Today, ACOMO N.V. (Acomo), the Euronext Amsterdam-listed diversified, plant-based food ingredients Group, reports full-year 2023 results with sales of €1.3 billion (2022: €1.4 billion) and an adjusted EBITDA of €92 million in line with earlier provided guidance for 2023 (2022: €108 million). Spices and Nuts, Edible Seeds, and Food Solutions delivered a sustained strong performance, with all three reporting record operating profits. The Tea segment was affected by geopolitical instability and market circumstances, resulting in lower sales volumes while maintaining margins. The Organic Ingredients segment was materially impacted by the unprecedented increase in cocoa prices resulting in lower demand and hedging losses, and by pressure on demand for organic products due to food price inflation.
The Group generated a record operating cash flow of €137 million supported by a -20% reduction in working capital mitigating the increased finance costs, resulting in a solvency ratio of 54.5% and a EBITDA leverage ratio of 2.2x.
The company proposes a final dividend of € 0.75 per share, resulting in a total full year dividend of € 1.15.
Performance highlights:
- Proposed full-year dividend of € 1.15 per share, representing a pay-out ratio of 86% (2022: 68%).
- Record Operating Cash Flow generated supported by working capital management.
- Strengthened balance sheet of the Group, resulting in a solvency ratio of 54.5% (2022: 48.1%).
- An overall increase in Gross Profit percentage by 100 bps versus prior year, from 13.0% to 14.0%.
- Spices & Nuts, Edible Seeds, and Food Solutions achieved record results in 2023.
- Tea volumes negatively impacted by geopolitical developments and market circumstances.
- Organic Ingredients results materially negatively impacted by an unprecedented increase in cocoa prices to record levels
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