Good morning, this is the Chorus Call Conference Operator. Welcome, and thank you for joining the Orsero nine months results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, then they signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Paolo Prudenziati, Chairman of Orsero. Please go ahead, sir.
Hi, good morning to everybody. Of course, it's nice to comment this kind of results. We have been working through this nice month in distribution in almost ideal conditions. All the categories of our products, including at the end also bananas, have been doing fine. So distribution was very, very attractive in terms of margin, close to 5.7 EBITDA margin. Shipping was doing fine, but also, of course, we are happy about this, but also we are realistic, so we do realize this cannot be taken as a standard. But at the same time, we have to say that this same company, few years ago, could not be achieving the same kind of results.
This, thanks to the change that we've been doing the last few years in terms of product mix, in terms of the geographical split, distribution within the geographic geography, the different countries between retailers and normal markets, and not least, the distribution and the shipping split, which now accounts for about 65% of the distribution and 35% shipping. So having said so, we are realistic about the future, but also full of trust because we have also a very solid financial position that combined with the fact that we have not so bad EUR 100 million cash reserve, puts our company at the best level of the comparables. So having said everything about the general things, I pass the word to the money maker, Matteo Colombini. Thanks.
Thank you, Paolo. Good morning to everybody, and thanks for being here for the nine months results conference call. I will give you a short brief regarding the market context and the main figures, and then I will leave the rest of the time for the Q&A session. Market context, actually, we are still in a situation after a pandemic and international conflicts that are causing to the general environment and high level of uncertainty. We have still inflationary pressure here and there. Some costs are coming down, but some other costs are still really, really strong compared with 2-3 years ago. On the other hand, we...
the company, and I think in all, in general, the category, was able to reflect most of the inflationary pressure to the final prices to the customers. Still, fruit and vegetables is probably the cheapest commodity you could buy in a retailer or in a mom-and-pop shop. So still it's really attractive. It's a basic commodity, it's a basic food commodity, and still it's really attractive price-wise, even if prices are higher compared with two years ago. In this situation, that is actually not really easy to read and not really easy to forecast, the group is performing really well, as Paolo said, thanks to the great product mix that we were able to build up over the past 3-4 years.
Thanks to the geographical scope of the group that is larger, and thanks to the channel mix, that is giving us strength, and flexibility, within the situation. Going to the distribution business unit, that actually is our super core business, we had a significant like- for- like sales growth, almost +9.7% compared with the same period of last year. Sales grew, thanks, mainly to the higher value of the product mix, to the price increase across all categories, and the higher volumes on selected ones, like Plátano Canary, exotic fruit, and citrus. As Paolo said, we had, let's say, a series of very good campaigns this year. Basically, the production all over the world was not oversupplying our market, and when production is not oversupplying the market, the markets are healthy.
And we're able to trade in very good condition without volume pressure and without, let's say, bad competition. So, we played in a very clean arena, and we were able to express the top-notch of our company commercial aptitude. Going to the adjusted EBITDA of the distribution business unit, we are coming in with a record of 5.7% versus 3.2% of last year. Obviously, the two acquisition that we perform beginning of this year in France, Capexo and Blampin, are adding a lot to the mix.
But even like-for-like perimeter perform really well, thanks to a series, as I said, a very good campaign, thanks to the exotic category that is growing every year double-digit, and thanks to the banana business, that after many years of, let's say, zero profitability or really poor profitability, finally this year is able to express a very good result, or at least a decent result. On the other end, as we said, we had some helping hand from some basic costs that last year caused us some pressure on the margin, specifically in the third quarter, as you may remember. So the energy costs were EUR 8.1 million, decreasing by EUR 3.4 million compared with last period, same period of last year.
So at the end of the day, it's EUR 3.4 million that we, we're able to, let's say, to take out of the pressure within our margin, and it comes with a better result. Going to the shipping business unit, there's a physiological decline. We're back into normal, and we are back into normal faster on the dry cargo market, because the dry cargo market is a spot market. So, dry cargo already normalized starting from May of this year, and now we are, we're back in a, let's say, a condition where all the, the high trade rate level of last year are completely, we think, completely reabsorbed.
On the other hand, on the reefer activity, normalization is not already there because the reefer activity is mainly contracted on a yearly basis. So, we're gonna see the normalization next year. Anyway, the loading factor, that is our main KPI, is still very good, so it means that anyway, our service could be higher in terms of value for the customer, but it's even higher in terms of service. So, we think it's gonna be a soft landing, and it's gonna be a decent normalization. Going to the main figures, on a consolidated perspective, net sales of the nine months are touching EUR 1,162.7 million, or +30% compared with last year.
It's plus 7.6%, on a like-for-like perimeter. Adjusted EBITDA is almost EUR 90 million, compared with almost 58-59 million of last year, so +53%. And all the better result goes directly to the adjusted net profit and to the adjusted EBIT. Adjusted EBIT stand at 64.2, or +76%, compared with last year, and the adjusted net profit pay, stands at EUR 50 million, compared with 31.4 of last year, or +59%. Net financial position, this is a very good news because the company is generating a very good cash flow. So net financial position is up to EUR 127.3 million, compared with 67.4 of last year.
But we invested EUR 92 million at the beginning of this year, just for the two French acquisitions. So let's say that the operating cash flow recover more than a half in one year of the acquisition we did last at beginning of this year, January 2023. And if we look at the net financial position, excluding the effect of the accounting principle, IFRS 16, we stand at EUR 76.8 million. That counts a ratio on the adjusted EBITDA, always excluding IFRS 16, of 0.84. So the company was, even after the two French acquisition, very healthy, financially speaking.
But after eight months, the cash out, we are back to a very unique position, and during this time, where the interest rates are hiking massively, to be to have cash reserves and not to be forced to refinance that is a big value for the company and for the shareholders. Going to the variance of the adjusted EBITDA, we see that distribution grew EUR 36.6 million compared with the same period of this year. Shipping decreased by EUR 5 million, mainly related, as we say, to the normalization of the dry cargo activity, and the service business unit is not really relevant.
So all the change, and this is very relevant to highlight for you investors, all the change and all the value in addition with last year is due to distribution. That is our core business, is where we want to play and is the business unit where we invested all our cash, money, attention, and energy over the past 5, 6 years. This is an extraordinary result for us, and we will continue to work hard on our strategy, building up product mix, building up efficiencies, and building up, if the market condition allows us to do that, a great profit. Going a bit, just a few words on the consolidated net profit, because it's very good news as well.
The biggest part, the massive part of the increase of the adjusted net profit, that, that goes to EUR 50 million, starting from EUR 31.4 million of last year, is due to adjusted EBITDA. That accounts for EUR 30.9 million net, net, including distribution and shipping business units. Obviously, we have a higher impact of D&A and provision, mainly due to the, to our French acquisition, Capexo and Blampin. Financial expenses grew by EUR 3.9 million, is mainly related to the, interest rate, increase and the higher net financial position after the two French acquisition, January 2023. And a portion of the profits, a small portion of the profits, is deducted due to the higher, tax impact.
That is not a higher tax rate, but, as an absolute figure, is a higher, tax, effect. We have just EUR 2 million adjustments with the net profit, let's say, reported, compared with the adjusted one, that are mainly due to, the employees' profit sharing in Mexico and France, France. The accrual that accounts for EUR 800,000, the accrual for top management, incentives, that accounts for EUR 400,000, and the settlement agreement with the Customs Agency for a net impact of EUR 500,000. So this is the, let's say, the, the composition of the EUR 2 million.
We are really satisfied even by the settlement with the settlement agreement with the custom agency in Italy, because it was the last relevant risks out of the business, let's say, that the company was facing. So, we have no more, let's say, worries. We can take care just about the business. We have no more additional worries on our books. Net equity and net financial position, a bit of color here and there. Net equity, full year 2022 was EUR 201.5 million. It moves to EUR 244.5 million, mainly thanks to the net profit of the period.
We paid a dividend of EUR 6 million, buyback of EUR 1.1 million, and then change in minorities, mark to market of the hedging reserves, and others, but the main effects are the net profit of the period and the dividend paid in May. Net financial position grew mainly due to the EUR 91.2 million invested for the 2 M&A deals. Just as a memory, within this EUR 91.2 million, we consider 100% of the earn-outs committed, if and when the result of the two company will be in line with the plan, but it's all considered within the net financial position.
And the put and call option contracted with the Blampin family for the residual portion of the company we did not buy in January. So net financial position is including what we really paid and is bearing interest in January 2023, but and as well, what we are committed to pay, if and when the plan will be achieved by the two companies. We had EUR 70 million, EUR 69 million cash flows, EUR 11 million net working capital change, EUR 10 million operating CapEx, EUR 1.1 million buyback, and EUR 6 million dividend. So at the end of the day, if we deduct from the cash flow generation, operating CapEx and net working capital, basically, we were able to generate EUR 50 million cash flow.
And then we paid the dividend, and we did some buyback. But this is really a massive generation of cash flow for our business. We're really satisfied about that. So net financial position, as we say, that starting from EUR 25.8 million, going to EUR 76.8 million, excluding IFRS 16, then it's summing up to EUR 50 million of IFRS 16 liabilities, closing the net figure to EUR 127.3 million. Last few words about the guidance, 2023. As you read in the press release and in the official presentation, we decided to upgrade for the second time, the guidance, for the full year, 2023. So revenues between EUR 1.5 billion and EUR 1.550 billion for the year.
Adjusted EBITDA between EUR 105 million and EUR 110 million. Adjusted net profit between EUR 52 million and EUR 55 million. Net financial position, the target is to close between EUR 127 million and EUR 122 million. Just as a memory, by the end of the year, we will probably strike again a deal with the fifth ship for the shipping business unit. This deal will enter again in the IFRS 16 effect, and it will count some million EUR additional to the report in the financial position. So that's why the net financial position guidance is less positive compared with the other figures. It's just a technical reason due to the IFRS 16 effect related to the fifth ship contract. CapEx unchanged.
Actually, year to date, the CapEx situation is around EUR 10.5 million for the group. Still we have some investment to do, so probably we will be around EUR 14-EUR 15 million, but we decided not to upgrade our guidance there. I think that's pretty much all for the main figures and information, year to date, end of September, and I will leave you the rest of the time for the Q&A session. Thank you.
This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone with a question may press star and one at this time. Once again, if you wish to ask a question, please press star and one on your telephone. The first question is from Andrea Bonfà with Banca Akros. Please go ahead.
Hi, good morning to everybody, and Matteo, congratulations for the results. Basically, I got essentially two questions, which is more or less of the same nature. One is related to the shipping. You, if I understood correctly, you mentioned that now backhaul dry cargo is in line with market rates. So shall we assume the more or less absolute profitability for the third quarter in shipping, like a proxy for next year? This is my first question. The second question related to your French acquisition that you mentioned that were performing above expectation. Do you think that you are already achieving the expected synergy, or is it just let's say an empty market condition?
And if that is the case, it means that there is still some, there is further upside in the next years, as you mentioned, when you bought those assets. These are my first two questions, and in case I come back on the queue. Thank you.
So Andrea, good morning. Thanks for your question. Okay. Dry cargo, yes, is you correctly understood. We had a normalization starting from, let's say, end of April, beginning of May, of this year. So the first period of this year was still on the wave of 2022 completely, so we had no flexion until May. And then it started to go down, so as it goes, obviously, all the time in the market, it started with lower volume because we tried to keep the rate as higher as we could.
And then when we saw, let's say, a decrease in the volume that was not acceptable for us, was breaking, let's say, the break-even point between volume and revenues, we decided to start to work with the agency in order to align and to select the clients were to agree upon some discounts and normalization. So then it goes with market. So at the moment now, I think that we recover a decent volume and the rates normalize, and since 3-4 weeks, we have no more necessity to go down with the freight rates.
So for the information I have now, I answer yes to your question, then obviously it's a spot market, so, it's really difficult to give you a forecast for 12 months. But, it seems that the Stanfield situation is normalized. On the French acquisition, actually, we had a very good performance of both. I think that Blampin did something extraordinary, actually, compared with what we expected. Blampin is even the company that is more difficult, let's say, to read from outside because it's bigger, because it's commercialize an enormous gamma of products. It has a point of sales all over France and a lot of commercial guys, people, products, region, and so on. So, it's a very good surprise.
Capexo is a bit better compared with our forecast. Not really overcoming the results we expected as Blampin did. But to answer to your question, and to go back with what Mr. Prudenziati said, we were able to play in a very clean, perfect market condition. So I would say that we did not have the time, obviously, to achieve synergies or relevant synergies with Blampin and Capexo. So synergies that we expected are not already there, but obviously, the throughput Blampin is already very, very good. So I don't know if when we will achieve synergies, then it will be even better, the result, to answer to your question.
Anyway, we will achieve -- we will try to achieve synergies because when you achieve a synergy, a commercial one or a cost one, is there to stay, but in our business, sometimes market conditions are more important than the industrial synergy that you could work on, but it's temporary. So, your question is, are the synergies already achieved? No. But my answer, more complex, is the result anyway is very good. So, you cannot, it's not reasonable to sum up other EUR 2-3 million of synergies on those results. So it's probably a good target, but it's a target related mainly to the market context, in my opinion. Anyway, we will work on synergies.
We are still working on synergies, but we don't have, let's say, the, the concrete result of the synergies at the moment.
Okay, thank you. That's clear. If I may, a last one. Looking at your prospective viewing by year-end, you can definitely implement another round of M&A. Is anything new on the pipeline that you can mention to us?
Okay. Actually, we cannot mention anything, but we are scouting because we have EUR 100 million in cash in our group. So even without calling for new debt, we are in the position to do more or less everything we want for our dimension at the moment. We are working on some files. This is a situation where it's a bit difficult to strike the deal.
I think in the M&A business as a whole, there's plenty of abortion of processes, because obviously, the buyer is a market that is going a bit more to be a buyer market compared with the seller market that used to be over the past five, six years because of the interest rates and so on. So still we have to find, let's say, a balance between what the seller wants to be paid and what the buyer want, and what the buyer want to pay.
So it takes a bit more of time, but anyway, we are working, and we're not letting aside M&A, because we are totally convinced that to change that we changed the face of the group working organically, obviously, but the big part was done through M&A. And I'm totally convinced, on the other hand, that when you strike an M&A deal, you must be 100% convinced, and you have to negotiate at the best price because it's a big risk for the company. So we cannot disclose anything, but we are looking at, we're like, we're looking at many different things.
Okay. Thank you very much.
Thank you, Andrea.
The next question is from Luca Solari with CFO SIM. Please go ahead.
Hi, everyone. Thank you. Thank you for taking my question. My question is mainly related to the revised guidance. It looks like a bit conservative on the profitability side, especially the adjusted profit figure. Are there any headwinds that you're facing in the fourth quarter? Thank you.
... Good morning, Luca. Okay, let's say that over the past three quarters, we did EUR 30 million EBITDA each quarter, more or less, and EUR 16 million net profit. As I said, it came with the first two quarters, where the shipping was still really strong, even on the dry cargo activity, and it normalized, and it counts for EUR 1 million. And then we played during the summer in a perfect environment with many relevant campaigns. Kiwi, citrus, avocados, exotic in general, grape. So, we have the three quarters that for different reasons, they were all the same, but in our business, you cannot count on every quarter to be the same.
Normally, the third quarter, you have still some problem with bananas, and this year is not the case. The summer fruit, the seasonal fruit is gone. So the variety of the product is lower, and the average price of the product that you sell is lower. Then it comes with December, where normally the Christmas campaign is very good in terms of volumes, but the risk related to the product that we trade is higher, because we trade super exotic, we trade many products with a high value, and it comes with some risk of consumption. So we always try to be prudent, but we always try to be coherent with our vision.
So, we don't see, at the moment, massive increase or upside on the profitability guidance. On the Adjusted Net Profit, probably we're a bit more conservative because we will count, it's an Adjusted Net Profit, but we will do some reflection by the end of the year to impairment, to do impairment on some little things here and there, because it's the right year to do that. On the other end, we will have probably some extra bonus for commercial guys or for the operative guys that are really performing at the top level. So we decided to keep some room there, but we're talking about probably EUR 1 million compared with our expectation.
In our opinion, if you take the top-notch EUR 110 million, it's less compared with the last three quarters, but it probably a bit prudent, but but nothing massive. I think that at the end of the day, for us, for the market to close the year at EUR 105 million, 107 or 112, is not really changing the game of the company, you know? Even for what Paolo said at the beginning of the conference call, we cannot obviously take these figures as a standard for the group.
But we, for sure, we can take the good news to the fact that thanks to the strategy we implemented over the past years, now the group is able to express these figures. And the group has a dimension and a position, and it's really, really stronger compared what it was 3, 4 years ago on the pre-pandemic situation. It's stronger, not only because of the figures that we can express, but even because of the people. Because at the end of the day, now the strategy that we started to implement many years ago, at a say a top-down level, now is totally part of the culture of the company. So everybody's trying to find new origin, higher value product.
We are looking to the average price of our mix. So all the things that we said now is part of the culture of the company, and this is looking forward, the most important thing to look at the future of the company, I think. And then, obviously, the Net Financial Position situation, it's really, really good and really, really satisfying, and we will be able to take our decision how to allocate the capital that we have, how to allocate the cash.
We can remunerate shareholder more, we can buy back, we can strike M&A deal, and we can even do all those three things at the same time without, let's say, touching or harming the financial health of the group and the capital structure. Okay. Very clear. Thank you.
As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Mr. Prudenziati, gentlemen, there are no more questions registered at this time.
Okay. Thanks to everybody, and let's talk again for the year ending. Bye.
Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.