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Orsero
Quarterly Report • May 7, 2024
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Quarterly Report
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ORSERO GROUP Q1 2024 RESULTS*
Milan, 7 May 2024
* Three months ended 31 March 2024
Agenda
Key financials Q1 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 Q1 2024*
Q1 2024 Results ● back to normal trend on shipping and banana
• Economic and Financial response
- Capex perfectly in line with planned investments, enhancing the group Distribution footprint, while aligning to the ESG strategic plan among the main construction sites there is the Verona warehouse (although it is still in a preliminary phase), in addition to improvements to buildings and equipment in the warehouses in France, Spain, Italy and Portugal, together with normal renovation investments at all sites
- Interest rates situation: strong increase in Euribor, just 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 2,12 years duration; almost 56,5% resulting in fixed rates)
- On May 15, a dividend of 0,60 €/share is to be paid to Orsero shareholders with a total outlay of abt. 10,2 M€
- FY 2024 Financial and ESG Guidance confirmed
• Market context
- The first quarter of 2024 was marked by a slow down of the European inflationary pressure, with selling prices started to decline and volumes of F&V still low, the latter also impacted by adverse climate conditions on the sourcing side of the value chain and by weak consumption patterns among some regions of interest of the Group. In addition, the geopolitical context keeps being uncertain, with tensions impacting sourcing and imports. Against such unfavorable backdrop, the Group is still performing well, in accordance with market average and in line with the seasonality trend affecting the first quarter, which is historically the lower of the year in terms of sales and profitability
• Distribution BU
- Sales decrease of 0,9% vs Q1 2023
- ‣ Sales declined as a result of the normalisation of the Banana product, lower demand of winter campaigns produce in some geographies and bad weather conditions affecting some campaigns in the countries of origin
- Adjusted EBITDA margin comes in at 3,7% vs 4,8% LY, in the light of:
- ‣ Products: (i) back-to-normal market context for bananas; (ii) satisfactory output of some F&V campaigns, although not as widespread across all campaigns as in Q1 2023
• Shipping BU
- Normalisation of the freight rates, which started in the second half of 2023 , together with lower volumes on the back haul
- Adjusted EBITDA of 7,2 M€ vs 12,9 M€ in Q1 2023, representing 25,6% of revenue (Q1 2023: 37,4%)
Quarterly weight on FY (2019-2023)
C O R P O R A T E
B U S I N E S S
Executive summary ● Consolidated figures
| M€ | Q1 2024 | Q1 2023 | TOTAL CHANGE | ||||
|---|---|---|---|---|---|---|---|
| Amount | % | ||||||
| Net Sales | 337,9 | 347,3 | (9,4) | -2,7% | |||
| Adjusted EBITDA* | 16,8 | 26,2 | (9,4) | -35,9% | |||
| Adjusted EBITDA Margin | 5,0% | 7,6% | -257 Bps. | ||||
| Adjusted EBIT | 8,6 | 18,2 | (9,6) | -52,7% | |||
| Adjusted Net Profit ** | 4,9 | 13,4 | (8,5) | -63,3% | |||
| Net Profit | 5,0 | 13,0 | (8,0) | -61,7% |
| M€ | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Net Invested Capital | 384,6 | 366,4 |
| Total Equity | 245,6 | 238,5 |
| Net Financial Position | 139,0 | 127,8 |
| NFP/ Total Equity | 0,57 | 0,54 |
| NFP/Adj. EBITDA | 1,42 | 1,19 |
| Net Financial Position excl. IFRS 16*** | 77,3 | 67,1 |
| NFP/ Total Equity excl. IFRS16 | 0,31 | 0,28 |
| NFP/Adj. EBITDA excl. IFRS16 | 0,96 | 0,74 |
- Net sales Q1 2024 are 337,9 M€, down by 9,4 M€ vs LY overall
- Distribution BU: seasonality trend affecting Q1, in addition to adverse climatic conditions for some campaigns and weak consumption trends
- Shipping BU: normalization of freight rates, started in the second half of 2023, continuing in 2024
- Adjusted EBITDA comes in at 16,8 M€, down by 9,4 M€ or – 35,9%% vs LY, with a margin of 5,0% (- 257 bps. vs LY)
- Overall, an adequate result for the first quarter, which is affected by a seasonality effect for the Distribution BU and a back-to-normal trend for the Shipping BU
- Adjusted EBIT moves downwards to 8,6 M€, down 9,6 M€ or – 52,7% vs LY, as a direct consequence of lower operating results
- Adjusted Net profit declines by 63,3%, down 8,5 M€, to 4,9 M€ vs 13,4 M€ LY
- Net profit (reported) stands at 5,0 M€
- Total Equity swells to 245,6 M€, on the back of period net profit
- Net Financial Position Excl. IFRS 16(***) is 77,3 M€ (Net Debt), including:
- Robust cash buffer of 88,0 M€ (Cash and cash equivalents )
- Gross financial debt of 165,3 M€ including 23,8 M€ of deferred considerations of the acquisitions
5
- Net Financial Position, stands at 139,0 M€
- Including 61,7 M€ IFRS 16 liabilities (of which fifth vessel lease 9,7 M€)
* Adjusted EBITDA excl. IFRS 16 is equal to 12,4 M€ in Q1 2024 and 22,1 M€ in Q1 2023 ** Adjusted for non-recurring items and Top Management incentives, net of their estimated tax effect *** IFRS 16 effect consisting in NFP of 61,7 M€ at the end of 2023 and 60,8 M€ at the end of 2023
Net Sales and Adj. EBITDA
NET SALES VARIANCE (M€)
ADJUSTED EBITDA VARIANCE (M€)
Net sales Q1 2024 post an overall decrease of 9,4 M€ or – 2,7 % vs LY
- Distribution is up down by 2,8 M€, or -0,9%:
- Sales are down as a result of the combined effects of lower consumption trend, the normalization of the Banana product and adverse climatic conditions impacting some campaigns, which marks a result in line with the market average, yet lower than the exceptional outcome achieved in Q1 2023
- Shipping decreases by 6,4 M€, or – 18,6%, as a consequence of:
- Normalisation of the freight rates, already started in the second half of 2023, paired with lower volumes on the dry side
- Weaker dollar exchange rate
- Service/Holding is down by 0,2 M€ and inter-segment eliminations is unchanged
Q1 2024 Adjusted EBITDA id down by 9,4 M€ or – 35,9 % vs LY, margin is 5,0% vs 7,6% LY:
- Distribution declines on the back of:
- Products: back-to-normal market context for bananas and uneven winter campaigns output, with some impacted by negative weather conditions
- Shipping decreases by 5,7 M€:
- As forecasted, progressive normalization characterized by still good levels of transported volumes
- Holding & Service is up by 0,2 M€ due to lower personnel and travel costs
Consolidated Net Profit
Adjusted Net Profit Q1 2024 decreases to 4,9 M€, down by 8,5 M€, excluding the adjustments and their tax effect:
- Resulting from lower margins, slightly higher D&A/provisions, lower financial costs 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 Q1 2024 equal to a profit of 0,1 M€, net of estimated tax, comprising:
- provision for employees' profit sharing in Mexico and France of 302 K€ more than offset by other one-off effects of +357 K€
- Net Profit stands at 5,0 M€ versus 13,0 M€ LY
Consolidated Net Equity and NFP
NET EQUITY VARIANCE (M€)
NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€)
COMMERCIAL NWC - SEASONAL PATH (M€)
* Excluding non-cash capex related to incremental IFRS 16 right-of-use equal to 4,8 M€.
Total Shareholders' Equity comes in at 245,6 M€ as a result of:
- Net profit of the period of 5,0 M€
- Positive impact of MTM change of hedging instruments of 1,7 M€ (oil, interest rates and USD)
- Others positive effect of 0,5 M€
NFP excl. IFRS16 stands at 77,3 M€, or 139,0 M€ with IFRS16 liabilities:
- Positive cash flow generation of abt. 5,2 M€
- Commercial NWC absorption, of 11,8 M€ due to seasonality
- Operating Cash Capex(*) are 3,6 M€, for investments in core activities:
- 0,5 M€ banana and avocado ripening rooms in Cavaillon (FR)
- 0,8 M€ new market stand in Milan and Verona
- 2,3 M€ related to several minor recurring investments on distribution platforms
Cash and cash equivalents come in at 88,0 M€
Liabilities related to IFRS 16 are equal to 61,7 M€
• The incremental IFRS 16 right-of-use of Q1 2024 are equal to 4,8 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%
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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
Governance & Shareholders' structure
Consolidated Income Statement
| AMOUNTS IN €/000 | FY 2020 | % | FY 2021 | % | FY 2022 | % | FY 2023 | % | Q1 2024 | % | Q1 2023 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1.041.535 100,0% | 1.069.776 100,0% | 1.196.284 100,0% | 1.540.813 | 100,0% | 337.894 | 100,0% | 347.341 | 100,0% | |||
| Cost of sales | (953.725) | -91,6% | (975.562) | -91,2% | (1.077.434) | -90,1% | (1.369.334) | -88,9% | ( 306.382) | -90,7% | (306.961) | -88,4% |
| Gross profit | 87.810 | 8,4% | 94.214 | 8,8% | 118.850 | 9,9% | 171.478 | 11,1% | 31.512 | 9,3% | 40.380 | 11,6% |
| General and administrative expense | (67.650) | -6,5% | (71.071) | -6,6% | (75.831) | -6,3% | (100.254) | -6,5% | ( 23.961) | -7,1% | (24.107) | -6,9% |
| Other operating income/expense | (1.397) | -0,1% | (19) | 0,0% | (3.077) | -0,3% | (6.293) | -0,4% | 1.130 | 0,3% | 1.391 | 0,4% |
| Operating Result (Ebit) | 18.763 | 1,8% | 23.125 | 2,2% | 39.942 | 3,3% | 64.931 | 4,2% | 8.681 | 2,6% | 17.663 | 5,1% |
| Financial income | 252 | 0,0% | 352 | 0,0% | 321 | 0,0% | 1.512 | 0,1% | 467 | 0,1% | 186 | 0,1% |
| Financial expense and exchange rate diff. | (3.943) | -0,4% | (3.665) | -0,3% | (5.690) | -0,5% | (12.457) | -0,8% | ( 3.024) | -0,9% | (2.737) | -0,8% |
| Other investment income/expense | 813 | 0,1% | 4 | 0,0% | (483) | 0,0% | 524 | 0,0% | 3 | 0,0% | 1 | 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% | 327 | 0,1% | 225 | 0,1% |
| Profit before tax | 16.679 | 1,6% | 20.835 | 1,9% | 36.131 | 3,0% | 56.124 | 3,6% | 6.453 | 1,9% | 15.339 | 4,4% |
| Income tax expense | (4.411) | -0,4% | (2.327) | -0,2% | (3.671) | -0,3% | (7.995) | -0,5% | ( 1.487) | -0,4% | (2.379) | -0,7% |
| NET PROFIT | 12.269 | 1,2% | 18.508 | 1,7% | 32.460 | 2,7% | 48.129 | 3,1% | 4.967 | 1,5% | 12.960 | 3,7% |
| 01 2024 | 8 | Q1 2023 | 8 |
|---|---|---|---|
| 337.894 | 100,0% 347.341 | 100,0% | |
| ( 306.382) | -90,7% | (306.961) | -88,4% |
| 31.512 | 9,3% | 40.380 | 11,6% |
| ( 23.961) | -7,1% | (24.107) | -6,9% |
| 1.130 | 0,3% | 1.391 | 0,4% |
| 8.681 | 2,6% | 17.663 | 5,1% |
| 467 | 0,1% | 186 | 0,1% |
| ( 3.024) | -0,9% | (2.737) | -0,8% |
| 3 | 0,0% | 1 | 0,0% |
| 327 | 0,1% | 225 | 0,1% |
| 6.453 | 1,9% | 15.339 | 4,4% |
| ( 1.487) | -0,4% | (2.379) | -0,7% |
| 4.967 | 1,5% | 12.960 | 3,7% |
ADJUSTED EBITDA – EBIT BRIDGE :
| ADJUSTED EBITDA | 48.404 | 4,6% | 52.929 | 4,9% | 76.058 | 6,4% | 107.114 | 7,0% | 16.822 | 5,0% | 26.228 | 7,6% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A – excl. IFRS16 |
(16.996) | -1,6% | (18.011) | -1,7% | (15.554) | -1,3% | (16.845) | -1,1% | (4.073) | -1,2% | (4.037) | -1,2% |
| D&A – Right of Use IFRS16 |
(7.184) | -0,7% | (6.983) | -0,7% | (12.560) | -1,0% | (14.647) | -1,0% | (3.788) | -1,1% | (3.637) | -1,0% |
| Provisions | (1.809) | -0,2% | (2.408) | -0,2% | (2.245) | -0,2% | (2.841) | -0,2% | (338) | -0,1% | (330) | -0,1% |
| Top Management Incentives * | (1.092) | -0,1% | (1.753) | -0,2% | (3.033) | -0,3% | (3.185) | -0,2% | - | 0,0% | (183) (*) | -0,1% |
| Non recurring Income | 35 | 0,0% | 1.909 | 0,2% | - | 0,0% | 2.533 | 0,2% | 973 | 0,3% | - | 0,0% |
| Non recurring Expenses | (2.595) | -0,2% | (2.557) | -0,2% | (2.725) | -0,2% | (7.198) | -0,5% | (916) | -0,3% | (377) | -0,1% |
| OPERATING RESULT (EBIT) | 18.763 | 1,8% | 23.125 | 2,2% | 39.942 | 3,3% | 64.931 | 4,2% | 8.681 | 2,6% | 17.663 | 5,1% |
12
* Recognition of LTI, as per accounting principle IFRS 2, matured in 2020, 2021 and 2022 and 50% paid in 2023 and 50% paid in 2024.
Segment Reporting – Sales and Adjusted EBITDA
| NET SALES | 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 | 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 | |||||||
| 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% | ||||
| 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 | ||||
| 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% | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||||||||||
| 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% |
||||
| 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 | ||||
| % 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% | ||||
| 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 | ||||
| % 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% | ||||
| 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) | ||||
| 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 | ||||
| % to Net Sales | 4,6% | 4,9% | 6,4% | 7,0% | 5,7% | 4,7% | 5,5% | 4,0% | 6,7% | 7,2% | 5,7% | 5,8% | 7,6% | 7,9% | 7,5% | 4,7% | 5,0% |
Consolidated Statement of Financial Position
| AMOUNTS IN €/000 | 31/03/2024 | 31/12/2023 |
|---|---|---|
| Goodwill | 127.447 | 127.447 |
| Intangible assets other than Goodwill | 10.529 | 10.433 |
| Property, plant and equipment | 185.841 | 184.804 |
| Investment accounted for using equity method | 20.449 | 20.581 |
| Non-current financial assets | 5.543 | 5.291 |
| Deferred tax assets | 7.243 | 7.540 |
| NON-CURRENT ASSETS | 357.053 | 356.096 |
| Inventories | 52.228 | 53.118 |
| Trade receivables | 146.574 | 144.237 |
| Current tax assets | 14.546 | 12.435 |
| Other receivables and other current assets | 18.738 | 14.582 |
| Cash and cash equivalents | 88.040 | 90.062 |
| CURRENT ASSETS | 320.126 | 314.434 |
| - Non-current assets held for sale |
- | |
|---|---|---|
| --------------------------------------- | --- | -- |
TOTAL ASSETS 677.179 670.530
AMOUNTS IN €/000 31/03/2024 31/12/2023 Share Capital 69.163 69.163 Other Reserves and Retained Earnings 169.724 120.360 Profit/loss attributable to Owners of Parent 4.611 47.276 Equity attributable to Owners of Parent 243.498 236.800 Non-controlling interests 2.142 1.724 TOTAL SHAREHOLDERS' EQUITY 245.640 238.523 Financial liabilities 172.039 166.090 Other non-current liabilities 509 548 Deferred tax liabilities 4.434 4.215 Provisions 4.447 4.948 Employees benefits liabilities 9.137 8.963 NON-CURRENT LIABILITIES 190.567 184.764 Financial liabilities 56.705 52.576 Trade payables 149.664 159.973 Current tax liabilities 7.729 6.815 Other current liabilities 26.875 27.879 CURRENT LIABILITIES 240.972 247.243
Liabilities directly associated with non-current assets held for sale - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 677.179 670.530
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]
