Savencia SA : Lack of visibility for 2022 linked to the changing geopolitical backdrop
>Good resilience from retail sales despite a demanding comparison base - The increase in group sales in 2021 of 8.7% on a reported basis and 7.3% organic was based on a volume/mix effect of 3.4% reflecting: i/ an improvement in the mix notably thanks to innovation and the favourable momentum on high value-added products and ii/ a marked increase in volumes for the food service sector (+13% vs 2020), back to 2019 levels. Volumes in retail (62% of sales) remained stable...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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