Savencia (SAVE) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 3.7% to €6,791m, while current operating income fell 9.1% to €212.9m; net income attributable to owners increased to €96.5m from €68.0m.

• Organic growth of 11.6% and a 2.1% structural effect were partly offset by a 10.0% negative currency effect, mainly from the Argentine peso.

Financial highlights

• Revenue increased €240m YoY to €6,791m; current operating income was €212.9m versus €234.3m, and operating income was €169.3m versus €162.9m.

• Net income attributable to owners rose €28.5m to €96.5m, equal to 1.4% of revenue; the financial result improved to -€18.0m from -€24.4m.

Outlook and guidance

• 2024 conditions remain volatile and uncertain, with shifting consumption patterns amid constrained purchasing power and geopolitical and economic tensions weighing on global growth.

• Priorities include adapting and investing, developing complementary businesses, and relying on trusted relationships with milk producers, distributors and consumers.