The MARR Group closed the 2023 business year with:
- Total Consolidated revenues of 2,085.5 million Euros, an increase compared to 1,930.5 million in 2022
- Operating profits in recovery, with consolidated EBITDA of 123.1 million Euros (82.1 million in 2022) and EBIT of 84.9 million Euros (46.2 million in 2022)
- Net consolidated result of 47.1 million Euros (26.6 million in 2022)
- Net Financial Position of 223.4 million Euros (141.8 million without the application of the effects of IFRS 16) compared to 217.6 million as at 31 December 2022 and after 26.6 million net investments during the year.
A gross dividend of 0.60 Euros per share has been proposed (0.38 Euros last year).
Sales to Street Market and National Account clients in the first two months of 2024 are consistent with the growth and margins objectives 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 2023 annual financial statements, to be submitted to the Shareholders’ Meeting convened on 19 April next.
Main consolidated results for 2023
The MARR Group closed the 2023 business year with Total Consolidated Revenues of 2,085.5 million Euros, an increase of 155.0 million compared to 1,930.5 million in 2022.
Operating profitability is recovering, with a consolidated EBITDA for 2023 amounting to 123.1 million Euros (82.1 million in 2022) and EBIT amounting to 84.9 million (46.2 million in 2022).
The net consolidated result amounted to 47.1 million Euros and compared to 26.6 million in 2022, has been affected by the increased net financial charges of 9.7 million as a result of the increase in the cost of borrowing from the second half of 2022.
The Net Trade Working Capital (NWC) as at 31 December 2023 amounted to 170.6 million Euros, and is at a similar level to the previous year (169.1 million as at 31 December 2022), with a consequent improvement in the incidence of the NWC on the Total Revenues, which increased by 155.0 million.
The net financial debt as at 31 December 2023 amounted to 223.4 million Euros compared to 217.6 million in 2022.
Net of the effects of the application of accounting standard IFRS 16, the Net Financial Position at the end of 2023 amounted to 141.8 million and compared to 138.3 million as at 31 December 2022, was affected by net investments of 26.6 million, of which 17.4 million regarding the new distribution centre in Lombardy, which is expected to start operations in the second quarter of 2024.
The consolidated Net Equity as at 31 December 2023 amounted to 355.5 million Euros (341.5 million in 2022) and includes a share premium reserve of 11.4 million Euros regarding the purchase of 971,760 treasury shares at an average price of 12.28 Euros, amounting to about 1.5% of the share capital.
The Company currently owns 1,227,560 treasury shares, amounting to about 1.8% of the share capital.
Results of the parent company MARR S.p.A. and dividend proposal
The parent company MARR S.p.A. closed the 2023 business year with 1,969.4 million Euros with Total Revenues (1,823.9 million in 2022) and a Net Result of 44.9 million Euros (25.4 million in 2022).
Today’s Board of Directors meeting has proposed to the Shareholders’ Meeting to be held on 19 April the distribution of a gross dividend of 0.60 Euros (0.38 Euros last year), with “ex-coupon” (no. 19) on 20 May 2024, record date on 21 May and payment on 22 May. The non-distributed profits, the entity of which will be determined on the basis of the treasury shares held in the portfolio on distribution of the coupons, will be allocated to the Reserves.
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