Informazione Regolamentata n.2195-49-2021 Data/Ora Ricezione 14 Maggio 202114:33:49 MTA - Star
Informazione Regolamentata n. 0000-00-0000 | Data/Ora Ricezione 14 Maggio 2021 14:33:49 | MTA - Star |
Societa' : NEWLAT FOOD S.P.A.
Identificativo Informazione Regolamentata
: 147231
Nome utilizzatore : NEWLATN01 - Pisoni Tipologia : REGEM; 3.1
Data/Ora Ricezione : 14 Maggio 2021 14:33:49
Data/Ora Inizio Diffusione presunta
: 14 Maggio 2021 14:33:50
Testo del comunicato
Oggetto : Press release - Approval Interim Statement Q1 2021
Vedi allegato.
PRESS RELEASE
THE BOARD OF DIRECTORS APPROVES THE INTERIM MANAGEMENT STATEMENT AS AT 31 MARCH 2021
• Consolidated Net Profit: € 3.1 million, up 36.82% vs. €2.3 million in the first quarter of 2020.
• Consolidated EBITDA: € 11 million vs. € 11.2 million in the first quarter of 2020. EBITDA margin improved to 9.1% vs. 8.8% in Q1 2020 on a like-for-like basis.
• Consolidated revenues: € 121.5 million, down 4.6% vs. € 127.3 million in the first quarter of 2020, on a like-for-like basis.
• Consolidated Net Financial Position at 31 March 2021 equal to positive € 11.7 million vs. positive € 5.2 million at 31 December 2020.
• Three-year renewal (2021-23) of the baby food and special product co-packing contract with Xxxxx Xxxxx. The new agreement implies better economic conditions and a direct positive impact on Newlat Food profitability.
Xxxxxx Xxxxxx, 00 May 2021 – the Board of Directors of Newlat Food S.p.A. (“Newlat Food” or the “Company”), which met today under the chairmanship of Xxxxxx Xxxxxxxxx, examined and approved the Interim Management Statement as at 31 March 2021.
The first quarter figures show a reduction in market demand and a slight decrease in terms of turnover with the same consolidation perimeter.
The consolidated revenues of the Company in the first quarter of 2021 were equal to € 121.5 million, a decrease of 4.6% compared to the first three months of 2020 on a like-for-like basis.
The Company's Consolidated EBITDA was € 11 million, a decrease of 2% compared to the same period of 2020 and on a like-for-like basis. In terms of EBITDA margin, an improvement was recorded from 8.8% to 9.1%, thanks to the Group’s economies of scale generated from procurement efficiencies.
EBIT was equal to € 4.7 million, an increase of 4.7% compared to € 4.9 million in the first quarter of 2020 under the same scope of consolidation.
Net Income was equal to € 3.1 million compared to €2.3 million in Q1 2020, thus recording an increase of 36.82%, mainly thanks to the Centrale del Latte d’Italia contribution.
Net Financial Position went from € 5.2 million at 31 December 2020 to € 11.7 million at 31 March 2021, thanks to the Company’s ability to generate cash from operating activities.
* * *
Xxxxxx Xxxxxxxxx, the Chairman of Newlat Food, commented: "Although the first quarter of 2021 was characterized by a normalization of volumes with respect to the exceptional growth reported in the same period of 2020, Newlat Food managed to improve margins and maintain a cash conversion ratio of over 79%, fundamental aspects to be able to continue to plan our future growth strategy with optimism. The aggregation of the Milk & Dairy sector – which came into effect starting from 1st January 2021 - is proceeding according to plan and will allow the Group to benefit from further industrial and commercial synergies in the medium term. The solid net financial position of the Group continues to be of fundamental support for the external growth plans and in particular for the various ongoing processes in which our Group is participating."
* * *
Analysis of consolidated revenues
In the first quarter of 2021, Newlat Food achieved consolidated revenues of € 121.5 million, a slight decrease of 4.6% compared to € 127.3 million in the same period of 2020, under the same consolidation perimeter, recording a negative performance in the Milk sector balanced out by exceptional growth in the Dairy sector equal to 29.6%. The Pasta and Special Products segments recorded an increase in sales volumes, despite a linear turnover essentially due to greater promotional and marketing activities which led to a reduction in the average sales price, thus confirming that the results obtained in 2020 were not the effect of exceptional events but of an accurate commercial policy aimed at business development and organic growth.
The revenue breakdown by business unit is shown below:
Revenues by Business Unit
2021 | % | 2020 | % | 2021 vs 2020 | % | |
Pasta | 37,692 | 31.0% | 37,647 | 29.6% | 45 | 0.1% |
Milk Products | 56,536 | 46.5% | 63,308 | 49.7% | (6,772) | (10.7%) |
Bakery Products | 8,921 | 7.3% | 9,479 | 7.4% | (558) | (5.9%) |
Dairy Products | 7,130 | 5.9% | 5,502 | 4.3% | 1,628 | 29.6% |
Special Products | 8,380 | 6.9% | 8,372 | 6.6% | 8 | 0.1% |
Other Products | 2,799 | 2.3% | 3,010 | 2.5% | (211) | (7.0%) |
Revenue from clients’ 121,458 | 100.0% | 127,318 | 100.0% | (5,860) | (4.6%) | |
(In € thousand and in %) Ended 31 March Change
contracts
The first three months of 2021 saw an increase in the Dairy Products sales, thanks to the acquisition of new customers, and a linear trend in the Pasta business unit.
The revenues relating to the Pasta segment were up 0.1% despite an increase in sales volumes. On the contrary, there was a decrease in turnover in the other divisions of the Group, as a consequence of a decrease in sales volumes and a greater promotional activity. The insignificant increase is the result of a greater promotional policy compared to the same period in 2020, which resulted in a reduction in the average selling price. The figure, albeit linear, highlights how the results achieved, starting from the first quarter of 2020, were not the result of exceptional events but of a careful commercial strategy aimed at consolidating organic growth recorded during the previous year.
The Milk Products segment’s sales decreased by 10.7%, mainly due to a decrease in sales volumes of the subsidiary Centrale del Latte d’Italia in the normal trade channel.
Revenues in the Bakery products segment were down 5.9% compared to the same period of the previous year, as a result of lower sales volumes in the private label channel.
Revenues deriving from Dairy Products increase by 29.6% thanks to the entry of new customers and an overall increase in sales volumes.
The Special Products segment sales remain in line with the first quarter of 2020.
The Other products segment, which refers to commercialised products which are not produced by Newlat, decreased by 7% compared to the same period of 2029 as a result of lower sales volumes in the normal trade channel, which was impacted by COVID-19.
* * *
Revenues by Distribution Channel
2021 | % | 2020 | % | 2021 vs 2020 | % | |
Large retailers | 82,484 | 67.9% | 83,672 | 65.7% | (1,188) | (1.4%) |
B2B partners | 12,305 | 10.1% | 12,879 | 10.1% | (574) | (4.5%) |
Normal trade | 13,987 | 11.5% | 17,042 | 13.4% | (3,055) | (17.9%) |
Private labels | 9,515 | 7.8% | 10,376 | 8.1% | (861) | (8.3%) |
Food services | 3,167 | 2.6% | 3,349 | 2.6% | (182) | (5.4%) |
Revenue from clients’ contracts | 121,458 | 100.0% | 127,318 | 100.0% | (5,861) | (4.6%) |
(In € thousand and in %) Ended 31 March Change
Revenues relating to the large-scale distribution channel decreased by 1.4% as a result of higher promotional activity and a drop in the milk sales.
Revenues in the B2B partners channel were down 4.5% due to a decrease in average sales price and stable volumes.
Sales in the Normal trade channel decreased by 17.9% mainly due to the drop in sales of the Milk and Other products categories as a result of the COVID-19 lockdown and a decrease in consumer demand.
The Private label channel recorded a sales decrease of 8.3% due to a decrease in the Bakery sales volumes.
Revenues related to the Food service channel decreased by 5.4% due to the drop in sales volumes as a result of the COVID-19 lockdown.
* * *
Revenues by Geography
2021 | % | 2020 | % | 2021 vs 2020 | % | |
Italy | 81,174 | 66.8% | 85,680 | 67.3% | (4,506) | (5.3%) |
Germany | 24,085 | 19.8% | 25,395 | 19.9% | (1,310) | (5.2%) |
Other countries | 16,209 | 13.4% | 16,243 | 12.9% | (34) | (0.2%) |
Revenues from clients’ contracts | 121,468 | 100.0% | 127,318 | 100.1% | (5,850) | (4.6%) |
(In € thousand and in %) Ended 31 March Change
Revenues in Italy decreased by 5.3% as an effect of a decrease in sales volumes, particularly in the Milk sector.
Germany recorded a decrease of 5.2% compared to the first three months of 2020, due to a decrease in sales volumes in the Bakery business unit.
Revenues in Other Countries remained stable throughout the periods.
* * *
Analysis of Consolidated Results
In the first three months of 2021, Cost of Goods Sold was equal to € 95.5 million, bearing 78.6% of revenues compared to 79.6% in the first quarter of 2020, on a like-for-like basis. This improvement was achieved through a more efficient procurement policy, which improved the terms of purchase of raw materials.
Consolidated EBITDA, on a like-for-like basis, was up € 11 million a decrease of 2% as opposed to € 11.2 million in the first quarter of 2020 and with a margin of 9.1% as opposed to 8.8%.
EBIT, on a like-for-like basis, is reported at € 4.7 million with keeping the same margin of Q1 2020 of 4%, when EBIT was € 4.9 million, thus recording a decrease of 5%.
Net Profit, on a LFL basis, was up 2.4% from the previous year and stands at € 3.2 million.
* * *
Analysis of Net Debt and Cash Conversion
Net cash position at 31 March 2021 was equal to € 11.7 million as opposed to a positive NFP of
€ 5.2 million at 31 December 2020. Excluding the effects of IFRS 16 lease liabilities, NFP was equal to € 29.5 million.
The period confirmed the ability of the Company to generate cash as a cash conversion ratio1 of
79% was achieved.
* * *
SIGNIFICANT EVENTS OCCURRED AFTER THE REPORTING PERIOD
The Company highlights the following significant events occurred after the closing of the first quarter of 2021:
• On April 29th the shareholder meeting of Newlat Food named Ms. Xxxxxxxxxxxxx Xxxxx independent director of the company.
• On April 30th Newlat Food signed a three-year renewal (2021-23) of the baby food and special product co-packing contract with Xxxxx Xxxxx. The new agreement implies better economic conditions and a direct positive impact on Newlat Food profitability.
* * *
BUSINESS OUTLOOK
Although a situation of heavy uncertainty remains with respect to the future evolution of COVID- 19, at the date of approval of this Interim Report, the management sees large margins of success due to the vaccination campaign, with the progressive loosening of the restrictions for commercial activities and hotels as well as on the recovery of tourism as the Summer season approaches.
The management of Newlat Food renews its full confidence in the continuation of the organic growth plan, especially considering the excellent results in terms of margins and liquidity generation recorded during the first quarter.
Based on the information available at the date of approval of this report, the Directors believe that they can reasonably exclude significant negative impacts attributable to COVID-19 and the full achievement of the objectives set for 2021.
* * *
1 Cash Conversion Ratio is calculated as follows: FCF/EBITDA.
CONFERENCE CALL ON THE Q1 2021 RESULTS OF THE NEWLAT FOOD GROUP
The Q1 2021 results of the Newlat Food Group will be illustrated during the conference call to be held today at 16:00 (CET). To participate in the conference call (Meeting ID: 000 000 0000) it is necessary to connect, at least 10 minutes before the beginning of the call, to the following numbers:
(i) for Italy: x00-000-000-0000, (ii) for France: x00-0-0000-0000; (iii) for Germany: +49-619-6781- 9736; (iv) for Switzerland: x00-0000-00000; (v) for the United Kingdom: x00-00-0000-0000; or – to follow the presentation live-streaming – connect at the link: xxxxx://xxxxxxxxxxxxx.xx.xxxxx.xxx/xxxxxxxxxxxxx.xx/x.xxx?XXXXxxx000x0xxx0xx00xx00xx0 b84ad858d7a.
The presentation will be available on the Company's website (xxx.xxxxxx.xxx) and in the storage system (xxx.xxxxxxxxxxxxxx.xxx) about half an hour before the conference call begins. Moreover, the MP3 file of the call will be available on the Company's website starting from 17 May 2020.
* * *
DECLARATION OF THE MANAGER RESPONSIBLE FOR PREPARING THE CORPORATE ACCOUNTING DOCUMENTS
The manager in responsible for preparing the corporate accounting documents Xxxxx Xxxxx declares, pursuant to and for the purposes of Article 154-bis, paragraph 2, of Legislative Decree no. 58 of 1998, that the information contained in this press release corresponds to the document results, books and accounting records.
* * *
CHANGES TO THE FINANCIAL CALENDAR
Lastly, Newlat Food informs that – in partial variation to what is indicated in the press release of 13 November 2020 – relating to the 2021 financial calendar, the 2021 Half Year Financial Report will be examined by the Board of Directors of the Company in the meeting of 10 September 2021, instead of 9 August 2021.
* * *
DISCLAIMER
This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Newlat Food S.p.A.’s current expectations and projections about future events. Any reference to past performance of the Newlat Group shall not be taken as a representation or indication that
such performance will continue in the future. This presentation does not constitute an offer to sell or the solicitation of an offer to buy Newlat’s securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Newlat Food. Newlat’s securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
* * *
This press release is available on the Company's website at xxx.xxxxxx.xx as well as at the authorized storage mechanism eMarket Storage at xxx.xxxxxxxxxxxxxx.xxx.
* * *
The Interim Management Report at 31 March 2021 is available on the Company’s website at xxx.xxxxxx.xx as well as at the authorized storage mechanism eMarket Storage at xxx.xxxxxxxxxxxxxx.xxx.
* * *
FOR MORE INFORMATION:
Investors
Xxxxxxxxx Xxxxxxxxx Newlat Food Investor Relator Mob. x000000000000
Press Office Xxxxxxx Xxxxxx Xxxxxxxx & Partners Tel. 010/0000000 Mob. x000000000000
Xxxxx Xxxxxxxxx Barabino & Partners Tel. 02/00000000 Mob. x000000000000
* * *
The Newlat Group
The Newlat Group is a relevant multinational, multi-brand and multi-channel player in the Italian and European agri-food sector, having a large portfolio of products and brands well known in Italy and internationally. The Newlat Group holds a consolidated positioning in the Italian and German markets and sale products in more than 60 countries. The Newlat Group is mainly active in the pasta, dairy, bakery and special products sectors, and in particular in the health & wellness, gluten free and baby food sectors.
For more information, visit our website xxx.xxxxxx.xx.
ATTACHMENT – PROFORMA INCOME STATEMENTS FOR THE FIRST THREE MONTHS OF THE YEAR
(In € thousand) | 2021 | 2020 (*) Proforma |
Revenue from clients’ contracts | 121,458 | 127,318 |
Cost of goods sold | (95,468) | (101,387) |
Gross profit | 25,990 | 25,931 |
Sales and distribution costs | (16,091) | (14,480) |
Administrative expenses | (5,815) | (6,900) |
Net imparement of financial assets | (329) | (518) |
Other income | 2,822 | 2,363 |
Other operational costs | (1,852) | (1,438) |
EBIT | 4,725 | 4,958 |
Financial income | 125 | 241 |
Financial expense | (519) | (866) |
EBT | 4,331 | 4,333 |
Gross income tax | (1,176) | (1,253) |
Net Income | 3,155 | 3,080 |
Basic EPS | 0.06 | 0.06 |
Diluted EPS | 0.06 | 0.06 |
EBITDA | 11,043 | 11,253 |
EBITDA MARGIN | 9.1% | 8.8% |
(*) the figures as at 31 March 2020 take into account the results of the Centrale Latte d’Italia S.p.A.
ATTACHMENT – CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Financial Position as at 31 March 2021
(€ thousand) | 31 March 2021 | 31 December 2020 |
Non-current assets | ||
Property, plant and equipment | 149,758 | 151,541 |
Right of use | 16,243 | 18,452 |
Of which towards related parties | 5,791 | 6,708 |
Intangible assets | 50,771 | 51,058 |
Investments in associated companies | 1,397 | 1,397 |
Non-current financial assets valued at fair value with impact on I/S | 808 | 746 |
Financial assets at amortized cost | 801 | 801 |
Of which towards related parties | 735 | 735 |
Deferred tax assets | 5,460 | 5,466 |
Total non-current assets | 225,239 | 229,460 |
Current assets | ||
Inventory | 44,337 | 41,347 |
Account receivables | 72,310 | 71,268 |
Of which towards related parties | 184 | 606 |
Current tax assets | 1,909 | 1,888 |
Other receivables and current assets | 12,074 | 11,003 |
Current financial assets valued at fair value with impact on I/S | 4 | 4 |
Cash and cash equivalents | 419,511 | 182,127 |
Of which towards related parties | 47,755 | 69,351 |
Total current assets | 550,144 | 307,638 |
TOTAL ASSETS | 775,383 | 537,098 |
Equity | ||
Share capital | 43,935 | 43,935 |
Reserves | 96,250 | 61,276 |
Net Income | 2,588 | 37,053 |
Total Group Equity | 142,773 | 142,265 |
Equity attributable to non-controlling interest | 13,934 | 13,790 |
Total consolidated equity | 156,706 | 156,057 |
Non-current liabilities | ||
Provisions for employees | 15,385 | 15,411 |
Provisions for risks and charges | 1,575 | 1,587 |
Deferred tax labilities | 12,000 | 12,080 |
Non-current financial liabilities | 295,332 | 94,811 |
Non-current lease liabilities | 10,129 | 12,436 |
Of which towards related parties | 3,227 | 4,144 |
Other non-current liabilities | 334,420 | 136,325 |
Total non-current liabilities | ||
Current liabilities | ||
Account payables | 158,410 | 151,388 |
Of which towards related parties | 157 | 213 |
Current financial liabilities | 94,684 | 63,121 |
Of which towards related parties | 891 | 891 |
Current financial liabilities | 7,615 | 6,570 |
Of which towards related parties | 2,812 | 2,812 |
Current tax liabilities | 4,021 | 3,438 |
Other current liabilities | 19,526 | 20,201 |
Total current liabilities | 284,255 | 244,718 |
TOTAL EQUITY AND LIABILITY | 775,383 | 537,098 |
Consolidated Income Statement for the first three months of the year
(In € thousand) | 2021 | 2020 |
Revenue from clients’ contracts | 121,458 | 80,339 |
Cost of goods sold | (95,468) | (66,946) |
Of which from related parties | (917) | (893) |
Gross profit | 25,990 | 13,393 |
Sales and distribution costs | (16,091) | (6,785) |
Administrative expenses | (5,815) | (3,592) |
Of which towards related parties | (30) | (30) |
Net impairment losses on financial assets | (329) | (350) |
Other income | 2,822 | 1,449 |
Other operational costs | (1,852) | (830) |
EBIT | 4,725 | 3,285 |
Financial income | 125 | 192 |
Of which from related parties | 117 | |
Financial expense | (519) | (284) |
Of which towards related parties | (135)) | |
EBT | 4,331 | 3,193 |
Gross income tax | (1,176) | (887) |
Net income | 3,155 | 2,306 |
Net income attributable to non-controlling interest | 207 | |
Group Net Income | 2,948 | 2,306 |
Basic EPS | 0,07 | 0,06 |
Diluted EPS | 0,07 | 0,06 |
Consolidated Statement of Comprehensive Income for the first three months of the year
(In € thousand) | 2021 | 2020 |
Net Profit (A) | 3,155 | 2,306 |
a) Other comprehensive income that will not be reclassified to profit or loss | ||
Actuarial gains / (losses) | (311) | (139) |
Tax effects on profit / (actuarial losses) | 77 | 42 |
Total other comprehensive income that will not be reclassified to profit or loss
(B) | ||
Total comprehensive income for the period (A)+(B) | 2,921 | 2,208 |
Net income attributable to non-controlling interest | 145 | |
Group Net Income | 2,776 | 2,208 |
Total other comprehensive income for the period, net of tax
(234) (97)
(234) (97)
Consolidated Statement of Changes in Equity
(In € thousand)
Share Reserves Capital
Net Income
Total Equity
Equity attributabl e to non- controlling interest
Total
Ended 31 December 2019 40,780 40,455 10,311 91,545
Income allocation from the previous year 10,311 (10,311) -
Net Income 2,306 2,306
Actuarial gains/(losses) net of tax (97) (97) Total comprehensive income for the period (97) 2,306 2,208
Ended 31 March 2020 40,780 50,669 2,306 93,754
Centrale del Latte d'Italia SpA Acquisition 2,221 9,101 11,322 19,817 31,139
Acquisition of minority interests in Centrale del Latte d’Italia S,p,A,
934 3,617 4,551 (7,354) (2,803)
Capital increase costs (564) (564) (564)
Total costs for capital increase 3,155 12,154 - 15,309 12,463 27,772
Own shares (922) (922) (922)
Total own shares (922) (922) (922)
Net Income 34,748 34,748 1,683 36,431
Actuarial gains/(losses) net of tax (625) (625) (356) (981)
Total comprehensive income for the period (625) 34,748 34,123 1,327 35,450
Ended 31 December 2020 43,935 61,276 37,054 142,265 13,790 156,055
Income allocation from the previous year 37,054 (37,054) -
Own shares (2,269) (2,269) (2,269)
Total own shares (2,269) (2,269) (2,269)
Net Income 2,948 2,948 207 3,155
Actuarial gains/(losses) net of tax (172) (172) (62) (234)
Total comprehensive income for the period - (172) 2,948 2,776 145 2,921
Ended 31 March 2021 43,935 95,889 2,948 142,773 13,934 156,705
Consolidated Cash Flow Statement for the first three months of the year
(In € thousand) | 2021 | 2020 |
Profit before income tax | 4,331 | 3,193 |
- Adjustments: | ||
Depreciation and amortization | 6,318 | 3,400 |
Financial Interest / (Income) | 394 | 96 |
Of which towards related parties | (18) | |
Cash flow from operating activities before changes in net 11,043 6,689 | ||
working capital | ||
Changes in inventory | (2,990) | 126 |
Changes in trade receivables | (1,371) | (1,460) |
Changes in trade payables | 7,022 | (2,624) |
Change in other assets and liabilities | (1,246) | 2,022 |
Uses of employee benefit obligations and provisions for risks and (276) (66) | ||
charges | ||
Income tax paid | (689) | (99) |
Total cash flow provided / (used in) operating activities | 11,492 | 4,182 |
Investments in property, plant and equipment | (1,487) | (607) |
Investments in intangible assets | (175) | (70) |
Investments in financial assets | (62) | |
Deferred payment of acquisitions | (500) | |
Net cash flow provided by / (used in) investing activities | (2,224) | (677) |
Proceeds from long-term borrowings | 224,014 | 15,000 |
Repayment of long-term borrowings | 8,070 | (16,703) |
Repayment of leasings | (1,305) | (1,199) |
Of which towards related parties | (917) | (893) |
Net interest paid | (394) | (96) |
Of which towards related parties | (18) | |
Own shares | (2,268) | |
Net cash flow provided by / (used in) financing activities | 228,117 | (2,998) |
Total cash flow provided / (used) in the period | 237,383 | 506 |
Cash and cash equivalents at the beginning of the period | 182,127 | 100,884 |
Of which towards related parties | 69,351 | 45,338 |
Total change in cash and cash equivalents | 237,383 | 506 |
Cash and cash equivalents at the end of the period | 419,511 | 101,390 |
Of which towards related parties | 47,755 | 44,969 |
Numero di Pagine: 15
Fine Comunicato n.2195-49