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Orsero: total revenues up 3.6%

Approval of the 2020 draft financial statements

The board of directors of Orsero SpA, a company listed on the electronic stock market of Borsa Italiana, Star segment, and holding of the homonymous Group among the leaders in Mediterranean Europe for the import and distribution of fresh fruit and vegetables, has approved: the draft financial statements as at 31 December 2020. Raffaella Orsero, CEO of the Group, commented: “Having achieved and exceeded the objectives we have set for 2020, despite the numerous socio-economic challenges caused by the pandemic, continues to demonstrate the solidity of our business model in a sector that is certainly resilient. The pandemic has highlighted the true value of what we do, to ensure fresh and healthy products for people every day”. 

Matteo Colombini, CFO and CO-CEO, added: “We are very satisfied with the excellent results achieved in 2020 which give us economic and financial indicators with a significant improvement in all Operating Business Units of the Group, despite some products in our basket, linked to outside consumption home, have been significantly impacted by the effects of the pandemic. We continue to work on identifying growth opportunities by external lines by looking at companies operating in market segments characterized by important growth trends and high profitability, with the goal of building a top player in the sector at European level day after day".

Net revenues, equal to approximately € 1,041.5 million, show an increase of approximately 3.6% compared to net revenues at 31 December 2019, equal to € 1,005.7 million. The improvement is linked both to the solid growth of the Import BU & Distribution driven by the positive performance of the Italian, French and Spanish companies, both positively contribution of the Shipping BU. The adjusted Ebitda, equal to € 48.4 million, shows a significant increase of approximately 25% compared to the €
38.7 million the previous year with an adjusted Ebitda Margin of 4.6%, an increase of 80 bps compared to 2019. The adjusted Ebit of € 22.4 million grows more than significantly compared to € 13.0 million achieved as of 31 December 2019.

Adjusted net profit shows a positive result of € 14 million compared to a profit of € 5.3 million at 31December 2019, showing a significant increase of € 8.7 million as a result of the increase of the margins for the period. Net profit amounted to € 12.3 million with an important increase of € 10.0 million, compared to a profit of € 2.3 million at December 31, 2019. Total shareholders 'equity is € 160.1 million, an increase of approximately € 9.2 million compared to shareholders' equity at December 31, 2019, equal to € 150.9 million. The net financial position is € 103.3 million compared to € 126.9 million at 31 December 2019.

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EFA News - European Food Agency
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