GOING DEEPER COOPERATIVE Company Accounts at 30 June 2023 (winegrowing business). VIVESCIA a widespread hike in in昀氀ation. As The 昀椀nancial year ending 30 June 2023 was marked by a gradual a result, all the main operational Industries’ 昀椀nancial position within downturn in markets, following the expenses rose, including energy, its markets strengthened further during this 昀椀nancial year, despite initial impact of the Russia-Ukraine transport and labour. Against this turbulent backdrop, the Cooperative the troubled economic climate. con昀氀ict. Price spikes caused by intense pressure on global trade has stood shoulder to shoulder with The reference price of VIVESCIA gradually eased throughout the year, its member-farmers and customers, Industries’ shares on the exchange although prices remained extremely to help them keep their businesses platform rose to €26.95. Compas also volatile. Grain and mineral fertiliser healthy and viable. The Cooperative’s posted solid results in its key markets for the second consecutive year. prices have seen a steady decline performance was re昀氀ected in an since November 2022, while still EBITDA of €26.7 million for the To sum up, the Cooperative’s 昀椀nancial maintaining their high average levels. 2022-2023 昀椀nancial year, compared This is particularly true of fertilisers, to €19.3 million the previous year. structure remains very solid, with shareholder equity of more than €379 where prices have been shored up by Storage bonuses totalling €6.7 reduced availability. million were distributed to 3,312 million and net debt of €10.2 million, member-farmers. Net income for the which is considerably lower than the year before, due to a reduction in The Cooperative’s 2022 harvest was year fell by €6.3 million, producing down slightly on the previous year, a loss of €5.7 million. Following grain and fertiliser stocks at 30 June 2023. falling by 5% to 2.9 million tonnes. If recent in昀氀ationary pressures, the you add grain that the Group bought 昀椀nancial year ending 30 June 2023 in, a total of 3.3 million tonnes was was also characterised by higher collected. The harvest was early interest rates, with the Euribor thanks to particularly sunny weather rising from -0.50% at the beginning in the summer of 2022, which of July 2022 to 3.40% in June 2023. provided excellent conditions in terms Consequently, the Cooperative’s of both food safety and logistics. operations increased the need for borrowing at a time when interest In total, the Cooperative’s revenue rates were rising sharply. Income from exceptional items stood at reached €1,536 million, up 25% on the previous year, largely driven by €13.3 million, mainly due to the price increases for grain, oilseeds, reversal of provisions relating, on fertiliser and plant health products. the one hand, to the valuation of Operating costs, which were VIVESCIA Industries shares, and on already on the rise, were also hit by the other to its subsidiary Compas 66