Ebro Foods S A : Annual Financial Report 2021 Separate Annual Financial Report 2021 Consolidate Annual Financial Report 2021 Annual Financial Report 2021

Financial

Report

2022

02		Auditor's Report
		Individual Annual
		Accounts
		P. 5

01 Financial

Highlights

P. 3

Individual Annual	03
Accounts and
Management Report
P. 11

04		Auditor's Report
		Consolidated
		Annual Accounts
		P. 192

Consolidated Annual	05
Accounts and
Management Report
P. 199

Disclaimer	06
P. 563

Annual Financial Report 2022

This English version is purely informative and is not considered official or regulated financial information.

In the event of any discrepancy between the Spanish and English versions of this document, the Spanish version will prevail.

Important information for ADR holders is permanently published on the English version of the company's website www.ebrofoods.es/en/, which may be consulted.

01 Financial

Highlights

CONSOLIDATED FIGURES (000€)

	2020	2021	2021/2020	2022	2022/2021	TAMI 2022-2020
Revenue	2,430,310	2,427,068	(0.1%)	2,967,672	22.3%	10.5%
Advertising	(67,408)	(75,474)	(12.0%)	(77,161)	2.2%	7.0%
EBITDA-A	305,132	301,860	(1.1%)	334,622	10.9%	4.7%
EBIT-A	211,711	207,295	(2.1%)	233,599	12.7%	5.0%
Operating profit	205,533	203,058	(1.2%)	202,571	(0.2%)	(0.7%)
Profit for the year from continuing operations	117,227	145,219	23.9%	135,565	(6.6%)	7.5%
Profit after tax for from discontinued operations	89,424	105,027	17.4%	(917)	(100.9%)
Profit attributable to equity holders of parent	192,415	238,629	24.0%	122,059	(48.8%)	(20.4%)
	12-31-20	12-31-21	2021/2020	12-31-22	2022/2021
Average working capital	642,535	662,058	(3.0%)	925,501	(39.8%)
Average capital employed	2,183,209	2,060,319	5.6%	2,228,932	(8.2%)
ROCE-A(1)	9.7	10.1		10.5
CAPEX (2)	117,602	120,035	2.1%	118,808	(1.0%)
Average headcount	7,664	6,440	(16.0%)	6,293	(2.3%)
STATEMENT OF FINANCIAL POSITION	12-31-20	12-31-21	2021/2020	12-31-22	2022/2021
Equity	1,927,351	2,101,627	9.0%	2,164,438	3.0%
Net debt	950,870	504,723	46.9%	762,635	(51.1%)
Average net debt	917,574	865,418	5.7%	645,809	25.4%
Leverage (3)	47.6%	41.2%		29.8%
Activos To Total assets tales	4,035,662	3,938,622	(2.4%)	3,900,216	(1.0%)
STOCK MARKET DATA	12-31-20	12-31-21	2021/2020	12-31-22	2022/2021
Number of shares	153,865,392	153,865,392	0.0%	153,865,392	0.0%
Market capitalisation at year-end	2,914,211	2,597,248	(10.9%)	2,255,667	(13.2%)
Earnings per share (EPS)	1.25	1.55	24.0%	0.79	(48.8%)
Dividend per share (DPS)	2.51	1.14	(54.6%)	0.57	(50.0%)
Underlying carrying amount per share	12.53	13.66	9.0%	14.07	3.0%

1. ROCE-A= Average profit after D&A but before tax for the last 12 months (excluding extraordinary/non-recurring items) divided by average capital employed.
2. Cash outflows for investment purposes On average, 15 million euros corresponds to activities that were discontinued.
3. Leverage = Ratio of average net interest-bearing debt to equity (excluding non-controlling interests).

RICE BUSINESSES (000€)

(000€)	2020	2021	2021/2020	2022	2022/2021	TAMI 2022-2020
Revenue	1,893,924	1,858,919	(1.8%)	2,329,486	25.3%	10.9%
Advertising	(43,120)	(43,789)	(1.6%)	(53,898)	23.1%	11.8%
EBITDA-A	252,614	247,680	(2.0%)	289,830	17.0%	7.1%
EBIT-A	195,210	189,087	(3.1%)	222,664	17.8%	6.8%
Operating profit	191,083	187,089	(2.1%)	213,176	13.9%	5.6%
CAPEX	69,345	74,246	7.1%	71,152	(4.2%)	1.3%

PASTA BUSINESSES (000€)

	2020	2021	2021/2020	2022	2022/2021	TAMI 2022-2020
Revenue	581,460	590,781	1.6%	651,545	10.3%	5.9%
Advertising	(25,648)	(33,181)	(29.4%)	(24,904)	(24.9%)	(1.5%)
EBITDA-A	66,811	68,825	3.0%	58,478	(15.0%)	(6.4%)
EBIT-A	32,312	34,447	6.6%	26,330	(23.6%)	(9.7%)
Operating profit	28,424	30,374	6.9%	3,184	(89.5%)	(66.5%)
CAPEX	47,474	45,266	(4.7%)	46,222	2.1%	(1.3%)

2022 FINANCIAL REPORT 4