La Doria S p A : BoD approves the Interim Report at 30 September 2021 See Attachment View research

PRESS RELEASE

LA DORIA - Board of Directors approves the Interim Report at September 30, 2021.

Very strong 9M results, beating expectations and with even further operating margin growth on the excellent 9M 2020 performance.

The Group continued to grow strongly in Q3.

Continued focus again in 9M 2021 on employee safety and operating continuity to ensure supply to the market in a period still impacted by the health emergency.

Highlights:

• Consolidated revenues substantially stable in 9M 2021 at Euro 631 million (Euro 633.4 million in 9M 2020). Consolidated revenues in Q3 of Euro 207.1 million (+8.1% on Euro 191.6 million in Q3 2020).
• 9M EBITDA of Euro 68.2 million, +20.6% on Euro 56.5 million in 9M 2020; EBITDA margin increasing from 8.9% to 10.8%.
  Q3 EBITDA up 18.6% to Euro 26.5 million (Euro 22.4 million in Q3 2020), with EBITDA margin rising from 11.7% to 12.8%.
• 9M EBIT of Euro 52.8 million, +21.4% on Euro 43.5 million in 9M 2020; EBIT margin increases from 6.9% to 8.4%.
  Q3 EBIT up 18.6% to Euro 20.9 million (Euro 17.6 million in Q3 2020), with EBIT margin increasing from 9.2% to 10.1%.
• 9M net profit of Euro 37.6 million, slightly increasing on Euro 36.6 million in 9M 2020, with this year impacted by exchange losses.
  Quarterly net profit of Euro 16.5 million, up on Euro 10.9 million for Q3 2020, also thanks to exchange gains.
• Net debt of Euro 90.5 million (Euro 82.4 million at 30.06.2021 and Euro 140.2 million at 31.12.2020).
• Gearing at 0.28x, stable on June 30, 2021 and improving on 0.48x at December 31, 2020.

***

Angri (SA), November 12, 2021 - The Board of Directors of La Doria S.p.A., leader in the production of tomato-based products, ready-made sauces, pulses and fruit juices for supermarket private labels, today approved in Angri the additional voluntary financial reporting presented as the Interim Report at September 30, 2021.

La Doria S.p.A. - Via Nazionale, 320 - 84012 Angri (SA) - Tel. [phone] - Fax [phone] - www.gruppoladoria.it

Exporters' Role No. 398 - Salerno R.E.A. c/o C.C.I.A.A. No. 147593 - VAT No. IT 00180700650 - Share Capital € 46.810.000,00 (fully paid-in)

Facilities: ANGRI (SA) - Via Nazionale, 320 - Tel. [phone] | FAENZA (RA) - Via Emilia Ponente, 4 - Tel. [phone]

SARNO (SA) - Via Sarno-Palma (SS 367) Km. 16,400 - Tel. [phone] I FISCIANO (SA) - Via Poìcbreccìa, 1/5 - Tel. [phone]

PARMA (PR) - Viale delle Esposizioni, 79/A - Tel. [phone] |

The domestic and international environment continued to be impacted in the first nine months of 2021 by the pandemic emergency and the continued restrictions to prevent the spread of the virus, although by the second quarter an improvement was seen in the health crisis thanks to the vaccination campaign and an easing of the containment measures.

Ensuring market supply and employee safety were again the La Doria Group's priorities in the period and, in this latter regard, in accordance with the provisions issued by the competent authorities, specific measures to reduce the risk of infection were applied.

The company was also involved in the COVID-19 vaccination campaign for its employees, using specially dedicated company areas.

Amid this still extraordinary environment, the operating-financial results for 9M 2021 appear very strong.

Revenues were substantially stable, despite the normalisation of domestic food consumption in comparison to the peak of 2020, following the outbreak of the pandemic and the HORECA channel closure - mainly from March - which sharply drove demand and packaged food product retail sales.

With regards to the Group's business macro-areas (industrial and trading), the manufacturing activity of the parent company La Doria S.p.A. and the subsidiary Eugea Mediterranea S.p.A. performed in line with forecasts, with a 6% revenue decline due to the reduction in sales volumes, which returned to a "normalised" level compared to the peak emerging in the same period of the previous year as a result of the initial phase of the pandemic.

Margins improved considerably, mainly thanks to buoyant sales prices, in particular for the "Red line", due - with specific regard to this latter - to the clearance of sector stock levels in the period following the current year's summer tomato processing campaign. Improved industrial efficiency also contributed to the improved earnings levels.

Trading activities, by the subsidiary LDH (La Doria) Ltd on the UK market, also saw a contraction in revenues (-2%), due to the decline in sales volumes - in part offset by the price increases - which concerned all product categories, with the exception of "ready-made sauces", which continued to see strong percentage gains.

The UK company's margin decreased on 9M 2020 due to the above-stated reduction in sales volumes, in addition to higher logistics costs. In fact, the significant transport cost rises due to a lack of containers and of heavy goods vehicle drivers, as a combined effect of Brexit and the Pandemic, squeezed margins.

LDH in 2020 completed the significant investment launched in 2018 as part of the Group's plan to introduce a major highly automated logistics platform for the stocking and movement of goods to be distributed on the English market. This platform, which entered into service in the initial months of 2021, has boosted logistics efficiencies overall and shall allow over the medium-term the cutting of company costs, making it more competitive on an extremely competitive market due to the high level of Major Distributor concentration and the growth of the Discounts.

La Doria S.p.A. - Via Nazionale, 320 - 84012 Angri (SA) - Tel. [phone] - Fax [phone] - www.gruppoladoria.it

Exporters' Role No. 398 - Salerno R.E.A. c/o C.C.I.A.A. No. 147593 - VAT No. IT 00180700650 - Share Capital € 46.810.000,00 (fully paid-in)

Facilities: ANGRI (SA) - Via Nazionale, 320 - Tel. [phone] | FAENZA (RA) - Via Emilia Ponente, 4 - Tel. [phone]

SARNO (SA) - Via Sarno-Palma (SS 367) Km. 16,400 - Tel. [phone] I FISCIANO (SA) - Via Poìcbreccìa, 1/5 - Tel. [phone]

PARMA (PR) - Viale delle Esposizioni, 79/A - Tel. [phone] |

Commenting on the results, the Chairman Antonio Ferraioli stated "The La Doria Group reports very satisfying results for 9M 2021. EBITDA grows even further on the excellent performance of 2020, with Q3 seeing significant progress and beating expectations".

Consolidated Results - 9M 2021

Consolidated revenues were Euro 631 million, substantially stable (-0.4%) on Euro 633.4 million in the same period of the previous year.

Excellent sauces segment performance, with growth of 9.3%. Both the "Red line" and the "Pulses and vegetable" line contracted 1.9%. "Fruit line" sales were substantially stable (+0.7%). The "Other Lines" (trading) also decreased (-2.7%).

Group revenues were generated by "Pulses and vegetables" for 26.8%, "Tomato-based products" for 20.1%, "Sauces" for 14.8%, "Fruit" for 8.9% and "Other lines" (trading) for 29.4%.

Exports accounted for 83% of sales, substantially stable on the same period of the previous year, with the domestic market accounting for 17%, and revenues slightly decreasing (-2%).

The principal profit margins at consolidated level were:

• EBITDA of Euro 68.2 million, increasing 20.6% on Euro 56.5 million in 9M 2020. EBIT margin of 10.8%, compared to 8.9% in 9M 2020;
• EBIT of Euro 52.8 million was also up (+21.4%) compared to Euro 43.5 million in 9M 2020. EBIT margin up to 8.4% from 6.9% for 9M 2020;
• the pre-taxprofit, which totalled Euro 48.6 million (in line with Euro 48.9 million in 9M 2020), was impacted by exchange gains of Euro 3.5 million (in the first nine months of 2020 exchange losses were reported of Euro 6.5 million);
• net profit of Euro 37.6 million, increasing on Euro 36.6 million in 9M 2020.

The key balance sheet figures at consolidated level were:

• the net financial position was a debt position of Euro 90.5 million, increasing on Euro 82.4 million at June 30, 2021 due to increased working capital requirements, mainly owing to seasonal production and decreasing on Euro 140.2 million at 31.12.2020, thanks to the resources generated by operating activities.
  The debt of Euro 90.5 million includes for Euro 31 million the payable for the potential acquisition of the minority share in the subsidiary LDH (La Doria) Ltd on the basis of the put and call options under the existing Shareholders' Agreement and, therefore, operating financial payables amount to Euro 59.5 million.
• debt/equity ratio of 0.28, stable on June 30, 2021 (0.48 at December 31, 2020).

La Doria S.p.A. - Via Nazionale, 320 - 84012 Angri (SA) - Tel. [phone] - Fax [phone] - www.gruppoladoria.it

Exporters' Role No. 398 - Salerno R.E.A. c/o C.C.I.A.A. No. 147593 - VAT No. IT 00180700650 - Share Capital € 46.810.000,00 (fully paid-in)

Facilities: ANGRI (SA) - Via Nazionale, 320 - Tel. [phone] | FAENZA (RA) - Via Emilia Ponente, 4 - Tel. [phone]

SARNO (SA) - Via Sarno-Palma (SS 367) Km. 16,400 - Tel. [phone] I FISCIANO (SA) - Via Poìcbreccìa, 1/5 - Tel. [phone]

PARMA (PR) - Viale delle Esposizioni, 79/A - Tel. [phone] |

Consolidated Results - Q3 2021

Consolidated sales amounted to Euro 207.1 million, increasing 8.1% on Euro 191.6 million in the same period of 2020.

EBITDA was Euro 26.5 million, increasing 18.6% on Euro 22.4 million in the third quarter of 2020, while EBIT totalled Euro 20.9 million, also increasing (+18.6%) on Euro 17.6 million in Q3 2020. The EBIT margin was therefore 12.8%, against 11.7% in the same period of the previous year. The EBIT margin increased however from 9.2% to 10.1%.

The net profit in the quarter was Euro 16.5 million, sharply increasing on Euro 10.9 million in the same period of the previous year, partly thanks to exchange gains of Euro 1.6 million (in Q3 2020 exchange gains of Euro 1.9 million were reported).

Outlook

In view of the 9M results, despite the normalisation of food product demand in terms of the preference of domestic consumption over "eating out", the La Doria Group forecasts for 2021 stable revenues and improved EBITDA, despite the expectation of increased prices for certain raw materials, of packaging materials and of energy, which will have an impact particularly from the final quarter.

This is thanks to the strong competitive positioning and the further benefits expected from the investment plan.

2022 shall feature further significant raw material and packaging price inflation, particularly in terms of the tinplate for metal cans, in addition to energy and transport costs, which certainly shall be reflected in the product sales prices applied to clients.

La Doria, a company listed on the Euronext Star Milan, is the leading European producer of processed pulses and peeled and chopped tomatoes on the retail channel and among the leading Italian producers of fruit juices and beverages. La Doria is also the leading producer in Europe of private label ready-made sauces.

2020 revenues totalled Euro 848.1 million, of which 97% generated by the private labels segment (distribution chain brands) with the major domestic and international retailers.

The executive officer for financial reporting, Dr. Alberto Festa, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries.

Attached to the present press release are the reclassified balance sheet and income statement of the La Doria Group at 30.09.2021 (unaudited data).

Contact:	Patrizia Lepere
	Investor & Media Relations Manager
	Tel. [phone] - mobile: [phone]
	Email: [e-mail]
	Sito web:www.gruppoladoria.it

La Doria S.p.A. - Via Nazionale, 320 - 84012 Angri (SA) - Tel. [phone] - Fax [phone] - www.gruppoladoria.it

Exporters' Role No. 398 - Salerno R.E.A. c/o C.C.I.A.A. No. 147593 - VAT No. IT 00180700650 - Share Capital € 46.810.000,00 (fully paid-in)

Facilities: ANGRI (SA) - Via Nazionale, 320 - Tel. [phone] | FAENZA (RA) - Via Emilia Ponente, 4 - Tel. [phone]

SARNO (SA) - Via Sarno-Palma (SS 367) Km. 16,400 - Tel. [phone] I FISCIANO (SA) - Via Poìcbreccìa, 1/5 - Tel. [phone]

PARMA (PR) - Viale delle Esposizioni, 79/A - Tel. [phone] |

LA DORIA GROUP - condensed consolidated balance sheet

In accordance with EU/IFRS in thousands of Euros

	30/09/2021	30/06/2021	31/12/2020
Trade receivables	123.892	122.447	126.141
Inventories	264.219	214.452	247.215
Other current accounts receivable	10.957	11.852	9.062
Total current assets	399.068	348.751	382.418
Trade payables	172.765	132.576	138.381
Other current accounts payable	33.702	54.232	33.786
Total current payables	206.467	186.808	172.167
WORKING CAPITAL	192.601	161.943	210.251
Intangible assets - net	7.894	7.832	7.507
Property, plant and equipment-net	212.250	215.134	219.475
Equity investments in associates	699	759	729
Other assets	21.281	21.182	19.131
TOTAL NON-CURRENT ASSETS	242.124	244.907	246.842
Non current liabilities	17.115	16.647	15.857
Reserve for employee termination benefit and	8.633	8.495	9.568
other reserves
Total non current liabilities	25.748	25.142	25.425
NET INVESTED CAPITAL	408.977	381.708	431.668
Cash and cash equivalents	(71.233)	(86.021)	(51.085)
Short-term borrowings	55.753	58.980	104.024
Medium and long-term borrowings	106.000	109.468	87.275
NET CASH POSITION	90.520	82.427	140.214
Group Shareholders' Equity	318.353	299.196	291.384
Shareholders' Equity pertaining to minority interest	104	85	70
SHAREHOLDERS' EQUITY	318.457	299.281	291.454

La Doria S.p.A. - Via Nazionale, 320 - 84012 Angri (SA) - Tel. [phone] - Fax [phone] - www.gruppoladoria.it

Exporters' Role No. 398 - Salerno R.E.A. c/o C.C.I.A.A. No. 147593 - VAT No. IT 00180700650 - Share Capital € 46.810.000,00 (fully paid-in)

Facilities: ANGRI (SA) - Via Nazionale, 320 - Tel. [phone] | FAENZA (RA) - Via Emilia Ponente, 4 - Tel. [phone]

SARNO (SA) - Via Sarno-Palma (SS 367) Km. 16,400 - Tel. [phone] I FISCIANO (SA) - Via Poìcbreccìa, 1/5 - Tel. [phone]

PARMA (PR) - Viale delle Esposizioni, 79/A - Tel. [phone] |