The Board of Directors of Orsero S.p.A. (Euronext STAR Milan, ORS:IM) today approved the Consolidated Interim Financial Statement as at 30 September 2021.
Raffaella Orsero, CEO and Matteo Colombini, CFO and co-CEO of the Group, commented: "We are pleased to see the results we had ambitiously forecast for 2021 materialize, in the face of a scenario that proved to be very uncertain and constantly changing. We are already focused on next year’s planning which sees us ready for new challenges in terms of managing inflationary phenomena on our reference supply chains and on investment opportunities for strengthening and expanding the business also by external lines. The Orsero Group has in its business model the right assets and skills to be able to continue with this performance trend."
Summary economic consolidated data as of September 30, 2021
Net Revenues, equal to approximately € 789.0 million, are substantially in line with the € 788.7 million recorded in the first 9 months of 2020. The revenues achieved by the shipping BU more than offset the decline recorded by the Import & Distribution BU. It should be noted that for the Import & Distribution BU, the increase in the average unit sales price, linked to the best mix of the fruit range marketed, almost completely balanced the decrease of about 3% recorded in volumes, mostly attributable to the Group's decision to reduce volumes of banana products, especially with reference to large-scale retail auctions in Italy and Portugal which have reached unprofitable prices for the supply chain.
The Adjusted EBITDA, equal to € 41.8 million, shows a significant increase of 6.6% compared to € 39.2 million of the first 9 months of 2020, with an outstandingly positive Adjusted EBITDA Margin equal to 5.3%, up by 33 bps compared to the first 9 months of 2020. The Adjusted EBIT equal to € 21.2 million grows of 5% compared to € 20.1 million recorded in the first 9 months of 2020.
The Adjusted Net Profit7 shows a positive result of € 15.3 million compared to a net profit of € 13.3 million in the first 9 months of 2020, with a remarkable increase of € 2.0 million thanks to better operating margin partially offset by the increase of D&A, provisions and financial items (mainly related to exchange differences which went from a profit of € +0.6 million in the 9 months of 2020 to a loss of € -0.2 million in the first 9 months of 2021).
The Net Profit stands at € 15.4 million with a significant increase of € 3.5 million equal to a +29.1%, compared to a net profit of € 11.9 million in the first 9 months of 2020.
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For more information:
Angelo Brunello |
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Email: angelo.brunello@cdr-communication.it
Martina Zuccherini
Email: martina.zuccherini@cdr-communication.it