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Orsero
Investor Presentation • Sep 12, 2024
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Investor Presentation
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ORSERO GROUP H1 2024 RESULTS*
Milan, 12 September 2024
* Six months ended 30 June 2024
2
Agenda
Key financials H1 2024 page 3 Appendix page 9
DISCLAIMER
This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company.
The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.
This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.
The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.
No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.
To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.
This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.
You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.
The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Edoardo Dupanloup certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.
Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding.
Key Financials H1 2024*
4
H1 2024 Results ● In line with expectations, driven by improved results in Q2
• Economic and Financial response
- Capex well in line with planned investments, supporting the group Distribution footprint and its ESG strategic plan major investments include the construction of the Verona warehouse (a new facility dedicated to berries and exotic products), improvements to buildings and equipment in the warehouses in France, Spain, Italy and Portugal, together with normal renovation investments at all sites. To be mentioned, the shut down of the Solgne warehouse, aimed at maximizing the synergies with the other warehouses of the Group in France. Capex do not consider the dry docking of two of our vessels expected to be completed in Q3.
- Interest rates situation: Euribor expected to decrease, however in the first half of 2024 average interest rates were higher than in H1 2023, only partially affecting the Group's average cost of debt thanks to its debt structure and the hedging strategy performed swapping variable with fixed rates (gross debt: about 90% with more than 2,5 years duration; 80,7% resulting in fixed rates)
- On May 15, a dividend of 0,60 €/share was paid to Orsero shareholders with a total outlay of abt. 10,2 M€
- Market context
- Despite the slow down of the European inflationary pressure and declining selling prices marking the first half of 2024, volumes of F&V are still low. In addition, the geopolitical context still reflects some degree of uncertainty, with tensions potentially threatening sourcing and imports. The Group's performance is, however, well above the market average and in line with the historical trend
• Distribution BU
- Sales decrease of 1,3% vs H1 2023
- ‣ Sales declined as a result of the reduction in third parties' commercialized bananas, lower demand of winter campaigns in some geographies and decreasing avocado volumes in Mexico
- Adjusted EBITDA margin comes in at 4,5% vs 5,4% LY, in the light of:
- ‣ Products: (i) confirmed normalisation of the Banana product; (ii) satisfactory output of some F&V campaigns, especially of kiwi fruit and exotic fruit products.
- ‣ EBITDA margin stands at 5,2% in Q2 2024 vs 3,7% in Q1 2024
- Shipping BU
- Satisfying performance of the reefer segment in terms of volumes, although in the back of a totally normalised market context in comparison to the peaks of 2022-2023
- Adjusted EBITDA of 12,9 M€ vs 25,1 M€ in H1 2023, representing 22,2% of revenues (H1 2023: 36,3%)
B U S I N E S S
C O R P O R A T E
Executive summary ● Consolidated figures
| M€ | H1 2024 | H1 2023 | TOTAL CHANGE | |
|---|---|---|---|---|
| Amount | % | |||
| Net Sales | 744,1 | 763,4 | (19,3) | -2,5% |
| Adjusted EBITDA* | 40,9 | 59,2 | (18,3) | -30,9% |
| Adjusted EBITDA Margin | 5,5% | 7,8% | - 226 Bps. |
- |
| Adjusted EBIT | 24,2 | 42,8 | (18,6) | -43,4% |
| Adjusted Net Profit ** | 16,0 | 33,4 | (17,4) | -52,1% |
| Net Profit | 15,1 | 32,4 | (17,3) | -53,5% |
| M€ | 30.06.2024 | 31.12.2023 |
|---|---|---|
| Net Invested Capital | 373,3 | 366,4 |
| Total Equity | 243,4 | 238,5 |
| Net Financial Position | 129,9 | 127,8 |
| NFP/ Total Equity | 0,53 | 0,54 |
| NFP/Adj. EBITDA | 1,46 | 1,19 |
| Net Financial Position excl. IFRS 16*** | 69,8 | 67,1 |
| NFP/ Total Equity excl. IFRS16 | 0,29 | 0,28 |
| NFP/Adj. EBITDA excl. IFRS16 | 0,97 | 0,74 |
- Net sales H1 2024 are 744,1 M€, down by 19,3 M€ vs LY overall
- Distribution BU: against weak consumption trends, the focus on the mix and high value-added products and an intentional reduction in third parties' banana volumes
- Shipping BU: normalization of freight rates, affecting both the dry cargo and reefer, while volumes on the reefer side register satisfying levels
- Adjusted EBITDA comes in at 40,9 M€, down by 18,3 M€ or – 30,9% vs LY, with a margin of 5,5% (- 226 bps. vs LY)
- Overall, a result in line with the historical trend, which positions the Group well above the market average
- Adjusted EBIT moves downwards to 24,2 M€, down 18,6 M€ or – 43,4% vs LY, as a direct consequence of lower operating results
- Adjusted Net profit declines to 16,0 M€ from 33,4 M€ LY
- Net profit (reported) stands at 15,1 M€, tax rate resulting in 21,1%
- Total Equity swells to 243,4 M€, on the back of period net profit after dividend distribution
- Net Financial Position Excl. IFRS 16(***) is 69,8 M€ (Net Debt), including:
- Robust cash buffer of 88,4 M€ (Cash and cash equivalents)
- Gross financial debt of 160,1 M€ including 21,9 M€ of deferred considerations of the acquisitions
5
- Net Financial Position, stands at 129,9 M€
- Including 60,1 M€ IFRS 16 liabilities (of which fifth vessel lease 8,6 M€)
* Adjusted EBITDA excl. IFRS 16 is equal to 32,1 M€ in H1 2024 and 51,1 M€ in H1 2023 ** Adjusted for non-recurring items and Top Management incentives, net of their estimated tax effect
*** IFRS 16 effect consisting in NFP of 60,1 M€ in H1 2024 and 60,8 M€ at the end of 2023
Net Sales and Adj. EBITDA
NET SALES VARIANCE (M€)
ADJUSTED EBITDA VARIANCE (M€)
Net sales H1 2024 post a total decrease of 19,3 M€ or – 2,5 % vs LY
- Distribution is down by 9,3 M€, or -1,3%:
- Reduction of third parties' banana volumes following management decision, the distribution is well in line with the market average, thanks to the product mix and added value produce.
- Shipping decreases by 11,1 M€, or – 16,1%, as a consequence of:
- Back-to-normal trend of the freight rates, already started in the second half of 2023, is now affecting volumes on the dry cargo side, whilst transported fresh produce is marked by a good loading factor
- Slight negative impact of dollar exchange rate
- Holding & Services is down by 0,1 M€ and inter-segment elimination reduced by 1,1 M€
H1 2024 Adjusted EBITDA id down by 18,3 M€ or – 30,9 % vs LY, margin is 5,5% vs 7,8% LY:
- Distribution declines on the back of:
- Products: back-to-normal market context for bananas, uneven winter campaigns output (especially for citrus), counterbalanced by some products delivering better output in the last quarter (kiwi fruit and exotic fruit product lines)
- Shipping decreases by 12,2 M€:
- As forecasted, progressive normalization characterized by still good levels of transported volumes, especially of reefer transport
- The result is not impacted by the ongoing drydocking activity of two vessels, which is planned to be completed in Q3
- Holding & Services is up by 0,6 M€
- 6 - slightly lower personnel costs and rebilling from the parent company to the distribution subsidiaries
Consolidated Net Profit
Adjusted Net Profit H1 2024 decreases to 16,0 M€, down by 17,4 M€, excluding the adjustments and their tax effect:
- Resulting from lower margins, slightly higher D&A/provisions, moderately lower financial costs (resulting from higher financial expenses and lower impact of exchange rate trends) and decreased taxes (with an increased tax rate due to the tax effect linked to the lower contribution of the Shipping BU on the net profit).
- Total adjustments H1 2024 equal to a loss of 0,9 M€, net of estimated tax, comprising:
- provision for employees' profit sharing in Mexico and France of 412 K€, the shut down of the Solgne warehouse of 563 K€ and other minor adjustments
- Net Profit stands at 15,1 M€ versus 32,4 M€ LY
Consolidated Net Equity and NFP
NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€)
COMMERCIAL NWC - SEASONAL PATH (M€)
NET EQUITY VARIANCE (M€)
Total Shareholders' Equity comes in at 243,4 M€ as a result of:
- Net profit of the period of 15,1 M€
- A return to shareholders of 10,8 M€ comprising: 10,2 M€ as dividend paid to Orsero shareholders of (0,60 €/share) and 0,6 M€ of buy-back program
- Change in minorities including abt. 1,5 M€ of paid dividends
- Positive impact of MTM change of hedging instruments of 1,9 M€ (oil/EU ETS, interest rates and USD)
- Others negative effect of 0,7 M€
NFP excl. IFRS16 stands at 69,8 M€, or 129,9 M€ with IFRS16 liabilities:
- Positive cash flow generation of abt. 14,6 M€
- Commercial NWC release of 0,8 M€
- Operating Cash Capex(*) are 8,0 M€, for investments in core activities:
- 1,2 M€ bananas and avocados ripening rooms in France and Spain
- 2,2 M€ warehouses upgrade in Italy and France
- 0,5 M€ ERP in Italy, Spain and Portugal
- 0,5 M€ retooling of the Alverca warehouse (PT)
- 3,5 M€ related to several minor recurring investments on distribution platforms
- 10,8 M€ return to Orsero shareholders through dividends payout and buy back activity
- Others totalling 0,6 M€ of positive effect, including: 1,5 M€ cash dividend paid to minorities, 2,4 M€ of positive non-cash impact linked to MTM change and other minor change in fixed assets
8
Cash and cash equivalents come in at 88,4 M€
Liabilities related to IFRS 16 are equal to 60,1 M€
• The incremental IFRS 16 right-of-use of H1 2024 are equal to 7,1 M€
* Excluding non-cash capex related to incremental IFRS 16 right-of-use equal to 7,1 M€.
Appendix
Company structure
COSIARMA Italy
ORSERO CR Costa Rica
AGRICOLA AZZURRA *
FRUTTITAL
GALANDI Italy
Italy 50%
SIMBA Italy
Greece
SIMBACOL Colombia
BELLA FRUTTA
EUROFRUTAS Portugal
ACAPULCO Mexico
COMM. DE FRUTA
I FRUTTI DI GIL Italy 51%
Italy
BLAMPIN ** France
AZ FRANCE France
CAPEXO France
FRUTTICA France
H.NOS FERNANDEZ LOPEZ Spain
BONAORO * Spain 50%
CITRUMED*** Tunisia 50%
MOÑO AZUL * Argentina 19,2%
Shipping Distribution Holding & Services
ORSERO SPA Italy
FRESCO SHIP'S AGENCY & FOWARDING Italy
ORSERO SERVIZI Italy
FRUPORT * Spain 49%
* Equity Method ** 80% of fully diluted share capital + call option on 13,3% *** at cost
10
Governance & Shareholders' structure
Consolidated Income Statement
| AMOUNTS IN €/000 | FY 2020 | % | FY 2021 | % | FY 2022 | % | FY 2023 | % | H1 2024 | % | H1 2023 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1.041.535 100,0% | 1.069.776 100,0% | 1.196.284 100,0% | 1.540.813 | 100,0% | 744.123 | 100,0% | 763.447 | 100,0% | |||
| Cost of sales | (953.725) | -91,6% | (975.562) | -91,2% | (1.077.434) | -90,1% | (1.369.334) | -88,9% | ( 672.191) | -90,3% | (673.586) | -88,2% |
| Gross profit | 87.810 | 8,4% | 94.214 | 8,8% | 118.850 | 9,9% | 171.478 | 11,1% | 71.932 | 9,7% | 89.861 | 11,8% |
| General and administrative expense | (67.650) | -6,5% | (71.071) | -6,6% | (75.831) | -6,3% | (100.254) | -6,5% | ( 48.816) | -6,6% | (48.764) | -6,4% |
| Other operating income/expense | (1.397) | -0,1% | (19) | 0,0% | (3.077) | -0,3% | (6.293) | -0,4% | ( 37) | 0,0% | (44) | 0,0% |
| Operating Result (Ebit) | 18.763 | 1,8% | 23.125 | 2,2% | 39.942 | 3,3% | 64.931 | 4,2% | 23.080 | 3,1% | 41.052 | 5,4% |
| Financial income | 252 | 0,0% | 352 | 0,0% | 321 | 0,0% | 1.512 | 0,1% | 1.033 | 0,1% | 502 | 0,1% |
| Financial expense and exchange rate diff. | (3.943) | -0,4% | (3.665) | -0,3% | (5.690) | -0,5% | (12.457) | -0,8% | ( 5.974) | -0,8% | (5.636) | -0,7% |
| Other investment income/expense | 813 | 0,1% | 4 | 0,0% | (483) | 0,0% | 524 | 0,0% | 10 | 0,0% | 4 | 0,0% |
| Share of profit/loss of associates and joint ventures accounted for using equity method |
795 | 0,1% | 1.019 | 0,1% | 2.041 | 0,2% | 1.614 | 0,1% | 942 | 0,1% | 1.076 | 0,1% |
| Profit before tax | 16.679 | 1,6% | 20.835 | 1,9% | 36.131 | 3,0% | 56.124 | 3,6% | 19.092 | 2,6% | 36.998 | 4,8% |
| Income tax expense | (4.411) | -0,4% | (2.327) | -0,2% | (3.671) | -0,3% | (7.995) | -0,5% | ( 4.030) | -0,5% | (4.612) | -0,6% |
| NET PROFIT | 12.269 | 1,2% | 18.508 | 1,7% | 32.460 | 2,7% | 48.129 | 3,1% | 15.062 | 2,0% | 32.386 | 4,2% |
| H1 2024 | 8 | H1 2023 | 8 |
|---|---|---|---|
| 744.123 | 100,0% | 763.447 | 100,0% |
| ( 672.191) | -90,3% | (673.586) | -88,2% |
| 71.932 | 9,7% | 89.861 | 11,8% |
| ( 48.816) | -6,6% | (48.764) | -6.4% |
| (37) | 0,0% | (44) | 0,0% |
| 23.080 | 3,1% | 41.052 | 5,4% |
| 1.033 | 0,1% | 502 | 0,1% |
| (5.974) | -0,8% | (5.636) | -0,7% |
| 10 | 0,0% | ব | 0,0% |
| 942 | 0,1% | 1.076 | 0,1% |
| 19.092 | 2,6% | 36.998 | 4,8% |
| ( 4.030) | -0,5% | (4.612) | -0,6% |
| 15.062 | 2,0% | 32.386 | 4,2% |
ADJUSTED EBITDA – EBIT BRIDGE :
| ADJUSTED EBITDA | 48.404 | 4,6% | 52.929 | 4,9% | 76.058 | 6,4% | 107.114 | 7,0% | 40.901 | 5,5% | 59.217 | 7,8% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A – excl. IFRS16 |
(16.996) | -1,6% | (18.011) | -1,7% | (15.554) | -1,3% | (16.845) | -1,1% | (8.339) | -1,1% | (8.164) | -1,1% |
| D&A – Right of Use IFRS16 |
(7.184) | -0,7% | (6.983) | -0,7% | (12.560) | -1,0% | (14.647) | -1,0% | (7.680) | -1,0% | (7.256) | -1,0% |
| Provisions | (1.809) | -0,2% | (2.408) | -0,2% | (2.245) | -0,2% | (2.841) | -0,2% | (646) | -0,1% | (974) | -0,1% |
| Top Management Incentives | (1.092) | -0,1% | (1.753) | -0,2% | (3.033) | -0,3% | (3.185) | -0,2% | 0 | 0,0% | (366) | 0,0% |
| Non recurring Income | 35 | 0,0% | 1.909 | 0,2% | - | 0,0% | 2.533 | 0,2% | 980 | 0,1% | 2.523 | 0,3% |
| Non recurring Expenses | (2.595) | -0,2% | (2.557) | -0,2% | (2.725) | -0,2% | (7.198) | -0,5% | (2.136) | -0,3% | (3.927) | -0,5% |
| OPERATING RESULT (EBIT) | 18.763 | 1,8% | 23.125 | 2,2% | 39.942 | 3,3% | 64.931 | 4,2% | 23.080 | 3,1% | 41.052 | 5,4% |
12
Segment Reporting – Sales and Adjusted EBITDA
| NET SALES | FY 2020 | FY 2021 | FY 2022 | FY 2023 | 2022 | 2023 | 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| M€ | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| Distribution | 982,8 | 1.000,5 | 1.091,7 | 1.453,0 | 225,0 | 256,7 | 258,1 | 260,5 | 242,5 | 283,8 | 290,8 | 274,7 | 323,1 | 393,3 | 380,7 | 355,9 | 320,3 | 386,8 | ||
| Var. y.o.y. | 3,4% | 1,8% | 9,1% | 33,1% | 0,8% | -3,0% | 1,4% | 8,5% | 7,7% | 10,5% | 12,7% | 5,4% | 33,2% | 38,6% | 30,9% | 29,6% | -0,9% | -1,7% | ||
| Shipping | 95,3 | 103,8 | 142,4 | 132,7 | 24,0 | 25,7 | 25,3 | 28,8 | 30,3 | 39,0 | 36,7 | 36,4 | 34,5 | 34,5 | 29,3 | 34,4 | 28,1 | 29,9 | ||
| Var. y.o.y. | 11,8% | 9,0% | 37,2% | -6,8% | -16,3% | 7,0% | 24,2% | 29,7% | 26,2% | 51,7% | 45,1% | 26,4% | 13,9% | -11,5% | -20,1% | -5,5% | -18,6% | -13,5% | ||
| Holding & Service | 10,5 | 10,6 | 11,6 | 11,0 | 2,5 | 2,5 | 2,6 | 3,1 | 2,8 | 2,9 | 3,0 | 2,9 | 2,8 | 2,6 | 2,6 | 3,0 | 2,6 | 2,7 | ||
| Inter Segment | ( 47,1) | ( 45,1) | ( 49,4) | ( 55,9) | ( 11,3) | ( 12,1) | ( 10,1) | ( 11,6) | ( 11,6) | ( 13,5) | ( 12,4) | ( 12,0) | ( 13,1) | ( 14,3) | ( 13,4) | ( 15,2) | -13,1 | 6,8% | ||
| Net Sales | 1.041,5 | 1.069,8 | 1.196,3 | 1.540,8 | 240,3 272,8 275,9 | 280,8 | 264,0 312,2 | 318,1 | 302,0 | 347,3 416,1 | 399,3 378,1 | 337,9 | 406,2 | |||||||
| Var. y.o.y. | 3,6% | 2,7% | 11,8% | 28,8% | -0,3% | -2,5% | 3,0% | 11,1% | 9,9% | 14,4% | 15,3% | 7,6% | 31,6% | 33,3% | 25,5% | 25,2% | -2,72% | -2,4% | ||
| ADJUSTED EBITDA | FY 2020 | FY 2021 | FY 2022 | FY 2023 | 2021 | 2022 | 2023 | 2024 | ||||||||||||
| M€ | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| Distribution | 36,7 | 35,4 | 35,0 | 73,7 | 9,7 | 8,9 | 10,7 | 6,1 | 8,0 | 10,0 | 8,1 | 8,9 | 15,6 | 23,1 | 24,0 | 11,0 | 11,7 | 20,2 | ||
| % to Net Sales | 3,7% | 3,5% | 3,2% | 5,1% | 4,3% | 3,5% | 4,2% | 2,3% | 3,3% | 3,5% | 2,8% | 3,2% | 4,8% | 5,9% | 6,3% | 3,1% | 3,7% | 5,2% | ||
| Shipping | 17,7 | 24,4 | 48,3 | 41,6 | 5,7 | 6,0 | 6,0 | 6,7 | 11,5 | 14,6 | 11,9 | 10,3 | 12,9 | 12,1 | 7,9 | 8,6 | 7,2 | 5,7 | ||
| % to Net Sales | 18,5% | 23,5% | 33,9% | 31,3% | 23,8% | 23,3% | 23,6% | 23,3% | 38,0% | 37,3% | 32,4% | 28,4% | 37,4% | 35,2% | 26,9% | 25,0% | -25,6% | 19,1% | ||
| Holding & Service | ( 5,9) | ( 6,9) | ( 7,3) | ( 8,2) | ( 1,6) | ( 2,1) | ( 1,5) | ( 1,7) | ( 1,9) | ( 2,0) | ( 1,8) | ( 1,6) | ( 2,3) | ( 2,2) | ( 1,8) | ( 1,9) | (2,1) | ( 1,8) | ||
| ADJUSTED EBITDA | 48,4 | 52,9 | 76,1 | 107,1 | 13,8 | 12,8 | 15,2 | 11,1 | 17,7 | 22,6 | 18,2 | 17,6 | 26,2 | 33,0 | 30,1 | 17,8 | 16,8 | 24,1 | ||
| % to Net Sales | 4,6% | 4,9% | 6,4% |
Consolidated Statement of Financial Position
| AMOUNTS IN €/000 | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Goodwill | 127.447 | 127.447 |
| Intangible assets other than Goodwill | 10.749 | 10.433 |
| Property, plant and equipment | 183.564 | 184.804 |
| Investment accounted for using equity method | 21.159 | 20.581 |
| Non-current financial assets | 6.248 | 5.291 |
| Deferred tax assets | 7.124 | 7.540 |
| NON-CURRENT ASSETS | 356.291 | 356.096 |
| Inventories | 55.112 | 53.118 |
| Trade receivables | 160.829 | 144.237 |
| Current tax assets | 14.373 | 12.435 |
| Other receivables and other current assets | 18.388 | 14.582 |
| Cash and cash equivalents | 88.374 | 90.062 |
| CURRENT ASSETS | 337.076 | 314.434 |
Non-current assets held for sale - -
693.367 670.530
AMOUNTS IN €/000 30/06/2024 31/12/2023 Share Capital 69.163 69.163 Other Reserves and Retained Earnings 158.106 120.360 Profit/loss attributable to Owners of Parent 14.617 47.276 Equity attributable to Owners of Parent 241.886 236.800 Non-controlling interests 1.541 1.724 TOTAL SHAREHOLDERS' EQUITY 243.427 238.523 Financial liabilities 162.638 166.090 Other non-current liabilities 470 548 Deferred tax liabilities 4.415 4.215 Provisions 4.993 4.948 Employees benefits liabilities 9.240 8.963 NON-CURRENT LIABILITIES 181.755 184.764 Financial liabilities 57.550 52.576 Trade payables 179.373 159.973 Current tax liabilities 6.403 6.815 Other current liabilities 24.858 27.879 CURRENT LIABILITIES 268.184 247.243
Liabilities directly associated with non-current assets held for sale - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 693.367 670.530
14
15
Definitions & Symbols
Y.o.y. = year on year
Abt. = about
Adjusted EBITDA = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and costs related to LT incentives
AGM = Annual General Meeting
Approx. = Approximately
ASM = Annual Shareholder's Meeting
BAF = Bunker Adjustment Factor
BC = Business Combination
BoD = Board of Directors
Bps. = basis points
BU = Business Unit
CAM Line = Central-South America | South Europe Shipping Route
D&A = Depreciations and Amortizations
EBIT = Earnings Before Interests Tax
EBITDA = Earnings Before Interests Tax Depreciations and Amortizations
Excl.= excluding
F&V = Fruit & Vegetables
FTE = Full Time Equivalent
FY = Full Year | Fiscal Year (twelve months ended 31 December)
H1 = first half (six months ended 30 June)
H2= second half (six months from 1 July to 31 December)
HFL = Hermanos Fernández López S.A.
I/S = Inter Segment
I/co = Intercompany
LFL = Like for like LTI = Long-Term Incentive/long term bonus LY= Last Year MBO = Management by Objectives/Short term bonus M&A = Merger and Acquisition
MLT = Medium Long-Term
MTM = Mark to market
NFP = Net Financial Position, if positive is meant debt
NS = Not significant
PBT = Profit Before tax
Plt. = Pallet
PY = previous year or prior year
Q = Quarter/trimester
SPAC = Special Purpose Acquisition Company
TTM = Trailing 12 months
YTD = Year to date
FY = Twelve months ended December 31.
WW = Word Wide
M = million
K = thousands
€ = EURO
, (comma) = separator of decimal digits
. (full stop) = separator of thousands
Thank you
www.orserogroup.it [email protected]
