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Newlat: revenues up 18% in 2021

The Group is aiming for a billion euro turnover by the end of the year

The board of directors of Newlat Food SpA examined and approved the company's draft financial statements and the consolidated financial statements for the year 2021. The data relating to 2021 confirm a positive trend in the main economic and financial data of the Group. President Mastrolia commented: “2021 was a year of important goals that propel the Group towards new and more ambitious goals. With the acquisition of Symington's, which took place last August, the Group today not only has a turnover level almost double compared to the 2019 IPO, but a business profile and a broader and more international managerial culture".

"Despite the general volatility and the inflationary wave that characterized the entire second half of 2021, Newlat Food once again showed great determination and flexibility by reacting in a timely manner to difficult market conditions and managing not only to keep margins stable, despite the slight decline in turnover, but also to convert 72% of Ebitda into FCF, maintaining a solid financial structure, which is very important for continuing our growth strategy by external lines", he continued. The consolidated pro forma revenues of the Group in financial year 2021 amounted to Euro 625.2 million, a decrease of 2.6% compared to 2020, with the same consolidation perimeter.

The Group's consolidated proforma EBITDA was equal to Euro 55 million compared to Euro 58.4 million in the previous year. The consolidated normalized proforma EBITDA instead amounted to Euro 58 million, a decrease of 6% compared to 2020. The consolidated normalized proforma operating result (EBIT) of the Group was equal to Euro 11.1 million, an increase compared to Euro 10, 1 million in 2020. The consolidated net result is equal to Euro 6.2 million. The net financial position (NFP), including the effects of IFRS 16, is negative for Euro 60.4 million. Excluding the effect of IFRS 16 lease liabilities, the Pfn is always negative for Euro 21.4 million.

"2022 will be a year of great challenges, not only due to geopolitical uncertainty and the persistent inflationary scenario, but also due to our determination to continue with the integration projects of the recent acquisitions, from which we expect cost and cost synergies. commercial development, and further growth through external lines, with the aim of reaching one billion euros in turnover by the end of the year”, concluded the president.

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EFA News - European Food Agency