9M 2022 RESULTS *

Milan, 10 November 2022

(*) Nine months ended 30 September 2022.

Agenda

• KEY FINANCIALS 9M 2022

Pag. 3

OUTLOOK

Pag. 9

APPENDIX

Pag. 11

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company. The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Giacomo Ricca certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding.

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KEY FINANCIALS 9M 2022*

(*) Nine months ended 30 September 2022.

9M 2022 RESULTS - CONTINUED STRONG GROWTH AND STRATEGY EXECUTION IN A CHALLENGING ENVIRONMENT

Economic and Financial Response

- In an ongoing challenging environment, the Group is continuing to execute its strategy and leverage on its business model (multi sourced and extensive

products range |diversified geographical scope | vertical integration in banana and pineapple logistic activity)

One of the main drawbacks are the energy costs incurred by logistic platforms of Distribution BU that, further worsened in Q3, came in at 11,4 M€ in 9M 2022 vs 5,1 M€ LY (equal to +123%)

- Capex are in line with planned investments

Main topics are the renovation of the Rungis warehouse (FR), the enlargement and refitting of the Alverca site (PT) and certain ERP projects in Italy/France/Spain

CORPORATE

- Excellent operating cash conversion despite some working capital absorption related to seasonal absorption and higher sales

- As from 1/1/2022 the extension up to the year 2029 of the life in use of the 4 reefer ships owned by Orsero has been implemented

This change implies a reduction of yearly depreciation to the tune of 3,6 M€ compared to FY2021

- Dividend of 0,30 €/share paid as of May 11, 2022 to Orsero shareholders with a total outlay of 5,2 M€

- On July 27 announced 2 strategic agreements in France to acquire 80% of Blampin Groupe (turnover 195 M€, Adj. EBITDA margin 5,5%) and 100% of

Capexo (turnover 66 M€, Adj. EBITDA margin 9%)

Envisaged outlays: 32 M€, at closing, plus earn-out of 8 M€ for Blampin ; 33 M€, at closing, plus earn-out of 11,6 M€ for Capexo

Closings are expected within Q4 2022 after the fulfilment of some condition precedents: contracts drawing, due diligences finalization, legal authorizations (e.g., French competition authority)

Financing by means of Orsero own resources and ESG Linked MLT loan facility of 90 M€ already committed by a pool of European banks (see press release on August 4)

BUSINESS

    • FY 2022 Revised Guidance Confirmed (on like-for-like basis vs 2021, excluding possible M&A)
  • Market context
    • Household consumptions of fresh fruit and veg are characterised by significant selling price increase and declining volumes(*). In this context, Orsero is overperforming the market on both volumes and prices. Worth noting that fresh produce, as a food staple, is usually quite resilient also during tough period
  • Distribution BU
    • Strong sales growth, +10,4% vs 9M 2021
      • Sales are up almost in all countries as better selling prices more that offset slightly worse volumes sold;
    • Adjusted EBITDA margin comes in at 3,2%, a good level even if still lower than 4,0% achieved LY, in the light of :
      • Product: platano canario and pineapples experience favorable momentum; avocados are improving but still under LY performance; bananas are under pressure on the back of higher supply chain costs also related to weaker EUR vs. USD.
      • Operation: More than two-foldincrease of energy costs (+ 6,3 M€ in 9M) in addition to weaker EUR/USD cross rate which is detrimental to bananas and pineapples import
  • Shipping BU
    • CAM Line/Reefer transportation is on track with solid carried volumes and higher freight rates in a supportive context
    • Dry Cargos transportation, on the way back from EU to Central-South, achieves stunning revenues on lively demand
    • Adjusted EBITDA margin of 35,8% vs 23,6% in 9M 2021

*Italian Household consumption YTD Aug 2022/2021 posted a +7,5% in price and -9% in volume (Report CSO Servizi).

Spanish Household consumption TTM July 2022/2021 are up by 5,5% in price and down by -11,9% in volume (www.mapa.gob.es).

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Executive summary - consolidated figures

M€

9M 2022

9M 2021

Total Change

Amount

%

Net Sales

894,3

789,0

105,3

13,3%

Adjusted EBITDA Margin

6,5%

5,3%

+123 Bps.

Adjusted EBIT

36,4

21,2

15,3

72,3%

Net Profit

29,7

15,4

14,3

92,8%

M€

30.09.2022

31.12.2021

Net Invested Capital

277,9

260,2

Total Equity

201,9

175,9

Net Financial Position

76,0

84,3

NFP/ Total Equity

0,38

0,48

NFP/Adj. EBITDA

1,09

1,59

NFP/ Total Equity excl. IFRS16

0,16

0,26

NFP/Adj. EBITDA excl. IFRS16

0,56

1,00

  • Net sales 9M 2022 come in at 894,3 M€, up +13,3% vs LY
    • Distribution BU continues to grow at a sustained pace, up by 10,4% Y.o.Y
    • Shipping BU sales are up by 41,3% as transported volumes and freight rates remain strong
  • Adjusted EBITDA reaches 58,4 M€, up +16,6 M€ or +39,7% vs LY, with a margin of 6,5%, (up by +123 bps. vs LY)
    • All in all a satisfactory performance for both the BUs, given the super challenging environment (i.e. energy costs record peak)
    • Shipping BU confirms an extremely good momentum and Distribution BU underperforms LY on higher supply chain costs in addition to soaring energy expenses
  • Adjusted EBIT improves to 36,4M€, up 15,3 M€ or +72,3% vs LY, as a consequence of better operating results
  • Adjusted Net profit doubles to 31,4 M€, up 16,1 M€ or +105,5% vs 15,3 M€ LY
    • Net profit reported is 29,7 M€ , up 14,3 M€ vs LY
  • Total Equity goes beyond the 200 M€ mark, on improved net profit and positive MTM reserves effect (oil derivatives, interest rates and currencies)
  • Net Financial Position Excl. IFRS 16(**) is 32,3 M€ (Net Debt) , down by 13 M€ vs FY2021 comprising:
    • A remarkable operating cash flow generation
    • 5,2 M€ of dividend paid and 2,2 M€ of treasury share repurchase
  • Net Financial Position, stands at 76 M€
    • Including 43,7 M€ IFRS16 liabilities, of which abt. 6,7 M€ related to a 2-year charter of the 5th reefer vessel (***)

(*) Adjusted for non- recurring items and Top Management incentives, net of their estimated tax effect.

  1. Data excluding the effect of IFRS 16, consisting chiefly of incremental Adjusted Ebitda of abt. 10,4 M€ in 9M 2022 and abt. 5,7 M€ in 9M 2021 and incremental NFP of 43,7 M€ at the end of 9M 2022 and 39,1 M€ at the end of 2021
    (***) The charter contract was signed in Q4 2021 but the reefer vessel is deployed from Jan. 2022 through the end of 2023. Previous charter agreement were 1 year long and were not accounted under the provision of IFRS 16 principle. The right of use is also related to underlying USD/EUR rate and adjusted periodically to consider actual exchange rate.

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Orsero S.p.A. published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 17:18:02 UTC.