Whereas cash conversion was very strong in 2020 it was very weak over the past two years. Working capital has tripled twice to well over €100m. The high inventories are of course the culprit, this was well flagged because of supply chain issues. Yet I wonder, when will these inventory levels moderate and to what level?

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Continue ReadingWhereas cash conversion was very strong in 2020 it was very weak over the past two years. Working capital has tripled twice to well over €100m. The high inventories are of course the culprit, this was well flagged because of supply chain issues. Yet I wonder, when will these inventory levels moderate and to what level?

Figures show stable volumes and higher unit margins in both petroleum product distribution and support & service. First-quarter results augur well for the future, with growth in adjusted net income (excluding exceptional costs in Haiti and acquisition costs).

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Continue ReadingFigures show stable volumes and higher unit margins in both petroleum product distribution and support & service. First-quarter results augur well for the future, with growth in adjusted net income (excluding exceptional costs in Haiti and acquisition costs).