The Board of Directors of La Doria – the Italian leading company in the production of tomato-based products, ready-made sauces, pulses and fruit beverages, and juices for private labels – reviewed the 2021 forecasts and approved the new 2022-2024 forecasts.
CONFIRMED FORECASTS
Despite the normalization of domestic food demand following the peak of the pandemic in 2020 and increasing costs from Q3, forecasts for 2021 indicated consolidated revenues of €855 million, up +0.8% on 2020 and exceeding €800 million forecasts in the previous 2021-2023 plan. EBITDA is estimated at between €87 and 89 million, increasing 5-7% over 2020.
NEW 2022-2024 GUIDANCE
Considering the still heavy impact of the pandemic and sharp cost inflation, the Board of Directors has approved the new 2022/2024 guidance, lowering the 2022 and 2023 margin targets for the current year and for the next from those indicated in the previous 2021/2023 plan.
Specifically, the 2022 guidance on the margin was revised downwards due to the significant rises in the prices of certain raw materials and packaging, especially tin plates – in addition to energy and transport costs. The 2023 guidance on the margin is also revised downwards due to the current general marketplace conditions, characterized by greater pressure on margins compared to previous estimates. The revenue guidance for both the revised years has however been raised, due to the expected increase in sales volumes and inflation.
OPERATING GOALS
The 2022 consolidated expected revenues are €962 million, with an EBITDA of €83 million. Revenues of €977 million are however forecast for 2023, (EBITDA €85 million), while revenues of €1 billion are forecast for 2024 (EBITDA €87 million).
The Board of Directors confirms the goal to strengthen the company’s international leadership on the private labels market, thanks to a business model which has demonstrated to be a winning formula. All this verifies the strategic guidelines outlined in the previous 2021-2023 plan:
- GROWTH in the higher value-added and margin product categories, with a focus on the premium, organic and healthy segments;
- CONSOLIDATION of the long-standing markets;
- INTERNATIONAL EXPANSION in new areas which present interesting development potential in terms of size and/or growth rates;
- EFFICIENCY is still competitive on costs through increasing volumes and leveraging economies of scale and significant industrial and logistics, organizational, and operational efficiencies.
- SUSTAINABILITY increasingly integrates sustainability into our business strategies, continuing to work mainly on the optimization of resources and the cutting of emissions, responsible procurement, and the development of the region and of human resources.