Financial Highlights

Group - Sales performance

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Group - Key financial figures

(in millions of Euros) 2007
IFRS/EU
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
Reveneus 406,6 448.2 445,9 443,5 484,3 578,9 604,4 631,4 748,3 653,1 669,1
100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Production value 420,7 481,3 451,5 443,9 527,2 600,3 613,1 642,1 740,5 659,5 701,0
103,5% 107,4% 101,3% 100,1% 108,9% 103,7% 101,4% 101,7% 99,0% 101,0% 104,8%
Value added 55,8 70,5 93,5 74,3 67,9 77,2 83,2 103,8 131,4 107,8 113,4
13,7% 15,7% 21% 16,8% 14,0% 13,3% 13,8% 16,4% 17,6% 16,5% 16,9%
Labour costs -35,4 -36,8 -35,3 -34,9 -36,9 -40,6 -39,8 -43,9 -53,8 -51,5 -53,3
-8,7% -8,2% -7,9% -7,9% -7,6% -7,0% -6,6% -7,0% -7,2% -7,9% -8,0%
EBITDA 20,4 33,7 58,2 39,4 31,0 36,6 43,4 59,9 77,6 56,3 60,1
5,0% 7,5% 13,1% 8,9% 6,4% 6,3% 7,2% 9,5% 10,4% 8,6% 9,0%
Amortisation, depreciation and provision -11,8 -12,7 -18,2 -12,0 -12,7 -11,1 -12,1 -11,8 -16,6 -16,4 -18,5
EBIT 8,6 21,0 40 27,4 18,3 25,5 31,3 48,1 61,0 39,9 41,6
2,1% 4,7% 9,0% 6,2% 3,8% 4,4% 5,2% 7,6% 8,2% 6,1% 6,2%
Financial income
and expenses, net
-0,5 -10,3 -5,6 -5,5 -3,9 -5,2 -2,2 -3,9 -0,0 6,2 -1,7
-0,1% -2,3% -1,3% -1,2% -0,8% -0,9% -0,4% -0,6% -0,0% 0,9% -0,3%
Profit (loss) from operatin activities 8,1 10,7 34,4 21,9 14,4 20,3 29,1 44,2 61,0 46,1 39,9
Gain on discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 8,1 10,7 34,4 21,9 14,4 20,3 29,1 44,2 61,0 46,1 39,9
2,0% 2,4% 7,7% 4,9% 3,0% 3,5% 4,8% 7,0% 8,2% 7,1% 6,0%
profit (loss) for the period 4,5 5,7 19,8 13,8 8,6 12,6 21,2 29,9 44,8 33,7 30,4
1,11% 1,3% 4,4% 3,1% 1,8% 2,2% 3,5% 4,7% 6,0% 5,2% 4,5
of wich minority interest 5,5 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) 2007
IFRS/EU
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
Non current assets 110,1 108,1 104,7 99,4 112,5 115,1 114,8 179,6 177,6 173,3 174,0
working capital 128,1 162,9 141,8 141,9 157,0 165,5 179,1 189,2 191,5 178,7 185,4
% on sales 31,5% 36,3% 31,8% 32,0% 32,4% 28,6% 29,6% 30,0% 25,6% 27,4% 27,7%
of which stock 139,0 150,0 146,2 139,1 176,4 188,1 194,1 212,9 199,8 187,0 209,5
% on sales 34,2% 33,5% 32,8% 31,4% 36,4% 32,5% 32,1% 33,7% 26,7% 28,6% 31,3%
capital invested 238,2 271,0 246,5 241,3 269,5 280,6 293,9 368,8 369,1 352,0 359,4
non current liabilities -25,9 -24,6 -26,5 -23,2 -23,4 -26,7 -32,1 -42,6 -40,6 -38,3 -34,3
Net capital invested 212,3 246,4 220,0 218,1 246,1 253,9 261,8 326,1 328,4 313,6 325,1
% on sales 52,2% 55,0% 49,3% 49,2% 50,8% 43,9% 43,3% 51,6% 43,9% 48,0% 48,6%
- equity 91,3 102,0 111,3 121,4 123,7 135,9 153,3 187,9 198,4 208,8 227,0
- net cash position -121,0 -144,3 -108,7 -96,7 -122,4 -118,0 -108,5 -138,2 -130,0 -104,8 -98,1
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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EBITDA margin % 5,0% 7,5% 13,1% 8,9% 6,4% 6,3% 7,2% 9,5% 10,4% 8,6% 9,0%
EBIT margin % 2,1% 4,7% 9,0% 6,2% 3,8% 4,4% 5,2% 7,6% 8,1% 6,1% 6,2%
ROI 4,1% 8,5% 18,2% 12,6% 7,4% 10,0% 11,9% 14,7% 18,6% 12,7% 12,8%
ROE 4,9% 5,6% 17,8% 11,4% 7,0% 9,3% 13,8% 15,9% 22,6% 16,1% 13,4%
GEARING
(debt / equity)
132,5% 141,5% 97,7% 79,6% 99,0% 87,0% 71,0% 73,0% 65,0% 50,0% 43,2%
Debt/EBITDA - 4,3 1,9 2,5 3,9 3,2 2,5 2,3 1,7 1,9 1,6

Group - Workforce

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Permanent employees 468 403 419 394 415 453 485 752 755 750 746
Seasonal employees
(on average monthly basis)
442 428 400 428 427 480 348 376 332 341 367
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) 2007
IFRS/EU
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
Revenues 226,5 258,7 259,8 259,2 260,2 297,2 327,4 345,4 451,6 409,3 418,3
100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Production value 219,2 272,7 272,1 277,4 284,8 313,2 327,0 365,0 453,8 411,0 439,0
96,8% 105,4% 104,7% 107,0% 109,5% 105,4% 99,9% 105,7% 100,5% 100,4% 104,9%
Value added 34,2 45,1 67,1 50,8 42,2 52,9 58,0 75,6 103,5 82,3 92,0
15,1% 17,4% 25,8% 19,6% 16,2% 17,8% 17,7% 21,9% 22,9% 20,1% 22,0%
Labour costs -26,4 -27,7 -25,7 -26,5 -28,1 -31,2 -30,5 -32,3 -43,2 -42,4 -44,6
-11,7% -10,7% -9,9% -10,2% -10,8% -10,5% -9,3% -9,4% -9,6% -10,4% -10,7%
EBITDA 7,8 17,4 41,4 24,3 14,1 21,7 27,5 43,3 60,3 39,9 47,4
3,4% 6,7% 15,9% 9,4% 5,4% 7,3% 8,4% 12,5% 13,4% 9,7% 11,3%
Amortisation, depreciation and provisions -9,4 -10,2 -15,7 -9,9 -10,9 -9,7 -10,8 -10,2 -15,0 -17,9 -17,5
EBIT -1,6 7,2 25,7 14,4 3,2 12,0 16,7 33,1 45,3 22,0 29,9
-0.7% 2,8% 9,9% 5,6% 1,2% 4,0% 5,1% 9,6% 10,0% 5,4% 7,1%
Financial income and expenses, net -3,1 -5 -1,5 0,6 -0,3 -1,6 -0,2 -0,1 2,5 3,0 1,4
-1,4% -1,9% -0,6% 0,2% -0,1% -0,5% -0,1% 0,0% 0,6% 0,7% 0,3%
Profit (loss) from operating activities -4,7 2,2 24,2 15,0 2,9 10,4 16,5 33,0 47,8 25,0 31,3
Profit before tax -4,7 2,2 24,2 15,0 2,9 10,4 16,5 33,0 47,8 25,0 31,3
-2,1% 0,9% 9,3% 5,8% 1,1% 3,5% 5,0% 9,6% 10,6% 6,1% 7,5%
profit (loss) for the period -3,4 0,6 13,1 9,4 0,5 6,2 12,2 21,8 35,2 16,1 24,0
-1,5% 0,2% 5,0% 3,6% 0,2% 2,1% 3,7% 6,3% 7,8% 3,9% 5,7%
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) 2007 IFRS/EU 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
non current assets 102,0 99,7 98,0 94,2 107,9 111,9 112,2 181,9 176,8 163,3 164,4
working capital 101,8 126,3 112,1 104,5 116,6 119,7 133,4 131,4 153,8 141,7 133,1
% on sales 44,9% 48,8% 43,1% 40,3% 44,8% 40,3% 40,7% 38,0% 34,1% 34,6% 31,8%
of which stock 91,9 94,3 102,6 108,4 129,8 134,2 133,0 138,5 150,1 140,7 154,6
% on sales 40,6% 36,5% 39,5% 41,8% 49,9% 45,2% 40,6% 40,1% 33,2% 34,4% 37,0%
capital invested 203,8 226,0 210,1 198,7 224,5 231,6 245,6 313,3 330,6 305,0 297,5
Non current liabilities -21,3 -20,3 -22,9 -20,3 -21,2 -24,7 -30,3 -30,1 -39 -36,8 -32,8
net capital invested 182,5 205,7 187,2 178,4 203,3 206,9 215,3 283,2 291,6 268,2 264,7
% on sales 80,6% 79,5% 72,1% 68,8% 78,1% 69,6% 65,8% 82,0% 64,6% 65,5% 63,3%
- equity 70,5 70,7 85,7 92,5 89,6 94,7 108,4 133,7 166,0 165,5 184,6
- net cash position -112,2 -135,0 -101,5 -85,9 -113,7 -112,2 -106,9 -149,5 -125,6 -102,7 -80,1
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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EBITDA margin % 3,4% 6,7% 15,9% 9,4% 5,4% 7,3% 8,4% 12.5% 13,4% 9,8% 11,3%
EBIT margin % -0,7% 2,8% 9,9% 5,6% 1,2% 4,1% 5,1% 9.6% 10,0% 5,4% 7,1%
ROI -0,9% 3,5% 13,7% 8,1% 1,6% 5,8% 7,8% 11.7% 15,5% 8,2% 11,3%
ROE -4,8% 0,8% 15,3% 10,2% 0,6% 6,5% 11,3% 16.3% 21,2% 9,7% 13,0%
GEARING
(debts /equity)
158,2% 191,0% 118,4% 92,9% 126,9% 118,5% 98,6% 111.8% 75,7% 62,1% 43,4%

Parent Company - Workforce

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Permanent employees 379 308 328 315 328 365 394 457 662 646 650
Seasonal employees
(on average monthly basis)
322 336 302 302 336 364 284 284 320 277 300
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.