Fodelia (FODELIA) Q4 2021 earnings summary

Executive summary

• FY2021 revenue rose 48.4% YoY to €34.1m; operating profit increased 41.4% to €1.2m amid COVID-affected foodservice conditions.

• Profitability improved in H2, with EBITDA doubling versus H1; broader customer reach included retail e-commerce and care-sector foodservice.

Financial highlights

• Revenue €34.072m, up 48.4%; EBITDA €2.410m, up 42.1%; operating profit €1.186m, up 41.4%.

• Net income €653k, up 4.8%; EPS €0.09, unchanged YoY.

• Revenue growth reflected organic expansion and the addition of Pita Factory in January 2021; combined Perniön Liha and Pita Factory comparisons cover only the period consolidated in 2020.

Outlook and guidance

• FY2022 revenue guidance: €40–50m; operating profit and relative profitability expected to improve versus 2021.

• Long-term targets: revenue above €100m in 2026, average operating margin of 8–10%, and return on invested capital above 10%.

• Growth plans include e-commerce, digitalization, factory automation and efficiency; public-sector tenders were expected to increase in 2022.