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Fine Foods & Pharmaceuticals Ntm
Earnings Release • Sep 13, 2024
4495_rns_2024-09-13_a3965e04-9f74-4688-9c51-bbf2cff4afac.pdf
Earnings Release
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The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A today approved the 30 June 2024 Half-year Financial Report.
Record first-half EBITDA of € 16 million (+27%) and a strong profitability increase (+300 bps)
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Growth in EBITDA and Group margins continues, evidence of an increasingly reliable organisation management.
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Work expanding the Group's production capacity to seize market opportunities continues.
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur Former General Manager Pietro Oriani was co-opted and appointed as Director and CEO.
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Highlights
- ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, • H1 2024 Revenue was € 122.8 million, slightly down compared to H1 2023. This follows an exceptional performance in the third and fourth quarters of 2023.
- Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. • H1 2024 EBITDA was € 16 million, up 27% compared to € 12.6 million in H1 2023.
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic
- Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin • H1 2024 EBITDA Margin of 13% sharply improved from 9.9% in H1 2023.
- cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet • H1 2024 Operating result (EBIT) was € 8.3 million, with a strong increase compared to € 448,000 in the same period of 2023.
- haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. • H1 2024 Net Profit was € 4.5 million compared to a loss of € 1.7 million in H1 2023.
iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea • The Group's Net Financial Position as of 30 June 2024 was € 43.2 million, which improved compared to 31 December 2023.
vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil id moluptatur. endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis *** Verdellino (Bergamo, Italy), 13 September 2024 - The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A. - an Italian independent Contract Development & Manufacturing Organisation (CDMO) that develops and manufactures contract products for the pharmaceutical, nutraceutical, and cosmetics industries, listed on Euronext STAR Milan (ticker: FF), today approved the Group's Half-year Financial Report as of 30 June 2024, prepared under IAS/IFRS Accounting Standards issued by the IASB (International Accounting Standards Board).
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. H1 2024 showed Consolidated Revenue of € 122.8 million, slightly down from H1 2023. This stability comes after an exceptional performance in the third and fourth quarters of 2023.
Pharma Business Unit revenue was € 37.1 million and recorded a 7% increase compared to the same period of the previous year. This helped offset a 4% decline in the Nutra Business Unit, which saw its revenue drop to € 72.2 million in H1 2024 from € 75.4 million in H1 2023. This decrease was attributed to the temporary realignment of inventories by certain customers, as noted in the Q1 2024 Interim Financial Report.
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Name Surname Company The Cosmetic Business Unit H1 2024 revenue was € 13.5 million, down from € 17.2 million in the same period of the previous year. This was due to the postponement of new business development from the first half to the second half of 2024, following the reorganisation of the business unit.
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Fine Foods & Pharmaceuticals N.T.M. S.p.A. CEO Giorgio Ferraris said: "Market data indicates potential for growth across all segments in which we operate. Supported by ongoing investments to increase and streamline the Group's production capacity, we are confident we can maintain the historical revenue and margin growth trends in the coming years. The consistent rise in EBITDA and EBITDA Margin underscores reliable operational management, which we anticipate will continue to define the Pharma and Nutra business units and the reorganised Cosmetic business unit, even with an uncertain international economic and geopolitical landscape."
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic H1 2024 EBITDA grew significantly by +27% to € 16 million, compared to € 12.6 million in H1 2023. The halfyear just ended benefited from the revised sales price policy implemented in H2 2023. This adjustment reduced the proportion of raw and packaging material costs on Sales Revenue. Additionally, there was a continuous improvement in organisational efficiency.
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, EBITDA Margin showed excellent results, rising from 9.9% to 13%. The margin improvement derived from the sales price policy, reduction in the impact of raw and packaging materials and energy purchasing costs on the turnover.
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? The Group's EBIT for the period benefited from the above cost dynamics and was € 8.3 million compared to € 448,000 as of 30 June 2023.
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus H1 2024 closed with a Net Profit for the period of € 4.5 million, compared the Net Loss of € 1.7 million in H1 2023. Excluding the goodwill write-down, H1 2023 would have recorded a Net Profit of € 2.7 million. H1 2023 Net Profit was positively impacted by the Parent Company's asset securities management (positive fair value change of € 1.7 million), which was concluded in 2024, without any significant impact on the Income Statement.
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Tangible Fixed Assets increased by approximately € 5.1 million in H1 2024, due to investments of approximately € 12.2 million and depreciation for the period of € 7.1 million.
nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea Intangible Fixed Assets and Rights of Use decreased by approximately € 0.2 million compared to 31 December 2023, due to net investments of € 0.4 million and depreciation for the period of € 0.6 million.
iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Working capital as of 30 June 2024 was € 40.3 million compared to € 42.6 million at the end of the previous financial year. Commercial net working capital of € 47.2 million improved compared to the balance of € 48.1 million as of 31 December 2023.
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil Shareholders' Equity as of 30 June 2024 was € 128.4 million (€ 126.9 million as of 31 December 2023).
id moluptatur. endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.The Group's Net Financial Position as of 30 June 2024 was € 43.2 million, improving by € 0.4 million compared to the NFP of € 43.6 million as of 31 December 2023. Operations generated a positive cash flow of €19.8 million, which was partly absorbed by financial charges and taxes (€ 3.8 million), net investments made during the period (€12.6 million), distribution of dividends (€2.9 million) and the purchase of treasury shares (€0.1 million).
SIGNIFICANT EVENTS OCCURRING AFTER 30 June 2024
On 25 July 2024, the Fine Foods & Pharmaceuticals N.T.M. S.p.A. Board of Directors appointed Pietro Oriani as Company General Manager, granting him ordinary management powers, effective as of 2 August 2024. During the same Board meeting, Giorgio Ferraris announced his resignation from his roles as Director and
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Name Surname Chief Executive Officer due to personal reasons. The resignation takes effect from today's date, coinciding with the Board's approval of the Half-Year Financial Report of the Fine Foods Group as of 30 June 2024.
Company Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil On 2 August 2024, the Parent Company signed a preliminary contract for the purchase of approximately 21,000 sqm located in the municipality of Zingonia-Verdellino (BG), via Madrid 1, bordering the current Fine Foods nutraceutical plant. The total value of the investment is anticipated to be approximately € 4 million, of which € 3,270,000 has already been paid as an advance.
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. BUSINESS OUTLOOK
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur Despite the current international economic and geopolitical situation, and temporary shifts in some customers' inventory management, the target markets continue to expand. The Group is set on growing its market share and will persist in developing its business across three key sectors: Nutraceuticals, Pharmaceuticals, and Cosmetics by strengthening their operations. Fine Foods will seize any opportunities for growth through external lines.
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic The Nutra BU commercial strategies implemented, which focus on product quality, innovation, and enhancing customer support services, were confirmed. The Company is preparing a production capacity increase by expanding the current plant, with the first few investments planned during 2025.
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. In 2024, the Pharma BU will continue its preparatory activities to face the strong growth expected buoyed by significant multi-year agreements signed with key international customers. Fine Foods confirms that work for the production plant expansion started at the end of 2023, and will be completed in 2025. The new site will start generating revenue from 2026.
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo The Cosmetic BU's reorganisation, integration, process optimisation and investments made due to increased efficiency and enhanced capacity to fulfil customer demands are showing positive signs. We expect a shift in trends in the second half of 2024. This will lead to an increase in the top line and profit margins, contributing positively to the Group's results.
offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Management is confident it can maintain the historical revenue and margin growth trends in the coming years. Along with its financial objectives, the Group intends to continue its sustainability programme in this and future financial years, and serve as a benchmark for customers by assessing products that align with the evolving market demands, which include sustainability.
conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea ***
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime
nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma
iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.
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Name Surname FORMER GENERAL MANAGER PIETRO ORIANI WAS CO-OPTED AND APPOINTED AS DIRECTOR AND CEO.
Company Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Today, the Board of Directors, with the approval of the Board of Statutory Auditors, unanimously resolved to co-opt and appoint General Manager Pietro Oriani as a new Director and Chief Executive Officer. During the same meeting, the Board of Directors confirmed that Oriani met the necessary requirements to hold this office. The complete text of Oriani's curriculum vitae is available to Shareholders at the Company's registered office and on the Company's website (www.finefoods.it, Governance section). The new Director will hold office, under Article 2386 of the Italian Civil Code and Company's Articles of Association, until the next Shareholders' Meeting. If confirmed by the Shareholders, he will remain in office for the Board of Directors' duration, until the approval of the Financial Statements as of 31 December 2026. Oriani assumed the role of Investor Relations Officer and ESG Committee member.
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum As of today, Pietro Oriani does not hold any Company shares.
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi As announced on 25 July 2024, former CEO Giorgio Ferraris' resignation became effective today. Under Recommendation no. 31 of the Corporate Governance Code, the Company did not pay any indemnities or other termination benefits to the former Chief Executive Officer.
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Given Giorgio Ferraris' roles and extensive knowledge of the Company and Fine Foods Group business, the Company decided it was appropriate to stipulate (i) a three-year consultancy contract with an annual gross compensation of €100,000 ("Consultancy Contract"); and (ii) a five-year confidentiality and non-competition agreement with a gross compensation of €700,000, to be paid within the current year ("Non-Competition Agreement"). The Non-Competition Agreement includes a penalty equal to twice the above consideration if breached.
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo The Consultancy Contract and Non-Competition Agreement received approval from the Board of Directors today, subject to the approval of the Board of Statutory Auditors, a favourable opinion from the Committee for Transactions with Related Parties, and a proposal from the Remuneration Committee. The Consultancy Contract and Non-Competition Agreement will be signed today.
offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus ***
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit
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Name Surname Company Under Art. 154-bis, paragraph 2 of the Consolidated Law on Financial Intermediation (TUF - Testo Unico della Finanza), the Manager responsible for preparing the corporate financial reports, Pietro Bassani, declared that the accounting information contained in this press release corresponds to the document results, accounting books and records. This press release is available on the website www.finefoods.it, in the Investor Relations/Press Releases section. The Interim Financial Report as of 30 June 2024 is available today from the authorised storage system (), on website www.finefoods.it (Investor relations/Financial Reports section) and at the Company's registered office. The presentation of the 30 June 2024 results, approved today by the Board of Directors, is available at www.finefoods.it (Investor relations/Presentations section).
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil Attachments:
- eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il 1. Interim consolidated income statement
- invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. 2. Interim consolidated comprehensive income statement
- Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero 3. Interim consolidated statement of financial position
- maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum 4. Interim consolidated cash flow statement
- facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore 5. Interim consolidated Shareholders' equity changes
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a ***
dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?
haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Fine Foods & Pharmaceuticals N.T.M. S.p.A., listed on Borsa Italiana's Euronext STAR Milan (Ticker: FF) is an Italian independent CDMO (Contract Development and Manufacturing Organisation) It develops and manufactures contract products for the pharmaceutical, nutraceutical and cosmetics industries. Founded in 1984, Fine Foods proved to be a reliable and capable strategic partner for customers in the reference sectors. The company's organisation can provide successful design process and solid, longterm partnerships. The continuous search for excellence is part of the company's business model and includes research and development, innovation, process reliability, product quality, ESG, and sustainable management of the Group's supply chain. Fine Foods is a benefit corporation which relies on certifications and ratings under international standards. These guarantee its sustainability commitment across the business. With €251.8 million revenue in 2023, Fine Foods is a growing and future-oriented company.
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet For further information: Fine Foods & Pharmaceuticals N.T.M. S.p.A. Tel +39 035 4821382 Investor Relations: [email protected] Media Relations: [email protected]
Role
Interim consolidated income statement
| Company (amounts in € units) |
Notes | Half-year as of 30 June 2024 |
Half-year as of 30 June 2023 |
|
|---|---|---|---|---|
| Revenue and income Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil |
||||
| Revenue from contracts with customers eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il |
2.1 | 122,834,210 | 127,460,518 | |
| Other revenue and income | 2.2 | 506,810 | 1,108,891 | |
| invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Total revenue Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero |
123,341,020 | 128,569,409 | ||
| maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Operating costs |
||||
| facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Costs for consumption of raw materials, change in inventories of solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a finished goods and work in progress. |
2.3 | 70,780,220 | 79,184,580 | |
| Personnel costs dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet |
2.4 | 23,519,142 dercill itiatem cum que doluptur |
22,571,196 | |
| Costs for services magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi |
2.5 | 11,895,140 | 13,212,226 | |
| Other operating costs ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam |
2.6 | 1,137,410 | 984,846 | |
| Amortisation, depreciation, and impairment losses estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic |
2.7 | 7,729,713 | 12,168,816 | |
| Total operating costs | 115,061,625 tem etum laborat |
128,121,664 | ||
| ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni Operating result estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, |
8,279,396 | 447,745 | ||
| Changes in fair value of financial assets and liabilities | 2.8 | (12,881) | 1,702,536 | |
| Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Financial income |
2.9 | 9,212 | 32,367 | |
| Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Financial charges |
2.10 | (1,921,064) | (2,290,377) | |
| Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin Income before taxes |
6,354,663 | (107,729) | ||
| cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea Income taxes |
2.11 | 1,885,375 | 1,555,543 | |
| archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo Profit/(loss) for the financial year |
4,469,288 | (1,663,272) |
haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Interim consolidated comprehensive income statement
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same
| nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea (amounts in € units) |
Half-year as of 30 June 2024 |
Half-year as of 30 June 2023 |
|
|---|---|---|---|
| iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea Profit /(loss) for the financial year (A) |
Notes | 4,469,288 | (1,663,272) |
| vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Components that will not be subsequently reclassified to profit/(loss) for the financial year |
|||
| con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil Revaluation of net employee benefit liabilities/assets |
4.4 | 51,790 | (28,741) |
| id moluptatur. Tax effect endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime |
(12,430) | 6,898 | |
| eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Other comprehensive income (B) components earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis |
39,360 | (21,843) | |
| dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit Comprehensive profit/(loss) (A+B) harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. |
4,508,648 | (1,685,115) |
Role
Interim consolidated statement of financial position
| Company | Half-year as of | Financial Statements as of |
|
|---|---|---|---|
| (amounts in € units) | Notes | 30 June 2024 | 31 December 2023 |
| Assets Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil |
|||
| Non-current assets eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il |
|||
| Property, plant and machinery invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. |
3.1 | 112,005,212 | 106,919,123 |
| Goodwill | 3.2 | 11,507,954 | 11,507,954 |
| Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Other intangible fixed assets |
3.3 | 1,634,098 | 1,634,888 |
| maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Rights of use |
3.4 | 2,971,864 | 3,165,607 |
| facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Other non-current assets |
3.7 | 400,086 | 688,139 |
| Deferred tax assets solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a |
3.5 | 4,940,096 | 6,234,232 |
| Total non-current assets dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet |
133,459,310 dercill itiatem cum que doluptur |
130,149,943 | |
| Current assets | |||
| magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Inventories |
3.8 | 42,358,638 | 42,459,682 |
| ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Trade receivables |
3.9 | 38,044,020 | 38,057,766 |
| estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic Tax receivables |
3.10 | 17,967 | 320,689 |
| Other current assets ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni |
3.11 | 7,257,370 | 7,740,856 tem etum laborat |
| Current financial assets | 3.12 | 3,466,976 | 3,832,865 |
| estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Cash and other liquid assets |
3.13 | 15,205,296 | 19,000,047 |
| simus. Total current assets |
106,350,267 | 111,411,905 | |
| Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. | |||
| Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Total assets |
239,809,577 | 241,561,848 | |
| Share Capital archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo Other reserves offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet Employee benefit reserve haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus FTA reserve plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Profits carried forward Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Profit/(loss) for the financial year |
4.1 4.1 4.1 4.1 4.1 4.1 |
22,770,445 102,919,409 220,433 (6,669,789) 4,691,909 4,469,288 |
22,770,445 114,167,028 181,073 (6,669,789) 22,610 (3,522,098) |
| Total Shareholders' Equity nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma |
128,401,694 | 126,949,268 | |
| conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea | |||
| Non-current liabilities iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea |
|||
| Non-current bank borrowings vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro |
4.3 | 40,514,588 | 9,734,877 |
| Employee benefits velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia |
4.4 | 2,151,885 | 2,201,653 |
| Provision for risks and charges | 4.5 | - | 2,105 |
| Provision for deferred taxes con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil |
3.6 | 283,606 | 263,381 |
| Non-current lease payables id moluptatur. |
3.4 | 887,806 | 1,032,604 |
| Total non-current liabilities endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime |
43,837,884 | 13,234,620 | |
| eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Current liabilities |
|||
| earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis Current bank borrowings |
4.3 | 20,129,178 | 55,269,592 |
| dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit Trade payables |
4.6 | 33,155,115 | 32,369,462 |
| Taxes payable harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. |
4.7 | 1,242,615 | 575,488 |
| Current lease payables | 3.4 | 313,002 | 354,377 |
| Other current liabilities | 4.8 | 12,730,088 | 12,809,041 |
| Total current liabilities | 67,569,998 | 101,377,960 | |
| Total Shareholders' equity and Liabilities | 239,809,577 | 241,561,848 |
CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT
Role
Interim consolidated cash flow statement
| Company | Half-year as of 30 June 2024 |
Half-year as of 30 June 2023 |
|
|---|---|---|---|
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 4,469,288 | (1,663,272) | |
| Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil | |||
| Adjustments to reconcile profit after tax with net cash flows: eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il |
|||
| Depreciation and impairment of property, plant and machinery invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. |
2.7 | 7,084,264 | 6,821,818 |
| Amortisation and impairment of intangible fixed assets Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero |
2.7 | 409,870 | 411,551 |
| Amortisation of rights of use maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum |
2.7 | 232,556 | 535,446 |
| Other write-downs of fixed assets facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore |
2.7 | 3,023 | 4,400,000 |
| Financial income solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a |
2.9 | (9,212) | (32,367) |
| Financial charges dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet |
2.10 dercill itiatem cum que doluptur |
1,893,011 | 2,290,888 |
| Changes in fair value of financial assets and liabilities magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi |
2.8 | 12,881 | (1,702,536) |
| Financial charges on financial liabilities for leases ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam |
3.4 | 28,053 | (512) |
| Income taxes estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic |
2.11 | 629,620 | 1,552,408 |
| Gains on the disposal of property, plant and machinery | 2.2 | (70,275) | (21,888) |
| ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni Current assets write-downs |
3.8,3.9 | tem etum laborat 252,941 |
497,988 |
| estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Net change in severance indemnity and pension funds |
4.4 | (31,151) | (174,114) |
| simus. Net change in provision for risks and charges |
4.5 | (2,105) | (4,800) |
| Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Net change in deferred tax assets and liabilities |
3.5,3.6 | 1,301,932 | 3,135 |
| Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Interest paid |
2.10 | (1,881,704) | (2,219,685) |
| Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin Changes in working capital: |
|||
| (Increase)/decrease in inventories cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea |
3.8 | 99,998 | (11,128,342) |
| (Increase)/decrease in trade receivables archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo |
3.9 | (238,148) | (9,750,142) |
| (Increase)/decrease in other non-financial assets and liabilities offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet |
1,032,816 | 92,733 | |
| Increase/(decrease) in trade payables haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus |
4.6 | 785,653 | 4,702,605 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. |
16,003,311 | (5,389,086) | |
| Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Investments: |
|||
| nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma Investments in tangible fixed assets |
3.1 | (12,341,967) | (8,761,356) |
| conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea Disposal of tangible fixed assets |
3.1 | 241,890 | 359,874 |
| iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea Investments in intangible fixed assets |
3.3 | (409,079) | (436,112) |
| vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro Net (investments)/disposals in financial assets |
3.12 | (236,170) | 52,370,405 |
| velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia | |||
| NET CASH FLOWS FROM INVESTMENTS con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil |
(12,745,326) | 43,532,810 | |
| id moluptatur. Financing: |
|||
| endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime New financing |
4.2,4.3 | 2,484,494 | 27,284,521 |
| eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Funding repayment |
4.2,4.3 | (6,256,019) | (23,491,549) |
| earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis Principal payments - lease liabilities |
3.4 | (224,986) | (385,075) |
| dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit Dividends paid to the parent company's shareholders |
4.1 | (2,937,895) | (2,452,708) |
| harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Sale/(purchase) of treasury shares |
4.1 | (118,327) | (87,963) |
| CASH FLOWS FROM FINANCING | (7,052,733) | 867,225 | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,794,749) | 39,010,949 | |
| Cash and short-term deposits as of 1 January | 19,000,047 | 10,232,262 | |
| Cash and short-term deposits as of 30 June | 15,205,296 | 49,243,212 |
CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT
Role
simus.
id moluptatur.
Company
Interim consolidated Shareholders' equity changes
| Mus. Optas et |
Notes maximus |
Share Capital il , tem |
Legal reserve ium et |
Negative reserve for treasury shares in the portfolio a nestorem |
Merger surplus reserve acese laudisi |
Share premium reserve tatur, aut |
Extraordinary reserve hil que eost |
Other reserves |
FTA reserve | Employee benefit reserve |
Profits/losses carried forward |
Profit/loss for the financial year |
Total Shareholder s' equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| doluptur eatiur aut rest, Balance as of 1 January 2024 |
volorpo 4.1 |
rehenem 22,770,445 |
. Itati 5,000,000 |
volut (14,021,029) |
eaque estiist 29,741,389 |
pediscipsum il 86,743,750 |
mil il ipsam 2,286,638 |
4,416,281 | (6,669,789) | 181,073 | 22,610 | (3,522,098) | 126,949,268 |
| invenducilla esse pra con pliquun Profit/(loss) for the financial year Atiosa autatem Other income statement |
poribus | tiatur ellaccum |
volorer , te , sum secto |
ovidund vellatiam |
electium , utaturiorum |
resciat am, quat |
quaspero | 4,469,288 | 4,469,288 | ||||
| components maio . Temperum harum Comprehensive profit/(loss) |
qui to |
conem a abor | odi atureic sunt, |
temo | esciaspedis | quiassum eum |
39,360 39,360 |
4,469,288 | 39,360 4,508,648 |
||||
| facitas mi , sint , ommoluptatur |
pernatiist aut |
fugia | quidene | modioriatium | facepudis | ommolore ut |
|||||||
| Dividends solupta erspis quiducilles Reclassification |
magnam ium | ad et |
earchit atioremqui |
(2,937,895) | hit , qui arum sunt |
sin nost a (754,088) |
754,088 | (2,937,895) - |
|||||
| Purchase of treasury shares dolenimilit lam as volo 2023 loss allocation magnihi odi voluptia ciurit |
quid | eossincium venimol |
labo , ut ecaesen delesen |
(118,327) . Ehendicat officet desciae |
dercill (7,437,309) caborit |
itiatem enimetureped |
cum que doluptur quidel modi |
3,915,211 | 3,522,098 | (118,327) - |
|||
| Balance as of 30 June 2024 ut que sumquam, tem |
4.1 aut |
22,770,445 ipsum nonem est |
5,000,000 lit |
(14,139,356) inihita mo qui |
19,366,185 nobis |
86,743,750 enturibusam |
1,532,549 velent quam |
4,416,281 | (6.669789) | 220,434 | 4,691,909 | 4.469288 | 128,401,695 |
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same
vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit
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