Savencia SA : 2023 underlying operating profit down and in line with our forecast. Improved trend on attributable net profit
>U/lying op. prof. in line at € 212.9m (-9.1%). Attr. net prof. up 28% to € 96.5m with lower non-current charges and a big improvement in the financial result - Based on sales of € 6,791m, up 3.7% on a reported basis and 11.6% organic, underlying net profit was in line with our forecast at € 212.9m, i.e. down 9.1%. The underlying operating margin was down 50bp to 3.1%, reflecting: 1/ a 100bp improvement to 3.1% for cheese products. The increase in prices in all mark...Savencia is a transformer of milk centered on cheese, dairy specialties, and on dairy ingredients. Co.'s operations are divided into two segments: the Cheese Products segment and the Other Dairy Products segment. In the Cheese Products segment, Co. manufactures and distributes cheeses and cheese specialties. In the Other Dairy Products segment, Co. manufactures and distributes modern butters and long-life creams both for final consumers and professional users, manufactures technical butters and specialized dairy proteins for industrial markets, and manufactures aseptically packaged products.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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