Marr, 2020 revenues of 1.07 billion
The group relaunches for 2021 aiming at new acquisitions
Marr, the leading company in Italy in the marketing and distribution of food products to the foodservice, approved the consolidated financial statements and the draft financial statements for 2020, which will be submitted to the Shareholders' Meeting on April 28th, confirming the anticipated numbers market. The year ended with total consolidated revenues of € 1,073.7 million (€ 1,695.8 million in 2019), with a decrease in the second half of 30.6% (compared to the same period in 2019), a recovery compared to - 43.6% recorded at the end of the first six months of 2020.
EBITDA amounted to 39.4 million euros, compared to 128.5 million in 2019, and was affected by the reduction in revenues and margins, also influenced by the different sales mix in terms of customers. The drop in margins was partly mitigated by interventions on fixed operating costs. Among the measures implemented, those that involved part of the staff concerned the use of the various labor law tools available with consequent containment of labor costs. EBIT, which was 2.8 million euros (99.1 million in 2019), is also affected by a prudent policy of allocating the bad debt provision of 19.3 million euros. The net result for the year was -2.4 million euros (66.6 million in 2019).
A note from the company explains that in the year of Covid the company of the Cremonini group implemented a series of strategic guidelines to tackle the pandemic, starting with the strengthening of liquidity ( at the end of 2020 it exceeded 250 million liquidity, doubling the initial levels pandemic) and the correct management of operating costs. Furthermore, the group aims to consolidate its leadership position, to identify new business opportunities ( take away , food delivery ) and product lines (eg packaging, sanitizers, disinfectants, food ready to eat ); and a further strengthening of MARR's competitive position following the foreseeable consolidation of the market as soon as the pandemic emergency is over. An example was the recent acquisition of the activities of the Verrini Group (see EFA News article of 5/3/2021).
EFA News - European Food Agency