AUGA group - Interim / Quarterly Report 2023

==> picture [131 x 38] intentionally omitted <==

==> picture [461 x 651] intentionally omitted <==

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

I. GENERAL INFORMATION ............................................................................................................................................................................ 2 II. MANAGEMENT REPORT ............................................................................................................................................................................. 4 III. FINANCIAL STATEMENTS .......................................................................................................................................................................... 9 Consolidated balance sheet .......................................................................................................................................................................... 9 Consolidated statement of profit or loss and statement of other comprehensive income ............................................................................. 10 Consolidated statement of changes in equity .............................................................................................................................................. 11 Consolidated statement of cash flows ......................................................................................................................................................... 12 IV. EXPLANATORY NOTES ............................................................................................................................................................................ 13 1. Basis of the preparation .......................................................................................................................................................................... 13 2. Share capital and reserves ..................................................................................................................................................................... 14 3. The structure of the Group ...................................................................................................................................................................... 15 4. Property, plant and equipment ................................................................................................................................................................ 19 5. Right-of-use assets ................................................................................................................................................................................. 20 6. Biological assets ..................................................................................................................................................................................... 21 7. Inventories .............................................................................................................................................................................................. 21 8. Amounts receivable ................................................................................................................................................................................ 21 9. Borrowings ............................................................................................................................................................................................. 22 10. Lease liabilities ..................................................................................................................................................................................... 22 11. Results of business segments .............................................................................................................................................................. 23 12. Selling and administrative expenses ..................................................................................................................................................... 25 13. Other income ........................................................................................................................................................................................ 25 14. Other gain/(loss), net ............................................................................................................................................................................ 25 15. Finance cost ......................................................................................................................................................................................... 26 16. Subsequent events January – May 2023 .............................................................................................................................................. 26 V. CONFIRMATION OF RESPONSIBLE PERSONS ....................................................................................................................................... 27

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023 (All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

I. GENERAL INFORMATION

1.1. Accounting period covered by the report

Consolidated interim report was prepared for the 3-month period ended 31 March 2022.

1.2. Key data on the issuer

Name of the company: AUGA group, AB (hereinafter – AUGA group, AB or the Company) Share capital: EUR 66,617,089.58 Address of head office: Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania Telephone: +370 5 233 53 40 Fax: +370 5 233 53 45 E-mail address: [email protected] Website: www.auga.lt Legal entity form: Joint stock company Place and date of registration: 25 June 2003, Vilnius Register code: 126264360 Registrant of the Register of Legal entities: VĮ Registrų centras

1.3. Main lines of business of the Group

Operations area: Organic agriculture Main operating segments: Crop growing and sale, milk production and sale, mushroom growing and sale, fast moving consumer goods production and sale, development of agricultural technologies.

1.4. The structure of the Group

As of 31 March 2023, the consolidated Group (hereinafter the Group) consists of the Company and 154 subsidiaries (31 December 2022: 139 subsidiaries). Please refer to the financial statements note 3 for a detailed list of the Group companies.

1.5. Agreements with the mediators of securities public circulation

The Company and FMĮ Orion Securities UAB (A. Tumėno st. 4, B building, LT-01109 Vilnius) signed an agreement regarding handling of Shareholders accounts.

1.6. Data about securities traded on regulated markets

The securities of the Company are included in Main List of NASDAQ Vilnius stock exchange (symbol: AUG1L).

Type of shares	Number of shares	Share nominal value (in EUR)	Total share capital (in EUR)	Issue Code ISIN
Ordinary registered shares	229,714,102	0.29	66,617,089.58	LT0000127466

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

==> picture [40 x 54] intentionally omitted <==

Information about the Company’s shares trading on the NASDAQ Vilnius:

Reporting period			Price, EUR			Total turnover	Total turnover
	Average	Open	High	Low	Last	Units	EUR
2023 I quarter	0.466	0.390	0.570	0.385	0.45	4 1,406,543	655,741

AUGA group, AB shares volume, share price and OMX Baltic Benchmark index variance for the period of 1 January 2021 to 31 March 2023.

==> picture [506 x 295] intentionally omitted <==

----- Start of picture text -----

PRICE (EUR) VOLUME (UNITS)
0,8 500 000
450 000
0,7
400 000
0,6
350 000
0,5
300 000
0,4 250 000
200 000
0,3
150 000
0,2
100 000
0,1
50 000
0 0
| 2021 | 2022 | 2023 |
Shares volume Share price OMX Baltic Benchmark GI
----- End of picture text -----

Source: NASDAQ Vilnius stock exchange

1.7. Information on non-financial reporting

The Company does not prepare interim non-financial reporting information. Annual Sustainability report of the Company for the year 2022 is provided in the Group’s consolidated annual report for the year ending 31 December 2022.

1.8. Significant post balance sheet events

Post balance sheet events are disclosed in the consolidated financial statements of the Group for the 3-month period ending 31 March 2023. See financial statements’ note 15 for more details.

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

II. MANAGEMENT REPORT

2.1. Overall results

In the first quarter of 2023, the sales revenue of AUGA group, AB and its subsidiaries increased by 24% to EUR 21.70 million due to the stable production activity and the increase in production prices in 2022, compared to EUR 17.56 million in the same period last year.

Due to uncertainty in the crop growing and dairy segments caused by volatile production prices, the Group significantly lowered its forecast prices for the 2023 harvest, resulting a lower result for the first quarter, compared to the previous year. The gross profit of EUR 2.45 million compares to a profit of EUR 5.65 million for the same period last year. The Group's EBITDA decreased by 58% to EUR 2.79 million compared to EUR 6.71 million in the first quarter of previous year.


Main financial results, EUR million	3-month of 2023	3-month of 2022	3-month of	Variance	Variance
			2021	2023/2022, %	2022/2021, %

Revenues	21.70	17.56	19.48	+24%	-10%
Gross profit (loss)	2.45	5.65	4.51	-57%	+25%
Gross profit margin	11%	32%	23%	-65%	+39%
Net profit (loss)	(3.17)	1.21	0.67	n/a	+81%
Net profit margin	(15%)	7%	3%	n/a	+100%
EBITDA	2.79	6.71	5.74	-58%	+17%
EBITDA margin	13%	38%	29%	-66%	+30%

2.2. Crop growing segment overview

Results of crop growing segment consist of crop harvest fair value, sales of the previous and current year harvest and agricultural subsidies.

Harvest in the season of 2022/2023

The total cultivated land area by the Group amounted to 38.6 thousand hectares (ha) in the 2022/2023 season and is slightly more than the cultivated area in the 2021/2022 season. In the 2022/2023 season, 31,1 thousand ha is seeded with crops (30.1 thousand in the 2021/2022 season) out of which 11.7 thousand ha is dedicated to wheat, 7.8 thousand ha to legumes and 11.7 thousand ha to other cash crops. The majority – 10.3 thousand ha out of total 11.7 thousand ha – of wheat will be winter wheat as winter crops usually have higher yield potential compared to summer alternatives. Forage crops comprise 6.8 thousand ha in the 2022/2023 season compared to 7.7 thousand ha in the 2021/2022 season.

==> picture [503 x 133] intentionally omitted <==

----- Start of picture text -----

Cultivated land area, thousand ha
15,0
12,4
11,7 11,7 11,6 11,7
10,4
10,0 8,1 7,8 7,7
6,8 6,8 6,8
5,0
-
Wheat Legumes Other cash crops Forage Crops
2020/2021 2021/2022 2022/2023
HA'000
----- End of picture text -----

At the end of each quarter the Group evaluates the fair value of crops which have not yet been harvested. The Group estimated the total fair value of crops as of 31 March 2023 using the following formula and assumptions:

Fair value of a crop = Costs incurred + (Cultivated area in ha * forecasted average yield as tonnes per ha * forecasted price per tonne – cultivated area in ha * forecasted total cost per ha) * T, where:

Costs incurred are costs actually incurred for a particular crop during the 2022/2023 season.
Cultivated area in ha is the area of a particular crop seeded and expected to be harvested.
Forecasted average yield in tonnes per ha is the expected yield for a particular crop based on the most relevant information about the crops and updated according to the most recent data.
Forecasted price per tonne. The fair value calculations relied on the negotiated, future prices of crops after taking into account the contracts already signed with regards to the sale of the 2022/2023 harvest.
Forecasted total cost per ha. Actual costs incurred during the 2021/2022 season.

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

T is the portion of time that has already passed from sowing date until the forecasted harvest date expressed as a percentage. As of 31 March 2023, the average completion percentage estimated for next year’s harvest crops was around 65%.

The formula discussed above will be used to estimate fair value of cash crops (winter and summer crops) for coming quarters and until the actual harvest will be completed. Forecasted parameters used in the fair value estimation will be re-evaluated quarterly and adjusted by taking into consideration the most recent data.

It should be noted that the fair value of a forage crop, even at its point of harvest, is measured based on production costs incurred on a forage crop. In other words, forage crop production costs are used as a measure of the fair value of that forage crop since there is no active market for forage crops and there is no reliable data to calculate market prices of the forage crops. Due to this the net result on revaluation of forage crops is equal to zero.

At the end of 2022 the Group sowed around 17 thousand ha of cash crops – wheat, rapeseed, barley, seed clover and vicia - which will be harvested in 2023. For comparison, in the 2021/2022 season around 17.1 thousand ha of winter cash crops were sown in the autumn of 2021. According to the Group, weather conditions during the winter were favourable and did not have a significant negative effect on the crops.

Taking a conservative view at the situation, the Group has reduced the forecasted prices for the upcoming harvest and this has led to the gain on revaluation of biological assets in the 1[st] quarter of 2023 being equal to EUR 0.13 million (1[st] quarter of 2022 – EUR 3.53 million). As of 31 March 2023, the Group recognized a EUR 2.09 million gain on the initial recognition of biological assets at fair value. It should be noted that as of 31 December 2022 Group has already recognised a gain of EUR 1.97 million on the initial recognition of biological assets at fair value for the 2022/2023 season’s crops. Currently there are many uncertainties in the crop growing segment. Product prices have decreased when compared to previous year, nevertheless, the true price level will only start to form once the results of the harvest can be estimated. Part of field work for the 2022/2023 season was completed in a high-cost environment, however, positive tendencies can currently be seen in terms of some significant cost components, for example – fuel, which is experiencing a price decline. The actual result of the crop growing segment will only be estimated in the 3[rd] quarter when almost all cultivated cultures of 2022/2023 season will be harvested.


Crops value, EUR million	3-month of 2023	3-month of 2022	3-month of	Variance	Variance
			2021	2023/2022, %	2022/2021, %

Gain (loss) on revaluation of biological assets at fair valuerecognizedinprevious period
	1.97	2.33	2.02	-15%	+15%

Gain (loss) on revaluation of biological assets at fair valuerecognizedin reporting period
	0.13	3.53	1.59	-96%	+122%

Total gain (loss) on revaluation of biological assets at fair value
	2.09	5.86	3.61	-64%	+62%

Crop growing segment sales results

Total revenue generated from sales in the crop growing segment amounted to EUR 7.91 million in the 1[st] quarter of 2022, which marks an increase of EUR 2.82 million in revenue compared to the equivalent period in 2022. The yields of the 2021/2022 season harvest were average, however, high prices of products enabled the Group to reach good results. It must be taken into consideration that the yields of the 2020/2021 season harvest were poor which significantly reduced the potential of sales in the 1[st] quarter of 2022.


Crop growing segment results, EUR million	3-month of 2023	3-month of 2022	3-month of	Variance	Variance
			2021	2023/2022, %	2022/2021, %
Sales revenue	7.91	5.09	7,53	+55%	-32%
Cost of sales	(8.41)	5.08	8,00	+66%	-37%
One-time income (inventory write-offs)	0.01	(0.30)	(0,08)	n/a	+275%
Result of internal transactions	(0.64)	(0.73)	-	-12%	n/a
Result of sales of agricultural produce	(1.12)	(1.01)	(0,54)	+11%	+87%

The crop growing segment’s cost of sales for the 3 months of 2023 amounted to EUR 8.41 million, 66% more compared to last year. Cost of sales exceeded sales revenue due to additional costs incurred when drying and cleaning clover seeds. Also, internal transactions between segments are executed based on fixed pricing and the 1[st] quarter of 2023 its effect amounted to a loss of EUR 0.64 million which is 12% lower compared to the 1[st] quarter of 2022.

Agricultural subsidies and gross profit of the crop growing segment

Total amount of agricultural subsidies accrued in 3 months of 2023 was EUR 2.51 million which is slightly more compared to the subsidies accrued in the same period last year. Accrued subsidies amount is based on calculations according to currently applicable requirements of subsidising programmes regulations.

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

The gross profit of the crop growing segment, encompassing the results of agricultural produce sales, gain (loss) on changes in fair value of biological assets and agricultural subsidies, has decreased in 2023 when compared to last year due to a decrease in profit on revaluation of biological assets at fair value.


Gross profit of crop growing segment, EUR		3-month of 2023	3-month of 2022	3-month of	Variance 2023/2022, %	Variance
million				2021		2022/2021, %
Gain (loss) on revaluation of biological assets at fair					-96%
		0.13	3.53	1.59		+122%
value recognised in reporting period

Result of sales of agricultural produce		(1.12)	(1.01)	(0.54)	+11%	+87%

Subsidies		2.51	2.42	2.38	+4%	+2%

Gross profit		1.52	4.94	3.43	-69%	+44%

2.3. Dairy segment overview The quantity of milk produced slightly declined which is a consequence of a shrunken average herd size of dairy cows that decreased from 3,591 (1stquarter of 2022) to 3,475 (1stquarter of 2023). However, analysing the average quantity of milk produced from a cow it was observed that the yield returned to the same level as in the 1stquarter of 2022.
19,0 20,0 21,0 22,0 23,0	21,3 22,0 22,1 22,0 22,0 21,9 21,2 21,8 20,6 20,3 20,6 21,6 22,7 22,9 22,5 21,2 20,1 19,9 20,0 19,2 19,5 20,7 21,5 22,5 23,0 22,3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Milk yield per cow per day, kg 2021 2022 2023

The quantity of milk produced slightly declined which is a consequence of a shrunken average herd size of dairy cows that decreased from 3,591 (1[st] quarter of 2022) to 3,475 (1[st] quarter of 2023). However, analysing the average quantity of milk produced from a cow it was observed that the yield returned to the same level as in the 1[st] quarter of 2022.

In the 1[st] quarter of 2023 there was a correction of raw milk price which stabilized afterwards but this has negatively affected the segment’s result. In the 3 months of 2023 the average price of milk sold was around EUR 458 per tonne which is 3% lower when compared to the same period last year when it was EUR 474 per tonne.

Despite the price correction, dairy segment maintained a high level of cost of sales which amounted to EUR 4.18 million during the 3 months of 2023 that is EUR 0,59 million more than in the same period last year. The growth of costs was mainly influenced by an increase in salary expenses, growing prices of feeds and maintenance work completed on the milk handling systems.

In 2023, a loss of EUR 0.82 million was incurred due to the revaluation of biological assets (animal herd). In comparison, the loss due to the revaluation of biological assets (animal herd) was 18% lower last year.

In the 1[st] quarter of 2023, the Group has recorded a EUR 0,07 million gross loss while the result of the equivalent period in 2022 was superior by EUR 0.64 million.

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==


	3-month of 2023	3-month of 2022	3-month of	Variance 2023/2022, %	Variance
			2021		2022/2021, %
Total quantity of products sold, t	7,029	7,324	6,565	-4%	+12%
Milk, t	6,496	6,986	6,189	-7%	+13%
Dairy commodities, t	322	113	190	+185%	-41%
Cattle, t	211	225	186	-6%	+21%
Revenue, EUR million	4.15	4.05	3.28	+2%	+23%
Milk, EUR million	2.98	3.31	2.51	-10%	+32%
Dairy commodities, EUR million	0.88	0.38	0.58	+132%	-34%
Cattle, EUR million	0.29	0.36	0.19	-19%	+89%
Cost of sales, EUR million	(4.18)	(3.59)	(3.26)	+16%	+10%
Milk, EUR million	(3.03)	(2.87)	(2.51)	+6%	+14%
Dairy commodities, EUR million	(0.85)	(0.37)	(0.56)	+130%	-34%
Cattle, EUR million	(0.29)	(0.36)	(0.19)	-19%	+89%
Revaluation of biological assets, EUR million				+22%
	(0.82)	(0.67)	(0.55)		+22%

Subsidies, EUR million	0.78	0.79	0.73	-1%	+8%
Gross profit, EUR million	(0.07)	0.57	0.21	n/a	+171%

2.4. Mushroom segment overview

Last several years were very challenging for the mushroom segment due to consequences of COVID-19 pandemic, disruption in the production of mushrooms and increased energy costs, however, the results of the 1[st] quarter of 2023 are notably better when compared to last year.

In the first three months of 2023 sales revenue in the mushroom growing segment amounted to EUR 7.70 million which marks an increase of 10% compared to the same period last year. Increase of production prices is the primary reason of revenue growth. The average price of mushrooms is 15% higher in the 1[st] quarter of 2023 when compared to the equivalent period last year. Excluding packaging & transportation, the growth of mushroom price is even bigger.

Cost of sales amounted to EUR 7.12 million in the first three months of 2023, which is slightly less than in the same period last year. The average cost of 1 tonne of mushrooms sold has increased from 2,298 EUR/tonne to 2,394 Eur/tonne.

Due to cost control, favourable prices and stable production volumes, the result of the mushroom growing segment in the 1[st] quarter of 2023 improved by EUR 0.71 million compared to the equivalent period in 2022.


	3-month of 2023	3-month of 2022	3-month of	Variance 2023/2022, %	Variance
			2021		2022/2021, %
Sold mushrooms, t	2,875	3,038	3,177	-5%	-4%
Average price (Eur/t)	2,595	2,255	2,246	+15%	0%
Total revenue, EUR million	7.70	7.01	7.26	+10%	-3%
Mushroom sales revenue, EUR million	7.46	6.85	7.14	+9%	-4%
Compost sales revenue, EUR million	0.24	0.16	0.12	+50%	+33%
Cost of sales, EUR million	(7.12)	(7.14)	(6.76)	0%	+6%
Cost of mushrooms sold, EUR million	(6.88)	(6.98)	(6.68)	-1%	+4%
Cost of compost sold, EUR million	(0.24)	(0.16)	(0.08)	+50%	+94%
Gross profit, EUR million	0.58	(0.13)	0.50	n/a	n/a

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

2.5. Fast-moving consumer goods (FMCG) segment

The FMCG segment continues to show consistent growth – sales in this segment in the first quarter of 2023 amounted to EUR 1.94 million, an increase of 38% compared to the same period last year. The segment's gross profit in the first quarter of 2023 amounted to EUR 0.41 million, compared to EUR 0.27 million in the same period last year


FMCG segment results, EUR million	3-month of 2023	3-month of 2022	3-month	Variance 2023/2022, %	Variance
			of 2021		2022/2021, %
Sales revenue	1.94	1.41	1.42	+38%	-1%
Cost of goods sold	(1.52)	(1.14)	(1.04)	+33%	+10%

Gross profit	0.41	0.27	0.38	+52%	-29%

During the 3-month period of 2023, as during the same period in 2022, the Group has exported its products to 26 countries.

Preserved products, especially ready-to-eat organic soups, remain the main product group in the segment.

Revenue structure of the fast moving consumer goods sales, %

==> picture [377 x 121] intentionally omitted <==

----- Start of picture text -----

Preserved mushrooms, vegetables and soups
Grain products
87% 5%
2% Eggs
5%
1% Vegetables
Other end-consumer products
----- End of picture text -----

2.6. Selling and administrative expenses

The Group's selling and administrative expenses for the first quarter of 2023 amounted to EUR 3.45 million compared to EUR 2.94 million in the same period last year. The increase is mainly due to increased salaries and social security contributions, marketing, advertising and intermediation expenses.

2.7. Capital expenditures

Total investments (additions) into property, plant and equipment amounted to EUR 1.95 million in the first quarter of 2023 (EUR 0.86 million in the same period last year). The split of investments (additions) into property, plant and equipment is provided in the table below.

Investments (additions) into property, plant and equipment, EUR’000

	Land	Buildings and structures	Plant and machinery	Motor vehicles and other PP&E	Construction in progress	Total
2023 Iquarter	35	275	175	142	1,326	1,953
2022 Iquarter	244	170	194	75	176	859

Investments in long-term assets increased in 2023 as the Group continues the planned implementation of technological projects. In the 1[st] quarter of 2023, the Group presented biomethane and electric powered tractor from its first production batch, which is already being tested in the fields. The development and testing of biomethane infrastructure and specialized feed technology also continues.

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

III. FINANCIAL STATEMENTS

Consolidated balance sheet

ASSETS Notes Non-current assets Property, plant and equipment 4 Right-of-use assets 5 Intangible assets Trade and other receivables 8 Investments accounted for under the equity method Deferred income tax assets Biological assets 6 Total non-current assets Current assets Biological assets 6 Inventories 7 Trade and other receivables 8 Other current assets 8 Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Capital and reserves Share capital 2 Share premium 2 Legal reserve 2 Revaluation reserve 2 Reserve for share-based payments to employees 2 Retained earnings Equity attributable to equity holders of the parent Non-controlling interest Total equity Non-current liabilities Borrowings 9 Lease liabilities 10 Grants Deferred income tax liabilities Total non-current liabilities Current liabilities Borrowings 9 Lease liabilities 10 Trade payables Other amounts payable Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES	31 March 2023 unaudited 94,007 46,487 5,533 518 57 2,919 10,503 160,024 24,791 27,715 9,900 4,924 798 68,128 228,152 66,617 6,707 2,041 13,565 2,829 (17,667) 74,092 412 74,504 55,450 39,885 4,692 1,863 101,890 18,435 5,570 23,002 4,751 51,758 153,648 228,152	31 December 2022 audited
		93,711 48,322 5,243 518 57 2,919 10,515
		161,285 19,883 35,241 7,832 3,840 3,337
		70,133
		231,418
		66,617 6,707 2,041 13,565 2,829 (14,654)
		77,105 428
		77,533 37,160 39,750 4,463 1,863
		83,236 32,638 7,479 25,352 5,180
		70,649 153,885
		231,418

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

Consolidated statement of profit or loss and statement of other comprehensive income

Notes Revenues 11 Cost of sales 11 Gain (loss) on initial recognition of a biological asset at fair value and from a change in fair value of a biological asset 6, 11 GROSS PROFIT Selling expenses 12 Administrative expenses 12 Net impairment loss of financial assets Other income 13 Other gain/(loss), net 14 OPERATING PROFIT Finance costs 15 PROFIT (LOSS) BEFORE INCOME TAX Income tax expense NET PROFIT / (LOSS) FOR THE PERIOD ATTRIBUTABLE TO: Shareholders of the Company Non-controlling interest STATEMENT OF OTHER COMPREHENSIVE INCOME NET PROFIT/ (LOSS) FOR THE PERIOD Items that will not be reclassified to profit or loss Revaluation of land, before tax Deferred income tax liability on revaluation of land Total other comprehensive income TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD ATTRIBUTABLE TO: Equity holders of the Company Non-controlling interest	3-month period ending 31 March	3-month period ending 31 March
	2023 unaudited 21,700 (18,562) (691) 2,447 (837) (2,616) 75 35 (896) (2 277) (3 173) - (3 173) (3 157) (16) (3 173) - - - (3,173) (3,157) (16) (3,173)	2022 unaudited
		17,561 (14,764) 2,855
		5,652 (484) (2,455) - 143 30
		2,886 (1,679)
		1,207
		-
		1,207
		1,215 (8)
		1,207 - - -
		1,207
		1,215 (8)
		1,207

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

Consolidated statement of changes in equity

Balance as of 31 December 2021 (audited) *Comprehensive income* Net profit/(loss) for the year *Other comprehensive income* Revaluation of land after income tax effect *Total comprehensive income* Share-based payment Transfer to reserve for share-based payments to employees Issue of new shares Balance as of 31 December 2022 (audited) *Comprehensive income* Net profit (loss) for the period *Other comprehensive income* Revaluation of land after income tax effect *Total comprehensive income* Share-based payments Transfer to legal reserve Transfer to reserve for share-based payments to employees Balance as of 31 March 2023 (unaudited)	Share capital Revaluation reserve Legal reserve Retained earnings/ (deficit) Equity attributable to the shareholders of the Company Non- controlling interest Total Share premium Reserve for share-based payments to employees
	65,951 6,707 10,251 3,002 2,041 (9,328) 78,623 358 78,980
	- - - - - (5,421) (5,421) 70 (5,351) - - 3,314 - - - 3,314 - 3,314
	- - *3,314* - - *(5,421)* *(2,107)* 70 *(2,037)*
	- - - - - 589 589 - 589 - - - 493 - (493) - - - 666 - - (666) - - - - -
	65,617 6,707 13,565 2,829 2,041 (14,654) 77,105 *428* 77,533
	- - - - - (3,157) (3,157) (16) (3,173) - - - - - - - - -
	- - - - - *(3,157)* *(3,157)* *(16)* *(3,173)*
	- - - - - 144 144 - 144 - - - - - - - - - - - - - - - - - -
	66,617 6,707 13,565 2,829 2,041 (17,667) 74,092 412 74,504

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

Consolidated statement of cash flows

Notes Cash flows from /(to) operating activities Net profit (loss) before income tax and non-controlling interest *Adjustments for non-cash expenses (income) items and other* *adjustments* Depreciation expenses (PP&E) 4 Depreciation expenses (ROUassets) 5 Amortization expenses Share-based payments to employees expenses 12 Write-offs and impairments of PP&E Reversal of impairment of PP&E (Gain) loss on sales of non-current assets 14 Provisions for possible credit loss and write-offs of bad debts 8 Write-offs of inventory and biological assets Interest and fines income 13 Finance cost 15 Finance costs related to ROU assets 15 Loss (gain) on changes in fair value of biological assets 11 Grants related to assets, recognized as income Inventory write-down allowance Changes in working capital (Increase) decrease in biological assets (Increase) decrease in trade receivables and prepayments (Increase) decrease in inventory (Decrease) increase in trade and other payables Interest paid, netto Net cash flows from /(to) operating activities Cash flows from /(to) investing activities Purchase of property, plant and equipment Purchase of non-current intangible assets Disposal of PP&E Assets-related grants received from the NPA Repayments of loans granted Loans granted Net cash flows from/(to) investing activities Cash flows from /(to) financing activities Bonds Repayment of borrowings from credit institutions Proceeds from borrowings from credit institutions Payments received under supplier financing arrangement Payments made to financial institutions under supplier financing arrangement Lease payments Net cash flows from/(to) financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period*	3-month period ending 31 March	3-month period ending 31 March
	2023 unaudited (3,173) 1,549 1,973 1 144 9 - (17) - 165 (15) 1,618 659 691 (125) - (5,487) (3,155) 7,364 (2,182) 19 (1,958) (1,939) (2,091) (300) 25 354 - - (2,012) 5,880 (2,698) 905 3,020 (3,921) (1,774) 1,412 (2,539) 3,337 798	2022 unaudited

		1,207 1,945 1,487 3 141 - - (30) - 465 (81) 1,037 642 (2,855) (103) - (6,351) (5,242) 4,947 4,239
		1,451 (1,296)
		155
		(578) (11) 65 - - -
		(524)
		- (922) 2,826 3,452 (3,262) (1,978)
		116
		(253) 2,446 2,193

 ROU assets – Right-of-use assets

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

IV. EXPLANATORY NOTES

1. Basis of the preparation

The accompanying interim financial information for the 3-month period ending 31 March 2023, has been prepared in accordance with IAS 34, ‘Interim financial reporting’. This financial information should be read in conjunction with the annual financial statements for the year ending 31 December 2022 which have been prepared in accordance with IFRS as adopted by the EU.

The presentation currency is euro (EUR). The financial statements are presented in thousands of euro, unless indicated otherwise. Financial statements for the 3-month period ending 31 March 2023 are not audited. Financial statements for the year ending 31 December 2022 are audited by the external auditor UAB PriceWaterhouseCoopers.

Critical accounting estimates and assumptions

The preparation of financial information in conformity with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial information, are disclosed below. Critical accounting estimates remain the same as disclosed in the audited annual financial statements for period ending 31 December 2022.

IFRS 16, Leases

Based on IFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 January 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities as of 31 December 2022 was 6%. The incremental borrowing remained unchanged in 2023.

In applying IFRS 16, the Group has used the following practical expedients permitted by the standard:

the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
reliance on previous assessments on whether leases are onerous;
the accounting for operating leases with a remaining lease term of less than 12 months as short-term leases (which were recognized as expense on a straight-line basis);
the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application;
the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

Revaluation of biological assets (crops)

The Group estimates the total fair value of crops using following formula and assumptions:

Fair value of the crop = Costs incurred + (Cultivated area in ha * forecasted average yield as tonnes per ha * forecasted price per tonne – cultivated area in ha * forecasted total cost per ha) * T, where:

Cost incurred is cost actually incurred for particular crop during the season till the reporting date.
Cultivated area in ha is an area of particular crop seeded and expected to be harvested.
Forecasted average yield tonnes per ha.
Forecasted price per tonne. Contracted average sales prices are used for fair value estimation adjusted according to the development in the market.
Forecasted total cost per ha. Average historical cost levels after evaluating the current situation.
T is a time portion, spanning from the sowing date to the forecasted harvest date.

Revaluation of biological assets (livestock)

Fair value of milking cows is valued by using the discounted cash flow method. The model uses projected revenues from milk sales over the remaining useful life of each animal using a forecasted milk price. Milk price forecast is the average milk price assumption of the following 4 years was. Current cow herd has an estimated working life of 1 to 4 years. At the end of the working period the cow is estimated to be sold for meat. The forecasted revenues are reduced with costs directly related to herd growing (feeds, medicines, employee salaries and other). The free cash-flow is discounted with post tax WACC.

For valuation of other livestock the Group calculates the fair value by taking the average price of meat per kilo. For young bulls and heifers, the value of livestock is determined by using the market values of meat (different for different groups of animals) and multiplying the price of 1 kg by the total weight of specific group of animals.

Share-based payments

Total cumulative expenses of share-based payments are calculated based on the formula described below. The expenses are accrued in the profit (loss) statement and equity based on the days lapsed since the grant date till the reporting date. Each year the entity will revise the expense to reflect the best available estimate of the number of equity instruments expected to vest.

The total expenses of share-based payments are calculated based on the formula:

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

Share price @ grant date x Granted shares x (1-annual staff turnover)^(vesting period)

Where:

The share price of options is based on the closing price at grant date at which the company’s shares are traded on the Nasdaq Stock Exchange.

The grant date of the Option is set to be the date of the share-based payment agreement between the Company and the receiver as all the terms and conditions are set in this agreement and there are no other arrangements which would need to be confirmed at a later date.

Granted shares – shares to be granted to employee based on the Option agreement.

Staff turnover – chance that the option will be exercised is adjusted by the forecasted staff turnover percent during the vesting period. The ratio is calculated based on historical staff turnover data of 2 years. The historical staff turnover data includes turnover only of the positions which are set to receive the share-based payments. The turnover of other positions is excluded from the ratio.

There are option agreements which are signed with a special condition – that the receivers do not need to fulfil the service condition, but they will still need to wait 3 years vesting period before being able to exercise the option. Due to this staff turnover adjustment is excluded in the calculation of the expenses of these options as it does not affect their chances to receive the option.

Vesting period is set in the Option agreement and is equal to 3 years.

2. Share capital and reserves

Share capital and share premium of the Company

The share capital of AUGA group AB as of 31 March 2023 was EUR 66,617 thousand (31 December 2022: EUR 65,951 thousand). The share capital is divided into 229,714,102 ordinary shares (31 December 2022: 229,714,102 ordinary shares). Each issued share has a EUR 0.29 nominal value and fully paid. Each share had usual material and intangible rights as per Law on Companies of the Republic of Lithuania and the Company’s statutes. Share premium at the end of 31 March 2023 amounted to EUR 6,707 thousand (31 December 2022: EUR 6,707 thousand).

Shareholders

Total number of shareholders on 31 March 2023 was 2,971 and on 31 December 2022 it was 2,974.

The shareholders owning more than 5% of shares in the Company are the following:

Entity / person	31 March 2023 Number of shares % owned	31 March 2023 Number of shares % owned	31 December 2022	31 December 2022
	Number of shares		Number of shares	% owned
Baltic Champs Group UAB(identification code: 145798333; address: Poviliškiai v., Šiauliai region mun., Lithuania) European Bank for Reconstruction and Development(identification code: EBRDGB2LXXXX; address: One Exchange Square, London EC2A 2JN, UK) Žilvinas Marcinkevičius Other shareholders Total	126,686,760 19,810,636 15,919,138 67,297,568 229,714,102	55.15 8.62 6.93 29.30 100.00	126,686,760 19,810,636 15,919,138 67,297,568 229,714,102	55.15 8.62 6.93 29.30
				100.00

No shareholder has special voting rights.

Information on the shares of the Company held by the members of the Board and the top executives as of 31 March 2023:

Information on the shares	of the Company held by the	members of the Board and the top executives	as of 31 March 2023:
Name, Surname	Position	Owned shares in the Company, units	Owned shares in the Company, %
Kęstutis Juščius*	CEO	1,392	0.0006%
Tomas Krakauskas	Member of the Board	119,000	0.052%
Mindaugas Ambrasas	CFO	6,881	0.003%

Kęstutis Juščius, CEO, is the ultimate owner of Baltic Champs Group UAB, controlling 55.15% of the Company’s shares.

Reserves of the Company

A legal reserve is a compulsory reserve under Lithuanian legislation. Annual transfer of at least 5% of net profit, calculated in accordance with Lithuanian regulatory legislation on accounting, is compulsory until the reserve including share premium reaches 10% of the share capital. The legal reserve can be used to cover the accumulated losses. The legal reserve of the Company equalled to EUR 2,041 thousand as of 31 March 2023 (31 December 2022: EUR 2,041 thousand).

Revaluation reserve comprises revaluation of land portfolio owned by the Group. Land portfolio valuation is performed by independent valuator. The valuation for reporting period was performed in 2022. Revaluation reserve as of 31 March 2023 amounted to EUR 13,565 thousand (31 December 2022: EUR 13,565 thousand).

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

In 2018 the Company formed a reserve to grant shares for employees. Transfers to this reserve is performed annually when the board approves issue of additional shares options. Reserve to grant shares for employees as of 31 March 2023 amounted to EUR 2,829 thousand (31 December 2022: EUR 2,829 thousand).

Employee Option Plan was approved by shareholders at the annual general shareholders’ meeting on 30 April 2019. The service condition for the Option receiver is to complete a 3-year term of service to the Group. After the condition is met employee is eligible to exercise the option.

Reserve to grant shares for employees Total reserve as of 31 December 2021 Shares allocated to employees based on option agreements Unallocated shares Total reserve as of 31 December 2022 Shares allocated to employees based on option agreements Unallocated shares Total reserve as of 31 March 2023	Number of shares, units 10,351,724 6,259,716 3,494,158 9,753,874 6,259,716 3,494,158 9,753,874	Value, EUR thousand
		3,002
		1,816 1,013
		2,829
		1,816 1,013
		2,829

3. The structure of the Group

As of 31 March 2023, the Group consisted of the Company and 154 subsidiaries (31 December 2022: 139). Detailed list of all subsidiaries in 2023 and 2022 is provided below.

No.	Name of subsidiary	Legal form	Legal entity code	Registered office	Profile	Group ownership interest, %	Group ownership interest, %
						31/03/23	31/12/22
1. Baltic Champs UAB 4 302942064 Šiaulių region, Poviliškių v., 15 A 2. AVG Investment UAB 4 300087691 Vilniaus mun., Vilnius, Konstitucijos av. 21C G 3. AWG Investment 1 UAB 4 301745765 Vilniaus mun., Vilnius, Konstitucijos av. 21C G 4. AWG Investment 2 UAB 4 301807590 Vilniaus mun., Vilnius, Konstitucijos av. 21C G 5. Agross UAB 4 301807601 Vilniaus mun., Vilnius, Konstitucijos av. 21C H 6. Grain Lt UAB 4 302489354 Vilniaus mun., Vilnius, Konstitucijos av. 21C H 7. AgroGis UAB 4 302583978 Vilniaus mun., Vilnius, Konstitucijos av. 21C D 8. Agro Management Team UAB 4 302599498 Jonavos region, Bukonių v., Lankesos st. 2 E 9. Agrotechnikos centras UAB 4 302589187 Jonavos region, Bukonių v., Lankesos st. 2 F 10. AUGA trade UAB 4 302753875 Jonavos region, Bukonių v., Lankesos st. 2 H 11. Agricultural entity Žemės fondas 1 300558595 Vilniaus mun., Vilnius, Konstitucijos av. 21C E 12. Žemės vystymo fondas 6 UAB 4 300589719 Vilniaus mun., Vilnius, Smolensko st. 10 E 13. Žemės vystymo fondas 9 UAB 4 300547638 Jonavos region, Bukonių v., Lankesos st. 2 E 14. Žemės vystymo fondas 10 UAB 4 301522723 Jonavos region, Bukonių v., Lankesos st. 2 E 15. Žemės vystymo fondas 20 UAB 4 300887726 Jonavos region, Bukonių v., Lankesos st. 2 B 16. AUGA Grūduva UAB 4 174401546 Šakių region, Gotlybiškių v., A 17. Agricultural entity AUGA Spindulys 1 171330414 Radviliškio region, Vaitiekūnų v., Spindulio st. 13 A 18. Agricultural entity AUGA Smilgiai 1 168548972 Panevėžio region, Smilgių mstl. Panevėžio st. 23-1 A 19. Agricultural entity AUGA Skėmiai 1 171306071 Radviliškio region, Skėmių v., Kėdainių st. 36 A 20. Agricultural entity AUGA Nausodė 1 154179675 Anykščių region, Kirmėlių v., A 21. Agricultural entity AUGA Dumšiškės 1 172276179 Raseinių region, Paraseinio v., A 22. Agricultural entity AUGA Žadžiūnai 1 175706853 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 23. Agricultural entity AUGA Mantviliškis 1 161274230 Kėdainių region, Mantviliškio v., A 24. Agricultural entity AUGA Alanta 1 167527719 Molėtų region, Kazlų v., Skiemonių st. 2A A 25. Agricultural entity AUGA Eimučiai 1 175705032 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 26. Agricultural entity AUGA Vėriškės 1 171305165 Radviliškio region, Vėriškių v., A 27. Agricultural entity AUGA Želsvelė 1 165666499 Marijampolės mun., Želsvos v., A 28. Agricultural entity AUGA Lankesa 1 156913032 Jonavos region, Bukonių v., A 29. Agricultural entity AUGA Kairėnai 1 171327432 Radviliškio region, Kairėnų v., *A						100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 95,00% 95,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 98,98% 98,98% 99,99% 99,99% 99,98% 99,98% 100,00% 100,00% 99,94% 99,94% 99,38% 99,38% 99,81% 99,81% 99,94% 99,94% 99,99% 99,99% 99,24% 99,24% 99,93% 99,93% 99,86% 99,86% 99,59% 99,59% 98,47% 98,47%

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

No.	Name of subsidiary	Legal form	Legal entity code	Registered office	Profile	Group ownership interest, %	Group ownership interest, %
						31/03/23	31/12/22
30. Agricultural entity AUGA Jurbarkai 1 158174818 Jurbarko region, Klišių v., Vytauto Didžiojo st. 99 A 31. Agricultural entity AUGA Gustoniai 1 168565021 Panevėžio region, Gustonių v., M. Kriaučiūno st. 15 A 32. Cooperative entity Siesarčio ūkis 3 302501098 Šakių region, Gotlybiškių v., Mokyklos st. 18 A 33. Cooperative entity Kašėta 3 302501251 Jonavos region, Bukonių v., Lankesos st. 2 A 34. Agricultural entity Gustonys 1 302520102 Panevėžio region, Gustonių v., M. Kriaučiūno st. 15 E 35. Cooperative entity Agrobokštai 3 302485217 Vilniaus mun., Vilnius, Konstitucijos av. 21C A 36. Cooperative entity Dotnuvėlės valdos 3 302618614 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 37. Cooperative entity Nevėžio lankos 3 302618596 Kėdainių region, Mantviliškio v., Liepos 6-osios st. 60 A 38. Cooperative entity Radviliškio kraštas 3 302618742 Radviliškio region, Skėmių v., Kėdainių st. 13 A 39. Cooperative entity Šventosios pievos 3 302618201 Raseinių region, Kalnujų mstl. Žieveliškės st. 1 A 40. Cooperative entity Kairių ūkis 3 302615194 Panevėžio region, Gustonių v., M. Kriaučiūno st. 15 A 41. Cooperative entity Šiaurinė valda 3 302615187 Šiaulių region, Poviliškių v., 15 A 42. Cooperative entity Šušvės žemė 3 302618767 Kelmės region, Pašiaušės v., Vilties st. 2 A 43. Cooperative entity Žalmargėlis 3 303145954 Vilniaus mun., Vilnius, Smolensko st. 10-100 A 44. Cooperative entity Juodmargėlis 3 303159014 Raseinių region, Kalnujų mstl. Žieveliškės st. 1 A 45. Cooperative entity Agromilk 3 302332698 Raseinių region, Kalnujų mstl. Žieveliškės st. 1 A 46. Cooperative entity Purpurėja 3 302542337 Širvintų region, Širvintų v., Zosinos st. 7 A 47. Bukonių ekologinis ūkis UAB 4 302846621 Vilniaus mun., Vilnius, Konstitucijos av. 21C A 48. Agrosaulė 8 UAB 4 302846105 Vilniaus mun., Vilnius, Smolensko st. 10-100 G 49. Pasvalys distr., Pušalotas reclamation infrastructure users association 2 302465563 Pasvalio region, Diliauskų v., Diliauskų st. 23 A 50. Skėmiai reclamation infrastructure users association 2 303170256 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 51. Vaitiekūnai reclamation infrastructure users association 2 303170306 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 52. Association Grūduvos melioracija 2 302567116 Šakių region, Gotlybiškių v., Mokyklos st. 2 A 53. Pauliai reclamation infrastructure users association 2 303169909 Raseinių region, Gėluvos v., Dvaro st. 30 A 54. Nausode reclamation infrastructure users association 2 304219592 Vilniaus mun., Vilnius, Konstitucijos av. 21C A 55. AUGA Community UAB 4 302820797 Jonavos region, Bukonių v., Lankesos st. 2 A 56. AUGA Tech UAB 4 302820808 Jonavos region, Bukonių v., Lankesos st. 2 A 57. Arnega UAB 4 302661957 Jonavos region, Bukonių v., Lankesos st. 2 A 58. AgroSchool OU 6 12491954 Harju maakond, Tallinn, Kesklinna linnaosa, Lai tn 32-8, 10133 G 59. Public institution AgroSchool 5 303104797 Vilniaus mun., Vilnius, Smolensko st. 10-100 C 60. AUGA Ramučiai UAB 4 302854479 Akmenės region, Ramučių v., Klevų st. 11 A 61. AUGA Luganta UAB 4 300045023 Kelmės region, Pašiaušės v., A 62. eTime invest UAB 4 300578676 Vilniaus mun., Vilnius, Saltoniškių st. 29 G 63. ŽVF Projektai UAB 4 300137062 Jonavos region, Bukonių v., Lankesos st. 2 E 64. Agricultural entity Alantos ekologinis ūkis 1 303324747 Molėtų region, Kazlų v., Skiemonių st. 2A A 65. Agricultural entity Dumšiškių ekologinis ūkis 1 303324722 Raseinių region, Paraseinio v., Paraseinio st. 2 A 66. Agricultural entity Eimučių ekologinis ūkis 1 303324715 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 67. Agricultural entity Grūduvos ekologinis ūkis 1 303324804 Šakių region, Gotlybiškių v., Mokyklos st. 2 A 68. Agricultural entity Jurbarkų ekologinis ūkis 1 303325361 Jurbarko region, Klišių v., Vytauto Didžiojo st. 99 A 69. Agricultural entity Kairėnų ekologinis ūkis 1 303325774 Radviliškio region, Vaitiekūnų v., Spindulio st. 13-2 A 70. Agricultural entity Lankesos ekologinis ūkis 1 303325710 Jonavos region, Bukonių v., Lankesos st. 2 A 71. Agricultural entity Mantviliškio ekologinis ūkis 1 303325703 Kėdainių region, Mantviliškio v., Liepos 6-osios st. 60 A 72. Agricultural entity Nausodės ekologinis ūkis 1 303325781 Anykščių region, Nausodės v., Nausodės st. 55 *A						98,47% 98,47% 100,00% 100,00% 99,93% 99,93% 99,93% 99,93% 100,00% 100,00% 99,64% 99,64% 99,92% 99,92% 99,61% 99,61% 99,67% 99,67% 99,26% 99,26% 99,70% 99,70% 99,30% 99,30% 99,64% 99,64% 99,53% 99,53% 99,81% 99,81% 99,34% 99,34% 99,93% 99,93% 100,00% 100,00% 100,00% 100,00% 48,67% 48,67% 49,62% 49,62% 49,62% 49,62% 66,33% 66,33% 100,00% 100,00% 71,42% 71,42% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 50,00% 50,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% - 52,62% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

No.	Name of subsidiary	Legal form	Legal entity code	Registered office	Profile	Group ownership interest, %	Group ownership interest, %
						31/03/23	31/12/22
73. Agricultural entity Skėmių ekologinis ūkis 1 303325692 Radviliškio region, Skėmių v., Kėdainių st. 13 A 74. Agricultural entity Smilgių ekologinis ūkis 1 303325824 Panevėžio region, Smilgiai, Panevėžio st. 23-1 A 75. Agricultural entity Spindulio ekologinis ūkis 1 303325817 Radviliškio region, Vaitiekūnų v., Spindulio st. 13-2 A 76. Agricultural entity Vėriškių ekologinis ūkis 1 303325849 Radviliškio region, Skėmių v., Kėdainių st. 13 A 77. Agricultural entity Žadžiūnų ekologinis ūkis 1 303325870 Šiaulių region, Žadžiūnų v., Gudelių st. 30-2 A 78. Agricultural entity Želsvelės ekologinis ūkis 1 303325856 Marijampolės mun., Želsvos v., Želsvelės st. 1 A 79. Prestviigi OU 6 12654600 Harju maakond, Tallinn, Kesklinna linnaosa, Lai tn 32-8, 10133 G 80. Cooperative entity Ganiklis 3 303429417 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 81. Cooperative entity Ganiavos gėrybės 3 303429431 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 82. Cooperative entity Žemėpačio pieno ūkis 3 303432388 Raseinių region, Ariogalos sen. Gėluvos v., Dvaro st. 30 A 83. Cooperative entity Žemynos pienelis 3 303427989 Raseinių region, Ariogalos sen. Gėluvos v., Dvaro st. 30 A 84. Cooperative entity Lygiadienio ūkis 3 303428087 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 85. Cooperative entity Laumės pieno ūkis 3 303427996 Raseinių region, Ariogalos sen. Gėluvos v., Dvaro st. 30 A 86. Cooperative entity Medeinos pienas 3 303428112 Raseinių region, Ariogalos sen. Gėluvos v., Dvaro st. 30 A 87. Cooperative entity Gardaitis 3 303429381 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 88. Cooperative entity Dimstipatis 3 303429424 Mažeikių aplinkl. 9, Naikių v., Mažeikių apylinkės sen., Mažeikių region, A 89. Cooperative entity Aušlavis 3 303429456 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 90. Cooperative entity Austėjos pieno ūkis 3 303428094 Mažeikių aplinkl. 9, Naikių v., Mažeikių apylinkės sen., Mažeikių region, A 91. Cooperative entity Aitvaro ūkis 3 303429374 Radviliškio region, Skėmių v., Alyvų st. 1-3 A 92. Cooperative entity Giraičio pieno ūkis 3 303429399 Mažeikių aplinkl. 9, Naikių v., Mažeikių apylinkės sen., Mažeikių region, A 93. Fentus 10 GmbH 6 HRB106477 StraBe des 17 Juni 10b 10623 Berlin, Germany G 94. Norus 26 AG 6 HRB109356B StraBe des 17 Juni 10b 10623 Berlin, Germany G 95. LT Holding AG 6 HRB109265B StraBe des 17 Juni 10b 10623 Berlin, Germany G 96. KTG Agrar UAB 4 300127919 Vilniaus mun., Vilnius, Konstitucijos av. 21C A 97. Agrar Raseiniai UAB 4 300610316 Raseinių region, Ariogalos sen. Gėluvos v., Dvaro st. 30 A 98. AUGA Mažeikiai UAB 4 300610348 Mažeikių av. 9, Naikių v., Mažeikių region, A 99. PAE Agrar UAB 4 300867691 Raseinių region, Gėluvos v., Dvaro st. 30 A 100. Delta Agrar UAB 4 300868875 Raseinių region, Gėluvos v., Dvaro st. 30 A 101. KTG Grūdai UAB 4 302637486 Raseinių region, Gėluvos v., Dvaro st. 30 A 102. KTG Eko Agrar UAB 4 300510650 Raseinių region, Gėluvos v., Dvaro st. 30 A 103. Agronita UAB 4 300132574 Raseinių region, Gėluvos v., Dvaro st. 30 A 104. Agronuoma UAB 4 303204954 Raseinių region, Gėluvos v., Dvaro st. 30 A 105. VL Investment Vilnius 12 UAB 4 303205611 Raseinių region, Gėluvos v., Dvaro st. 30 A 106. Agrar Ašva UAB 4 301608542 Raseinių region, Gėluvos v., Dvaro st. 30 A 107. Agrar Varduva UAB 4 301608791 Raseinių region, Gėluvos v., Dvaro st. 30 A 108. Agrar Seda UAB 4 301608777 Raseinių region, Gėluvos v., Dvaro st. 30 A 109. Agrar Kvistė UAB 4 302308067 Raseinių region, Gėluvos v., Dvaro st. 30 A 110. Agrar Luoba UAB 4 302308035 Raseinių region, Gėluvos v., Dvaro st. 30 A 111. Agrar Gaja UAB 4 302594412 Raseinių region, Gėluvos v., Dvaro st. 30 A 112. Agrar Ariogala UAB 4 301626540 Raseinių region, Gėluvos v., Dvaro st. 30 A 113. Agrar Girdžiai UAB 4 301621568 Raseinių region, Gėluvos v., Dvaro st. 30 A 114. Agrar Vidauja UAB 4 301622531 Raseinių region, Gėluvos v., Dvaro st. 30 A 115. Agrar Raudonė UAB 4 302309532 Raseinių region, Gėluvos v., Dvaro st. 30 A 116. Agrar Venta UAB 4 302307855 Raseinių region, Gėluvos v., Dvaro st. 30 **A						100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 99,46% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

No.	Name of subsidiary	Legal form	Legal entity code	Registered office	Profile	Group ownership interest, %	Group ownership interest, %
						31/03/23	31/12/22
117. Agrar Nerys UAB 4 302594063 Raseinių region, Gėluvos v., Dvaro st. 30 A 118. Agrar Gėluva UAB 4 302312133 Raseinių region, Gėluvos v., Dvaro st. 30 A 119. Agrar Betygala UAB 4 302312222 Raseinių region, Gėluvos v., Dvaro st. 30 A 120. Agrar Dubysa UAB 4 302312215 Raseinių region, Gėluvos v., Dvaro st. 30 A 121. Agrar Pauliai UAB 4 302312165 Raseinių region, Gėluvos v., Dvaro st. 30 A 122. Agrar Mituva UAB 4 302312172 Raseinių region, Gėluvos v., Dvaro st. 30 A 123. AUGA Raseiniai UAB 4 304704364 Raseinių region, Kalnujai, Žieveliškės st. 1 A 124. Tėvynės žemelė UAB 4 303301428 Antano Tumėno st. 4, Vilniaus mun., Vilnius G 125. Tėviškės žemelė UAB 4 303207199 Antano Tumėno st. 4, Vilniaus mun., Vilnius E 126. Cooperative entity Grybai LT 3 302765404 Žibalų st. 37, Širvintos I 127. Agrarinis fondas UAB 4 306176225 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 128. Elksnis UAB 4 306176271 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 129. Antakys UAB 4 306176175 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 130. Audenė UAB 4 306176289 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 131. Erdva UAB 4 306176232 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 132. Adyna UAB 4 306176307 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 133. Šiaurinis fondas UAB 4 306176168 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 134. Mildažis UAB 4 306176403 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 135. Urtum UAB 4 306176385 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 136. Šiaurės rytų fondas UAB 4 306178226 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 137. Vidurio fondas UAB 4 306178272 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 138. Idėjų ūkis UAB 4 306178258 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 139. Rudagėlė UAB 4 306177971 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 140. Lagūnas UAB 4 306177964 Jonavos region, Bukonių sen., Bukonių v., Lankesos st. 2 G 141. AUGA SOFA UAB 4 306199583 Vilniaus mun., Vilnius, Konstitucijos av. 21C G 142. Gotlybiškių pienas UAB 4 306238837 Šakių region, Šakių sen., Gotlybiškių v., Lankų st. 10 A 143. Pamargės pienas UAB 4 306237977 Panevėžio region, Smilgių sen., Smilgių vs. 7 A 144. Buktos pienas UAB 4 306238627 Marijampolėsregion, Liudvinavo sen., Būriškių v., Želsvelės st. 12 A 145. Biržulių pienas UAB 4 306238495 Jonavos region., Bukonių sen., Bukonių v., Lankesos st. 16 A 146. Brastos pienas UAB 4 306238698 Anykščių region, Troškūnų sen., Kirmėlių v., Nausodės st. 2 A 147. Vaitiekūnų pienas UAB 4 306238602 Radviliškio region, Grinkiškio sen., Kairėnėlių v., Grinkiškio st. 53 A 148. Panemunės pienas UAB 4 306242807 Jurbarko region, Jurbarkų sen., Klišių v., Vytauto Didžiojo st. 101 A 149. Pagulbio pienas UAB 4 306238367 Molėtų region, Alantos sen., Rasokalnio v. 1 A 150. Margavonių pienas UAB 4 306238050 Radviliškio region, Šeduvos city sen., Žilionių v. 12 A 151. Gudelių pienas UAB 4 306237984 Šiaulių region., Kairių sen., Žadžiūnų v., Gudelių st. 44C A 152. Pakruojo lygumos UAB 4 306238844 Šiaulių region., Kairių sen., Žadžiūnų v., Gudelių st. 30-3 A 153. Agnasas UAB 4 306238812 Raseinių region, Kalnujai, Žieveliškės st. 1 A 154. Daugava UAB 4 306238449 Panevėžio region., Smilgiai, Panevėžio st. 36 A 155. Gausus derlius UAB *4 306238709 Radviliškio region, Skėmių sen., Skėmių v., Kėdainių st. 13 A						100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 98,98% 98,98% 98,98% 98,98% 100,00% 100,00% 100,00% 100,00% 99,86% 99,86% 99,73% 99,73% 99,94% 99,94% 99,93% 99,93% 99,81% 99,81% 99,57% 99,57% 100,00% 100,00% 98,47% 98,47% 99,89% 99,89% 99,98% 99,98% 99,23% 99,23% 98,98% 98,98% 99,99% 99,99% 100,00% 100,00% 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% - 100,00% -

COMMENTS:

** 1 Agricultural entity A Agricultural operations G Management of subsidiaries 2 Association B Cash pool of the group H Trade and logistics 3 Cooperative entity C Human resource management I Food processing 4 Private limited Company D IT system development *5 Public institution E Land management 6 Foreign legal entity *F Lease of machinery

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

4. Property, plant and equipment

GROUP At 1 January 2022 Cost or revalued amount Accumulated depreciation Net book amount Net book amount at 1 January 2022 - additions - write-offs and disposals - revaluation - reversal of provisions - depreciation - reclassification Net book amount at 31 December 2022 At 31 December 2022 Cost or revalued amount Accumulated depreciation Net book amount Net book amount at 1 January 2023 - additions - write-offs and disposals - revaluation - depreciation - reclassification Net book amount at 31 March 2023 At 31 March 2023 Cost or revalued amount Accumulated depreciation Net book amount	Land 29,874 - 29,874 29,874 436 (13) 1,881 - - 32,178 32,178 - 32,178 32,178 35 (8) - - - 32,205 32,205 - 32,205	Buildings and structures 65,567 (26,878) 38,689 38,689 265 (10) - 204 (2,479) 1,038 37,707 66,668 (28,961) 37,707 37,707 275 - - (618) - 37,364 66,603 (29,239) 37,364	Plant and machinery 50,567 (34,928) 15,639 15,639 1,932 (299) - 168 (3,297) 1,090 15,233 51,099 (35,866) 15,233 15,233 175 (9) - (818) 3,422 18,003 53,711 (35,708) 18,003	Motor vehicles 4,160 (2,870) 1,290 1,290 153 (20) - 21 (356) - 1,088 4,158 (3,070) 1,088 1,088 60 - - (85) - 1,063 4,197 (3,134) 1,063	Other PP&E 4,897 (2,538) 2,359 2,359 132 (3) - - (529) - 1,959 5,006 (3,047) 1,959 1,959 82 - - (128) 33 1,946 4,915 (2,969) 1,946	Construction in progress 4,201 - 4,201 4,201 4,271 (92) - (2,834) 5,546 5,546 - 5,546 5,546 1,326 - - - (3,446) 3,426 3,426 - 3,426	Total
							159,266 (67,214)
							92,052
							92,052
							7,189 (437) 1,881 393 (6,661) (706)
							93,711
							164,655 (70,944)
							93,711
							93,711
							1,953 (17) - (1,649) 9
							94,007
							165,057 (71,050)
							94,007

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

==> picture [40 x 54] intentionally omitted <==

5. Right-of-use assets

GROUP At 1 January 2022 Cost or revalued amount Accumulated depreciation Net book amount Net book amount at 1 January 2022 - additions - write-offs and disposals - effect of modifications - depreciation - reclassifications Net book amount at 31 December 2022 At 31 December 2022 Cost or revalued amount Accumulated depreciation Net book amount Net book amount at 1 January 2023 - additions - write-offs and disposals - effect of modifications - depreciation - reclassifications Net book amount at 31 March 2023 At 31 March 2023 Cost or revalued amount Accumulated depreciation Net book amount	Land 56,377 (17,565) 38,812 38,812 168 - 8,777 (6,679) - 41,079 65,322 (24,243) 41,079 41,079 - - - (1,668) - 39,410 65,322 (25,913) 39,410	Buildings and structures 966 (403) 562 562 - - 50 (114) - 498 1,019 (521) 498 498 - - - (33) - 466 1,019 (554) 466	Plant and machinery 10,186 (2,846) 7,340 7,340 19 - - (1,020) - 6,339 10,205 (3,866) 6,339 6,339 34 - - (251) - 6,122 10,240 (4,118) 6,122	Motor vehicles 665 (175) 490 490 - - - (84) - 406 665 (259) 406 406 33 - - (21) - 418 698 (280) 418	Other PP&E - - - - - - - - - - - - - - 71 - - - - 71 71 - 71	Total
						68,194 (20,989)
						47,204
						47,204
						187 - 8,828 (7,897) -
						48,322
						77,212 (28,890)
						48,322
						48,322
						138 - - (1,973) -
						46,487
						77,351 (30,864)
						46,487

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

6. Biological assets

The movement of Group’s biological assets consisted of the following:

Non– current assets Current assets	Non– current assets Current assets	Non– current assets Current assets
Dairy cows Other livestock	Mushroom seedbed Crops	Total
Balance as of 31 December 2021 6,890 3,103	2,290 17,108	29,391
Direct purchases - 4 Accumulated expenses - 3,744 Transfer between groups 2,561 (2,561) Direct sales (673) (463) Harvest - - Revaluation (1,659) (46) Write-offs (320) (65)	- - 29,429 39,453 - - - - (29,297) (43,888) - 4 791 - -	4 72,626 - (1,136) (73,185) 3,086 (385)
Balance as of 31 December 2022 6,799 3,716	2,419 17,464	30,398
Direct purchases - 2 Accumulated expenses - 1,096 Transfer between groups 780 (780) Direct sales (167) (127) Harvest - - Revaluation (518) (237) Write-offs (43) (18)	- - 7,122 4,783 - - - - (7,122) - - 125 - -	2 13,001 - (294) (7,122) (630) (61)
Balance as of 31 March 2023 6,851 3,652	2,419 22,372	35,294

7. Inventories

As of the balance sheet date the Group’s inventories consisted of the following:

Agricultural produce Raw materials and consumables Herbaceous forage Finished products Other Total Write-down allowance Carrying amount	As of 31 March 2023 12,813 12,368 2,976 556 383 29,096 (1,381) 27,715	As of 31 December 2022
		22,069 9,482 4,369 435 267
		36,622 (1,381)
		35,241

8. Amounts receivable

As of the balance sheet date Group’s trade and other receivables consisted of the following:

Trade receivables Subsidies and grants receivable from the National Paying Agency (NPA) Receivables from natural persons Receivable on disposal of subsidiaries Loan granted Other receivables Total Less: loss allowance for receivable on disposal of subsidiaries Less: loss allowance for other receivables Trade and other receivables, net Non-current portion Current portion	As of31 March2023 5,978 3,939 64 3,106 518 7 13,612 (3,106) (88) 10,418 518 9,900	As of 31 December 2022
		6,830 998 80 3,106 518 12
		11,544
		(3,106) (88)
		8,350

		518
		7,832

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

As of the balance sheet date Group’s other current assets consisted of the following:

Prepayments Deferred expenses VAT receivable Total	As of31 March2023 2,492 1,836 596 4,924	As of 31 December 2022
		2,415 1,407 18
		3,840

9. Borrowings

Non-current Borrowings from credit institutions Bonds Other financial liabilities Total Current Borrowings from credit institutions Credit lines Bonds Total Total borrowings Borrowings are repayable as follows: Within one year Within second year Within third and fourth year After fifth year and later Total	As of 31 March 2023 23,834 31,363 253 55,450 3,804 14,631 - 18,435 73,885 18,435 35,385 18,958 1,107 73,885	As of 31 December 2022 17,498 19,409 253 37,160 10,188 16,450 6,000 32,638 69,798
		32,638 27,404 9,101 655
		69,798

10. Lease liabilities

The Group’s leases consisted of the following: Lease liabilities Lease liabilities for land Lease liabilities for other assets Total lease liabilities Less: current portion of lease liabilities Lease liabilities for land Lease liabilities related to other assets Total current lease liabilities Total non-current lease liabilities	As of 31 March 2023 40,954 4,501 45,455 4,096 1,474 5,570 39,885	As of 31 December 2022
		42,319 4,910
		47,229 5,462 2,018
		7,479
		39,750

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

11. Results of business segments

CROP GROWING SEGMENT
a) Harvest of agricultural produce 3-month period ending 31 March 2023 3-month period ending 31 March 2022
Total cultivated land, ha 38,584 38,591 Wheat 11,666 11,310 Legumes 7,753 6,202 Other cash crops 11,711 12,260 Forage Crops 6,798 7,222 Fallow 656 1,597 Average harvest yield, t/ha Wheat - - Legumes - - Other cash crops - - Forage Crops - - Total fair value of harvest, EUR'000 22,372 24,056 Wheat 8,108 10,293 Legumes 2,875 1,484 Other cash crops 9,269 10,443 Forage Crops 2,120 1,836 Total production cost of harvest, EUR'000 (20,282) (18,193) Wheat (7,379) (6,624) Legumes (2,875) (1,484) Other cash crops (7,908) (8,249) Forage Crops (2,120) (1,836)
Total gain (loss) on revaluation of biological assets at fair value, EUR’000 2,090 5,862*
Gain (loss) on revaluation of biological assets at fair value recognized in previous periods, EUR'000* 1,965 2,334
Gain (loss) on revaluation of biological assets recognized in reporting period, EUR'000* 125 3,529

*Estimated gain (loss) on recognition of cash crops at fair value as of 31 March 2023. For more information, please see management report’s section 2.2.

	b) Sales of agricultural produce	3-month period ending	3-month period ending
		31 March 2023	31 March 2022
	Total revenue of sold agricultural produce, EUR'000	7,915	5,093
	Total cost of sold agricultural produce*, EUR'000	(8,408)	(5,081)
	Total one-time income (inventory write-offs), EUR'000	15	(297)
	Result of internal transactions, EUR'000	(640)	(728)
	Result of sales of agriculturalproduce, EUR'000	(1 118)	(1,013)
* The cost of sold agricultural produce represents the value of crops evaluated		at fair values at point of harvest and related sales costs.
	c) Agricultural subsidies	3-month period ending	3-month period ending
		31 March 2023	31 March 2022
	Direct subsidies, EUR'000	1,368	1,388
	Organic farming subsidies, EUR'000	1,147	1,034
	Total subsidies, EUR'000	2,515	2,422
	Gross profit of crop growing segment, EUR'000 (a+b+c)	1,522	4,938
	Depreciation included in the harvest of agricultural produce, EUR’000	925	966

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

DAIRY SEGMENT 3-month period ending 31 March 2023 3-month period ending 31 March 2022	DAIRY SEGMENT 3-month period ending 31 March 2023 3-month period ending 31 March 2022	DAIRY SEGMENT 3-month period ending 31 March 2023 3-month period ending 31 March 2022
Total quantity sold, tonnes 7,029 7,324 Non-organic milk, tonnes 708 442 Organic milk, tonnes 5,788 6,544 Dairy commodities, tonnes 322 113 Cattle, tonnes 211 225 Total revenues of dairy segment, EUR'000 4,149 4,047 Non-organic milk, EUR'000 321 213 Organic milk, EUR'000 2,656 3,100 Dairy commodities, EUR'000 878 378 Cattle, EUR'000 294 356 Total cost of dairy segment, EUR'000 (4,179) (3,591) Milk, EUR'000 (3,031) (2,870) Dairy commodities, EUR'000 (854) (365) Cattle, EUR'000 (294) (356) Revaluation of biological assets, EUR’000 (816) (674) Total subsidies, EUR’000 779 792
Gross profit of dairy segment, EUR'000 (67) 574
Depreciation included in cost of dairy segment sales, EUR’000 151 160

MUSHROOM SEGMENT	3-month period ending 31 March 2023	3-month period ending 31 March 2022
Total quantity sold, tonnes 2,875 3,038 Non-organic mushrooms, tonnes 2,624 2,764 Organic mushrooms, tonnes 251 274 Total revenues from mushroom sales, EUR'000 7,462 6,852 Non-organic mushrooms, EUR'000 6,534 6,072 Organic mushrooms, EUR'000 928 780 Total cost of mushrooms sold, EUR'000 (6,883) (6,984) Non-organic mushrooms, EUR'000 (6,282) (6,352) Organic mushrooms, EUR'000 (601) (632) Total revenues from sales of mushroom seedbed, EUR'000 239 159 Total cost from sales of mushroom seedbed, EUR'000 (239) (159)
Gross profit of mushroom growing segment, EUR'000 579 (132)
Depreciation included in cost of mushroom sales, EUR’000 433 398
FAST- MOVING CONSUMER GOODS 3-month period ending 31 March 2023 3-month period ending 31 March 2022
Total revenue from fast-moving consumer goods sales, EUR'000 1,935 1,410 Total cost of fast-moving consumer goods, EUR'000 (1,522) (1,138)
Gross profit of fast-moving consumer goods segment, EUR'000 413 271
Depreciation included in cost of sales of fast-moving consumer goods, EUR’000 101 101

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

12. Selling and administrative expenses

Selling expenses breakdown by type of expenses was the following:

Marketing, advertising, intermediation Wages and salaries and social security contributions Transportation of products sold Other selling expenses Total	3-month period ending 31 March	3-month period ending 31 March
	2023	2022
	598 187 37 15 837	266 161 44 12
		483

Administrative expenses breakdown by type of expenses was the following:

Wages and salaries and social security contributions Depreciation of PP&E and ROU assets and amortisation of intangible assets Insurance and taxes Office supplies Share-based payment expenses Consultation and business plan preparation Transport expenses Rent and utility services Real estate registration and notary fees Fuel Services of credit institutions PP&E write-offs Change in impairment of PP&E Other Total	3-month period ending 31 March	3-month period ending 31 March
	2023 1,268 270 192 152 144 110 74 73 57 42 37 - - 197 2,616	2022
		1,087 242 215 158 141 74 63 91 37 69 78 - - 200
		2,455

In April 2019 the Company approved Employee Option Plan therefore Share-Based Payments expenses were recognized. It should be noted that respective expenses are equity-settled and are recognized evenly per 3-year vesting period in profit (loss) statement and in equity on balance sheet.

13. Other income

Other income breakdown by type was the following:

Interest income Rental income (expenses) Other income (expenses) Total	3-month period ending 31 March	3-month period ending 31 March
	2023 15 14 46 75	2022
		81 2 50
		133

14. Other gain/(loss), net

Other gains/(losses) breakdown by type was the following:

Gain/(loss) on disposal of PP&E Insurance benefits Other Total	3-month period ending 31 March	3-month period ending 31 March
	2023 17 18 - 35	2022
		30 10 -
		40

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

15. Finance cost

Financial expenses breakdown by type was the following:

Interest on borrowings Interest on bonds Finance costs related to ROU assets (IFRS 16) Foreign exchange loss Change in fair value of derivative instruments Other finance costs Total	3-month period ending 31 March	3-month period ending 31 March
	2023 881 423 724 35 - 214 2,277	2022
		429 309 812 12 - 117
		1,679

16. Subsequent events January – May 2023

The Company informs of all material events over the CNS (Company News System) of NASDAQ Vilnius.

Announcement Announcement header date

2023.05.31 AUGA group, AB will organise an Investor Conference Webinar to introduce unaudited financial results for the 3 months of 2023
2023.05.25 AUGA group, AB and its subsidiaries presented to the public and investors the principles of a new business model that will enable scaling of technology and sustainable food supply
2023.05.22 Regarding trading suspension in the AUGA group, AB shares and bonds 2023.05.19 A decision was made to implement a new business model for AUGA group, AB and the companies it controls 2023.05.03 AUGA group, AB presents new line of more sustainable organic products for consumers 2023.04.28 Decisions of the Ordinary General Meeting of Shareholders of AUGA group, AB which took place on 28th April 2023 2023.04.27 AUGA Group, AB notification on transaction of person holding management position 2023.04.21 AUGA group, AB Notification of transactions by persons discharging managerial responsibilities 2023.04.21 AUGA group, AB progresses with its employee motivation scheme through share options 2023.04.17 AUGA group, AB Published Green Bond Report 2023.04.17 AUGA group, AB published Consolidated Annual Report 2023.04.17 Notice on the update of questions of the agenda of the ordinary general meeting of shareholders of AUGA group, AB on 28 April, 2023 by drafts of decisions and related information
2023.04.06 Notice on Convocation of the ordinary General Meeting of Shareholders of AUGA group, AB on 28th April 2023 2023.03.07 AUGA group, AB presentation of financial results for the 12 months of 2022 2023.03.03 AUGA group AB interim information for 12-month period ending in 31 December 2022 2023.03.01 AUGA group, AB will organise an Investor Conference Webinar to introduce unaudited financial results for the 12 months of 2022
2023.02.28 Regarding announcement of AUGA group, AB interim information for 12-month period ending in 31 December 2022 2023.02.09 AUGA group, AB plans for mass production of biomethane and electric tractors
2023.01.18 Dates of periodic information disclosure of AUGA group, AB for the year 2023 (investor calendar)

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

(All amounts are in EUR thousand, unless stated otherwise)

==> picture [40 x 54] intentionally omitted <==

V. CONFIRMATION OF RESPONSIBLE PERSONS

In accordance with the Law on Securities of the Republic of Lithuania and the Rules on the Information Disclosure approved by the Board of the Bank of Lithuania, we hereby confirm that, to the best of our knowledge, the consolidated interim financial statements of AUGA group, AB for the three-month period ended 31 March 2023, have been prepared in accordance with the International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position, profit or loss and cash flow of AUGA group, AB group.

Chief Executive Officer

Kęstutis Juščius

Chief Financial Officer

Mindaugas Ambrasas

==> picture [235 x 26] intentionally omitted <==

Consolidated interim financial statements for 3-month period ending 31 March 2023 (unaudited)

AI assistant

AUGA group — Interim / Quarterly Report 2023

2259_rns_2023-05-31_3ced3086-a3ba-473b-afe8-33265111acaf.pdf

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

TABLE OF CONTENTS

I. GENERAL INFORMATION

1.1. Accounting period covered by the report

1.2. Key data on the issuer

1.3. Main lines of business of the Group

1.4. The structure of the Group

1.5. Agreements with the mediators of securities public circulation

1.6. Data about securities traded on regulated markets

1.7. Information on non-financial reporting

1.8. Significant post balance sheet events

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

II. MANAGEMENT REPORT

2.1. Overall results

2.2. Crop growing segment overview

Harvest in the season of 2022/2023

Crop growing segment sales results

Agricultural subsidies and gross profit of the crop growing segment

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

2.4. Mushroom segment overview

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

2.5. Fast-moving consumer goods (FMCG) segment

2.6. Selling and administrative expenses

2.7. Capital expenditures

III. FINANCIAL STATEMENTS

Consolidated balance sheet

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

Consolidated statement of profit or loss and statement of other comprehensive income

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

Consolidated statement of changes in equity

Consolidated statement of cash flows

IV. EXPLANATORY NOTES

1. Basis of the preparation

Critical accounting estimates and assumptions

IFRS 16, Leases

Revaluation of biological assets (crops)

Revaluation of biological assets (livestock)

Share-based payments

Where:

2. Share capital and reserves

Share capital and share premium of the Company

Shareholders

Reserves of the Company

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

3. The structure of the Group

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

COMMENTS:

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

4. Property, plant and equipment

5. Right-of-use assets

6. Biological assets

7. Inventories

8. Amounts receivable

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

9. Borrowings

10. Lease liabilities

11. Results of business segments

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

12. Selling and administrative expenses

13. Other income

14. Other gain/(loss), net

AUGA GROUP, AB Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania CONSOLIDATED INTERIM REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3-MONTH PERIOD ENDING 31 MARCH 2023

15. Finance cost

16. Subsequent events January – May 2023

Announcement Announcement header date

V. CONFIRMATION OF RESPONSIBLE PERSONS

More from AUGA group

AUGA group Interim / Quarterly Report 2023