Coface : 2021 07 28 Interim Financial Report for H1-2021

Interim Financial Report, First Half

2021

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The information contained in this document is a free translation of the Coface Group's Interim Financial Report for the first semester 2021 ("Rapport Financier, premier semestre 2021") and while efforts are made to provide an accurate translation, there may be material errors, omissions or inaccuracies in the reporting.

In no way does Coface assume any responsibility for any investment or other decisions made based upon the information provided on this translation. The original language version of the document in French prevails over the translation.

This document is publicly available at www.coface.com/Investors.

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NOTE

COFACE SA (hereinafter, the "Company") is a public limited company (société anonyme) with a Board of Directors (conseil d'administration) incorporated under the laws of France, having its head office at 1 Place Costes et Bellonte, 92270 Bois- Colombes, France and registered with the Nanterre Trade and Companies Register under number 432 413 599. Unless stated otherwise, references in this document to the "Group" or the "Coface Group" are references to the Company and its subsidiaries, branches and holdings.

At the date of June 30, 2021, the Company's share capital amounted to €300,359,584 divided into 150,179,792 shares with a nominal value of €2 (two) each, all of the same class, and all of which are fully subscribed and paid up.

Presentation of financial and other information

This report includes free English language translations of the audited consolidated financial statements of COFACE SA as of and for the year ended December 31, 2020 and for the six months ended June 30, 2020 and 2021. The annual consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") and the interim financial statements were prepared in accordance with International Accounting Standard ("IAS") 34. COFACE SA publishes its consolidated financial statements in euros. Sums of aggregates and totals in this report may not match exactly due to rounding.

This report presents certain figures on an actual historical value basis, on a "constant scope" basis or on a "constant exchange rate" basis. Where figures are presented at constant scope, the previous year's figures (N-1) are adjusted to reflect the entities that entered or left the scope of consolidation during the most recent year (N). The Coface Group believes that comparing periods at constant scope and exchange rate is helpful in enabling investors to understand the effect of exchange rate fluctuations and changes in scope of consolidation on its financial results. However, figures adjusted for the effects of changes in the scope of consolidation and in exchange rates should not be substituted for the IFRS data.

Forward-Looking Statements

This report includes information on the Coface Group's outlook and future areas of development. These forward-looking statements may be identified by the use of the future or conditional tenses, or forward-looking terminology such as "considers", "anticipates", "thinks", "aims", "expects", "intends", "should", "plans", "estimates", "believes", "hopes", "may" or, in each case, their negative, or other variations or other comparable terminology. These forward-looking statements do not constitute historical data and should not be interpreted as a guarantee that the stated facts and data will take place or be achieved. They appear in a number of places throughout this report and include statements regarding the Coface Group's intentions; estimates and objectives with regard, in particular, to the Coface Group's market, strategy, growth, results, financial position and cash flow.

These forward-looking statements are based on data, assumptions and estimates that the Coface Group deems reasonable. They may evolve or be modified due to uncertainty linked, in particular, to the economic, financial, competitive or regulatory environment. Furthermore, the forward-looking statements contained in this report also involve risks, both known and unknown, uncertainty and other factors that were they to occur, could affect the Coface Group's future results, performance and achievements. Such factors may include, in particular, changes in the economic and business climate as well as the risk factors presented in chapter 5 of the Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers) on March 31, 2021 under the number D.21-0233.

Risk Factors

You are strongly encourages to carefully consider the risk factors presented in the aforementioned sections of the Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers) on March 31, 2021 under the number D.210-0233.

The occurrence of all or any of these risks is liable to have an adverse effect on the Coface Group's business, financial position or financial results. Additional risks that are not known at the date of this report, or that the Coface Group currently considers immaterial, may have the same adverse on the Coface Group, its business, financial position, operating results or growth prospects, as well as on the market price of its shares listed on Euronext Paris (ISIN: FR0010667147).

All this information is available on the website of the Company (www.coface.com/Investors) and the AMF (www.amf- france.org).

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I. Half-yearactivity report ......................................................................................................................................	8
a)	Economic environment in the first half...................................................................................	8
b)	Significant events in the period.............................................................................................	11
c)	Events after June 30, 2021.....................................................................................................	12
d)	Comments on the results as at 30 June 2021........................................................................	12
e)	Group Cash and Capital..........................................................................................................	21
f)	Risk factors .............................................................................................................................	24
g)	Future risks and uncertainties ...............................................................................................	24
h)	Outlook...................................................................................................................................	24
i.	Economic environment...........................................................................................................	24
ii.	Outlook for the Group ............................................................................................................	26
II. Consolidated financial statements...................................................................................................................	30
Basis of preparation..........................................................................................................................................	30
Significant events..............................................................................................................................................	31
Consolidated balance sheet..............................................................................................................................	32
Consolidated income statement ......................................................................................................................	34
Consolidated statement of comprehensive income........................................................................................	35
Statement of changes in equity........................................................................................................................	36
Consolidated statement of cash flows .............................................................................................................	37
III. Notes to the condensed interim consolidated financial statements.............................................................	40
Note 1. Goodwill ...............................................................................................................................................	40
Note 2. Other intangible assets........................................................................................................................	41
Note 3. Insurance business investments..........................................................................................................	41
Note 4. Receivables arising from banking sector.............................................................................................	47
Note 5. Cash and cash equivalents...................................................................................................................	48
Note 6. Share capital.........................................................................................................................................	48
Note 7. Provisions for liabilities and charges...................................................................................................	48
Note 8. Financing liabilities ..............................................................................................................................	49
Note 9. Lease liabilities.....................................................................................................................................	49
Note 10. Liabilities relating to insurance contracts .........................................................................................	50
Note 11. Payables arising from banking sector activities................................................................................	50
Note 12. Revenue..............................................................................................................................................	51
Note 13. Claim expenses...................................................................................................................................	52
Note 14. Overheads by function.......................................................................................................................	53
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Note 15. Income and expenses from ceded reinsurance ................................................................................	53
Note 16. Investment income, net of management expenses (excluding finance costs)................................	53
Note 17. Other operating income and expenses .............................................................................................	54
Note 18. Breakdown of net income by segment .............................................................................................	54
Note 19. Earnings per share .............................................................................................................................	57
Note 20.	Related parties...................................................................................................................................	57
Note 21. Off-balancesheet commitments.......................................................................................................	58
Note 22. IFRS 17 ................................................................................................................................................	59
Note 23.	Entry into the scope of consolidation ...............................................................................................	60
Note 24.	Events after the reporting period......................................................................................................	60
IV. Statutory auditors' review report on the half-yearly consolidated financial statements............................	62
V. Statement of the person responsible for the financial statements................................................................	66
VI. Key indicators ..................................................................................................................................................	68
VII. Appendix: Calculation of financial ratios.......................................................................................................	80

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