Q2 2022 RESULTS
Double-digit sales growth and EBITDA growth in Q2 2022, demonstrating the resilience of our business
Cham, 03 August 2022, Selecta Group, a Swiss-based Foodtech leader with a world-class distribution network in Europe, announces its results1 for the second quarter of 2022:
- Group sales2 of €298.3 million, continued strong double-digit growth of 15.6% versus last year driven by the recovery in mobility and office presence.
- Broad-base growth achieved across all geographies and business segments and record sales per machine per day at €10.8, increased by 33.3% versus last year.
- Cost management and structural productivity gains lead to strong Adjusted EBITDA3 of €52.1 million, increased by 7.8% versus last year and Adjusted EBITDA3 margin of 17.5%.
- Strong liquidity4 of €138.1 million, due to daily cash discipline and improvement actions. We remain focused on free cash flow conversion, working capital and capex optimization.
Executive Chairman, Joe Plumeri, commented:
"Selecta’s focus on execution has delivered strong financial results and growth in Q2, despite an economic environment which turned increasingly difficult across Europe. We continue to focus on our One Selecta strategy to deliver our Foodtech solutions with world-class technology-enabled service to our clients.”
Christian Schmitz, Selecta Group CEO, added:
"Our business growth and client wins demonstrate the strength of our foodtech solutions in the marketplace. This speaks to our ability to understand our client’s needs and find tailored solutions that address those needs – bringing value to our clients and millions of moments of joy to our consumers.”
Selecta achieved great progress in the execution of its key priorities in first half of the year. These include growth in Selecta’s foodtech solutions such as micromarkets, smartfridges and digital vending, improvement in delivering service excellence through technology, and the execution of Selecta’s ESG strategy. Selecta is also focused on productivity expansion, margin protection and cash conversion.
Selecta’s Foodies (fresh food micromarkets and smart fridge solutions) grew by 45% year to date, leading to 930 points of sale. This includes international wins in new segments such as entertainment with Parques Reunidos, a successful theme park operator with a global presence managing all types of parks (theme parks, aquariums, zoos, water parks). Selecta will now provide in several European locations a wide range of foodtech solutions including digital vending, micromarkets and coffee machines, to create millions of moments of joy for park visitors and employees.
Further expansion of telemetry across our machine park over the quarter further improves our service and drives an improvement in productivity. Through dynamic planning and pre-kitting Selecta has access to real time sales data that enables optimization of routes, advance preparation of ingredients for the client visits, and greater efficiency in our warehouse and at the client site.
Selecta is also proud of our progress on ESG initiatives in Q2. We have publicly announced our new ESG targets, including our commitment to deliver Net Zero CO2 (Scope 1 and 2) by 2030. We have defined detailed plans in each market to deliver our Net Zero commitment and to reduce our CO2 emissions 55% between 2019 (our baseline year) and 2025.
1 At actual exchange rates
2 Sales: Revenue after payment of vending fees
3 Adjusted EBITDA: Earnings before Interest, Tax, Depreciation and Amortization and prior to one-off items (external and internal costs which are not related to the on-going business)
4 Cash at Bank of €61.0 million plus €77.1 million available RCF