Q3 2023 Earnings Report for Poultry Segment
EBIT 36.3 million, 9% of revenues
Good progress in optimization efforts resulting in EUR 7.2m lower OPEX QoQ and EUR 8.6m YoY
Operational performance in 3Q23 improving QoQ on a
lower revenue base with price/cost ratio, mix and operating
expenses moving in the right direction
Adjusted EBIT evolution1
EUR m
Gross profit margin was 35.6% in the quarter (2Q23:
35.1%, 3Q22: 36.0%), with price/cost ratio and mix
improving offset by lower project revenues
•
Continued focus optimization efforts, OPEX was 26.6%
(2Q23: 27.1%, 3Q22: 25.7%), against a target of 24%
consisting of SG&A of ~18% and innovation of ~5-6%
S&M 13.5% of revenues in 3Q23 (2Q23: 13.4%, 3Q22:
12.6%), and down EUR 2.1m QoQ and EUR 2.7m YoY in
absolute terms
G&A 7.1% of revenues in the quarter (2Q23: 7.5%, 3Q22:
7.1%) and down EUR 2.9m QoQ and EUR 3.6m YoY in
absolute terms
15.2%
14.6%
70
60
50
40
40
I
marel
13.5%
13.5%
% margin TTM
11.3%
Adjusted EBIT
9.6%
% margin
16%
14%
L
12%
10%
8%
R&D 6.0% in the quarter (2Q23: 6.3%, 3Q22: 5.9%), and
EUR 2.2m lower QoQ and EUR 2.3m YoY in absolute terms
EBIT1 improved QoQ to EUR 36.3m in absolute terms
(2Q23: 33.8m, 3Q22: 46.2m), translating to a sequentially
higher EBIT margin of 9.0% (2Q23: 8.0%, 3Q22: 10.3%)
Improved market outlook supports volume increase,
filtering through of pricing and easing in supply chain and
logistics supports price/cost ratio and gross profit increase,
while optimization and operational improvement actions
support a sustainable lower cost base towards the 14-16%
EBIT level
30
30
20
T
T
6%
4%
10
2%
0
0%
2017
2018
2019
2020
2021
2022
2023
Notes: Operating income adjusted for PPA related costs, including depreciation and amortization, and acquisition related expenses as of Q4 2020. In Q3 2022, Q4 2022, Q2 2023 and Q3 2023, operating income is adjusted for restructuring costs.
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