Investor Presentaiton
788,7
8,2
73,1
Net Sales and Adj. Ebitda
Import & Distribution
Shipping
Service/holding
Eliminations
NET SALES VARIANCE (M€)
Total change
ADJUSTED EBITDA VARIANCE (M€)
Total change
+0,3 M€
+2,6 M€
+6,6%
+0,04%
789,0
39,2
41,8
-0,6
3,9
0,6
-2,7
1,9
-0,7
1,8
7,5
75,0
17,7
13,8
-0,4%
+2,6%
ns
ns
742,6
740,0
30,0
29,4
m-35,3mm
m-33,5mm
-4,6
-5,2
Net Sales
9M 2020
Import &
Distribution
Shipping
Service/
Holding
i/s
eliminations
Net Sales
9M 2021
Adj. Ebitda Margin %
Adj. EBITDA
9M 2020
5,0%
Import &
Distribution
Shipping
Service/
Holding
Adj. EBITDA
9M 2021
5,3%
Filli
Orsero
QUALITA
GRUPPO
ORSERO
Import & Distribution
Shipping
Service/holding
Net sales 9M 2021 are substantially unchanged compared to LY:
Import & Distribution is down by 2,7 M€, or -0,4% :
Q3 stand-alone posted +1,4% vs LY
▸ Excluding bananas, sales are positive thanks to a good price/mix effect
with extremely lively performance of avocados, kiwi and table grapes
while citrus and apple/pears are still subdued
A
Excellent growth in France, Mexico and Greece, positive performance
in Spain, lower sales in Italy, Portugal
Fresh-cut product line is growing both in sales and margins (also
compared to pre-pandemic levels)
► 2-Yr growth 9M 2021 vs 9M 2019: +5,2%
Shipping improves by 1,9 M€, or +2,6%, thanks to growing transported
volumes (both fresh produce on the eastbound route and dry containers on
the westbound route) partially offset by stronger EUR vs. USD
Service/Holding is down by 0,7 M€ as a consequence of declining sales of
the custom clearance services subsidiary
Inter-segment eliminations are down by 1,8 M€
9M 2021 Adjusted EBITDA is up by 2,6 M€ or +6,6% vs LY, further improving the
margin ratio to 5,3% :
-
Import & Distribution slightly declines by 0,6 M€ vs LY
Q3 2021 compares to an outstanding Q3 2020 but is hugely better than Q3 2019
► France, Greece and Mexico (avocados exported to USA) are delivering strong
results
► Slightly improved results of bananas and pineapples at import stage even if Q3
1/co maritime shipping costs 1,5 M€ higher than LY due to fuel prices
► margins of some basic products are normalizing after a buoyant performance LY
(e.g. apple/pears, citrus and Canary Island banana)
Shipping keeps a strong momentum, posting an increase of 3,9 M€:
CAM Line performance improves on higher carried volumes
► Dry containers revenues are up thanks to better freights and higher volumes
Good customer diversification, captive use at 44%
Service/Holding is down by 0,6 M€ as per sales reduction
Adjusted EBITDA excl. IFRS16 is 36,1 M€ vs 33,2 M€, or 4,6% of sales vs 4,2% LY
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