Positive results in the first half-year:
- Total revenues of 874.3 million and EBITDA of 35.0 million Euros, an increase of 332.3 million and 11.8 million respectively compared to the first half of 2021.
- Net result of 10.5 million Euros, an increase compared to 1.1 million in the first half of 2021.
- Net financial position before the effects of IFRS 16 of 147.2 million.
The recovery in out-of-home food consumption confirmed, with a progressive return to pre-pandemic levels.
July confirmed the positive trend of the summer season and closed with total revenues of more than 215 million Euros, an increase also compared to 2019.
The Board of Directors of MARR S.p.A. (Milan: MARR.MI), the leading company in Italy in the sale and distribution to the foodservice of food and non-food products, today approved the half-year financial report as at 30 June 2022.
Main consolidated results and by segment of activity for the first half of 2022
The first half of 2022 closed with 874.3 million Euros in total consolidated revenues, a significant progress compared to 542.0 million Euros in the same period last year.
In particular, the revenues from sales in the first half of 2022 amounted to 860.2 million Euros, compared to 534.9 million in 2021 and 779.7 million in 2019.
Sales to clients in the Street Market segment (restaurants and hotels not belonging to Groups or Chains) and in the National Account segment (operators in Chains and Groups, and Canteens) reached million Euros and, in the comparison with 418.7 million in 20201, benefitted by approximately 12 million Euros from the contribution of the Verrini Group, consolidated as of 1 April 2021, and approximately 4 million Euros from that of Frigor Carni S.r.l., consolidated as of 1 April 2022.
Sales in the Wholesale category amounted to 126.1 million Euros (116.2 million in 2021).
The performance of sales in the half year was influenced by inflation dynamics in the foodservice sector, which is significantly affecting the majority of the goods sold by MARR; these trends are also reflected in the timing of the pass-through of the price increases to the market.
Similarly, the operating costs are affected by the current market tensions as a result of the increase in energy costs, which affect the conservation and distribution of products.
In this context, MARR has set itself the priority of safeguarding the continuity of customer relationships during a phase of significant out-of-home consumption levels, through the improved management of supplies and with operating modalities capable of combining efficiency and service level.
Despite these trends, the operating profitability in the first half shows an EBITDA of 35.0 million Euros (23.2 million in 2021) and an EBIT of 18.3 million (7.1 million in 2021).
The net result for the period amounted to 10.5 million, compared to 1.1 million in the first half of 2021.
As at 30 June 2022, the trade net working capital amounted to 211.5 million Euros (188.9 million at the end of the first half of 2021) and was affected by the trends in inventory as a result of the aforementioned inflation trends and stocking policies already implemented during the first quarter of 2022 with a view to the summer season peak in consumption levels in the third quarter.
The net financial debt as at 30 June 2022 amounted to 228.7 million Euros (186.5 million in 2021) and net of the effects of the application of accounting standard IFRS 16 amounted to 147.2 million (125.2 million in 2021), in line with the value for the first half of 2019.
The consolidated net equity as at 30 June 2022 amounted to 327.0 million Euros (339.3 million as at 30 June 2021) after the payment on 25 May of 31.3 million Euros in dividends, while the distribution of dividends in the first half of 2021 had been postponed, and occurred in October.
The consolidated net equity as at 30 June 2022 also included the share premium reserve amounting to 1.7 million Euros regarding the purchase of 129,380 own shares at an average price of 13.53 Euros each, amounting to approximately 0.2% of the share capital.
MARR currently own 135,180 treasury shares.
Sales performance in July
The performance of MARR sales in the month of July confirmed both the expectations of a positive summer season, benefitting from the influx of tourists also from overseas, and the recovery in out-of-home food consumption, with a progressive return to pre-pandemic levels.
July closed with total consolidated revenues of more than 215 million Euros, an increase compared to both the same period in 2021 and pre-pandemic levels in 2019.
During this phase, the efforts of the entire workforce of the MARR Group are concentrated on taking advantage of the market opportunities that arise and ensuring an adequate service offer during the peak of the summer season.
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