Vilkyskiu Pienine

Earnings Release • Aug 31, 2022

VILVI GROUP

THE RESULTS OF H1 2022

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- 3. SALES REVENUE BY MARKETS 4. SALES REVENUE BY OPERATING SEGMENTS 5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION 6. CONSOLIDATED INCOME STATEMENT 7. CONCOLIDATED STATEMENT OF CASH FLOWS 8. ABOUT THE COMPANY 9. STRUCTURE OF "VILVI GROUP" 10. BOARD 11. SHORT HISTORY OF "VILVI GROUP" 12. SHARE PRICE DATA AND SHAREHOLDERS 13. CONTACTS

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THE BEST "VILVI GROUP" RESULT IN IT'S HISTORY!

MEUR E B I T D A

Achievements:

• residents of large cities.

"Vilkyškių" LESS SUGAR line of glazed curd cheese bars has been complemented by new product – cream raspberry flavor glazed curd cheese bar. New curd cheese bar contains even 42 % less sugar, comparing with similar ones in Lithuania.

The line of milk products with vegetable fats has been complemented by classic and picante flavor spreads.

New cream cheese with hemp and onions has also been introduced into the market

"Modest" AB and Vilkyškių pieninė AB. confirms the compliance with the highest requirements of safety and quality on food products and production. Food producing companies having IFS obtain wide opportunities to expand their business on new markets, gaining higher competitive advantage and consumer confidence; business productivity and brand image get improved.

Exhibitions:

powder

2. MAIN FINANCIAL INDICATORS

2. MAIN FINANCIAL INDICATORS
	H1 2018	H1 2019	H1 2020	H1 2021	H1 2022
Revenue (Thousands EUR)	47,467	53,581	55,784	67,835	112,824
EBITDA (Thousands EUR)	2,447	1,208	3,324	3,917	11,568
EBITDA margin (%)	5.2%	2.3%	6.0%	5.8%	10.3%
Net profit (loss) (Thousands EUR)	240	-761	1,232	1,544	8,320
Profit (loss) margin (%)	0.5%	-1.4%	2.2%	2.3%	7.4%
Quantity of purchased milk, t	128,393	125,330	132,177	145,740	153,478
Profit (loss) per share (EUR)	0.02	-0.06	0.10	0.13	0.70
Net financial debt (Thousands EUR)	32,987	29,198	23,641	25,857	20,614
At H1 2022 sales revenue increased by 66.3	percent, comparing	with the same period	last year and	amounted to 112.824	MEUR.
EBITDA reached 11.568 MEUR (increased event	3 times comparing	with the same	period last year).
During H1 2022 net profit of the group came	to 8.32 MEur and	was more than five	times higher than	at the same period	last year.
	basic indicators milk	was purchased	(increased by 5.3 %		2021).
During H1 2022 a total of 153.5 tho tones of				comparing with H1

QUANTITY OF PUCHASED MILK, T

REVENUE, THOUSANDS EUR

EBITDA, THOUSANDS EUR

3. SALES REVENUE BY MARKETS

4. SALES REVENUE BY OPERATING SEGMENTS

4. SALES REVENUE BY OPERATING SEGMENTS
(Thousand EUR)		H1 2021		H1 2022	THE SEGMENT COMPRISES:
Cheese, cheese products and other	29,642	44%	49,504	44%
	11,033	16%	19,057	17%
Dry milk products
Fresh milk products	9,284	14%	11,925	10%
Cream	17,875	26%	32,338	29%
	Total: 67,835		112,824

THE SEGMENT COMPRISES:

• Cheese, cheese products and other. Cheese, cheese products and other products produced by the subsidiary and Parent company; • Dry milk products. WPC, skimmed-milk, permeate
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• and whey powder produced by the subsidiary; Fresh milk products. Fresh milk products produced by the subsidiary (kephir, yoghurt, sour milk, butter, curd products); • Cream. Industrial cream produced by the subsidiary and Parent company.

5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Thousand EUR	2022.06.30	2021.12.31
ASSETS
Property, plant and equipment	47,334	48,771
Right-of-use assets	863	1,108
Intangible assets	4,179	4,186
Non-current amounts receivable	284	288
Deferred income tax assets	-	304
Non-current assets	52,660	54,657
Inventories	17,017	17,625
Trade and other receivables	21,197	14,271
Prepayments	929	622
Cash and cash equivalents	1,404	799
Current assets	40,547	33,317
Total assets	93,207	87,974
Share capital	3,463	3,463
Share premium	3,301	3,301
Reserves	2,135	2,174
Retained earnings	36,410	30,510
Total equity attributable to owners of the Company	45,309	39,448
Non-controlling interest	203	133
Total equity	45,512	39,581
Borrowings	18,034	17,050
Lease liabilities	318	403
Government grants	3,966	4,125
Trade and other payables	53	53
Deferred income tax liability	632	-
Non-current liabilities	23,003	21,631
Borrowings	3,408	6,420
Lease liabilities	258	290
Income tax payable	-	179
Trade and other payables	21,026	19,873
Current liabilities	24,692	26,762
Total liabilities	47,695	48,393

6. CONSOLIDATED INCOME STATEMENT

	2022.01.01-	2021.01.01-
Thousand EUR	2022.06.30	2021.06.30
Revenue	112,824	67,835
Cost of sales	-99,115	-62,854
Gross profit (loss)	13,709	4,981
Other operating income	151	160
Distribution expenses	-2,278	-1,777
Administrative expenses	-2,145	-1,662
Other operating expenses	-83	-33
Other gain (loss) - net	73	199
Results of operating activities	9,427	1,868
Finance income	225	27
Finance costs	-396	-383
Finance costs, net	-171	-356
Profit (loss) before income tax	9,256	1,512
Income tax expenses	-936	32
Profit (loss) for the period	8,320	1,544
Attributable to:
Shareholders of the Company	8,250	1,531
Non-controlling interest	70	13
Profit (loss) for the period	8,320	1,544
Basic and diluted earnings per share (in EUR)	0.70	0.13

7. CONCOLIDATED STATEMENT OF CASH FLOWS

Thousand EUR	2022.01.01-	2021.01.01-
	2022.06.30	2021.06.30
Profit (loss) for the period	8,320	1,544
Depreciation of property, plant and equipment Amortization of intangible assets	2,301 7	2,412 8
Amortization and write-off of grants	-167	-371
Loss (gain) from disposal of property, plant and equipment	-58	88
Income tax expenses	936	-32
Finance costs, net	171	356
	11,510	4,005
Change in inventories	608	-1,891
Change in non-current amounts receivable	4	11
Change in trade and other receivables and prepayments	-8,365	-3,680
Change in trade and other payables	908 4,665	4,620 3,065
Interest paid	-330	-314
Income tax paid	-	-
Net cash flows generated from operating activities	4,335	2,751
Payments for acquisition of property, plant and equipment	-573	-1,614
Payments for acquisition of intangible assets	-	-15
Proceeds from sale of property, plant and equipment	65	423
Acquisition of shares of the subsidiary	-	-250
Loans granted	-	-
Government grants received	8	-
Loans recovered	1,359	250
Change in cash flows from investing activities due to a business combination	-	-454
Net cash flows generated from (used in) investing activities	859	-1,660
Proceeds from borrowings	6,100	3,859
Repayments of borrowings	-8,128	-3,778
Lease payments	-172	-179
Dividends paid out	-2,389	-955
Net cash flows generated from (used in) financing activities	-4,589	-1,053
Net increase (decrease) in cash and cash equivalents	605	38
Cash and cash equivalents at 1 January	799	181
Cash and cash equivalents at 30 June	1,404	219

ADDITIONAL INFORMATION

• Company was established in 1993.
• On the 30th of June 2022 the Group had 871 employees.
• The production of dairy products is the core of Group business.
• Company's share capital amounts to 3.5 million EUR.
• The Company's issue is included in the Official List of AB NASDAQ OMX Vilnius.
• The ISIN code of the securities: LT0000127508, Ticker symbol: VLP1L.

• Standards: ISO 22000 and FSSC 22000.

• STRUCTURE OF "VILVI GROUP"

10. BOARD

Gintaras Bertašius, Chair of the Board, CEO of Vilkyškių pieninė AB Vilija Milaševičiutė, Member of the Board, Chief Economics and Financial Officer at Vilkyškių pieninė Rimantas Jancevičius, Member of the Board, Chief Purchasing Officer at Vilkyškių pieninė AB Sigitas Trijonis, Member of the Board, Chief Technology Officer at Vilkyškių pieninė AB Linas Strėlis, Independent member ot the Board Andrej Cyba, Independent member ot the Board

Board members re-elected for a four-year term on 29 April 2022.

AB

12. SHARE PRICE DATA. MAIN SHAREHOLDERS

Comparison of Vilkyškių pieninė AB share price and OMX Vilnius indexes

Shareholder	Shares	Ownership interest
Swisspartners Versicherung AG Zweigniederlassung Österreich	6,994,316	59%*
Multi Asset Selection Fund	2,035,729	17%
Other shareholders	2,912,955	24%
Capital in total:	11,943,000	100%

including the right to vote at the issuer's shareholders' meetings.

13. CONTACTS:

Gintaras Bertašius Director General Tel.: 8 441 55330 gintaras.bertasius@vilvi.eu

Vilkyškiai, Pagėgių sav. CRN: 277160980 Phone No: 8 441 55330 Fax.: 8 441 55242 info@vilvi.eu www.vilvigroup.eu

Vilija Milaševičiutė

Economics and Finance Director vilija.milaseviciute@vilvi.eu