MARR: the Board of Directors approves the interim management report as at 30 September 2024.
After the first nine months of 2024:
- Total consolidated revenues of 1,610.5 million euro (1,626.5 million in the first nine months of 2023)
- EBITDA of 98.1 million euro (99.7 million in the same period of 2023)
- Net profits of 36.0 million euro (40.5 million in the same period of 2023).
Sales accelerating in October compared to the third quarter and increasing in all client segments.
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 interim management report as at 30 September 2024.
Main consolidated results for the third quarter of 2024
The total consolidated revenues in the third quarter of 2024 amounted to 622.7 million euro, compared to 623.2 million in the third quarter of 2023, and were affected by a trend in sales to clients in the Commercial Catering segment (Street Market and Chains & Groups, more than 85 % of sales in the quarter) characterised by: i) a euro/kg value of the products sold which continued, as at the end of the first six months, to decrease especially for seafood products, the sales of which are more concentrated in the summer period; (ii) volumes (by quantity) slightly increasing, albeit with a weak demand for "hotels, meals and away from home consumption" in Italy (-0.8% by quantity in the third quarter of 2024 compared to the same period in 2023 - Confcommercio, November 2024).
The reduction of the euro/kg value recorded in the first part of the quarter and then tending to recover, with an increase in volume, has penalised the dilution of the logistical costs (especially transportation and handling of goods), with a consequent impact - albeit mitigated by the confirmed focus on the gross margin - on the operating profitability, which in the third quarter of 2024 showed a consolidated EBITDA of 42.5 million euro (46.3 million in 2023) and a consolidated EBIT of 31.5 million euro (35.9 million in 2023).
The net consolidated profits in the third quarter of 2024 amounted to 18.5 million euro (21.9 million in 2023).
Main consolidated results for the first nine months of 2024
The total consolidated revenues in the first nine months of 2024 amounted to 1,610.5 million euro, compared to 1,626.5 million in the same period of 2023, and, in addition to the euro/kg trend affecting the summer season mentioned above, were affected in early 2024 by the policies regarding the Canteens clients segment in particular which were implemented for the management of the food inflation that had affected all of 2023.
After the first nine months of 2024, the consolidated EBITDA amounted to 98.1 million euro (99.7 million in 2023) while the EBIT amounted to 66.9 million (70.6 million in 2023).
The net consolidated profits for the first nine months of 2024 amounted to 36.0 million euro, compared to 40.5 million euro in the same period of 2023 and, especially in the first half of 2024, were affected by increased net financial charges linked to trends in the cost of funding.
The Net Trade Working Capital as at 30 September 2024 amounted to 129.3 million euro, compared to 183.7 million as at 30 June 2024 and 155.2 million euro as at 30 September 2023.
The net financial debt as at 30 September 2024 amounted to 201.7 million euro (201.9 million after the first nine months of 2023), while net of the effects of the application of accounting standard IFRS 16, it amounted to 127.0 million euro, substantially in line with 125.3 million as at 30 September 2023, after the distribution in May 2024 of dividends of 39.0 million euro and net investments in the first nine months of 2024 amounting to 14.6 million euro.
The consolidated net equity as at 30 September 2024 amounted to 341.1 million euro (352.2 million after the first nine months of 2023).
Results by segment of activity as at 30 September 2024
Sales of the MARR Group in the first nine months of 2024 amounted to 1,580.9 million euro (1,601.8 million in the same period of 2023), with 612.1 million in the third quarter of 2024 (615.7 million in 2023).
Sales to customers in the Street Market segment in the first nine months of 2024 amounted to 1,063.7 million euro (1,074.0 million in 2023); while those in the third quarter amounted to 440.4 million euro (446.4 million in 2023) and were affected mainly by a reduction in the euro/kg value of the products sold, as a result of the deflationary trends which affected seafood products in particular.
Sales to clients in the National Account segment (Chains & Groups in Structured Commercial Catering and Canteens) in the first nine months of 2024 amounted to 376.5 million euro and, compared to 380.7 million in 2023, were affected in the sub-segment of Canteens, and in particular in early 2024, by activities implemented for the management of food inflation, which had affected all of 2023. At the end of the first nine months of 2024, sales to clients in Canteens amounted to 175.1 million euro (186.5 million in 2023), while those in the third quarter of 2024 amounted to 44.9 million (43,5 million in the same period of 2023).
Sales in the National Account segment in the third quarter of 2024 amounted to 130.1 million euro and their increase compared to 126.0 million in the same period of 2023 is due mainly to that in sales to Chains & Groups, amounting to 85.2 million euro (82.6 million in the third quarter of 2023). At the end of the first nine months of 2024, sales to Chains & Groups in Structured Commercial Catering amounted to 201.4 million euro (194.2 million in 2023).
In overall terms, sales in the first nine months of 2024 to clients in Commercial Catering - both Independent (Street Market segment) and structured (Chains & Groups, in the National Account segment) - amounted to 1,265.1 million euro (1,268.2 million in 2023), while those in the third quarter amounted to 525.6 million euro (529.0 million in 2023).
As regards the market context of out-of-home food consumption, as already mentioned previously, according to the Confcommercio Studies Office (Survey no. 10, November 2024), consumption by quantity in the sub-segment "Hotels, meals and away from home consumption" in Italy showed a reduction of 0.8% compared to the same period last year; according to TradeLab (AFH Consumer Tracking, October 2024), the number of visits to "Away From Home" (AFH) catering structures in the third quarter of 2024 showed a reduction of 1.7%.
Sales to clients in the Wholesale segment (almost entirely frozen seafood products to wholesalers) in the first nine months of 2024 amounted to 140.7 million euro (147.1 million in 2023) and were affected by the reduction in euro/kg value of seafood products already mentioned, while those in the third quarter of 2024 amounted to 41.6 million euro, compared to 43.2 million in the same period of 2023, and were affected in particular by the timing of a fishing campaign, the effects of which in terms of sales last year had fallen entirely within the third quarter, while they have also partly affected the current fourth quarter in 2024.
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