THE COOPERATIVE'S acCOUNTS AT 30 JUNE 2024 to help them keep their businesses profitable. he financial year ending 30 June The Cooperative’s EBITDA was €23.2 million 2024 was marked by a stabilisation of markets after the impact of for the 2023-2024 financial year, compared to €26.7 million in the previous year. Storage the Russia-Ukraine war, which had caused great disruption premiums totalling €7.1 million were distributed to 3,328 member-farmers. Net financial expense the previous financial year. This Tmeans prices have returned to for the year rose by €3.9 million to reach -€1.8 more normal levels, albeit with million. Interest rates stabilised in the wake of an considerable volatility over the year as a result of inflationary period, but remained high on average over the year. The average 1-month Euribor tension on global trade. Crop prices generally held up, while prices for mineral fertilisers remained was 3.72%, compared with 1.73% the previous high, mainly due to continued supply shortages. year. The Cooperative was able to offset this rise in interest rates by significantly reducing Across the regions served by the Cooperative, its borrowing to finance operations, due in part the 2023 harvest was up slightly on the previous higher crop and fertiliser prices. Extraordinary year, rising by 2% to 3 million tonnes. Added to profit was €12.4 million, chiefly because the this is traded grain, giving a total of 3.4 million National and International Audits Department tonnes. The summer of 2023 was particularly sunny, and the harvest was carried out under (DVNI) dropped the tax dispute it initiated in good sanitary and logistical conditions. In total 2017. The VIVESCIA Cooperative therefore recorded extraordinary income of €9.4 million the Cooperative’s turnover amounted to €1,214 for the 2023-2024 financial year. This means that million, down 21% on the previous year. This drop was mainly due to the general fall in the price of the Cooperative’s financial structure is solid, with grain, oilseeds and fertilisers. Operating expenses shareholder equity of more than €388.3 million rose due to significant inflation. and net receivables of €15.8 million, which is considerably lower than the year before due to As a result, all our main operating costs rose, a reduction in the value of grain and fertiliser including energy, transport and labour. Against stocks at 30 June 2024. this turbulent backdrop, the Cooperative stood alongside its member-farmers and customers 54