Greenyard shows record-high results, crossing the € 5bn sales and Adjusted EBITDA increasing 11,5% to € 186,5m
Sint-Katelijne-Waver, Belgium, 23 May 2024
Key highlights
- Significant increase in net sales (like-for-like): + 10,9% to € 5,1bn, crossing the € 5bn sales mark for the first time in Greenyard's 40-year history;
- With an 11,5% growth, Adjusted EBITDA increased even faster than net sales, landing at
- 186,5m, above earlier guidance of € 175-€ 180m;
- Net result increased by 63% to € 15,2m resulting in an increase of EPS from 16cts to 28cts;
- Net Financial Debt1 drops by another 4% to € 266,3m, despite the impact of inflation on the value of the inventories and more investments;
- Leverage of the Group drops below 2,00x to 1,87x;
- Greenyard's Board of Directors will present to its shareholders at the Annual Shareholders' Meeting on 20 September 2024 its proposal to increase the dividend by 150% from € 0,10 to
- 0,25 per share for the full year ended March 2024;
- Greenyard reiterates its estimates to reach net sales of € 5,4bn and an Adjusted EBITDA of € 200- 210m by full year 2025-2026 (financial year ending in March 2026).
- Interested parties are invited to listen in on a live webcast today by visiting the following link:https://event.webcasts.com/starthere.jsp?ei=1672334&tp_key=538e9ddd01. The call will begin promptly at 2.00 p.m. (CET). A replay of the call will be available on Greenyard's Investor Relations webpage in the subsequent days.
Quote of the CEO:
Francis Kint, CEO said: "We are very proud to realise these results in a challenging environment, characterised by a second year of inflation. Greenyard improved both in volume and prices.
The Long Fresh segment (frozen and ambient fruit and vegetable product categories) reached sales just shy of the € 1bn sales mark, whilst further strengthening the operational profitability margin. This is the result of a successful expansion in value-added convenience products, e.g., by adding a line of frozen pure- plant gelato products. In turn, the Fresh segment has continued to expand its business with key ICR customers (ICR stands for Integrated Customer Relationships).
Both segments benefit from the trend of consumers seeking to increase the intake of fruit and vegetables in all its forms, to eat healthier and consume food that is produced in sustainable food chains. The achievements during this fiscal year and our plans to increase margins by focusing even more on our strongest business units, makes us confident to reach the € 200m-€ 210m Adjusted EBITDA level by full year 2025/26."
1 Excluding lease accounting
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Figure 1 - Key financials | ||||
Key financials (in €'000 000) | AY 23/24 | AY 22/23 | Difference | |
Sales (reported) | 5 135,9 | 4 690,1 | 9,5% | |
Sales (like-for-like)⁽¹⁾ | 5 072,4 | 4 575,8 | 10,9% | |
Adjusted EBITDA | 186,5 | 167,3 | 11,5% | |
Adjusted EBITDA-margin % | 3,6% | 3,6% | ||
Net result | 15,2 | 9,3 | ||
Earnings per share (in €) | 0,28 | 0,16 | ||
Net financial debt (excl. lease accounting) | -4,0% | |||
266,3 | 277,3 | |||
Leverage | 1,87 | 2,19 | ||
- Like-for-likesales are the reported sales corrected for the sales of divestitures (Greenyard Fresh UK and Greenyard Fresh France incl. subsidiaries).
Sales. Greenyard sales increased with 10,9% or € 496,6m on a like-for-like basis, from € 4 575,8m to
- 5 072,4m. The growth is driven by both volume growth of +2,7% and price increases (+7,3%), the latter to cover higher input costs.
Adjusted EBITDA. The Adjusted EBITDA increased with € 19,2m from € 167,3m to € 186,5m which represents a growth of 11,5%. Greenyard was able to successfully increase its operational profitability in absolute terms thanks to high crop yields in Long Fresh, further process efficiency and growth within its unique Integrated Customer Relationships. This evidences the success and resilience of the business model in an economic context marked by inflation, consumer purchasing power reduction and climate change.
Net Result. Greenyard reports a net result that increased by 63% from € 9,3m in the same period last year to € 15,2m thanks to the improved operating result and limited non-recurring costs partly compensated by the gain on the sale of assets in Brazil and UK. The increase of the operational result has been partly offset by higher interest costs.
Net Financial Debt. Net Financial Debt (NFD) was significantly reduced by € 11,0m compared to 31 March 2023, to € 266,3m on 31 March 2024. This translates into a leverage of 1,87x, down from 2,19x on 31 March 2023. This result was achieved thanks to the increased operational result and the successful management of the cash conversion cycle, despite the increase in inventory and the increased investments.
Quote of the CFO:
Nicolas De Clercq, CFO said: "The Company has again shown a strong performance, particularly in these challenging market circumstances. There is an impact of inflation on the inventory levels, however, thanks to the strong working capital management, the net debt decreased. Also, the increased interest rates had an important impact on the financial cost, but thanks to the increased operational result, net profit increased to € 15,2 million. Volume grew further and inflation could be charged through in most cases, which creates a promising platform for further growth of the result and cash flow of the Group."
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Segment review | |||
1. Fresh | |||
Figure 2 - Sales and Adjusted EBITDA evolution | |||
Key segment figures - FRESH | |||
in €'000 000 | AY 23/24 | AY 22/23 | Difference |
Sales (reported) | 4 143,8 | 3 814,5 | 8,6% |
Sales (like-for-like)⁽¹⁾ | 4 080,1 | 3 700,3 | 10,3% |
Adjusted EBITDA | 96,7 | 95,1 | 1,7% |
Adjusted EBITDA-margin % | 2,3% | 2,5% | |
- Like-for-likesales are the reported sales corrected for the sales of divestitures (Greenyard Fresh UK and Greenyard Fresh France incl. subsidiaries).
Sales. Like-for-like (LfL) Fresh sales increased by +10,3% YoY or € 379,8m, to € 4 080,1m. Sales within the Integrated Customer Relationships thereby grew from 75% to 79% of Fresh segment sales which provides a stable financial basis in these volatile economic times. The sales growth is mainly explained by price increases amounting to 5,6%, and a positive volume effect of 3,8% driven by extra programs within the ICR customers. Price dynamics in Fresh are not only driven by input cost inflation but also by supply-demand volatility in the different F&V categories caused by elements like weather, geopolitical changes, etc.
Adjusted EBITDA. The Adjusted EBITDA of the Fresh segment is € 1,6m higher than in AY 22/23 particularly thanks to the strong result of the Integrated Customer Relationships. Greenyard's long-term oriented customer relationships were very resilient in the current volatile economic environment and generated volumes and margins that proved to be more robust than the overall market.
2. Long Fresh
Figure 3 - Sales and Adjusted EBITDA evolution
Key segment figures - LONG FRESH | |||
in €'000 000 | AY 23/24 | AY 22/23 | Difference |
Sales (reported) | 992,2 | 875,6 | 13,3% |
Sales (like-for-like) | 992,2 | 875,6 | 13,3% |
Adjusted EBITDA | 89,2 | 72,3 | 23,5% |
Adjusted EBITDA-margin % | 9,0% | 8,3% | |
Sales. LfL Long Fresh sales increased by +13,3% YoY to € 992,2m, up € 116,6m from € 875,6m. This double- digit sales growth is driven by 14,0% price increases following several waves of price negotiations to compensate higher production input prices. This positive evolution was only slightly offset by a negative volume growth of 1,9% due to temporarily lower stock levels held by customers.
Adjusted EBITDA. In absolute terms, the Adjusted EBITDA grew with € 16,9m. The growth and margin evolution is driven by higher crop yields than last year, mainly thanks to a strong pea season in the UK and thanks to accelerated sales price increases. The margin increases from 8,3% to 9,0%, driven by the production efficiencies and solid product portfolio management.
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Adjustments
Figure 4 - Adjustments made for one-off items from operating activities
EBIT - Adjusted EBITDA | AY 23/24 | AY 22/23 | |||||||||||||||||
Fresh | Long | Unallocated | TOTAL | Fresh | Long | Unallocated | TOTAL | ||||||||||||
Fresh | Fresh | ||||||||||||||||||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||||||||||||
EBIT | 19 448 | 54 253 | -1 826 | 71 875 | 11 609 | 38 914 | -1 815 | 48 709 | |||||||||||
Depreciation and amortisation | 72 038 | 34 411 | 1 422 | 107 870 | 67 077 | 33 239 | 1 041 | 101 358 | |||||||||||
Impairment other | 539 | - | - | 539 | - | - | - | - | |||||||||||
EBITDA | 92 025 | 88 663 | -404 | 180 284 | 78 686 | 72 154 | -773 | 150 067 | |||||||||||
Reorganisation costs and reversal of | |||||||||||||||||||
provision for reorganisation costs (-) | 1 308 | 742 | 770 | 2 819 | 4 693 | 44 | 319 | 5 056 | |||||||||||
Corporate finance related project | |||||||||||||||||||
costs | 139 | 68 | 209 | 416 | 1 | - | 362 | 363 | |||||||||||
Costs related to legal claims | 69 | - | 20 | 88 | 1 412 | 1 023 | 25 | 2 460 | |||||||||||
Income related to legal claims | - | -243 | - | -243 | -640 | - | - | -640 | |||||||||||
Result on sale of assets | -1 622 | - | - | -1 622 | - | -977 | - | -977 | |||||||||||
Other | - | - | - | - | 1 424 | 13 | 28 | 1 465 | |||||||||||
Adjustments | -106 | 566 | 998 | 1 458 | 6 890 | 102 | 735 | 7 727 | |||||||||||
Current year EBITDA of divestitures⁽¹⁾ | 4 755 | - | - | 4 755 | 9 505 | - | - | 9 505 | |||||||||||
Divestitures (not in IFRS 5 scope) | 4 755 | - | - | 4 755 | 9 505 | - | - | 9 505 | |||||||||||
Adjusted EBITDA | 96 674 | 89 230 | 594 | 186 497 | 95 081 | 72 256 | -38 | 167 298 |
- Divestitures relate to Greenyard Fresh UK and Greenyard Fresh France incl. subsidiaries.
EBIT amounted to € 71,9m compared to € 48,7m last year. In AY 23/24 adjustments are materially lower than last year, while depreciation and amortization costs increased due to an increase in investments.
As to adjustments, these decreased from € 7,7m last year to € 1,5m this year, with main impacts this year being provisions related to reorganization costs e.g., redundancy and contract termination expenses in Fresh Germany as well as reorganizations within the Long Fresh segment and corporate headquarters. The adjustments of this year also benefited from the positive result on the sale of unutilized land in Brazil and the sale of a building in our UK Fresh subsidiary.
The adjustment for current year's EBITDA of divestitures includes the same entities as last year, Greenyard Fresh UK and Greenyard Fresh France (incl. subsidiaries). For Greenyard Fresh UK, the operational wind-down has been completed and the liquidation has been initiated in March 2024. With regard to Greenyard Fresh France (incl. subsidiaries), next steps were taken in reorganising the local operations.
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Finance result | ||||
Figure 5 - Finance result | ||||
Net finance income/cost (-) | AY 23/24 | AY 22/23 | ||
€'000 | €'000 | |||
Interest expense | -56 304 | -42 593 | ||
Interest income | 1 761 | 232 | ||
Foreign exchange gains/losses (-) | 5 211 | 561 | ||
Fair value gains/losses (-) on IRS | -613 | 8 075 | ||
Bank and other financial income/cost (-) | -696 | |||
-1 678 | ||||
Other finance result | 2 920 | 7 940 | ||
TOTAL | -51 623 | -34 422 | ||
The interest expenses increased with € 13,7m due to the increased EURIBOR rates, which impacted the non- hedged portion of our credit lines and factoring programs. This effect was amplified by our increased sales (9,5%) which led to higher factoring volumes.
Foreign exchange gains in AY 23/24 are mainly related to Polish Zloty. Note that in AY 22/23, a fair value gain was incurred originating from an interest rate swap contract related to factoring which was not designated as a hedging instrument.
Income taxes and net result
Figure 6 - Income taxes and net result
Consolidated income statement | AY 23/24 | AY 22/23 | |
€'000 | €'000 | ||
Profit/loss (-) before income tax | 20 252 | 14 287 | |
Income tax expense (-)/income | -5 050 | -4 999 | |
Profit/loss (-) for the period | 15 202 | 9 289 | |
PROFIT/LOSS (-) FOR THE PERIOD | 15 202 | 9 289 | |
Attributable to: | |||
The shareholders of the Company | 13 717 | 7 822 | |
Non-controlling interests | 1 485 | 1 467 |
Income tax for AY 23/24 amounts to € 5,1m (AY 22/23: € 5,0m). This implies a consolidated effective tax rate
of 24,94% (AY 22/23: 34,99%). The current tax expenses result from improved profit before tax positions of tax-paying entities within the Group. The deferred tax movement is attributable to timing differences mainly on property, plant & equipment and customer relationships, and to the recognition of previously unrecognized deferred tax assets on unused tax losses and credits.
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Financial position
Cash Flow
The cash inflow from operating activities amounted to € 170,9m in AY 23/24, compared to a cash inflow from operating activities of € 163,9m in AY 22/23, or an increase of € 6,9m. This increase is mainly the result of better operational results as discussed above which is offset by a decrease in working capital of € 6,7m in AY 23/24 compared to a decrease of € 33,8m the year before, or a net impact of € 27,0m. Although the inventories increased further in AY 23/24 due to inflation of input costs and trade and other receivables increased due to the sales growth, the working capital further improved thanks to the successful management of the cash conversion cycle.
Maintenance CAPEX was up by € 6,4m as Greenyard deems it of utmost importance to maintain its equipment at the highest standards. In AY 23/24, net interests paid (excl. other financial expenses) have increased by € -14,4m from € -38,4m in AY 22/23 to € -52,8m in AY 23/24 due to increased EURIBOR rates which impacted the non-hedged portion of our credit lines and factoring programs. This effect was amplified by our increased sales (9,5%) which led to higher factoring volumes.
Figure 7 - Free Cash flow
Free cash flow amounted to € 35,4m. After expansion, dividends and treasury shares the free cash flow amounted to € 16,9m.
Consolidated free cash flow | |||||
AY 23/24 | AY 22/23 | ||||
€'000 | €'000 | ||||
Operating cash flow before lease payments | 179 722 | 143 657 | |||
Lease Payments | -36 796 | -32 804 | |||
Working Capital | 6 744 | 33 773 | |||
Income taxes paid | -15 612 | -13 496 | |||
Interests paid (incl. other financial expenses) | -54 764 | -39 004 | |||
Capital expenditures - maintenance | -43 882 | -37 434 | |||
FREE CASH FLOW | 35 411 | 54 693 | |||
Capital expenditures - expansion | -17 924 | -19 284 | |||
Proceeds from sale of financial and intangible assets and PPE | 4 869 | 2 521 | |||
Acquisition of subsidiaries | - | ||||
-518 | |||||
Treasury shares | 87 | 340 | |||
Dividend payments | -5 070 | -139 | |||
FREE CASH FLOW AFTER EXPANSION, DIVIDENDS AND TREASURY SHARES | 16 855 | 38 131 | |||
In the capital allocation of the Company, € 17,9m was used for expansion and € 5,1m was paid out as dividend. The expansion CAPEX in AY 23/24 in Fresh mainly relates to the further roll-out of the new ERP, new trailers/trucks (including electric trucks) as well as new citrus and mango lines. In Long Fresh, the investments mainly concern a new sauce unit and cauliflower cheese line as well as replacement and automation investments in production facilities.
Outlook statement
Based on the current expectations and assumptions for the coming years, taking note of the current and prospective very uncertain macro-economic circumstances, Greenyard confirms its outlook for sales of € 5 400m and an Adjusted EBITDA between € 200m and € 210m by March 2026.
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Subsequent events
Greenyard acquired 100% of the shares of the Belgian company Crème de la Crème in April 2024. Crème de la Crème is a food tech expert that develops, manufactures, and sells ice (gelato) products and frozen desserts, with a clear focus on the pure-plant category. The acquisition is an immediate catalyst for Greenyard in transforming the total frozen snack category, with the clear goal of letting consumers enjoy indulgent and pleasurable pure-plant food experiences and follows the successful acquisition of Italian pure- plant ice Gigi in the spring of 2023. It fits in Greenyard's strategy to create a full range of healthy, pure-plant products for any moment of the day.
There are no other major events after the balance sheet date which have a major impact on the further evolution of the Group.
Change in consolidation perimeter
No major changes occurred in the consolidation scope during AY 23/24.
Statement statutory auditor
The statutory auditor, KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises, represented by Filip De Bock, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting information included in the Company's annual announcement.
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APPENDIX 1: Consolidated income statement | |||
Consolidated income statement | Note | AY 23/24 | AY 22/23 |
€'000 | €'000 | ||
Sales | 5.1. | 5 135 949 | 4 690 110 |
Cost of sales | 5.2. | -4 804 427 | -4 395 409 |
Gross profit/loss (-) | 331 521 | 294 701 | |
Selling, marketing and distribution expenses | 5.2. | -103 760 | -100 108 |
General and administrative expenses | 5.2. | -168 630 | -162 290 |
Other operating income/expense (-) | 5.4. | 12 352 | 15 963 |
Share of profit/loss (-) of equity accounted investments | 6.5. | 391 | 443 |
EBIT | 71 875 | 48 709 | |
Interest expense | 5.5. | -56 304 | -42 593 |
Interest income | 5.5. | 1 761 | 232 |
Other finance result | 5.5. | 2 920 | 7 940 |
Net finance income/cost (-) | -51 623 | -34 422 | |
Profit/loss (-) before income tax | 20 252 | 14 287 | |
Income tax expense (-)/income | 5.6. | -5 050 | -4 999 |
Profit/loss (-) for the period | 15 202 | 9 289 | |
PROFIT/LOSS (-) FOR THE PERIOD | 15 202 | 9 289 | |
Attributable to: | |||
The shareholders of the Company | 13 717 | 7 822 | |
Non-controlling interests | 1 485 | 1 467 |
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APPENDIX 2: Consolidated statement of financial position | |||||||
Assets | Note | 31 March 2024 | 31 March 2023 | ||||
€'000 | €'000 | ||||||
NON-CURRENT ASSETS | 1 214 558 | 1 239 001 | |||||
Property, plant & equipment | 6.1. | 309 264 | 320 423 | ||||
Goodwill | 6.2. | 477 504 | 477 504 | ||||
Intangible assets | 6.3. | 172 261 | 177 299 | ||||
Right-of-use assets | 6.4. | 210 004 | 205 049 | ||||
Investments accounted for using equity method | 6.5. | 9 107 | 8 650 | ||||
Other financial assets | 6.6. | 7 294 | 16 852 | ||||
Deferred tax assets | 6.7. | 27 393 | 31 554 | ||||
Trade and other receivables | 6.9. | 1 730 | 1 670 | ||||
CURRENT ASSETS | 761 502 | 734 205 | |||||
Inventories | 6.8. | 406 070 | 375 382 | ||||
Trade and other receivables | 6.9. | 269 076 | 239 012 | ||||
Other financial assets | 6.6. | 288 | 455 | ||||
Cash and cash equivalents | 6.10. | 84 359 | 119 357 | ||||
Assets classified as held for sale | 1 709 | - | |||||
TOTAL ASSETS | 1 976 060 | 1 973 206 | |||||
Equity and liabilities | Note | 31 March 2024 | 31 March 2023 | ||||
€'000 | €'000 | ||||||
EQUITY | 489 572 | 486 037 | |||||
Issued capital | 6.12. | 337 692 | 337 692 | ||||
Share premiums | 6.12. | 317 882 | 317 882 | ||||
Consolidated reserves | -181 552 | -182 624 | |||||
Cumulative translation adjustments | -1 680 | -2 764 | |||||
Non-controlling interests | 17 230 | 15 850 | |||||
NON-CURRENT LIABILITIES | 539 152 | 615 839 | |||||
Employee benefit liabilities | 6.14. | 13 799 | 13 735 | ||||
Provisions | 6.15. | 9 453 | 9 117 | ||||
Interest-bearing loans | 6.16. | 295 766 | 351 534 | ||||
Lease liabilities | 6.4. | 195 384 | 200 810 | ||||
Other financial liabilities | 6.6. | 2 120 | - | ||||
Trade and other payables | 6.17. | 1 508 | 3 142 | ||||
Deferred tax liabilities | 6.7. | 21 122 | 37 501 | ||||
CURRENT LIABILITIES | 947 336 | 871 330 | |||||
Provisions | 6.15. | 4 121 | 3 796 | ||||
Interest-bearing loans | 6.16. | 36 329 | 29 922 | ||||
Lease liabilities | 6.4. | 31 086 | 30 445 | ||||
Other financial liabilities | 6.6. | 706 | 1 278 | ||||
Trade and other payables | 6.17. | 875 094 | 805 889 | ||||
TOTAL EQUITY AND LIABILITIES | 1 976 060 | 1 973 206 |
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APPENDIX 3: Consolidated statement of cash flows | ||||
Consolidated statement of cash flows | Note | AY 23/24 | AY 22/23 | |
€'000 | €'000 | |||
CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS, OPENING BALANCE | 119 356 | 98 026 | ||
CASH FLOW FROM OPERATING ACTIVITIES (A) | 170 853 | 163 934 | ||
EBIT | 71 875 | 48 709 | ||
Income taxes paid | -15 612 | -13 496 | ||
Adjustments | 107 847 | 94 948 | ||
Amortisation of intangible assets | 6.3. | 22 190 | 20 516 | |
Depreciation of property, plant & equipment and right-of-use assets | 6.1., 6.4. | 86 185 | 80 841 | |
Write-off on stock/trade receivables | 1 142 | 381 | ||
Increase/decrease (-) in provisions and employee benefit liabilities | 6.14., 6.15. | 631 | -5 928 | |
Gain (-)/loss on disposal of property, plant & equipment | -2 318 | -1 245 | ||
Share based payments and other | 6.13. | 409 | 826 | |
Share of profit/loss (-) of equity accounted investments | 6.5. | -391 | -443 | |
Increase (-) /decrease in working capital | 6 744 | 33 773 | ||
Increase (-)/decrease in inventories | 6.8. | -26 590 | -37 347 | |
Increase (-)/decrease in trade and other receivables | 6.9. | -37 607 | 2 274 | |
Increase/decrease (-) in trade and other payables | 6.17. | 70 941 | 68 847 | |
CASH FLOW FROM INVESTING ACTIVITIES (B) | -57 455 | -54 197 | ||
Acquisitions (-) | -62 324 | -56 719 | ||
Acquisition of intangible assets and property, plant & equipment | 6.1., 6.3. | -61 806 | -56 719 | |
Acquisition of subsidiaries | 7.1. | -518 | - | |
Disposals | 4 869 | 2 521 | ||
Disposal of intangible assets and property, plant & equipment | 6.1., 6.3. | 4 869 | 2 521 | |
CASH FLOW FROM FINANCING ACTIVITIES (C) | -155 880 | -88 064 | ||
Dividend payment | -5 070 | -139 | ||
Acquisition/sale treasury shares | 87 | 340 | ||
Proceeds from borrowings, net of transaction costs | 6.16. | 154 000 | 479 112 | |
Repayment of borrowings | 6.16. | -213 337 | -495 570 | |
Payment of principal portion of lease liabilities | 6.4. | -36 796 | -32 804 | |
Net interests paid | -52 790 | -38 353 | ||
Other financial expenses | -1 974 | -650 | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | -42 482 | 21 673 | ||
Effect of exchange rate fluctuations | -1 000 | -343 | ||
CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS, CLOSING BALANCE | 75 874 | 119 356 | ||
Of which: | ||||
Cash and cash equivalents | 6.10. | 84 359 | 119 357 | |
Bank overdrafts | 6.10. | 8 485 | 1 |
REGULATED INFORMATION, and INSIDE INFORMATION regarding dividend proposal - 23 May 2024, 7.00am
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Greenyard NV published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 05:02:06 UTC.