The company held the general meeting of shareholders yesterday, in which all the points of the day were easily approved.
The distribution chain Day yesterday gave its accounts to its shareholders during the general meeting, in which all the points of the day were easily approved, including the 2023 results, the re-election and appointment of directors and the remuneration.
With this deadline to 2023, the company underlined its priorities. Will focus on increasing profitability
The distribution chain Day yesterday reported to its shareholders during the general meeting, in which all the points of the agenda were easily approved, including the results for 2023, the re-election and appointment of directors or the policy of remuneration.
With this closing of the calendar year for 2023, the company underlined its priorities. It will focus on increasing profitability and cash generation and will work to cut its leverage. In this way, Dia is already moving to refinance the debt which remains due next year.
At the end of last year, Dia had gross debt of 83 million euros due in 2024, while 414 million euros of debt will mature next year, almost all of which corresponds to syndicated loans.
In his speech at the meeting, the company’s CEO, Martin Tolcachirhighlighted the decrease in net financial debt during the last year, with a reduction of 120 million compared to 2022, down to 422 million and reaching a leverage ratio of 1.96 times.
Tolcachir confirmed that the company will now focus on responding to the demands of its clients in Spain and Argentina, after it has completed its departure from Brazil, with the sale of its subsidiary in the country to Lyra II Fundo de Investimento em Participaçoes Multiestratégia for the symbolic price of 100 euros. This operation will have an impact of 101 million on Dia’s accounts and will cause a cash outflow of 75 million.
In Spain, the company seeks to grow organically, as well as enhance the loyalty program Club Dia and also the channel of online sale. The firm is working, in turn, to increase the number and frequency of its clients’ visits to its establishments.
The distribution chain closed last year with net losses of 30 million euros, which represents a decrease of 75% compared to 2022, while turnover fell by 7%, to 6,759 million, as a result of the impact on its business of its operations in Brazil and Argentina and the reduction of its store perimeter, following the sale of Clarel to Trinity and more than 200 establishments To field.
“The improvement in results year after year has undoubtedly been achieved thanks to a committed and responsible management with the business and the decisions taken to simplify the portfolio,” said Tolcachir.
