Investor Presentaiton
9M 2021 RESULTS - ROBUST RESULTS DELIVERY
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COVID-19: all safety measures are still in place, adapting to crisis evolution
Economic and Financial Response
Filli
Orsero
QUALITA
GRUPPO
ORSERO
CORPORATE
BUSINESS
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Supply chain constantly monitored in order to manage inflationary pressure and operational constraints due to international maritime transport
issues (e.g. container shortage, surging freights)
Focus on working capital management, with particular regard to the enhancement of credit collection
Capex in line with planned investments
➤ minor recurring investments on distribution platforms in Europe
some expansion capex in particular in Spain (New warehouse in Tenerife, new market stand and enlargement of warehouse in Sevilla; new ripening centre in Sicily)
Post 9M 2021 closing
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M&A: executed earlier in October 2021 the acquisition of 50% of Agricola Azzurra for a cash consideration of 7,3 M€
Signing of a new 2-year lease contract, relevant for the purposes of IFRS 16, for the fifth reefer ship in use
Market context
Fruit and vegetables consumptions are still overall flat but with mixed results among different products, Q3 shows some signs of recovery after
several months of lagging volumes sold compared to booming sales achieved in H1 2020
Distribution channels are normalizing
Import & Distribution BU
Good sales in absolute value: slightly below (-0,4%) 9M 2020 but largely positive vs 9M 2019 (+5,2%)
➤ Excellent growth in France, Greece and Mexico, positive performance in Spain, lower sales in Italy, Portugal
Volumes are all in all declining while the price/mix effect is positive
➤ Good sales of kiwi, avocado, stone fruits and table grape offset by declining basic products (banana, apple/pear, citrus).
➤ Fresh-cut is gaining momentum leaping the pre-covid levels and over pacing the market trend
Adjusted EBITDA margin of 4,0%, unchanged as last year certain fruit campaigns were closed earlier than usual, i.e. in Q3 instead of Q4 anticipating
a portion of the last quarter results
Shipping BU
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CAM Line is keeping a high level of operational and economic performance, with historically high loading factor
Overperformance of revenues from dry containers carried on the way back from EU to Central-South America
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Adjusted EBITDA margin of 23,6% vs 18,9% LY
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