ORSERO S.P.A. Q1 2023 RESULTS*
Milan, 15 May 2023
(*) Three months ended 31 March 2023.
Agenda
Key financials Q1 2023 | pag. 3 |
Outlook | pag. 9 |
Appendix | pag. 13 |
DISCLAIMER
This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company.
The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.
This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.
The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.
No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.
To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.
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You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.
The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Edoardo Dupanloup certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.
Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding.
2
Key Financials
Q1 2023*
(*) Three months ended 31 March 2023.
3
Q1 2023 Results - A boosting start to the year
- Economic and Financial response
- The Group is continuing to execute its strategy, responding flexibly to challenges and uncertainties of the macroeconomic background and exploiting possible opportunities thanks to its business model (multi-sourced and extensive products range |diversified geographical scope | vertically integrated in banana and pineapple logistic)
- Capex are in line with planned investments, aiming at maintaining and somehow extend the group Distribution footprint
- Main ongoing topics are the renovations, started in 2022, of the Rungis warehouse (FR) and the retooling of the Alverca site (PT)
CORPORATE | - | The operating cash conversion is excellent while working capital absorption is in line with sales growth and seasonality |
- | On Jan. 10 the 2 strategic acquisition of 80% of Blampin Groupe and 100% of Capexo have been finalized | |
➢ Upfront outlays paid at closing: 32 M€ for Blampin (subject to adjustment of abt. 0,75 M€ to be paid in Q2 2023) and 33 M€ for Capexo | ||
➢ Deferred considerations: earn-out of 8 M€ for Blampin over a 4-year period and 11,6 M for Capexo over a 3 year-period | ||
➢ Put & Call option ( exercisable in 2027-28) on 13,3% of the share capital of Blampin: estimated liability equal to 6,8 M€ | ||
➢ Financed by means of Orsero own resources and ESG Linked MLT loan facility of 90 M€ arranged by a pool of European banks (see press release on August 4, 2022) | ||
- On May 10, a dividend of 0,35 €/share has been paid to Orsero shareholders with a total outlay of abt. 6,0 M€ | ||
• FY 2023 Guidance confirmed | ||
• | Market context | |
- As in 2022, also in the first month of 2023 household consumptions of fresh fruit and veg are still lagging on the back of some selling prices increase | ||
and declining volumes. Despite an unfavourable backdrop, Orsero keeps overperforming the market. | ||
• | Distribution BU | |
- Significant LfL sales growth of +8,2% vs Q1 2022 (which in turns was +7,7% vs Q1 2021 ) | ||
BUSINESS | ‣ Sales are up across all the geographies due to positive volume (primarily on platano canario, exotics and citrus) and price effects on all the product range | |
- Adjusted EBITDA margin comes in at 4,8% vs 3,3% achieved LY, in the light of : | ||
‣ Enhanced product mix implied by the above-average margins of the newly acquired companies | ||
‣ Products: (i) good momentum of banana; (ii) better returns of exotics fruits, mainly avocados | ||
‣ Operations: decrease of energy costs to 2,5 M€ in Q1 2023 from 3,0 M€ in Q1 2022 | ||
• | Shipping BU | |
- CAM Line/Reefer transportation reports solid results driven by slightly declining carried volumes (lower fruit available in production) and stable | ||
freight rate | ||
- Dry Cargos transportation, on the way back from EU to Central-South, achieves good returns in line with Q4 2022 trend | ||
- Adjusted EBITDA margin of 37,4% vs 38,0% in Q1 2022 | ||
4 |
Executive summary - consolidated figures
M€ | Q1 2023 | Q1 2022 | Total Change | |||||
Amount | % | |||||||
Net Sales | 347,3 | 264,0 | 83,3 | 31,6% | ||||
Adjusted EBITDA Margin | 7,6% | 6,7% | +86 Bps. | |||||
Adjusted EBIT | 18,2 | 10,6 | 7,6 | 71,4% | ||||
Net Profit | 13,0 | 8,4 | 4,6 | 54,9% |
M€ | 31.03.2023 | 31.12.2022 | ||
Net Invested Capital | 372,6 | 268,9 | ||
Total Equity | 215,9 | 201,5 | ||
Net Financial Position | 156,7 | 67,4 | ||
NFP/ Total Equity | 0,73 | 0,33 | ||
NFP/Adj. EBITDA | 1,85 | 0,89 | ||
NFP/ Total Equity excl. IFRS16 | 0,50 | 0,13 | ||
NFP/Adj. EBITDA excl. IFRS16 | 1,56 | 0,41 |
(*) Adjusted for non- recurring items and Top Management incentives, net of their estimated tax effect.
- Data excluding the effect of IFRS 16, consisting chiefly of incremental Adjusted Ebitda of abt. 4,1M€ in Q1 2023 and abt. 3,2 M€ in Q1 2022 and incremental NFP of 47,6 M€ at the end of Q1 2023 and 41,6 M€ at the end of 2022
5
- Net sales Q1 2023 are close to 350 M€, up +31,6% vs LY
- LfL improvement is 22,6 M€ or +8,6% vs LY
- Distribution BU sales are boosted by the effect of the newly acquired companies in France and the significant LfL growth of +8,2%
- Shipping BU keeps up with previous year sales (which were already extremely positive)
- Adjusted EBITDA comes in at 26,2 M€, up +8,6M€ or +48,4% vs LY, with a margin of 7,6%, (up by +86 bps. vs LY)
- All in all a remarkable performance for both the BUs
- Distribution BU margins improve as an effect of the enhanced product mix implied by the above-average margins of the newly acquired companies
- Shipping BU maintains its record level
- Adjusted EBIT moves upward to 18,2 M€, up 7,6 M€ or +71,4% vs LY, as a consequence of better operating results
- Adjusted Net profit is 13,4 M€, up 4,4 M€ or +49,8% vs 8,9 M€ LY
- Net profit (reported) stands at 13,0 M€
- Total Equity is almost 216 M€, as a consequence of improved net profit
- Net Financial Position Excl. IFRS 16(**) is 109 M€ (Net Debt) , including:
- upfront cash out for the acquisitions of 65 M€ plus 0,75 M€ of adjustment
- non-interestbearing debt for a total of 26,4 M€ related to earn-outs and put & call liability (13,3% of Blampin)
- Operating cash flow generation is strong in Q1
- Net Financial Position, stands at 156,7 M€
- Including 47,6 M€ IFRS16 liabilities, of which abt. 4,0 M€ related to the 2- year charter agreement of the 5th reefer vessel
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Orsero S.p.A. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 16:24:05 UTC.
