B.S.A. INTERNATIONAL

Brüssel

Konzernabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Protokoll der Gesellschafterversammlung Lactalis Deutschland GmbH, Kehl / Rhein 30.06.2023	Minutes of Shareholder Resolution of Lactalis Deutschland GmbH, Kehl / Rhein 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ingolstadt ist unter der Nummer HRB 371967 die Firma Lactalis Deutschland GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die Lactalis Gruppe GmbH.	In the trade register of the local court of Ingolstadt is registered under no. HRB 371967: Lactalis Deutschland GmbH. Lactalis Gruppe GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der Lactalis Gruppe GmbH ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	The sole shareholder of Lactalis Gruppe GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3)5. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die Lactalis Gruppe GmbH hat sich gegenüber der Lactalis Deutschland GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	Lactalis Gruppe GmbH has undertaken vis-à-vis Lactalis Deutschland GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemäß § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. S 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual
	financial statements for the financial year ending 31 December 2022.
Ferner teilen wir mit, dass die Lactalis Deutschland GmbH, Kehl/Rhein, in den Konzernabschluss der BSAI, gemäß § 264 Abs. 3 i.V.m. § 291 HGB einbezogen und damit von der Verpflichtung, einen Konzernabschluss und Konzernlagebericht aufzustellen, befreit ist. Der befreiende Konzernabschluss der BSAI, zum 31. Dezember 2022 wird im elektronischen Bundesanzeiger gemäß § 325 HGB offengelegt.	Furthermore, we hereby announce that Lactalis Deutschland GmbH, Kehl/Rhein, is included in the consolidated financial statements of BSAI, in accordance with Section 264 Subsection 3 in conjunction with Section 291 of the German Commercial Code (HGB) and is thus exempt from the obligation to prepare consolidated financial statements and a consolidated management report. The exempting consolidated financial statements of BSAI, as at 31 December 2022 will be published in the electronic Federal Gazette in accordance with Section 325 HGB.
4. Gesellschafterversammlung	3. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung hält der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	Of
Lactalis Deutschland GmbH	Lactalis Deutschland GmbH
ab und beschließt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht.	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022.
Dem Verzicht	The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB) auf die Prüfung (§ 316 f. HGB)	• the preparation of a management report (§ 289 HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des	• on the audit (§ 316 f. HGB)
Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved.
Weitere Beschlüsse werden in dieser Gesllschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Kehl/Rhein, den 30.06.2023

LACTALIS GRUPPE GmbH

Isabelle CADRE, Geschäftsführe

Reg. Gericht: Amtsgericht Freiburg i. Br. HRB 371 967

Protokoll der Gesellschafterversammlung LACTALIS GRUPPE GmbH, Kehl 30.06.2023	Minutes of Shareholder Resolution of LACTALIS GRUPPE GmbH, Kehl 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Freiburg i.Br. ist unter der Nummer HRB 718000 die Firma LACTALIS GRUPPE GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	In the trade register of the local court of Freiburg i.Br. is registered under no. HRB 718000 LACTALIS GRUPPE GmbH. B.S.A. INTERNATIONAL S.A., Brussels/Belgium is the sole shareholder of the company (hereafter "BSAI").
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die BSAI hat eine nicht befristete Patronatserklärung zugunsten der LACTALIS GRUPPE GmbH abgegeben. Danach verpflichtet sich die BSAI sicherzustellen, dass die LACTALIS GRUPPE GmbH so mit finanziellen Mitteln ausgestattet wird, dass sie stets in der Lage ist, ihren Verpflichtungen gegenüber ihren Gläubigern fristgemäß nachzukommen.	BSAI undertakes to ensure that LACTALIS GRUPPE GmbH, Kehl, is provided with sufficient financial resources to enable it always to meet its obligations towards its creditors on time.
Es wird ausdrücklich bestimmt, dass damit ausschließlich Pflichten der BSAI gegenüber der LACTALIS GRUPPE GmbH begründet werden und die daraus resultierenden Ansprüche von der LACTALIS GRUPPE GmbH nicht abgetreten werden dürfen, d.h. etwaige Zahlungsansprüche stehen allein der Lactalis Gruppe GmbH zu.	It is expressly stipulated that only the obligations of BSAI towards LACTALIS GRUPPE GmbH shall be established and that the resulting claims may not be assigned by LACTALIS GRUPPE GmbH, i.e. LACTALIS GRUPPE GmbH alone shall be entitled to any payment claims.
3. Mitteilung gemäß § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
Ferner teilen wir mit, dass die LACTALIS GRUPPE GmbH, Kehl, mit ihren Tochterunternehmen in den Konzernabschluss der BSAI, gemäß § 264 Abs. 3 i.V.m. § 291 HGB einbezogen und damit von der Verpflichtung, einen Konzernabschluss und Konzernlagebericht aufzustellen, befreit ist. Der befreiende Konzernabschluss der BSAI, zum 31. Dezember 2022 wird im elektronischen Bundesanzeiger gemäß § 325 HGB offengelegt.	Furthermore, we hereby announce that LACTALIS GRUPPE GmbH, Kehl, together with its subsidiaries, is included in the consolidated financial statements of BSAI, in accordance with Section 264 Subsection 3 in conjunction with Section 291 of the German Commercial Code (HGB) and is thus exempt from the obligation to prepare consolidated financial statements and a consolidated management report. The exempting consolidated financial statements of BSAI, as at 31 December 2022 will be published in the electronic Federal Gazette in accordance with Section 325 HGB.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alte gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung hält der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der LACTALIS GRUPPE GmbH	of LACTALIS GRUPPE GmbH
ab und beschließt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht.	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022.
Dem Verzicht	The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management report (§ 289 HGB)
• auf die Prüfung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Reg. Gericht:	Amtsgericht Freiburg i. Br. HRB 718 000
Geschäftsführerin:	Isabelle Cadre

Kehl, den 30.06.2023

BSA INTERNATIONAL S.A./Belgium

Emmanuel BESNIER, Managing Director

Für die Richtigkeit des Protokolls: / For the accuracy of the protocol:

Geschäftsführer der LACTALIS GRUPPE GmbH

Isabelle CADRE, Geschäftsführe

Protokoll der Gesellschafterversammlung Neuburger Milchwerke GmbH, Neuburg/Donau 30.06.2023	Minutes of Shareholder Resolution of Neuburger Milchwerke GmbH, Neuburg/Donau 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ingolstadt ist unter der Nummer HRB 8893 die Firma Neuburger Milchwerke GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die OMIRA GmbH.	In the trade register of the local court of Ingolstadt is registered under no. HRB 8893: Neuburger Milchwerke GmbH. OMIRA GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der OMIRA GmbH ist die Lactalis Gruppe GmbH.	The sole shareholder of OMIRA GmbH Lactalis Gruppe GmbH.
Alleinige Gesellschafterin der Lactalis Gruppe GmbH ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	The sole shareholder of Lactalis Gruppe GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die OMIRA GmbH hat sich gegenüber der Neuburger Milchwerke GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	OMIRA GmbH has undertaken vis-ä-vis Neuburger Milchwerke GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemäß § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, S 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with §291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung hält der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	Of
Neuburger Milchwerke GmbH	Neuburger Milchwerke GmbH
ab und beschließt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht. Dem Verzicht	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022. The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management report (§ 289 HGB)
• auf die Prüfung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2021 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2021 is approved.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Reg. Gericht:	Amtsgericht Ingolstadt HRB 8893
Geschäftsführer	Isabelle Cadre

Neuburg/Donau, den 30.06.2023

OMIRA GmbH

Isabelle CADRE, Geschäftsführe

Protokoll der Gesellschafterversammlung OBM OMIRA BodenseeMilch GmbH, Ravensburg 30.06.2023	Minutes of Shareholder Resolution of OBM OMIRA BodenseeMilch GmbH, Ravensburg 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ulm ist unter der Nummer HRB 550436 die Firma OBM OMIRA BodenseeMilch GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die OMIRA GmbH.	In the trade register of the local court of Ulm is registered under no. HRB 550436: OBM OMIRA BodenseeMilch GmbH. OMIRA GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der OMIRA GmbH ist die Lactalis Gruppe GmbH	The sole shareholder of OMIRA GmbH is Lactalis Gruppe GmbH.
Alleinige Gesellschafterin der Lactalis Gruppe GmbH ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	The sole shareholder of Lactalis Gruppe GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die OMIRA GmbH hat sich gegenüber der OBM OMIRA BodenseeMilch GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	OMIRA GmbH has undertaken vis-à-vis OBM OMIRA BodenseeMilch GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemäß § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung halt der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	Of
OBM OMIRA BodenseeMilch GmbH	OBM OMIRA BodenseeMilch GmbH
ab und beschlieBt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht. Dem Verzicht	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022. The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management report (§ 289 HGB)
• auf die Prufung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Reg. Gericht	Amtsgericht Ulm HRB 550436
Geschäftsführer	Isabelle Cadre

Ravensburg, den 30.06.2023

OMIRA GmbH

Isabelle CADRE

Protokoll der Gesellschafterversammlung OMIRA GmbH, Ravensburg 30.06.2023	Minutes of Shareholder Resolution of OMIRA GmbH, Ravensburg 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ulm ist unter der Nummer HRB 552607 die Firma OMIRA GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die LACTALIS GRUPPE GmbH.	In the trade register of the local court of Ulm is registered under no. HRB 552607: OMIRA GmbH. LACTALIS GRUPPE GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der OMIRA GmbH ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	The sole shareholder of OMIRA GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die LACTALIS GRUPPE GmbH hat sich gegenüber der OMIRA GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	LACTALIS GRUPPE GmbH has undertaken visa-vis OMIRA GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemaB § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
Ferner teilen wir mit, dass die OMIRA GmbH, Ravensburg, mit ihren Tochterunternehmen in den Konzernabschluss der BSAI, gemäß § 264 Abs. 3 i.V.m. § 291 HGB einbezogen und damit von der Verpflichtung, einen Konzernabschluss und Konzernlagebericht aufzustellen, befreit ist. Der befreiende Konzernabschluss der BSAI, zum 31. Dezember 2022 wird im elektronischen Bundesanzeiger gemäß § 325 HGB offengelegt.	Furthermore, we hereby announce that OMIRA GmbH, Ravensburg, together with its subsidiaries, is included in the consolidated financial statements of BSAI, in accordance with Section 264 Subsection 3 in conjunction with Section 291 of the German Commercial Code (HGB) and is thus exempt from the obligation to prepare consolidated financial statements and a consolidated management report. The exempting consolidated financial statements of BSAI, as at 31 December 2022 will be published in the electronic Federal Gazette in accordance with Section 325 HGB.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung hält der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	Of
OMIRA GmbH	OMIRA GmbH
ab und beschließt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht. Dem Verzicht	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022. The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management report (§ 289 HGB)
• auf die Prüfung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt. Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved. No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Reg. Gericht:	Amtsgericht Ulm HRB 552607
Geschäftsführer:	Isabelle Cadre

Kehl, den 30.06.2023

LACTALIS GRUPPE GmbH

Isabelle CADRE, Geschäftsführer

Reg. Gericht: Amtsgericht Ulm HRB 552025

Protokoll der Gesellschafterversammlung OMIRA Milchunion Süd GmbH, Ravensburg 30.06.2023	Minutes of Shareholder Resolution of OMIRA Milchunion Süd GmbH, Ravensburg 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ulm ist unter der Nummer HRB 552025 die Firma OMIRA Milchunion Süd GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die OMIRA GmbH.	In the trade register of the local court of Ulm is registered under no. HRB 552025: OMIRA Milchunion Süd GmbH. OMIRA GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der OMIRA GmbH ist die Lactalis Gruppe GmbH	The sole shareholder of OMIRA GmbH is Lactalis Gruppe GmbH.
Alleinige Gesellschafterin der Lactalis Gruppe GmbH ist die B.S.A. INTERNATIONAL S.A., Brüssel/Belgien (im Folgenden "BSAI").	The sole shareholder of Lactalis Gruppe GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die OMIRA GmbH hat sich gegenüber der OMIRA Milchunion Süd GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	OMIRA GmbH has undertaken vis-ä-vis OMIRA Milchunion Süd GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemäß § 264 Abs. 3 Nr.5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung halt der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	Of
OMIRA Milchunion Süd GmbH	OMIRA Milchunion Süd GmbH
ab und beschlieBt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht. Dem Verzicht	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022. The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management report (§ 289 HGB)
• auf die Prüfung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der §§ 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Ravensburg, den 30.06.2023

OMIRA GmbH

Isabelle CADRE

Protokoll der Gesellschafterversammlung Ravensburg Milchwerke GmbH, Ravensburg 30.06.2023	Minutes of Shareholder Resolution of Ravensburg Milchwerke GmbH, Ravensburg 30.06.2023
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Ulm ist unter der Nummer HRB 737024 die Firma Ravensburg Milchwerke GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die OMIRA GmbH.	In the trade register of the local court of Ulm is registered under no. HRB 737024: Ravensburg Milchwerke GmbH. OMIRA GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
Alleinige Gesellschafterin der OMIRA GmbH ist die Lactalis Gruppe GmbH.	The sole shareholder of OMIRA GmbH is Lactalis Gruppe GmbH.
Alleinige Gesellschafterin der Lactalis Gruppe GmbH, ist die B.S.A. INTERNATIONAL S.A., Brussel/Belgien (im Folgenden "BSAI").	The sole shareholder of Latalis Gruppe GmbH is B.S.A. INTERNATIONAL S.A., Brussels/Belgium (hereafter "BSAI").
2. Erklärung zur Verpflichtungsübernahme gem. § 264 (3) S. 1 Nr. 2 HGB	2. Declaration on the acceptance of commitments pursuant to § 264 (3) sentence 1 no. 2 of the German Commercial Code (HGB)
Die OMIRA GmbH hat sich gegenüber der Ravensburg Milchwerke GmbH zur Verlustübernahme entsprechend der Vorschriften des § 302 AktG in seiner jeweils gültigen Fassung verpflichtet.	OMIRA GmbH has undertaken vis-a-vis Ravensburg Milchwerke GmbH to assume losses in accordance with the provisions of Section 302 of the German Stock Corporation Act as amended.
3. Mitteilung gemaB § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB, § 325 HGB	3. Notification pursuant to § 264 para. 3 no. 5 in conjunction with § 291 HGB, § 325 HGB
Unter Bezugnahme auf § 264 Abs. 3 Nr. 5 i.V.m. § 291 HGB und unter Angabe des Mutterunternehmens BSAI, teilen wir mit, dass wir von der Befreiungsmöglichkeit des § 264 Abs. 3 i.V.m. § 291 HGB für den Jahresabschluss für das am 31. Dezember 2022 endende Geschäftsjahr Gebrauch machen.	With reference to Section 264 Subsection 3 No. 5 in conjunction with Section 291 HGB and with reference to the parent company BSAI, we hereby announce that we make use of the exemption option under Section 264 Subsection 3 in conjunction with Section 291 HGB for the annual financial statements for the financial year ending 31 December 2022.
4. Gesellschafterversammlung	4. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung hält der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
Der	Of
Ravensburg Milchwerke GmbH	Ravensburg Milchwerke GmbH
ab und beschließt Folgendes:	and resolves as follows:
Von den Erleichterungen des § 264 Abs. 3 HGB für das am 31. Dezember 2022 endende Geschäftsjahr wird Gebrauch gemacht. Dem Verzicht	Use has been made of the simplifications provided for in Section 264 (3) HGB for the financial year ending 31 December 2022. The renunciation
• auf die Erstellung eines Anhangs (§ 284 ff. HGB)	• on the preparation of notes (§ 284 ff. HGB)
• auf die Aufstellung eines Lageberichts (§ 289 HGB)	• the preparation of a management repolt (§ 289 HGB)
• auf die Prüfung (§ 316 f. HGB)	• on the audit (§ 316 f. HGB)
sowie die Nichtanwendung der SS 325 bis 329 HGB bezüglich der Vorschriften zur Offenlegung des Jahresabschlusses für das am 31. Dezember 2022 endende Geschäftsjahr wird zugestimmt.	and the non-application of sections 325 to 329 HGB concerning the provisions on the disclosure of annual financial statements for the financial year ending 31 December 2022 is approved.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Ravensburg, den 30.06.2023

OMIRA GmbH

Isabelle CADRE

Patronatserklärung

Die B.S.A. International, Brüssel/Belgien, verpflichtet sich, sicherzustellen, dass die Lactalis Gruppe GmbH, Kehl, so mit finanziellen Mitteln ausgestattet wird, dass sie stets in der Lage ist, ihren Verpflichtungen gegenüber ihren Gläubigern fristgemäß nachzukommen.

Es wird ausdrücklich bestimmt, dass damit ausschließlich Pflichten der B.S.A. International gegenüber der Lactalis Gruppe GmbH begründet werden und die daraus resultierenden Ansprüche von der Lactalis Gruppe GmbH nicht abgetreten werden dürfen, d.h. etwaige Zahlungsansprüche stehen allein der Lactalis Gruppe GmbH zu.

Diese Patronatserklärung ist nicht befristet.

Kehl/Brüssel, 6. November 2019

Lactalis Gruppe GmbH B.S.A. International

Morten FELTHAUS

Olivier SAVARY

Letter of Comfort

B.S.A. International, Brussels/Belgium, undertakes to ensure that Lactalis Gruppe GmbH, Kehl, is provided with sufficient financial resources to enable it always to meet its obligations towards its creditors on time.

It is expressly stipulated that only the obligations of B.S.A. International towards Lactalis Gruppe GmbH shall be established and that the resulting claims may not be assigned by Lactalis Gruppe GmbH, i.e. Lactalis Gruppe GmbH alone shall be entitled to any payment claims.

This letter of comfort is not limited in time.

Kehl/ Brüssel, November 6, 2019

Lactails Gruppe GmbH

Morten FELTHAUS

B.S.A. International

Olivier SAVARY

COMPTES CONSOLIDÉS ET AUTRES DOCUMENTS À DÉPOSER EN VERTU DU CODE DES SOCIÉTÉS ET DES ASSOCIATIONS

DONNÉES D'IDENTIFICATION (à la date du dépôt)

DÉNOMINATION DE LA SOCIÉTÉ CONSOLIDANTE [OU DU CONSORTIUM] ^{1 2} :B.SA. International

Forme juridique ³ : Société Anonyme

Adresse: Rue des Vétérinaires

N°: 42

Boîte: F

Code postal: 1070 Commune: Bruxelles

Pays: Belgique

Registre des personnes morales (RPM) - Tribunal de l'entreprise de Bruxelles

Adresse Internet ⁴ : http://www

Adresse e-mail ⁴ :

Numéro d'entreprise 0443.205.173

COMPTES CONSOLIDÉS en MILLIERS D'EUROS ⁵

communiqués à l'assemblée générale du 21/06/2023

et relatifs à l'exercice couvrant la période du 01/01/2022 au 31/12/2022

Exercice précédent du 01/01/2021 au 31/12/2021

Les montants relatifs à l'exercice précédent sont /[-ne-sont-pas ¹ ] identiques à ceux publiés antérieurement.

Documents joints aux présents comptes consolidés:	- le rapport de gestion consolidé
	- le rapport de contrôle des comptes consolidés

À COMPLÉTER SI LES COMPTES CONSOLIDÉS SONT DÉPOSÉS PAR UNE FILIALE BELGE

Dénomination de la filiale belge déposante (article 3:26, §2, 4°, a) du Code des sociétés et des associations)

Numéro d'entreprise de la filiale belge déposante

Nombre total de pages déposées: 30 Numéros des sections du document normalisé non déposées parce que sans objet:

Emmanuel Besnier, Administrateur délégué

Olivier Savary, Administrateur

¹ Biffer la mention inutile.
² En cas de consortium, remplir la section CONSO 5.4.
³ Le cas échéant, la mention "en liquidation" est ajoutée à la forme juridique.
⁴ Mention facultative.
⁵ Au besoin, adapter la devise et l'unité dans lesquelles les montants sont exprimés.

CONSOLIDATED FINANCIAL STATEMENTS 2022

INDEPENDENT AUDITOR'S REPORT ON THE CONSOLIDATED STATEMENT AT 31 DECEMBER 2022

Independent auditor's report to the general meeting of B.S.A. International SA for the year ended 31 December 2022

Free Translation of the French version

In the context of the statutory audit of the Consolidated Financial Statements) of B.S.A, International SA (the "Company") and its subsidiaries (together the "Group"), we report to you as statutory auditor. This report includes our opinion on the consolidated statement of the financial position as at 31 December 2022, the consolidated income statement for the year ended 31 December 2022 and the disclosures (all elements together the "Consolidated Financial Statements") as well as our reporton other legal and regulatory requirements. These two reports are considered one report and are inseparable.

We have been appointed as statutory auditor by the shareholders' meeting of 24 June 2021, in accordance with the proposition by the Board of Directors. Our mandate expires at the shareholders' meeting that will deliberate on the Consolidated Financial Statements for the year ending 31 December 2023. We performed the audit of the Consolidated Financial Statements of the Group during 7 consecutive years.

Report on the audit of the Consolidated Financial Statements

Qualified opinion

We have audited the Consolidated Financial Statements of B.S.A. International SA, that comprise of the consolidated statement of the financial position on 31 December 2022, the consolidated income statement of the year and the disclosures, which show a consolidated balance sheet total of € 6.682.862 and of which the consolidated income statement shows a profit for the year of € 2.628.

In our opinion, except for the effects of the matter described in the 'Basis for the qualified opinion' section, the Consolidated Financial Statements give a true and fair view of the consolidated net equity and financial position as at 31 December 2022, and of its consolidated results for the year then ended, prepared in accordance with the financial reporting framework applicable in Belgium.

Basis for the qualified opinion

The Company did not record an impairment on items related to tangible fixed assets, inventories and accruals and deferred income for respectively € 8,821 thousand, € 2,266 thousand and € 32,679 thousand which contravenes the provisions of Article 3:23 of the Royal Decree of 29 April 2019.

Therefore, the financial statement lines of fixed assets, inventories, accruals and deferred income in assets and equity in liabilities are overstated in the consolidated balance sheet as at 31 December 2022. In addition, the company has recorded in accruals and deferred income in the balance sheet a receivable to be recovered for an amount of € 72.494 thousands whereas the latter must be recognized in other accounts receivable for the same amount. Finally, no information was presented on the conditions of recovery of this asset in the notes to the Consolidated accounts as provided for in Article 3: 6§1 of the Royal Decree of 29 April 2019.

We conducted our audit in accordance with International Standards on Auditing ("ISA's") applicable in Belgium. In addition, we have applied the ISA's approved by the International Auditing and Assurance Standards Board ("IAASB") that apply at the current year-end date and have not yet been approved at national level. Our responsibilities under those standards are further described in the "Our responsibilities for the audit of the Consolidated Financial Statements" section of our report.

We have complied with all ethical requirements that are relevant to our audit of the Consolidated Financial Statements in Belgium, including those with respect to independence.

We have obtained from the Board of Directors and the officials of the Company the explanations and information necessary for the performance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Responsibilities of the Board of Directors for the preparation of the Consolidated Financial Statements

The Board of Directors is responsible for the preparation of the Consolidated Financial Statements that give a true and fair view in accordance with the financial reporting framework applicable in Belgium and for such internal controls relevant to the preparation of the Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of Consolidated Financial Statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, and provide, if applicable, information on matters impacting going concern, The Board of Directors should prepare the financial statements using the going concern basis of accounting, unless the Board of Directors either intends to liquidate the Company or to cease business operations, or has no realistic alternative but to do so.

Our responsibilities for the audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance whether the Consolidated Financial Statements are free from material misstatement, whether due to fraud or error, and to express an opinion on these Consolidated Financial Statements based on our audit. Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with the ISA's will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.

In performing our audit, we comply with the legal, regulatory and normative framework that applies to the audit of the Consolidated Financial Statements in Belgium. However, a statutory audit does not provide assurance about the future viability of the Company and the Group, nor about the efficiency or effectiveness with which the board of directors has taken or will undertake the Company's and the Group's business operations. Our responsibilities with regards to the going concern assumption used by the board of directors are described below.

As part of an audit in accordance with ISA's, we exercise professional judgment and we maintain professional skepticism throughout the audit. We also perform the following tasks:

•	identification and assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, the planning and execution of audit procedures to respond to these risks and obtain audit evidence which is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting material misstatements resulting from fraud is higher than when such misstatements result from errors, since fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
•	obtaining insight in the system of internal controls that are relevant for the audit and with the objective to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
•	evaluating the selected and applied accounting policies, and evaluating the reasonability of the accounting estimates and related disclosures made by the Board of Directors as well as the underlying information given by the Board of Directors;
•	conclude on the appropriateness of the Board of Directors' use of the going-concern basis of accounting, and based on the audit evidence obtained, whether or not a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's or Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on audit evidence obtained up to the date of the auditor's report. However, future events or conditions may cause the Company to cease to continue as a going-concern;
•	evaluating the overall presentation, structure and content of the Consolidated Financial Statements, and evaluating whether the Consolidated Financial Statements reflect a true and fair view of the underlying transactions and events.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the audits of the subsidiaries. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities.

Report on other legal and regulatory requirements

Responsibilities of the Board of Directors

The Board of Directors is responsible for the preparation and the content of the Board of Directors' report on the Consolidated Financial Statements.

Responsibilities of the auditor

In the context of our mandate and in accordance with the additional standard to the ISA's applicable in Belgium, it is our responsibility to verify, in all material respects, the Board of Directors' report on the Consolidated Financial Statements, as well as to report on these matters.

Aspects relating to Board of Directors' report

In our opinion, after carrying out specific procedures on the Board of Directors' report and with the exception of the effect on the Board of Directors' report of the matter described in the section "Basis for the qualified opinion", the Board of Directors' report is consistent with the Consolidated Financial Statements and has been prepared in accordance with article 3:32 of the Code of companies and associations.

In the context of our audit of the Consolidated Financial Statements, we are also responsible to consider whether, based on the information that we became aware of during the performance of our audit, the Board of Directors' report contain any material inconsistencies or contains information that is inaccurate or otherwise misleading. In light of the work performed, with the exception of the effect on the Board of Directors' report of the matter described in the section "Basis for the qualified opinion", there are no material inconsistencies to be reported.

Independence matters

Our audit firm and our network have not performed any services that are not compatible with the audit of the Consolidated Financial Statements and have remained independent of the Company during the course of our mandate. No additional services, that are compatible with the audit of the Consolidated Financial Statements as referred to in Article 3:65 of the Code of companies and associations and for which fees are due, have been carried out.

Diegem, 21 June 2023

EY Bedrijfsrevisoren BV

Statutory auditor

Carlo-Sébastien d'Addario * , Partner

^* Acting on behalf of a BV

TABLE OF CONTENTS

CONSOLIDATED BALANCE SHEET

CONSOLIDATED INCOME STATEMENT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 ACCOUNTING POLICIES

NOTE 2 SCOPE OF CONSOLIDATION

NOTE 3 GOODWILL

NOTE 4 INTANGIBLE ASSETS

NOTE 5 TANGIBLE ASSETS

NOTE 6 MOVEMENTS IN ASSETS, DEPRECIATION AND AMORTIZATION

NOTE 7 FINANCIAL ASSETS AND EQUITY INVESTMENTS

NOTE 8 INVENTORIES

NOTE 9 TRADE AND OTHER RECEIVABLES

NOTE 10 SHAREHOLDERS' EQUITY

NOTE 11 PROVISIONS FOR RISKS AND CHARGES

NOTE 12 NET FINANCIAL DEBT

NOTE 13 ACCOUNT PAYABLES

NOTE 14 REVENUE

NOTE 15 OTHER PURCHASES AND EXTERNAL EXPENSES

NOTE 16 EXTRAORDINARY INCOME AND EXPENSES

NOTE 17 FINANCIAL INCOME/EXPENSES

NOTE 18 INCOME TAX

NOTE 19 EMPLOYEES

NOTE 20 COMMITMENTS GIVEN

NOTE 21 COMMITMENTS RECEIVED

NOTE 22 SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE YEAR AND OTHER INFORMATION

SCOPE OF CONSOLIDATION

GROUPE B.S.A. INTERNATIONAL

ASSETS in thousands of euros

	Note	2022	2021
Goodwill	3	1.044.132	1.339.258
Intangible assets	4 & 6	874.519	875.869
Tangible assets	5 & 6	1.271.352	1.103.661
Financial assets	7	21.598	428.153
Investments in companies using equity method	7	277.867	192.864
Total fixed assets		3.489.467	3.939.805
Inventories	8	872.538	733.587
Trade and other receivables	9	1.692.381	1.375.649
- Account receivables		1.196.247	1.009.052
- Other receivables		372.262	337.993
- Prepaid expenses		123,873	28.604
Cash & cash pooling	12	628.475	756.883
Total current assets		3.193.395	2.866.120
TOTAL ASSETS		6.682.862	6.805.925

LIABILITIES in thousands of euros

	Note	2022	2021
Shareholders' Equity - Group Interest		3.248.376	3.259.250
- Share capital		1.787.000	1.787.000
- Share premium		54.850	54.850
- Reserves for currency translation differences		(492.359)	(476.992)
- Reserves and profit for the period		1.898.885	1.894.392
Minority interest in shareholders' equity		3.821	7.645
Total shareholders' equity	10	3.252.197	3.266.895
Provisions for risks and charges	11	194.597	158.594
Financial liabilities	12	1.574.598	2.008.517
Account payables		1.296.286	1.017.687
Other payables		360.499	350.393
Accrued expenses		4.686	3,840
Total liabilities		3.236.068	3.380.437
TOTAL EQUITY & LIABILITIES		6.682.862	6.805.925

In thousands of euros

	2022	2021
Net sales	8410804	6.562.976
Operating expenses	(8.205.371)	(6.273.409)
- Purchases	(6.203.656)	(4568151)
- Other external revenues and charges	(1.139.697)	(969611)
- Staffs costs	(647.655)	(560.888)
- Income and payroll taxes	(15.076)	(13.862)
- Depreciation expenses	(174.920)	(155863)
- Provisions for risks & charges expenses	(38.948)	(21.252)
- Other operating revenues and charges	14581	16,217
Other non recurring expenses and revenues	776	89.583
Goodwill amortization and impairment	(116.918)	(398.187)
Operating profit	89.291	(19.038)
Net finance costs	(67.791)	(14133)
Income before tax	21500	(33.171)
Income tax	(50.956)	(72,925)
Net income from fully consolidated companies	(29,457)	(106.096)
Income from companies using equity method	26.829	22.673
Net income	(2.628)	(83,423)
Net income - Minority interest	(12.666)	(13.983)
Net income - Group interest	10.038	(69.441)
Net income per share	-0,23	-7,29

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTEI 1 ACCOUNTING POLICIES

The financial statements of the Group Companies, established according to the accounting principles in effect in their respective countries, have been restated in advance in order to ensure that the consolidated accounts are compliant with articles 3:96 to 3:158 of the Royal Decree of 29 April 2019.

• BASIS OF CONSOLIDATION

•	The French and Foreign subsidiaries and sub-subsidiaries, in which the Group is liable for the definition of the financial and economic policies are consolidated by full consolidation.
•	The companies held for more than 20%, and of which the group does not have exclusive control are consolidated by the equity method, with the exception of those over which the group exercises no notable influence.
•	The subsidiaries and sub-subsidiaries of the Group and their financial year on 31 December. Companies acquired or created which do not end there financial year on this date draw up interim statements.
•	Consolidation method change: From January 1st, 2020, Lactalis Do Brazil, Itambé and Nutrifont (Held by the Group at 32.81%) are now consolidated in accordance with the Equity Method. The shares' purchase price is allocated to the related asset and liabilities valuated at the fair value. The difference between the purchase price and the group interest at the fair value of acquired assets and liabilities represents the Goodwill. Financial impacts of this change are exposed in the note 7.

• RELEVANT FACTS

Fiscal year 2022 was marked by the outbreak of war between Ukraine and Russia on February 24, 2022, a conflict that had repercussions for the entire global economy. During the year, the Group has faced a sharp rise in production costs due to the increase in the price of milk and raw materials, packaging and energy, which could not be fully passed on to sales prices.

The activity of the Group's three industrial sites located in Ukraine was reduced but was maintained despite the context, with temporary shutdowns and an adaptation of production. Revenues generated in Ukraine in 2022 amounted to around Euro 103 million. No significant destruction of assets has been reported.

The Group's activities in Russia continue in strict compliance with international sanctions in order to meet the food needs of the local population. The contribution to the Group's sales amounts to Euro 64 million, compared to Euro 50 million in 2021. All new investments have been frozen.

• SUBSIDIARIES - CONSOLIDATION EXEMPTIONS

The following German subsidiaries use the exemption possibilities pursuant to § 264 Section 3 of the German Commercial Code (HGB)for the disclosure of financial statements or the preparation of a Management Reporter Notes to the Financial Statements:

•	OMIRA GmbH, Ravensburg/Germany
•	OMIRA Milchunion Süd GmbH, Ravensburg/Germany
•	Neuburger Milchwerke GmbH, Neuburg/Germany
•	OMIRA BodenseeMilch GmbH, Ravensburg/Germany
•	Ravensburg Milchwerke GmbH, Kehl am Rhein/Germany
•	Lactalis Gruppe GmbH, Kehl am Rhein/Germany
•	Lactails Deutschland GmbH, Kehl am Rhein/Germany
•	Wurzburger Milchwerke/Germany

• CONVERSION OF THE FINANCIAL STATEMENTS OF COMPANIES IN FOREIGN CURRENCIES

The financial statements of the foreign subsidiaries of the group are translated as follows:

•	Shareholders' equity is converted at the history rate,
•	Other balance sheet items are converted at the rate on closure,
•	The income statement items are translated at the average rate for the fiscal year,
•	Translation gains and losses are included in the consolidated reserves and do not affect net income/loss.

• GOODWILL

The Group applies the method recommended by CRC Regulation n°99-02 for valuing assets and liabilities of acquired companies at fair value with allocation of the balance to goodwill.

• Goodwill are:

•	First allocated to undervalued, non-current assets up to the amount of the unrealized capital gains and subject to the amortization rules of that item.
•	The remainder is allocated to goodwill.

The Group has an allocation period, which ends at the closing of the first accounting period following the year of acquisition, to make appropriate analysis and to finalize valuation of assets and liabilities. After this allocation period, goodwill cannot be allocated any more except for unexpected additional price and corrections of errors in unjustified assets and liabilities.

For the new goodwill, as from January 1st, 2016, the Group determines their operating life, limited or not. When there is no predictable limit in the duration during which the goodwill will get economic advantages to the Group, the latter is not amortized. In this case, a test of depreciation is realized every year. When it exists, during the acquisition, the predictable limit in its operating life, the goodwill is linearly amortized on this duration, or, if it cannot be determined in a reliable way, over 10 years.

• INTANGIBLE ASSETS AND PROPERTY, PLANT, EQUIPMENT

Intangible assets mainly consist of collection areas and commercial brands. An amortization is realized on their useful life, when this one is defined.

Property, plant and equipment items are depreciated on a straight-line basis. Depreciation is calculated on the basis of the individual financial statements according to the Group depreciation plan based on the following probable useful lives:

• Building	15 to 40 years
• Industrial equipment	5 to 15 years
• Light vehicle	3 to 5 years
• Heavy truck and trailer	5 to 10 years
• Computer and office equipment	3 to 5 years
• Furniture	5 to 10 years

Assets financed through a lease agreement that transfer to the group the risks and rewards related to ownership are recognized as non-current assets, along with a corresponding financial liability. These assets are depreciated over their useful life. Conversely, agreements that are not considered finance lease agreements are treated as operating lease agreements. Payments made under these agreements are recognized as an expense on a straight-line basis during the contract term.

• RESEARCH AND DEVELOPMENT COSTS

Research and development costs are registered under expenses during the fiscal year in which they are incurred.

• IMPAIRMENT TESTS

As nothing specific is provided by the Belgium "Arrete Royai" of 29 April, 2019, the impairment rules recommended by IAS 36 are applied. To measure impairment, the asset's carrying amount is compared with its recoverable amount who is defined as the higher of the fair value and the value in use.

For Intangible assets, the Group conducts impairment tests, at least once a year, or more in case of indications of losses of value. Annual impairments have to be done during the last quarter of the year and are mainly done external.

Fair value is generally used to perform the impairment test. It corresponds to the amount that could be obtained from the sale of the asset (or group of assets) under conditions of normal competition. It is, in the particular case of brands, approached by the capitalization method of future royalties flows.

A loss due to an impairment test has to be booked in order to keep the booked value lower than the recoverable value.

Goodwill, intangible assets with finite lives and property, plant and equipment are tested for impairment if there are signs of impairment.

To perform these impairments, Cash Generating Unit (« CGU ») are defined. A CGU is the smallest identifiable group of assets that generate cash flows that are largely independent of the cash flows from other assets or groups of assets.

Value in use is generally used to perform the impairment test. It is the present value of the future cash flows expected to be derived from an asset or a CGU.

If the recoverable amount is lower than book value, impairment loss has to be considered in priority on goodwill and be booked in P&L.

An impairment loss relative to goodwill is considered as definitive.

Others tangible assets are also subjected to impairment tests if their book value couldn't be recovered.

• FINANCIAL FIXED ASSETS

Equity interests of unconsolidated companies and other financial fixed assets appear in the balance sheet at their acquisition cost and, where applicable, are covered by a provision for impairment losses.

In order to calculate this provision, the shares of listed non-consolidated companies are valued based on a weighted average of their stock market prices over a sufficiently long period of time to reduce the effect of sharp sporadic fluctuations.

• INVENTORIES

Inventories are valued at acquisition cost or at cost depending on their nature. The cost price of inventories corresponds to the weighted average cost.

When the net realizable value of inventory is less than its cost or acquisition cost, a provision for impairment losses is set up.

• TRADE RECEIVABLES

Trade receivables are presented either at their nominal value or net of provisions calculated based on the risk of unrecoverability or disputes.

The receivables sold through the factoring contract are settled by the factor to BSA Finances, to which the BS! Group therefore holds a receivable at closing, presented in account receivables in accordance with CNC notice 2011-23.

• CASH AND CASH POOLING

Cash includes cash equivalent who are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, securities, receivables, and payables with BSA Finances covered by a Group cash pooling agreement.

The current accounts are shown depending on their debit or credit balance respectively in treasury or in net debt.

• FINANCIAL INSTRUMENTS

The Group may use hedging financial instruments with the aim of hedging itself against the risk of variation in exchange rates and interest rates.

The instruments which meet the criteria of hedge accounting are classified as hedge instruments.

The instruments which do not meet the criteria of hedge accounting, while implemented with the prospect of risk management, shall be recorded as speculative instruments.

When the hedge relationship is demonstrated, no receivable or debt shall be recorded at the close. When the hedge relationship is not demonstrated, if the transaction shows unrealised losses, it shall be recorded under financial income and under provisions for risks. Unrealised gains are not registered.

• INVESTMENT SUBSIDIES

Investment subsidies are into "equity" for the net of deferred tax amount.

• PROVISIONS FOR RISKS AND CHARGES

Provisions are recorded for risks and charges whose purpose is clearly specified and whose due date or amount is uncertain and when an obligation exists vis-a-vis third parties and it is certain or probable that this obligation will result in an outflow of resources without at least equivalent consideration.

• TRANSLATION OF FOREIGN CURRENCY RECEIVABLES AND LIABILITIES

Receivables and liabilities denominated in foreign currencies are converted into euros at the exchange rate at the end of the fiscal year. Translation differences incurred are booked in net finance costs.

In addition, receivables and liabilities for which a foreign currency hedge is in place are considered as being denominated in euros and therefore valued at the hedged or guaranteed rate.

• NET SALES

Net sales is recorded at the time of transfer of ownership and consists of sales of products and services less any rebates, discounts and allowances granted.

• NET FINANCE COSTS

The Group has selected the preferential method whose consist in allocating debt issuing expenses from loan's lifespan.

• EXTRAORDINARY INCOME AND EXPENSES

Non-recurring income/expenses include significant items which, because of their nature and/or amount, are unusual.

• INCOME TAX

Income tax corresponds to the sum of the amounts of tax due by each consolidated fiscal entity, adjusted by deferred taxes.

A deferred tax is recorded at the reporting date when a future tax position exists and the company's tax position so allows.

The future tax position results from:

•	Tax payable on certain amounts included in equity which, because of special tax provisions, were not subject to corporation income tax or were taxed at a reduced rate,
•	Tax payable or paid in advance related to certain income or expenses included in the accounting income of a fiscal year but taxable or tax-deductible during different fiscal years.

The Group uses the liability method, according to which deferred taxes are calculated by applying the tax rates approved at the reporting date which will be in effect on the date on which these differences reverse. Deferred taxes have been used on a net basis by tax entity. No deferred tax asset is calculated if the company's tax position does not allow it to foresee a possible use of these taxes. Deferred tax assets and liabilities are not discounted.

• EARNINGS PER SHARE

Basic earnings per share is obtained by dividing the net income attributable to owners of the parent company by the average weighted number of shares issued and outstanding during the fiscal year.

• RETIREMENT BONUSES

Contractual or statutory bonuses are recognized as expenses at the time of the employee's retirement. A provision is set up based on entitlements accrued.

NOTE 2 SCOPE OF CONSOLIDATION

Entity	Country	Acquisition's date	Annual sales 2022 ⁽¹⁾
BMI business	Germany	September 22	91.387.929 €

⁽¹⁾ The indicated turnover is the net one realised by the companies since their entry into the scope.

NOTE 3 GOODWILL

Goodwill (in thousand euros)	Gross amount	Amortization	Net amount
	2.424.678	1.380.546	1.044.132
Including :
Lactalis Leerdammer	337.277	29.935	307.342
Ak Gida Group	484.478	308.863	175.615
Puleva Group	274.933	171941	102.992
Dukat Group	200.866	157.082	43.783
Brazil equity method	111.569	36.477	75.092
Tirumala	146,737	66.418	80.319
Prabhat	134.939	91.349	43.590
Iberia/Forlasa Group	132.687	89.737	42.950
Sanulac	110.764	32195	78.569
Albalact	45.545	28.763	16.782
Covalact	24.640	13.552	11.088
Others	420.244	354.234	66.011

Net goodwill assets break down as follows:

Net goodwill at 01/01/2022	1.339.258
Increase during the year ⁽¹⁾	14.044
Adjustment to previous goodwill ⁽²⁾	(153.129)
Amortization	(119.272)
Impairment	0
Others ⁽³⁾	(36.770)
Net goodwill at 12/31/2022	1.044.132

⁽¹⁾ Related to BMI acquisition.
⁽²⁾ Related to Leerdammer PPA and Leerdammer & Confepar price adjustment.
⁽³⁾ Related to the adjustment of the goodwill of the Brazil equity method following an error in the initial calculation, offset by the adjustment to opening share equity relating to the equity method of Brazilian entities (Note 7).

NOTE 4 INTANGIBLE ASSETS

Intangible assets (In thousand euros)	Gross amount	Amortization and Depreciation	Net amount
Concessions, patents, licenses	88.556	70.631	17.925
Brands	1.030.830	185.757	845,073
Purchased goodwill	15.524	9.277	6.247
Other intangible assets	19.479	14.205	5.275
Total	1.154.388	279,869	874.519

NOTE 5 TANGIBLE ASSETS

Tangible assets (In thousand Euros)	Gross amount	Amortization and Depreciation	Net amount
Lands	174.424	9.802	164.622
Buildings	726,348	375.491	350,857
Fixtures & fittings	1.980.428	1.381.855	598,573
Others property, plant & equipment	208,787	154.917	53.870
Leased assets	17.065	272	16.793
Assets in progress	74.812	270	74.542
Advances & prepayments to suppliers	12.095	0	12.095
Total	3.193.960	1.922.608	1.271.352

NOTE 6 MOVEMENTS IN ASSETS, DEPRECIATION AND AMORTIZATION

Movements of fixed assets - Gross amount (In thousand euros)	Intangible assets	Tangible assets
Gross amount at 01/01/2022	1.137.274	2.978.347
Increases	3,138	156,847
Decreases	(5,046)	(25.937)
Change in scope ⁽¹⁾	300	23.109
Translation adjustments	(8,742)	(91.364)
Transfers, miscellaneous (incl. mergers) ⁽²⁾	27.464	152.959
Gross amount at 12/31/2022	1.154.388	3.193.960

Movements of depreciation and amortization (In thousand euros)	Intangible assets	Tangible assets
Amortization at 01/01/2022	261,405	1.874.686
Increases	29.074	145.731
Decreases	(4,858)	(23.211)
Change in scope ⁽¹⁾	0
Translation adjustments	(5,748)	(58.767)
Transfers, miscellaneous (incl. mergers) ⁽²⁾	(3)	(15.831)
Amortization at 12/31/2022	279.869	1.922.608

Movements of fixed assets - Net amount (In thousand euros)	Intangible assets	Tangible assets
Net amount at 01/01/2022	875.869	1.103.661
Increases (Capex)	3.138	156,847
Increases (Amort)	(29.074)	(145.731)
Decreases	(188)	(2,726)
Change in scope ⁽¹⁾	300	23.109
Translation adjustments	(2,994)	(32.597)
Transfers, miscellaneous (incl. mergers) ⁽²⁾	27.467	168,790
Net amount at 12/31/2022	874,519	1.271.352
Variation	(1.350)	167,691

⁽¹⁾ BMI acquisition
⁽²⁾ Mainly related to Leerdammer PPA

NOTE 7 FINANCIAL ASSETS AND EQUITY INVESTMENTS

Financial assets (In thousand euros)	Gross amount	Provisions	Net amount
Equity investments	4.371	264	4.107
Related receivables	73	0	73
Loans	12.459	3.860	8,600
Other financial assets	9.282	464	8.818
Total	26.185	4.587	21598

Investments in companies using equity method (in thousand euros)	Investment value	Shareholders ^* Equity at the opening	Shereholders' Equity adjustment at the opening	Equity method Shareholders' Equity result	Other Shareholders' Equityvariations ^*
Equity method Lactalis do Brazil, itambé Nutrifont	376.175	192.964	36.778	26.829	21.405

Investments in companies using equity method (in thousand euros)	Shareholders' Equity at year end	Goodwill net amount at the opening	Goodwill net amount adjustment at the opening	amorttntioa	Goodwill net amount at year end
Equity method Lactalis do Brazil, itambé Nutrifont	277.867	122.520	(36.770)	(10.727)	75.092

^* Other movements are mainly linked to local currency change.

NOTE 8 INVENTORIES

Inventories (In thousand euros)	Gross amount 2022	Net amount 2022	Net amount 2021
Raw materials & supplies	125,980	124,899	125.653
Work in process	2.000	2.000	750
Finished and semi-finished products	494.952	480,329	387.040
Consumables	275.438	265,309	220,144
Total	898,370	872.538	733,587

NOTE 9 TRADE AND OTHER RECEIVABLES

Other receivables (In thousand euros)	Gross amount 2022	Provisions 2022	Net amount 2022	Net amount 2021
Receivables	1231383	35.136	1.196.247	1.009.052
Other receivables	348.040	2.868	345.172	312.321
Deferred tax assets	27.089	0	27.089	25.673
Prepaid expenses	123.873	0	123.873	28.604
Total	1.730.335	38.003	1.692.381	1.375.649

	2022	2021
Of which "Trade receivables" from related parties:	108.639	334.819
Of which "Other Receivables" from related parties:	61.352	61093
Of which "Prepaid Expenses" towards related parties:	6.657	11.846
TOTAL RELATED PARTIES	176.648	407.758

NOTE 10 SHAREHOLDERS' EQUITY

Shareholders' equity (In thousand euros)	Total	Group share	Minority interests
At 12/31/2020	3.395.090	3.357.117	37.973
Net income	(83.422)	(69.441)	(13.981)
Dividends paid	(510)	(45)	(465)
Change in translation reserve	(34.821)	(35.267)	446
Change in scope	(17.097)	0	(17.097)
Other changes	7.654	6.885	769
At 12/31/2021	3.266.895	3.259.250	7.645
Net income	(2.628)	10.038	(12.666)
Dividends paid	(812)	(59)	(753)
Change in translation reserve	(15.173)	(16.048)	875
Change in scope	1033	1.017	16
Other changes	2.882	(5.821)	8.703
At 12/31/2022	3.252.197	3.248.376	3.821

The share capital of the parent company remained unchanged and amounted to 1.787.000 thousand euros.

NOTE 11 PROVISIONS FOR RISKS AND CHARGES

Provisions for risks and charges (In thousand euros)	2022	2021
Deferred tax liabilities ⁽¹⁾	91537	54.135
Provisions for retirement bonuses of the acquired companies ⁽²⁾	61828	61.189
Other provisions ⁽³⁾	41.233	40.775
Negative goodwill	0	2.496
Total	194,597	158.594

⁽¹⁾ This item mainly concerns revaluations of assets in the consolidated financial statements.
⁽²⁾ This line includes the provision for pensions of Leerdammer for 22.500 thousand euros, Skanemejerier for 15.800 thousand euros, Omira for 7.200 thousand euros, Turkey for 5.800 thousand euros and Sanulac for 2.800 thousand euros.
⁽³⁾ The item includes various provisions covering commercial and industrial disputes and other tax risks.

In addition, ongoing tax audits can potentially expose the Group to significant outflows of resources. Those which cannot be assessed with sufficient reliability at this stage, due to the uncertainty regarding the outcome of the procedures, have not been provisioned in the accounts.

The movements of items ⁽²⁾ and ⁽³⁾ during the year breaks down as follows:

Provisions at (In thousand euros) 01/01/2022 :	101,963
Allowance of the year	16.386
Reversal of the year	(10.868)
Translation adjustments	(985)
Change in scope	1.460
Other changes	(4,896)
Provisions at 12/31/2022 :	103,061

NOTE 12 NET FINANCIAL DEBT

Net financial debt (in thousand euros)	2022	2021
Convertible bond loans	0	0
Loans from credit institutions	688.464	676.634
Miscellaneous borrowings and liabilities	363.212	87.811
Finance lease liabilities	889	990
Sub-total loans	1.052.564	765,435
Accrued interests	3.945	918
Bank overdrafts	193.916	207.586
Liabilities Cash pooling	324,172	1.034.578
Total financial debt	1.574.598	2.008.517
Marketable securities	(24.917)	(36.697)
Cash	(390.738)	(435.240)
Asset Cash pooling	(212.821)	(284.946)
Total Cash and Cash Pooling	(628.475)	(756.883)
Total net financial debt	946.122	1.251.634

The maturities of the borrowings and debts are as follows:

		Debt details by maturity
In thousand euros	Total	< 1 an	N+2	N+3	N+4
Bond loans	0	0	0	0	0
Syndication loan credit 2015	0	0	0	0	0
Syndication loan credit 2019	0	0	0	0	0
Misc. borrowing and liabilities	688.464	89.073	554.580	4025	24.525
Other borrow. and miscel. debts	7393	4.934	933	50	1367
Finance lease liabilities	889	129	125	121	124
Lactalis loan	355818	70124	33118	250.209	182
Sub-total	1052564	164.260	588.757	254.405	26.199
Accrued interests	3945	3.945
Bank overdrafts	193916	193.916
Liabilities Cash pooling	324172	324172
Cash & cash equivalent	(415.655)	(415.655)
Asset Cash pooling	(212821)	(212821)
TOTAL	946122	57,818	588.757	254.405	26.199

	Debt details by maturity
In thousand euros	N+5	> 5 years
Bond loans	0	0
Syndication loan credit 2015	0	0
Syndication loan credit 2019	0	0
Misc. borrowing and liabilities	291	15970
Other borrow. and miscel. debts	20	90
Finance lease liabilities	128	261
Lactalis loan	182	2.003
Sub-total	620	18324
Accrued interests
Bank overdrafts
Liabilities Cash pooling
Cash & cash equivalent
Asset Cash pooling
TOTAL	620	18.324

The breakdown of borrowings and debts, by currency and nature of interest rates was as follows:

	2022 In thousand euros	2022 (%)
By type of currency
Euros	814891	77%
- US Dollars	69.758	7%
- Others currencies	167.914	16%
By type of interest rates
- Variable	159.971	15%
Fixed	892,593	85%
Total	1.052.564	100%

NOTE 13 ACCOUNT PAYABLES

In thousand euros	2022	2021
Total trade payables to suppliers	1.296.286	1.017.687
These items include trade payables to related parties	243.608	184,286

NOTE 14 REVENUE

Revenues had the following breakdown:

In thousand euros	2022	2021
Sales	8.871.687	6.917.752
Output of services	80.426	105,531
Total gross sales	8.952.113	7.023.283
Deferred rebates	(541.309)	(460.308)
Total net sales	8.410.804	6.562.976

NOTE 15 OTHER PURCHASES AND EXTERNAL EXPENSES

The fees of the statutory auditor are included in "Other purchases and external charges" and amounted to 3.227 thousand euros in 2022 (3.179 thousand euros in 2021).

NOTE 16 EXTRAORDINARY INCOME AND EXPENSES

In thousand euros	2022	2021
Allowance to/reversal of provisions	163	2.501
Net gain/loss on disposals of non-current assets	(298)	81.011
Income / expense on management operations	(1.507)	4,949
Income from government capital grants	2.418	1,122
Total	776	89.583

NOTE 17 FINANCIAL INCOME/EXPENSES

In thousand euros	2022	2021
Dividends received	0	51
Financial expenses - Interest and similar expenses	(54.288)	(19.297)
Translation adjustments	(14.187)	2.674
Additions to/reversals of provisions	(38)	1.035
Others	721	1.404
Total	(67.791)	(14.133)

Financial expenses essentially correspond to the financial interests relating to financing agreements established by the Group.

NOTE 18 INCOME TAX

Income tax had the following breakdown:

In thousand euros	2022	2021
Current tax	(57.131)	(70.162)
Deferred tax	6.174	(2.764)
Total	(50.956)	(72.925)

NOTE 19 EMPLOYEES

The number of full-time equivalent employees breaks down as follows:

	2022	2021
Number of full-time equivalent employees	36.964	34.268

NOTE 20 COMMITMENTS GIVEN

Commitments given (in thousand euros)	2022	2021
Endorsements, sureties and guarantees ⁽¹⁾	42.392	33.440
Total	42.392	33.440

⁽¹⁾ These amounts do not include any guarantees given by the Group BSI Internationa! to related entities.

NOTE 21 COMMITMENTS RECEIVED

Commitments received (In thousand euros)	2022	2021
Endorsements, sureties and guarantees	50.902	30.821
Total	50.902	30.821

NOTE 22 SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE YEAR AND OTHER INFORMATION

At the beginning of the year 2023, the following events happened:

•

In February 2023, several earthquakes occurred in Turkey, resulting in very heavy human and material losses. One of the Group's industrial sites in the Gaziantep region was affected. An assessment of the damage is underway.

•

Lactalis do Brasil has reached an agreement to acquire DPA Brazil (Dairy Partners America), a joint venture between New Zealand-based Fonterra and Nestlé. Lactalis do Brasil will take over DPA, which includes distribution centers, two factories located in Araras (SP) and Garanhuns (PE), manufacturing and distributing products under several brands such as Chambinho, Chamyto and Chandelle; for these three brands, the intellectual property rights for the country will be transferred with the acquisition. DPA has annual sales of 250 million euros. This agreement is subject to approval by the relevant authorities.

SCOPE OF CONSOLIDATION

Name	Country	% interest	Method
B.S.A. INTERNATIONAL	BELGIUM	MOTHER	100,00
SAN LILAC NUTRITIONALS SOUTH AFRICA (PTY) LTD	SOUTH AFRICA	FULL CONSOL.	100,00
CLAYVILLE NUTRITIONALS (PTY) LTD	SOUTH AFRICA	FULL CONSOL.	100,00
LACTALIS EXPORT SOUTH AFRICA PTY LTD	SOUTH AFRICA	FULL CONSOL.	100,00
WURZBURGER MILCHWERKE GMBH	GERMANY	FULL CONSOL.	100,00
LACTALIS HOLLÄNDISCHER KASE GMBH	GERMANY	FULL CONSOL.	100,00
LACTALIS DEUTSCHLAND GMBH	GERMANY	FULL CONSOL.	100,00
LACTALIS GRUPPE GMBH	GERMANY	FULL CONSOL.	100,00
OMIRA GMBH	GERMANY	FULL CONSOL.	100,00
OMIRA MILCHNUNION SÜD GMBH	GERMANY	FULL CONSOL.	100,00
NEUBURGER MILCHWERKE GMBH	GERMANY	FULL CONSOL.	100,00
OBM OMIRA BODENSEEMILCH GMBH	GERMANY	FULL CONSOL.	100,00
RAVENSBURG MILCHWERKE GMBH	GERMANY	FULL CONSOL.	100,00
ROUTHIER MEDITERRANEAN PRODUCTS GMBH	GERMANY	FULL CONSOL.	100,00
ROUTHIER MEDITERRANEAN EXPORTS GMBH	GERMANY	FULL CONSOL.	100,00
UNTED FOOD INDUSTRIES COMPANY (UFIC)	SAUDI ARABIA	FULL CONSOL.	99,00
LACTALIS ARMA	ARMENIA	FULL CONSOL.	100,00
LEMNOS FOODS PTY LTD	AUSTRALIA	FULL CONSOL.	100,00
LACTALIS JINDIPTY LTD	AUSTRALIA	FULL CONSOL.	100,00
SANULAC OCEANIA PTY LTD	AUSTRALIA	FULL CONSOL.	100,00
SANULAC NUTRITIONALS AUSTRALIA PTY LTD	AUSTRALIA	FULL CONSOL.	100,00
LACTALIS OSTERREICH GMBH	AUSTRIA	FULL CONSOL.	100,00
LACTALIS CASPI	AZERBAIJAN	FULL CONSOL.	100,00
TRANSCITERNE BENELUX	BELGIUM	FULL CONSOL.	100,00
SOMALAC	BELGIUM	FULL CONSOL.	100,00
MOLKEREI LAITERIE WALHORN	BELGIUM	FULL CONSOL.	100,00
SOCABEL	BELGIUM	FULL CONSOL.	100,00
LACTALIS BELGIQUE	BELGIUM	FULL CONSOL.	100,00
BS NUTRITION	BELGIUM	FULL CONSOL.	100,00
SANULAC NUTRITION	BELGIUM	FULL CONSOL.	100,00
LACTALIS BLR	BELARUS	FULL CONSOL.	100,00
LYAKHOVICHI DAIRY FACTORY	BELARUS	FULL CONSOL.	88,31
INMER LTD	BOSNIA AND HERZEGOVINA	FULL CONSOL.	100,00
LACTALIS BH	BOSNIA AND HERZEGOVINA	FULL CONSOL.	100,00
PRERADA IPROMET MLIJEKA	BOSNIA AND HERZEGOVINA	FULL CONSOL.	95,98
LACTALIS DO BRASIL LTDA	BRAZIL	EQUITY	32,81
NUTRIFONT INDUSTRIA DE INGREDIENTES LACTEOS LTDA	BRAZIL	EQUITY	32,81
CONFEPAR AGRO-INDUSTRIAL LTDA	BRAZIL	EQUITY	32,81
ITAMBE ALIMENTOS S.A.	BRAZIL	EQUITY	32,81
LACTALIS COMERCIO E DISTRIBUICAO DE ALIMENTOS LTDA	BRAZIL	EQUITY	32,81
ITAMBE COMERCIO E DISTRIBUICAO DE ALIMENTOS LTDA	BRAZIL	EQUITY	32,81
LACTALIS BULGARIA	BULGARIA	FULL CONSOL.	100,00
SANULAC NUTRICION CHILE SpA	CHILE	FULL CONSOL.	100,00
LACTALIS TRADING (SHANGHAI)	CHINA	FULL CONSOL.	97,00
LACTALIS HONG KONG LIMITED	CHINA	FULL CONSOL.	100,00
LACTALIS (JIANGSU) DAIRY CO LTD	CHINA	FULL CONSOL.	99,00
LACTALIS INGREDIENTS (SHANGHAI) CO., LTD	CHINA	FULL CONSOL.	100,00
SANULAC NUTRITIONALS HONG KONG LIMITED	CHINA	FULL CONSOL.	100,00
SANULAC NUTRITIONALS SHANGHAI	CHINA	FULL CONSOL.	100,00
SANULAC NUTRICION COLOMBIA S.A.S	COLOMBIA	FULL CONSOL.	100,00
SANULAC NUTRICION CARICAM SOCIEDAD ANONIMA	COSTA RICA	FULL CONSOL.	100,00
DUKAT DAIRY INDUSTRY INC.	CROATIA	FULL CONSOL.	100,00
KIM DAIRY D.O.O.	CROATIA	FULL CONSOL.	100,00
B.P.A.C. AUTO LTD	CROATIA	FULL CONSOL.	100,00
LA LOG	CROATIA	FULL CONSOL.	100,00
LACTALIS DANMARK AS	DENMARK	FULL CONSOL.	100,00
BEST OF FRANCE FOR DAIRY PRODUCTS	EGYPT	FULL CONSOL.	51,00
AL NOUR COMPANY FOR DAIRY PRODUCTS	EGYPT	FULL CONSOL.	51,00
BEST CHEESE COMPANY FOR DAIRY PRODUCTS	EGYPT	FULL CONSOL.	51,00
DAIRY DISTRIBUTION COMPANY	EGYPT	FULL CONSOL.	51,00
GREENLAND GROUP FOR DAIRY INDUSTRIES S.A.E.	EGYPT	FULL CONSOL.	51,00
LACTALIS DAIRY PRODUCTS AND TRADDING MIDDLE EAST LLC	UNITED ARAB EMIRATES	FULL CONSOL.	49,00
LACTALIS DAIRY PRODUCTS AND TRADDING MIDDLE EAST DMCC	UNITED ARAB EMIRATES	FULL CONSOL.	100,00
SMEDS INTERNATIONAL DWC LLC	UNITED ARAB EMIRATES	FULL CONSOL.	51,00
SANULAC NUTRICIÓN ECUADOR S.A	ECUADOR	FULL CONSOL.	100,00
GRUPO LACTALIS IBERIA	SPAIN	FULL CONSOL.	100,00
LECHE DE GALICIA	SPAIN	FULL CONSOL.	100,00
LACTALIS FOOD SERVICES IBERIA	SPAIN	FULL CONSOL.	100,00
LACTALIS FORLASA	SPAIN	FULL CONSOL.	100,00
BPA IBERICA PARQUE AUTOMOVILISTICO S.L	SPAIN	FULL CONSOL.	100,00
LACTALIS COMPRAS & SUMINISTROS	SPAIN	FULL CONSOL.	100,00
BEBIDAS VEGETALES DE VALENCIA SLU	SPAIN	FULL CONSOL.	100,00
INDUSTRIAS LACTEAS DE PENAFIEL	SPAIN	FULL CONSOL.	100,00
LACTALIS ZAMORA	SPAIN	FULL CONSOL.	100,00
INDUSTRIAS LACTEAS DE GRANADA, S.L	SPAIN	FULL CONSOL.	100,00
GRANADA VAPOR Y ELECTRICIDAD	SPAIN	FULL CONSOL.	100,00
LACTALIS PULEVA, S.L.U.	SPAIN	FULL CONSOL.	100,00
INDUSTRIAS LACTEAS DE NADELA S.L.	SPAIN	FULL CONSOL.	100,00
INDUSTRIAS LACTEAS DE MOLLERUSA S.L	SPAIN	FULL CONSOL.	100,00
LACTALIS VILLARROBLEDO	SPAIN	FULL CONSOL.	100,00
LACTALIS FINLAND OY	FINLAND	FULL CONSOL.	100,00
LABORATOIRES SANULAC	FRANCE	FULL CONSOL.	100,00
SANTE GMT PRODUCT	GEORGIA	FULL CONSOL.	100,00
LACTALIS GEORGIA	GEORGIA	FULL CONSOL.	100,00
LACTALIS HELLAS-FOODS AND BEVERAGES S.A.	GREECE	FULL CONSOL	100,00
SHM HELLAS-PILION SA	GREECE	FULL CONSOL.	100,00
LACTALIS HUNGARIA KFT	HUNGARY	FULL CONSOL	99,98
S.L. KUNTEJ ZRT	HUNGARY	FULL CONSOL.	100,00
TIRUMALA MILK PRODUCTS PRIVATE LTD	INDIA	FULL CONSOL.	100,00
ANIK MILK PRODUCTS PRIVATE LTD	INDIA	FULL CONSOL.	100,00
SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	INDIA	FULL CONSOL.	100,00
LACTALIS JAPAN CO. LTD.	JAPAN	FULL CONSOL.	100,00
FOODMASTER COMPANY	KAZAKHSTAN	FULL CONSOL.	100,00
FOODMASTER-SHYMKENT COMPANY	KAZAKHSTAN	FULL CONSOL.	100,00
LLP MEZHDURECHENSK AGRO	KAZAKHSTAN	FULL CONSOL.	100,00
JSC SUT	KAZAKHSTAN	FULL CONSOL.	98,83
LLP KIROVA	KAZAKHSTAN	FULL CONSOL	100,00
LLP FOODMASTER-TRADE COMPANY	KAZAKHSTAN	FULL CONSOL.	100,00
LACTALIS SH.P.K.	KOSOVO	FULL CONSOL	100,00
SIA LACTALIS BALTICS	LATVIA	FULL CONSOL.	100,00
HANILOR SAL	LEBANON	FULL CONSOL.	50,98
SMEDS INTERNATIONAL SAL	LEBANON	FULL CONSOL.	50,80
EKABE S.A.	LUXEMBOURG	FULL CONSOL.	100,00
LACTALIS LUXEMBOURG	LUXEMBOURG	FULL CONSOL.	100,00
LACTALIS MK LLC LINDEN	MACEDONIA	FULL CONSOL.	100,00
LACTALIS MK DAIRY LTD. BITOLA	MACEDONIA	FULL CONSOL.	100,00
LACTALIS MK LOGISTICA DOOEL BITOLA	MACEDONIA	FULL CONSOL.	100,00
LACTALIS MALAYSIA SDN BHD	MALAYSIA	FULL CONSOL.	100,00
PETALING JAYA DAIRY SDN BHD	MALAYSIA	FULL CONSOL.	100,00
LACTALIS TRADING MALAYSIA SDN BHD	MALAYSIA	FULL CONSOL.	100,00
SANULAC NUTRICI0N MEXICO S. DE R.L DE C.V	MEXICO	FULL CONSOL.	100,00
INDUSTRIAS LACTEAS DE VALLEJO S. DE R.L DE C.V	MEXICO	FULL CONSOL.	100,00
SANULAC SERVICIOS S. DE R.L DE C.V	MEXICO	FULL CONSOL.	100,00
I.M. FABRICA DE BRINZETURI DIN SOROCA S.A.	MOLDOVA	FULL CONSOL.	99,85
I.M. FABRICA DE PRODUSE LACTATE HINCESTI S.A.	MOLDOVA	FULL CONSOL.	97,85
LACTALIS ALBA SRL	MOLDOVA	FULL CONSOL.	100,00
LACTALIS NORGE AS	NORWAY	FULL CONSOL.	100,00
NEW ZEALAND NEW MILK LIMITED	NEW ZEALAND	FULL CONSOL.	100,00
NEW ZEALAND NEW MILK BRANDS LIMITED	NEW ZEALAND	FULL CONSOL.	100,00
LACTALIS AGRO LLC	UZBEKISTAN	FULL CONSOL.	100,00
LACTALIS CENTRAL ASIA	UZBEKISTAN	FULL CONSOL.	100,00
LACTALIS NEDERLAND	NETHERLANDS	FULL CONSOL.	100,00
ROYAL LACTALIS LEERDAMMER BV	NETHERLANDS	FULL CONSOL.	100,00
SANULAC NUTRICI0N PERU S.A.C	PERU	FULL CONSOL.	100,00
LACTALIS Portugal PRODUTOS LACTEOS, LDA	PORTUGAL	FULL CONSOL.	100,00
L.P.L.V. ACE	PORTUGAL	FULL CONSOL.	33,33
LACTALIS C.Z.	CZECH REPUBLIC	FULL CONSOL.	99,26
MLEKARNA KUNIN	CZECH REPUBLIC	FULL CONSOL.	100,00
MLEKARNA KLATOVY	CZECH REPUBLIC	FULL CONSOL.	100,00
DORNA LACTATE S.A.	ROMANIA	FULL CONSOL.	100,00
LACTALIS ROMANIA SA	ROMANIA	FULL CONSOL	100,00
ALBALACT SA	ROMANIA	FULL CONSOL	100,00
LACTALIS LOGISTIC S.R.L.	ROMANIA	FULL CONSOL.	100,00
RARAUL SA	ROMANIA	FULL CONSOL	99,04
COVALACT SA	ROMANIA	FULL CONSOL	99,74
COVALACT-PRODSERV S.R.L.	ROMANIA	FULL CONSOL.	99,74
LACTATE HARGHITA S.A.	ROMANIA	FULL CONSOL.	99,34
PARMALAT ROMANIA SA	ROMANIA	FULL CONSOL.	100,00
LACTALIS U.K.	UNITED KINGDOM	FULL CONSOL.	100,00
LACTALIS MCLELLAND LIMITED	UNITED KINGDOM	FULL CONSOL.	100,00
MCLELLAND CHEESE PACKING LIMITED	UNITED KINGDOM	FULL CONSOL	100,00
LUBBORN CHEESE LIMITED	UNITED KINGDOM	FULL CONSOL.	100,00
THE FRESH MILK COMPANY LIMITED	UNITED KINGDOM	FULL CONSOL	100,00
THE CALEDONIAN CHEESE COMPANY LIMITED	UNITED KINGDOM	FULL CONSOL.	100,00
EMSKCo. LTD.	RUSSIA	FULL CONSOL.	100,00
SOMBOLED LLC SOMBOR	SERBIA	FULL CONSOL.	100,00
LACTALIS SINGAPORE PTE LTD	SINGAPORE	FULL CONSOL.	66,20
LACTALIS ASIA OCEANIA PTE LTD	SINGAPORE	FULL CONSOL.	100,00
LACTALIS SLOVAKIA	SLOVAKIA	FULL CONSOL.	100,00
DUKAT S. LTD	SLOVENIA	FULL CONSOL.	100,00
LJUBLJANSKE MLEKARNE MLEKARSKA INDUSTRIJA INC.	SLOVENIA	FULL CONSOL.	100,00
SKANEMEJERIER AB	SWEDEN	FULL CONSOL.	100,00
HJORDNARA MEJERI AB	SWEDEN	FULL CONSOL.	100,00
KRISTIANSTADS OSTFORADLING AB	SWEDEN	FULL CONSOL.	100,00
SVENSKA OSTKOMPANIET HB	SWEDEN	FULL CONSOL.	100,00
MALMO MEJERI AB	SWEDEN	FULL CONSOL	100,00
KRISTIANSTADS MEJERI AB	SWEDEN	FULL CONSOL.	100,00
SKÅNEMEJERIER FÖRSÄLJNING AB	SWEDEN	FULL CONSOL.	100,00
SKANEME J.STORHUSHALL AB	SWEDEN	FULL CONSOL.	100,00
BAER AG	SWITZERLAND	FULL CONSOL.	100,00
SWISS PREMIUM CHEESE AG	SWITZERLAND	FULL CONSOL.	100,00
LACTALIS SUISSE SA	SWITZERLAND	FULL CONSOL.	100,00
AK GIDA SANAYIVE TICARET AS	TURKEY	FULL CONSOL.	100,00
SEHER GIDA PAZARLAMA SANAYİ VE TİCARET ANONİM SİRKET	TURKEY	FULL CONSOL.	100,00
POVA ENERJI	TURKEY	FULL CONSOL.	100,00
LACTALIS MYKOLAÏV	UKRAINE	FULL CONSOL.	100,00
LACTALIS UKRAINE	UKRAINE	FULL CONSOL.	100,00
MOLOCHNIY DIM PAVLOGRAD	UKRAINE	FULL CONSOL	99,00
LACTALIS SUMY	UKRAINE	FULL CONSOL	100,00

MANAGEMENT REPORT ON THE CONSOLIDATED STATEMENT AT 31 DECEMBER 2022

B.S.A. International

Société Anonyme

Rue des Vétérinaires 42F1070 Bruxelles

RPM (Bruxelles) 0443.205.173

(ci-après la "Société")

Rapport de gestion sur les comptes consolidés du Conseil d'administration du 21 juin 2023 concernant l'exercice social clôturé au 31 décembre 2022

Messieurs,

Conformément à nos obligations légales et statutaires, nous vous proposons notre rapport de gestion sur les comptes consolidés concernant l'exercice social clôturé au 31 décembre 2022 ("l'Exercice").

1. COMMENTAIRES CONCERNANT CE RAPPORT DE GESTION SUR LES COMPTES CONSOLIDES.

Nous vous présentons le rapport de gestion sur les comptes consolidés concernant l'exercice 2022.

Ce rapport de gestion du Conseil d'administration doit être lu en parallèle avec les états financiers consolidés audités de la Société.

Le Conseil d'administration de la Société atteste au nom et pour le compte de la Société, qu'à sa connaissance, (i) les états financiers consolidés, établis en conformité avec les règles légales en vigueur applicables, donnent une image correcte et fidèle du patrimoine, de la situation financière et des résultats de la Société et des entreprises comprises dans le périmètre de consolidation, et (ii) le rapport de gestion sur les comptes consolidés contient les mentions requises par l'article 3 :32 du Code des Sociétés et des Associations.

Le périmètre de consolidation regroupe la Société, en tant que société consolidante, ainsi que l'ensemble de ses entreprises filiales, qui doivent être incluses dans ce périmètre de consolidation conformément aux prescriptions légales en vigueur.

2. RESULTAT DE L'EXERCICE, EVOLUTION DES AFFAIRES, ET SITUATION DE L'ENSEMBLE DES ENTREPRISES COMPRISES DANS LE PERIMETRE DE LA CONSOLIDATION

La Société et l'ensemble des entreprises comprises dans le périmètre de la consolidation ont, au cours de l'Exercice, réalisé un chiffre d'affaires d'un montant de 8.410.804 KEUR. Ainsi, une hausse du chiffre d'affaires d'un montant de 1.847.828 KEUR a été enregistrée par rapport au précédent exercice.

La Société et l'ensemble des entreprises comprises dans !e périmètre de la consolidation ont clôturé les comptes consolidés avec une perte d'un montant de 29.457 KEUR.

Cette perte résulte de:

BILAN

Montants en KEUR	2022	2021
Total actif immobilisé	3.489.467	3.939.805
Total actif circulant	3.193.395	2.866.120
TOTAL ACTIF	6.682.862	6.805.925
Capitaux propres	3.252.197	3.266.895
Provisions pour risques et charges	194,597	158,594
Dettes	3.236.068	3.380.437
TOTAL PASSIF	6.682.862	6.805.925

COMPTE DE RESULTAT

	2022	2021
Chiffre d'affaires	8.410.804	6.562.976
Résultat d'exploitation	89.291	-19.038
Résultat financier	-67.791	-14.133
Impôt sur les résultats	- 50.956	- 72.925
Résultat de l'exercice	-29.457	-106.096
Résultat des sociétés mises en équivalence	26.829	22.673
Résultat Consolidé	-2.628	-83.423

L'exercice 2022 a été marqué par le déclenchement de la guerre entre l'Ukraine et la Russie le 24 février 2022, conflit qui a entraîné des répercussions sur l'ensemble de l'économie mondiale. Le groupe a été confronté sur l'exercice à la forte hausse de ses coûts de production en lien avec la hausse du prix du lait et matières premières, des emballages et de l'énergie, hausses qui n'ont pu être totalement répercutées sur les prix de vente.

Au niveau des filiales de la Société, sont relevées les principales opérations suivantes:

Allemagne

En août 2022, les activités lait et produits frais de la Coopérative Bavaroise BMI ont été reprises. L'acquisition comprend la reprise d'une laiterie à Wurzburg. Cette activité est exploitée au travers de 2 marques, Frankenland et Thuringer Land, ainsi qu'une marque nationale, Haydi.

Arabie Saoudite

Portée par l'économie la plus dynamique du monde et un Dollar fort, le pays a augmenté sa performance de 12%, affichant une des meilleures rentabilités du périmètre de la Société.

Australie

L'exercice 2022 n'aura malheureusement pas été satisfaisante, les objectifs en matière de cash-flow n'ayant pas été atteints.

Espagne

Le pays, important au sein du périmètre de la Société, est resté en dessous des prévisions. L'année est néanmoins marquée par des réussites « produits » comme la rénovation de la marque Puleva.

Japon

Une nouvelle filiale opérationnelle a été constituée au Japon : LACTALIS JAPAN Co. Ltd, dont la Société est l'actionnaire unique.

Malaisie

Le pays a réussi à améliorer ses résultats 2022.

Pays-Bas

2022 est l'année d'intégration de la marque Leerdammer, fabriquée localement.

La société concernée a obtenu l'autorisation des autorités d'utiliser la distinction qui lui permet d'adopter la dénomination « ROYAL LACTALIS LEERDAMMER B.V. ».

Roumanie

Le pays a atteint l'ensemble des objectifs qui lui avaient été fixés

Turquie

Dans un contexte d'hyper-inflation et de forte dévaluation de sa monnaie, le pays a néanmoins enregistré une bonne performance en 2022.

Ukraine

L'activité des 3 sites industriels du Groupe situés en Ukraine a été réduite mais a pu être maintenue malgré le contexte, avec des périodes d'arrêt temporaires et une adaptation des productions. Le chiffre d'affaires généré en Ukraine en 2022 est de l'ordre de 103 Millions d'euros. Aucune destruction significative d'actif n'est à déplorer.

3. RISQUES ET INCERTITUDES

Les principaux risques et incertitudes auxquels la Société est confrontée demeurent principalement liés à l'activité exercée par ses filiales, à l'évolution de la conjoncture économique sur le marché mondial et de la consommation de produits alimentaires ainsi qu'aux fluctuations des prix des matières premières sur leur marché domestique, régional ou mondial.

La politique de trésorerie a pour but d'assurer un accès permanent à des liquidités suffisantes ainsi qu'à suivre et à limiter les éventuels risques de taux d'intérêts et les risques de change.

4. EVENEMENTS IMPORTANTS APRES LA CLOTURE DE L'EXERCICE

En début d'année 2023, les événements suivants ont eu lieu :

―

En février 2023, plusieurs séismes sont intervenus en Turquie engendrant un bilan humain et matériel très lourd. L'un des sites industriels du groupe situé dans la région de Gaziantep a été touché. Une estimation des dommages est en cours.

―

Lactalis do Brasil a conclu un accord pour acquérir DPA Brésil (Dairy Partners America), une joint-venture entre la société néozélandaise Fonterra et Nestlé. Lactalis do Brasil reprendra la société DPA qui comprend des centres de distribution, deux usines situées à Araras (SP) et Garanhuns (PE), fabriquant et distribuant des produits sous plusieurs marques telles que Chambinho, Chamyto et Chandelle ; pour ces trois marques, les droits de propriété intellectuelle pour le pays seront transférés avec l'acquisition. DPA a un chiffre d'affaires annuel de 250 millions d'euros. Cet accord est soumis à validation par les autorités compétentes.

Par ailleurs, I'Union européenne a adopté le 25 février de nouvelles sanctions à l'égard de la Russie, susceptibles d'impacter la situation économique localement et par contrecoup celle du périmètre de la Société dans la zone LEECA.

5. ACTIVITES EN MATIERE DE RECHERCHE ET DE DEVELOPPEMENT

La Société et l'ensemble de ses filiales n'ont pas réalisé d'activités en matière de recherche et de développement.

6. USAGE D'INSTRUMENTS FINANCIERS

La Société et l'ensemble de ses filiales n'ont pas, durant l'Exercice, fait usage d'instruments financiers importants pour l'appréciation de l'actif, du passif, de la position financière et du résultat de la Société.

Les principaux instruments financiers se composent des prêts bancaires et intersociétés, des crédits bancaires, des soldes bancaires et des dépôts et/ou intragroupes à court terme. Le principal objectif de ces instruments financiers est de collecter des fonds pour le financement des activités de l'entreprise.

II convient d'observer que la politique de l'entreprise n'autorise pas les transactions spéculatives en matière d'instruments financiers. En outre, l'entreprise dispose également d'autres actifs et passifs financiers tels que les créances et les dettes commerciales, qui proviennent directement de son activité.

Le risque de taux d'intérêt est géré de manière centralisée en conformité avec les objectifs et les lignes directrices fixées par le conseil d'administration.

La politique de trésorerie a pour but d'assurer un accès permanent à des liquidités suffisantes ainsi qu'à suivre et à limiter les éventuels risques de taux d'intérêts et les risques de change.

Le 21 juin 2023

Emmanuel Besnier, Président du Conseil d'Administration et Administrateur Délégué

Jean-Michel Besnier, Membre du Conseil d'Administration

François Detandt, Membre du Conseil d'Administration

B.S.A. International/Rapport de gestion

Michel Peslier Membre du Conseil d'Administration

Olivier Savary Membre du Conseil d'Administration

Protokoll der Gesellschafterversammlung Würzburger Milchwerke GmbH, Kehl 16.11.2022	Minutes of Shareholder Resolution of Wiirzburger Milchwerke GmbH, Kehl 16.11.2022
1. Vorbemerkung	1. Preamble
Im Handelsregister des Amtsgerichts Würzburg ist unter der Nummer HRB 16572 die Firma Würzburger Milchwerke GmbH eingetragen. Alleinige Gesellschafterin der Gesellschaft ist die LACTALIS GRUPPE GmbH.	In the trade register of the local court of Würzburg is registered under no. HRB 16572 Wiirzburger Milchwerke GmbH. LACTALIS GRUPPE GmbH is the sole shareholder of the company.
Damit ist das gesamte Stammkapital der Gesellschaft vertreten.	Thus, the company's stated capital is fully represented.
2. Gesellschafterversammlung	2. Shareholder Resolution
Unter Verzicht auf alle gesetzlichen und gesellschaftsvertraglichen Formen und Fristen der Einberufung und Abhaltung einer Gesellschafterversammlung halt der Erschienene hiermit eine	Waiving all statutory requirements or requirements under the articles of association as to form and notice for the calling and convening of a shareholder's meeting the person appearing hereby holds an
Gesellschafterversammlung	shareholder's meeting
der	of
Würzburger Milchwerke GmbH	Würzburger Milchwerke GmbH
ab und beschließt Folgendes:	resolves as follows:
(1) Zustimmung der Gesellschafter gemäß § 264 Abs. 3 Nr. 1 und Nr. 5 a) HGB: Unsere einzige Gesellschafterin hat am 16.11.2022 folgenden Beschluss gefasst:	(1) Approval of the shareholders pursuant to § 264 par. 3 N° 1 and N° 5 a) HGB: Our sole shareholder passed the following resolution on 16.11.2022: "The use of the exemption pursuant to
"Der Inanspruchnahme der Befreiungen gemäß § 264 Abs. 3 HGB für das Geschäftsjahr 2022 wird zugestimmt."	section 264 par. 3 HGB for the financial year 2022 is hereby approved"
(2) Einstandserklärung des Mutterunternehmens gemäß § 264 Abs. 3 Nr. 2 und Nr. 5 b) HGB: Die Würzburger Milchwerke GmbH wird als Tochterunternehmen in den Konzernabschluss für das Geschäftsjahr vom 01.01.2022 bis 31.12.2022 der Lactalis Gruppe GmbH mit Sitz in Kehl / Rhein einbezogen. Zwischen der Würzburger Milchwerke GmbH ihrerseits und der Lactalis Gruppe GmbH wird eine Patronatserklärung geschlossen.	(2) Declaration of the parent company pursuant to § 264 par. 3 N° 2 and N° 5 b) HGB: Wurzburger Milchwerke GmbH as subsidiary will be included in the consolidated financial statement for the financial year from 01.01.2022 until 31.12.2022 of Lactalis Gruppe GmbH with seat in Kehl / Rhein. A letter of comfort is concluded between Würzburger Milchwerke GmbH, for its part, and Lactalis Gruppe GmbH.
Weitere Beschlüsse werden in dieser Gesellschafterversammlung nicht gefasst.	No other resolutions are passed in this shareholder's meeting.
Damit ist diese Gesellschafterversammlung beendet.	The shareholder's meeting is hereby terminated.

Kehl, den 16.11.2022

LACTALIS GRUPPE GmbH

Morten FELTHAUS

Patronatsvereinbarung	Letter of comfort
zwischen	between
Lactalis Gruppe GmbH mit dem Sitz in Kehl / Rhein	Lactalis Gruppe GmbH with the seat in Kehl / Rhein
und	and
Würzburger Milchwerke GmbH mit dem Sitz in Würzburg	Würzburger Milchwerke GmbH with the seat in Würzburg
Vorbemerkungen	Preamble
Die Lactalis Gruppe GmbH ist die Muttergesellschaft der Würzburger Milchwerke GmbH.	Lactalis Gruppe GmbH is the parent company of Würzburger Milchwerke GmbH.
Zur Erfüllung der Voraussetzungen des § 264 Abs. 3 Nr. 2 HGB in der Fassung des Bilanzrichtlinie-Umsetzungsgesetzes (kurz: BilRuG) im Hinblick auf das Vorliegen einer Einstandsverpflichtung schließen Lactalis Gruppe GmbH und Würzburger Milchwerke GmbH die folgende	To fulfill the criteria as per § 264 Abs. 3 HGB in the version of the Bilanzrichtlinie- Umsetzungsgesetzes (BilRuG) with regards to the existence of an obligation of financial support ("Einstandsverpflichtung") Lactalis Gruppe GmbH and Würzburger Milchwerke GmbH conclude the following
Patronatsvereinbarung	Letter of comfort
Lactalis Gruppe GmbH steht der Würzburger Milchwerke GmbH für das dem Abschlussstichtag zum 31.12.2022 folgende Geschäftsjahr für sämtliche zum Abschlussstichtag 31.12.2022 eingegangenen Verpflichtungen der Würzburger Milchwerke GmbH ein und wird die Würzburger Milchwerke GmbH während dieses Zeitraums finanziell dergestalt ausstatten, dass die Würzburger Milchwerke GmbH sämtliche zum Abschlussstichtag 31.12.2022 bestehenden Verpflichtungen gegenüber Dritten bei Fälligkeit begleichen kann.	Lactalis Gruppe GmbH will stand in for the financial year following closing date 31.12.2022 for all obligations of Würzburger Milchwerke GmbH existing as of closing date 31.12.2022. Lactalis Gruppe GmbH will ensure that Würzburger Milchwerke GmbH is set up financially in a way that enables Würzburger Milchwerke GmbH to meet its financial obligations existing as of 31.12.2022 towards third parties.
Die zuvor genannte Verpflichtung der Lactalis Gruppe GmbH begründet keine eigenständigen Ansprüche Dritter gegen die Lactalis Gruppe GmbH.	The before mentioned obligation of Lactalis Gruppe GmbH does not create any individual claims of third
Berechtigt ist ausschlieBlich die Würzburger Milchwerke GmbH.	parties versus Lactalis Gruppe GmbH Eligible party is solely Würzburger Milchwerke GmbH.
Änderungen und Ergänzungen sowie die Aufhebung dieser Vereinbarung oder einzelner Bestimmungen dieser Vereinbarung, einschließlich dieser Schriftformklausel, bedürfen der Schriftform, soweit nicht gesetzlich eine strengere Form zwingend vorgeschrieben ist.	Furthermore, supplements or amendments to this agreement as well as its termination require written form unless a notarial deed is required. This applies also for the revocation of this written form requirement.
Sollten einzelne Bestimmungen dieser Vereinbarung unwirksam oder undurchführbar sein oder werden, so wird dadurch die Gültigkeit des übrigen Inhalts dieser Vereinbarung nicht berührt. Die ungültige oder undurchführbare Bestimmung ist durch eine Regelung zu ersetzen, die dem wirtschaftlichen Zweck der weggefallenen Bestimmung möglichst nahekommt.	Should any provision of this agreement in part or in full become invalid or unenforceable or impractical, or should this agreement contain any omission, the validity and enforceability of the remaining provisions of this agreement shall not be effected hereby. The parties undertake to agree upon a valid, practical and enforceable provision to replace the invalid, impractical or unenforceable provision, which comes as close as possible to the commercial purpose of the invalid, impractical or unenforceable provision intended by the parties.
Die deutsche Fassung dieses Dokuments ist maßgebend.	The German version of this document shall prevail.

Kehl / Rhein, den 16.11.2022

Lactalis Gruppe GmbH

Morten Felthaus, Geschäftsführer / General Manager

Würzburger Milchwerke GmbH