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Fine Foods & Pharmaceuticals Ntm

Earnings Release Sep 13, 2023

4495_10-q_2023-09-13_0c2b1464-ccd3-45d8-8e0d-9fc0e7d32f41.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 2023 Half-Year Financial Report.

Company First half of 2023: Consolidated revenues +26.7% and EBITDA +61%.

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 Food (+32.8%) and Pharma (+34.9%) BUs drive the Group's growth. Fine Foods' margins show a significant recovery compared to H1 2022.

facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Highlights

  • dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur • Consolidated Revenue in H1 2023 was € 127.5 million, up 26.7% from € 100.6 million in H1 2022.
  • 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 Group's EBITDA for the first six months of 2023 was € 12.6 million, up significantly (+61%) compared to € 7.8 million in the same period of 2022.
  • 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, • The Group's H1 2023 EBITDA Margin, which coincided with the Adjusted EBITDA Margin, was 9.9%, with a significant improvement from 7.8% in 2022
  • 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 • The Group's H1 2023 Operating Result (EBIT) was € 0.4 million compared to € 0.5 million in 2022 due to the Pharmatek's goodwill impairment which was part of a broader reorganisation of the Cosmetic BU, which included the disposal of some non-strategic business lines. Without this effect, EBIT would have been € 4.8 million, compared to € 1.1 million in 2022.
  • 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 • The Result for the Period for the first half of 2023 was € -1.7 million (€ -6 million as of 30 June 2022). Net of the above impairment, the result for H1 2023 would have been a positive € 2.7 million.
  • 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. • The Group's Net Financial Position as of 30 June 2023 was € 57.8 million, compared to € 43.6 million as of 31 December 2022.

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 Verdellino (Bergamo, Italy), 13 September 2023 - 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 Half-Year Financial Report as of 30 June 2023.

***

Name Surname H1 2023 showed Consolidated Revenues of € 127.5 million, up 26.7% compared to € 100.6 million in H1 2022.

Role Company Revenues of the Food Business Unit in H1 2023 were € 75.4 million with a growth of 32.8% compared to € 56.8 million in H1 2022.

The Pharma Business Unit contributed to the growth in H1 2023, rising from € 25.8 million in H1 2022 to € 34.8 million in H1 2023 (+34.9%).

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. The Cosmetic Business Unit contribution in the first six months of 2023 was € 17.2 million compared to € 18 million recorded in the same period of 2022. This decrease was also generated by the disposal of some nonstrategic business lines.

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 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 Fine Foods & Pharmaceuticals N.T.M. S.p.A. Chief Executive Officer Giorgio Ferraris, said: "The first half of 2023 closed with significantly higher revenues (+26.7%) compared to the same period of 2022 driven by our Food and Pharma BUs, which have almost completely overcome the difficulties arising from the international economic and geopolitical trends. The Cosmetic BU performance reflected the impact of the reorganisation which should be completed by the end of 2023. The positive performance of H1 is confirmed by a substantial order portfolio, which confirms a more than positive outlook for H2."

simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. The Group's H1 2023 EBITDA was € 12.6 million compared to € 7.8 million in the first half of 2022, showing a growth of +61%. EBITDA for H1 2023 coincided with the Adjusted EBITDA which was € 8.4 million in H1 2022.

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 The Group's H1 2023 EBITDA Margin, which coincided with the Adjusted EBITDA Margin, was 9.9%, with a significant improvement from 7.8% in 2022. The H1 2022 Adjusted EBITDA Margin was 8.3%.

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 The margin improvement derived from the reduction in the impact of personnel and energy costs on revenues, and better absorption of fixed costs on revenues. The energy percentage cost is still higher than the historical cost. This impact is estimated at almost 0.6% on EBITDA, equal to about € 0.8 million, which would have brought EBITDA to € 13.4 million, with a margin of 10.5%.

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 The Operating result (EBIT) for H1 2023 was € 0.4 million and showed a slight decrease compared to H1 2022 generated mainly by the goodwill impairment of Pharmatek (merged into Euro Cosmetic), of € 4.4 million. Without this effect, EBIT would have been € 4.8 million. This impairment was part of the broader reorganisation of the Cosmetic Business Unit, which included the disposal of some non-strategic business lines. H1 2023 EBIT was affected by the above energy impact, net of which it would have been € 1.3 million, € 5.7 million net of the above impairment.

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. The Income Before Taxes for H1 2023 was € -0.1 million compared to € -5.9 million in H1 2022. This result was almost entirely attributable to the impairment of Pharmatek's goodwill which merged by incorporation into Euro Cosmetic.

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 This led to a loss in H1 2023 of € 1.7 million (€ -6 million in H1 2022). The adjusted result for H1 2023, net of the goodwill impairment, was € 2.7 million compared to the adjusted loss for the period of € 5.6 million as of 30 June 2022.

harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. The result for both periods was impacted by changes in the Fair Value of financial assets. In H1 2023, the Parent Company's asset securities management showed a positive change in Fair Value of € 1.7 million. The

Name Surname Role Company trend contrasted the corresponding period of the previous year (negative change in Fair Value of € 5.8 million). As of 30 June 2023, the Company closed its position with the primary Credit Institution which was entrusted with the management service for its investment portfolio in January 2019. The overall portfolio management, from the opening to closure, was positive for € 5.7 million.

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil Tangible Fixed Assets increased by approximately € 1.6 million in H1 2023, due to net investments of € 8 million and depreciation for the period of € 6.4 million.

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. Intangible fixed assets and rights of use were € 17.1 million as of 30 June 2023 (€ 22.8 million at the end of FY 2022). This decrease was mainly due to the Pharmatek's goodwill impairment of € 4.4 million.

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 Working capital as of 30 June 2023 was € 58.7 million compared to € 44.2 million at the end of the previous financial year. The Commercial Net Working Capital, of € 62 million (compared to € 46.3 million as of 31 December 2022), changed as follows: increase in trade receivables (€ 9.5 million), inventories (€ 10.9 million) and trade payables (€ 4.7 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 Shareholders' Equity as of 30 June 2023 was € 129.1 million, up from 31 December 2022 (€ 133.3 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 estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic The Group's Net Financial Position as of 30 June 2023 was € 57.8 million, compared to the NFP of € 43.6 million as of 31 December 2022. The change was mainly due to the absorption of the Commercial Net Working Capital, CAPEX made in the period and distribution of FY 2022 dividends.

simus. SIGNIFICANT EVENTS OCCURRING AFTER 30 June 2023

Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. No significant events occurred after the end of the period.

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 BUSINESS OUTLOOK

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 The global economy is recovering after the difficult period generated by the Covid-19 pandemic and the recent geopolitical events. However, global economic activity is impacted by high inflation and restrictive financing conditions. The energy cost, although lower than in the previous period, remains significantly higher than historical trends.

nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma The Group will develop the business along three main lines - Food, Pharma, and Cosmetics - by strengthening corporate functions' activities. Fine Foods will seize any opportunities for growth through external lines.

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 The increase in turnover recorded in the first half of the year confirmed the effectiveness of the commercial actions taken for the Food BU and allowed us to forecast a largely positive outlook.

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 The Pharma BU is expected to significantly grow due to the key multi-year agreements signed with important international customers that will require a production plant expansion.

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 The integration and optimisation of processes will continue for the Cosmetic BU. Investments for the Trenzano site production capacity expansion are nearing completion. Efficiency is expected to improve when fully operational and customer demand is expected to increase. The Cremosano plant was permanently closed and production transferred to Trenzano.

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 second quarter showed a decrease in margin compared to the first quarter which was mainly attributable to the Cosmetic BU reorganisation activities. Despite this, management remains reasonably confident of the margin improvement trend, in view of the results achieved in the period after the end of the half-year.

Name Surname Role Company The Groups believes in a fair and sustainable future, creating long-term value for the benefit of its stakeholders and contributing to the development and well-being of the communities in which it operates. Fine Foods has been a benefit corporation since April 2021. ESG issues for Fine Foods are a structured set of activities and the Group intends to continue its sustainability programme in the future.

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 solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a It should be noted that under Article 154-ter, paragraph 2, of Legislative Decree no. 58 of 24 February 1998, the Half-year financial report as of 30 June 2023, approved by the Board of Directors on today's date, will be made available today to shareholders and the public at the registered office, on the Company's website at www.finefoods.it, Investor Relations/Financial Reports section, and the authorised storage system .

***

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil

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 Under Art. 154-bis, paragraph 2 of the Consolidated Law on Financial Intermediation, 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.

simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. This press release is available on the Fine Foods website www.finefoods.it, in the Investor Relations/Press Releases section.

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

***

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 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 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, long-term 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 € 207 million revenue in 2022 and more than 10 per cent CAGR over the last decade, Fine Foods is a growing and future-oriented company.

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 For further information: Fine Foods & Pharmaceuticals N.T.M. S.p.A. Tel +39 035 4821382 Investor Relations: [email protected] Media Relations: [email protected]

Interim consolidated income statement

Company
(amounts in € units) Notes Half-year as of Half-year as of
30 June 2023 30 June 2022
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
Revenues and income
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il
Revenues from contracts with customers
2.1 127,460,518 100,579,641
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat.
Other revenues and income
2.2 1,108,891 232,668
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero
Total revenues
128,569,409 100,812,309
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
79,184,580 60,551,439
finished goods and work in progress.
dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet
2.3 dercill itiatem cum que doluptur
Personnel costs 2.4 22,571,196 19,629,655
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi
Costs for services
2.5 13,212,226 12,067,688
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam
Other operating costs
2.6 984,846 725,352
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
2.7 12,168,816 7,298,070
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni
Total operating costs
128,121,664 tem etum laborat
100,272,205
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,
Operating result
447,745 540,104
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
2.8 1,702,536 (5,845,820)
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?
Financial income
2.9 32,367 7,728
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin
Financial charges
2.10 (2,290,377) (595,628)
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea
Income before taxes
(107,729) (5,893,615)
archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo
Income taxes
2.11 1,555,543 142,183
offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet
Profit/(loss) for the financial year
(1,663,272) (6,035,798)

Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Interim consolidated comprehensive income statement

nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma
(amounts in € units)
conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea
Half-year as of
30 June 2023
Half-year as of
30 June 2022
iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea
Profit /(loss) for the financial year (A)
vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro
Note
s
(1,663,272) (6,035,798)
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia
Components that will not be subsequently reclassified to
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
profit/(loss) for the financial year
id moluptatur.
Revaluation of net employee benefit liabilities/assets (28,741) 324,505
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
6,898 (40,099)
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
(21,843) 284,406
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.
Comprehensive profit/(loss) (A+B) (1,685,115) (5,751,392)

Interim consolidated statement of financial position

Company
(amounts in € units) Notes 30 June 2023 as of
31/12/2022
Assets
Non-current assets
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
Property, plant and machinery 3.1 105,763,602 104,162,050
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il
Goodwill
3.2 11,507,954 15,907,954
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat.
Other intangible fixed assets
3.3 1,805,112 1,780,551
Rights of use
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero
3.4 3,790,372 5,163,111
Other non-current assets 3.7 354,120 820,871
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum
Deferred tax assets
3.5 7,324,358 7,312,662
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore
Total non-current assets
130,545,518 135,147,200
Current assets
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a
Inventories 3.8 51,283,098 40,422,499
dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet
Trade receivables
3.9 48,824,877 dercill itiatem cum que doluptur
39,347,321
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi
Tax receivables
3.10 243,859 2,268,044
Other current assets 3.11 7,880,625 5,890,398
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam
Current financial assets
3.12 3,844,715 66,512,584
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic
Cash and other liquid assets
3.13 49,243,212 10,232,262
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni
Total current assets
161,320,386 tem etum laborat
164,673,109
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,
Total assets
291,865,904 299,820,309
simus.
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.
Shareholders' equity
Share Capital 4.1 22,770,445 22,770,445
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?
Other reserves
4.1 114,419,640 126,461,456
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin
Employee benefit reserve
4.1 184,343 206,186
FTA reserve
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea
4.1 (6,669,789) (6,669,789)
Profits carried forward 4.1 22,610 22,610
archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo
Profit/(loss) for the financial year
4.1 (1,663,272) (9,501,145)
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Total Shareholders' Equity
129,063,976 133,289,763
haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus
Non-current liabilities
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae.
Bonds
4.2 - -
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same
Non-current bank borrowings
4.3 70,079,730 77,573,797
Employee benefits
nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma
4.5 2,311,693 2,419,013
Provision for risks and charges 4.6 36,305 41,105
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Provision for deferred taxes
3.6 248,757 240,553
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Non-current lease payables
3.4 1,271,003 2,222,216
Total non-current liabilities
vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro
73,947,488 82,496,684
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia
Current liabilities
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
Bonds
4.2 3,329,404 3,323,051
Current bank borrowings 4.4 35,871,031 36,590,346
id moluptatur.
Trade payables
4.7 38,121,073 33,450,468
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime
Taxes payable
4.8 159,014 -
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid
Current lease payables
3.4 380,421 651,576
Other current liabilities 4.9 10,993,497 10,018,421
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Total current liabilities
88,854,440 84,033,862
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.
Total Shareholders' equity and Liabilities
291,865,904 299,820,309

Interim consolidated cash flow statement

Role
Company
Half-year as of
30 June 2023
Half-year as of
30 June 2022
PROFIT/(LOSS) FOR THE FINANCIAL YEAR (1,663,272) (6,035,798)
Adjustments to reconcile profit after tax with net cash flows:
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
Depreciation and impairment of property, plant and machinery
2.7
6,821,818 6,382,993
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il
Amortisation and impairment of intangible fixed assets
2.7
411,551 443,964
Amortisation of rights of use
2.7
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat.
535,446 471,112
Other write-downs of fixed assets
2.7
4,400,000 -
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero
Financial income
2.9
(32,367) (7,728)
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum
Financial charges
2.10
2,290,888 568,076
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore
Changes in fair value of financial assets and liabilities
2.8
(1,702,536) 5,845,820
Financial charges on financial liabilities for leases
3.4
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a
(512) 27,552
Income taxes
2.11
1,552,408 (27,953)
dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet
Personnel costs for stock grants
2.4
dercill itiatem cum que doluptur
-
-
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi
Gains on the disposal of property, plant and machinery
2.2
(21,888) (37,826)
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam
Current assets write-downs
3.8,3.9
497,988 662,594
Net change in severance indemnity and pension funds
4.5
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic
(174,114) (203,827)
Net change in provision for risks and charges
4.6
(4,800) 260,345
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni
Net change in deferred tax assets and liabilities
3.5,3.6
3,135 tem etum laborat
177,915
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,
Interest paid
2.10
(2,219,685) (575,006)
Income taxes paid
2.11
simus.
- -
Changes in net working capital:
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.
(Increase)/decrease in inventories
3.8
(11,128,342) (7,991,340)
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?
(Increase)/decrease in trade receivables
3.9
(9,750,142) (12,507,781)
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin
(Increase)/decrease in other non-financial assets and liabilities
92,733 4,428,328
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea
Disposal of assets held for sale
- -
Increase/(decrease) in trade payables
4.7
archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo
4,702,605 898,346
NET CASH FLOWS FROM OPERATING ACTIVITIES (5,389,086) (7,220,212)
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haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus
Investments:
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae.
Investments in tangible fixed assets
3.1
(8,761,356) (8,198,109)
Disposal of tangible fixed assets
3.1
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same
359,874 105,590
Investments in intangible fixed assets
3.3
(436,112) (450,078)
nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma
Net (investments)/disposals in financial assets
3.12
52,370,405 258,874
conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea
Acquisition of Subsidiaries
3.2
- -
iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea
NET CASH FLOWS FROM INVESTMENTS
43,532,810 (8,283,723)
vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro
Financing:
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia
New financing
4.3,4.4
27,284,521 71,680,229
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
Funding repayment
4.2,4.3,4.4
(23,491,549) (47,453,448)
id moluptatur.
Principal payments - lease liabilities
3.4
(385,075) (541,321)
Dividends paid to the parent company's shareholders
4.1
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime
(2,452,708) (3,866,869)
Share capital increase
4.1
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid
- -
Sale/(purchase) of treasury shares
4.1
(87,963) (748,815)
earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis
CASH FLOWS FROM FINANCING
867,225 19,069,776
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit
NET CHANGE IN CASH AND CASH EQUIVALENTS
39,010,949 3,565,841
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.
Cash and short-term deposits as of 1 January
10,232,262 17,118,957
Cash and short-term deposits as of 30 June 49,243,212 20,684,799

Fine Foods & Pharmaceuticals N.T.M. S.p.A. Via Berlino, 39 Zingonia-Verdellino 24040 (BG) Italia T. +39 035 4821382 [email protected]

Interim consolidated Shareholders' equity changes

Company
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,
Extraordinary
reserve
aut
que eost
Other
reserves
hil
FTA
reserve
Employee
benefit
reserve
Profits/losses
carried
forward
Profit/loss
for the
financial
year
Total
Shareholders'
equity
eatiur
doluptur
aut
rest,
volorpo rehenem . Itati volut eaque estiist pediscipsum il
mil
ipsam
il
Balance as of 1 January 2023
invenducilla
esse pra con pliquun
4.1 22,770,445
tiatur
, te
5,000,000
volorer
(13,680,454)
ovidund
29,741,389
electium
86,743,750
resciat
14,240,490 4,416,281 (6,669,789) 206,186 22,610 (9,501,145) 133,289,763
Atiosa
autatem
Profit/(loss) for the financial year
maio
harum
qui
. Temperum
Other income statement components
poribus
to
ellaccum
conem a abor
, sum secto
sunt,
vellatiam
odi
atureic
, utaturiorum
temo
esciaspedis am, quat
quaspero
quiassum
eum (21,843) (1,663,272) (1,663,272)
(21,843)
facitas
mi
, sint
, ommoluptatur
Comprehensive profit/(loss)
pernatiist
aut
fugia quidene modioriatium facepudis ommolore
ut
(21,843) - (1,663,272) (1,685,115)
solupta
quiducilles
erspis
dolenimilit
lam
as volo
quid
Dividends
magnihi
odi
voluptia
ciurit
IRS derivatives provision
venimol magnam ium
et
eossincium
, ut
ad
earchit
labo
ecaesen delesen
atioremqui
. Ehendicat
officet
desciae
dercill
caborit
hit
arum sunt
itiatem
enimetureped
, qui
sin
nost
cum que doluptur
(2,452,708)
quidel
a
modi
(2,452,708)
-
ut
que sumquam, tem
aut
Purchase of treasury shares
abo
alis
. Ut
estrumetur
2022 profit allocation
am dolupid
ipiciet
quia
ipsum
eum as et
digent
nonem est
esti
sit
fugias
eostia
lit
harum
ut
inihita
mo qui
(87,963)
eum aut
nossecus, invero
nobis
eaquis
is
od
essit
i
,
enturibusam
repti
cust
officeni
tem
velent
abore
omnihic
ni
(9,501,145)
etum
quam
laborat
(9,501,145) (87,963)
-
Balance as of 30 June 2023
quodic
iuntest
estrum
tet
4.1 22,770,445
, quo omnimus
5,000,000
reptas
(13,768,417)
eosapitiis
dolupta
29,741,389
tecullam
86,743,750
eum, od
2,286,638
modipissunt
4,416,281
,
(6,669,789) 184,343 22,610 (1,663,272) 129,063,977

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 Fine Foods & Pharmaceuticals N.T.M. S.p.A. Via Berlino, 39 Zingonia-Verdellino 24040 (BG) Italia T. +39 035 4821382 [email protected]

offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet

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

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