ZURICH, Switzerland – Selecta Group, a Swiss-based Foodtech leader with a world-class distribution network in Europe, announced on March 16, 2022, its results for the twelve months ended 31 December 2021.
Full year 2021 Adjusted EBITDA2,3 was of €199.3 million, increased €114.1 million compared to 2020 and overachieved by €26 million the noteholder plan, despite continuous headwinds from lockdowns and work from home policies.
Adjusted EBITDA2,3 margin of 19.2%, increased 10.7pp compared to 2020. Strong improvement in profitability driven by significant cost savings whilst investing in commercial initiatives, enabling the Group to preserve a strong liquidity position4 of €154.1 million.
Full year 2021 Group´s sales1 of €1,039.7 million, increased by 3.2% compared to 2020. Sales have been impacted by the pandemic throughout 2021, although with a gradual increase quarter on quarter, reaching 79% of 2019 levels in Q4 2021.
Q4 2021 performance summary1
Sales2 of €286.3 million, representing an increase of 15.7% compared to the Group’s sales for Q4 2020, was the highest sales quarter in the year. Despite restrictions due to new COVID variants, the Group continued to see activity gradually picking up reaching 79% of Q4 2019 Group’s sales.
Four key markets (France, UK and Ireland, Spain and Italy), which were the most affected by the pandemic, due to the impact of working from home policies in the Private segment and client attrition, saw a strong sales increase year on year. Other countries’ sales performance showed a significantly narrowed gap in the quarter compared to 2019.
Group sales growth compared to last year driven by a strong increase in SMD in all segments, more than offsetting machine park reduction, with strongest performance seen in the Semi-Public and the Public segments:
In the Private segment, sales improvement driven by both Services and Administration and Manufacturing and Logistics.
In the Semi-Public segment, strong sales improvement was driven by Education, Healthcare and HoReCa with Retail slightly lagging.
In the Public segment strong sales improvement driven by all business areas.
Group SMD recovered but not yet to pre-pandemic level mostly due to the remaining gap in the Private segment, whilst Semi-public and Public SMD, fully recovered to 2019 levels.
Adjusted EBITDA2,3 of €64.7 million, up €36.5 million and Adjusted EBITDA2,3 margin of 22.6%, up 11.2pp driven by strong cost savings whilst investing in commercial initiatives.
Reported EBITDA2,3 of €48.2 million and free cash flow of -€9 million have been impacted by one-offs due to a deeper rightsizing.
Liquidity headroom4 of €154.1 million, reflects a resilient liquidity position which was maintained ahead of noteholder plan due to strong cash discipline.
Full year 2021 performance summary1
Sales2 of €1,039.7 million, increased 3.2% compared to 2020 have been impacted by the pandemic throughout the year, reached 73% of 2019 Group’s sales.
Adjusted EBITDA2,3 of €199.3 million, up €114.1 million compared to 2020 and overachieving by €26 million the noteholder plan. Adjusted EBITDA2,3 margin of 19.2%, up 10.7pp compared to 2020 driven by strong cost savings whilst investing in commercial initiatives.
Reported EBITDA2,3 of €158.1 million and free cash flow of €15.7 million have been impacted by one-offs due to a deeper rightsizing.
Joe Plumeri, Executive Chairman of Selecta Group, said:
“In 2021, we achieved significant progress in the execution of our One Selecta vision and strategy – accomplishing and overdelivering against our objectives for the year. We continue to focus on best-in-class sales and service, using technology like our world-class CRM and Power BI platforms to deliver innovative solutions that address our clients’ underlying needs and optimizing service to our clients.”
Christian Schmitz, Selecta Group Chief Executive Officer, said:
“As European countries begin removing their Covid restrictions, we remain convinced that Selecta has the solutions needed to address the needs of the post-Covid world. Our 24/7, flexible, scalable food & beverage options cater beautifully to the new hybrid working models in place across companies. Combined with our strong partnerships with the A-brands in food, beverages and machine technologies, we have the foundation in place for sustainable future growth.”