The Shareholders’ Meeting approves the 2022 annual financial statements

The Shareholders’ Meeting approves the 2022 annual financial statements and the distribution of a gross dividend of 0.38 Euros per share

Board of Directors and Board of Statutory Auditors appointed.

Andrea Foschi appointed as Chairman of the Board of Directors and Francesco Ospitali confirmed as Chief Executive Officer.

The Shareholders’ Meeting 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 annual financial statements as at 31 December 2022, stating its particular appreciation to the outgoing Chairman, Ugo Ravanelli, for the work carried out during his term of office.

Main consolidated results for 2022
The 2022 business year ends 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.

The 2022 business 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. 2022 was also characterised by the rise in energy prices, 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.

The consolidated EBITDA for 2022 business year, 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 business 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 the 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 Euros 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). 


Results of the parent company MARR S.p.A. 
The parent company MARR S.p.A. closed the 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). 

Today’s Shareholders’ Meeting decided to distribute a gross dividend 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 Extraordinary Reserve.