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Func Food Group Oyj - Standstill period lapse and cleansing of information

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Func Food Group Oyj (the “Company”) announces that the standstill period announced on 17 April 2019 and agreed with certain bondholders (the so called bondholder committee) representing over 60 % of the adjusted nominal amount of the Company’s outstanding EUR 38,000,000 senior secured callable bond loan with ISIN SE0007186150 2015/2019 has terminated.

The Company has been in discussions with a potential buyer about a transaction where the potential buyer would have acquired the Company. The reason for the termination of the standstill period is that the negotiations with the potential buyer have ended without any result.

Due to the termination of the standstill agreement, the Company needs to make the following cleansing information available to the public:

  • Preliminary Q1 2019 IFRS income statement and balance sheet are attached in the press release, http://www.funcfood.com/wp-content/uploads/2019/05/20190509-PRESS-RELEASE-Q1_preliminary_release.pdf.
  • Preliminary Q1 2019 net revenue and adjusted EBITDA are attached in the press release, see link above.
  • FY 2019 forecasted net revenue on consolidated level is EUR 34.9 million and reported EBITDA is EUR 0.3 million. The company forecasts a normalized net revenue EUR 33.8 million and normalized EBITDA EUR 1.2 million. Normalized numbers are presented excluding disposal sales and considering the full effect of 2018 restructuring savings.
  • The Company’s consolidated net working capital at end of April 2019 was estimated to be EUR 0.1 million positive and cash balance EUR 0.4 million.
  • The Company, through Func Food Finland Oy and Peoples Choice AB, had at end of April 2019 on consolidated level approximately EUR 2.4 million overdue payables (see also below).
  • Payables to Celsius Holdings Inc. at end of April were approximately EUR 3.2 million, of which EUR 1.7 million was according to Celsius overdue (the EUR 1.7 million is included in the amount in the previous bullet point).

Further information regarding the Company which has been shared with the bondholder committee during the standstill period, but which is not subject to any cleansing obligation under the parties’ standstill agreement, including cash flow forecasts, bondholder presentation material and information regarding intercompany loans, shareholder loans and vendor loans, may be obtained by contacting the bondholders’ agent, Nordic Trustee & Agency AB (publ) (sweden@nordictrustee.com), subject to providing proof of holding of the bonds.

For further information, please contact:

Robin Lybeck, CEO, Func Food Group Oyj

Telephone +358 40 735 2464

Email: robin.lybeck@funcfood.com

Jani Partanen, CFO, Func Food Group Oyj

Telephone: +358 40 518 3076

Email: jani.partanen@funcfood.com

This information is information that Func Food Group Oyj is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16:30 EEST on 9 May 2019.