Exhibit |
Description
|
NAYAX LTD.
|
|||
By:
|
/s/ Gal Omer | ||
Name: Gal Omer
|
|||
Title: Chief Legal Officer
|
|||
|
• |
Revenue of $235.5 million, an increase of 36% year-over-year; recurring revenue from SaaS and processing fees increased 44% year-over-year, comprising 64% of total revenue.
|
|
• |
Gross margin improved to 37.5% from 34.6% mainly due to higher hardware margins, from 9% to 19%.
|
|
• |
Operating loss reduced to $12.4 million, compared to an operating loss of $34.0 million.
|
|
• |
Loss for the period improved by $21.6 million to $15.9 million or ($0.48) per share for 2023, compared to a net loss of $37.5 million, or ($1.14) per share.
|
|
• |
Adjusted EBITDA improved by $20.9 million to $8.2 million, compared to adjusted EBITDA loss of $12.7 million.
|
|
• |
Generated positive operating cash flow of $8.8 million and ended the year with $38 million in cash and cash equivalents.
|
|
• |
As of December 31, 2023, debt balances stood at $52.8 million, out of which approximately $20 million was used to acquire Retail Pro International.
|
|
• |
Total transaction value grew 54% to $3.65 billion.
|
|
• |
Number of processed transactions increased 41% to 1.84 billion.
|
|
• |
Revenue of $66.6 million, an increase of 31% year-over-year; recurring revenue from SaaS and processing fees increased 43% year-over-year, comprising 63% of total revenue.
|
Revenue Breakdown Summary
|
Q4 2023 ($M)
|
Q4 2022 ($M)
|
Growth (%)
|
SaaS revenue
|
16.2
|
12.8
|
27%
|
Payment processing fees
|
26.0
|
16.8
|
55%
|
Total recurring revenue (*)
|
42.2
|
29.6
|
43%
|
POS devices revenue (**)
|
24.4
|
21.3
|
15%
|
Total revenue (***)
|
66.6
|
50.9
|
31%
|
|
• |
Gross margin improved to 39.9% from 33.4% mainly due to higher hardware margins, from 9% to 24%.
|
|
• |
Operating loss reduced to $2.0 million, compared to an operating loss of $7.4 million.
|
|
• |
Adjusted EBITDA improved by 6.5 million, to $4.0 million, compared to adjusted EBITDA loss of $2.5 million.
|
|
• |
Loss for the period reduced to $3.3 million, or ($0.10) per share, from a loss of $7.5 million or ($0.23) per share.
|
|
• |
Customer expansion continued at a healthy pace, adding 12,000 new customers in the quarter, bringing the total customer base to over 72,000 as of December 31, 2023, an increase of 53% year-over-year. The number of customers includes
7,500 Retail Pro customers, which were included for the first time in Q4 2023.
|
|
• |
Dollar-based net retention rate remains high at 144%, reflecting strong customer satisfaction, while customer churn rate remained low at 3.4%.
|
|
• |
Nayax added 171,000 managed and connected devices during the quarter, driven by robust customer demand, bringing the total number of managed and connected devices to 1,044,000 as of year-end 2023, a year over year increase of 44%. The
number of managed and connected devices includes 130,000 generated by Retail Pro, included for the first time in Q4 2023.
|
|
• |
Total transaction value increased by 43% to $975 million, and number of processed transactions grew by 35% to 511 million.
|
|
• |
On November 30, 2023, we acquired Retail Pro, a global leader in retail POS software with Tier 1 global brand names across the world and an extensive distribution network of over 80+ partner resellers. This transaction will triple our
distributor network to over 120 partner resellers and will extend our scale and provide additional meaningful opportunities to cross-sell our payment solutions to Retail Pro’s customer base and their distribution channels.
|
|
• |
Success with Nayax’ new support hub rollout, increasing efficiencies, reducing technical support calls and case times to desired service level agreement (“SLA”).
|
|
• |
License granted for Nayax Financial services (NFS) from the UK FCA. Nayax transferred all UK customers from European licenses to NFS in line with regulation requirements.
|
|
• |
Started introducing Deferred Online functionality in readers on trains of the Deutsche Bahn (German Railways), enabling Nayax to increase card acceptance and sales in tunnels and regions with bad cellular network reception.
|
Key Performance Indicators
|
Q4 2023
|
Q4 2022
|
Growth (%)
|
Total transaction value ($m)
|
975
|
681
|
43%
|
Number of processed transactions (millions)
|
511
|
378
|
35%
|
Take rate % (payments) (*)
|
2.66%
|
2.47%
|
0.19%
|
Managed and connected devices (**)
|
1,044,000
|
725,000
|
44%
|
Public Relations Contact:
|
Investor Relations Contact:
|
Scott Gamm
|
Aaron Greenberg
|
Strategy Voice Associates
|
Chief Strategy Officer
|
Scott@strategyvoiceassociates.com
|
Aarong@nayax.com
|
December 31
|
||||||||||||
2023
|
2022
|
|||||||||||
(Audited)
|
||||||||||||
Note
|
U.S. dollars in thousands
|
|||||||||||
ASSETS
|
||||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
7
|
38,386
|
33,880
|
|||||||||
Restricted cash transferable to customers for processing activity
|
8
|
49,858
|
34,119
|
|||||||||
Short-term bank deposits
|
1,269
|
83
|
||||||||||
Receivables in respect of processing activity
|
43,261
|
25,382
|
||||||||||
Trade receivable, net
|
9
|
41,300
|
27,412
|
|||||||||
Inventory
|
20,563
|
23,807
|
||||||||||
Other current assets
|
8,772
|
5,777
|
||||||||||
Total current assets
|
203,409
|
150,460
|
||||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Long-term bank deposits
|
2,304
|
1,336
|
||||||||||
Other long-term assets
|
5,883
|
2,948
|
||||||||||
Investment in associate
|
5,024
|
6,579
|
||||||||||
Right-of-use assets, net
|
10
|
5,341
|
7,381
|
|||||||||
Property and equipment, net
|
11
|
5,487
|
6,668
|
|||||||||
Goodwill and intangible assets, net
|
12
|
96,411
|
55,116
|
|||||||||
Total non-current assets
|
120,450
|
80,028
|
||||||||||
TOTAL ASSETS
|
323,859
|
230,488
|
||||||||||
December 31
|
||||||||||||
2023
|
2022
|
|||||||||||
(Audited)
|
||||||||||||
Note
|
U.S. dollars in thousands
|
|||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Short-term bank credit
|
13
|
47,477
|
7,684
|
|||||||||
Current maturities of long-term bank loans
|
13
|
1,101
|
1,052
|
|||||||||
Current maturities of loans from others and other long-term liabilities
|
14, 15
|
5,422
|
4,126
|
|||||||||
Current maturities of lease liabilities
|
10
|
2,145
|
2,206
|
|||||||||
Payables in respect of processing activity
|
104,523
|
63,336
|
||||||||||
Trade payables
|
17,464
|
14,574
|
||||||||||
Other payables
|
25,650
|
17,229
|
||||||||||
Total current liabilities
|
203,782
|
110,207
|
||||||||||
NON-CURRENT LIABILITIES:
|
||||||||||||
Long-term bank loans
|
13
|
327
|
1,444
|
|||||||||
Long-term loans from others and other long-term liabilities
|
14,15
|
14,476
|
7,062
|
|||||||||
Post-employment benefit obligations, net
|
427
|
403
|
||||||||||
Lease liabilities
|
10
|
4,149
|
5,944
|
|||||||||
Deferred income taxes
|
16
|
3,108
|
793
|
|||||||||
Total non-current liabilities
|
22,487
|
15,646
|
||||||||||
TOTAL LIABILITIES
|
226,269
|
125,853
|
||||||||||
EQUITY:
|
17
|
|||||||||||
Shareholders Equity:
|
||||||||||||
Share capital
|
8
|
8
|
||||||||||
Additional paid in capital
|
153,524
|
151,406
|
||||||||||
Capital reserves
|
9,643
|
9,771
|
||||||||||
Accumulated deficit
|
(65,585
|
)
|
(56,550
|
)
|
||||||||
TOTAL EQUITY
|
97,590
|
104,635
|
||||||||||
TOTAL LIABILITIES AND EQUITY
|
323,859
|
230,488
|
Year ended December 31
|
||||||||||||||||
2023
|
2022
|
2021
|
||||||||||||||
(Audited)
|
||||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Note
|
(Excluding loss per share data)
|
|||||||||||||||
Revenues
|
18
|
235,491
|
173,514
|
119,134
|
||||||||||||
Cost of revenues
|
19
|
(147,198
|
)
|
(113,476
|
)
|
(70,970
|
)
|
|||||||||
Gross Profit
|
88,293
|
60,038
|
48,164
|
|||||||||||||
Research and development expenses
|
20
|
(21,928
|
)
|
(22,132
|
)
|
(19,040
|
)
|
|||||||||
Selling, general and administrative expenses
|
21
|
(70,320
|
)
|
(64,092
|
)
|
(45,379
|
)
|
|||||||||
Depreciation and amortization in respect of technology and capitalized development costs
|
12
|
(6,430
|
)
|
(4,268
|
)
|
(3,810
|
)
|
|||||||||
Other expenses
|
1a,6b
|
|
(444
|
)
|
(1,790
|
)
|
(1,879
|
)
|
||||||||
Share of loss of equity method investee
|
(1,555
|
)
|
(1,794
|
)
|
(538
|
)
|
||||||||||
Loss from ordinary operations
|
(12,384
|
)
|
(34,038
|
)
|
(22,482
|
)
|
||||||||||
Finance expenses, net
|
22
|
(2,288
|
)
|
(3,020
|
)
|
(1,655
|
)
|
|||||||||
Loss before taxes on income
|
(14,672
|
)
|
(37,058
|
)
|
(24,137
|
)
|
||||||||||
Tax expenses
|
16
|
(1,215
|
)
|
(451
|
)
|
(632
|
)
|
|||||||||
Loss for the year
|
(15,887
|
)
|
(37,509
|
)
|
(24,769
|
)
|
||||||||||
Attribution of loss for the year:
|
||||||||||||||||
To shareholders of the Company
|
(15,887
|
)
|
(37,509
|
)
|
(24,763
|
)
|
||||||||||
To non-controlling interests
|
-
|
-
|
(6
|
)
|
||||||||||||
Total
|
(15,887
|
)
|
(37,509
|
)
|
(24,769
|
)
|
||||||||||
Loss per share attributed to shareholders of the Company:
|
||||||||||||||||
Basic and diluted loss per share
|
23
|
(0.479
|
)
|
(1.143
|
)
|
(0.820
|
)
|
Year ended December 31
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
(Audited)
|
||||||||||||
U.S. dollars in thousands
|
||||||||||||
Loss for the year
|
(15,887
|
)
|
(37,509
|
)
|
(24,769
|
)
|
||||||
Other comprehensive income (loss) for the year:
|
||||||||||||
Items that will not be recycled to profit or loss:
|
||||||||||||
Gain (loss) from remeasurement of liabilities (net) in
|
||||||||||||
respect of post-employment benefit obligations
|
-
|
146
|
431
|
|||||||||
Items that may be recycled to profit or loss:
|
||||||||||||
Gain (loss) from translation of financial statements of foreign activities
|
(170
|
)
|
(374
|
)
|
87
|
|||||||
Gains on cash flow hedges
|
42
|
-
|
-
|
|||||||||
Total comprehensive loss for the year
|
(16,015
|
)
|
(37,737
|
)
|
(24,251
|
)
|
||||||
Attribution of total comprehensive income (loss) for the year:
|
||||||||||||
To shareholders of the Company
|
(16,015
|
)
|
(37,737
|
)
|
(24,181
|
)
|
||||||
To non-controlling interests
|
-
|
-
|
(70
|
)
|
||||||||
Total comprehensive loss for the year
|
(16,015
|
)
|
(37,737
|
)
|
(24,251
|
)
|
Equity attributed to shareholders of the Company
|
||||||||||||||||||||||||||||||||||||
Share
capital |
Additional paid in capital
|
Remeasurement of post-employment benefit obligations
|
Other capital reserves
|
Foreign currency translation reserve
|
Accumulated
deficit |
Total equity attributed to shareholders of the Company
|
Non-
controlling interests |
Total
equity |
||||||||||||||||||||||||||||
U.S. dollars in thousands
|
||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
7
|
16,689
|
(329
|
)
|
9,324
|
243
|
(13,433
|
)
|
12,501
|
-
|
12,501
|
|||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
-
|
-
|
-
|
(24,763
|
)
|
(24,763
|
)
|
(6
|
)
|
(24,769
|
)
|
|||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
431
|
-
|
151
|
-
|
582
|
(64
|
)
|
518
|
||||||||||||||||||||||||||
Non-controlling interests from business combination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,530
|
1,530
|
|||||||||||||||||||||||||||
IPO (See note 1a2)
|
1
|
132,559
|
-
|
-
|
-
|
-
|
132,560
|
-
|
132,560
|
|||||||||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
205
|
-
|
-
|
205
|
(1,460
|
)
|
(1,255
|
)
|
|||||||||||||||||||||||||
Business combination under common control
|
-
|
-
|
-
|
(26
|
)
|
-
|
-
|
(26
|
)
|
-
|
(26
|
)
|
||||||||||||||||||||||||
Employee options exercised
|
*
|
1,118
|
-
|
-
|
-
|
-
|
1,118
|
-
|
1,118
|
|||||||||||||||||||||||||||
Share-based payment
|
-
|
-
|
-
|
-
|
-
|
9,499
|
9,499
|
-
|
9,499
|
|||||||||||||||||||||||||||
Balance at December 31, 2021
|
8
|
150,366
|
102
|
9,503
|
394
|
(28,697
|
)
|
131,676
|
-
|
131,676
|
||||||||||||||||||||||||||
Changes during the year;
|
||||||||||||||||||||||||||||||||||||
Loss for the year
|
(37,509
|
)
|
(37,509
|
)
|
(37,509
|
)
|
||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
146
|
-
|
(374
|
)
|
-
|
(228
|
)
|
-
|
(228
|
)
|
||||||||||||||||||||||||
Employee options exercised
|
*
|
1,040
|
-
|
-
|
-
|
-
|
1,040
|
-
|
1,040
|
|||||||||||||||||||||||||||
Share-based payment
|
-
|
-
|
-
|
-
|
-
|
9,656
|
9,656
|
-
|
9,656
|
|||||||||||||||||||||||||||
Balance at December 31, 2022
|
8
|
151,406
|
248
|
9,503
|
20
|
(56,550
|
)
|
104,635
|
-
|
104,635
|
||||||||||||||||||||||||||
Changes during the year;
|
||||||||||||||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
-
|
-
|
-
|
(15,887
|
)
|
(15,887
|
)
|
-
|
(15,887
|
)
|
||||||||||||||||||||||||
Other comprehensive (loss) for the year
|
-
|
-
|
-
|
42
|
(170
|
)
|
-
|
(128
|
)
|
-
|
(128
|
)
|
||||||||||||||||||||||||
Employee options exercised
|
*
|
2,118
|
-
|
-
|
-
|
-
|
2,118
|
-
|
2,118
|
|||||||||||||||||||||||||||
Share-based payment
|
-
|
-
|
-
|
-
|
-
|
6,852
|
6,852
|
-
|
6,852
|
|||||||||||||||||||||||||||
Balance at December 31, 2023
|
8
|
153,524
|
248
|
9,545
|
(150
|
)
|
(65,585
|
)
|
97,590
|
-
|
97,590
|
Year ended December 31
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
(Audited)
|
||||||||||||
U.S. dollars in thousands
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net loss for the year
|
(15,887
|
)
|
(37,509
|
)
|
(24,769
|
)
|
||||||
Adjustments required to reflect the cash flow from operating activities (see Appendix A)
|
24,685
|
9,962
|
11,963
|
|||||||||
Net cash provided by (used in) operating activities
|
8,798
|
(27,547
|
)
|
(12,806
|
)
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Capitalized development costs
|
(15,948
|
)
|
(13,706
|
)
|
(6,059
|
)
|
||||||
Acquisition of property and equipment
|
(611
|
)
|
(1,518
|
)
|
(2,637
|
)
|
||||||
Loans extended to others
|
(1,432
|
)
|
-
|
-
|
||||||||
Investments in associates
|
-
|
-
|
(6,449
|
)
|
||||||||
Loans repaid by shareholders
|
-
|
-
|
61
|
|||||||||
Increase in bank deposits
|
(2,154
|
)
|
(480
|
)
|
(352
|
)
|
||||||
Payments for acquisitions of subsidiaries, net of cash acquired
|
(18,330
|
)
|
440
|
418
|
||||||||
Payment of deferred consideration with respect to business combinations
|
-
|
(4,500
|
)
|
(7,335
|
)
|
|||||||
Interest received
|
1,684
|
76
|
2
|
|||||||||
Investments in financial assets
|
(195
|
)
|
(6,856
|
)
|
(446
|
)
|
||||||
Proceeds from sub-lessee
|
155
|
-
|
158
|
|||||||||
Net cash used in investing activities
|
(36,831
|
)
|
(26,544
|
)
|
(22,639
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Initial public offering (IPO)
|
-
|
-
|
132,560
|
|||||||||
Interest paid
|
(2,651
|
)
|
(504
|
)
|
(630
|
)
|
||||||
Changes in short-term bank credit
|
39,135
|
5,874
|
(11,393
|
)
|
||||||||
Support received (royalties paid) in respect to government assistance plans
|
(55
|
)
|
(40
|
)
|
(199
|
)
|
||||||
Transactions with non-controlling interests
|
-
|
(186
|
)
|
(1,069
|
)
|
|||||||
Repayment of long-term bank loans
|
(998
|
)
|
(2,282
|
)
|
(1,971
|
)
|
||||||
Receipt of long-term loans from others
|
-
|
6,908
|
-
|
|||||||||
Repayment of long-term loans from others
|
(3,626
|
)
|
(2,577
|
)
|
(2,175
|
)
|
||||||
Receipt of loans from shareholders
|
-
|
-
|
8,900
|
|||||||||
Repayment of loans from shareholders
|
-
|
-
|
(8,900
|
)
|
||||||||
Decrease in other long-term liabilities
|
(249
|
)
|
(288
|
)
|
(295
|
)
|
||||||
Employee options exercised
|
2,177
|
1,152
|
718
|
|||||||||
Principal lease payments
|
(2,182
|
)
|
(1,851
|
)
|
(1,406
|
)
|
||||||
Net cash provided by financing activities
|
31,551
|
6,206
|
114,140
|
|||||||||
Increase (Decrease) in cash and cash equivalents
|
3,518
|
(47,885
|
)
|
78,695
|
||||||||
Balance of cash and cash equivalents at beginning of year
|
33,880
|
87,332
|
8,195
|
|||||||||
Gains (losses) from exchange differences on cash and cash equivalents
|
906
|
(6,189
|
)
|
626
|
||||||||
Gains (losses) from translation of cash and cash equivalents of foreign activity
|
82
|
622
|
(184
|
)
|
||||||||
Balance of cash and cash equivalents at end of year
|
38,386
|
33,880
|
87,332
|
Year ended December 31
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
(Audited)
|
||||||||||||
U.S. dollars in thousands
|
||||||||||||
Appendix A – adjustments required to reflect the cash flows from operating activities:
|
||||||||||||
Adjustments in respect of:
|
||||||||||||
Depreciation and amortization
|
12,505
|
9,028
|
7,198
|
|||||||||
Post-employment benefit obligations, net
|
25
|
(107
|
)
|
139
|
||||||||
Deferred taxes
|
(294
|
)
|
(181
|
)
|
25
|
|||||||
Finance expenses, net
|
750
|
4,544
|
269
|
|||||||||
Expenses in respect of long-term employee benefits
|
237
|
245
|
193
|
|||||||||
Share in losses of associate company
|
1,555
|
1,794
|
538
|
|||||||||
Long-term deferred income
|
(85
|
)
|
(104
|
)
|
(26
|
)
|
||||||
Expenses in respect of share-based payment
|
6,027
|
8,747
|
8,850
|
|||||||||
Total adjustments
|
20,720
|
23,966
|
17,186
|
|||||||||
Changes in operating asset and liability items:
|
||||||||||||
Increase in restricted cash transferable to customers for processing activity
|
(15,739
|
)
|
(10,424
|
)
|
(5,529
|
)
|
||||||
Increase in receivables from processing activity
|
(17,880
|
)
|
(10,986
|
)
|
(5,429
|
)
|
||||||
Increase in trade receivables
|
(12,487
|
)
|
(8,272
|
)
|
(5,136
|
)
|
||||||
Increase in other current assets
|
(1,073
|
)
|
(936
|
)
|
(1,352
|
)
|
||||||
Decrease (increase) in inventory
|
3,239
|
(12,592
|
)
|
(2,631
|
)
|
|||||||
Increase in payables in respect of processing activity
|
41,187
|
20,510
|
13,832
|
|||||||||
Increase (decrease) in trade payables
|
1,189
|
4,519
|
(3,775
|
)
|
||||||||
Increase in other payables
|
5,529
|
4,177
|
4,797
|
|||||||||
Total changes in operating asset and liability items
|
3,965
|
(14,004
|
)
|
(5,223
|
)
|
|||||||
Total adjustments required to reflect the cash flow from operating activities
|
24,685
|
9,962
|
11,963
|
|||||||||
Appendix B – Information regarding investing and financing activities not involving cash flows:
|
||||||||||||
Purchase of property and equipment on credit
|
97
|
215
|
118
|
|||||||||
Acquisition of right-of-use assets through lease liabilities
|
338
|
2,048
|
1,428
|
|||||||||
Recognition of Sub lease asset
|
455
|
-
|
-
|
|||||||||
Share based payments costs attributed to development activities, capitalized as intangible assets
|
825
|
909
|
649
|
Quarter ended as of
(U.S. dollars in thousands)
|
||
Dec 31, 2023
|
Dec 31, 2022
|
|
Loss for the period
|
(3,292)
|
(7,513)
|
Finance expense, net
|
932
|
132
|
Tax expense
|
346
|
7
|
Depreciation and amortization
|
3,503
|
2,731
|
EBITDA
|
1,489
|
(4,643)
|
Expenses in respect of share-based compensation
|
1,763
|
1,747
|
Issuance and acquisition costs
|
444
|
100
|
Share of loss of equity method investee (1)
|
311
|
295
|
ADJUSTED EBITDA
|
4,007
|
(2,501)
|
Year ended as of
(U.S. dollars in thousands)
|
|||
Dec 31, 2023
|
Dec 31, 2022
|
Dec 31, 2021
|
|
Loss for the period
|
(15,886)
|
(37,509)
|
(24,769)
|
Finance expense, net
|
2,287
|
3,020
|
1,655
|
Tax expense
|
1,215
|
451
|
632
|
Depreciation and amortization
|
12,505
|
9,028
|
7,198
|
EBITDA
|
121
|
(25,010)
|
(15,284)
|
Expenses in respect of share-based compensation
|
6,033
|
8,747
|
8,850
|
Issuance and acquisition costs
|
444
|
1,790
|
1,879
|
Share of loss of equity method investee (1)
|
1,555
|
1,794
|
538
|
ADJUSTED EBITDA (2)
|
8,153
|
(12,679)
|
(4,017)
|
|
(1) |
Consists primarily of (i) fees and expenses, other than underwriter discount and commissions, incurred in connection with our May 2021 initial public offering on the TASE and (ii) expenses incurred in connection with our listing on Nasdaq
in September 2022.
|
|
(2) |
Share of loss of equity method investee is related to our 2021 investment in Tigapo.
Retail Pro P&L figures are included for the first time in Q4.2023.
|