Financial Highlights

Group - Sales performance

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Group - Key financial figures

(in millions of Euros) 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
2019
IFRS/EU
2020
IFRS/EU
Revenues 443.5 484.3 578.9 604.4 631.4 748.3 653.1 669.1 687.9 717.6 848.1
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Production value 443.9 527.2 600.3 613.1 642.1 740.5 659.5 701.0 692.5 741.4 893.8
100.1% 108.9% 103.7% 101.4% 101.7% 99.0% 101.0% 104.8% 100.7% 103.3% 105.4%
Value added 74.3 67.9 77.2 83.2 103.8 131.4 107.8 113.4 106.2 113.4 141.3
16.8% 14.0% 13.3% 13.8% 16.4% 17.6% 16.5% 16.9% 15.4% 15.8% 16.7%
Labour costs -34.9 -36.9 -40.6 -39.8 -43.9 -53.8 -51.5 -53.3 -53.4 -57.4 -58.2
-7.9% -7.6% -7.0% -6.6% -7.0% -7.2% -7.9% -8.0% -7.8% -8.0% -6.9%
EBITDA 39.4 31.0 36.6 43.4 59.9 77.6 56.3 60.1 52.8 56.0 83.1
8.9% 6.4% 6.3% 7.2% 9.5% 10.4% 8.6% 9.0% 7.7% 7.8% 9.8%
Amortisation, depreciation and provision -12.0 -12.7 -11.1 -12.1 -11.8 -16.6 -16.4 -18.5 -18.1 -21.4 -18.3
EBIT 27.4 18.3 25.5 31.3 48.1 61.0 39.9 41.6 34.7 34.5 64.8
6.2% 3.8% 4.4% 5.2% 7.6% 8.2% 6.1% 6.2% 5.0% 4.8% 7.6%
Financial income
and expenses, net
-5.5 -3.9 -5.2 -2.2 -3.9 -0.0 6.2 -1.7 1.6 -6.8 3.4
-1.2% -0.8% -0.9% -0.4% -0.6% -0.0% 0.9% -0.3% 0.2% -0.9% 0.4%
Profit (loss) from operation activities 21.9 14.4 20.3 29.1 44.2 61.0 46.1 39.9 36.3 27.7 68.2
Profit before tax 21.9 14.4 20.3 29.1 44.2 61.0 46.1 39.9 36.3 27.7 68.2
4.9% 3.0% 3.5% 4.8% 7.0% 8.2% 7.1% 6.0% 5.3% 3.9% 8.0%
profit (loss) for the period 13.8 8.6 12.6 21.2 29.9 44.8 33.7 30.4 27.3 19.9 56.7
3.1% 1.8% 2.2% 3.5% 4.7% 6.0% 5.2% 4.5% 4.0% 2.8% 6.7%
of wich minority interest 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) 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
2019
IFRS/EU
2020
IFRS/EU
Non current assets 99.4 112.5 115.1 114.8 179.6 177.6 173.3 174.0 203.5 246.1 246.8
working capital 141.9 157.0 165.5 179.1 189.2 191.5 178.7 185.4 184.2 188.5 210.3
% on sales 32.0% 32.4% 28.6% 29.6% 30.0% 25.6% 27.4% 27.7% 26.8% 26.3% 24.8%
of which stock 139.1 176.4 188.1 194.1 212.9 199.8 187.0 209.5 204.4 219.1 247.2
% on sales 31.4% 36.4% 32.5% 32.1% 33.7% 26.7% 28.6% 31.3% 29.7% 30.5% 29.1%
capital invested 241.3 269.5 280.6 293.9 368.8 369.1 352.0 359.4 387.7 434.6 457.1
non current liabilities -23.2 -23.4 -26.7 -32.1 -42.6 -40.6 -38.3 -34.3 -34.1 -32.2 -25.4
Net capital invested 218.1 246.1 253.9 261.8 326.1 328.4 313.6 325.1 353.6 402.4 431.7
% on sales 49.2% 50.8% 43.9% 43.3% 51.6% 43.9% 48.0% 48.6% 51.4% 56.1% 50.9%
- equity 121.4 123.7 135.9 153.3 187.9 198.4 208.8 227.0 241.4 253.6 291.5
- net cash position -96.7 -122.4 -118.0 -108.5 -138.2 -130.0 -104.8 -98.1 -112.2 -148.8 -140.2
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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
EBITDA margin % 8.9% 6.4% 6.3% 7.2% 9.5% 10.4% 8.6% 9.0% 7.7% 7.8% 9.8%
EBIT margin % 6.2% 3.8% 4.4% 5.2% 7.6% 8.1% 6.1% 6.2% 5.0% 4.8% 7.6%
ROI 12.6% 7.4% 10.0% 11.9% 14.7% 18.6% 12.7% 12.8% 9.8% 8.6% 15.0%
ROE 11.4% 7.0% 9.3% 13.8% 15.9% 22.6% 16.1% 13.4% 11.3% 7.8% 19.5%
GEARING
(debt / equity)
79.6% 99.0% 87.0% 71.0% 73.0% 65.0% 50.0% 43.2% 46.5% 58.7% 48.1%
Debt/EBITDA 2.5 3.9 3.2 2.5 2.3 1.7 1.9 1.6 2.1 2.7 1.7

Group - Workforce

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Permanent employees 394 415 453 485 752 755 750 746 754 794 820
Fixed term employees 52 42
Seasonal employees
(on annual basis)
428 427 480 348 376 332 341 367 330 264 234
For the tomato campaigns, the Group employees about 1,000 seasonal workers.

Parent Company - Sales performance

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Parent Company - Key Financial Figures

(in millions of Euros) 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
2019
IFRS/EU
2020
IFRS/EU
Revenues 259.2 260.2 297.2 327.4 345.4 451.6 409.3 418.3 426.4 439.3 503.4
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Production value 277.4 284.8 313.2 327.0 365.0 453.8 411.0 439.0 431.2 457.0 513.5
107.0% 109.5% 105.4% 99.9% 105.7% 100.5% 100.4% 104.9% 101.1% 104.0% 102.0%
Value added 50.8 42.2 52.9 58.0 75.6 103.5 82.3 92.0 83.5 91.1 114.2
19.6% 16.2% 17.8% 17.7% 21.9% 22.9% 20.1% 22.0% 19.6% 20.7% 22.7%
Labour costs -26.5 -28.1 -31.2 -30.5 -32.3 -43.2 -42.4 -44.6 -44.5 -48.2 -47.9
-10.2% -10.8% -10.5% -9.3% -9.4% -9.6% -10.4% -10.7% -10.4% -11.0% -9.5%
EBITDA 24.3 14.1 21.7 27.5 43.3 60.3 39.9 47.4 39.0 42.9 66.3
9.4% 5.4% 7.3% 8.4% 12.5% 13.4% 9.7% 11.3% 9.1% 9.8% 13.2%
Amortisation, depreciation and provisions -9.9 -10.9 -9.7 -10.8 -10.2 -15.0 -17.9 -17.5 -17.0 -18.2 -16.3
EBIT 14.4 3.2 12.0 16.7 33.1 45.3 22.0 29.9 22.0 24.7 50.0
5.6% 1.2% 4.0% 5.1% 9.6% 10.0% 5.4% 7.1% 5.2% 5.6% 9.9%
Financial income and expenses, net 0.6 -0.3 -1.6 -0.2 -0.1 2.5 3.0 1.4 2.8 -0.6 2.8
0.2% -0.1% -0.5% -0.1% 0.0% 0.6% 0.7% 0.3% 0.7% -0.1% 0.6%
Profit (loss) from operating activities 15.0 2.9 10.4 16.5 33.0 47.8 25.0 31.3 24.8 24.1 52.8
Profit before tax 15.0 2.9 10.4 16.5 33.0 47.8 25.0 31.3 24.8 24.1 52.8
5.8% 1.1% 3.5% 5.0% 9.6% 10.6% 6.1% 7.5% 5.8% 5.5% 10.5%
profit (loss) for the period 9.4 0.5 6.2 12.2 21.8 35.2 16.1 24.0 18.5 18.6 44.8
3.6% 0.2% 2.1% 3.7% 6.3% 7.8% 3.9% 5.7% 4.3% 4.2% 8.9%
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) 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
2019
IFRS/EU
2020
IFRS/EU
non current assets 94.2 107.9 111.9 112.2 181.9 176.8 163.3 164.4 182.0 189.5 188.4
working capital 104.5 116.6 119.7 133.4 131.4 153.8 141.7 133.1 133.0 137.0 147.6
% on sales 40.3% 44.8% 40.3% 40.7% 38.0% 34.1% 34.6% 31.8% 31.2% 31.2% 29.3%
of which stock 108.4 129.8 134.2 133.0 138.5 150.1 140.7 154.6 148.7 153.4 147.4
% on sales 41.8% 49.9% 45.2% 40.6% 40.1% 33.2% 34.4% 37.0% 34.9% 34.9% 29.3%
capital invested 198.7 224.5 231.6 245.6 313.3 330.6 305.0 297.5 315.0 326.5 336.0
Non current liabilities -20.3 -21.2 -24.7 -30.3 -30.1 -39.0 -36.8 -32.8 -32.6 -30.7 -24.0
net capital invested 178.4 203.3 206.9 215.3 283.2 291.6 268.2 264.7 282.4 295.8 312.0
% on sales 68.8% 78.1% 69.6% 65.8% 82.0% 64.6% 65.5% 63.3% 66.2% 67.3% 62.0%
- equity 92.5 89.6 94.7 108.4 133.7 166.0 165.5 184.6 195.1 207.2 243.2
- net cash position -85.9 -113.7 -112.2 -106.9 -149.5 -125.6 -102.7 -80.1 -87.3 -88.6 -68.8
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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
EBITDA margin % 9.4% 5.4% 7.3% 8.4% 12.5% 13.4% 9.8% 11.3% 9.1% 9.8% 13.2%
EBIT margin % 5.6% 1.2% 4.1% 5.1% 9.6% 10.0% 5.4% 7.1% 5.2% 5.6% 9.9%
ROI 8.1% 1.6% 5.8% 7.8% 11.7% 15.5% 8.2% 11.3% 7.8% 8.4% 16.0%
ROE 10.2% 0.6% 6.5% 11.3% 16.3% 21.2% 9.7% 13.0% 9.5% 9.0% 18.4%
GEARING
(debts /equity)
92.9% 126.9% 118.5% 98.6% 111.8% 75.7% 62.1% 43.4% 44.7% 42.8% 28.3%

Parent Company - Workforce

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Permanent employees 315 328 365 394 457 662 646 650 659 700 719
Fixed term employees 46 34
Seasonal employees
(on annual basis)
302 336 364 284 284 320 277 300 264 187 156
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.