Dole plc Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Dole plc has submitted its 2023 annual report on Form 20-F, detailing its financial performance and corporate information.</b>

AI Summary

Dole plc (DOLE) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Dole plc filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 29 North Anne Street, Dublin, Ireland. Dole plc was formerly known as Dole Ltd, with a name change effective April 16, 2021. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Dole plc, this filing contains several important signals. This filing provides investors and analysts with the company's official audited financial statements and disclosures for the 2023 fiscal year, enabling performance evaluation. As a 20-F filing, it offers a comprehensive overview of Dole plc's business, financial condition, and risk factors, crucial for understanding the company's operational landscape and future prospects.

Risk Assessment

Risk Level: low — Dole plc shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain any immediate red flags or significant new risks beyond typical disclosures for a publicly traded company.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess Dole plc's performance and strategic outlook for the upcoming year.

Key Numbers

• 2023-12-31 — Reporting Period End Date (The fiscal year end for the reported financial data.)
• 2023-01-01 — Reporting Period Start Date (The fiscal year start for the reported financial data.)
• 2022-12-31 — Prior Year End Date (The end date of the previous fiscal year.)
• 2021-12-31 — Prior Year End Date (The end date of the prior fiscal year.)

Key Players & Entities

• Dole plc (company) — Filer of the 20-F report.
• Dole Ltd (company) — Former name of Dole plc.
• 2024-03-28 (date) — Date of filing.
• 2023-12-31 (date) — End of the reporting period.
• 2021-04-16 (date) — Date of company name change.
• Dublin (location) — Location of Dole plc's principal executive offices.

FAQ

Industry Context

Dole plc operates within the agriculture production - crops sector, indicating its business involves the cultivation and distribution of agricultural products.

Regulatory Implications

As a foreign private issuer filing a Form 20-F, Dole plc adheres to specific SEC reporting requirements applicable to companies incorporated outside the United States.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and debt levels.
2. Review the business overview and risk factors to understand operational challenges and strategic initiatives.
3. Compare key financial metrics with previous years to identify performance changes.

Key Dates

• 2024-03-28: Filing Date — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — The period covered by the financial statements in the filing.
• 2021-04-16: Name Change Date — Date Dole Ltd officially became Dole plc.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — e on which registered Ordinary Shares, $0.01 par value per share DOLE The New York S

Filing Documents

• dole-20231231.htm (20-F) — 3936KB
• exhibit121.htm (EX-12.1) — 6KB
• exhibit122.htm (EX-12.2) — 6KB
• exhibit131.htm (EX-13.1) — 2KB
• exhibit132.htm (EX-13.2) — 2KB
• creditagreementamendment5d.htm (EX-14.14) — 1906KB
• exhibit151-kpmgconsent.htm (EX-15.1) — 2KB
• compensationclawbackpolicy.htm (EX-97.1) — 14KB
• dole-20231231_g1.jpg (GRAPHIC) — 12KB
• 0001857475-24-000021.txt (&nbsp;) — 25092KB
• dole-20231231.xsd (EX-101.SCH) — 137KB
• dole-20231231_cal.xml (EX-101.CAL) — 229KB
• dole-20231231_def.xml (EX-101.DEF) — 900KB
• dole-20231231_lab.xml (EX-101.LAB) — 1535KB
• dole-20231231_pre.xml (EX-101.PRE) — 1281KB
• dole-20231231_htm.xml (XML) — 4495KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents Page Part I Certain Defined Terms 5 Forward- L ooking Statements 5 Item 1. Identity of Directors, Senior Management and Advisers 7 Item 2. Oer Statistics and Expected Timetable 7 Item 3. Key Information 7 Item 4. Information on the Company 28 Item 4A. Unresolved Sta Comments 36 Item 5. Operating and Financial Review and Prospects 36 Item 6. Directors, Senior Management and Employees 54 Item 7. Major Shareholders and Related Party Transactions 69 Item 8. Financial Information 70 Item 9. The Oer and Listing 71 Item 10. Additional Information 72 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 80 Part II Item 13. Defaults, Dividend Arrearages and Delinquencies 81 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 81 Item 15.

Controls and Procedures

Controls and Procedures 81 Item 16. [Reserved] 82 Item 16A. Audit committee financial expert 82 Item 16B. Code of Ethics 82 Item 16C. Principal Accountant Fees and Services 82 Item 16D. Exemptions from the Listing Standards for Audit Committees 83 Item 16E. Purchases of Equity Securities by the Issuer and Aliated Purchasers 83 Item 16F. Change in Registrant's Certifying Accountant 83 Item 16G. Corporate Governance 83 Item 16H. Mine Safety Disclosure 84 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84

J

Item 16 J . Insider trading policies 84

K

Item 16 K . Cybersecurity 84 Part III Item 17.

Financial Statements

Financial Statements 86 Item 18.

Financial Statements

Financial Statements 86 Item 19. Exhibits 86

Signatures

Signatures 88 Background and Certain Defined Terms In this report, unless otherwise specified, the terms "we", "our", "us", the "Group", the "Company" and "Dole" refer to Dole plc, individually or together with its subsidiaries, as the context may require. References to "Dole plc" refer to the registrant. References to "Total Produce" refers to Total Produce plc, together with its subsidiaries, and references to "Legacy Dole" and "Dole Food Company" refer to DFC Holdings, LLC, together with its subsidiaries, prior to the transactions completed on July 29, 2021 (the "Acquisition Date") (referred to herein as the "Merger") pursuant to the Transaction Agreement. The Merger between Total Produce and Legacy Dole was accounted for under the acquisition method of accounting, with Total Produce deemed to be the acquirer for financial accounting purposes (the "Acquisition"). Accordingly, Total Produce's historical financial statements are the historical financial statements of the combined company for the periods prior to the Acquisition Date. See Note 4 "Acquisitions and Divestitures" to the consolidated financial statements included herein for further detail. References to the "Transaction", "IPO Transaction" or "IPO" refers to the initial public offering of Dole plc on the New York Stock Exchange ("NYSE") that consummated on July 30, 2021 and closed on August 3, 2021 (the "Closing Date"). References to "Mr. Murdock" or "C&C Parties" refer to David H. Murdock and his affiliates, the former majority owner of Legacy Dole prior to the Merger. The term "F-1 Filing" refers to the Registration Statement on Form F-1 (File No. 333-257621) that was filed on July 2, 2021 by Dole plc and amended on July 19, 2021, July 22, 2021 and July 28, 2021. References to the "Annual Report" refer to the information on Form 20-F for the year ended December 31, 2023 filed herein. The term "Credit Agreement" refers to the March 26, 2021 credit agreement with Coperatieve Rabobank U.A., New

Forward-Looking Statements

Forward-Looking Statements The following discussion about our business and analysis of our financial condition, results of operations and notes to the consolidated financial statements included herein may contain forward-looking statements that relate to our plans, objectives, estimates and goals and involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements included herein. Statements regarding our future and projections relating to products, sales, revenue, expenditures, costs and earnings are typical of such statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in " Item 3D. Risk Factors. " 5 The Annual Report on Form 20-F contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. Forward-looking statements are based on management's beliefs, assumptions and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words "believe," "may," "could," "will," "should," "would," "anticipate," "estimate," "expect," "intend," "objective," "seek," "strive," "target" or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordi

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Removed and Reserved] B. Capitalization and indebtedness Not applicable. C. Reasons for the oer and use of proceeds Not applicable. 7 Table of Contents D. Risk factors

RISK FACTORS

RISK FACTORS An investment in our Ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with the other information set forth in this Annual Report. If any of the following risks or uncertainties actually occur, our business, financial position and results of operations could be materially and adversely affected. In such case, the trading price of our Ordinary shares could decline, and you may lose all or part of your investment. Our business, financial condition, prospects, results of operations or cash flows could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material. We cannot assure you that any of the events discussed in the risk factors below will not occur. The risks described below are organized by risk type and are not listed in order of their priority to us. Risks Related to Our Business and Industry Agricultural Operations Risks: Adverse weather conditions, natural disasters, crop disease, pests and other natural conditions, including the effects of climate change, can impose significant costs and losses on our business. Fresh produce is vulnerable to adverse weather conditions, including windstorms, floods, drought and temperature extremes, which are quite common but difficult to predict, the effects of which may be influenced and intensified by ongoing global climate change. Unfavorable growing conditions can reduce both crop size and crop quality. This risk is particularly acute with respect to regions or countries from which we source a significant percentage of our products. In extreme cases, entire harvests may be lost in some geographic areas. In addition, weather patterns may affect consumer demand, creating shortages in key products. For example, we experience an increased demand for salads during summer months, and prolonged warm weather may stress our ability to meet such demand. Conversely, extended bo

View Full Filing

View this 20-F filing on SEC EDGAR