Savencia SA : The profitability of cheese products should recover but uncertainty surrounding growth of consumption and industrial product prices
>The weak margin in 2022 on dairy products is temporary - Underlying operating profit in cheese products fell 47% in 2022 to € 81.6m for sales that showed organic growth of 7.3%. The operating margin fell 240bp to 2.1%, with an acceleration in H2 . It is due to the time lag between increases in milk prices (+24% in France) and energy prices and the moment when they are passed on in consumer selling prices. This went hand in hand with a fall in consumption in Europe no...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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