MARR closed the
2022 business year with:
- Total consolidated Revenues of 1,930.5 million Euros,
an increase of +32.6% compared to 1,456.3 million in 2021
- margins penalised by inflation tensions, with EBITDA
of 82.1 million Euros (90.5 million in 2021) and EBIT of 46.2 million Euros
(57.6 million in 2021)
- Net consolidated
Result of 26.6 million Euros (35.1 million in 2021)
- Net Financial
Position of 217.6 million Euros (138.3 million before the application of the
effects of IFRS16).
Gross dividend
of 0.38 Euros per share proposed.
The 2022
Sustainability Report and the authorisation proposal for the purchase, disposal
and availability of treasury shares to be submitted to the Shareholders’ meeting
on 28 April approved.
In the first two months of 2023, MARR sales to Street
Market and National Account clients are consistent with the growth objectives,
and also those regarding margins, forecast for the year.
The Board of Directors of MARR S.p.A. (Milan:
MARR.MI), the leading company in Italy in the sale and distribution of food and
non-food products to the foodservice, today approved the consolidated financial
statements (prepared in ESEF format), the sustainability report and the draft
2022 annual financial statements, to be submitted to the Shareholders’ Meeting
convened on 28 April next. The Board of Directors has also approved the
authorisation proposal for the purchase, sale and disposal of treasury shares
to be submitted to the Shareholders’ Meeting on 28 April.
Business trends and main consolidated results for 2022
The MARR Group closed the 2022 business year with Total consolidated Revenues of 1,930.5 million Euros, an increase compared to both 1,456.3 million in 2021 (+32.6%) and 1,695.8 million (pre-pandemic) in 2019.
Specifically, the revenues from sales in 2022 amounted to 1,896.6 million Euros, compared to 1,432.6 million in 2021 (+32.4%) and 1,666.7 million in 2019.
Sales to clients in the Street Market and National Account segments amounted to 1,679.2 million Euros and, compared to 1,171.3 million in 2021 (+43.4%) benefitted by approximately 11 million Euros from the contribution of the Verrini Group, consolidated as of 1 April 2021, and by approximately 14 million Euros from that of Frigor Carni S.r.l., consolidated as of 1 April 2022. Sales to Street Market and National Account clients in 2019 had amounted to 1,422.7 million Euros.
The increase in sales in the Street Market and National Account segments compared to 2021 represents another over-performance compared to the trend of the reference Market. On the basis of the findings of the Confcommercio Studies Office (Survey no. 2, February 2023), consumption (by quantity) in “Hotels and out-of-home food consumption” in Italy increased by +22.1% in 2022 compared to 2021.
Sales in 2022 in the Wholesale segment (almost entirely frozen seafood product to wholesalers) amounted to 217.4 million Euros (261.3 million in 2021 and 244.0 million in 2019), and even in the fourth quarter, following the cancellation of some of the summer fishing campaigns, were affected by a shorter temporary availability of the product.
The trend of sales during the course of the year was influenced by inflation dynamics in the foodservice sector, which affect the majority of the product categories sold by MARR and also affects the timing of the transfer of the increase in prices, which differ for each single client segment. In particular, the process of adjusting the sales prices to the increase in the procurement costs of the products has witnessed a better progress in the Street Market segment compared to the National Account segment, the latter being penalised by the Canteens component and direct supplies to Public Administrations. In this regard, it must be observed that the greater seasonal incidence of the National Account segment in the mix of total sales in the fourth quarter compared to that for the entire year, and the trends in the Wholesale segment, albeit with a gradual recovery in marginality in the Street Market segment, has penalised the gross margin for the last three months of 2022.
Furthermore the fourth quarter has continued to be impacted, in comparison to the same period in 2021 from the inflation dynamics linked to the rise in energy prices, as had already been observed in the first nine months of 2022, with a consequent impact of the costs relating to the conservation and distribution of the products, in addition to a general increase in the logistics tariffs, with effects on the handling costs.
In this context, MARR continued to maintain the level of service offered throughout the course of 2022, in the framework of a recovery in out-of-home consumption, combining this with the management of the adjustment of sales prices to the increase in the cost of food products and that of the operating costs (especially those linked to the increase in energy costs), through efficiency policies aimed at process optimisation.
The consolidated EBITDA for 2022, which was affected by the aforementioned trends in terms of gross margin and operating costs, reached 82.1 million Euros (90.5 million in 2021), while the EBIT amounted to 46.2 million (57.6 million in 2021).
The Net Result for the year amounted to 26.6 million Euros and, compared to 35.1 million in 2021, was also affected by the increase in funding costs in the second half of 2022, with net financial charges of 8.2 million Euros, compared to 5.1 million in 2021 business year.
The Net Trade Working Capital as at 31 December 2022 amounted to 169.1 million Euros and its increase compared to 140.2 million at the end of 2021 is linked to the increase in business volume; furthermore, the component of inventory is affected by the aforementioned inflation dynamics, in addition to the variation in the scope of consolidation.
The Net Financial Debt as at 31 December 2022 amounted to 217.6 million Euros, compared to 141.4 million in 2021 and 196.0 million in 2019.
Net of the effects of the application of accounting standard IFRS 16, the Net Financial Position at the end of 2022 amounted to 138.3 million and, compared to 66.6 million as at 31 December 2021 (149.6 million as at 31 December 2019), was also affected by the distribution (in May 2022) of dividends amounting to 31.3 million Euros.
The consolidated Net Equity as at 31 December 2022 amounted to 341.5 million Euros (349.5 million in 2021) and includes a share premium reserve of 4.5 million Euros regarding the purchase of 387,460 treasury shares at an average price of 12.06 Euros, amounting to about 0.6% of the Share Capital.
Results of the parent company MARR S.p.A. and dividend proposal
The parent company MARR S.p.A. closed 2022 business year with Total Revenues of 1,823.9 million Euros (1,381.2 million in 2021) and a Net Result of 25.4 million Euros (31.9 million in 2021).
The Board of Directors has proposed to the Shareholders’ Meeting on 28 April next the distribution of a gross dividend of 0.38 Euros (on the basis of a MARR S.p.A. EPS of 0.38 Euros per share) with “ex-coupon” (no. 18) on 22 May 2023, record date on 23 May and payment on 24 May. The non-distributed profits, the entity of which will be determined on the basis of the treasury shares in the portfolio when the coupons are distributed, will be allocated to the Reserves.
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