Bonduelle : CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2021 /

5	Consolidated	financial
statements
Contents
5.1	Consolidated income statement .................................................................................................................................................	2
5.2	Consolidated balance sheet.......................................................................................................................................................	3
5.3	Consolidated statement of cash flows ............... .........................................................................................................................	4
5.4	Consolidated statement of changes in shareholders' equity .......................................................................................................	5
5.5	Notes to the annual consolidated financial statements ...............................................................................................................	6
NOTE 1 GENERAL INFORMATION .....................................................................................................................................................	6
NOTE 2 HIGHLIGHTS FOR THE PERIOD ...........................................................................................................................................	6
NOTE 3 ACCOUNTING PRINCIPLES ..................................................................................................................................................	7
NOTE 4 SCOPE OF CONSOLIDATION .............................................................................................................................................	15
NOTE 5 OPERATING DATA AND NON-RECURRING ITEMS ...........................................................................................................	15
NOTE 6 EXPENSES, HEADCOUNT AND EMPLOYEE BENEFITS....................................................................................................	18
NOTE 7 FINANCING AND FINANCIAL INSTRUMENTS ....................................................................................................................	19
NOTE 8 INCOME TAX........................................................................................................................................................................	32
NOTE 9 EARNINGS PER SHARE ......................................................................................................................................................	33
NOTE 10 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT................................................................................	34
NOTE 11 OTHER PROVISIONS AND CONTINGENT LIABILITIES....................................................................................................	40
NOTE 12 OTHER INFORMATION......................................................................................................................................................	41
NOTE 13 SUBSEQUENT EVENTS ....................................................................................................................................................	43
NOTE 14 LIST OF GROUP COMPANIES ..........................................................................................................................................	43

This document is a free translation into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Bonduelle.

Bonduelle / Universal registration document 2020-2021(Chapter 5) -1

5.1 Consolidated income statement

(in thousands of euros)	Notes	At 2020/06/30			At 2021/06/30
Revenue	5.1	2,854,876				2,778,604
Purchases and external charges	5.2	(2,025,193)				(1,951,974)
Employee benefits expenses	6.1	(598,242)				(612,268)
Depreciation, amortization and impairment		(112,214)				(111,506)
Other operating income	5.3	26,790				27,851
Other operating expenses	5.3	(37,362)				(30,332)
Current operating income		108,654				100,375
Non-recurring items	5.4	(6,766)				(3,173)
Operating profit		101,888				97,203
Cost of net debt		(20,344)				(15,983)
Other financial income and expenses		(5,514)				(1,283)
Financial result	7.2	(25,858)				(17,267)
Share of net income from associates		(80)				(582)
Profit before tax		75,950				79,354
Income tax	8.1	(21,348)				(22,233)
NET INCOME		54,602				57,121
• attributable to owners of the Company		54,620				57,151
• attributable to non-controlling interests		(18)				(30)
BASIC EARNINGS PER SHARE	9	1.71				1.78
DILUTED EARNINGS PER SHARE	9	1.68				1.75
REBITDA		220,868				211,881
Gains and losses recognized directly in equity
					At
					At
(in thousands of euros)		2020/06/30	2021/06/30
Net income for the period		54 602	57 121
Items that may be reclassified subsequently to P&L		(25,224)	(8,548)
Cash flow hedge			(277)	1,333
Translation adjustments		(25,119)	(9,551)
Tax effects			172	(330)
Items that may not be reclassified subsequently to P&L		(7,855)	(9,513)
Actuarial gains and losses on defined benefit plans		(1,581)	0
Tax effects			343	(166)
Unrealized gains and losses on financial assets (1)		(6,616)	(9,347)
Income and expenses recognized directly in equity		(33,079)	(18,061)
TOTAL RECOGNIZED INCOME AND EXPENSES		21,523	39,060
Attributable to owners of the Company		21,541	39,090
Attributable to non-controlling interests			(18)	(30)

1. Includes in particular changes in the fair value of Investments in other non-consolidated companies, measured at fair value through other comprehensive income.

Bonduelle / Universal registration document 2020-2021(Chapter 5) -2

5.2 Consolidated balance sheet

Assets

(in thousands of euros)	Notes	At 2020/06/30		At 2021/06/30
Non-current assets		1,203,975		1,203,175
Other intangible assets	10.2	58,478		62,381
Goodwill	10.1
483,183		468,235
Property, plant and equipment	10.3
523,618		535,619
Rights of use	10.4
83,669		83,492
Investments in associates
	1,589		5,405
Other non-current financial assets	7.4
30,175		13,520
Deferred tax	8.1
21,133		31,353
Other non-current assets	7.3
2,130		3,171
Current assets
	968,904		1,013,905
Inventories and work-in-progress	5.5	627,128		677,057
Trade and other receivables	5.6	311,075		311,982
Tax receivables		9,004		7,952
Other current assets	7.3	8,336		8,783
Other current financial assets	7.3	6,723		3,237
Cash and cash equivalents	7.6	6,638		4,894
TOTAL ASSETS
	2,172,879		2,217,080

Liabilities

(in thousands of euros)	Notes	At 2020/06/30		At 2021/06/30
Shareholders' equity (group share)		709,853		739,767
Share capital		56,942		57,103
Additional paid-in capital		38,559		40,103
Consolidated reserves		614,352		642,561
Non-controlling interests		16		17
Shareholders' equity		709,868		739,784
Non-current liabilities		680,833		640,191
Financial debts	7.6	541,442		496,268
Lease liabilities	7.6	64,580		67,029
Employee benefit obligations	6.2	28,007		29,641
Other non-current provisions	11.1	10,798		10,442
Deferred tax	8.1	9,683		11,372
Other non-current liabilities	7.3	26,325		25,439
Current liabilities		782,177		837,104
Current financial debts	7.6	117,915		150,245
Current lease liabilities	7.6	19,647		17,997
Current provisions	11.1	7,677		6,625
Trade and other payables	5.7	628,387		653,555
Tax payables		6,348		6,337
Other current liabilities	7.3	2,203		2,345
TOTAL LIABILITIES		2,172,879		2,217,080

Bonduelle / Universal registration document 2020-2021(Chapter 5) -3

5.3 Consolidated statement of cash flows

		At		At
(in thousands of euros)	Notes	2020/06/30	2021/06/30
Net income		54,602		57,121
Share of net income from associates		80		582
Depreciation, amortization and impairment		114,603		110,093
Other components of the net income with no cash impact		629		15,972
Deferred tax	8.1	(5,508)		(10,614)
Accrued interest		(554)		(639)
Gross cash flows from operating activities		163,852		172,515
Change in WCR		16,207		(38,787)
	180,059		133,728
Net cash flows from operating activities
Acquisitions of consolidated companies, net of cash and cash equivalents		(1,391)		(4,390)
10.2 &
Capital expenditure and acquisition of intangible assets (1)	(97,596)		(104,746)
10.3
Acquisitions of financial assets		(911)		(331)
Disposals of fixed assets and financial assets (2)	5.3	748		1,276
Net change in loans and other non-current financial assets		567		139
Net cash flows from (used in) investing activities		(98,582)		(108,052)
Transactions with non-controlling interests		(18,539)		1,704
(Acquisition) Disposal of treasury shares		(2,653)		82
Increase (Decrease) in non-current financial liabilities	7.6	(19,525)		(36,766)
Increase (Decrease) in current financial liabilities	7.6	(11,210)		35,938
Increase (Decrease) in lease liabilities	7.6	(20,825)		(20,056)
Dividends paid to group and minority Shareholders	5.4	(16,339)		(13,160)
Net cash flows from (used in) financing activities		(89,091)		(32,258)
Impact of exchange rate changes		(2440)		4,838
	(10,054)		(1,744)
Change in cash and cash equivalents
Cash and cash equivalents - opening balance		16,693		6,638
Cash and cash equivalents - closing balance		6,638		4,894
CHANGE IN CASH AND CASH EQUIVALENTS		(10,054)		(1,744)

1. Investments correspond to the acquisitions of property, plant and equipment and intangible assets described in Notes 3.5.1.2 and 3.5.2, plus the change in related trade payables presented in note 5.7.
2. Disposals of fixed assets correspond to the proceeds received less advances and down-payments on fixed assets.

Bonduelle / Universal registration document 2020-2021(Chapter 5) -4

5.4 Consolidated statement of changes in shareholders' equity

				Actuarial
			Additional	gains				Shareholders'	Non-	Total
(in thousands	In number	Share	paid-in	and	Treasury	Translation	Accumulated	equity (group	controlling	Shareholders'
of euros)	of shares	capital	capital	losses	shares	reserves	income	share)	interests	equity
Shareholders'
equity at July	32,538,340	56,942	38,559	(4,903)	(8,557)	(78,138)	713,495	717,398	7,574	724,972
1, 2019
Income
recognized				(1,238)		(25,119)	(6,722)	(33,079)		(33,079)
directly
through equity
Net income at							54,620	54,620	(18)	54,602
2020/06/30
Free allocation							2,084	2,084	0	2,084
of shares
Puts on non-
controlling							(37)	(37)	18	(18)
interests
Changes in
scope of				(139)			(10,842)	(10,980)	(7,558)	(18,539)
consolidation
Treasury					(2,142)		(345)	(2,487)	0	(2,487)
shares
Other							(1,328)	(1,328)	0	(1,328)
Dividends paid							(16,339)	(16,339)	0	(16,339)
Shareholders'
equity at	32,538,340	56,942	38,559	(6,280)	(10,699)	(103,257)	734,588	709,853	16	709,868
June 30, 2020
Shareholders'
equity at July	32,538,340	56,942	38,559	(6,280)	(10,699)	(103,257)	734,588	709,853	16	709,868
1, 2020
Income
recognized				(166)	0	(9,551)	(8,344)	(18,061)	(0)	(18,061)
directly
through equity
Net income at							57,151	57,151	(30)	57,121
2021/06/30
Share capital		161	1,544				0	1,704	0	1,704
increase	91,774
Free allocation							2,397	2,397	0	2,397
of shares
Puts on non-
controlling							0	0	31	31
interests
Transactions
with non-							0	0	0	0
controlling
interests
Treasury					1,909		(1,299)	610	0	610
shares
Other							(727)	(727)	0	(727)
Dividends paid							(13,160)	(13,160)	0	(13,160)
Shareholders'
equity at	32,630,114	57,103	40,103	(6,446)	(8,790)	(112,808)	770,606	739,767	18	739,784
June 30, 2021

Bonduelle / Universal registration document 2020-2021(Chapter 5) -5