Financial Highlights

Group - Sales performance

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Group - Key financial figures

(in millions of Euros) 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
2019
IFRS/EU
Revenues 445.9 443.5 484.3 578.9 604.4 631.4 748.3 653.1 669.1 687.9 717.6
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Production value 451.5 443.9 527.2 600.3 613.1 642.1 740.5 659.5 701.0 692.5 741.4
101.3% 100.1% 108.9% 103.7% 101.4% 101.7% 99.0% 101.0% 104.8% 100.7% 103.3%
Value added 93.5 74.3 67.9 77.2 83.2 103.8 131.4 107.8 113.4 106.2 113.4
21.0% 16.8% 14.0% 13.3% 13.8% 16.4% 17.6% 16.5% 16.9% 15.4% 15.8%
Labour costs -35.3 -34.9 -36.9 -40.6 -39.8 -43.9 -53.8 -51.5 -53.3 -53.4 -57.4
-7.9% -7.9% -7.6% -7.0% -6.6% -7.0% -7.2% -7.9% -8.0% -7.8% -8.0%
EBITDA 58.2 39.4 31.0 36.6 43.4 59.9 77.6 56.3 60.1 52.8 56.0
13.1% 8.9% 6.4% 6.3% 7.2% 9.5% 10.4% 8.6% 9.0% 7.7% 7.8%
Amortisation, depreciation and provision -18.2 -12.0 -12.7 -11.1 -12.1 -11.8 -16.6 -16.4 -18.5 -18.1 -21.4
EBIT 40.0 27.4 18.3 25.5 31.3 48.1 61.0 39.9 41.6 34.7 34.5
9.0% 6.2% 3.8% 4.4% 5.2% 7.6% 8.2% 6.1% 6.2% 5.0% 4.8%
Financial income
and expenses, net
-5.6 -5.5 -3.9 -5.2 -2.2 -3.9 -0.0 6.2 -1.7 1.6 -6.8
-1.3% -1.2% -0.8% -0.9% -0.4% -0.6% -0.0% 0.9% -0.3% 0.2% -0.9%
Profit (loss) from operation activities 34.4 21.9 14.4 20.3 29.1 44.2 61.0 46.1 39.9 36.3 27.7
Gain on discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 34.4 21.9 14.4 20.3 29.1 44.2 61.0 46.1 39.9 36.3 27.7
7.7% 4.9% 3.0% 3.5% 4.8% 7.0% 8.2% 7.1% 6.0% 5.3% 3.9%
profit (loss) for the period 19.8 13.8 8.6 12.6 21.2 29.9 44.8 33.7 30.4 27.3 19.9
4.4% 3.1% 1.8% 2.2% 3.5% 4.7% 6.0% 5.2% 4.5% 4.0% 2.8%
of wich minority interest 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) 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
2019
IFRS/EU
Non current assets 104.7 99.4 112.5 115.1 114.8 179.6 177.6 173.3 174.0 203.5 246.1
working capital 141.8 141.9 157.0 165.5 179.1 189.2 191.5 178.7 185.4 184.2 188.5
% on sales 31.8% 32.0% 32.4% 28.6% 29.6% 30.0% 25.6% 27.4% 27.7% 26.8% 26.3%
of which stock 146.2 139.1 176.4 188.1 194.1 212.9 199.8 187.0 209.5 204.4 219.1
% on sales 32.8% 31.4% 36.4% 32.5% 32.1% 33.7% 26.7% 28.6% 31.3% 29.7% 30.5%
capital invested 246.5 241.3 269.5 280.6 293.9 368.8 369.1 352.0 359.4 387.7 434.6
non current liabilities -26.5 -23.2 -23.4 -26.7 -32.1 -42.6 -40.6 -38.3 -34.3 -34.1 -32.2
Net capital invested 220.0 218.1 246.1 253.9 261.8 326.1 328.4 313.6 325.1 353.6 402.4
% on sales 49.3% 49.2% 50.8% 43.9% 43.3% 51.6% 43.9% 48.0% 48.6% 51.4% 56.1%
- equity 111.3 121.4 123.7 135.9 153.3 187.9 198.4 208.8 227.0 241.4 253.6
- net cash position -108.7 -96.7 -122.4 -118.0 -108.5 -138.2 -130.0 -104.8 -98.1 -112.2 -148.8
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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EBITDA margin % 13.1% 8.9% 6.4% 6.3% 7.2% 9.5% 10.4% 8.6% 9.0% 7.7% 7.8%
EBIT margin % 9.0% 6.2% 3.8% 4.4% 5.2% 7.6% 8.1% 6.1% 6.2% 5.0% 4.8%
ROI 18.2% 12.6% 7.4% 10.0% 11.9% 14.7% 18.6% 12.7% 12.8% 9.8% 8.6%
ROE 17.8% 11.4% 7.0% 9.3% 13.8% 15.9% 22.6% 16.1% 13.4% 11.3% 7.8%
GEARING
(debt / equity)
97.7% 79.6% 99.0% 87.0% 71.0% 73.0% 65.0% 50.0% 43.2% 46.5% 58.7%
Debt/EBITDA 1.9 2.5 3.9 3.2 2.5 2.3 1.7 1.9 1.6 2.1 2.7

Group - Workforce

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Permanent employees 419 394 415 453 485 752 755 750 746 754 794
Seasonal employees
(on average monthly basis)
400 428 427 480 348 376 332 341 367 330 366
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) 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
2019
IFRS/EU
Revenues 259.8 259.2 260.2 297.2 327.4 345.4 451.6 409.3 418.3 426.4 439.3
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Production value 272.1 277.4 284.8 313.2 327.0 365.0 453.8 411.0 439.0 431.2 457.0
104.7% 107.0% 109.5% 105.4% 99.9% 105.7% 100.5% 100.4% 104.9% 101.1% 104.0%
Value added 67.1 50.8 42.2 52.9 58.0 75.6 103.5 82.3 92.0 83.5 91.1
25.8% 19.6% 16.2% 17.8% 17.7% 21.9% 22.9% 20.1% 22.0% 19.6% 20.7%
Labour costs -25.7 -26.5 -28.1 -31.2 -30.5 -32.3 -43.2 -42.4 -44.6 -44.5 -48.2
-9.9% -10.2% -10.8% -10.5% -9.3% -9.4% -9.6% -10.4% -10.7% -10.4% -11.0%
EBITDA 41.4 24.3 14.1 21.7 27.5 43.3 60.3 39.9 47.4 39.0 42.9
15.9% 9.4% 5.4% 7.3% 8.4% 12.5% 13.4% 9.7% 11.3% 9.1% 9.8%
Amortisation, depreciation and provisions -15.7 -9.9 -10.9 -9.7 -10.8 -10.2 -15.0 -17.9 -17.5 -17.0 -18.2
EBIT 25.7 14.4 3.2 12.0 16.7 33.1 45.3 22.0 29.9 22.0 24.7
9.9% 5.6% 1.2% 4.0% 5.1% 9.6% 10.0% 5.4% 7.1% 5.2% 5.6%
Financial income and expenses, net -1.5 0.6 -0.3 -1.6 -0.2 -0.1 2.5 3.0 1.4 2.8 -0.6
-0.6% 0.2% -0.1% -0.5% -0.1% 0.0% 0.6% 0.7% 0.3% 0.7% -0.1%
Profit (loss) from operating activities 24.2 15.0 2.9 10.4 16.5 33.0 47.8 25.0 31.3 24.8 24.1
Profit before tax 24.2 15.0 2.9 10.4 16.5 33.0 47.8 25.0 31.3 24.8 24.1
9.3% 5.8% 1.1% 3.5% 5.0% 9.6% 10.6% 6.1% 7.5% 5.8% 5.5%
profit (loss) for the period 13.1 9.4 0.5 6.2 12.2 21.8 35.2 16.1 24.0 18.5 18.6
5.0% 3.6% 0.2% 2.1% 3.7% 6.3% 7.8% 3.9% 5.7% 4.3% 4.2%
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) 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
2019
IFRS/EU
non current assets 98.0 94.2 107.9 111.9 112.2 181.9 176.8 163.3 164.4 182.0 189.5
working capital 112.1 104.5 116.6 119.7 133.4 131.4 153.8 141.7 133.1 133.0 137.0
% on sales 43.1% 40.3% 44.8% 40.3% 40.7% 38.0% 34.1% 34.6% 31.8% 31.2% 31.2%
of which stock 102.6 108.4 129.8 134.2 133.0 138.5 150.1 140.7 154.6 148.7 153.4
% on sales 39.5% 41.8% 49.9% 45.2% 40.6% 40.1% 33.2% 34.4% 37.0% 34.9% 34.9%
capital invested 210.1 198.7 224.5 231.6 245.6 313.3 330.6 305.0 297.5 315.0 326.5
Non current liabilities -22.9 -20.3 -21.2 -24.7 -30.3 -30.1 -39.0 -36.8 -32.8 -32.6 -30.7
net capital invested 187.2 178.4 203.3 206.9 215.3 283.2 291.6 268.2 264.7 282.4 295.8
% on sales 72.1% 68.8% 78.1% 69.6% 65.8% 82.0% 64.6% 65.5% 63.3% 66.2% 67.3%
- equity 85.7 92.5 89.6 94.7 108.4 133.7 166.0 165.5 184.6 195.1 207.2
- net cash position -101.5 -85.9 -113.7 -112.2 -106.9 -149.5 -125.6 -102.7 -80.1 -87.3 -88.6
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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EBITDA margin % 15.9% 9.4% 5.4% 7.3% 8.4% 12.5% 13.4% 9.8% 11.3% 9.1% 9.8%
EBIT margin % 9.9% 5.6% 1.2% 4.1% 5.1% 9.6% 10.0% 5.4% 7.1% 5.2% 5.6%
ROI 13.7% 8.1% 1.6% 5.8% 7.8% 11.7% 15.5% 8.2% 11.3% 7.8% 8.4%
ROE 15.3% 10.2% 0.6% 6.5% 11.3% 16.3% 21.2% 9.7% 13.0% 9.5% 9.0%
GEARING
(debts /equity)
118.4% 92.9% 126.9% 118.5% 98.6% 111.8% 75.7% 62.1% 43.4% 44.7% 42.8%

Parent Company - Workforce

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Permanent employees 328 315 328 365 394 457 662 646 650 659 700
Seasonal employees
(on average monthly basis)
302 302 336 364 284 284 320 277 300 264 289
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.