May 2020 INVESTOR PRESENTATION (Q1 2020 RESULTS)
Agenda GROUP OVERVIEW • Pag. 3 CORE ACTIVITIES Pag. 7 • KEY FINANCIALS Q1 2020 • Pag. 14 OUTLOOK Pag. 21 • APPENDIX Pag. 25 • DISCLAIMER This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company. The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy. This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein. The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate. No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company. To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein. This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products. You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company. 2
GROUP OVERVIEW
The Group at a glance ORSERO Group among the leader in Mediterranean Europe for the import and distribution of fresh fruit and vegetables active since the 1940. The Group’s Business model is based on two pillars (**) which are also the main Business Sectors: the IMPORT & DISTRIBUTION of a vast array of fresh produce and the SHIPPING of bananas and pineapples using its own ships from Central America to Southern Europe. Furthermore there is the Service/Holding Sector that provides centralized strategies and corporate services (finance, M&A, ICT, marketing) to both sectors. The Group generates consolidated sales of 1 billion € , (*) of which ~ 93% by the Import & Distribution segment. . ( *) Internal reporting statistics. (**) SKU’s to be intended as a combination product variety for each country of origin. 4
Main Milestones from 1940 to Date Launch of F.lli Orsero own Beginning of our fruit Development of Investments in the distribution brand for extra Premium distribution and import of sector in Italy, France, distribution business in Italy. Fruit, as the expression of the exotic fruits and counter Portugal and Greece. tradition and passion of a season fruits. Beginning of the shipping great family-run company. business. Further expansion in the Fresh Cut, Refocusing on the Group’s Through the merger with expansion in the opening of 3 new centres inItaly: core business. Glenalta Food, listing of Orsero distribution sector with the Molfetta (BA), Verona and Cagliari. Organisational review and shares on the AIM Italia. acquisition of Sevimpor. Acquisition of 100% of Fruttica Full integration of JV’s in Spain Strengthening of Fresh-cut management reinforcement. Group and of remaining 75% of and Italy: Hermanos Fernández operation: widening of Fruttital Cagliari. López, Fruttital Firenze and Florence cutting centre. Orsero Shares admitted to trading Galandi. on the MTA, STAR Segment . 5
Governance & Shareholders’ structure SHAREHOLDERS (*) GOVERNANCE (% on share capital) FIF HOLDING SPA PAOLO PRUDENZIATI FREE FLOAT 32,5% Chairman 39,9% RAFFAELLA ORSERO Deputy Chair and Chief executive Officer GRUPO TREASURY FERNANDEZ S.A. SHARES 6,3% 1,1% FIRST CAPITAL MATTEO COLOMBINI PRAUDE ASSET S.P.A. MANAGEMENT Managing Director and Chief Financial Officer GLOBAL PORTFOLIO 5,1% LTD. 9,5% INVESTMENTS S.L. 5,6% ANALYST COVERAGE • The Board of Directors (term 2020-2022) consists of 9 people, 7 elected from the majority list and 2 from the minority one. BANCA AKROS Andrea Bonfà • In accordance with the Italian Corporate Governance Code, the independent BANCA IMI Gabriele Berti directors quota ( 5 out 9 members) and the gender balance ( 3 out 9 members) CFO SIM Luca Arena are fully respected. • Within the BoD are constituted the following committees, composed of EQUITA SIM Emanuele Gallazzi independent or non executive directors: - Remuneration and Nominations committee ADVISORS - Control and Risks committee - Related parties committee SPECIALIST BANCA IMI AUDITING COMPANY KPMG (*) Last update 18 May 2020. Total shares 17.682.500. Treasury shares 189.339. 6
CORE ACTIVITIES
BUSINESS MODEL Sourcing from the world’s best production areas to offer a wide and diversified array of fresh produce, thanks to the long-term relationship with industry-leading overseas and local growers/suppliers. Logistic efficiency also thanks to our owned “Cala Rosse ” reefer fleet for bananas and pineapples. Quality control on product throughout the supply chain Cool storage network scattered in Southern Europe. Distinctive expertise at ripening banana and repacking fresh produce. Deep know-how in fresh-cut and ready-to-eat fresh fruit widespread daily distribution and bespoke solutions for retailers and consumers. 8
ORSERO Distribution Footprint DISTRIBUTION SALES MIX 2019 (**) Mexico 4% Greece 2% Portugal 5% Italy 41% France (*) 20% ● Spain 28% (*) Sales net of intra-segment eliminations (within Distribution companies). Geographical mix based on the country of incorporation of each Orsero’s subsidiary. 9
Distribution : serving all market channels REVENUES PRODUCT MIX 2019 (*) REVENUES CHANNEL MIX 2019 (*) Others Fruit and Vegetables Banana 25% 31% 18% 30% 43% 47% 56% Fresh-Cut 1% 82% 70% Apples/Pears 57% 53% Pines 6% 44% 4% Citrus Exotic 8% Kiwi Italy Spain France Portugal Greece 12% 13% The Group value proposition comprises a well-balanced SUPERMARKETS WHOLESALER/OTHERS and wide range of product marketed. VOLUME MIX BY SURCING 2019 (*) Orsero Group has the capability to serve all the retail channels from large large-scale retail chains to small greengrocers, managing around 10.000 customers in Europe , among which +100 big retail chains . 48% 100% 23% 29% Total Banana & Pineapples Overseas/Southern Import EU/Domestic EU Emisphere (*) Internal reporting statistics. Mix calculated on Aggregated Gross Sales. 10
Distribution : fresh-cut project MARKET BACKGROUND: ITALIAN FRESH-CUT MARKET SIZE (*) • The key drivers in food consumption are bio, ready-to-eat, healthy products • Among the most promising trends in the market of fresh fruit and 879 M€ vegetables, consumption outside home and the demand for products with “service” content stand out ~917 M€ 39 M€ in TTM • The Italian market is growing: Feb.20 - the fresh-cut is a growing niche , in a context in which about 96% of revenues are originated from fresh-cut vegetables, mainly salads VEGETABLE FRESH-CUT FRUIT FRESH-CUT - fresh-cut fruit accounts for 4% of market revenues vs 3% LY , achieving estimated revenues of 39 M€ out of 917 M€ and with a + 18,6% y-o-y growth. ORSERO GROUP MILESTONES: • Orsero Group started the implementation from the Italian market since 2014 in Florence • FY 2019 Group’s sales of Fresh- Cut products were over 9 M€ , or 1% of Distribution’s sales. Orsero Group operates : 4 cutting facilities in Italy for a total work area of circa 3.500 sqm .: • - In 2018 the Florence site was expanded and improved in lay-out and equipment - In 2019, 2 new sites were opened within the Group’s facilities located in Molfetta (BA) and Verona and a fourth site was established in Cagliari. 1 cutting facility in Spain (500 sqm.), a small but promising outpost in a key • market. (*) Company processing on market intelligence data, TTM Feb. 2020 vs TTM Feb. 2019. 11
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