and Manfredonia. The 2010-2011 data has been updated using this criterion
60
Pavan Group - Annual Report 2013
â&#x20AC;&#x153;
In 2013 water, electricity, methane gas and paper consumption have been significantly reduced.
â&#x20AC;?
61
Pavan Group - Annual Report 2013
Sharing knowledge FOOD TECH MASTER Promoting knowledge, as well as creating international relation networks: this is the inspiration guiding Pavan School of Food Technology, which in 2013 brought successfully to an end two editions of Food Tech Master. More than 80 students coming from all over the world took part in two courses on production technologies for Snack Pellet and Dry Pasta. Lessons were held in the Conference Centre at Pavan Group Headquarters. Training ever more qualified experts is a challenge that the Group determines to face and win over, keeping professionals in the sector updated (installation managers,
production managers, Research and Development directors, Quality Control supervisors and production technicians), as well as training new entry professional figures. The didactic offer was structured in such a way as to provide a sound theoretical base, with the introduction of elements of chemistry, physics and rheology. The training course then proceeded to exploring the more practical aspects of system operation, with organoleptic and sensory evaluation tests, the production of pasta by pilot systems operating in the R&D area, and through visits to industrial installations where applied technologies with fully operational production activities can be observed.
Lessons were held by experts coming from Universities, institutions linked to the academic world and by process engineers of Pavan Group. A strong point of Food Tech Master sessions is the capability to involve students, creating a cohesive study and work group during the training course, which can then be translated into a network of relationships that goes beyond the training experience, and which is useful for the future pathway of all participants. For this purpose, the official blog offers the students’ community the opportunity to exchange ideas and experiences. For further information visit www.foodtechmaster.com/
ACADEMIC WORLD
Constant research by Pavan is supported by several relationships with Universities and the academic world. Specific projects and research activities are carried out with: • University of Udine (Department of Food Science) • University of Calabria (Department of Modelling for Engineering) 62
• D.I.S.T.A.M. (Department of Food Science and Microbiology) of the University of Milan. • Experimental Institute for Grain Growth of Rome. • National Institute for Research of Food Products and nutrition of Rome. • University of Molise (DISTAAM Department of Food Technology).
• TecnoAlimenti of which Pavan is co-founder. • U.C.M.A. (Union of Manufacturers for the Food Industry), within which Pavan has promoted the definition of ”European Standards” for the safety of systems for the production of fresh pasta.
Pavan Group - Annual Report 2013
“
Sharing knowledge is our main purpose
”
63
Pavan Group - Annual Report 2013
Award winning excellence Financial reliability Cribis Dun & Brandstreet, a worldwide leading firm in the field of credit and business information, awards Pavan Group a rating 1 ”Index of utmost reliability”, which is by nature a dynamic value relevant to the firm overall situation. This appreciation, which is an indication of the significance and riskiness of a firm, has been awarded based on the
analysis of payment transactions, of financial flows, of payments patterns, and in general on the company’s capital strength. Pavan represents an exception when comparing its performance with other firms operating in the same field: the average sector rating based on the analysis of around 1600 companies,
has been valued at level 3, whereas in a recent observation period (24 months), the value for Pavan had always showed stable on level 1. This award represents a further confirmation of Pavan Group’s reliability, increasing trust in its suppliers, customers and stakeholders when establishing and reinforcing durable and reciprocating profitable relationships.
of innovative products, such to determine competitive advantages on international markets. Amongst the most recent accomplishments by Pavan Group, the first mechatronics application is undoubtedly interesting, whereby a logical approach (PLC), Motion and display view (HMI) are combined in an only device for motion control, centralised through the EtherCAT network. This automation architecture defined ”controller based” has been adopted for the development of a new machine for pasta sheet kneading (MS800),
commissioned by a prestigious French producer. This required synchronisation of cutting, piling, handling of piles in a dynamic way, with the flat pasta production line speed which had recently been installed. With the use of electronic cams, it has been possible to increase productivity and dynamics in all the non linear movements, transforming the data of the linear path in profiles of curvilinear motion. Thus, the right cycle speed has been achieved on a continuous production cycle such as that of pasta sheet, ensuring a correct performance of the product pile, ready for sale.
Technological innovation With the awarding of the Mechatronics 2013 Prize, innovative leadership as well as the ability to take technology into the world was recognised for Pavan Group during the seminar ”The Factory of the Future and Internet of Things – innovating boundaries of mechatronics technologies” Reggio Emilia – Italy. The prize highlights Pavan Group’s mechatronics technology culture, and draws attention to the solutions which have enabled the development
Strength in commercial relationships The Italy – Mexico 2013 prize awarded to emerging food industry Herdez, the Mexican partner of Barilla Group, which is a pasta symbol trademark for a firm that has always been using Pavan Group production technology, highlights an activity of close cooperation, which has favoured 64
the creation of strong commercial relationships. This excellent alliance ensures utmost visibility for Pavan’s presence on the market, thus contributing to providing a winning image and support for future commercial activities in the Americas.
The Italy-Mexico prize underlines the value of Italy’s enterprising activities in Mexico, as well as the importance of tight and ever-increasing trade bi-lateral relationships, of which also Pavan Group is a protagonist.
Pavan Group - Annual Report 2013
65
DIRECTORS AND AUDITORS
PAVAN s.r.l.
PIZETA s.r.l.
BOARD OF DIRECTORS
BOARD OF DIRECTORS
Chairman: Angelo Ferro
Chairman: Andrea Cavagnis
CEO: Andrea Cavagnis
CEO: Pietro Zanetti
Director: Giulio Castelli
Director: Claudio Zavatta
Director: Fabio Cosmo Domenico Canè Director: Gaetano Terrin
TECNEL s.r.l.
BOARD OF AUDITORS
BOARD OF DIRECTORS
Chairman: Roland Rabanser
Chairman: Andrea Cavagnis
Auditor: Maurizio Corvaja
Managing Director: Nicola Tiatto
Auditor: Maurizio Salom
Director: Pasqualino Cauzzo
AUDITORS Deloitte & Touche
VALIN s.r.l. BOARD OF DIRECTORS
GOLFETTO SANGATI s.r.l.
Chairman: Andrea Cavagnis
BOARD OF DIRECTORS
CEO: Mauro Costa
Chairman: Andrea Cavagnis
Director: Mauro Criscuolo
CEO: Claudio Zavatta
Director: Pasqualino Cauzzo
Director: Pasqualino Cauzzo
AUDITORS
AUDITORS
Deloitte & Touche
Deloitte & Touche
66
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