Total consolidated revenues of 426.6 million Euros, an increase compared to 325.8 million in the first quarter of 2022

Operating profitability improves, with EBITDA of 14.8 million Euros compared to 5.1 million in 2022

Net Result of 1.5 million Euros (-2.9 million in the first quarter of 2022)

The sales to Street Market and National Account clients in April are consistent with the growth objectives and also of margins for the 2023 business year

The Board of Directors of MARR S.p.A. (Milan: MARR.MI), the leading company in Italy in the sale and distribution to the foodservice of food and non-food products, today approved the interim management report as at 31 March 2023.

Main consolidated results in the first quarter of 2023

The first quarter of 2023 closed with total consolidated revenues of 426.6 million Euros, an increase compared to 325.8 million in the same period in 2022, the latter figure having been affected by the trend of the contagions during the first part of the quarter; the total consolidated revenues in the first quarter of 2019 (pre-pandemic) had been 333.4 million Euros.
The trend in revenues in the first quarter of 2023 was affected by the still ongoing inflationary dynamics in the foodservice sector, which have been more accentuated since the second quarter of 2022.

It must be noted that the total consolidated revenues in the last 12 months, from 1 April 2022 to 31 March 2023, and thus without the impact of the pandemic, have exceeded the threshold of 2 billion euros, reaching 2,031.3 million Euros.

Improvement in operating profitability, with consolidated EBITDA in the first quarter of 2023 amounting to 14.8 million Euros compared to 5.1 million in 2022; the EBITDA had been 17.3 million Euros in the first quarter of 2019.

EBIT for the period amounted to 6.2 million Euros compared to -2.5 million in the first quarter of 2022 (10.7 million Euros in the first quarter of 2019).

At the end of the first three months of 2023, the Net Result, which is affected by the increased net financial charges as a result of the increase in the cost of borrowing in the second half of 2022, amounted to 1.5 million Euros, compared to losses of 2.9 million in the first quarter of 2022.

The Net Trade Working Capital as at 31 March 2023 amounted to 233.5 million Euros, and the increase compared to 216.4 million at the end of the first quarter of 2022 is correlated to the increase in revenues.

The net financial debt as at 31 March 2023 amounted to 270.6 million Euros, compared to 199.7 million at the end of the first quarter of 2022 and 217.6 million as at 31 December 2022 (141.4 million as at 31 December 2021). The net financial debt had been 227.0 million Euros as at 31 March 2019.

Net of the effects of the application of accounting standard IFRS 16, the Net Financial Position (NFP) at the end of the first quarter of 2023 amounted to 192.3 million Euros compared to 127.3 million as at 31 March 2022. The NFP net of the effects of IFRS 16 had been 169.4 million Euros as at 31 March 2019.

The consolidated Net Equity as at 31 March 2023 amounted to 341.1 million Euros (346.6 million at the end of the first quarter of 2022) and includes a share premium reserve of 6.0 million Euros relating to the purchase started at the end of May 2022 of 516,110 treasury shares at an average price of 12.16 Euros and amounting to 0.78% of the Share Capital.