Download here: Apetit annual report 2020

March 09, 2021

annual report

2020

Apetit's integrated annual and corporate responsibility report provides information about Apetit Group's operations and impact, events in 2020 and the progress of strategic targets and corporate responsibility work.

Contents

Apetit in 2020

Apetit in brief 3

Key ﬁgures 2020 4

Selected topics from 2020 5

CEO's review 6

Apetit's direction

Operating environment 9

Apetit answers to food trends 11

Strategy 12

How we create value 14

Our business 15

Apetit as an investment 18

Responsible actions

Corporate responsibility at Apetit 20 Environmental impacts of food production

and consumption 21

Environmental footprint of food 22

Cultivation and its development 23

Partner for farmers 26

Procurement principles 27

Climate impacts 29

Environment and biodiversity 31 Raw material efﬁciency and

material efﬁciency 32

Energy efﬁciency 33

Water consumption 34

Waste 35

Products 36

Quality 37

Packaging 38

Personnel 39

Well-being and safety at work 42

Social impacts and society 44

Business principles 45

Use of data 45

Responsible business

Corporate responsibility programme 47

Material themes 48

Managing corporate responsibility 49

Together with stakeholders 50

Management systems 52

Reporting principles 54

GRI Index 55

Financial review

Board of Directors' report 62

Consolidated ﬁnancial statements 77

Corporate governance

Corporate governance statement 132 Remuneration report 140

ApetIt In bRIeF

Apetit is a Finnish food industry company that focuses on plant-based food products and is ﬁrmly rooted in Finnish primary production.

Our main product groups are: frozen vegetable products and frozen ready meals, vegetable oils and rapeseed expeller. We also operate on the international grain markets.

Apetit builds its operations around domestic raw materials and sustainable practices. In our opinion, responsibility should run through the entire operational value chain, from the well-being of the environment to human well-being. This is reﬂected in our mission:

Good food for everyone. Locally.

KeY FIgures 2020

PERSONNEL

370

AT THE END OF 2020

USE OF FINNISH RAW MATERIALS

82%

IN FROZEN PRODUCTS

EBITDA

10.1

EUR million

CO2-EMISSIONS REDUCTION

37%

Net sales EUR 292.9 (296.9) million EBITDA EUR 10.1 (0.8) million EBITDA, 3.4% (0.3%) of net sales Operating profit EUR 3.9 (-4.8) million Operating profit, 1.3% (-1.6) of net sales Profit for the period EUR 3.1 (-5.4) million Investments EUR 7.8 (11.5) million Earnings per share 0.52 (-0.71) EUR

Equity ratio 66.5% (55.0%)

Gearing 21.7% (35.9%)

Personnel, FTE 343 (452) employees Proposed dividend 0.50 (0.45) EUR

seLeCted topICs FROm 2020

Apetit calculated the environmental footprint of its products

The future belongs to oilseed plants

Wind power adopted at Apetit's plants

Apetit products added to retail sale in Sweden

Apetit determined the environ- mental footprint of some of its selected products. The study calculated each product's carbon footprint, water footprint and eutrophication effect. The study was conducted in cooperation with the Natural Resources Institute Finland. Read more on page 21.

Avena Nordic Grain, responsible for Apetit Group's Oilseed Products and Grain Trade businesses, campaigns strongly to promote the cultivation of oilseed plants in Finland. Oilseed plants are an excellent option for crop rotation and soil improvement, among other things.

At the beginning of April 2020, Apetit started using electricity produced with wind power at all of its production facilities. As a result, the Group's plants used electricity produced solely from renewable sources for the remainder of the year. The Group's carbon footprint decreased by 37 per cent from the comparison year.

In 2020, Apetit introduced a wide range of products into retail sale in Sweden. The Apetit brand products were welcomed warmly in Sweden and their selection was expanded once during the year.

Finnish wok vegetables enter the frozen food marketNovel food authorisation to BlackGrain From Yellow FieldsStakeholder survey on the material themes of corporate responsibilityBioenergy plant for the Kantvik vegetable oil milling plant

Apetit became the ﬁrst company to bring Finnish wok vegetable mixes to shops' frozen food sections in October 2020. Both Kotimainen Wok Vegetables and Apetit Kotimainen Wok Kale-Vegetables are made of 100 per cent Finnish vegetables.

The rapeseed powder BlackGrain from Yellow Fields, the product of a long-term development process, was granted a novel food authorisation on December 2020. The development of the rapeseed powder continues and there are also new ingredients under development. The powder can be used as an ingredient in various types of snack products, breads and plant-based protein products, for example.

In autumn 2020, Apetit asked for its stake- holders' opinions on the material themes of the Group's corporate responsibility. The material themes of Apetit's corporate responsibility were updated on the basis of the survey results. Material themes are the foundation of development of the corpo- rate responsibility work.

The bioenergy plant being built for Apetit's Kantvik vegetable oil milling plant is near completion. Its deployment is targeted for summer 2021. Once running, the bioenergy plant will reduce the Group's CO2 emissions signiﬁ- cantly.

goOd FoOd For eVeRYone. LoCALlY.

During the year, Apetit proceeded systematically with its target of improving proﬁtability: annual proﬁtability improved by near- ly EUR 9 million. I am delighted to see that we are advancing at a good pace towards achieving the ﬁnancial objectives for the strategy period.

Apetit published its updated strategy in May 2020. The objective is to build Apetit into a successful Finnish company focusing on plant-based food products. In the strategy, we have deﬁned ﬁve strategic focus areas, the systematic imple- mentation of which enables us to reach our objectives. These areas are: Optimising core business functions, Strong foothold in Sweden, Growth from plant-based added value products, Developing farming partnerships and Sustainable actions.

Optimising core business functions

As the company's size has decreased and the business has fo- cused more strongly on our core business operations, we have paid particular attention to improving efﬁciency and simplifying the processes in all of our operations. In addition, we have both developed our own operating models and created new models through partnerships. In the grain trade, constituting the lion's share of the Group's net sales, we have focused on recovering our trading ability.

Strong foothold in Sweden

In food exports, we focus primarily on Sweden: the frozen foods market in Sweden is considerably larger than in Finland, holding clear and very important potential for us. Last year, we managed to introduce a total of 14 products into the product selection of Sweden's largest retail chain.

Towards the end of the year, we also took a signiﬁcant step by signing a cooperation agreement with a local partner regarding the selling of our products to the Food Service sector in Sweden. The cooperation started at the beginning of February 2021. In addition to Sweden, we have also advanced systematically in other selected markets. In 2020, the value of food exports was EUR 5.3 million.

Growth from plant-based added value products

Vegetables are rooted deeply in Apetit's DNA. Many of our frozen vegetable products have already become classics in their ﬁeld, but alongside them, we also aim to increase the range of our plant-based added value products.

We doubled the production capacity of plant-based and ﬁsh-based patties and balls in 2019. In addition to patties and balls, the production line also produces snack products: the hugely popular cauliﬂower and broccoli wings. The product family will be extended in the spring 2021 with the launch ofvegetable rings. In our product development pipeline, there are also other interesting added value products, for both exist- ing and new product groups. Alongside plant-based products, we want to focus more on local ﬁsh in the future.

Developing farming partnerships

Traditionally, Apetit has had strong bonds with ﬁeld vegetable growers in the Satakunta region. Throughout the history of our Säkylä plant, our contract growers have provided us with high-quality domestic vegetables

that have been grown using the responsible farming practices developed and maintained by Apetit. The development and in- troduction of sustainable cultivation methods requires constant work, which we are continuing in a goal-oriented manner.

In 2020, we deepened cooperation with the growers of domestic rapeseed: we updated the contract farming model and the associated beneﬁts, with the aim of motivating growers to cultivate oilseed plants and increasing their cultivation area in Finland. Domestic oilseed plants are an important, priority raw material for us.

Sustainable actions

Sustainable actions and their inclusion in the strategy is a bold statement by Apetit and, at the same time, a principle that guides all of our operations: at Apetit, responsibility means, ﬁrst and foremost, concrete everyday actions. In our operations, we focus especially on reducing our climate impacts by investing in renewable energy solutions and energy efﬁciency and by developing material efﬁciency in production.

An example of this is the adoption of wind power at all our production facilities in April 2020. We were among the ﬁrst com- panies to join the food industry's material efﬁciency commitment with the aim of improving material efﬁciency, especially when it comes to raw materials, water consumption and the amount of waste. Material efﬁciency is a good example of how sustainable actions have a direct impact on improving proﬁtability.

An exceptional year

Last year was in many ways exceptional. The COVID-19 pandemic has challenged us to re-think many of our practices and operating models, even those that we have consideredself-evident. Apetit's primary goals during the pandemic have been to ensure the health of employees, customers and other stakeholders while ensuring the undisrupted continuation of production, business operations and the food supply chain. As a whole, we succeeded in achieving these goals.

Despite the challenging operating environment, we have been able to maintain normal operations. In line with our internal objectives, we have even succeeded in improving our delivery reliability and optimising our production according to the needs of the supply chain.

The effects of the exceptional circumstances associated with the pandemic on Apetit's business operations varied considerably:

They affected the Food Solutions business most, occa- sionally leading to even dramatic changes in different sales channels. Food consumption shifted to people's homes to a signiﬁcant degree during the exceptional situation in the spring as restaurants were closed and other public services, such as schools and day-care centres, scaled back their operations.

In both food and vegetable oils, the sales of consumer products were exceptionally high for a time, with demand then levelling off towards the end of the year. In the Food Service segment, demand naturally declined to a signiﬁcant degree in the spring. Despite partial recovery, sales to the Food Service sector did not return to the normal level during the year.

In the Grain Trade business, the exceptional circumstances had only a minor impact, apart from increased market volatility.

In the big picture, the Finnish food supply chain has proved its resilience and functionality even under exceptional circumstances. This has led to a marked increase in the visibility and appreciation of domestic food production. This can also be seen in concretebuying decisions among consumers: four out of ﬁve consumers, or 80 per cent, now ﬁnd it important to eat domestic food.

Sustainable food choices

Concerns arising from the COVID-19 pandemic and climate change, among other things, have brought the discussion about responsible and sustainable consumption to centre stage. As consumers, we can all make a difference with our choices. The food industry and food production also play signiﬁcant roles in securing a sustainable future.

At Apetit, we want to offer food solutions made from sustainably grown and sourced raw materials - without forget- ting food's signiﬁcance for culinary experiences and shared moments. At the same time, we are developing our production to make it more environmentally friendly: all electricity used at the Group's production facilities is generated with wind power and we are also substantially increasing the use of renewable forms of energy in heating.

Sustainable food production is worth working for. With this work, we can ensure that tasty, high-quality Finnish raw materials and food made from them is available for everyone's enjoyment in the future, too. We will continue our determined work in line with our mission: Good food for everyone. Locally.

Thanks

Apetit has highly competent and motivated employees and expert partners. I would like to take this opportunity to thank our stakeholders: our shareholders, customers, contract growers, personnel and other partners.

Esa Mäki, CEO

apetIt's DIreCtIon

The strong foundation of Apetit's unique value chain is in Finnish primary production. Further strengthening of the value chain is at the core of Apetit's strategy.

OpeRatIng envIronment

Consumers want to increase their use of vegetables and plant-based products and, at the same time, the demand for vegetable-based proteins continues to grow strongly. Well-being, sustainability and domestic sourcing also continue to grow as trends. In addition, consumers appreciate ease of use in their daily lives.

As well as being healthy and tasting good, vegetables and plant-based products are a sustainable choice.

Apetit is the largest Finnish operator in Finland, its principal market area, and the leading developer of a unique plant-based "from ﬁeld to fork" value chain in its product groups. Apetit sells its products to retailers, the Food Service sector, food industry, animal feed industry and exports.

In Finland, grocery trade is highly concentrated. In the Food Service sector, sales are more evenly distributed and products are sold both directly to restaurant chains and through various public sector procurement clusters and Food Service wholesalers.

In the grain trade, Apetit operates under the Farmer's Avena Berner brand. The consolidation process of industry and trade closely linked to primary production has changed the playing ﬁeld in the grain trade in Finland in recent years. Apetit plays a particularly signiﬁcant role in exporting Finnish grain: in the international grain trade, Apetit has established its position in its selected market areas, and the company is recognised as a reliable operator among customers.

MArKet posItIOn

Frozen vegetables and frozen foodsVegetable oils

Raw materials for feeds

Grain trade

Market share and competetive position

Apetit is the market leader in Finnish frozen vegetables and frozen ready meals. In frozen products, the competitive situa- tion is expected to remain unchanged in Finland, with competition mainly coming from big international players and private label products.

In vegetable oils, Apetit is the market leader in the food industry and Food Service channels and a signiﬁcant player in the grocery trade. Com- petition from abroad has increased somewhat especially in industrial sales.

Apetit has a considerable share in the sales of oilseed-based raw materials for feeds in Finland.

Apetit is a signiﬁcant operator and the only Finnish player in the Finnish grain market. The market share in the domestic grain trade varies from year to year. International players have expanded their operations in Finland, which increases competition in the grain trade value chain.

In the international food trade, Apetit is still fairly unknown, but lately it has strengthened its position especially in the retail trade and Food Service sector in Sweden.

Competetive advantages

• Unique raw material sourcing model based on contract farming
- • Economies of scale in production and sourcing
  - • No salmonella
    - • The only Finnish player in the market
  - • Alternative as soy replacement
  - • Expertise and personal service
• Strong market position and highly regarded brand
- • Very high production efﬁciency and delivery reliability
• Expertise in product development and production
- • High-quality products for a broad customer base
• In-house cultivation development based on a sustainable food supply chain
- • Chemical-free and environmentally friendly process
• High degree of Finnish origin

• High degree of Finnish origin

apetIt ansWeRs to FoOd tRenDs

Appreciation for the origin of food can be seen in consump- tion habits in Finland and the preference of domestic products and local food is still a growing trend. Consumers are interested in responsibility in the procurement and production chain and the traceability of products. Appreciation of local production is also related to the climate impacts of food.

Apetit works in close cooperation with Finnish primary produc- ers. Each year, Apetit's contract growing produces approximately 34 million kilos of domestic vegetables and Apetit uses domestic rapeseed to as large an extent as possible in its vegetable oil production. Roughly 80 per cent of all of Apetit's raw materials for frozen foods are sourced from domestic suppliers.

The climate impacts of food are a signiﬁcant factor that inﬂuences people's consumption habits. This can be seen as a transition towards a vegetable- and ﬁsh-based diet, the reduction of wastage and interest in the products' origin and carbon footprint, for example. The promotion of responsible choices is also reﬂected in the growing importance of sustaina- ble packaging solutions.

Apetit is constantly developing new plant- and ﬁsh-based food solutions that make it easy for consumers to increase the share of vegetables and Finnish ﬁsh on their plates. Frozen food is also an excellent way to reduce household food waste. Apetit has determined the environmental footprint of some of its selected products to further decrease the environmentalimpacts of its products. Apetit promotes sustainable packaging solutions by, among other things, increasing recyclability and thinning plastic packaging.

Finnish ﬁsh has become increasingly popular among Finnish consumers. Its sales in different product groups have increased and even ﬁsh species that used to be considered less valuable, such roach, have become more valued as a domestic raw material.

Apetit has responded to the increasing popularity of Finnish ﬁsh with its lakeﬁsh product family. The lakeﬁsh products are made of roach caught as part of ﬁsh stock management. In the past, the worst-case scenario was that ﬁsh caught as part of ﬁsh stock management ended up in a landﬁll. According to its environmental footprint calculation, manufacture of Apetit Lakeﬁsh Fingers curbs eutrophication in waterways.

Nutrition and the ease of use also inﬂuence food consump- tion habits in Finland. Consumers look for food that makes their busy daily lives easier and supports their well-being.

Apetit's product selection includes a wide range of fast-to-use and convenient food solutions, supporting a balanced diet that promotes well-being: vegetable-based patties and balls and lakeﬁsh products are at the core of this trend. Effortless food solutions that support a sustainable diet are an essential part of Apetit's product development.

strAtegy

A key feature of the Apetit Plc's strategy for 2020-2022 is strengthening the existing unique value chain that has a strong foundation in Finnish primary production. The operations of the strategy season aim towards the objective of building Apetit into a successful Finnish company focusing on plant-based food products.

Five strategic focus areas of the Apetit Group

1. OPTIMISING CORE BUSINESS FUNCTIONS

4. DEVELOPING FARMING PARTNERSHIPS

We will improve process efﬁciency in all of our operations. We will scale our operations in relation to the company's existing size. We will improve resource efﬁciency through partnerships. We will develop our trading ability in the grain trade.

FOOD SOLUTIONS: We will expand contract farming in pea and possible new plants. We will improve the preconditions for farming by developing cultivation measures, soil health and plant protection measures, among other things. We will make use of new opportunities, such as carbon farming.

EBITDA WILL BE EUR 14 MILLION IN 2022

(continuing operations in 2019 EUR 2.5 million)

RETURN ON CAPITAL EMPLOYED

2. STRONG FOOTHOLD IN SWEDEN

We will strengthen the Swedish market as the primary focus area of food export. We will ensure and deepen our existing customer relationships and also build new customer relationships. We will develop and expand our market-speciﬁc product portfolio. We will build appropriate partnerships for other selected markets.

OILSEED PRODUCTS: We will deepen our contract farming model to ensure the availability of Finnish raw materials. GRAIN TRADE: We will become the farmer's primary partner by developing logistics solutions and utilising selected partnerships.

(ROCE %) > 8% (2019: -4,0%)

5. SUSTAINABLE ACTIONS

3. GROWTH FROM PLANT-BASED ADDED VALUE PRODUCTS We will increase the sales of our existing product portfolio and expand our customer base. We will expand to new product segments. We will strengthen our commercial position in Foodservice channels. We will create a model for the commer- cialisation of the rapeseed protein ingredient.

We will promote cultivation development and implement new sustainable cultivation methods. We will provide new diverse alternatives to increase plant-based and sustainable eating. We will make sustainability an even more intertwined part of all of our operations. We will decrease the Group's environmental and climate impacts in accordance with set objectives.

The realisation of set strategic objectives is based on regular harvest development and systematic execution of strategic measures. The company is open to corporate transactions that are in line with its strategy. The possible impacts of the ongoing COVID-19 pandemic on ﬁnancial objectives will be reassessed later, if necessary.

FINANCIAL OBJECTIVES

HOW We Create ValUe

Resources

Personnel: 370 skilled employees

Natural resources:

Food raw material from contract growing and other procurement, energy, water, packaging materials.

Manufacturing and services: Three production plants in Finland, experimental farm, grain warehouses in Finland and Estonia, grain trade buying and selling organizations in Finland and the Baltic countries.

Intangible capital:

Strong and well-known brands (Apetit, Avena, Neito), innovation and product development, company values and responsibility as part of the strategy. Finland's leading position in the frozen food and vegetable oil markets. Exporter of Finnish grain to the world. Strong expertise in all businesses.

Financial resources: Stable equity

EBITDA, EUR 10.1 million Return on investment 3.3%

Operating proﬁt, EUR 3.9 million Net sales, EUR 292,9 million

Social resources:

Strong commitment to cooperation with Finnish primary producers, close links with stakeholders, partners and customers.

Our operations

Apetit is a food industry company ﬁrmly rooted in Finnish primary production. Our operations are based on a unique value chain from ﬁeld to table.

MISSION:

Good food for everyone. Locally.

Three business segments:

• Food Solutions
• Oilseed Products
• Grain Trade

Five strategic focus areas:

• Optimising core business functions
• Strong foothold in Sweden
• Growth from plant-based added value products
• Developing farming partnerships
• Sustainable actions

Output

For consumers, Food Service sector and industry:

• Sustainable, high-quality plant-based food solutions and raw materials that make everyday life easier and create well-being.
• More options for sustainable and plant-based eating with product development.

Reliable partner:

For Finnish primary producer, food trade, the Food Service sector and food industry companies.

Total taxes payable: EUR 0.1 millionOwners:

Dividends EUR 2.8 million

For society:

• Cooperation and support for research institutes and projects.
• Partnerships and donations to local communities, support for Apetit-sponsored teams.

ESA MÄKI, DIRECTOR, FOOD SOLUTIONS In its Food Solutions business, Apetit has formed a strong relationship with its Finnish contract growers. In 2020, the ﬁelds of the contract growers again produced almost 34 million kilos of domestic, responsibly grown vegetables for Apetit's frozen foods plant. These vegetables are also used in the ﬁrst fully Finnish frozen wok vegetables, now to be found in shops' frozen food sections. Long-term cooperation is something that we want to foster in the future, too.

OUR BUSINESS

FoOd soLutIOns

We carried out a detailed environmental footprint study in 2020 for three of our products, mainly on the basis of direct information from our own value chain. This gives us a good overview of the climate and environmental impacts of our products. The results were positive: for example, the production of Apetit Lakeﬁsh Fingers curbs eutrophication in lakes. On the basis of the results, we can also continue our sustainable actions for the further development of sustainable food solutions.

In 2020, we took many actions related to corporate responsibility. Our plants started using electricity produced with wind power, we launched a material review to reduce wastage and water consumption and we determined the carbon footprint of the entire Group's operations in more detail. Research-based information about how the climate impacts of our operations and products appear in different stages of the value chain helps us reduce our impacts on the environment and climate in the future.

60.1 8.4

5.0

EUR MILLIONEUR MILLION

NET SALES

OPERATING PROFIT

Apetit's Food Solutions business is responsible for the production of Apetit's frozen vegetables, frozen foods and frozen pizzas. Frozen vegetables and frozen foods are produced in Säkylä and frozen pizzas in Pudasjärvi. In addition to products under its own Apetit brand, Apetit manufactures products for private labels. The main market for frozen vegetables and frozen foods is Finland but products are also exported to Sweden and Italy, for example. The customer base consists of customers in retail trade, the Food Service sector and the food industry.

EUR MILLION

PERSONNEL

235

EMPLOYEES

EBITDA

The future belongs to oilseed plants! This was the theme of our campaign in 2020, aimed at increasing the cultivation area of domestic oilseed plants. Oilseed plants are an excellent option for crop rotation, improve natural soil fertility and, when planted in the autumn, provide vegetation cover for the winter, which helps in the carbon sequestration of the ﬁeld. Oilseed plants can also increase Finland's self-sufﬁciency in proteins. We also promote the cultivation of oilseed plants in the RypsiRapsi 2025 project.

OUR BUSINESS

oILseeD pROdUCts

TERO HEIKKINEN, DIRECTOR, OILSEED PRODUCTS

The rapeseed powder BlackGrain from Yellow Fields, the product of a long-term development process, was granted a novel food authorisation by the EFSA. This means that the de- velopment of the rapeseed powder can now continue towards making it an ingredient that creates added value in different products. The rapeseed powder has excellent nutritional values: it contains ﬁbre, protein and good fats. Furthermore, by nature, it has a sufﬁcient amount of essential amino acids. It can be used in a wide variety of different food products.

During 2021, the bioenergy plant built in conjunction with the Kantvik vegetable oil milling plant will start running. In future we can mill vegetable oils in a nearly fossil-free manner, mainly with renewable energy solutions. We are also currently taking steps towards production without any side streams.

65.8 3.0

2.0

EUR MILLIONEUR MILLION

NET SALES

OPERATING PROFIT

Avena is responsible for Apetit's Oilseed Products business and is Finland's most signiﬁcant producer of vegetable oils and rapeseed expeller. Its oilseed products are produced in its vegetable oil milling plant in Kirkkonummi. The main markets for oilseed products are Finland and the other Nordic countries. Avena's best-known consumer products are Apetit and Neito rapeseed oils. Other Oilseed Products customers include the Food Service sector, the food industry and the animal feed industry, which uses rapeseed expeller.

EUR MILLION

PERSONNEL

EMPLOYEES

EBITDA

TERO HEIKKINEN, DIRECTOR, GRAIN TRADE We have carried on the development of Avena's farmer services, with the aim of to be the best partner for a Finnish farmer. Our actions in 2020 included, among other things, opening a new reception site for oat and oilseed plants in Kuopio and increasing the opportunities of using different pricing alternatives: thus, we offer the farmer more ﬂexibility in planning trading and his own activities. For example, Farmer's Avena Berner now offers growers the opportunity to acquire production inputs by paying with their grain and oilseed plant crops.

OUR BUSINESS

GRaIn tRade

According to the Natural Resources Institute Finland, the domestic grain harvest in 2020 was the third smallest in the 2000s. The barley, wheat and rye harvests were one ﬁfth smaller than on average. Drought in the early growing season, the abundant growth of second shoots and, ﬁnally, the delayed threshing decreased the harvest levels. The relatively small grain harvest in Finland decreased export deliveries from the previous year.

194.3 1.0

0.1

EUR MILLIONEUR MILLION

NET SALES

OPERATING PROFIT

Avena is responsible for Apetit's Grain Trade business. The company operates actively in the market for grains, oilseeds and raw materials for feeds, both in Finland and abroad. Besides Finland, Avena also operates in the Baltic countries. Avena is a signiﬁcant export-er of Finnish grains and a reliable partner for farmers, the food industry and the animal feed industry. Avena has a strategic partnership with Farmer's Berner; the co-operation is carried out under the name of the Farmer's Avena Berner.

EUR MILLION EUROA

PERSONNEL

EMPLOYEES

EBITDA

ApetIt as an InvestMent

1	The overall demand for plant-based eating is growing globally. The
megatrends of well-being, health and sustainability are permanent
reasons for people to put more plant-based products on their plate.
2	Strong brand: Apetit is the category leader in domestic frozen vegetable
products and frozen foods as well as vegetable oils in Finland. Apetit's
strategy is focused on businesses in which the competitive advantage is
based on Apetit's core strengths and the management of the value chain.
3	The unique value chain and developing partnerships with farmers
ensure high-quality and sustainably produced raw materials and their
availability for Apetit products.
4	Apetit is a stable investment that is resilient to economic
cycles and has an active dividend policy. Apetit's high equity
ratio and low debt further improve the stability of business
and enable investments in its growth and development.

RespOnsIble aCtIOns

At Apetit, responsibility runs through the entire value chain, from ﬁeld to fork. For us, a responsible food supply chain means sustainable practices throughout our operations and safe, high-quality products made from ingredients that are grown sustainably.

CorpORate respOnsIbILIty at ApetIt

Apetit's corporate responsibility consists of concrete actions taken at different stages of the company's value chain to ensure responsible and sustainable food production. Indeed, sustaina- ble actions is one of the strategic choices in Apetit's strategy.

Apetit's key areas of corporate responsibility are the develop- ment of growing methods, the climate and environmental impact of operations, material and raw material efﬁciency, sustainable packaging solutions, the responsible production of plant-based products, the minimisation of food waste, and occupational safety. The implementation of Apetit's ethical principles and equality both in its own and in its stakeholders' operations is also a key area.

This report describes Apetit's corporate responsibility actions and measures in 2020 and the social and environmental impacts of Apetit's operations at different stages of the value chain. Apetit Group's most signiﬁcant indirect environmental impacts arise from the cultivation of plant-based raw materials. In its own operations, the largest impacts are caused by energy consumption.

With its operations, Apetit wants to develop mainly plant-based food solutions that make daily life easier and promote human well-being as well as the well-being of the environment.

The most material SDG goals for Apetit and its stakeholders, which are supported by Apetit's operations:

We prefer domestic alternatives

82%

of the raw materials we used in frozen products 2020 were Finnish

-37%

Change of our carbon footprint in 2020 compared to 2019 (Scope 1&2)

The bioenergy plant of the Kantvik vegetable oil milling plant will start running by 2021. In the future, 95 per cent of the energy used by the Kantvik plant will be produced from renewable sources.

In April 2020, Apetit started using electrici-ty produced with wind power at all of its produc-tion facilities.

The material review car-ried out at the Säkylä plant is part of Apetit's material eﬃciency commitment. Apetit wants to further decrease side streams at its production facilities.

New product innovations: A novel food authorisati-on was granted to Black-Grain From Yellow Fields. The new kind of use of rapeseed powder in food is an action that promotes sustainable food solutions.

envIronmentAL ImpACts OF FoOd pROdUCtIOn anD ConsUmptIon

Primary production and the food industry carry out continuous development work to reduce the environmental and climate impacts of food production. However, food production and its resource usage inﬂuence climate and biodiversity, for example. Food production and food consumption cause approximately one ﬁfth of the carbon footprint, or climate impacts, of all consumption.

Farming inﬂuences the surrounding nature and its biodiver- sity. The environmental impacts of farming arise from nutrient runoff and the production of farming inputs, such as pesticides and fertilizers, for example. Cultivation methods that improve natural soil fertility may reduce environmental impacts. The primary production of raw materials generally accounts for approximately 50 per cent of the carbon footprint of food.

The environmental impacts of production are especially caused by the generation of the heat and electricity used at production facilities. In general, food manufacturing and energy production account for roughly 40 per cent of the carbon footprint of food, while the share of logistics and packaging materials is approximately 10 per cent.

In its operations, Apetit concentrates on plant-based food solutions and cooperates with both contract growers and re- searchers to reduce the environmental impacts of farming. Apetit's plants have reduced their environmental impacts by starting to use electricity produced with wind power, for example.

ETL published its low-carbon roadmap

The low-carbon roadmap for the food industry was published on September 2020. Despite the moderate level of its own direct emissions, the industry is seeking a clear emission reduction in its roadmap. The Finnish Food and Drink Indus- tries' Federation (ETL) pursues carbon neutrality and, at the level of the entire industry, the aim is a 75 per cent decrease in greenhouse gas emissions by 2035. The emissions decrease is calculated in proportion to the industry's net sales.

The low-carbon roadmap was published as a contribution to the path towards carbon-neutral Finland by 2035, a goal set in the Government Programme. In addition to the actions of the food industry, other key factors include the actions with which society and stakeholders can support the industry in its journey towards more sustainable climate solutions.

Apetit determined the environmental footprint of three products - this is how the environmental impacts of food arise

Apetit determined the environmental footprint of some of its selected products. The study analysed the carbon footprint, eutrophication effect and water footprint of Apetit Lakeﬁsh Fingers, Apetit Peas and Apetit Potato&Soup Vegetables.

Apetit commissioned the study from the Natural Resources Institute Finland.

The study results provide a clear picture of how the climate impacts of Apetit's frozen products come about. For example, the climate impacts of root vegetable cultivation are small, which increases the role played by the heat and electricity that is used for washing, peeling and chopping root vegetables at Apetit's pro- duction facilities. On the other hand, peas require more nutrients, which increases the share of farming inputs in climate impacts.

Consequently, the essential aspects in Apetit's work to reduce the environmental impacts of the studied frozen vegetable prod- ucts are the development of cultivation methods, energy efﬁciency in production and the utilisation of renewable energy sources.

In Apetit Lakeﬁsh Fingers, the single largest climate impact arises from non-ﬁsh raw materials. As a result, the key factors for Apetit in the reduction the carbon footprint of Lakeﬁsh Fingers are good material efﬁciency and the energy efﬁciency of Apetit's own production facilities as the energy consumed by production accounts for approximately one third of the product's carbon footprint.

envIronmentAL FoOtpRInt OF apetIt pROdUCts

Primary production

Processing

15 %

Potatoes& vegetables for soup

Peas

52 %

12 %

Peas

Lakeﬁsh ﬁngers

• Inputs and cultivation measures: seeds, pesticides, fertilizers
• Fuel consumption related to cultivation measures and harvesting

• Fishing (fuel used by the ﬁsherman, possible refrigeration equipment)
• Production off ﬁsh paste

Potatoes& vegetables for soup

Peas

Lakeﬁsh ﬁngersLakeﬁsh ﬁngers, other raw materials

• Washing, peeling, chopping and sprouting vegetables
• Freezing
• Sewage and waste disposal

• Adding other raw materials, from paste to ﬁsh ﬁngers

• Cooking
• Freezing

Packaging & logistics

11 %

16 %

8 %

Potatoes& vegetables for soup

Lakeﬁsh ﬁngers

• Used packaging materials
• Transportation and storage

• Used packaging materials
• Transportation and storage

CARBON FOOTPRINT:

Potatoes&vegetables for soup: 0,89 kg CO2-eq

Peas: 0,75 kg CO2-eq

Lakeﬁsh ﬁngers: 2,0 kg CO2-eq

Cultivation and its development

Apetit is ﬁrmly rooted in Finnish primary production. Apetit's approximately 140 contract growers cultivate some 34 million kilos of domestic vegetables for Apetit's Säkylä frozen foods plant. The Kantvik vegetable oil milling plant uses as much domestic raw materials as possible. The goal is to use 100 per cent Finnish rapeseed raw material.

Apetit is Finland's largest procurer of contract-grown ﬁeld vegetables. The majority of vegetables used as Apetit's Säkylä frozen foods plant come from Finnish contract growers within an approximately 100-km radius of the Säkylä plant. The contract growers comply with the responsible farming practices that are continuously developed by Apetit. They cover general farming principles, plant-speciﬁc cultivation instructions as well as management of quality, product safety and environmental issues. The responsible farming practices are developed at Apetit's Räpi experimental farm.

For example, as part of Apetit's responsible farming practices, use of fertilisers is based on soil studies, preceding rotation crops and the crop being cultivated to ensure that fertiliser use is restricted to the amount required by the crops. The contract growers record cultivation measures in a culti- vation register. This information can be used for traceability, the development of cultivation methods and the veriﬁcation of environmental impacts, for example. The sustainable development of cultivation methods and the improvement of natural soil fertility play a key role in the reduction of Apetit's environmental impacts.

OF VEGETABLESOF OILSEEDS

85% 29%

FROM FINLAND FROM FINLAND

Avena, responsible for the Group's Oilseed Products busi- ness, campaigns strongly to promote the cultivation of oilseed plants in Finland. The beneﬁts of oilseed plant cultivation include, among other things, an increasing versatility of crop rotation, oilseed plants' role as good preceding rotation crops and the extension of the vegetation cover period with winter rapeseed. Avena has also developed a contract farming model for oilseed plants to increase direct procurement.

In 2020, the ﬁeld vegetable harvest was largely normal. Rains in early summer and, on the other hand, the hot weather in June posed challenges especially for spinach and pea.

The domestic oilseed plant harvest was smaller than in the previous year as the cultivation area decreased. The spring rapeseed harvest was also decreased by drought in the early growing season, heavy rape pollen beetle infestation, the abun- dant growth of second shoots and the delayed threshing. On the other hand, the winter rapeseed harvest level was excellent.

GOALS OF THE RESPONSIBILITY PROGRAMME

Commitment to the climate-responsible development of cultivation methods:

A study has been carried out on the environmental impacts of some selected products in cooperation with the Natural Resources Institute Finland, a research project focusing on the natural improvement of soil fertility has been started at the Räpi experimental farm in cooperation with Pyhäjärvi Institute and the deployment of carrot netting has been expanded on contract growers' ﬁelds.

Farmer's Avena Berner takes part in the RypsiRapsi2025 project, which aims at ﬁnding and implementing the best cultivation practices and increasing the oilseed plant harvest levels.

Certiﬁcation of contract growers: FSA (Farm Sustainability Assessment) certiﬁcation:

All Apetit's contract pea growers have reached the Silver level.

Development of organic cultivation methods with the aim of increasing the amount of organic farming on an industrial scale:

The organic training programme together with Pyhäjärvi Institute continues and the research to improve natural soil fertility started at the Räpi experimental farm.

CASERÄPI EXPERIMENTAL FARM CONDUCTS RESEARCH TO IMPROVE NATURAL SOIL FERTILITY

Apetit's Räpi experimental farm in Köyliö, Säkylä, conducts long-term R&D activities to develop ﬁeld vegetable cultivation in Finland.

Currently, the experimental farm is involved in research cooperation, which investigates means for improving natural soil fertility.

Research is conducted together with Baltic Sea Action Group's (BSAG) Carbon Action project and Pyhäjärvi Institute's BioEväät project.

The improvement of natural soil fertility promotes soil health and makes sustainable cultivation methods possible. It is hoped that information yielded by studies will help ﬁnd practical means not only to improve soil fer-tility but also to mitigate nutrient runoffs into waterways and to promote carbon farming.

Pure Finnish food

ApetitContract growers

Demand for raw material in harvest season

Inquiry to growers of willingness to grow

AGREEMENT TO GROW

Cultivated plants and quantities, ﬁeld sections to match right varieties

RESPONSIBLE FARMING

CONTRACT GROWING

• 1040 contract growers

M• Mosotsotfoafraerleolcoactaetdedwiwthitihnina raardaiduisuosf 10o0f 1k0m0fkrommfrSoämkySläkylä

G• Grorowwininggccoonnttrraactts for one yearrppeerrioiodd

VIRE - CONTRACT GROWER DATA SYSTEM TO FURTHER DEVELOP CULTIVATIONHISTORICAL CULTIVATION DATA TO FURTHER DEVELOP CULTIVATION

• Soil information
• Previously cultivated varieties
• Previous cultivation measures
• Previous years' results

APETIT´S AGRICULTURAL RESEARCH AT RÄPI EXPERIMENTAL FARM

• Methods that support sustainable cultivation ecosystems
• Varieties suitable for outdoor growing in Finland
• Cooperation with growers, educational institutions and research institutes

APETIT'S CULTIVATION EXPERTS

Continuous communication and advisory

Plant-speciﬁc cultivation instructions and

measures are implemented speciﬁc to each ﬁeld

section in organic farming and traditional farming

PRINCIPLES

Quality, environment, cleanliness, safety

DOCUMENTATION OF SECTION-SPECIFIC DATA

• Preceding crops and crop rotation
• Fertility data
• Grown varieties

• Soil improvement
• Fertilisation
• Cultivation measures

ProductionPackagingCustomerFINNISH FOOD

RECEPTION OF HARVEST

• Inspection of documented cultivation procedures
• Each batch is issued with its own speciﬁc code
• Traceability of vegetables to the speciﬁc ﬁeld section

PURETO NEW GROWING SEASON

Partner for farmers

Apetit is committed to promoting Finnish primary production because of its safety, purity and high quality. Each year, over 80 per cent of Apetit's frozen vegetables come from Finnish contract growers. There has already been close cooperation with nearby farmers for decades. Apetit also cooperates with other parties in various research and other projects related to cultivation methods at its Räpi experimental farm.

Avena, responsible for Apetit Group's Oilseed Products and Grain Trade businesses, is Finland's largest producer of vegetable oils and a partner of Finnish farmers in all matters related to the grain and oilseed trade. Avena uses domestic rapeseed to as large an extent as possible at its vegetable oil milling plant and is systematically seeking to increase vegetable oil production in Finland in cooperation with growers and operators over the long term. For example, it has updated the contract farming model to promote oilseed plant cultivation.

Farmer's Avena Berner is farmers' knowledgeable partner in grain and oilseed trade and in the use and procurement of agricultural production inputs. Avena is a signiﬁcant exporter of Finnish grains. In 2020, Avena started the reception of oat and oilseed plants in Kuopio and launched a new grower ﬁnancing model, in which production inputs can be paid with future grain and oilseed plant crops.

Finnish food production provides employment to roughly 340,000

Agriculture and the food industry provide employment to roughly 340,000 people in Finland, or more than 10 per cent of the employed. Approximately 10 per cent of taxes paid in Finland come from this sector. Agriculture creates EUR 1.2 billion in value added. The entire food sector generates more than EUR 15 billion per year in value added for the national economy. *

*Source: hyvaasuomesta.ﬁ

Purchases from Finnishgrowers, MEUR

Harvest season vegetables Oilseeds

Grain trade Total

2020 4.8 6.9

50.3 62.0

2019 5.3 8.7

41.4 55.4

2018 4.9 9.8

47.9 62.6

Procurement principles

Apetit invests strongly in cooperation with Finnish primary production and sources almost 80 per cent of all of the food raw materials used in its frozen vegetables and frozen ready meals directly from its contract growers. In addition, Apetit uses raw materials sourced as direct procurement from Finland and abroad.

Both Finnish and foreign direct suppliers are required to comply with Apetit Group's ethical supplier requirements. In addition, suppliers must meet strict raw material quality requirements. Suppliers of packaging materials are responsible for the compliance of packaging. Purchases are mainly made in Europe, risk countries are assessed on a case-by-case basis. Suppliers and materials to be procured are approved together with the quality department, as a result of a rigorous approval process. Apetit prefers long-term partnerships with its suppliers, but also systematically strives to conduct tenders.

Foreign rapeseed that is purchased for the Kantvik vege- table oil milling plant mainly comes from the Baltic countries through Avena's own procurement organisation and is subject to the same quality criteria as domestic rapeseed.

Apetit conducts a supplier evaluation on its foreign suppliers. The supplier requirements cover both the suppliers' own operations and their value chain. Apetit Group requires that its suppliers commit to the principles of ethical, social and environmental responsibility documented in the Group's supplier requirements. Apetit Group's ethical supplier require- ments are based on the guidelines of the UN's Global Compact initiative.

Purchases of food raw materials

Supplier audits, pcs

19	19

2018

2019 2020

from Finnish suppliers, % 2020

Frozen productsOilseed products

2019

2018

Safe raw materials: in accordance with the procurement policy from Finland and the neighbouring regions:

82 per cent of the food raw materials purchased for frozen products by Apetit were Finnish origin. For oilseed products 29 per cent of the raw materials were Finnish.

Fish raw materials:

Fish raw materials that we purchase are, whenever possible, MSC/ASC certiﬁed and purchases are made taking into account the guidelines of the WWF's Seafood Guide: Apetit Ruoka Oy was certiﬁed with MSC certiﬁcation to its own patty and ball productions. ASC certiﬁcation is not yet achieved.

In the case of other animal-origin products we aim to favour those that have been produced in Finland and in an ethical way.

We use only barn eggs:

Apetit uses only barn eggs in its products. In meat and milk products a statement of responsible origin is always required.

GOALS OF THE RESPONSIBILITY PROGRAMME

CASEBROCCOLI FROM ECUADOR

Apetit sourced the majority of its raw materials from Finland and other European countries. An exception to this rule is broccoli: Apetit imports it from Ecuador due to the fact that the country's climate and growing conditions are excellent for growing broccoli. In 2020, Apetit's quality and procurement organisation audited the company's Ecuadorian broccoli supplier.

In the audit, the conditions of local farmers and employees, environmental management and the production plant's quality require-ments were reviewed on site according to the basic SMETA audit requirements.

Through close, long-term cooperation with the supplier, Apetit seeks to help its partners develop their operations especially when it comes to human rights and environmental issues. Quality and responsibility are decisive factors in Apetit's procurement from abroad. Auditing ensures that the supplier meets both quality and responsibility requirements.

Climate impacts

Apetit Group's most signiﬁcant climate impacts, which are related to its own activities, arise from the production of the energy it uses. Energy is used especially in production, product processing and freezing. The most signiﬁcant indirect impacts arise from cultivation. The most essential ways in which Apetit can inﬂuence the Group's carbon footprint are the use of renewable energy solutions and the improvement of energy efﬁciency.

Apetit's direct emissions, or so-called stack discharges, account for less than 5 per cent of total emissions. Of the Group's own direct emissions and indirect emissions from the generation of purchased energy (Scope 1&2 emissions) 96 per cent comes from indirect emissions from the generation of purchased energy that Apetit uses. The most signiﬁcant climate impacts arise from the production of the steam and electricity used at the plants. The Group's direct emissions consists of the use of fuel oil, for example.

Apetit has researched how the environmental impacts of some of its individual products are formed. For example, 15 per cent of the carbon footprint of Apetit Potato&Soup Vegetables come from cultivation and 60 per cent from Apetit's production. Freezing and especially the peeling, chopping and blanching of vegetables consume energy and inﬂuence the product's carbon footprint. However, factors in favour of freezing include the long shelf life and the reduction of food waste.

In April 2020, Apetit Group started using electricity produced with wind power at all of its production facilities. Among other things, the transition to using electricity produced from renewable

GOALS OF THE RESPONSIBILITY PROGRAMME

50% reduction of

CO2 emissions intensity by 2022:

The emissions intensity for 2020 has decreased by 34 per cent from the comparison year. This decrease is especially attributa-ble to the transition to renewable forms of energy.

sources decreased Apetit Group's carbon footprint calculated on the basis of energy use by 37 per cent.

The Kantvik bioenergy plant becoming operational in 2021 makes the Kantvik vegetable oil milling plant almost entirely pow- ered by renewable sources. The bioenergy plant uses woodchips, among other materials, to produce steam for the needs of the vegetable oil milling plant.

Indirect impacts arise from cultivation and raw material purchases

Apetit's indirect climate impacts arise mainly from cultivation and the production of raw materials purchased. Of the food raw materials that Apetit purchases, over 95 per cent are vegeta- bles, food items that generally have minor climate impacts.

WE REDUCED OUR CO 2 EMISSIONS BY

37%

Intensity of direct and indirect CO₂ emissions

(scope 1 and 2)

CASE

During the reporting year, the carbon footprint of Apetit Group's own operations (Scopes 1&2) decreased by 37 per cent from the comparison year. This decrease was especially attributable to the adoption of electricity produced with wind power. All of Apetit Group's production facilities have used wind power since April 2020.

MORE RENEWABLE ENERGY SOLUTIONS INTRODUCED

More renewable energy solutions will be introduced when the bioenergy plant to be built at the Kantvik vegetable oil milling plant is completed. The bioenergy plant will reduce Apetit Group's carbon footprint signiﬁcantly by replacing fossil energy solutions. The bioenergy plant will produce energy from woodchips, among other sources.

Apetit participates in the Energy Efﬁciency Agreement system of Finnish industries and has committed to implementing the Food and Drink Industry Action Plan. In the Action Plan, the goal for improving the efﬁciency of energy use is to reduce energy use by 7.5 per cent in 2017-2025.

Intensity of direct and indirect CO₂ emissions

Tonne CO₂-eqv/per produced tonne

(scope 1 and 2)

Direct and indirect CO₂ emissions, tonne CO₂-eqv.

Scope 1&2

Scope 1

Scope 2

Environment and biodiversity

The impacts of Apetit's operations on environment and biodiversity arise mainly indirectly from the primary production of food and the production of other materials and the utilization of the natural resources used for them.

The environmental impacts of agriculture arise in different ways. In addition to the impacts on land use, for example the use of fertilizers and pesticides can also have an impact to other species and organisms in the soil. Cultivation also affects local waterways through nutrient runoff. The impacts of Apetit's Räpi experimental farm on biodiversity are equivalent to those of normal cultivation activity. The aim of the Räpi experimental farm's R&D activities is to develop natural cultivation methods that also support the preservation of biodiversity on Finnish ﬁelds where ﬁeld vegetables are grown.

In Apetit Group, environmental management is based on environmental legislation, current environmental permits and for environmental systems that are used on production sites.

Some of Apetit's production operations require an environmen- tal permit.

The main environmental risks at Apetit's production plants are related to possible wastewater and vegetable oil leaks into the environment and to refrigerant leaks from freazing machinery. No environmental accidents occurred in Apetit's production operations in 2020.

Raw material eﬃciency and material eﬃciency

Apetit Group's three production facilities generate varying amounts of side streams. The Kantvik vegetable oil milling plant uses 99.9 per cent of seeds for vegetable oil. Wastage at the Pudasjärvi frozen pizza plant is also relatively small: 1 per cent of the Group's biowaste is generated at Pudasjärvi.

The majority, or 96 per cent, of Apetit's biowaste streams are generated at the Säkylä frozen foods plant.

Most of the Säkylä plant's biowaste comes from production focusing on harvest time. However, much of this biowaste is not wastage created in production but soil and stones that come with vegetables from ﬁelds to the plant and are reported as part of biowaste. Root vegetable peeling waste also increases the amount of biowaste. Apetit reduces the amount of peeling waste by investing in new steam peelers

In 2020, a material review was implemented at the Säkylä frozen foods plant, on the basis of which Apetit is trying to reduce the amount of side streams that would be suitable for food use, for example.

Cutting down food waste and promotion of the circular economy by using side streams in production:

Apetit implemented a material review at the Säkylä frozen foods plant, analysing the plant's side streams and water consumption.

The Säkylä plant's biowaste side streams were directed to the bioenergy plant and for use as animal feed.

GOALS OF THE RESPONSIBILITY PROGRAMME

CASE

APETIT SIGNED A MATERIAL EFFICIENCY COMMITMENT AND CONDUCTED A MATERIAL REVIEW

In early 2020, Apetit joined the food industry's material efﬁciency commitment with goals such as improving the efﬁciency of the use of raw materials, reducing the volumes of mixed waste and cutting back on water consumption.

To improve its material efﬁciency, Apetit conducted a material review at its Säkylä plant. The review systematically analysed the material ﬂows of the production plant with the aim of ﬁnding concrete improvement meas-ures that lead to the reduction of wastage, better utilisation of side streams, and cost savings. The development actions determined on the basis of the review will begin in 2021.

Energy eﬃciency

Energy use is the main factor inﬂuencing Apetit Group's direct emissions and indirect emissions from the generation of purchased energy. Apetit Group participates in the Energy Efﬁciency Agreement system of Finnish industries and has committed to implementing the Food and Drink Industry Action Plan by reducing its energy consumption by 7.5 per cent in 2017-2025.

At its production facilities, Apetit uses electricity, steam and district heat and at the vegetable oil milling plant also light fuel oil. The Group's most energy-intensive process can be found at the vegetable oil milling plant, where seeds are heated and milled into rapeseed oil.

Cooling, freezing and frozen storage at the Säkylä and Pudasjärvi plants are also processes that require a lot of energy. Especially the Säkylä frozen foods plant has improved the monitoring of energy consumption in different processes to develop energy efﬁciency. The Group's electricity consumption has increased due to new patty and ball production line at the Säkylä plant.

Logistics play a key role in all of the Group's business operations but Apetit has little own transportation ﬂeet or work machinery. Apetit Group's business operations can inﬂuence logistics solutions especially by ensuring that loads are large and ﬁlled to the capacity. The amount of fuels used in logistics and, as a result, environmental impacts are mitigated by optimising shipping.

Energy intensity, MWh / produced tonne Frozen foods and vegetables

Frozen pizzasOilseed productsApetit combined

Energy consumption, MWh

Electricity

Steam

District heating Light fuel oil

Energy consumption combined,

MWh

Energy consumption combined,

Renewable and non-renewable sources, per cent

Renewable sourcesNon-renewable sources

2020 1.1

2019 1.0

2018 0.9

GOALS OF THE RESPONSIBILITY PROGRAMME

7.5% energy consumption reduction by 2025

1.5

1.4

0.3

0.5

0.3

0.4

0.3

0.4

Compared to 2019 consumption increased by 7 per cent and decreased by 5 per cent when compared to the Energy Efﬁciency Agreement comparison year 2016.

2020 31,467 30,458 8,048 1,123

2019 27,783 30,650 7,027 1,287

2018 26,975 31,670 6,530 1,225

71,096

255.9

34%

66%

66,747

240.3

10% 11%

90% 89%

66,400

239.0

Water consumption

In its operations, Apetit Group's production facilities use household water, lake water and sea water. The highest water consumption occurs at the Säkylä frozen foods plant, where water is used in washing vegetables, for example. Household water is used at all production facilities. The Säkylä frozen foods plant uses lake water and household water to wash harvest season vegetables and to cool the equipment. The Säkylä plant's water consumption accounts for over 90 per cent of the entire Group's water consumption, when the sea water utilized in closed system at Kantvik plant is not included.

The material review conducted at the Säkylä frozen foods plant also paid attention to the use of water, with the aim of making it more efﬁcient. For example, the monitoring of water used for washing harvest season vegetables has been devel- oped during the reporting period.

The Kantvik vegetable oil milling plant and the Pudasjärvi frozen pizza plant use only a little water. The Kantvik plant uses sea water in a closed system to cool the equipment. This sea water has not been reported as used water.

As all Apetit Group's production facilities are in Finland, no water is taken from areas where water is scarce. Apetit has determined the eutrophication effects and water footprints of some of its selected products to reduce its environmental impacts.

Apetit Group's operations do not generate wastewater that would be directly hazardous to the environment. Water that is used at the Säkylä plant to wash harvest season vegetables andthus contains nutrients goes through Apetit's own wastewater treatment plant, the operations of which are subject to authorisation. If water was released to the environment without treatment, it would increase eutrophication.

Emissions to water, Säkylä mg/l

Cleaned waste water m³ Nitrogen Ammonium-nitrogen Solids

Water withdrawal, m3 Sea water

Lake water Household water Water discharges, m3

Municipal sewerage network

Sea

Wastewater treatment plant Used water, m3

2020

2019

2018

864,579 679,385 850,397

14.5 2.5

12.1 0.1

6.7 0.1

14.3

18.7

2020

2019

2018

654,616 606,709 516,087

245,988 246,805 193,492

112,494 112,141

91,620

41,239

45,154

42,279

654,616 606,709 516,087

294,021 308,737 215,952

GOALS OF THE RESPONSIBILITY PROGRAMME

Boosting the eﬃciency of water consumption

by recycling and processing:

Water withdrawal increased by 3 per cent compared to last year. Improving water efﬁciency is part of the development of material efﬁciency and material review.

Apetit´s wastewater treatment plant, quality of puriﬁed water, ton

30.0

30 25 20 15 10 5 0

The permit terms

23,222

26,339

47,054

Biological consumption of oxygenPhosphorus

The permit terms

Waste

A total of 99 per cent of Apetit Group's waste streams are non-hazardous waste that is either recovered or used in energy production or as animal feed. Approximately 65 per cent of the entire Group's waste is biowaste from the Säkylä frozen foods plant, consisting mainly of soil that comes to the plant with harvest season vegetables as well as vegetable peeling waste. Apetit seeks to reduce the amount of biowaste with the steam peeler investment. The Säkylä plant's biowaste was entirely used as bioenergy raw material and animal feed.

Approximately 0.01 per cent of the Group's waste streams is hazardous waste. Hazardous waste was mainly generated by the waste streams of the construction sites at the Säkylä and Kantvik plants. Apetit Group's waste is processed by an external operator that is responsible for the appropriate disposal of waste.

Waste generated by end products manufactured by Apetit Group consists of packaging waste and potential food waste. The aim is to increase the degree of recyclability of the pack- aging materials used by Apetit. Of Apetit products' consumer packaging waste, approximately 39 per cent is recyclable paperboard, 20 per cent is recyclable plastic and 33 per cent is recyclable plastic but that is incinerated.

Waste, tonne Non-hazardous waste Recycle/utilisation waste Biowaste (to energy or feed stuff) Refuse dump waste

Hazardous waste, tonne Hazardous waste treatment Waste combined, tonne

Waste combined, kg per produced ton

Percentages of total waste Non-hazardous waste Hazardous waste

2020

2019

2018

8,186.5 7,546.6 6,377.8 5,458.5 4,512.6 4,065.4

20.7

28.4

31.7

6.5

4.5

3.8

8,193.0 7,589.5 6,413.4

54.7

99.9% 0.01%

48.5

39.6

99.9% 99.9%

0.01% 0.01%

99.9%

OF WASTE GENERATED WAS RECYCLABLE OR UTILISATION WASTE

27%

REDUCTION OF REFUSE DUMP WASTE

Products

Good food is made from carefully selected, high-quality raw materials that are pure and responsibly produced. With its products, Apetit wants to promote sustainable food choices and make them easier as well as create well-being for people. Approximately 95 per cent of the raw materials that Apetit uses in its frozen products are plant-based.

Apetit's product selection includes frozen vegetables, frozen vegetable and ﬁsh based ready foods, frozen pizzas and rapeseed oils. In addition, rapeseed expeller is also made of oilseed plants, to be used as feed raw material. Products are manufactured for the needs of retail trade, the Food Service sector and industry.

The key elements of Apetit's product policy are the origin of raw materials and products, the nutritional goals of products, responsible procurement principles, the accuracy of product information, and sustainable packaging solutions.

In product development, products are created in line with nutritional recommendations. Apetit's aim is to use iodised salt in its products, to achieve high ﬁbre and protein content and to prefer good fats by using rapeseed oil. Sources used in the calculation of nutritional values are generally accepted databases (Fineli) and, when necessary, laboratory tests.

CASECLIMATE IMPACTS OF FOOD

HOW ONE MEAL'S CLIMATE IMPACTS ARISE - A CARBON FOOTPRINT OF 0.46 KG OF CO2 EQUIVALENT

The climate impacts of one meal made of

Apetit products (Apetit Lakeﬁsh Fingers, Apetit

Peas and Apetit Potato&Soup Vegetables)

are 0.46 kg of CO2 equivalent. The carbon footprint of the meal was calculated taking into account the entire life cycle of the products, from cultivation and ﬁshing to transportation to stores and preparation at home. The meal size used in the calculation was 350 grammes.

The main climate impacts of the prepared meal arise from the shares of its main ingredients: Apetit Lakeﬁsh Fingers (44%) and Apetit Potato&Soup Vegetables (32%). The share of peas used as accompaniment is 8 per cent of the carbon footprint of the meal. Retail and logistics operations account for 10 per cent of the climate impacts and the remaining 6 per cent arises from the storage and preparation of food at home.

Thanks to the negative eutrophication effect of Apetit Lakeﬁsh Fingers, the whole meal curbs eutrophication.

Quality

Product quality and product safety are key factors in the food in- dustry. Ensuring food safety requires the professional competence and responsibility of the people who work in the food supply chain as well as production-related risk prevention and monitoring. The production chain of Apetit's frozen vegetables, frozen ready meals and rapeseed oils is monitored closely from ﬁeld to fork.

Apetit Group's production facilities in Säkylä, Kantvik and Pudasjärvi have food safety systems certiﬁed in accordance with the GFSI standard: BRC in Säkylä and food safety systems according to FSSC 22000 standard in Kantvik and Pudasjärvi.

In addition, a comprehensive SMETA audit, created to support ethical trading, has been carried out at the Säkylä plant. The Säkylä and Kantvik plants also have their own laboratories for ensuring product safety. During the reporting period, the Säkylä plant also received BRC certiﬁcation for quality and food safety.

Accurate labelling on packaging is also an essential part of product safety. Information about raw materials and allergens are clearly indicated on the labelling in accordance with the EU Food Information Regulation.

Withdrawals, pcs Frozen food productsOilseed products Apetit combined

2020 0

0 0

Includes both public and instore withdrawals

* Weak product quality **Incorrect labeling

CASEPRODUCT SAFETY PROCESS DEVELOPED - BRC CERTIFICATION FOR SÄKYLÄ PLANT

As a result of long-term work, Apetit's Säkylä plant received certiﬁcation in accordance with the BRC (British Retail Consortium) quality and product safety standard in 2020. Quality and food safety system BRC is a tool for continuous improvement of the factory, with an emphasis on building an even stronger food safety culture. BRC is internationally renowned and advanced food safety standard.

For the development work required for BRC certiﬁcation, Apetit has developed, among other things, supplier and raw material management, hygiene practices and the man-agement of foreign objects and allergens. For example, approval processes for raw materials and suppliers have been further developed through risk assessments.

Apetit Group's functions have the following certiﬁcates:

APETIT RUOKA

• BRC (Säkylä plant)
2019 2**
2018 1*
• FSSC22000 (Pudasjärvi)
• ISO 9001
0 2
0 1
• ISO 14001
• FSA - Farm sustainability assessment (contract growing of peas)

• MSC - Marine Stewardship council (Säkylä, patty and ball production)
• Organic certiﬁcation (Säkylä)

AVENA KANTVIK OY

• FSSC 22000
• ISO 22000
• ISO 9001
• ISO 17025 (salmonella self-monitoring)
• Halal
• Kosher

AVENA NORDIC GRAIN OY

• ISO 9001
• GTP
• Halal
• Kosher

Packaging

The packaging of a food product is primarily intended to protect the shelf life of the product and to ensure product safety. Packag- ing may also play a signiﬁcant role in reducing food waste.

Apetit uses mainly plastic and paperboard as product packaging materials. In addition, glass is used in Neito rapeseed oil bottles and metal is used in oil canisters sold for industrial use. Wood is used in the palletised transport of product batches.

Plastic is used as packaging material in many Apetit products: for example, all frozen vegetable mixes come in plastic packaging. Apetit rapeseed oils are also packaged into plastic bottles. In 2020, Apetit started to introduce thinner plastic in the packaging of frozen vegetables sold in retail stores. This will save a total of 25,000 kilos of plastic per year.

In Apetit products sold in retail stores, approximately 40 per cent of packaging materials used by Apetit are renewable. When it comes to plastic packaging, 28 per cent are made of recyclable materials and 2 per cent are made of renewable materials. In Apetit's corporate responsibility programme, one of the goals is to increase the use of recyclable packaging materials. Labelling on packaging has been developed in connection with labelling updates, especially with regard to recycling instructions.

Apetit's organic vegetable mixes and selected novelty products are packaged in recyclable Green PE packaging. Green PE is made of ethanol reﬁned from sugar production by-product and does not contain fossil raw materials.

Apetit reports the amounts of packaging material it puts out into the market in accordance with the EU Packaging Directive and pays recovery fees for the organisation of material recycling.

GOALS OF THE RESPONSIBILITY PROGRAMME

Development of packaging solutions:

Making plastic packaging material 15% thinner by 2021: thinner packaging in use as of the beginning of 2021.

Increasing the recyclability of packaging and clearly labelling packaging with recycling symbols and instructions to help consumers recycle the packaging correctly: The amount of recyclable materials increased by 21 per cent compared to last year.

Where possible, favouring materials produced from renewable resources when making choices regarding packaging materials: The use of Green PE materials has increased by 157 per cent compared to last year.

Packaging materials, tonne Paper ﬁbers

Plastics Metals Glass

Wood

Packaging materials combined

Packaging materials com- bined, per produced tonneShare of renewable packaging materials, per cent

2020 1,291.9

2019 1,471.2

2018 1,269.6

690.0

739.0

714.1

0.3

49.5 1,931.3

46.4 2,255.7

53.4 2,101.5

3,962.7

4,512.6

4,138.9

26.5

28.9

25.6

81%

83%

81%

Personnel

Apetit's personnel strategy focuses on creating a safe and encouraging work atmosphere, developing competence as well as enabling inspiring and goal-oriented leadership and a bold corporate culture that enables experiments.

Each employee should be familiar with the goals of their work and should be able to make use of their strengths and skills in their job. It is important that Apetit's employees can work in an encouraging and inspiring work atmosphere with rewarding tasks that they ﬁnd meaningful.

At the end of 2020, Apetit had 370 (373) employees, 93 per cent of them in Finland. In full-time equivalents, the average number of personnel was 343 (452).

Apetit does not use external labour, such as leased employees, to a signiﬁcant extent. The number of employees at Apetit's Säkylä plant varies during the year based on the harvest season. The number of temporary employees increases for a period of about six months in the harvest season. During this season, the number of employees at the plant is approximately 30 per cent higher than normally. There were two part-time employees employed by the Group during 2020. Subcontrac- tors were used in construction projects that were being carried out in the industrial areas during the reporting period.

All Apetit's employees are covered by collective agree- ments. Upper-level staff have a basic agreement. Apetit complies with the Finnish Collective Agreements Act and trade union agreements in all personnel-related matters.

Corporate social responsibility at Apetit is based on a common operating policy and on shared values: responsible operations, bold renewal and success through cooperation. Apetit's practices are guided by the principles of its equality plan.

Age structure of personnel, 31.12.2020

<2636

26-3554

36-4585

46-5594

>5575

Service years of personnel, 31.12.2020

<5 5-14 15-24 25-34 35-44

>45

14578

663813

Women 47% (48%)

Men 53% (52%)

Competence development

One of the most important goals of personnel develop- ment is ensuring sufﬁcient and optimal talent. Key skills for Apetit's employees include a customer-focused approach, production and product development skills, project management capabilities and the ability to achieve actual results.

The Group develops competence with an internal

Training days for personnel, average per person

1.5

1.19

0.5

2018

2019

2020

online learning environment and external training, for example. All ofﬁce employees are covered by personal devel- opment appraisals. A large share of employees have personal development appraisals individually or in a group. During the reporting period, 92 per cent of performance appraisals were conducted.

Employee satisfaction

Apetit monitors well-being at work and employee satisfaction by means of a Group-wide well-being at work survey, for example. In the survey, the personnel assess their experiences of personal well-being at work, the work atmosphere, safety at work, social support and supervisory work. The average result of the Työvire survey concerning year 2019 was 3.9 (2018: 3.9). The next survey will be conducted in the spring of 2021.

Number of personnel at the end of the year Permanent Women

Men

In Finland

Other lands Permanent combined

Temporary

Women

Men

In Finland

Other lands Temporary combined

Apetit combined at the end of the year

Employee satisfaction survey (grade 1-5)

Average

129 152 281

133 170 276

242 274 484

* the survey will be conducted in spring 2021

Equal pay

Women's share of basic

307

303

516

salary of men's pay

2020 -*

2019 3,9

2018 3,9

2020

Employees 91%

Ofﬁcials 86%

Senior ofﬁcials and upper 72% management

370

373

594

Table 1

2018

1.19

Number of employees and ofﬁcials at the end of the year

Employees

Women

Men

In Finland

Other lands Employees combined

Ofﬁcials

Women

Men

In Finland

Other lands Ofﬁcials combined

2020

2019

2018

New hired personnel and turnover

New hired personnel

New hired personnel and turnover*

Terminated employments

2020

195

2019

2018

Women

128

195

Women

122

201

Men

220

122

201

Men

219

396

In Finland

109

219

396

In Finland

120

Other lands Combined

220

219

396

109

Other lands Combined

219

396

120

- of which to permanent employment relationship

19%

27%

35%

- of which from permanent employment relationship

26%

100

55 124

72 127

98 164

Turnover, in, per cent

Combined

2020 32

2019 31

2018 39

Turnover, out, per cent

Combined

2020 35

26 150

27 154

34 198

*Partly reported for the ﬁrst time, omissions in comparison ﬁgures.

2019 11

2018 18

Development discussions Women

Men

Combined

2020

2019

92% 96%

92%

96%

Well-being and safety at work

Safety at work is one of the key themes of Apetit's personnel strategy. The goal is to reduce occupational accidents to zero and to reduce sickness absences.

The key indicators of occupational safety, or the accident frequency rate, the number of occupational accidents, occupational safety observations and sickness absences, are monitored regularly.

At Apetit, the risk of occupational accidents is increased by, for example, cold-storage facilities, high noise level in some places, the use of machines and knives and potential

GOALS OF THE RESPONSIBILITY PROGRAMME

Promote occupational safety and reduce the number of occupational accidents to zero:

Number of occupational accidents in 2020 was 18 (LTA1).

Increase employees' knowledge of the company's Code of Conduct with training and to require all employees to approve the ethical operating principles in writing and to operate in accordance with them:

Ofﬁcials must comply with ethical principals course and commit to following the principals. Performance percentage at the end of reporting period: 70 %

slipperiness in production facilities. Production work also involves repetitive movements that may cause musculoskeletal disorders.

Apetit seeks to reduce the risk of accidents and illnesses in a proactive manner, especially through appropriate job-speciﬁc instructions and personal protective equipment. All occupational accidents and near misses in Apetit Group are investigated internally. On the basis of the investigation, actions are proposed to prevent similar situations from occurring in the future. Developments during the reporting period include, for

CASETWO YEARS WITHOUT OCCUPATIONAL ACCIDENTS IN KANTVIK

In June 2020, the Kantvik vegetable oil milling plant achieved the milestone of two years without occupational accidents. The long zero-accident period is attributable to, among other things, responding to occupational safety observations and prioritising occupational safety and health matters so that they are always the ﬁrst topic in operational meetings, to ensure that there is enough time to handle them.

Apetit's Pudasjärvi frozen pizza plant has operated for more than six years without occupational accidents.

Occupational accidents LTA1 Occupational accidents and accidents on way to work that cause sickness absence of at least one day

Occupational accidents TRI

All recorded occupational accidents and accidents on way to work

Occupational accidents rate* LTA1

TRI

*per million working hours

2020 18

2019 11

2018 16

2020 26

2019 25

2018 54

2020 27.7 43.1

2019 21.9 20.8

2018 30.8 50.0

example, the further processing of accidents. The Group also improves the prevention of accidents through occupational safety observations.

Apetit Group has deﬁned, statutory occupational safety and health processes, according to which it develops a safe working environment for employees and ensures their well-being and work and functional ability. Occupational safety and health representatives and shop stewards also contribute to the development of occupational safety and health. The entire Group's personnel are covered by occupational safety and health systems. Apetit purchased occupational health care services from an external service provider.

CASETHE CORONAVIRUS PANDEMIC AND EXCEPTIONAL CIRCUMSTANCES REQUIRED NEW ARRANGEMENTS

At Apetit Group, the exceptionality of the year, resulting from the coronavirus pandemic, could be seen in various arrangements made to protect the personnel and prevent exposure. The remote work recommendation was in force nearly throughout the reporting period. At the Group's industrial sites, meetings were restricted and respiratory protective equipment was used at work. Special arrangements were also made for lunches, for example.

Absence days caused by occupational accidentsEmployee sickness absence of regular working time, %

200

183

150

100

2018

2019

2020

2018

2019

2020

Social impacts and society

As its direct stakeholders, Apetit has identiﬁed customers, employees, growers, shareholders, partners, goods and service providers as well as certain supervisory authorities. The company's indirect stakeholders include, for example, local communities, media, society, subcontractors, educational institutions and advocacy organisations.

In addition to direct employment, Apetit's operations have indirect impacts on the areas near its industrial sites. In 2020, Apetit's purchases of raw materials, goods and services totalled EUR 263.4 million.

Apetit has focused its support and sponsoring activities on the areas where the company's production facilities are located. In addition to support granted to sports facilities, for example, Apetit has chosen a sports team in each of its production locations to receive ﬁnancial support. Apetit has partnered with Economy and Youth TAT on the Yrityskylä Helsinki-Vantaa learning environment since 2015.

Apetit also cooperates in various primary production R&D projects with parties such as Baltic Sea Action Group and Pyhäjärvi institute. In 2020, Apetit Group invested EUR 1.0 million in research and development. Project-related research is also conducted at Apetit's Räpi experimental farm.

The mainly plant- and ﬁsh-based products manufactured by Apetit contribute to enabling users to adopt sustainable eating habits that improve their well-being.

The majority of Apetit's personnel work at the Group's Finn- ish production facilities or in its other locations in Finland. The food industry is one of the most female-dominated industriesin Finland. According to the Finnish Food and Drink Industries' Federation's statistics, 48 per cent of food industry employees are female. In Apetit Group's operations in Finland, the share of women is 42 per cent among employees, 56 per cent among ofﬁce employees and 47 per cent among the entire personnel.

PURCHASES FROM FINNISH GROWERS

62.0

EUR MILLION

Percentage of women, 31st of December 2020, %

Corporate management Board of directors Supervisory board

2020

2019

17 33 17

25 20 24

Age structure, % Corporate management Board of directors Supervisory board

30-40 40-50 50-60

CASESPONSORSHIP PROGRAMME

APETIT-SPONSORED TEAMS PROMOTE SPORTS AND WELL-BEING AMONG CHILDREN AND YOUNG PEOPLE

To support sports and well-being among children and young people, Apetit selects sports teams to be included in its sponsorship programme. In the selection of the teams, the emphasis is on the team's locally signiﬁcant work to create equal sports opportunities for children and young people.

2018

43 20 23

A team applying to become an Apetit-sponsored team must have clear principles for the prevention of bullying and discrimination: everyone must feel welcome to the team's activities and practise sports in their own way. The Apetit-sponsored teams for 2020 were Säkylän Karhu-kopla, the age group C girls of Pudasjärven Urheilijat's volleyball section and Siuntion Sisu.

60-

0 0 6

67 17 28

50 33

39 28

Business principles

In all its operations, Apetit complies with the applicable law and regulations and with good governance practices. The Group's Code of Conduct and ethical principles guide the operations of Apetit and all its employees.

The company's employees and third parties can report any violations of its Code of Conduct via a designated whistleblow- ing channel. No reports were submitted via the whistleblowing channel in 2020.

In line with its Code of Conduct, Apetit and its employees may not make direct or indirect bribes or give other beneﬁts

Use of data

As a rule, Apetit does not collect data that can be considered to be consumers' or private individuals' personal data. Exceptions to this include, for example, contacts related to the consumer service or the recruitment process: data associated with these are processed according to Apetit's privacy policies.

To support its business, Apetit mainly uses market and consumer information based on consumer research or sales ﬁgures, which it acquires from external parties and in which private individuals' data is not processed. Data-based added value that Apetit creates for its partners and consumers is created rather on the basis of professional assets and expertise than on the basis of data covered by privacy protection.

that may be construed as bribes to gain or maintain business. Apetit's employees must also avoid situations that are in conﬂict or may be construed to be in conﬂict with the personal and business interests of the employee.

Apetit provides training on the key principles of compe- tition legislation to all ofﬁce employees to ensure fair and transparent competition on the market. Apetit Group's direct raw material suppliers are required to comply with Apetit's ethical procurement principles.

Personal data processed in Apetit's different operations are mainly associated with data used in business relations and customer interfaces and grower contact details yielded by business operations. When it comes to Apetit's personnel, personal data may only be processed by speciﬁcally appointed persons whose duties require this.

Apetit sends newsletters to consumers, growers and other partners. The newsletter mailing lists that contain personal data have been created on the basis of partner contact details, purchased professional contact detail lists and private individu- als' newsletter subscriptions.

Apetit and its partners target online advertising using gen- eral databases that improve targeting as well as target groups created on the basis of Apetit's website analytics. Information used in marketing is not directly targeted at private individuals but target groups.

Apetit Group has regularly updated information security and data protection policies to ensure good data processing practices and privacy protection. The risk of abuse of data that is clearly harmful for private individuals is considered to be low, particularly due to the nature of the data managed by Apetit.

respOnsIble busIness

Apetit's corporate responsibility programme is based on material themes determined with its stakeholders.

CorpORate respOnsIbILIty pROGrAMme

Apetit's sustainability work is based on its values, mission and vision. The sustainability work is guided by Apetit's Code of Conduct and operating policies, as well as its procurement prin- ciples, which are based on the UN Global Compact initiative. Apetit's sustainability programme is part of the company's strategy and sustainability is part of daily operations.

Apetit Group's corporate responsibility programme

Apetit's corporate responsibility program is based on material themes determined together with its stakeholders in terms of climate and environmental impacts, products, social impacts and ﬁnancial responsibility. Apetit is updating its corporate responsibility program in the ﬁrst half of 2021.

In its corporate responsibility programme Apetit commits to operating and developing its operations in accordance with the corporate responsibility themes that have been deﬁned as material themes for the Group. Apetit has also identiﬁed those themes in its sustainability programme that have the strongest connection with the UN's Sustainable Development Goals.

The contribution made by the goals of Apetit's sustainabili- ty programme to the UN's SDGs is mainly local.

The Sustainable Development Goals initiative aims towards eliminating extreme poverty and facilitating sustainable development that takes the environment, the economy and people into consideration in equal measure.

The most material SDGs for Apetit and its stakeholders, which are supported by Apetit's operations:

ApetIt's MAterIal tHemes OF CorpORate respOnsIbILIty

The material aspects of Apetit's corporate responsibility are closely intertwined with the company's value chain. The material themes have been analysed in an extensive project to determine the content of Apetit's corporate responsibility and updated on the basis of a stakeholder survey in 2020.

The material aspects of Apetit's corporate responsibility are divided under four areas: Products, Environment and climate, Social responsibility and Business and society. The related key material aspects are presented on the outer ring of the chart.

mAnAgInG CorpORate respOnsIbILIty

Corporate responsibility is managed by the corporate management as part of its normal operations. The development of corporate responsibility work and the sustainability targets are guided by the Group Sustainability Director. The targets of the corporate responsibility programme have been approved as part of the company's business and sustainability work.

In the business segments the sustainability work is managed by the segment directors as part of daily business. The Apetit Group's corporate responsibility work is developed and followed by the corporate responsibility steering group.

The personnel have the opportunity to inﬂuence corporate responsibility issues on a regular basis, for example, through internal collaboration meetings and daily operations.

Group's Code of Conduct and management systems

• Code of Conduct
• Operating policies
• Management systems
• Environmental systems
• Procurement policy and ethical supplier requirements

Reporting

Apetit reports on the measures taken in its sustainability work, the indicators of its material themes and the progress made in achieving its goals in its annual sustainability report in accordance with the Core option of the Global Reporting Initiative (GRI) standards.

Ethical channel

At the Apetit Group, suspected misconduct and non-compliance with the company's Code of Conduct and can be reported in Apetit's ethical channel for reporting suspected misconduct. Apetit's employees and all representatives of Apetit's stakeholders can report suspected cases of misconduct.

BOARD OF DIRECTORS Addressing key corporate responsi- bility principles and reporting.

CORPORATE RESPONSIBILITY IS GUIDED BY:

CORPORATE MANAGEMENT TEAM Manages the Group's corporate responsibility as part of normal business operations.

THE GROUP'S SUSTAINABILITY DIRECTOR AND THE CORPORATE RESPONSIBILITY STEERING GROUP

BUSINESS DIRECTORS Are in charge of respon- sibility efforts as part of normal operations.

ALL MANAGERS, ALL PERSONNEL

Corporate responsibility as part of day-to-day opera- tions.

The Code of Conduct Operating policy Management systems Environmental systems Procurement policy and ethical supplier requirements

Guide the development of corporate responsibility, monitor and secure the implementation of corporate responsibility targets in operational activities.

Opportunities for exercising inﬂuence via collaborative meetings and daily opera- tions.

Corporate responsibility programme

togetHeR WItH staKeHOlDers

Apetit seeks to treat all of its stakeholders equally. Continuous interaction with stakeholders, as well as an attentiveness to their needs and wishes, is one of the cornerstones of the company's sustainable operations.

Apetit's most important stakeholders are customers, employees, growers, shareholders, partners, media and various other parties in society, including the authorities, educational institutions, research institutes, non-proﬁt organisations and local communities. Apetit Group's stakeholders have been iden- tiﬁed based on whether they are direct or indirect stakeholders. The direct stakeholders are groups with which Apetit has a

formal and established contractual relationship. They include, for example, employees, customers, suppliers, service provid- ers, shareholders, contract growers, the supervisory authorities.

Indirect stakeholders are groups with which Apetit does not have a direct contractual relationship, or groups that represent a broader stakeholder or interest. They include, for example, the local communities, media, society, subcontractors, educational institutions and advocacy organisations.

Apetit's key stakeholders have been deﬁned as the parties that the organisation's operations, products or services are likely to have a signiﬁcant impact on and/or which are likely toinﬂuence the organisation's ability to execute its strategy and achieve its objectives.

Apetit or its subsidiaries are members of key industry and interest organisations, such as the Finnish Food and Drink Industries' Federation, COCERAL, Gafta, FEDIOL and the Finnish Cereal Committee.

Apetit is committed to external initiatives that are important for its industry, such as Material Efﬁciency Commitment and the national energy efﬁciency action plan.

Stakeholder	Stakeholder expectations and Apetit's response	Channels of engagement
Customers and consumers	High-quality, safe, sustainable and nutritious products that make daily meal	Digital channels and online services, marketing communications, physical
times easier. Reliable and highly competent service in all business areas.	meetings and customer meetings.
Personnel	Equal and non-discriminatory treatment, creating an encouraging and safe	Personal interaction, employee satisfaction surveys and personal develop-
workplace atmosphere, competence development and enabling goal-orient-	ment appraisals, internal communication, training and workplace health
ed leadership.	promotion activities.
Farmers	Maintenance and continuous development of sustainable cooperation. En-	Personal meetings, digital channels, grower day events and events in the
suring the continuity of operations through mutually beneﬁcial cooperation.	ﬁeld, stakeholder communication.
Owners	Creation of economic value, development of Finnish, sustainable business,	Regular ﬁnancial reporting and communications, investor meetings and Annual
open communications and trustworthiness.	General Meetings, open communication channels through online services.
Partners	Effective and open cooperation. Trust with regard to the responsibility and	Digital channels and online services, marketing communications, physical
sustainability of operations and the quality of products and services.	meetings, customer meetings and stakeholder communication.
Media	Open and reliable communication, transparency, fast response to media	Digital channels and online services, marketing communications, physical
requests. Expertise in the Group's ﬁeld of activity.	meetings.
Society	Effective and open cooperation with the various authorities, industry-develop-	Personal encounters at various events and cooperation-related meetings,
ing and future-oriented cooperation with research institutes and educational	digital channels.
institutions.

mAnAgeMent systems aCCordIng to MAterIal tHemes

MATERIAL ASPECT

MATERIAL TOPICS

PRODUCTS

Nutritional value and safety of productsApetit evaluates the nutrition of its products in accordance with the general nutrition recommendations. Product safety is measured by the number of product defects and recalls.

Development of sustainab-le cultivation methods

Domestic raw materials

Domestic raw materials' share of all raw materials used.

Sustainable packaging solutions

Promotion of sustainable food choices

Development and promotion of sustainable food solutions: the full life cycle of the product, from primary production to consumption and the ﬁnal disposal of the packaging.

ENVIRONMENT AND CLIMATE

Reduction of climate impactsReduction of the climate impacts of Apetit's own direct operations: renewable energy solutions, energy efﬁciency.

Raw material efﬁciency and material efﬁciencyEnergy efﬁciency

Improvement of energy efﬁciency in own operations.

Promotion of waterway health

Support for biodiversityDevelopment of cultivation methods to support biodiversity. Prevention of direct environmental accidents.

RELEVANT POLICIES AND PRINCIPLES, COMMITMENTS ANDMANAGEMENT SYSTEMS

Operating policy, product development strategy, quality management and product safety management systems in production.

Development and adoption of sustainable cultivation methods especially for ﬁeld vegetables and oilseed plants. Research projects, own development work.

Sustainably produced packaging that guarantees product safety. Increasing recyclability.

Improvement of material efﬁciency in own production operations, reduction of food waste among customers and consumers, circular economy solutions from production side streams.

Prevention of environmental accidents at production plants (nutrients contained by wastewater, vegetable oil leaks), development of cultivation methods to minimise nutrient runoffs. Use of domestic, local ﬁsh in products.

Apetit's strategy, Apetit's responsible farming practices. BSAG's Baltic Sea commitment to introduce cultivation methods that support carbon farming to contract growers.

Product development strategy, procurement policy.

Product development strategy, procurement policy, Apetit's responsible farming practices.

Operating policy, goals of the corporate responsibility programme.

Material efﬁciency commitment, quality management and environmental management systems of production plants.

Energy efﬁciency agreement, quality management and environmental management systems of production plants, corporate responsibility programme.

Operating policy, environmental management systems of production plants, Apetit's responsible farming practices, product development strategy.

Operating policy, Apetit's responsible farming practices.

RELEVANT POLICIES AND PRINCIPLES, COMMITMENTS AND

MATERIAL ASPECT	MATERIAL TOPICS	MANAGEMENT SYSTEMS
SOCIAL RESPONSIBILITY
Employee satisfaction	Employee satisfaction and well-being are measured by an annual employee	Operating policy, ethical principles, personnel strategy.
and well-being	satisfaction survey. The survey is intended for all of Apetit's personnel.
Competence and capa-	Part of the personnel strategy and measured by the employee satisfaction survey.	Operating policy, ethical principles, personnel strategy.
bility development
Promotion of equality	Part of the personnel strategy and measured by the employee satisfaction survey.	Operating policy, ethical principles, personnel strategy.
and diversity
Well-being and safety at work	Goal-oriented and precautionary work to prevent accidents. Monitoring on	Operating policy, ethical principles, personnel strategy.
the basis of the number of occupational accidents and sickness absences.
Social impacts in the	Apetit requires its direct suppliers to commit to the	Ethical principles, ethical supplier requirements,
supply chain	Group's ethical supplier requirements.	Apetit Group's procurement principles.
BUSINESS AND SOCIETY
Responsibility-based	Common business principles across all of Apetit Group's businesses.	Operating policy, ethical principles, data protection policy.
business principles	Personnel's commitment to the Group's ethical principles.
Financial performance	Financial objectives deﬁned in Apetit Group's strategy.	Accounting principles IFRS.
Partnership with	Close cooperation and partnership with Finnish farmers, based on contract farming.	Apetit Group's strategy.
Finnish farmers
Promotion of research on	Development and adoption of sustainable cultivation methods especially for ﬁeld	BSAG's Baltic Sea commitment, Pyhäjärvi Institute's BioEväät research project.
domestic primary production	vegetables and oilseed plants. Research projects, own development work.

ReportIng pRInCIples

Apetit reports material key indicators and themes about its corporate responsibility. Material themes have been identiﬁed together with its stakeholders. Reporting is carried out in accordance with the Core option of the Global Reporting Initiative (GRI) standards.

Apetit has published an annual corporate responsibility report since 2017. Up until 2017, Apetit published separate personnel and environmental reports. Apetit reports on corpo- rate responsibility in conjunction with annual ﬁnancial reporting.

Data on climate impact calculations

Apetit has calculated the carbon footprint of its operations in accordance with the GHG Protocol's standards and guidelines. Apetit has restricted the organisational scope on the basis of operational control; in other words, all operations controlled by Apetit are taken into account in the calculation. The calculation only includes Apetit's operations in Finland. The carbon footprint is expressed in tonnes of CO2 equivalent.

The calculation of emissions covers the operations with regard to Scope 1 and Scope 2 emissions. Scope 1 emissions refer to direct emissions from the company's own operations, or so-called direct stack discharges, caused by the emission sources, such as vehicles, that Apetit owns and operates. Scope 2 consists of indirect emissions from the generation of the energy that Apetit consumes.

Energy consumption

Energy consumption reported includes the electricity, heat, steam and light fuel oil consumption at Apetit's production plants.

Changes in reporting

Environmental indicators cover production plants in Säkylä, Pudasjärvi and Kirkkonummi. The previous report (the corporate responsibility report published on 5 March 2020) also included the environmental ﬁgures of the production plant related to Apetit's sold Fresh cut products business. In this report, the en- vironmental ﬁgures related to the Fresh cut products business have been removed also from the ﬁgures of the comparison years 2018 and 2019.

The ﬁgures for the Fresh cut products business have also been removed from the comparative ﬁgures related to occupational health and safety. The sale of Apetit's fresh cut products business to the Swedish company Greenfood Ab was completed on 30 September 2019.

When calculating climate impacts, the calculation principles for the comparison year 2019 have been updated in relation to what has been reported earlier (in the corporate responsibility report published on 5 March 2020). The calculation of emis- sions for 2019 and 2020 has been conducted in accordance with the GHG Protocol's standards and guidelines.

Reporting period and contact information

The report describes the progress and results of Apetit's corporate responsibility work in 2020. Some of the information has been updated for January-February 2021. Questions related to the report may be sent tocomms@apetit.ﬁ.They will be forwarded to the person responsible for the topic area in question.

gRI-InDex

Standard version GRI disclosure

Organizational proﬁle

2016

GRI 102-7 Scale of the organization

Strategy

2016

GRI 102-1 Name of the organization

GRI 102-2 Activities, brands, products, and services GRI 102-3 Location of headquarters

GRI 102-4 Location of operations GRI 102-5 Ownership and legal form GRI 102-6 Markets served

GRI 102-8 Information on employees and other workers GRI 102-9 Supply chain

GRI 102-10 Signiﬁcant changes to the organization and its supply chain

GRI 102-11 Precautionary Principle or approach GRI 102-12 External initiatives

GRI 102-13 Membership of associations

GRI 102-14 Statement from senior decision-maker GRI 102-15 Key impacts, risks, and opportunities

Ethics and integrity

2016

GRI 102-17 Mechanisms for advice and concerns about ethics

More information

GRI 102-16 Values, principles, standards, and norms of behavior

Location

3, 15-17

147

14-17

39-41

64-69

31, 68-69 50 50

6-7 31

47-49, apetit.ﬁ/en/responsibility/code-of-conduct/

45, apetit.ﬁ/en/responsibility/ethi- cal-channel-reporting-suspected-mis- conduct/

More information

Location

Governance

2016

GRI 102-23 Chair of the highest governance body

GRI 102-25 Conﬂicts of interest

GRI 102-28 Evaluating the highest governance body's performance

GRI 102-30 Effectiveness of risk management processes

Stakeholder engagement 2016

GRI 102-40 List of stakeholder groups

GRI 102-18 Governance structure GRI 102-19 Delegating authority

GRI 102-20 Executive-level responsibility for economic, environmental and social topics GRI 102-21 Consulting stakeholders on economic, environmental and social topics GRI 102-22 Composition of the highest governance body and its committees

GRI 102-24 Nominating and selecting the highest governance body

GRI 102-26 Role of highest governance body in setting purpose, values, and strategy

GRI 102-29 Identifying and managing economic, environmental and social impacts

GRI 102-31 Review of economic, environmental, and social topics GRI 102-32 Highest governance body's role in sustainability reportingGRI 102-33 Communicating critical concerns

GRI 102-34 Nature and total number of critical concerns GRI 102-35 Remuneration policies

GRI 102-36 Process for determining remuneration

GRI 102-41 Collective bargaining agreements GRI 102-42 Identifying and selecting stakeholders GRI 102-43 Approach to stakeholder engagement GRI 102-44 Key topics and concerns raised

Partly reported: only the evaluation of inde- pendence reported of nomination criterions.

49, 52-53, 132-139

50-51

132-139, 142-143

49, 52-53, 132-139

132

132-139

133 49, 133-134, 137-139

138-139 49, 133-134, 137-139

69-70 69-70

The Board of Directors has approved the key sustainability issues discussed in the report.

132-139 52-53, 66-69 140-142 140-142

50-51

More information

Reporting practice

2016

GRI 102-51 Date of most recent report

GRI 102-53 Contact point for questions regarding the report

Management approach

2016

Topic-speciﬁc content identiﬁed as material Financial impacts

2016 2016 2016

GRI 205-2 Communication and training about anti-corruption policies and procedures

2016

Materials

2016

GRI 102-45 Entities included in the consolidated ﬁnancial statements GRI 102-46 Deﬁning report content and topic Boundaries

GRI 102-47 List of material topics

GRI 102-48 Restatements of information GRI 102-49 Changes in reporting

GRI 102-50 Reporting period

GRI 102-52 Reporting cycle

GRI 102-54 Claims of reporting in accordance with the GRI Standards GRI 102-55 GRI content index

GRI 102-56 External assurance

GRI 103-1 Explanation of the material topic and its BoundaryGRI 103-2 The management approach and its components GRI 103-3 Evaluation of the management approach

GRI 201-1 Direct economic value generated and distributed GRI 204-1 Proportion of spending on local suppliers

GRI 205-3 Conﬁrmed incidents of corruption and actions takenGRI 301-1 Materials used by weight or volume

1 January 2020 - 31 December 2020

The previous report was published on March 5th 2020.

No external assurance.

No conﬁrmed incidents.

Location

GRI Index

apetit.ﬁ/en/for-investors/ publications/previous-publi- cations/

Annually.

GRI Index 54 54 55-59

GRI Index

52-54

49 49

14 26-27 apetit.ﬁ/en/responsibility/ code-of-conduct/

GRI Index

26, 38

More information

EnergyWaterBiodiversity EmissionsWaste

Supplier Environmental Assessment Employment

Occupational health and safety

2016

GRI 302-1 Energy consumption within the organization GRI 302-3 Energy intensity

GRI 302-4 Reduction of energy consumption

2018

GRI 303-1 Interactions with water as a shared resource

GRI 303-2 Management of water discharge-related impacts GRI 303-3 Water withdrawal

GRI 303-4 Water discharge GRI 303-5 Water consumption

2016 2016

GRI 304-2 Signiﬁcant impacts of activities, products, and services on biodiversity GRI 305-1 Direct (Scope 1) GHG emissions

GRI 305-2 Energy indirect (Scope 2) GHG emissions GRI 305-4 GHG emissions intensity

GRI 305-5 Reduction of GHG emissions

2016 2016 2016 2018

GRI 306-2 Waste by type and disposal method GRI 308-1 Supplier Environmental Assessment

GRI 401-1 New employee hires and employee turnover

GRI 403-1 Occupational health and safety management system

GRI 403-2 Hazard identiﬁcation, risk assessment, and incident investigation GRI 403-3 Occupational health services

GRI 403-4 Worker participation, consultation, and communication on occupational health and safety GRI 403-5 Worker training on occupational health and safety

GRI 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

GRI 403-8 Workers covered by an occupational health and safety management system GRI 403-9 Work-related injuries

GRI 403-10 Work-related ill health

33 33 33

29-30

42-43

42-43 42-43 42-43 42-43

More information

Training and education

2016

Diversity and equal opportunity

2016

Supplier social assessment 2016

Marketing and labeling

2016

Socioeconomic compliance

GRI 404-3 Percentage of employees receiving regular performance and career development reviews

GRI 404-1 Average hours of training per year per employee

GRI 405-1 Diversity of governance bodies and employeesGRI 405-2 Ratio of basic salary and remuneration of women to menGRI 414-1 New suppliers that were screened using social criteriaGRI 417-1 Requirements for product and service information and labeling

GRI 417-2 Incidents of non-compliance concerning product and service information and labeling GRI 417-3 Incidents of non-compliance concerning marketing communications

GRI 419-1 Non-compliance with laws and regulations in the social and economic area

40 40-41

39-41, 44

36-37 36-37

No incidents.

GRI indexGRI index

FInanCIal revIeW

FINANCIAL REVIEW

CONTENTS

BOARD OF DIRECTORS' REPORT

Proﬁt and ﬁnancial position 63

Overview of operating segments 64

Impacts of the COVID-19 pandemic on

Apetit's businesses 64

Value creation at Apetit 65

Strategy 65

Investment 66

Personnel 66

Human rights and the prevention of corruption

and bribery 67

Research and development 67

Environment 67

Seasonality of operations 68

Managing corporate responsibility 68

Risks, uncertainties and risk management 69

Statement of non-ﬁnancial risks and their management 69

Corporate Governance 69

Shares and share ownership 70

Short-term risks 71

Assessment of expected future development 71

Events after the end of the ﬁnancial year 71

Board of directors' proposals concerning proﬁt

measures and distribution of other unrestricted equity 71

APPENDICES TO THE BOARD OF DIRECTORS' REPORT

Key indicators and owenrship 73

Calculation of key indicators 75

Major shareholders on 31 December 2020 76

CONSOLIDATED FINANCIAL STATEMENTS 2020, IFRS

Consolidated Statement of Comprehensive Income 78

Consolidated Statement of Financial Position 79

Consolidated Statement of Cash Flows 80

Consolidated Statement of Changes in Equity 81

Notes to the ﬁnancial statements 82

Parent company income statement, FAS 113

Parent companyt balance sheet, FAS 113

Parent company statement of cash ﬂows, FAS 114

Accounting principles, FAS 115

Notes to the parent company ﬁnancial statements 116

Proposal of the Board of Directors for the distribution

of proﬁts 123

Auditor's Report 124

Statement by the Supervisory Board 130

CORPORATE GOVERNANCE 61

BOArd oF dIReCtors' RepORt

BOARD OF DIRECTORS' REPORT

Apetit is a Finnish food industry company ﬁrmly rooted in Finn- ish primary production. Its product groups include frozen vege- tables and frozen ready meals and vegetable oils. The company is also active in the Finnish and international grain, oilseeds and feed raw-materials markets.

The Group's businesses and reporting segments are Food Solutions, Oilseed Products and Grain Trade. In addition to the three reporting segments, Apetit will report Group Functions, consisting of the expenses related to Group management, stra- tegic projects and listing on the stock exchange that are not allo- cated to the three business segments.

The Food Solutions segment consists of Apetit Ruoka Oy and Apetit Ruokaratkaisut Oy. Avena Nordic Grain Oy and its subsidiaries are responsible for Grain Trade and Oilseed Prod- ucts. The result of the associated company Sucros Ltd is report- ed below the operating proﬁt.

Apetit's shares have been quoted on Nasdaq Helsinki since 1989, and the company is domiciled in Säkylä.

Proﬁt and ﬁnancial position

NET SALES AND PROFIT OF CONTINUING OPERATIONS

Net sales in January-December were EUR 292.9 (296.9) million. Operating proﬁt was EUR 3.9 (-4.8) million. The operating proﬁt includes capitalisation of ﬁxed costs arising from harvest-time production and a decrease in grain stocks in the amount of EUR -0.1 (-0.1) million.

The share of the proﬁt of the associated company Sucros was EUR 0.3 (-0.9) million in January-December.

Financial income and expenses totalled EUR -0.5 (-0.7) million.

The proﬁt before taxes was EUR 3.7 (-6.4) million, and taxeson the proﬁt for the period came to EUR -0.6 (0.9) million. Proﬁt for the period came to EUR 3.1 (-5.4) million, and earnings per share amounted to EUR 0.49 (-0.87).

CASH FLOWS, FINANCING AND BALANCE SHEET

Apetit Group's balance sheet position remained strong in terms of the equity ratio as well as liquidity. The Group's net liabilities on the balance sheet date totalled EUR 20.6 million.

The consolidated cash ﬂow from operating activities amounted to EUR 26.8 (-5.9) million in January-December. The impact of the change in working capital was EUR 17.3 (-5.5) mil- lion. The effect of seasonality on the change in working capital is presented under the heading Seasonality of operations.

The net cash ﬂow from investing activities was EUR -8.9 (1.4) million. The cash ﬂow from ﬁnancing activities came to EUR -19.7 (4.8) million, including EUR -15.3 (8.0) million in net loan repayments and EUR -2.8 (-2.5) million in dividend payments.

At the end of the period, the Group's interest-bearing lia- bilities amounted to EUR 21.7 (36.6) million and liquid assets to EUR 1.1 (2.9) million. Net interest-bearing liabilities totalled EUR 20.6 (33.7) million.

The consolidated balance sheet total stood at EUR 142.8 (170.8) million. At the end of the review period, equity totalled EUR 95.0 (93.9) million. The equity ratio was 66.5 (55.0) per cent, and gearing was 21.7 (35.9) per cent. The Group's liquidity is managed by committed credit facilities, ﬁxed loans and a com- mercial paper programme. At the end of the period, the availa- ble credit facilities amounted to EUR 29 (29) million. The total of commercial papers issued stood at EUR 15.0 (30.0) million.

KEY INDICATORS EUR million

Shareholders' equityOperating proﬁt Operating proﬁt, %

2020

2019 Change, %

Continuing operations
Net sales	292.9	296.9	-1
Operating proﬁt	3.9	-4.8
Operating proﬁt, %	1.3	-1.6
Proﬁt before taxes	3.7	-6.4
Proﬁt for the period	3.1	-5.4
Proﬁt per share, EUR	0.49	-0.87
Group
Proﬁt per share, EUR	0.52	-0.71
Shareholders' equity per share, EUR	15.26	15.09
Equity ratio %	66.5	55.0
Return on equity (ROE), %	3.4	-4.5
Return on capital employed (ROCE), %	3.3	-4.0

Other key indicators and calculation of key indicators are presented in the Annual Report starting from page 73.

Equity ratio, %

Shareholders' equity per share, EUR

25.0

72.6

2016

20.0

19.0

15.0

10.0

5.0

0.0

2017

2018

2019

2020

2016

Overview of operating segments

FOOD SOLUTIONS

18.1

2017

2018

2019

2020

Net sales in the Food Solutions segment amounted to EUR 60.1 (58.9) million in January-December. Operating proﬁt was EUR 5.0 (2.5) million.

The Food Solutions segment's investments totalled EUR 2.9 (10.0) million and were mainly associated with production efﬁ- ciency improvements in Säkylä.

OILSEED PRODUCTS

Net sales in the Oilseed Products segment were EUR 65.8 (65.0) million in January-December. Operating proﬁt was EUR 2.0 (1.5) million.

Table 1

Investment totalled EUR 4.7 (1.3) million and was mainly relat- ed to the construction of the bioenergy plant at the Kirkkonum-

2016 2017

64.1

mi vegetable oil milling plant and the plant's environmental and efﬁciency investments, such20a1s8an odorous gas sc6r1u.b4ber a2n0d18oilmilling efﬁciency improvements.

GRAIN TRADE

Net sales in the Grain Trade segment were EUR 194.3 (194.9) million in January-December. Operating proﬁt was EUR 0.1 (-5.6) million.

Investment totalled EUR 0.1 (0.1) million.

Impacts of the covid-19 pandemic on apetit's businesses

In Apetit Group, the impacts of the COVID-19 pandemic vary by business. Thanks to its proactive and systematic approach, Apetit has been able to maintain normal operations.

FOOD SOLUTIONS

The COVID-19 pandemic has affected the Food Solutions busi- ness the most.

The retail demand for food increased clearly when the ex- ceptional situation started in the spring: food consumption has shifted to people's homes to a signiﬁcant degree as restaurants and other public services, such as schools and day-care centres, scaled back their operations. Consequently, the sales of consum- er products were exceptionally high for a time in the early stages of the exceptional circumstances, with demand levelling off later.

2016 19.0

Demand has decreased signiﬁcantly in the Food Service sector as restaurants and other public services, such as schools and day-care centres, scaled back their operations. In the sum- mer, demand in the Food Service channel began to gradually increase compared to the early stages of the exceptional situa- tion but, at the annual level, it was still substantially below the pre-pandemic period.

72.6

2017 18.1

OILSEED PRODUCTS

2019

55.0 2019
In the1O6i.l2s9eed Products business, the demand for vegetable oils grew particularly in the retail segment and decreased in the 15.09
Food Service channel, similarly to the Food Solutions business.
GRAIN TRADE
In the Grain Trade business, the COVID-19 pandemic has only had a minor impact, mainly in the form of increased market vola- tility in the early stages of the pandemic.
Apetit aims to anticipate the business impacts of the pan- demic to the greatest extent possible and consider the impacts of various scenarios on the Group's operations in the short term as well as the long term.
APETIT'S MEASURES RELATED TO THE COVID-19 PANDEMIC Apetit's goal during the COVID-19 pandemic has been to ensure the health of employees, customers and other stakeholders while ensuring the undisrupted continuation of production, busi- ness operations and the food supply chain. To this end, the pro- duction units and other operations have implemented various arrangements to minimise interaction between employees and with outside parties, increased the use of personal protective equipment, further improved hygiene standards at various work areas and instructed ofﬁce employees to work remotely.
Apetit ensures the functioning of the food supply chain by complying with the guidelines issued by the authorities and by preparing for both exceptional and normal operating conditions in its businesses. The precautionary measures take into account all of the key functions in the company's value chain, such as raw materi- al sourcing and the procurement of materials as well as production and logistics, customer cooperation, sales and support functions. During the COVID-19 pandemic, the Finnish food supply chain has proved its resilience and functionality even under difﬁcult and exceptional circumstances. This has led to a marked increase in the visibility and appreciation of domestic food production.
2020
66.5 2020

15.26

Value creation at apetit

Apetit's ability to create value is based on strong integration with Finnish primary production, the unique value chain, strong and attractive brands and products, continuous improvement of op- erational efﬁciency, and sustainable actions at every stage of the value chain.

Apetit's value creation model is described in more detail in its annual report.

Strategy

STRATEGY PERIOD 2020-2022

Apetit Plc published its strategy for 2020-2022 in May 2020. A key feature of the renewed strategy is strengthening the existing unique value chain that has a strong foundation in Finnish prima- ry production. The operations of the strategy period aim towards the objective of building Apetit into a successful Finnish compa- ny focusing on plant-based food products.

In its strategy, Apetit focuses on utilising its existing strengths and strengthening them further in all of its business areas. A key factor in everything Apetit does is ensuring fu- ture success.

Apetit has identiﬁed the phenomena in the operating en- vironment that both steer and support the company's strategy and its implementation: The demand for plant-based food products is on the increase. As culinary trends, making daily life easier, well-being and the origin of food are highlighted further. In addition, the frozen foods market will grow. In the big picture, climate change will increase extreme weather phenomena and seasonal variations in harvest. Climate-responsible everyday actions are emphasised in the building of a sustainable food supply chain through different value chains.

STRATEGIC FOCUS AREAS AND KEY MEASURES IN 2020

Optimising core business functions

Key measures in 2020:

• Construction of a bioenergy plant in conjunction with the Kantvik vegetable oil milling plant in Kirkkonummi.
• Development of functions and practices to match current busi- ness operations.
• Creation and development of appropriate partnership net- works.
• Trading ability development in the grain trade by improving operational coordination.

Strong foothold in Sweden

We will strengthen the Swedish market as the primary focus area of food exports. We will ensure and deepen our existing custom- er relationships and also build new customer relationships. We will develop and expand our market-speciﬁc product portfolio. We will build appropriate partnerships for other selected markets.

Key measures in 2020:

• Introduction of the Apetit brand products (14 products) into the product selection of ICA, the largest retail chain in Sweden.
• Launch of sales cooperation with a local partner for the Food Service channel in Sweden.
• Establishment of new partnerships and the launch of coopera- tion in other markets.
• Systematic increase of the total export volume.

Growth from plant-based added value products

We will increase the sales of our existing product portfolio and expand our customer base. We will expand to new prod- uct segments. We will strengthen our commercial position in the Food Service channel. We will create a model for the commercialisation of the rapeseed protein ingredient.

Key measures in 2020:

• Continuous development of new plant- and ﬁsh-based prod- ucts and product groups.
• Launch of new product groups: ﬁrst fully Finnish wok vegeta- bles to shops' frozen food sections.
• More customer-oriented operating model in the Food Service channel.
• Investment decision to start the small-scale production of the rapeseed ingredient in summer 2021 and the launch of the assessment of options related to the commercialisation of the ingredient.

Developing farming partnerships

Food Solutions: We will expand contract farming in pea and pos- sible new plants. We will improve the preconditions for farming by developing cultivation measures, soil fertility and plant pro- tection measures, among other things. We will make use of new opportunities, such as carbon farming.

Oilseed Products: We will deepen our contract farming mod- el to ensure the availability of Finnish raw materials.

Grain Trade: We will become the farmer's primary partner by developing logistics solutions and utilising selected partnerships.

Key measures in 2020:

• New contract growers and a record in pea cultivation area.
• Further development of Apetit's responsible farming practices

• Active participation in projects promoting soil fertility and car- bon sequestration.
and their implementation among contract growers.
• Renewal and deepening of the oilseed plant contract farming model.
• Establishment and development of Farmer's Avena Berner cooperation.

Sustainable actions

Key measures in 2020:

• Adoption of wind power at all of the Group's production facil- ities.
• Joining the food industry's material efﬁciency commitment.
• Material review at the Säkylä production facility.
• Calculation of the environmental footprint of selected prod- ucts.
• Development and standardisation of the Group's carbon foot- print calculation to comply with the GHG Protocol (Scope 1 and 2).

Financial objectives

EBITDA will be EUR 14 million in 2022 (continuing operations in 2019 EUR 0.8 million)

Return on capital employed (ROCE %) > 8% (2019: -4.0%)

The realisation of set strategic objectives is based on regu- lar harvest development and systematic execution of strategicmeasures. The company is open to corporate transactions that are in line with its strategy. The possible impacts of the ongoing COVID-19 pandemic on ﬁnancial objectives will be reassessed later, if necessary.

Investment

Investment by continuing operations in non-current assets came to EUR 7.8 (11.5) million and was divided as follows: investment in Food Solutions totalled EUR 2.9 (10.0) million, in Oilseed Products EUR 4.7 (1.3) million, in Grain Trade EUR 0.1 (0.1) mil- lion and in Group Functions EUR 0.1 (0.0) million.

Personnel

Apetit's personnel strategy focuses on creating a safe and en- couraging work atmosphere, enabling inspiring and goal-oriented leadership, developing competence, creating a bold corporate culture that enables experiments and improving the company's employer image.

At Apetit, occupational safety culture is developed in line with the principle of continuous improvement. The key measures taken in 2020 to improve occupational safety were active and inclusive occupational safety communications and incident inves- tigation as well as systematic safety observation practices.

In 2020, there were 18 (19) occupational accidents that led to at least a one-day absence. The accident frequency rate was 28 (18). Commuting accidents are also included in occupation- al accidents. Apetit aims for zero accidents. The occupation- al accident statistics include both blue-collar and white-collar employees.

Apetit seeks to reduce sickness absences. In 2020, the sick- ness absence rate among production employees was 5.9 (6.1) per cent. The sickness absence rate is the sickness absence time in relation to the theoretical regular working time.

Number of employees in the Group on average

800

600

564

400

200

2018

2019

2020

During the year, the Apetit Suunta supervisor training pro- gramme continued among the Group's new supervisors. The training aims to strengthen supervisors' managerial and interac- tion skills, harmonise management styles and practices and sup- port the supervisors in change management. All Group supervi- sors take part in the training.

Apetit monitors well-being at work and employee satisfac- tion by means of a Group-wide well-being at work survey, for example. In the survey, the personnel assess their experiences of personal well-being at work, the work atmosphere, safety at work, social support and supervisory work. The average result of the Työvire survey conducted in 2020 was 3.9 (3.9). The next sur- vey will be conducted in spring 2021.

The salaries and other remuneration paid to the employees in 2020 amounted to EUR 16.9 million (EUR 20.4 million, includ- ing discontinued operations and EUR 17.6 million for continuing operations).

Apetit Group had 345 (373) employees at the end of 2020.

Aspects related to personnel are discussed in more detail in the People section of Apetit's annual report.

Human rights and the prevention of corruption and bribery

Apetit requires its employees and partners to comply with its Code of Conduct. Apetit ensures the fair and equal treatment of employees by operating in line with the principles of its equality plan.

Apetit's Code of Conduct prohibits the acceptance of direct or indirect bribes, as well as other beneﬁts that can be regard- ed as bribes to acquire or maintain business operations. Apetit's employees are required to familiarise themselves and comply with the Code of Conduct and report any deviations from the Code of Conduct via a designated whistleblowing channel. No reports were submitted via the whistleblowing channel in 2020.

In addition, Apetit's employees must not seek to ensure fa- vourable decisions or services from the authorities through illegal means. Apetit's employees must also avoid situations that are in conﬂict or may be construed to be in conﬂict with the personal and business interests of the employee. Apetit provides training on the key principles of competition legislation to all ofﬁce em- ployees to ensure fair and transparent competition on the market.

Apetit's operating policy and ethical principles are supple- mented by its ethical requirements for suppliers, which cover as- pects related to laws and regulations, the environment, business ethics, forced and child labour, discrimination and oppression, the work environment and social conditions.

No human rights violations or corruption or bribery cases were reported in 2020.

Research and development

The Group's research and development costs were EUR 1.0 (1.3) million, or 0.4% (0.4%) of net sales. In addition, EUR 0.2 (0.2) million in product development costs was capitalised on the bal- ance sheet during the ﬁnancial year in relation to the develop- ment of the rapeseed ingredient.

In the Food Solutions business, research and development operations were mainly related to developing new products and creating cooperation networks that support operations.

Apetit is improving its products and creating brand new products to provide easy, delicious plant-based food solutions for different meal situations for people who value food that tastes good, is healthy and is produced responsibly. New products are developed to match market-speciﬁc preferences and nutritional recommendations, and for convenient everyday meals.

Vegetables, vegetable oils and whole grains are an important part of a healthy diet. In its products, Apetit pays special atten- tion to attractive appearance and good taste, in addition to nutri- tional values, as only food that is actually eaten is nourishing.

In the Oilseed Products business, the company focused on increasing in-depth research and development. The project to enhance the added value of rapeseed as a raw material contin- ued, with Business Finland participating in its funding. The pur- pose is to develop an ingredient with high nutritional content for the international food market.

In December 2020, the European Commission granted a novel food authorisation for Apetit's rapeseed ingredient, the BlackGrain from Yellow Fields rapeseed powder. Apetit contin- ues to assess options related to the commercialisation of the in- gredient and to develop new rapeseed-based ingredients.

The strategic goals of the Oilseed Products business also include increasing the cultivation of oilseeds in Finland. The achievement of this goal was promoted in many ways.

Apetit carries out cultivation research and development operations on its experimental farm in Köyliö with the aim of se- curing the outdoor cultivation of vegetables by taking proactive measures to adjust farming methods in response to a changing environment and by providing farmers with the latest informa- tion and expertise.

Through these operations, Apetit is looking for alternatives to chemical pesticides and seeking ways to improve soil fertility and promote carbon sequestration, for example. Research top- ics include optimised crop rotation, the use of mulch ﬁlms and insect nets, drip irrigation and drip fertilisation and mechanical weed separation. In addition to in-house research and develop- ment activities, Apetit participates in selected research projects and development programmes coordinated by various partners.

Environment

Apetit Group's operations are guided by its operating policy and ethical principles, the goals of which include responsible environmental management and the management of environ- mental impacts. The Group's environmental management system complies with the ISO 14001 standard in the Food Solutions business.

The goal is efﬁcient and safe production that is in harmo- ny with the environment. The environmental impacts of Apetit's Food Solutions business are related to energy and water con- sumption and the treatment of process side streams and waste. In the Oilseed Products business, environmental impacts are mainly related to energy consumption and the bleaching clay used in processing. The company uses a chemical-free mechan- ical method for vegetable oil milling. In addition, all operations

generate a certain amount of packaging waste. Environmental impacts also arise from storage, transport and buildings. Apetit is committed to continuous improvement with regard to environ- mental issues.

Apetit participates in the Energy Efﬁciency Agreement sys- tem of Finnish industries and has committed to implementing the Food and Drink Industry Action Plan. The target for improving energy use in the food industry is 7.5 per cent for the 2017-2025 agreement period. In 2020, Apetit's energy consumption was 0.5 (0.4) MWh per tonne produced.

As part of improving its energy efﬁciency and increasing its use of renewable energy, Apetit is building a bioenergy plant in conjunction with its vegetable oil milling plant in Kirkkonummi. The plant is scheduled for completion in 2021. The bioenergy plant will replace the current energy solution that uses non-re- newable fuels and will signiﬁcantly reduce the Group's CO2 emissions.

All of the electricity used by Apetit Group's production facili- ties has been generated from renewable energy sources starting from 1 April 2020. Going forward, Apetit's production facilities run exclusively on wind power. Apetit Group's total CO2 emis- sions decreased by 37 per cent from the comparison year 2019.

All of Apetit's production facilities that are required to have an environmental permit are in possession of a current permit. During the year, there were no interruptions or accidents with signiﬁcant environmental impacts at the production facilities.

In October 2020, the Centre for Economic Development, Transport and the Environment for Southwest Finland requested Apetit to submit an application for reviewing the environmental permit terms and conditions of the wastewater treatment plant in the Länsi-Säkylä industrial area by the beginning of May 2021. Apetit will submit the application for the permit review to the Regional State Administrative Agency for Southern Finland.

The company is not aware of any signiﬁcant individual envi- ronmental risks on the balance sheet date. The Group's environ- mental costs were EUR 1.0 (0.9) million, or 0.3 (0.3) per cent of net sales.

Environmental aspects are discussed in more detail in Apetit's corporate responsibility report.

Seasonality of operations

In accordance with the IAS 2 standard, the historical cost of in- ventories includes a systematically allocated portion of the ﬁxed production overheads. With production focusing on harvest time, raw materials are mainly processed into ﬁnished products during the second half of the year. This means that more ﬁxed production overheads are recognised on the balance sheet in the second half of the year than during the ﬁrst half of the year. Due to this accounting practice, most of the Group's annual proﬁt is accrued during the second half of the year. The seasonal nature of proﬁt accumulation is most marked in the frozen foods group of the Food Solutions segment and in the associated company Sucros, where production reﬂects the crop harvesting season.

Harvesting seasons also cause seasonal variation in the amount of working capital tied up in operations. Working capi- tal tied up in Grain Trade and Oilseed Products is at its highest towards the end of the year and decreases to its lowest in the summer before the next harvest season. As the production of frozen products is also seasonal and follows the harvest period, the working capital tied up in operations is at its highest around the turn of the year in the Food Solutions segment.

Net sales in Grain Trade vary from one year and quarter to the next, even quite considerably, being dependent on the de- mand and supply situation and on the price level in Finland and other markets.

Managing corporate responsibility

Apetit's operations are based on the company's values, vision and mission. Its sustainability work is guided by its strategy, op- erating policy and Code of Conduct, as well as its procurement principles, which are based on the UN Global Compact initia- tive. Apetit is committed to compliance with the laws and other regulations of its countries of operation.

Apetit builds its operations around domestic raw materials and sustainable practices. At Apetit, corporate responsibility covers the continuous improvement of operations throughout the value chain, from the cultivation and procurement of raw materials and production to customers and ultimately to consumers. Through our actions, we want to increase the well-being of both the environ- ment and people. The idea is also part of our mission: Good food for everyone. Locally.

"Sustainable actions" is one of Apetit's strategic focus areas: We will promote cultivation development and implement new sus- tainable cultivation methods. We will provide new diverse alterna- tives to increase plant-based and sustainable eating. We will make sustainability an even more intertwined part of all of our operations and decrease the Group's environmental and climate impacts in accordance with set objectives.

Apetit seeks to understand the impact of its operations on people, society and the environment as comprehensively as pos- sible. In cooperation with its key stakeholders, Apetit implement- ed an extensive process to determine the content of its corporate responsibility. This includes the most material aspects of its corpo- rate responsibility for the systematic collection of key ﬁgures and information to continuously develop sustainable operations. The

material themes of corporate responsibility were updated in late 2020 on the basis of a stakeholder survey conducted earlier in the autumn.

More information about Apetit's corporate responsibility is available in the corporate responsibility report. Apetit reports on its sustainable operations in accordance with the Core option of the Global Reporting Initiative (GRI) standards.

Risks, uncertainties and risk management

The Board of Directors of Apetit Plc has conﬁrmed the Group's risk management policy and principles. All Group companies and business units regularly assess and report the risks related to their operations and the adequacy of controls and risk manage- ment methods. The risk assessments support the strategy work and decision-making and serve to ensure that sufﬁcient meas- ures are taken to control risks. The risk management framework, policies and principles are assessed and developed regularly.

Apetit Group's risks are divided into strategic, operational, ﬁnancial and hazard risks. The Group's most signiﬁcant strate- gic risks are related to the success of the development of its business portfolio in line with its strategy, and to changes in the Group's business sectors and customer relationships.

The main operational risks concern the availability of raw mate- rials, the time lags between purchasing and sale or use, and ﬂuctu- ations in raw material prices. Price risk management is particularly important in Grain Trade and Oilseed Products. The prices of grains and oilseeds are determined in the world market. In Grain Trade and Oilseed Products, limits are deﬁned for open price risks.

The Group operates in international markets and is thus ex- posed to currency risks arising from changes in exchange rates. Under normal circumstances, currency risks are low. Financial risk management is discussed in more detail in Note 24 to the Finan- cial Statements.

Fire, serious process disruptions, and defects in raw mate- rials or ﬁnal products affecting food safety can lead to major property damage, losses from production interruptions, liabilities and other indirect adverse effects on the company's operations. The Group companies guard against these risks by evaluating their processes through internal control and other systems and by taking corrective action where necessary. Insurance policies are used to cover all risks for which insurance can be justiﬁed on ﬁnancial or other grounds.

Statement of non-ﬁnancial risks and their management

The assessment of Apetit's most signiﬁcant risks also covers signif- icant non-ﬁnancial risks. In addition, Apetit has identiﬁed risks re- lated to the themes presented below, regardless of whether they are signiﬁcant for Apetit as a whole. A typical effect of the realisa- tion of a non-ﬁnancial risk would be a negative reputation effect.

Apetit Group's Code of Conduct guides operations in all Group business segments and all operating countries. Apetit requires that all of its employees and suppliers comply with the Code of Conduct.

ENVIRONMENTAL RISKS

Apetit's operational activities do not involve signiﬁcant environ- mental risks. The principal environmental risks at Apetit's pro- duction facilities concern potential wastewater and vegetable oil leaks into the environment and refrigerant leaks. Environmental risks are managed by means of internal and external inspections and by complying with environmental requirements and moni- toring the company's environmental performance. Some of the company's operations have ISO 14001 environmental manage- ment systems.

SOCIAL AND EMPLOYEE-RELATED RISKS

Safety at work is vitally important for Apetit, and any occu- pational accidents are among its most signiﬁcant social and employee-related risks. The company actively provides infor- mation about aspects related to occupational safety, and each supervisor must complete a training programme related to safety at work.

RISKS RELATED TO HUMAN RIGHTS

The most signiﬁcant risks related to human rights arise from the production chain and are related to working conditions. Apetit is committed to, and requires its suppliers to commit to, its ethical requirements for suppliers, which describe sustainable operating principles concerning ethical, social and environmental aspects.

RISKS RELATED TO CORRUPTION AND BRIBERY

If Apetit's employees or stakeholders engage in unethical opera-tions, this may have a negative effect on Apetit's reputation, in addition to having ﬁnancial effects. The most important manage- ment method to avoid unethical ways of working is to increase awareness of ethical operating methods, for example.

Corporate governance

CORPORATE GOVERNANCE STATEMENT

The 2020 Corporate Governance Statement for Apetit Plc has been considered by the Apetit Plc's Board of Directors and is published separately from the Board of Directors' report.

ANNUAL GENERAL MEETING 2020

Apetit Plc's Annual General Meeting was held in Säkylä on 26 May 2020. The Annual General Meeting adopted the parent company's ﬁnancial statements and the consolidated ﬁnancial statements, and discharged the members of the Supervisory

Board, the Board of Directors and the CEOs from liability for the ﬁnancial year 2019.The Board of Directors' proposals to the Annual General Meeting were approved without changes. The Annual General Meeting decided to distribute a dividend of EUR 0.45 per share in accordance with the Board's proposal. The divi- dend was paid on 4 June 2020.

ELECTION OF THE SUPERVISORY BOARD

The Annual General Meeting 2020 conﬁrmed that the Supervi- sory Board will have 18 members elected by the Annual General Meeting. Five persons were appointed to replace members of the Supervisory Board completing their term. Jaakko Halkilahti, Marja-Liisa Mikola-Luoto, Petri Rakkolainen and Mauno Ylinen were re-elected. Olli Saaristo was elected as a new member of the Supervisory Board.

Heikki Laurinen and Pekka Perälä were elected by the Annu- al General Meeting as the members of the Supervisory Board's Nomination Committee.

Apetit Plc's Supervisory Board appointed Harri Eela as Chair and Marja-Liisa Mikola-Luoto as Vice Chair.

COMPOSITION AND COMMITTEES OF THE BOARD OF DIRECTORS

The Supervisory Board decided to elect six members to Apetit Plc's Board of Directors. Lasse Aho, Annikka Hurme, Antti Korpi-niemi, Simo Palokangas, Kati Rajala and Niko Simula were elect- ed as members of the Board of Directors. Simo Palokangas was appointed as Chair of the Board of Directors and Lasse Aho as Deputy Chair.

At its organisational meeting, Apetit Plc's Board of Directors elected members to its Audit Committee from among its members until the end of the Board's term of ofﬁce. Lasse Aho was elected as the Chair of the Audit Committee and Niko Simula as a member.

In accordance with the decision of the Supervisory Board, the Board members will be paid an annual remuneration of EUR 19,560 and the Chair and Deputy Chair will receive an annual remuneration of EUR 39,060 and EUR 24,120, respectively. A total of 60 per cent of the annual remuneration will be paid in cash and 40 per cent in the form of Apetit Plc shares held by the company at the current value of the shares at the time of trans- fer. The remuneration will be paid once a year in December. It was also decided that the Chair and members of the Board of Directors be paid a meeting allowance of EUR 510 and EUR 300, respectively.

AUDITOR

The Annual General Meeting appointed Pasi Karppinen, APA, and PricewaterhouseCoopers Oy, Authorised Public Account- ants, with Tuomo Korte, APA, as the auditor with principal re- sponsibility, as the company's auditors for the period ending at the close of the 2021 Annual General Meeting.

AUTHORISATIONS GRANTED TO THE BOARD OF DIRECTORS On 27 March 2018, the Annual General Meeting authorised the Board of Directors to decide on share issues. The authorisa- tion includes the right to issue new shares or transfer Apetit Plc shares held by the company. The authorisation covers a maxi- mum total of 626,757 shares, consisting of up to 520,331 new shares and 106,426 Apetit Plc shares held by the company (the company held a total of 89,230 treasury shares on 31 Decem- ber 2020).

The subscription price for each new share will be at least the share's nominal value (EUR 2). The transfer price for Apetit shares held by the company will be at least the market value of the share at the time of transfer, which is determined by the price quoted in public trading on the Nasdaq Helsinki. The Board of Directorswill also have the right to issue shares against considerations other than cash. In the implementation of share-based incentive or re- ward schemes, shares can also be issued without consideration.

The authorisation includes the right to deviate from the shareholders' pre-emptive subscription right (targeted issue) if the company has an important ﬁnancial reason for doing so, such as the development of the company's capital structure, the ﬁnancing and implementation of corporate acquisitions or other arrangements, or the implementation of a share-based incentive or reward scheme.

The authorisation is valid until the 2021 Annual General Meeting.

USE OF THE AUTHORISATIONS GRANTED TO THE BOARD OF DIRECTORS

In accordance with a decision made by the Supervisory Board regarding the remuneration of Board members, a total of 5,470 Apetit Plc shares held by the company were transferred to the Board members on 2 December 2020.

Shares and share ownership

SHARES, SHARE CAPITAL AND TRADING

The shares of Apetit Plc are all in one series. All shares carry the same voting and dividend rights. The Articles of Associa- tion specify that the number of votes a shareholder is entitled to exercise cannot exceed one tenth of the votes represented at a general meeting. The nominal value of each of the compa- ny's shares is EUR 2. At both the beginning and the end of the ﬁnancial year, the total number of shares issued by the compa- ny stood at 6,317,576, and the registered share capital totalled EUR 12,635,152. The minimum amount of share capital is EUR 10 million, and the maximum amount is EUR 40 million.

TREASURY SHARES

At the end of the review period, the company held a total of 89,230 treasury shares acquired during previous years. These treasury shares represent 1.4 per cent of the company's total number of shares and votes. The company's treasury shares carry no voting or dividend rights.

FLAGGING ANNOUNCEMENTS

In 2020, Apetit received two ﬂagging announcements:

On 13 May 2020, Apetit Plc received a notiﬁcation under Chapter 9, Section 5 of the Securities Market Act, according to which the holding of Berner Oy in Apetit Plc's shares and votes had exceeded the 5 per cent threshold on 12 May 2020.

On 13 May 2020, Apetit Plc received a notiﬁcation under Chapter 9, Section 5 of the Securities Market Act, according to which the holding of Jussi Capital Oy in Apetit Plc's shares and votes had decreased below 5 per cent on 12 May 2020.

SHARE PRICE AND TRADING

The number of Apetit Plc shares traded on the stock exchange during the review period was 1,627,429 (1,251,917), repre- senting 25.8 (20.0) per cent of the total number of shares. The highest share price quoted was EUR 10.80 (9.84) and the lowest was EUR 7.12 (7.66). The average price of shares traded was EUR 8.94 (8.54). The share turnover for the period was EUR 14.5 (10.7) million. At the end of the review period, the market capi- talisation was EUR 67.6 (49.5) million.

MANAGERS' TRANSACTIONS

Apetit's managers' transactions related to Apetit's securities dur- ing the review period have been published as stock exchange releases and can be read on the company's website.

Short-term risks

The most signiﬁcant short-term risks for Apetit Group are related to, in addition to the COVID-19 pandemic, the management of raw material price changes and currency risks, the availability of raw materials, the solvency of customers, the delivery perfor- mance of suppliers and service providers, and changes in the Group's business areas and customer relationships.

Assessment of expected future development

The full-year operational EBIT from continuing operations is ex- pected to improve year-on-year (EUR 3.9 million in 2020).

Events aﬅer the end of the ﬁnancial year

The company had no signiﬁcant events after the end of the ﬁ- nancial year.

Board of directors' proposals concerning proﬁt measures and distribution of other unrestricted equity

The Board of Directors of Apetit Plc aims to ensure that the com- pany's shares provide shareholders with a good return on invest- ment and retain their value. In line with its dividend policy, the company will distribute at least 50 per cent of the proﬁt for the ﬁnancial year in dividends.

The parent company's distributable funds totalled EUR 55,197,731.79 on 31 December 2020, after adding the proﬁt for the ﬁnancial year, EUR 2,852,348.19. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.50 per share be paid.

The Board of Directors proposes that a total of EUR 3,114,173.00 be distributed in dividends and that EUR 52,083,558.79 be left in equity. No signiﬁcant changes have tak- en place in the ﬁnancial standing of the company since the endof the ﬁnancial year. The company's liquidity is good, and the Board deems that the company's solvency will not be jeopard- ised by the proposed distribution of dividends. No dividend will be paid on shares held by the company.

AppendICes to tHe

BoaRD OF dIrestORs' report

KEY INDICATORS

Finance and ﬁnancial position

Financial ratios

Proﬁtability

EUR millionAttributable to


Net sales	292.9	296.9 259.9 311.8 310.0

Exports	134.0	134.4 77.7 101.0 69.4

Operating proﬁt	3.9	-4.8 0.5 1.1 0.8
% of net sales	1.3	-1.6 0.2 0.4 0.3

R & D expenses	1.0	1.3 1.3 1.9 0.8
% of net sales	0.4	0.4 0.4 0.6 0.4

Financial income (+)/ expenses(-), net	-0.5	-0.7 -0.4 -0.5 -0.6

Result before taxes	3.7	-6.4 -0.6 1.6 1.0
% of net sales	1.3	-2.1 -0.2 0.5 0.3

Result for the period	3.1	-5.4 -0.4 2.9 2.0
% of net sales	1.0	-1.8 -0.2 0.9 0.7

Attributable to
Shareholders of the parent company	3.1	-5.4 -0.4 2.9 2.0

Continuing operationsEUR million

2020

2019

2018

2017

2016

Shareholders' equityOther current assets

Return on equity, % (ROE)	3.4	-4.5 -7.0 2.5 1.7
Return on capital employed, % (ROCE) *	3.3	-4.0 -7.0 1.9 1.3

Equity ratio, %	66.5	55.0 61.4 72.6 64.1
Net gearing, %	21.7	35.9 21.5 -9.6 12.4

Non-current assets	67.7	64.4 67.6 74.7 83.6
Inventories	58.7	66.4 80.9 45.8 65.3
Other current assets	16.3	39.9 16.1 34.2 34.8

Shareholders' equity	95.0	93.9 101.1 112.3 117.7
Distributable funds	55.2	55.1 58.6 62.6 66.3
Interest-bearing liabilities	21.7	36.6 24.4 4.9 19.1
Non-interest-bearing liabilities	26.1	40.3 39.0 37.6 46.8

Balance sheet total	142.8	170.8 164.6 154.7 183.7

Other indicators Milj. euroa

Gross investments excluding % of net sales

% of net sales

Gross investments excluding business acquisitions	7.8	11.5 6.1 5.2 7.7
% of net sales	2.7	4.0 2.3 1.7 2.5

Gross investments excluding business acquisitions	0.0	-0.6 0.4 -
% of net sales	0.0	-0.2 0.1 -

Personnel, FTE

2020

2019

2018

Continuing operations

2020

2019

2017

2016

2018

2017

2016

Group

2020

2019

2018

2017 2016

343

452

564

697 729

CORPORATE GOVERNANCE 73

SHARE INDICATORS

Turnover ratio, %

Share performance, EUR Lowest price during the year Highest price during the year Average price during the year Share price at the end of the yearShare capital, EUR million Market capitalisation, EUR million Dividends, EUR million

Share turnover (1,000 pcs)Earnings per share, EUR Dividend per share, EUR

Dividend per earnings, % Effective dividend yield, %

P/E ratio

Shareholders' equity per share, EURShare turnover

Group

2020

2019

2018

2017 2016

2020

2019

Adjusted number of sharesAverage adjusted

Number of shares
Number of shares	6,317,576	6,317,576 6,317,576,6,317,576 6,317,576
Average adjusted number of shares	6,223,332	6,217,118 6,210,652,6,202,128 6,197,815
Adjusted number of shares at the end of the period	6,228,346	6,222,876 6,216,621,6,206,150 6,200,771

Number of own shares	89,230	94,700 100,955,111,426 116,805

* In 2020, the calculation formula for the key indicator has changed ** Proposal of the board of directors

Shareholders' equity per share, EUR

25.0

20.0

15.0

10.0

5.0

0.0

2016

19.0

18.1

2019

2016

2017

2018

Effective dividend yield 2016-2020, %

6 5 4 3 2 1 0

2018

2017

Dividend/share 2016-2020, EUR

2016

0.8

0.70

0.6

0.4

0.2

2020

2016

2017

2018

2019

2020

2017

2018

2019 2020

*Board's proposal

CORPORATE GOVERNANCE 74

CALCULATION OF KEY INDICATORS

IFRS KEY FIGURES

Earnings per share

= Net income attributable to the equity holders of the parent

Average number of outstanding shares during ﬁnancial year

Interest-bearing net liabilities

=Interest-bearing liabilities - Cash and cash equivalents - Short term investments

Dividend per earnings, %Diluted earnings per share (EUR)

= Net income attributable to the equity holders of the parent

Average number of diluted outstanding shares during ﬁnancial year

ALTERNATIVE PERFORMANCE MEASURES

According to the ESMA (European Securities and Markets Authority) Guidelines on Alternative

Performance Measures, an Alternative Performance Measure (APM) is understood as a ﬁnancial measure of historical or future ﬁnancial performance, ﬁnancial position, or cash ﬂows, other than a ﬁnancial measure deﬁned or speciﬁed in the applicable ﬁnancial reporting framework. Beginning from year 2020 Apetit quit the use of proﬁt-based alternative performance measures. In addition to IFRS key ﬁgures, Apetit uses and reports the following alternative performance measures:

Return on equity (ROE), %

Return on capital employed (ROCE), %

=Proﬁt/loss for the period

Total equity (average for the beginning and end of the period) × 100

= × 100

Operating proﬁt

Capital employed, average of the last ﬁve quarter ends

Effective dividend yield, %Price/earnings ratio (P/E)Shareholders' equity per shareMarket capitalisation

= × 100

Dividend per share

Earnings per share

Dividend per share = × 100

Share price at the end of the period

=Share price at the end of the period Earnings per share

=Equity attributable to the equity holders of the parent company

Basic number of outstanding shares on 31 December

= Basic number of outstanding shares x Closing share price

Capital employed

Equity ratio, %

= Equity + interest-bearing liabilities

= × 100

Total equity

Total assets - Advance payments received

= × 100

Interest-bearing net debt

Gearing, %

Total equity

MAJOR SHAREHOLDERS ON 31 DECEMBER 2020

Shares owned by the company Total

External ownership totalNominee-registered shares Other shareholders

Central Union of Agricultural Producers and Forest Owners Nordea Bank ABP Pharmacies Pension Fund Säkylä municipality Laakkonen Mikko Top 10 sub-total

Nordea Nordic Small Cap Fund EM Group Oy

Berner Oy Eela Esko

Valio's Pension Fund	520,108 8.2 520,108 8.7
Berner Oy	499,667 7.9 499,667 8.4
Eela Esko	392,392 6.2 392,392 6.6
Nordea Nordic Small Cap Fund	347,860 5.5 347,860 5.8
EM Group Oy	141,747 2.2 141,747 2.4
Central Union of Agricultural Producers and Forest Owners	125,485 2.0 125,485 2.1
Nordea Bank ABP	112,942 1.8 112,942 1.9
Pharmacies Pension Fund	90,395 1.4 90,395 1.5
Säkylä municipality	65,822 1.0 65,822 1.1
Laakkonen Mikko	63,283 1.0 63,283 1.1
Top 10 sub-total	2,359,701 37.4 2,359,701 39.7

Nominee-registered shares	225,373 3.6 225,373 3.8
Other shareholders	3,643,272 57.7 3,365,165 56.6
External ownership total	6,228,346 98.6 5,950,239 100.0
Shares owned by the company	89,230 1.4
Total	6,317,576 100.0

Number of sharesDistribution of ownership on 31 December 2020

Foreign owners Nominee-registered Total

Companies total

Financial and insurance institutions Public organisations

Private households

Non-proﬁt organisations

% of shareholders	% of shares
2.7	19.2
0.1	6.1
0.3	11.3
95.8	54.9
0.9	4.9
0.2	0.1
3.6
100.0

Distribution of shareholdings on 31 December 2020

Number of votes

%Shares

101

501

1001

5001

10001

50001

100001

500001

Yhteensä

Number ofshareholders

% ofshareholders

100 500

6,069 4,047

52.4 34.9

985,961 15.6

1000

873

7.5

5000

511

4.4

10000

0.4

50000

0.2

100000

0.1

500000

6 1 11,591

0.1

0.0 100.0

6,317,576 100.0

Number of shares

248,924 3.9

652,964 10.3

1,015,349 16.1

329,680 5.2

513,373 8.1

431,124 6.8

1,620,093 25.6

520,108 8.2

Companies total 19.2%

Financial and insurance institutions 6.1%

Public organisations 11.3%

Private households 54.9%

Non-profit organisations 4.9%

Foreign owners 0.1%

Nominee-registered 3.6%

Companies total 2.7%

% of shares

Financial and insurance institutions 0.1%

Public organisations 0.3%

Private households 95.8%

Non-profit organisations 0.9%

Foreign owners 0.2%

FInanCIal stAteMents

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR million

Other operating incomeOther operating expenses

OPERATING PROFIT

Share of proﬁt/loss accounted forTax on income from operations

Note

1-12/2020


CONTINUING OPERATIONS
NET SALES (2)	292.9	296.9
Other operating income (4)	1.0	1.2
Material and services (7)	-240.3	-252.4
Employee beneﬁts expense (5)	-20.0	-21.3
Depreciation and amortisation (2,8)	-6.1	-5.5
Impairment (2,8)	-0.0	-0.1
Other operating expenses (4)	-23.5	-23.6
OPERATING PROFIT (2)	3.9	-4.8

Financial income (9)	0.0	0.1
Financial expenses (9)	-0.5	-0.8
Share of proﬁt/loss accounted for using the equity method (14)	0.3	-1.0
PROFIT/LOSS BEFORE TAX	3.7	-6.4
Tax on income from operations (10)	-0.6	0.9
Proﬁt/loss from continuing operations	3.1	-5.4

DISCONTINUED OPERATIONS
Proﬁt/loss from discontinued operations (3)	0.1	1.0

PROFIT/LOSS FOR THE PERIOD	3.2	-4.4

1-12/2019

EUR millionEarnings per share calculated on proﬁt attributable to equity holders of the parent

Earnings per share, basic, Continuing Operations Earnings per share, basic, Discontinued Operations Earnings per share, basic

Earnings per share, diluted, Continuing Operations Earnings per share, diluted, Discontinued Operations

Earnings per share, diluted

Other comprehensive income:

Items that may be reclassiﬁed subsequently to proﬁt or loss Exchange differences on translating foreign operations

Cash ﬂow hedges

Taxes related to cash ﬂow hedges

TOTAL COMPREHENSIVE INCOME

Total comprehensive income attributable to: Owners of the parent company

Note

1-12/2020


Earnings per share calculated on proﬁt attributable to equity holders of the parent
Earnings per share, basic, Continuing Operations	0.49	-0.87
Earnings per share, basic, Discontinued Operations	0.02	0.16
Earnings per share, basic (12)	0.52	-0.71

Earnings per share, diluted, Continuing Operations	0.49	-0.87
Earnings per share, diluted, Discontinued Operations	0.02	0.16
Earnings per share, diluted (12)	0.52	-0.71

Other comprehensive income:
Items that may be reclassiﬁed subsequently to proﬁt or loss
Exchange differences on translating foreign operations	-0.0	0.1
Cash ﬂow hedges	0.8	-0.4
Taxes related to cash ﬂow hedges	-0.2	0.1
0.6	-0.2

TOTAL COMPREHENSIVE INCOME	3.8	-4.7

Total comprehensive income attributable to:
Owners of the parent company	3.8	-4.7

1-12/2019

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR millionASSETS

GoodwillShares in associated companiesTrade receivables and other receivables

ASSETSNote 31.12.2020 31.12.2019

EUR million


ASSETS
NON-CURRENT ASSETS
Intangible assets (13)	2.3	2.1
Goodwill (13)	0.4	0.4
Property, plant, equipment (13)	36.1	33.1
Right-of-use assets (13)	4.6	4.1
Shares in associated companies (14)	19.7	19.4
Other non-current ﬁnancial assets (15)	0.3	0.3
Non-current trade and other receivables (16)	0.0	0.0
Deferred tax assets (11)	4.3	5.0
NON-CURRENT ASSETS	67.7	64.4

CURRENT ASSETS
Inventories (18)	58.7	66.4
Trade receivables and other receivables (17)	15.2	37.0
Cash and cash equivalents (19)	1.1	2.9
CURRENT ASSETS	75.1	106.3

ASSETS	142.8	170.8

Share capital Share premium Treasury shares

Translation differencesTrade Payables and Other Liabilities

Note 31.12.2020 31.12.2019


EQUITY AND LIABILITIES
Owners of the parent company
Share capital (20)	12.6	12.6
Share premium (20)	23.4	23.4
Treasury shares	-1.3	-1.3
Reserves	7.4	6.7
Translation differences	-0.0	-0.0
Retained earnings without proﬁt/loss for the period	49.8	57.0
Proﬁt/loss for the period	3.2	-4.4
Owners of the parent company	95.0	93.9

EQUITY	95.0	93.9

NON-CURRENT LIABILITIES
Deferred tax liabilities (11)	0.1	0.1
Non-current liabilities, interest-bearing (22)	3.9	4.4
Non-current interest-free liabilities (23)	0.2	0.3
Liabilities from deﬁned beneﬁt plan (21)	0.2	0.2
NON-CURRENT LIABILITIES	4.4	5.0

CURRENT LIABILITIES
Current interest-bearing liabilities (22)	17.8	32.2
Trade Payables and Other Liabilities (23)	25.6	39.5
CURRENT LIABILITIES	43.4	71.6

LIABILITIES OF A DISPOSAL GROUP HELD FOR SALE	-	0.2
Liabilities (2)	47.8	76.8
EQUITY AND LIABILITIES	142.8	170.8

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR million

Adjustments to cash ﬂow from operating activitiesAcquisition of subsidiaries, net of cash acquiredAddition / deduction of current borrowings

Note 1-12/2020

1-12/2019

EUR million


CASH FLOWS FROM OPERATING ACTIVITIES
PROFIT/LOSS FOR THE PERIOD	3.2	-4.4
Adjustments to cash ﬂow from operating activities *	6.9	4.7
Working capital changes	17.3	-5.5
Interest paid	-0.5	-0.7
Interest received	0.0	0.0
Income taxes paid	-0.1	-0.1
Net cash from operating activities	26.8	-5.9

Cash ﬂows from investing activities
Purchase of tangible and intangible assets	-7.9	-12.3
Proceeds from sale of tangible and intangible assets	0.0	0.0
Acquisition of subsidiaries, net of cash acquired	-1.0	-
Proceeds from sales of business operations (3)	-0.1	13.3
Purchase of investments	-0.0	-
Proceeds from sale of investments	-0.0	0.4
Dividends received	0.0	0.0
Net cash used in investing activities	-8.9	1.4

Cash ﬂows from ﬁnancing activities
Addition / deduction of current borrowings (22)	-14.3	9.0
Repayment of non-current borrowings (22)	-1.0	-1.0
Payment of lease liabilities (22)	-1.6	-1.5
Proceeds from disposal of shares on the joint book-entry account	-	0.7
Dividends paid	-2.8	-2.5
Net cash used in ﬁnancing activities	-19.7	4.8

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

* Adjustments to cash ﬂow from operating activities

Gains and losses of disposals of ﬁxed assets

Share of proﬁt/loss accounted for using the equity method

Tax on income from operations

Other adjustments

Total

Note 1-12/2020

1-12/2019


Net change in cash and cash equivalents	-1.8	0.2

Cash and cash equivalents at the beginning of the period (19)	2.9	2.6
Cash and cash equivalents at the end of the period (19)	1.1	2.9

Adjustments to cash ﬂow from operating activities
Depreciation, amortisation and impairment	6.1	6.2
Gains and losses of disposals of ﬁxed assets and other non-current assets	-0.2	-2.5
Share of proﬁt/loss accounted for using the equity method (14)	-0.3	1.0
Financial income and expenses	0.5	0.8
Tax on income from operations (10)	0.7	-0.7
Other adjustments	0.0	-0.0
Total	6.9	4.7


EUR million	Fair value reserve
TOTAL COMPREHENSIVE INCOME
EQUITY 1.1.2019	12.6	23.4	-1.4	-0.2
TOTAL COMPREHENSIVE INCOME	-	-	-	-0.3
Dividend distribution	-	-	-	-
Proceeds from disposal of shares on
the joint book-entry account	-	-	-	-
Effect on transition to IFRS 16	-	-	-	-
Share of direct equity entries in associates	-	-	-	-
Other changes	-	-	0.0	0.0
Changes in equity total	-	-	0.0	0.0
EQUITY 31.12.2019	12.6	23.4	-1.3	-0.5
APETIT IN 2020	APETIT'S DIRECTION	RESPONSIBLE ACTIONS	RESPONSIBLE BUSINESS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Treasury	Other	Translation	Retained
reserves	differences	earnings	Total equity
7.2	-0.2	59.6	101.1
-	0.1	-4.4	-4.7
-	-	-2.5	-2.5
-	-	0.6	0.6
-	-	-0.2	-0.2
-	-	-0.4	-0.4
-	-	-0.2	-0.1
-	-	-2.6	-2.5
7.2	-0.0	52.6	93.9
CORPORATE GOVERNANCE	81

Share capital Share premium shares


EQUITY 1.1.2020	12.6 23.4 -1.3 -0.5 7.2 -0.0 52.6 93.9
TOTAL COMPREHENSIVE INCOME	-0.0 - - 0.6 - -0.0 3.2 3.8
Dividend distribution	- - - - - - -2.8 -2.8
Other changes	- - 0.1 0.0 - - -0.0 0.1
Changes in equity total	-0.0 - 0.1 0.6 - -0.0 0.4 1.1
EQUITY 31.12.2020	12.6 23.4 -1.3 0.1 7.2 -0.0 53.0 95.0

NOTES TO THE CONSOLIDATED FINANCIAL STAEMENT

NOTE 1. ACCOUNTING PRINCIPLES

Company details

Apetit plc is a Finnish public limited company established under Finnish law. Its registered ofﬁce is in Säkylä and the registered address is PO Box 100, FI-27801 Säkylä, Finland. Business ID is 0197395-5. The company's name is Apetit Oyj, in Swedish Apetit Abp and in English Apetit plc.

On 18 February 2021, the Apetit plc Board of Directors ap- proved the ﬁnancial statements for publication.

Main operations

Apetit plc is a food industry company listed on the Nasdaq Helsinki Ltd. The trading code of the share is APETIT.

Apetit's continuing operations are Food Solutions, Oilseed Products and Grain Trade. In addition to the three reporting segments, Apetit reports Group Functions, consisting of Group management, strategic projects and listing on the stock ex- change. Apetit's primary market is Finland. On 10 July 2019, Apetit Plc signed an agreement on selling its fresh cut business to Swedish Greenfood AB. The transaction was completed on 30 September 2019. In these ﬁnancial statements, the transferred business is reported as a discontinued operation.

Operating segments

FOOD SOLUTIONS

Products and services

Apetit Ruoka Oy ................................................................................... Frozen foods

Apetit Ruokaratkaisut Oy ...................................................................... Service sales (ended in 2019)

GRAINS AND OILSEEDS BUSINESS

Avena Nordic Grain Oy ....................................................................... Trade in grains, oil seeds and animal feedstuff UAB Avena Nordic Grain, Lithuania .................................................... Trade in grains, oil seeds and animal feedstuff Avena Nordic Grain OÜ, Estonia ......................................................... Trade in grains, oil seeds and animal feedstuff SIA Avena Nordic Grain, Latvia ........................................................... Trade in grains, oil seeds and animal feedstuff OOO Avena-Ukraine, Ukraine * .......................................................... Trade in grains, oil seeds and animal feedstuff

*ended in 2020

OILSEEDS PRODUCTS

Avena Nordic Grain Oy ....................................................................... Trade in vegetable oils and protein feed Avena Kantvik Oy ................................................................................ Manufacture of vegetable oils and protein feed

GROUP FUNCTIONS

Apetit Oyj ............................................................................................ Group management, strategic projects and listing on the stock exchange

Foison Oy ............................................................................................ Holding in Avena Nordic Grain Oy

ASSOCIATED COMPANIES

Sucros group ....................................................................................... Manufacture, marketing and sales of sugar Foodwest Oy ....................................................................................... Food product development company

Accounting principles

BASIS OF PREPARATION

The consolidated ﬁnancial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS). The IAS and IFRS standards and the SIC and IFRIC inter- pretations complied with are those valid on 31 December 2020. The International Reporting Standards refer to standards and their interpretations approved for adoption within the EU in accord- ance with the procedure enacted in EC regulation 1606/2002. The notes to the consolidated ﬁnancial statements are also in accordance with Finnish bookkeeping and company legislation. The consolidated ﬁnancial statements have been drawn up on the basis of historic acquisition costs, except for those ﬁnancial assets and liabilities which are recognised in income at fair value and all derivative ﬁnancial instruments, as they are measured at fair value.

Preparation of the ﬁnancial statements in accordance with the IFRS standards requires the Group's management to make certain assessments and exercise judgement in applying the accounting principles. Details of the judgements made by the management in applying the accounting principles observed by the Group, and of those aspects which have the greatest impact on the ﬁgures reported in the ﬁnancial statements, are given below under the heading 'Accounting principles requiring executive judgement and the main uncertainties concerning the assessments made'.

CONSOLIDATION PRINCIPLES

Control is created if the Group is exposed to a variable return on the investee or is entitled to its variable return and is also able to exercise its power over the investee and thereby affect the amount of return received. Acquisition of subsidiaries is account- ed for using the acquisition cost method. Acquisition cost is the aggregate of the consideration given at fair value at the time of acquisition and the amount of liabilities incurred or liabilitiesassumed. Identiﬁable assets and liabilities acquired in a business combination are measured initially at fair value at the time of acquisition, regardless of the amount of any minority interest. The amount by which the acquisition cost exceeds the Group's share of the fair value of the identiﬁable net assets acquired is recognized as goodwill. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary, this difference is recognized directly in the income statement.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group and the consolidation ends on the date that control ceases.

Intra-group transactions, receivables and liabilities as well as unrealised gains from intra-group transactions are eliminated in the consolidated ﬁnancial statements. Unrealised losses are also eliminated unless the transaction indicates that the value of the transferred asset is impaired.

Associates are companies in which the Group has signiﬁcant inﬂuence. Signiﬁcant inﬂuence is exercised when the Group owns more than 20% of the voting rights of the company or otherwise has signiﬁcant inﬂuence, but not control. Associates are consol- idated in the consolidated ﬁnancial statements using the equity method. If the Group's share of the losses of the associate exceeds the carrying amount of the investment, the investment is recorded in the balance sheet at zero value and the excess of the carrying amount is not aggregated unless the Group is committed to meet- ing the obligations of the associates. Unrealised gains between the Group and the associate have been eliminated in accordance with the Group's shareholding. An associate's investment includes goodwill arising from its acquisition.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets and assets and liabilities related to discon- tinued operations are classiﬁed as held for sale if their carryingamounts are expected to be recovered primarily through sale rather than through continuing use. Classiﬁcation as held for sale requires that the following criteria are met; the sale is highly probable, the asset is available for immediate sale in its present condition subject to usual and customary terms, the manage- ment is committed to the sale, and the sale is expected to be completed within one year from the date of classiﬁcation.

Prior to classiﬁcation as held for sale, the assets or assets and liabilities related to a disposal group in question are meas- ured according to the respective IFRS standards. From the date of classiﬁcation, non-current assets held for sale are measured at the lower of the carrying amount and the fair value less costs to sell, and the recognition of depreciation and amortization is discontinued. A discontinued operation is a component of an entity that either has been disposed of, or is classiﬁed as held for sale, and represents a separate major line of business or geo- graphical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale.

The result from the discontinued operations is shown sepa- rately in the consolidated statement of income and the compar- ison ﬁgures are restated accordingly. Non-current assets held for sale are presented in the statement of ﬁnancial position sepa- rately from other items. The comparison ﬁgures for the state- ment of ﬁnancial position are not restated.

FOREIGN CURRENCY ITEMS

The ﬁgures for the ﬁnancial performance and standing of each of the Group's units are measured in the currency of the unit's principal operating environment ('functional currency'). The consolidated ﬁnancial statements are presented in euros, which is the functional and reporting currency of the Group's parent

company. Foreign currency transactions are recognised as amounts denominated in the functional currency using the rate prevailing on the transaction date. At the balance sheet date, monetary receivables and payables are translated using the closing rate. Exchange differences arising from translation are recognised in the income statement. Exchange gains and loss- es from operating activities are included in the corresponding items above the operating proﬁt.

The income statements of foreign subsidiaries have been translated into euros using average rates for the reporting peri- od, and their balance sheets translated using the closing rates. The exchange difference due to the use of average rates in the income statement translations and closing rates in the balance sheet translations is recognised as a separate item under share- holders' equity.

In preparing the consolidated ﬁnancial statements, the trans- lation difference due to exchange rate ﬂuctuations, in regard to the shareholders' equity of the subsidiaries and associates, is recognised as a separate item in the translation differences for the consolidated shareholders' equity. If a foreign subsidiary or associate is disposed of, the accrued translation difference is rec- ognised in the income statement under proﬁt or loss.

NET SALES AND REVENUE RECOGNITION

The Group has applied IFRS 15 Revenue Recognition as of 1 January 2018. Sales are recognised at the value that reﬂects the compensation the company expects to receive from its custom- ers when control is transferred. The Group's sales in all business segments take place at a single time.

Food Solutions sells frozen vegetables and frozen ready meals through shop-in-shop service sales counters in stores. It mainly sells these to Finnish retail food store chains, such as the S and K chains, in addition to food wholesalers. Food Solutions has also sales in the European Union.

Grain Trade sells grains, oilseeds and feed raw materials mainly in Finland and within the European Union, but also in oth- er markets. The largest one-off sales are maritime shipments that are recognised as revenue once control has been transferred to the buyer. Foreign grain trade complies with international deliv- ery and trading terms and conditions, with monetary compensa- tion mainly being transferred at the time of revenue recognition. Grain trade in Finland is primarily based on selling on credit in line with regular terms and conditions.

Oilseeds sells vegetable oils and expeller. Sales focus on Fin- land, but also take place within the European Union, with prod- ucts being sold to third countries as well.

The Group has factored a signiﬁcant part of Food Solutions' and Oilseeds' Finnish and international trade receivables to a ﬁnancial institution, which bears the customer's credit risk, for example. In Grain Trade, a small proportion of sales is subject to factoring. This is due to international trading practices, accord- ing to which the goods and money often change owners at the same time. Factored receivables are not included in the consoli- dated balance sheet. Credit insurance policies have been taken out for part of other trade receivables. Selling receivables to ﬁnancial institutions and taking out credit insurance policies for part of other trade receivables reduce the Group's counterparty risk.

Customary terms of payment apply to selling on credit. Some sales to customers include customary bonus or marketing support obligations, which are assessed on a case-by-case basis, according to each agreement, as liabilities on the balance sheet and are recognised in the result on an accrual basis. The Group's sales do not involve material guarantees or other liabilities.

Interest income is recognized using the effective interest method and dividend income when the right to the dividend is recorded.

PENSION LIABILITIES

A deﬁned contribution plan is a pension plan under which the group pays ﬁxed contributions into a separate entity. The group has no legal or constructive obligations to pay further contribu- tions if the fund does not hold sufﬁcient assets to pay all em- ployees the beneﬁts relating to employee service in the current and prior periods. A deﬁned beneﬁt plan is a pension plan that is not a deﬁned contribution plan.

Typically deﬁned beneﬁt plans deﬁne an amount of pension beneﬁt that an employee will receive on retirement, usually de- pendent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of deﬁned beneﬁt pension plans is the present value of the deﬁned beneﬁt obligation at the end of the reporting period less the fair value of plan assets. The deﬁned beneﬁt obligation is calculated annually by independent actuaries using the projected unit cred- it method. The present value of the deﬁned beneﬁt obligation is determined by discounting the estimated future cash outﬂows using interest rates of high-quality corporate bonds that are de- nominated in the currency in which the beneﬁts will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.

Actuarial gains and losses arising from experience adjust- ments and changes in actuarial assumptions are charged or cred- ited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in income.

For deﬁned contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been

paid. The contributions are recognised as employee beneﬁt ex- pense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

PROVISIONS

A provision is recognised when the Group has a legal or construc- tive obligation based on a past event and it is probable that the fulﬁlment of this obligation will require a contribution, and the amount of the obligation can be reliably estimated. Provisions are valued at the present value of the costs required to cover the obligation.

Provisions are made in connection with operational restruc- turing, onerous contracts, litigation and environmental and tax risks. A restructuring provision is recognised when a detailed and appropriate plan has been drawn up for it, sufﬁcient grounds have been given to expect that the restructuring will occur and informa- tion has been issued on it.

INCOME TAXES

Income taxes recognised in the consolidated income statement comprise taxes levied on an accrual basis on the reporting pe- riod results of Group companies, based on the taxable proﬁts calculated for each Group company in accordance with the local tax regulations, as well as tax adjustments from previous periods and changes in deferred tax.

Deferred tax assets and liabilities are calculated on the tem- porary differences between the taxable values and the book val- ues of assets and liabilities, in accordance with the liability meth- od. Deferred taxes are recognised in the ﬁnancial statements using the tax rates that apply up to the balance sheet date.

The most material temporary differences arise from ﬁxed assets, consolidation, inventories, unused tax losses and revalu- ation of derivative ﬁnancial instruments. Deferred tax assets arerecognised up to an amount where it is probable that they can be utilized against future taxable proﬁts. Deferred taxes are not recognised on goodwill which is not tax deductible.

In the case of derivative ﬁnancial instruments covered by hedge accounting and available-for-sale investments, the de- ferred taxes related to value adjustments recognised directly un- der the statement of comprehensive income are also recognised directly under the statement of comprehensive income.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when the accrued income taxes are levied on the same tax authority.

BORROWING COSTS

Borrowing costs are recognised under the expenses for the pe- riod in which they arose. Directly attributable borrowing costs related to the acquisition, construction or production of a quali- fying asset, for example, factory building, are capitalised. Where clearly linked to a speciﬁc loan, transaction costs arising directly from loans are included in the loan's original amortised cost and divided into a series of interest expenses using the effective in- terest method.

Key employees' share holdings in Foison Oy was treated as liability instruments in Apetit's Group balance sheet due to cer- tain terms and conditions of repurchase. Foison Oy owns 10% of Avena Nordic Grain Oy's share capital. The Group recognised earlier ﬁnancial expense related to the key employees' dividend right from Avena Group. Foison Oy is fully owned by Apetit Oyj 30.12.2020 onwards.

RESEARCH AND DEVELOPMENT COSTS

Research costs is expensed as incurred. Development costs are recognised on the statement of ﬁnancial position when intangi- ble asset satisﬁes all the following criteria:

• research and development phases can be separated from each other
• it is technically feasible and it can be used or sold
• it will be completed and either used or sold
• it can be demonstrated that the asset will generate probable future economic benefit and that the company has the ade- quate resources to use or sell the intangible asset
• its development expenditure can be reliably measured

If the development expenditure does not satisfy all the above capitalisation criteria, it is expensed as incurred.

INTANGIBLE ASSETS

Goodwill

Goodwill corresponds to that part of the cost of acquiring the company which is in excess of the Group's share of the fair value of the acquired company's net assets on the acquisition date. Goodwill is tested annually for impairment and has been allocated to each of the cash-generating units for this purpose. Goodwill is valued at historic acquisition cost less any impair- ment. In the case of associated company, goodwill is included in their investment value. Goodwill generated through acquisi- tions of foreign business combinations is measured in the cur- rency of the foreign operations and translated using the period end rates.

Other intangible assets

An intangible asset is recognised in the balance sheet at the original acquisition cost in a case where the cost can be deter- mined reliably and it is likely that an expected ﬁnancial beneﬁt derived from the asset will turn out to be to the company's beneﬁt.

Patents, trademarks and other intangible assets with a lim- ited useful life are recognised as expenses in the balance sheet

and amortised on a straight-line basis over the period of their useful lives. Intangible assets have not included assets with an unlimited useful life.

Depreciation period for intangible assets:

Customer relationships	15 years
Trademarks	15 years
Other intangible assets	5-10 years

Assets whose useful life has not yet expired and fully depreciat- ed ﬁxed assets that are still used in operating activities are in- cluded in the acquisition cost of assets. Similar principles apply to accumulated depreciation.

Subsequent expenditure relating to intangible assets is rec- ognised as an asset only if its ﬁnancial beneﬁt to the company exceeds the originally estimated level of performance. Other-wise the expenditure is recognised as a cost at the time it is incurred.

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment have been measured at historic acquisition cost less depreciation and impairment. These assets are subject to straight-line depreciation over the period of their useful lives. Land is not subject to depreciation. The residual val- ue of the assets and their useful lives are reviewed each time the ﬁnancial statements are prepared and, when necessary, are ad- justed to reﬂect any change in the economic beneﬁts expected.

The estimated useful lives are as follows: Property and plant

Machinery and equipment

Property, plant and equipment are no longer depreciated if they are classiﬁed as assets held for sale.

Assets whose useful life has not yet expired and fully depreciat- ed ﬁxed assets that are still used in operating activities are included in the acquisition cost of assets. Similar principles apply to accumu- lated depreciation. Repair and maintenance costs of tangible assets are recognised as expenses when incurred.

GOVERNMENT GRANT

Government grants received for the acquisition of ﬁxed assets are recognised as deductions in the book values for property, plant and equipment. The grants are released to proﬁt through smaller depreciations during the use of the asset in question.

LEASES

The Group has applied IFRS 16 Leases as of 1 January 2019. In accordance with IFRS 16 an asset and a liability related to the lease are recognized in the balance sheet for the period the leased asset is available to the Group.

Fixed assets are valued at acquisition cost and depreciated on a straight-line basis over the lease term.

Assets and liabilities arising from leases are valued at present value. Rents are discounted using the Group's incremental bor- rowing rate. The rent payable is allocated to the principal and ﬁnancial expenses. Finance costs are recognized in the income statement over the lease term at the same rate of interest on the remaining liability for each period.

10-40 years 5-15 years

As permitted under the speciﬁc transition provisions in IFRS 16, the Group does not apply the standard to under 12 months short-term and low-value leases. Therefore, payments for short-term leases and low value leases are recognized as an expense on an accrual basis.

IMPAIRMENT

The book values for assets are assessed for any signs of impair- ment. If there are signs of impairment, an estimate is deter- mined for the amount recoverable on the asset. An impairment loss is recognised if the balance sheet value of the asset or the cash-generating unit exceeds the recoverable amount. Impair- ment losses are recognised in the income statement.

The impairment loss of a cash-generating unit is ﬁrst allocat- ed to reducing the goodwill attributed to the unit, and then to reducing other assets of the unit on a pro rata basis.

The recoverable amount of intangible and tangible assets is determined at the higher of the fair value less costs to sell and the value in use. In determining the value in use, the estimated future cash ﬂows are discounted to their present value on the ba- sis of discount rates applying to the average pre-tax capital costs of the cash-generating unit in question. The discount rates also take into account any special risk associated with the cash-gen- erating units.

Impairment losses on property, plant and equipment and on intangible assets other than goodwill are reversed if a change has occurred in the estimates used in determining the recover- able amount of the asset. The amount by which an impairment loss is reversed is no more than the book value (less deprecia- tion) that would have been determined for the asset if no impair- ment loss had been recognised on it in previous years. Impair- ment losses recognised on goodwill are not reversed.

INVENTORIES

Inventories have been measured at the lower of acquisition cost and net realizable value. The net realizable value is the estimat- ed selling price in the ordinary course of business, after deduc- tion of the estimated costs of completion and the estimated costs necessary to make the sale.

The value of inventories has been determined using the weighted average price method and includes all direct costs of acquisition and other indirect costs to be allocated. The cost of each inventory item produced comprises not only the purchase costs of materials, direct labour costs and other direct costs, but also a proportion of production overheads, but not selling or ﬁnancing costs. The value of inventories has been reduced for obsolescent assets.

FINANCIAL INSTRUMENTS

The Group's ﬁnancial assets are classiﬁed into the following cate- gories: ﬁnancial assets measured at amortised cost and ﬁnancial assets recognised at fair value through the income statement. This classiﬁcation is based on the business model according to which the ﬁnancial asset is managed and on agreement-based cash ﬂow properties. Transaction costs are included in the original book value of the ﬁnancial assets for items not measured at fair value through the income statement. All purchases and sales of ﬁnancial assets are recognised on the transaction date. Financial assets recognised at fair value through the income statement include derivate receivables not covered by hedge accounting and pub- licly listed shares. Financial assets recognised at amortised cost include trade receivables, earn-out receivables and certain other receivables.

The Group may sell trade receivables to ﬁnancing compa- nies. Sold trade receivables are derecognised on the consolidat- ed balance sheet once payment for the trade receivables has been received from the buyer and all material risks and beneﬁts related to ownership have been transferred to the buyer. If the ownership, risk and the right of possession related to the trade receivable have not been transferred, the receivable is re-recognised on the consolidated balance sheet at the end of the period.

Cash and cash equivalents in the balance sheet and cash ﬂow statement comprise cash, bank deposits from which with- drawals can be made and other short-term highly liquid invest- ments. Items classiﬁed under cash and cash equivalents have a maximum of three months maturity from the acquisition date.

The Group's ﬁnancial liabilities are classiﬁed as ﬁnancial liabilities recognised at amortised cost and ﬁnancial liabilities recognised at fair value through the income statement. Financial liabilities recognised at amortised cost include trade payables and other liabilities and loans, for example. Financial liabilities recognised at fair value through the income statement include derivatives that do not meet the criteria for hedge accounting. Unrealised and realised gains and losses related to changes in the fair values of such derivatives are recognised through the in- come statement for the period during which they arise.

Financial assets and liabilities values are measured using publicly quoted prices. These instruments are mainly invest- ments to funds and mainly all commodity derivatives. If publicly quoted prices are not available, fair value is measured based on discounted cash ﬂows and price quotation of the counterparty.

Financial liabilities are originally recognised at fair value less transaction costs directly related to the acquisition or issuance of the item in question that is included in ﬁnancial liabilities. Finan- cial liabilities, excluding derivative liabilities, are later measured at amortised cost using the effective interest method. Financial liabilities are included in non-current and current liabilities, and they may be interest-bearing or non-interest-bearing.

The Group determines impairment of ﬁnancial assets meas- ured at amortised cost based on expected credit losses. The es- timate of a valuation allowance concerning expected credit loss- es is based on experiences of actual credit losses, considering the ﬁnancial conditions at the time of examination and an esti- mate of future expectations. Trade receivables are derecognisedon the balance sheet as ﬁnal credit losses once it is no longer reasonable to expect payment for them. Indications of it no longer being reasonable to expect payment include payments overdue by more than 90 days. If payment is later received for items recognised as ﬁnal credit losses, the payment is recog- nised as offset on the same line in the income statement.

Derivative ﬁnancial instruments are initially recognised at fair value on the date a contract is entered into and are subsequent- ly re-measured at their fair value. The Group applies cash ﬂow hedge accounting to certain interest rate swaps, forward currency and commodity derivative contracts. When hedging is initiat- ed, the ﬁnancial relationship between hedging instruments and hedged items is documented and whether changes in the cash ﬂows of hedged items are expected to reverse the changes in the cash ﬂows of hedging instruments. In addition, the objectives of risk management and strategies for taking hedging actions are documented. The hedged cash ﬂow must be highly probable, and the cash ﬂow must ultimately affect the income statement.

For hedges that meet the terms for hedge accounting, the effective portion of the change in fair value of a hedge is rec- ognised in the statement of comprehensive income until the hedged transaction affects the income statement. Any residu- al ineffective portion is recognised for currency derivatives to ﬁnancial items and for commodity derivatives to other operat- ing income or expenses. The cumulative change in fair value recognised under the statement of comprehensive income is recognised to purchases or sales or ﬁnancial items based on their nature on the same date that the projected cash ﬂow is recognised in the income statement. When a derivative ﬁnancial instrument expires, is sold or does not meet the hedge account- ing terms, the cumulative change in the fair value of the hedging instrument will remain in the hedge reserve and is recognised in income statement on the same date that the projected cash ﬂow

is recognised in the income statement. The cumulative fair val- ues of the hedging instruments are transferred from the hedge reserve to other operating income or expense or ﬁnancial items based on their nature immediately if the hedged cash ﬂow is no longer expected to occur.

Despite certain hedging relationships fulﬁl the effective hedging requirements of the Group's risk management policy, the Group does not apply hedge accounting to all transactions done in hedging purpose. These instruments' fair value changes are recognised to other operating income and expense or ﬁnan- cial items based on their nature.

EQUITY

Purchases of own shares are deducted from equity attributa- ble to shareholders of the parent company up till the shares are cancelled or transferred back to circulation. Dividend distribution to the company's shareholders is recognised as a liability in the Group's ﬁnancial statements in the period in which the dividends are approved by the company's shareholders.

ACCOUNTING PRINCIPLES REQUIRING EXECUTIVE JUDGEMENT AND THE MAIN UNCERTAINTIES CONCERNING THE ASSESSMENTS MADE

In preparing the consolidated ﬁnancial statements in accordance with international accounting practices, the company's manage- ment has had to make assessments and assumptions that affect the amount of assets, liabilities, income and expenses recog- nised in the accounts and the contingencies presented. These assessments and assumptions are based on experience and on other reasonable suppositions that are believed to be realistic in the circumstances that constitute the basis for the estimates of items recognised in the ﬁnancial statements. The outcome may deviate from these estimates.

The Group tests annually goodwill from the associated com- pany Sucros Oy and from Frozen foods products for possible impairment and assesses any indication of impairment. The re- coverable amounts of units that generate cash ﬂow are based on value in use calculations. These calculations require the use of estimates.

Determination of the fair value of tangible and intangible assets acquired in business combinations requires estimations by management and is often based on assessment of asset cash ﬂows.

The utilization of deferred tax assets against future taxable income is assessed annually based on management's assess- ment.

Other assessments including management judgement are mainly related to restructuring plans, the extent of obsolescent inventories, environmental, litigation and tax risks and the use of deferred tax assets against future taxable proﬁts.

NOTE 2. OPERATING SEGMENTS

The segment information is based on the Group's organisation and management reporting structure.

Discontinued operations include the fresh cut products busi- ness, which was classiﬁed as a discontinued operation in 2019 and was sold in 2019 to the Swedish Greenfood Group. In addi- tion, the result for 2019 of discontinued operations includes an impairment charge of EUR 0.1 million on the remaining purchase price receivable of the seafood segment sold in 2017. The result of discontinued operations for the ﬁnancial year 2020 consists of the adjustment of the purchase price of the fresh cut products business sold in 2019.

Intra-group sales take place at arm's length prices. The as- sets and liabilities of a segment are such items of the business operations that the segment uses in its business operations or that can be allocated to a segment on reasonable basis. Tax and ﬁnancing items together with items common to the whole Group are unallocated assets and liabilities. Reported ﬁgures are based on IFRS standards.

1-12/2020

EUR million Segment net sales

AssetsTotal assetsTotal liabilities

Gross investments in

Segment net sales	60.1 65.8 194.3 -320.3 0.0 320.3
Intra-group net sales	-0.0 -0.4 -26.9 --27.3 --27.3
Net sales	60.1 65.5 167.4 -292.9 0.0 293.0

OPERATING PROFIT	5.0 2.0 0.1 -3.2 3.9 0.2 4.1

Assets	39.4 29.6 43.8 -112.8 -112.8
Unallocated	30.0
Total assets	39.4 29.6 43.8 -112.8 -142.8

Liabilities	14.3 4.3 13.0 -31.7 -31.7
Unallocated	- 16.1
Total liabilities	14.3 4.3 13.0 -31.7 -47.8

Gross investments in non-current assets	2.9 4.7 0.1 0.1 7.8 -7.8
Business acquisitions and other investments	0.0 - - - 0.0 -0.0

Depreciation and amortisation	3.4 1.0 0.9 0.8 6.1 -6.1
Impairment	0.0 - - 0.0 0.0 -0.0

Personnel, FTE	235 43 53 12 343 -343

Food solutionsOilseed productsGrain tradeGroup Continuing Discontinued Functions Operations OperationsApetit Group

1-12/2019

EUR million Segment net sales Intra-group net sales Net sales

OPERATING PROFITAssetsFood solutionsOilseed products

58.9 -0.0 58.9

65.0 -0.3 64.7

2.5

Grain trade

Group Continuing DiscontinuedFunctions Operations

194.9 -21.6 173.3

- - -318.8 -21.9 296.9

-0.0 -22.0

15.7 312.6

Operations

15.8 334.6

1.5

44.3

-5.6

Apetit Group

-3.1

-4.8

36.6

1.4 -3.4

63.5

-144.4

- 144.4

Unallocated 26.4

Total assetsLiabilities

44.3

36.6

12.3

63.5

-144.4

5.0

- 170.8

22.3

39.6

- 39.6

Unallocated 37.2

Total liabilities

12.3

5.0

22.3

39.6

- 76.8

GEOGRAPHICAL INFORMATION

Net salesEUR million

Other countries Total

Germany Sweden


Finland	158.9	178.2	67.7	64.3
Norway	14.9	16.1	-	-
Germany	19.4	23.3	-	-
Sweden	7.6	5.5	-	-
Other countries	92.2	89.5	0.1	0.1
Total	293.0	312.6	67.7	64.4

2020

2019

Non-current assets 2020 2019

The Group has no customers representing more than 10 percent of the Group's net sales.

Gross investments in non-current assets Business acquisitions and other investments

10.0

1.3

-0.1

- -

11.5

-0.3 11.8

-Depreciation and amortisation Impairment

3.3 0.1

0.9

-0.8

0.5

-5.5 0.1

0.7 6.2

-0.0 0.1

Personnel, FTE

255

367

85 452

NOTE 3. DISCONTINUED OPERATIONS

Discontinued operations include the fresh cut products business, which was classiﬁed as a discontinued operation in 2019 and was sold in 2019 to the Swedish Greenfood Group. In addition, the result for 2019 of discontinued operations includes an im- pairment charge of EUR 0.1 million on the remaining purchase price receivable of the seafood segment sold in 2017.

FRESH CUT PRODUCTS BUSINESS

In July 2019, Apetit agreed to sell fresh cut products business to the Swedish Greenfood Group. The transaction was complet- ed on September 30 2019 as a business transaction, including Apetit's factory property located in Kivikko, Helsinki with ma- chinery and equipment. The personnel of the fresh cut products business 102 people were transferred to Salico Oy, the Finnish subsidiary of Greenfood AB, as former employees. The result of discontinued operations for the ﬁnancial year 2020 mainly consists of the adjustment of the purchase price of the fresh cut products business sold in 2019.

RESULT FROM DISCONTINUED OPERATIONSEUR million


REVENUE	0.0	15.8
Other income and expense items	0.1	-14.4
OPERATING PROFIT	0.2	1.4
Financial income and expense	-0.0	-0.1
PROFIT/LOSS BEFORE TAX	0.2	1.3
Tax on income from operations	-0.0	-0.3
PROFIT/LOSS FOR THE PERIOD	0.1	1.0

CONSIDERATION RECEIVED

EUR million

Cash received

Costs attributable to the sales of business and adjustments to consideration

Carrying amount of net assets sold Gain on sale before income tax

Income tax expense

Gain on sale after income tax


Cash received	-	13.8
Costs attributable to the sales of business and adjustments to consideration	0.2	-0.5
Carrying amount of net assets sold	-	-11.0
Gain on sale before income tax	0.2	2.2
Income tax expense	-0.0	-0.4
Gain on sale after income tax	0.1	1.7

1-12/2020 1-12/2019

Gain on sale before income tax is included in Income and Expenses in the Result for the period, discontinued operations.

CARRYING AMOUNT OF NET ASSETS SOLD

EUR million


Tangible assets	-	11.3
Inventories	-	0.4
Trade receivables and other current receivables	-	0.0
Trade payables and other current liabilities	-	-0.6
Net assets sold	-	11.0

CONSIDERATION RECEIVED EUR million


Cash received	-	13.8
Costs attributable to the sales of business and adjustments to consideration	-0.1	-0.5
Net cash ﬂow from disposal of business	-0.1	13.3

1-12/2020 1-12/2019

SEAFOOD SEGMENT

NOTE 4. OTHER OPERATING INCOME AND EXPENSES

Apetit Plc sold its seafood business in Finland, Norway and Swe- den in October 2017. In accordance with the terms of the sales agreement, Apetit has transferred the remaining shares related to the seafood business to the buyer during the ﬁnancial year 2020 without effect on earnings.

EUR million	1-12/2020 1-12/2019
1-12/2020 1-12/2019
APETIT'S DIRECTION	RESPONSIBLE ACTIONS	RESPONSIBLE BUSINESS

EUR million


REVENUE	-	-
Other income and expense items	-	-
OPERATING PROFIT	-	-
Financial income and expense	-	-0.1
PROFIT/LOSS BEFORE TAX	-	-0.1
Tax on income from operations	-	-
PROFIT/LOSS FOR THE PERIOD	-	-0.1


Other operating income
Government subsidies	0.1	0.0
Gain on disposal of non-current assets, tangibles	0.1	0.0
Rental income	0.1	0.2
Other operating income	0.7	1.0
Total	1.0	1.2

Other operating expenses
Rents and leases	1.5	1.6
Administrative expenses	1.1	1.9
IT and communication expenses	2.0	2.0
Sales and marketing expenses	2.5	2.6
Maintenance expenses	3.7	3.7
Other selling expenses	9.1	7.2
Other items	3.4	2.8
Extraordinary operative items	0.3	1.8
Total	23.5	23.6

AUDIT FEES PAID BY THE GROUP TO ITS INDEPENDENT AUDITOR PRICEWATERHOUSECOOPERS

The audit fees relate to the auditing of the annual accounts and to the statutory and obligatory functions closely attached to them. The non-audit fees are caused by services linked to the audit and aimed to assure the correctness of the ﬁnancial state- ments and other advice.

AUDIT FEES AND NON-AUDIT FEES

EUR million

To auditor: audit

To auditor: Other fees and services Total


To auditor: audit	0.2	0.2
To auditor: Other fees and services	-	0.0
Total	0.2	0.2

1-12/2020 1-12/2019

Non-audit services provided by PricewaterhouseCoopers Oy to Apetit Group companies totaled EUR 3 thousand. The services concerned tax advisory.

EUR million

NOTE 5. EMPLOYEE BENEFITS EXPENSE

Salaries and fees

Pension expenses Other employee beneﬁt

Total


Salaries and fees	16.9	17.6
Pension expenses	2.4	3.1
Other employee beneﬁt	0.7	0.7
Total	20.0	21.3

NOTE 6. R&D EXPENSES

1-12/2020 1-12/2019

R & D expenses of the Group amounted to EUR 1.0 (1.3) million, representing 0.4% (0.4%) of the net sales. In addition, a total of EUR 0.2 (0.2) million worth of development costs have been cap- italised in the balance sheet.

NOTE 7. MATERIALS AND SERVICES

EUR million


Purchases during the period	219.5	223.9
Change in stocks	7.7	14.7
External services	13.1	13.8
Total	240.3	252.4

NOTE 8. DEPRECIATION, AMORTISATION AND IMPAIRMENT

EUR million

Depreciation Intangible assets Buildings

Machinery and equipment Right-of-use assets

Other tangible assets Total

Impairment Intangible assets Tangible assets Total

NOTE 9. FINANCIAL INCOME AND EXPENSES

1-12/2020 1-12/2019

EUR million


Finance income
Interest income	0.0	0.1
Foreign exchange gain	0.0	0.0
Other ﬁnancial income	0.0	0.0
Total	0.0	0.1

Finance expense
Interest on borrowings from others	0.3	0.2
Foreign exchange loss	-0.0	0.0
Other ﬁnancial expenses	0.2	0.6
Total	0.5	0.8

1-12/2020 1-12/2019

NOTE 10. INCOME TAXES

EUR million

Tax at the domestic rate

Tax for previous accounting periods Change in deferred tax asset Change in deferred tax liability

Tax on income from operations

Accounting proﬁt before taxes

Taxes in income statementTotal

Tax on income from operations

Total

Tax calculation

Continuing operationsOther items


Tax on income from operations
Tax on income from operations	-0.1	-0.1
Tax for previous accounting periods	0.0	-
Change in deferred tax asset	-0.7	0.7
Change in deferred tax liability	0.1	0.4
Total	-0.6	0.9

Tax calculation
Accounting proﬁt before taxes	3.7	-6.4

Tax at the domestic rate	-0.7	1.3
Previous periods' taxes	-0.0	-0.1
Effect of associated company results	0.1	-0.2
Other items	0.1	-0.1
Taxes in income statement	-0.6	0.9

Income tax expense is attributable to
Continuing operations	-0.6	0.9
Discontinued operations	-0.0	-0.3
Total	-0.7	0.7

NOTE 11. DEFERRED TAX ASSETS AND LIABILITIES

1-12/2020 1-12/2019

RECONCILIATION OF DEFERRED TAX ASSETS AND LIABILITIES TO BALANCE SHEET

Recognised

Recognised in other

in income comprehen-RecognisedEUR million

Accumulated depreciation difference

Total deferred tax assets

Total deferred tax liabilities

Carry forward of unused tax lossesOther items

Offset against deferred tax liabilitiesOther items

Offset against deferred tax assets


Deferred tax assets
Carry forward of unused tax losses	5.6 -0.8 - -0.0 - 4.9
Deferred depreciation	0.4 0.0 - - - 0.5
Intangible and tangible assets	0.0 0.0 - - - 0.0
Derivative instruments	0.1 - - -0.1 - 0.0
Other items	0.1 0.0 - - 0.2
Total deferred tax assets	6.3 -0.7 - -0.1 - 5.5
Offset against deferred tax liabilities	-1.2
Net deferred tax assets	4.3

Deferred tax liabilities
Accumulated depreciation difference	-0.1 0.2 - - - 0.1
Inventories	-0.8 0.0 - - --0.8
Intangible and tangible assets	-0.4 - - - --0.4
Derivative instruments	- -0.1 - --0.1
Other items	-0.1 -0.0 - 0.0 --0.1
Total deferred tax liabilities	-1.4 0.2 -0.1 0.0 --1.4
Offset against deferred tax assets	1.2
Net deferred tax liabilities	-0.1

1.1.2020

statement sive income directly in equityBusinesses divested 31.12.2020

Apetit has not unrecognised deferred tax assets related to taxable losses. The taxable losses will expire in 2023-2030. Apetit has as- sessed if there will be sufﬁcient taxable proﬁt against which the losses can be utilised. The Group has estimated that the deferred tax assets will be fully recoverable during the next few years.

Deferred tax liabilities Accumulated depreciation difference Inventories

Total deferred tax assets

Total deferred tax liabilities

Other items

Offset against deferred tax liabilities

Intangible and tangible assets Other items

Offset against deferred tax assets

Carry forward of unused tax losses

Intangible and tangible assets Derivative instruments

Deferred depreciation

EUR million

RECONCILIATION OF DEFERRED TAX ASSETS AND LIABILITIES TO THE BALANCE SHEET

Recognised

Recognised in other

in income comprehen-

Deferred tax assets

Net deferred tax assets

Net deferred tax liabilities

Recognised	Businesses
1.1.2019 statement sive income	directly in equity	divested	31.12.2019
-0.1	-	5.6
-	-	0.4
0.0	-	0.0
0.1	-	0.1
-	-	0.1
-0.0	-	6.3
-1.3
5.0
-	0.1	-0.1
-	-	-0.8
-	-	-0.4
-	-	-0.1
-	0.1	-1.4
1.3
-0.1

5.2

0.4

0.6

0.0

0.1

5.8

-0.0

0.0

0.6

- - - - - -

-0.4

-0.8

0.2

-0.5

-0.0

-0.1

0.1

-1.8

-0.0

0.3

- - - - -

Basic earnings per share is calculated by dividing the result for the ﬁnancial year attributable to the shareholders of the parent com- pany by weighted average number of the shares outstanding. The outstanding shares do not include treasury shares in possession of the company. Diluted earnings per share is calculated by dividing the result for the ﬁnancial year attributable to the shareholders of the parent company by diluted weighted average number of the shares outstanding.

NOTE 12. EARNINGS PER SHARE

The company has no such instruments that would cause a di- lution effect on the earnings per share.

EUR million


Result attributable to the shareholders of the parent company, continuing operations	3.1	-5.4
Result attributable to the shareholders of the parent company, discontinued operations	0.1	1.0
Result attributable to the shareholders of the parent company, Group	3.2	-4.4

Weighted average number of outstanding shares, basic (1,000 pcs)	6,223	6 217
Weighted average number of outstanding shares, diluted (1,000 pcs)	6,223	6 217

Basic and diluted earnings per share, continuing operations (EUR/share)	0.49	-0.87
Basic and diluted earnings per share, discontinued operations (EUR/share)	0.02	0.16
Basic and diluted earnings per share, Group (EUR/share)	0.52	-0.71

NOTE 13. INTANGIBLE AND TANGIBLE ASSETS, LEASES AND GOODWILL

Goodwill and impairment testing

IMPAIRMENT TEST FOR CASH-GENERATING UNITS CONTAINING GOODWILL

Goodwill has been allocated to the following cash-generating units or groups of units:

EUR million

1-12/2020 1-12/2019

Total


Frozen products	0.4	0.4
Total	0.4	0.4

1-12/2020 1-12/2019

In goodwill impairment testing, the recoverable amount from operating activities is determined on the basis of value in use calculations. Expected future cash ﬂows are based on manage- ment-approved forecasts and are given for a ﬁve-year period, and cash ﬂows beyond this are extrapolated using a growth fac- tor of 1%.

Frozen product goodwill impairment testing

The key variables in the value in use calculation are forecast- ed net sales, gross margin, EBIT, change in working capital and discount rate. The pre-tax discount rate used is 4.8% (7.4%). In Frozen products the value in use exceeded the carrying amount of the tested assets by a wide margin and signiﬁcant negative change in any of the key variables would not result to an impair- ment.

Sucros Group goodwill impairment testing

The key variables used in the calculation of value in use are fore- casted EBIT and discount rate. The pre-tax discount rate used is 5.0%. The value in use of Sucros was in line with the carrying amount of the assets being tested. In addition to the value in use, Sucros' cash and cash equivalents were analyzed in the cal- culation. No goodwill has been allocated to the Sucros Group.

EUR million

Correction to the acquisition cost 1 Jan. Translation differences

Correction to the accumulated amortisation and impairment 1 Jan Translation differences

Additions

Amortisation

Acquisition cost 1.1.2020

Carrying amount 1.1.2020

Cumulative amortisation on disposals and reclassiﬁcations

Acquisition cost 1.1.2020	0.5 6.0 0.1 0.4 7.0
Correction to the acquisition cost 1 Jan.	0.3 6.2 0.5 0.0 7.0
Translation differences	- -0.0 - --0.0
Additions	0.2 -0.0 - 0.2
Disposals	- -0.1 - --0.1
Reclassiﬁcations	- 0.6 0.0 - 0.6
Acquisition cost 31.12.2020	1.0 12.6 0.6 0.4 14.7

Cumulative amortisation and impairment 1.1.2020	-0.2 -4.5 - 0.0 -4.6
Correction to the accumulated amortisation and impairment 1 Jan	0.1 -6.9 -0.0 -6.9
Translation differences	- 0.0 - 0.0
Cumulative amortisation on disposals and reclassiﬁcations	- 0.1 - 0.1
Amortisation	-0.1 -0.5 --0.6
Cumulative amortisation and impairment 31.12.2020	-0.2 -11.8 - --12.0

Carrying amount 1.1.2020	0.3 - 1.5 0.1 0.4 2.4
Carrying amount 31.12.2020	0.9 - 0.8 0.6 0.4 2.7

Development costsCustomer realtionshipsOther intangible assetsAdvance payments for intangible assetsGoodwillTotal

Customer	Other	Advance payments
EUR million	Development costs	realtionships	intangible assets	for intangible assets	Goodwill	Total
Acquisition cost 1.1.2019	0.9	6.3	7.7	0.2	5.2	20.4
Correction to the acquisition cost 1 Jan	-	-6.3	-	-	-4.8	-11.2
Translation differences	-	-	0.0	-	-	0.0
Additions	-	-	0.3	0.2	-	0.6
Disposals	-0.4	-	-2.5	-	-	-2.9
Reclassiﬁcations	-0.0	-	0.5	-0.3	-	0.2
Acquisition cost 31.12.2019	0.5	-	6.0	0.1	0.4	7.1
Cumulative amortisation and impairment 1.1.2019	-0.2	-6.3	-5.5	-	-4.8	-16.8
Correction to the accumulated amortisation and impairment 1 Jan	-	6.3	-	-	4.8	11.2
Cumulative amortisation on disposals and reclassiﬁcations	0.1	1.7	-	1.8
Amortisation	-0.1	-0.7	-	-0.8
Cumulative amortisation and impairment 31.12.2019	-0.2	-	-4.5	-	0.0	-4.7
Carrying amount 1.1.2019	0.7	-	2.2	0.2	0.4	3.5
Carrying amount 31.12.2019	0.3	-	1.5	0.1	0.4	2.4
RESPONSIBLE ACTIONS	98

Buildings and	Machinery	Machinery and	Advance payments
Land and	Land and water,	Buildings and	structures,	and	equipment,	Other	and construction
EUR million	water	right-of-use	structures	right-of-use	equipment	right-of-use	tangible assets	in progress	Total
Acquisition cost 1.1.2020	3.0	1.5	40.3	5.0	50.1	0.6	1.3	1.3	102.9
Correction to acquisition
cost 1 Jan	0.0	-	1.9	-	-6.1	-	-0.7	-	-5.0
Translation differences	-	-	-	-	-0.0	-	-	-	-0.0
Additions	-	-	1.0	-	2.0	0.1	-	4.6	7.7
Disposals	-	-	-1.2	-	-1.6	-0.0	-	-	-2.9
Revaluation	-	-	-	2.0	-	-0.0	-	-	2.0
Reclassiﬁcations	-	-	0.1	-	0.6	-	-0.0	-1.2	-0.6
Acquisition cost 31.12.2020	3.0	1.5	42.0	7.0	45.0	0.6	0.5	4.6	104.2
Cumulative amortisation
and impairment 1.1.2020	-0.2	-0.2	-24.7	-2.6	-36.9	-0.3	-0.9	-	-65.7
Correction to accumulated
amortisation and
impairment 1 Jan	-	-	-1.9	-	6.1	-	0.7	-	5.0
Translation differences	-	-	-	-	0.0	-	-	-	0.0
Cumulative amortisation on
disposals and reclassiﬁcations	-	-	1.2	-	1.6	-	-	-	2.8
Amortisation	-	-0.0	-1.6	-1.3	-2.4	-0.2	-0.0	-	-5.6
Cumulative amortisation and
impairment 31.12.2020	-0.2	-0.2	-26.9	-3.9	-31.6	-0.5	-0.2	-	-63.5
Carrying amount 1.1.2020	2.8	1.3	15.6	2.4	13.1	0.3	0.4	1.3	37.2
Carrying amount 31.12.2020	2.8	1.3	15.1	3.1	13.4	0.2	0.3	4.6	40.7
RESPONSIBLE ACTIONS	99

Buildings and	Machinery	Machinery and	Advance payments
Land and	Land and water,	Buildings and	structures,	and	equipment,	Other	and construction
EUR million	water	right-of-use	structures	right-of-use	equipment	right-of-use	tangible assets	in progress	Total
Acquisition cost 1.1.2019	3.0	-	45.0	-	48.3	0.7	2.3	4.2	103.5
Translation differences	-	-	-	-	0.0	-	-	-	0.0
Additions	-	3.5	4.1	4.8	5.9	0.9	0.1	0.6	19.9
Disposals	-	-2.0	-10.5	-	-5.7	-1.0	-1.4	-	-20.6
Revaluation	-	-	-	0.2	-	-0.0	-	-	0.2
Reclassiﬁcations	-	-	1.7	-	1.5	-	0.3	-3.6	-0.1
Acquisition cost 31.12.2019	3.0	1.5	40.3	5.0	50.1	0.6	1.3	1.3	102.9
Cumulative amortisation
and impairment 1.1.2019	-0.2	-	-26.5	-	-37.9	-0.7	-1.0	-	-66.2
Translation differences	-	-	-	-	-0.0	-	-	-	-0.0
Cumulative amortisation on
disposals and reclassiﬁcations	-	-0.1	3.4	-1.4	3.4	0.6	0.2	-	6.1
Amortisation	-	-1.6	-1.1	-2.4	-0.2	-0.1	-	-5.5
Impairment	-	-0.1	-	-	0.0	-	-	-	-0.1
Cumulative amortisation and
impairment 31.12.2019	-0.2	-0.2	-24.7	-2.6	-36.9	-0.3	-0.9	-	-65.7
Carrying amount 1.1.2019	2.8	-	18.5	-	10.4	-	1.4	4.2	37.2
Carrying amount 31.12.2019	2.8	1.3	15.6	2.4	13.1	0.3	0.4	1.3	37.2
RESPONSIBLE ACTIONS	100

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Apetit Oyj published this content on 10 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 09:53:04 UTC.

Market Closed - Nasdaq Helsinki Other stock markets 11:03:47 2024-05-17 EDT			5-day change	1st Jan Change
14 ^EUR	0.00%		-0.36%	+6.46%

04-18	Apetit Plc Approves Board Appointments	CI
04-11	Apetit plc Approves Dividend for the Year 2023, Payable on April 23, 2024	CI

Apetit Plc Approves Board Appointments	04-18	CI
Apetit plc Approves Dividend for the Year 2023, Payable on April 23, 2024	04-11	CI
Apetit plc Announces Board Elections	04-11	CI
Apetit Oyj Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	02-15	CI
Apetit Oyj Reports Earnings Results for the Full Year Ended December 31, 2023	02-15	CI
Apetit Oyj Proposes Dividend for the Financial Year 2023, Payable on 23 April 2024	02-15	CI
Apetit Oyj commences an Equity Buyback Plan for 80,000 shares, representing 1.27% of its issued share capital, under the authorization approved on April 13, 2023.	12-07	CI
Apetit Oyj Upgrades Earnings Guidance for 2023	23-10-18	CI
Apetit to Develop New Vegetable Oil Bottling Line at Finnish Plant	23-10-11	MT
Apetit Invests EUR 4.5 Million in A New Bottling Line in the Kantvik Vegetable Oil Milling Plant	23-10-11	CI
Apetit Oyj Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-17	CI
Apetit plc Provides Earnings Guidance for the Full Year 2023	23-08-17	CI
Apetit Oyj Elects Tero Hemmilä as Member of the Board of Directors	23-04-25	CI
Apetit Oyj Provides Earnings Guidance for the Year 2023	23-04-25	CI
Apetit Oyj Announces Executive Appointments	23-04-13	CI
Apetit Oyj Approves Dividend for the Financial Year 2022, Payable on 25 April 2023	23-04-13	CI
Apetit Oyj Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	23-02-16	CI
Apetit Oyj Reports Earnings Results for the Full Year Ended December 31, 2022	23-02-16	CI
Apetit Oyj Provides Earnings Guidance for the Year 2023	23-02-16	CI
Apetit Oyj Proposes Dividend for the Financial Year 2022, Payable on April 25, 2023	23-02-16	CI
Apetit Oyj Provides Earnings Guidance for the Year 2022	22-10-25	CI
Apetit Oyj Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-08-18	CI
Apetit Oyj Reaffirms Earnings Guidance for the Year 2022	22-08-18	CI
Apetit Oyj Announces Resignation of Sanna Väisänen, Director, Corporate Communications and Sustainability	22-06-22	CI
Apetit Closes $4.3 Million Sale of Finnish Grain Trade Business	22-05-31	MT

	1st Jan change	Capi.
APETIT OYJ	+6.46%	94.5M
NESTLÉ S.A.	-0.91%	279B
MONDELEZ INTERNATIONAL, INC.	-1.73%	95.55B
THE HERSHEY COMPANY	+11.05%	41.87B
DANONE	+2.15%	41.83B
GENERAL MILLS, INC.	+9.36%	40.22B
ARCHER-DANIELS-MIDLAND COMPANY	-14.68%	30.47B
NESTLÉ INDIA LIMITED	-5.92%	28.3B
ASSOCIATED BRITISH FOODS PLC	+15.34%	25.89B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-4.40%	23.96B

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APETIT

FI0009003503

Food Processing

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