REG - Edita Food Ind SAE - Edita IFRS Financial Statements 31-12 2024

Edita Food Industries SAEAnnouncement

23/04/2025 18:30

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RNS Number : 8423F  Edita Food Industries S.A.E.  23 April 2025

Cairo, 9 March 2025

Edita Food Industries Reports FY2024 Earnings

Edita closes a record-breaking year with revenues reaching EGP 16.1 billion in
FY2024, up 33.2% year-on-year, as the Company sustains demand for its products
and expands its global footprint

 

Highlights of FY2024

Summary Income Statement (EGP mn)

 EGP mn        4Q2024  4Q2023  Change  FY2024  FY2023  Change
 Revenue       4,245   3,372   25.9%   16,147  12,126  33.2%
 Gross Profit  1,313   1,098   19.6%   4,906   3,925   25.0%
 % Margin      30.9%   32.6%           30.4%   32.4%
 EBITDA        625     583     7.3%    2,537   2,366   7.3%
 % Margin      14.7%   17.3%           15.7%   19.5%
 Net Profit    308     324     -4.8%   1,415   1,507   -6.1%
 % Margin      7.3%    9.6%            8.8%    12.4%

 The discussion and analysis in this report are based on the IFRS statements.

 

Results in a Nutshell

Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange & EFID.L on
the London Stock Exchange), a leader in the Egyptian packaged snack food
market, announced today its results for the year ended 31 December 2024.
Consolidated revenues grew 33.2% y-o-y to EGP 16.1 billion, driven by
strategic repricing initiatives to navigate the inflationary environment.
Gross profit reached EGP 4.9 billion, up 25.0% y-o-y, with an associated gross
profit margin of 30.4%. EBITDA rose 7.3% y-o-y to EGP 2.5 billion, yielding an
EBITDA margin of 15.7%. Meanwhile, net profit declined 6.1% y-o-y to EGP 1.4
billion, with a net profit margin of 8.8%, impacted by higher direct costs.

 

On a quarterly basis, Edita recorded revenues of EGP 4.2 billion in 4Q2024,
marking a 25.9% y-o-y increase. Net profit for the quarter reached EGP 308.5
million, down 4.8% y-o-y, with an associated margin of 7.3%.

 

Amid the prevalent macroeconomic environment and inflationary pressures,
Edita's growth is a testament to the strength and agility of its business
model. Over the year, Edita introduced new SKUs and optimized its pricing
strategy through both direct and indirect increases. Growth was recorded
across all segments, supported by price adjustments. In FY2024, revenue grew
33.2% y-o-y, driven by a 38.4% y-o-y increase in the average price per pack to
EGP 4.20. The average price per ton also rose by 38.0% y-o-y. Meanwhile, the
total number of packs sold declined by 3.8% y-o-y to 3,840 million packs,
primarily due to lower volumes in the cake, bakery, and rusks segments.
However, wafers volumes rose by 27.3% y-o-y, candy volumes increased by 21.8%
y-o-y, biscuits volumes grew by 81.9% y-o-y, and frozen volumes expanded
254.2% y-o-y. In 4Q2024, the average price per pack across Edita's portfolio
grew by 47.2% y-o-y to EGP 4.92, while the average price per ton increased by
42.0% y-o-y. Overall, volumes fell 14.5% y-o-y, with 864 million packs sold
during the quarter.

 

In FY2024, Edita's gross profit grew by 25.0% y-o-y to EGP 4.9 billion, with a
margin of 30.4% versus 32.4% in FY2023. The increase in COGS, which rose 36.5%
y-o-y to EGP 9.5 billion, was driven by higher raw material prices and rising
production and manufacturing overhead (MOH) costs amid inflationary pressures.
COGS as a percentage of sales stood at 59.0% in FY2024 compred to 57.6% on
year earlier. MOH as a percentage of sales edged up to 9.4%, compared to 8.7%
in the prior year, reflecting elevated operational expenses. On a quarterly
basis, gross profit increased by 19.6% y-o-y to EGP 1.3 billion, with a margin
of 30.9% compared to 32.6% in 4Q2023.

 

Total SG&A expenses rose to EGP 2.6 billion in FY2024, up 45.0% y-o-y, due
to the ongoing expansion of Edita's distribution network to enhance market
presence across diverse areas, in line with the company's expansionary
strategy. As a result, SG&A as a percentage of sales increased to 16.1%
compared to 14.8% in FY2023. On a quarterly basis, SG&A expenses grew by
32.4% y-o-y to EGP 752.2 million, accounting for 17.7% of sales compared to
16.8% in 4Q2023.

 

EBITDA for the year reached EGP 2.5 billion, up 7.3% y-o-y, with an associated
margin of 15.7% down from 19.5% in FY2023. Similarly, in 4Q2024, EBITDA rose
7.3% y-o-y to EGP 625.3 million, yielding a margin of 14.7% compared to 17.3%
in 4Q2023.

 

In FY2024, net profit stood at EGP 1.4 billion, down 6.1% y-o-y, with a net
profit margin of 8.8% compared to 12.4% in the previous year. Higher COGS due
to the devaluation of the Egyptian Pound, rising interest expenses on new
loans amid elevated interest rates, and increased operational expenditures to
support expansions contributed to the decline. On a quarterly basis, net
profit booked EGP 308.5 million, down 4.8% y-o-y, with an associated margin of
7.3% versus 9.6% in 4Q2023.

 

Net export sales grew significantly during the year, rising 42.1% y-o-y to
reach EGP 1,593.8 million. On the regional front, Edita Morocco recorded EGP
475.6 million in revenues for FY2024, up 45.8% y-o-y, supported by an expanded
distribution network. In 4Q2024, Edita Morocco revenues increased by 138.2%
y-o-y to EGP 158.4 million.

 

Operational Developments

Throughout the year, Edita reinforced its position as a market leader by
expanding its product portfolio and price spectrum, strengthening its market
presence, and driving operational efficiency through strategic partnerships
and innovations. The company introduced new products across its core segments,
reflecting its commitment to evolving consumer preferences and diversifying
its offerings.

 

Additionally, Edita introduced innovative products across other key
categories, including the TODO Cupcake and HOHOs Family Roll in the cake
segment as well as new bakery products such as Pate and Molto King, catering
to a wide range of consumer preferences and price points. Edita also made
strategic moves in emerging segments, launching Oniro TeaBix under its
flagship Oniro brand, marking a significant step in expanding its market share
in this segment. In 2024, Edita expanded the frozen baked goods segment with
the introduction of Pizza under the Molto Forni brand, following the
successful 2023 launch of frozen mini croissants and savory puff pastries.
This move aligns with the company's strategy to tap into at-home consumption
trends while delivering fresh, high-quality baked goods.

 

Further strengthening its diversification strategy, Edita signed its first
toll manufacturing agreement with Misr Food Additives (MIFAD) in the biscuit
segment. This strategic partnership is set to double production capacity for
the Oniro brand, broaden Edita's biscuit portfolio, and enable the company to
capture demand in new product categories within this segment.

 

Additionally, Edita Trade & Distribution entered its first third-party
distribution agreement with Prisma Foods to distribute Raw-branded
kettle-cooked chips, leveraging its robust distribution network to capitalize
on high-growth segments. These strategic initiatives highlight Edita's
commitment to sustained expansion, operational excellence, and value creation
across all business segments.

 

Beyond product innovation, Edita took significant strides in digital
transformation and financial optimization. Through a partnership with Fawry,
Egypt's leading e-payment services provider, Edita Trade and Distribution
implemented cashless collection solutions, streamlining financial transactions
and optimizing cash management. Additionally, Edita secured new debt
facilities, including a long-term EGP 990 million loan from Banque Misr, aimed
at supporting the company's growth and expansion initiatives.

 

On the industrial operations front, Edita successfully expanded its capacity
to meet increasing market demand. In July 2024, the company launched a new
bakery line, boosting single-serve production by 31%. Later, in October 2024,
a new cake line was introduced, increasing tray cake production by 16% and
rolled cake production by 12%. Additionally, efficiency improvements across
production processes led to a 9% increase in wafer fingers output. These
enhancements highlight Edita's commitment to operational excellence and its
ability to scale production in response to growing consumer demand.

 

Regionally, Edita made a major strategic move in January 2025 by acquiring a
49% stake in Tuama Jebur Abbas (TJA) for a valuation of USD 8 million through
a capital increase and establishing Edita Iraq. Edita achieves fast entry into
the Iraqi market through the TJA partnership and gains access to an
underserved market with significant upside potential. This investment also
grants Edita management control and marks the company's first local production
presence in Iraq. Additionally, Edita acquired a factory equipped with three
production lines dedicated to cakes and biscuits, positioning Edita for
long-term growth in the region. This year, Edita Morocco also started
exporting to Mauritania.

 

Overview of Segment Performance

In FY2024, Edita delivered a strong financial performance, with consolidated
revenue reaching EGP 16.1 billion, marking a 33.2% y-o-y increase. This robust
growth was fueled by strong contributions across all segments, with cakes and
bakery serving as the primary drivers. The cake segment led the way,
generating EGP 8.3 billion in revenue, up 37.1% y-o-y, supported by a 43.4%
increase in the average price per pack, offsetting a 4.4% decline in volumes.
Similarly, the bakery segment recorded a 14.5% y-o-y revenue increase to EGP
4.7 billion, driven by a 42.9% rise in average price per pack that outweighed
the 19.9% decrease in sales volumes. The wafer segment grew 60.8% y-o-y
reaching EGP 1.7 billion, propelled by a 26.3% increase in the average price
per pack and a 27.3% rise in sales volumes. In the rusks segment, revenue
expanded by 33.4% y-o-y to EGP 726.8 million, as a 44.7% increase in the
average price per pack offset a 7.8% decline in volumes. Edita's growing
segments-candy, biscuits and frozen-also demonstrated strong performance and
showed promising potential. The candy segment posted an impressive 57.6% y-o-y
revenue growth to EGP 484.8 million, driven by a 21.8% surge in volumes and a
29.3% increase in average price per pack. Meanwhile, the biscuit segment more
than doubled its revenue, growing by 144.4% y-o-y to EGP 195.9 million,
supported by a 81.9% rise in packs sold and a 34.4% increase in average price
per pack. The frozen segment recorded EGP 72.3 million in revenue in its first
full year of operation, dual driven by a 254.2% y-o-y growth in volumes and a
36.6% y-o-y increase in average price per pack.

 

In 4Q2024, Edita recorded total revenue of EGP 4.2 billion, reflecting a solid
25.9% y-o-y growth, primarily driven by price adjustments across all segments.
The cake segment remained the top contributor, generating EGP 2.2 billion in
revenue, up 40.3% y-o-y. This growth was supported by a 60.1% increase in the
average price per pack, which helped offset an 12.4% decline in sales volumes.
The bakery segment delivered revenues of EGP 1.2 billion, marking a marginal
2.3% y-o-y decline, as the 32.6% decline in volumes outweighed the 44.8%
increase in price per pack. The wafer segment maintained its strong momentum,
with revenues increasing by 47.6% y-o-y to EGP 437.8 million. This growth was
fueled by a 40.3% rise in average price per pack and a 5.3% increase in sales
volumes. Meanwhile, the rusks segment posted a 23.9% y-o-y revenue increase to
EGP 201.6 million, supported by a 52.7% rise in average price, offsetting a
18.9% decline in volumes. Edita's smaller segments also performed well. The
candy segment grew by 24.6% y-o-y, reaching EGP 128.9 million, driven by a
13.9% increase in price per pack and a 9.4% rise in sales volumes. The
biscuits segment recorded the highest growth rate of all categories, with
revenue surging 279.0% y-o-y to EGP 83.3 million. This remarkable expansion
was driven by a 170.1% increase in volumes and a 40.3% rise in price per pack.
Additionally, the frozen segment contributed EGP 14.8 million in revenue
during the quarter, underscoring Edita's successful diversification into new
product categories.

 

Gross Profit Margin by Product Segment

Edita's consolidated gross profit surged 25.0% y-o-y to EGP 4.9 billion in
FY2024, driven by strong performance across all segments. Despite a
challenging operating environment, the company sustained profitability through
effective pricing strategies and operational efficiencies, mitigating the
impact of rising direct material costs and maintaining relatively low
manufacturing overhead (MOH) as a percentage of revenue.

 

On a segment basis, cake was the top contributor, recording a 29.3% y-o-y
increase in gross profit to EGP 2.7 billion, with a GPM of 33.2% down from
35.2% in FY2023. The bakery segment followed, posting a 8.4% y-o-y rise in
gross profit to EGP 1.3 billion; however, its GPM contracted slightly to 28.2%
from 29.8% in the previous year due to elevated production costs. The wafer
segment achieved a 47.0% y-o-y increase in gross profit, reaching EGP 514.9
million, with a GPM of 29.7% versus 32.5% in FY2023. Similarly, the rusks
segment saw a 14.3% y-o-y rise in gross profit to EGP 175.2 million, although
its GPM declined to 24.1% from 28.1% in FY2023. The candy segment's gross
profit grew 64.7% y-o-y to EGP 142.6 million, with GPM expanding to 29.4% from
28.1%, supported by higher sales volumes that improved operating leverage.
Meanwhile, the biscuits segment more than doubled its gross profit, climbing
145.3% y-o-y to EGP 35.9 million, with a stable GPM of 18.3%. The frozen
segment, which is still ramping up, reported a EGP 20.0 million loss in gross
profit in FY2024.

 

On a quarterly basis, the cakes segment posted a 29.5% y-o-y increase in gross
profit, reaching EGP 741.1 million in 4Q2024. Despite this growth, its GPM
declined to 33.7% from 36.5% in 4Q2023, though it remained in line with the
figure recorded in 3Q2024. The bakery segment gross profit remained relatively
stable year-on-year at EGP 342.4 million; however, GPM improved to 29.1% from
28.8% in 4Q2023. The wafers segment continued to expand, recording a 23.0%
y-o-y increase in gross profit to EGP 123.5 million, though its GPM declined
to 28.2% from 33.9% in 4Q2023. Similarly, the rusks segment saw gross profit
climb 16.6% y-o-y to EGP 54.0 million, with a GPM of 26.8%, lower than 28.4%
in 4Q2023 but higher than 23.8% in 3Q2024. The candy segment delivered solid
growth, with gross profit increasing 23.4% y-o-y to EGP 39.9 million, with a
margin of 30.9% compared to 31.2% in 4Q2023. At the biscuits segment, gross
profit increased over four-folds year-on-year to EGP 19.9 million, with an
expanded margin of 23.9% compared to 20.8% in 4Q2023. Meanwhile, the frozen
segment recorded a loss of EGP 8.2 million in 4Q2024.

 

 

Revenue and Gross Profitability by Segment

 EGP mn               4Q2024   4Q2023   Change    FY2024    FY2023    Change
 Cakes
 Revenue              2,200.1  1,568.3  40.3%     8,272.2   6,032.5   37.1%
 Gross Profit         741.1    572.4    29.5%     2,744.2   2,122.4   29.3%
 Gross Profit Margin  33.7%    36.5%    -2.8pts   33.2%     35.2%     -2.0pts
 Bakery
 Revenue              1,176.5  1,204.6  -2.3%     4,657.4   4,066.6   14.5%
 Gross Profit         342.4    346.4    -1.2%     1,313.0   1,211.0   8.4%
 Gross Profit Margin  29.1%    28.8%    0.3pts    28.2%     29.8%     -1.6pts
 Wafers
 Revenue              437.8    296.5    47.6%     1,734.8   1,079.0   60.8%
 Gross Profit         123.5    100.4    23.0%     514.9     350.2     47.0%
 Gross Profit Margin  28.2%    33.9%    -5.6pts   29.7%     32.5%     -2.8pts
 Rusks
 Revenue              201.6    162.7    23.9%     726.8     545.0     33.4%
 Gross Profit         54.0     46.3     16.6%     175.2     153.3     14.3%
 Gross Profit Margin  26.8%    28.4%    -1.7pts   24.1%     28.1%     -4.0pts
 Candy
 Revenue              128.9    103.5    24.6%     484.8     307.7     57.6%
 Gross Profit         39.9     32.3     23.4%     142.6     86.6      64.7%
 Gross Profit Margin  30.9%    31.2%    -0.3pts   29.4%     28.1%     1.3pts
 Biscuits
 Revenue              83.3     22.0     279.0%    195.9     80.1      144.4%
 Gross Profit         19.9     4.6      336.3%    35.9      14.6      145.3%
 Gross Profit Margin  23.9%    20.8%    3.1pts    18.3%     18.3%     0pts
 Frozen
 Revenue              14.8     14.5     2.3%      72.3      14.9      383.8%
 Gross Profit         (8.2)    (4.3)    91.9%     (20.0)    (12.9)    54.9%
 Gross Profit Margin  -55.7%   -29.7%   -26.0pts  -27.6%    -86.3%    58.7pts
 Total Revenues*      4,245.4  3,372.0  25.9%     16,146.5  12,125.5  33.2%
 Total Gross Profit*  1,312.9  1,098.0  19.6%     4,906.3   3,925.3   25.0%
 Total GPM            30.9%    32.6%    -1.7pts   30.4%     32.4%     -2.0pts

*Includes contributions from Edita's imports segment

 

 

 

Segment Volumes and Prices

 EGP                   4Q2024  4Q2023  Change  FY2024  FY2023  Change
 Cakes
 Packs (mn)            511     583     -12.4%  2,331   2,438   -4.4%
 Tons (000s)           16.2    16.2    -0.2%   67.8    67.6    0.3%
 Av. Price (EGP)       4.31    2.69    60.1%   3.55    2.47    43.4%
 Bakery
 Packs (mn)            173     256     -32.6%  729     910     -19.9%
 Tons (000s)           9.3     13.4    -30.2%  40.0    48.0    -16.7%
 Av. Price (EGP)       6.81    4.70    44.8%   6.39    4.47    42.9%
 Wafers
 Packs (mn)            113     107     5.3%    528     415     27.3%
 Tons (000s)           2.6     2.3     13.0%   11.2    8.7     28.4%
 Av. Price (EGP)       3.87    2.76    40.3%   3.29    2.60    26.3%
 Rusks
 Packs (mn)            30      37      -18.9%  133     145     -7.8%
 Tons (000s)           1.5     1.6     -7.4%   5.6     5.6     0.6%
 Av. Price (EGP)       6.64    4.35    52.7%   5.45    3.77    44.7%
 Candy
 Packs (mn)            21      19      9.4%    75      61      21.8%
 Tons (000s)           0.7     1.1     -35.3%  3.2     3.5     -10.1%
 Av. Price (EGP)       6.12    5.37    13.9%   6.49    5.02    29.3%
 Biscuits
 Packs (mn)            15      5       170.1%  43      23      81.9%
 Tons (000s)           0.5     0.2     210.9%  1.4     0.8     70.5%
 Av. Price (EGP)       5.68    4.05    40.3%   4.61    3.43    34.4%
 Frozen
 Packs (mn)            0.2     0.4     -44.1%  1       0.4     254.2%
 Tons (000s)           -       0.1     -38.6%  0.4     0.1     296.3%
 Av. Price (EGP)       62.92   34.37   83.1%   48.54   35.54   36.6%
 Total Packs* (mn)     864     1,010   -14.5%  3,840   3,993   -3.8%
 Total Tons* (000s)    30.9    34.8    -11.4%  129.7   134.4   -3.5%
 Av. Price/Pack (EGP)  4.92    3.34    47.2%   4.20    3.04    38.4%

*Includes contributions from Edita's imports segment

 

 

 

 

Balance Sheet

The company's total loans and borrowings as at 31 December 2024 stood at EGP
3,468.2 million, up from EGP 2,030.5 million as at 31 December 2023. Total
bank overdrafts recorded EGP 808.4 million as at 31 December 2024 versus EGP
596.7 million recorded at the end of 2023. Cash balance stood at EGP 1,324.2
million as at 31 December 2024, up from EGP 1,356.3 million at year-end 2023.
Edita recorded a net debt of EGP 2,144.0 million as at 31 December 2024
compared to EGP 674.2 million in net debt as at 31 December 2023.

 

Edita booked inventories of EGP 3,034.0 million as at 31 December 2024, up
from EGP 1,867.0 million as at year-end 2023. Meanwhile, trade and notes
receivable stood at EGP 174.8 million as at 31 December 2024, up from EGP
159.6 million as at 31 December 2023.

 

Total CAPEX for the period ending 31 December 2024 amounted to EGP 1,240.5
million, primarily driven by expansion-related investments in the cake and
bakery productions lines, followed by expenses for motor vehicles.

 

Egyptian Accounting Standards Reconciliation to IFRS

Edita's EAS and IFRS financial statements differ in the treatment of
employees' profit share, which is expensed under the IFRS, while the EAS
accounts for them as a distribution and are thus not included on the income
statement. Also, EAS and IFRS differ in the calculation of EBITDA. In FY2024,
EGP 30.7 million in FX gains and a profit share deduction of EGP 161.0 million
were subtracted from EBITDA, bringing total EAS to IFRS adjustments on EBITDA
to EGP 265.5 million. A reconciliation between Edita's financial statements in
EAS with the IFRS-based financial statements for FY2024 is provided in the
table below.

 

 in EGP mn*         FY2024 EAS                   Adjustments  FY2024 IFRS
 Net Sales                             16,146.5               16,146.5
 COGS (excluding MOH)                  9,527.0                9,527.0
 MOH                                   1,442.8   (81.1)       1,523.9
 Total                                 10,969.8               11,050.8
 Gross Profit                          4,987.7   81.4         4,906.3
 Selling & Distribution Exp.           824.9      (40.1)      865.0
 Advertising & Marketing Exp.          691.3                  691.3
 General & Admin. Exp.                 997.3      (39.8)      1,037.1
 Other Operational Exp.                156.6      0.9         155.7
 Profit from Operations                2,317.6   160.3        2,157.3
 Profit from Operations Margin         14.4%                  13.4%
 Lease Finance Interest                54.8                   54.8
 Profit Before Income Tax              2,163.0   191.3        1,971.7
 Income Tax Expense                    556.3                  556.3
 Net Profit After Tax                  1,606.7   191.4        1,415.4
 EBITDA                                2,803.0   265.5        2,537.5
 EBITDA Margin                         17.4%                  15.7%

*Figures are based on management accounts for better disclosure on expenses
breakdown

 

 

-Ends-

About Edita Food Industries

Edita, founded in 1996 and headquartered in Egypt, is a leader in the growing
Egyptian packaged snack food market. The Company manufactures, markets and
distributes a range of branded baked snack products including packaged cakes,
bakery, rusks (baked wheat), wafers and biscuits as well as selected
confectionary/candy products. The Company's local brand portfolio includes
household names such as TODO, Molto, Bake Rolz, Bake Stix, Freska, Oniro and
MiMix. The Company also has the exclusive ownership of the international
Hostess brands Twinkies, HOHO's and Tiger Tail in Egypt, Libya, Jordan,
Palestine, Morocco, Algeria, Tunisia, Syria, Lebanon, Iraq, Bahrain, Oman, the
UAE, Kuwait, Qatar and Saudi Arabia; and is party to a technical assistance
and know-how agreement to manufacture 11 additional Hostess brands across its
territories. The Company holds strong number-one market positions in its core
cake and bakery segments as well as in rusks, a leading market position in
candy and a growing market position in the wafers segment. In 4Q2024, the
Company derived 89.1% of its revenue from Egypt and 10.9% from regional export
markets. Learn more at ir.edita.com.eg.

Contacts

Ms. Menna Shams El Din

Chief Investment Officer & Corporate Affairs

T: +202 3851-6464 | M: +2010 0 154 2428 | menna.shamseldin@edita.com.eg
(mailto:menna.shamseldin@edita.com.eg)

 

Forward-Looking Statements

This communication contains certain forward-looking statements. A
forward-looking statement is any statement that does not relate to historical
facts and events, and can be identified by the use of such words and phrases
as "according to estimates", "aims", "anticipates", "assumes", "believes",
"could", "estimates", "expects", "forecasts", "intends", "is of the opinion",
"may", "plans", "potential", "predicts", "projects", "should", "to the
knowledge of", "will", "would" or, in each case their negatives or other
similar expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements containing
information on future financial results, plans, or expectations regarding
business and management, future growth or profitability and general economic
and regulatory conditions and other matters affecting the Company.

Forward-looking statements reflect the current views of the Company's
management ("Management") on future events, which are based on the assumptions
of the Management and involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance, or
achievements to be materially different from any future results, performance
or achievements expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the Company's actual
financial condition and results of operations to differ materially from, or
fail to meet expectations expressed or implied by, such forward-looking
statements.

The Company's business is subject to a number of risks and uncertainties that
could also cause a forward-looking statement, estimate or prediction to differ
materially from those expressed or implied by the forward-looking statements
contained in this prospectus. The information, opinions and forward-looking
statements contained in this communication speak only as at its date and are
subject to change without notice. The Company does not undertake any
obligation to review, update, confirm or to release publicly any revisions to
any forward-looking statements to reflect events that occur or circumstances
that arise in relation to the content of this communication.

 

http://www.rns-pdf.londonstockexchange.com/rns/8423F_1-2025-4-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8423F_1-2025-4-23.pdf)

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