Anora Group Oyj

Quarterly Report • Nov 23, 2022

Q3 2022

Interim Report

JANUARY–SEPTEMBER 2022

About this report

Anora Group Plc was formed when the merger of Altia and Arcus was completed on 1 September 2021.

As of 1 January 2022, Anora has three reportable segments: Wine, Spirits and Industrial. To help the comparison, historical pro forma financial information ("Pro forma") for the new segments was published on 13 May 2022. This is clearly indicated in text, tables or charts when referring to historical pro forma figures. Of note, the pro forma figures do not include any adjustments for Globus Wines.

Arcus has been consolidated to Anora as of 1 September 2021, while Globus Wines has been consolidated to Anora as of 1 July 2022. The Q3 and Jan-Sep official IFRS comparison figures include former Arcus for one month as of 1 September 2021. The full year 2021 official IFRS comparison figures also include former Arcus for four months as of 1 September 2021.

The figures in brackets refer to the comparison period, i.e., the same period in the previous year, unless otherwise stated.

This interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS) and IAS 34 Interim Financial Reporting as approved by the EU. The figures in the report are unaudited. A reconciliation of alternative key ratios to IFRS figures is presented in appendix 1 on page 32.

Content:

• Comment from the CEO
• Business review
• Market development
• Financial review
• Sustainability
• Merger integration
• Share
• Outlook 2022
• Contacts and conference call details
• Financial statements and notes

Anora's Interim Report January–September 2022

Net sales grew in Q3 – strong performance by Globus Wine

Q3 22 in brief

• Net sales were EUR 181.9 million, 10.2% growth compared to the Q3 21 pro forma net sales of EUR 165.0 million, net sales excluding Globus Wine was EUR 159.4 million
• Comparable EBITDA was EUR 23.4 million or 12.8% of net sales (Q3 21 pro forma: EUR 30.1 million or 18.2%)
• Net cash flow from operating activities was EUR 7.3 (-5.1) million
• Earnings per share EUR 0.12 (Q3 21 pro forma: 0.21)
• The acquisition of Globus Wine was closed on 1 July 2022 and Globus Wine is consolidated in Anora since acquisition date

January–September 2022 in brief

• Net sales were EUR 481.1 million, 4.7% growth compared to the Q1-Q3 21 pro forma net sales of EUR 459.4 million, net sales excluding Globus Wine was EUR 458.6 million
• Comparable EBITDA was EUR 55.3 million or 11.5% of net sales (Q1-Q3 21 pro forma: EUR 70.4 million or 15.3%)
• Net cash flow from operating activities was EUR -36.4 (-6.7) million
• Earnings per share EUR 0.21 (Q1-Q3 21 pro forma: 0.37)
• Net debt/comparable EBITDA (rolling 12 months) was 3.6 (2.9)

Guidance

Guidance remains unchanged: Anora's comparable EBITDA in 2022 is expected to be between EUR 75-85 million. This corresponds to the pre-pandemic level and takes into account the annual impact of EUR 4.6 million of the divestment of Anora brands due to the 2021 merger.

Capital Markets Day on 29 November 2022

Anora hosts a Capital Markets Day for investors, analysts, bankers and media on Tuesday 29 November 2022 at Gjelleråsen, Norway. At the event, Anora's Executive Management Team will present the company's growth strategy, financial targets and sustainability roadmap. More information on anora.com/en/investors/cmd.

Key figures

	Q3 22	Q3 21 IFRS	Q1-Q3 22	Q1-Q3 21 IFRS	2021
Net sales, EUR million	181.9	114.02	481.1	272.53	478.2
Comparable EBITDA, EUR million	23.4	20.22	55.3	40.23	71.7
% of net sales	12.8	17.72	11.5	14.83	15.0
EBITDA, EUR million	21.8	16.9	49.0	31.6	62.9
Comparable operating result, EUR million	14.4	15.2	30.7	27.6	51.2
% of net sales	7.9	13.3	6.4	10.1	10.7
Operating result, EUR million	12.8	11.9	24.5	18.9	42.4
Result for the period, EUR million	7.9	8.7	14.4	14.0	31.2
Earnings per share, EUR	0.12	0.192	0.21	0.353	0.67
Net cash flow from operating activities, EUR million	7.3	-5.1	-36.4	-6.7	50.8
Net debt / comparable EBITDA (rolling 12 months)	3.61	2.94	3.6	2.94	1.8
Personnel end of period	1 212	1 100	1 212	1 100	1 055

1 If including Globus Wine rolling 12-month figures, net debt/comparable EBITDA (rolling 12 months) would have been approx. 3.4 for Q1- Q3/22.

2 Pro forma figures Q3 21: net sales EUR 165.0 million; comparable EBITDA EUR 30.1 million or 18.2% of net sales; EPS EUR 0.21.

3 Pro forma figures Q1-Q3 21: net sales EUR 459.4 million; comparable EBITDA EUR 70.4 million or 15.3% of net sales; EPS EUR 0.37

4 If calculated using pro forma figures, net debt / comparable EBITDA would have been 1.6 for Q3 21 and 1.6 for Q1-Q3 21.

CEO Pekka Tennilä:

I am pleased with our net sales growth in the third quarter. Our net sales grew in double digits, to EUR 181.9 million, thanks to our acquisition of Globus Wine in Denmark. Net sales excluding Globus Wine was EUR 159.4 million. The comparable EBITDA declined by 22.3% to EUR 23.4 million due to higher operating expenses and lower gross margin than in the comparison year.

The decline in profitability was related mainly to the normalisation after Covid-19, with wine and spirits volumes in the monopolies continuing to see strong declines. In addition, our operating expenses were higher and the relative gross margin was lower due to the high input costs including barley price at a record-high level. We have implemented price increases across all of our businesses and markets, but due to the time lag between the increase in input costs and our price increases, the gross margin declined.

In spirits, net sales were at last year's level supported by continued growth in International where the net sales grew in exports, Baltics and DFTR. In the monopoly markets, our net sales declined following the declining market, but we gained market shares in all countries showing the strength of our brands and innovations. As an example, our own premium gin brand – Skagerrak – won full distribution in the Norwegian monopoly.

The net sales growth in wine was driven by Globus Wine's strong performance in Denmark. Globus Wine continued to gain market share and further strengthened its position as the market leader. In the monopoly markets, net sales declined largely following a declining market and due to the earlier partner losses, but we are working hard to mitigate the losses and we have already been successful with gaining new partners such as Zonin and AdVini. In our own wines, we saw positive development driven by the relaunch of the Chill Out brand across the Nordics. Our tender winning rate has been good and we have launched several interesting novelties during the quarter. We will be able to expand Globus Wine's strong own wine portfolio to high-volume wine segments in Sweden, Norway and Finland.

The net sales growth in Industrial was driven by higher sales prices. Volumes in industrial products remained below last year's level as we continued to run the Koskenkorva Distillery at a lower running speed to mitigate the push from the high cost of barley.

Our post-merger integration work has progressed as planned and on schedule. During the third quarter, we completed the product transfers to Anora's in-house logistics centre in Sweden. With this,the logistics integration is now completed. The run rate of annualised net synergies at the end of Q3 22 was EUR 5.2 million, including the annual impact of EUR 4.6 million from the divestment of brands in connection with the completion of the merger.

Looking at the rest of the year, we reiterate our guidance and expect the comparable EBITDA in 2022 to be between EUR 75-85 million. The barley crop this year was good. The prices have come down from the peak level earlier this year, but uncertainty in the global grain market remains a fact. The barley price level is expected to stay high, and due to overall uncertainties the cost pressure in other raw materials is expected to continue.

The last quarter of the year is important for us, and we have yet again a fantastic offering of products for the Christmas season, and we are well prepared for the highseason.I would like to thank everyone at Anora for their hard work and strong commitment.

The next milestone on our journey is the Capital Markets Day which we are hosting on 29 November 2022. Welcome to join the event and hear more about our growth strategy, financial targets and sustainability roadmap!

Business Review

Anora has three reportable segments: Wine, Spirits, and Industrial.

Wine segment

The Wine segment develops, markets and sells partner wines and Anora's own wine brands to customers in the Nordic monopoly markets. Globus Wine is reported as part of Anora's Wine segment as of 1 July 2022.

Spirits segment

The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora's own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora's own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports

Industrial segment

The Industrial segment comprises Anora's industrial business – industrial products and contract manufacturing, the logistics company Vectura and supply chain operations.

Pro forma financial information

Historical pro forma financial information for the new segments was published on 13 May 2022.

In this Business Review, pro forma information is used as the comparison data both for the Group and the segments. To facilitate the comparability of Anora segment level and Group information, historical pro forma financial information was published on 18 November 2021, 25 November 2021 and 10 March 2022.

Of note, pro forma figures do not include any adjustments for the acquisition of Globus Wines.

Seasonality

There are substantial seasonal fluctuations in the consumption of alcoholic beverages impacting the net sales and cash flow of Anora. The company typically generates large amounts of its revenue and cash flow during the fourth quarter of the year, whereas the first quarter of the year is significantly lower. In addition, excise taxes related to the high season at the end of the year are paid in Q1, resulting in large cash outflows. Also, the timing of Easter fluctuating between Q1 and Q2 impacts quarterly sales and profitability.

Anora Group

	Q3 22	Q3 21 PF	Change, %	Q1-Q3 22	Q1-Q3 21 PF	Change %	2021 PF
Net sales (external), EUR million	181.9	165.0	10.2	481.1	459.4	4.7	665.0
Gross profit, EUR million	76.6	75.6	5.7	210.2	210.8	-0.3	308.7
Gross margin, % of net sales	42.1	45.4		43.7	45.9		46.4
Comparable EBITDA, EUR million	23.4	30.1	-22.3	55.3	70.4	-21.5	101.0
Comparable EBITDA margin, % of net sales	12.8	18.2		11.5	15.3		15.2

Group net sales

In Q3, Anora Group's net sales were EUR 181.9 million, 10.2% higher than the Q3 21 pro forma net sales of EUR 165.0 million. Net sales excluding Globus Wine was EUR 159.4 million.

January-September 2022

In January-September, Anora Group's net sales were EUR 481.1 million, 4.7% higher than the Q1-Q3 21 pro forma net sales of EUR 459.4 million. Net sales excluding Globus Wine was EUR 458.6 million.

NET SALES (EXTERNAL), EUR MILLION COMPARABLE EBITDA, EUR MILLION 165.0 181.9 10.8 6.1 Q3 21 PF Wine Spirits Industrial Q3 22 0.0 +10%

NET SALES (EXTERNAL) BY SEGMENT, EUR MILLION

Group comparable EBITDA

In Q3, Anora Group's comparable EBITDA was EUR 23.4 million or 12.8% of net sales (Q1-Q3 21 pro forma: EUR 30.1 million or 18.2% of net sales).

January-September 2022

In January-September, Anora Group's comparable EBITDA was EUR 55.3 million or 11.5% of net sales (Q1- Q3 21 pro forma: EUR 70.4 million or 15.3% of net sales).

COMPARABLE EBITDA BY SEGMENT, EUR MILLION

In the table and charts PF indicates pro forma. The pro forma figures do not include Globus Wine.

Wine

	Q3 22	Q3 21 PF	Change, %	Q1-Q3 22	Q1-Q3 21 PF	Change %	2021 PF
Net sales (total), EUR million	85.1	72.6	17.2	208.7	209.8	-0.5	302.9
Gross profit, EUR million	26.5	23.2	14.2	62.9	65.6	-4.2	97.8
Gross margin, % of net sales	31.1	32.0		30.1	31.3		32.3
Comparable EBITDA, EUR million	9.0	10.3	-12.5	16.5	25.9	-36.3	39.5
Comparable EBITDA margin, % of net sales	10.6	14.2		8.0	12.3		13.1

Net sales

In Q3, net sales increased by 17.2% to EUR 85.1 (72.6) million compared to the previous year. Growth was driven by the acquisition of Globus Wine which was consolidated to Anora for the full Q3.

In Q3, the Nordic wine market volumes declined by 6.8% compared to the Q3 21 monopoly volumes, which were boosted by Covid-19 restrictions.

In Sweden, net sales were below last year's level due to partner portfolio changes, out-of-stock and the weak SEK. The impact of earlier partner losses have partly been offset by new partners. Own wine brands saw positive development towards the end of the quarter both in the out-of-stock situation, caused by global shortage of supply, and in market share development. Market shares were down compared to last year due to the partner losses and out-of-stocks.

In Denmark, net sales grew strongly despite a declining market. As a result of strong launches both within bottles and bag-in-boxes, Globus Wine gained market share and has further strengthened its position as the market leader.

In Norway, decline in net sales was mainly due to the overall decline in market volumes. The development of own wine brands was positive, while partner portfolio changes had a negative impact on net sales. Although the overall market share declined in Q3, the loss was less than in the first half of the year.

In Finland, net sales declined driven by the overall market development. Despite a good quarter in own wines, the overall market share declined due to out-of-stock.

Comparable EBITDA

In Q3, the comparable EBITDA was EUR 9.0 (10.3) million, or 10.6% (14.2%) of net sales.

The comparable EBITDA was negatively impacted by the low net sales in the monopolies and high input costs. The implemented price increases in the monopolies have only partly offset the high input costs resulting in a gross margin below last year's level. With higher sales, price increases and positive mix, Globus Wine contributed positively to gross profit and comparable EBITDA.

Events in Q3 22

In Q3, Anora's own wine brand Chill Out was relaunched in all monopoly markets with a new design and revitalised offering. The new Chill Out has been very well received with a positive sales start.

In Q3, own wine brands had several tender wins such as Camp Sparkling in a can in Sweden, Expedition in tetra in Finland and non-alc Blossa in Norway. Blossa has again a strong and diverse offering of glöggs both for monopolies, grocery trade and on-trade. The novelty of this year is the Blossa Glögg Rosé which was launched also as a nonalcoholic variant.

January-September 2022

In January-September, net sales were at last year's level at EUR 208.7 (209.8) million with a positive contribution from Globus Wine. In the monopoly markets, net sales declined due to low net sales in the monopolies, partner portfolio changes and out-of-stock.

In January-September, comparable EBITDA was EUR 16.5 (25.9) million, or 8.0% (12.3%) of net sales. The decline in comparable EBITDA was due to low net sales in the monopolies and high input costs. Price increases in the monopolies have only partly offset the higher input costs resulting in a decline in the gross margin.

In the table PF indicates pro forma. The pro forma figures do not include Globus Wine. Net sales include internal sales see p25. The market share comments are based on value data.

Spirits

	Q3 22	Q3 21 PF	Change, %	Q1-Q3 22	Q1-Q3 21 PF	Change %	2021 PF
Net sales (total), EUR million	57.2	57.2	-0.1	161.5	150.8	7.1	224.8
Gross profit, EUR million	24.7	25.9	-4.7	71.3	69.2	3.0	108.8
Gross margin, % of net sales	43.2	45.2		44.1	45.9		48.4
Comparable EBITDA, EUR million	9.2	12.4	-25.5	26.3	30.5	-13.6	47.5
Comparable EBITDA margin, % of net sales	16.1	21.7		16.3	20.2		21.1

Net sales

In Q3, net sales were at last year's level at EUR 57.2 (57.2) million supported by the solid growth in International.

In Q3, the market volumes in the monopolies declined as travelling abroad increased during the holiday season.

In Finland, net sales were at last year's level supported by growth in on-trade and grocery trade, while sales in the monopoly declined. In a declining monopoly market, Anora gained market share across most categories. The positive development was driven by Koskenkorva and new listings. The positive development in grocery trade was driven by new listings.

In Norway, net sales declined due to a heavily declining monopoly market. On a declining market, Anora's market share grew with solid development in the large vodka category as well as in gin and bitter.

In Sweden,the reported net sales declined, but in local currencies net sales were at last year's level. Anora gained market share in the monopoly with strong performance in vodka, gin, liqueur and cognac.

In the International business area, sales growth continued in the Baltics and Duty Free Travel Retail, with exports also contributing positively to net sales. Shipment levels in Germany and campaign timings in Denmark resulted in lower net sales.

Comparable EBITDA

In Q3, the comparable EBITDA was EUR 9.2 (12.4) million, or 16.1% (21.7%) of net sales.

The decline in comparable EBITDA was driven by reduced gross profit due to higher input costs and by higher operating expenses. The implemented price increases have not fully compensated the high input costs.

Events in Q3 22

Examples from a large number of novelties launched in Q3:

• Anora's own gin brand Skagerrak won a full distribution in the monopoly in Norway
• A wide assortment of Christmas aquavits in Norway (e.g. Løiten, Opland, Gilde) and Sweden (e.g. Aalborg, O.P. Anderson)
• Larsen Cognac through the order assortment in Sweden
• Two whiskeys for Jack Daniel's and Koskenkorva Créme Caramel in Finland
• Introducing a new brand to the Finnish grocery trade: Brookvale Union

January-September 2022

In January-September, net sales increased by 7.1% to EUR 161.5 (150.8) million. The growth was driven by International and mainly related to the re-opening of DFTR after Covid-19 restrictions and strong performance in the Baltics.

In January-September, comparable EBITDA was EUR 26.3 (30.5) million, or 16.3% (20.2 %) of net sales. The decline in comparable EBITDA was mainly related to higher input costs which have only partly been offset by price increases. The marketing and activation investments in the on-trade and International were higher than last year.

In the table PF indicates pro forma. DFTR refers to the duty-free travel retail sales channel. Net sales include internal sales see p2. The market share comments are based on value data and the divested brands have been excluded.

Industrial

	Q3 22	Q3 21 PF	Change, %	Q1-Q3 22	Q1-Q3 21 PF	Change %	2021 PF
Net sales (total), EUR million	78.5	68.8	14.2	206.8	187.3	10.4	254.8
Gross profit, EUR million	30.6	30.1	1.7	89.8	86.1	4.3	117.0
Gross margin, % of net sales	39.0	43.8		43.4	46.0		45.9
Comparable EBITDA, EUR million	5.5	7.0	-20.9	12.9	15.0	-13.7	18.0
Comparable EBITDA margin, % of net sales	7.0	10.2		6.3	8.0		7.1

Net sales

In Q3, total net sales increased by 14.2% to EUR 78.5 (68.8) million compared to the previous year. External net sales increased by 17.3% and amounted to EUR 41.6 (35.5) million.

The growth in net sales was driven by higher sales prices in industrial products and contract manufacturing following the increase in the cost of barley. In contract manufacturing, volumes were stable, while volumes in starch and feed declined followed by the temporary reduction of Koskenkorva Distillery's capacity. In technical ethanol volumes slightly declined from last year. In Vectura, sales declined as distributed volumes were lower.

Comparable EBITDA

In Q3, the comparable EBITDA was EUR 5.5 (7.0) million, or 7.0% (10.2%) of net sales. The decline in comparable EBITDA was due to the higher cost of barley and higher operating expenses caused by increased energy prices, maintenance costs, cost of temporary workers due to high sickleave, high external warehousing costs and distribution costs. Compensations on quality claims had a positive impact on comparable EBITDA.

Production and key projects Q3 22

To mitigate the impact of the record-high cost of barley, the running speed of Koskenkorva Distillery was lowered. As a result, 45.8 (52.6) million kilos of grain were consumed during the third quarter.

During Q3, the average barley market price increased by 82% to 376€/tn (Q3 21: 207€/tn). Historically, over a 5-year period, the average barley market price has been 161€/tn.

During the period, capital expenditure was allocated mainly to replacement investments and to improve work safety and energy efficiency. Production usage of the new heat recovery system at Koskenkorva Distillery was further delayed to Q4 due to some issues in final testings. The Koskenkorva Distillery received the Year award from Starch Europe for the second consecutive year and has together with Rajamäki Industrial Products unit reached over 1 000 days without LTI.

January-September 2022

In January-September, total net sales increased by 10.4% to EUR 206.8 (187.3) million. External net sales increased by 15.5% and amounted to EUR 114.5 (99.2) million. The growth was mainly driven by higher sales prices following the increase in the cost of barley.

In January-September, comparable EBITDA was EUR 12.9 (15.0) million, or 6.3% (8.0%) of net sales. Price increases and proceeds from the sale of CO2 emission rights have mitigated the pressure from the significantly higher raw material cost.

In the table PF indicates pro forma. Net sales include internal sales see p25.

MARKET DEVELOPMENT

Market development in Q3 22

The decline in volumes was related to the normalising of the channel mix with consumption returning to the on-trade, travel retail and border trade as Covid-19 restrictions have been lifted.

DEVELOPMENT OF WINE AND SPIRITS SALES VOLUMES IN THE NORDICS
--------------------------------------------------------------

% change compared to previous year	Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Nordics, total sales volumes*	-6.9	-3.1	-9.5	2.0	-0.5
Spirits	-7.5	0.9	-7.8	5.9	3.1
Wine	-6.8	-3.7	-9.8	1.5	-1.1
Finland, total sales volumes	-8.1	-4.8	-10.4	-2.4	-4.3
Spirits	-5.2	-2.9	-6.4	-1.6	-2.8
Wine	-9.3	-5.5	-11.9	-2.7	-4.9
Sweden, total sales volumes	-1.9	-1.9	-3.7	1.6	0.4
Spirits	-3.4	1.3	-4.8	7.7	5.3
Wine	-1.8	-2.3	-3.6	0.9	-0.2
Norway, total sales volumes	-20.3	-1.8	-20.2	8.7	2.2
Spirits	-19.7	4.5	-16.0	12.8	6.6
Wine	-20.4	-2.8	-20.8	8.0	1.5
Denmark, total sales volumes	-3.7	-6.0	-10.7	0.3	-2.1
Spirits	-4.1	2.2	-6.4	7.3	4.7
Wine	-3.7	-7.2	-11.3	-0.6	-3.1

*) Nordics in total refers to combined data for Finland, Sweden, Norway and Denmark. Sources: Finland, Sweden and Norway, sales volumes by litres, Alko, Systembolaget, Vinmonopolet. Denmark Nielsen IQ.

Finland

In spirits, most categories declined. However, there was some growth in fruit liqueurs and other whiskies (mainly domestic).

In wine, volumes declined across most categories. There was an increaed consumption of cheaper wines (EUR 8.00-8.99). The share of bag-in-boxes continued to decline (after increasing during the pandemic), while the share oftetra pack grew.

Norway

The positive Covid effect in the monopoly volumes was the strongest in Norway, and hence, the reverse effect can be seen in the negative growth numbers, though YTD volumes are still ~20% above 2019 levels.

In spirits, the decline was driven by all categories, with heaviest decline coming from Whiskies, Grape spirits, Aquavit and Gin.

In wine, volumes declined across all categories, most significantly in red and white wines.

Sweden

In spirits, the decline was driven by whiskies, gin and rum. Positive development in aquavits, liqueurs and cognac/brandy.

In wine, volumes declined across all categories, most significantly in red and rosé, while sparkling wines and white wines declined less.

Denmark

The decline of domestic spirits volumes by 4% was mainly due to fully open on-trade and border trade sales. However, there are also some signs that sales have started to slow down due to inflation and consumers seeking to save money.

YTD, the sales of wine declined by 11.3% in volume compared to LY. The most challenging periods were Q1 and Q2 while sales in Q3 compared to LY in only declined by -3.7%. The discount stores are gaining market shares at the expense of supermarkets. The main driver for the decline was red wine. Sales of both white wine and rosé increased.

Financial review

Financial items, result for the period and cash flow

In Q3, other operating income amounted to EUR 3.5 (1.6) million, mainly including income from the sales of steam, energy and water of EUR 1.2 (0.8) million; income from insurance compensation EUR 1.1 (0.0) million and rental income of EUR 0.3 (0.3) million.

Employee benefit expenses totalled EUR 22.9 (16.0) million, including EUR 17.9 (12.5) million in wages and salaries. Other operating expenses amounted to EUR 31.9 (19.7) million.

Net financial expenses amounted to EUR 2.9 (1.3) million. The share of profit in associates and joint ventures and income from interests in joint operations totalled EUR –0.4 (0.3) million.

Income tax expense was EUR 1.6 (2.1) million, corresponding to an effective tax rate of 17.0 % (20.0%).

The result for the period amounted to EUR 7.9 (8.7) million, and earnings per share were EUR 0.12 (0.19).

In Q2, net cash flow from operations totalled EUR 7.3 (-5.1) million. Cash flow from operations was impacted by the change in working capital due to a high inventory level. Inventory values were higher than year ago due to stocking of barley and ethanol, as well as higher input costs resulting in higher standard costs. In January–September, net cash flow from operations totalled EUR –36.4 (-6.7) million. The receivables sold amounted to EUR 35.2 (52.8) million at the end of the reporting period.

In January-September, gross capital expenditure totalled EUR 6.5 (3.0) million excluding business acquisitions. During the period, the capital expenditure was allocated mainly to replacement investments and to improve work safety and energy efficiency.

Financing and balance sheet

At the end of the reporting period, the Group's net debt amounted to EUR 315.7 (172.7) million. The increase in net debt was due to the acquisition of Globus Wine which was financed with debt. Cash and cash equivalents amounted to EUR 76.8 (129.7) million, while the interest-bearing debt including lease liabilities amounted to EUR 392.5 (302.3) million. The increase in interest-bearing debt was related to funding of the Globus Wine acquisition (EUR 85 million) and increase in IFRS 16 lease liabilities from Globus Wine. The gearing ratio at the end of the reporting period was 65.8% (35.5%), while the equity ratio was 39.0% (42.5%). The reported net debt to comparable EBITDA was 3.61 (2.9) times. Anora Group's liquidity position was strong throughout the period.

The Group has a revolving credit facility of EUR 60.0 (60.0) million, of which EUR 0.0 (0.0) million was in use at the end of the reporting period. The Group has two overdraft facilities, NOK 800.0 million and EUR 10.0 million. The nominal value of commercial papers issued amounted to EUR 40.0 (30.0) million at the end of the reporting period.

At the end of the period, the total in the consolidated balance sheet was EUR 1 230.8 (1 163.7) million.

	Q1-Q3 22	Q1-Q3 21	2021
Reported net debt / comparable EBITDA (rolling 12 months)	3.61	2.9	1.8
Borrowings, EUR million	256.7	173.0	162.6
Net debt, EUR million	315.7	172.7	126.0
Equity ratio, %	39.0	42.5	41.2
Gearing, %	65.8	35.5	24.8
Capital expenditure, EUR million	6.5	3.0	5.4
Total assets, EUR million	1 230.8	1 163.7	1 233.3

BALANCE SHEET KEY FIGURES

1 If including Globus Wine rolling 12-month figures, net debt/comparable EBITDA (rolling 12 months) would have been approx. 3.4 for Q1- Q3/22.

The comparison information for the Group for Q3 21 and Q1-Q3 21 includes former Arcus for one month as of 1 September 2021. For the full year 2021 the comparison information also includes former Arcus for four months as of 1 September 2021.

Sustainability

The acquisition of Globus Wine during Q3 supported Anora's sustainability work and goals. Globus Wine has a strong approach in lowering CO₂ emissions during a product's lifecycle through logistics solutions, wine filling in Denmark near the endconsumption and climate-smart packaging.

In Q3, Anora participated in the inauguration of Fortum's Kallax wind farm in Ostrobothnia, Finland. Half of Koskenkorva Distillery's energy comes from local wind power and wind power is an important step towards a carbon-neutral distillery – without using carbon compensations.

Anora will launch its new sustainability roadmap in Capital Markets Day on 29 November.

KEY KPIS DURING THE PERIOD
	Q1-Q3 22	Q1-Q3 21	2021
Total water use (m³)
Gjelleråsen	28 528	32 226	42 320
Globus Wine	20 607	19 171	27 391
Rajamäki (beverage plant)	90 784	108 264	141 073
Koskenkorva	282 213	255 953	331 020
Total	422 132	415 614	514 413
Total energy MWh
Gjelleråsen	8 061	8 725	11 925
Globus Wine	1 367	1 068	1 449
Rajamäki (beverage plant and industrial production)	16 612	18 140	21 094
Koskenkorva	92 095	97 470	131 020
Total	130 135	125 403	164 039

The KPI's above include Anora's four biggest production plants: Gjelleråsen, Globus Wine, Koskenkorva, and Rajamäki.

Striving for carbon neutral production

Energy savings projects progressed in all plants and as an example, the Gjelleråsen plant has changed its refrigeration compressors to compressors with neutral refrigerant.

Supporting a responsible drinking culture

Anora invested in Q3 in ISH, award-winning company working with non-alcoholic wines, distillates and cocktails. ISH is strongly supports responsible drinking culture and trends, such as sober-curiosity, as well as bringing quality and innovative experience to non-alcoholic consumption occasions. ISH is also one of the founders of the Adult Nonalcoholic Beverage Association (ANBA).

Leading in climate-smart packaging

During Q3, Anora's continuous efforts in the reduction of CO₂ emissions of packages have focused on lighter weight packages, in particular rPET. Anora has successfully completed trials to include 50% of post-consumer recycled PET in its rPET spirit bottles, which today consist of 25% rPET (former Altia product portfolio). In the wine portfolio Anora has an rPET bottle that is made of 100% rPET.

Promoting an inclusive and safe workplace

During Q1-Q3, Anora's total sickness absence was 5.3% and LTIF (lost time injury frequency) 7.2 (both KPIs are for own employees from former Altia and former Arcus' Norwegian operations. In addition, LTIF excludes commuting). Globus safety data is not included in these numbers.

Personnel

Anora Group employed 1 212 (1 100) persons at the end of the period and on average 1 134 (709) persons during January– September 2022.

PERSONNEL BY COUNTRY AT THE END OF THE PERIOD

	Q1-Q3 22	Q1-Q3 21	2021
Finland	419	428	393
Norway	342	369	365
Sweden	166	165	159
Denmark	158	21	21
Estonia	65	57	58
Latvia	33	33	32
France	23	24	24
Germany	6	3	3
Total	1 212	1 100	1 055

Key events in Q3

Closing of Globus Wine acquisition

The agreement to acquire 100% of Globus Wine A/S was signed on 22 June 2022 and the transaction was closed on 1 July 2022. Globus Wine has been consolidated to Anora Group as of Q3 2022.

Acquisition of 100% of Von Elk Company

Anora acquired the remaining shares from the founders of Von Elk Company, known for Glöet, the most popular sparkling glögg in the Nordics. As of 1 September 2022, Anora owns 100% of the shares in the Von Elk Company. Anora was previously a minority shareholder in the company (20%).

Merger integration

The Altia and Arcus merger was completed on 1 September 2021. The integration work has progressed according to plan and on schedule. The run-rate of annualised net synergies was EUR 5.2 million, including the annual impact of EUR 4.6 million from the divestment of brands. The total annual EBITDA net synergy target remains at EUR 8-10 million, of which 80% is expected to be realized within two years. Post-closing integration costs are estimated to be EUR 7-9 million in 2021-2022.

In Denmark, the former Arcus and former Altia spirits businesses were combined under one business unit – Anora Denmark. The distribution of former Altia's spirit brands by Conaxess Trade Beverages ends by the end of 2022.

The logistics transfers in Sweden, Norway and Finland have been completed, and all operations are now insourced.

IT and systems integration is proceeding as planned, however, due to the complexity the integration of finance systems and processes has taken somewhat longer than expected, but a detailed plan for the conclusion of the finance integration relating to the merger is in place.

Governance

Shareholders' Nomination Board

The composition of Anora's Shareholders' Nomination Board was announced in September. Anora Group Plc's three largest shareholders have nominated the following representatives to the Shareholders' Nomination Board:

• Stein Erik Hagen, Canica AS
• Petter Söderström, Solidium Oy
• Anne Lise E. Gryte, Geveran Trading Co. Limited

In its organising meeting on 13 September 2022 the Nomination Board elected Stein Erik Hagen as its Chairman. Michael Holm Johansen and Sanna Suvanto-Harsaae, Chairman and Vice Chairman of Anora's Board of Directors, act as expert members in the Nomination Board.

The Shareholders' Nomination Board prepares and presents to the General Meeting of Shareholders its proposals concerning the number of the members and the composition of the Board as well as the remuneration of the members of the Board of Directors. The Nomination Board will submit its proposals to the Board of Directors at the latest on 31 January 2023.

Anora share

Anora's shares are listed on the Nasdaq Helsinki with the trading code "ANORA" and the ISIN code FI4000292438. All shares carry one vote and have equal voting rights.

At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61 500 000 and the number of issued shares was 67 553 624.

SHARE PERFORMANCE, NASDAQ HELSINKI

	Q1-Q3 22	Q1-Q3 21	2021
Closing price on the last day of trading, EUR	6.80	10.02	10.86
Highest price, EUR	11.04	12.00	12.00
Lowest price, EUR	6.62	9.62	9.62
Volume	10 186 825	8 904 572	13 204 788
Market capitalisation at the end of period, EUR million1	459.4	676.9	733.6

1 In connection with the closing of the merger on 1 September 2021, the number of shares issued increased by 13 204 788 shares.

Shareholders

At the end of the reporting period, Anora had 27 713 registered shareholders in Euroclear Finland. The share of nominee-registered shares was 45.7% (52.1%)

The chart below provides an illustration of Anora's ownership structure including the largest shareholders based on information provided to the company. In the Euroclear Finland data, the shareholdings of Canica AS and Geveran Trading Co. Limited are included in the nominee-registered shares.

ILLUSTRATION OF ANORA'S OWNERSHIP STRUCTURE AT THE END OF PERIOD

Flagging notifications in Q3

There were no flagging notifications during the period.

Visit our website for updated information about the Anora share and shareholders: www.anora.com/en/investors

Short-term risks and uncertainties

The most significant uncertainties in the company's operations relate to the overall economic development and its impacts on consumption, to the competitive environment, and to the effects of alcohol taxation and legislation on consumer behaviour. Unexpected and unforeseen disruptions in supply chain, production and deliveries, and exposures to IT security events form the major short-term risks related to operations, as well as sudden and significant changes in prices of raw materials, especially related to barley. In addition,the short-term risks relate to the integration of acquired businesses, as well as related finance processes.

Comment on the uncertainties and impacts due to the war in Ukraine: The most significant uncertainties due to the war in Ukraine relate to an escalation of the already existing global supply chain disruptions, to the supply of grain, and to further price increases across all input costs. The war in Ukraine may cause volatility in contract manufacturing volumes. Foreign exchange rates

Outlook for 2022

Market outlook

In 2022, the volumes in the monopolies are expected to be significantly lower than in 2020 and 2021 as the lifting of COVID-19 restrictions result in higher on-trade, border trade and duty-free sales. Input costs are expected to remain at a high level.

may be affected significantly by the volatile situation on the global capital markets.

The impact of the suspension of exports to Russia, as announced on 28 February 2022, is not material on Group level. Anora's Baltic operations have suspended purchases of raw materials from Russia and Belarussia.

The Anora Group Risk Management Policy is based on the Altia legacy risk management policy. However, due to the Altia and Arcus merger that took place on 1 September 2021, Anora is in the process of integrating Altia and Arcus risk management policies into one common Anora risk management policy. Hence, currently risks are managed according to the Altia and Arcus legacy risk management policies. Risk management is aimed at supporting the implementation of the Group's strategy, the identification of risks and methods for reducing the probability and impacts of risks, as well as ensuring business continuity. Risks may arise from internal or external events.

Guidance

Guidance remains unchanged: Anora's comparable EBITDA in 2022 is expected to be between EUR 75-85 million. This corresponds to the pre-pandemic level and takes into account the annual impact of EUR 4.6 million of the divestment of Anora brands due to the merger.

22 November 2022 Anora Group Plc Board of Directors

Contacts

Tua Stenius-Örnhjelm, Investor Relations

tel. +358 40 748 8864

tua.stenius-ornhjelm@anora.com

Petra Gräsbeck, Corporate Communications tel. +358 40 767 0867 petra.grasbeck@anora.com

Conference call

CEO Pekka Tennilä and CFO Sigmund Toth will present the report on the same day at 11:00 am EET.

Link

The presentation will be held as a Microsoft Teams Meeting. We recommend that participants join the event using the online meeting option: Join meeting here.

It is also possible to dial-in to the meeting about 5 minutes earlier at the following numbers:

• FI: +358 9 2310 6678
• NO: +47 21 40 41 04
• SE: +46 8 502 428 54
• UK: +44 20 7660 8309
• US: +1 917-781-4622
• Conference ID: 998 934 394#

Financial calendar

Capital Markets Day 2022

Anora hosts a Capital Markets Day for investors, analysts, bankers and media on Tuesday 29 November 2022 at Gjelleråsen, Norway. At the event, Anora's Executive Management Team will present the company's growth strategy, financial targets and sustainability roadmap. More information on anora.com/en/investors/cmd

Q&A

Questions to the management can be sent through the Teams chat.

Presentation material

The presentation material will be shared in the online meeting and it can be downloaded on Anora's website at: www.anora.com/investors

On-demand recording

A recording of the presentation will be available on Anora's website.

Financial reports

Anora will publish financial reports in 2023 as follows:

• 28 February 2023: Financial Statements Bulletin for 2022
• 11 May 2023: Interim Report for January-March 2023
• 25 August 2023: Half-Year Report for January-June 2023
• 9 November 2023: Interim Report for January-September 2023

Financial statements and notes

CONSOLIDATED INCOME STATEMENT

EUR million	Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Net sales	181.9	114.0	481.1	272.5	478.2
Other operating income	3.5	1.6	8.6	4.7	10.5
Materials and services	-108.7	-63.1	-279.5	-151.9	-266.1
Employee benefit expenses	-22.9	-16.0	-69.3	-41.6	-69.6
Other operating expenses	-31.9	-19.7	-91.9	-52.2	-90.2
Depreciation, amortisation and impairment	-9.0	-5.0	-24.6	-12.7	-20.5
Operating result	12.8	11.9	24.5	18.9	42.4
Finance income	1.1	0.1	3.5	0.3	1.2
Finance expenses	-4.1	-1.4	-11.0	-3.0	-6.7
Share of profit in associates and joint ventures and income from interests in joint operations	-0.4	0.3	0.5	1.3	1.7
Result before taxes	9.5	10.8	17.5	17.5	38.6
Income tax expense	-1.6	-2.1	-3.1	-3.4	-7.4
Result for the period	7.9	8.7	14.4	14.0	31.2
Result for the period attributable to:
Owners of the parent	7.9	8.7	14.3	14.0	31.0
Non-controlling interests	0.0	0.0	0.1	0.0	0.1
Earnings per share for the result attributable to owners of the parent, EUR
Basic and diluted	0.12	0.19	0.21	0.35	0.67

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR million	Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Result for the period	7.9	8.7	14.4	14.0	31.2
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations	-	-	-	-	-0.2
Related income tax	-	-	-	-	0.0
Total	-	-	-	-	-0.1
Items that may be reclassified to profit or loss
Cash flow hedges	1.8	1.4	8.6	2.4	3.2
Financial assets at fair value through other comprehensive income	-	-0.1	-	2.5	2.5
Translation differences	-6.5	2.2	-18.9	2.1	5.6
Income tax related to these items	-0.3	-0.3	-1.7	-0.5	-0.7
Total	-5.0	3.2	-12.0	6.6	10.7
Other comprehensive income for the period, net of tax	-5.0	3.2	-12.0	6.6	10.6
Total comprehensive income for the period	2.9	11.9	2.4	20.6	41.8
Total comprehensive income attributable to:
Owners of the parent	2.9	11.9	2.4	20.6	41.6
Non-controlling interests	0.0	-	0.0	-	0.1

CONSOLIDATED BALANCE SHEET

EUR million	30 Sep 2022	30 Sep 2021	31 Dec 2021
ASSETS
Non-current assets
Goodwill	304.8	275.7	277.8
Other intangible assets	227.5	196.4	196.7
Property, plant and equipment	77.2	71.4	71.3
Right-of-use assets	128.2	123.1	125.7
Investments in associates and joint ventures and interests in joint operations	20.9	16.0	16.3
Financial assets at fair value through other comprehensive income	0.7	0.7	0.7
Other receivables	0.0	0.0	0.1
Deferred tax assets	0.6	3.4	1.8
Total non-current assets	760.0	686.7	690.3
Current assets
Inventories	204.4	155.4	139.7
Contract assets	0.1	0.1	0.2
Trade and other receivables	184.1	174.8	232.8
Current tax assets	5.4	4.2	1.3
Cash and cash equivalents	76.8	129.7	168.9
Total current assets	470.8	464.1	543.0
Assets held for sale	-	12.9	-
Total assets	1 230.8	1 163.7	1 233.3
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital	61.5	61.5	61.5
Invested unrestricted equity fund	336.8	336.8	336.8
Fair value reserve	0.0	0.0	0.0
Legal reserve	0.5	0.4	0.4
Hedge reserve	8.6	1.1	1.7
Translation differences	-34.8	-18.4	-15.0
Retained earnings	106.6	104.6	121.6
Equity attributable to owners of the parent	479.1	486.0	507.0
Non-controlling interests	0.7	0.8	0.9
Total equity	479.8	486.7	507.9
Non-current liabilities
Deferred tax liabilities	58.0	49.7	48.4
Borrowings	130.3	136.6	136.1
Non-current liabilities at fair value through profit or loss	0.7	1.1	1.3
Lease liabilities	124.3	118.1	120.8
Other liabilities	0.0	0.0	0.0
Employee benefit obligations	2.8	2.8	3.0
Total non-current liabilities	316.1	308.4	309.6
Current liabilities
Borrowings	126.4	36.5	26.5
Lease liabilities	11.6	11.2	11.6
Trade and other payables	293.7	317.9	374.4
Contract liabilities	0.3	0.3	0.4
Current tax liabilities	2.8	2.8	2.8
Total current liabilities	434.8	368.6	415.7
Total liabilities	750.9	676.9	725.4
Total equity and liabilities	1 230.8	1 163.7	1 233.3

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR million	Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Cash flow from operating activities
Result before taxes	9.5	10.8	17.5	17.5	38.6
Adjustments
Depreciation, amortisation and impairment	9.0	5.0	24.6	12.7	20.5
Share of profit in associates and joint ventures and income from investments in joint operations	0.4	-0.3	-0.5	-1.3	-1.7
Net gain on sale of non-current assets	-0.0	-0.0	-0.5	-0.0	-3.8
Finance income and costs	2.9	1.3	7.5	2.7	5.5
Other adjustments	-0.0	0.8	-0.2	0.9	0.1
Adjustments total	12.3	6.9	30.8	15.0	20.6
Change in working capital
Change in inventories, increase (-) / decrease (+)	-12.6	1.9	-44.7	-6.7	9.6
Change in contract assets, trade and other receivables, increase (-) / decrease (+)	34.0	-7.1	65.6	-11.5	-64.8
Change in contract liabilities, trade and other payables, increase (+) / decrease (-)	-30.4	-15.8	-88.0	-14.6	55.9
Change in working capital	-9.0	-21.0	-67.0	-32.8	0.7
Interest paid	-3.1	-1.0	-7.4	-1.8	-3.7
Interest received	0.8	0.1	1.4	0.1	0.3
Other finance income and expenses paid	-1.0	-0.2	-1.9	-1.0	-1.6
Income taxes paid	-2.2	-0.7	-9.8	-3.7	-4.1
Financial items and taxes	-5.5	-1.8	-17.7	-6.4	-9.1
Net cash flow from operating activities	7.3	-5.1	-36.4	-6.7	50.8
Cash flow from investing activities
Payments for property, plant and equipment and intangible assets	-1.0	-1.0	-6.5	-3.0	-5.4
Proceeds from sale of property, plant and equipment and intangible assets	0.1	0.0	0.7	0.0	0.2
Proceeds from financial assets at fair value through other comprehensive income	-	3.4	-	3.4	3.4
Proceeds received from assets held for sale	-	18.6	-	18.6	16.6
Acquisitions of subsidiaries and business operations	-85.9	-	-85.9	-	-
Interest received from investments in joint operations	-	-	0.9	0.9	0.9
Dividends received	-	-	0.1	0.2	0.2
Net cash flow from investing activities	-86.8	20.9	-90.7	20.1	15.9
Cash flow from financing activities
Changes in commercial paper program	6.9	-	19.9	-10.0	-20.0
Proceeds from borrowings	-	-	85.0	-	-
Repayment of borrowings	-18.7	-0.8	-24.5	-6.5	-6.6
Repayment of lease liabilities	-3.1	-1.5	-8.7	-3.4	-6.2
Dividends paid and other distributions of profits	-	-14.5	-30.4	-27.1	-27.1
Net cash flow from financing activities	-14.9	-16.7	41.3	-47.0	-59.9
Change in cash and cash equivalents	-94.4	-1.0	-85.7	-33.7	6.8
Cash and cash equivalents at the beginning of the period	172.8	98.0	168.9	130.7	130.7
Cash and cash equivalents received in merger	-	33.2	-	33.2	33.2
Translation differences on cash and cash equivalents	-1.6	-0.6	-6.4	-0.5	-1.7
Change in cash and cash equivalents	-94.4	-1.0	-85.7	-33.7	6.8
Cash and cash equivalents at the end of the period	76.8	129.7	76.8	129.7	168.9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share	Invested un restricted equity	Fair value	Legal	Hedge	Trans lation differ	Retained	Equity attribu table to owners of the parent	Non controlling	Total
EUR million	capital	fund	reserve	reserve	reserve	ences	earnings	company	interests	equity
Equity at 1 January 2021	60.5	1.2	0.6	0.1	-0.9	-20.5	115.3	156.3	-	156.3
Total comprehensive income
Result for the period	-	-	-	-	-	-	14.0	14.0	0.0	14.0
Other comprehensive income (net of tax)
Cash flow hedges	-	-	-	-	1.9	-	-	1.9	-	1.9
Financial assets at fair value through other comprehensive income	-	-	-0.6	-	-	-	3.2	2.5	-	2.5
Translation differences	-	-	-	-	-	2.1	0.0	2.1	0.0	2.1
Total comprehensive income for the period	-	-	-0.6	-	1.9	2.1	17.2	20.6	0.0	20.6
Merger
Merger consideration	1.0	336.4	-	-	-	-	-	337.4	0.8	338.2
Transaction costs on share issue	-	-0.8	-	-	-	-	-	-0.8	-	-0.8
Total merger	1.0	335.6	-	-	-	-	-	336.6	0.8	337.3
Transactions with owners
Dividend distribution	-	-	-	-	-	-	-27.1	-27.1	-	-27.1
Share based payments	-	-	-	-	-	-	-0.4	-0.4	-	-0.4
Total transactions with owners	-	-	-	-	-	-	-27.5	-27.5	-	-27.5
Transfer to reserve	-	-	-	0.3	-	-	-0.3	0.0	-	0.0
Equity at 30 September 2021	61.5	336.8	0.0	0.4	1.1	-18.4	104.6	486.0	0.8	486.7
Equity at 1 January 2022	61.5	336.8	0.0	0.4	1.7	-15.0	121.6	507.0	0.9	507.9
Total comprehensive income
Result for the period	-	-	-	-	-	-	14.3	14.3	0.1	14.4
Other comprehensive income (net of tax)
Cash flow hedges	-	-	-	-	6.9	-	-	6.9	-	6.9
Translation differences	-	-	-	-	-	-19.8	1.0	-18.8	-0.1	-18.9
Total comprehensive income for the period	-	-	-	-	6.9	-19.8	15.3	2.4	0.0	2.4
Transactions with owners
Dividend distribution	-	-	-	-	-	-	-30.5	-30.5	-0.2	-30.7
Share-based payments	-	-	-	-	-	-	0.2	0.2	-	0.2
Total transactions with owners	-	-	-	-	-	-	-30.2	-30.2	-0.2	-30.5
Transfer to reserve	-	-	-	0.1	-	-	-0.1	0.0	-	0.0
Equity at 30 September 2022	61.5	336.8	0.0	0.5	8.6	-34.8	106.6	479.1	0.7	479.8

Accounting principles

The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS) and IAS 34 Interim Financial Reporting as approved by the EU. This interim report should be read together with the annual financial statements for the year ended 31 December 2021.

All the figures have been rounded and consequently the sum of individual figures can deviate from the presented aggregate figures.

The Group adopts the guidance on alternative performance measures issued by the European Securities and Market Authority (ESMA). In addition to key ratios, the Group releases other commonly used alternative key ratios mainly derived from the statement of comprehensive income and consolidated balance sheet. In addition to IFRS and alternative key ratios, the adjusted alternative key ratios are used by adding or deducting items affecting comparability.

Altia and Arcus merged on 1st of September 2021 and the consolidated financial statements of the Group include Arcus from that date onwards. Therefore the historical financial information of Altia does not give a comparable base for financial information of the present combined company. More information of the merger is disclosed in the annual financial statements for the year ended on 31 December 2021. As the merger was completed in September 2021, the amounts recognised were provisional within 12 months after the date of the acquisition and are now finalised.

To help the comparison, historical pro forma financial information ("Pro forma") for the new segments was published on 13 May 2022. The pro forma segment figures for 2021 have been used as comparative figures for segments on the following pages' segment tables and the pro forma figures are marked with PF. These pro forma figures are considered non-IFRS measures which should not be viewed as a substitute to the IFRS financial measures.

Critical accounting estimates

The preparation of the financial statements in accordance with IFRS requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may differ from the estimates. The critical accounting estimates and assumptions are disclosed in the 2021 consolidated financial statements.

KEY EXCHANGE RATES IN EUROS

		Average rate	30 Sep 2022 End rate	Average rate	30 Sep 2021 End rate
Swedish krona	SEK	10.5476	10.8993	10.1557	10.1683
Norwegian krone	NOK	10.0295	10.5838	10.2165	10.1650
Danish krone	DKK	7.4397	7.4365	7.4365	7.4360

Seasonality

There are substantial seasonal fluctuations in the consumption of alcoholic beverages impacting the net sales and cash flow of Anora. The company typically generates large amounts of its revenue and cash flow during the fourth quarter of the year, whereas the first quarter of the year is significantly lower. In addition, excise taxes related to the high season at the end of the year are paid in Q1, resulting in large cash outflows at the beginning of the next year.Also,the timing ofEaster fluctuating between Q1 and Q2 impacts quarterly sales and profitability.

Changes in Group structure

Globus Wine acquisition

On July 1, 2022 Anora has completed the acquisition on Globus Wine A/S, the leading wine company in Denmark. As a continuation to the merger last fall, the acquisition of Globus Wine strengthens Anora's position as the leading wine supplier in the Nordics. With the acquisition, Anora will become the market leader in the Danish wine market in addition to its leading position in the other three Nordic countries. Furthermore, the acquisition will support the expansion of Anora's partner and own wine businesses across the Nordics. The purchase price was DKK 596.4 million (EUR 80 million) which equals an enterprise value of DKK 669.6 million (EUR 90 million). The purchase price was paid in cash and financed with debt. The acquired businesss is reported as part of Anora's Wine segment as of July 1, 2022. The transaction costs EUR 0.9 million are included in the Group income statement in other operating expenses.

The values of acquired assets and liabilities at time of acquisitions were as follows:

EUR million
Other intangible assets	44.3
Property, plant and equipment	7.7
Right-of-use assets	18.7
Inventory	24.6
Trade and other recievables	15.6
Cash and cash equivalents	0.1
Total assets	110.8
Interest bearing liabilities	36.6
Deferred tax liabilities	10.8
Trade and other liabilities	20.2
Total liabilities	67.7
Net assets total	43.2
Goodwill	37.0
Consideration	80.2
Consideration, paid in cash	80.2

ANALYSIS OF CASH FLOWS OF ACQUISITION

EUR million
Purchase consideration, cash payment	-80.2
Cash and cash equivalents in acquired companies	0.1
Transaction costs of the acquisitions	-0.9
Net cash flow on acquisition	-81.1

Net sales of the acquired business included in the Group income statement since acquisition date were EUR 22.5 million and result for the period was EUR 1.3 million.If the business combination had taken place at the beginning of the year, the Group net sales would have been approximately 545.6 million and operating profit approximately EUR 29.1 million after additional amortization from the fair value adjustments to intangible assets.

Von Elk acquisition

Anora and Von Elk Company began their cooperation in 2019 through an agreement that made Anora the exclusive representative of Von Elk's brands in the Nordic and Baltic countries, as well as in travel retail. As part of the cooperation, Anora invested in the VonElk Company and became a minority shareholder (20 % ) in the company

Anora has acquired the remaining the shares from the founders of Von Elk Company, known for Glöet, the most popular sparkling glögg in the Nordics. As of 1 September 2022, Anora owns 100% of the shares in the Von Elk Company.

The values of acquired assets and liabilities at time of acquisitions were as follows:

EUR million
Other intangible assets	0.3
Property, plant and equipment	0.0
Trade and other receivables	0.0
Cash and cash equivalents	0.2
Total assets	0.5
Deferred tax liabilities	0.1
Trade and other liabilities	0.0
Total liabilities	0.1
Net assets total	0.5
Goodwill	0.8
Remeasurement	0.3
Consideration	1.0

				ANALYSIS OF CASH FLOWS OF ACQUISITION
--	--	--	--	---------------------------------------

EUR million
Purchase consideration, cash payment	-1.0
Cash and cash equivalents in acquired companies	0.2
Transaction costs of the acquisitions	-0.0
Net cash flow on acquisition	-0.8

Segment information

The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial.

The new operating model took effect on 1 January 2022.

The Board of Directors of Anora has been determined as the group's chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora's operating structure and internal reporting to the CODM used to assess the performance of the segments.

For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows:

• Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts.
• Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column "Group and allocations" and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes.
• The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs.

The reportable segments comprise the following:

Wine

The Wine segment develops, markets and sells partner wines and Anora's own wine brands to customers in the Nordic monopoly markets. Globus Wine is reported as part of Anora's Wine segment as of 1 July 2022.

Spirits

The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora's own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora's own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports.

Industrial

The Industrial segment comprises Anora's industrial business – industrial products and contract manufacturing, the logistics company Vectura and supply chain operations.

EXTERNAL NET SALES BY SEGMENT

EUR million	Q3 22	Q2 22	Q1 22	Q4 21 PF	Q3 21 PF	Q2 21 PF	Q1 21 PF
Wine	83.3	69.1	53.1	93.0	72.5	74.9	62.2
Spirits	57.0	59.2	44.9	73.9	57.1	51.7	41.9
Industrial	41.6	37.4	35.5	38.7	35.5	33.6	30.1
Total	181.9	165.7	133.4	205.6	165.1	160.1	134.2

In the table PF indicates pro forma.

COMPARABLE EBITDA BY SEGMENT

EUR million	Q3 22	Q2 22	Q1 22	Q4 21 PF	Q3 21 PF	Q2 21 PF	Q1 21 PF
Wine	9.0	4.6	3.1	13.6	10.3	8.8	6.8
Spirits	9.2	9.0	8.1	17.0	12.4	10.6	7.5
Industrial	5.5	4.1	3.3	3.0	7.0	4.7	3.4
Group allocation	-0.5	1.2	-1.4	-3.0	0.4	-0.4	-1.0
Total	23.4	18.9	13.0	30.6	30.1	23.6	16.7

In the table PF indicates pro forma. A reconciliation of alternative key ratios to IFRS figures is presented in appendix 1 on page 32.

EUR million	Wine	Spirits	Industrial	Group and allocations	Elimination	Group
Net sales external	83.3	57.0	41.6	0.0		181.9
Net sales internal	1.8	0.2	36.9	0.0	-38.9
Total net sales	85.1	57.2	78.5	0.0	-38.9	181.9
Other operating income external	0.7	0.0	2.7	0.0		3.5
Other operating income internal	0.1	0.0	1.7	9.1	-10.8
Total other operating income	0.8	0.0	4.4	9.1	-10.8	3.5
Materials and services	-59.4	-32.5	-52.3	-0.9	36.3	-108.7
Gross profit	26.5	24.7	30.6	8.2	-13.4	76.6
Other indirect expenses	-17.5	-15.9	-24.9	-9.9	13.4	-54.8
EBITDA	9.0	8.8	5.7	-1.7	0.0	21.8
Items affecting comparability	0.0	0.4	-0.2	1.2	0.0	1.5
Comparable EBITDA	9.0	9.2	5.5	-0.5	0.0	23.4
EBITDA						21.8
Depreciation, amortisations and impairment						-9.0
Operating result						12.8
Gross margin % of net sales	31.1 %	43.2 %	39.0 %			42.1 %
Comparable EBITDA margin % of net sales	10.6 %	16.1 %	7.0 %			12.8%

PRO FORMA SEGMENT INFORMATION FOR Q3 21

EUR million	Wine	Spirits	Industrial	Group and allocations	Elimination	Group PF	Arcus	Merger	Group reported
Net sales external	72.5	57.1	35.5	0.0		165.0	-53.7	2.8	114.0
Net sales internal	0.1	0.0	33.3	0.0	-33.4
Total net sales	72.6	57.2	68.8	0.0	-33.4	165.0	-53.7	2.8	114.0
Other operating income external	0.0	0.0	1.5	0.1		1.6	0.0		1.6
Other operating income internal	0.1	0.0	0.9	9.2	-10.2
Total other operating income	0.1	0.0	2.4	9.3	-10.2	1.6	0.0		1.6
Materials and services	-49.5	-31.3	-41.0	0.0	30.8	-91.1	29.6	-1.7	-63.1
Gross profit	23.2	25.9	30.1	9.3	-12.9	75.6	-24.1	1.1	52.5
Other indirect expenses	-13.2	-13.9	-23.2	-10.0	12.9	-47.4	14.8	-3.2	-35.7
EBITDA	10.0	11.9	7.0	-0.7	0.0	28.2	-9.3	-2.1	16.9
Items affecting comparability	0.3	0.5	0.0	1.1		1.8	-1.7	3.1	3.3
Comparable EBITDA	10.3	12.4	7.0	0.4	0.0	30.0	-11.0	1.0	20.2
EBITDA						28.2	-9.3	-2.1	16.9
Depreciation, amortisation and impairment						-7.7	2.1	0.6	-5.0
Operating result						20.5	-7.2	-1.5	11.9
Gross margin % of net sales	32.0. %	45.2 %	42.3 %			45.4 %			45.4 %
Comparable EBITDA margin % of net sales	14.2 %	21.7 %	10.2 %			18.0 %			17.7 %

SEGMENTS Q1-Q3 22

EUR million	Wine	Spirits	Industrial	Group and allocations	Elimination	Group
Net sales external	205.5	161.1	114.5	0.0	0.0	481.1
Net sales internal	3.2	0.5	92.3	0.0	-96.0	0.0
Total net sales	208.7	161.5	206.8	0.0	-96.0	481.1
Other operating income external	0.7	0.0	7.7	0.2	0.0	8.6
Other operating income internal	0.3	-0.1	4.2	28.2	-32.6
Total other operating income	1.0	-0.1	11.9	28.4	-32.6	8.6
Materials and services	-146.9	-90.2	-128.9	-1.9	88.4	-279.5
Gross profit	62.9	71.3	89.8	26.4	-40.2	210.2
Other indirect expenses	-46.4	-45.1	-76.3	-33.7	40.2	-161.2
EBITDA	16.5	26.2	13.6	-7.3	0.0	49.0
Items affecting comparability	0.2	0.1	-0.6	6.5	0.0	6.2
Comparable EBITDA	16.7	26.3	12.9	-0.7	0.0	55.3
EBITDA						49.0
Depreciation, amortisation and impairment						-24.6
Operating result						24.5
Gross margin % of net sales	30.1 %	44.1 %	43.4 %			43.7 %
Comparable EBITDA margin % of net sales	8.0 %	16.3 %	6.3 %			11.5 %

PRO FORMA SEGMENT INFORMATION FOR Q1-Q3 21

				Group and		Group			Group
EUR million	Wine	Spirits	Industrial	allocations	Elimination	PF	Arcus	Merger	reported
Net sales external	209.5	150.7	99.2	0.0		459.4	-195.2	8.4	272.5
Net sales internal	0.3	0.1	88.1	0.0	-88.5
Total net sales	209.8	150.8	187.3	0.0	-88.5	459.4	-195.2	8.4	272.5
Other operating income external	0.0	0.1	4.6	0.2		4.8	-0.2		4.7
Other operating income internal	0.4	-0.1	2.7	27.9	-30.8
Total other operating income	0.5	-0.1	7.3	28.0	-30.8	4.8	-0.2		47
Materials and services	-144.7	-81.5	-108.4	0.0	81.2	-253.4	105.8	-4.3	-151.9
Gross profit	65.6	69.2	86.1	28.0	-38.1	210.8	-89.6	4.1	125.3
Other indirect expenses	-40.1	-39.4	-71.1	-35.3	38.1	-147.9	60.8	-6.7	-93.8
EBITDA	25.5	29.8	14.9	-7.3	0.0	63.0	-28.8	-2.6	31.6
Items affecting comparability	0.4	0.7	0.1	6.3		7.4	-4.8	6.0	8.7
Comparable EBITDA	25.9	30.5	15.0	-1.0	0.0	70.4	-33.6	3.4	40.2
EBITDA						63.0	-28.8	-2.6	31.6
Depreciation, amortisation and impairment						-23.4	9.0	1.7	-12.7
Operating result						39.6	-19.8	-0.9	18.9
Gross margin % of net sales	31.3 %	45.9%	46.0 %			45.4 %			46.0 %
Comparable EBITDA margin % of net sales	12.3 %	20.2 %	7.7 %			15.3 %			14.8 %

Notes to the financial statements

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS

EUR million	Intangible assets	Goodwill	Property, plant and equipment	Right-of- use assets	Total
Acquisition cost at 1 January 2022	341.4	327.3	299.3	173.4	1 141.4
Acquisition of subsidiaries	44.6	37.6	7.7	18.7	108.5
Additions	1.5	-	6.4	0.1	8.0
Disposals	-0.4	-	-0.5	-0.0	-0.9
Effect of movement in exchange rates	-13.3	-17.9	-2.8	-9.1	-43.2
Acquisition cost at 30 September 2022	373.8	347.0	310.1	183.0	1 213.7
Accumulated depreciation, amortisation and impairment losses at 1 January 2022	-144.7	-49.5	-228.0	-47.8	-470.0
Depreciation and amortisation	-7.6	-	-7.1	-9.8	-24.5
Accumulated depreciation and amortisation on disposals and transfers	0.4	-	0.4	-	0.8
Effect of movement in exchange rates	5.6	7.3	1.8	2.8	17.7
Accumulated depreciation and amortisation and impairment losses at 30 September 2022	-146.3	-42.2	-232.8	-54.8	-476.1
Carrying amount at 1 January 2022	196.7	277.8	71.3	125.7	671.4
Carrying amount at 30 September 2022	227.5	304.8	77.2	128.2	737.7
Acquisition cost at 1 January 2021	151.1	123.0	252.9	17.5	544.4
Acquisition of subsidiaries	201.1	195.4	41.0	147.6	585.1
Additions	0.7	-	2.6	1.2	4.4
Transfer to assets classified as held for sale	-12.2	-	-	-	-12.2
Disposals	-0.0	-	-0.1	-0.2	-0.2
Effect of movement in exchange rates	1.2	4.3	0.3	1.2	7.1
Transfers between items	-0.0	-	0.0	-	0.0
Acquisition cost at 30 September 2021	341.8	322.8	296.7	167.3	1 128.6
Accumulated depreciation, amortisation and impairment losses at 1 January 2021	-130.4	-41.6	-194.0	-7.2	-373.2
Acquisition of subsidiaries	-20.1	-2.2	-25.4	-33.5	-81.3
Depreciation and amortisation	-3.6	-	-5.8	-3.4	-12.7
Transfer to assets classified as held for sale	8.5	-	-	-	8.5
Accumulated depreciation and amortisation on disposals and transfers	0.0	-	0.0	0.1	0.1
Effect of movement in exchange rates	0.2	-3.3	-0.2	-0.3	-3.6
Accumulated depreciation, amortisation and impairment losses at 30 September 2021	-145.5	-47.1	-225.3	-44.3	-462.1
Carrying amount at 1 January 2021	20.7	81.4	58.9	10.2	171.3
Carrying amount at 30 September 2021	196.4	275.7	71.4	123.1	666.5

RELATED PARTY TRANSACTIONS

The following transactions have taken place with related parties:

EUR million	Q1-Q3 22	Q1-Q3 21	2021
Sales of goods and services
Associates, joint ventures and joint operations	0.8	0.6	0.9
Other companies considered related parties	51.0	55.6	78.9
Total sales of goods and services	51.7	56.1	79.8
Purchases of goods and services
Associates, joint ventures and joint operations	4.7	3.9	6.5
Other companies considered related parties	2.6	2.8	3.8
Total purchases of goods and services	7.3	6.7	10.2
Receivables
Associates, joint ventures and joint operations	0.1	0.2	0.1
Other companies considered related parties	6.8	0.9	1.1
Total receivables	6.9	1.1	1.2
Payables
Associates, joint ventures and joint operations	0.7	0.3	1.7
Other companies considered related parties	0.1	0.2	0.5
Total payables	0.8	0.5	2.2

The Company's related parties include the subsidiaries, associated companies, joint ventures and joint operations. Related party transactions include such operations that are not eliminated in the Group´s consolidated financial statements. Related party also include the Board of Directors, the CEO, the members of the Executive Management Team and their family members as well as entities controlled or jointly controlled by these persons. In addition, entities that are controlled or jointly controlled by, or are associates of the State of Finland, are related parties of Anora. Anora has applied the exemption to report only material transactions with the Finnish government related entities. Transactions with related parties are entered into on market terms. Anora has related party transactions on a continuous basis with its major customer Alko. Transactions with Alko have been presented aboveunder Other companies considered related parties.

ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS

Investments in associated companies and joint ventures: At the beginning of the reporting period 8.7 1.5 1.5 Acquisition of subsidiaries - 6.5 6.5 Additions 5.0 - - Share of result for the period -0.4 0.4 0.7 Transfer to subsidiary shares -0.0 - - Dividend -0.1 - - Translation difference 0.1 0.1 At the end of the reporting period 13.3 8.5 8.7 Financial summary of associated companies and joint ventures: Assets 43.7 43.3 46.6 Liabilities 16.6 17.8 20.4 Net assets 27.1 25.6 26.2 Net sales 18.5 14.9 29.9 Result for the period -1.1 1.2 2.0	EUR million	30 Sep 2022	30 Sep 2021	31 Dec 2021

COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES

EUR million	30 Sep 2022	30 Sep 2021	31 Dec 2021
Collaterals given on behalf of Group companies
Mortgages	18.5	18.5	18.5
Guarantees	9.4	3.4	9.1
Total collaterals	27.9	21.9	27.6
Commitments
Short-term and low value lease obligations
Less than one year	0.1	0.1	0.1
Between one and five years	0.1	0.1	0.1
Other commitments	17.6	16.7	19.1
Total commitments	17.8	17.0	19.3

Assets not recognised in the balance sheet

Emission allowances, kilotons	30 Sep 2022	30 Sep 2021	31 Dec 2021
Emission allowances received	22.6	22.6	22.6
Excess emission allowances from the previous period	13.5	10.9	10.9
Sold emission allowances	-13.0	-	-
Realised emissions	-15.1	-14.1	-19.9
Total emission allowances	8.0	19.4	13.5
Fair value of emission allowances (EUR million)	0.7	1.2	1.1

CLASSIFICATION AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES

EUR million	Derivative, hedge accounting	Fair value through profit or loss	Amortised cost	Fair value through other comprehens ive income	Carrying amounts of items in the balance sheet	Fair value	Level
Non-current financial assets
Investments in associates and receivables from interests in joint operations	-	-	20.9	-	20.9	20.9
Unquoted shares	-	-	-	0.7	0.7	0.7	3
Current financial assets
Trade and other receivables	-	-	159.5	-	159.5	159.5
Derivative instruments/Forward exchange contracts	1.4	0.4	-	-	1.8	1.8	2
Derivative instruments/Commodity derivatives	10.2	-	-		10.2	10.2	2
Cash and cash equivalents	-	-	76.8	-	76.8	76.8
Financial assets at 30 Sep 2022	11.5	0.4	257.2	0.7	269.8	269.8
Financial assets at 30 Sep 2021	2.0	0.0	307.9	0.7	310.6	310.6
Non-current financial liabilities
Borrowings	-	-	130.3	-	130.3	130.3	2
Lease liabilities	-	-	124.3	-	124.3	124.3	2
Non-current at fair value through profit or loss	-	0.7	-	-	0.7	0.7	3
Other liabilities	-	-	0.0	-	0.0	0.0
Current financial liabilities
Borrowings	-	-	126.4	-	126.4	126.4	2
Lease liabilities	-	-	11.6	-	11.6	11.6	2
Trade and other payables	-	-	71.3	-	71.3	71.3
Derivative instruments/Interest rate derivatives	0.0	-	-	-	0.0	0.0	2
Derivative instruments/Forward exchange contracts	0.0	0.0	-	-	0.0	0.0	2
Financial liabilities at 30 Sep 2022	0.0	0.7	463.9	-	464.6	464.6
Financial liabilities at 30 Sep 2021	0.7	1.2	378.1	-	379.9	379.9

The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (i.e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value.

LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS

EUR million	30 Sep 2022	30 Sep 2021	31 Dec 2021
Book value at the beginning of the period	1.3	-	-
Acquisitions in period	-	1.1	1.1
Changes in value during period	-0.6	0.0	0.2
Interest during period	0.0	0.0	0.0
Translation differences	-0.1	0.0	0.0
Book value at the end of the period	0.7	1.1	1.3
Non-current liability	0.7	1.1	1.3
Current liability	-	-	-
Total liabilities through profit and loss	0.7	1.1	1.3

Appendix 1

KEY RATIOS

		Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Income statement
Net sales	EUR million	181.9	114.0	481.1	272.5	478.2
Comparable EBITDA	EUR million	23.4	20.2	55.3	40.2	71.7
(% of net sales)	%	12.8	17.7	11.5	14.8	15.0
EBITDA	EUR million	21.8	16.9	49.0	31.6	62.9
Comparable operating result (EBIT)	EUR million	14.4	15.2	30.7	27.6	51.2
(% of net sales)	%	7.9	13.3	6.4	10.1	10.7
Operating result	EUR million	12.8	11.9	24.5	18.9	42.4
Result before taxes	EUR million	9.5	10.8	17.5	17.5	38.6
Result for the period	EUR million	7.9	8.7	14.4	14.0	31.2
Items affecting comparability	EUR million	-1.5	-3.3	-6.2	-8.7	-8.8
Balance sheet
Cash and cash equivalents	EUR million			76.8	129.7	168.9
Total equity	EUR million			479.8	486.7	507.9
Non-controlling interest	EUR million			0.7	0.8	0.9
Borrowings	EUR million			256.7	173.0	162.6
Invested capital	EUR million			736.5	659.8	670.5
Profitability
Return on equity (ROE), rolling 12 months	%			6.5	6.7	9.3
Return on invested capital (ROI), rolling 12 months	%			5.8	5.1	7.4
Financing and financial position
Net debt	EUR million			315.7	172.7	126.0
Gearing	%			65.8	35.5	24.8
Equity ratio	%			39.0	42.5	41.2
Net cash flow from operating activities	EUR million	7.3	-5.1	-36.4	-6.7	50.8
Net debt/comparable EBITDA, rolling 12 months				3.6	2.9	1.8
Share-based key ratios
Earnings / share (Basic and diluted)	EUR	0.12	0.19	0.21	0.35	0.67
Equity / share	EUR			7.10	7.21	7.52
Number of shares outstanding at the end of period		67 553 624	67 553 624	67 553 624	67 553 624	67 553 624
Personnel
Personnel end of period		1 212	1 100	1 212	1 100	1 055
Average number of personnel				1 134		799

RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES (APM) TO IFRS FIGURES AND ITEMS AFFECTING COMPARABILITY (IAC)

EUR million	Q3 22	Q3 21	Q1-Q3 22	Q1-Q3 21	2021
Items affecting comparability
Net gains or losses from business and assets disposals	-	-0.1	0.5	-0.3	3.7
Cost for closure of business operations and restructurings	0.0	-	-0.0	-	-0.5
Costs related to the merger of Altia and Arcus	-0.5	-3.0	-4.0	-8.1	-11.2
Inventory fair valuation	-0.6	-0.2	-1.8	-0.2	-0.8
Other major corporate projects	-0.5	0.0	-0.9	0.0	0.0
Total items affecting comparability	-1.5	-3.3	-6.2	-8.7	-8.8
Comparable EBITDA
Operating results	12.8	11.9	24.5	18.9	42.4
Less:
Depreciation, amortisation and impairment	9.0	5.0	24.6	12.7	20.5
Total items affecting comparability	1.5	3.3	6.2	8.7	8.8
Comparable EBITDA	23.4	20.2	55.3	40.2	71.7
% of net sales	12.8	17.7	11.5	14.8	15.0
Comparable EBIT
Operating results	12.8	11.9	24.5	18.9	42.4
Less:
Total items affecting comparability	1.5	3.3	6.2	8.7	8.8
Comparable EBIT	14.4	15.2	30.7	27.6	51.2
% of net sales	7.9	13.3	6.4	10.1	10.7

THE DEFINITIONS AND REASONS FOR THE USE OF FINANCIAL KEY INDICATORS

Key figures	Definition	Reason for the use
Gross profit	Total net sales + total operating income -material and services	Gross profit is the is the indicator to measure the performance
Gross margin, %	Gross profit/ Total net sales
EBITDA	Operating result before depreciation and amortization	EBITDA is the indicator to measure the performance of the Group.
EBITDA margin, %	EBITDA / Net sales
Comparable operating result	Operating result excluding items affecting comparability	Comparable EBITDA, comparable EBITDA margin, comparable operating result and comparable operating margin are presented in addition to EBITDA and operating result to reflect
Comparable operating margin, %	Comparable operating result / Net sales	the underlying business performance and to enhance comparability from period to period. Anora believes that these comparable performance measures provide meaningful
Comparable EBITDA	EBITDA excluding items affecting comparability	supplemental information by excluding items outside normal business, which reduce comparability between the periods.
Comparable EBITDA margin, %	Comparable EBITDA / Net sales	Comparable EBITDA is an internal measure to assess performance of Anora and key performance measure at
Items affecting comparability	Material items outside normal business, such as net gains or losses from business and assets disposals, impairment losses, cost for closure of business operations and restructurings, major corporate projects including direct transaction costs related to business acquisitions and the merger, merger related integration costs, expenses arising from the fair valuation of inventories in connection with merger combinations, voluntary pension plan change, and costs related to other corporate development.	segment level together with Net Sales. Comparable EBITDA is commonly used as a base for valuation purposes outside the Company and therefore important measure to report regularly.
Invested capital	Total equity + Borrowings	Base for ROI measure.
Return on equity (ROE), %	Result for the period (rolling 12 months) / Total equity (average of reporting period and comparison period)	This measure can be used to evaluate how efficiently Anora has been able to generate results in relation to the total equity of the Company.
Return on invested capital (ROI), %	(Result for the period + Interest expenses) (rolling 12 months) / (Total equity + Non-current and current borrowings) (average of reporting period and comparison period)	This measure is used to evaluate how efficiently Anora has been able to generate net results in relation to the total investments made to the Company.
Borrowings	Non-current borrowings + Current borrowings
Net debt	Borrowings + non-current and current lease liabilities – cash and cash equivalents	Net debt is an indicator to measure the total external debt financing of the Group.
Gearing, %	Net debt / Total equity	Gearing ratio helps to show financial risk level and it is a useful measure for management to monitor the level of Group's indebtedness. Important measure for the loan portfolio.
Equity ratio, %	Total equity / (Total assets – Advances received)	Equity / assets ratio helps to show financial risk level and it is a useful measure for management to monitor the level of Group's capital used in the operations.
Net debt / Comparable EBITDA	Net debt / Comparable EBITDA
Earnings / share	Result for the period attributable to shareholders of the parent company/Average number of shares during the period
Equity / share	Equity attributable to shareholders of the parent company / Share- issue adjusted number of shares at the end of period

ANORA GROUP PLC

Kaapeliaukio 1

P.O. Box 350, 00101 Helsinki

tel. +358 207 013 013

www.anora.com

Anora is a leading wine and spirits brand house in the Nordic region and a global industry forerunner in sustainability. Our market-leading portfolio consists of our own iconic Nordic brands and a wide range of prominent international partner wines and spirits. We export to over 30 markets globally. Anora Group also includes Anora Industrial and logistics company Vectura. In 2021, Anora's pro forma net sales were EUR 665 million and the company employs about 1 100 professionals. Anora's shares are listed on the Nasdaq Helsinki.