Fine Foods & Pharmaceuticals Ntm

Quarterly Report • May 15, 2024

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Company

EBITDA Margin reached 13.5%, exceeding historical levels

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. Double-digit growth (+11.5%) in EBITDA in Q1 2024, evidence of an increasingly reliable organisation management.

• 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 • Revenue in Q1 2024 was € 65.6 million-stable compared to the extraordinary revenue recorded in Q1 2023, and this stability comes after two quarters of unprecedented high revenue.
• 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 • Q1 2024 EBITDA was € 8.9 million, up 11.5% compared to € 7.9 million in Q1 2023.
• 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 • Q1 2024 EBITDA Margin of 13.5%, improved from 12.1% in Q1 2023.
• 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 • Q1 2024 Operating Result (EBIT) was € 5.1 million compared to € 4.2 million in Q1 2023 (+20,7%).
• estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, • Profit for the period in Q1 2024 was € 2.8 million compared to € 2.9 million in Q1 2023.

Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin

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 Net Financial Position as of 31 March 2024 was € 43.6 million, stable compared to 31 December 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 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 Verdellino (Bergamo, Italy), 15 May 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 Interim Financial Report as of 31 March 2024, prepared under IAS/IFRS Accounting Standards issued by the IASB (International Accounting Standards Board) and not subject to audit.

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 Q1 2024 reported Consolidated Revenue of € 65.6 million, in line with Q1 2023, which saw an exceptional revenue increase.

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 The Pharmaceuticals Business Unit recorded revenue of € 17.6 million in Q1 2024, +4.9% compared to the same period of 2023 (€ 16.8 million).

id moluptatur. endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime Nutraceuticals Business Unit revenue in Q1 2024 was € 39.8 million compared to € 40.7 million in the previous period with a slight decrease of 2.1%.

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 The contribution of the Cosmetic Business Unit in Q1 2024 was € 8.1 million, an increase of 0.3% compared to the same quarter of the previous year, showing the first signs of recovery after the integration and reorganisation process.

harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Fine Foods & Pharmaceuticals N.T.M. S.p.A. CEO Giorgio Ferraris said: "The first quarter 2024 showed revenue in line with 2023, with double-digit EBITDA growth and increasing margins that highlighted a reliable organisational management. Despite the international economic and geopolitical situation, we expect for 2024 a revenue growth trend in line with historical levels and overall margin improvement."

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Name Surname EBITDA in Q1 2024 was € 8.9 million, +11.5% compared to € 7.9 million in Q1 2023. There was a decrease in the Raw Material costs to Sales Revenue ratio to approximately 58.6% compared to 60.1% as of 31 March 2023, and a progressive improvement in the organisational efficiency.

Company EBITDA Margin in Q1 2024 was 13.5% compared to 12.1% in Q1 2023. The improvement in margins was mainly due to a decrease in purchasing raw materials, packaging, and energy costs on revenue.

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 The Group's Operating result (EBIT) for the period benefited from what above, and was € 5.1 million, with an increase of € 0.9 million compared to 31 March 2023 (+21%).

invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Group Income Before Taxes in Q1 2024 was € 4 million, compared to € 4.3 million in Q1 2023. This figure was negatively impacted by the absence of the positive effects generated by the asset management.

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 Q1 2024 closed with a profit for the period of € 2.8 million, stable compared to Q1 2023 result of € 2.9 million.

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 Tangible Fixed Assets increased by approximately € 1.8 million in Q1 2024, due to net investments of approximately € 5.3 million and depreciation for the period of € 3.5 million.

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 Intangible fixed assets and rights of use were €16.3 million as of 31 March 2024, in line with the previous year-end. Other non-current receivables and payables decreased by about € 0.8 million.

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, Working capital as of 31 March 2024 was € 44.3 million compared to € 42.6 million at the end of the previous financial year. The Commercial Net Working Capital of € 50.7 million (€ 48.1 million as of 31 December 2023) saw an increase in trade receivables (€ 5.8 million) and trade payables (€ 0.8 million), and a decrease in inventories (€ 2.5 million). Other current receivables and payables decreased by approximately € 0.8 million.

Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Shareholders' Equity as of 31 March 2024 was € 129.6 million, (€ 126.9 million as of 31 December 2023).

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 Group's Net Financial Position as of 31 March 2024 of € 43.6 million was stable compared to 31 December 2023 and showed a positive cash flow from operating activities of about € 5.6 million, net CAPEX made in the period of about € 5.5 million and purchase of treasury shares of about € 0.1 million.

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 SIGNIFICANT EVENTS OCCURRING AFTER 31 March 2024

plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. No significant events occurred after the end of the period.

nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma BUSINESS OUTLOOK

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 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.

Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same

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 The Nutra BU commercial strategies implemented, which focus on product quality, innovation, and enhancing customer support services, were confirmed. Fine Foods confirms the production capacity increase by expanding the current plant, which will bring favourable results on the top line in the 2024-2028 five-year period. Initial investments are expected to start in the second half of the year.

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. In 2024, the Pharma BU will continue its preparatory activities for 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.

The Cosmetic BU's organisation, 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 leading to an increase in the top line and profit margins, contributing positively to the Group's results.

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Name Surname Company The management is confident that the Group's revenue growth and margin improvement historical trends will continue in the upcoming quarters. 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.

***

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 Under Art. 154-bis, paragraph 2 of the Consolidated Law on Financial Intermediation (TUF), 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 31 March 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 31 March 2024 results, approved today by the Board of Directors, is available at www.finefoods.it (Investor relations/Presentations section).

solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a Attachments:

• dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur 1. Consolidated income statement
• magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi 2. Consolidated comprehensive income statement
• ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam 3. Consolidated statement of financial position
  • 4. Consolidated cash flow statement
• estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic 5. Consolidated Shareholders' equity changes

estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, ***

ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat

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.

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime

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? 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 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.

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 For further information: Fine Foods & Pharmaceuticals N.T.M. S.p.A. Tel +39 035 4821382 Investor Relations: ir@finefoods.it Media Relations: media.relations@finefoods.it

Role

Consolidated income statement

Company (amounts in € units)	3 months 31 March 2024	3 months 31 March 2023
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil Revenue and income
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il Revenue from contracts with customers	65,564,696	65,560,388
Other revenue and income invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat.	264,086	228,337
Total revenue Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero	65,828,782	65,788,725
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 finished goods solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a and work in progress.	38,426,273	39,416,667
dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet Personnel costs	dercill itiatem cum que doluptur 11,634,821	11,161,688
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Costs for services	6,337,369	6,781,231
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Other operating costs	565,724	480,458
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic Amortisation, depreciation, and impairment losses	3,796,105	3,748,501
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni Total operating costs	tem etum laborat 60,760,292	61,588,546
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Operating result	5,068,490	4,200,180
simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Changes in fair value of financial assets and liabilities	(19,496)	1,101,887
Financial income Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?	8,336	20,086
Financial charges Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin	(1,083,042)	(1,054,022)
Income before taxes cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea	3,974,288	4,268,131
Income taxes archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo	1,156,496	1,361,792
Profit/(loss) for the financial year offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet	2,817,791	2,906,338

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 Consolidated comprehensive income statement

haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus

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) iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea	3 months 31 March 2024	3 months 31 March 2023 2,906,338
Profit /(loss) for the financial year (A) vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro	2,817,791
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Components that will not be subsequently reclassified to profit/(loss) for con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil the financial year
id moluptatur. Revaluation of net employee benefit liabilities/assets	-	-
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime Tax effect 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 Other comprehensive income (B) components 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. Comprehensive profit/(loss) (A+B)	2,817,791	2,906,338

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT

Role

Consolidated statement of financial position

Company	As of 31 March	As of 31 December
(amounts in € units)	2024	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.	108,684,299	106,919,123
Goodwill	11,507,954	11,507,954
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Other intangible fixed assets	1,676,951	1,634,888
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Rights of use	3,088,138	3,165,607
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Other non-current assets	626,614	688,139
Deferred tax assets solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a	5,496,079	6,234,232
Total non-current assets dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet	131,080,036 dercill itiatem cum que doluptur	130,149,943
Current assets
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Inventories	40,004,751	42,459,682
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Trade receivables	43,903,752	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	17,967	320,689
Other current assets ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni	8,634,167 tem etum laborat	7,740,856
Current financial assets estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,	3,466,976	3,832,865
Cash and other liquid assets	13,888,641	19,000,047
simus. Total current assets Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.	109,916,253	111,411,905
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Total assets	240,996,289	241,561,848
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. Profit/(loss) carried forward Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Profit/(loss) for the financial year Total Shareholders' Equity 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	114,048,701 181,073 (6,669,789) (3,499,489) 2,817,791 129,648,732	114,167,028 181,073 (6,669,789) 22,610 (3,522,098) 126,949,268
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	41,324,409	9,734,877
Employee benefits	2,208,636	2,201,653
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Provision for risks and charges	2,105	2,105
Provision for deferred taxes con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil	273,475	263,381
Non-current lease payables id moluptatur.	957,221	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	44,765,846	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	18,309,960	55,269,592
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit Trade payables	33,200,566	32,369,462
Taxes payable harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.	1,010,761	575,488
Current lease payables	332,581	354,377
Other current liabilities	13,727,843	12,809,041
Total current liabilities	66,581,711	101,377,960
		241,561,848
Total Shareholders' equity and Liabilities	240,996,289

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT

Role

Consolidated cash flow statement

Company	3 months 31 March 2024	3 months 31 March 2023
PROFIT FROM OPERATING ACTIVITIES AFTER TAX	2,817,791	2,906,338
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 Adjustments to reconcile profit after tax with net cash flows:
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Depreciation and impairment of property, plant and machinery	3,483,403	3,357,350
Amortisation and impairment of intangible fixed assets Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero	196,420	196,564
Amortisation of rights of use maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum	116,283	194,588
Financial income facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore	107,537	(20,086)
Financial charges solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a	954,028	1,036,765
Changes in fair value of financial assets and liabilities dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet	19,496 dercill itiatem cum que doluptur	(1,101,887)
Financial charges on financial liabilities for leases magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi	13,141	17,257
Income taxes ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam	408,250	1,322,783
Gains on the disposal of property, plant and machinery estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic	(23,926)	15,709
Current assets write-downs ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni	304,524 tem etum laborat	238,825
Net change in severance indemnity and pension funds	6,982	(122,835)
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Net change in deferred tax assets and liabilities	748,246	39,010
simus. Interest paid	(1,074,706)	(1,021,690)
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Changes in net working capital:
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? (Increase)/decrease in inventories	2,398,005	(8,951,249)
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin (Increase)/decrease in trade receivables	(6,093,584)	(12,438,848)
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea (Increase)/decrease in other non-financial assets and liabilities	416,762	1,637,920
archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo Increase/(decrease) in trade payables	831,104	8,552,478
offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet NET CASH FLOWS FROM OPERATING ACTIVITIES	5,629,756	(4,141,009)
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. Investments:
Investments in tangible fixed assets Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same	(5,304,285)	(4,586,163)
Disposal of tangible fixed assets nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma	79,632	5,369
Investments in intangible fixed assets conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea	(238,482)	(256,346)
Net (investments)/disposals in financial assets iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea	195,783	(1,859,409)
NET CASH FLOWS FROM INVESTMENTS vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro	5,267,351	(6,696,550)
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Financing:
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil New financing	162,734	15,348,796
id moluptatur. Funding repayment	(5,382,224)	(12,499,411)
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime Principal payments - lease liabilities	(135,992)	(163,056)
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Sale/(purchase) of treasury shares	(118,327)	(87,963)
earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis CASH FLOWS FROM FINANCING	(5,473,809)	2,598,366
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit NET CHANGE IN CASH AND CASH EQUIVALENTS	(5,111,405)	(8,239,193)
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Cash and short-term deposits as of 1 January	19,000,047	10,232,262
Cash and short-term deposits as of 31 March	13,888,641	1,993,070

id moluptatur.

Role

Consolidated Shareholders' equity changes

Company Mus. Optas maximus et eatiur	Share Capital , tem	Legal reserve il ium et rehenem . Itati	Negative reserve for treasury shares in the a nestorem portfolio volut	Merger surplus reserve acese laudisi	Share premium reserve tatur, aut il	Extraordi nary reserve que eost mil	Other reserves hil il	FTA reserve	Employ ee benefit reserve	Profits/loss es carried forward	Profit/loss for the financial year	Total Shareholders ' equity
doluptur aut rest, invenducilla esse pra con pliquun	volorpo tiatur	volorer , te	ovidund	eaque estiist electium resciat	pediscipsum	ipsam
Balance as of 1 January Atiosa 2024 autatem	22,770,445 poribus ellaccum	5,000,000 , sum secto	(14,021,029) vellatiam	29,741,389 , utaturiorum	86,743,750 am, quat	2,286,638 quaspero	4,416,281	(6,669,789)	181,073	22,610	(3,522,098)	126,949,268
maio . Temperum harum qui Profit/(loss) for the financial facitas mi , sint , ommoluptatur year solupta quiducilles erspis Other income statement dolenimilit lam as volo quid components	to aut magnam ium eossincium	conem a abor pernatiist fugia ad et labo , ut	odi atureic sunt, quidene earchit atioremqui . Ehendicat officet	temo modioriatium arum sunt dercill	esciaspedis facepudis hit , qui itiatem	quiassum ommolore ut sin nost cum que doluptur	eum a				2,817,791	2,817,791
Comprehensive profit/(loss) magnihi odi voluptia ciurit	- venimol	- ecaesen delesen	- desciae	- caborit	- enimetureped	- quidel	- modi	-	-	-	2,817,791	2,817,791
ut que sumquam, tem aut Dividends abo alis . Ut estrumetur IRS derivatives provision am dolupid digent ipiciet quia Purchase of treasury shares quodic iuntest estrum tet 2023 profit allocation simus	ipsum esti eum as et fugias , quo omnimus	lit nonem est harum sit ut eostia reptas	inihita mo qui eum aut nossecus, invero (118,327) eosapitiis	nobis eaquis is repti od essit i , dolupta tecullam	enturibusam abore cust officeni tem eum, od	velent omnihic ni laborat etum modipissunt	quam ,			(3,522,098)	3,522,098	- - (118,327) -
Balance as of 31 March eum faciden Mo el 2024 Mincium eiciet pro cus mod et	imusam et 22,770,445 ut	volupta aut 5,000,000 lacimag natent	turepedi (14,139,356) quam et et	cus verum adis 29,741,389 in nobit est,	nobit 86,743,750 eate	, qui doluptat 2,286,638 parchic totatur?	4,416,281	(6,669,789)	181,073	(3,499,488)	2,817,791	129,648,733

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

harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT