Brief: Greenyard : H1 Group Sales Up 10,3% At 2.1 Billion Euros

Greenyard NV

17/11/2020 06:53

Nov 17 (Reuters) - GREENYARD NV  GREENY.BR :
    * ANNOUNCES CLEAR IMPROVEMENT IN PROFITABILITY AND
ACCELERATED
DECREASE OF LEVERAGE
    * IS RETURNING TO A POSITIVE NET RESULT AND ON TRACK TO MEET
ITS
ADJUSTED EBITDA OUTLOOK (€106M TO €110M)
    * A CLEAR IMPROVEMENT IN SALES (10,3%) AND ADJUSTED EBITDA
(18,9%)
HAS BEEN ACHIEVED IN THE FIRST HALF OF THE 2020/2021 FINANCIAL
YEAR
    * H1 GROUP SALES INCREASED YEAR-ON-YEAR BY €203,7M, UP FROM
€1.968,9M TO €2.172,6 M (10,3%)
    * THE LEVERAGE RATIO DROPPED BELOW 4,0X SIX MONTHS EARLIER
THAN
ANTICIPATED, DOWN FROM 7,2X IN THE PREVIOUS YEAR
    * TOTAL CAPEX REACHED €21,6M, UP FROM €12,9M FOR THE SAME
PERIOD
LAST YEAR
    * H1 ADJUSTED EBITDA (BEFORE APPLICATION OF IFRS 16)
INCREASES
SIGNIFICANTLY BY 18,9%, UP FROM €47,6M TO €56,6M
    * NET FINANCIAL DEBT AND LEVERAGE CLEARLY CONTINUED TO
DECLINE
DURING THE FIRST SIX MONTHS OF THE FINANCIAL YEAR
    * OUTLOOK: REMAINS WELL POSITIONED TO DELIVER PROFITABLE
GROWTH
AND UNLOCK THE POTENTIAL OF THE BUSINESS COMBINATION IN THE
FUTURE
    * H1 POSITIVE NET RESULT OF €1,1M FOR THE FIRST HALF OF THE
FINANCIAL YEAR, COMPARED TO A LOSS OF -€44,9 M FOR THE SAME
PERIOD IN THE PREVIOUS FINANCIAL YEAR
    * ESTIMATES THAT THE LEVERAGE RATIO WILL BE AROUND 3,7X BY
THE END
OF THE 2020/2021 FINANCIAL YEAR
    * CASH FLOW FROM OPERATING ACTIVITIES AMOUNTED TO €69,6M, A
SIGNIFICANT IMPROVEMENT AS COMPARED TO €3,7M LAST YEAR
    * NET FINANCIAL DEBT ON 30 SEPTEMBER 2020 AMOUNTED TO
€407,4M

Source text  [https://bit.ly/3pLzifM]
Further company coverage:  GREENY.BR 

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