Greenyard NV (GREEN) Earnings Call Transcript & Summary

Good afternoon, everyone. My name is Dennis Duinslaeger. I'm the Investor Relations and Strategy Director of the group. I would like to welcome you all to our annual results for the accounting year '23-'24. [Audio Gap] formation year and so we're very happy to have you on our call in our 40th year of existence today. Please note that today we can include forward-looking statements in our presentation. These should not be regarded as a representation by us or any other person that these future plans or expectations will be achieved. And although we believe that these expectations are reasonable, we cannot guarantee future results, of course. These forward-looking statements speak only as of the date on which these statements are made, and we do not undertake any obligation to update such statements afterwards. We also disclaim any liability for statements made by third parties, and we do not undertake any obligation to correct any statements made by third parties. After that formal part, I would like you to see me joining in today's call, Mr. Francis Kint and Mr. Nicolas De Clercq, respectively, our Group CEO and CFO. And with that, I would like to hand the floor to Mr. Kint.

Thank you very much, Dennis. Well, thank you very much for the interest in our company and the interest in our story, I would say. I will start with the phrase, we're very happy with the results that we can present today. And that's why I start with these 4 KPIs. Of course, Nicolas after me will give much more highlights around these stories and around these numbers, but we scored in the 4 major KPIs. First, for the first time in our history, we are above the EUR 5 billion net revenue mark. So we'll end up the year with 11% of turnover growth to EUR 5.1 billion. The EBITDA -- the adjusted EBITDA has grown slightly even more by 11.5% to EUR 186.5 million, post-IFRS EBITDA, which is above the initial guidance that we have given in the past that was between the bracket of EUR 175 million, EUR 180 million and of course, we're rejoicing that we can say this. Now obviously, with the EBITDA, also, our net income has increased, and Nicolas will explain but we're very, very happy about that because obviously, we were penalized also by higher interest rates and he will give you a little bit of a feeling for how much that represents, but we've been able to overcome these high interest costs and increase our net results by 63% to EUR 15.2 million. Also, despite the fact of inflation and the fact that we had to invest more, especially in our inventories in Long Fresh, also Nicolas will highlight that, we've been able to reduce our net financial debt to EUR 266 million. And obviously, the ratio of both improved EBITDA and reduced net financial debt also helps us to drop our leverage below 2x to 1.87x. So I wanted to start with these financial highlights, of course give you a little bit of a flavor about how we went through last year. And what this one slide wants to tell -- it's a long story to tell is how we have experienced the general market environment, of course, focusing on the categories that we are present in and how we believe that we have performed within that environment. The first 2 things are really very important for us when it comes to the environment that we work in and the first one is that in retail segments and of course, the retail -- we also sell to food service and B2B customers, but obviously, retail is representing a large part of our business and our activities. Well, in all these retail segments, we now feel that the food and veg aisle is becoming the battlegrounds because they understand, it's the traffic driver. And for instance, discount retailers that in the past were focusing more on dry goods are now also set up a lot of their marketing and they're driving through that, which is good for us, of course, because in doing so, they need to have partners who help to fill in that aisle in the optimal way, so that they're in good position to, let's say, help make the competition with the other retailers. Obviously, and Nicolas will highlight this when he comes to the result, that also means that they're using price as a weapon in that battle, which can lead to some price battles. And of course, they put some pressure on us to also operationally in terms of our sourcing and operations to be very, very effective, so we can continue to be their optimal partner in that commerce. The second one, I would say, has been, of course, going on since a few years is that this, what is called protein shift, I don't like that word all that much, the protein shift is leading more and more these same retailers to focus in their stores in offering what they call plant-based, we don't like the word plant-based too much, but to focus on offering plant-based alternatives to their shoppers and consumers. The reason we're not using that word that much is that, very often, the proposal that they are making are ultra-processed products that we do not like to include in our offering. We prefer to stick with the word of pure plants which is basically what we like to call products that are close to crop, the products that are coming from the field that we can offer as alternatives. I was recently invited at the supplier conference of one of our biggest customers. And I came in the room, and frankly, 90% of the messages were about offering pure plant alternatives for the product. So we're right, let's say, in the heart of this positive change. 40 years of Greenyard, I want to mention it because I was going to position that in the following way, you can see brands educating, brand fixing since this and this and this year. Obviously, the subliminal message of saying that is saying, well, because we are that old, we've gotten to the necessary expertise, in our case, also commercial context. So we have 40 years that we're present in that business that we've been able to build know-how and build commercial relationships which are extended to 80 different countries in the world. So it's important given -- talking to our business. Now next to these 3 points, we are also saying, frankly, we had to work in difficult circumstances this year. I will say 2 main ones. The first one, especially in our long range segment, we had to overcome a second year of very high inflation. And I'm talking inflation, that is sometimes a multiple of EBITDA that you're making. So price increases getting that back into price was something that we had to do. And you will see in the numbers that we were able to successfully mitigate this inflation through price increases. The second one is the weather conditions. It becomes boring to listen to it on the radio, but the abnormal years are now becoming more standards than the normal years. In our Long Fresh division, I'm trying to summarize it to people to say, well, '22 was dry, '23 was late, now '24 is wet. So you get by that, that volatility that is coming out of climate change, it's something that we need to master. And mastering this variability will be more and more at the heart of our strategy. I will say something more about it in the future. So despite this huge inflation, despite the difficult weather conditions, we were able to obtain the results that we have just shown [Technical Difficulty]. The fourth point is about operational performance. And obviously, we were working in relatively low margin environments. We're not hiding anything of that. I will say something later about us moving to higher-margin products, but operational performance for us is absolutely key in order to be able to still fill the bottom line. In the sense that with it, of course, our costs, also some of the components are becoming more expensive with inflation, labor, et cetera. So the strong focus on operational performance taking away, I would say, movements and positions that do not add value have added to the record high EBITDA that we're showing today. The point about the purchase of Gigi, Crème de la Crème, of course, it's a small part of the business, but we've put this on this slide so that you get a good sense of what we will try to achieve in the next years. Obviously, the heart of our strategy lies that we want to offer products that are tasty and that are convenient so that fruit and vegetable consumption would increase. Now within the frozen segment, we had identified the ice category as an interesting category to invest in. We acquired a small company called Gigi because they had extremely good and very special products and we will make a big campaign during this summer to promote it as it's totally unique products. We strengthened our position by acquiring a production company in Belgium called Crème de la Crème that has been itself experimenting since 25 years in vegan recipes. Again, we're not positioning these productions especially as vegan, we're positioning it as tasty and very healthy. But of course, by these 2 acquisitions, we've gained an enormous time and have become, in fact, in some countries at the heart of this new subcategory, I'm not going to call it a category yet, but this subcategory that will certainly have a great future, but it gives you a little bit the direction that we want to go is healthy, convenience and tasty. And by that, offering products that are, of course, difficult to copy on which we get indeed, better rewards and that will feed our bottom line also lot in the future. Now growing our people is an important thing for us. I'd like to say that when it comes to the big, big food multinationals, the big, big branded companies, it's very much the system that creates the power. In our company, where private label makes a big part of our business, where the contact with the customers is so important, our people are really making the difference. Our commercial people need to have direct access to their counterparts so that they get choosed instead of the competitors. Again, as I told you, operational excellence is important. So everybody has to do an optimal job for us so that there's something on the bottom line. So growing our people is a very important part of what we've done in '23 -'24. Nicolas will talk more about it, but for all of these reasons and the numbers that I've shown you, the Board will propose to the general assembly of shareholders to increase the dividends by 150% from EUR 0.10 per share to EUR 0.25 per share, and Nicolas will give you some background information about it in a while. Now obviously, at the heart of our strategy of Greenyard and for those who listened to stories of Greenyard in the past, you must know that one of the first thing we say is we're relatively unique in terms of the business model in the sense that we combined within the boundaries of one company, fruit and vegetables in all its different forms because we believe that if we want to progress on per capita consumption of fruit and vegetables, you need to be able to offer to the consumer in its optimal form in the moment consumers would like to consume it. So this is clearly one company. But obviously, there are some different dynamics when it comes to Fresh and Long Fresh. And that's why on this slide, I will focus a little bit on, again, the business environment on these 2 different sectors. The first one is that you will see that the growth rates of Fresh, which are above the 10%, the first thing is just simply the growth with our existing ICR customers. ICR stands for integrated customer relationships. These are these very, I would say, intense cooperation that we're having some time on the full range of their product range. And obviously, if they grow, you grow with them. You rarely give names of customers in these types of presentations. We make this exception because we've publicly talked about it in the past, but we've been able to convince a medium-sized German customer to fully go 100% for the ICR ID, which is the saying that we are the food partner for the full range. We not only are sourcing and managing category, we also drive to their store. The Hit stores are relatively large. So we do also do store delivery for them. So we're really taking care of that important category from A to Z and we started with that, I think, about 8 months ago. The third point, Nicolas will have -- cover a special slide on sustainability, which is at the heart of our strategy and of course, at the heart of what you need to do if you are in fruits and vegetables but one thing is we need to realize and also to say that this is a transport-intensive activity. So thinking about how to reduce CO2 emissions specifically on transport is at the heart of what we're thinking. Of course, there's investment linked to that every year. The steps that we've taken this year have more to do with, let's say, electrification of the cooling of our trucks. We've also introduced fully electric trucks in 2 countries already. I want to point that out as an example of, again, our transport incentive of what we're doing in the direction of sustainability of transport. The fourth one is not a big business, but it's a very good indication of what we're trying to do. When you think about innovation in Fresh, you can ask me that what's there to innovate in these Fresh products. Well, we noticed that with our customers, start talking about new varieties is absolutely key because with new variety, they can differentiate themselves again from the neighbor and in this case, we're talking about something that our Italian team came up with through collaboration, very interestingly, through collaboration with a producer of crop in which, by the way, we've taken a small equity stake. And together, we developed that new variety of pear and we've introduced that in the frame of a very important relationship we have in Germany. So there's the flavors of everything we're trying to do, this relationship with the growers, this innovation and ICR and offering to an ICR customer. That's what we mentioned is there. The last one is increasing convenience trends. You will ask me, hey, how can you guys make fruit and vegetables -- fresh fruit and vegetables more convenient. I will site one example is the meal kits that we've introduced with one customer whereby we're taking away the worry of the shopper to having to try to combine 7, 8 different products in order to make a particular recipe. Think about a ratatouille or whatever, he gets it in one box. It's for this customer, the most, let's say, successful introduction in the last years, and you could have an extensive creativity with it. We already has introduced more than 8 different recipes. So let's look at what's going on in the Fresh segments. In Long Fresh, again, which is a combination of frozen goods and what we call ambient or prepared products with a very long shelf life that are sold in the ambient shelves. The combination of both, the principle of that business are fairly similar. We have our plants and we source in a radius of about 150 kilometers around these plants and within 5 or 6 sell these products. The frozen segment, of course, branched as we've seen, and [Technical Difficulty] in the case of prepared, they are, let's say, [Foreign Language] this was a technical term, so that they get to Long Fresh. But it's the same type of business model where you source in a close neighborhood and have this very, very close and active relationship with the grower community. There, again, I will cite a few examples that give you the flavor of what we're trying to achieve. We've invested quite heavily in a new sauce kitchen and a large factory in [Technical Difficulty]. And out of this kitchen also developed a new and will continue to do so by the way in different packaging forms. We believe that in order to dynamize, re-dynamize a little bit the prepared section will have to come up with different packaging forms. Again, next year, we will probably announce something also in that area. In this slide, we're mentioning, for instance, little sachets that we can produce, that we'll be able to, of course, mix in our meal kits, which also gives a little bit of a flavor of how the different divisions can find synergies amongst each other. We also like to see, and Nicolas will talk about it later, is that we've invested quite a bit in capacity expansion, especially in our Frozen division also because we see the opportunities. The Frozen division sells its product in 80 different countries. We have 9 factories in 4 different countries, and we see really the [Audio Gap] and we believe that the reason why we have performed so well, and Nicolas will comment more on it, is that despite different circumstances, we've been able to guarantee our service levels, thanks to the fact that we have the diversified footprint. But we're coming to a point where capacity expansion will immediately lead to more business. We're not going to expand the capacity and then have to search for more business. We're expanding the capacity because we have the demands right now. And the last comment is on Gigi, which I will not repeat. And with this, I leave the word to Nicolas who have a special highlight first on ESG.

Good afternoon. Also on my behalf, I would like to welcome you to this call. When we look to the ESG ambitions and especially the realizations, we have to underline as well that next to the very important topics of ESG, which is the nature of this company, like we always say, we are at a good side of the fence. Discuss also some financial impacts, reaching the 4 targets in our sustainability-linked loans will reduce our interest rate at 7.5 basis points for this year. And since the 2nd of April, also are involving -- our factoring lines are linked to sustainability, which will have a positive impact of 5 basis points on the factoring given or thanks to reaching our targets on sustainability. When we look to the carbon dioxide, we did a lot of investments in the past year in solar panels in Bree, in Westrozebeke and we have a lot of -- in Barendrecht, excuse me, we have a lot of solar panels coming into play and coming active the past months. We are applying for a windmill project in Bree as well and also studying Frozen in Poland -- solar panels for Frozen in Poland. When you look to the water usage, we had a difficult year the past year. The vegetables came quite dirty from the field. So we had to wash quite often to start and producing and froze and prepare plants, but even taking that into account, we reached our target in the water usage and water intensity, we reached a better target because that's then linked to your production value is decreasing as well. We are studying for 2 plants in Bree again and Westrozebeke Water as a Service and to cannibalize the cost of water and to make sure that what we use is back to the level of drinkable water and it goes out of the factory. Waste is also an important factor. The food waste, the avoidable food waste we should reduce by 50% by 2030. Also now, it was quite difficult due to [Audio Gap] coming from the field, but also there, we use then the peels of the vegetables for biogas or food to animal [Audio Gap] cultivation, of course, we give it to food banks when we have excess waste. Packaging, 99% already recyclable, but also already preparing for the future by the ban on plastics for some fruits and vegetables. So we installed also a new packaging line in one of our factories to replace the plastic packaging by convertibles packaging. And in responsible sourcing, the target there is to have 100% certified for higher-risk countries by 2025 and 100% for medium-risk countries by 2030. And also there, we are on our way to reach our targets. When we go a bit more into detail in the financial side, first half of the year, the revenue increased with more than 11% and second half a bit lower to 10% to a record high result of EUR 5.1 billion. This is like-for-like and officially reported is EUR 5.135 billion but that's including some countries assigned for reorganization or divestment like Fresh U.K. and Fresh France. The EBITDA increased to (sic) [ with ] 11.5%, more than the increase in revenue, to EUR 186.5 million. The margin kept stable at 3.6% even given the different market circumstances, the price pressures, inflation compensation measures we had to take. So we are proud to keep it stable at 3.6% and had that absolute increase to EUR 186.5 million. Net financial debt decreased with 4%. On the following slides, I come a bit deeper into the free cash flow. But the combination of net financial debt decrease nevertheless also there inflation impacts on inventory levels and on the working capital, we were able to decrease the leverage ratio to 1.87x and also that decrease next to the ESG impact, of course, will lead to a reduction of interest rates, next, of course, to the absolute decrease of the net financial debt will increase the interest, but the leverage ratio decrease will have a positive impact on the financial costs for the loans, RCF and term loans of 25 basis points. The net profit increased to EUR 15.2 million, thanks to the high operational result. Now that's a bit compensated by EUR 14 million more interest due to the increased interest rates. Recall that in September 2022, EURIBOR was still lower than 1% and the whole '23-'24 year we had that high EURIBOR of close to 4% and thanks to -- and also due to a bit higher depreciation of EUR 6.5 million, but that's mainly due to the fact that we invested lot in the group in the past month. So that has a positive impact for the future profitability of the group, and that led to the EUR 15.2 million net profit. When we see the P&L, the gross margin increased from 6.3% to 6.5%, also thanks to the weight shift a bit in the group, the Long Fresh segment close to EUR 1 billion revenue, 20% almost of our revenue and 80% is our Fresh segment. The Long Fresh segment increased their margin or their EBITDA margin to 9% but also the gross margin increased, thanks to the shift in weight from between Fresh and Long Fresh and the increase of margin in the Long Fresh segment. EBITDA increased to EUR 180 million. So the gap between adjusted EBITDA and EBITDA is a lot lower due to the impact of reorganization the past years in the group and only the biggest impact between adjusted EBITDA and EBITDA is still some of the organization costs on the one hand side, but on the other hand, as already mentioned, closure of Fresh U.K. and reorganization in Fresh France. The bridge from EBITDA to EBIT, as I said, EUR 6.5 million more depreciation and amortization and the rest is, of course, thanks to the higher operational result. Result before taxes, EUR 20 million. And like we always say, there are 2 certainties like debt and taxes. The taxes amount to EUR 5 million. Thanks to the increased profit in the Netherlands and some tax measures we took, we were able to increase the deferred tax assets so that we could keep our tax rate at 25%, stable also for the future. We still have taxes that are not yet put on in deferred tax assets. So we still see room for improvement in the tax rate or keep the tax rate stable at 25%. Earnings per share, as already mentioned by Francis, the Board will propose to the general assembly to increase the dividend from EUR 0.10 to EUR 0.25 per share. The earnings per share itself increased from EUR 0.16 to EUR 0.28. The goal is to keep the dividend policy stable for the coming years. And by, of course, the actions of the team and the company, we are planning to increase the net profit, helped, of course, by further reduction of the leverage ratio and the interest rates and by improving the operational result. You know our guidance is between -- within 2 years to have an EBITDA [Audio Gap] and that should flow through to the net profit. By increasing the net profit, the dividend percentage will decline automatically, but we are planning to keep the EUR 0.25 still for the future. When we have a review of the segments, Fresh and Long Fresh, in the Fresh segment, already shortly touched upon by Francis. We saw a small decrease of the EBITDA margin of 2.5% to 2.3%. There is a huge battle fought in retail still and often is the fresh fruit and veg used as key product in that battle for the consumer. So we see a lot of pressure at retail from fresh fruit and veg on the one hand side. On the other hand side, we see start-up losses of a new customer in one of our countries, one ICR customer in one of our countries that led to a decline in the EBITDA in that country that you see in the decrease from 2.5% to 2.3%. On an absolute level, nevertheless, we see an increase of EUR 1.6 million to EUR 96.7 million EBITDA. When we look to the Long Fresh segment, shy of EUR 1 billion revenue, just the last push we missed to really show EUR 1 billion but now that we have that EUR 1 billion revenue in the Long Fresh segment, EBITDA increased by 23.4% and the EBITDA margin from 8.3% to 9%, which was a fantastic result, thanks to the combination from a lot of what's so-called inflation compensation measures on the one hand side, increased productivity levels and efficiency in the factories which led to that fantastic result of EUR 89.2 million. And when you look to the combination of Fresh and Long Fresh, almost a 50-50 spread. Important to know, we know that we are often seen as a Fresh company but more than 50% of our capital employed is in the Long Fresh segment. So we are a more industrial company when you look to the capital employed, but also in the Long -- in the Fresh segment, you see a further industrialization and an increase of the value chain of the Fresh segment towards the customer in our ICR relations, which would lead to a higher net profit or a higher EBITDA percentage in Fresh segment as well. When we look to the half year figures, not going too much into detail, but you clearly see here a seasonality difference. The Q1 of our accounting year of the second quarter of the calendar year and the Q4 of the accounting year, you see clearly the peak period of the Fresh segment, while in the Long Fresh segment, you see in Q3 and Q4, the very high [Audio Gap] and the very high sales because more prepared and frozen vegetables and fruit are consumed in the winter months. When we go to the capital allocation and the leverage, we want to give a bit more insight and split the CapEx we spent as a company into the pure maintenance CapEx, what do we need to replace existing equipment and machinery and what do we invest in the growth of the company in expansion of the capacity business cases with the real return on investment. Of course, sometimes maintenance also has a return on investment in energy saving measures and so on, but expansion CapEx is here really seen as investment in the future and expansion of the group. There you see that we invested EUR 18 million, that included in Long Fresh sauce unit, cauliflower cheese lines, automation investments in production facilities and in the Fresh segment, for example, new trailers, e-trucks and normal trucks, but also the citrus and mango lines and further automation of our services in the Fresh segment. The difference in free cash flow, EUR 35 million of free cash flow. Working capital was hurt a bit last year or less positive than the year before due to the fact that 2 elements, inventory still consumed EUR 31 million of our free cash flow due to the inflationary impact on inventory levels of Long Fresh. As you probably know that Long Fresh has a high inventory level of a bit shy of 6 months of inventories, so close to EUR 400 million, a bit more than even than EUR 400 million inventory in Long Fresh, was increased to EUR 31 million due to the inflation pressure on the inventory levels, not due to the fact that we have more inventory and number of days of inventory, but due to the value increase of the inventory levels. And secondly, the 31st of March last year or last accounting year, this calendar year was on a Sunday and the year before, it was on a Friday evening and 2 days less in the cash flow and then the factoring often is EUR 10 million to EUR 15 million cash per day difference and ending the year on a Sunday led to also an impact on the working capital. And it was at that moment also Easter weekend. So it was a very big weekend at that moment. On the slide, you see as well the evolution again from the leverage ratio and the net financial debt, which leads, as I said, to a decrease of the interest as from the moment we publish our annual accounts. The debt position at year end, we have -- we started with a term loan of EUR 220 million in the last year of EUR 200 million at the refinancing, and we increased that last year EUR 45 million [Audio Gap] EUR 5 million of total available lines in the meantime from the term loan, EUR 37.5 million is repaid and from our EUR 245 million last year, give or take, EUR 60 million was drawn at the end of the accounting year. So we have an important headroom available to us to go with the growth of the group. Factoring position was a bit less than EUR 309 million. Last year, it was EUR 304 million. So the decrease in financial debt is absolutely not a transfer to factoring -- towards factoring, but the factoring also decreased slightly. The net financial debt continues to improve. EUR 266 million financial debt excluded the lease part of the right of use assets and lease liabilities. The assets and the working capital was less positive this year, but there's still a positive impact on the free cash flow and on the debt. We paid EUR 5 million dividends. That is something we didn't have last year and EUR 15.7 million more interest were paid, which is an important one. As said, the interest rates were still a lot lower the year before. And this year, EURIBOR increase has not only an impact on the financial debt, but also on the factoring costs, at least it led to this important impact on the cash flow. But nevertheless, thanks to the good operational results, we were able to decrease the net financial debt. Then we look to the strategic priorities and outlook. Francis?

Yes. Whenever we have context like that, we'd like to repeat what our 6 strategic pillars are. What are strategic pillars? What are the things that you want to be especially good at or you want to be different than your competitors? Of course, health and sustainability. I think Nicolas has covered that. It's at the heart of everything we do. And of course, with this, we're also, I would say, in the heart of big global trends that we see. Unique ICR, a way of working for integrated customer relationships is at the heart. Sometimes I even go as far as saying we would like to have less customers with a broader range than more customers in the sense that working on a broad range you're ranked immediately at a higher level of discussion, thinking about the assortments and driving the assortment strategically rather than to be in a trading operation. So it's really very much at the heart of what we do. The next one, I think I've covered already also in the sense that I said there's more special years when it comes to climate and weather than normal years. So in the future, working together with growers, whether they are around your factories like in Long Fresh or around the globe when it comes to Fresh, will be increasingly important because we feel this variability will increase. And in order to deliver to the customers what they need, you're going to have [Audio Gap] link with the grower community. The fourth one is impactful innovation. You'll tell me what any company needs to innovate. I think we're hinting here especially at bringing the innovation so as to make food and vegetable consumption tasty and convenience. I'll leave it at that. The fifth one, I talked about operational excellence needs also. We are in a high volume, relatively low margin business. We need to be able to continuously take the unnecessary steps and to improve, let's say, our operational excellence every year, it's absolutely necessary. But by this, I also open the door to say that we still see quite a bit of opportunities to automate and to take away non-value-added steps in our operations. And the fifth one is, again, I think I've covered this with the performance, we like to stand for a high-performance culture with a human touch in the sense that we realize that now it's the people that make the difference. We live in a competitive environment. Our people know it, but at the same time, we'd like to be close to them and understand their day-to-day concerns and to make sure that they're happy to come to work and work in this environment. Nicolas?

Like I already said, we would like to confirm our outlook for the accounting year '25-'26 to go to a net sales of EUR 5.4 billion and an adjusted EBITDA of EUR 200 million to EUR 210 million. In the analyst call, somebody asked us why don't you give guidance for next year, but the answer of Francis was, at the moment, we are in a very volatile world, and we like to give more longer-term guidance than year-by-year guidance but we are confirming with a very good result on this year of EUR 186.5 million, again, the EUR 200 million to EUR 210 million mark by '25-'26.

Thank you very much, gentlemen. I think it's now time for questions. You have the option to also write your question in the platform. We will pick those questions up and hand them over to our management and we will give you maybe 1 minute to ask further questions.

It's nice to see that we have a gentleman even from Korea listening in to our story. The question is, [Audio Gap] vegetables to Korea again? I know that we've been quite present in -- actually in frozen fruits in Korea. But yes, the answer is yes. Give us your e-mail address, and we'll be in contact. We are quite present in Asia, but more to markets like Australia, where we're the #1, let's say, the #1 exporter to that market. So yes, in the frozen products, our products travel well and products with a good quality are very often well seen in markets that -- I can't judge for Korea, but some markets are fairly small. And for that reason, it does not make sense for them to build up a full frozen veg industry because, of course, you need to grow its special varieties, you need quite a bit of scale in order to freeze them in. So the answer is yes, please let me know of your e-mail address, and I'll make sure -- oh, I see it there. I'll make sure that you get contacts.