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De leo The Olive Oil Company . RESULTS 1Q 2021 Deoleo earns € 7.4m in first quarter of '21 , up 65.5 % from Q1 2020 Sales volume rise 11 % , comparing favourably to strong sales month last March when health crisis triggered client and consumer stockpiling Sales revenues up by 17 % , boosted by volume growth and higher retail prices associated with increased raw - material costs , which are expected to continue to rise throughout the year Positive business performance also reflected in continued improvement in Deoleo brands ' market share during the quarter , up 1.1 percentage points in US , 2.9 in Italy . 2.2 in Germany - MADRID , MAY 4 , 2021. Deoleo , the world's leader in producing and distribution olive oil , maintained in the first quarter of 2021 the positive trend begun last year . The group recorded a consolidated net profit of € 7.4m - 65.5 % more than in the same period of the previous year . driven by solid performance in sales . Despite comparison with a quarter being marked by large - scale product stockpiling by clients and consumers in March last year because of the health crisis , sales volume maintained double- digit growth , up 11 % compared to the first quarter of 2020. Sales revenue increased by 17 % to € 177.8m as a result of the strong performance in volume and also to an increase in sales prices in that period . The positive volume performance offset the increase in raw - material costs that has been occurring since the second half of last year , enabling Deoleo's gross margin to grow 2 % in the first quarter to € 35M , despite a negative exchange rate impact , especially the United States and European Union , and the fact that the first quarter of last year was exceptionally strong . EBITDA in the first quarter of the year was € 15.4M , 5 % lower than in the same quarter last year , as a result of a 30 % increase in advertising expenditures on the group's brands ( totalling € 1.2M ) . The Group's market shares continued to increase in the first quarter compared to the same period last year . According to data provided by IRI and Nielsen , an increase of 1.1 percentage points was recorded in the United States , 2.9 points in Italy and 2.2 points in Germany . In Spain , the share remains stable . The company generated positive cash flow of € 0.5M as of March 31 , 2021 , compared to the € 12M reduction recorded in the same period last year , and did so after boosting working capital to € 16M , which is 23 % more than at the end of 2020. The Group's new financial structure has also enabled it to reduce debt interest payments by 65 % . As a result , Deoleo has solid cash levels , amounting to € 79M ( + € 6M ) at the end of the quarter . Ignacio Silva , Chairman and CEO of Deoleo , said : “ In the first quarter of the year , the business continued to show evidence of strength , in line with the positive performance seen in previous quarters . Deoleo's results are highly significant , especially if we take into account that we are comparing against a period that was exceptionally impacted by the effect of stockpiling ; an effect that will increase in comparisons for the coming quarters , since , from the second quarter of last REGISTRO MERCANTIL DE CORDOBA , TOMO 2425 FOLIO 56 , HOJA CO - 35003 . N.I.F .: A48012009 DIRECCIÓN FISCAL : CTRA . N - IV , KM 388 , 14610 ALCOLEA ( CÓRDOBA ) . T +0034 957 320200 OFICINAS CENTRALES : MARIE CURIE , 7 - 4ª PLANTA , RIVAS VACIAMADRID 28521 ( MADRID ) . T +0034 915 589505 www.deoleo.com