The Numbers Don’t Build a Company. People Do.

ESG-ITALY grew from around €3 million in 2023 to more than €9 million in 2025. CFO Roberto Papini explains why the figures are the final chapter of value creation—not the first.

Ask a Chief Financial Officer what drives a company’s growth and you might expect to hear about revenue, margins, cash flow or return on investment. Roberto Papini starts somewhere else.

“For a CFO, numbers are fundamental. But on their own, they are not enough to tell the real value of a company.”

Having joined ESG-ITALY during its start-up phase, Papini has witnessed the company’s transformation into an international General Contractor for the snack industry. While financial performance naturally matters, he believes numbers should never be mistaken for the reason behind success. They are the result of years of strategic decisions, managerial discipline and continuous improvement. They show what happened—but they do not explain what made it possible.

A Number Worth Noticing—But Not Worshipping

When Papini joined ESG-ITALY, the company was still in its start-up phase. In 2023, revenue stood at around €3 million. By 2025, it had exceeded €9 million.

“Tripling turnover in just two years is far from ordinary, especially when combined with healthy profitability and a solid economic, financial and equity position.”

The figures are certainly impressive, but Papini believes they should be interpreted as the consequence of a much broader transformation.

“The company has grown while remaining true to its values, progressively expanding its expertise and operational capabilities, and entering new international markets. Internationalisation is probably the greatest challenge, but also the main driver of long-term growth.”

Another factor has been equally important.

“ESG-ITALY has preserved the flexibility typical of SMEs, allowing the company to adapt quickly to changing market conditions.”

Growth, in his view, is not the objective itself. It is the natural outcome of an organisation becoming more capable, more resilient and better prepared to create value over time.

The Company Behind the Balance Sheet

Financial results tell only part of the story. Behind every balance sheet is an organisation capable of delivering increasingly complex projects with consistency and reliability.

Today, Papini describes ESG-ITALY as a solid and credible company, recognised for its ability to manage every stage of a snack production project—from engineering and installation to commissioning and post start-up optimisation—supporting customers until the plant reaches full operational performance.

But when discussing the future, he quickly shifts the focus from finance to management.

“One of the objectives of every forward-thinking entrepreneur should be to build a company capable of growing independently of the people who founded it. That is the real guarantee of continuity and long-term development: managerialisation.”

For Papini, this is the challenge that defines whether a business can truly last. Entrepreneurial intuition may create momentum, but sustainable growth requires people, processes and managerial structures capable of carrying the company forward well beyond its founders.

Two Founders, One Operating Model

According to Papini, much of ESG-ITALY’s evolution has been driven by the complementary strengths of its founders.

Before launching ESG-ITALY, Stefano Rizzato and Giuseppe Muraca built their careers in leading multinational companies within the snack industry. They transformed that managerial experience into an entrepreneurial project, combining structured management with the flexibility and determination required to build a growing international company.

“In my opinion, the best entrepreneurs are those who successfully combine strong managerial skills with an entrepreneurial mindset,” says Papini.

This balance between managerial discipline and entrepreneurial vision has shaped ESG-ITALY from the very beginning and continues to influence the way the company manages projects, supports customers, and pursues sustainable growth.

“Stefano Rizzato and Giuseppe Muraca represent a winning combination of strategic vision, managerial expertise and entrepreneurial capability. Stefano is primarily focused on business development and market relationships, while Giuseppe excels in project management and operational organisation. This integration is one of the company’s main success factors.”

In his view, strategy and execution are inseparable. One creates opportunities; the other transforms those opportunities into successful industrial projects. It is this balance that has allowed ESG-ITALY to grow while maintaining both agility and operational excellence.

Dubai Is Not a Pin on the Map

Internationalisation is often described as expansion. In reality, it is a commitment. Entering new markets means building credibility, investing in local relationships and adapting to different business environments.

For this reason, Papini considers ESG-ITALY’s decision to establish a company in Dubai one of its most significant strategic choices.

“The decision to invest in the Middle East and establish a company in Dubai demonstrates courage, international vision and the determination to seize opportunities in complex but highly promising markets. It will certainly be a challenging journey, but I believe it will become one of the company’s main drivers of future growth.”

For him, international growth is not measured simply by opening new offices, but by creating a long-term presence capable of supporting customers wherever they operate.

Cash Is Not a Trophy. It Is Strategic Freedom.

Every CFO has a principle that guides financial decision-making. Papini’s can be summarised in three simple words.

“Cash is King.”

According to him, ESG-ITALY’s positive net financial position has enabled the company to finance its growth primarily through internally generated resources, while maintaining the flexibility needed to respond quickly to new opportunities.

“Net liquidity is an important source of stability and competitiveness. It allows the company to face more challenging market conditions with confidence while being ready to seize new opportunities whenever they arise.”

Behind that stability lies disciplined treasury management, supported by continuous cash-flow monitoring and long-term financial planning. Financial discipline, in Papini’s view, does not limit ambition—it makes sustainable ambition possible.

The Number That Matters Most

Towards the end of the conversation, Papini returns to the principle that best summarises his philosophy.

“Economic results are the consequence of many factors built over time: the quality of management, the competence and motivation of people, operational excellence, strong customer relationships, efficient processes, sound risk management and the courage to embrace new challenges.”

Too often, companies judge themselves only through short-term financial performance. Papini believes the real indicators of future success are built much earlier—in leadership, organisational quality and the ability to think beyond immediate results.

“Real value creation comes from quality, sustainability, vision and long-term thinking.”

For Roberto Papini, financial statements remain essential. They measure performance, confirm progress and provide direction. But they are not where a company’s story begins.

The real value of a company is built long before it appears in the numbers.