Greenyard FIRST LOOK : FY23/24 Adj. EBITDA € 186.5m, above earlier guidance
Greenyard posted a nice set of FY23/24 results in a still challenging environment, characterized by a second year of inflation. We welcome that they improved both in volume and prices. Greenyard showed record-high results, crossing the € 5bn sales and Adj. EBITDA of € 186.5m, above the earlier guidance of € 175m-€ 180m (KBCSe 176.8m). Although there were significant higher interest costs, net result increasing y/y 63% to € 15.2m. We welcome that Net Financial Debt dropped by another 4% to € 266.3m, despite the impact of inflation on the value of the inventories and more investments, resulting in a leverage dropping y/y from 2.18x to 1.87x.Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
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