Purcari Wineries : Preliminary unaudited Financial Results for 2022

Purcari Wineries Public

Company Limited

PRELIMINARY UNAUDITED CONSOLIDATED

FINANCIAL INFORMATION

For the year ended 31 December 2022

Purcari Wineries Public Company Limited

Preliminary Unaudited Consolidated Financial Information for the year ended 31 December 2022

all amounts are in RON, unless stated otherwise

Contents

Board of Directors and other officers	1
Consolidated Statement of Financial Position	2
Consolidated Statement of Profit or Loss and Other Comprehensive Income	3
Consolidated Statement of Cash Flows	4
Consolidated Statement of Changes in Equity	5
Notes to the Consolidated Financial Statements	6 - 59

Purcari Wineries Public Company Limited

Board of Directors and other officers

all amounts are in RON, unless stated otherwise

Board of Directors and other Officers

Board of Directors:
Name		Date of appointment	Title
	Listing date (first appointment),	Non-executive, Independent
Monica Cadogan	re-appointed by the AGM on 28 April 2021	Director
	Listing date (first appointment),	Non-executive Director
Vasile Tofan	re-appointed by the AGM on 29 April 2020
Neil McGregor	Listing date (first appointment),	Non-executive, Independent
re-appointed by the AGM on 28 April 2022	Director
Victor Bostan	Listing date	Executive Director
Eugen Comendant	Elected by the AGM on 29 April 2020	Executive Director
Chairman of the Board of Directors:	Vasile Tofan, firstly elected by the Board of Directors to this position
		on 14 June 2018 and re-elected by the Board on 28 April 2022
Company Secretary:		Inter Jura CY (Services) Limited
Independent Auditors:		KPMG Limited
		14, Esperidon Street
		1087 Nicosia
		Cyprus
Registered office:		1, Lampousas Street
		1095 Nicosia
		Cyprus
Registration number:		HE201949

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Purcari Wineries Public Company Limited

Preliminary Unaudited Consolidated Statement of Financial Position as at 31 December 2022 all amounts are in RON, unless stated otherwise

			31 December	31 December
	Note		2021
	2022
			(restated*)
Assets
Property, plant and equipment	8	209,406,786		167,287,970
Intangible assets and goodwill	12	13,762,566		14,198,244
Non-current receivables	10	-		2,552,630
Loan receivables	11	2,407,049		849,489
Inventories	14	115,481,601		74,895,843
Equity instruments at fair value through profit or loss	10	4,621,285		4,341,709
Other non-current assets		91,374		118,061
Non-current assets		345,770,661		264,243,946
Inventories	14	94,852,193		100,119,797
Loans receivables	11	458,623		-
Trade and other receivables	13	83,471,539		63,320,703
Income tax assets		520,460		131,257
Prepayments		6,482,332		6,346,251
Other current assets		645,285		555,554
Cash and cash equivalents	15	23,455,132		32,100,114
Current assets		209,885,564		202,573,676
Total assets		555,656,225		466,817,622
Equity
Share capital		1,763,121	1,763,121
Share premium	16	83,184,367		83,184,367
Treasury shares reserve		(1,716,796)	(5,532,543)
Other reserves		923,624		5,079,807
Translation reserve		14,499,224	15,923,833
Retained earnings		175,110,299	142,569,354
Equity attributable to owners of the Company		273,763,839		242,987,939
Non-controlling interests	30	28,921,508		20,215,243
Total equity		302,685,347		263,203,182
Liabilities
Borrowings and lease liabilities	17	44,186,917		24,851,576
Deferred income	18	12,913,841		7,215,629
Deferred tax liability	27	9,304,355		9,414,581
Non-current liabilities		66,405,113		41,481,786
Borrowings and lease liabilities	17	88,456,366		73,133,087
Deferred income	18	1,561,924		1,967,532
Income tax liabilities		877	1,053,529
Employee benefits	28	5,720,921		4,671,899
Trade and other payables	19	84,505,487		75,346,297
Provisions	25	6,320,190		5,960,310
Current liabilities		186,565,765		162,132,654
Total liabilities		252,970,878		203,614,440
Total equity and liabilities		555,656,225		466,817,622

(*) See Note 6 for explanation of restatement.

Victor Bostan	Victor Arapan
Chief Executive Officer	Chief Financial Officer

The accompanying notes on pages 6 to 59 are an integral part of these consolidated financial statements.

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Purcari Wineries Public Company Limited

Preliminary Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022

all amounts are in RON, unless stated otherwise

	Note	2022		2021
		(restated*)
Revenue	20	302,466,378		248,133,715
Cost of sales	21	(171,061,813)		(132,291,220)
Gross profit			131,404,565		115,842,495
Other operating income	24	2,315,938		2,147,737
Marketing and sales expenses	22	(38,775,571)		(30,914,475)
General and administrative expenses	23	(30,368,487)		(27,505,618)
Impairment loss on trade and loan receivables, net	29	(1,407,601)		(2,550,417)
Other operating expenses	25	254,584		5,017,193
Profit from operating activities		63,423,428		62,036,915
Finance income	26	580,199		6,164,989
Finance costs	26	(10,646,299)		(6,077,359)
Net finance income	26		(10,066,100)		87,630
Gain from a bargain purchase	11	14,027,120		-
Share of loss of equity-accounted investees, net of tax	9	-		(558,114)
Profit before tax
		67,384,448		61,566,431
Income tax expense	27	(10,170,897)		(10,415,583)
Profit for the year		57,213,551		51,150,848
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign currency translation differences			(1,046,853)		13,954,278
Other comprehensive income for the year		(1,046,853)		13,954,278
Total comprehensive income for the year		56,166,698		65,105,126
Profit attributable to:
Owners of the Company		52,944,030		47,014,169
Non-controlling interests	30	4,269,521		4,136,679
		57,213,551		51,150,848
Total comprehensive income attributable to:
Owners of the Company		51,519,420		59,444,317
Non-controlling interests	30	4,647,278		5,660,809
		56,166,698		65,105,126
Earnings per share, RON
Basic and diluted earnings per share	16	1.32		1.18

(*) See Note 6 for explanation of restatement.

The accompanying notes on pages 6 to 59 are an integral part of these consolidated financial statements.

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