B&S S A : Half yearly fcial & audit reports / ltd reviews - BS Interim Financial Results - EN

Interim financial report 2022 B&S Group S.A.

Interim condensed consolidated financial statements for the six-month period ended June 30, 2022

Contents

Interim Management report

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Statement by the Executive Board

Message from the CEO

Operational review

Principal risks & uncertainties

Interim condensed consolidated financial statements

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Condensed consolidated statement of profit or loss

Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows

Notes to the interim condensed consolidated financial statements

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Interim Management report

This Interim Financial Report should be read in conjunction with our Annual Report 2021, which includes a detailed analysis of our operations and activities as well as explanations of financial measures used.

Statement by the Executive Board

In accordance with the Luxembourg Transparency Law, i.e. the law of January 11, 2008 on transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as amended, we confirm that, to the best of our knowledge:

• the interim condensed consolidated financial statements for the six-month period ended June 30, 2022 have been prepared in accordance with IAS 34 as adopted by the European Union and give a true and fair view of, assets, liabilities, financial position and profit or loss of B&S Group S.A.; and
• the interim report for the six-month period ended June 30, 2022 gives a fair review of the information required pursuant the Luxembourg Transparency Law.

Luxembourg, August 22, 2022

Tako de Haan, CEO

Peter Kruithof, CFO

Bas Schreuders, Senior Counsel

Niels Groen, Managing Director

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Message from the CEO

In the first half of 2022 turnover grew double digit and was driven by the Liquor segment and further aided by Retail and Food. Nevertheless, industry wide supply chain challenges and increased product scarcity had their impact on gross margins in the first half of 2022. A provision in the Food segment further impacted gross margin. Also, staff costs continued to rise due to a tight labour market in Europe as well as expansion and increased hourly rates for warehousing staff in the US. This led to an EBITDA margin of 4.1% in the first half of 2022 (4.8% excluding the one-off provision in the Food segment).

Despite the challenging global economy, we continued to enhance our brand partnerships and further expanded our portfolio. With the recent acquisition of a French beauty company we further strengthened our direct-to-consumer activities and gained direct access to brand owners in the premium beauty segment. Also, our Retail segment is strengthened further with the upcoming opening of the first shops in Abu Dhabi and the addition of the newly won tender contracts in Barcelona and Palma de Mallorca.

Our investments were mainly related to the acquisition of the French beauty company, the expansion and further automation of our B2C warehousing operations, additional warehousing capacity for B&S Personal Care and centralisation of our operations as part of our digital transformation. With our integrated logistical set-up we continue to look for expansion of our service proposition to serve wholesalers, resellers and brands into places, channels and regions where they desire a (stronger) presence or establishment. This is supported by continuing the digitisation of our services driven by our B&S Nfinity backbone.

Besides our commercial focus and as communicated in our FY 2021 results publication, we have made it our priority to update our sustainability strategy, policies and programmes in line with our 2021 - 2023 strategic direction. The three business priorities that are central to our overall strategy have been translated into clear goals and actions to drive our business forward sustainably. I am proud to share our 'Reach with Impact' strategy with you in the Sustainability section of our corporate website.

All in all we are positive on our progress on strategy and I am pleased to see the team working together in shaping it further. Yet, the effects of the current global economy undeniably impacted H1 results with continued pressure on the sourcing of goods and disruption of international supply chains. Consequently and in preparation for the seasonally stronger second half of the year, inventory positions were build up in an earlier stage to ensure more favorable purchase prices in

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order to preserve margins in H2. This resulted in significantly higher working capital in H1 and thus a higher net debt position. This position is expected to decrease again in H2 following the seasonally stronger business in the second half of the year.

In sum, our company is strategically in good shape to navigate through the current economic circumstances and continue to execute on our 2021 - 2023 strategy. Nevertheless, we remain cautious in our turnover and EBITDA projections for the second half of the year due to the unpredictable macro-environment with continued influence of the Russia-Ukraine war and the zero-covid policy in Asian countries.

Tako de Haan, CEO

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