Apranga Group — Annual Report 2023

Apr 30, 2024

APB APRANGA Consolidated and Company’s Financial Statements, Consolidated Annual Report for the year ended 31 December 2023

3 April 2024 Vilnius

CONFIRMATION OF THE COMPANY’S RESPONSIBLE PERSONS

Hereby we confirm, that by our knowledge Consolidated Financial Statements for the year 2023 prepared in accordance with International Financial Reporting Standards as adopted by the EU are true and fairly present assets, liabilities, financial position, profit or loss and cash flows of APB Apranga, as well as of Apranga Group consolidated companies. As well we confirm that by our knowledge Consolidated Annual Report for the year 2023 includes a fair review of the development and performance of the business and the position of APB Apranga and Apranga Group in relation to the description of the main risks and contingencies faced thereby.

Apranga Group General Manager
Rimantas Perveneckas

Apranga Group Chief Financial Officer
Gabrielius Morkūnas

TABLE OF CONTENT

APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

Translation note: This version of the accompanying documents is a translation from the original, which was prepared in the Lithuanian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of the accompanying documents takes precedence over this translation.

1 FINANCIAL STATEMENTS 4-7
1.1 Statements of comprehensive income 4
1.2 Statements of financial position 5
1.3 Statements of changes in equity 6
1.4 Statements of cash flows 7

2 NOTES TO THE FINANCIAL STATEMENTS 8-40

3 CONSOLIDATED ANNUAL REPORT 41-135
3.1 Consolidated Annual Report 41-53
Renumeration Report 50-51
3.2 Governance Report 54-81
3.3 Social Responsibility Report 82-135

STATEMENTS OF COMPREHENSIVE INCOME

1.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

		GROUP		COMPANY
Year ended 31 December	Note	2023	2022	2023	2022
Revenue from contracts with customers	6	269 696	242 899	104 443	96 797
Cost of sales	5	(145 554)	(131 555)	(60 500)	(54 992)
GROSS PROFIT		124 142	111 344	43 943	41 805
Selling (costs)	5	(80 768)	(73 462)	(24 530)	(24 474)
General and administrative (expenses)	5	(21 932)	(18 803)	(12 902)	(11 439)
Other income	6	59	790	10 311	16 193
OPERATING PROFIT		21 501	19 869	16 822	22 085
Finance income	7	269	37	284	50
Finance (costs)	7	(1 438)	(1 161)	(1 003)	(540)
PROFIT BEFORE INCOME TAX		20 332	18 745	16 103	21 595
Income tax (expense)	8	(3 559)	(3 110)	(904)	(887)
PROFIT FOR THE YEAR		16 773	15 635	15 199	20 708
Other comprehensive income		-	-	-	-
TOTAL COMPREHENSIVE INCOME		16 773	15 635	15 199	20 708
Total comprehensive income attributable to:		16 773	15 635	15 199	20 708
Owners of the Company		16 773	15 635	15 199	20 708
Non-controlling interests		-	-	-	-
Basic and diluted earnings per share (in EUR)	11	0,30	0,28	0,27	0,37

The notes on pages 8 to 40 are an integral part of these financial statements. These financial statements were approved by Management Board on 3 April 2024 and signed by:

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Rimantas Perveneckas Gabrielius Morkūnas
General Director Chief Financial Officer

STATEMENTS OF FINANCIAL POSITION

1.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

	GROUP	COMPANY
ASSETS	As at 31 December	As at 31 December
NON-CURRENT ASSETS	2023	2022
Property, plant and equipment	24 052	20 992
Intangible assets	1 483	1 072
Investments in subsidiaries	-	-
Prepayments	142	273
Trade and other receivables	528	2 409
Right-of-use assets	58 785	53 281
Other financial assets	2 600	2 600
Total non-current assets	87 590	80 627
CURRENT ASSETS
Inventories	50 607	41 386
Prepayments	1 525	1 503
Trade and other receivables	2 638	1 781
Cash and cash equivalents	17 665	22 978
Total current assets	72 435	67 648
TOTAL ASSETS	160 025	148 275
EQUITY AND LIABILITIES	GROUP	COMPANY
EQUITY	Note	2023
Ordinary shares	21	16 035
Legal reserve	22	1 604
Foreign currency translation reserve		(53)
Retained earnings	46 072	44 781
Total equity		63 658
NON-CURRENT LIABILITIES
Deferred tax liabilities	9	2 301
Non-current lease liabilities	25	47 629
Non-current employee benefits		194
Total non-current liabilities		50 124
CURRENT LIABILITIES
Borrowings	23	-
Current lease liabilities	25	14 306
Current income tax liability		579
Trade and other payables	24	31 358
Total current liabilities		46 243
Total liabilities		96 367
TOTAL EQUITY AND LIABILITIES		160 025

The notes on pages 8 to 40 are an integral part of these financial statements. These financial statements were approved by Management Board on 3 April 2024 and signed by:

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Rimantas Perveneckas Gabrielius Morkūnas
General Director Chief Financial Officer

STATEMENTS OF CHANGES IN EQUITY

1.3 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

	Share capital	Legal reserve	Translation reserve	Retained earnings	Total
GROUP
Balance at 1 January 2022	16 035	1 604	(53)	56 792	74 378
Comprehensive income
Profit for the year 2022	-	-	-	15 635	15 635
Total comprehensive income	-	-	-	15 635	15 635
Transactions with owners
Dividends	10, 22	-	-	(27 646)	(27 646)
Balance at 31 December 2022	16 035	1 604	(53)	44 781	62 367
Comprehensive income
Profit for the year 2023	-	-	-	16 773	16 773
Total comprehensive income	-	-	-	16 773	16 773
Transactions with owners
Dividends	10, 22	-	-	(15 482)	(15 482)
Balance at 31 December 2023	16 035	1 604	(53)	46 072	63 658
COMPANY	Share capital	Legal reserve	Retained earnings	Total
Balance at 1 January 2022	16 035	1 604	38 942	56 581
Comprehensive income
Profit for the year 2022	-	-	20 708	20 708
Total comprehensive income	-	-	20 708	20 708
Transactions with owners
Dividends	10, 22	-	(27 646)	(27 646)
Balance at 31 December 2022	16 035	1 604	32 004	49 643
Comprehensive income
Profit for the year 2023	-	-	15 199	15 199
Total comprehensive income	-	-	15 199	15 199
Transactions with owners
Dividends	10, 22	-	(15 482)	(15 482)
Balance at 31 December 2023	16 035	1 604	31 721	49 360

The notes on pages 8 to 40 are an integral part of these financial statements. These financial statements were approved by Management Board on 3 April 2024 and signed by:

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Rimantas Perveneckas Gabrielius Morkūnas
General Director Chief Financial Officer

STATEMENTS OF CASH FLOW

1.4# STATEMENTS OF CASH FLOW

(all tabular amounts are in EUR thousands unless otherwise stated)

OPERATING ACTIVITIES	Note	2023	2022	2023	2022
Profit (loss) before income taxes	20	332	18 745	16 103	21 595
ADJUSTMENTS FOR:
Depreciation and amortization	5	19 427	19 037	7 524	7 545
Impairment charge (reversal)	12, 25	( 74)	( 303)	( 70)	( 208)
Write-down (reversal) of inventories to net realisable value	5	719	( 421)	161	( 337)
Loss (gain) on disposal of property, plant and equipment	6	9	( 466)	( 2)	( 466)
Write-off of property, plant and equipment		105	188	( 10)	75
Fair value change of financial assets	17	-	( 79)	-	( 79)
Dividend income	6	( 33)	( 103)	(10 283)	(15 503)
Interest expenses	7	1 438	1 161	1 003	540
Total		41 923	37 759	14 426	13 162
CHANGES IN OPERATING ASSETS AND LIABILITIES:
Decrease (increase) in inventories	15	(9 940)	(5 056)	(5 252)	( 3 344)
Decrease (increase) in receivables	16, 19	823	1 269	( 909)	404
Increase (decrease) in payables	24, 26	4 557	4 541	1 538	1 571
Cash generated from operations		37 363	38 513	9 803	11 793
Income taxes paid	8, 9	(3 574)	(2 493)	(1 216)	( 412)
Interest paid	7	(1 438)	(1 161)	(1 003)	( 540)
Net cash from operating activities		32 351	34 859	7 584	10 841
INVESTING ACTIVITIES
Interest received		269	37	284	50
Dividends received	6	33	103	10 283	15 503
Loans granted		(71 200)	(39 000)	(77 670)	(45 872)
Loans repayments received		71 200	39 000	78 430	46 972
Purchases of property, plant and equipment and intangible assets	12, 13	(12 381)	(4 458)	(3 295)	(2 127)
Proceeds on disposal of property, plant and equipment		2 640	1 763	21	1 221
Proceeds on disposal of financial assets at fair value	17	-	579	-	579
Investment in subsidiaries	14	-	-	-	( 132)
Net cash from investing activities		(9 439)	(1 976)	8 053	16 194
FINANCING ACTIVITIES
Dividends paid	3	(15 472)	(27 596)	(15 472)	(27 596)
Proceeds from borrowings		-	-	102 201	20 405
Repayments of borrowings	23	-	( 200)	(97 873)	(23 773)
Payment of principal portion of lease liabilities	25	(12 753)	(11 852)	(4 894)	(4 888)
Net cash from financing activities		(28 225)	(39 648)	(16 038)	(35 852)
NET INCREASE (DECREASE) IN CASH		(5 313)	(6 765)	( 401)	(8 817)
CASH AND CASH EQUIVALENTS:
AT THE BEGINNING OF THE PERIOD	20	20 22 978	29 743	8 375	17 192
AT THE END OF THE PERIOD	20	17 665	22 978	7 974	8 375

The notes on pages 8 to 40 are an integral part of these financial statements.

These financial statements were approved by Management Board on 3 April 2024 and signed by:

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Rimantas Perveneckas Gabrielius Morkūnas
General Director Chief Financial Officer

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

1. GENERAL INFORMATION

APB Apranga, (hereinafter “the Company”), was incorporated and commenced its operations in March 1993 in Lithuania. The Company’s main office is situated in Ukmerges str. 362, Vilnius, Lithuania. The Company has legal form of public limited liability company under the Law on Companies of Republic of Lithuania. The principal activity of the Company and its subsidiaries (hereinafter “the Group”) is retail trade of apparel in Baltic countries.

The share capital of APB Apranga is EUR 16,034,668.40 and it is divided into 55,291,960 ordinary registered shares with a nominal value of EUR 0.29 each, where each share grants to its owner 1 vote (in total 55,291,960 voting shares), all shares are paid in full and give the owners equal rights. All 55 291 960 ordinary shares of nominal value EUR 0.29 each (ISIN code LT0000102337) that comprise Company‘s share capital are listed on Baltic equity list of Nasdaq Vilnius Stock Exchange.

At 31 December 2023, the Company had 7 017 shareholders (as per shareholders list prepared in accordance with SRD II directive).

At 31 December the Company‘s shareholders were:

Shareholder	Number of shares 2023	% of total ownership 2023	Number of shares 2022	% of total ownership 2022
UAB MG Investment	36 169 099	65,4	36 187 499	65,4
UAB Minvista	5 795 929	10,5	5 795 929	10,5
Other	13 326 932	24,1	13 308 532	24,1
Total	55 291 960	100,0	55 291 960	100,0

The ultimate parent company whose financial statements are available for public use is UAB MG Grupė. The ultimate controlling individual of the Group is Mr. D. J. Mockus.

At 31 December the Group consisted of the Company and the following its wholly owned subsidiaries:

Name	Country	Ownership interest in % 31 12 2023	Ownership interest in % 31 12 2022
UAB Apranga LT	Lithuania	100%	100%
UAB Apranga BPB LT	Lithuania	100%	100%
UAB Apranga PLT	Lithuania	100%	100%
UAB Apranga SLT	Lithuania	100%	100%
UAB Apranga MLT	Lithuania	100%	100%
UAB Apranga HLT	Lithuania	100%	100%
UAB Apranga OLT	Lithuania	100%	100%
UAB Apranga Ecom LT	Lithuania	100%	100%
SIA Apranga Latvia	Latvia	100%	100%
SIA Apranga LV	Latvia	100%	100%
SIA Apranga BPB LV	Latvia	100%	100%
SIA Apranga PLV	Latvia	100%	100%
SIA Apranga SLV	Latvia	100%	100%
SIA Apranga MLV	Latvia	100%	100%
SIA Apranga HLV	Latvia	100%	100%
SIA Apranga OLV	Latvia	100%	100%
SIA Apranga Ecom LV	Latvia	100%	100%
OU Apranga*	Estonia	100%	100%
OU Apranga Estonia	Estonia	100%	100%
OU Apranga BEE	Estonia	100%	100%
OU Apranga PB Trade	Estonia	100%	100%
OU Apranga ST Retail	Estonia	100%	100%
OU Apranga MDE	Estonia	100%	100%
OU Apranga HEST	Estonia	100%	100%
OU Apranga Ecom EE	Estonia	100%	100%

• At 31 December 2023 the Company directly owned 14.91% shares and indirectly through its subsidiary owned the rest 85.09% of shares (At 31 December 2022: 14.91% and 85.09%, respectively)

At 31 December the Group‘s number of stores was:

Country	Total number of shops 2023	Total number of shops 2022	Shops, where premises are owned by Group 2023	Shops, where premises are owned by Group 2022
Lithuania	100	100	5	5
Latvia	44	44	-	-
Estonia	25	24	-	-
Total	169	168	5	5

At 31 December 2023 the Group and the Company employed 2 249 and 760 people respectively (2022: 2 139 and 740 people respectively).

These financial statements were approved by Management Board on 3 April 2024. The shareholders of the Company have a statutory right to approve or not these financial statements and to require preparation of a new set of the financial statements.

2. MATERIAL ACCOUNTING POLICY INFORMATION

The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are presented in Euro and all values are rounded to the nearest thousand, except when otherwise indicated. The numbers in tables may not coincide due to rounding of particular amounts to EUR thousand. Such rounding differences are not material to these financial statements.

2.1 BASIS OF PREPARATION

The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). These financial statements have been prepared under the historical cost convention, except for financial asset at fair value through profit (loss) or other comprehensive income as described in Note 17. These financial statements comprise the Group’s consolidated financial statements and the Company’s separate financial statements. The Group and Company have prepared the financial statements on the going concern basis.

2.2 CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

International Financial Reporting Standards require that in preparing the financial statements, management of the Company and the Group make estimates and assumptions that affect the reported amounts of assets and liabilities and required disclosure at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, except for the following:

(a) Impact of war in Ukraine

Assessment of the impact of the Russian military invasion of the Republic of Ukraine Russian Federation invaded to Republic of Ukraine on 24 February 2022. The EU and rest of the world, including global bodies, took measures immediatly to respond to the military aggression of the Russian Federation against the Republic of Ukraine. Introduced restrictive measures fueled inflation and soaring utility bills, which indirectly impacted the Company and the Group. However, the management of the Company were able to successfully adapt to the challenges and sustain the business performance.

(b) Revenue recognition

Management judgment is needed to determine whether revenue for certain sales transactions should be recorded on a gross basis or on a net basis. Revenue is recognised on a gross basis where the role of the Group/Company is that of principal in a transaction. The gross (without VAT) basis represents sales price after discounts, with any related costs charged to expenses.## NOTES TO THE FINANCIAL STATEMENTS

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated) 11

(b) Principal versus agent considerations

The Group/Company has concluded that it is the principal in its revenue arrangements including all online sales, because: - The entity controls the goods or services before transferring them to the customer; - The entity is primarily responsible for the supply of goods and services and bears risk of non-performance, all customers returns are accepted into stores/warehouse; - The entity has latitude in establishing price either directly or indirectly. At the end of each year, the Group/Company also assesses the decrease in accounting income due to customers’ right to return goods after the end of the accounting period.

(c) Estimates concerning useful lives of tangible and intangible assets

The useful lives of tangible and intangible assets are determined by management at the time the asset is acquired and reviewed on an annual basis for appropriateness. The lives are based on historical experiences with similar assets as well as anticipation of future events, which may impact their useful life.

(d) Impairment of property, plant and equipment and right-of-use assets

Each shop is considered to represent a separate cash generating unit for impairment test. Cash generating units, which had indications of impairment loss, i.e. suffered operational loss, are tested. The Group and the Company have tested its leasehold improvements, right-of-use assets and other property, plant and equipment, whether those possess impairment loss, in accordance with the accounting policies stated in Note 2.6. The Group and the Company have used “value in use” calculations to test for impairment as information on fair value less costs to sell was not available. These calculations require the use of estimates as described in Note 12 and Note 25. The management reviewed the main assumptions used for the measurement of the recoverable value of property, plant and equipment and right-of-use assets. The Russian military invasion of the Republic of Ukraine has no material impact on the assumptions made for future cash flows. Results of impairment assessment are disclosed in Note 12 and Note 25.

(e) Inventory write-down to net realizable value

In accordance with the accounting policies stated in Note 2.8 the Group and the Company recognise inventory at the lower of cost and net realizable value less cost to sell. The Group and the Company evaluate whether the value of inventory recognised at cost is not lower that its net realisable value based on the historical data and actual subsequent results of inventory items sold below costs. Net realisable values are disclosed in Note 15. Management has assessed the level of inventories and determined that the book value of inventories as of 31 December 2023 and 2022 does not exceed the net realisable value. Results of inventories write-down to net realizable value are disclosed in Note 15.

(f) Determining the lease term of contracts with renewal and termination options – Company/Group as lessee

The Company/Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Company/Group has lease contracts that include extension and termination options. The Company/Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company/Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).

(g) Leases - Estimating the incremental borrowing rate

The Company/Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company/Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of- use asset in a similar economic environment. The IBR therefore reflects what the Company/Group ‘would have to pay’, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease. The Company/Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific or country-specific adjustments. IBR used in 2023 varies from 1.0 to 4.7 per cent (from 1.0 to 4.0 per cent in 2022).

(h) Options granted

The Company/Group has options granted for non-financial assets and lease rights, which are not recognized as they do not meet the criteria of a financial instrument. Based on historical information and numerous extensions of the cooperation agreements and intentions of cooperation, the management of the Group believes that the agreement parties will not use any above options. In the unlikely event of happening, the selling price would be approximate fair value of the items/goods. For more details, refer to Note 27.

(i) Climate-related risks

The Company/Group has assessed climate-related risks and concluded that they do not have a material impact on the business performance, continuity of operations, impairment of assets value or allowances.

2.3 ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

In the current year, the Company and the Group have adopted all of the new and revised Standards and Interpretations that are relevant to its operations and effective for accounting periods beginning on 1 January 2023.

(a) The following new standards, amendments and interpretations are mandatory for accounting periods beginning on or after 1 January 2023:

• IFRS 17: Insurance Contracts
  Management concluded that the newly adopted IFRS had no impact for financial statements.
• IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments)
  Management concluded that the newly adopted amendments to IFRS had no impact for financial statements.
• IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments)
  The Amendments are effective for annual periods beginning on or after January 1, 2023. The amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about accounting policy disclosures. The Group/Company assessed its accounting policies disclosure and disclosed material accounting policies only.
• IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments)
  The amendments are effective for annual periods beginning on or after January 1, 2023. The amendments narrow the scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. The impact of the amendments on the financial statements of the Group/Company is disclosed in Note 9.
• IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)
  The amendments are effective immediately upon issuance, but certain disclosure requirements are effective later. The Organisation for Economic Co-operation and Development’s (OECD) published the Pillar Two model rules in December 2021 to ensure that large multinational companies would be subject to a minimum 15% tax rate. On 23 May 2023, the IASB issued International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and disclosure requirements for affected entities on the potential exposure to Pillar Two income taxes. The Amendments require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of known or reasonably estimable information that helps users of financial statements understand the entity’s exposure arising from Pillar Two income taxes.# N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

To comply with these requirements, an entity is required to disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. The disclosure of the current tax expense related to Pillar Two income taxes and the disclosures in relation to periods before the legislation is effective are required for annual reporting periods beginning on or after 1 January 2023, but are not required for any interim period ending on or before 31 December 2023. The Group/Company does not expect material impact of the amendments on the the financial statements as effective income tax rate is above 15% in Lithuania and for Latvia and Estonia acruals of deffered tax liabilities are made with 20% effective income tax rate.

12

(b) The following new standards, amendments to existing standards and interpretations have been issued and adopted by the European Union or are in the process of adoption by the European Union but are not yet effective and have not been early adopted by the Group and the Company:

• IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)
  The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the entity’s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only covenants with which an entity must comply on or before the reporting date will affect a liability’s classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.

• IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)
  The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee determines ‘lease payments’ or ‘revised lease payments’ in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, being the beginning of the annual reporting period in which an entity first applied IFRS 16. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.

• IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments)
  The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments supplement requirements already in IFRS and require an entity to disclose the terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the beginning and end of reporting period the carrying amounts of supplier finance arrangement financial liabilities and the line items in which those liabilities are presented as well as the carrying amounts of financial liabilities and line items, for which the finance providers have already settled the corresponding trade payables. Entities should also disclose the type and effect of non- cash changes in the carrying amounts of supplier finance arrangement financial liabilities, which prevent the carrying amounts of the financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the finance providers and for comparable trade payables that are not part of those arrangements. The amendments have not yet been endorsed by the EU. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.

• IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments)
  The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity’s objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique. The amendments have not yet been endorsed by the EU. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.

• Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
  The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.

The Group plans to adopt the above mentioned standards and interpretations on their effectiveness date provided they are endorsed by the EU.

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

13

2.4 CONSOLIDATION

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company and the Group, and the presentation currency for the consolidated financial statements.

2.5 INTANGIBLE ASSETS

Intangible assets expected to provide economic benefit to the Company and the Group in future periods are measured at cost less subsequent accumulated amortisation and impairment losses. Amortisation is calculated on a straight-line basis to write off the cost of each asset over the estimated useful life as follows:

• Software: 3-5 years
• Licences and rights acquired: 5-9 years

Amortisation is accounted for as selling expense. The Group and the Company have no intangible assets with indefinite useful life.

2.6 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment (hereinafter “PPE”) is stated at historical cost, less accumulated depreciation and impairment losses. Leasehold improvements, that meet definition of PPE, are capitalised in the statement of financial position and depratiated over the lease term. Compensation received from shopping malls in connection with the setting up of shops is related to the compensation of PPE, not to rent fees, and consequently the cost of acquisition of property, plant and equipment is reduced. Compensations that do meet the definition of lease incentive, are accounted for under IFRS 16, see Note 2.13. The Company and the Group did not received such compensations in 2023 and 2022.# N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

Depreciation is charged so as to write-off the cost of PPE to their residual value over their estimated useful lives, using the straight-line method, on the following basis:

• Buildings 15-50 years
• Plant and equipment 5-20 years
• Leasehold improvements 4-10 years
• Other PPE 3-6 years

All depreciation of property, plant and equipment is recognised in the statement of comprehensive income and accounted for as selling expenses. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (Note 2.2). Impairment of PPE as well as reversals of impairment during the year are included into selling costs caption in the statement of comprehensive income. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in other income caption in the statement of comprehensive income.

The Group and the Company capitalise borrowing costs that relate to assets that take more than 12 months to get ready for use. Otherwise borrowing costs are recognised as expenses of the current reporting period. As at 31 December 2023 and at 31 December 2022 the Group and the Company did not have such qualifying assets and did not capitalize interest.

2.7 INVESTMENTS IN SUBSIDIARIES

In the Company’s separate financial statements investments in subsidiaries are accounted for at cost less impairment. Cost also includes direct attributable costs of investment. Dividends received are credited to the Company’s statement of comprehensive income.

2.8 INVENTORIES

Inventories are stated at the lower of cost and net realizable value. Cost is determined by the first-in, first-out method. Net realizable value represents the estimated selling price less all estimated costs to be incurred in selling. Unrealisable inventory has been fully written-off. Impairment losses are recognized as an expense immediately (under cost of sales caption).

2.9 FINANCIAL ASSETS AND LIABILITIES

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s/Company’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group/Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s/Company’s business model for managing financial assets refers to how the Group/Company manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. A regular way purchases or sales of financial assets are recognised on the trade date, i.e., the date that the Group/Company commits to purchase or sell the asset.

Subsequent measurement

After initial recognition, the Group/Company measures a financial asset at:

a) Amortised cost (debt instruments), see Note 17;
b) Fair value through other comprehensive income (OCI) with recycling of cumulative gains and losses upon derecognition (debt instruments), see Note 17;
c) Fair value through other comprehensive income (OCI) with no recycling of cumulative gains and losses upon derecognition (equity instruments). The Group/Company did not have such items as at 31 December 2023 and 2022;
d) Fair value through profit or loss, see Note 17.

Financial assets at amortised cost (debt instruments)

The Group/Company measures financial assets at amortised cost if both of the following conditions are met:

i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and
ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired. The Group’s/Company’s financial assets at amortised cost includes cash and cash equivalents, trade, other current and non- current receivables/payables and loans granted.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model.

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in other income caption in the statement of comprehensive income. The Group/Company in order to make efficient use of the available free cash, in 2018 acquired collective investment scheme (fund units), which fair value (level 3) as at 31 December 2023 and as at 31 December 2022 is EUR 2 600 thousand (Note 17).

Impairment of financial assets

Following IFRS 9, the Group/Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. At the end of every reporting period it is assessed whether credit risk significantly increased from initial recognition taking into account change in probability of default during the life-time of the instrument. During this process the Group/Company classifies debt instruments into stages 1, 2 and 3:

• Stage 1: on initial recognition the Group/Company recognizes a 12-month ECL. Stage 1 debt instruments include instruments which credit risk improved and which were transferred back from Stage 2.
• Stage 2: When a loan has shown a significant increase in credit risk since origination, the Group/Company records an allowance for the lifetime ECL. Stage 2 debt instruments include instruments which credit risk improved and which were transferred back from Stage 3. Group/Company considers that significant increase in credit risk when debt is overdue more than 30 days or when it is visible from financial information that debtor is experiencing financial difficulties.
• Stage 3: For loans considered credit-impaired, the Group/Company recognises the lifetime expected credit losses for these loans. The method is similar to that for Stage 2 assets, with the probability of default set at 100%.

In 2022 and 2023 there were no transfers between the different stages. In 2022 and 2023 there were no financial instruments which credit risk significantly increased. For loans granted the Group/Company calculates ECLs based on an expected cash shortfalls, discounted at an approximation to the EIR. A cash shortfall is the difference between the cash flows that are due to the Group/Company in accordance with the contract and the cash flows that the Group/Company expects to receive. The Group/Company did not recognize allowance for loans granted because based on probability of default, loss given default, exposure at default and forward looking information the allowance is not material.

For trade receivables, the Group/Company applies a simplified approach in calculating ECLs. Therefore, the Group/Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.## NOTES TO THE FINANCIAL STATEMENTS

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

For that purpose the Group/Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group/Company considers a financial asset in default when contractual payments are 90 days past due or when indications exist that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group/Company did not recognize allowance for trade receivables, intercompany trade receivables, loans and other receivables because based on historical as well as forward looking information the allowance is not material.

Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Financial liabilities

Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s/Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and finance lease liabilities.

Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below.

16 Loans, borrowings and other payables

After initial recognition, loans, borrowings and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of comprehensive income, when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.

Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to realise the assets and settle the liabilities simultaneously.

Derecognition of financial instruments

Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s/Company’s statement of financial position) when:
i) The rights to receive cash flows from the asset have expired or
ii) The Group/Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group/Company has transferred substantially all the risks and rewards of the asset, or (b) the Group/Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group/Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group/Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group/Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group/Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group/Company could be required to repay (amount of the guarantee).

Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the statement of comprehensive income.

2.10 SHARE CAPITAL

(a) Ordinary shares

Ordinary shares are stated at their par value. Consideration received for the shares sold in excess over their par value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.

2.11 RESERVE

(a) Foreign currency translation reserve

The foreign currency translation reserve is used for translation differences arising on consolidation of financial statements of foreign subsidiaries. Exchange differences are classified as equity in the consolidated financial statements until disposal of the investment. Upon disposal of the corresponding assets, the cumulative revaluation of translation reserves is recognised as income or expenses in the same period when the gain or loss on disposal is recognised.

(b) Legal reserves

Legal reserve is included into other reserves. Legal reserve is compulsory under the Lithuanian regulatory legislation. Annual transfers of 5 per cent of net result are required until the reserve reaches 10 per cent of share capital. The legal reserve cannot be used for payment of dividends and it is established to cover future losses only.

2.12 INCOME TAX

(a) Current income tax

The Group companies are taxed individually irrespective of the overall results of the Group. The Group companies in Lithuania may transfer the estimated tax losses (or part thereof) to another Group company in Lithuania, which has a right to reduce the taxable profit with the respective amount of the tax looses transferred for the same taxable period. The charge for taxation included in these financial statements is based on the calculation made by the management in accordance with tax legislation of the respective country in which group entity operates. The tax currently payable is based on taxable profit for the reporting period. For companies operating in Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments not designated for hedging. Starting from 1 January 2014 the transferable tax loss cannot cover more than 70% of the taxable profit of the current year. Such carrying forward is disrupted if the company changes its activities due to which these losses were incurred except when the company does not continue its activities due to reasons which do not depend on the company itself. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s and the Company’s liability for current tax is calculated using tax rates that have been enacted at the end of the reporting period. The income tax rate applied for the Company and subsidiaries operating in Lithuania was 15 per cent in 2022 and in 2023. In Latvia and Estonia income tax rate on reporting period and prior taxable profits is nil. In Latvia and Estonia, the taxation of profit of operating subsidiaries is deferred until the profit appropriation moment, i.e. payment of dividends. The dividends paid by the Group’s companies in Latvia and Estonia are taxed at the withholding tax rate of 20% of their gross amounts as at 31 December 2023 (20% as at 31 December 2022). Amendments to the Estonian Income Tax Act that entered into force on 1 January 2018 enable companies to use a 14% reduced tax rate for regular dividend payments. The 14% reduced tax rate can be applied to dividends distributed on or after 1 January 2019 as follows: the 14% rate is applicable to the amount equal to a third of the last financial year's dividend distribution, while the portion of the distribution exceeding this threshold shall remain taxable at 20%. The reduced rate can be used on the share of the distribution equal to the company's last three years' average profit distributions.# NOTES TO THE FINANCIAL STATEMENTS

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

2.12 DEFERRED INCOME TAX

Deferred income tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred income tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group and the Company are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred income tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group and the Company intend to settle its current tax assets and liabilities on a net basis.

2.13 LEASES

The Company or the Group as lessee

The Company/Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company/Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company/Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Company/Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

• Premises 1 to 15 years
• Motor vehicles 1 to 5 years

If ownership of the leased asset transfers to the Company/Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.9, Impairment of non-financial assets.

17

Lease liabilities

At the commencement date of the lease, the Company/Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company/Group and payments of penalties for terminating the lease, if the lease term reflects the Company/Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company/Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The Company’s/Group’s lease liabilities are included in Non-current lease liabilities and Current lease liabilities (see Note 25).

Short-term leases and leases of low-value assets

The Company/Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value (below EUR 5 thousand). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

2.14 EMPLOYEE BENEFITS

(a) Social security contributions

The Company and the Group pay social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is a plan under which the Group and the Company pay fixed contributions into the Fund and will have no legal or constructive obligations to pay further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior period. Social security contributions are recognised as expenses on an accrual basis and included in payroll expenses.

(b) Long-term employee benefits

According to the requirements of Lithuanian Labor Code, each employee leaving the Group at the age of retirement is entitled to a one-off payment in the amount of 2 months’ salary. The actuarial gains and losses are recognized in the statement of other comprehensive income. The past service costs are recognised as an expense on a straight line basis over the average period until the benefits become vested. Any gains or losses appearing as a result of curtailment and/or settlement are recognised in the statement of comprehensive income as incurred. The past service costs are recognized in the statement of comprehensive income as incurred. The above mentioned employee benefit obligation is calculated based on actuarial assumptions, using the projected unit credit method. Obligation is recognized in the statement of financial position and reflects the present value of these benefits on the date of the statement of financial position. Present value of the non-current obligation to employees is determined by discounting estimated future cash flows using the discount rate which reflects the interest rate of the Government bonds of the same currency and similar maturity as the employment benefits. Actuarial gains and losses are recognized in the statement of other comprehensive income as incurred. In 2023 and 2022 there were no material amounts.

(c) Termination benefits

Termination benefits are payable whenever an employee’s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company and the Group recognise termination benefits when it is demonstrably committed to either terminate the employment of current employees according to a detailed formal plan without possibility of withdrawal or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

(d) Bonus plans

The Company and the Group recognise a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.

19

2.15 RECOGNITION OF REVENUE AND RELATED EXPENSES

Revenue recognition

Revenue from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group/Company expects to be entitled in exchange for those services or goods. The Group/Company has concluded that it is the principal in its revenue arrangements, because:

• The entity controls the goods or services before transferring them to the customer;
• The entity is primarily responsible for the supply of goods and services and bears risk of non-performance;
• The entity has latitude in establishing price either directly or indirectly.

Sales of goods are recognized when the Company or another Group entity sells a product to the customer. Retail sales are usually in cash or by credit card. The recorded revenue includes credit card fees payable for the transaction. Such fees are included in operating expenses. Online sales of goods are recognized when the Company or another Group entity sends a product to the customer. Every sale of goods that the Group/Company makes is a separate performance obligation with separately identifiable fixed price. The Group/Company does not have any customer loyalty progammes. The Company recognises revenue from management services provided to subsidaries over time, based on expenses incured to measure provision of the services, because the customer simultaneously receives and consumes the benefits provided by the Company. Other occasional revenue from the sale of property, plant or equipment is recognised at a point in time, when sold items are delivered to client and control is transfered. Dividend income is recognised when the right to receive payment is established. In addition the management considers the effect of other matters to the revenue recognition such as the existence of significant financing components, non-cash consideration, consideration payable to the customer and warranties. None of these are present in the Group’s/Company‘s contracts with the customers.# N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

Assets and liabilities arising from rights of return

Right of return assets
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any potential decreases in value. The Group/Company updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products.

Refund liabilities
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group’s/Company’s refund liabilities arise from customers’ right of return. The liability is measured at the amount the Group/Company ultimately expects it will have to return to the customer. The Group/Company updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. The Group/Company does not incur material costs to acquire or fulfill the contract.

2.16 DIVIDEND DISTRIBUTION

Dividend distribution to the Company’s shareholders is recognised as a liability in the Company’s and Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders.

2.17 EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net profit attributed to the shareholders of the Company and the Group from average weighted number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Group and the Company and held as treasury shares, if any.

3. FINANCIAL RISK MANAGEMENT

(a) Financial risk factors

The risk management function within the Group and the Company are carried out in respect of financial risks (credit, market (which consist of currency, interest rate and price) and liquidity). The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. The operational and legal risk management functions are intended to ensure proper functioning of internal policies and procedures to minimize operational and legal risks. The financial risks relate to the following financial instruments: financial assets at fair value through profit or loss, trade receivables, cash and cash equivalents, trade and other payables, borrowings and guarantees provided on behalf of the Company to goods suppliers and guarantees issued by the Company to lessors of premises. The accounting policy with respect to these financial instruments is described in previous section.

Credit risk

Credit risk is managed by Group management. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties (or subsidiaries of such parties) with high credit ratings are accepted. Sales to wholesale customers are rare and immaterial, therefore risk control only assesses the credit quality of the customer, taking into account its financial position, past experience and future factors. Sales to retail customers are settled in cash or using major credit cards, therefore there is no credit risk. Company’s credit risk arising from trade receivables from subsidiaries, loans to subsidiaries and guarantees issued for the benefit of subsidiaries is managed by controlling financial performance of subsidiaries on a monthly basis. All the subsidiaries having Company’s loans have been profitable during the financial year, generated strong positive cash flows, historically none of them had liquidity issues. Management has also assessed the projected future information that will not have a material adverse effect on the Company’s subsidiaries. Therefore, in the management’s opinion, the credit risk is low. The Company and the Group have no significant concentration of credit risk, except for cash which is held in two banks, which parent companies having high credit ratings, and loans granted to subsidiaries.

Liquidity risk

Liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group and the Company treasury maintain flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Group’s and the Company’s liquidity reserve (comprises undrawn borrowing facility (Note 23) and cash and cash equivalents (Note 20) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group in accordance with practice set by the Group. In addition, the Group’s and the Company’s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these; and maintaining debt financing plans.

The table below analyses the Group’s and the Company’s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

GROUP

	Less than 1 month	Between 1 and 12 months	Between 1 and 3 years	More than 3 years	Total
As at 31 December 2023
Borrowings	-	-	-	-	-
Lease liabilities	1 222	13 084	22 743	30 804	67 853
Trade and other payables	13 957	3 775	-	-	17 732
Total	15 179	16 859	22 743	30 804	85 585
As at 31 December 2022
Borrowings	-	-	-	-	-
Lease liabilities	1 076	11 640	21 225	23 302	57 243
Trade and other payables	12 489	3 908	-	-	16 397
Total	13 565	15 548	21 225	23 302	73 640

COMPANY

	Less than 1 month	Between 1 and 12 months	Between 1 and 3 years	More than 3 years	Total
As at 31 December 2023
Borrowings	-	6 360	-	-	6 360
Lease liabilities	476	5 140	9 415	12 510	27 541
Trade and other payables	3 767	1 800	-	-	5 567
Total	4 243	13 300	9 415	12 510	39 468
As at 31 December 2022
Borrowings	-	2 032	-	-	2 032
Lease liabilities	423	4 595	8 709	11 349	25 076
Trade and other payables	3 537	1 650	-	-	5 187
Total	3 960	8 277	8 709	11 349	32 295

Change in liabilities arising from financing activities:

GROUP

	As at 31 December 2022	Dividends declared	Dividends paid	Proceeds from borrowings	Repayments of borrowings	As at 31 December 2023
Borrowings	-	-	-	-	-	-
Dividends payable	166	15 482	(15 472)	-	-	176
Total	166	15 482	(15 472)	-	-	176

COMPANY

	As at 31 December 2022	Dividends declared	Dividends paid	Proceeds from borrowings	Repayments of borrowings	As at 31 December 2023
Borrowings	2 032	-	-	102 201	(97 873)	6 360
Dividends payable	166	15 482	(15 472)	-	-	176
Total	2 198	15 482	(15 472)	102 201	(97 873)	6 536

GROUP

	As at 31 December 2021	Dividends declared	Dividends paid	Proceeds from borrowings	Repayments of borrowings	As at 31 December 2022
Borrowings	200	-	-	-	(200)	-
Dividends payable	116	27 646	(27 596)	-	-	166
Total	316	27 646	(27 596)	-	(200)	166

COMPANY

	As at 31 December 2021	Dividends declared	Dividends paid	Proceeds from borrowings	Repayments of borrowings	As at 31 December 2022
Borrowings	5 400	-	-	20 405	(23 773)	2 032
Dividends payable	116	27 646	(27 596)	-	-	166
Total	5 516	27 646	(27 596)	20 405	(23 773)	2 198

Changes in lease liabilities are disclosed in Note 25.

Market risk

Cash flow and fair value interest rate risk

The Company has loans to subsidiaries with floating interest rates, but the cash flow risk is mitigated by applying the same variable element of interest rate on those loans as the banks are charging the Company. Loans granted and received at variable rates expose the Group to cash flow interest rate risk, which however has no material impact on profit or equity of the Group. Loans granted and received at fixed rates expose the Company to fair value interest rate risk, which however has no material impact on profit or equity of the Company. The Company’s and Group’s borrowings consist of loans with floating interest rate, which are related to EURIBOR and EONIA. The Company and the Group did not use any derivative financial instruments in order to control the risk of interest rate changes. Trade and other receivables and payables are interest-free and have settlement dates within one year. The Group’s and the Company’s cash flow and fair value interest rate risk is periodically monitored by the Group’s management. It analyses its interest rate exposure on a dynamic basis taking into consideration refinancing, renewal of existing positions, alternative financing. Based on these scenarios, the Group and the Company calculate the impact on profit and loss of a defined interest rate shift. The scenarios are run only for receivables and liabilities that represent the major interest-bearing positions. Based on the performed simulations, the Company's management believes that if the interest rate increases or decreases by 1 percent, the Group's profit for the period or equity for the period would not change in 2023 (in 2022 - 0 euros), while the Company's would change by EUR 46 thousand (in 2022 – EUR 15 thousand).# N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

4. SEGMENT INFORMATION

Management has determined the operating segments based on the reports reviewed by the General Director and other 6 Directors (responsible for managing, sales and marketing, human resources, purchases, development and finance) that are used to make strategic decisions. The Directors consider the business from both a geographic and product perspective to certain extent. From product perspective Directors review only sales volume and gross margin, as presented in the statment of the comprehensive income by brand name. Gross margins of different brands are not significantly different, therefore can be aggregated into one reportable segment. Geographically, Directors separately consider operations in Lithuania, Latvia and Estonia depending on where the stores are located. Different legislation, consumer habits and economic situation substantially affect the average sales and expenses in each country, therefore Directors believe that each country represents a separate reportable segment. All financial information, including the measure of profit and total assets, is analysed on a country basis. Liabilities are measured on a Group basis only and are not individually measured on a country basis. The segment information provided to the Chief Operating Decision Makers for the reportable segments for the year ended 31 December is as follows:

	Lithuania	Latvia	Estonia	Total	Inter-company eliminations	Total consolidated financial statements
31 December 2023
Total segment revenue	182 689	66 272	42 291	291 252	-	291 252
Inter-segment revenue*	(20 270)	( 643)	( 643)	(21 556)	-	-
Stores income from external customers (note 6)	162 419	65 629	41 648	269 696	-	269 696
Gross profit margin	45,6%	46,4%	47,1%	46,0%	-	46,0%
Other income (expenses):
Rent (Note 25)	(5 303)	(2 377)	( 967)	(8 647)	( 33)	(8 680)
Utilities	(1 374)	( 627)	( 385)	(2 386)	-	(2 386)
Renumeration and social security contributions	(26 906)	(8 045)	(5 470)	(40 421)	-	(40 421)
Depreciation and amortisation	(11 527)	(4 879)	(3 021)	(19 427)	-	(19 427)
Impairment (charges)	93	287	( 306)	74	-	74
Other income	7	355	-	7 355	(7 296)	59
Other (expenses)	(22 046)	(10 177)	(6 966)	(39 189)	7 329	(31 860)
Finance income	464	151	64	679	( 410)	269
Finance (costs)	(1 333)	( 256)	( 259)	(1 848)	410	(1 438)
Income tax (expense)	(2 140)	(1 124)	( 295)	(3 559)	-	(3 559)
Profit (loss) for the year	11 348	3 401	2 024	16 773	-	16 773
Total assets	120 938	35 553	19 173	175 664	(15 639)	160 025
Additions to non-current assets (except for leases)	5 800	5 706	875	12 381	-	12 381
31 December 2022
Total segment revenue	164 735	59 280	37 634	261 649	-	261 649
Inter-segment revenue*	(17 431)	( 692)	( 627)	(18 750)	-	-
Stores income from external customers (note 6)	147 304	58 588	37 007	242 899	-	242 899
Gross profit margin	45,6%	46,0%	46,6%	45,8%	-	45,8%
Other income (expenses):
Rent (Note 25)	(4 972)	(2 120)	( 939)	(8 031)	( 30)	(8 061)
Utilities	(2 445)	( 660)	( 581)	(3 686)	-	(3 686)
Renumeration and social security contributions	(23 866)	(6 864)	(4 680)	(35 410)	-	(35 410)
Depreciation and amortisation	(11 273)	(4 716)	(3 048)	(19 037)	-	(19 037)
Impairment (charges)	185	183	( 65)	303	-	303
Other income	6 978	65	50	7 093	(6 303)	790
Other (expenses)	(18 449)	(8 326)	(5 931)	(32 706)	6 333	(26 373)
Finance income	57	11	3	71	( 34)	37
Finance (costs)	( 760)	( 208)	( 227)	(1 195)	34	(1 161)
Income tax (expense)	(1 900)	( 865)	( 345)	(3 110)	-	(3 110)
Profit (loss) for the year	10 700	3 446	1 489	15 635	-	15 635
Total assets	109 696	31 840	18 597	160 133	(11 858)	148 275
Additions to non-current assets (except for leases)	2 371	255	1 832	4 458	-	4 458

*inter-segment revenue consists of sales of the Company's goods to subsidiaries Apranga SIA and Apranga OU and subsidiaries sale of remnants of goods to the Company.

In 2023, the Group’s profitability before taxes decreased to 7.5% (2022: 7.7%): in Lithuania decreased to 8.3% (2022: 8.6%), in Latvia decreased to 6.9% (2022: 7.4%), in Estonia increased to 5.6% (2022: 5.0%). The profitability before taxes is calculated as follows: profit (loss) for the year before income tax divided by store income from external customers.

The total carrying value of non-current assets located in Lithuania is EUR 57 440 thousand (2022: EUR 54 378 thousand), and the total of these non-current assets located in other countries is EUR 30 150 thousand (2022: EUR 26 049 thousand).

5. Foreign exchange risk

The Company and the Group have a policy to synchronize the cash flows from expected sales in the future with the expected purchases and other expenses in each foreign currency. Substantially all the Group’s payables and receivables are short-term and in addition expenses in foreign currencies are insignificant (less than 10%) as compared to those in Euro. The Group operates in Lithuania, Latvia and Estonia, and during the reporting period used Euro currency. Since Estonia, Latvia and Lithuania introduced the Euro (respectively, since 1st January 2011, 1st January 2014 and 1st January 2015), so there is no exchange rate fluctuations.

(b) Capital risk management

The Group’s and the Company’s objectives when managing capital, which includes ordinary shares, legal reserve, foreign currency translation reserve and retained earnings, are to safeguard the Group’s and the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group and the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistent with others in the industry, the Group and the Company monitor capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the consolidated statement of financial position) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the consolidated statement of financial position plus net debt.

Pursuant to the Lithuanian Law on Companies the authorised share capital of a public limited liability company must be not less than EUR 40 thousand and of a private limited liability company must be not less than EUR 2.5 thousand. In addition, for all entities the shareholders’ equity should not be lower than 50 per cent of the company’s registered share capital. As at 31 December 2023 and at 31 December 2022 UAB Apranga Ecom LT did not comply with the requirements. Business activities of UAB Apranga Ecom LT are terminated since 2019 November month.

Pursuant to the Latvian Commercial Law the authorised share capital of a private limited liability company must be not less than EUR 2.8 thousand. As at 31 December 2023 and 31 December 2022, all of the Company’s Latvian subsidiaries complied with these requirements.

Pursuant to the Estonian Commercial Code the authorised share capital of a private limited liability company must be not less than EUR 2.5 thousand. In addition, the shareholders’ equity should not be lower than 50 per cent of the company’s share capital. As at 31 December 2023 and as at 31 December 2022 all of the Company’s Estonian subsidiaries complied with these requirements.

In addition, the Group has to comply with the total equity over total assets covenant imposed in the agreement with Luminor Bank AS. As at 31 December 2023 and as at 31 December 2022, the Group complied with the covenant.

(c) Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and the Company determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. No transfers occurred in 2022 and 2023. Fair value measurements are disclosed in Note 17.# NOTES TO THE FINANCIAL STATEMENTS

APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

EXPENSES BY NATURE

For the year ended 31 December cost of sales consisted of the following:

	GROUP	COMPANY
	2023	2022
Cost of goods sold	144 835	131 976
Write-down (reversal) of inventories to net realisable value	719	( 421)
Total cost of sales	145 554	131 555

For the year ended 31 December selling costs consisted of the following:

	GROUP	COMPANY
	2023	2022
Rent	8 680	8 061
Utilities	2 386	3 686
Remuneration	27 804	24 603
Social security contributions	2 916	2 486
Depreciation and amortization	19 427	19 037
Impairment charge (reversal)	( 74)	( 303)
Advertising and marketing	2 714	2 722
Franchise expenses	11 357	7 884
Bank commissions	1 614	1 279
Labelling, packing and repairing	895	1 096
Logistics and distribution	2 397	2 466
Business trips	652	445
Total selling costs	80 768	73 462

25. General and administrative expenses

For the year ended 31 December general and administrative expenses consisted of the following:

	GROUP	COMPANY
	2023	2022
Remuneration	9 277	7 949
Social security contributions	424	372
Other personnel related expenses	1 669	1 136
IT and communications	1 527	1 430
Repair and maintenance	3 710	3 300
Taxes (excluding income tax)	380	231
Consulting expense	221	234
Audit fee	201	166
Other expenses	4 523	3 985
Total general and administrative expenses	21 932	18 803

6. REVENUE FROM CONTRACTS WITH CUSTOMERS

For the year ended 31 December revenue from contracts with customers consisted of the following:

	GROUP	COMPANY
	2023	2022
Stores income	269 540	242 534
Wholesale income	38 35	19 731
Management fees	-	-
Other income	118 330	66 330
Total revenue from contracts with customers	269 696	242 899

For the year ended 31 December stores income consisted of the following:

	GROUP	COMPANY
	2023	2022
Chain
Economy	26 041	25 714
Youth	65 516	57 789
Footwear	3 521	3 870
Business	51 260	44 731
Luxury	26 461	24 229
Zara	84 992	74 366
Outlets	11 749	11 835
Total	269 540	242 534

For the year ended 31 December other income consisted of the following:

	GROUP	COMPANY
	2023	2022
Rent income	23	21
Gain from disposal of PPE, net	3 466	2 466
Changes in fair value of financial assets, net	-	200
Dividends	33	103
Total other income	59 790	10 311

7. FINANCE INCOME AND COSTS

For the year ended 31 December finance income consisted of the following:

	GROUP	COMPANY
	2023	2022
Interest income	269	37
Total finance income	269	37

For the year ended 31 December finance costs consisted of the following:

	GROUP	COMPANY
	2023	2022
Interest on bank borrowings	48	100
Interest expense on lease liabilities	1 390	1 061
Interest on borrowings from subsidiaries	-	-
Total finance costs	1 438	1 161

8. INCOME TAX EXPENSE

Domestic income tax is calculated at 15 per cent of the estimated profit for the year. The total income tax charge can be reconciled to the accounting profit before tax as follows:

	GROUP	COMPANY
	2023	2022
Profit before tax	20 332	18 745
Tax at the domestic income tax rate	3 050	2 812
Tax effect of income not subject to tax	( 111)	( 57)
Tax effect of expenses that are not deductible in determining taxable profit	249	47
Effect of different tax rates of foreign subsidiaries	371	308
Tax expense	3 559	3 110
Effective income tax rate	17,5%	16,6%

For the year ended 31 December income tax expense consisted of the following:

	GROUP	COMPANY
	2023	2022
Current income tax expense	3 451	2 983
Deferred tax	108	127
Total income tax expense	3 559	3 110

9. DEFERRED INCOME TAX

The movement in deferred income tax liabilities account was as follows:

	GROUP	COMPANY
	2023	2022
At beginning of year	(2 194)	(2 067)
Comprehensive income statement (charge) credit	( 107)	( 127)
At end of year	(2 301)	(2 194)

In 2023 and 2022 deferred income tax asset and liability related to the entities operating in Lithuania were calculated at 15 per cent rate. Deferred income tax liability related to the entities operating in Latvia and Estonia were calculated at 20 per cent rate as at 31 December 2023 and as at 31 December 2022 for the accrued undistributed profit of these subsidiaries, since these undistributed profits are planned to be paid out as dividends during the coming years (Note 2.16). The 20 percent rate applies to gross dividends (25 per cent to net dividends).

Deferred tax assets and liabilities recognised as follows:

	GROUP	COMPANY
	2023	2022
Deferred tax assets:
Lease liabilities IFRS 16	5 835	5 712
Inventory write down	456	387
Accruals	133	17
Impairment of property, plant and equipment	24	12
Total deferred tax assets	6 448	6 128
Deferred tax liability:
Right-of-use assets IFRS 16	(5 740)	(5 712)
Undistributed profits of subsidiaries	(2 073)	(1 936)
Depreciation of property, plant and equipment	( 936)	( 674)
Total deferred tax liabilities	(8 749)	(8 322)
Total deferred tax (liabilities) assets, net	(2 301)	(2 194)

As at 1 January 2022 deferred tax asset from lease liabilities IFRS 16 was equal to deferred tax liability from right-of-use assets IFRS 16 for the Group and the Company amounted to EUR 6 174 thousand and EUR 4 179 thousand, respectively.

10. DIVIDENDS PER SHARE

	2023	2022
Approved dividends	15 482	27 646
Weighted average number of ordinary shares in thousand (Note 21)	55 292	55 292
Approved dividends per share, EUR	0.28	0.50

In 2023, the Annual Shareholder’s Meeting approved to pay dividends 0.28 cent per share to the shareholders for 2022 year. In respect of the current 2023 year, the Board of Directors propose to pay 0.24 EUR dividend per share to the shareholders (Note 22). This dividend is subject to approval by the shareholders at the Annual Shareholder’s Meeting and has not been included as a liability in these financial statements.

11. EARNINGS PER SHARE

	GROUP	COMPANY
	2023	2022
Profit (loss) for the year	16 773	15 635
Weighted average number of ordinary shares in thousand (Note 21)	55 292	55 292
Basic and diluted earnings per share, EUR	0.30	0.28

The Company has no dilutive potential ordinary shares, therefore, the diluted earnings per share are the same as basic earnings per share.

12. PROPERTY, PLANT AND EQUIPMENT

At 31 December property, plant and equipment consisted of the following:

	Plant and	Leasehold	Construction	improve-	Other	PPE in progress	Total
GROUP
Cost
At 31 December 2021	9 807	2 124	11 628	44	289	68 035
Additions	423	42	645	631	2 080	3 821
Disposals and write-offs	(1 267)	( 40)	(3 283)	(2 745)	-	(7 335)
Transfers	-	-	858	975	(1 833)	-
At 31 December 2022	8 963	2 126	9 848	43	150	64 521
Additions	104	35	686	2 140	8 783	11 748
Disposals and write-offs	-	( 7)	(2 853)	(6 333)	-	(9 193)
Transfers	-	-	4 758	4 449	(9 207)	-
At 31 December 2023	9 067	2 154	12 439	43	406	67 076
Accumulated depreciation
At 31 December 2021	4 323	663	6 687	30 935	-	42 608
Charge for the year	211	135	1 579	4 340	-	6 265
Disposals and write-offs	( 518)	( 40)	(2 607)	(2 687)	-	(5 852)
At 31 December 2022	4 016	758	5 659	32 588	-	43 021
Charge for the year	254	140	1 470	3 962	-	5 826
Disposals and write-offs	-	( 7)	( 168)	(6 094)	-	(6 269)
At 31 December 2023	4 270	891	6 961	30 456	-	42 578
Impairment charge
At 31 December 2021	-	-	293	234	-	527
Charge for the year (reversal)	( 95)	76	( 19)	-	-
At 31 December 2022	-	-	198	310	-	508
Charge for the year (reversal)	53	( 115)	( 62)	-	-
At 31 December 2023	-	-	251	195	-	446
Carrying amount
At 31 December 2021	5 484	1 461	4 648	13 120	187	24 900
At 31 December 2022	4 947	1 368	3 991	10 252	434	20 992
At 31 December 2023	4 797	1 263	5 227	12 755	10	24 052

	Plant and	Leasehold	Construction	improve-	Other	PPE in progress	Total
COMPANY
Cost
At 31 December 2021	9 807	2 124	6 618	12 998	-	31 547
Additions	423	42	7 466	567	1 505
Disposals and write-offs	(1 267)	( 40)	(1 937)	(1 398)	-	(4 642)
Transfers	-	-	432	-	( 432)	-
At 31 December 2022	8 963	2 126	5 120	12 066	135	28 410
Additions	104	34	28	1 334	1 190	2 690
Disposals and write-offs	-	( 7)	-	(1 468)	-	(1 475)
Transfers	-	-	1 104	211	(1 315)	-
At 31 December 2023	9 067	2 153	6 252	12 143	10	29 625
Accumulated depreciation
At 31 December 2021	4 323	663	3 738	9 539	-	18 263
---------------------------	-------	-----	-----	-----	-----	-----
for the year	211	135	872	1,070	-	2,288
Disposals and write-offs	(518)	(40)	(1,862)	(1,391)	-	(3,811)
At 31 December 2022	4,016	758	2,748	9,218	-	16,740
Charge for the year	254	140	838	978	-	2,210
Disposals and write-offs	-	(7)	-	(1,353)	-	(1,360)
At 31 December 2023	4,270	891	3,586	8,843	-	17,590
Impairment charge
At 31 December 2021	-	-	70	49	-	119
Charge for the year (reversal)	(36)	(27)	(63)
At 31 December 2022	-	-	34	22	-	56
Charge for the year (reversal)	(24)	(16)	(40)
At 31 December 2023	-	-	10	6	-	16
Carrying amount
At 31 December 2021	5,484	1,461	2,810	3,410	-	13,165
At 31 December 2022	4,947	1,368	2,338	2,826	135	11,614
At 31 December 2023	4,797	1,262	2,656	3,294	10	12,019

The Group's and the Company's depreciation expense is recognized in the statements of comprehensive income under selling costs.

At 31 December 2023 the Group’s and the Company’s buildings with the carrying amount of EUR 4,314 thousand (2022: EUR 4,947 thousand) have been pledged as security for outstanding loans from financial institutions (Note 23).

As of December 31, 2023 and as of December 31, 2022, the Company has leased one premises to third parties.

At 31 December the acquisition cost of the fully depreciated property, plant and equipment still in use was as follows:

GROUP	COMPANY
2023	2022	2023	2022
Plant and equipment	998	1,002	983	987
Leasehold improvements	276	42	66	-
Other PPE	12,337	15,891	4,896	4,941
Total	13,611	16,935	5,945	5,928

The main cash generating unit of the Group and the Company is a store. The Group and the Company have tested PPE used in stores operations for impairment in accordance with the accounting policies stated in Note 2.6.

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

30

Estimation of the value in use was based on the discounted post-tax cash flows (DCF) of the latest available business plan. DCF was estimated over remaining useful life of leasehold improvements (vast majority of premises are leased).

For the calculation of future cash flows in 2024 and in later years, each cash generating unit was assessed individually. Net sales and personnel costs growth rates were established on brand or country level.

The weighted average cost of capital (further – WACC) of 13-14 per cent post-tax (WACC of 13 per cent post-tax - in 2022) was used for value in use estimation.

Based on the calculations performed, the management concluded that impairment in the amount of EUR 446 thousand for the Group (2022: EUR 508 thousand) and EUR 16 thousand for the Company (2022: EUR 56 thousand) should be recorded against PPE in the statement of financial position.

The Group and the Company in 2023 reversed impairment losses of EUR 62 thousand and EUR 40 thousand respectively (2022: reversed impairment losses of EUR 19 thousand and EUR 63 thousand for the Group and the Company respectively).

Impairment losses reversed in the period were mostly related to non-current assets of CGUs, which were closed during the year, as well as to the decrease of carrying value of non-current assets associated to operating CGUs due to depreciation. However, a slight increase in WACC has offset some of the effect.

If future operating cash flows in 2024 and in later years were reduced by 5 per cent, the Group and the Company in 2023 would have recognized additional PPE impairment amounting to EUR 12 thousand and EUR 10 thousand, respectively.

If the estimated post-tax discount rate applied to the discounted cash flows for cash generating units had been 1 percentage point higher than management estimates (for example 14-15 per cent instead of 13-14 per cent), neither the Group nor the Company in 2023 would have recognised additional impairment against PPE.

The Management does not expect material changes in estimations made in the near future, except those disclosed in Note 2.2 (a).

1. INTANGIBLE ASSETS

At 31 December intangible assets consisted of the following:

GROUP	COMPANY
Licenses	and rights	Software	Total	Licenses	and rights
acquired				acquired
Cost
At 31 December 2021	502	1,336	1,838	392	1,316
Additions	123	514	637	108	514
Write-offs	-	(42)	(42)	-	(42)
At 31 December 2022	625	1,808	2,433	500	1,788
Additions	89	544	633	90	515
Write-offs	-	(5)	(5)	-	(1)
At 31 December 2023	714	2,347	3,061	590	2,302
Accumulated amortisation
At 31 December 2021	277	925	1,202	189	905
Charge for the year	92	109	201	83	109
Write-offs	-	(42)	(42)	-	(42)
At 31 December 2022	369	992	1,361	272	972
Charge for the year	75	147	222	66	142
Write-offs	-	(5)	(5)	-	(1)
At 31 December 2023	444	1,134	1,578	338	1,113
Carrying amount
At 31 December 2021	225	411	636	203	411
At 31 December 2022	256	816	1,072	228	816
At 31 December 2023	270	1,213	1,483	252	1,189

The Group's and the Company's amortisation expense is recognized in the statements of comprehensive income under selling costs.

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

31

At 31 December the acquisition cost of fully amortized intangible assets still in use was as follows:

GROUP	COMPANY
2023	2022	2023	2022
Licenses	159	159	84
Software	822	781	808
Total	981	940	892

1. INVESTMENTS IN SUBSIDIARIES

The Company’s investments in subsidiaries at 31 December are as follows:

Name	Country of	Ownership, %	Cost	Ownership, %	Cost
	incorporation	2023	2022	2023	2022
UAB Apranga LT	Lithuania	100	100	724	724
UAB Apranga BPB LT	Lithuania	100	100	145	145
UAB Apranga PLT	Lithuania	100	100	87	87
UAB Apranga SLT	Lithuania	100	100	87	87
UAB Apranga MLT	Lithuania	100	100	87	87
UAB Apranga HLT	Lithuania	100	100	75	75
UAB Apranga OLT	Lithuania	100	100	50	50
UAB Apranga Ecom LT	Lithuania	100	100	10	10
SIA Apranga Latvia	Latvia	100	100	2,175	2,175
SIA Apranga LV	Latvia	100	100	153	153
SIA Apranga BPB LV	Latvia	100	100	86	86
SIA Apranga PLV	Latvia	100	100	86	86
SIA Apranga SLV	Latvia	100	100	85	85
SIA Apranga MLV	Latvia	100	100	86	86
SIA Apranga HLV	Latvia	100	100	50	50
SIA Apranga OLV	Latvia	100	100	50	50
SIA Apranga Ecom LV	Latvia	100	100	3	3
OU Apranga * Estonia	Estonia	100	100	447	447
OU Apranga Estonia	Estonia	100	100	128	128
OU Apranga BEE	Estonia	100	100	96	96
OU Apranga PB Trade	Estonia	100	100	221	221
OU Apranga ST Retail	Estonia	100	100	96	96
OU Apranga MDE	Estonia	100	100	2	2
OU Apranga HEST	Estonia	100	100	50	50
OU Apranga Ecom EE	Estonia	100	100	17	17
Total investments				5,095	5,095

• At 31 December 2023, the Company directly owned 14.91% shares and indirectly through its subsidiary owned the rest 85.09% of shares (At 31 December 2022: 14.91% and 85.09%, respectively).

The changes in investments are as follows:

	2023	2022
Beginning of the year	5,095	4,963
Increase in share capital of UO Apranga PB Trade	-	125
Increase in share capital of OU Apranga Ecom EE	-	7
At end of the year	5,095	5,095

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

32

1. INVENTORIES

GROUP	COMPANY
2023	2022	2023	2022
Goods for resale	53,320	43,844	28,323
Write-down of goods for resale to net realisable value*	(4,332)	(3,613)	(1,798)
Return assets	879	507	184
Goods in transit	131	135	131
Packaging and other materials	609	513	457
Total	50,607	41,386	27,297
*Acquisition cost of write-down of goods for resale to net	20,514	18,024	10,372
realisable value

At 31 December 2023 inventories of the Group and the Company have been pledged as security for outstanding loans from financial institutions (Note 23). The total carrying amount of Group’s pledged inventories as at 31 December 2023 was EUR 11,296 thousand, Company’s - EUR 7,896 thousand (EUR 11,296 thousand and EUR 7,896 thousand as at 31 December 2022, respectively).

1. PREPAYMENTS

At 31 December prepayments consisted of the following:

GROUP	COMPANY
2023	2022	2023	2022
Prepayments	1,667	1,776	1,587
Less non-current portion of prepayments	(142)	(273)	(63)
Current portion of prepayments	1,525	1,503	1,524

The major share of prepayments are prepayments to suppliers for goods, which are subsequently used to settle amounts due.

1. FINANCIAL INSTRUMENTS BY CATEGORY

The accounting policies for financial instruments have been applied to the line items at 31 December below:

GROUP	COMPANY
Category - Financial assets at amortised cost	Category - Financial assets at amortised cost
Assets as per statement of financial position:	2023	2022	2023
Trade and other receivables	3,166	4,190	10,562
Cash and cash equivalents	17,665	22,978	7,974
Total	20,831	27,168	18,536
Category - at fair value	Category - at fair value
Shares of Verslo Trikampis UAB (level 3)	2,600	2,600	2,600
Long-term Government bonds (level 1)	-	-	-
Total	2,600	2,600	2,600
Total financial assets	23,431	29,768	21,136

In 2014, the Company has acquired the long-term bonds issued by the Lithuanian Government, which were recorded as financial assets at fair value through other comprehensive income. In May 2022, upon maturity, long-term bonds issued by the Lithuanian Government were redeemed from the Company for EUR 579 thousand, due to which the Company incurred a loss of EUR 121 thousand.

The Group and the Company did not possess any state securities as at 31 December 2023 and as at 31 December 2022.

In June 2018, the Company acquired shares of the investment company UAB Verslo trikampis (formerly UAB LIM Verslo Trikampio NT Fondas), which are recognized as financial assets at fair value through profit or loss.Refer to the accounting policies in Note 2.9, Financial assets and liabilities.

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

33

In 2022, the Group and the Company recognized profit of EUR 200 thousand from increase in value of investments in shares of UAB Verslo Trikampis. In 2023, the management concluded that fair value of the investment in shares of UAB Verslo Trikampis corresponded to the book value, therefore the Group and the Company did not recognize any gain from change in value in 2023.

Category - Financial liabilities measured at amortised cost
	2023	2022	2023	2022
Liabilities as per statement of financial position:
Borrowings	-	-	6 360	2 032
Lease liabilities	61 935	56 182	25 381	24 657
Trade and other payables	17 732	16 397	5 567	5 187
Total	79 667	72 579	37 308	31 876

The following methods and assumptions are used to estimate the fair value of each class of financial instruments:

a) The carrying amount of current trade and other accounts receivable, current trade and other accounts payable and current borrowings approximates their fair value due to short term maturities (Level 3);

b) The value of investment in Verslo trikampis UAB fund is calculated as the number of fund units held multiplied by the value of the fund unit as at reporting date (Level 3). The valuation of the fund is performed using DCF model.

18. CREDIT QUALITY OF FINANCIAL ASSETS

Total credit risk exposure of the Group and the Company is provided below. Since there are no material overdue or with increased credit risk items, provision matrix is not provided in these financial statements.

	GROUP		COMPANY
	2023	2022	2023	2022
Financial assets at fair value	2 600	2 600	2 600	2 600
Trade and other receivables with no history of counterparty defaults	3 145	4 190	1 388	956
Receivables from related parties (Note 26)	21	-	9 174	9 785
Cash at bank or their parent companies that have high credit ratings (cash on hand or in transit is excluded)	13 089	19 388	7 164	7 690
Total	18 855	26 178	20 326	21 031

19. TRADE AND OTHER RECEIVABLES

At 31 December trade and other receivables consisted of the following:

	GROUP		COMPANY
	2023	2022	2023	2022
Trade receivables from subsidiaries (Note 26)	-	-	8 183	9 575
Loans to subsidiaries (Note 26)	-	-	970	210
Loans and other receivables from related parties (note 26)	21	-	21	-
Trade receivables from unrelated parties	271	470	135	217
Other receivables	2 874	3 720	1 253	739
Total	3 166	4 190	10 562	10 741
Less non-current portion of other receivables	( 528)	(2 409)	( 80)	(40)
Current portion	2 638	1 781	10 482	10 701

The major share of other receivable are deposits related to internet sales and receivables from suppliers for returned goods. There were no expected significant credit lossess identified and, consequently, no allowance was accounted for as at 31 December 2023 and 2022. There were no receivables past due in 2023 and 2022.

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

34

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above,. The Group and the Company do not hold any collateral as security. All the Company’s loans granted to subsidiaries are denominated in EUR currency. The interest rate at 31 December 2023 is 2.5 per cent (2022: 2.5 per cent), maturity date – 31 December 2024 (2022: 31 December 2023).

20. CASH AND CASH EQUIVALENTS

At 31 December cash and cash equivalents consisted of the following:

	GROUP		COMPANY
	2023	2022	2023	2022
Cash at bank	13 089	19 388	7 164	7 690
Cash on hand	644	817	254	181
Cash in transit	3 932	2 773	556	504
Total	17 665	22 978	7 974	8 375

Cash in certain bank accounts and future cash inflows into these accounts were pledged to banks as security for credit facilities granted. At 31 December 2023, the cash balances of the Group and the Company in the pledged accounts amounted to EUR 7 163 thousand (2022: EUR 7 686 thousand) (Note 23).

Cash and cash equivalents include the following for the purposes of the cash flow statement:

	GROUP		COMPANY
	2023	2022	2023	2022
Cash and cash equivalents	17 665	22 978	7 974	8 375
Total	17 665	22 978	7 974	8 375

Presented below is the analysis of the credit quality of balances of cash and cash equivalents, except cash on hand and cash in transit, based on ratings established by the rating agency S&P (parent banks of the banks in whose accounts the Group's revenues are collected):

	GROUP		COMPANY
	2023	2022	2023	2022
A+	13 089	19 388	7 164	7 690
Total	13 089	19 388	7 164	7 690

21. SHARE CAPITAL

At 31 December 2023 issued share capital of the Company consisted of 55 291 960 (2021 and 2022: 55 291 960) ordinary shares at par value of EUR 0.29 each. All issued shares are fully paid. Subsidiaries did not hold any shares of the Company as of 31 December 2023 and 2022. The Company did not hold its own shares as of 31 December 2023 and 2022.

22. LEGAL RESERVE AND PROFIT DISTRIBUTION

Under Lithuanian Law on Companies the Company has to allocate 1/20 of its net profit to the legal reserve until it reaches 1/10 of the Company’s authorised capital (up to EUR 1 604 thousand as at 31 December 2023 and 31 December 2022). Legal reserve is fully formed.

On 27 April 2023 the Company’s shareholders’ meeting resolved to pay EUR 15 482 thousand in dividends (EUR 0.28 per one share) for 2022 year.

On 28 April 2022 the Company’s shareholders’ meeting resolved to pay EUR 27 646 thousand in dividends (EUR 0.50 per one share) for 2021 year.

In respect of the current year, the Board of directors propose a dividend of EUR 13 270 thousand to be paid to the shareholders. This dividend amount is subject to approval by shareholders at the Annual Shareholder’s Meeting.

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

35

23. BORROWINGS

At 31 December the carrying amounts of the borrowings consisted of the following:

	GROUP		COMPANY
	2023	2022	2023	2022
Long term borrowings
Bank credit lines and loans	-	-	-	-
Total	-	-	-	-
Short term borrowings
Bank credit lines and loans	-	-	-	-
Borrowings from subsidiaries	-	-	6 360	2 032
Total	-	-	6 360	2 032
Total borrowings	-	-	6 360	2 032

The bank credit lines are secured by cash in certain of bank accounts (Note 20), some of buildings (Note 12) and part of inventories (Note 15).

At 31 December all amounts of the borrowings are denominated in EUR currency.

The weighted average interest rates at the end of the reporting period were as follows:

	GROUP		COMPANY
	2023	2022	2023	2022
Bank credit lines and loans	5-6%	3-4%	5-6%	3-4%
Bank overdraft	5-6%	3-4%	5-6%	3-4%
Borrowings from subsidiaries	-	-	4,0%	2,0%

Exposure of the Group’s and the Company’s borrowings to interest rate changes and the contractual repricing dates fall into period of 6 month or less. The Group’s and the Company’s borrowing facilities contracted but undrawn as at the end of the reporting period were EUR 10 282 thousand (2022: EUR 16 705 thousand), and can be utilised until 31 May 2025.

The Group has to comply with financial covenants imposed in the agreements with Luminor Bank AS and SEB bankas AB, such as equity to assets, financial debt to EBITDA as well as net financial debt to EBITDA. As at 31 December 2023 and as at 31 December 2022, the Group complied with all financial covenants. Definition of EBITDA is provided in the section No. 11 “Alternative Performance Indicators” of annual report and on the Group’s website.

24. TRADE AND OTHER PAYABLES

At 31 December trade and other payables consisted of the following:

	GROUP		COMPANY
	2023	2022	2023	2022
Payables to subsidiaries	-	-	-	-
Payables to other related parties	115	113	115	113
Trade payables	11 267	10 029	3 111	2 922
Employee benefits and related payables	6 449	5 571	3 417	3 022
Contract liabilities	721	667	182	175
Refund liabilities	1 394	841	314	128
Taxes, except income taxes, payable	5 062	4 064	1 569	1 168
Accrued expenses and other payables	6 350	5 414	2 341	2 024
Total	31 358	26 699	11 049	9 552

N O T E S TO T H E F I N A N C I A L S T A T E M E N T S

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

36

25. LEASES

Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:

GROUP

	Premises	Vehicles	In total
As at 1 January 2023	53 012	269	53 281
Additions	18 643	228	18 871
Impairment (charge) reversal	12	-	12
Depreciation (expense)	(13 215)	( 164)	(13 379)
As at 31 December 2023	58 452	333	58 785

COMPANY

	Premises	Vehicles	In total
As at 1 January 2023	23 596	234	23 830
Additions	5 484	216	5 700
Impairment (charge) reversal	30	-	30
Depreciation (expense)	(4 966)	( 139)	(5 105)
As at 31 December 2023	24 144	311	24 455

GROUP

	Premises	Vehicles	In total
As at 1 January 2022	63 933	261	64 194
Additions	1 220	155	1 375
Impairment (charge) reversal	284	-	284
Depreciation (expense)	(12 425)	( 147)	(12 572)
As at 31 December 2022	53 012	269	53 281

COMPANY

	Premises	Vehicles	In total
As at 1 January 2022	27 839	221	28 060
Additions	559	131	690
Impairment (charge) reversal	145	-	145
Depreciation (expense)	(4 947)	( 118)	(5 065)
As at 31 December 2022	23 596	234	23 830

The Group and the Company have tested right-of-use assets for impairment in accordance with the accounting policies stated in Note 2.6. Estimation of the value in use was calculated using the same method and using the same indicators as in Note 12.## NOTES TO THE FINANCIAL STATEMENTS

2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

37

Based on the calculations performed the management concluded that impairment in the amount of EUR 572 thousand for the Group (As at 31 December 2022: EUR 584 thousand) and EUR 53 thousand for the Company (As at 31 December 2022: EUR 83 thousand) should be recorded against right-of-use assets in the statement of financial position as at 31 December 2023. The Group in 2023 have recognised the impairment reversal of right-of-use assets of EUR 12 thousand (impairment reversal of EUR 284 thousand was recognized in 2022), the Company have recognised the impairment reversal of right-of-use assets of EUR 30 thousand (impairment reversal of EUR 145 thousand was recognized in 2022). Impairment of right-of-use assets is recognized in the statement of comprehensive income under selling costs. Impairment losses reversed in the period were mostly related to non-current assets of CGUs, which were closed during the year, as well as to the decrease of carrying value of non-current assets associated to operating CGUs due to depreciation. However, a slight increase in WACC has offset some of the effect. If future operating cash flows in 2024 and in later years were reduced by 5 per cent, the Group and the Company in 2023 would have recognized additional right-of-use assets impairment amounting to EUR 33 thousand and EUR 23 thousand, respectively. If the estimated post-tax discount rate applied to the discounted cash flows for cash generating units had been 1 per cent higher than management estimates (for example 14-15 per cent instead of 13-14 per cent), the Group and the Company in 2023 would have recognised by EUR 1 thousand higher impairment against right-of-use assets.

Set out below are the carrying amounts of lease liabilities (presented under “Current lease liabilities” and “Non-current lease liabilities”) and the movements during the period:

	Group	Company
As at 1 January 2023	56 182	24 657
Additions	18 871	5 700
Accretion of interest	1 390	560
Payments	(14 354)	(5 525)
Rent discounts	(154)	(11)
As at 31 December 2023	61 935	25 381
Current	14 306	5 616
Non-current	47 629	19 765

GROUP

	Company
As at 1 January 2022	28 858
Additions	1 375
Accretion of interest	1 061
Payments	(12 913)
Rent discounts	(416)
As at 31 December 2022	24 657
Current	5 018
Non-current	19 639

As at 31 December 2023 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 3 306 thousand and EUR 0 (as at 31 December 2022 amounted to EUR 10 113 thousand and EUR 1 670 thousand respectively).

The following are the amounts recognized in profit or loss:

GROUP

	COMPANY
	2023
Depreciation expense of right-of-use assets (included in selling costs)	13 379
Interest expense on lease liabilities (included in finance costs)	1 390
Expenses relating to short-term leases (included in selling costs)	407
Impairment charge (reversal), (included in selling costs)	(12)
Variable lease payments (included in selling costs)	8 427
Rent discounts (included in selling costs)	(154)
Total amount recognized in profit or loss	23 437

GROUP

	COMPANY
	2022
Depreciation expense of right-of-use assets (included in selling costs)	12 572
Interest expense on lease liabilities (included in finance costs)	1 061
Expenses relating to short-term leases (included in selling costs)	17
Impairment charge (included in selling costs)	(284)
Variable lease payments (included in selling costs)	8 460
Rent discounts (included in selling costs)	(416)
Total amount recognized in profit or loss	21 410

The Company/Group has lease contracts for Premises that contain variable payments based on the turnover of stores located in those Premises. Management’s objective is to align the lease expense with the revenue earned. The Company/Group accounted short-term leases and rent discounts as variable lease payments. The following provides information on the Company’s/Group’s variable lease payments in 2023 and 2022, including the magnitude in relation to fixed payments:

	GROUP	COMPANY
	Fixed	Variable
Year ended 31 December 2023
Fixed payments	2 082
Variable rent with minimum payment	12 215	5 904
Variable rent only	-	2 776
Total	14 297	8 680
Year ended 31 December 2022
Fixed payments	1 969
Variable rent with minimum payment	11 346	5 558
Variable rent only	-	2 486
Total	13 315	8 044

38

26. RELATED PARTY TRANSACTIONS

The parties are considered related when one party has the possibility to control the other or have significant influence over the other party in making financial and operating decisions. There is no allowance for intercompany receivables as expected credit losses are immaterial. The Company’s and the Group’s transactions with related parties and balances arising from these transactions as of 31 December were as follows:

Related parties and loans granted	Accounts payable	Accounts receivable	Income	Purchases
	2023	2022	2023	2022
UAB MG Grupė (the ultimate parent company)	12	13	-	-
As per ultimate parent company associated companies:
UAB Mineraliniai vandenys	-	-	-	-
UAB Mediafon Technology	11	8	-	-
UAB MG Investment	-	4	-	-
UAB Minvista	-	-	21	-
LNK Group	1	1	-	-
UAB Eminta	91	87	-	-
UAB MV GROUP	-	-	-	-
Total	115	113	21	-

Prevailing types of related party contracts are rent, management service fee, advertising, centralised services (telecommunications, utilities and etc.).

The Company’s transactions with subsidiaries and balances arising from these transactions as of 31 December were as follows:

	Borrowings and Loans and accounts	Income	Purchases
Subsidiaries	accounts payable	receivable	2023
UAB Apranga LT	2 500	748	94
UAB Apranga BPB LT	700	250	53
UAB Apranga PLT	500	169	28
UAB Apranga SLT	400	-	39
UAB Apranga MLT	1 500	865	126
UAB Apranga HLT	760	-	60
UAB Apranga OLT	-	-	74
UAB Apranga Ecom LT	-	-	-
SIA Apranga	-	-	4
SIA Apranga LV	-	-	39
SIA Apranga BPB LV	-	-	9
SIA Apranga PLV	-	-	2
SIA Apranga SLV	-	-	11
SIA Apranga MLV	-	-	36
SIA Apranga HLV	-	-	25
SIA Apranga OLV	-	-	14
SIA Apranga Ecom LV	-	-	-
OU Apranga	-	-	3
OU Apranga Estonia	-	-	32
OU Apranga BEE	-	-	3
OU Apranga PB Trade	-	-	54
OU Apranga ST Retail	-	-	4
OU Apranga MDE	-	-	9
OU Apranga HEST	-	-	12
OU Apranga Ecom EE	-	-	-
Total	6 360	2 032	9 153

Prevailing types of intra-group transactions are centralised supplies of goods for resale, management service fees, centralised purchasing of services (telecommunications, IT, utilities and etc.), financing, distribution of earnings. Dividend income received from the subsidiaries is presented in ‘Income received’ together with other income. In 2023, the Company received EUR 10 250 thousand dividend income from subsidiaries (in 2022 - EUR 15 400). This article also accounted for sales of goods to subsidiaries SIA Apranga and OU Apranga, which in 2023 amounted to EUR 11 934 thousand and EUR 7 758 thousand respectively (EUR 10 755 thousand and EUR 5 820 thousand in 2022, respectively). The debts of Group companies are offset each month, and the remaining portion of the debt is paid no later than in 30 days. The Company’s/Group’s and related parties debts are paid within 30 days. The Company has concluded short-term loan agreements with its subsidiaries, which, in case of need, are borrowed for 1 month Euribor plus margin interests.

Guarantees provided on behalf of related parties

Guarantees provided on behalf of related parties are disclosed in Note 27.

Compensation of key management personnel

The General Director and other Directors of the Company are considered to be the key management of the Group. There were 7 members of the key management as at 31 December 2023 (7 members of the key management as at 31 December 2022). 2 of them also belong to the Management Board, which consists of 6 members.

	GROUP	COMPANY
	2023	2022
Remuneration	3 261	2 984
Social security	58	52
Average number of key managers	7	7

On 27 April 2023 and on 28 April 2022 the Company’s shareholders’ meetings decided not to pay out annual bonuses to the key management.

39

27. COMMITMENTS AND CONTINGENCIES

Legal proceedings

As of 31 December 2023 and 2022 the Company and the Group were not involved in any legal process, which in the opinion of management, could have a material impact on the financial statements.# Guarantees

As of 31 December 2023, guarantees issued by the credit institutions on behalf of the Company to secure the obligations of its subsidiaries to their goods suppliers totaled EUR 15,447 thousand (31 December 2022: EUR 13,698 thousand). The letters of credit and guarantees provided to goods suppliers by the credit institutions on behalf of the Group as of 31 December 2023 amounted to EUR 16,718 thousand (31 December 2022: EUR 15,295 thousand). As of 31 December 2023, the Company’s guarantees issued to secure the obligations of its subsidiaries to their landlords totaled EUR 474 thousand (31 December 2022: EUR 482 thousand). As of 31 December 2023 and 2022 the Company had no guarantees to the credit institutions issued to secure the borrowings of subsidiaries. The management of the Group believes that the subsidiaries on behalf of which guarantees were issued will meet their liabilities to the creditors, therefore, no provisions in respect of these guarantees were accounted for in the financial statements as at 31 December 2023 and 31 December 2022.

Options granted

Options for assets

The Group issued irrevocable call options to INDITEX Group granting the right to purchase assets (leasehold improvements and PPE located in the premises of shops and inventory) of subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO). The options are exercisable in 2025 and are firmly and irrevocably granted thus the Group cannot waive them. The Group also issued irrevocable call options to ALDO Group granting the right to purchase assets (PPE located in the premises of shops and inventory) of Company and subsidiaries SIA Apranga and OU Apranga operating the brand of ALDO. The options are exercisable in 2027 and are firmly and irrevocably granted thus the Group cannot waive them.

Options for lease rights

Subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO) granted irrevocable options exercisable in 2025 by virtue of which INDITEX Group might acquire the lease rights and might become lessee in all or part of the lease agreements for the premises where ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO stores are located. Company and its subsidiaries SIA Apranga and OU Apranga operating brand ALDO granted irrevocable options exercisable in 2027 by virtue of which ALDO Group might acquire the lease rights and might become lessee in the lease agreements for the premises where ALDO stores are located. Based on historical information and numerous extentions of the cooperation agreements and terms of cooperation the management of the Group believes that the agreement parties will not use any above options.

28. EVENTS AFTER THE REPORTING PERIOD

After the end of the reporting period, there were no events that had a significant impact on the activities of the Company and the Group.

APB APRANGA Consolidated Annual Report For the year ended 31 December 2023

C O N S O L I D A T E D A N N U A L R E P O R T

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

1. GENERAL INFORMATION

Consolidated annual report is prepared for the year ended 31 December 2023.
Name of the Issuer: public limited liability trade company “Apranga”
Legal form: public limited liability company
Date and place of registration: 1 st March 1993, Board of Vilnius City
Code of Enterprise: 121933274
Registered office: Ukmerges str. 362, Vilnius, LT-14311, Lithuania
Telephone number: +370 5 2390808
E-mail address: info@apranga.lt
Internet address: www.aprangagroup.com

At 31 December 2023 Apranga Group (hereinafter the Group) consisted of the parent company APB Apranga (hereinafter the Company) and its 100 per cent owned 25 subsidiaries. The principal activity of the Company and its subsidiaries is retail trade of apparel in Baltic countries.

Structure of the Group at 31 December 2023:

For more information on subsidiaries refer to Note 1 and Note 14 to Consolidated financial statements.

2. OPERATING HIGHLIGHTS

In 2023, the Group’s priorities were influenced by the restrictive measures imposed amid continuing Russia’s invasion to Ukraine, sustained high inflation, especially in the first half of the year, rapid growth of salaries and utilization of new technologies.

2.1. RETAIL MARKET OVERVIEW

The retail turnover (including VAT) of Apranga Group reached EUR 326.4 million in 12 months 2023 and was by 11.3% higher than in 2022. In 2023, the retail turnover of Apranga Group in Lithuania reached EUR 196.9 million and increased by 10.6% year-on-year. In 2023 the retail turnover of Apranga Group in Latvia was EUR 79.5 million and increased by 12.1% year-on-year, in Estonia was EUR 50.0 million and grew by 12.6% year-on-year. According to the data of the official statistics departments of Lithuania, Latvia and Estonia, the market of retail trade, except of motor vehicles and motorcycles, in the Baltic states the year 2023 generated over 39.8 billion euros (without VAT) and grew around 2% at current prices compared to the year 2022. The change of consumer prices in Baltic retail market in the year 2023 compared to the previous year averaged to around 9%. In this period the price index change in Lithuania was 9%, Latvia 10% and Estonia 9%. Consumer confidence index in the Euro area has been consistently increasing throughout the year 2023 and rose from -20.6 to -16,0 (+4,6 p.). Despite minor fluctuations Baltic countries’ consumer confidence index also shows upward trend. In Lithuania the index increased from -5.4 to +2.2(+7.6 p.), Latvia from -32.4 to -17.0 (+15.4 p.), Estonia from -32.7 to -32.4 (+0.3 p.). The companies participating in the textile, clothing and footwear market of the Baltic states generated around 1,9 billion euros (without VAT), which is 7% higher turnover in the year 2023 compared to the previous year 2022.

APB "APRANGA"
LITHUANIA LATVIA ESTONIA
SIA "Apranga"
OU "Apranga"
UAB "Apranga LT"
SIA "Apranga LV"
OU "Apranga Estonia"
UAB "Apranga BPB LT"
SIA "Apranga BPB LV"
OU "Apranga BEE"
UAB "Apranga PLT"
SIA "Apranga PLV"
OU "Apranga PB Trade"
UAB "Apranga SLT"
SIA "Apranga SLV"
OU "Apranga ST Retail"
UAB "Apranga MLT"
SIA "Apranga MLV"
OU "Apranga MDE"
UAB "Apranga HLT"
SIA "Apranga HLV"
OU "Apranga HEST"
UAB "Apranga OLT"
SIA "Apranga OLV"
UAB "Apranga Ecom LT"
SIA "Apranga Ecom LV"
OU "Apranga Ecom EE"

C O N S O L I D A T E D A N N U A L R E P O R T

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

The change of consumer prices index in the clothing and footwear industry in Baltic retail market in year 2023 compared to the corresponding period of the previous year averaged to around 6%. In this period the price index change in Lithuania was 3.5%, Latvia 3.6% and Estonia 10.4%. Lithuania remains the largest market of retail trade of textile, clothing and footwear in specialized stores in the Baltic countries, generating about 50% of the Baltic states market turnover.

Retail turnover of Group‘s stores by countries (EUR thousand, VAT included):

Country	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Lithuania	196,884	178,024	146,003	10.6%	34.8%
Latvia	79,513	70,900	46,409	12.1%	71.3%
Estonia	50,009	44,416	36,010	12.6%	38.9%
Total:	326,406	293,340	228,422	11.3%	42.9%

Retail turnover of Group‘s stores by countries (EUR thousand, VAT excluded)*:

Country	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Lithuania	162,728	147,134	121,017	10.6%	34.5%
Latvia	65,716	58,601	38,539	12.1%	70.5%
Estonia	41,674	37,016	30,159	12.6%	38.2%
Total:	270,118	242,752	189,714	11.3%	42.4%

*The difference between turnover (VAT excluded) shown in the Annual report and stores income disclosed in Note 6 of the Financial statements is due to return of goods (see Note 24).

In 2023, the turnover (VAT included, taking into account actual returns during the calendar year 2023, this ratio is also used in all comments below) of the retail chain operated by Apranga Group amounted to EUR 196.9 million in the main domestic market of Lithuania, or by 10.6% more than in 2022. The share of Lithuanian chain turnover comprised 60.3%, or by 0,4 percentage points less than in 2022. The retail turnover of the Apranga Group chain in foreign markets (Latvia and Estonia) reached EUR 129.5 million in 2023, or by 12.6% more, than in 2022. The foreign turnover share in total Group’s turnover has increased from 39.3% to 39.7% during the year.# CONSOLIDATED ANNUAL REPORT

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

The retail turnover of Apranga Group by quarters (EUR thousand, VAT included):

	Q1	Q2	Q3	Q4	Year
2023	65,123	82,517	95,159	326,406	95,159
2022	52,614	75,077	81,130	84,519	293,340
2021	25,547	55,692	76,929	70,253	228,422
2023/2022, %	23,8%	9,9%	3,1%	12,6%	11,3%
2023/2021, %	154,9%	48,2%	8,7%	35,5%	42,9%

The retail turnover of Apranga Group by quarters (EUR thousand, VAT excluded):

	Q1	Q2	Q3	Q4	Year
2023	53,882	68,280	69,180	78,776	270,118
2022	43,539	62,133	67,141	69,939	242,752
2021	21,415	46,328	63,813	58,159	189,714
2023/2022, %	23,8%	9,9%	3,0%	12,6%	11,3%
2023/2021, %	151,6%	47,4%	8,4%	35,4%	42,4%

The online turnover of the Group was as follows (EUR thousand, VAT included):

	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Online turnover	39,860	33,672	48,256	18,4%	-17,4%
Relative weight in total turnover	12,2%	11,5%	21,1%

The online turnover of the Group was as follows (EUR thousand, VAT excluded):

	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Online turnover	33,008	27,884	40,613	18,4%	-18,7%
Relative weight in total turnover	12,2%	11,5%	21,4%

The Group's online turnover increased by 18,4% in the 12 months of the year, and its relative weight in total turnover increased from 11.5% to 12.2% compared to the corresponding period of the previous year. In year 2021, online turnover was significantly higher due to the Covid-19 related temporary closure of physical stores.

Retail turnover of Group‘s stores by chains (EUR thousand, VAT included) was as follows:

Chain	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Economy ¹	31,535	31,102	22,524	1,4%	40,0%
Youth ²	79,346	69,998	55,064	13,4%	44,1%
Footwear	4,263	4,679	3,201	-8,9%	33,2%
Business ³	62,064	54,100	42,545	14,7%	45,9%
Luxury ⁴	32,087	29,280	25,263	9,6%	27,0%
Zara	102,871	89,853	69,515	14,5%	48,0%
Outlets	14,240	14,328	10,310	-0,6%	38,1%
Total	326,406	293,340	228,422	11,3%	42,9%

¹ Apranga, Promod, s.Oliver, Tom Tailor, Orsay;
² Aprangos galerija, Moskito, Mango, Bershka, Pull & Bear, Stradivarius, Oysho, A|X Armani Exchange;
³ City, Massimo Dutti, Marella, Pennyblack, Coccinelle, Tommy Hilfiger, Zara Home, Calvin Klein Underwear, Liu Jo, MAX&Co.;
⁴ Burberry, Emporio Armani, Hugo Boss, Ermenegildo Zegna, MaxMara, Weekend MaxMara, Marina Rinaldi, Mados linija, Nude, Sandro, Maje, Hugo.

Retail turnover of Group‘s stores by chains (EUR thousand, VAT excluded) was as follows:

Chain	12 months 2023	12 months 2022	12 months 2021	2023/2022, %	2023/2021, %
Economy ¹	26,094	25,733	18,639	1,4%	40,0%
Youth ²	65,650	57,915	45,618	13,4%	43,9%
Footwear ³	3,528	3,873	2,650	-8,9%	33,1%
Business ³	51,348	44,761	35,310	14,7%	45,4%
Luxury ⁴	26,567	24,242	21,402	9,6%	24,1%
Zara	85,162	74,387	57,553	14,5%	48,0%
Outlets	11,768	11,841	8,543	-0,6%	37,8%
Total	270,118	242,752	189,714	11,3%	42,4%

¹ Apranga, Promod, s.Oliver, Tom Tailor, Orsay;
² Aprangos galerija, Moskito, Mango, Bershka, Pull & Bear, Stradivarius, Oysho, A|X Armani Exchange;
³ City, Massimo Dutti, Marella, Pennyblack, Coccinelle, Tommy Hilfiger, Zara Home, Calvin Klein Underwear, Liu Jo, MAX&Co.;
⁴ Burberry, Emporio Armani, Hugo Boss, Ermenegildo Zegna, MaxMara, Weekend MaxMara, Marina Rinaldi, Mados linija, Nude, Sandro, Maje, Hugo.

2.2. DEVELOPMENT AND MODERNIZATION OF THE RETAIL CHAIN

In 2019-2023 the dynamics of the number of stores and sales area was as follows:

	31 12 2023	31 12 2022	31 12 2021	31 12 2020	31 12 2019
The number of stores	169	168	169	179	186
Stores area (thousand sq. m.)	90,8	90,6	90,6	92,6	93,8

During the year 2023 Apranga Group opened 12 new stores, renovated 8 stores, out of which 5 stores were enlarged and 3 stores were moved to another shopping mall, and closed 11 stores. Currently Apranga Group operates the chain of 169 stores (100 in Lithuania, 44 in Latvia and 25 in Estonia) covering the gross area of 90.8 thousand sq. m., or by 0.2% more than a year ago.

The total area of stores by countries was as follows (thousand sq. m):

Country	31 12 2023	31 12 2022	31 12 2021	2023/2022, %	2023/2021, %
Lithuania	49,4	51,0	51,3	-3,1%	-3,7%
Latvia	27,9	26,4	26,8	5,6%	4,2%
Estonia	13,5	13,2	12,6	2,2%	7,5%
Total:	90,8	90,6	90,6	0,2%	0,2%

The number of stores by countries was as follows:

Country	31 12 2023	31 12 2022	31 12 2021	2023/2022, %	2023/2021, %
Lithuania	100	100	102	0,0%	-2,0%
Latvia	44	44	46	0,0%	-4,3%
Estonia	25	24	21	4,2%	19,0%
Total:	169	168	169	0,6%	0,0%

At 31 December the number of stores by chains was as follows:

Chain	31 12 2023	31 12 2022	31 12 2021	2023/2022, %	2023/2021, %
Economy	20	19	26	5,3%	-23,1%
Youth	46	48	47	-4,2%	-2,1%
Footwear	10	11	10	-9,1%	0,0%
Business	43	41	39	4,9%	10,3%
Luxury	32	30	28	6,7%	14,3%
Zara	9	10	10	-10,0%	-10,0%
Outlets	9	9	9	0,0%	0,0%
Total	169	168	169	0,6%	0,0%

The number of economy chain stores has significantly decreased due to closure of Promod and Orsay brand stores in years 2021 and 2022.

Net investments into retail chain expansion and modernization amounted to EUR 9.7 million in 2023. Investments (acquisitions) by assets type are presented in Note 12 (“Property, plant and equipment”) and Note 13 (“Intangible assets”) of Notes to consolidated and Company’s financial statements. Investments (acquisitions) by segments are disclosed in Note 4 (“Segment information”). The Group is not engaged in activities related to research and experimental development, except to the extent of process improvement. Group uses the latest technology and the latest technology processes that meet environmental standards and help reduce the negative impact on the environment.

2.3. MAIN INDICATORS

In addition to the key figures defined or specified in the applicable IFRS financial reporting framework, the Group also provides key financial ratios derived from or based on the prepared financial statements. These are known as Alternative Performance Measures (APM). Definitions of APM are provided in the section No. 11 “Alternative Performance Indicators” of this report and on the Group’s website.

The Group’s profit before income tax amounted to EUR 20.3 million in 12 months 2023, while profit before taxes was EUR 18.7 million in 12 months of 2022, i.e., 8.5% more than in the corresponding period of the previous year. EBITDA of the Group totalled EUR 40.9 million in 2023, and it was EUR 38.9 million in corresponding previous year period. EBITDA margin has decreased from 16.0% to 15.2% during the year. ROE and ROA ratios increased to 26.2% and 10.4%, respectively.

Main Group Indicators

	2023	2022	2021	2020	2019
Net sales, EUR thousand	269,696	242,899	189,745	169,958	205,005
Net sales in foreign markets, EUR thousand	107,277	95,595	68,502	71,424	83,197
Gross profit, EUR thousand	124,142	111,344	82,230	71,146	89,210
Gross profit margin, %	46,0%	45,8%	43,3%	41,9%	43,5%
Operating profit, EUR thousand	21,501	19,869	14,278	7,038	11,929
Operating profit margin, %	8,0%	8,2%	7,5%	4,1%	5,8%
Profit before income tax, EUR thousand	20,332	18,745	13,211	5,961	10,994
Profit before income tax margin, %	7,5%	7,7%	7,0%	3,5%	5,4%
Profit (loss) for the period, EUR thousand	16,773	15,635	10,896	4,936	9,240
Profit (loss) for the period margin, %	6,2%	6,4%	5,7%	2,9%	4,5%
EBITDA, EUR thousand	40,928	38,906	34,076	27,340	31,006
EBITDA margin, %	15,2%	16,0%	18,0%	16,1%	15,1%
Earnings (losses) per share (EPS), EUR	0,30	0,28	0,20	0,09	0,17
Price-to-Earnings ratio (P/E), times	8,8	7,6	10,7	23,6	12,6
Dividend / Profit for the period*, %	79,1%	99,0%	182,7%	0,0%	0,0%
Return on equity (end of the period), %	26,3%	25,1%	14,6%	7,8%	15,8%
Return on assets (end of the period), %	10,5%	10,5%	6,6%	3,1%	6,0%
Net debt to equity, %	-27,7%	-36,8%	-39,7%	-28,5%	-10,1%
Current ratio, times	1,6	1,7	2,0	1,9	1,4

• The year 2023 dividends proposed by the Board, not approved.

Main Group Indicators

	2023	2022	Change
Net sales, EUR thousand	269,696	242,899	11,0%
Net sales in foreign markets, EUR thousand	107,277	95,595	12,2%
Gross profit, EUR thousand	124,142	111,344	11,5%
Operating expenses (102 641)	(91 475)	12,2%
Operating profit, EUR thousand	21,501	19,869	8,2%
Profit before income tax, EUR thousand	20,332	18,745	8,5%
Net profit (losses), EUR thousand	16,773	15,635	7,3%
EBITDA, EUR thousand	40,928	38,906	5,2%

The operating expenses of the Group totaled to EUR 102.6 million in 12 months 2023 and increased by 12.2%, comparing to the same period 2022. Operating expenses increased more than sales, which grew by 11,0%. In 2022, the operating expenses of the Group were reduced by EUR 0.45 million due to a positive result of a long-term assets sales. Adjusted for the effect of beforementioned sale, the increase of the operating expenses of the Group in 2023 was 11.7% compared to corresponding period of prior year.

The Group’s level of inventories during the last 12 months increased by 22.3% to EUR 50.6 million. Company’s inventories increased by 22.9%. The supply of goods for the spring-summer 2024 season started earlier, which contributed to the increase of the Group‘s inventory level by EUR 3.4 million. For additional information on the operations by countries of the Group refer to Note 4 to the Consolidated financial statements.

2.4.# PERSONNEL

The number of employees on 31 December 2023 and average salary by categories in 2023 were as follows:

Employee category	Number of employees (Group)	Number of employees (Company)	Average monthly salary, EUR (Group)	Average monthly salary, EUR (Company)
Administration	189	130	4,323	4,845
Stores' personnel	1,987	557	1,258	1,377
Logistics	73	73	1,724	1,724
Total	2,249	760	1,533	2,010

In 2023 the number of employees in the Group and the Company has increased by 110 (5.1%) and 20 (2.7%), respectively.

The number of employees by education level on 31 December 2023 was as follows:

Education level	Group	Company
Higher	490	311
Professional	331	82
Secondary	502	146
Primary	27	12
Student	899	209
Total:	2,249	760

2.5. TRADING INFORMATION

The price of the Company shares in 12 months 2023 increased by 23.1% from EUR 2.16 per share to EUR 2.66 per share. The maximum share price for the 12 months period was EUR 2.96 per share, minimum share price - EUR 2.12 per share. The market capitalization of the Company increased from EUR 119 million at the beginning of the year to EUR 147 million at the end of December 2023. The weighted average price of 1 share during the reporting period was EUR 2.58. Company’s share turnover was EUR 10.2 million in 12 months 2023.

C O N S O L I D A T E D A N N U A L R E P O R T

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius
FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

47

Company and OMX Baltic Benchmark GI index change for the period 2019-2022:

C O N S O L I D A T E D A N N U A L R E P O R T

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius
FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

48

3. OPERATING PLANS

Restrictive measures imposed after Russia‘s invasion of Ukraine on 24 February 2022 had no significant impact on the Company’s and Group‘s performance, no operations had been suspended and no significant direct losses related to the restrictive measures had been incurred, however, the uncertainty exists. In any case, the Company's management is ready to respond promptly to the changing situation by making the necessary decisions to ensure the stability of operations.

The Group plans to reach EUR 350 million turnover (including VAT) in 2024, or by 7% higher than actual year 2023 turnover. In 2024, the Group plans to renovate or open 12-15 stores. The net investment is planned to be about EUR 5-7 million.

4. BUSINESS PHILOSOPHY

• We work and strive to work only with the fastest-growing, commercially the most successful global brands and chains operating in different markets and acceptable to our market;
• We never make compromises in the selection of the best locations for stores (“Location – more important than money”, “We have to be where we can not not to be”;
• We aim to install stores according to the highest European design and technology requirements;
• We strive to use in best the power of the obvious market leader, as well as rapid development opportunities in competitive environment.

5. ENVIRONMENTAL PROTECTION

Group uses the latest technology and the latest technology processes that meet environmental standards and help reduce the negative impact on the environment (for example, the Group uses the paper packaging materials instead of plastic in more than 90% of its stores), promote rational management and use of resources. It constantly seeks way to cut electricity costs at the stores, the headquarters and logistic warehouse. All stores use energy-efficient LED bulbs that not only have a longer service life but also use less electricity. Spaces in the administration building are segmented to use the lighting as efficiently as possible and to have it only in those areas where employees are present. The origin of electricity used in all stores is ensured by the green electricity certificate. The Group choose electricity suppliers based on the sustainable use of natural resources in the production of energy. When upgrading stores, we abide by the principle that, despite the decisions taken, we must introduce technologies that reduce or do not increase resource consumption.

More information about the Group’s environmental protection is presented in the Group’s 2023 Consolidated Social Responsibility Report.

6. CONSOLIDATION

In order to ensure the fairness of preparation consolidated financial statements and to reduce associated risks, the unified centralised accounting and business information management system has been implemented in all Group companies. All Group companies use the standard chart of accounts and apply unified accounting principles. More information on the principles of preparation of the consolidated financial statements is presented in Note 2.4 to the Consolidated financial statements.

7. SECURITIES

The share capital of APB Apranga is EUR 16,034,668.40 and it is divided into 55,291,960 ordinary registered shares with a nominal value of EUR 0.29 each, where each share grants to its owner 1 vote (in total 55,291,960 voting shares), all shares are paid in full and give the owners equal rights. All 55 291 960 ordinary shares of nominal value EUR 0.29 each (ISIN code LT0000102337) that comprise Company‘s share capital are listed on Baltic equity list of Nasdaq Vilnius Stock Exchange. For more information on the share capital of the Company refer to Note 21 to Consolidated financial statements.

Neither Company, nor its subsidiaries directly or indirectly acquired own shares. By the knowledge of the Company’s management, there are no restrictions imposed on transfer of Company’s shares. All Company‘s shares give equal rights to shareholders and there are no shareholders with special control rights. By the knowledge of the Company’s management, there are no restrictions imposed on voting rights. By the knowledge of the Company’s management, there are no agreements among shareholders which may limit transfer of shares, or their voting rights.

Each owner of the ordinary registered share has the following property rights:
1) To receive part of the company‘s profit (dividend);
2) To receive a part of the assets of the company in liquidation;

C O N S O L I D A T E D A N N U A L R E P O R T

3.1 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius
FOR THE YEAR ENDED 31 DECEMBER 2023
(all tabular amounts are in EUR thousands unless otherwise stated)

49

3) To receive shares without payment if the share capital is increased out of the company‘s funds, except the cases specified in the Law on Companies.
4) To have the pre-emption right to acquire the shares or convertible debenture issued by the company, except in cases when General Shareholder‘s Meeting pursuant to Law on Companies decides to withdraw the pre-emption right in acquiring the company‘s issued shares for all shareholders;
5) As provided by laws to lend to the company, however the company borrowing from its shareholders has no right to mortgage or pledge its assets to shareholders. When the company borrows from a shareholder, the interest may not be higher than the average interest rate offered by commercial banks of the locality where the lender has his/her place of residence or business, which was in effect on the day of conclusion of the loan agreement. In such a case the company and shareholders are prohibited from negotiating a higher interest rate;
6) To receive Company‘s funds in event the share capital is decreased on purpose to pay Company‘s funds to shareholders;
7) Shareholders have other property rights provided by laws of the Republic of Lithuania.

Each owner of the ordinary registered share has the following non-property rights:
1) To attend and vote in General Shareholder‘s Meetings. One ordinary registered share grants to its owner one vote at the General Shareholders‘ Meeting. The right to vote at the General Shareholder‘s Meeting may be withdrawn or restricted in cases established by laws of the Republic of Lithuania, also in cases when share ownership is contested;
2) To submit to the company in advance the questions related to the issues on the agenda of the general meeting of shareholders;
3) To receive information on the company as provided by Law on Companies;
4) To file a claim to the court requesting compensation of damage to company resulting from non-performance or improper performance of the duties of the Manager of the Company or members of the Board of the company which duties have been prescribed by law and these Articles of Association of the company as well as in other cases as may be prescribed by law;
5) Other non-property rights prescribed by law.

At 31 December 2023, the Company had 7,017 shareholders.

Company‘s shareholders which owned or had under management more than 5% of share capital were:

Shareholder	Enterprise code	Address	Number of shares	% of total ownership
UAB MG Investment	123249022	Aukštaičių 7, Vilnius, Lithuania	36,169,099	65.4%
UAB Minvista	110685692	Aukštaičių 7, Vilnius, Lithuania	5,795,929	10.5%

There are no material agreements where the Company is a counterparty and which may come into force, or may change, or may end with the change of control over the Company. Information about related party transactions is provided in the Note 27 to the Consolidated financial statements.

At 24 July 2017 the Company concluded an open-ended agreement with SEB bankas AB (entity code: 112021238, address: Konstitucijos av. 24, LT-08105 Vilnius) on supervision of securities accounts.

8. GOVERNANCE REPORT

For the Governance Report and the full text of Compliance Report with the Governance Code for the companies listed on the Nasdaq Vilnius stock exchange refer to Annex “Governance Report” to this annual report.

9. CONSOLIDATED SOCIAL RESPONSIBILITY REPORT

The Group’s Consolidated Social Responsibility Report is provided in Annex “Social Responsibility Report” to this annual report.

C O N S O L I D A T E D A N N U A L R E P O R T

3.# APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated) 50

10. REMUNERATION REPORT

The Supervisory Board is not formed in the Company, therefore the Company’s Remuneration Policy applies to the Head of the Company and Members of the Management Board of the Company in accordance with the relevant requirements and essential principles on the basis of which the remuneration is paid. No agreements are concluded with the Members of the Management Board regarding their activities as Members of the Management Board in the Company. Only Independent Members of the Management Board of the Company are remunerated for their work at the Board. The Members of the Management Board of the Company, who are also employees of the Company, receive remuneration only for the direct duties they perform under the employment contract, i.e. their remuneration for direct functions in the Company and being a Member of the Board (performance of the duties of member of the Board) are not related in any way and are not dependent on each other. The Members of the Management Board of the Company, who are not employees of the Company or do not serve as Independent Members of the Management Board, are not additionally incentivised, they are not paid for their work in the Management Board of the Company, therefore, such members of the Board perform their duties of a member of the Management Board of the Company free of charge.

The employment contract with the Head of the Company is concluded for an indefinite period. The Head of the Company, as provided by the Law on Companies, is elected and removed from office, his remuneration is determined, his job description is approved, he is promoted and penalized based on the Management Board decision. In his / her activities, the Head of the Company follows the laws, other legal acts, the Company's Articles of Association, decisions of the General Meeting of Shareholders, as well as decisions of the Management Board. The amounts of allowances, notice periods related to the termination of employment or term of office are determined taking into account the requirements established in the specific labour laws. Employment contracts with the Head of the Company are not normally subject to prior agreements on severance pay, supplementary pensions or early retirement arrangements.

The remuneration of the Head of the Company consists of:
- a fixed part of the remuneration, which is agreed upon and approved by the Management Board of the Company in each individual case and which does not change and is paid to the Head of the Company on a monthly basis, regardless of the Company's performance;
- a variable part of remuneration, which depends on the performance of the Company, including its subsidiaries (hereinafter - the Group), i.e. this is a concrete percentage of Group's profit, which is approved by the Management Board of the Company. This variable part of the remuneration is paid once a calendar quarter, based on the Group's results for the previous quarter. The ratio of variable to fixed part depends only on the Group's performance.

The amount of variable remuneration (as a percentage of the Group's profit) for the Head of the Company is determined and approved by the Management Board of the Company so as to comply with the Company's and the Group's business strategy, long-term goals and operational interests, to ensure shareholders' interests, to promote sound and efficient management and risk management to the extent of decision making, would help to avoid conflicts of interest, ensure compliance with the code of ethics and conduct.

There are no agreements between the Company, members of its management bodies, or its employees regarding special compensations in case of their resignation, or dismiss without legitimate reason, or the end of their duties connected with the change of the Control over the Company.

Annual remuneration of the members of the Management Board - the Company's employees, EUR thousand (before taxes):

Name, Surname	Position	Fixed part	Variable part	Total	Variable part, %
Darius Juozas Mockus	Chairman of the Board	-	-	-	-
Vidas Lazickas	Member of the Board	-	-	-	-
Rimantas Perveneckas	General Director	271	565	836	68%
Ilona Simkuniene	Member of the Board, Purchasing Director	161	353	514	69%
Ramunas Gaidamavicius	Member of the Board, Development Director	111	283	394	72%
Jonas Jukštys	Member of the Board, independent	12	-	12	-
Gintaras Juškauskas	Member of the Board, independent	12	-	12	-

CONSOLIDATED ANNUAL REPORT 3.1

APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated) 51

Annual remuneration and Group’s performance in 2019-2023:

	2023	2022	2021	2020	2019*
Remuneration, EUR thousand
Rimantas Perveneckas	836	767	487	430	477
Ilona Šimkūnienė	514	465	307	265	298
Ramūnas Gaidamavičius	394	355	241	204	233
Average Employee Total Remuneration Costs**	18,4	17,3	13,1	10,0	13,3
Group performance
Net sales, EUR thousand	269 696	242 899	189 745	169 958	205 005
EBT, EUR thousand	20 332	18 745	13 211	5 961	10 994
EBITDA, EUR thousand	40 928	38 906	34 076	27 340	31 006

* Tax reform has been implemented at the beginning of 2019.
** Average employee total remuneration costs ratio is computed using a total headcount, including part-time employees. Part-time employees make up more than half of the total Group‘s employees.

The Management Board members and the Head of the Company do not receive any other parts of remuneration, bonuses, premiums, incentives other than those provided for in Remuneration Policy. The Management Board members and the Head of the Company have not received any remuneration from other companies belonging to the Group.

CONSOLIDATED ANNUAL REPORT 3.1

APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated) 52

11. ALTERNATIVE PERFORMANCE MEASURES

With regard to the requirements of the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures, an overview of the Alternative Performance Measures (APM) used, their definition and calculation are provided below and also on Apranga APB website at: https://aprangagroup.lt/en/investors/investor-relations/alternative-performance-measures

Performance measure	Formula and components used for the calculation	Interpretation
Net sales	A sum of stores income, wholesales and other income from contracts with customers	Revenue from contracts with customers
EBITDA	Profit before finance income and finance costs, income tax, depreciation and amortization	EBITDA is used as a relevant measure for investors to be able to understand profit generation before investments in fixed assets. It also shows the ability to repay loans and pay interests
EBITDA margin, %	EBITDA divided by net sales	Shows the profitability of the company and is used to compare companies in the same business sector
EBIT	Profit before finance income and finance costs and income tax	A business performance indicator that shows the company's ability to make a profit, regardless of the method of financing (then determines the optimal use of debt vs. equity)
EBIT margin, %	EBIT divided by net sales	Shows the profitability of the company and is used to compare companies in the same business sector
Net investment	Purchases of long-term assets – Disposal of long-term assets	In the activities of Apranga APB, part of the investment into installation of the store is often disposed to the owner of the premises. Therefore, to reflect the real impact on cash flows and operating costs (depreciation), it is appropriate to use the net investment measure
Net debt	Borrowings - Cash and cash equivalents	Shows the level of real debt to financial institutions (Non-current and current borrowings, excluding IFRS 16 lease liabilities, less cash and cash equivalent)
Net debt to equity	Net debt / Equity (at the end of the reporting period)	Shows the level of financial debts compared to equity. The ratio is used to evaluate a company's financial leverage. The debt/equity ratio is also referred to as a risk or gearing ratio. The higher the value of this ratio, the lower the solvency of the company
Earnings per share (EPS)	Profit for the period / Number of shares	Earnings per share serve as an indicator of a company's profitability. It shows the portion of a company's profit allocated to each share of common stock
Price-to-Earnings ratio (P/E)	Share price (at the end of the reporting period) / Earnings per share (EPS)	The price-earnings ratio indicates the price investors pay for one euro of the company’s earnings. This ratio is very versatile and is suitable for comparing not only for companies of the same sector but also very different companies
Dividend payout ratio, %	Dividend / Profit for the period	Shows which the part of the company's profit is paid by dividends
Return on equity (ROE)	Profit for the period / Equity (at the end of the reporting period)	The ratio shows the percentage return the company earns from equity. Higher ROE ratio is considered as better
Return on assets (ROA)	Profit for the period / Assets (at the end of the reporting period)	The ratio shows the percentage return the company earns from assets. The higher the ratio, the more efficient use of assets
Current ratio	Current Assets (at the end of the reporting period) / Current Liabilities (at the end of the reporting period)	The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-term obligations

CONSOLIDATED ANNUAL REPORT 3.# APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

12. PUBLICLY ANNOUNCED INFORMATION

The Company in 2023 publicly announced and broadcasted through Nasdaq Vilnius Globe Newswire and own webpage the following information:

Date	Title
2023.01.03	Turnover of Apranga Group in December 2022 and total year 2022
2023.02.01	Turnover of Apranga Group in January 2023
2023.02.28	Apranga Group interim information for 12 months of 2022
2023.03.01	Turnover of Apranga Group in February 2023
2023.04.03	Turnover of Apranga Group in March 2023
2023.04.04	Notice of the Annual General Meeting of APB „APRANGA“ shareholders
2023.04.04	Draft resolutions of the Annual General Meeting of APB APRANGA shareholders to be held on April 27th, 2023
2023.04.26	Apranga Group interim report for three months of 2023
2023.04.27	Resolutions of the Annual General Meeting of Apranga APB shareholders
2023.04.27	Apranga APB annual report 2022
2023.05.02	Turnover of Apranga Group in April 2023
2023.05.05	Ex-dividend date and procedure for the payment of Apranga APB dividends for the year 2022
2023.06.01	Turnover of Apranga Group in May 2023
2023.06.23	Notification on manager's related party transactions
2023.06.27	Notification on manager's related party transactions
2023.06.27	Notification on manager's related party transactions
2023.06.28	Notification on manager's related party transactions
2023.06.28	Notification on manager's related party transactions
2023.07.03	Turnover of Apranga Group in June 2023
2023.07.27	Apranga Group interim report for 6 months of 2023
2023.08.01	Turnover of Apranga Group in July 2023
2023.08.28	Notification on Apranga APB manager's related party transactions
2023.08.29	Notification on Apranga APB manager's related party transactions
2023.08.30	Notification on Apranga APB manager's related party transactions
2023.09.01	Turnover of Apranga Group in August 2023
2023.09.12	Notification on Apranga APB manager's related party transactions
2023.10.02	Turnover of Apranga Group in September 2023
2023.10.26	Apranga Group interim information for the 9 months of 2023
2023.10.26	Correction: Apranga Group interim information for the 9 months of 2023
2023.11.03	Turnover of Apranga Group in October 2023
2023.12.01	Turnover of Apranga Group in November 2023
2023.12.14	The turnover and expansion plans of Apranga Group in 2024
2023.12.22	Apranga Group investor's calendar for the year 2024

Contents of above mentioned announcements can be obtained on Nasdaq Vilnius Stock Exchange webpage https://nasdaqbaltic.com/statistics/en/instrument/LT0000102337/news? and on Company‘s webpage http://aprangagroup.lt/en/investors/news-and-material-events.

2023 GOVERNANCE REPORT

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

The public trade company APRANGA (hereinafter referred to as the “Company”) essentially follows the Corporate Governance Code for the Companies Listed on the Nasdaq Vilnius stock exchange adopted and valid as on 31 December 2023. Corporate Governance Code is publicly available at: https://nasdaqbaltic.com/market-regulation/nasdaq-vilnius-rules/

RISKS

In its activities the Group is exposed to various risks (regulatory, operational, investment, market, competition, economic cycle, macroeconomic factors, etc.), but only some of which may significantly affect the Group's results. The Group's activities are significantly influenced by overall economic situation (and especially by the economic cycles) in countries where the Group operates. Considering risks related to Russia’s invasion to Ukraine, the restrictive measures imposed had no significant impact on the Company’s performance, no operations had been suspended and no significant direct losses related to the restrictive measures had been incurred, however, the risk remains and will be monitored and managed closely.

The competition-related risk. In its activities the Group is exposed to increasingly intense competition in the clothing market. The Group, in order to manage this risk and to meet the customer service quality standard requirements, continuously carries out chain expansion and modernization, improves its sales and marketing strategies, carries out market research, improves customer service and implements a consistent business process optimization and cost reduction program. In its activities, the Group consistently follows the principles of transparency and fair competition.

Weather conditions influences the Group's activity and results to some extent as well. The Group's operating results are planned assuming that the weather conditions will be normal, i.e., usual for the Baltic region. Unfavorable weather conditions may negatively affect the Group's turnover, at the same time, financial performance and inventories level.

The main features of the Group’s internal control and risk management systems related to preparation of consolidated financial statements. The Group’s consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. Chief financial officer (CFO) of the Company and the Audit Committee supervises preparation of the consolidated financial statements, systems of internal control and financial risk management and how the Company follows legal acts that regulate preparation of consolidated financial statements. CFO of the Company is responsible for the preparation supervision and the final revision of the consolidated financial statements. He constantly reviews International Financial Reporting Standards (IFRS) in order to implement in time IFRS changes, analyses Company’s and group’s significant transactions, ensures collecting information from the Group’s companies and timely and fair preparation of this information for the financial statements. In order to ensure that the consolidated financial statements are prepared correctly and on time, the Group has established appropriate rules and the procedures which regulates the principles, methods, and rules of accounting and preparation and presentation of consolidated financial statements.

More information on the principles of preparation of the consolidated financial statements is presented in Note 2.4 to the Consolidated financial statements and in part 6 to the Consolidated annual report. The types of financial risks that Group faces and risk management are described in Note 3 to the Consolidated Financial Statements. The latest information on the risks related to the Group is also provided in Note 2.2 and Note 27 to the Consolidated Financial Statements.

CORPORATE GOVERNANCE

The management bodies of the Company specified in the Articles of Association are as follows: General Shareholders' Meeting, a collegial management body – Board, and a single-person management body – Manager of the Company. The Law of the Republic of Lithuania on Companies provides that Lithuanian companies at their discretion could have only one collegial governing body. There is no Supervisory Council in the Company. The Board consists of six members who are elected for the term of four years, represents the shareholders, and performs supervision and control functions.

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

Competence of General Shareholders‘ Meeting is the same as specified by the Law on Companies. The General Meeting shall have the exclusive right to:
1) Amend the Articles of Association of the Company;
2) Change the registered office of the Company;
3) Elect the members of the Board;
4) Remove the Board or its members;
5) Select and remove the firm of auditors, set the conditions for auditor remuneration;
6) Take a decision on the approval of the Remuneration policy;
7) Determine the class, number, nominal value and the minimum issue price of the shares issued by the Company;
8) Take a decision regarding conversion of shares of one class into shares of another class, approve share conversion procedure;
9) Take a decision to change the number of shares of the same class issued by the Company and the nominal value of the share, without changing the size of the authorized capital;
10) Approve the set of annual financial statements;
11) Take a decision on profit/loss appropriation;
12) Take a decision on the formation, use, reduction and liquidation of reserves;
13) Approve a set of interim financial statements compiled in order to make a decision on the allocation of dividends for a period shorter than the financial year;
14) Take a decision on the allocation of dividends for a period shorter than the financial year;
15) Take a decision to issue convertible debentures;
16) Take a decision to withdraw for all the shareholders the right of pre-emption in acquiring the shares or convertible debentures of a specific issue of the Company;
17) Take a decision to increase the authorised capital;
18) Take a decision to reduce the authorised capital, except where otherwise stipulated by the Law on Companies;
19) Take a decision on approval of the Rules for granting shares to employees and/or members of bodies;
20) Take a decision for the Company to purchase own shares;
21) Take a decision on the reorganisation or division of the Company and approve the terms of reorganisation or division;
22) Take a decision to transform the Company;
23) Take a decision to restructure the Company;
24) Take a decision to liquidate the Company, cancel the liquidation of the Company, except where otherwise provided by the Law on Companies;
25) Elect and remove the liquidator of the Company, except where otherwise provided by the# GOVERNANCE REPORT

3.2 APB APRANGA

Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

The Law on Companies. Competence of General Shareholders‘ Meeting additionally includes adoption of the resolutions on the composition of the Audit Committee of the Company, including the appointment and removal of individual members of the Audit Committee, and approving the charter of the Audit Committee. General Shareholders' Meeting has a right to amend the Articles of Association under the qualified majority of votes, which may not be less than 2/3 of all votes of the shareholders attending at the Meeting, except for the exceptions specified by Law on Companies. For more information on the rights and restrictions granted to shareholders, see Note 7, Securities.

The Board, consisting of six members, is elected by General Shareholders' Meeting for a 4-year term. Company‘s Board members election and revocation procedure is the same as specified by Law on Companies. Since a supervisory board is not formed in the Company, the Board performs, among other things, the supervisory functions established by the Law on Companies.

Company’s Board activity is conducted by the chairman of the Board. The Board elects its chairman from among its members. The Board continues in office for the period established in the Articles of Association or until a new Board is elected and assumes the office but not longer than until the annual General Shareholders' Meeting during the final year of its term of office.

Board of Company considers and approves:
1. The activity strategy of the Company;
2. The annual and interim report of the Company;
3. The management structure of the Company and the positions of the employees;
4. The positions to which employees are recruited by competition;
5. Regulations of branches and representative offices of the Company;
6. Description of the procedure for participation and voting in the general meeting of shareholders by means of electronic communication.

The Board adopts the following resolutions:
1. Resolutions for the Company to become an incorporator or a member of other legal entities;
2. Resolutions to establish branches and representative offices of the Company;
3. Resolutions to invest, dispose of or lease the tangible long-term assets the book value whereof exceeds 1/20 of the share capital of the Company (calculated individually for every type of transaction);
4. Resolutions to pledge or mortgage the tangible long-term assets the book value whereof exceeds 1/20 of the share capital of the Company (calculated for the total amount of transactions);
5. Resolutions to offer surety or guarantee for the discharge of obligations of third persons the amount whereof exceeds 1/20 of the share capital of the Company;
6. Resolutions to acquire the tangible long-term assets the price whereof exceeds 1/20 of the share capital of the Company;
7. Resolutions regarding issuance of debenture of the Company (except issuance of convertible debenture);
8. Other resolutions within the competence of the Board as prescribed by the Law on Companies, Articles of Association or the resolutions of the General Shareholders' Meeting.

The Board analyses and assesses the documents submitted by the Manager of the Company on:
1. The implementation of the activity strategy of the Company;
2. The organisation of the activities of the Company;
3. Financial standing of the Company;
4. The results of economic activities, income and cost estimates, the stocktaking data and other accounting data of changes in the assets.

The Board elects and removes from office the Manager of the Company, fixes his/her remuneration and sets other terms of the employment agreement, approves his/her job description, provides incentives and imposes penalties. The Board analyses and assesses the Company's draft set annual financial statement and draft of profit/loss distribution and together with feedback, proposals and with the annual report of the Company submits them to the General Shareholders' Meeting. The Board is responsible for convening and arrangement of the General Shareholders' Meeting in due time. The Board performs the supervisory functions set out in Article 34, Part 11 of the Law on Companies. The Board analyzes and evaluates the draft of the Company's remuneration policy and submits it together with feedback and proposals to the General Meeting of Shareholders.

Each member of the Board is entitled to initiate convening of the Board meeting. The Board may adopt resolutions and its meeting shall be deemed to have taken place when the meeting is attended by 2/3 and more of the members of the Board. The resolution of the Board is adopted if more votes for it are received than the votes against it. In the event of a tie, the Chairman of the Board shall have the casting vote. The member of the Board is not entitled to vote when the meeting of the Board discusses the issue related to his/her activities on the Board or the issue of his/her responsibility.

The Manager of the Company – General Director - is a single-person management body of the Company. The Manager of the Company acts at his/her own discretion in relation to the Company with other persons. The Manager of the Company is elected and removed from office by the Board which also fixes his/her salary, approves his/her job description, provides incentives and imposes penalties. The employment agreement is concluded with the Manager of the Company and is signed on behalf of the Company by the Chairman of the Board or other person authorized by the Board. In his/her activities the Manager of the Company complies with laws and other legal acts, Articles of Association, General Shareholders' Meeting resolutions, Board resolutions, his/her job descriptions. The Manager of the Company acts on behalf of the Company and is entitled to enter into the transactions at his/her own discretion.

The Manager of the Company may conclude the following transactions provided that there is a decision of the Board to enter into these transactions:
* to invest, dispose of or lease the tangible long-term assets the book value whereof exceeds 1/20 of the share capital of the Company (calculated individually for every type of transaction);
* to pledge or mortgage the tangible long-term assets the book value whereof exceeds 1/20 of the share capital of the Company (calculated for the total amount of transactions);
* to offer surety or guarantee for the discharge of obligations of third persons the amount whereof exceeds 1/20 of the share capital of the Company;
* to acquire the tangible long-term assets the price whereof exceeds 1/20 of the share capital of the Company as well as to conclude transactions with related parties as provided by Law on Companies.

The Manager of the Company is responsible for:
1. The organization of the Company‘s activity and implementation of its objectives;
2. The drawing up of the set of annual financial statements and the drafting of the annual report of the Company;
3. Preparation of the draft description of the procedure for participation and voting in the general meeting of shareholders by means of electronic communication;
4. The drawing up of a draft of procedure of the assessment and conditions for transactions with related parties that are concluded under normal market conditions in the course of normal economic activity;
5. The drawing up of a draft remuneration policy;
6. The drawing up of a draft remuneration report;
7. Public announcement of the remuneration policy and remuneration report on the Company's website;
8. Concluding an agreement with the auditor or firm of auditors;
9. Submission of information and documents to the shareholders, General Shareholders' Meeting and the Board in cases prescribed by Law on Companies or at their request;
10. Submission of the documents and data of the Company to manager of the Register of Legal Entities;
11. Submission of documents to the Bank of Lithuania and Central Securities Depository;
12. Public announcement of information prescribed by Law on Companies in a source indicated in Articles of Association;
13. Submission of information to shareholders;
14. Preparation of the draft decision of the distribution of dividends for the period, shorter than a financial year, composition of the set of the interim financial reports and the preparation of the interim report for the decision of the distribution of dividends for the period, shorter than a financial year;
15. Notification to the shareholders and the Board about the most important events that have a significance for the company's activities;
16. Preparation of draft rules for granting shares;
17. The performance of other duties prescribed by laws as well as in the Articles of Association and the job descriptions of the Manager of the Company.

The Manager of the Company organizes daily activities of the Company, hires and dismisses employees, concludes and terminates employment contracts with them, provides incentives and imposes penalties. The Manager of the Company is responsible for preparation of the draft share subscription agreement and its data correctness. The Manager of the Company issues authorizations and procuration within the scope of its competence. The Manager of the Company is accountable and regularly reports to the Board on the implementation of Company‘s activity strategy, the organization of the Company‘s activity, the financial standing of the Company, the results of economic activity, the income and cost estimates, the stocktaking data and other accounting data of changes in the assets.# APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

MANAGEMENT OF THE COMPANY

BOARD OF THE COMPANY

On 28 April 2022 the Annual General Meeting of Company shareholders elected Company‘s members of the Board for new 4- year term. 27 th April 2026 is the end term for Company‘s Board. Company’s Board consist of six members, two of them are independent.

Darius Mockus

Chairman of the Board

Darius Mockus (born in 1965) - Chairman of the Board since 2 May 2002 (member of the Board since 23 March 1995). Education: Vilnius University, Faculty of Economics, Industrial Planning. He has no Company shares. With related companies Minvista UAB (Code of Enterprise: 110685692; Registered office: Aukštaičių g. 7, Vilnius) and MG Investment UAB (Code of Enterprise: 123249022; Registered office: Aukštaičių g. 7, Vilnius) he has 41 965 028 shares, representing 75.90% of the share capital and votes.

Information on current management positions in other companies:

Company name	Company code	Registered office	Current position
UAB MG grupė	125459336	Aukštaičių g. 7, Vilnius, Lithuania	President - the main position
UAB MV GROUP	125313192	Aukštaičių g. 7, Vilnius, Lithuania	Chairman of the Board
UAB DARNU GROUP	123010339	Aukštaičių g. 7, Vilnius, Lithuania	Chairman of the Board

Information on shareholdings in other companies above 5%:
MG Grupė UAB - 100% of the share capital; Minvista UAB – 100% of the share capital.

Information about participation in other organizations:
President of Honour of the Lithuanian Tennis Union.

Ilona Šimkūnienė

Member of the Board, Purchasing Director

Ilona Šimkūnienė (born in 1963) - Apranga group Purchasing Director, Member of the Board of APB Apranga since 27 March 1998, in the Company since 1985. Education: Vilnius University, Faculty of Trade, specialization in Trade Economics. She has no Company shares.

Information on positions in other companies:

Company name	Company code	Registered office	Current position
UAB Apranga LT	300021271	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga BPB LT	300509648	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga PLT	300551572	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga SLT	301519684	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga MLT	302627022	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga HLT	304042131	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga OLT	304757395	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
UAB Apranga Ecom LT	304184173	Ukmergės 362, Vilnius, Lithuania	Chairman of the Board
Apranga LV SIA	40003672631	Elizabetes iela 51, Riga, Latvia	Chairman of the Board
Apranga BPB LV SIA	40003887840	Elizabetes iela 51, Riga, Latvia	Chairman of the Board
Apranga PLV SIA	40003887747	Elizabetes iela 51, Riga, Latvia	Chairman of the Board
Apranga SLV SIA	50103201281	Elizabetes iela 51 - 1A, Riga, Latvia	Chairman of the Board
Apranga MLV SIA	40103486301	Elizabetes iela 51 - 1A, Riga, Latvia	Chairman of the Board
Apranga HLV SIA	40203202205	Elizabetes iela 51 - 1A, Riga, Latvia	Chairman of the Board
Apranga OLV SIA	50203162031	Elizabetes iela 51 - 1A, Riga, Latvia	Chairman of the Board
Apranga Ecom LV SIA	40103972857	Elizabetes iela 51 - 1A, Riga, Latvia	Chairman of the Board
Apranga Estonia OU	11026132	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga BEE OU	11419148	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga PB Trade OU	11530250	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga ST Retail OU	11530037	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga MDE OU	12617929	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga HEST OU	14075697	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga Ecom EE OU	14004869	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board

Has no shareholdings in other companies above 5%.

Vidas Lazickas

Member of the Board

Vidas Lazickas (born in 1965) - Member of the Board of APB Apranga since 29 April 2011. Education: Vilnius University, Faculty of Economics, specialization in Production Management and Organization. He has 265 138 shares of the Company, representing 0.48% of the share capital and votes.

Information on current management positions in other companies:

Company name	Company code	Registered office	Current position
UAB MG Grupė	125459336	Aukštaičių g. 7, Vilnius, Lithuania	Economics and Finance Director - the main position
UAB MG Investment	123249022	Aukštaičių g. 7, Vilnius, Lithuania	General Director
UAB Eminta	303140423	Aukštaičių g. 7, Vilnius, Lithuania	Director
UAB Euvalda	123248988	Aukštaičių g. 7, Vilnius, Lithuania	Director
UAB MG Media	211616910	Aukštaičių g. 7, Vilnius, Lithuania	General Director
UAB Minvista	110685692	Aukštaičių g. 7, Vilnius, Lithuania	Director
UAB MV GROUP Distribution LT	121702328	Aukštaičių g. 7, Vilnius, Lithuania	Chairman of the Board
UAB Laisvas ir nepriklausomas kanalas	123026090	Šeškinės g. 20, Vilnius, Lithuania	Chairman of the Board
UAB Mediafon“	124424581	Olimpiečių g. 1 - 31, Vilnius, Lithuania	Chairman of the Board
UAB Mediafon Carrier Services	304065315	Olimpiečių g. 1 - 31, Vilnius, Lithuania	Chairman of the Board
UAB Mediafon Datapro	304065322	Olimpiečių g. 1 - 31, Vilnius, Lithuania	Chairman of the Board
UAB MV GROUP	125313192	Aukštaičių g. 7, Vilnius, Lithuania	Member of the Board
UAB MV GROUP Asset Management	304145213	Aukštaičių g. 7, Vilnius, Lithuania	Member of the Board
Įmonių grupė Alita AB	302444238	Miškininkų g. 17, Alytus, Lithuania	Member of the Board
OU MV GROUP Distribution EE	11021347	Kalmari tee 10, Rae vald, Harjumaa, Estonia	Member of the Board
SIA MV GROUP Distribution LV	40003787568	Medus iela 7, Ryga, Latvia	Member of the Board
MV GROUP Distribution PL Sp.Zo.o	140330387	22 Annopol Street, 03-236 , Warsaw, Poland	Member of the Board
AB MV GROUP Production	132082782	Aukštaičių g. 7, Vilnius, Lithuania	Member of the Board
UAB DARNU GROUP	123010339	Aukštaičių g. 7, Vilnius, Lithuania	Member of the Board

Has no shareholdings in other companies above 5%.

Ramūnas Gaidamavičius

Member of the Board, Development Director

Ramūnas Gaidamavičius (born in 1968) - APB Apranga group Development Director, Member of the Board of APB Apranga since 30 April 2010, in the Company since 2002. Education: Vilniaus University of Technology, Faculty of Mechanics, specialization in Machine Building. He has 5 000 shares of the Company, representing 0.01% of the share capital and votes.

Information on positions in other companies:

Company name	Company code	Registered office	Current position
UAB Apranga LT	300021271	Ukmergės 362, Vilnius, Lithuania	Member of the Board
Apranga SIA	40003610082	Elizabetes iela 51, Riga, Latvia	Chairman of the Board
Apranga LV SIA	40003672631	Elizabetes iela 51, Riga, Latvia	Member of the Board
Apranga BPB LV SIA	40003887840	Elizabetes iela 51, Riga, Latvia	Member of the Board
Apranga PLV SIA	40003887747	Elizabetes iela 51, Riga, Latvia	Member of the Board
Apranga SLV SIA	50103201281	Elizabetes iela 51 - 1A, Riga, Latvia	Member of the Board
Apranga MLV SIA	40103486301	Elizabetes iela 51 - 1A, Riga, Latvia	Member of the Board
Apranga HLV SIA	40203202205	Elizabetes iela 51 - 1A, Riga, Latvia	Member of the Board
Apranga OLV SIA	50203162031	Elizabetes iela 51 - 1A, Riga, Latvia	Member of the Board
Apranga Ecom LV SIA	40103972857	Elizabetes iela 51 - 1A, Riga, Latvia	Member of the Board
Apranga OU	11274427	Rotermanni mnt 18/1, Tallinn, Estonia	Chairman of the Board
Apranga Estonia OU	11026132	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga BEE OU	11419148	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga PB Trade OU	11530250	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga ST Retail OU	11530037	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga MDE OU	12617929	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga HEST OU	14075697	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board
Apranga Ecom EE OU	14004869	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board

Has no shareholdings in other companies above 5%.

Jonas Jokštys

Member of the Board, independent

Jonas Jokštys (born in 1982) – Member of Board of APB Apranga since 29 th April 2021. Education: Stocholm School of Economics in Riga (2000-2003) Bachelor of Economics and Business Administration and London School of Economics and Political Science (2005-2006) Master of Philosophy and Political Science. He has no Company shares.

Information on positions in other companies:

Company name	Company code	Registered office	Current position
UAB Elmoris VG	305710509	Titnago g. 13A, Vilnius, Lithuania	Member of the Board
UAB Vendos	304472649	S. Konarskio g. 2-29, Vilnius, Lithuania	Director
APB Imum	305646914	S. Konarskio g. 2-29, Vilnius, Lithuania	Director
UAB Žemaitijos žemė	305704335	Vaidilutės g. 61, Vilnius, Lithuania	Director

Has no shareholdings in other companies above 5%.

Gintaras Juškauskas

Member of the Board, independent

Gintaras Juškauskas (born in 1970) - Member of Board of APB Apranga since 29th April 2021.# G O V E R N A N C E R E P O R T

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

Information on positions in other companies:

Company name	Company code	Registered office	Current position
Gintaro Juškausko IĮ	302720373	Vanaginės g. 87, Vilnius, Lietuva	Director
UAB Merits	301678932	Gedimino pr. 54B-1, Vilnius, Lietuva	Associate Partner

Has no shareholdings in other companies above 5%.

MANAGEMENT OF THE COMPANY AND THE GROUP

The key management members of the Company and the Group as of 31 December 2023:

Name, Surname	Position	Number of shares owned*	Part in the share capital	Start at company
Rimantas Perveneckas	General Director	800 770	1,45%	1983
Ilona Šimkūnienė	Purchasing Director	-	-	1985
Ramūnas Gaidamavičius	Development Director	5 000	0,01%	2002
Gabrielius Morkūnas	Chief Financial Officer	-	-	2021
Aušra Tartilienė	Inditex chain Director	-	-	1989
Irma Marcinkienė	Sales and Marketing Director	1 863	0,003%	2000
Audronė Martinkutė	Personnel Director	360	0,001%	2002

* with related parties

Information about General director of the Company and the Group:

Rimantas Perveneckas General Director

Rimantas Perveneckas (born in 1960) - APB Apranga group General Director, Member of the Board of APB Apranga since 23 February 1993, in the Company since 1983.
Education: Vilnius University, Faculty of Trade, specialization in Trade Economics.
He has 800 770 shares of the Company, representing 1.45% of the share capital and votes.
Has no positions in other companies.
Has no shareholdings in other companies above 5%.

Information about CFO of the Company and the Group:

Gabrielius Morkūnas Chief Financial Officer

Gabrielius Morkūnas (born in 1990) - Apranga Group Finance and Economics Director, in the Company since 2021.
Education: Mykolo Romerio University, Bachelor of Economics and Finance.

Information on positions in other companies:

Company name	Company code	Registered office	Current position
UAB Apranga BPB LT	300509648	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga PLT	300551572	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga SLT	301519684	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga MLT	302627022	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga HLT	304042131	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga OLT	304757395	Ukmergės 362, Vilnius, Lithuania	Member of the Board
UAB Apranga Ecom LT	304184173	Ukmergės 362, Vilnius, Lithuania	Member of the Board
Apranga OU	11274427	Rotermanni mnt 18/1, Tallinn, Estonia	Member of the Board

Has no shareholdings in other companies above 5%.

AUDIT COMMITTEE

The Audit Committee consists of 3 members, 2 of them are independent. The Audit Committee is elected for a 4-year term. Committee members are appointed and dismissed by the Company's general meeting of shareholders at the proposal of the Management Board

The main functions of the Audit Committee are:
* To inform the General Director of the Company of the outcome of the statutory audit;
* To monitor the financial reporting process and submit recommendations to ensure its integrity;
* To monitor the effectiveness of the Company’s internal quality control and risk management systems, having impact on the financial reporting of the Company;
* To monitor the statutory audit of the annual and consolidated financial statements;
* To review and monitor the independence of the statutory auditors or the audit firms;
* To be responsible for the procedure for the selection of statutory auditor(s) or audit firm(s).

The General Shareholders Meeting hold on 27 April 2017 approved the new Charter of the Audit Committee. The General Shareholders Meeting hold on 27 April 2021 approved three members of the Audit Committee for the new 4-year term: Rita Zakalskienė (the independent member of the Committee, Chair of the committee), Justina Puškorė (the independent member of the Committee) and Rasa Rulevičiūtė (an employee of the Company).

In 2023, 2 Audit Committee meetings were held. Following issues were discussed during the meetings of the Committee: discussing the notes of the external auditors' to the financial statements for 2022; also planned for 2023 the scope of the audit and the terms of the audit; and other issues.

Information on major share packages controlled either directly or indirectly

Details of the shares are provided in Note 14 to the Consolidated financial statements, Investments In Subsidiaries.

Information on transactions with related parties

No transactions with related parties as provided for in art. 37(2) of the Law on Companies of the Republic of Lithuania were concluded in 2023.

Information on shareholders having special control rights

All shares of the Company are of one class ordinary registered shares granting their owners (shareholders) equal rights. Details of the shares are provided in Note 7 to the Consolidated financial statements, Securities.

Information of amendments to the Company‘s Articles of Association

In 2023, there were no amendments of the Company‘s Articles of Association.

G O V E R N A N C E R E P O R T

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023 (all tabular amounts are in EUR thousands unless otherwise stated)

Information on all agreements between shareholders

The Company does not have any information on agreements between shareholders.

Information on the varied policy applicable to the election of the Company‘s chief manager, the members of governing and supervisory boards

The Company does not have the variety policy applicable to the election of the chief manager and the members of governing and supervisory bodies.

During the procedure of selection of candidates to the Company‘s board of directors, governing and supervisory boards, the candidates shall be subject to requirements that do not discriminate a candidate on grounds of age, sex,education, or professional experience.

During the selection of a candidate, the Company does not set any restrictions for nomination of a candidature on grounds of sex or age.

Considering the specificity of the Company‘s business activity and the status of a state-owned company, unbiased requirements which are only related to the functions and competences of the members of a governing boards and the professional experience and education proportionate to these functions and competences are set.

Disclosure of Compliance with the Corporate Governance Code for the Companies Listed son NASDAQ Vilnius

The public trade company APRANGA (hereinafter referred to as the “Company”), acting in compliance with Article 12(3) of the Law of the Republic of Lithuania on Securities and paragraph 24.5 of the Listing Rules of AB NASDAQ OMX Vilnius, hereby discloses how it complies with the Corporate Governance Code for the Companies listed on Nasdaq Vilnius as well as its specific provisions or recommendations. In case of non-compliance with this Code or some of its provisions or recommendations, the specific provisions or recommendations that are not complied with must be indicated and the reasons for such non-compliance must be specified. In addition, other explanatory information indicated in this form must be provided.

Summary of the Corporate Governance Report: Apranga APB is the parent company of the Group, registered in the Republic of Lithuania. At the end of 2023, it managed 25 daughter companies established in the three Baltic States. The Group’s core business is the retail sale of clothing. Of the 26 companies that make up the Group, 23 represent specific brands (Zara, Bershka, Pull&Bear, Stradivarius, Massimo Dutti, Zara Home and Oysho) on the basis of franchise agreements concluded with Inditex, a leader in the global apparel retail market. Three companies (APB Apranga, SIA Apranga and OÜ Apranga) represent brands other than Inditex (single-brand stores) as well as their own retail chains (multi-brand stores): Apranga, Apranga Galerija, City, Mados Linija, etc.

Corporate governance activities are concentrated in the Group’s parent company, APB Apranga, which coordinates finances, legal, strategic planning and control, human resources and training, business management and development, information technology, ordering and pricing, marketing and advertising, and other general areas within the Group’s companies. The Group uses a centralized management model, and practically all management functions are concentrated at the Group’s headquarters in Vilnius.

The Group’s main company, APB Apranga, has been listed on the Nasdaq Vilnius Stock Exchange since 1997. The company has been on the Baltic Main List since 2005. The share capital of APB Apranga is EUR 16,034,668.40 and it is divided into 55,291,960 ordinary registered shares (ISIN code LT0000102337) with a nominal value of EUR 0.29 each, where each share grants to its owner 1 vote (in total 55,291,960 voting shares), all shares are paid in full and give the owners equal rights.

On 31 December 2023, APB Apranga had 7 017 shareholders. The main parent company, whose financial statements are made public, is UAB MG grupė. The main person controlling the Group is Mr. D. J. Mockus, who, together with related companies, holds 41 965 028 APB Apranga shares, accounting for 75.90% of the authorized capital and total votes.

According to the Company’s articles of association, the bodies of the Company are the general meeting of shareholders, the collegial management body – the management board, and the sole management body – the manager of the Company. A supervisory board is not formed at the Company.# GOVERNANCE REPORT

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

Six members are elected to the management board by the general meeting of shareholders for a maximum period of four years. The Company’s management board is made up of board chair D.J. Mockus and board members Ilona Šimkūnienė, Vidas Lazickas, Gintaras Juškauskas (independent), Jonas Jokštys (independent) and Ramūnas Gaidamavičius. The management board elects and removes the manager of the Company – the general director. The Company has an audit committee consisting of three members, two of whom are independent. The audit committee is elected for a period of four years. The members of the committee are appointed and removed by the Company’s general meeting of shareholders on the recommendation of the Company’s management board. On 27 April 2017, the authority of the audit committee and the composition of the audit committee consisting of three (3) members were approved by the decision of the general meeting of shareholders. Members of the audit committee: Rita Zakalskienė (the independent member of the Committee, Chair of the committee) and Justina Puškorė (the independent member of the Committee), Rasa Rulevičiūtė (an employee of the Company).

Structured table for disclosure:

PRINCIPLES/ RECOMMENDATIONS	YES / NO/ NOT APPLICABLE	COMMENTARY
Principle 1: General meeting of shareholders, equitable treatment of shareholders, and shareholders’ rights
The corporate governance framework should ensure the equitable treatment of all shareholders. The corporate governance framework should protect the rights of shareholders.
1.1. All shareholders should be provided with access to the information and/or documents established in the legal acts on equal terms. All shareholders should be furnished with equal opportunity to participate in the decision-making process where significant corporate matters are discussed.	Yes	The Company adheres to the Information Disclosure Guidelines and provides important information to investors in a timely, accurate, clear and comprehensive manner on its website https://aprangagroup.lt/lt/investuotojams, in the Nasdaq Vilnius Information Disclosure System, in the Central Storage Facility, and in presentations to investors by the manager and senior management of the Company, thus providing equal access to it to all of the Company’s shareholders. The Company complies with the requirements provided in the Law on Companies concerning the right of shareholders to information and the provision thereof. The Company adheres to the decision-making procedures prescribed to the competence of the general meeting of shareholders by the Law on Companies as well as the Company’s articles of association, and gives shareholders equal opportunities to vote on the adoption of relevant decisions at general meetings of shareholders (it is permitted to vote by completing a ballot, represent a shareholder by proxy, etc.; information about upcoming general meetings of shareholders and related material is also published in English).
1.2. It is recommended that the company’s capital should consist only of the shares that grant the same rights to voting, ownership, dividend and other rights to all of their holders.	Yes	The Company’s capital only consists of ordinary registered intangible shares, which grant each shareholder equal voting, ownership, dividend and other rights, depending on the number of shares held.
1.3. It is recommended that investors should have access to the information concerning the rights attached to the shares of the new issue or those issued earlier in advance, i.e. before they purchase shares.	Yes	The Company provides information concerning the rights attached to newly or previously issued shares in preliminary prospectuses, in its annual and interim reports, and on its website.
1.4. Exclusive transactions that are particularly important to the company, such as transfer of all or almost all assets of the company which in principle would mean the transfer of the company, should be subject to approval of the general meeting of shareholders.	No	Decisions on the transfer, lease, investment, pledge or mortgage of fixed assets with a book value of more than 1/20 of the authorized capital in accordance with the Company’s articles of association, which were approved by decision the general meeting of shareholders, are taken by the Company’s management board. The competence of the general meeting of shareholders provided for in the Company’s articles of association does not differ from its competence as provided for in the Law on Companies. In any event, under the Law on Companies, approval of the general meeting of shareholders does not relieve the management board of responsibility for decisions made.
1.5. Procedures for convening and conducting a general meeting of shareholders should provide shareholders with equal opportunities to participate in the general meeting of shareholders and should not prejudice the rights and interests of shareholders. The chosen venue, date and time of the general meeting of shareholders should not prevent active participation of shareholders at the general meeting. In the notice of the general meeting of shareholders being convened, the company should specify the last day on which the proposed draft decisions should be submitted at the latest.	Yes	Shareholders are informed about upcoming general meetings of shareholders in accordance with the requirements of legislation and the Company’s articles of association – adhering to the notification deadlines and methods and means of announcement. The opportunity to participate in the meeting is supplemented by the option of voting by ballot or authorizing another person to represent the shareholder. All shareholders are also notified about upcoming general meetings of shareholders in advance on the Investor Calendar. The general meeting of shareholders is always held at the Company’s headquarters. A working day is always chosen for the date, and the time is always during the first half of the day or around lunchtime, so public transport can also be used to attend. In the notice of the general meeting of shareholders being convened, the Company does not restrict the right of shareholders to submit new draft decisions either before or during the meeting, and this is clearly stated in the notice of the general meeting of shareholders being convened in both Lithuanian and English.
1.6. With a view to ensure the right of shareholders living abroad to access the information, it is recommended, where possible, that documents prepared for the general meeting of shareholders in advance should be announced publicly not only in Lithuanian language but also in English and/or other foreign languages in advance. It is recommended that the minutes of the general meeting of shareholders after the signing thereof and/or adopted decisions should be made available publicly not only in Lithuanian language but also in English and/or other foreign languages. It is recommended that this information should be placed on the website of the company. Such documents may be published to the extent that their public disclosure is not detrimental to the company or the company’s commercial secrets are not revealed.	Yes	The notice of the general meeting of shareholders being convened, draft decisions, the general voting ballot, and other related documents (for example, when amending the articles of association – the articles of association and the proposed amendments) are published/presented not only in Lithuanian, but in English as well (thus far, there has not been a need to prepare documents in other foreign languages). Minutes of the general meeting of shareholders (decisions taken during the meeting) are also published on the Company’s website in English (for example: https://aprangagroup.lt/en/investors/corporate- governance/shareholders-meetings/3755-resolutions-of- the-annual-general-meeting-of-apranga-apb- shareholders-9)
1.7. Shareholders who are entitled to vote should be furnished with the opportunity to vote at the general meeting of shareholders both in person and in absentia. Shareholders should not be prevented from voting in writing in advance by completing the general voting ballot.	Yes	Shareholders are furnished with these opportunities – information is provided about them in advance in the notice of the general meeting of shareholders being convened. The general voting ballot can also be completed in English.
1.8. With a view to increasing the shareholders’ opportunities to participate effectively at general meetings of shareholders, it is recommended that companies should apply modern technologies on a wider scale and thus provide shareholders with the conditions to participate and vote in general meetings of shareholders via electronic means of communication. In such cases the security of transmitted information must be ensured and it must be possible to identify the participating and voting person.	No	Shareholders are not yet provided with these conditions because the security of transmitted information and identification of the participating and voting person must first be ensured by necessary and proportionate means. The Company has not yet introduced such electronic means of communication.
- voting in person at the meeting;
- voting by proxy;
- voting upon concluding a voting trust agreement;
- voting in advance by completing the general voting ballot (in English as well), including its transmission to the Company via electronic means of communication;
are versatile and sufficient, and that shareholders’ rights to participate and vote at the meeting are properly implemented.

1.9. It is recommended that the notice on the draft decisions of the general meeting of shareholders being convened should specify new candidatures of members of the collegial body, their proposed remuneration and the proposed audit company if these issues are included into the agenda of the general meeting of shareholders. Where it is proposed to elect a new member of the collegial body, it is recommended that the information about his/her educational background, work experience and other managerial positions held (or proposed) should be provided.

| PRINCIPLES/ RECOMMENDATIONS | YES / NO/ NOT APPLICABLE | COMMENTARY # G O V E R N A N C E R E P O R T

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

3.1 Functions and liability of the management board

The management board should ensure the implementation of the company’s strategy and good corporate governance with due regard to the interests of its shareholders, employees and other interest groups.

3.1.1.

The management board should ensure the implementation of the company’s strategy approved by the supervisory board if the latter has been formed at the company. In such cases where the supervisory board is not formed, the management board is also responsible for the approval of the company’s strategy.

Yes/No The Company does not prepare or approve a separate Company strategy. The Company prepares, approves and publishes the Company’s one-year operational plans. Company’s objectives are disclosed in the Company’s annual reports and notifications of material events, which are published in the same sources as provided in the answer to 1.1.

3.1.2.

As a collegial management body of the company, the management board performs the functions assigned to it by the Law and in the articles of association of the company, and in such cases where the supervisory board is not formed in the company, it performs inter alia the supervisory functions established in the Law. By performing the functions assigned to it, the management board should take into account the needs of the company’s shareholders, employees and other interest groups by respectively striving to achieve sustainable business development.

Yes As a collegial management body of the Company, the management board performs the functions assigned to it by the Law and in the articles of association of the Company. Since supervisory board is not formed in the Company, the board performs, among other things, the supervisory functions established by the Law on Companies. In performing the functions assigned to it, the management board takes into account the needs of the Company, shareholders, employees and other interest groups; the objective of the management board is essentially to achieve sustainable business development. At the end of the year, the Company’s management board approves next year’s budget, considering not only expansion and planned investments, but also potential staff salary increases, allocation of investments for employee training and development, implementation of IT systems and security, etc.

3.1.3.

The management board should ensure compliance with the laws and the internal policy of the company applicable to the company or a group of companies to which this company belongs. It should also establish the respective risk management and control measures aimed at ensuring regular and direct liability of managers.

Yes/No Compliance with the provisions of laws and the Company’s internal policies is ensured by the management board, as well as by the person or persons delegated by the management board, and department heads and/or jurists, within the scope of activities of the laws/policies.

3.1.4.

Moreover, the management board should ensure that the measures included into the OECD Good Practice Guidance 3 on Internal Controls, Ethics and Compliance are applied at the company in order to ensure adherence to the applicable laws, rules and standards.

Yes/No Some of the measures are applied. In 2019, the management board approved and published the Code of Ethics and Conduct, which contains, in addition to the OECD Good Practice Guidance, other rules and principles relevant to the Company’s operations. At the very beginning of 2024, Rules on Implementation of the Corruption Prevention Policy were approved in the Company`s group, which, among other things, include the obligation to declare private interests in the group companies, appoints a person responsible for corruption prevention in the group, and training materials to update the information were shared with the employees of the Company's group.

3.1.5.

When appointing the manager of the company, the management board should take into account the appropriate balance between the candidate’s qualifications, experience and competence.

Yes When appointing the manager of the Company, the management board takes into account the appropriate balance between the candidate’s qualifications, experience and competence.

3.2. Formation of the management board

3.2.1.

The members of the management board elected by the supervisory board or, if the supervisory board is not formed, by the general meeting of shareholders should collectively ensure the required diversity of qualifications, professional experience and competences and seek for gender equality. With a view to maintain a proper balance in terms of the current qualifications possessed by the members of the management board, it should be ensured that the members of the management board would have, as a whole, diverse knowledge, opinions and experience to duly perform their tasks.

Yes/No (due to gender equality) The management board is made up of persons of different professional experience and competences. The management board is composed of experts in corporate governance, economics and finance, taxes, procurement, expansion and development who possess the diverse knowledge, opinions and experience necessary for the proper and effective functioning of the management board and the interests of the Company. All members of the management board are closely acquainted with the activities of the Company, and two out of six members of the management board are employees of the Company – heads of administration. Even though only one of the six members of the management board is a woman, there are no requirements for the composition of the management board that may discriminate on the basis of sex in any way.

3.2.2.

Names and surnames of the candidates to become members of the management board, information on their educational background, qualifications, professional experience, current positions, other important professional obligations and potential conflicts of interest should be disclosed without violating the requirements of the legal acts regulating the handling of personal data at the meeting of the supervisory board in which the management board or individual members of the management board are elected. In the event that the supervisory board is not formed, the information specified in this paragraph should be submitted to the general meeting of shareholders. The management board should, on yearly basis, collect data provided in this paragraph on its members and disclose it in the company’s annual report.

Yes The names and surnames of the candidates to become members of the management board, information on their educational background, qualifications, professional experience, current positions, other important professional obligations and potential conflicts of interest are disclosed to the general meeting of shareholders in accordance with the requirements of the legislation regulating the processing of personal data and the internal legislation approved by the Company establishing the principles of data protection and processing, in all cases with the prior informed consent of the individual. The aforementioned data are presented in the Company's annual report.

3.2.3.

All new members of the management board should be familiarized with their duties and the structure and operations of the company.

Yes New members of the management board are familiarized with their duties, the structure and operations of the Company, and other information relevant to the activities of a management board member.

3.2.4.

Members of the management board should be appointed for a specific term, subject to individual re-election for a new term in office in order to ensure necessary development of professional experience and sufficiently frequent reconfirmation of their status.

Yes The members of the management board are appointed for a four-year term or, when electing individual members – until the end of the term of office of the current management board. Members of the management board who have responsibly carried out their duties, devoted time to the work of the management board, and participated in meetings, and who would like to continue to play an active role in the activities of the management board, always have the opportunity to be nominated and re-elected.

3.2.5.

Chair of the management board should be a person whose current or past positions constitute no obstacle to carry out impartial activity. Where the supervisory board is not formed, the former manager of the company should not be immediately appointed as chair of the management board. When a company decides to depart from these recommendations, it should furnish information on the measures it has taken to ensure the impartiality of supervision.

Yes The chair of the management board is a person who has never been the manager of the Company. The chair of the Company’s management board is not an employee of the Company and is a shareholder representative. It is the Company’s belief that these facts are sufficient to state that the chair of the management board is capable of acting impartially and taking decisions which represent and protect the rights of shareholders.

3.2.6.

Each member should devote sufficient time and attention to the performance of duties as a member of the management board.# GOVERNANCE REPORT

3.2

APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

| PRINCIPLES/ RECOMMENDATIONS # GOVERNANCE REPORT

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

74

| PRINCIPLES/ RECOMMENDATIONS | YES / NO/ NOT APPLICABLE | COMMENTARY |
| :---N O T A P P L I C A B L E |
| :---I
Yes/No Nomination and remuneration committees are not formed at theCompany, as the Company believes that the management board, in performing its functions, partially performs the functions of the said committees. The Company’s management board selects and appoints the manager of the Company and makes recommendations to the manager of the Company on the appointment of senior management. The management board will provide feedback and suggestions on the remuneration policy approved in the Company under the valid legislation. The Company’s management board approves the Company’s strategic and budget plans and controls their implementation and analyzes and evaluates the reports of the Company’s manager and senior management on implementation of the Company’s approved budget plans and the use of funds. In compliance with the requirements of the Law on the Audit of Financial Statement (Official Gazette, 2008, No. 82-3233), the Company has formed an audit committee consisting of three members, two of whom are independent. The audit committee is elected for a period of four years. The members of the committee are appointed and removed by the Company’s general meeting of shareholders on the recommendation of the Company’s management board. On 27 April 2017, the authority of the audit committee was approved by the decision of the general meeting of shareholders. 5.1.2. Companies may decide to set up less than three committees. In such case companies should explain in detail why they have chosen the alternative approach, and how the chosen approach corresponds with the objectives set for the three different committees. Yes See answer to 5.1.1. 5 The legal acts may provide for the obligation to form a respective committee. For example, the Law on the Audit of Financial Statements of the Republic of Lithuania provides that public-interest entities (including but not limited to public limited liability companies whose securities are traded on a regulated market of the Republic of Lithuania and/or of any other Member State) are under the obligation to set up an audit committee (the legal acts provide for the exemptions where the functions of the audit committee may be carried out by the collegial body performing the supervisory functions). |
| 5.1.3. In the cases established by the legal acts the functions assigned to the committees formed at companies may be performed by the collegial body itself. In such case the provisions of this Code pertaining to the committees (particularly those related to their role, operation and transparency) should apply, where relevant, to the collegial body as a whole. | Yes | See answer to 5.1.1. |
| 5.1.4. Committees established by the collegial body should normally be composed of at least three members. Subject to the requirements of the legal acts, committees could be comprised only of two members as well. Members of each committee should be selected on the basis of their competences by giving priority to independent members of the collegial body. The chair of the management board should not serve as the chair of committees. | Yes/No | Yes, as far as the audit committee is concerned. See answer to 5.1.1. The chair of the audit committee is not the chair of the management board; furthermore, the chair of the audit committee is an independent member of the audit committee. |
| 5.1.5. The authority of each committee formed should be determined by the collegial body itself. Committees should perform their duties according to the authority delegated to them and regularly inform the collegial body about their activities and performance on a regular basis. The authority of each committee defining its role and specifying its rights and duties should be made public at least once a year (as part of the information disclosed by the company on its governance structure and practice on an annual basis). In compliance with the legal acts regulating the processing of personal data, companies should also include in their annual reports the statements of the existing committees on their composition, the number of meetings and attendance over the year as well as the main directions of their activities and performance. | Yes/No | The authority of the audit committee laying down the procedure for the formation of the committee, the number and composition of members and requirements for members, the period of membership of the committee, the rights and obligations of the committee, the procedure for organizing meetings and making decisions, the scale of the information provided to the committee and the procedure for its provision, etc. are approved by the body that elected this body (its members) – the general meeting of shareholders. The members of the audit committee are presented to the meeting by the management board. The authority of the audit committee defining its role and specifying its rights and duties was made public after it was approved in 2017, and is not additionally published by the Company every year if there are no changes. The information provided for in this paragraph is published annually in the annual report. |
| 5.1.6. With a view to ensure the independence and impartiality of the committees, the members of the collegial body who are not members of the committees should normally have a right to participate in the meetings of the committee only if invited by the committee. A committee may invite or request that certain employees of the company or experts would participate in the meeting. Chair of each committee should have the possibility to maintain direct communication with the shareholders. Cases where such practice is to be applied should be specified in the rules regulating the activities of the committee. | Yes | It is the audit committee’s right and prerogative to decide who to invite to participate in meetings of the management board (excerpts from the Audit Committee Charter): “4.3. The Company’s general director, the chair of the management board and/or members of the management board and external auditors may participate in the meetings of the Committee. In addition, the Company’s finance and economics director and other employees of the Company may be invited to participate in the meetings of the Committee.” “3.8. The Committee shall be accountable to the Company’s general meeting of shareholders. The Committee shall submit an activity report to the general meeting of shareholders together with the complete set of financial statements submitted by the management board for approval.” |

GOVERNANCE REPORT

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

75

| PRINCIPLES/ RECOMMENDATIONS | YES / NO/ NOT APPLICABLE | COMMENTARY |
| :---1.1. Nomination and Remuneration Committees |
| No | Nomination and remuneration committees are not formed at the Company, as the Company believes that the management board, in performing its functions, partially performs the functions of the said committees. The Company’s management board selects and appoints the manager of the Company and makes recommendations to the manager of the Company on the appointment of senior management. The management board will provide feedback and suggestions on the remuneration policy approved in the Company under the valid legislation. The Company’s management board approves the Company’s strategic and budget plans and controls their implementation and analyzes and evaluates the reports of the Company’s manager and senior management on implementation of the Company’s approved budget plans and the use of funds. In compliance with the requirements of the Law on the Audit of Financial Statement (Official Gazette, 2008, No. 82-3233), the Company has formed an audit committee consisting of three members, two of whom are independent. The audit committee is elected for a period of four years. The members of the committee are appointed and removed by the Company’s general meeting of shareholders on the recommendation of the Company’s management board. On 27 April 2017, the authority of the audit committee was approved by the decision of the general meeting of shareholders. |
| 5.1.2. Companies may decide to set up less than three committees. In such case companies should explain in detail why they have chosen the alternative approach, and how the chosen approach corresponds with the objectives set for the three different committees. | Yes | See answer to 5.1.1. |
| 5.1.3. In the cases established by the legal acts the functions assigned to the committees formed at companies may be performed by the collegial body itself. In such case the provisions of this Code pertaining to the committees (particularly those related to their role, operation and transparency) should apply, where relevant, to the collegial body as a whole. | Yes | See answer to 5.1.1. |
| 5.1.4. Committees established by the collegial body should normally be composed of at least three members. Subject to the requirements of the legal acts, committees could be comprised only of two members as well. Members of each committee should be selected on the basis of their competences by giving priority to independent members of the collegial body. The chair of the management board should not serve as the chair of committees. | Yes/No | Yes, as far as the audit committee is concerned. See answer to 5.1.1. The chair of the audit committee is not the chair of the management board; furthermore, the chair of the audit committee is an independent member of the audit committee. |
| 5.1.5. The authority of each committee formed should be determined by the collegial body itself. Committees should perform their duties according to the authority delegated to them and regularly inform the collegial body about their activities and performance on a regular basis. The authority of each committee defining its role and specifying its rights and duties should be made public at least once a year (as part of the information disclosed by the company on its governance structure and practice on an annual basis). In compliance with the legal acts regulating the processing of personal data, companies should also include in their annual reports the statements of the existing committees on their composition, the number of meetings and attendance over the year as well as the main directions of their activities and performance. | Yes/No | The authority of the audit committee laying down the procedure for the formation of the committee, the number and composition of members and requirements for members, the period of# G O V E R N A N C E R E P O R T

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

| PRINCIPLES/ RECOMMENDATIONS # GOVERNANCE REPORT

3.2 APB APRANGA, Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

| PRINCIPLES/ RECOMMENDATIONS | YES / NO/ NOT APPLICABLE | COMMENTARY |
| :---# APB APRANGA

Company’s code 121933274, Ukmerges 362, Vilnius

FOR THE YEAR ENDED 31 DECEMBER 2023

(all tabular amounts are in EUR thousands unless otherwise stated)

81 PRINCIPLES/ RECOMMENDATIONS

| YES / NO/ NOT APPLICABLE | COMMENTARY |
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THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. 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THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. 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THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. 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THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 2023 IS A NEW ERA OF OUR COMPANY’S HISTORY. THIS IS A NEW ERA OF OUR COMPANY’S HISTORY. 20# ABOUT THE APRANGA GROUP

The core activity of all Group companies is clothing retailing. The parent company APB Apranga has been listed on the Nasdaq Vilnius Stock Exchange since 1997. It has been listed on the Baltic Main List since 2005. APB Apranga is a member of the Lithuanian Association of Trading Companies (LPĮA). No new associations or organisations were joined last year. The previous reports did not mention that APB Apranga is a member of the Vilnius Chamber of Commerce, Industry and Crafts.

Subsidiaries are divided into two groups: Franchisees are supplied by the Inditex Group. SIA Apranga and OÜ Apranga (non-franchised companies) operating on the Latvian and Estonian markets, are supplied by APB Apranga (except for rare exceptions where goods are delivered directly from suppliers). The non-franchised companies sell their goods in the Latvian and Estonian markets, while in Lithuania the goods are sold by APB Apranga itself. The pattern of subsidiaries has remained unchanged over the past year.

The Group's sales revenue consists of revenue from its retail chain (169 stores in Lithuania, Latvia and Estonia) and revenue from online sales. As in previous years, more than 95% of sales revenue comes from the clothing category (including online sales). The remaining sales revenue comes from sales of footwear and household goods in the respective specialised stores. In 2023, the Group continued the development of its multi-channel strategy, based on the integration of bricks-and-mortar and online stores. In 2023, the COVID-19 pandemic did not have a significant impact on the Group's operations and online trading, resulting in an online sales revenue of approximately 12.2% during the reporting period, in line with the overall multi-year trend, except for the periods of active trading restrictions.

The core business functions and management are concentrated in the parent company APB Apranga. Subsidiaries carry out only a small number of functions. Meanwhile, APB Apranga employs the vast majority of the Group's administrative staff, as well as all logistics and warehouse employees.

(Zara, Bershka, Pull&Bear, Stradivarius, Massimo Dutti and Zara Home operators in each of the three Baltic States and Oysho in Lithuania and Latvia, as well as e-commerce companies representing Inditex brands in the three Baltic States), which represent a specific brand and operate under franchise agreements with the world's largest clothing supplier, the Inditex Group (hereafter referred to as "franchisees").

(SIA Apranga, OÜ Apranga) which do not operate under franchise agreements or with a relatively small number of franchise agreements (hereafter referred to as "non- franchised companies").

23

STRUCTURE OF GROUP COMPANIES IN 2023

                                   OÜ „Apranga Estonia“
                                   OÜ „Apranga BEE“
                                   OÜ „Apranga PB Trade“
                                   OÜ „Apranga ST Retail“
                                   OÜ „Apranga MDE“
                                   OÜ „Apranga HEST“
                                   OÜ „Apranga“
                                   APB „APRANGA“
                                      |
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     LITHUANIA     LATVIA     ESTONIA    LITHUANIA     LATVIA     ESTONIA   OTHER
        |           |           |           |           |           |
UAB „Apranga LT“ SIA „Apranga LV“ OÜ „Apranga Ecom EE“ UAB „Apranga BPB LT“ SIA „Apranga BPB LV“ OÜ „Apranga BEE“ (Estonia) UAB „Apranga OLT“
UAB „Apranga BPB LT“ SIA „Apranga PLV“               UAB „Apranga PLT“ SIA „Apranga SLV“               OÜ „Apranga PB Trade“ (Estonia) UAB „Apranga Ecom LT“
UAB „Apranga PLT“ SIA „Apranga SLV“                 UAB „Apranga SLT“ SIA „Apranga MLV“               OÜ „Apranga ST Retail“ (Estonia) SIA „Apranga Ecom LV“
UAB „Apranga SLT“ SIA „Apranga MLV“                 UAB „Apranga MLT“ SIA „Apranga HLV“               OÜ „Apranga MDE“ (Estonia)
UAB „Apranga MLT“ SIA „Apranga HLV“                 UAB „Apranga HLT“ SIA „Apranga“ (Latvia)          OÜ „Apranga HEST“ (Estonia)
UAB „Apranga HLT“ SIA „Apranga“ (Latvia)          UAB „Apranga OLT“ SIA „Apranga OLV“               OÜ „Apranga“ (Estonia)
UAB „Apranga OLT“ SIA „Apranga OLV“                 UAB „Apranga Ecom LT“ SIA „Apranga Ecom LV“
UAB „Apranga Ecom LT“ SIA „Apranga Ecom LV“

SUSTAINABILITY WITHIN THE GROUP

In 2023, the Group drafted its Sustainability Strategy and Policy documents, based on the stakeholder survey performed and materiality matrix created in 2022. All the Group's top managers were involved in the preparation of the documents. The documents set out the Group's long-term objectives and an action plan to achieve them consistently. These documents have not been submitted to the Board for approval given that the Group plans to carry out a double materiality assessment in 2024 in accordance with the European Sustainability Reporting Standards and to adjust its Sustainability Strategy and Policy documents on the basis of the results. Nevertheless, the work carried out has allowed for a more detailed definition of the agenda for the reporting period and for the planning of future work, as it is anticipated that the Group's long-term objectives and commitments will not change significantly following the double materiality assessment, and should new material topics arise, they will be included and disclosed in the Group's Annual Report.

This report has been prepared in accordance with the GRI standards and the requirements for compliance with the Taxonomy Regulation as adopted by the European Commission. A list of GRI disclosures is provided in the Annex to the report (GRI Index).

All information is collected centrally, ensuring that it is reviewed by a responsible person at the submission stage. The data collected is double-checked with the involvement of top managers responsible for the relevant operational areas. The information contained in the report is approved by the CEO.

The Group's activities are guided by national legislation and key human rights instruments, as well as by the Code of Ethics and Conduct, which sets out, enshrines and explains the fundamental principles by which the Group seeks to ensure integrity, transparency and accountability. They are binding on all employees of the Group. The Group also has a Remuneration Policy, a Violence and Harassment Prevention Policy, a Whistleblowing Policy and other internal documents. During the reporting period, the Group's Gifts Policy was developed. The Company pays great attention to the protection of data, including personal data; all related requirements are enshrined in internal documents, such as the Personal Data Protection Policy and other internal documents, which describe in more detail the obligations to ensure the protection of data (including personal data).

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We commit ourselves to sustainable development at the choice of our partners. We are market leaders and use our strengths to drive change for a better future.

IMPLEMENTATION

This report has been prepared in an open and good faith manner, with the aim of being informative and useful to all stakeholders. It is guided by the principles we openly declare:

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• We never compromise on decisions that will affect the well-being of our employees, the commonwealth and the impact on the environment.
• We are open - we want to learn from best practices and share our knowledge.
• We strive to equip our stores to create the best working and service conditions.
• When thinking of our employees and customers we choose optimality and the highest European standards of innovation and technology.

DECISIONS RESULTS IMPACT

The Group's Sustainability Report consists of an introductory section and three main chapters - Environmental, Social and Governance - covering all the material topics identified by stakeholders. For more on their identification and disclosure, see the section Materiality of sustainability topics.

SUSTAINABILITY MANAGEMENT

Organisation increasingly considers sustainability management each year, and during the reporting period, we drafted the Group's Sustainability Strategy and Policy documents. Currently, sustainability management is the responsibility of the company's CEO and the Board, to whom he/she reports on the company's overall performance. The governance of the Company is based on the provisions of the Civil Code of the Republic of Lithuania, the Company Law of the Republic of Lithuania and the Company Statute. The CEO of the company, together with the Board, also takes strategic decisions on sustainability management.

The Board is composed of six members (1 woman, 5 men), two of whom are independent, to ensure that it represents the widest possible range of stakeholders. The CEO of the company is not the chairman of the Board. The Board is elected by the General Meeting of Shareholders for a term of four years, in accordance with the Company Law of the Republic of Lithuania and Company Statute. During the reporting period, the company had no diversity policy for the election of its governance and supervisory bodies, but there is no discrimination on the basis of age, gender, education or professional experience. During the reporting period, the company had no job position for sustainability management, but it would consider the necessity for such a position in the future.

The responsibility for setting and implementing the sustainability objectives currently lies with the management team in their respective areas of activity. Sustainability indicators are reviewed once per calendar year, normally after the end of the reporting period. The review and approval of the information provided, including material topics, is the

11

responsibility of the company's CEO and designated staff. The Chief Executive Officer is accountable and reports regularly to the Board on the implementation of the Company's business strategy. The Company's Annual Report (together with the Sustainability Report) is presented by the Company's CEO to the Board and then submitted to the General Meeting of Shareholders for approval.# Social Responsibility Report 2023

SUSTAINABILITY MANAGEMENT

Potential conflicts of interest in the management of sustainability topics are governed by the organisation's Code of Ethics and Conduct, and each responsible person has an obligation to declare potential conflicts of interest if they are involved in the planning, implementation, or reporting on sustainability topics. In order to identify potential conflicts of interest, the Group's Code of Ethics and Conduct and internal documents provide for the obligation to complete a declaration of interests, which is updated at least once every 2 calendar years, or in the event of any changes that may give rise to a conflict of interest. Conflicts of interest are disclosed on the basis of declarations of interest submitted and internal Group documents, without an exhaustive list of specific criteria. There were no critical concerns related to sustainability topics during the reporting period. Each member of the Board shall have the right of initiative to convene a meeting of the Board, if necessary or if such concerns are received. During the reporting period, there were no measures in place to enhance the knowledge and experience of the highest governance body (Board and top management) in the field of sustainable development, nor was there an evaluation of their performance in this area. Stakeholders can submit concerns or reports related to sustainability management either directly to the responsible persons or through the anonymous Whistleblower channel at pranesk@apranga.lt. Alternatively, any communications may be made to the general email address info@apranga.lt.

GRI 2-13 GRI 2-14 GRI 2-9 GRI 2-10 GRI 2-19 GRI 2-16 GRI 2-15 GRI 2-15 GRI 2-11 GRI 2-12 GRI 2-26

CONTENT
ABOUT THE SOCIAL RESPONSIBILITY REPORT
ABOUT THE APRANGA GROUP
SUSTAINABILITY WITHIN THE GROUP
ENVIRONMENT
SOCIAL FACTORS
ECONOMIC (GOVERNANCE) AREA
GRI INDEX

Remuneration policy for the Board and the CEO

The General Meeting of Shareholders approves the Company's Remuneration Policy. The members of the Board are not remunerated for their service on the Board, except for the independent members of the Board. The remuneration of a company's CEO consists of:

• a fixed remuneration component agreed, approved and amended by the Board on a case-by-case basis with the CEO, which shall be fixed and paid to the CEO on a monthly basis, irrespective of the Company's performance;
• a variable remuneration component that depends on the performance of the Company, including its subsidiaries (the Group), i.e. on the profit of the Group, the amount of which - a specific percentage - shall be approved by the Board. This variable amount is paid once per calendar quarter, based on the Group's performance in the previous quarter.

The ratio between the variable and fixed components depends solely on the performance of the Group. The amount of the variable remuneration component (percentage of the Group's profit) for the Company's CEO shall be determined and approved by a decision of the Company's Board of Directors in such a way as to be consistent with the business strategy, long-term objectives and operational interests of the Company and the Group, to safeguard the interests of shareholders, to promote sound and effective Company governance and risk management in the scope of the decisions taken, to avoid conflicts of interest, and to ensure adherence to the Code of Ethics and Conduct. The Board and the CEO of the Company do not receive any other remuneration, bonuses, allowances or incentives.

Depending on the content of the reports received, they are dealt with by the responsible department, always involving the legal department, which ensures that the report is dealt with competently. The company is covered by operational and other insurances and, where necessary, the insurer is involved in compensation proceedings.

CONTENT
ABOUT THE SOCIAL RESPONSIBILITY REPORT
ABOUT THE APRANGA GROUP
SUSTAINABILITY WITHIN THE GROUP
ENVIRONMENT
SOCIAL FACTORS
ECONOMIC (GOVERNANCE) AREA
GRI INDEX

RISK MANAGEMENT

The identification and assessment of risks is carried out by the highest governance body of the organisation - the Board, together with the company's top managers who make up the Directorate. This assessment informs the organisation's planning and provides the means to manage risks or the potential consequences of unmanaged or inadequately managed risks.

Geopolitical security risks.

Amidst the ongoing conflict initiated by Russia in Ukraine, geopolitical security continues to be a significant concern in 2023. The organization remains unaffected directly, as it has no operations in Russia or Ukraine and no ties to any third country in regions experiencing active hostilities. "However, the lingering uncertainty stemming from Russian aggression remains a prominent factor influencing the economic and security landscape across all the Baltic States.

Public health risks,

previously defined as epidemiological risks, continue to be monitored, although the Group did not experience any related restrictions in 2023. However, all risks related to public health are deemed relevant, as government regulations may have a significant impact on the Group's business model. The management of these risks is based on experience and proven actions to respond to potential risk factors. The Group complies with the requirements and recommendations of the authorities in all operational markets, actively encourages employees to take care of their own health, and strives to ensure safe conditions for both employees and customers.

Economic risk.

The main risks are: the high cost of raw materials for producers, the unpredictable price of energy resources, rising supply chain costs and potential disruptions, and the general economic situation. In 2023, while inflation risk stabilized and did not significantly affect business performance, its associated factors may have influenced the economic situations of both employees and customers. The cost of energy resources has bbb 13 also stabilised relatively well, and the Group's investments in renewable energy have additionally lessened the impact of this factor. Unemployment rates, the purchasing power parity index and retail sales in the Baltics remained among the most relevant indicators.

Risks of climate change impacts.

Climate change is a persistent and increasingly significant risk in the Group's operations. The textile manufacturing industry has an impact on the environment and is exposed to environmental change, therefore we aim to make the impact of climate change one of our priority risk areas. The Group's business model does not include manufacturing processes, but it is dependent on textile production by third parties. The Group aims to implement the principles of sustainable operations while at the same time ensuring its partners' responsibility to reduce their impact on climate change. We understand our responsibilities and potential risks not only in our direct operations but also along the entire value chain. The Group is working to ensure that goods entering the market are sustainably collected at the end of their life cycle, thus contributing to waste reduction. Increasing regulation in the textile manufacturing sector may affect the Group's business model. However, this should not be seen as a risk, but rather as an opportunity to invest time and effort to prepare in advance and anticipate changes in the business model to allow for adaptation.

Competition risks.

Despite growing competition, especially in the e-commerce segment, the Group confidently maintains its position as the leading clothing retailer in the Baltic States. The Group's strategy is based on a multi-channel strategy and it is actively investing in its e-commerce activities, as well as in the renewal and efficiency of the bricks and mortar store network and in the integration of the two channels with each other. We constantly monitor the market situation and make sure that competition is fair for all parties. Recent changes in the market have led to a more open market with more e-commerce

CONTENT
ABOUT THE SOCIAL RESPONSIBILITY REPORT
ABOUT THE APRANGA GROUP
SUSTAINABILITY WITHIN THE GROUP
ENVIRONMENT
SOCIAL FACTORS
ECONOMIC (GOVERNANCE) AREA
GRI INDEX

players entering the market, but this change has had no significant impact as the Group further invests and competes actively in this segment. For the sector as a whole, we see our competitors as partners with whom we can achieve more by working together on regulatory, social or environmental issues than we can by working alone. We are open to cooperation and constructive dialogue, and are committed to a relationship based on mutual respect and in compliance with all applicable legislation.

Employee-related risks.

The year 2023 was not notable for atypical indicators relating to employees and employee turnover. The Group invests in employee well-being, training and integration to mitigate any potential risks to its operations or performance. The organisation considers the well-being of its employees to be one of itscore values and strives to improve working conditions by providing additional benefits and career opportunities. The main long-term risks related to staff remain:

14 Strengthening our relationship with our employees and building a corporate culture remains our priority. As in previous periods, the risk assessment is carried out by listing extensive factors and ranking the most significant ones. The principle is not only to list priority risks and plan their possible management, but also to discuss other less likely factors to ensure a rapid response if needed.

• staff recruitment and hiring;
• seamless integration into work processes;
• staff retention, turnover reduction;
• improving employee satisfaction.# Social Responsibility Report 2023

EU TAXONOMY FOR SUSTAINABLE ACTIVITIES

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The European Union (EU) Taxonomy (Taxonomy Regulation (EU) 2020/852 and the delegated acts adopted thereon) is a classification system for sustainable economic activities, which aims to channel private investment into environmentally sustainable activities that contribute to the EU Green Deal for Europe to become the first climate-neutral continent.

The Taxonomy defines criteria based on scientific evidence to assess the sustainability of operations.

Taxonomy-eligible economic activities are defined as activities described in the delegated acts of the Taxonomy Regulation that have the potential to contribute to one or more of the EU's environmental objectives:

• Climate change mitigation
• Climate change adaptation
• The sustainable use and protection of water and marine resources
• The transition to a circular economy
• Pollution prevention and control
• The protection and restoration of biodiversity and ecosystems

Today, many economic activities are not yet defined in the Taxonomy, but this does not mean that they cannot be carried out in an environmentally sustainable way. The classification of activities as either taxonomy-eligible or non-eligible does not inherently indicate their sustainability or lack thereof.

Taxonomy-aligned activity is defined as meeting the technical screening criteria of the Taxonomy, i.e. making a significant contribution to at least one of the six environmental objectives and causing no significant harm to the other five.

In this overview, we provide information on the taxonomy-eligible activities conducted and their compliance with the Taxonomy criteria according to the main indicators: revenue, capital expenditure (CapEx) and operating expenses (OpEx) - disclosed in the tables provided further.

Given the potential for differing interpretations of the Taxonomy's wording and terminology, alongside the ongoing process of clarifying these aspects, we offer our interpretation of activity assessment within the Taxonomy framework. This interpretation is informed by external expert guidance and the best information currently available. Our disclosures and methodology for calculating the indicators may change in the future, depending on possible new official interpretations of the EU Taxonomy.

Calculation of Taxonomy indicators

Revenue

Currently, our core business activities do not fall within the sectors covered by the EU Taxonomy. The delegated acts of the Taxonomy Regulation do not describe either the Group's primary or secondary economic activities. Consequently, the Group is deemed not to generate any income from taxonomy-eligible activities, eliminating the need for further analysis. However, the Group has identified a number of investment-related activities that we believe can be included in the CapEx indicator under the Regulation.

CapEx

In 2023, certain long-term asset additions made by the Group may be associated with the following activities as defined in the Taxonomy:

• Installation, maintenance and repair of energy efficiency equipment (acquisitions of lighting, HVAC systems).
• Installation, maintenance and repair of renewable energy technologies (extension of the solar power plant).
• Transport by motorbikes, passenger cars and light commercial vehicles (acquisitions of cars).

These investments can contribute to climate change mitigation and adaptation objectives. There were no investments in the Group in 2023 that could contribute to the other four environmental targets under the Taxonomy.

The calculation of the CapEx denominator is defined in the Taxonomy. In applying the definition, we have included in the denominator the total amount of additions to long-term assets during 2023, encompassing right-of-use assets (which are non-taxonomy-eligible) accounted for under IFRS 16, constituting the largest portion of our acquisitions.

OpEx

The Group's expenses attributable to taxonomy-eligible activities, such as car repairs and air-conditioning maintenance, which meet the Taxonomy's definition of an OpEx indicator, amount to less than 1%. Therefore, this indicator is deemed insignificant within our business model, and the operational expenditure (OpEx) value for taxonomy-eligible activities is recorded as €0.

Apranga Group predominantly rents individual premises for its operations, owning very few buildings. The maintenance of these rented premises would not qualify as a taxonomy-eligible activity. The Group's total OpEx, according to Taxonomy (denominator), comprises repair, maintenance, short-term lease, cleaning of premises, repair and maintenance of IT assets costs, which include expenses related to taxonomy-non-eligible activities.

Technical screening of activities

Our evaluation of the technical screening criteria applicable to our activities/investments indicates that we only partially fulfill them. The Group has not conducted any climate risk and vulnerability assessment at either the Group level or within individual projects. Consequently, the activities/investments fail to meet one of the criteria for causing no significant harm, specifically in terms of adaptation to climate change. In this case, the compliance of the activities with the remaining criteria becomes irrelevant - the activity is overall defined as not meeting the criteria.

We aim to contribute to the EU's environmental objectives and align our activities with best sustainability practices.

Minimum safeguards

The Group applies minimum safeguards in its operations to ensure the protection of employees and human rights, the fair payment of taxes, anti-corruption, and fair competition and complies with all applicable legislation. The Group's commitments are described in more detail in other sections of the Social Responsibility Report.

According to the Taxonomy, economic activities can only be considered environmentally sustainable if they are carried out in compliance with minimum safeguards as defined by the Organisation for Economic Co-operation and Development, the United Nations, and other international agreements (see more in the Taxonomy Regulation).

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Hence, we intend to take the Taxonomy Regulation into account in our future investment planning, so that as much as possible of our investments/activities will be classified as taxonomy-aligned.

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Revenue according to Taxonomy, 2023

Economic activity	NACE code(s)	Absolute revenue 2023	Proportion of revenue 2023	Climate change mitigation (Substantial contribution criteria)	Climate change adaptation (Substantial contribution criteria)	Climate change mitigation (Do no significant harm criteria)	Climate change adaptation (Do no significant harm criteria)	Water and marine resources (Do no significant harm criteria)	Circular economy (Do no significant harm criteria)	Pollution (Do no significant harm criteria)	Biodiversity and ecosystems (Do no significant harm criteria)	Minimum safeguards (Y/N)	Taxonomy-aligned proportion of revenue 2023	Category (enabling)	Category (transitional)
A. Taxonomy-eligible activities:
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Revenue of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0%	-	-	-	-	-	-	-	-	-	0%	-	-
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Not applicable		-	0%
Revenue of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0	0%
Total: A.1 + A.2		0	0%
B. Taxonomy-non-eligible activities
Revenue of Taxonomy-non-eligible activities (B)		270,024	100%
TOTAL: A + B		270,024	100%

Capital Expenditure (CapEx) according to Taxonomy, 2023

Economic activity	NACE code(s)	Absolute Taxonomy CapEx in 2023	Percentage of capital expenditure, 2023	Climate change mitigation (Substantial contribution criteria)	Climate change adaptation (Substantial contribution criteria)	Climate change mitigation (Do no significant harm criteria)	Climate change adaptation (Do no significant harm criteria)	Water and marine resources (Do no significant harm criteria)	Circular economy (Do no significant harm criteria)	Pollution (Do no significant harm criteria)	Biodiversity and ecosystems (Do no significant harm criteria)	Minimum safeguards (Y/N)	Taxonomy-aligned proportion of Taxonomy CapEx, 2023	Category (enabling)	Category (transitional)
A. Taxonomy-eligible activities:
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Taxonomy CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0%	-	-	-	-	-	-	-	-	-	0%	-	-
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.3. Installation, maintenance and repair of energy efficiency equipment	F42, F43, M71, C16, C17, C22, C23, C25, C27, C28, S95, C33	272	0.95%
7.6. Installation, maintenance and repair of renewable energy technologies	F42, F43, M71, C16, C17, C22, C23, C25, C27, C28	104	0.36%
6.5. Transport by motorbikes, passenger cars and light commercial vehicles	H49, N77	228	0.80%
Taxonomy CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		604	2.11%
Total: A.1 + A.2		604	2.11%
B.

18 CONTENT ABOUT THE SOCIAL RESPONSIBILITY REPORT ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

Operating Expenditure (OpEx) according to Taxonomy, 2023

Economic activity NACE code(s)	Absolute operating expenses in 2023	Percentage of operating expenses, 2023	Climate change mitigation	Climate change adaptation	Climate change mitigation	Climate change adaptation	Water and marine resources	Circular economy	Pollution	Biodiversity and ecosystems	Minimum safeguards	Taxonomy- aligned percentage of operating expenses, 2023
	thousand Eur	%	%	%	%	%	%	%	%	%	Y/N	Y/N
A. Taxonomy-eligible activities:
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Operating expenses of environmentally sustainable activities (taxonomy- aligned) (A.1)	0	0%	-	-	-	-	-	-	-	-	-	-
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Not applicable	-	0	0%
Operating expenses of taxonomy- eligible,but environmentally unsustainable (not taxonomy- aligned) activities (A.2)	0	0%
Total: A.1 + A.2	0	0%
B. Taxonomy-non-eligible activities
Operating expenses of taxonomy-non- eligible activities (B)	3,175	100%
TOTAL: A + B	3,175	100%

19 CONTENT ABOUT THE SOCIAL RESPONSIBILITY REPORT ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

Stakeholder	Description	How we engage and communicate	Key sustainability topics	How we meet expectations
Employees	Administrative and logistics staff and sales staff in the three Baltic countries	Email, HR management system, intranet, face-to-face conversations, meetings, information boards in common areas	Occupational health and safety; Employee training and development; Working conditions and employee well- being	Improved working conditions, supplementary health insurance, training, career opportunities (both horizontal and vertical), flexible working hours
Consumers	Lithuanian, Latvian, Estonian residents, tourists	Newsletters, social networks, media	Organic products, sustainable packaging, product quality	Eliminating plastic bags, taxing a part of paper bags (with proceeds going to charity), expanding sustainable assortment, and responsible handling of defective products
Shareholders and the Board	Board members and shareholders or their representatives	Shareholders' meetings, board meetings	Occupational health and safety; Attracting talent; Working conditions and employee well- being; Innovation and technology	We invest in eco-friendly stores, reduce CO2 emissions, invest in renewable energy, reduce staff turnover by investing in training and improving working conditions
Business partners	Main partners in the markets in which the company operates, selected on the basis of turnover per calendar year	Email, meetings, teleconferencing, calls	Energy and climate; Occupational health and safety; Business ethics and compliance	We follow a code of ethics and conduct, comply with the law in the markets in which we operate, invest in renewable energy, and set sustainability targets for our partners

STAKEHOLDER INVOLVEMENT

To ensure that the Group's activities meet all stakeholders' expectations for sustainable performance and to ensure continuous implementation of the best possible sustainability practices, it is essential for us to regularly consult and engage with our stakeholders. We consider our stakeholders to be those groups that are significantly affected by our activities and/or find them highly relevant or those that have a significant impact on our Group. This report is based on the 2022 materiality assessment described further (in 2023, materiality assessment was not carried out). A double materiality assessment is foreseen for mm 2024, including an analysis of financial materiality. At the end of 2022, to assess the relevance of the sustainability criteria to the Group's operations, we conducted a stakeholder survey and an analysis of the retail sector on sustainability topics. An electronic survey was sent to stakeholders, in which respondents indicated their priorities and made suggestions. Stakeholders were defined in terms of their ability to collect responses and their representativeness, a list that is planned to be expanded in the future. The survey identified the following groups of stakeholders: GRI 2-29

20 CONTENT ABOUT THE SOCIAL RESPONSIBILITY REPORT ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

Stakeholder	Description	How we engage and communicate	Key sustainability topics	How we meet expectations
Regulators	Controlling authorities setting the rules of conduct in the markets for public limited companies	Email correspondence, meetings	Business ethics and compliance	We follow a code of ethics and conduct and comply with the law in the markets in which we operate
Future generations	Children of employees aged 12 and over	Media, direct communication to employees	Occupational health and safety; Diversity, equality and inclusion; Innovation and technology	Involving family members in the company's activities. Social campaign "when I grow up I will be", where children try out their parents' professions, giving them the opportunity to try out a career from the age of 17 in a job at the stores
Associations	Organisations participated by Group's companies	Meetings, email, remote meetings	Preventing corruption; Setting up eco-friendly stores; Sustainable assortment; Optimising packaging and reducing waste	Code of Ethics and Conduct, other procedures
Beneficiaries and social partners	Organisations with beneficiary status being granted support during the calendar year; Non- governmental organisations joined in joint activities	Email, calls, meetings, remote meetings	Eco-friendly store design; Sustainable assortment; Packaging optimisation and waste reduction; Working conditions and employee well- being; Climate change and energy consumption	Investing in eco-friendly stores, reducing CO2 emissions, investing in renewable energy, reducing staff turnover by investing in training and improving working conditions, running a second-hand clothing collection programme, setting priorities for the Group's sponsorship policy
Media	Media outlets in the Baltic States	Press releases, meetings, emails	Working conditions and employee well- being, Preventing corruption, Ecofriendly products, Sustainable packaging, Product quality	We follow the Code of Ethics and Conduct, comply with the law, disclose information openly and clearly, strive to develop good practices in our communication with the media, so that all stakeholders have access to information on equal terms

Environment	Social factors	Good governance
Packaging optimisation and waste reduction	Employee training and development
Energy and climate	Human rights
Animal welfare	Involvement in communities and society
Setting up eco-friendly stores	Diversity, equality and inclusion
Transport and logistics impact	Working conditions and employee wellbeing
	Talent attraction
	Product safety and quality
	Prevention of corruption
	Business ethics and compliance
	Responsibility in the supply chain (social and environmental)
	Data privacy
	Protection of consumer rights
	Management practices
	Marketing and labelling
	Sustainable assortment
	Innovation and technology

The survey included topics on the environment, social factors and good governance, respondents ranked them according to their priorities and could suggest their topics. During the reporting period, the Group has made preparations for a double materiality assessment and expects to complete this exercise in 2024. After the new assessment, material topics will be reviewed, potentially prompting adjustments to the Group's Sustainability Strategy and Policy.

21 CONTENT ABOUT THE SOCIAL RESPONSIBILITY REPORT ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

MATERIALITY OF SUSTAINABILITY TOPICS

Based on the results of the survey, the sector analysis and the recommendations of the Bank of Lithuania as the supervisory authority, a materiality matrix was developed which took into account the views of all stakeholders. The management principles for all material mmmmm sustainability topics are described in accordance with GRI requirements in this report, in chapters arranged by topic.

	MEDIUM	HIGH	IMPORTANT	MODERATELY IMPORTANT	VERY IMPORTANT	LOW IMPORTANCE FOR STAKEHOLDERS
IMPACT ON SOCIETY, ENVIRONMENT AND APRANGA GROUP'S PERFORMANCE	Occupational health and safety Working conditions and employee wellbeing Packaging optimisation and waste reduction Employee training and development Community and society engagement Diversity, equality and inclusion Animal welfare Innovation and technology Human rights Attracting talent Setting up eco-friendly stores Energy and climate Business ethics and compliance Prevention of corruption Data privacy Protecting consumer rights Governance practices Marketing and labelling Transport and logistics impact Responsibility in the supply chain Sustainable assortment	- environmental; - social; - governance/economic	Packaging optimisation and waste reduction Setting up eco-friendly stores Energy and climate Transport and logistics impact Occupational health and safety Working conditions and employee wellbeing Employee training and development Business ethics and compliance Responsibility in the supply chain (social and environmental) Sustainable assortment

A total of 10 material topics were identified in the areas of the environment, social factors and good governance. The Group's 10 key sustainability topics are: GRI 3-1 GRI 3-2 GRI 3-3

KEY SUSTAINABILITY DIRECTIONS

In 2023, the organisation has drafted its Sustainability Policy and Strategy documents, setting out short- and long-term objectives and an action plan to achieve them. However, in the light of the changing regulatory environment and the new requirements coming into force in the short term in relation to the Corporate mmm Sustainability Reporting Directive, the documents have not been finalised. Nevertheless, the organisation continues to be active in achieving the project's objectives and presents its key sustainability directions in this report:

• Reducing environmental impact - reducing the environmental impact of all activities: CO2 emissions, energy consumption, waste generation
• Employee well-being - looking after the health and emotional well-being of employees, encouraging their development and providing career opportunities within the company
• Sustainable and responsible business development - fostering a culture of ethical business, ensuring transparency and regulatory compliance
• Circular fashion initiative - contributing to the promotion of responsible fashion consumption and the transition to a circular economy through various means

Sustainability area

Material topic	Strategic (long-term) sustainability directions	Sustainable development goals
Environmental
Energy and climate	Aiming to reduce the CO2 footprint by 30% by 2030. Aiming for climate neutrality, including suppliers. Ensuring that the Group uses only green electricity.
Transport and logistics impact	Ensuring that at least 50% of new car purchases each year are hybrid or electric. Ensuring that at least 90% of the car fleet is made up of hybrid and electric cars by 2030. Organising the transportation of goods to ensure the most efficient use of resources.
Setting up eco- friendly stores	Continuing investments in energy-efficient technologies when building new or refurbishing present stores. Obliging suppliers responsible for setting up or refurbishing shops to use sustainable materials and to comply with internationally recognised environmental standards.
Packaging optimisation and waste reduction	Reducing the use of customer shopping bags per turnover and/or sales receipts by 40% (compared to 2022 figures). Eliminating the use of plastic bags. Aiming for at least 90% of bags offered to customers at stores to be priced. To direct the profits from shopping bag sales towards charity. Replacing packaging with more eco-friendly alternatives: packaging from recycled and other sustainably sourced materials. Further developing and promoting projects that encourage consumers to return second-hand clothes to shops for reuse or recycling.
Social
Working conditions and employee wellbeing	Ensuring the mental and emotional well-being and satisfaction of staff, and improving work-life balance. Extending supplementary health insurance coverage to workers in all locations. Adding a Diversity Policy to Group's policies or expanding existing policies to address diversity issues more broadly. Zero incidents of discrimination in the workplace.
Occupational health and safety	Further ensuring occupational safety and promoting employee health. Zero accidents or injuries each year. Implementing measures to improve occupational health, monitoring, staff safety and culture and to create a safe and clean working environment.
Employee training and development	Continue to organise presentations of various types for company staff with external speakers. Developing the e-learning platform - including and updating specific learning topics. Ensuring that each employee is provided with a minimum of 6 hours per year for training and development.
Human rights	Surveying suppliers and ensuring that not only does the organisation live up to its publicly declared commitments, but also demands it from its suppliers and partners.

All sustainability topics identified as material are considered strategic and their implementation is aligned with the United Nations Sustainable Development Goals framework.

Sustainability area	Material topic	Strategic (long-term) sustainability directions	Sustainable development goals
Economic (governance)
Responsibility in the supply chain		Introducing supplier surveys for all existing and new suppliers to ensure that they are committed to environmental, social and good governance issues.
Sustainable assortment		Ensuring that a growing portion of the assortment is labeled as sustainable, demonstrating to customers that the products comply not only with required legislation but also with environmental, social, and governance standards. Ensuring transparency of the products sold and to the greatest possible extent disclosing the value chain to the end user.
Business ethics and compliance		Developing a detailed anti-corruption policy or expanding on it in the organisation's Code of Ethics and Conduct. Adopting an anti-corruption training programme for staff and updating the knowledge of Board members and top management on anti-corruption. Ensuring that at least 90% of administrative staff and employees in managerial positions are familiar with anti-corruption policy. Developed supplier questionnaire should be delivered to suppliers and partners together with the information on procedures and policies adopted by the organisation and with a consistent access to the content. Zero confirmed cases of corruption. Zero significant instances of non-compliance with the law.

ENVIRONMENT

When publishing the Group's greenhouse gas (GHG ) emissions each year, we aim to make the calculations as detailed as possible and include all relevant factors. As before, we disclose in this report that the calculations we publish are estimated emissions and do not reflect all CO2 equivalent emissions associated with the Group's activities. We strive to be as accurate as possible, so we take into account the latest methodologies and guidelines to calculate GHG emissions clearly and accurately.

In the 2022 report, we have disclosed our emissions calculations for the first time and consider this year as the base year from which the strategic targets are set. Where new factors are introduced, methodologies are changed or significant circumstances arise, we will reflect this in the calculations and benchmarks accordingly.

The verification of the 2022 indicators revealed that electricity consumption was not properly accounted for, with all of it being attributed to green electricity. Errors were found in the assessment of the origin of electricity purchased indirectly (through intermediaries from whom the commercial space is rented). When it became clear that the origin of indirectly purchased electricity could not be accurately assessed due to geopolitical reasons and the resulting energy crisis, a decision was taken to classify all indirectly purchased electricity as non-green. All the electricity purchased directly by APB Apranga is certified as green electricity. In view of the inaccuracies identified, this report recalculates the GHG emissions in 2022 related to purchased electricity. Derivatives of energy consumption indicators have been adjusted accordingly.

The Apranga Group's business is exclusively clothing retailing in brick-and-mortar and online stores. The Group is not involved in any processes related to the production, nevertheless it is aware that its activities are an integral part of the global textile industry. The Group emphasizes its adherence to high environmental standards and its commitment to reduce its ecological footprint. The environmental topics are selected on the basis of relevance and include Energy and climate, mm GRI 2-4 Setting up eco-friendly stores, Transport and logistics of goods, and Optimising packaging and waste management.

GHG Emissions

• Direct (Scope 1) GHG emissions
• Energy indirect (Scope 2) GHG emissions
• Other indirect (Scope 3) GHG emissions
  • Fuel for energy
  • Transport
  • Gas leaks/freons
  • Purchased electricity
  • Purchased thermal energy
  • Waste
  • Raw materials purchased
  • Business travel
  • Energy losses and fuel recovery
  • Upstream transport services
  • Downstream transport services

ENERGY AND CLIMATE

In this report, the Apranga Group publishes the estimated greenhouse gas (GHG) emissions of its activities in CO2 equivalent. This publication identifies the emission sources and their calculation methodologies, indicating the Scope to which the emission source belongs. No additional sources were assessed, but factors were updated if they were found to be overestimated.

In 2023, the methodology for the assessment of purchased heat consumption was revised in cooperation with owners of rented premises. The Scope 2 emission factors for 2022 have also been updated, once the values for the respective years have become available.# ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

Social Responsibility Report 2023

The knowledge and methodologies of market-based financial institutions and energy suppliers were used to calculate GHG emissions. The publication of estimated emissions follows the standards and recommendations of the Greenhouse Gas Protocol (GHG) and the Global Reporting Initiative (GRI). The calculation of emissions includes not only CO2, but also other greenhouse gases (CO2, NH4, CH4, HFCs) emitted during the activities, converting the gases to CO2 equivalents according to standard coefficients, and indicating the final total number as CO2 equivalent. Emission consolidation method: operational control. For Scope 2 emissions, all GHGs were considered, but the details in the emission factor sources were not always available.

Due to its extremely low impact, the Group has not included water (a water borehole used in the administration and logistics centre using electricity accounted for in the total electricity) among the factors in the calculation of GHG emissions. These indicators have no impact on the final result. Nevertheless, the Group is actively promoting a culture of responsible consumption, encouraging efforts to reduce printed documents, reuse paper, and promptly report potential plumbing issues to the persons in charge.

GHG emissions

Measurement units	2022⁵	2023	Change 2023/2022, %	Change 2023/2022, t CO2 eq.
Direct (Scope 1)² GHG emissions	t CO2 eq. 388.2	t CO2 eq. 345.2	-11%	-43.0
Energy indirect (Scope 2)³ GHG emissions	t CO2 eq. 6 228.5¹	t CO2 eq. 3 714.61¹	-40%	-2 513.9
Other indirect (Scope 3)⁴ GHG emissions	t CO2 eq. 1 570.2	t CO2 eq. 1 803.2	+15%	+233.0
Total	t CO2 eq. 8 186.9	t CO2 eq. 5 863.0	-28%	-2 323.9

Notes:
¹Calculated using the "market based method", based on actual electricity purchases. If calculated using the "location based method", i.e. based on the country-specific nature of energy production, the Company's indirect (Scope 2) GHG emissions would be 3,817.5 tCO2eq. in 2022 and 3,939.9 tCO2eq. in 2023.
Sources of emission factors and global warming potential (GWP) indicators:
²IPCC, EEA/EMEP Guidebook 2019; ³AIB, emission factors provided by heat suppliers, ⁴DEFRA, IPCC, IEA, Cornell Hotel Sustainability Benchmarking (CHSB) index 2021
⁵This report recalculates the GHG emissions in 2022 related to purchased electricity. Derivatives have been adjusted accordingly.

We have assessed key intensity indicators for our operational emissions (Scopes 1+2+3), which will also allow us to more effectively compare our performance and the goals we are aiming at in the future.

GHG emissions intensity

	2022¹	2023	Change 2023/2022, %
t CO2 eq./EUR 1 million turnover	33.74	21.73	-36%
t CO2eq/thousand sq m of retail space	90.36	64.86	-28%

Note:
¹This report recalculates the GHG emissions in 2022 related to purchased electricity. Derivatives have been adjusted accordingly.

GRI 305-1 GRI 305-2 GRI 305-3 GRI 305-4 GRI 305-5

In 2023, the Group experienced one incident related to the operation of autonomous energy generation devices. This incident involved the use of a fuel that is typically utilized for energy generation in our own facilities. The Administration and Logistics Complex is equipped with back-up generators using diesel or natural gas, and it was the latter fuel that was used when the electricity supply was interrupted through no fault of the organisation. This incident consumed 300 cubic metres of natural gas. The Group does not have autonomous devices at other sites where it operates that directly use fuel for energy.

Vehicle emissions were calculated by taking an inventory of the car fleet owned and analysing the amount of fuel purchased and kilometres driven. The Group's car fleet totals 73 vehicles. Their average age at the end of the reporting period is 4.2 years (3.7 at the end of 2022). The average age of the cars increased due to fewer new car purchases, and longer delivery times which resulted in some ordered cars not being delivered by the end of the reporting period. Last year, the Group's operations no longer consisted of the lowest standard (EURO4) vehicles - the entire fleet now consists of EURO5 and EURO6 vehicles. 16 of the vehicles in use are hybrids. In total, the Group consumed 139 thousand litres of fuel (diesel and petrol) during the year, a 5% decrease compared to the previous year, and drove 1,794 thousand kilometres (2,248 thousand kilometres in 2022). On average, one car drove 24.5 thousand kilometres per year. Total calculated car fleet emissions are 340 t. CO2 equivalent, which is 10.3% lower than in the same period a year ago.

Direct GHG emissions

Gas leaks/freons are materials that boil and evaporate at low temperatures and are used for heat transfer. The Group uses them in the ventilation and air conditioning systems of its administrative and commercial premises. To estimate the GHG emission equivalent, the annual amount of refill refrigerant was calculated in kilograms, with an emission factor assigned to the type of material. It is estimated that 2 kg of R-410A refrigerant was used for refill per year, with a CO2 emission equivalent of 4 t or 50% less than in 2022.

Note: Freon use is mainly influenced by the technical need to upgrade equipment and is little impacted by the Group's performance in the absence of unusual incidents.

Energy indirect GHG emissions

From 2022, the Group accurately accounts for the electricity consumed at all owned or leased facilities. During the reporting period, total electricity consumption was 14,635 MWh, almost 9% less than the previous year (16,017 MWh). In 2023, all directly purchased electricity had green energy certificates. Together with indirectly purchased electricity, green energy accounted for 60% of the Group's electricity consumption. The Group is working towards the goal that all electricity consumed for its own use should have green certificates of origin.

Purchased electricity	Directly	Indirectly
LITHUANIA
Green energy	1 693 545	4 901 592
Without certificate or origin unknown 	1 753 036
LATVIA
Green energy 	1 748 858
Without certificate or origin unknown 	2 413 650
ESTONIA
Green energy 	473 236
Without certificate or origin unknown 	1 650 791
TOTAL (kWh) 	14 634 708

Until 2023, the Group did not assess the heat energy consumed to heat the commercial premises, except in cases where the heat energy was purchased directly. The 2023 report includes a heat factor in the calculation of GHG emissions, which is calculated according to the cost approach for district heating, taking into account the local factor.

In 2022, the organisation installed a 0.55MW solar power plant on the roof of its administration and logistics centre in Vilnius, which will provide clean energy for a large part of the building's electricity needs. A total of 1,325 modules have been installed on the complex, covering a total area of 2,732 square metres. The installation of the solar power plant was designed to maximise efficiency, so the most advanced solutions were chosen to ensure the performance of the plant. The project is estimated to pay-off in 4-5 years and to make a significant contribution to reducing emissions over its planned 40-year lifetime. 2023 was the first year in which the solar power plant operated for a full season, generating 653 MWh of electricity. Most of it was consumed by the Group. Each year, we invest in state-of-art technologies to reduce our consumption of natural resources and to contribute to their preservation. In developing the Group's store network, we not only take into account technological solutions, but also educate our staff on the benefits and importance of saving resources.

Direct and indirect energy consumption

Direct fuel consumption from non-renewable sources:	Measurement units	2022	2023
Diesel and petrol	TJ	5.0	4.56
Natural gas	TJ	0	0.01
Energy purchased and consumed, of which:	TJ	58.0	53.22
Electricity	TJ	57.7	52.68
Heat	TJ	0.4*	12.82
Total energy consumption in the organisation:	TJ	63.0	70.08

Note: Total energy consumption is calculated according to the GRI 302-1 formula. Conversion factors from convert-measurement-units.com are used to convert energy quantities to TJ.
* The 2022 calculations do not include consumption of district heating.

Energy intensity

	2022	2023
TJ / million EUR of revenue 	0.26	0.26
TJ / thousand sq. m. of retail space	0.70	0.78

Note: The energy intensity is calculated according to the GRI 302 Energy methodology.

GRI 302-1 GRI 302-3

Other indirect GHG emissions

The factors analysed in Scope 3 were waste, raw material procurement, business travel and accommodation, energy losses and fuel extraction, upstream and downstream transport services. The total emissions of these factors are 1,803.2 t CO2 equivalent. Each of these factors is discussed in more detail in the following chapters of this report.

The Group generates waste from its various operational processes and from the use of materials for its own purposes. The Group accounts responsibly for the waste generated by its activities and ensures that the amount of waste recycled corresponds to the legal requirements, in accordance with the agreements with waste handlers.# ENVIRONMENTAL FACTORS

MANAGED WASTE

The following managed waste was declared on the Lithuanian market during the reporting period:

Waste generated in Lithuania* during the use of materials for Group's own purposes (2023)

Total (t)	Of which recycled waste (t)	Remaining waste (t)
Metal	0.79	0.79
Fractions not otherwise specified	202.32	202.32
Bulky waste	1.82	1.82
Paper and cardboard packaging	93.733	92.588
Mixed construction and demolition waste	31.8	31.8
Other plastic packaging	81.231	81.133
Industrial lead-acid batteries (hazardous waste)	0.369	0.369
Screens, monitors and their equipment (hazardous waste)	0.492	0.492
Small IT and telecommunications equipment (hazardous waste)	0.08	0.08
Small equipment	0.216	0.216
Small IT and telecommunications equipment	0.672	0.672
Total	413.523	173.721

SETTING UP ECO- FRIENDLY STORES

We use only state-of-art technologies in new and refurbished stores, in line with best practice environmental standards. We follow them not only when choosing the equipment for our retail spaces, but also during the installation process. All stores use energy- saving LED bulbs with higher efficiency and longer lifetime. In the Administration Building, the spaces are segmented to ensure that lighting is used as efficiently as possible and only in areas occupied by employees. The administration and logistics complex uses geothermal heating energy, the emissions of which are accounted for together with the total electricity consumed. When renovating our stores, we do our best to follow the principle that despite decisions already made we must implement technologies that reduce or do not increase our resource consumption. Last year saw the opening of 4 new stores, 8 store expansions and renovations or partial renovations. The Group renovated ~7 thousand square metres of retail space, while 11 stores were closed. in 2023 the Group opened 4 new stores, expanded and renovated or partially renovated 8 stores.

GRI 2-4 GRI 306-1

9 out of 169 stores have collection points where customers can bring their used textiles.

Notes: Waste is sent for recycling under contracts with waste handlers, but the Group cannot guarantee that all or part of the waste will actually be recycled. The quantities of waste reported and recycled in the 2022 report were inaccurately defined as they included packaging placed on the market. From 2023 onwards, the quantities of waste generated in internal operations are identified through the waste log, so it is not appropriate to compare this year's data with the previous period. Packaging placed on the market is also accounted for and managed in accordance with legislation.

• Due to the absence of national waste accounting procedures in Latvia and Estonia, it is not possible to report the quantities of waste generated in these markets in the same level of detail. The Take Back Project is implemented in partnership with NGOs in Lithuania, Latvia and Estonia. 49 Inditex stores have collection points where customers can bring their used textiles. They are then diverted for recycle/upcycle, charity or energy recovery.

GRI 306-2 GRI 306-3 GRI 306-4

PACKAGING OPTIMISATION AND WASTE REDUCTION

While keeping our promise to reduce waste and optimise packaging, we remain committed to eliminating the use of plastic shopping bags in our stores. The target to eliminate the use of these bags by 2024 has not been met, the reasons for which are set out below. Within the Group, 93.5% of stores use paper bags exclusively, the same as a year ago, taking into account the change in the total number of operated stores. In 2023, the Group introduced a chargeable bag policy to further reduce waste and raise consumer awareness. In total, chargeable bags are offered at 91 of the stores - more than half of all Group's retail outlets. It was the decision to charge for shopping bags that led to the failure to phase out the use of plastic bags on time, as bag consumption decreased, which in turn prevented the Group from disposing of the purchased bags in time. It is estimated that charging for the shopping bags reduces their consumption by ~40%. More detailed calculations are planned for the end of the next reporting period, when information for the full period is available. Packaging waste placed on the market in Lithuania is accounted for by a commitment to manage at least 80% of the packaging placed on the market by the contracted waste manager, or by the payment of statutory waste management and recycling fees.

Type of bags	Number of stores in 2023	Number of stores in 2022	Change 2023/2022	Share of stores in the Group in 2023
Paper	158	157	+1	93.5%
Plastic	4	4	0	2.4%
Both types	7	7	0	4.1%
Total	169	168	+1	100%

Paper, 93.5% Plastic, 2.4% Both, 4.1% of stores in the Group use only paper bags 93.5 %

TRANSPORT OF GOODS AND LOGISTICS

In 2023, employees spent a total of 1,174 nights in hotels during their business trips (mostly in Lithuania, Latvia and Estonia), with a GHG Protocol based CO2 emission equivalent of 13.25 tonnes. In 2022, 1,635 nights were recorded, with an estimated emission of 23.68 tonnes.

The Group operates a car fleet of 73 vehicles. It is regularly maintained and updated to reduce its GHG emissions. In total, there are 7 trucks and 66 cars, 16 of which are hybrids. The fleet of hybrid cars has more than doubled (in 2022, there were 7 such vehicles). The Group's car fleet is now limited to EURO5 and EURO6 vehicles. The Group's transport and logistics activities are not limited to the car fleet it manages, but are largely carried out by third parties that provide transport services from suppliers as well as delivery services to customers. It is difficult to estimate all emissions related to logistics, so a cost accounting approach was applied in this case, which showed that these emissions are the main sources of emissions in our operations, amounting to 340.5 and 977 t CO2 equivalent respectively. In this context, the Group has put in place measures to reduce emissions from these sources, including a supplier questionnaire to ensure partner commitment in the value chain (not yet implemented during the reporting period).

During the year, the Group's employees travelled 1,091 thousand kilometres by plane for work purposes, almost the same as the previous year. The trips were about acquiring new collections, maintaining relationships with partners and coordinating work between different countries. A significant share of these trips are flights between Vilnius-Riga-Tallinn airports, necessary for the Group's daily operations in other countries. In all cases, the necessity of such trips is assessed and, where possible, alternative travel arrangements are made. The estimated CO2 emission equivalent of all trips is 166.35 tonnes (158.85 tonnes in 2022). Travel by taxi amounted to 7,974 kilometres (8,400 km in 2022) and added another 1.66 tonnes of CO2 equivalent (1.75 tonnes in 2022).

73 vehicles, of which are: Hybrids cars, 16 Trucks, 7

SOCIAL FACTORS

We aim to strengthen our relationships each year not only with our employees and their families but also with society at large. We are part of society and it is our responsibility to strengthen the segments of society that are relevant to our activities. We recruit a lot of young people, our staff is prevailed by women, and young professionals choose us at the start of their careers and then decide which career path to take. Our aim is to provide them with opportunities, choices and information and to do our best to encourage some of them connect their future with a career at Apranga. Apranga Group does not tolerate any violation of human rights, advocates full equality and promotes the integration of the most vulnerable groups of people. We are constantly reviewing and improving our remuneration policy and aim to create a remuneration system that is transparent and fair, regardless of gender, nationality, race, religion or other beliefs. We comply with all local laws and respect and follow international agreements. We offer work opportunities to people of all ages, backgrounds and experience without prejudice.

WORKING CONDITIONS AND EMPLOYEE WELLBEING

In 2023, the number of employees in the Group increased, mainly in the retail division. As of 31 December 2023, the Group had 2,249 employees, an increase of 110 employees compared to the previous year (2,139). This indicator covers both full-time and part-time employees. The head count method was used to calculate the indicator at the end of the reporting period. In 2023, a total of 2,195 new workers were recruited, most of them aged under 30.

New employees	Employee turnover
Total number in each category, 2023	Number of new employees
By gender:
Women	2,062
Men	187
By age:
Up to 30	1,587
30-50	510
Over 50	152
By location:
Lithuania	1,420
Latvia	520
Estonia	309

Employee Turnover Ratio

Employee Turnover Ratio is one of the most important factors in our business (calculated as the number of employees who left the organisation during the reporting period divided by the total number of employees at the end of the period). We try to meet the needs of all our employees, but given the Group's position in society, we realise that many young people will choose us and only some of them will go on to have a career with our organisation. In this context, we monitor if the Employee Turnover Ratio is changing abnormally in terms of the long-term average and assess the reasons behind it.

The staff turnover rate in 2023 was 93%, 26 percentage points lower than in 2022, when it was 119%. However, it should be noted that in 2023, in line with GRI standards and using new accounting tools, the employee turnover indicator has been removed from the intra-corporate turnover rate, whereby an employee's employment with one Group company is terminated and started with another one. This could have had a significant impact, as the organisation always tries to take into account the employee's preferences regarding the job or position whenever possible. The organisation encourages the development of staff competences and career progression through a variety of means, and always provides opportunities for its employees to progress to higher level positions. Eliminating intra-group turnover from the calculations, it is clear that a significant amount of job position changes are taking place within the Group, confirming that employees are given the conditions and opportunities to choose their preferred job position.

Country	Employee turnover in 2023	Employee turnover in 2022	Change 2023/2022, percentage points
Lithuania	93%	92%	+1%
Latvia	87%	136%	-49%
Estonia	108%	128%	-20%
Group:	93%	119%	-26%

The employee turnover rate for 2023 is lower than the multi-annual average for the reasons outlined above. It is, therefore, not appropriate to compare it with previous periods, but the adjustments made will allow this year's indicator to be used as a benchmark for the future.

Last year, the highest staff turnover was recorded in the retail division (104%), which is in line with the general trend over previous periods. It is worth noting that turnover in administration (19%) and logistics (57%) has been declining, but is little different from 2022.

Employee turnover	2023	2022
Administration	19%	28%
Logistics	57%	60%
Retail	104%	122%

The Group continues to invest consistently in improving its Employee Turnover Ratio performance. In the exit surveys, the main reason for leaving remains needs of one of the largest groups of employees (students) for vocational training or exercising their profession. Changing of residence was also often cited as a reason. The organisation always tries to offer a job in another location if the employee requests it.

All employees in Lithuania who have completed the required period of service (3 months) are covered by supplementary health insurance at the employer's expense. For those who have worked for more than five years, a higher amount of cover is provided as a reward for loyalty to the company. In Latvia, supplementary health insurance is available for administrative staff in accordance with statutory requirements. In Estonia, employees are entitled to reimbursement of gym fees. It is envisaged that the supplementary health insurance scheme will be expanded across the Group, taking into account the needs of employees according to their location.

Looking at the total number of employees in Lithuania, Latvia and Estonia at the end of the period, the biggest change was recorded in the retail chain division with 1,987 employees - 96 more than a year ago. The Group's retail employees account for 88% of the total workforce.

Unit	Number of employees in 2023	Number of employees in 2022	Change 2023/2022
Administration	189	183	+6
Logistics	73	65	+8
Retail	1987	1891	+96
Total	2249	2139	+110

Location	2023		2022
	Women	Men	Women	Men
Lithuania, Latvia and Estonia together	2 062 (93%)	187 (7%)	1 948 (91%)	191 (9%)
Lithuania	1 296 (92%)	124 (8%)	1 221 (91%)	135 (9%)
Latvia	471 (91%)	49 (9%)	423 (91%)	42 (9%)
Estonia	295 (95%)	14 (5%)	304 (95%)	14 (5%)

The expansion and optimisation of the retail network has had no significant impact on employee numbers or turnover. In all cases of store closing, relocating or refurbishing, their existing employees were offered alternative jobs. Their turnover ratio is also reflected in the Ratio, as is the number of employees who have changed their job positions within the organisation in all commercial, logistics and administrative departments.

If an employee's function becomes redundant for reasons related to the Group's activities, a notice period of 1 month applies (2 weeks notice if the employment relationship lasts up to 1 year). The duration doubles if the employee has less than 5 years to retire, triples if he or she has a child under 14 or a disabled child under 18 as well as for pregnant, disabled employees, employees with a sickness certificate and if the employee has less than 2 years left until retirement. The Group (the business transferor) must inform employees of the reorganisation, restructuring and transfer of the business or part of it at least 10 days in advance.

In cases where employees choose a different career path, we always ask for feedback on their experience at Apranga. Based on the responses, we aim to improve our organisational culture and respond to the needs of our employees not only to retain staff but also to improve existing working conditions.

The number of employees in the administration and logistics departments increased slightly, to the extent necessary to cope with the increase in workload, taking into account the Group's increase in revenues. The number of employees in the retail division increased by 96, also due to the increase in workload. In terms of efficiency in retail management, the number of employees per 100 square metres of retail space in 2023 is approximately 2.2 (2.1 in 2022). In this regard it can be said that the efficiency of the management of the retail chain has remained largely unchanged.

The gender distribution of the workforce remained unchanged last year, with women making up the majority of the workforce (93%), as in the previous reporting period. This ratio remains stable, with 1 to 2% fluctuations, and is in line with the several years' average.

• Retail: 1987
• Administration: 189
• Logistics: 73

	Lithuania		Latvia		Estonia		Total number, 2023
	Women	Men	Women	Men	Women	Men	Women	Men
Permanent staff (permanent contract)	1 295	124	469	49	295	14	2 246
Temporary agents (fixed-term contracts)	1	0	2	0	0	0	3
Non-guaranteed hours employees	0	0	0	0	0	0	0
Full-time employees	543	71	82	14	113	4	827
Part-time employees	753	53	389	35	182	10	1422

The gender distribution of the Directorate of Administration (Directors of the main divisions and the CEO) has remained stable and is close to balance, with 4 women and 3 men. The gender distribution of the highest governance body, the Board, is 5 men and 1 woman. Women are the CEOs of major companies in Latvia and Estonia.

Apranga highly values the importance of the family for the public good and is aware of its duty to do its best to help address the potential difficulties in the labour market after having children. We always secure their job positions for employees on maternity or paternity leave and try to offer flexible working conditions if needed.

During the reporting period, 65 employees (64 women and 1 man) became entitled to parental leave. During the same period, 41 women and 1 man returned to work after parental leave. By collecting data on employees who have returned from parental leave and are still working 12 months after their return, we found that as of 31 December 2023, the Group employed 16 women and 1 man who meet this definition. This indicator will be further refined in future disclosures as the information available does not cover all locations.

A breakdown of the number of employees by location and gender shows that the majority of employees in all countries work on permanent contracts. The distribution of positions by contract types shows that a significant number of staff choose to work part-time to meet their needs.

Notes: According to the definition by GRI Standards, employee turnover includes employees who leave the organisation voluntarily or due to dismissal, retirement, or death in service. The rate per category is calculated according to the GRI Standards: the number of new staff / staff who left the organisation in a given category divided by the total number of staff in that category. This information has been reported for the first time.

* For the breakdown of new employees by age group, workers in Estonia were not included in the calculations due to lack of information. Accordingly, the share and change by category were not calculated by age group.

GRI 401-1# SOCIAL RESPONSIBILITY REPORT 2023

CONTENT ABOUT THE SOCIAL RESPONSIBILITY REPORT ABOUT THE APRANGA GROUP SUSTAINABILITY WITHIN THE GROUP ENVIRONMENT SOCIAL FACTORS ECONOMIC (GOVERNANCE) AREA GRI INDEX

Social Responsibility Report 2023

Employees by gender, %

	2023	2022	Change 2023/2022	%
Women	92
Men	8

Employees by education at 31 December 2023:

Education	2023	2022	Change 2023/2022	%
Higher education	499	552	-10%
Professional	322	247	+30%
Secondary	529	588	-11%
Student	899	752	+20%
Total	2 249	2 139	+5%

The average age of employees in the Group decreased to 26 years and 8 months.

Number of employees in the Group by education at 31 December 2023:
499
322
529
899
Higher education
Professional
Secondary
Student

Over the past year, we have continued our Employee Ambassadorship project. After noticing the high level of employee engagement and the value they bring, we have intensified our focus on the project. In the last year, 25 participants started the project, of which 16 continued after more than 3 months. We informed our employees about the project and sought to increase its visibility on all social media networks. We prefer our employees to be our ambassadors, sharing their stories, experiences, and career paths. We also actively encourage them to engage more on social media.

With the Diverse but United (liet. "Skirtingi, bet vieningi") campaign we want to emphasise that we value all our employees regardless of their age, gender or position. We want to be an organisation where the employee is the greatest value. We strive to maintain a good work/leisure balance by allowing employees to choose both their working hours and workload. We have always strived to ensure that all employees have equal opportunities to arrange work schedules that suit their personal or family needs, full-time study or vocational training, and administrative staff was further given the opportunity to choose their own individual start and end times in agreement with their line manager.

1000
600
800
0
400
200
41

EMPLOYEE TRAINING AND DEVELOPMENT

Continuing our intensive training programme, we have continued to use a hybrid training model for staff, i.e. with both face-to-face and remote training. The total duration of training in the organisation, counting only training hours and excluding the number of participants, was 581 hours per year. We counted that employees received training in various formats 2,503 times. The total duration of the training was 254 hours in Lithuania, 194 hours in Latvia and 133 hours in Estonia. Accordingly, employees registered for training 1,397 times in Lithuania, 684 times in Latvia and 422 times in Estonia. The average number of training hours per employee has not been calculated.

The Group has identified positions where employees' performance and career progression are regularly reviewed: store managers and responsible employees have at least two interviews per year (mid-term and annual) to assess their performance and career progression. Interviews are only waived when a change of manager leads to a shorter evaluation period than required. In 2023, a total of 170 annual interviews (excluding mid-term interviews) took place, of which 106 in Lithuania, 44 in Latvia and 20 in Estonia. It is no coincidence that 90% of store managers started their careers with the Group, mostly as sales consultants, which shows that the organisation is creating the conditions for its employees to move up the ranks.

Other retail staff members are also subject to annual and interim interviews, but no statistics are kept. Annual interviews discuss and evaluate employees' competences as well as the achievement of objectives and agree on further work and individual objectives. The mid- term interviews discuss the first half of the year - the challenges and achievements, and the mm GRI 404-2 GRI 404-3 objectives set. Organised by HR managers, the aim is to listen to employees, share feedback and work together to improve.

Try a Career project

We also continued the Talent Academy's project Try a Career aiming to provide employees with the opportunity to grow and prepare for/sample their desired position in the store. On average, the project lasts about half a year and is carried out twice a year. The project selects talent who then learn on-the-job in- store and through in-house training and remote meetings with the HR manager. The project is based on the principle of 70% practice - learning by doing, 20% reflection and 10% knowledge. The implementation of the project coincided with the end of the calendar year, so we do not have the final results yet. Preliminarydata shows that 8 out of 22 candidates in Lithuania have successfully completed the project, indicatinga success rate of 36%.

E-learning system

Another important tool that helps both the mentor and the new employee is the E- learning system. It contains basic theoretical material that is important and interesting to learn. This mentoring programme allows you to train a new sales consultant within 2 months. New mentors receive periodic training on mentoring, how to train and how to use the tools developed by the company. The same logic is used to prepare for higher positions in the store. Each position has a specific form which is adapted to the situation and learning priorities.

42

EMPLOYEE HEALTH AND SAFETY

Ensuring safe working conditions and taking care of employees' health has always been a priority for the organisation. We start from day one with training, regular health checks and providing tools to take care of one's health. We have clear rules and responsibilities to create safe working conditions for everyone, because we believe it is everyone's right. All employees in Lithuania with 3 months' service are covered by supplementary health insurance at the employer's expense; those with more than five years' service are given a higher amount of cover as a reward for their loyalty to the company. It is envisaged that the supplementary health insurance scheme will be extended across the Group. Employees are legally obliged to undergo periodic health checks and can only be present at workplace with proof of this. No additional health and safety management system is in place.

To ensure the safety of our employees when travelling on business trips and when using company transport in general,we regularly maintain the technical condition of the car fleet we manage. The logistics department can be considered the most hazardous in terms of occupational safety in our operations, so we have very clear requirements and controls in place. It features a conveyor system that eliminates the need to lift inventory to higher heights, thus avoiding both potential injuries and the risk of tipping. Safety zones are marked in all areas where electric lifting equipment is used. Employees are provided with natural daylight and disinfection stations.

	2023
Minor accidents at work	6
Total number of hours worked per year by all employees	3,101,727*
Number of minor accidents (injuries) per million hours worked	1.93

Health risk factors

	Administrative department	Logistics and retail departments
Repetitive movements	Working posture	Repetitive movements
Working posture	Working with video terminals	Working posture
Working with video terminals		Working with video terminals
Manual handling of loads

GRI 403-1 GRI 403-6

In March 2023, the Group underwent an occupational safety audit organised by an independent assessor. It assessed workplace safety in administrative, logistics and retail departments. In response to the audit recommendations, new occupational safety documentation for all departments was prepared in 2023. All staff in the retail and logistics department were briefed on the new safety rules as soon as possible, and a briefing process was also carried out in the administration department. In response to the recommendations, the Group organised occupational safety training and reinforced the responsibility of managers to ensure compliance with occupational safety rules.

In 2023, the Group recorded 6 minor workplace accidents. All of them have been reported to the relevant public authorities and measures have been taken to identify and prevent their causes. In all cases, the accidents were found not to be the fault of the employer. We have a zero-tolerance approach to occupational safety violations and consider an employee's right to feel safe to be a fundamental value.

Note: The rate of minor accidents per million hours worked is calculated according to the GRI standards formula: the number of accidents is divided by the total number of hours worked by all workers per year and multiplied by one million. This information has been reported for the first time.
*Of the total, 2 582 959 hours were worked by retail department staff, 148 118 hours by logistics staff and 370 650 hours by administrative staff. The number of hours worked by logistics and administrative staff is an estimate based on the number of full-time equivalent (FTE) employees on 31 December 2023.

GRI 403-9

43

HUMAN RIGHTS

We consider human rights to be an unquestionable value and are committed to taking action to guarantee them throughout the whole value chain. In the markets in which we operate, we comply with all local laws and international agreements defining human rights and freedoms. We do not restrict employees' rights of expression, speech and other rights in any way.# ABOUT THE APRANGA GROUP

SUSTAINABILITY WITHIN THE GROUP

ENVIRONMENT

SOCIAL FACTORS

ECONOMIC (GOVERNANCE) AREA

Social Responsibility Report 2023

ECONOMIC (GOVERNANCE) AREA

The Group is guided by a Code of Ethics and Conduct. Its provisions shall be reviewed and updated as necessary. Procedures are also in place for the Submission of Whistleblowing Information, which ensures that staff can safely submit material information relating to or mmm helping to prevent possible irregularities. It should be noted that there were no confirmed reports in the previous year. The Group remains publicly and openly committed to complying with all laws and regulations and to behaving ethically both internally and with third parties. Our aim is to minimise, by all means, any damage that may arise from the intentional or unintentional actions of the persons involved. During the reporting period, the Group did not experience any significant instances of non-compliance with laws and regulations. No specialised corruption prevention and compliance training was provided during the reporting period. The vast majority of top level and departmental managers are familiar with the training material and have acquired the competences to deal responsibly with any form of corruption. All new employees are informed of the Group's Code of Ethics and Conduct and undertake to comply with it. To date, the Group's anti-corruption policy is defined by the Code of Ethics and Conduct, but a separate, comprehensive Anti-Corruption Policy will be developed in 2024, applicable for all Group employees. The Group's legal department regularly reviews and updates information on significant legislation to combat potential corruption.

BUSINESS ETHICS AND COMPLIANCE

GRI 2-27

Shareholder	Share of votes, %
MG investment, UAB	65.4
Minvista, UAB	10.5

Total number, head count	Share, %
Administrative staff who are informed about the anti-corruption policy (Code of Ethics and Conduct) and/or have received anti-corruption training	189
Managing staff who are informed about the anti-corruption policy (Code of Ethics and Conduct) and/or received anti-corruption training	9*

Notes: Total number of administrative and managing staff in 2023 - 189.
* Including two top managers in Latvia and Estonia who are classified as local staff.

GRI 205-2

We advocate open and honest communication with shareholders and fairness in information provided to the market. We always strive to be an example of how the Group can shape good business practice through disclosure. In 2023, APB Apranga distributed profits and announced the share of profits to be paid to shareholders. The structure of major shareholders remained unchanged last year. APB Apranga is majority-owned by investment holding MG investment, UAB. Shareholders of the company who control more than 5% of the votes at the shareholders' meeting:

In 2023, there were no material changes in the Board of APB Apranga, the Group's parent company. Six members of the Board, two of whom are independent, continued to govern the company in 2023. All Board members have received anti-corruption training, and all new employees are made aware of the organisation's Code of Ethics and Conduct, work rules and other binding documents.

GRI 205-3
GRI 418-1

The protection of personal data is also enshrined in our Code of Ethics and Conduct, which applies not only to employees, but also to related parties, further strengthening security. The Group has a Personal Data Protection Officer who not only ensures compliance with the rules, but also informs employees of changes in key legislation or preventive actions in the event of threats to personal data. In 2023, there were no incidents related to the protection of personal data or violations of personal privacy.

We are committed to transparent and ethical business and aim to prevent any potential corruption in our operations. The Group is strongly opposed to all forms of corruption and bribery, active or passive, including the promise, offer or consideration of a payment or gift to an intermediary, business partner, official, political party, foreign official in international business transactions, or any other third party, with the intent to bribe the recipient, supplier, or other third party, to improperly perform functions, duties, or decisions, and vice versa. The group advocates fair and transparent communication with public authorities. In 2023, the administration reminded over 100 suppliers across all Baltic countries about ethical business principles and the gift policy. They encouraged suppliers to opt for tangible gifts and informed them of the mandatory rules for giving and accepting gifts by employees. Within the company, fair business policies and transparent communication with customers, suppliers, contractors, subcontractors and other third parties are encouraged. The company always follows the "four eyes" principle when purchasing goods, thus preventing any appearance of unfair practices. In 2023, the Group recorded 5 cases related to the protection of tangible assets. In all cases, the zero tolerance principle was applied. There were no cases of any other form of corruption or bribery. To protect the privacy of our customers and to ensure their legitimate expectations, we carefully comply with the European Union's General Data Protection Regulation (GDPR). We instruct the staff responsible for processing the data on how to use the information entrusted to us by our customers in a responsible and secure way. HR and IT professionals maintain and manage personal data related to target marketing and other functions used in retail and online commerce with the utmost care and responsibility, following strict procedures.

RESPONSIBILITY IN THE SUPPLY CHAIN

GRI 308-1

The Group recognises that its activities also have indirect impacts on nature, people and communities along the value chain and must take responsibility for reducing them. Although our core business is clothing retailing, the pathway starts with the growing, preparation and processing of raw materials, which are highly sensitive in an overall ESG context. In the downstream process of production environmental, social and economic sustainability indicators are equally important. Together with the whole logistics chain, we must recognise that our obligations go beyond our direct activities and we must therefore implement policies responsibly to manage the risks of this topic. One of the measures envisaged is a supplier questionnaire to be adopted as an integral part of the sustainability strategy, which will help to ensure that we not only make our own commitments, but also make efforts to make our values relevant to all the parties involved. To date, the Group's suppliers have not been assessed on environmental and/or social criteria. The 2024 report is expected to include the results of the assessment of sustainability- related risks in the supply chain. By working with the largest and most globally recognised fashion brands, we aim not only to meet their sustainability policy commitments, but also to serve as an example to others who have not yet embarked on this path. We believe that our positive example of taking a non- coercive approach to partner selection, while educating and enlightening, will help to ensure that more and more of our partners, both in the local market and abroad, will take their sustainability commitments seriously.

GRI 414-1

Our activities have no negative impact on the protection of human rights, and employees are encouraged to report and discuss any possible future threats. No such reports were received during the reporting period. The Group does not discriminate against its employees or third parties on the basis of race, sex, nationality, political or religious beliefs, health or any other grounds. The organisation does not operate in countries or territories where there is a higher risk of child or forced labour, and many of its suppliers and overseas partners are registered in EU countries that are also outside the area of increased risk. Nevertheless, the organisation holds itself and its partners to the highest standards of human rights protection, and does not tolerate child labour, forced labour or other restrictions on employees rights. No such incidents were reported during the reporting year, either in the organisation's operations or among suppliers. The organisation believes that the principles of human rights enshrined in the European Union must be respected in all suppliers' activities. As part of its commitment to human rights, the organisation intends to introduce a supplier mm GRI 406-1 GRI 408-1 GRI 409-1 GRI 407-1 GRI 414-1 GRI 308-1 44 questionnaire to ensure the protection of fundamental human rights in the activities of all suppliers. During the reporting period, the supplier questionnaire has not yet been applied.

RESPONSIBILITY TO SOCIETY

The Group is guided by its own donor framework, which identifies the main areas and priorities for donor support. Each year is based on long-term priorities, but also takes into account the overall situation.# Social Responsibility Report 2023

ABOUT THE APRANGA GROUP

SUSTAINABILITY WITHIN THE GROUP

ENVIRONMENT

SOCIAL FACTORS

The group has joined an initiative with partner Inditex to donate the proceeds from the sale of the shopping bags to the World Wildlife Fund (WWF), an international organisation fighting climate change. More than €100 thousand has been earmarked for this purpose.

To promote an active lifestyle and health, the Group continued its cooperation with the Lithuanian Basketball League, supported the Lithuanian Padel Federation and the Dalia Kutkaitė Artistic Gymnastics Academy. Last year, we supported homes for the elderly and children's charities to reduce social exclusion and help the most vulnerable in society. Together with Children's Dreams, we made 100 children's dreams of warm clothes come true, and provided financial support to NGO "Gydytojai klounai" (Clown Doctors) and NGO "Gerų darbų dirbtuvės" (Good Deed Workshop), which aim to brighten the daily lives of sick children and help premature babies.

The Group has focused on emotional health by expanding and strengthening its cooperation with NGOs, and has become a supporter of the "Jaunimo linija" and "Vaikų linija" organisations that provide such support. We collaborate with these organizations to establish donation boxes at our stores, providing customers with the chance to support their initiatives. The Group's own employees have also contributed to the organisation's support. A cake day was organised, where staff donated to the NGO "Gydytojai klounai".

The total amount of support granted during the reporting period was €152 thousand. In 2022, the total amount of support was €132 thousand, and in 2021 - €76,491.

ECONOMIC (GOVERNANCE) AREA

The Group's tax bill amounted to €67.4 million, 13% higher than the €59.7 million in 2022. The main reason for the increase in tax payable was the Group's growing turnover.

The staff wage bill grew last year, with an average increase of 12% in the fixed part of their salaries. Salaries were reviewed for all staff, taking into account their current salary and seniority.

Tax payable

Year	Amount (mln. Eur)	Change, %
2016	42.7
2017	45.7	7
2018	44.7	-2.2
2019	48.4	8.2
2020	39.2	-19
2021	44.9	14.5
2022	59.7	28
2023	67.4	13

GRI INDEX

Statement of use

Apranga Group, APB has reported in accordance with the GRI Standards for the period from 1 January to 31 December 2023.

GRI 1: Foundation 2021
* Applicable GRI Sector Standards: Not applicable

GRI 2: General Disclosures 2021

Disclosure	Location
2-1 Organizational details	3 p.
2-2 Entities included in the organization’s sustainability reporting	7 p.
2-3 Reporting period, frequency and contact point	3, 54 p.
2-4 Restatements of information	27, 32, 38 p.
2-5 External assurance	3 p.
2-6 Activities, value chain and other business relationships	4, 7, 8 p.
2-7 Employees	39, 40 p.
2-8 Workers who are not employees	Information not available. Such statistics are not maintained as the Group has outlets in its own and leased premises, where certain facilities and maintenance services are provided by landlords and their third parties.
2-9 Governance structure and composition	11 p.
2-10 Nomination and selection of the highest governance body	11 p.
2-11 Chair of the highest governance body	11 p.
2-12 Role of the highest governance body in overseeing the management of impacts	11 p.
2-13 Delegation of responsibility for managing impacts	11 p.
2-14 Role of the highest governance body in sustainability reporting	11 p.
2-15 Conflicts of interest	11 p.
2-16 Communication of critical concerns	11 p.
2-17 Collective knowledge of the highest governance body	11 p.
2-18 Evaluation of the performance of the highest governance body	Not applicable
2-19 Remuneration policies	11 p.
2-20 Process to determine remuneration	The Group's Remuneration Policy is not publically disclosed
2-21 Annual total compensation ratio	Non-disclosure of information is in accordance with the General Data Protection Regulation and the Personal Data Protection Policy adopted by the organisation

Disclosure	Location
2-22 Statement on sustainable development strategy	5 p.
2-23 Policy commitments	9, 10 p.
2-24 Embedding policy commitments	9, 10 p.
2-25 Processes to remediate negative impacts	11 p.
2-26 Mechanisms for seeking advice and raising concerns	11 p.
2-27 Compliance with laws and regulations	46 p.
2-28 Membership associations	The Group is a member of the Lithuanian Association of Trading Companies (LPĮA).
2-29 Approach to stakeholder engagement	20 p.
2-30 Collective bargaining agreements	The Group has no a collective agreement with employees

GRI 3: Key Sustainability Themes 2021
* 3-1 Process to determine material topics: 22 p.
* 3-2 List of material topics: 22 p.
* 3-3 Management of material topics: 22 p.

Economic topics

GRI 205: Anti-corruption 2016
* 205-2 Communication and training about anti-corruption policies and procedures: 46 p.
* 205-3 Confirmed incidents of corruption and actions taken: 47 p.

Environmental topics

GRI 302: Energy 2016
* 302-1 Energy consumption within the organisation: 31 p.
* 302-3 Energy intensity: 31 p.

GRI 305: Emissions 2016
* 305-1 Direct (Scope 1) GHG emissions: 29 p.
* 305-2 Energy indirect (Scope 2) GHG emissions: 29 p.
* 305-3 Other indirect (Scope 3) GHG emissions: 29 p.
* 305-4 GHG emissions intensity: 29 p.
* 305-5 Reduction of GHG emissions: 29 p.

GRI 306: Waste 2020
* 306-1 Waste generation and significant waste-related impacts: 32 p.
* 306-2 Management of significant waste-related impacts: 32 p.
* 306-3 Waste generated: 32 p.
* 306-4 Waste diverted from disposal: 32 p.

GRI 308: Supplier Environmental Assessment 2016
* 308-1 414-1 New suppliers that were screened using environmental criteria: 44, 48 p.

Social topics

GRI 401: Employment 2016
* 401-1 New employee hires and employee turnover: 37 p.
* 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees: 38 p.

GRI 402: Labor/Management Relations 2016
* 402-1 Minimum notice periods regarding operational changes: 39 p.

GRI 403: Occupational health and safety 2018
* 403-1 Occupational health and safety management system: 43 p.
* 403-6 Promoting employee health: 43 p.
* 403-9 Work-related injuries: 43 p.

GRI 404: Training and Education 2016
* 404-2 Programs for upgrading employee skills and transition assistance programs: 42 p.
* 404-3 Percentage of employees receiving regular performance and career development reviews: 42 p.

GRI 406: Non-discrimination 2016
* 406-1 Incidents of discrimination and corrective actions taken: 44 p.

GRI 407: Freedom of Association and Collective Bargaining 2016
* 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk: 44 p.

GRI 408: Child labour 2016
* 408-1 Operations and suppliers at significant risk for incidents of child labour: 44 p.

GRI 409: Forced or Compulsory Labor 2016
* 409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labour: 44 p.

GRI 414: Supplier Social Assessment 2016
* 414-1 414-1 New suppliers that were screened using social criteria: 44, 48 p.

GRI 418: Customer Privacy 2016
* 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data: 47 p.

INFORMATION ON COMMENTS TO THE REPORT

The Sustainability (Social Responsibility Report) provides the Group's non-financial information to stakeholders. The report is produced once a year and is submitted together with the Annual report. The report is made publicly available on the company's website in both Lithuanian and English.

The report has been prepared in accordance with the requirements of the Law on Consolidated Financial Reporting by Groups of Undertakings of the Republic of Lithuania, the European Commission's Guidelines on Non- Financial Reporting, and the Bank of Lithuania's recommendations on non-financial reporting.

Comments and queries on the report can be submitted to marketingas@apranga.lt. No comments were received on the 2022 Social Responsibility Report, except for the Bank of Lithuania's recommendations on the disclosure of EU Taxonomy indicators, which have been taken into account in this report.

GRI 2-3