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Longino & Cardenal: consolidated results at 31 December 2021 approved

Revenues up by + 36.3% compared to the previous year; strong growth of the Dubai subsidiary

The board of directors of Longino & Cardenal SpA, active in national and international haute cuisine, met today to approve the consolidated financial statements and the draft financial statements at 31 December 2021. Riccardo Uleri, managing director and majority shareholder of L&C, commented: "We are satisfied with the results achieved in 2021 which show a significant growth in economic indicators compared to 2020 with revenues up 36.3% y / y also thanks to the positive performance of the Dubai subsidiary and from B2C e-Commerce and despite the fact that the restaurant sector is still affected by the pandemic. Excellent results for the e-commerce channel, the new business line born during the pandemic, which in the first year of complete turnover achieved revenues of over 1.1 million euros. This new channel, complementary and non-competing, is of considerable strategic importance and will certainly be an important asset in the future of the Group".

In 2021, revenues amounted to Euro 26.3 million, with a significant growth of 36.3% compared to Euro 19.3 million in the previous year. The revenues of the B2C e-Commerce channel are higher than Euro 1.1 million compared to Euro 445 thousand in the period June-December 2020. The online generated 1.2 million accesses and 9,400 orders. With regard to the Group companies, the positive results of the Dubai subsidiary are highlighted with revenues of Euro 2.3 million, an increase of 97% compared to 2020 (Euro 1.1 million). Also in New York, the gradual loosening of the containment restrictions of the pandemic allowed the subsidiary, established in 2019, to start up its activities with revenues in 2021 of Euro 705 thousand compared to Euro 140 thousand in 2020.

The production subsidiary, Il Satiro Danzante, which generates its turnover mainly from Group companies, achieved revenues of Euro 1.6 million in 2021, up 82% compared to Euro 0.9 million in 2020. The Hong Kong subsidiary achieved revenues of Euro 1.9 million, with an increase of 5% compared to 31/12/2020 (Euro 1.8 million). Ebitda is negative for Euro 0.5 million, a clear improvement compared to the negative result of Euro 1.3 million in the previous year. Adjusted Ebitda is negative for € 0.45 million, compared to a negative € 0.85 million in the previous year. During 2020, the parent company had set aside an extraordinary amount of € 0.41 million to the bad debt provision. At 31 December 2021 the provision was equal to € 0.08 million. Ebit is negative for Euro 1.1 million, compared to Euro 1.7 million at 31 December 2020, after amortization of approximately Euro 0.6 million (Euro 0.5 million in 2020) deriving mainly from new software systems.

The year closed with a net result of Euro -0.9 million, an improvement of approximately one million compared to Euro -1.8 million at 31 December 2020. In 2021 the Group continued to invest to feed the strategic path of growth, in particular in relation to the digitization and efficiency of the organization with new and more advanced software in the Erp area, credit management, budgeting, planning and control, as well as for the management of the consolidated financial statements, integrating them perfectly with the new management system. The e-Commerce platform was also further enhanced with integration to the company Crm and the sales network and company software. Digitization involved investments in 2021 of Euro 0.7 million. During 2021, a portion of land of approximately 12,000 square meters was also purchased from the parent company which involved an outlay of approximately 1.2 million euros and the subsidiary Il Satiro Danzante acquired a larger production building where to transfer its business to approximately 0.4 million euros. Against these assets and investments, the net financial position is negative (debt) for Euro 3.5 million compared to liabilities (debt) for Euro 0.2 million at 31 December 2020. Shareholders' equity is equal to Euro 5.5 million compared to Euro 6.5 million at 31 December 2020.

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