Orsero starts 2021 with excellent results
Stable revenues at over 240 million euros and reduction of the net financial position
Orsero is an excellent start to the year. The Ligurian company, in fact, today approved the results of the first quarter of 2021 and the update of the Guidance 2021. The numbers speak of total revenues of 240.3 million euros, in line with 2020 when they were 240.9 million (-0.3%). adjusted EBITDA amounted to 13.8 million, a significant improvement of 45.3% compared to 9.5 million in the same period of 2020. The performance of the Import and Distribution business unit was judged excellent thanks to the contribution of the French companies and the mix of products with higher added value (avocado, mango, table grapes, kiwi), revenues reached 225 million euros, recording an increase of about 1.8 million euros compared to the first quarter of 2020, with an EBITDA of 9, 7 million, almost double compared to the 5.2 million of the first three months of 2020. At the consolidated level, the net profit for the period was equal to 4.8 million euros, more than double compared to the 2.3 million of the first quarter 2020, the net financial position is 100.3 million, a further reduction compared to the 103.3 million euro of December 2020, due to a significant generation of operating cash (4.6 million).
“We are very satisfied with the results of this first quarter of 2021 - comments Raffaella Orsero, CEO of the family group - The work done in the last two years in terms of people, product mix and operational efficiency is bearing fruit. The excellent results achieved in the first three months of the year, despite the climate of economic uncertainty due to the persistence of the pandemic, make us optimistic about the Guidance for 2021”.
On the other hand, the Shipping sector was down which, in the first three months, generated net revenues of 24 million euros, showing a decrease of 4.7 million compared to March 31, 2020. A decline essentially linked to two factors: the lower price bunker and a stronger euro / dollar exchange rate, with a negative conversion effect on shipping sales originating in dollars. The adjusted EBITDA of the business unit is equal to € 5.7 million (from € 6.1 million in the first quarter of 2020) and shows an EBITDA margin of 23.8%, further improving.
"In these first three months of 2021, as expected, we have maintained a turnover in line with 2020, a very positive note in consideration of the fact that last March was characterized by moments of panic buying - explains Matteo Colombini, cfo and co-ceo. di Orsero - The industrial margins achieved exceeded expectations thanks to the strategy of revising the product mix, increasingly focused on items with greater added value, and the definitive recovery of activity in France. The performance of the main equity indicators is also significant, with a net financial position which, due to an important generation of operating cash, is further improved compared to 31 December 2020".
Based on the budget projections approved for the year 2021, but also in relation to the positive trend of the first three months of the year, the board of directors of Orsero has revised upwards the previous Guidance on the main economic-financial indicators for the year 2021 Net revenues remain substantially unchanged: from 1.04 billion to 1.06 billion euros. On the other hand, the adjusted EBITDA has been revised upwards, from 49 to 51 million euros, with an increase of 2 million. Same increase for net profit, up from 14 to 16 million euros. The net financial position should reach 80 million (from 85 million) and investments in operating fixed assets could remain unchanged, (9 million from the 10 million expected)
The 2021 projections, according to the company, "take into account the current European macroeconomic and health context which remains very uncertain although, as already found, the nature of the activity, the reference sector and the business model of the Orsero group have proven to be resilient with respect to the effects deriving from the covid-19 pandemic".
The shareholders' meeting approved the distribution of an ordinary dividend of 0.2 euro per share for a total amount of approximately 3.5 million euro.
EFA News - European Food Agency