Financial Highlights

Group - Sales performance

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Group - Key financial figures

(in millions of Euros) 2008
IFRS/EU
2009
IFRS/EU
2010
IFRS/EU
2011
IFRS/EU
2012
IFRS/EU
2013
IFRS/EU
2014
IFRS/EU
2015
IFRS/EU
2016
IFRS/EU
2017
IFRS/EU
2018
IFRS/EU
Reveneus 448.2 445,9 443,5 484,3 578,9 604,4 631,4 748,3 653,1 669,1 687,9
100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Production value 481,3 451,5 443,9 527,2 600,3 613,1 642,1 740,5 659,5 701,0 692,5
107,4% 101,3% 100,1% 108,9% 103,7% 101,4% 101,7% 99,0% 101,0% 104,8% 100,7%
Value added 70,5 93,5 74,3 67,9 77,2 83,2 103,8 131,4 107,8 113,4 106,2
15,7% 21% 16,8% 14,0% 13,3% 13,8% 16,4% 17,6% 16,5% 16,9% 15,4%
Labour costs -36,8 -35,3 -34,9 -36,9 -40,6 -39,8 -43,9 -53,8 -51,5 -53,3 -53,4
-8,2% -7,9% -7,9% -7,6% -7,0% -6,6% -7,0% -7,2% -7,9% -8,0% -7,8%
EBITDA 33,7 58,2 39,4 31,0 36,6 43,4 59,9 77,6 56,3 60,1 52,8
7,5% 13,1% 8,9% 6,4% 6,3% 7,2% 9,5% 10,4% 8,6% 9,0% 7,7%
Amortisation, depreciation and provision -12,7 -18,2 -12,0 -12,7 -11,1 -12,1 -11,8 -16,6 -16,4 -18,5 -18,1
EBIT 21,0 40 27,4 18,3 25,5 31,3 48,1 61,0 39,9 41,6 34,7
4,7% 9,0% 6,2% 3,8% 4,4% 5,2% 7,6% 8,2% 6,1% 6,2% 5,0%
Financial income
and expenses, net
-10,3 -5,6 -5,5 -3,9 -5,2 -2,2 -3,9 -0,0 6,2 -1,7 1,6
-2,3% -1,3% -1,2% -0,8% -0,9% -0,4% -0,6% -0,0% 0,9% -0,3% 0,2%
Profit (loss) from operation activities 10,7 34,4 21,9 14,4 20,3 29,1 44,2 61,0 46,1 39,9 36,3
Gain on discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 10,7 34,4 21,9 14,4 20,3 29,1 44,2 61,0 46,1 39,9 36,3
2,4% 7,7% 4,9% 3,0% 3,5% 4,8% 7,0% 8,2% 7,1% 6,0% 5,3%
profit (loss) for the period 5,7 19,8 13,8 8,6 12,6 21,2 29,9 44,8 33,7 30,4 27,3
1,3% 4,4% 3,1% 1,8% 2,2% 3,5% 4,7% 6,0% 5,2% 4,5% 4,0%
of wich minority interest 3,2 4,3 2,9 4,5 4,8 5,7 5,0
2004 figures consolidate Sanafrutta S.p.A. and its subsidiaries Confruit S.p.A. succesively merged into the parent Company and Eugea Mediterranea S.p.A.
The balance sheet on 31/12/2014 consolidate, in the income statement, the results from 19 November to 31 December 2014 of the newly acquired Pa.Fi.Al. Group.
For the 12 months of 2015 the data consolidated the results of the Pa.Fi.Al. Group
Minorities: until 2014 full consolidation of LDH (La Doria) Ltd with allocation of the share of profit to minorities; from 2015, for the accounting treatment of the put/call options of the minorities, full consolidation with 100% allocation of profits to the Group.

Group - Principal balance sheet figures

(in millions of Euros) 2008
IFRS/EU
2009
IFRS/EU
2010
IFRS/EU
2011
IFRS/EU
2012
IFRS/EU
2013
IFRS/EU
2014
IFRS/EU
2015
IFRS/EU
2016
IFRS/EU
2017
IFRS/EU
2018
IFRS/EU
Non current assets 108,1 104,7 99,4 112,5 115,1 114,8 179,6 177,6 173,3 174,0 203,5
working capital 162,9 141,8 141,9 157,0 165,5 179,1 189,2 191,5 178,7 185,4 184,2
% on sales 36,3% 31,8% 32,0% 32,4% 28,6% 29,6% 30,0% 25,6% 27,4% 27,7% 26,8%
of which stock 150,0 146,2 139,1 176,4 188,1 194,1 212,9 199,8 187,0 209,5 204,4
% on sales 33,5% 32,8% 31,4% 36,4% 32,5% 32,1% 33,7% 26,7% 28,6% 31,3% 29,7%
capital invested 271,0 246,5 241,3 269,5 280,6 293,9 368,8 369,1 352,0 359,4 387,7
non current liabilities -24,6 -26,5 -23,2 -23,4 -26,7 -32,1 -42,6 -40,6 -38,3 -34,3 -34,1
Net capital invested 246,4 220,0 218,1 246,1 253,9 261,8 326,1 328,4 313,6 325,1 353,6
% on sales 55,0% 49,3% 49,2% 50,8% 43,9% 43,3% 51,6% 43,9% 48,0% 48,6% 51,4%
- equity 102,0 111,3 121,4 123,7 135,9 153,3 187,9 198,4 208,8 227,0 241,4
- net cash position -144,3 -108,7 -96,7 -122,4 -118,0 -108,5 -138,2 -130,0 -104,8 -98,1 -112,2
2004 figures consolidate Sanafrutta S.p.A. and its subsidiaries Confruit S.p.A. succesively merged into the parent Company and Eugea Mediterranea S.p.A.

Group - Key performance indicators

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITDA margin % 7,5% 13,1% 8,9% 6,4% 6,3% 7,2% 9,5% 10,4% 8,6% 9,0% 7,7%
EBIT margin % 4,7% 9,0% 6,2% 3,8% 4,4% 5,2% 7,6% 8,1% 6,1% 6,2% 5,0%
ROI 8,5% 18,2% 12,6% 7,4% 10,0% 11,9% 14,7% 18,6% 12,7% 12,8% 9,8%
ROE 5,6% 17,8% 11,4% 7,0% 9,3% 13,8% 15,9% 22,6% 16,1% 13,4% 11,3%
GEARING
(debt / equity)
141,5% 97,7% 79,6% 99,0% 87,0% 71,0% 73,0% 65,0% 50,0% 43,2% 46,5%
Debt/EBITDA 4,3 1,9 2,5 3,9 3,2 2,5 2,3 1,7 1,9 1,6

Group - Workforce

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Permanent employees 403 419 394 415 453 485 752 755 750 746 754
Seasonal employees
(on average monthly basis)
428 400 428 427 480 348 376 332 341 367 330
For the tomato campaigns, the Group employees about 1,500 seasonal workers.

Parent Company - Sales performance

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Parent Company - Key Financial Figures

(in millions of Euros) 2008
IFRS/EU
2009
IFRS/EU
2010
IFRS/EU
2011
IFRS/EU
2012
IFRS/EU
2013
IFRS/EU
2014
IFRS/EU
2015
IFRS/EU
2016
IFRS/EU
2017
IFRS/EU
2018
IFRS/EU
Revenues 258,7 259,8 259,2 260,2 297,2 327,4 345,4 451,6 409,3 418,3 426,4
100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Production value 272,7 272,1 277,4 284,8 313,2 327,0 365,0 453,8 411,0 439,0 431,2
105,4% 104,7% 107,0% 109,5% 105,4% 99,9% 105,7% 100,5% 100,4% 104,9% 101,1%
Value added 45,1 67,1 50,8 42,2 52,9 58,0 75,6 103,5 82,3 92,0 83,5
17,4% 25,8% 19,6% 16,2% 17,8% 17,7% 21,9% 22,9% 20,1% 22,0% 19,6%
Labour costs -27,7 -25,7 -26,5 -28,1 -31,2 -30,5 -32,3 -43,2 -42,4 -44,6 -44,5
-10,7% -9,9% -10,2% -10,8% -10,5% -9,3% -9,4% -9,6% -10,4% -10,7% -10,4%
EBITDA 17,4 41,4 24,3 14,1 21,7 27,5 43,3 60,3 39,9 47,4 39,0
6,7% 15,9% 9,4% 5,4% 7,3% 8,4% 12,5% 13,4% 9,7% 11,3% 9,1%
Amortisation, depreciation and provisions -10,2 -15,7 -9,9 -10,9 -9,7 -10,8 -10,2 -15,0 -17,9 -17,5 -17,0
EBIT 7,2 25,7 14,4 3,2 12,0 16,7 33,1 45,3 22,0 29,9 22,0
2,8% 9,9% 5,6% 1,2% 4,0% 5,1% 9,6% 10,0% 5,4% 7,1% 5,2%
Financial income and expenses, net -5 -1,5 0,6 -0,3 -1,6 -0,2 -0,1 2,5 3,0 1,4 2,8
-1,9% -0,6% 0,2% -0,1% -0,5% -0,1% 0,0% 0,6% 0,7% 0,3% 0,7%
Profit (loss) from operating activities 2,2 24,2 15,0 2,9 10,4 16,5 33,0 47,8 25,0 31,3 24,8
Profit before tax 2,2 24,2 15,0 2,9 10,4 16,5 33,0 47,8 25,0 31,3 24,8
0,9% 9,3% 5,8% 1,1% 3,5% 5,0% 9,6% 10,6% 6,1% 7,5% 5,8%
profit (loss) for the period 0,6 13,1 9,4 0,5 6,2 12,2 21,8 35,2 16,1 24,0 18,5
0,2% 5,0% 3,6% 0,2% 2,1% 3,7% 6,3% 7,8% 3,9% 5,7% 4,3%
Effective as of January 1, 2006, Sanafrutta S.p.A. and Confruit S.p.A. were merged by incorporation into La Doria S.p.A.
Effective as of January 1, 2007, Pomagro S.r.L. was merged by incorporation into La Doria S.p.A. S.r.l.
Effective as of January 1, 2016, Pa.Fi.Al. Group was merged by incorporation into La Doria S.p.A.
For a like-for-like comparison, the 2016 results are compared with the 2015 unified results of La Doria S.p.A. and Pa.Fi.Al. Group, merged by incorporation into the parent company.

Parent Company - Principal balance sheet figures

(in millions of Euros) 2008
IFRS/EU
2009
IFRS/EU
2010
IFRS/EU
2011
IFRS/EU
2012
IFRS/EU
2013
IFRS/EU
2014
IFRS/EU
2015
IFRS/EU
2016
IFRS/EU
2017
IFRS/EU
2018
IFRS/EU
non current assets 99,7 98,0 94,2 107,9 111,9 112,2 181,9 176,8 163,3 164,4 182,0
working capital 126,3 112,1 104,5 116,6 119,7 133,4 131,4 153,8 141,7 133,1 133,0
% on sales 48,8% 43,1% 40,3% 44,8% 40,3% 40,7% 38,0% 34,1% 34,6% 31,8% 31,2%
of which stock 94,3 102,6 108,4 129,8 134,2 133,0 138,5 150,1 140,7 154,6 148,7
% on sales 36,5% 39,5% 41,8% 49,9% 45,2% 40,6% 40,1% 33,2% 34,4% 37,0% 34,9%
capital invested 226,0 210,1 198,7 224,5 231,6 245,6 313,3 330,6 305,0 297,5 315,0
Non current liabilities -20,3 -22,9 -20,3 -21,2 -24,7 -30,3 -30,1 -39,0 -36,8 -32,8 -32,6
net capital invested 205,7 187,2 178,4 203,3 206,9 215,3 283,2 291,6 268,2 264,7 282,4
% on sales 79,5% 72,1% 68,8% 78,1% 69,6% 65,8% 82,0% 64,6% 65,5% 63,3% 66,2%
- equity 70,7 85,7 92,5 89,6 94,7 108,4 133,7 166,0 165,5 184,6 195,1
- net cash position -135,0 -101,5 -85,9 -113,7 -112,2 -106,9 -149,5 -125,6 -102,7 -80,1 -87,3
Effective as of January 1, 2006, Sanafrutta S.p.A. and Confruit S.p.A. were merged by incorporation into La Doria S.p.A.
Effective as of January 1, 2007, Pomagro S.r.L. was merged by incorporation into La Doria S.p.A.
Effective as of January 1, 2016, Pa.Fi.Al. Group was merged by incorporation into La Doria S.p.A.

Parent Company - Key performance indicators

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITDA margin % 6,7% 15,9% 9,4% 5,4% 7,3% 8,4% 12.5% 13,4% 9,8% 11,3% 9,1%
EBIT margin % 2,8% 9,9% 5,6% 1,2% 4,1% 5,1% 9.6% 10,0% 5,4% 7,1% 5,2%
ROI 3,5% 13,7% 8,1% 1,6% 5,8% 7,8% 11.7% 15,5% 8,2% 11,3% 7,8%
ROE 0,8% 15,3% 10,2% 0,6% 6,5% 11,3% 16.3% 21,2% 9,7% 13,0% 9,5%
GEARING
(debts /equity)
191,0% 118,4% 92,9% 126,9% 118,5% 98,6% 111.8% 75,7% 62,1% 43,4% 44,7%

Parent Company - Workforce

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Permanent employees 308 328 315 328 365 394 457 662 646 650 659
Seasonal employees
(on average monthly basis)
336 302 302 336 364 284 284 320 277 300 264
For the tomato campaigns, the Group employees about 1,000 seasonal workers.
For a like-for-like comparison, the 2016 balance sheet is compared with the 2015 unified figures of La Doria S.p.A. and the companies Delfino S.p.A. and Althea S.p.A., merged by incorporation into the parent company with effect from January 1, 2016.