Perrot Duval S A : 0750_-RAPPORT SEMESTRIEL DE GESTION DE L’EXERCICE 2021/2022

Perrot Duval Holding S.A.

HALF-YEAR REPORT 2021/22 (FROM 1 MAY TO 31 OCTOBER 2021)

2

Half-year report 2021/22

CONTENTS

1. KEY FIGURES
2. REPORT OF THE BOARD OF DIRECTORS

1. CONSOLIDATED BALANCE SHEET
2. CONSOLIDATED INCOME STATEMENT

9 EARNINGS PER SHARE FOR SHAREHOLDERS

10 CONSOLIDATED CASH FLOW STATEMENT	3

1. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

17ADDRESSES

Half-year report 2021/22

KEY FIGURES

KEY FIGURES

	CHF 1,000		1st half-year	1st half-year
			21/22	20/21
	Order intake		5,065	4,455
	Change versus previous year		13.7%	-79.9%
	Net sales		6,065	1,309
	Change versus previous year		363.6%	-93.7%
	Gross margin		73.6%	73.6%
	EBITDA		-67	-1,552
	as % of net sales		-1.1%	-118.6%
	Depreciation and amortisation		-355	-114
	EBIT		-423	-1,666
	as % of net sales		-7.0%	-127.3%
	Net profit/(loss) with minority interest		-696	-1,764
	as % of sales (with minority interest)		-11.5%	-134.8%
4			31.10.21	31.10.20
	Total assets		26,610	26,663
	Shareholders' equity with minority interest		18,481	19,702
	Equity ratio (%)		69.5%	73.9%
	Employees (full time equivalent)		103	37
	PERROT DUVAL SECURITIES
			1st half-year	1st half-year
			21/22	20/21
	Bearer shares
	High	CHF	113.00	124.00
	Low	CHF	95.00	104.00
	As at 31.10.	CHF	104.00	109.00
	Market capitalisation		31.10.21	31.10.20
	Market capitalisation	CHF mio	14,0	14,7

Half-year report 2021/22

Key Figures

REPORT OF THE BOARD OF DIRECTORS

ACTIVITIES

On 6 January 2020, Perrot Duval Holding S.A. sold its investments in Infranor Holding S.A. and its subsidia- ries, which were active in the field of automation of movements. Since then, the Board of Directors and the Group management have been working to redefine a vision and a strategy for the Perrot Duval Group. The Group aims to be solid, dynamic, profitable and active in future-oriented market niches. Its growth will be both organic and through acquisitions.

In the course of 2021, Perrot Duval Holding S.A. has oriented its investments as follows:

• the automation of processes used in the manufacture of chemical and pharmaceutical pro- ducts. This is the domain of the subsidiary Füll Process S.A., 100% owned since April 2021 (86% of consolidated sales as of 31 October 2021).

The Füll Group provides fully automated systems and components for dispensing and safety that improve or simplify certain manufacturing processes for chemicals - such as paints, printing inks, food and cosmetics - and pharmaceuticals. As of March 2021, its products and services address both production and laboratory applications (see page 5),

• the decorative cosmetic chemistry, more par- ticularly in the field of nail gels and lacquers. This is the core business of the 100% owned subsidiary
  Polystone Holding S.A. which acquired two companies in Germany and France on 1 October
  2021 (14% of consolidated sales as of 31 October
  2021).

Polystone products are mainly intended for international wholesalers, but also for professional studios. The continuous development and adaptation of the products meet the high quality requirements of this industry (see page 6).

THE FÜLL PROCESS GROUP - (OWNED 100%)

«PROCESS AUTOMATION» SEGMENT

First half year results - a great success for Füll Automation GmbH

The Füll Group has fully benefited from the integration of the operations and personnel of the Lab Systems- EAS unit of Syntegon Technology GmbH (Germany), formerly Bosch Packaging Technolog y, since 1 March 2021, which it has integrated into its newly founded company Füll Lab Automation GmbH.

The latter achieved sales of 3.0 million CHF in the first six months of the year, which is more than half of the sales of all other Füll Group entities combined. It should be noted that the orders for these sales were

received at the end of 2020, when the Perrot Duval 5 Group had not yet integrated this activity.

CHF 1 000	21/22	20/21
Order intake	3,875	4,455
change versus previous
year	-13.0%	-10.1%
Net sales	5,205	1,309
change versus previous
year	297.6%	-60.1%
EBITDA	166	- 1,192
as % of net sales	3.2%	-91.1%
Depreciation and
amortisation	-240	-108
EBIT	- 74	- 1,300
as % of net sales	- 1.4%	- 99.3%
Employees (full time equiva-
lent)	40	35

Füll Lab Automation GmbH provides innovative automation systems - modular or custom-built - for the automation, processing and high throughput formulation of liquids, viscous materials and powders (parti- cularly in the fields of paints and varnishes, cosmetics,

Report of the Board of Directors

Half-year report 2021/22