MARR S.P.A. 3Q-9M 2021 Results
Conference call - November 12, 2021
Important information
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The information in this presentation could include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties (including those on the duration and severity of the COVID-19 outbreak and from the restrictive measures taken to face it) and assumptions about the Company and its subsidiaries and investments; including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statements.
The Group's business is also correlated to tourism flows. Q1 and Q4 represent the low point of the business year, whereby Q2 and Q3 the peak of the seasonality. Therefore quarterly sales, operating results, trade net working capital and net financial indebtedness are impacted by the seasonality and may not be directly compared or extrapolated to obtain forecasts of year-end results.
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Financial highlights
as at 30 September 2021
€m
3Q - Total Revenues
509.1 | 534.9 | |
409.0 | ||
2019 | 2020 | 2021 |
3Q - EBITDA | ||
47.3 | 48.2 | |
32.7 | ||
2019 | 2020 | 2021 |
3Q - Net Income
27.3 | 27.2 | |
15.1 | ||
2019 | 2020 | 2021 |
3Q - MARR closed 3Q 2021 with better Total Revenues and EBITDA than in 2020 and even in 2019
- Net Income of 3Q 2021 reached 27.2€m (27.3€m in 2019), a marked increase compared to 15.1€m in 2020
9M - In the 9M 2021 period, Total Revenues reached 1,076.9€m increasing compared to 856.1€m of 2020, but decreasing compared to 1,302.1€m of 2019 because of restrictions affecting the first 5 months of 2021
- The 9M 2021 EBITDA was of 71.5€m (33.2€m in 2020), while the Net Income (28.3€m in 2021) significantly increased compared to 2020 (1.0€m)
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Sales
as at 30 September 2021
€m | Sales by client segments * | ||||||||
3Q | 1,280.4 | 9M | |||||||
1,061.9 | |||||||||
527.0 | 843.1 | 843.8 | |||||||
500.7 | |||||||||
402.7 | 690.5 | ||||||||
354.3 | 377.6 | 533.3 | |||||||
265.8 | |||||||||
155.2 | 184.7 | ||||||||
91.1 | 78.8 | 171.5 | 186.7 | ||||||
115.4 | |||||||||
55.3 | 70.6 | ||||||||
2019 | 2020 | 2021 | 2019 | 2020 | 2021 |
Street Market
National Account
Wholesale
-
Starting from 2021 some reclassifications were made
between client segments, in particular some structured customers were reclassified from the Street Market to the National Account, consequently the 2020 and 2019 sales by client segments were revised for comparison with 2021
- 3Q 2021 Sales were of 527.0€m (including the Verrini contribution of 22.6€m) increasing compared to 402.7€m in 2020 and 500.7€m in 2019. The performance was positive in all client segments and that of Wholesale benefitted from the positive concentration of fishing campaigns
- Over the 2021 9M period, Sales were of 1,061.9€m (with Verrini contributing 38.6€m since 1st April 2021) increasing compared to 843.8€m of 2020 and with a reduction of -17.1% compared to the 9M 2019 Sales of 1,280.4€m. According to Confcommercio data (October, 2021) in the January-September period consumption (in quantity) for "Hotels and out-of-home food consumption" in 2021 decreased by -34.2% compared to 2019
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Income statement
as at 30 September 2021
3Q 19 | % | 3Q 20 | % | 3Q 21 | % | €m | 9M 19 | % | 9M 20 | % | 9M 21 | % |
509.1 | 100.0% | 409.0 | 100.0% | 534.9 | 100.0% | Total revenues | 1,302.1 | 100.0% | 856.1 | 100.0% | 1,076.9 | 100.0% |
(395.1) | -77.6% | (317.5) | -77.6% | (414.1) | -77.4% | Cost of goods sold | (1,020.4) | -78.4% | (687.1) | -80.3% | (842.1) | -78.2% |
(56.9) | -11.2% | (50.6) | -12.4% | (61.7) | -11.5% | Services | (147.8) | -11.3% | (113.7) | -13.3% | (135.2) | -12.5% |
(0.5) | -0.1% | (0.3) | -0.1% | (0.4) | -0.1% | Other operating costs | (1.6) | -0.1% | (1.1) | -0.1% | (1.5) | -0.1% |
(9.3) | -1.8% | (8.0) | -1.9% | (10.5) | -2.0% | Personnel costs | (28.8) | -2.2% | (21.0) | -2.4% | (26.7) | -2.5% |
47.3 | 9.3% | 32.7 | 8.0% | 48.2 | 9.0% | EBITDA | 103.6 | 8.0% | 33.2 | 3.9% | 71.5 | 6.6% |
(3.9) | -0.8% | (4.2) | -1.0% | (4.7) | -0.9% | D&A | (11.5) | -0.9% | (12.2) | -1.4% | (13.2) | -1.2% |
(4.0) | -0.8% | (6.8) | -1.7% | (4.5) | -0.9% | Provisions | (10.8) | -0.8% | (15.7) | -1.8% | (12.1) | -1.1% |
39.4 | 7.7% | 21.8 | 5.3% | 39.0 | 7.3% | EBIT | 81.3 | 6.2% | 5.4 | 0.6% | 46.1 | 4.3% |
(1.2) | -0.2% | (1.3) | -0.3% | (1.6) | -0.3% | Net interest and ForEx | (4.1) | -0.3% | (3.9) | -0.5% | (4.2) | -0.4% |
38.2 | 7.5% | 20.5 | 5.0% | 37.4 | 7.0% | Result from recurring activities | 77.2 | 5.9% | 1.5 | 0.2% | 41.9 | 3.9% |
0.0 | 0.0% | 0.0 | 0.0% | 0.0 | 0.0% | Non-recurring items | 0.0 | 0.0% | 0.0 | 0.0% | (2.9) | -0.3% |
38.2 | 7.5% | 20.5 | 5.0% | 37.4 | 7.0% | Profit before taxes | 77.2 | 5.9% | 1.5 | 0.2% | 39.0 | 3.6% |
(10.9) | -2.1% | (5.4) | -1.3% | (10.2) | -1.9% | Taxes | (22.2) | -1.7% | (0.4) | -0.1% | (10.7) | -1.0% |
27.3 | 5.4% | 15.1 | 3.7% | 27.2 | 5.1% | Net income | 55.1 | 4.2% | 1.1 | 0.1% | 28.3 | 2.6% |
All 2021 indicators were better than those related to the 2020 periods
3Q 2021 EBITDA was of 48.2€m increasing compared to 32.7€m in 2020 and 47.3€m in 2019.
This despite the increase of logistic service to the clients and that of the related costs
3Q 2021 EBIT, after 4.5€m of provisions, was of 39.0€m compared to 39.4€m in 2019
3Q 2021 Net Income was of
27.2€m (15.1€m in 2020 and
27.2€m in 2019), while Net Income over 2021 9M period was of 28.3€m compared to 1.1€m in 2020
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Marr S.p.A. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 16:15:07 UTC.
