NEWLAT FOOD S.P.A. Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
PRESS RELEASE
GROWING MARGINS AND EXCELLENT CASH GENERATION IN THE FIRST
QUARTER OF 2024
- Consolidated revenues amounted to € 199.6 million, with a slight decrease from EUR 207.3 million in the first quarter of 2023. Excluding lower volumes in Special Products, as a result of important industrial investments, the Group's main business units showed a positive performance, both at volume and sales level.
- Consolidated adj. EBITDA: € 18.8 million, +3.9% vs. € 18.2million in the first quarter of 2023; Adj. EBITDA margin 9.5% vs. 8.8% in the first quarter of 2023.
- Consolidated EBIT: € 8.5 million, up 12.5% vs. € 7.6 million (excluding income from business combination) in the first quarter of 2023.
- Consolidated net profit: € 5.2 million, up 25% vs. € 4.2 million (excluding income from business combination) in the first quarter of 2023.
- Underlying Free Cash Flow equal to € 10.5 million.
- Consolidated net debt at 31 March 2024 equal to € 66 million, a great improvement vs. € 74.3 million at 31 December 2023. Excluding IFRS 16, consolidated Net Debt was € 22.3 vs. € 29.5 million at 31 December 2023.
Reggio Emilia, 14 May 2024 - the Board of Directors of Newlat Food S.p.A. ("Newlat Food" or the "Company") which met under the chairmanship of Angelo Mastrolia, examined and approved the Interim Management Statement as at 31 March 2024.
The Chairman Angelo Mastrolia commented: "'We are very pleased with the results of the first quarter of the year, which confirm our ability to create value through improved margins and cash generation. In a highly volatile market context and despite a particularly challenging comparison base (+19% recorded in the first quarter of 2023), the first three months of 2024 saw the Group confirm € 200 million in turnover and enhance its profile through better profitability. Operational limitations related to modernization works that affected the entire bakery and liquid infant milk department at the Ozzano Taro plant have certainly penalized revenue growth, but this is a temporary effect. We are confident that the new investments will promote business development both in Italy and abroad, in a sector where industrial know-how plays a crucial role. The cash generated in the quarter further reduced net debt, making the Group's financial structure even more flexible and laying the foundation for new and significant steps in external growth, on which Newlat is always very focused on and consistently working on multiple dossiers."
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Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
The consolidated revenues of the Company in the first quarter of 2024 were equal to € 199.6 million, in line with what was registered in the first three months of 2023, equal to € 207.3 million.
The Company's consolidated adj. EBITDA was € 18.8 million, up +3.9% compared with the first quarter of 2023. In terms of adj. EBITDA margin there was an increase from 8.8% to 9.5%.
Consolidated EBITDA was equal to € 17.2 million, marking an increase of +2.5% compared to Q1 2023. Consolidated EBITDA margin was 8.6% vs. 8.1%.
Consolidated EBIT was equal to € 8.5 million, down -13.2%, compared to € 9.8 million in the first quarter of 2023. Excluding the income from business combinations following the acquisition of EM Foods, the operating result would have increased by 12.5%, thanks to a commercial effort aimed at recovering margins.
Consolidated net income was equal to € 5.2 million, with a decrease of -18.6%compared to €
6.4 million, in the first quarter of 2023. Excluding income from business combination, net income increased by 25%.
Net debt went from € 74.3 million, at 31 December 2023, to € 66 million at 31 March 2024, thanks to the Group's ability to generate cash from operating activities.
Underlying FCF reached € 10.5 million, confirming the Group's great ability to convert
EBITDA into cash flows.
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Analysis of consolidated revenues
In the first quarter of 2024, Newlat Food achieved consolidated revenues of € 199.6 million, in line with what was registered in the first quarter of 2023, equal to € 207.3 million, with the same perimeter of consolidation.
Revenues by Business Unit
(In € thousand and in %) | Ended 31 March | Change | |||||||||||||
2024 | % | 2023 | % | 2024vs2023 | % | ||||||||||
Pasta | 55.504 | 27,8% | 54.255 | 26,2% | 1.249 | 2% | |||||||||
Milk Products | 67.656 | 33,9% | 67.473 | 32,5% | 183 | 0% | |||||||||
Bakery Products | 12.235 | 6,1% | 12.091 | 5,8% | 144 | 1% | |||||||||
Dairy Products | 11.449 | 5,7% | 11.169 | 5,4% | 280 | 3% | |||||||||
Special Products | 3.722 | 1,9% | 11.780 | 5,7% | (8.058) | (68%) | |||||||||
Instant noodles & bakery mixes | 46.164 | 23,1% | 47.389 | 22,9% | (1.225) | (3%) | |||||||||
Other products | 2.842 | 1,4% | 3.176 | 1,5% | (334) | (11%) | |||||||||
Revenue from clients' contracts | 199.572 | 100,0% | 207.333 | 100,0% | (7.760) | (3,7%) |
Pasta sales increased compared to the same period of the previous fiscal year, driven by higher sales volumes despite a reduction in the average selling price.
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
Turnover from the Milk Products segment remained in line with the same period of the previous fiscal year, as a result of increased sales volumes and a decrease in the average price.
Revenue from the Bakery Products segment was slightly up due to increased sales volumes.
Dairy Products went up due to increased sales volumes.
Revenue from the Special Products segment decreased as a result of a decline in sales volumes linked to investments made at the Ozzano Taro plant. These investments, crucial for maintaining the plant as a leading center of excellence in specialized nutrition, include a complete renovation of the bakery department with the introduction of a new state-of-the-artoven and a fully automated advanced packaging line, designed to expand the production capacity for biscuits and bread substitutes, both traditional and gluten-free, with low and high protein content. Additionally, cutting-edgetechnologies have also been installed in the liquid milk and beverage lines of the plant, particularly investing in new technologies for the preparation and thermal treatment of products, with aseptic packaging that preserves the nutritional properties of the beverages. Furthermore, the development of high nutritional value beverages and formulations for adults and children over one year old is underway, designed for various consumption contexts, such as meal replacements, in high protein diets, or as isotonic drinks, enhanced waters, energy drinks, and sports drinks. These improvements will make the Ozzano Taro plant, long synonymous with quality and specialized nutrition and a unique facility in Italy, a reference point in specialized nutrition at the European and global level.
Revenue from the Instant noodles & bakery mixes segment decreased due to a lower average selling price.
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Revenues by Distribution Channel
(In € thousand and in %) | At 31 March | Change | |||||||||||||
2024 | % | 2023 | % | 2024vs2023 | % | ||||||||||
Large retailers | 126.087 | 63,2% | 126.291 | 60,9% | (204) | (0%) | |||||||||
B2B partners | 20.894 | 10,5% | 27.763 | 13,4% | (6.869) | (25%) | |||||||||
Normal trade | 18.995 | 9,5% | 18.746 | 9,0% | 249 | 1% | |||||||||
Private labels | 30.740 | 15,4% | 31.573 | 15,2% | (833) | (3%) | |||||||||
Food services | 2.856 | 1,4% | 2.960 | 1,3% | (104) | (4%) | |||||||||
Revenue from clients' contracts | 199.572 | 100,0% | 207.333 | 100,0% | (7.761) | (3,7%) |
Revenue from the Large retailers channel shows a linear trend due to an increase in volumes in the pasta and bakery sectors, offset by a decrease in the average selling price.
The B2B Partners channels sales contracted reflecting lower sales volumes in the special products sector.
Normal Trade channel sales increased thanks to higher sales volumes, offset by a decrease in the average selling price in the milk sector.
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
Revenue from the Private Label channel decreased due lower average selling price in the Pasta and Special Products sectors.
Food Services channel revenue went down following lower average selling price in the other products sector, offset by an increase in volumes in the milk sector.
Revenues by Geography
(In € thousand and in %) | At 31 March | Change | ||||||||||||
2024 | % | 2023 | % | 2024vs2023 | % | |||||||||
Italy | 97.772 | 49,0% | 104.285 | 50,3% | (6.513) | (6%) | ||||||||
Germany | 34.344 | 17,2% | 33.928 | 16,4% | 416 | 1% | ||||||||
United Kingdom | 36.868 | 18,5% | 37.871 | 18,3% | (1.003) | (3%) | ||||||||
Other countries | 30.589 | 15,3% | 31.249 | 15,1% | (660) | (2%) | ||||||||
Revenues from clients' contracts | 199.572 | 100,0% | 207.333 | 100,0% | (7.760) | (3,7%) |
Italy showed lower sales mainly due to a decrease in sales volumes in the special products sector.
Revenues in Germany increased thanks to higher volumes in the Pasta sector, partially offset by a decrease in the average selling price.
Sales in the United Kingdom went down due to a lower average selling price compared to the same period of the previous fiscal year.
Revenues recorded in Other Countries decreased primarily due to average selling price going down.
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Analysis of Net Debt and Cash Conversion
Net Debt at 31 March 2024 amounted to € 66 million compared to € 74.3 million at 31 December 2023. Excluding IFRS 16, consolidated Net Debt was € 22.3 million vs. € 29.5 million at 31 December 2023.
The period confirmed the ability of the group to generate cash with a cash conversion ratio1 of 85%.
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SIGNIFICANT EVENTS OCCURRED AFTER THE REPORTING PERIOD
After 31 March 2024, there were no atypical or unusual transactions that require changes to the Q1 2024 interim management report.
1 Cash Conversion Ratio is calculated as follows: (EBITDA - Total Investments)/EBITDA.
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
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BUSINESS OUTLOOK
Considering the short historical timeframe covered by the Group's order book and the difficulties and uncertainties of the current global economic situation, it is not easy to formulate predictions regarding the performance of the current fiscal year, which nevertheless appears very positive. The Group will continue to pay close attention to cost control and financial management to maximize the generation of free cash flow, to be allocated both to organic growth through external means and to shareholder remuneration. As of the approval date of this interim report, there is still an ongoing conflict in Europe involving Russia and Ukraine, as well as in the Middle East between Israel and Palestine. The ongoing conflicts and tensions in the Suez Canal cause a lot of uncertainty about the direction of the global economy.
These events have consistently influenced and continue to influence the choices and commercial policies of the Group, which faces a highly dynamic environment where it is difficult to predict to what extent these events may have significant repercussions on the prospects for 2024. However, based on the results achieved in the first quarter and the available information, the Directors reasonably believe that significant negative impacts can be reasonably excluded.
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CONFERENCE CALL ON THE Q1 2024 RESULTS OF THE NEWLAT FOOD GROUP
The Q1 2024 results of the Newlat Food Group will be illustrated during the conference call to be held today at 11:00 (CEST). To participate in the conference call (Meeting ID: 2372 361 2201; Password: rcSWdZkR738; 72793957 from phone) it is necessary to connect, at least 10 minutes before the beginning of the call, to the following numbers: (i) for Italy: +39-069-974-8087, (ii) for France: +33-1-7091-8646; (iii) for Germany: +49-619-6781-9736; (iv) for Switzerland: +41-2256- 75905; (v) for the United Kingdom: +44-20-7660-8149; (vi) for the Spain: +34-91215-8236 or - to follow the presentation live-streaming - connect at the link:
https://newlatfoodspa.my.webex.com/newlatfoodspa.my/j.php?MTID=mcafb1c4dc89e309a6c776d8546a22514
The presentation will be available on the Company's website (www.newlat.com) and in the storage system (www.emarketstorage.com) 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 15 May 2024.
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DECLARATION OF THE MANAGER RESPONSIBLE FOR PREPARING THE CORPORATE ACCOUNTING DOCUMENTS
The manager in responsible for preparing the corporate accounting documents Rocco Sergi declares, pursuant to and for the purposes of Article 154-bis, paragraph 2, of Legislative Decree
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
no. 58 of 1998, that the information contained in this press release corresponds to the document results, books and accounting records.
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The "Interim Management Report at 31 March 2024" is available on the Company's website at www.newlat.it, as well as at the authorized storage mechanism eMarket Storage at www.emarketstorage.com.
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This press release is available on the Company's website at www.newlat.it, as well as at the authorized storage mechanism eMarket Storage at www.emarketstorage.com.
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FOR MORE INFORMATION:
Investors Benedetta Mastrolia Newlat Food Investor Relator Mob. +393319559164investors@newlat.com
Press Office Alice Brambilla Barabino & Partners Tel. 02/72023535 Mob. +393282668196a.brambilla@barabino.it
Marco Trevisan
Barabino & Partners Tel. +39 0102725048 Mob. +39 3474729634m.trevisan@barabino.it
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
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The Newlat Group
The Newlat Group is a relevant multinational, multi-brand,multi-product 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 domestic market, as well as a significant presence on the UK, French and German markets, with its products being sold in more than 60 countries. The Newlat Group is mainly active in the pasta, milk&dairy, instant noodles, cake mixes and baking kits, bakery and special products sectors, as well as in the health & wellness, gluten free and baby food sectors.
For more information, visit our website www.newlat.it.
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
ATTACHMENT - CONSOLIDATED INCOME STATEMENTS FOR THE FIRST THREE MONTHS OF THE YEAR
(In € thousand and in % of revenue from | At 31 March | |||||
clients' contracts) | 2024 | % | 2023 | % | 2024vs2023 | % |
Revenue from clients' contracts | 199.572 | 100,0% | 207.333 | 100,0% | (7.761) | (3,7%) |
Cost of goods sold | (166.177) | (83,3%) | (173.704) | (83,8%) | 7.527 | (4,3%) |
Gross profit | 33.395 | 16,7% | 33.629 | 16,2% | (234) | (0,7%) |
Sales and distribution costs | (20.181) | (10,1%) | (20.982) | (10,1%) | 801 | (3,8%) |
Administrative expenses | (5.075) | (2,5%) | (4.846) | (2,3%) | (229) | 4,7% |
Net imparement of financial assets | (121) | (0,1%) | (350) | (0,2%) | 229 | (65,4%) |
Other income | 2.302 | 1,2% | 2.652 | 1,3% | (349) | (13,2%) |
Income from business combination | - | - | 2.236 | 1,1% | (2.236) | 100,0% |
Other operational costs | (1.826) | (0,9%) | (2.554) | (1,2%) | 728 | (28,5%) |
EBIT | 8.494 | 4,3% | 9.784 | 4,7% | (1.290) | (13,2%) |
Financial income | 4.079 | 2,0% | 1.586 | 0,8% | 2.493 | 157,3% |
Financial expense | (5.403) | (2,7%) | (3.125) | (1,5%) | (2.278) | 72,9% |
EBT | 7.169 | 3,6% | 8.244 | 4,0% | (1.075) | (13,0%) |
Gross income tax | (1.977) | (1,0%) | (1.866) | (0,9%) | (110) | 5,9% |
Net Income | 5.193 | 2,6% | 6.378 | 3,1% | (1.185) | (18,6%) |
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
ATTACHMENT - CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Financial Position
(€ thousand) | At 31 March | At 31 December | ||||||
2024 | 2023 | |||||||
Non-current assets | ||||||||
Property, plant and equipment | 162.664 | 164.732 | ||||||
Right of use | 42.675 | 43.773 | ||||||
Of which towards related parties | 13.451 | 14.875 | ||||||
Intangible assets | 90.594 | 91.548 | ||||||
Investments in associated companies | 1.401 | 1.401 | ||||||
Non-current financial assets valued at fair value with impact on I/S | 777 | 777 | ||||||
Financial assets at amortized cost | 799 | 800 | ||||||
Of which towards related parties | 735 | 735 | ||||||
Deferred tax assets | 6.522 | 6.362 | ||||||
Total non-current assets | 305.432 | 309.392 | ||||||
Current assets | ||||||||
Inventory | 77.915 | 74.099 | ||||||
Account receivables | 74.974 | 84.634 | ||||||
Of which towards related parties | 3.921 | 2.493 | ||||||
Current tax assets | 1.512 | 1.323 | ||||||
Other receivables and current assets | 22.780 | 22.529 | ||||||
Current financial assets valued at fair value with impact on I/S | 77 | 69 | ||||||
Current financial receivables at amortized cost | 13.099 | 13.099 | ||||||
Of which towards related parties | 13.099 | 13.099 | ||||||
Cash and cash equivalents | 366.866 | 312.459 | ||||||
Of which towards related parties | 88.783 | 93.586 | ||||||
Total current assets | 557.225 | 508.212 | ||||||
TOTAL ASSETS | 862.657 | 817.604 | ||||||
Equity | ||||||||
Share capital | 43.938 | 43.935 | ||||||
Reserves | 114.176 | 102.079 | ||||||
Currencty reserve translation | (997) | (1.703) | ||||||
Net Income | 4.550 | 14.326 | ||||||
Total Group Equity | 161.668 | 158.637 | ||||||
Equity attributable to non-controlling interest | 16.664 | 16.022 | ||||||
Total consolidated equity | 178.332 | 174.659 | ||||||
Non-current liabilities | ||||||||
Provisions for employees | 10.554 | 10.951 | ||||||
Provisions for risks and charges | 2.475 | 2.337 | ||||||
Deferred tax labilities | 22.682 | 22.868 | ||||||
Non-current financial liabilities | 352.513 | 291.971 | ||||||
Non-current lease liabilities | 35.641 | 37.160 | ||||||
Of which towards related parties | 13.417 | 12.247 | ||||||
Total non-current liabilities | 423.865 | 365.288 | ||||||
Current liabilities | ||||||||
Account payables | 166.198 | 172.198 | ||||||
Of which towards related parties | 2.858 | 823 | ||||||
Current financial liabilities | 49.840 | 63.148 | ||||||
Of which towards related parties | 4.006 | 3.916 | ||||||
Current financial liabilities | 8.022 | 7.694 | ||||||
Of which towards related parties | 2.481 | 2.457 | ||||||
Current tax liabilities | 4.835 | 2.988 | ||||||
Other current liabilities | 31.564 | 31.630 | ||||||
Total current liabilities | 260.459 | 277.658 | ||||||
TOTAL EQUITY AND LIABILITY | 862.657 | 817.604 |
Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: 0522.7901 Fax: 0522.790266
Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653 Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.
Consolidated Income Statement
(In € thousand) | At 31 March | ||||||
2024 | 2023 | ||||||
Revenue from clients' contracts | 199.572 | 207.333 | |||||
Cost of goods sold | (166.177) | (173.704) | |||||
Of which from related parties | (698) | (654) | |||||
Gross profit | 33.395 | 33.629 | |||||
Sales and distribution costs | (20.181) | (20.982) | |||||
Administrative expenses | (5.075) | (4.846) | |||||
Of which towards related parties | (63) | (63) | |||||
Net impairment losses on financial assets | (121) | (350) | |||||
Income from business combination | 0 | 2.236 | |||||
Other income | 2.302 | 2.652 | |||||
Other operational costs | (1.826) | (2.554) | |||||
EBIT | 8.494 | 9.785 | |||||
Financial income | 4.079 | 1.586 | |||||
Of which towards related parties | 1.420 | 984 | |||||
Financial expense | (5.403) | (3.125) | |||||
Of which towards related parties | (147) | (160) | |||||
EBT | 7.169 | 8.244 | |||||
Gross income tax | (1.977) | (1.866) | |||||
Net income | 5.193 | 6.378 | |||||
Net income attributable to non-controlling interest | 642 | 554 | |||||
Group Net Income | 4.550 | 5.824 | |||||
Basic EPS | 0,11 | 0,15 | |||||
Diluted EPS | 0,11 | 0,15 |
Consolidated Statement of Comprehensive Income
(In € thousand) | At 31 March | ||||||
2024 | 2023 | ||||||
Net Profit (A) | 5.193 | 6.378 | |||||
b) Other comprehensive income that will not be reclassified to | |||||||
profit or loss: | |||||||
Actuarial gains / (losses) | - | - | |||||
Total other comprehensive income that will not be reclassified to | - | - | |||||
profit or loss | |||||||
c) Other comprehensive income that will not be reclassified to | |||||||
profit or loss: | |||||||
Hedging instruments net of tax effects | - | ||||||
Reserve translation | 786 | 520 | |||||
Total other comprehensive income that will not be reclassified to | 786 | 520 | |||||
profit or loss | |||||||
D) Total other comprehensive income for the period, net of tax | 786 | 520 | |||||
(B+C) | |||||||
Total comprehensive income for the period (A)+(D) | 5.979 | 6.898 | |||||
Net income attributable to non-controlling interest | 642 | 554 | |||||
Group Net Income | 5.336 | 6.344 |
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Newlat Food S.p.A. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 05:34:02 UTC.
