Newlat Food S p A : 2023 Integrated Management Report

Integrated Management Report 2023

Our People, Our Products.

Newlat Food	Our Brands
Group

Contents

OVERVIEW	4
LETTER TO STAKEHOLDERS	6
OUR PURPOSE AND GOALS	7
OUR STORY	8
OUR STAKEHOLDERS	9
OUR DRIVERS	10
STRATEGIC ACTIVITIES AND BUSINESS INITIATIVES
2023- 2024	12
OUR GROWTH IN THE WORLD	16
BUSINESS PERFORMANCE	18
INVESTMENTS	25
NON FINANCIAL PERFOMANCE	28
OUR SUSTAINABILITY PLAN	29
COMMITMENT TO OUR CONSUMERS	30
THE PLANET	36
HOW WE PROCURE	40
OUR PEOPLE	43
OUR COMMUNITY	44
OUR GOVERNANCE	48

About this report

Welcome to the First Edition of our Integrated Management Report.

This document offers a detailed and integral analysis of our commitment, providing

a comprehensive view of our mission, governance principles, achievements, and the opportunities and challenges we faced in 2023.

Through this Report, we want to provide all our stakeholders with a clear, transparent and accessible summary of the Company's key milestones and performance, considering both economic and ESG aspects.

LEARN MORE

To learn more about our Group and view all relevant documentation, including our Annual Financial Report, our Non-Financial Statement, our Policies, as well as our Code of Ethics and Conduct, please visit corporate.newlat.it.

4 Integrated Management Report 2023

Overview

Highlights

19 production facilities in Europe

Integrated Management Report 2023

5

Top market shares

The Newlat Food Group is a major multinational, multi-brand and multi-channel player in the Italian and international food industry.

The Group is active in the pasta, dairy, instant noodles, bakery and dessert mixes markets, as well as special products, including high protein, gluten free and baby food. The Group's products are marketed through numerous proprietary brands, many of which

are known nationally and internationally. Newlat Food holds a prominent position in the domestic market and also has a strong presence in foreign markets, particularly in the UK, Germany and France, partly through its subsidiaries Symington's Ltd., Newlat Deutschland GmbH and EM Foods S.A.S. In 2019, the Company was listed on the STAR segment of the Italian Stock Exchange.

€ 793.3 million	~ 20,000
customers
TURNOVER
2023	INCLUDING MAJOR
	INTERNATIONAL RETAILERS
> 85% branded	> 25 main
BRANDED/PRIVATE LABEL SPLIT	brands
PRESENT IN

5

PASTA FACTORIES, ONE OF

WHICH ALSO SPECIALISES

IN BAKERY PRODUCTS

7	UK
20%		CONSETT
MILK PROCESSING	total
PLANTS	turnover

Pasta market in Germany1

#2 in the total pasta market (5 times the volume of the third player)

#1 in the German pasta market

Newlat Food S.p.A.

(ITALY)

Pasta, bakery products,

milk and dairy,

special products

Symington's Ltd.	Centrale del	Newlat GmbH	EM Foods S.A.S.
(UNITED KINGDOM)	Deutschland	(FRANCE)
Latte d'Italia S.p.A.
100%	(GERMANY)	100%
(ITALY)
Instant noodles,	100%	Cake mixes,
67,74%
cake mixes, croutons,	Pasta, sauces	ready meals,
Milk & dairy
sauces	and instant cups	baking powders

> 80 countries	+ 19.7%
+25% EXPORT TURNOVER	MARKETING SPEND
COMPARED TO 2022		VS. 2022
> 2000	> 2000	+ 63%
SUPPLIERS	EMPLOYEES	INVESTMENTS
		VS. 2022

IN THE THREE-YEAR PERIOD 2021-2023:

- 19%	~ 2000 tCO2
CARBON INTENSITY	SAVED BY RAIL TRANSPORT
(CO EMISSIONS2 /TURNOVER)
- 16%	+ 27%
WATER INTENSITY	RECRUITMENT OF PERSONNEL
(WATER WITHDRAWN/TURNOVER)	UNDER 30

BRADFORD				DARTMOUTH WAY + CROSS GREEN
3								GERMANY
INSTANT FOOD		MANNHEIM		18%
PLANTS
				LUDRES				total
						turnover

FRANCE

MILLS

4%

LODI

CORTE DE' FRATI

VICENZA

2

total

turnover

TORINO

REGGIO EMILIA

1

RAPALLO

BOLOGNA

OZZANO TARO

FARA SAN MARTINO

FIRENZE

HOME BAKING

SANSEPOLCRO

PLANT

1

SALERNO

EBOLI

ITALY

50%

SPECIAL PRODUCTS

total

PLANT, INCLUDING BABY

turnover

FOOD, GLUTEN-FREE,

LOW PROTEIN AND

HIGH-PROTEIN

Reference markets in Italy2

#2 in the bread substitute market #3 in the rusk market

#3 operator in the dairy sector

UK instant food and ready meals markets3

#1 in the categories 'mug snacks', 'flavoured cous cous' and 'traditional cooking sauces'

#2 in the branded category of instant noodles inspired by Asian cuisine

#3 in the 'pot snacks' category

1. Source: Circana, YTD data - September 2023 by volume market share / progressive data - September 2023 by volume
2. Source: IRI, LTM data - October 2023 by volume

3 Source: Nielsen data until 4 Nov 2023

6 Integrated Management Report 2023

Letter to Stakeholders

Integrated Management Report 2023

7

Our Purpose and Goals

Dear Stakeholders,

In a very volatile market environment and characterised by intense promotional activity in the last quarter of the year, Newlat ended 2023 with significant revenue growth and a strong improvement in margins, above the industry average.

Thanks to our high financial flexibility and excellent cash generation, we initiated a series of investments totalling EUR 25.2 million in Q4 2023. These include a new oven line and new packaging machines for children's products - these initiatives will not only greatly strengthen the offer of both

Recognition of our commitment by strategic partners is only a starting point, destined to guide the future growth of our organisation. Optimal resource management has always been one of the principles underlying our way of doing business, both when it comes to limited resources, such as natural ones, and when it comes to human resources. This

In 2024, we are committed to continuing our growth trajectory, further consolidating our presence in the industry.

Therefore, growth by external lines will continue to be a key strategic element. Thanks to the availability of cash and the financial support of a group of major

OUR

PURPOSE:

'Let's celebrate our roots,

embrace growth and

nurture the future'

OUR VISION:

To become the point of reference for those seeking high quality products, promoting ties, conviviality and closeness and bringing together people from all corners of the world.

OUR MISSION:

Constantly developing new products through innovation, preserving the authenticity of the Italian and other culinary traditions and accompanying consumers all over the world in every moment and phase of life to offer moments of joy, conviviality and closeness.

speciality and traditional products, expanding the range significantly, but will also enable our industrial structure to face new business development challenges with even greater efficiency. In addition, the purchase of a new area adjacent to our factory in Mannheim, Germany, which is already equipped with a warehouse and offices, is planned. The introduction of this new logistics hub will not only result in annual savings of more than EUR 2 million, but will also optimise storage and distribution processes on a Group- wide basis, thanks to its central and strategic location, further strengthening our ability to dynamically adapt to market requirements.

In 2023, we continued our commitment to promote responsible business focused on continuous improvement. In line with recent international developments, we are evolving our approach in assessing positive and negative impacts, while aiming to translate our Group's progress into tangible benefits for all our stakeholders.

is demonstrated by the trend of continuous generational turnover, which testifies to our commitment to invest in young talent to successfully cope with change while stimulating constant innovation, thus ensuring sustainable growth over time.

In our strategy, the quality and safety of the products we offer remain at the heart of our development, a commitment that is reflected in our continuous investment in the most recognised voluntary certifications. This not only supports continuous advancement along every link in our value chain, but also guarantees the continuity of production and quality excellence that sets us apart.

As in the past, our focus this year extended beyond our domestic borders, turning towards M&A, which has always been one of the pillars of our long-term growth strategy. The prudence and rigour we apply in risk management, evidenced by the approach taken in our latest acquisition attempt, demonstrate our ability to operate wisely and cautiously, two qualities that make us optimistic and ready to take advantage of the opportunities in a constantly evolving market.

international banks, the Group will be able to operate in the M&A market with great financial flexibility. We are currently working on four important dossiers, all of which are strategically relevant for our group and of which we hope to be able to share details soon.

Angelo Mastrolia,

Executive Chairman

of Newlat Food

THE KEY TO OUR SUCCESS

A broad and structured product portfolio with high growth potential,

organised in 7 main Business Units

Pasta		Milk		Dairy	Bakery		Special	Instant	Other
In numerous	Products	Products	Products		products	noodles	products
formats, organic,	Including		Like	Including		Like gluten-	& Bakery	Such as
whole-wheat,		fresh	mascarpone,	croutons,		free, high-	Mixes	sauces, as
premium,	milk, UHT,	ricotta and	rusks and		protein and	Including	well as salads
legume, gluten-	functional	fresh cheese	other baked	baby food	soups,	and cured
free, high-protein		milks,			goods		products	various	meats
	yoghurt,						ready meals
	cream, butter						and dessert
								preparations
				Our winning ingredients
We pursue	We carefully		We	We promote	We are equipped	We constantly
international	select our	continuously	consumer	with industrial	dialogue
standards for	suppliers		invest in	welfare,		assets with	with our
quality and	and the raw	research and	meeting		advanced	stakeholders
food safety	materials we	development	new market	technology and
by striving for		use			demands and	ample production
excellence					the latest trends	capacity to meet the
								requirements of the
								most demanding
								customers
		Consolidation and growth in strategic markets
Growth in strategic markets such as	Consolidated presence in the
continental Europe, the MENA region,	countries already covered	Export to over 80 countries
North America and West Asia		(Italy, UK and Germany)
			The promotion of brands and products
Online and offline	Participation in international	Community-level	Development of online
communication and	trade fairs, collaboration with	events and activities	sales channels
promotion campaigns	major retailers and sponsorship
to support brands	of relevant events on a
			national scale

OUR BUSINESS STRATEGY FOR CONTINUED GROWTH

	Synergies		Focus on special	Development
	between	International	Responsible
M&A	products and	of proprietary
different Group	growth	development
	innovation	brands
	entities
We aim to be a	We aim to	We strive to	We increase	We increase	We pursue
consolidating	improve our	strengthen	our offering in	brand	sustainable
platform in	operational,	our European	the baby food	awareness and	success through
the food &	financial and	market presence	and health	penetration	an integrated
beverage sector	commercial	and develop	and wellness	in our target	strategy
by acquiring	efficiency	our competitive	segment thanks	markets through	covering
companies	through	position in	to a dedicated	a series of sales	ESG aspects,
present	opportunities	foreign markets	research and	and marketing	assessing
in sectors	for collaboration		development	initiatives	significant risks
complementary	and integration		centre		in the context
to those already	between the				of medium
covered,	Group's different				and long-term
thanks to the	entities				sustainability
investment
strategy aimed
at diversification
by external lines

8 Integrated Management Report 2023

Group history

We add the company

Our Stakeholders

Integrated Management Report 2023

9

Suppliers

We begin our history with	We acquired the
the acquisition of the	Corticella brand and its
Guacci pasta factory by	pasta plants in Bologna
the Mastrolia family	and Corte de' Frati (CR)

We expand further into the world of dairy products through the acquisition of the Ala and Optimus brands and the Lodi plant

We acquire the company

Centrale del Latte di Salerno S.p.A., active in the production and sale of dairy products, and its brand

Industrie Alimentari Delverde S.p.A., based in Fara San Martino (CH), owner of the Delverde brand and active in the pasta market. In the same year, we access the capital market through the placement of equity instruments for trading on the STAR segment of the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana

We land in the UK with the acquisition of the UK-based Symington's Group, which operates out of three sites in Leeds, Bradford and Consett and is mainly active in the production and sale of instant food and ready meals, with an extensive brand portfolio

Members and shareholders: we are listed on the Star segment of the Italian Stock Exchange and we want to communicate with them in a transparent, truthful and timely manner.

Employees: they are our most valuable resource and we invest in them to ensure health, safety, professional development and involvement.

Suppliers: we work with them to obtain safe

Trade unions: they are our interlocutors for the application of contracts, the management of regulations and the definition of projects and initiatives concerning our staff.

Investors: they are the basis of our work and we want to establish a long-term relationship with them, based on transparency and oriented towards responsible development.

Lenders	Customers
Universities and	Members and
research institutes	shareholders
Farmers and	Local
supply chains
community
Trade unions	Certifying
	bodies

2004

2006

2009

2014

2019

2021

We undertake significant industrial investments, investing over € 25 million to improve efficiency in the medium term

2023

and quality raw materials, optimising costs and maintaining a competitive advantage.

Customers: we reach out to our customers, especially the large-scale retail trade, through a commercial network of trusted agents and promotion and marketing activities.

Our priority is to offer quality products and guarantee food safety.

Local community: we want to be present and active

Credit institutions: they are our partners for the enhancement of our financial resources and capabilities. We prove ourselves reliable and transparent, guaranteeing stability and credibility.

Farmers and supply chains: they are our suppliers of raw materials and we maintain relations with them to ensure business continuity, quality and product safety. We encourage farming practices that are attentive to social and environmental impacts, supporting farmers' development.

Credit	Employees
institutions

Investors Consumers

2005

The Pezzullo brand, together with the pasta factory and mill in Eboli (SA), joined the Group

2008

The plant in Sansepolcro (AR) was added, allowing us to start production and marketing of pasta and bakery products under the 'Buitoni' brand licence. In the same year, we acquired another company: Newlat S.p.A., based in Reggio Emilia and active in the dairy sector, which carries the Giglio, Polenghi, Torre in Pietra and Fior di Salento brands

2013

We enter the European market through the acquisition of the German site in Mannheim, specialising in the production and sale of Birkel and 3Glocken brand pasta

2015

The integration of the Ozzano Taro (PR) plant allows us to enter the baby food, aproteic and gluten-freeproducts sector

2020

We acquire the company

Centrale del Latte d'Italia S.p.A., with its plants in Turin, Vicenza, Rapallo and Florence, also listed in the STAR segment of the MTA

2022

We consolidate our presence in France and in the cake mixes and baking mixes segment through the acquisition of the French company EM Foods based in Ludres

in the area where we operate, supporting and raising awareness in local communities and contributing to socio-economic development.

Certifying bodies: in order to ensure full compliance with current regulations, as well as the adoption

of best practices, we have invested in some of the most important certifications related to our sector, focusing on high quality products and standards applied in manufacturing processes.

Consumers: their satisfaction is our primary goal. We constantly innovate our processes and products to meet their expectations in terms of both quality and taste, offering a range of products for consumer groups with specific nutritional needs.

Lenders: they contribute to the development of our Group by lending capital. We ensure transparency of reported information by choosing solid, transparent and experienced lenders.

Universities and research institutes: we collaborate with them to undertake projects of innovation, research and development of processes and products. We also carry out training activities related to the promotion of a correct food culture.

10 Integrated Management Report 2023

Integrated Management Report 2023 11

Product quality,

safety and traceability

Promoting the regions and communities the Group operates in

Protecting human

rights, reducing

inequalities, respecting diversity and inclusion

Employment protection

Sustainable farming
practices, animal	Legality, ethics and
welfare and attention	anti-corruption
to raw materials

Our drivers

Our operational and strategic approach is guided by the following key principles that foster responsible decisions and ethical actions, orienting us towards long-term sustainable growth.

Protecting the health and safety of workers

Process environmental

impact

Transparent

governance and

corporate identity

Consumer listening

and protection

Sustainable packaging		Education, training and
Responsible	people development
	development and
	growth

12 Integrated Management Report 2023

Strategic Activities and Business Initiatives 2023-2024

Integrated Management Report 2023 13

NEW LAUNCHES

Mukki Bimbo: 100% organic Tuscan infant milk (Ozzano Taro plant).

Entry into the ready-to-eat dessert market with the Centrale del Latte d'Italia Expert - Minuto line (Panna Cotta and Crème Brûlée) (2024).

Optimus: relaunch activities, restyling of the logo and product range, off-line and on-line communication initiatives, increased distribution and commercial presence in large- scale retail chains (2023/24).

Delverde: entry into the gluten-free market with the launch of the Delverde Gluten Free range and the Delverde 100% Legumes range, and into the high-protein market with the launch of the new Delverde High Protein reference. (2023).

Crostino Dorato: range extension with the launch of 1 new Crostino Dorato Snack line, consisting of a new Crostino Dorato Snack (Classic) reference (2023).

Naked Ultimate launch (2023).

"Centrale del Latte d'Italia Expert - Minuto Panna Cotta and Crème Brûlée are highly innovative and high quality products designed to meet specific consumer occasions. Thanks to the collaboration between the Research & Development teams of EM Foods and Centrale del Latte d'Italia, we have created something truly special that stands out from the more traditional products in our portfolio to date and is ideal for extending our presence in the Ho.re.Ca. channel by offering a product with a high service content.

By approaching this opportunity with a fresh and bold approach, we aim to conquer new segments and markets, attracting the attention of new customers."

Gianfranco Cillo,

Head of Normal Trade Channel Centrale del Latte d'Italia

Optimus:

Relaunch activities, restyling of the logo and product range

UNITED KINGDOM

Naked Best Ever: launch of new range to replace the previous classic Naked line - 'Sorry, Not Sorry' campaign to support the launch (October 2023).

Naked Best Ever: launching spicy flavours (gochujang e sriracha).

Mugshot: limited edition Carbonara (November 23); Pigs in a Blanket (Christmas edition). Social and on-site campaign in support.

GERMANY

Birkel: launch long pasta (Spaghetti) and half rigatoni ('Birkel Mezzi'); oat-based pasta ('Birkel Hafer'); Birkel Minuto kit pasta (Bolognese ragout and classic tomato sauce).

Minuto: full product range launch - shakers, sachets, desserts.

"Product quality is incredibly important to us: we strive to always be consumer centric to ensure we meet evolving needs. It is rewarding to see that consumers have started buying our range more frequently following the product optimisation and launch campaign, with significant improvement to our product ratings. I look forward to seeing our continued progress in 2024."

Lauren Charnock,

Head of Brand Marketing - Symington's

Launch of the new Naked e-commerce (January 2024).

Entering the drinkable Kefir market with 3 references (2023).

Mukki: relaunch of the functional product line within the High Digestibility segment with new graphics, recipes and communication campaign (2023/24).

Mukki Bimbo:

100% organic Tuscan infant milk

"The 'Minuto' brand has always been associated with quick, easy and practical preparations: its extension to the new line of ready-to-eat desserts could only prove to be a winning idea. What's more, the strong international relevance of the Italian word 'minuto' gives the brand considerable potential for global recognition, extending well beyond the instant noodle sector."

Mukki: Mukki Latte A2, Mukki Merenda (2023).	Michael Gepperth,
	Marketing Director Newlat GmbH

14 Integrated Management Report 2023

Minuto: when synergy between two countries becomes a success story

Integrated Management Report 2023 15

"Throughout the development of this project, nothing has excited me as much as the moment when we presented the new products to our colleagues in sales and marketing. Their reaction was simply extraordinary, a wave of enthusiasm that confirmed the value of our work."

"Of all the new products developed in cooperation with EM Foods, Panna Cotta is simply irresistible to me. Its taste is exceptional, but it is above all its consistency that makes it unique: it melts in the mouth. This sets it far above any other product on the market."

In 2023, the integration of the French company EM Foods into our Group triggered the launch of the new Minuto branded ready-to-eat dessert line, opening the Group's doors to a new and promising market segment. What made it possible to realise such an ambitious project was the joint effort between our Research and Development (R&D) departments: on the one hand, the French team, with many years' experience in the development of dessert preparations, and on the other hand, the team at Newlat GmbH in Germany, where the Minuto brand, associated with the Birkel mother brand, already enjoyed a solid reputation in the instant noodle sector.

The project was born with the aim of positioning ourselves as the second most important player in the German market, a very ambitious target given that in Germany the market segment for baking mixes is strongly dominated by established competitors. The watchwords for achieving this goal could only be 'excellent taste at competitive prices'.

The whole process was characterised by a strong synergy of resources from Germany and France, which, with different but complementary skills, managed to work together effectively to conclude this ambitious project in less than a year.

"Two moments particularly excited me during the project. First, the first weeks of product development, characterised by challenging deadlines and the need to familiarise myself with German colleagues. Then, the meeting with the marketing and sales teams, which was the conclusion of a long year of work. It was really rewarding to see their enthusiasm for the new product line."

Jean-Marie Vuillaume,

R&D EM Foods

To begin with, the German marketing team carried out an in-depth market research to fully understand the target segment and product characteristics. Subsequently, the products on the market were thoroughly analysed and, following close collaboration with leading German retailers, the proposal of our ready-made dessert range was designed. On the basis of this input, and thanks to the valuable contribution of the French R&D team, work began tirelessly on product development, producing numerous samples and searching for the best solutions, both in terms of taste and price competitiveness. In parallel, the design of packaging and displays was studied, exploring different promotional strategies. The process ended in autumn 2023 with the final legal checks on the packaging, ensuring full compliance with national and European guidelines and regulations.

Our teams worked intensively to complete the development of a whopping 22 SKUs in just one year.

Given the inexperience in this field, of course, the path was not without obstacles and the challenges were numerous. For the German team, one of the most challenging tasks was to develop a completely new product range. Given the specifications of these new products, the team had

to quickly learn to understand sensory characteristics,

preparation processes, legal requirements and gain a deep understanding of consumer expectations.

While for the French team, the biggest challenge was to complete the project in a relatively short period of time. The goal was to conclude the activities as soon as possible, by the end of 2023, which implied total involvement to gain in-depth knowledge of the ingredients and recipes.

The secret to meeting the challenges with optimism was the strong relationship of collaboration and trust established between the two teams.

Weekly video calls and document sharing on online platforms played a key role in reducing physical distances. In addition, face-to-face meetings were invaluable in finalising and

tasting products several times, adapting them according to market needs.

Continuous exchanges between the French and German teams were crucial, considering the cultural differences, culinary preferences and consumer expectations in the respective countries. It was essential to align product creation in France with the demands of the German market.

The key to the success of this project, however, was the desire not to limit ourselves to reproducing products that already existed on the market, but to develop completely new flavours, such as Cup Pudding or Chai Latte. In addition, there were some pleasant and unexpected surprises that allowed us to find two alternative uses for the same product,

Steffi Buddruss-Haupt,

R&D Newlat GmbH

such as mousses that, quite by chance, turned out to be suitable for the preparation of a delicious milkshake: this idea was very popular with retailers and consumers alike.

The enthusiasm generated by this synergy has catalysed our vision for the future, leading us to plan a further 13 projects for 2024. These include innovations such as porridge in a cup in various flavours and a line of premium cakes and desserts to elevate our current offering. Looking further ahead, we already have a number of new launches in the pipeline for 2025, testifying to our proactive approach and unwavering commitment to anticipating and meeting evolving consumer tastes and preferences.

16 Integrated Management Report 2023

Our growth around the world

PARTICIPATION IN TRADE SHOWS AND INDUSTRY EVENTS IN 2023

Gulfood (Dubai), Cibus Connect (Parma), TuttoFood (Milan), Linkontro (Cagliari), PLMA (Amsterdam), Anuga (Cologne);

In 2023, we intensified our participation in international trades shows. In particular, we participated for the first time as exhibitors to the Gulfood trade show in Dubai and as per usual we participated in PLMA in Amsterdam and Anuga in Cologne, three of the most significant events in the global food & beverage scene.

Our strategy of participating in leading events has enabled us to further strengthen pre-existing partnerships and establish new business collaborations, contributing to a positive impact on our foreign markets, as evidenced by solid sales increases worldwide in 2023. For 2024, we plan to participate in several international trade fairs, such as Sial Paris and Seoul Food & Hotel.

"We are proud of Newlat Food's steady progress in consolidating and expanding its presence in foreign markets. Our commitment to increasing exports is clearly evidenced by the success we have had in 2023 with the establishment of strategic partnerships with retailers such as Superunie, Costco Canada and Salling Group - these tangible results reflect the strong international demand for our quality products.

The importance of international expansion is further underlined by our active participation in the most important national and international trade shows. Events such as Gulfood in Dubai and Anuga in Cologne are key platforms for presenting our entire product portfolio and for forging lasting business relationships.

2024 will initiate further international collaborations, such as the Amazon brand pasta that will be produced entirely by us, as well as other significant activities with leading retailers. The introduction of our made-in-Italy and international products in foreign markets is not just a business strategy, but a mission to bring Italian tradition and innovation to dining tables all over the world.

Newlat Food aspires to become a symbol of quality and global excellence, a goal we are committed to pursuing with dedication and passion."

Giuseppe Mastrolia,

Managing Director and Chief Commercial Officer

+13% € 8.5m

Belgium

+25% € 4m

Canada

+10% € 15m

France

LEGENDA

Integrated Management Report 2023 17

+39% € 8.7m

Netherlands

+35% € 3.8m	+12% € 12.8m
Denmark	MENA area

Value growth	Total revenue
in percent (%)	in € million

18 Integrated Management Report 2023

Business Performance

Our financial performance

Integrated Management Report 2023 19

PRODUCTION

EFFICIENCY

Continuous pursuit of

efficiencies in all production areas

M&A

External growth through acquisitions of companies operating in sectors complementary to those already in our business

FOCUS ON SPECIAL

PRODUCTS

Increased market share

for special products (health and wellness) and baby products

Consolidated revenue 2023:	Free Cash Flow:
€ 793.3 million	€ 20.8 million
+ 7% vs. 2022
EBIT:	Adjusted EBITDA:
€ 31.3 million	72.4 million
+ 55% vs. 2022	+ 21.8% vs. 2022
Adjusted EBITDA margin:	Net profit:
9.1%	€ 15.5 million

REVENUES BY BUSINESS UNIT

IN 2023

1.8%

4.3%		Pasta
7.2%	26.8%	Milk Products
6.3%	Instant noodles &
€ 793,339		baking mixes
20.9% thousands		Bakery Products
		Dairy Products
32.7%	Special Products

REVENUES BY DISTRIBUTION CHANNEL IN 2023

2.5%

15.4%		Large scale retailing
11.2% € 793,339		B2B partners
58.6%	Normal trade
thousands

Private labels

12.3%	Food services

	QUALITY
	SUSTAINABILITY
	FINANCIAL
	PERFORMANCE
BRAND DEVELOPMENT		RESEARCH AND
Increasing the marketing		DEVELOPMENT
and communication		Investment in new
position of our own brands		technologies and new
		products
	INTERNATIONAL
	GROWTH
	Consolidation of export
	market presence and
	development of competitive
	position in the German
	market

vs. 8% in 2022	+ 135% vs. 2022
Net Debt	Net Debt
(excluding IFRS 16):	(including IFRS 16):
- € 29.5 million	- € 74.3 million
vs. - € 63 million in 2022	vs. - € 109.8 million in 2022

ROS:	ROI:	ROE:
4.5%	14.3%	10.5%
vs. 2.7% in 2022	vs. 9.4% in 2022	vs. 4.7% in 2022
Earnings per Share:	Net Debt/EBITDA ratio:
0.34	1
vs. 0.16 in 2022	vs. 1.9 in 2022

Other Products

BEST PERFORMING BUSINESS UNIT IN 2023

Instant Noodles	Dairy	Bakery
& Bakery Mixes	Products	Products
+22%	+14%	+13%

REVENUES BY GEOGRAPHIC AREA

IN 2023

12.6%

	Italy
17.7% € 793,339	United Kingdom
thousands 50.1%	Germany

Other countries

19.6%