Total consolidated revenues in the first half of 2023 of over 1 billion Euros, amounting to 1,003.2 million, increasing compared to 874.3 million in the same period of 2022
Improvement in operating profitability confirmed with EBITDA of 53.4 million Euros in the first six months of 2023, compared to 35.0 million in 2022
Net profits in the first six months of 2023 of 18.7 million Euros (10.5 million in 2022)
The sales to Street Market and National Account clients in July is consistent with the growth objectives for 2023
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 2023.
Main consolidated results for the first half of 2023
The first six months of 2023 closed with total consolidated revenues of over 1 billion Euros, amounting to 1,003.2 million Euros, increasing compared to 874.3 million Euros in the same period last year.
The improvement in operating profitability was confirmed, with EBITDA of 53.4 million Euros in the first six months of 2023, compared to 35.0 million in 2022 and 56.3 million pre-pandemic in 2019.
EBIT for the period amounted to 34.7 million Euros, compared to 18.3 million in the first half of 2022 (42.0 million Euros in the first half of 2019).
At the end of the first half of 2023, the Net Result, affected by the increased net financial costs as a result of the increase in the cost of borrowing as of the second half of 2022, amounted to 18.7 million Euros compared to 10.5 million in the first half of 2022.
The Net Trade Working Capital as at 30 June 2023 amounted to 198.6 million Euros, a decrease compared to 233.5 million as at 31 March 2023 and 211.5 million at the end of the first half of 2022.
The net financial debt as at 30 June 2023 amounted to 250.1 million Euros compared to 270.6 million as at 31 March 2023 and 228.7 million at the end of the first half of 2022. It can be seen that in the period from 1 July 2022 to 30 June 2023 investments were made amounting to 22.9 million Euros, of which 14.8 million regarding the construction of the new distribution center in Lombardy, which is expected to begin operations in the first half of 2024.
Net of the effects of the application of accounting standard IFRS 16, the Net Financial Position (NFP) at the end of the first half of 2023 amounted to 172.4 million Euros compared to 192.3 million as at 31 March 2023 and 147.2 million after the first half of 2022.
The consolidated Net Equity as at 30 June 2023 amounted to 332.2 million Euros (327.0 million at the end of the first half of 2022) and includes a share premium reserve of 7.3 million Euros relating to the purchase started at the end of May 2022 of 609,210 treasury shares at an average price of 12.45 Euros and amounting to 0.92% of the Share Capital.
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