AUSTRIACARD — Solid Q324 supports FY24 outlook

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AUSTRIACARD

Solid Q324 supports FY24 outlook

Q324 results

Software and comp services

19 November 2024

Price	€5.40
Market cap	€195m
Net debt (€m) at end Q324		104.0

Shares in issue			36.2m
Free float			28%
Code			ACAG

Primary exchange		Athens
Secondary exchange	Vienna Stock Exchange

Share price performance

%	1m	3m	12m
Abs	(8.2)	(9.1)	(10.7)
Rel (local)	(6.9)	(5.7)	(14.8)

52-week high/low

€6.61

€5.25

Business description

AUSTRIACARD is a Vienna-headquartered group of companies with a portfolio of services in secure chip and payment solutions, document lifecycle management and digital transformation technologies for the financial, government and wider private sectors.

Next events

FY24 results

31 March 2025

Analyst

Katherine Thompson

+44 (0)20 3077 5700

tech@edisongroup.com

Edison profile page

AUSTRIACARD is a research client of Edison Investment Research Limited

AUSTRIACARD’s Q324 results confirmed the company made good progress towards its FY24 adjusted revenue and EBITDA targets. The sale of metal cards to banks, a new security printing contract in East Africa and a growing number of digital transformation projects helped generate adjusted revenue growth of 30% y-o-y in Q324 and 14% in the first nine months of 2024 (9M24). Adjusted operating profit grew 52% y-o-y in Q324 and 23% for 9M24, with operating margin expansion of 0.7pp to 10.2% for 9M24. With full-year guidance unchanged, we broadly maintain our forecasts.

Year end	Revenue* (€m)	PBT** (€m)	EPS** (€)	DPS (€)	P/E (x)	Yield (%)
12/22	314.7	23.0	0.42	0.03	12.9	0.5%
12/23	364.6	29.8	0.62	0.10	8.7	1.9%
12/24e	398.7	34.9	0.64	0.11	8.4	2.0%
12/25e	429.1	43.0	0.81	0.15	6.7	2.7%

Note: *Reported, after hyperinflation adjustment. **PBT and EPS (diluted) are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Growth from digital transformation technologies

9M24 revenue of €298.3m was 14% higher y-o-y; Secure Chip and Payment Solutions (SCPS; 61% of revenue) increased 6%, Document Lifecycle Management (DLM; 32% of revenue) increased 16% and Digital Transformation Technologies (DTT; 7% of revenue) increased 154%, as the group has a growing number of DTT projects sourced from existing SCPS and DLM customers as well as new public sector customers. 9M24 adjusted operating profit increased 23% yoy and net income after minority interests increased 14%. Net debt of €104.0m was slightly above the previous quarter, with excess inventory yet to be worked down.

FY24 growth outlook unchanged

For FY24, management continues to expect adjusted revenue growth of c 10% (our forecast 11.4%) and adjusted EBITDA growth of 10–12% (our forecast 12.2%). Our forecasts imply Q424 adjusted revenue growth of 4% and essentially flat adjusted operating profit, which we believe is conservative.

Valuation: Sustained growth to reduce the discount

With a limited number of listed peers for the smart card business and a growing exposure to digital transformation software and services, peer multiple valuation analysis is of limited relevance. On a discounted cash flow basis, using a WACC of 10%, a terminal growth rate of 2%, our pro forma forecasts to FY26, conservative revenue growth of 3% for FY27–33 and flat EBITDA margins from FY27, we arrive at a per share value of €9.74 (up from €9.64/share), 80% above the current share price. In our view, factors that could reduce this gap include further adoption of digital services outside of the Greek public sector, market share gains in the US and other focus payment card markets, faster reduction of net debt, customer wins for card-as-a-service and a further increase in the free float.

Review of Q324 results

Exhibit 1 summarises AUSTRIACARD’s Q324/9M24 results. We show both reported and adjusted results (which exclude the impact of accounting for hyperinflation). In Q324, the effect of IAS 29 hyperinflation accounting for Turkish operations added €1.9m to revenue, €0.2m to adjusted EBITDA and operating profit and reduced net income by €0.4m.

Exhibit 1: Q324 and 9M24 results highlights

	Before hyperinflation accounting				Reported
€m	Q323	Q324	9M23	9M24	Q323	Q324	9M23	9M24
Revenue	82.0	106.2	261.5	298.3	90.0	108.1	271.2	303.5
Gross profit I	38.2	49.7	116.2	137.5	39.6	50.1	117.9	138.3
Gross profit II	19.9	24.5	64.2	73.3	20.8	24.7	65.2	73.8
Adjusted EBITDA	10.6	14.3	36.5	43.1	10.0	13.7	37.3	43.5
Adjusted EBIT	6.5	9.9	24.8	30.4	7.3	10.1	25.6	30.9
EBIT	6.1	9.3	23.8	28.0	6.1	9.3	23.8	28.0
Profit before tax (PBT)	3.3	6.4	18.1	21.2	3.3	6.4	18.2	21.2
Profit after tax (PAT)	2.5	5.1	14.7	16.3	2.5	5.1	14.8	16.3
Net income after minority interest					2.4	5.6	14.2	16.2

Gross margin I	46.6%	46.8%	44.4%	46.1%	44.0%	46.3%	43.5%	45.6%
Gross margin II	24.2%	23.0%	24.5%	24.6%	23.2%	22.8%	24.1%	24.3%
Adjusted EBITDA margin	12.9%	13.5%	13.9%	14.4%	11.2%	12.6%	13.8%	14.3%
Adjusted EBIT margin	8.0%	9.3%	9.5%	10.2%	8.2%	9.3%	9.5%	10.2%
EBIT margin	7.4%	8.7%	9.1%	9.4%	6.8%	8.6%	8.8%	9.2%
Revenue growth y-o-y		29.6%		14.0%		20.1%		11.9%

Source: AUSTRIACARD. Note: Gross profit I is after costs of material and mailing; gross profit II is gross profit I less production costs. Gross profit II is equivalent to reported gross profit.

We discuss results on a pre-hyperinflation accounting basis as this represents the underlying performance of the business. Revenue growth accelerated from 12.4% y-o-y in Q224 to 29.6% in Q324. For 9M24, revenue grew 14.0% y-o-y, well ahead of the company’s target to grow adjusted revenue by c 10% for FY24. Q324 adjusted EBITDA increased 35% y-o-y with the margin expanding 0.6pp to 13.5% and 9M24 adjusted EBITDA increased 18% y-o-y to a margin of 14.4% (+0.5pp y-o-y). The adjusted EBIT margin increased 1.3pp to 9.3% in Q324. Reported EBIT includes €0.8m for management participation schemes that is excluded from adjusted EBIT. Q324 PBT increased 94% y-o-y. The effective tax rate was 20.4% in Q324 and 23.4% for 9M24. Overall, net income after minority interests increased 133% y-o-y for Q324 and 14% y-o-y for 9M24.

Net debt at the end of Q324 was €104.0m, up from €103.3m at the end of H124 and €95.0m at the end of FY23, with net debt/EBITDA of 1.9x. As we have previously written, the company has elevated levels of inventory, built when supply chain issues prompted the need for safety stock. Working capital/revenue was 19.9% for 9M24 and the company is working to reduce this to more like 16–17% over the coming year.

Divisional performance

Exhibit 2 shows revenue by business area and Exhibit 3 shows performance by division (which is on a geographic basis). SCPS revenue in Q324 was stable versus Q224 and up 25% y-o-y, helped by continuing sales of metal cards. For 9M24, SCPS revenue was 6% higher y-o-y. As we have previously written, 9M23 SCPS revenue included €20.6m of wholesale chip sales which have since been stopped; on a like-for-like basis 9M24 revenue was 20.8% higher y-o-y. DLM revenue rose on both a sequential and year-on-year basis due to a new secure printing contract in East Africa. DTT revenue grew 23% y-o-y and for 9M24, was 154% higher as the business is in the implementation phase of several contracts. Exhibit 4 shows a list of indicative projects won by the DTT business. Since we last wrote, the company has added several new projects including a GenAI-based document understanding project for a Romanian bank, digital archiving services for a Turkish industrial, contract management and digital archiving for a Turkish fintech and a KYC/AML project for a Swiss bank. These show that the company’s strategy to work on a geographic basis to drive cross-selling is starting to pay off, with a number of DTT projects won with existing SCPS customers.

Exhibit 2: Revenue by business area

€m	Q123	Q223	Q323	9M23	Q124	Q224	Q324	9M24
Secure Chip and Payment Solutions (SCPS)	60.4	60.4	50.3	171.1	55.3	63.4	63.1	181.8
Document Lifecycle Management (DLM)	26.0	28.3	27.8	82.1	28.5	28.5	38.4	95.4
Digital Transformation Technologies (DTT)	2.1	2.3	3.9	8.3	5.9	10.4	4.8	21.1
	88.5	91.0	82.0	261.5	89.7	102.3	106.3	298.3
y-o-y growth
Secure Chip & Payment Solutions					-8.4%	5.0%	25.4%	6.3%
Document Lifecycle Management					9.6%	0.7%	38.1%	16.2%
Digital Transformation Technologies					181.0%	352.2%	23.1%	154.2%
Total					1.4%	12.4%	29.6%	14.1%

Source: AUSTRIACARD

Exhibit 3: Financial performance by region

€m	Q323	Q324	9M23	9M24
Revenue growth
Western Europe/Nordics/Americas		59.3%		13.8%
Central Eastern Europe/DACH		-3.2%		8.3%
Turkey/Middle East/Africa		36.4%		28.5%
Corporate & eliminations		-42.2%		6.0%
Total - adjusted		29.6%		14.0%
Total - reported		20.1%		11.9%

Gross margin I
Western Europe/Nordics/Americas	43.9%	36.8%	43.3%	41.6%
Central Eastern Europe/DACH	43.8%	43.8%	42.2%	44.1%
Turkey/Middle East/Africa	21.9%	59.1%	20.0%	32.4%
Total - adjusted	46.6%	46.8%	44.4%	46.1%
Total - reported	44.0%	46.3%	43.5%	45.6%

Gross margin II
Western Europe/Nordics/Americas	23.1%	23.0%	26.1%	25.5%
Central Eastern Europe/DACH	22.4%	20.6%	21.9%	22.6%
Turkey/Middle East/Africa	12.1%	22.8%	12.0%	15.3%
Total - adjusted	24.2%	23.0%	24.5%	24.6%
Total - reported	23.2%	22.8%	24.1%	24.3%

Adjusted EBITDA margin
Western Europe/Nordics/Americas	10.6%	14.4%	16.0%	16.4%
Central Eastern Europe/DACH	12.4%	11.3%	11.9%	12.7%
Turkey/Middle East/Africa	8.7%	16.7%	9.1%	11.5%
Total - adjusted	12.9%	13.5%	13.9%	14.4%
Total - reported	12.5%	13.4%	13.8%	14.3%

Adjusted operating margin
Western Europe/Nordics/Americas	5.2%	10.4%	11.6%	12.0%
Central Eastern Europe/DACH	8.0%	6.5%	7.5%	8.4%
Turkey/Middle East/Africa	6.7%	15.3%	8.1%	10.6%
Total - adjusted	8.0%	9.3%	9.5%	10.2%
Total - reported	8.2%	9.3%	9.5%	10.2%

Source: AUSTRIACARD

Exhibit 4: Digital Transformation Technologies indicative projects

Source: AUSTRIACARD

Western Europe, Nordics, Americas

Q324 revenue increased 59% y-o-y to €40.8m and 9M24 revenue increased 14% y-o-y to €105.7m. Stripping out the effect of stopping the sale of wholesale chip products, which generated revenue of €18.4m in 9M23, 9M24 revenue was 42% higher y-o-y. The €31.2m like-for-like revenue increase was mainly due to higher sales of metal cards (€20.8m contribution to growth) as well as stronger sales of regular payment cards and related fulfilment and postal services. Q324 gross margin (gross margin II) was essentially flat year-on-year and for 9M24 was 0.6pp lower y-o-y, reflecting the higher cost of metal cards versus plastic cards. 9M24 operating costs were marginally higher year-on-year, with higher R&D costs almost offset by a reduction in other costs. Adjusted EBITDA increased 116% y-o-y to €5.9m and increased 17% y-o-y to €17.4m in 9M24 with a margin of 14.4% (+3.8pp y-o-y) and 16.4% (+0.4pp y-o-y), respectively.

Central Eastern Europe

Q324 revenue declined 3% y-o-y to €52.3m and 9M24 revenue increased 8% y-o-y to €173.9m. For 9M24, DTT projects in Greece and Romania contributed additional revenue of €12.8m. Gross margin declined 1.8pp y-o-y in Q324 and increased 0.7pp y-o-y in 9M24. All operating cost lines increased y-o-y, resulting in a 12% decline in Q324 adjusted EBITDA to €5.9m and a 16% increase in 9M24 adjusted EBITDA to €22.1m with a margin of 11.3% (-1.2pp y-o-y) and 12.7% (+0.8pp yoy) respectively.

Turkey, Middle East and Africa

Q324 revenue increased 36% y-o-y to €20.4m and 9M24 revenue increased 29% y-o-y to €57.9m. For 9M24, a new security printing project in Africa contributed additional revenue of €10.4m and SCPS revenue from the Turkish market increased €2.5m. Gross margin jumped 10.6pp y-o-y in Q324 and increased 3.3pp y-o-y in 9M24. While 9M24 opex (excluding depreciation and amortisation) increased 56% y-o-y, this did not prevent a 162% increase in Q324 adjusted EBITDA to €3.4m and a 62% increase in 9M24 adjusted EBITDA to €6.7m with a margin of 16.7% (+8pp yo-y) and 11.5% (+2.4pp y-o-y) respectively.

Outlook and changes to forecasts

Management maintains its guidance for adjusted revenue growth of c 10% for FY24 and growth in adjusted EBITDA in the range of 10–12%, potentially enhancing margins. With inflation in Turkey moderating (although still at 48.58% in October), we have reduced our IAS 29 adjustments to arrive at reported financials. We maintain our forecasts, which factor in reported revenue growth of 9.4%, adjusted revenue growth of 11.4% and adjusted EBITDA growth of 12.2%. As working capital has not yet started to unwind, we have increased our expectations for working capital cash consumption during FY24, increasing our net debt forecast at year-end and in subsequent years.

Exhibit 5: Changes to forecasts

€m	FY24e				FY25e				FY26e
€m	Old	New	Change	y-o-y	Old	New	Change	y-o-y	Old	New	Change	y-o-y
Revenues	398.6	398.7	0.0%	9.4%	428.4	429.1	0.2%	7.6%	459.1	460.4	0.3%	7.3%
EBITDA	55.9	55.9	0.0%	10.8%	63.8	64.0	0.3%	14.5%	72.1	72.1	0.0%	12.6%
EBITDA margin	14.0%	14.0%	0.0%	0.2%	14.9%	14.9%	0.0%	0.9%	15.7%	15.7%	-0.1%	0.7%
Normalised operating profit	41.8	41.8	0.0%	13.6%	49.2	49.4	0.4%	18.0%	56.9	56.9	0.0%	15.2%
Normalised operating margin	10.5%	10.5%	0.0%	0.4%	11.5%	11.5%	0.0%	1.0%	12.4%	12.4%	0.0%	0.8%
Reported operating profit	35.2	35.2	0.0%	12.1%	42.5	42.7	0.5%	21.4%	50.3	50.2	0.0%	17.5%
Reported operating margin	8.8%	8.8%	0.0%	0.2%	9.9%	10.0%	0.0%	1.1%	10.9%	10.9%	0.0%	0.9%
Normalised PBT	34.9	34.9	0.0%	17.1%	42.9	43.0	0.3%	23.5%	51.4	51.0	-0.8%	18.5%
Reported PBT	27.1	27.6	2.1%	31.5%	35.1	35.8	1.9%	29.6%	43.7	43.8	0.3%	22.3%
Normalised net income	25.3	25.3	0.0%	10.9%	31.8	31.9	0.3%	26.0%	38.8	38.5	-0.9%	20.7%
Reported net income	19.4	19.8	2.2%	25.2%	25.8	26.3	2.0%	32.9%	32.7	32.8	0.3%	24.8%
Normalised basic EPS (€)	0.70	0.70	0.0%	7.0%	0.88	0.88	0.3%	26.1%	1.07	1.06	-0.9%	20.7%
Normalised diluted EPS (€)	0.64	0.64	0.0%	2.8%	0.81	0.81	0.3%	26.1%	0.98	0.97	-0.9%	20.7%
Reported basic EPS (€)	0.53	0.54	2.2%	-16.2%	0.71	0.72	2.0%	33.0%	0.90	0.90	0.3%	24.8%
Dividend per share (€)	0.11	0.11	2.2%	10.3%	0.14	0.15	2.0%	33.0%	0.18	0.18	0.3%	24.8%
Net debt	79.0	83.3	5.4%	3.6%	50.2	51.6	2.9%	-38.0%	20.2	21.8	7.8%	-57.8%
Net debt including leases	93.7	98.0		3.1%	64.9	66.3		-32.3%	34.9	36.5		-45.0%
Net debt including leases/EBITDA (x)	1.7	1.8			1.0	1.0			0.5	0.5

Source: Edison Investment Research

Exhibit 6: Financial summary

31-December	€ m	2019	2020	2021	2022	2023	2024e	2025e	2026e
INCOME STATEMENT		IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS

Revenue		135.0	173.9	178.0	314.7	364.6	398.7	429.1	460.4
Cost of sales		(105.2)	(134.2)	(137.1)	(239.9)	(276.3)	(300.8)	(321.3)	(343.1)
Gross profit		29.8	39.7	40.9	74.9	88.3	97.9	107.8	117.3
Operating costs		(16.8)	(18.5)	(19.1)	(35.7)	(37.9)	(42.0)	(43.8)	(45.2)
EBITDA		13.0	21.1	21.8	39.1	50.4	55.9	64.0	72.1
Normalised operating profit		6.2	12.3	11.4	27.2	36.8	41.8	49.4	56.9
Amortisation of acquired intangibles		(0.1)	(1.4)	(1.4)	(2.5)	(2.5)	(2.5)	(2.5)	(2.5)
Exceptionals		0.0	(1.1)	5.0	(7.9)	(2.9)	(4.1)	(4.1)	(4.1)
Share-based payments		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Reported operating profit		6.1	9.8	15.0	16.8	31.4	35.2	42.7	50.2
Net Interest		(2.7)	(3.3)	(2.7)	(4.3)	(7.1)	(7.2)	(6.6)	(6.1)
Joint ventures & associates (post tax)		0.0	0.0	0.0	0.1	0.1	0.3	0.3	0.3
Exceptionals		0.0	0.0	(0.0)	(4.2)	(3.4)	(0.6)	(0.6)	(0.6)
Profit Before Tax (norm)		3.4	8.9	8.7	23.0	29.8	34.9	43.0	51.0
Profit Before Tax (reported)		3.3	6.5	12.3	8.4	21.0	27.6	35.8	43.8
Reported tax		(1.8)	(1.0)	(2.2)	(3.5)	(4.2)	(6.6)	(8.2)	(9.6)
Profit After Tax (norm)		1.5	7.5	7.2	13.3	23.8	26.5	33.1	39.8
Profit After Tax (reported)		1.5	5.4	10.0	4.8	16.8	21.0	27.6	34.2
Minority interests		(0.1)	(0.3)	(0.8)	(0.7)	(1.0)	(1.2)	(1.3)	(1.3)
Discontinued operations		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income (normalised)		1.5	7.2	6.4	12.6	22.8	25.3	31.9	38.5
Net income (reported)		1.4	5.1	9.2	4.2	15.8	19.8	26.3	32.8

Basic ave. number of shares outstanding (m)		29.3	29.3	29.3	30.0	35.0	36.3	36.3	36.3
EPS - basic normalised (€)		0.05	0.25	0.22	0.42	0.65	0.70	0.88	1.06
EPS - diluted normalised (€)		0.05	0.25	0.22	0.42	0.62	0.64	0.81	0.97
EPS - basic reported (€)		0.10*	0.35*	0.63*	0.28*	0.65*	0.54	0.72	0.90
Dividend (€)		0.00	0.00	0.00	0.03	0.10	0.11	0.15	0.18

Revenue growth (%)			28.8%	2.4%	76.9%	15.8%	9.4%	7.6%	7.3%
EBITDA Margin (%)		9.7%	12.1%	12.3%	12.4%	13.8%	14.0%	14.9%	15.7%
Normalised Operating Margin		4.6%	7.1%	6.4%	8.6%	10.1%	10.5%	11.5%	12.4%

BALANCE SHEET
Fixed Assets		114.2	115.2	145.4	153.8	156.8	157.1	155.9	155.2
Intangible Assets		29.3	31.4	60.7	57.2	55.5	54.6	52.2	50.2
Tangible Assets		80.3	79.6	83.0	90.4	96.3	97.3	98.2	99.3
Investments & other		4.6	4.2	1.8	6.2	5.0	5.2	5.5	5.7
Current Assets		77.3	66.2	81.0	116.4	164.9	189.0	211.5	239.0
Stocks		19.2	19.8	23.2	36.1	58.2	72.5	68.2	70.5
Debtors		21.3	19.3	29.3	40.0	44.7	49.2	52.9	56.8
Cash & cash equivalents		22.3	11.0	11.5	21.6	23.8	30.9	52.6	72.4
Other		14.5	16.1	17.1	18.7	38.3	36.4	37.9	39.3
Current Liabilities		(90.3)	(49.3)	(62.9)	(99.4)	(99.3)	(93.2)	(96.8)	(100.6)
Creditors		(32.1)	(29.8)	(40.3)	(64.8)	(79.4)	(73.3)	(76.9)	(80.7)
Tax and social security		(0.4)	(0.3)	(1.6)	(3.5)	(3.0)	(3.0)	(3.0)	(3.0)
Short term borrowings		(54.6)	(14.9)	(16.2)	(25.3)	(12.7)	(12.7)	(12.7)	(12.7)
Lease liabilities		(2.7)	(2.5)	(4.5)	(2.3)	(3.8)	(3.8)	(3.8)	(3.8)
Other		(0.5)	(1.8)	(0.2)	(3.5)	(0.5)	(0.5)	(0.5)	(0.5)
Long Term Liabilities		(44.6)	(71.4)	(97.3)	(90.0)	(115.2)	(125.2)	(115.2)	(105.2)
Long term borrowings		(19.6)	(46.4)	(72.3)	(62.0)	(91.5)	(101.5)	(91.5)	(81.5)
Lease liabilities		(6.8)	(5.1)	(3.5)	(8.6)	(10.9)	(10.9)	(10.9)	(10.9)
Other long term liabilities		(18.2)	(20.0)	(21.4)	(19.3)	(12.8)	(12.8)	(12.8)	(12.8)
Net Assets		56.5	60.7	66.2	80.8	107.2	127.6	155.3	188.3
Minority interests		(12.5)	(12.0)	(13.0)	(11.6)	(0.8)	(2.0)	(3.2)	(4.5)
Shareholders' equity		44.0	48.7	53.3	69.2	106.4	125.7	152.1	183.8

CASH FLOW
Op Cash Flow before WC and tax		3.3	6.5	12.3	8.4	21.0	27.6	35.8	43.8
Working capital		2.0	(2.0)	(4.0)	2.7	(35.3)	(23.1)	2.8	(3.9)
Exceptional & other		9.9	13.8	6.5	31.4	29.8	27.7	27.6	27.7
Tax		(0.2)	(1.4)	(1.6)	(1.6)	(6.4)	(6.6)	(8.2)	(9.6)
Net operating cash flow		15.0	16.9	13.2	40.9	9.1	25.6	57.9	58.0
Capex		(5.3)	(8.8)	(9.0)	(14.5)	(11.1)	(11.9)	(12.5)	(13.4)
Acquisitions/disposals		(18.7)	0.2	(16.5)	(2.9)	(1.1)	(1.6)	0.0	0.0
Net interest		(2.2)	(2.3)	(2.4)	(4.1)	(7.4)	(7.2)	(6.6)	(6.1)
Equity financing		0.0	0.0	0.0	0.0	0.0	(1.0)	0.0	0.0
Dividends		(0.8)	(0.7)	0.0	0.0	(0.9)	(3.6)	(4.0)	(5.3)
Other		(2.1)	(3.2)	(11.0)	(7.4)	(2.9)	(3.1)	(3.2)	(3.3)
Net Cash Flow		(14.2)	2.2	(25.8)	12.0	(14.2)	(2.9)	31.6	29.8
Opening net debt/(cash)		35.9	51.9	50.2	77.1	65.7	80.3	83.3	51.6
FX		(0.1)	(0.5)	(0.3)	(0.6)	(0.7)	0.0	0.0	0.0
Other non-cash movements		(1.7)	0.0	(0.7)	(0.1)	0.3	(0.0)	0.0	0.0
Closing net debt/(cash)		51.9	50.2	77.1	65.7	80.3	83.3	51.6	21.8

Source: AUSTRIACARD, Edison Investment Research. Note: *Not adjusted for share split in August 2023.

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