The Shareholders’ Meeting approves the 2019 financial statements (1.7 billion in consolidated revenues with over 66 million of net profits) and appoints the Board of Directors and the Board of Statutory Auditors.

Francesco Ospitali confirmed as Chief Executive Officer and Ugo Ravanelli appointed Chairman of the Board of Directors.

The impact of Covid-19 slowed down sales in March, which had been increasing until the end of February. New activities to support the development areas for the customer have been activated.

The Shareholders’ Meeting of MARR S.p.A. (Milan: MARR.MI), the leading company in Italy in the sale and distribution of food products to the foodservice sector, today approved the financial statements as at 31 December 2019, stating its particular appreciation to the management for the results achieved and to the outgoing Chairman Paolo Ferrari for the work done during his four and a half years in office.

Main consolidated results for the 2019 business year

The 2019 business year closed with total consolidated revenues of 1,695.8 million Euros, compared to 1,667.4 million in 2018.

EBITDA and EBIT reached 128.5 and 99.1 million Euros respectively, after application of accounting standard IFRS 16,  the effects of which amounted to +9.1 million Euros on the EBITDA and +0.8 million on the EBIT. In the same period of 2018, the EBITDA and EBIT, which were not then affected by IFRS 16, had been 119.3 and 99.2 million Euros. 

The result of recurring activities amounted to 93.7 million Euros and was affected by the greater financial charges due to the application of IFRS 16 for 1.6 million Euros (94.9 million in 2018).

The net result amounted to 66.6 million Euros with an effect of IFRS 16 amounting to -0.2 million Euros and, compared to the result of 68.5 million of the 2018 business year, is also affected by 0.6 million in non-recurrent charges for the transfer of the activities of the subsidiary As.Ca. S.p.A. to the MARR Bologna and MARR Romagna distribution centers. 
It must also be recalled that the 2018 result had benefited from the non-recurrent net proceeds of 0.8 million Euros.

The Net Financial Position at 31 December 2019 stood at 196.0 million Euros and net of the effect of the application of IFRS 16, which led to a higher debt of 46.4 million Euros, would have been of 149.6 million Euros, while the net financial debt at the end of 2018, which was not affected by IFRS 16, was 156.6 million.
The net consolidated equity as at 31 December 2019 amounted to 339.8 million Euros (324.3 million Euros in 2018).