Newlat Food: is very pleased with FY-2022 results

Reggio Emilia / IT. (nlf) Under the chairmanship of Angelo Mastrolia the Board of Directors of Newlat Food SpA (Birkel Nudeln, 3 Glocken et cetera) examined and approved the Draft Financial Statements and Consolidated Statement for the year ended 31 December 2022. The figures relating to 2022 confirm a positive trend in the main aggregate economic and financial figures of the Group.

The consolidated revenues of the Group in 2022 were equal to EUR 741.1 million, up 18.5 percent compared to 2021, within the same consolidation perimeter. The Group’s consolidated Ebitda was EUR 56.4 million, a slight increase compared to EUR 55 million in the previous year, within the same consolidation perimeter. Consolidated Ebitda margin stands at 7.6 percent, slightly down compared to 8.8 percent recorded in 2021. Adjusted Ebitda was EUR 57.5 million; adjusted Ebitda margin was 7.8 percent. Consolidated Ebit was equal to EUR 20.1 million, in line with the result recorded in the previous year equal to EUR 20.5 million. Consolidated Net Income was equal to EUR 6.6 million. Proforma consolidated Net Financial Position as at 31 December 2022 equal to EUR -81.4 million. Excluding the effects of IFRS 16, the consolidated Net Financial Position as at 31 December 2022 is equal to EUR -34.6 million.

Chairman’s summary and outlook

Chairman Angelo Mastrolia: «2022 was a year of numerous successes for the Newlat Food Group. Despite the many challenges that 2022 presented us in terms of volatility, geopolitical instability and reduced visibility, Newlat Food today is presenting results that exceed our expectations. This year, Newlat Food achieved a turnover of EUR 741.1 million, with a growth of +18.5 percent compared to 2021. All segments recorded exceptional growth and, in particular, the pasta segment revenues increased by 40.8 percent, exceeding EUR 211 million in total turnover and a volume record in Germany, where we recorded an exceptional growth of 23.8 percent.

«We are proud to see how, just three years after the IPO, the Group’s revenues have more than doubled and that our business has evolved, not only operationally but also culturally. These results are even more significant if we consider the difficult context we faced in order to achieve them. In this last year we managed to maintain Ebit, Ebitda and Net Profit levels substantially in line with the previous year, despite the strong increase in costs we faced, confirming the considerable work employed in the price increase negotiations implemented during the course of the year.

«With the acquisition of EM Foods, the Group has entered a new market, the French one, and has expanded the range of dessert mixes with the opportunity to further develop both the B2B segment and that of existing brands with the products of the Minuto line, already appreciated in Germany and which we plan to launch throughout Europe. During 2022 the Naked line was launched in Italy and Germany, enjoying undisputed success in both markets, with exceptional growth and a market penetration that reached around 50 percent at less than a year since launch.

«Finally, it is important to underline how the group’s focus on M+A activity continues to be very high. The current market context characterized by a rise in interest rates and a credit market less inclined to endorse heavy financial leverage structures makes the M+A market less hectic and more linear in terms of both processes and evaluations. Newlat Food is now involved in some highly important sale processes. The first target in terms of strategic importance is a foreign company with a turnover exceeding 1 billion euros and various business divisions that are highly complementary to Newlat’s current portfolio, with considerable and immediately achievable synergies. This acquisition would allow the Group to exceed 2 billion euros in consolidated turnover and become one of the most important players in the European food industry. The second process concerns a company with a leading brand in the «special products» category. In addition to consolidating our position in some specific product categories, the group would benefit from important synergies and potential for development and better valorization of a brand with a great tradition. Furthermore, the process – in which we were involved for a good part of 2022 – concerning the sale of the operations of a large European MNC of a category that is highly complementary to the group’s existing portfolio is still ongoing.

«The above processes and the profiles of the targets mentioned sum up well the great determination and ambition of a group strongly oriented towards growth and the value creation. Our expectations for 2023 are positive and we are ready to face it with great determination. We are confident that by the end of the year new and stimulating development prospects will come up.»

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