RICHARDSON ELECTRONICS LTD / MANAGEMENT DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)

0
Certain statements in this report may constitute "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act of 1995. The
terms "may," "should," "could," "anticipate," "believe," "continues,"
"estimate," "expect," "intend," "objective," "plan," "potential," "project" and
similar expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. These statements
are based on management's current expectations, intentions or beliefs and are
subject to a number of factors, assumptions and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. Factors that could cause or contribute to such differences or that
might otherwise impact the business include the risk factors set forth in our
Annual Report on Form 10-K filed on August 2, 2021. We undertake no obligation
to update any such factor or to publicly announce the results of any revisions
to any forward-looking statements contained herein whether as a result of new
information, future events or otherwise.

In addition, while we do, from time to time, communicate with securities
analysts, it is against our policy to disclose to them any material non-public
information or other confidential commercial information. Accordingly,
stockholders should not assume that we agree with any statement or report issued
by any analyst irrespective of the content of the statement or report. Thus, to
the extent that reports issued by securities analysts contain any projections,
forecasts or opinions, such reports are not our responsibility.

INTRODUCTION

Management's Discussion and Analysis of Financial Condition and Results of
Operations ("MD&A") is intended to assist the reader in better understanding our
business, results of operations, financial condition, changes in financial
condition, critical accounting policies and estimates and significant
developments. MD&A is provided as a supplement to, and should be read in
conjunction with, our consolidated financial statements and the accompanying
notes appearing elsewhere in this filing. This section is organized as follows:

  • Business Overview

• Operating results – an analysis and comparison of our

results of operations for the three and six month periods ended November

         27, 2021 and November 28, 2020, as reflected in our consolidated
         statements of comprehensive income.

• Liquidity, financial position and capital resources – a discussion of our

main sources and uses of cash for the six-month periods ended November

27, 2021 and November 28, 2020, and a discussion of the changes in our

financial situation.

Company presentation

Richardson Electronics, Ltd. is a leading global provider of engineered
solutions, power grid and microwave tubes and related consumables; power
conversion and RF and microwave components; high value flat panel detector
solutions, replacement parts, tubes and service training for diagnostic imaging
equipment; and customized display solutions. We serve customers in the
alternative energy, healthcare, aviation, broadcast, communications, industrial,
marine, medical, military, scientific and semiconductor markets. The Company's
strategy is to provide specialized technical expertise and "engineered
solutions" based on our core engineering and manufacturing capabilities. The
Company provides solutions and adds value through design-in support, systems
integration, prototype design and manufacturing, testing, logistics and
aftermarket technical service and repair through its global infrastructure.



Some of the Company's products are manufactured in China and are imported into
the United States. The Office of the United States Trade Representative ("USTR")
instituted additional 10% to 25% tariffs on the importation of a number of
products into the United States from China effective July 6, 2018, with
additional products added August 23, 2018 and September 24, 2018. These
additional tariffs are a response to what the USTR considers to be certain
unfair trade practices by China. A number of the Company's products manufactured
in China are now subject to these additional duties of 25% when imported into
the United States.

Management continues to work with its suppliers as well as its customers to
mitigate the impact of the tariffs on our customers' markets. However, if the
Company is unable to successfully pass through the additional cost of these
tariffs, or if the higher prices reduce demand for the Company's products, it
will have a negative effect on the Company's sales and gross margins.









                                       18
--------------------------------------------------------------------------------

We have three operational and presentable segments, which we define as follows:

Power and Microwave Technologies Group ("PMT") combines our core engineered
solutions capabilities, power grid and microwave tube business with new
disruptive RF, Wireless and Power technologies. As a designer, manufacturer,
technology partner and authorized distributor, PMT's strategy is to provide
specialized technical expertise and engineered solutions based on our core
engineering and manufacturing capabilities on a global basis. We provide
solutions and add value through design-in support, systems integration,
prototype design and manufacturing, testing, logistics and aftermarket technical
service and repair-all through our existing global infrastructure. PMT's focus
is on products for power, RF and microwave applications for customers in 5G,
alternative energy, aviation, broadcast, communications, industrial, marine,
medical, military, scientific and semiconductor markets. PMT focuses on various
applications including broadcast transmission, CO2 laser cutting, diagnostic
imaging, dielectric and induction heating, high energy transfer, high voltage
switching, plasma, power conversion, radar and radiation oncology. PMT also
offers its customers technical services for both microwave and industrial
equipment.

Canvys provides customized display solutions serving the corporate enterprise,
financial, healthcare, industrial and medical original equipment manufacturers
markets. Our engineers design, manufacture, source and support a full spectrum
of solutions to match the needs of our customers. We offer long term
availability and proven custom display solutions that include touch screens,
protective panels, custom enclosures, All-In-One computers, specialized cabinet
finishes and application specific software packages and certification services.
Our volume commitments are lower than the large display manufacturers, making us
the ideal choice for companies with very specific design requirements. We
partner with both private label manufacturing companies and leading branded
hardware vendors to offer the highest quality display and touch solutions and
customized computing platforms.

Healthcare manufactures, repairs, refurbishes and distributes high value
replacement parts and equipment for the healthcare market including hospitals,
medical centers, asset management companies, independent service organizations
and multi-vendor service providers. Products include diagnostic imaging
replacement parts for CT and MRI systems; replacement CT and MRI tubes; CT
service training; MRI coils, cold heads and RF amplifiers; hydrogen thyratrons,
klystrons, magnetrons; flat panel detector upgrades; pre-owned CT systems; and
additional replacement solutions currently under development for the diagnostic
imaging service market. Through a combination of newly developed products and
partnerships, service offerings and training programs, we believe we can help
our customers improve efficiency and deliver better clinical outcomes while
lowering the cost of healthcare delivery.

We currently operate in the following major geographic regions: North America, Asia Pacific, Europe and Latin America.

RESULTS OF OPERATIONS

Financial Summary – Three Months Ended November 27, 2021

• The second quarter of fiscal 2022 and fiscal 2021 each consisted of 13 weeks.

• Net sales during the second quarter of fiscal 2022 were $ 54.0 million, a

         increase of 27.3%, compared to net sales of $42.4 million during the
         second quarter of fiscal 2021.

• Gross margin decreased to 32.7% in the second quarter of fiscal 2022

compared to 33.8% in the second quarter of fiscal 2021.

• Selling, general and administrative expenses were $ 13.1 million or 24.3%

of net sales, during the second quarter of fiscal 2022 compared to $ 13.5

million euros, or 31.8% of net sales, in the second quarter of fiscal 2021.


      •  Operating income during the second quarter of fiscal 2022 was $4.5
         million compared to $0.9 million during the second quarter of fiscal
         2021.


      •  Net income during the second quarter of fiscal 2022 was $4.1 million
         compared to $0.7 million during the second quarter of fiscal 2021.


















                                       19
--------------------------------------------------------------------------------

Financial Summary – Six Months Ended November 27, 2021

• The first six months of fiscal 2022 and fiscal 2021 each consisted of 26 weeks.

• Net sales during the first six months of fiscal 2022 were $ 107.7 million,

an increase of 32.6% compared to the net sales of $ 81.2 million during the

first six months of fiscal 2021.

• Gross margin decreased to 31.5% during the first six months of the year

2022 compared to 32.9% in the first six months of fiscal 2021.

• Selling, general and administrative expenses were $ 26.6 million or 24.7%

         of net sales, during the first six months of fiscal 2022 compared to
         $26.5 million, or 32.6% of net sales, during the first six months of
         fiscal 2021.


      •  Operating income during the first six months of fiscal 2022 was $7.3
         million compared to $0.2 million during the first six months of fiscal
         2021.


      •  Net income during the first six months of fiscal 2022 was $6.8 million
         compared to a net loss of $0.5 million during the first six months of
         fiscal 2021.



Net sales and gross profit analysis

Net sales by segment and percentage change in the second quarter and first six months of fiscal 2022 and 2021 were as follows (in thousands):


Net Sales                Three Months Ended                   FY22 vs. FY21
              November 27, 2021       November 28, 2020         % Change
PMT          $            41,737     $            32,929                26.7 %
Canvys                     9,150                   6,701                36.5 %
Healthcare                 3,092                   2,788                10.9 %
Total        $            53,979     $            42,418                27.3 %








                          Six Months Ended                    FY22 vs. FY21
              November 27, 2021       November 28, 2020         % Change
PMT          $            84,746     $            63,181                34.1 %
Canvys                    17,591                  13,413                31.1 %
Healthcare                 5,346                   4,636                15.3 %
Total        $           107,683     $            81,230                32.6 %






During the second quarter of fiscal 2022, consolidated net sales increased 27.3%
compared to the second quarter of fiscal 2021. Sales for PMT increased 26.7%,
sales for Canvys increased 36.5% and sales for Healthcare increased 10.9%. The
increase in PMT was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure as well as increased shipments of our ULTRA3000. We also had
growth in various Electron Device product lines. The increase in Canvys was
primarily due to strong sales in the North American and European markets. The
increase in Healthcare was primarily due to an increase in demand for the
ALTA750TM tubes.



During the first six months of fiscal 2022, consolidated net sales increased
32.6% compared to the first six months of fiscal 2021. Sales for PMT increased
34.1%, sales for Canvys increased 31.1% and sales for Healthcare increased
15.3%. The increase in PMT was mainly due to strong growth from our Power and
Microwave new technology partners in various applications including Power
Management and 5G infrastructure and increased revenue from our Semiconductor
Wafer Fabrication customers buying engineered solutions. We also had growth in
various Electron Device product lines. The increase in Canvys was primarily due
to strong sales in the North American and European markets. The increase in
Healthcare was primarily due to an increase in demand for the ALTA750TM tubes.



                                       20
--------------------------------------------------------------------------------




Gross profit by segment and percent of net sales for the second quarter and
first six months of fiscal 2022 and fiscal 2021 were as follows (in thousands):



Gross Profit                                                 Three Months Ended
                             November 27, 2021       % of Net Sales       November 28, 2020       % of Net Sales
PMT                         $            13,986                 33.5 %   $            11,251                 34.2 %
Canvys                                    2,912                 31.8 %                 2,379                 35.5 %
Healthcare                                  759                 24.5 %                   713                 25.6 %
Total                       $            17,657                 32.7 %   $            14,343                 33.8 %










                                                              Six Months Ended
                             November 27, 2021       % of Net Sales       November 28, 2020       % of Net Sales
PMT                         $            26,917                 31.8 %   $            21,222                 33.6 %
Canvys                                    5,730                 32.6 %                 4,663                 34.8 %
Healthcare                                1,307                 24.4 %                   817                 17.6 %
Total                       $            33,954                 31.5 %   $            26,702                 32.9 %




Gross profit reflects the distribution and manufacturing product margin less
manufacturing variances, inventory obsolescence charges, customer returns, scrap
and cycle count adjustments, engineering costs and other provisions.

Consolidated gross profit increased to $17.7 million during the second quarter
of fiscal 2022 compared to $14.3 million during the second quarter of fiscal
2021. Consolidated gross margin as a percentage of net sales decreased to 32.7%
during the second quarter of fiscal 2022 from 33.8% during the second quarter of
fiscal 2021, primarily due to product mix in PMT and higher global freight costs
in Canvys.

Consolidated gross profit increased to $34.0 million during the first six months
of fiscal 2022 compared to $26.7 million during the first six months of fiscal
2021. Consolidated gross margin as a percentage of net sales decreased to 31.5%
during the first six months of fiscal 2022 from 32.9% during the first six
months of fiscal 2021, primarily due to product mix in PMT and higher freight
costs in Canvys, partially offset by improved manufacturing efficiencies for
Healthcare.




Power and Microwave Technology Group

PMT net sales increased 26.7% to $41.7 million during the second quarter of
fiscal 2022 from $32.9 million during the second quarter of fiscal 2021. The
increase was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure as well as increased shipments of our ULTRA3000. We also had
growth in various Electron Device product lines. Gross margin as a percentage of
net sales decreased to 33.5% during the second quarter of fiscal 2022 as
compared to 34.2% during the second quarter of fiscal 2021 due to product mix.

PMT net sales increased 34.1% to $84.7 million during the first six months of
fiscal 2022 from $63.2 million during the first six months of fiscal 2021. The
increase was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure and increased revenue from our Semiconductor Wafer Fabrication
customers buying engineered solutions. We also had growth in various Electron
Device product lines. Gross margin as a percentage of net sales decreased to
31.8% during the first six months of fiscal 2022 as compared to 33.6% during the
first six months of fiscal 2021 due to product mix.

Canvys

Canvys net sales increased 36.5% to $9.2 million during the second quarter of
fiscal 2022 from $6.7 million during the second quarter of fiscal 2021 primarily
due to strong sales in North America as well as the European market. Gross
margin as a percentage of net sales decreased to 31.8% during the second quarter
of fiscal 2022 from 35.5% during the second quarter of fiscal 2021 due to the
increasing freight costs resulting from the COVID-19 pandemic.

Canvys net sales increased 31.1% to $17.6 million during the first six months of
fiscal 2022 from $13.4 million during the first six months of fiscal 2021
primarily due to strong sales in North America as well as the European market.
Gross margin as a percentage of net sales decreased to 32.6% during the first
six months of fiscal 2022 from 34.8% during the first six months of fiscal 2021
due to the increasing freight costs resulting from the COVID-19 pandemic.

                                       21

--------------------------------------------------------------------------------

Health care

Healthcare net sales increased 10.9% to $3.1 million during the second quarter
of fiscal 2022 from $2.8 million during the second quarter of fiscal 2021. The
increase in sales was primarily due to an increase in demand for the
ALTA750TM tubes. Gross margin as a percentage of net sales decreased to 24.5%
during the second quarter of fiscal 2022 as compared to 25.6% during the second
quarter of fiscal 2021 primarily due to increased component scrap expense.

Healthcare net sales increased 15.3% to $5.3 million during the first six months
of fiscal 2022 from $4.6 million during the first six months of fiscal 2021. The
increase in sales was primarily due to an increase in demand for the
ALTA750TM tubes. Gross margin as a percentage of net sales increased to 24.4%
during the first six months of fiscal 2022 as compared to 17.6% during the first
six months of fiscal 2021 primarily due to favorable product mix, increased ALTA
750DTM tube production and improved manufacturing efficiencies.

Selling, general and administrative expenses

Selling, general and administrative expenses decreased to $13.1 million during
the second quarter of fiscal 2022 from $13.5 million in the second quarter of
fiscal 2021. The decrease resulted from lower legal fees partially offset by
higher employee compensation expense.

Selling, general and administrative expenses increased to $26.6 million during
the first six months of fiscal 2022 from $26.5 million in the first six months
of fiscal 2021. The increase resulted from higher employee compensation expense
and travel costs partially offset by lower legal fees.

Other income / expenses

Other income was $0.2 million during the second quarter of fiscal 2022, compared
to other expense of $0.1 million for the second quarter of fiscal 2021. Other
income during the second quarter of fiscal 2022 was mainly a foreign exchange
gain, as investment income was offset by other expenses. Our foreign exchange
gains and losses are primarily due to the translation of U.S. dollars held in
non-U.S. entities. We currently do not utilize derivative instruments to manage
our exposure to foreign currency.

Other income was $0.1 million during the first six months of fiscal 2022,
compared to other expense of $0.5 million for the first six months of fiscal
2021. Other income during the first six months of fiscal 2022 was mainly a
foreign exchange gain, as investment income was offset by other expenses. Our
foreign exchange gains and losses are primarily due to the translation of U.S.
dollars held in non-U.S. entities. We currently do not utilize derivative
instruments to manage our exposure to foreign currency.



Income tax provision

The income tax provision was $0.6 million and $0.1 million for the second
quarter of fiscal 2022 and for the second quarter of fiscal 2021, respectively.
The effective income tax rate during the second quarter of fiscal 2022 was a tax
provision of 11.8% as compared to a tax provision of 7.1% during the second
quarter of fiscal 2021. The difference in rate during the second quarter of
fiscal 2022 as compared to the second quarter of fiscal 2021 reflects changes in
our geographical distribution of income (loss) and state income tax provision
due to temporary suspension of net operating loss utilization in Illinois and
California. The 11.8% effective income tax rate differs from the federal
statutory rate of 21% as a result of our geographical distribution of income
(loss), the movement of the valuation allowance against our U.S. state and
federal net deferred tax assets and state income tax provision due to temporary
suspension of net operating loss utilization in Illinois and California.

We recorded an income tax provision of $0.7 million and $0.2 million for the
first six months of fiscal 2022 and the first six months of fiscal 2021,
respectively. The effective income tax rate during the first six months of
fiscal 2022 was a tax provision of 9.6% as compared to a tax provision of
(63.0%) during the first six months of fiscal 2021. The difference in rate
during the first six months of fiscal 2022 as compared to the first six months
of fiscal 2021 reflects changes in our geographical distribution of income
(loss) and state income tax provision due to temporary suspension of net
operating loss utilization in Illinois and California. The 9.6% effective income
tax rate differs from the federal statutory rate of 21% as a result of our
geographical distribution of income (loss), the movement of the valuation
allowance against our U.S. state and federal net deferred tax assets and state
income tax provision due to temporary suspension of net operating loss
utilization in Illinois and California.

In the normal course of business, we are subject to examination by taxing
authorities throughout the world. Generally, years prior to fiscal 2015 are
closed for examination under the statute of limitation for U.S. federal, U.S.
state and local or non-U.S. tax jurisdictions. We are currently under
examination in Thailand (fiscal 2008 through 2011) and Germany (fiscal 2015
through 2018). Our primary foreign tax jurisdictions are Germany and the
Netherlands. We have tax years open in Germany beginning in fiscal 2015 and the
Netherlands beginning in fiscal 2018.

                                       22

--------------------------------------------------------------------------------

Net income (loss) and data per share

Net income during the second quarter of fiscal 2022 was $4.1 million, or $0.30
per diluted common share and $0.27 per Class B diluted common share as compared
to $0.7 million during the second quarter of fiscal 2021 or $0.05 per diluted
common share and $0.05 per Class B diluted common share.

Net income during the first six months of fiscal 2022 was $6.8 million, or $0.50
per diluted common share and $0.45 per Class B diluted common share as compared
to net loss of $0.5 million during the first six months of fiscal 2021 or
($0.04) per diluted common share and ($0.03) per Class B diluted common share.

LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES

Our operations and cash flow requirements have been primarily funded through revenue and cash on hand.

Cash and cash equivalents were $39.7 million at November 27, 2021. Cash and cash
equivalents at November 27, 2021 consisted of $23.5 million in North America,
$8.1 million in Europe, $1.2 million in Latin America and $6.9 million in
Asia/Pacific. We repatriated $0.7 million to the United States in the first
quarter of fiscal 2022, from our entity in China and we repatriated $0.3 million
to the United States in the second quarter of fiscal 2022 from our entity in
Taiwan. Although the Tax Cuts and Jobs Act generally eliminated federal income
tax on future cash repatriation to the United States, cash repatriation may be
subject to state and local taxes, withholding or similar taxes. See Note 7,
Income Taxes of the notes to our consolidated financial statements in Part II,
Item 8 of our Annual Report on Form 10-K for the fiscal year ended May 29, 2021,
filed August 2, 2021 for further information.

Cash and cash equivalents were $43.3 million at May 29, 2021. Cash and cash
equivalents at May 29, 2021, consisted of $26.1 million in North America, $8.8
million in Europe, $1.2 million in Latin America and $7.2 million in
Asia/Pacific. We repatriated a total of $0.9 million to the United States in
fiscal 2021 from several of our foreign entities. This amount includes $0.7
million from our entities in Italy and South Korea in the third quarter of
fiscal 2021 and $0.2 million from our entity in France in the fourth quarter of
fiscal 2021.

The Company continues to monitor the impact of COVID-19, including the extent,
duration and effectiveness of containment actions taken, the speed and extent of
vaccination programs, the impact of the pandemic on its supply chain,
manufacturing and distribution operations, customers and employees, as well as
the U.S. economy in general. However, due to the uncertain and constantly
evolving impacts of the COVID-19 pandemic across the globe, the Company cannot
currently predict the long-term impact on its operations and financial results.
The uncertainties associated with the COVID-19 pandemic and its effects include
potential adverse effects on the overall economy, the Company's supply chain,
transportation services, employees and customers. The COVID-19 pandemic and its
effects could adversely affect the Company's revenues, earnings, liquidity and
cash flows and may require significant actions in response, including expense
reductions. Conditions surrounding COVID-19 change rapidly and additional
impacts of which the Company is not currently aware may arise. Based on past
performance and current expectations, we believe that the existing sources of
liquidity, including current cash, will provide sufficient resources to meet
known capital requirements and working capital needs through the next twelve
months.

Cash flow from operating activities

Cash flow from operating activities is primarily generated by our net income (loss) adjusted for non-cash items and changes in our operating assets and liabilities.

Operating activities used $0.2 million of cash during the first six months of
fiscal 2022. We had a net income of $6.8 million during the first half of fiscal
2022, which included non-cash stock-based compensation expense of $0.4 million
associated with the issuance of stock option and restricted stock awards, $0.1
million for inventory reserve provisions and depreciation and amortization
expense of $1.7 million associated with our property and equipment as well as
amortization of our intangible assets. Changes in our operating assets and
liabilities used $9.2 million in cash during the first six months of fiscal
2022, net of foreign currency exchange gains and losses, included an increase in
accounts receivable of $3.1 million, an increase in inventory of $9.2 million
and an increase in prepaid expenses of $1.1 million. Partially offsetting the
cash utilization for accounts receivable, inventory and prepaid expenses was an
increase in accounts payable and accrued liabilities of $3.8 million. The
increase in accounts receivable was primarily due to increased sales revenue.
The majority of the inventory increase was to support the growth in LaFox
manufacturing and the RF and microwave components business. The increase in
accounts payable was related to the inventory increase and the increase in
accrued liabilities was timing related.





                                       23
--------------------------------------------------------------------------------




Operating activities provided $1.1 million of cash during the first six months
of fiscal 2021. We had a net loss of $0.5 million during the first six months of
fiscal 2021, which included non-cash stock-based compensation expense of $0.4
million associated with the issuance of stock option and restricted stock
awards, $0.5 million for inventory reserve provisions and depreciation and
amortization expense of $1.7 million associated with our property and equipment
as well as amortization of our intangible assets. Changes in our operating
assets and liabilities resulted in a use of cash of $1.0 million during the
first six months of fiscal 2021, net of foreign currency exchange gains and
losses, included a decrease of $2.5 million in accounts payable, an increase in
inventory of $1.0 million and an increase in accounts receivable of $0.2
million, partially offset by an increase in accrued liabilities of $3.4 million.
The decrease in our accounts payable was due to timing of payments for some of
our larger vendors for both inventory and services. The majority of the
inventory increase was to support the electron tube and semi-conductor wafer fab
equipment business. The increase in accounts receivable was primarily due to the
increased sales for the first six months of fiscal 2021. The increase in accrued
liabilities is mainly due to timing of employee compensation and payroll tax
payments as well as the timing of other payments.

Cash flow from investing activities

Cash flows from investing activities consisted primarily of capital expenditures
and purchases and maturities of investments. Our purchases and proceeds from
investments consist of time deposits and CDs. The purchasing of future
investments varies from period to period due to interest and foreign currency
exchange rates.

Cash used in investing activities of $1.6 million during the first six months of
fiscal 2022 was due to capital expenditures. Capital expenditures related
primarily to capital used for our Healthcare business, IT system and
manufacturing facilities. The Company did not have any investment purchases or
maturities in the first half of fiscal 2022.

Cash provided by investing activities of $5.7 million during the first six
months of fiscal 2021 included proceeds from the maturities of investments of
$16.0 million, partially offset by purchases of investments of $9.0 million and
$1.3 million in capital expenditures. Capital expenditures related primarily to
capital used for our Healthcare business and IT system.

Cash flow from financing activities

The cash flows used in financing activities consist mainly of cash dividends paid.

Cash used in financing activities of $0.9 million during the first six months of
fiscal 2022 were due to dividend payments of $1.6 million with a partial offset
for the proceeds from the issuance of stock of $0.7 million.

Cash used in fundraising activities $ 1.7 million in the first six months of fiscal 2021 was mainly the result of cash used to pay dividends.

All future dividend payments are at the discretion of the Board of Directors. Dividend payments will depend on earnings, capital requirements, operating conditions and other factors the board may deem relevant.



                                       24

————————————————– ——————————

© Edgar online, source Previews

Share.

Comments are closed.