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EUROSNACK S.A. Heading

00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

Financial report
2023_05_29_09_19_32_jednostkainnawzlotych_1__v1_2.xml version 1-2

Start date of the period for which the report was prepared 2022-01-01

End date of the period for which the report was prepared 2022-12-31

Date of preparation of the financial statements 2023-05-30

ReportCode SprFinUnitOtherInZloty

VariantReports 1

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EUROSNACK S.A. Introduction
00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

Unit data:

1. Data identifying the entity

1A. Company, registered office or place of residence

Company Name EUROSNACK S.A.

Headquarters

Voivodeship Masovian

County Warsaw

Commune Warsaw

Location Warsaw

1B. Address

Address

End PL

Voivodeship Masovian

County Warsaw

Commune Warsaw

Street name Clear

Building number 14

Apartment number 16a

Name of the town Warsaw

Zip code 00-041

Name of post office Warsaw

1C. The entity's core business

CodePKD 1072Z

CodePKD 1061Z

1D. Tax Identification Number (NIP) 6271554848

1E. KRS number. Mandatory field for entities entered in the National Court Register. 0000314024

3. Indication of the period covered by the financial statements

DataOd 2022-01-01

Dated 2022-12-31

4. Indication that the financial statements contain aggregate data if the entity includes
internal organizational units preparing independent financial statements: true - false
the financial report contains aggregate data; false - the report does not contain aggregate data

5. Assumption of continuing operations

5A. Indication of whether the financial statements have been prepared on the assumption of continuing
true
economic activity by the entity in the foreseeable future

5B. Indication of whether there are any circumstances indicating a threat to her continuing
activities: true - No circumstances indicating a threat to continuing operations; false - true
There were circumstances indicating a threat to the continuation of business activities

7. Accounting principles (policy). Discussion of the adopted accounting principles (policy), in the scope of
what the law leaves to the individual the right to choose, including:

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EUROSNACK S.A. Introduction
00-041 Warsaw, ul. Jasna 14/16a NIP:
6271554848

Fixed assets and intangible assets are depreciated using

the principles, methods and rates provided for in tax
regulations. With respect to fixed assets and
intangible assets, except for goodwill, the company
applies rates in accordance with the Corporate Income
7A. methods of valuing assets and liabilities (including depreciation), Tax Act of 15 February 1992 (as amended)

The Company applies individual depreciation rates to

goodwill.

Receivables are reported at their nominal value during the

financial year and at the balance sheet date at the amount
due, in accordance with the prudence principle.
valuation.

Receivables denominated in foreign currencies are reported

as of the date of the transaction at the average
exchange rate of the National Bank of Poland (hereinafter:
NBP) applicable for a given currency on that date, unless a
different exchange rate was set in the customs declaration
7A. methods of valuing assets and liabilities (including depreciation), or another document binding the entity.
As of the balance sheet date, receivables are recorded at
the average NBP exchange rate applicable on the last
day of the financial year.
The value of receivables is updated taking into account
the degree of probability of their payment by making a
write-down. The value of receivables shown in the
financial statements results from the book value reduced
by write-downs.

Stocks and expenses covered by the quantitative

and value records of inventories are
valued as follows: 1/
materials and goods - on the day of acquisition at
purchase prices, and on the balance sheet date at
purchase prices reduced by write-offs for
permanent impairment, - expenses are valued using
the FIFO method, i.e. "first in -
first out", 2/ products and finished goods at
7A. methods of valuing assets and liabilities (including depreciation),
production costs not higher than their selling prices.
neo,
3/ advances on deliveries are valued at nominal value.

The FIFO method, i.e. "first in, first out", is used to issue
currencies from a foreign exchange account.

Active prepayments of costs relate to incurred expenses

settled as costs of future reporting periods to which
7A. methods of valuing assets and liabilities (including depreciation), they relate. Settlements are written off in accordance
with the passage of time.

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EUROSNACK S.A. Introduction
00-041 Warsaw, ul. Jasna 14/16a NIP:
6271554848

Liabilities are recorded in the books during the financial

year at their nominal value, and at the balance
sheet date at the amount due. The entity may refrain from
determining the value of interest if it is immaterial to the
assessment of the entity's financial situation. Liabilities
denominated in foreign currencies are recorded on the
day of the transaction at the average exchange rate of
the National Bank of Poland applicable to
the currency on that day, unless a different exchange rate
has been established in the customs declaration or another
document binding the entity.
7A. methods of valuing assets and liabilities (including depreciation),
As of the balance sheet date, liabilities are recognised at
the average NBP exchange rate applicable on the last
day of the financial year.
Pursuant to Article 37, Section 10 of the Accounting
Act, the Company creates deferred tax assets.

The balance sheet valuation was based on the average

foreign exchange rates announced by the National Bank
of Poland as at December 30, 2022 (NBP Table 252/A/2022
of December 30, 2022).

Sales revenues Sales

value is recorded based on invoice amounts issued during
the year, net of value added tax. Sales are recognized
7B. determination of the financial result when products, goods, or services are delivered.

Costs and their

settlement The Company maintains a record of costs by
type. Group 4 accounts include simple costs by type,
which are considered to be all costs incurred in a
given reporting period that cannot be broken down into
component parts from the Company's point of
view, regardless of whether they are included in the
7B. determination of the financial result costs of the current or future reporting periods.
The costs by type of the reporting period are
transferred through account 490 to group 5 accounts
- costs by place of origin. Group 4 includes a division that
allows for the qualification of costs with the provisions
of tax law in mind.

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EUROSNACK S.A. Introduction
00-041 Warsaw, ul. Jasna 14/16a NIP:
6271554848

Financial result
The Company's accounting records include all revenues
earned and costs related to these revenues for a
given financial year, regardless of the date of their
payment. In order to ensure the matching of revenues
and related costs, the assets or liabilities of a given
reporting period include costs or revenues related to
future periods and costs related to this reporting period
that have not yet been incurred.
7B. determination of the financial result

The Company's financial result consists

of: 1) the result of operating activities, including
other operating income and expenses, 2) the result
of financial operations, 3)
mandatory charges to the financial result due to
income tax.

The operating result is the difference between neo

revenues from the sale of goods, taking into account
discounts, rebates and other increases or decreases, net
of value added tax, and other operating revenues and the
value of goods sold at purchase prices, increased by all
general management costs, sales of products, goods and
materials and other operating costs incurred since the
beginning of the financial year. These costs affect
the financial result of the reporting period in which
they were incurred.
7B. determination of the financial result

The result of financial operations is the difference

between financial revenues, interest, the surplus
of positive exchange rate differences over
negative ones, and financial costs, in particular
from interest, the surplus of negative exchange rate
differences over positive ones. The financial result of
the neo Company determined in this way is presented
in the comparative profit and loss account.

Income tax shown in the profit and loss account

comprises a current part and a deferred part.
Current tax is a liability for taxable income for a
given reporting period, determined using tax
rates applicable at the balance sheet date. Deferred tax
is calculated based on temporary
7B. determination of the financial result
differences between the value of assets and liabilities
estimated for accounting purposes and their value
estimated for tax purposes

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EUROSNACK S.A. Introduction
00-041 Warsaw, ul. Jasna 14/16a NIP:
6271554848

The accounting principles adopted in the preparation of

the financial statements are consistent with the
Accounting Act of 29 September 1994, as
amended, hereinafter referred to as the Act. In the
7C. determining the method of preparing the financial statements
preparation of the financial statements for 2022, the Company
uses Annex No. 1 to the Accounting Act. The profit and
loss account was prepared using the comparative method and
the CF using the indirect method.

The financial statements are subject to audit by

7D. other
Certified Auditor

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EUROSNACK S.A. Balance

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

Transformed data
Amount per day Amount per day
comparative for
ending the current year ending the previous year
previous year
accounting accounting
accounting

Total assets 43 999 294,31 35 584 350,79 0,00

A. Fixed assets 18 249 812,86 15 721 433,49 0,00

I. Intangible assets and legal rights 458 386,89 544 400,99 0,00

1. Costs of completed development work 0,00 0,00 0,00

2. Company Value 458 386,89 544 400,99 0,00

3. Other intangible assets 0,00 0,00 0,00

4. Advances on intangible assets 0,00 0,00 0,00

II. Tangible fixed assets 17 398 603,97 15 128 794,50 0,00

1. Fixed assets 12 715 276,79 8 420 174,87 0,00

A. land (including perpetual usufruct of land) 0,00 0,00 0,00

B. buildings, premises, rights to premises and civil and water engineering structures 1 439 280,95 1 773 695,60 0,00

C. technical devices and machines 11 227 040,47 6 570 342,79 0,00

D. means of transport 43 045,54 66 267,39 0,00

E. other fixed assets 5 909,83 9 869,09 0,00

2. Fixed assets under construction 2 235 629,20 6 584 488,92 0,00

3. Advances on fixed assets under construction 2 447 697,98 124 130,71 0,00

III. Long-term receivables 0,00 0,00 0,00

1. From related entities 0,00 0,00 0,00

2. From other entities in which the entity has a capital involvement 0,00 0,00 0,00

3. From other units 0,00 0,00 0,00

IV. Long-term investments 500,00 500,00 0,00

1. Real estate 0,00 0,00 0,00

2. Intangible assets and legal rights 0,00 0,00 0,00

3. Long-term financial assets 500,00 500,00 0,00

A. in related entities 0,00 0,00 0,00

1. – shares or stocks 0,00 0,00 0,00

2. - other securities 0,00 0,00 0,00

3. - loans granted 0,00 0,00 0,00

4. - other long-term financial assets 0,00 0,00 0,00

B. in other entities in which the entity has capital involvement 0,00 0,00 0,00

1. – shares or stocks 0,00 0,00 0,00

2. - other securities 0,00 0,00 0,00

3. - loans granted 0,00 0,00 0,00

4. - other long-term financial assets 0,00 0,00 0,00

C. in other units 500,00 500,00 0,00

1. – shares or stocks 500,00 500,00 0,00

2. - other securities 0,00 0,00 0,00

3. - loans granted 0,00 0,00 0,00

4. - other long-term financial assets 0,00 0,00 0,00

4. Other long-term investments 0,00 0,00 0,00

V. Long-term prepayments 392 322,00 47 738,00 0,00

1. Deferred income tax assets 392 322,00 47 738,00 0,00

2. Other accruals 0,00 0,00 0,00

B. Current assets 25 749 481,45 19 862 917,30 0,00

I. Reserves 9 872 745,97 7 509 282,84 1 238 389,66

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EUROSNACK S.A. Balance

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

1. Materials 7 092 989,06 4 750 023,91 0,00

2. Semi-finished products and work in progress 0,00 0,00 0,00

3. Finished products 2 623 669,91 1 507 999,27 0,00

4. Goods 0,00 12 870,00 0,00

5. Advances on supplies and services 156 087,00 1 238 389,66 1 238 389,66

II. Short-term receivables 11 196 241,59 10 989 768,40 -1 238 389,66

1. Receivables from related parties 0,00 0,00 0,00

A. for deliveries and services, with a repayment period of: 0,00 0,00 0,00

1. – up to 12 months 0,00 0,00 0,00

2. - over 12 months 0,00 0,00 0,00

B. other 0,00 0,00 0,00

2. Receivables from other entities in which the entity has a capital involvement 0,00 0,00 0,00

A. for deliveries and services, with a repayment period of: 0,00 0,00 0,00

1. – up to 12 months 0,00 0,00 0,00

2. - over 12 months 0,00 0,00 0,00

B. other 0,00 0,00 0,00

3. Receivables from other entities 11 196 241,59 10 989 768,40 -1 238 389,66

A. for deliveries and services, with a repayment period of: 7 210 018,62 9 312 739,99 0,00

1. – up to 12 months 7 210 018,62 9 312 739,99 0,00

2. - over 12 months 0,00 0,00 0,00

B. from taxes, subsidies, customs duties, social and health insurance and other public law titles 2 595 458,96 1 538 804,00 0,00

C. other 1 390 764,01 138 224,41 -1 238 389,66

D. pursued in court 0,00 0,00 0,00

III. Short-term investments 4 313 413,21 1 089 616,38 0,00

1. Short-term financial assets 4 313 413,21 1 089 616,38 0,00

A. in related entities 0,00 0,00 0,00

1. – shares or stocks 0,00 0,00 0,00

2. - other securities 0,00 0,00 0,00

3. - loans granted 0,00 0,00 0,00

4. - other short-term financial assets 0,00 0,00 0,00

B. in other units 956 415,75 921 826,91 0,00

1. – shares or stocks 0,00 0,00 0,00

2. - other securities 0,00 0,00 0,00

3. - loans granted 956 415,75 921 826,91 0,00

4. - other short-term financial assets 0,00 0,00 0,00

C. Cash and other monetary assets 3 356 997,46 167 789,47 0,00

1. – cash in hand and on accounts 2 903 877,32 166 927,63 0,00

2. - other cash 453 120,14 861,84 0,00

3. - other monetary assets 0,00 0,00 0,00

2. Other short-term investments 0,00 0,00 0,00

IV. Short-term prepayments 367 080,68 274 249,68 0,00

C. Due contributions to share capital (fund) 0,00 0,00 0,00

D. Own shares 0,00 0,00 0,00

Total liabilities 43 999 294,31 35 584 350,79 0,00

A. Equity capital (fund) 15 456 663,82 12 386 542,40 0,00

I. Basic capital (fund) 7 103 808,20 6 823 008,20 0,00

II. Reserve capital (fund), including: 3 881 639,15 2 550 319,80 0,00

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EUROSNACK S.A. Balance

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

1. – surplus of the sales value (issue value) over the nominal value of shares (stocks) 225 744,49 201 887,49 0,00

III. Capital (fund) from revaluation, including: 0,00 0,00 0,00

1. - due to fair value adjustment 0,00 0,00 0,00

IV. Other reserve capital (funds), including: 0,00 0,00 0,00

1. – created in accordance with the company agreement (statute) 0,00 0,00 0,00

2. – for own shares (stocks) 0,00 0,00 0,00

V. Profit (loss) from previous years 0,00 0,00 0,00

VI. Zysk (strata) neo 4 471 216,47 3 013 214,40 0,00

VII. Write-offs from neo profit during the financial year (negative value) 0,00 0,00 0,00

B. Liabilities and provisions for liabilities 28 542 630,49 23 197 808,39 0,00

I. Provisions for liabilities 378 211,00 0,00 0,00

1. Deferred income tax provision 378 211,00 0,00 0,00

2. Provision for pension and similar benefits 0,00 0,00 0,00

1. - long term 0,00 0,00 0,00

2. - short term 0,00 0,00 0,00

3. Other reserves 0,00 0,00 0,00

1. - long term 0,00 0,00 0,00

2. - short term 0,00 0,00 0,00

II. Long-term liabilities 3 406 738,90 4 869 312,03 0,00

1. Towards related entities 0,00 0,00 0,00

2. Towards other entities in which the entity has equity involvement 0,00 0,00 0,00

3. Towards other units 3 406 738,90 4 869 312,03 0,00

A. credits and loans 0,00 0,00 0,00

B. from the issue of debt securities 0,00 0,00 0,00

C. other financial liabilities 3 406 738,90 4 869 312,03 0,00

D. bill of exchange obligations 0,00 0,00 0,00

E. inside 0,00 0,00 0,00

III. Short-term liabilities 24 757 680,59 18 328 496,36 0,00

1. Liabilities to related parties 408 516,71 0,00 0,00

A. for deliveries and services, with a due date of: 408 516,71 0,00 0,00

1. – up to 12 months 408 516,71 0,00 0,00

2. - over 12 months 0,00 0,00 0,00

B. other 0,00 0,00 0,00

2. Liabilities to other entities in which the entity has a capital involvement 0,00 0,00 0,00

A. for deliveries and services, with a due date of: 0,00 0,00 0,00

1. – up to 12 months 0,00 0,00 0,00

2. - over 12 months 0,00 0,00 0,00

B. other 0,00 0,00 0,00

3. Liabilities to other entities 24 349 163,88 18 328 496,36 0,00

A. credits and loans 7 385 994,05 5 232 975,93 0,00

B. from the issue of debt securities 0,00 0,00 0,00

C. other financial liabilities 1 714 586,45 2 032 380,68 0,00

D. for deliveries and services, with a due date of: 12 411 094,62 7 314 154,09 0,00

1. – up to 12 months 12 411 094,62 7 314 154,09 0,00

2. - over 12 months 0,00 0,00 0,00

E. advances received for supplies and services 0,00 0,00 0,00

F. bill of exchange obligations 0,00 0,00 0,00

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EUROSNACK S.A. Balance

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

G. from taxes, customs duties, social and health insurance and other public law titles 1 777 409,06 1 320 803,34 0,00

H. on account of salaries 990 273,22 782 843,19 0,00

I. inside 69 806,48 1 645 339,13 0,00

4. Special funds 0,00 0,00 0,00

IV. Accruals 0,00 0,00 0,00

1. Negative goodwill 0,00 0,00 0,00

2. Other accruals 0,00 0,00 0,00

1. - long term 0,00 0,00 0,00

2. - short term 0,00 0,00 0,00

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EUROSNACK S.A. RZiS

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

Transformed data
Amount per day Amount per day
comparative for
ending the current year ending the previous year
previous year
accounting accounting
accounting

A. Neo sales revenues and equivalents, including: 115 957 395,96 76 815 652,18 0,00

J. – from related entities 0,00 0,00 0,00

I. Neo revenues from product sales 114 151 007,23 76 535 838,10 0,00

II. Change in the state of products (increase – positive value, decrease – negative value) 1 191 385,95 240 503,21 0,00

III. Cost of producing products for the entity's own needs 0,00 0,00 0,00

IV. Neo revenues from sales of goods and materials 615 002,78 39 310,87 0,00

B. Operating expenses 107 492 755,55 71 861 873,37 0,00

I. Depreciation 2 691 879,20 1 826 656,88 0,00

II. Consumption of materials and energy 61 820 407,94 36 935 865,95 0,00

III. External services 26 341 896,76 19 833 770,62 0,00

IV. Taxes and fees, including: 354 071,21 326 953,16 0,00

1. - excise duty 0,00 0,00 0,00

V. Salaries 12 638 047,74 10 351 529,64 0,00

VI. Social security and other benefits, including: 2 736 812,43 2 335 399,41 0,00

1. - retirement 1 148 946,52 933 016,69 0,00

VII. Other costs by type 339 692,37 199 077,54 0,00

VIII. Value of goods and materials sold 569 947,90 52 620,17 0,00

C. Profit (loss) from sales (A–B) 8 464 640,41 4 953 778,81 0,00

D. Other operating income 311 513,51 485 025,23 0,00

I. Gain from disposal of non-financial fixed assets 0,00 0,00 0,00

II. Subsidies 0,00 0,00 0,00

III. Revaluation of non-financial assets 0,00 0,00 0,00

IV. Other operating income 311 513,51 485 025,23 0,00

E. Other operating costs 1 819 182,16 1 460 395,82 0,00

I. Loss on disposal of non-financial fixed assets 0,00 0,00 0,00

II. Revaluation of non-financial assets 0,00 0,00 0,00

III. Other operating costs 1 819 182,16 1 460 395,82 0,00

F. Profit (loss) from operating activities (C+D–E) 6 956 971,76 3 978 408,22 0,00

G. Financial income 108 344,78 80 171,20 0,00

I. Dividends and profit sharing, including: 0,00 0,00 0,00

A. From related entities, including: 0,00 0,00 0,00

1. - in which the entity has capital involvement 0,00 0,00 0,00

B. From other units, including: 0,00 0,00 0,00

1. - in which the entity has capital involvement 0,00 0,00 0,00

II. Interest, including: 73 503,34 51 527,19 0,00

J. – from related entities 0,00 0,00 0,00

III. Gain from disposal of financial assets, including: 0,00 0,00 0,00

J. – in related entities 0,00 0,00 0,00

IV. Revaluation of financial assets 0,00 28 493,74 0,00

V. Other 34 841,44 150,27 0,00

H. Financial costs 1 351 441,07 407 028,02 0,00

I. Interest, including: 1 351 441,07 294 039,42 0,00

J. – for related entities 0,00 0,00 0,00

II. Loss on disposal of financial assets, including: 0,00 0,00 0,00

J. – in related entities 0,00 0,00 0,00

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EUROSNACK S.A. RZiS

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

III. Revaluation of financial assets 0,00 0,00 0,00

IV. Inside 0,00 112 988,60 0,00

I. Zysk (strata) broth (F+G–H) 5 713 875,47 3 651 551,40 0,00

J. Income Tax 1 242 659,00 638 337,00 0,00

K. Other mandatory profit reductions (loss increases) 0,00 0,00 0,00

L. Profit (loss) neo (I–J–K) 4 471 216,47 3 013 214,40 0,00

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EUROSNACK S.A. Changes in equity
00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

Transformed data
Amount per day Amount per day
comparative for
ending the current year ending the previous year
previous year
accounting accounting
accounting

I. Equity (fund) at the beginning of the period (BO) 12 386 542,40 9 822 785,23 0,00

1. – changes in the adopted accounting principles (policy) 0,00 0,00 0,00

2. - error corrections 0,00 0,00 0,00

IA. Equity (fund) at the beginning of the period (BO), after adjustments 12 386 542,40 9 822 785,23 0,00

1. Share capital (fund) at the beginning of the period 6 823 008,20 6 356 408,20 0,00

1. Changes in share capital (fund) 280 800,00 466 600,00 0,00

A. increase (due to) 280 800,00 466 600,00 0,00

1. – share issue (share issue) 280 800,00 466 600,00 0,00

B. reduction (due to) 0,00 0,00 0,00

1. – redemption of shares (stocks) 0,00 0,00 0,00

2. Share capital (fund) at the end of the period 7 103 808,20 6 823 008,20 0,00

2. Reserve capital (fund) at the beginning of the period 2 550 319,80 1 328 936,76 0,00

1. Changes in the reserve capital (fund) 1 331 319,35 1 221 383,04 0,00

A. increase (due to) 1 331 319,35 1 221 383,04 0,00

1. – issue of shares above nominal value 23 857,00 37 404,00 0,00

2. – profit sharing (statutory) 1 307 462,35 1 183 979,04 0,00

3. – profit sharing (above the statutory minimum value) 0,00 0,00 0,00

B. reduction (due to) 0,00 0,00 0,00

1. - loss coverage 0,00 0,00 0,00

2. The state of the reserve capital (fund) at the end of the period 3 881 639,15 2 550 319,80 0,00

3. Revaluation capital (fund) at the beginning of the period – changes in the adopted accounting principles (policy) 0,00 0,00 0,00

1. Changes in revaluation capital (fund) 0,00 0,00 0,00

A. increase (due to) 0,00 0,00 0,00

B. reduction (due to) 0,00 0,00 0,00

1. – disposal of fixed assets 0,00 0,00 0,00

2. Capital (fund) from revaluation at the end of the period 0,00 0,00 0,00

4. Other reserve capital (funds) at the beginning of the period 0,00 0,00 0,00

1. Changes in other reserve capital (funds) 0,00 0,00 0,00

A. increase (due to) 0,00 0,00 0,00

B. reduction (due to) 0,00 0,00 0,00

2. Other reserve capital (funds) at the end of the period 0,00 0,00 0,00

5. Profit (loss) from previous years at the beginning of the period 3 013 214,40 2 137 440,27 0,00

1. Profit from previous years at the beginning of the period 0,00 0,00 0,00

1. – changes in the adopted accounting principles (policy) 0,00 0,00 0,00

2. - error corrections 0,00 0,00 0,00

2. Profit from previous years at the beginning of the period, after adjustments 0,00 0,00 0,00

A. increase (due to) 0,00 0,00 0,00

1. – distribution of profit from previous years 0,00 0,00 0,00

B. reduction (due to) 3 013 214,40 2 137 440,27 0,00

3. Profit from previous years at the end of the period 0,00 0,00 0,00

4. Loss from previous years at the beginning of the period 0,00 0,00 0,00

1. – changes in the adopted accounting principles (policy) 0,00 0,00 0,00

2. - error corrections 0,00 0,00 0,00

5. Loss from previous years at the beginning of the period, after adjustments 0,00 0,00 0,00

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EUROSNACK S.A. Changes in equity
00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

A. increase (due to) 0,00 0,00 0,00

1. – transfer of losses from previous years to be covered 0,00 0,00 0,00

B. reduction (due to) 0,00 0,00 0,00

6. Loss from previous years at the end of the period 0,00 0,00 0,00

7. Profit (loss) from previous years at the end of the period 0,00 0,00 0,00

6. Neo result 4 471 216,47 3 013 214,40 0,00

A. neo profit 4 471 216,47 3 013 214,40 0,00

B. strata neo 0,00 0,00 0,00

C. Profit deductions 0,00 0,00 0,00

II. Equity (fund) at the end of the period (BZ) 15 456 663,82 12 386 542,40 0,00

III. Equity capital (fund), after taking into account the proposed profit distribution (loss coverage) 0,00 0,00 0,00

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EUROSNACK S.A. Cash flow statement
00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

Transformed data
Amount per day Amount per day
comparative for
ending the current year ending the previous year
previous year
accounting accounting
accounting

A. Cash flow from operating activities

I. Profit (loss) neo 4 471 216,47 3 013 214,40 0,00

II. Total corrections 6 540 968,85 1 729 431,18 0,00

1. Depreciation 2 691 879,20 1 826 656,88 0,00

2. Gains (losses) from exchange rate differences -57 133,36 -112 988,69 0,00

3. Interest and profit sharing (dividends) 1 351 441,07 0,00 0,00

4. Profit (loss) from investment activities 0,00 28 493,74 0,00

5. Change in reserves 378 211,00 0,00 0,00

6. Change in inventory -3 601 852,79 -1 955 202,48 0,00

7. Change in receivables 1 031 916,47 -1 473 143,83 0,00

8. Change in short-term liabilities, except loans and credits 4 276 166,11 2 951 878,25 0,00

9. Change in the status of accruals -437 415,00 377 723,18 0,00

10. Other corrections 907 756,15 86 014,13 0,00

III. Neo cash flows from operating activities (I±II) 11 012 185,32 4 742 645,58 200 974,17

B. Cash flows from investing activities

I. Influences 38 836,16 28 493,74 0,00

1. Disposal of intangible assets and tangible fixed assets 0,00 28 493,74 0,00

2. Disposal of investments in real estate and intangible assets 0,00 0,00 0,00

3. From financial assets, including: 0,00 0,00 0,00

A. in related entities 0,00 0,00 0,00

B. in other units 38 836,16 0,00 0,00

1. – disposal of financial assets 0,00 0,00 0,00

2. – dividends and profit shares 0,00 0,00 0,00

3. – repayment of long-term loans granted 0,00 0,00 0,00

4. - interest 0,00 0,00 0,00

5. - other inflows from financial assets 38 836,16 0,00 0,00

4. Other investment revenues 0,00 0,00 0,00

II. Expenses 4 255 014,78 1 835 774,61 0,00

1. Acquisition of intangible assets and tangible fixed assets 434 630,63 1 746 638,48 0,00

2. Investments in real estate and intangible assets 0,00 0,00 0,00

3. For financial assets, including: 0,00 0,00 0,00

A. in related entities 0,00 0,00 0,00

B. in other units 0,00 0,00 0,00

1. – acquisition of financial assets 0,00 0,00 0,00

2. – long-term loans granted 0,00 0,00 0,00

4. Other capital expenditures 3 820 384,15 89 136,13 0,00

III. Neo cash flows from investing activities (I–II) -4 216 178,62 -1 807 280,87 0,00

C. Cash flows from financing activities

I. Influences 2 488 617,89 1 243 299,02 0,00

1. Neo proceeds from the issuance of shares (share issue) and other capital instruments and capital contributions 280 800,00 0,00 0,00

2. Credits and loans 2 153 018,12 776 699,02 0,00

3. Issue of debt securities 0,00 466 600,00 0,00

4. Other financial revenues 54 799,77 0,00 0,00

II. Expenses 6 095 416,60 4 250 625,57 0,00

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EUROSNACK S.A. Cash flow statement
00-041 Warsaw ul. Jasna 14/16a
NIP: 6271554848

1. Acquisition of own shares 0,00 0,00 0,00

2. Dividends and other payments to owners 1 705 752,05 953 461,23 0,00

3. Profit distribution expenses other than payments to owners 0,00 0,00 0,00

4. Repayment of credits and loans 0,00 541 241,89 0,00

5. Redemption of debt securities 0,00 0,00 0,00

6. Due to other financial obligations 2 764 557,76 2 166 719,69 0,00

7. Payments of liabilities under financial leasing agreements 273 665,72 295 163,34 0,00
8. Interest 1 351 441,07 294 039,42 0,00

9. Other financial expenses 0,00 0,00 0,00

III. Cash flows from financing activities (I–II) -3 606 798,71 -3 007 326,55 0,00

D. Total cash flow neo (A.III±B.III±C.III) 3 189 213,93 -71 961,84 200 974,17

E. Balance sheet change in cash, including: 3 189 207,99 -71 961,84 0,00

1. – change in cash position due to exchange rate differences 0,00 0,00 0,00

F. Cash at the beginning of the period 167 789,47 239 751,31 0,00

G. Cash at the end of the period (F±D), including: 3 356 997,46 167 789,47 200 974,17

1. - with limited availability 453 120,14 0,00 0,00

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EUROSNACK S.A. Additional information

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

Settlement of the difference between the income tax base and the gross financial result (profit, loss)

CURRENT YEAR PREVIOUS YEAR

from the profits from other sources from the profits from other sources
Total value Total value
capital revenues capital revenues

A. Gain (strata) bruo for a given year 5 713 875,47 3 651 551,40

B. Tax-exempt income (permanent differences between

profit/loss for accounting purposes and income/loss for financial purposes 0,00 0,00 0,00 0,00 0,00 0,00
tax), including:

C. Non-taxable income in the current year, including: 1 636 994,89 0,00 0,00 57 514,92 0,00 57 514,92

Specific information resulting from the needs or specific nature of the unit:

1 508 771,30 0,00 0,00 0,00 0,00 0,00

Income adjustment
Art. 12 Section 3j Point Lit.

Specific information resulting from the needs or specific nature of the unit:

Exchange rate differences

54 798,59 0,00 0,00 0,00 0,00 0,00
Art. 15a Ust. Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

Accrued interest
73 425,00 0,00 0,00 51 527,19 0,00 51 527,19
Art. 12 Ust. 4 Pkt. 2 Lit.

Others (Possibility to enter differences with values lower than 20,000)

0,00 0,00 0,00 5 987,73 0,00 5 987,73
zloty)

D. Revenues subject to taxation in the current year, recorded in the books

18 836,16 0,00 18 836,16 0,00 0,00 0,00
accounting of previous years, including:

Others (Possibility to enter differences with values lower than 20,000)

18 836,16 0,00 18 836,16 0,00 0,00 0,00
zloty)

E. Costs that are not deductible for obtaining revenues (permanent differences between
profit/loss for accounting purposes and income/loss for financial purposes 2 079 835,44 0,00 2 079 835,44 1 796 219,56 0,00 1 796 219,56
tax), including:

Specific information resulting from the needs or specific nature of the unit:

0,00 0,00 0,00 131 924,72 0,00 131 924,72

Reserves
Art. 16 Ust. 1 Pkt. 27 Lit.

Specific information resulting from the needs or specific nature of the unit:

1 378 702,18 0,00 1 378 702,18 821 179,78 0,00 821 179,78
Depreciation
Art. 15 Ust. Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

PFRON
220 574,00 0,00 220 574,00 180 780,00 0,00 180 780,00
Art. 16 Ust. 1 Pkt. 36 Lit.

Specific information resulting from the needs or specific nature of the unit:

121 220,70 0,00 121 220,70 77 784,50 0,00 77 784,50

Representation
Art. 16 Ust. 1 Pkt. 28 Lit.

Specific information resulting from the needs or specific nature of the unit:

Budget interest
1 251,81 0,00 1 251,81 654,00 0,00 654,00
Art. 16 Ust. 1 Pkt. 21 Lit.

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EUROSNACK S.A. Additional information

00-041 Warsaw ul. Jasna 14/16a

NIP: 6271554848

Specific information resulting from the needs or specific nature of the unit:

174 345,60 0,00 174 345,60 256 649,71 0,00 256 649,71
Expenses incurred for the use of cars
Art. 16 Ust. 1 Pkt. 51 Lit.

Specific information resulting from the needs or specific nature of the unit:

105 790,02 0,00 105 790,02 59 868,49 0,00 59 868,49

Impairment write-off
Art. 16 Ust. 1 Pkt. 26a Lit.

Specific information resulting from the needs or specific nature of the unit:

Exchange rate differences

50 486,54 0,00 50 486,54 151 025,19 0,00 151 025,19
Art. 15a Ust. Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

21 090,59 0,00 21 090,59 19 840,71 0,00 19 840,71

Contractual penalties
Art. 16 Ust. 1 Pkt. 22 Lit.

Others (Possibility to enter differences with values lower than 20,000)

6 374,00 0,00 6 374,00 8 016,29 0,00 8 016,29
zloty)

F. Costs not recognized as costs of obtaining income in the current year, including: 318 103,50 0,00 318 103,50 241 833,92 0,00 241 833,92

Specific information resulting from the needs or specific nature of the unit:

43 451,65 0,00 43 451,65 34 000,00 0,00 34 000,00

Impersonal wages
Art. 16 Ust. 1 Pkt. 57 Lit.

Specific information resulting from the needs or specific nature of the unit:

ZUS 274 651,85 0,00 274 651,85 207 833,92 0,00 207 833,92
Art. 16 Ust. 1 Pkt. 57A Lit.

G. Costs recognized as costs of obtaining income in the current year included in

3 149 678,85 0,00 3 149 678,85 2 368 907,42 0,00 2 368 907,42
books of previous years, including:

Specific information resulting from the needs or specific nature of the unit:

144 444,82 0,00 144 444,82 0,00 0,00 0,00

Expansion relief
Art. 18 Ust. Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

2 763 400,11 0,00 2 763 400,11 2 166 719,69 0,00 2 166 719,69
Operating Lease Payments
Art. 15c Ust. Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

ZUS 207 833,92 0,00 207 833,92 158 771,41 0,00 158 771,41
Art. 15 Ust. 4H Pkt. Lit.

Specific information resulting from the needs or specific nature of the unit:

34 000,00 0,00 34 000,00 43 416,32 0,00 43 416,32

Impersonal remuneration
Art. 15 Ust. Pkt. Lit.

H. Loss from previous years, including: 0,00 0,00 0,00 0,00 0,00 0,00

I. Other changes to the tax base, including: 0,00 0,00 0,00 0,00 0,00 0,00

J. Income tax base 6 363 325,00 3 263 183,00

K. Income Tax 1 209 032,00 620 005,00

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EUROSNACK S.A. Additional information

00-041 Warsaw, ul. Jasna 14/16a NIP:

6271554848

Attachments

Additional information Eurosnack Eurosnack_Additional_information_and_explanations_for_SF_.doc

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EUROSNACK S.A.
ANNUAL REPORT
FOR 2022

Warsaw, May 30, 2023

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CONTENTS

1. Letter from the Management Board

2. Basic information about the Issuer

3. Selected financial data

4. Statements of the Management Board

5. Information on the Company's application of corporate governance principles

Attachments:
1) Annual financial statements of Eurosnack SA for the financial year 2022;
2) Management Board Report on the activities of Eurosnack SA for the financial year 2022;
3) Independent auditor's report on the audit of the financial statements
financial statements of Eurosnack SA for 2022.

www.eurosnack.pl Page 2 of 13
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1. Letter from the Management Board

Ladies and Gentlemen,

We are pleased to present the Eurosnack SA Annual Report for 2022.

The past year 2022 can be considered a very successful period in the operations of our Company.
The implementation of the adopted sales expansion strategy, while diversifying the customer portfolio,
brought the company the expected assumptions, strengthening its strong position on the domestic
market, as well as in the export part.

The driving force behind the development of our Company is efficient management of all business
processes and a passion for meeting the needs of changing consumer expectations, as well as a
vision of running a business based on bold decisions related to investments in the most modern
production lines, which resulted in the expansion of the offer of products with the highest quality
standards.

Similarly to the previous year, the focus on maintaining high revenue dynamics, using state-of-the-art
technologies, proved to be an effective tool for achieving high dynamics of financial results in the four
quarters of 2022 –
net sales revenues of over PLN 115 million (which is a result 51% higher year-on-year),
while the net profit amounted to PLN 4,471,216.47 – an increase of over 48% year-on-year.

The key direction of our Company's development for 2023 is to increase our competitive advantage
on the Polish and foreign markets through continuous expansion and modernization of the machinery
park, which will allow us to continuously improve the quality of our products.

Finally, we would like to thank the Supervisory Board for their trust and support and our employees
for their professionalism and commitment in carrying out their daily tasks.

Andrzej Krakowka – President of the Management Board

Mirosÿaw Tomasz Wlazÿo - Vice President of the Management Board

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2. Basic information about the Issuer.

COMPANY NAME EUROSNACK JOINT STOCK COMPANY

Company Headquarters 00-041 Warsaw Jasna 14/16A

Telephone 32 245 50 58

Fax 32 739 01 92

email biuro@eurosnack.pl

internet address www.eurosnack.pl

NIP 627 15 54 848

REGON 273 21 69 55

Legal form Joint Stock Company

The entity conducts its activities in accordance with applicable legal provisions, in
particular the Commercial Companies Code and the entity's statute.
As of the date of preparation of this report, EUROSNACK S.A. is entered into the
Register of Entrepreneurs of the National Court Register maintained by the District Court
for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National
Court Register under number 0000314024

Share capital The share capital as of 31.12.2022 amounted to PLN 7,103,808.20

www.eurosnack.pl Page 4 of 13
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3. SELECTED FINANCIAL DATA

Data expressed in Euro were converted according to the average NBP exchange rate on the balance
sheet date:
31.12.2021r.: 1 EUR= 4,5994
30.12.2022r.: 1EUR= 4,6899

PLN EUR
SPECIFICATION 31.12.2021 31.12.2022 31.12.2021 31.12.2022

Equity capital

12,386,542.40 PLN 15,456,663.82 PLN 2 693 077,88 € 3 295 734,20 €

Long-term
receivables - PLN - zloty -€ -€

Short-term
receivables PLN 10,989,768.40 11,196,241.59 PLN 2 389 391,75 € 2 387 309,24 €

Cash and other

monetary 167,789.47 PLN 3,356,997.46 PLN 36 480,73 € 715 792,97 €
assets

Long-term
liabilities PLN 4,869,312.03 3,406,738.90 PLN 1 058 684,18 € 726 399,05 €

Obligations
short-term PLN 18,328,496.36 PLN 24,757,680.59 3 984 975,51 € 5 278 935,71 €

Net sales revenues

PLN 76,815,652.18 PLN 115,957,395.96 € 16,701,233.24 € 24,724,918.65

Depreciation
1,826,656.88 PLN 2,691,879.20 PLN 397 151,12 € 573 973,69 €

Profit/loss on
sales PLN 4,953,778.81 8,464,640.41 PLN 1 077 048,92 € 1 804 865,86 €

Profit/loss from
4,006,901.96 PLN
operating 6,956,971.76 PLN 871 179,28 € 1 483 394,48 €
activities
Gross Profit/Loss
3,651,551.40 PLN 5,713,875.47 PLN 793 919,08 € 1 218 336,31 €

Net profit/loss
3,013,214.40 PLN 4,471,216.47 PLN 655 132,06 € 953 371,39 €

www.eurosnack.pl Page 5 of 13
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4. DECLARATIONS OF THE MANAGEMENT BOARD

DECLARATION OF THE MANAGEMENT BOARD ON THE RELIABILITY OF THE REPORT PREPARATION

FINANCIAL

The Management Board of Eurosnack S.A. (the "Issuer") declares that, to the best of its knowledge, the
annual financial statements and comparable data have been prepared in accordance with the regulations
applicable to the Issuer or internationally recognised standards, and that they reflect in a true, reliable and
clear manner the property and financial situation of the issuer and its financial result, and that the report on
the issuer's activities contains a true picture of the issuer's situation, including a description of the basic
threats and risks.

Andrzej Krakowka - President of the Management Board

Mirosÿaw Tomasz Wlazÿo – Vice President of the Management Board

Warsaw, May 30, 2023.

DECLARATION OF THE MANAGEMENT BOARD REGARDING THE ENTITY AUTHORIZED TO

FINANCIAL STATEMENT AUDITS

The Management Board of Eurosnack S.A. (the "Issuer") declares that the entity authorized to audit
financial statements, which audited the annual financial statements, was selected in accordance with the
provisions of law and that this entity and the auditors who audited these statements met the conditions for
expressing an impartial and independent opinion on the audit, in accordance with the relevant provisions
of national law.

Andrzej Krakowka, President of the Management Board

Mirosÿaw Tomasz Wlazÿo – Vice President of the Management Board

Warsaw, May 30, 2023.

Position of the management board or managing person together with the opinion of the supervisory board
or supervising person of the issuer regarding the qualified opinion, negative opinion or disclaimer of opinion
on the financial statements expressed by the audit firm in the audit report, including in particular:

a) indication of the impact of the subject of the qualification, adverse opinion or disclaimer of opinion on
the annual financial statements, including the results and other financial data,

b) a presentation of the actions taken or planned by the issuer in connection with the situation

Not applicable

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5. INFORMATION ON THE ISSUER'S APPLICATION OF THE PRINCIPLES

CORPORATE GOVERNANCE

In connection with the entry into force on 1 January 2009 of the set of recommendations "Best Practices of
Companies Listed on NewConnect", contained in Appendix No. 1 to Resolution No. 795/2008 of the Management
Board of the Warsaw Stock Exchange dated 31 October 2008, amended by Resolution No. 293/2010 of the
Management Board of the Warsaw Stock Exchange SA dated 31 March 2010, the Management Board of the
Company would like to inform that, appreciating the importance of the principles of Corporate Governance, it has
made every effort to ensure that the principles of "Best Practices of Companies Listed on NewConnect" are
currently applied by the Company to the widest possible extent.

Below is the statement of EUROSNACK SA regarding the application by EUROSNACK SA of the corporate
governance principles referred to in the document "Good Practices of Companies Listed on NewConnect"

YES/NO/NO
PRINCIPLE COMMENT
REFERS TO

The company should conduct a transparent and

effective information policy, using both traditional methods
YES, excluding the
and modern technologies that ensure speed, security
transmission of
and wide access to information. Using these During the period
general
methods to the widest extent possible, the company covered by the report,
meetings via the
should ensure appropriate communication with the Issuer published current reports.
Internet
1. investors and analysts, enable broadcasting of general The reports were published on
Internet,
meetings using the Internet, record the course of the corporate website in the
recording the
the meeting and publish it on the website. Investor Relations
proceedings and
tab.
publishing them on the
website

The Company publishes on its

The company should ensure effective access to website financial statements
information necessary to assess the situation and and reports on the Management
2. NOT,
the company's prospects and the way it Board's activities for previous
operates reporting periods.

The company's corporate

The company maintains a corporate website
website is located at
3. and publishes on it: 3.1. basic information NOT
www.eurosnack.pl
about the company and its activities (home page),

On the website since 2010

3.2. description of the issuer's business, The Issuer's website
4. NOT
indicating the type of business from which the Issuer contained a detailed description of
generates the most revenue, the Issuer's activities.

The issuer's website contained

a description of the market
3.3. description of the market on which the Issuer
5. NOT environment without specifying
operates, including the issuer's position on that market
the issuer's position in that market

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The website contains short

biographies of the
6. 3.4. professional biographies of members of NOT members of the
the company's bodies, company's governing bodies.

3.5. information obtained by the

management board, based on a statement by a On the received
member of the supervisory board, on the statements of the
7. connections between a member NOT members of the Council
of the supervisory board and a shareholder The company informed
holding shares representing not less than the Supervisory
5% of the total number of votes at the Board in current reports
general meeting of the company,
Corporate
documents in the form of
8. NOT Statute and Regulations
3.6. corporate documents of the company
Companies can be found
in the Relationships tab
Investor
The Issuer published
strategic plans in quarterly
9. NOT
3.7. outline of the company's strategic plans reports

3.8. published financial result forecasts for the

10. current financial year, together with the NO The issuer did not publish any
assumptions for these forecasts (if the issuer forecasts
publishes such forecasts),
3.9. the shareholder structure of the Issuer,
This information
11. indicating the main shareholders and free float NOT
can be found in the investor
shares,
relations tab

The Issuer has

appointed a person
responsible for investor relations.
3.10. data and contact details of the person This person's details are
12. responsible for investor relations and media NOT not provided on the
relations in the company, website but they can be
contacted via the provided
email and telephone number.
No report has been
published.

13. 3.11. annual report on the activities of the NO

supervisory board,

Periodic and current

14. 3.12. published current and periodic reports, NOT
reports are published on
the website

www.eurosnack.pl Page 8 of 13
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investor relations tab

The Issuer used this

3.13. calendar of planned dates of publication practice in the
of periodic financial reports, dates of reporting period, the dates of
15. general meetings, as well as meetings with NOT general meetings
investors and analysts and press are communicated
conferences, in current reports

3.14. information on corporate events, such

as dividend payments, and other events
resulting in the acquisition or limitation of
rights on the part of the
shareholder, including the dates and The Issuer informs on the
16. NOT
principles of conducting these operations. website in the investor
This information should be published in a time relations tab
that allows investors to make investment
decisions, 3.15. information on the
date and place of the general meeting,
the agenda and draft resolutions with
justifications, as well as other available
materials related to the company's general All information concerning
meetings, at least 14 days before the General Meetings is
17. the scheduled date of the meeting, NOT published as
part of the published
current reports.

3.16. questions from shareholders regarding NOT APPLICABLE

matters covered by the agenda, asked The Issuer did not receive
18.
before and during the general meeting, (the event did not any such questions
together with answers to the questions asked, occur) in the reporting period.

3.17. information on the reasons for the NOT APPLICABLE The indicated corporate
19. cancellation of the general meeting, change (the event did not events did not occur
of date or agenda, together with the occur) in the Company in the
justification, reporting period.
NOT APPLICABLE The indicated corporate
3.18. information on the adjournment
20. (the event did not event did not occur
of the general meeting and the reasons for
occur) in the Company in the
ordering the adjournment,
reporting period.
3.19. information about the entity with which the
company signed an agreement for the Details of the Authorised
provision of Authorized Advisor services, Adviser are
21. NOT
including the name, website address, telephone available on the Company's
numbers and e-mail address of the website in the investor
Advisor relations tab.

3.20. Information about the entity acting as the

22. NOT Animator's details are
issuer's share animator
available on the website

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Companies in the
investor relations tab
3.21. information document (issue prospectus) of
23. NO
the company, published in the last 12 months Not applicable

3.22. in the event of introducing an incentive

program based on shares or similar
instruments in the company - information on
24. NO
the forecast costs to be incurred by the Not applicable
company in connection with its
introduction

Information contained on the website NOT The corporate website is clear

should be placed in a way that allows easy access and constantly updated.
to this information. The issuer should update the
information placed on the website.

25.
If new, significant information becomes
available or a significant change occurs to
the information posted on the website, an update
should be made immediately.

The company maintains a corporate website, The Issuer maintains

at the issuer's discretion, in Polish or English. a corporate website only
Current and periodic reports should be posted in Polish.
on the website at least in the same
26. NOT
language in which they are published in accordance
with the regulations applicable to the issuer.

The company should pursue an information The investor relations section

policy with particular consideration dedicated to
of the needs of individual investors. For this the Company on the website

purpose, the company, in addition to its corporate www.GPWInfoStrefa.pl

27. website, should YES
contains up-to-date
information about the
use the individual investor relations section for
Issuer and current corporate
a given company on the website
events.
www.GPWInfoStrefa.pl.

The issuer should maintain ongoing contacts The issuer uses the services
with representatives Authorized
28. NOT Advisors
Authorized Advisor, in order to enable
him to properly perform his duties
towards

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issuer. The company should appoint a person

responsible for contacts with the Authorized
Adviser.

If an event occurs in the company which, in The issuer uses the services
the opinion of the issuer, is of material importance Authorized
for the performance of the YES Advisors
29.
The Issuer shall immediately notify the
Authorized Adviser of its obligations.

The Issuer should provide the The issuer uses the services
Authorised Adviser with access to all documents Authorized
30. NOT
and information necessary to perform the Advisors
duties of the Authorised Adviser.

The issuer provides in the annual report:

Appropriate note in the
31. NOT
9.1. information on the total amount of annual report.
remuneration of all members of the
management board and supervisory board,
9.2. information on the remuneration of the
Authorised Adviser received from
The terms of the agreement
32. the issuer for providing services to the issuer NO
constitute a trade secret.
in all respects.

Members of the management board and Each General Meeting of

supervisory board should participate in the the Company is attended by
general meeting in their YES composition elected representatives
33.
enabling the provision of substantive answers to of the Management Board
questions asked during the general meeting. and the Supervisory
Board.

34. At least twice a year the Issuer, without the cooperation In 2022, the Issuer did not
of the Authorised Adviser, should organise a organize such meetings.
publicly available meeting with investors,
analysts and the media.

A resolution of the general meeting on the This corporate event

issue of shares with subscription rights should did not occur in the
specify the issue price or the mechanism for reporting period
35. determining it or the obligations of the body NOT APPLICABLE (01/01/2022 -
authorized to do so to determine it before the date
of establishing the subscription rights, within a 31.12.2022r.).
time limit enabling an investment decision to
be made.
Resolutions of the general meeting General Assembly
36. should ensure that the necessary time NOT The Company always
interval is maintained between decisions adopts resolutions in
causing compliance with the rights and

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specific corporate events and the dates on information needs of

which shareholders' rights arising from those Shareholders,
corporate events are determined ensuring the necessary time
intervals.

The date of establishing the right to dividend and The periods between the
the date of dividend payment should be set so date of establishing
that the period between them is as short as the right to the dividend and
37. possible, and in any case no longer than 15 NOT the date of payment of the
business days. Setting a longer period between dividend were shorter than 15 days
these dates requires detailed justification.

A resolution of the general meeting on the This corporate event

payment of a conditional dividend may only contain did not occur in the
38. conditions whose potential fulfilment will NOT APPLICABLE reporting period
occur before the date of establishing the right to (01/01/2022 -
the dividend.
31.12.2022r.).
The Issuer publishes monthly reports within 14 The issuer did not apply this rule.
days of the end of the month.
The monthly report should include at least: ÿ The Issuer believes that proper
information performance of
on the occurrence of trends and events in the information
issuer's market environment, which in
obligations
the issuer's opinion may have
(publication of information on
significant effects on the issuer's
the Issuer's NewConnect
financial condition and financial
website) and
results in the future, ÿ a
is sufficient and it is not
summary of all information published by
the issuer in the current report mode in the necessary to prepare
period covered by the report, ÿ
information on the implementation of monthly reports duplicating most
the of the information In
39. NO already published.
the issue objectives, if such implementation,
even in part, took place in the period By the 20th day of
covered by the report, ÿ the each month, the
investor's calendar, including events to take company publishes on its
place in the coming month which concern website (http://
the issuer and are important from the www.eurosnack.pl
point of view of investors' interests, in ) in the News tab Information
particular the dates of publication on sales revenues for the
of periodic reports, planned general previous month
meetings, opening of and sales revenues cumulatively
subscriptions, meetings with since the beginning
investors or analysts, and the expected of the year.
date of publication of the
analytical report.

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Half-year reports published by Issuers should

include at least: ÿ balance sheet ÿ profit and
Instead of semi-annual reports,
loss
account, ÿ the Issuer publishes quarterly
comparative data for the previous reports in accordance with the
half-year, ÿ Management Board's commentary WSE requirements.
on the
40. NO

factors and events that influenced the

achieved financial results, ÿ
information
on the issuer's activity in the area of research
and development, including the
acquisition of licenses and patents

Andrzej Krakowka, President of the Management Board

Mirosÿaw Tomasz Wlazÿo – Vice President of the Management Board

Warsaw, May 30, 2023

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Financial report for 2022 Eurosnack Joint Stock Company

ADDITIONAL INFORMATION AND EXPLANATIONS

to the financial statements of Eurosnack SA prepared

by 31.12.2022 r.

I. BALANCE SHEET NOTES

1. Detailed scope of changes in the value of groups of fixed assets, intangible assets and long-term investments – according to the tables below:

Technical Means

Specification Land Buildings devices of transport EquipmentOther Together

Gross value

which is 01.01.2022 - zloty 3,239,240.23 PLN 11,382,338.85 PLN 172,293.58 PLN - zloty 21,120.00 PLN 14,814,992.66 PLN

Increases - zloty 77,607.85 PLN 6,909,373.27 PLN - zloty - zloty - zloty 6,986,981.12 PLN

Decreases - zloty - zloty - zloty - zloty - zloty - zloty - zloty

Gross value

which is 31.12.2022 - zloty 3,316,848.08 PLN 18,291,712.12 PLN 172,293.58 PLN - zloty 21,120.00 PLN 21,801,973.78 PLN

Write-offs

which is 01.01.2022 - zloty 1,465,544.63 PLN 4,811,996.06 PLN 106,026.19 PLN - zloty 11,250.91 PLN 6,394,817.79 PLN

Increases - zloty 412,022.50 PLN 2,252,675.59 PLN 23,221.85 PLN - zloty 3,959.26 PLN 2,691,879.20 PLN

Decreases - zloty - zloty - zloty - zloty - zloty - zloty - zloty

Write-offs

which is 31.12.2022 - zloty 1,877,567.13 PLN 7,064,671.65 PLN 129,248.04 PLN - zloty 15,210.17 PLN 9,086,696.99 PLN

Net worth

which is 31.12.2022 - zloty 1,439,280.95 PLN 11,227,040.47 PLN 43,045.54 PLN - zloty 5,909.83 PLN 12,715,276.79 PLN

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Financial report for 2022 Eurosnack Joint Stock Company

Costs

development work Other values

Specification great Company Value intangible Total

Gross value

which is 01.01.2022 - zloty 1 737 658,54 - zloty 1 743 428,54

Increase - zloty - zloty - zloty - zloty

Reduction - zloty
- zloty - zloty - zloty

Gross value

which is 31.12.2022 - zloty 1,737,658.54 PLN - PLN 1,737,658.54 PLN

Remission

which is 01.01.2022 - zloty 1,193,257.55 PLN - PLN 1,193,257.55 PLN

Increase - zloty 86,014.10 PLN - zloty 86,014.10 PLN

Reduction - zloty - zloty - zloty

- zloty

Remission

which is 31.12.2022 - zloty 1,279,271.65 PLN - PLN 1,279,271.65 PLN

Net worth

which is 31.12.2022 - zloty 458 386.89 PLN - zloty 458 386.89 PLN

2. Amount of write-downs on fixed assets made during the financial year – none occurred.

3. The amount of costs of completed development work and goodwill – did not occur.

4. Value of land in perpetual usufruct – did not occur.

5. The value of fixed assets used by the Company that are not depreciated or written off
on the basis of lease, tenancy and other agreements, including leasing agreements:

The company rents a production and storage hall where sponge cakes are produced, along with social and office facilities in Tarnowskie Góry, with a total area
of 2,010 m2.

The company rents a production and storage hall where crisps are produced, together with social and office facilities in Psary, with a total area of 9,153.23 square
meters.
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Financial report for 2022 Eurosnack Joint Stock Company

The company leases machines for the production of corn crisps with an estimated value of PLN 446,121.78.

6. Number and value of securities or rights held, including share certificates, convertible debt securities, warrants and options – the Company holds 495,000 series B
shares with a value of PLN 500.

7. Data on write-offs of receivables value – did not occur

8. Data on the ownership structure of the share capital:

The share capital as of December 31, 2022 amounts to PLN 7,103,808.20 in total, including series A;B;C;D;E;F;G,H;I;J;K;L;M shares with the following value:

Share in total votes (%)

He would be
Number of shares Face value Share in share capital (%) Number of votes
(pcs) (zloty)

It would be A 700.000 140.000,00 1,97% 700.000 1,97%

It would be B 210.570 42.114,00 0,59% 210.570 0,59%

It would be C 320.000 64.000,00 0,90% 320.000 0,90%

would be D 99.420 19.884,00 0,28% 99.420 0,28%

It would be E 5.000 1.000,00 0,01% 5.000 0,01%

It would be F 131.850 26.370,00 0,37% 131.850 0,37%

It would be G 1.222.350 244.470,00 3,44% 1.222.350 3,44%

It would be H 1.357.390 271.478,00 3,82% 1.357.390 3,82%

It would be I 16.083.314 3.216.662,80 45,28% 16.083.314 45,28%

It would be J 10.064.947 2.012.989,40 28,34% 10.064.947 28,34%

It would be K 1.587.200 317.440 4,47% 1.587.200 4,47%

L series 1.035.000 207.000 2,91% 1.035.000 2,91%

It would be M 1.298.000 259.600 3,65% 1.298.000 3,65%

It would be N 1.404.000 280.800 3,95% 1.404.000 3,95%

Addition 35.519.041 7.103.808,20 100,00% 35.519.041 100,00%

Number of shares acquired by shareholders in a simple joint-stock company in exchange for non-cash contributions, the subject of which is an inalienable right or the provision of
work or services – not applicable

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Financial report for 2022 Eurosnack Joint Stock Company

9. Changes in supplementary and reserve capital

Reserve capital:

State at the beginning of the year 2,550,319.80 PLN

increase 1 331 319.35 zÿ

decrease 0zÿ

end of year status 3 881 639.15 PLN

10. Proposal for the distribution of profit for the financial year:

Proposed profit distribution: The company's Management Board proposes to allocate the profit generated in 2022 in the amount of PLN 4,471,216.47 to reserve
capital and the payment of dividends.

11. Reserve data:

During the reporting period, the Company created deferred income tax provisions and assets in accordance with Article 37 section 1 of the amended Accounting
Act.

The changes are presented in the table below:

Balance at the Status at the end

Reserves beginning of the financialIncreases

year Usage fiscal year
(BO) (BZ)

Deferred income tax assets 47 738,00 392 322,00 47 738,00 392 322,00

Deferred tax provision 0,00 378 211,00 0,00 378 211,00

12. Division of long-term and short-term liabilities by balance sheet item

Maturity period

over 5 years Together

up to 1 year over 1 year up to 3 years
Specification
State on
BO BO BZ BZ
BZ 31.12.2022 BO 01.01.2022 BZ 31.12.2022
01.01.2022 01.01.2022 31.12.2022 31.12.2022
1. Liabilities to
related parties 0,00 408 516,71 0,00 0,00 0,00 0,00 408 516,71

– for deliveries and

0,00 408 516,71 0,00 0,00 0,00 0,00 408 516,71
services
– other 0,00 0,00 0,00 0,00 0,00 0,00 0,00
2. Liabilities to other
entities in which the entity
has a capital involvement
0,00 0,00 0,00 0,00 0,00 0,00 0,00

– for deliveries and

0,00 0,00 0,00 0,00 0,00 0,00 0,00
services
– other 0,00 0,00 0,00 0,00 0,00 0,00 0,00

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Financial report for 2022 Eurosnack Joint Stock Company

3. Liabilities to other
entities 18 328 496,36 24 349 163,88 4 869 312,03 3 406 738,90 0,00 23 197 808,39 27 755 902,78

– loans – from i
5 232 975,93 7 385 994,05 0,00 0,00 0,00 5 232 975,93 7 385 994,05
the issue
of debt securities
0,00 0,00 0,00 0,00 0,00 0,00 0,00
valuable
–
other

financial 2 032 380,68 1 714 586,45 4 869 312,03 3 406 738,90 0,00 6 901 692,71 5 121 325,35
obligations

- for deliveries and

7 314 154,09 12 411 094,62 0,00 0,00 0,00 7 314 154,09 12 411 094,62
services
–
advances

received for supplies and 0,00 0,00 0,00 0,00 0,00 0,00 0,00
services
- bill of exchange
0,00 0,00 0,00 0,00 0,00 0,00 0,00
liabilities

– from taxes,
customs duties, social
security, health
insurance and i 1 320 803,34 1 777 409,06 0,00 0,00 0,00 1 320 803,34 1 777 409,06
other public law and

titles

- With title
782 843,19 990 273,22 0,00 0,00 0,00 782 843,19 990 273,22
salaries
- other 1 645 339,13 69 806,48 0,00 0,00 0,00 1 645 339,13 69 806,48
TOGETHER 18 328 496,36 24 757 680,59 4 869 312,03 3 406 738,90 0,00 23 197 808,39 28 164 419,49

13. Liabilities secured on the entity's assets, indicating the nature and form of these securities

The Company has concluded leasing agreements secured by a blank promissory note with a promissory note
declaration. Other security is presented in the table below.

Name of the collection Value of the collection as of 31.12.2022

Stocks of trading goods 8,568,051.95 PLN

Assets (excluding leased assets) 37,650,875.29 PLN

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Financial report for 2022 Eurosnack Joint Stock Company

14. Significant items of short-term accruals are presented in the tables

ASSETS

Balance at the beginning of the Status at the end of the year

Titles
financial year rotary

Short-term accruals, including:

Costs incurred for insurance for future reporting periods

69 828,52 76 678,74

IT services 1 550,00 900,00

VAT settlement 197 884,89 289 501,94

Addition 274 249,68 367 080,68

15. Contingent liabilities, including guarantees and sureties granted by the Company, including bills of exchange –

As at the balance sheet date, the company uses the following assets under a leasing agreement:

• Extruders value of the leased item 322,000.00 PLN

• Packer value of the leased item 74 700,00 EU

•
Silos for cornmeal value of the leased item 858 900.00 PLN

• Passenger car value of the leased item 42,000.00 PLN

• Passenger car value of the leased item 34,878.05 PLN

• Cardboard press value of the leased item 31,980.00 PLN

• Packaging line value of the leased item 455 200.00 PLN

• Extruder with a line for soaking the crisp value of the leased item 460,000.00 PLN

• Metal detector value of the leased item 101,600.00 PLN

•
Ventilation installation value of the leased item 279,791.70 PLN

• Packaging line value of the leased item 876 211.94 PLN

•
Rotary tables value of the leased item 43,800.00 PLN

• Metal detector value of the leased item 56 000,00 EU

• Extruders value of the leased item 150,000.00 PLN

• Folding-gluing machine value of the leased item 242,659.32 PLN

• Packaging machine with metal detector value of the leased item 501,020.50 PLN

• Folding gluer value of the leased item: 59,661.00 EU

• Metal detector value of the leased item 11 000,00 Eu

• Packaging line value of the leased item 455,000.00 PLN

• Extruder value of the leased item: PLN 3,855,180.00

• 2X packaging machine value of the leased item 927 400.00 PLN

• 2Xmetal detector value of the leasing item 22,000.00 EU

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Financial report for 2022 Eurosnack Joint Stock Company

The gross value of leased assets entered into the fixed assets register amounts to PLN 12,346,007.07. The net value as of the balance
sheet date, i.e. December 31, 2022, amounts to PLN 8,066,424.01. The value of leased assets not put into use as of the balance sheet
date amounts to PLN 257,384.45.

16. Assets other than financial instruments measured at fair value – did not occur.

a) significant assumptions used to determine the fair value, if the data used to determine that value are not
come from an active market - none

17. Funds accumulated in the VAT account referred to in:

Specification Sum

1 2

Funds accumulated in the VAT account referred to in Article 62a section 1 of the Act of 29 August 1997 - 453 120.14 PLN
Banking Law

Funds accumulated in the VAT account referred to in Article 3b section 1 of the Act of 5 November 2009 0,00
on cooperative savings and credit unions

18. Information on cases where an asset or liability is shown in more than one balance sheet item, its relationship between these
items - in particular the division of receivables and liabilities into long-term and short-term parts.

accounts Balance sheet

Specification Sum Sum
Accountant number position

Lease liabilities to other entities B. II. 3. c. 3,406,738.90 PLN

252;253;254;255 5,121,325.35 PLN
B. III. 3. c. 1,714,586.45 PLN
TOGETHER 5,121,325.35 PLN 5,121,325.35 PLN

19. Information on income from hidden profits within the meaning of art. 28m section 1 item 2 of the Corporate Income Tax Act of
15 February 1992 – in the case of taxpayers taxed at lump sum on corporate income – Not applicable.

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Financial report for 2022 Eurosnack Joint Stock Company

II. PROFIT AND LOSS STATEMENT NOTES

1. Material structure of net revenues from sales of goods and products:

Net sales per country Net sales abroad Together

Intra-
Export
Net revenues Community deliveries
they
For the previous For the current For For the previous year For the current fiscal
Sales financial year financial year previous For the current For the previous For the current year
year financial year financial year financial year
rotary
1 2 3 4 5 6 7 8 9

1.Finished
products
including main ones 27 636

groups: 47 954 519,95 75 099 138,22 869,53 38 100 222,24 1 184 951,83 2 140 680,83 76 776 341,31 115 340 041,18

- sponge cakes 10 351 169,51 13 224 459,61 495 396,58 599 801,58 141 0,00 261,70 10 846 566,09 13 824 522,89
27

- crisps 37 603 350,44 61 877 030,50 472,95 37 500 420,66 1 184 951,83 2 140 419,13 65 929 775,22 101 517 870,29

2. Goods 39,310.87 615 002,78 0,00 0,00 0,00 0,00 39 310,87 615 002,78
27 636
Together 47 993 830,82 75 714 140,89 869,53 38 100 222,24 1 184 951,83 2 140 680,83 76 815 652,18 115 957 395,96

2. Cost data by type: the profit and loss account has been prepared in a comparative version.

3. Amount and explanation of reasons for updating fixed assets – not applicable,

4. Amount of inventory write-downs.

Balance at the Balance at the end of

Inventory write-down beginning of the financialIncrease

year Decrease the financial year
(BO) (BZ)

Reserves 0,00 105,790.02 PLN 0.00 105,790.02 PLN

5. Information on revenues, costs and results of operations discontinued in the financial year or planned for
cessation in the following year – did not occur.

6. Settlement of the main items differentiating the corporate income tax base from the financial result
financial is presented in the following table:

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Financial report for 2022 Eurosnack Joint Stock Company

Contents Data as of 31.12.2022

GROSS PROFIT (LOSS) 5,713,875.47 PLN

Differences between gross profit (loss) and income tax base 649 449.53 PLN

- revenues that do not constitute taxable income 128,223.59 PLN

- tax costs not included in balance sheet costs 3,149,678.85 PLN

- costs that do not constitute costs of obtaining income 2,399,744.01 PLN

TAX INCOME/LOSS 6,363,324.50 PLN

- deductions from income 0.00 PLN

PDOP TAXATION BASIS 6,363,325.00 PLN

INCOME TAX DUE 1,209,032.00 PLN

INCOME TAX PAID advance payments 493,080.00 PLN

INCOME TAX (+)liability (-)receivable 715,952.00 PLN

7. Cost of producing fixed assets under construction for the entity's own needs - not applicable

8. Interest and exchange rate differences that increased the purchase price of goods or the cost of producing products
in the financial year – not applicable.

9. Expenditures on non-financial fixed assets incurred in the last year and planned for the next year:

Last year, the company modernized the corn crisps production line – purchasing modern, high-performance production lines, modernizing
the popcorn production line, purchasing modern packaging lines, and incurred expenses for a rented building in order to adapt it to the launch
of new lines – expansion of the electrical installation.

In 2023, the Company plans to focus its investment activities on further modernization of production lines for corn crisps (improvement of
efficiency and quality), completion of investment and launch of a line for the production of fruit crisps, purchase of a modern line for sorting
and packaging corn sticks, purchase of a modern line for automatic bulk packaging. In addition, the company plans further investments in
the Psary building - in order to adapt the warehouse space to production requirements.

10. Costs related to research and development work that have not been qualified in accordance with Article 33
section 2 for intangible assets - did not occur

11. The value of food transferred to non-governmental organizations for the purpose of performing tasks by these organizations
within the scope specified in art. 2 point 2 of the Act of 19 July 2019 on counteracting food waste (Journal of Laws item 1680),
or the amount of the fee for food waste referred to in art. 5 of this Act – not applicable

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Financial report for 2022 Eurosnack Joint Stock Company

12. Information on extraordinary profits and losses – did not occur.

III. RATES ADOPTED FOR VALUATION – for valuation purposes, the average exchange rates set by the President of the National Bank of Poland were adopted:

Table No. 252/A/NBP/2022 of 30.12.2022

EURO = 4.6899 PLN

IV. CASH FLOW STATEMENT EXPLANATIONS

a) cash flows from operating activities amount to - 11 012 185,32

b) cash flows from investing activities amount to - (- 4 216 178,62 )

c) cash flows from financial and other activities - (- 3 606 798,71 )

Position Current year Previous year

Cash in hand Cash in bank 15,122.91 PLN 20,434.48 PLN

accounts 3,341,235.32 PLN 145 242.98 PLN

Other cash 0.00 PLN 0,00

Overdraft facilities 6,913,523.37 PLN 5,217,403.99 PLN

V. EXPLANATIONS REGARDING CONCLUDED AGREEMENTS, SIGNIFICANT TRANSACTIONS AND CERTAIN

PERSONAL ISSUES

1. Information about the economic nature of contracts concluded by the entity that are not included in the balance sheet - not concluded
such agreements.

2. Information on significant transactions concluded on terms other than market terms with related parties – no
occurred

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3. Average employment in the financial year as of 31.12.2022

Specification average number employment in persons Women Men

employed period In
01.01.2022 31.12.2022

Total employees 190,67 179 203 133 70

of this:

workers in manual labour positions 160,75 149 164 104 60

white-collar workers 33,92 31 36 26 10

students 0 0 0 0 0

people employed abroad 0 0 0 0 0

people on parental or unpaid leave 3 3 3 3 0

4. Information on remuneration, including profit-sharing, paid or payable to members of the management board
management and supervisory bodies of commercial companies:

The remuneration of the Company’s Management Board members in 2022 is as follows:

-Gross – PLN 415,413.57

-Net paid – PLN 320,005.80

5. The amount of advances, credits, loans and similar benefits granted to persons included in the
management bodies granted in previous years: - did not occur

6. Information on the remuneration of the auditor or entity authorized to audit financial statements

– audit of the annual financial statements – PLN 35,500.00 net.

WE. EXPLANATION OF SOME SPECIAL EVENTS

1. Information on revenues and costs resulting from errors made in previous years that are recognized in the financial year
for equity capital – did not occur.

2. Information on significant events that occurred after the balance sheet date and were not included in the
in the financial statements – did not occur.

3. Changes in accounting principles (policy) - did not occur

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4. Numerical information ensuring comparability of report data

The report data is comparable

VII. EXPLANATIONS CONCERNING THE ENTITIES CONSTITUTING THE CAPITAL GROUP

7.1 Information on joint ventures that are not subject to consolidation, including:

a) the name and scope of activities of the joint venture,

b) percentage share,
c) parts of jointly controlled tangible fixed assets and intangible assets and
legal,
d) liabilities incurred for the needs of the project or the purchase of used tangible assets
fixed assets,
e) part of the liabilities incurred jointly,
f) revenues generated from the joint venture and related costs,
g) contingent and investment commitments relating to the joint venture

Not applicable.

7.2 Information on transactions with related parties

The Vice President of the Management Board settled sales invoices in the company with a total gross value of PLN 1,713,935.67.

7.3 List of companies (name, registered office) in which the entity has an interest in the capital or 20% of the total number
of votes in the company's decision-making body; this list should also include information on the percentage of the
interest in the capital and the amount of equity and net profit or loss of these companies for the last financial year

Not applicable.

7.4 If an entity does not prepare consolidated financial statements using an exemption or derogation,
information about:

a) the legal basis together with data justifying the withdrawal from consolidation,
b) the name and registered office of the entity preparing the consolidated financial statements at a higher level
capital group and the place of its publication,
c) basic economic and financial indicators characterizing the activities of entities
related in the current and previous financial year, such as:
- the value of net revenues from the sale of products, goods and materials and financial revenues,
- net financial result and equity value, broken down by groups,
- asset value,
- average annual employment
d) the type of accounting standards applied (national or international) by entities
related.

Not applicable.

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7.5 Information about:

a) the name and registered office of the entity preparing the consolidated financial statements at the highest level of the
capital group which includes the company as a subsidiary, and the place where the statements are available,

b) the name and registered office of the entity preparing the consolidated financial statements at the lowest level of the
capital group which includes the company as a subsidiary, and the place where the statements are available

Not applicable.

7.6 Information on the name, seat of management or statutory seat of the entity and the legal form of each entity,
where the given entity is a partner with unlimited financial liability

Not applicable.

VIII. INFORMATION ON COMPANY MERGERS – not applicable.

IX. SERIOUS THREATS TO CONTINUATION OF BUSINESS – none identified.

X. OTHER IMPORTANT INFORMATION FACILITATING THE EVALUATION OF THE UNIT - did not occur.

Warsaw, 2023.05.30

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SPRAWOZDANIE

ZARZ ÿ DU
EUROSNACK S.A.

for the period from January 1,

2022 to December 31, 2022

Warsaw 29.05.2023
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I. GENERAL INFORMATION ABOUT THE COMPANY

Identification data

Company name EUROSNACK Joint Stock Company

Company Headquarters 00-041 Warsaw Jasna 14/16A

Telephone 32 245 50 58

Fax 32 739 01 92

email biuro@eurosnack.pl

internet address www.eurosnack.pl

NIP 627 15 54 848

REGON 273 21 69 55

Legal form Joint Stock Company

The entity conducts its business in accordance with the applicable provisions of law,
in particular the Commercial Companies Code and the entity's statute. On
04.09.1996, the entity was incorporated as a limited liability company by the articles
of association Rep. A 3176/96 and established for an indefinite period. On
03.10.1996, the District Court entered the company into the Commercial
Register under the number RHB 13568. On 16.04.2004, the entity was entered
into the National Court Register - Register of Entrepreneurs maintained by the District
Court Katowice - Wschód under the number KRS 0000203857.

By Resolution No. 1 of the NZW of 22 August 2008, notarial deed Rep. A

9036/2008, the entity was transformed from a limited liability company into a
joint-stock company. By resolution of 19 September 2008, the above change
was registered in the National Court Register.

As of the date of preparation of this report, EUROSNACK S.A. is entered into the
Register of Entrepreneurs of the National Court Register maintained by the
District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of
the National Court Register under number 0000314024

Share capital The share capital as of 31 December 2022 amounted to PLN 7,103,808.20

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II. OWNERSHIP STRUCTURE.

The Company's shareholding as of December 31, 2022 according to notifications received:

Shareholder Number of shares/number of votes Percentage share in
capital and votes at the
general
NEW GYM 14 663 275 meeting 41.28%

MARCIN KÿOPOCIÿSKI WITH 12 289 000 34,60%

SUBSIDIARY OF PRIVATE
INVESTORS

MIROSÿAW TOMASZ WLAZÿO 5 324 200 14,99%

REST OF FREE FLOAT 3 242 566 9,13%

The value of the share capital as at 31 December 2022 amounted to PLN 7,103,808.20.
The share capital was divided into 35,519,041 bearer shares with a nominal value of PLN 0.2 each.

HE WOULD BE NUMBER OF SHARES VALUE PARTICIPATION IN NUMBER PARTICIPATION IN

(PCS) NOMINAL CAPITAL VOTE GENERAL

(ZLOTY) COMPANY (%) NUMBERS

VOTES (%)

It would be A 700 000 140,000.00 PLN 1,97% 700 000 1,97%

It would be B 210 570 42,114.00 PLN 0,59% 210 570 0,59%

It would be C 320 000 64,000.00 PLN 0,90% 320 000 0,90%

would be D 99 420 19,884.00 PLN 0,28% 99 420 0,28%

It would be E 5 000 1,000.00 PLN 0,01% 5 000 0,01%

It would be F 131 850 26,370.00 PLN 0,37% 131 850 0,37%

It would be G 1 222 350 244,470.00 PLN 3,44% 1 222 350 3,44%

It would be H 1 357 390 271,478.00 PLN 3,82% 1 357 390 3,82%

It would be I 16 083 314 3,216,662.80 PLN 45,28% 16 083 314 45,28%

It would be J 10 064 947 2,012,989.40 PLN 28,34% 10 064 947 28,34%

would be K 1 587 200 317,440.00 PLN 4,47% 1 587 200 4,47%

would be L 1 035 000 207,000.00 PLN 2,91% 1 035 000 2,91%

would be M 1 298 000 259,600.00 PLN 3,65% 1 298 000 3,65%

would be N 1 404 000 280,800.00 PLN 3,95% 1 404 000 3,95%

Addition 35 519 041 7,103,808.2 PLN 100% 35 519 041 100%

The Company's reserve capital as at December 31, 2022 amounts to PLN 3,881,639.15.

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III. COMPANY BODIES

SUPERVISORY BOARD as at 31/12/2022:

Marcin Klopocinski Chairman of the Supervisory Board From 18.12.2013 to present

Marek Kolodziejski Vice-Chairman of the Supervisory Board From 09.02.2018 to now

Wojciech Wesoÿy Member of the Supervisory Board From 18.12.2013 to present

Catherine Borkowska Member of the Supervisory Board From 21.12.2015 to present

Katarzyna Klopocinska Member of the Supervisory Board From 27.06.2017 to now

MANAGEMENT as of 31.12.2022:

Andrzej Krakowka Chairman of the Board From 25.01.2016 to present

Mirosÿaw Tomasz Wlazÿo Vice President of the Management Board From 07.09.2020 to now

IV. SUBJECT OF ACTIVITY.

The Company maintains accounting records and operates in accordance with the applicable Commercial
Companies Code and the Articles of Association and applicable legal provisions.
Eurosnack SA has been operating on the food market continuously since 1996, providing its customers with products
of the highest quality and full health safety.
The core business of Eurosnack SA is the production and distribution of salty snacks (corn chips, popcorn
and crisps) as well as round and oblong sponge cakes.

The company has two production plants.

In Tarnowskie Góry, round and oblong sponge cakes are produced.
The oblong sponge cakes have an EKO certificate of conformity issued by BIOCERT MAÿOPOLSKA Sp. z oo
(www.biocert.pl), while the entire activity conducted in the field of sponge cake production has received the
IFS FOOD
certificate issued by the certification body DQS CFS GmbH

The production plant in Psary produces salty snacks in a wide range of flavors.

Corn chips are certified by the Polish Association of People with Celiac Disease and on a Gluten-Free Diet
(www.celiakia.pl) The license covers the use of the international trademark Przekrzyÿowany Kÿos.

Corn crisps and corn crisps with added millet are IFS FOOD certified by DQS CFS GmbH.

Part of the assortment in the category of corn chips is produced in the EKO and BIO standard, which is confirmed by
the Certificate issued by the certification body BIOCERT MAÿOPOLSKA Sp. z oo (www.biocert.pl)

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Market.
The company distributes products to the largest retail chains in the country and abroad under its own brands:
CHRUPCIE, CHRUPCIOKI, MAXI, CHRUPI, PUFLI, DOFIO, KAPITAN CHRUP and AKSAMITKI.

The company also produces and sells products on behalf of the largest retail chains in the
country and abroad (so-called private labels)
The domestic market accounts for the largest share of the Company's revenues, but a significant and
constantly growing supplement is the export distribution channel. The Company is strongly focused on
developing all sales channels.
Purchasing Policy.
The aim of the Purchasing Policy is to make purchases effectively and in a planned
manner on the most favourable commercial terms while maintaining the highest quality of the materials,
raw materials and services obtained. Working on the basis of a coherent Purchasing Policy adapted to
our conditions allows us to reduce storage costs, which in turn leads to minimising the financial resources
frozen in inventories.
The Company purchases raw materials for production only from proven suppliers.

V. IMPACT OF THE COMPANY’S OPERATIONS ON THE NATURAL ENVIRONMENT.

Due to the nature of its business activities, the Company complies with applicable legal guidelines
related to the use of the environment.
The company is registered in the BDO Product and Packaging Database under number 000030342.

VI. FINANCIAL SITUATION OF THE COMPANY, INCLUDING FINANCIAL AND NON-FINANCIAL

INDICATORS RELEVANT FOR ASSESSING THE COMPANY’S SITUATION, ALONG WITH
THEIR ASSESSMENT AND THE ANTICIPATED DEVELOPMENT PLAN OF THE COMPANY IN 2023.
Basic financial data:

2022 2021 115 957 395,96 Change in %

Net revenues 76 815 652,18 50,95%

Depreciation 2 691 879,20 1 826 656,88 47,37%

Profit on sales 8 464 640,41 4 953 778,81 70,87%

Net profit 4 471216,47 3 013 214,40 48,39%

Fixed assets 18 249 812,86 15 721 433,49 16,08%

Current assets 25 749 481,45 19 862 917,30 29,64%

Equity capital 15 456 663,82 12 386 542,40 24,79%

Liabilities and provisions for liabilities 28,542,630.49 23,197,808.39 23.04%

Long-term liabilities 3 406 738,90 4 869 312,03 42,93%

Short-term liabilities 24 757 680,59 18 328 496,36 35,08%

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In 2022, the Company generated sales revenue of PLN 115.957 million, which is nearly a 51% increase compared
to 2021.
In the period under review, the Company achieved a net profit of PLN 4,471,216.47, which the Management Board
proposes to allocate partly to reserve capital and the payment of dividends.

Selected financial indicators.

INDICATOR INDICATOR FORMULA VALUES 2021 2022

RECOMMENDED

Debt Foreign capital <233% 187,30% 184,66%

Equity capital
Total debt Foreign capital <70% 65,20% 64,87%
Total liabilities
Current liquidity Inventories + short receivables + short inv. 1,4 - 2,0 1,10 1,03
Short-term liabilities
Fast liquidity Short receivables + short inv. 0,8 - 1,0 0,7 0,63
Short-term liabilities
Sales profitability Sales result max 6,40% 7,30%
Revenues from sales of products, goods
and materials
Net sales profitability Net result max 3,90% 3,86%
Revenues from sales of products, goods
and materials
Receivables turnover in Average value of trade receivables during
-

44 23
days the year*365
Revenues from sales of products, goods
and materials
Inventory turnover in days Average inventory value during the year*365
-

30 31

Revenues from sales of products, goods

and materials
Liabilities turnover in days Average value of trade payables during the
-

35 39
year*365
Revenues from sales of products, goods
and materials
Cash conversion period in Receivables turnover + Inventory turnover - min 39 15
days Liabilities turnover

Profitability indicators are satisfactory, liquidity indicator at a stable, safe level.

Company development plan for 2023.

The Company's Management Board for 2023 plans to strengthen the Company's position on the domestic and foreign
markets and increase its competitive advantage in the market environment as a key development direction. The
Company operates on the basis of an established and accepted unit budget, in which a strong emphasis is placed
on expanding the machine park, acquiring the latest technologies and continuously improving the
efficiency of all processes taking place in the Company.

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VII. STAFF SITUATION.

As of December 31, 2022, the Company employed 203 people, all full-time.

VIII. EVENTS SIGNIFICANTLY AFFECTING THE COMPANY'S OPERATIONS.

The main operational activities of the Management Board focused on the optimization of production processes
and the acquisition and implementation of modern technological solutions in the existing machinery park.

The war in Ukraine has no impact on the Company's operational activities, as it has no customers or suppliers in either
Russia or Ukraine.

IX. MAJOR ACHIEVEMENTS IN RESEARCH AND DEVELOPMENT.

In response to the dynamically changing market and consumer demand, the Company, thanks to modern
technological lines, is constantly expanding its product range.

X. ACQUISITION OF OWN SHARES.

In 2022, the Company did not acquire any treasury shares.

XI. INFORMATION ABOUT BRANCHES.

The company has no branches.

XII. INFORMATION ON FINANCIAL INSTRUMENTS IN THE SCOPE OF THE RISK: a) price

changes,
credit, significant disruptions in cash flows and loss of financial liquidity to which the entity
is exposed, b) the objectives and methods of financial risk management
adopted by the entity, including methods of hedging significant types of planned transactions
for which hedge accounting is applied.

The Issuer's situation is closely correlated with the economic situation in Poland and Europe.
Due to the war in Ukraine and the rising prices of raw materials and energy, the Company is dynamically negotiating
an increase in the sales prices of its products in order to maintain the assumed sales margin.

The Issuer has a good financial standing, and the servicing of credit and leasing debt does not constitute a significant
share in the Company's result. The expected further increase in the cost of debt does not directly threaten the
Company's operations.
The planned increase in the Company's turnover will be covered by trade credit and current profits of the
company. At the same time, the Issuer monitors the inventory management system and diversifies the
market of service and raw material suppliers necessary to maintain all production processes in the Company.

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The Company responsibly manages financial risk by ensuring financial liquidity and
supporting operational processes, optimizing the value of cash flows. The Company
does not rule out taking security measures in the future.

XIII. DESCRIPTION OF MAIN THREATS AND RISKS

Risks related to strategic objectives.

The Company's development strategy primarily assumes systematically increasing its share in
the crisps and biscuits market by implementing exclusive projects and signing
agreements with other retail chains operating in Poland. The implementation of the Issuer's
development strategy assumptions depends on the Company's ability to carry out planned
projects and find new recipients for its products, mainly by promoting its brands, as well as
expanding the range of products offered.
The Company's actions that prove to be inappropriate as a result of failure to implement the
planned projects or failure to find new recipients may have a significant negative impact
on the Issuer's operations, financial and property situation and financial results. There is
therefore a risk of failure to achieve some or all of the planned strategic goals. Therefore,
the Issuer's future revenues and financial results depend on its ability to effectively implement the
developed long-term strategy. In order to limit this risk, the Management Board regularly
analyses factors that may have a potentially adverse impact on the Company's operations and
results, and if necessary, takes the necessary decisions and actions.

Risk of not obtaining or improper use of quality certificates.

The Company, in order to increase production safety and maintain high quality of products,
implemented the HACCP System extended with Quality Management Systems (IFS) into its
operations. Successful external audits resulted in obtaining IFS FOOD certificates issued by DQS
CFS GmbH and EKO I BIO issued by BIOCERT MAÿAPOLSKA Sp. z o. o. The
above situation may give rise to the risk that the Company, for some reason, during the validity
of the above certificates, will not fulfill the obligations resulting from them (deficiencies
may be identified by an annual supervisory audit). As a result, the certificates granted to the
Company may be withdrawn, which will reduce the attractiveness of the offered products and
will adversely affect the demand from customers and the future level of sales revenues.

In order to minimize the risk in question, the Issuer exercises due diligence in meeting the
requirements imposed by a given certificate, and also constantly supervises the entire
production process and regulations related to the safety and high quality of its products.

Risk related to the impact of factors beyond the Company's control on its development strategy.
The implementation of some of the strategic goals of Eurosnack SA requires obtaining external
financing. Due to the changing situation on the financial markets, obtaining both
external and own financing is currently significantly difficult. This situation results primarily from
the tightening of credit policy criteria by banks and from the increase in investor aversion to
investment risk. Despite the Management Board's due diligence in obtaining external financing,
there is a risk of failure to obtain or obtaining an insufficient amount of funds to implement
the assumed strategic development goals, which may negatively affect the achievement of the
assumed sales revenues. The Management Board tries to minimize this risk through good
communication and mutual trust in contacts with crediting banks.

Risks of dependence on primary recipients.

Due to the established business model, the Issuer sells its products to the largest retail chains in
the country and abroad. In the event of termination of the agreement with a large

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retail network, there is a risk that the Issuer will not be able to compensate for the loss of orders from lost clients with
new projects in a short time, which may translate into a reduction in the Company's revenues. The consequence
of the reduction in revenues may be a reduction in the assumed levels of financial results achieved at
all levels of the income statement, including incurring losses, which may in effect negatively affect the ability
to achieve the Company's strategic goals.

The above threat is minimized by maintaining good relations with recipients by the Company and providing
services of the highest quality, which is a priority criterion for contractors in selecting contractors. The Company
also conducts intensive activities aimed at diversifying distribution channels and works related to expanding the
product portfolio. Additionally, no large recipient constitutes more than 30% of the Company's sales volume.

Risk of losing recipients' trust.

The orders executed by the Issuer related to the distribution of its products to the largest retail chains in Poland
and to ice cream producers (sponge cakes in the form of semi-finished products) are associated with many factors
that may cause delays in the execution of orders or their improper execution. In the event of unforeseen events or
fault on the part of the Company resulting in defective or untimely execution of orders, the Issuer
is exposed to the risk of losing the trust of recipients, which is extremely important due to the specific
nature of the business conducted.

Loss of customer trust may result in a significant reduction in the Company's order portfolio, which in turn may have a
significant impact on the Issuer's financial results. In order to minimize this risk, the Company makes every effort to
ensure that orders are fulfilled on time and with due diligence.

Risk related to penalties for failure to execute or untimely execution of orders.

The risk in question is very closely related to the risk of losing the trust of recipients. In a situation where the Issuer
fails to execute or executes an order late, it is exposed to contractual penalties. These penalties result from the
provisions in the agreements, according to which the Issuer undertakes to pay them each time in the event of
improper or late execution of orders. The occurrence of such circumstances may adversely affect the financial
results of the Company –
an increase in costs caused by the payment of contractual penalties or a decrease in revenues resulting from the
loss of customers.
The amount of contractual penalties is determined individually and regulated by the provisions of cooperation
agreements binding both parties. So far, the Company has not lost any contract that would involve the need to pay a
contractual penalty. In the area of its activity related to servicing existing contracts, there are occasional delays in
the timely execution of deliveries, which is burdened with a contractual penalty of a low value in relation to the entire
value of the contract.

As in the case of the risk of losing recipients' trust, the Issuer exercises every diligence in the timely
execution of all orders.

Risks associated with production processes.

The Company's core business segment is the production and distribution of salty snacks and biscuits.
The entire production process is multi-stage and complex, and almost every stage involves the use of various
types of equipment. Operating these devices is subject to risks related to disruptions in the production
process or its faulty course. These threats are most often the result of human and procedural errors, equipment
malfunctions or random factors. In order to protect itself against risk, the Issuer has implemented a
quality management system that maintains a high level of production safety through the use of proven
principles and procedures.

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Risks related to concluded lease and rental agreements.

The Issuer manufactures its products in leased production plants located in Tarnowskie Góry,
at ul. Nakielska 35 and in Psary ul. Akacjowa 4. In the event of termination of
any of the aforementioned lease agreements, the Issuer may be left without the most important
assets necessary to conduct business, which may result in the need to find a new place to
manufacture its products. Temporary suspension of production may result in major
consequences in the form of failure to achieve planned revenues for that period or, even worse,
termination of commercial contracts by the Company's customers.

In order to minimize this risk, the Company makes every effort to properly fulfill all its obligations
arising from the concluded agreements.

Risk of losing key employees.

The Issuer's operations are largely influenced by the experience, knowledge and skills
of the Management Board members and the qualified and experienced staff employed by the
Company. The Issuer cannot guarantee that the potential loss of any of these employees who
have a significant impact on the Company's operations will not have negative
consequences for the Company's operations, strategy, financial situation and operating results.
With the departure of any of the above-mentioned employees, the Issuer could be
deprived of personnel with knowledge and experience in management and operational
activities. The Company tries to minimize the indicated risk factor by creating satisfactory
pay systems, adequate to the level of experience and qualifications of employees.

Risk related to loss of financial liquidity.

The Company cooperates with contractors who supply it with raw materials for the production
of salty snacks and biscuits. Commercial relations with contractors are based on commercial
agreements, which contain deadlines for the performance of obligations resulting from them.
Delays in payments by the Company's buyers may cause temporary difficulties in settling
these payments to contractors. In connection with this, there is a risk that the Company may
not be able to maintain a sufficient amount of working capital to carry out current operations
and may lose financial liquidity. In order to minimize this risk, the Management Board maintains
constant, good cooperation with financing banks and, based on this cooperation, is able to
quickly launch a new source of financing if necessary.

Product, material and commodity price risk.

The Company uses various types of raw materials, materials and services for its production. In
the case of key raw materials, such as corn grits, flour, sugar, eggs or packaging, the
Company cooperates with several proven suppliers, and for each of the raw materials there are
at least three permanent suppliers. The prices of raw materials or materials used in the
process change over time, which is why the Issuer is exposed to the risk of an unforeseen
increase in the prices of the production factors used. In the event of a significant increase in
the prices of raw materials, materials or goods, there is also a risk of a significant
increase in the costs of the Company's operations, which the Issuer will not be able to compensate
for by increasing the price of the final products. The reason for this state of affairs is the
cooperation with retail chains (recipients), which reserve in the signed agreements a guarantee
of price stability for a period of up to 12 months. Therefore, in order to secure a price
guarantee for its products, the Issuer signs long-term agreements with leading suppliers,
which agreements guarantee fixed prices of raw materials for a period of at least 12 months. In
addition, the Company's Supply Department is constantly looking for new potential
suppliers, monitors raw material prices on the market and negotiates prices for semi-
finished products.

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Competition risk.
The salty snack market in Poland, especially chips and crisps, is dominated by large international producers. The
Company's significant competitors also include domestic producers of salty snacks.

The biscuit market is also characterised by considerable competition, as there are several entities operating
in this field offering biscuits in a similar range to the Company.
In connection with the above, there is a risk of aggressive competition on both markets from other entities that are
able to compete with the Company through the quality, price of products, and the technological solutions
used. In the future, competitors may force the Company to reduce the margins achieved and increase expenses
on improving the quality of the products offered, which may consequently translate into a decrease in the
profitability of the Issuer's operations.

However, the Issuer does not intend to participate in competition with competitors through its pricing policy.
The Company's strategy assumes development through constant improvement of the quality of its products in
order to meet the growing needs of customers. In addition, the Company is in the process of developing a brand
strategy in order to increase the recognition of its brands.

Risk related to the interpretation of tax regulations.

The Issuer, like all business entities, is exposed to imprecise provisions in legal and tax regulations, which may cause
interpretation discrepancies, in particular with respect to operations related to income tax, civil law transaction
tax and VAT as part of the Company's business. In connection with the above, there is a risk that despite
the Issuer applying current accounting standards, the interpretation of the Tax Office appropriate for the
Issuer may differ from that adopted by the Company, which may consequently result in the imposition of a
financial penalty on the Issuer, which may have a significant negative impact on the Issuer's financial results.
A factor limiting the risk in the area of tax law may be the practice of the Issuer applying to the relevant tax
authorities for an opinion on the interpretation of regulations in an individual case.

Risk related to the macroeconomic situation in Poland.

The development of the Issuer is closely correlated with the general economic situation in Poland, where the Issuer
offers its services and which is also the main region of economic activity of the Issuer's clients. The
main factors of a general economic nature influencing the Issuer's activity include: the level of Poland's GDP, the
level of average gross salary, the level of inflation, the level of investment of business entities, the level of
indebtedness of business entities and households. There is a risk that a slowdown in the pace of economic growth,
a decrease in the level of investment of enterprises or an increase in the indebtedness of business entities may have
a negative impact on the Company's activity and financial situation, by reducing the demand for the Issuer's
services, which may consequently translate into a deterioration of the Company's financial results.

Risk of unforeseen events occurring.

Eurosnack SA, like any other company operating on the market, is exposed to the occurrence of unforeseen
events, so-called random events (flood, theft, burglary). These events may cause the destruction of machines and
devices that the Company uses in its daily operations. The loss or damage of the most important assets of the
Issuer may adversely affect the conducted business and the financial situation of the Company. In connection with the
above, the Company tries to protect itself against this risk by concluding insurance agreements with leading insurance
companies.

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Risk related to suspension of trading in shares.

In accordance with § 11 of the NewConnect Regulations, the ASO Organizer may suspend trading in financial
instruments for a period
no longer than 3 months:
1. at the request of the issuer,
2. if it considers that the interests and safety of trading participants so require,
3. if the issuer violates the provisions applicable in the alternative system.
In cases specified by law, the Alternative System Organiser suspends trading in financial instruments for a period not
longer than one month.
In accordance with § 16 section 1 of the NewConnect Regulations, the ASO Organizer may suspend trading
in the financial instruments of the Issuer if the Issuer fails to perform the obligations incumbent on issuers
listed on the NewConnect market. The obligations referred to in the cited provision include in particular information
obligations.
There is no basis to assume that such a situation may occur in the future with respect to the Issuer, and
this risk applies to all shares listed on the NewConnect market.

Risk related to exclusion from trading on NewConnect.

In accordance with § 12 of the NewConnect Regulations, the ASO Organizer may exclude financial instruments
from trading:
1. at the request of the issuer, subject to the possibility of making the decision in this respect dependent on the
issuer meeting additional conditions,
2. if it considers that the interests and safety of trading participants so require,
3. as a result of the declaration of bankruptcy of the issuer or in the event of the court dismissing the application
for declaration of bankruptcy due to the lack of funds in the issuer's assets to cover the costs of the proceedings,

4. as a result of the opening of the issuer’s liquidation.

The Alternative System Organiser excludes financial instruments from trading in the alternative system:

1. in cases specified by law,

2. if the transferability of these instruments has become restricted,
3. in the event of the abolition of dematerialization of these instruments,
4. after 6 months from the date on which the decision on declaring the issuer bankrupt, including the liquidation of its
assets, or the decision on the court dismissing the application for declaring such bankruptcy due to the lack
of funds in the issuer's assets to cover the costs of the proceedings becomes final.

Before making a decision to exclude financial instruments from trading, the Alternative System Organiser may
suspend trading in these financial instruments.
In accordance with § 16 section 1 of the NewConnect Rules, the ASO Organiser may exclude the Issuer's financial
instruments from trading if the Issuer fails to fulfil the obligations incumbent on issuers listed on the NewConnect
market.
The obligations referred to in the cited provision include, in particular, information obligations.

Currently, there is no basis to assume that such a situation may occur in the future with respect to the Issuer, and
this risk applies to all shares listed on NewConnect.

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Risk involved in investing in the Issuer's shares.

When purchasing shares in the Issuer, one should be aware that the risk of direct investment in shares on
the capital market is incomparably greater than the risk associated with investments in treasury
securities or investment fund units, due to the unpredictable volatility of share prices in both the short
and long term.

Risk related to the possibility of the PFSA imposing administrative penalties on the Issuer for failure to perform or improper
performance of obligations arising from legal provisions.

Companies listed on the NewConnect market have the status of a public company within the meaning
of the Act on Trading in Financial Instruments, and therefore the Polish Financial Supervision Authority
may impose administrative penalties on the Issuer for failure to perform obligations arising from legal
provisions, in particular the obligations arising from the Act on Public Offering and the Act on Trading in
Financial Instruments.
In particular: in accordance with Article 176 of the Act on Trading, in cases where the issuer fails
to perform or improperly performs the obligations referred to in Article 157 and Article 158 of this
Act, or resulting from the regulations issued under Article 160 section 5, the PFSA may impose on the
company a fine of up to PLN 1,000,000. In accordance with Article 96 of the Act on Public Offering, in
cases where a public company fails to fulfill the obligations required by law, in particular the
information obligations resulting from the Act on Public Offering, the PFSA may impose a fine of up to PLN
1,000,000.

Andrzej Krakowka – President of the Management Board

Mirosÿaw Tomasz Wlazÿo – Vice President of the Management Board

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EUROSNACK S.A. S.A.

INDEPENDENT AUDITOR'S REPORT

FROM THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS

AS OF 31.12.2022

30.05.2023 R.

Helping
you prosper
An independent member of UHY international
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INDEPENDENT REPORT
CERTIFIED AUDITOR

For the General Meeting and Supervisory Board of Eurosnack SA

Report on the audit of the annual financial statements

The opinion

We have audited the annual financial statements of Eurosnack SA

("Company"), which consists of an introduction to the financial statements, the balance
sheet as at 31 December 2022 and the profit and loss account, a statement of changes
in equity, a cash flow statement for the financial year from 1 January to 31 December
2022 and additional information and explanations ("financial statements").

In our opinion, the attached financial statements:

• presents a true and fair view of the assets and financial position of the Company
as at 31 December 2022 and its financial result and cash flows for the financial
year ended on that date in accordance with the applicable
application of the provisions of the Act of 29 September 1994 on accounting
(hereinafter referred to as the Accounting Act – i.e. Journal of Laws of 2023, item
120, as amended) and the adopted accounting principles (policy);
• complies, in terms of form and content, with the provisions of law applicable to the Company and the
Company's articles of association;
• has been prepared on the basis of properly maintained accounting records in
accordance with the provisions of Chapter 2 of the Accounting Act.

Basis for opinion

We conducted our audit in accordance with the National Auditing Standards in the
wording of the International Standards on Auditing adopted by the National Council of
Statutory Auditors Resolution No. 3430/52a/2019 of 21 March 2019 on national auditing
standards and other documents, as amended ("KSB") and in accordance with the Act of
11 May 2017 on statutory auditors, audit firms and public supervision (hereinafter referred
to as the Act on Statutory Auditors).
- Journal of Laws of 2022, item 1302, as amended). Our responsibility under these
standards is further described in the section of our report Responsibility
auditor for audit of financial statements.

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We are independent from the Company in accordance with the International Code of Ethics for
Professional Accountants (including International Independence Standards)
International Ethics Standards Board for Accountants ("IESBA Code") adopted by the National
Council of Statutory Auditors Resolution No. 3431/52a/2019 of 25 March 2019 on the principles of
professional ethics for statutory auditors, as amended,
and other ethical requirements that are applicable to audits of financial statements in Poland. We
have fulfilled our other ethical obligations in accordance with these requirements and the IESBA
Code. During the audit, the key auditor and the audit firm remained independent of the Company in
accordance with the independence requirements set out in the Act on Auditors.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

Key issues of the study

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. They comprise the most significant
assessed risks of material misstatement, including the assessed risks of material misstatement due
to fraud. We addressed these matters in the context of our audit of the financial statements as a
whole, and in forming our opinion, and have summarized our response to these risks and, where
appropriate, presented our key observations relating to these risks. We do not provide a separate
opinion on these matters.

The key issue of the study How our study addressed this issue

Sales revenue

The procedures we conducted at the stage of Our Procedures to address identified key
getting to know the entity and analyzing the risks included, among others:
data resulted in us assigning risks related to
the recognition and recognition of sales
ÿ review of accounting policies in the part concerning
revenues.
revenue recognition and their compliance with the
applicable financial reporting With

In particular, the risk of incorrect revenue framework,

recognition may result from abuses involving
the recognition of revenue from the sale of
ÿ understanding the sales process and the
products in the incorrect period due to:
already

correctness of the design and implementation of

the internal control system in this area,

ÿ incorrect presentation of the delivery terms

ÿ analytical procedures consisting in particular of
agreed with the buyer,
the analysis of monthly data and trends,
ÿ bonus settlement estimates;

ÿ detailed credibility tests in relation to sales

The principles for recognizing revenue are recognized during the year based on a selected
described in the introduction to the financial sample,
statements in the section
ÿ verification of a sample of transactions from the turn
Adopted accounting principles , In

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to the extent that the law leaves the individual December 2022/ January 2023 and an independent
the right to choose in paragraph assessment of the correctness of the revenue
determining the financial result. recognition in the source documents for the transaction,

Detailed information on revenue items is ÿ independent confirmation of receivables balances

presented in Part II "Explanations to the profit on a selected sample of contractors,
and loss account" in point 1 of the additional
- verification of discounts granted to contractors
information and explanations to the financial
statements for the period from January 1,
2022 to December 31, 2022. ÿ analysis of unusual transactions and revenue
adjustments made after the balance sheet date.

The substantive tests performed, in conjunction

with the assessment of the internal control
environment, provided sufficient male
appropriate audit evidence necessary to address
the described risks related to revenue recognition.

Another thing

The Company's annual financial statements for the year ended December 31, 2021 were audited by
a statutory auditor acting on behalf of another audit firm, who issued an unqualified opinion on these
statements on May 30, 2021.
2022 r.

Responsibility of the Management Board and Supervisory Board for financial report

The Management Board of the Company is responsible for preparing, on the basis of properly
maintained accounting records, financial statements that present a true and fair view of the assets
and financial situation and the financial result of the Company.
in accordance with the provisions of the Accounting Act, the adopted accounting principles (policy)
and the applicable legal regulations and the Company's articles of association, as well as for internal
control, which the Management Board deems necessary to enable
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.

When preparing the financial statements, the Company's Management Board is responsible for
assessing the Company's ability to continue as a going concern, disclosing, if applicable, matters
relating to going concern and adopting the going concern principle as the basis of accounting, except
when the Management Board either intends to liquidate the Company or discontinue its operations
or has no realistic alternative to liquidation or discontinuation of operations.

The Management Board and Supervisory Board members are required to ensure that the financial
statements meet the requirements of the Accounting Act. Supervisory Board members are responsible
for overseeing the Company's financial reporting process.

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Auditor's Responsibility for audit of financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement due to fraud or error and to issue an audit
report that includes our opinion. Reasonable assurance is a high level of assurance, but it
is not a guarantee that an audit conducted in accordance with the KSB will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or
in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.

The scope of the audit does not include assurance as to the future profitability of the Company or
the effectiveness or efficiency of conducting its affairs by the Management Board of the Company
now or in the future.

During an audit in accordance with the KSB, we exercise professional judgment and
maintain professional skepticism, and:

• we identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures that respond
to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of
internal control;

• obtain an understanding of internal control relevant to the audit in order 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;

• we assess the appropriateness of the accounting policies applied and the

reasonableness of the accounting estimates and related disclosures made by the
Company's Management Board;
• conclude on the appropriateness of the Company's management's use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company'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 financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report; however, future
events or conditions may cause the Company to cease to continue as a going
concern;

• we evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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We provide the Supervisory Board with information about, among other things, 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.

We declare to the Supervisory Board that we have complied with the relevant ethical
requirements regarding independence and that we will inform them of all relationships and other
matters that might reasonably be considered to constitute a threat to our independence and,
where applicable, of the safeguards applied.

Among the matters communicated to the Supervisory Board, we have identified those matters
that were most significant in the audit of the financial statements for the current reporting period
and therefore considered them to be key audit matters. We describe these matters in our
auditor's report unless law or regulation prohibits public disclosure or when, in exceptional
circumstances, we determine that the matter should not be communicated in our report because
the adverse consequences could reasonably be expected to outweigh the benefits of such
communication in the public interest.

Other information, including a report on activities

Other information includes a report on the Company's activities for the financial year ended 31
December 2022 (the "Report on the Activities") together with a statement on the application of
corporate governance (together "Other Information").

Responsibility of the Management Board i Advice Supervisory Board

The Company's Management Board is responsible for preparing other information in accordance
with legal provisions.

The Management Board of the Company and the Members of the Supervisory Board are obliged
to ensure that the Report on the Company's activities, together with the separate parts, meets
the requirements set out in the Accounting Act.

Auditor's responsibility

Our audit opinion on the financial statements does not cover Other information.
In connection with the audit of the financial statements, our responsibility is to read the Other
Information and, in doing so, consider whether the Other Information is materially inconsistent
with the financial statements or our knowledge obtained during the audit, or otherwise appears
to be materially misstated. If, based on the work performed, we identify material misstatements
in the Other Information, we are required to report this in our audit report. Our responsibility, in
accordance with the requirements of the Act on Statutory Auditors, is also to issue an opinion
on whether the report on the activities has been prepared in accordance with the regulations
and whether it is consistent with the information included in the financial statements. In addition,
we are required to report and issue an opinion on whether the Company has included the
required information in the corporate governance statement.

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The opinion the Report With activities

Based on the work performed during the audit, in our opinion, the Report on the Company's activities:

• has been prepared in accordance with Article 49 of the Accounting Act;

• is consistent with the information contained in the financial statements.

Moreover, in light of the knowledge about the Company and its environment obtained during our
audit, we declare that we have not identified any material misstatements in the Report on Activities.

The opinion oo statement application of corporate governance

In our opinion, in the corporate governance statement, the Company included information required in
accordance with the scope specified in the regulations referred to in Article 61 of the Act of 29 July 2005
on public offering and conditions for introducing financial instruments to an organised trading system and
on public companies (consolidated text: Journal of Laws of 2022, item 2554). We also state that the
information contained in the corporate governance statement is consistent with the applicable regulations
and the information included in the annual financial statements.

The key auditor responsible for the audit which resulted in this independent auditor’s report is Paweÿ
Mróz.

........................................................
Registration number 12600

acting on behalf of UHY ECA Audyt Spóÿka z ograniczonÿ odpowiedzialnoÿciÿ Sp. k.

with its registered office in Warsaw, entered on the list of auditing firms under number 3115
on whose behalf the key auditor audited the financial statements.

Wroclaw, 30/05/2023

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