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3rd quarter Marr, reveals overall positive results

Interim management report at 30 September 2020, market share strengthened

The board of directors of Marr SpA, the leading company operating in Italy in the marketing and distribution of food and non-food products to the foodservice, today approved the interim management report as at 30 September 2020. The company achieved overall positive results and strengthened the company's market share.

Consumption in the non-domestic catering sector, partly linked to tourist flows, suffered an almost total block from the end of February until the first days of June. According to the findings of the Confcommercio research office, consumption in quantities in the context of "Hotels, meals and drinks away from home", recorded a decline of 22.8% in the first quarter and 68.8% in the second quarter with a weighted average of -49.4% at the end of the first half. Subsequently, consumption relating to non-domestic catering showed a positive recovery in the third quarter, despite the penalization due to the modest incoming and therefore to the tourist flows from abroad, marking a decrease in consumption, compared to the same period of the previous year, of the "only" 33.4%

During the third quarter Marr suffered a drop in revenues lower than that of the market (- 19.6% compared to -33.4% of the market) thus confirming an increase in its market share; the least criticality was found above all in the catering sector as the hotel sector suffered the most due to problems linked to tourism. This was possible mainly thanks to two steps: the strategic approach and the guidelines focused on the 5 priorities defined at the beginning of the impact caused by Covid-19 (strengthening liquidity, correct management of operating costs, consolidation of the leadership position, identification of new business opportunities, further strengthening of its competitive position); the set of commercial, management and operational initiatives that the company had initiated, developed and consolidated already during the most acute phase of the lockdown.

Total revenues for the third quarter amounted to 409 million euros compared to 509.1 million in 2019, with a decrease of 19.7%, an improvement on the -43.6% recorded at the end of the first six months. Ebitda stood at € 32.7 million with an Ebitda margin of 8%, while Ebit, which continues to include a prudent increase in the provision for bad debts (€ 6.7 million compared to 3 , 8 million in 2019), amounted to 21.8 million. In the third quarter of 2019, Ebitda and Ebit amounted to 47.3 and 39.4 million euros. The net result for the period reached 15.1 million euros and compares with the 27.3 million of the third quarter of last year.

The level of uncertainty due to a significant return to a pandemic situation with the consequent restrictive interventions decided by the Government reinforces the need for even greater attention to market dynamics, making it essential to maintain Marr's integrated approach, already rewarded by the trend recorded in the third quarter. The medium-long term prospects remain unchanged in the belief that the non-domestic catering market, combined with the tourist vocation of our country, will once again be rewarded by the recovery of flows and consequently by consumption.

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EFA News - European Food Agency