Compagnie du Bois Sauvage S A : Report 2021 CBS2021EN (annual)

SUMMARY OF THE ANNUAL REPORT OF COMPAGNIE DU BOIS SAUVAGE ANNUAL MEETING OF SHERHOLDERS ON 27 APRIL 2022

Exercice 2021

TABLE OF CONTENTS

• 1. Letter to the shareholders

• 2. Key figures as at 31 December

• 3. Consolidated and Separate Financial Statements

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4
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3.1.	Consolidated Statement of Financial Position	9
3.2.	Consolidated Statement of Comprehensive Income	10
3.3.	Consolidated statement of changes in equity	11
3.4.	Consolidated Cash-Flow Statement	12

Company and consolidated accounts as at 31 décembre 2021 submitted to the Annual Meeting of Shareholders of 27 April 2022. The full version of the report is available in French and in Dutch. In the event of divergence, the French version shall be final.This English version is a summary of the annual report.

COMPAGNIE DU BOIS SAUVAGE

Limited Company with a Capital of d'EUR 84.410.825. Registered Offices: 17, Rue du Bois Sauvage, B-1000 Bruxelles VAT BE 0402 964 823 - CTR Bruxelles

Tél. : [phone]www.bois-sauvage.be

Compagnie du Bois Sauvage is an investment holding company, quoted on Euronext Brussels, with a stable 'family' principal shareholder.

The Company aims to focus on a limited number of investments, whether listed on the stock exchange or not, mainly in the industrial and real-estate sectors. Its goal is to reserve the necessary means for the development of the companies of the Group.

It aims to maintain close relations with the companies in which it invests and to be involved in the recruitment of executives and in strategic development.

In the interests of its own shareholders, the Company requires a regular income from its investments in order to provide a steadily growing dividend, if possible.

Annual report of the board of directors

Compagnie du Bois Sauvage recorded an excellent result in 2021, despite the continued disruption of the economic situation due to the pandemic.

The Chocolatier Group (Neuhaus, Jeff de Bruges, Corné Port Royal and Artista) recorded a turnover and a net result attributable to the Group similar to that of 2019 despite the very poor sales from tourist and airport business. Our numerous local sales out-lets demonstrated their ability to attract during this uncertain year.

The main real-estate investments also made a sig-nificant contribution to this result by continuing to perform very positively. Our holding in Berenberg Bank had an outstanding year.

The minority holdings in Galactic and Futerro also recorded very good results in 2021. Galactic specia-lises in natural antimicrobial solutions for food and in lactic acid. Futerro's Chinese subsidiary, in which it owns 26%, embarked upon the second phase of its PLA biorenewable plastic factory which has a total capac-ity of 100,000 tonnes per year. This is the world's sec-ond largest industrial unit and the first in Asia for this type of polymer. Given the success of PLA biosourced and biodegradable plastic, Futerro plans to continue its growth by establishing new factories in Europe and the USA. A number of sites are being considered and a fundraising exercise is expected to be carried out in the coming months to enable this expansion. Futerro is also boosting its teams to prepare this industrial and commercial deployment.

During 2021, Compagnie du Bois Sauvage:

• ▪ concluded a contract to sell the whole of its 27% holding in the company Recticel to the company Greiner for a total of EUR 203.8 million. This sale will make it possible to bring down the Group's net debt, very substantially reduce the activities linked to pet-ro-sourced raw materials and take up new invest-ment opportunities.

• ▪ took part in the restructuring of the shareholding body of its Vinventions American holding and sub-scribed to the capital increase undertaken further to the change in the shareholding body by convert-ing a loan of EUR 5.8 million in capital. These trans-actions were carried out at a higher valuation than that in the accounts as at 31 December 2020. As a result, an impairment write-back of EUR 4.1 million (net of deferred taxes) was recorded.

• ▪ paid up EUR 3.5 million in capital and a loan of EUR 3.5 million in Fidentia Office III in accordance with the commitments made, which corresponds to the balance of the EUR 10 million subscribed.

• ▪ noted the merger between the Fidentia Belux In-vestment and Fidentia Office III real-estate funds at the end of May 2021, giving rise to the company Fidentia Belux Offices. This transaction was effected on the basis of the equity of these two companies as at 31 December 2020, without impacting on the consolidated accounts.

• ▪ paid up USD 3.3 million in the SNURPI fund (USA) via its American subsidiary Surongo America.

• ▪ sold 100,000 shares in Umicore for a total of EUR 4.9 million.

The operating profit before disposals, fair value ad-justments and impairments of Compagnie du Bois Sauvage stands at EUR 64.5 million compared with EUR 24.4 million in 2020 and EUR 38.9 million in 2019. This result is affected mainly by the combined effect of the following elements:

• ▪ the chocolate division recorded a turnover and net result attributable to the Group identical to that of 2019 despite the very poor sales linked to tourist and airport business (profit attributable to the Group of EUR 14.3 million in 2021 and in 2019, compared with a loss of EUR 2.9 million in 2020),

• ▪ a significant rise in the result for equity account-ed companies to EUR 19.1 million, compared with EUR 16.4 million in 2020, due mainly to Eagle-stone (EUR 6.5 million), Recticel (EUR 7.6 million for 6 months) and Fidentia (EUR 4.3 million),

The net profit attributable to the Group of EUR 71.3 mil-lion (compared with EUR 14.4 million in 2020 and EUR 62.7 million in 2019) takes account of results on disposals of EUR -0.01 million and fair value adjust-ments on holdings of EUR 25.8 million, mainly those of Berenberg, EUR +30.1 million (EUR +6.2 million in 2020), Umicore, EUR -13.0 million (EUR -16.6 million in 2020 and EUR +37.6 million in 2019), Vinventions, EUR 5.2 million, FRI 2, EUR 2.6 million and Valiance, EUR 1 million.

• ▪ the Group's share in the pre-tax results of Berenberg Bank, which rose by EUR 15.4 million, compared with EUR 9.2 million in 2020 and EUR 5.6 million in 2019.

Net comprehensive income attributable to the Group was EUR 75.7 million, compared with EUR 14.5 million in 2020 and EUR 63.1 million in 2019. This amount cor-responds to the net profit or loss attributable to the Group, adjusted for items recognised directly in equi-ty, such as exchange rate differences on operations in currencies outside the euro area (EUR 3.5 million).

The Group recorded a net consolidated debt excluding IFRS 16 of EUR 84.3 million as at 31 December 2021, com-pared with EUR 115.5 million as at 31 December 2020. This fall is due mainly to significant cash flows from the chocolate division.

After the 2020 dividend payment (EUR 13.1 million) and taking account of the profit for the year (EUR 71.3 million), the Group's equity amounted to EUR 562.1 million at the end of 2021, compared with EUR 499.8 million in 2020.

The Company is offering a gross dividend of EUR 15.80, comprising a dividend of EUR 7.90 for the 2021 finan-cial year and an extraordinary dividend of EUR 7.90 per share. This demonstrates its confidence that it will continue to combine a rising dividend with attractive growth of the Group in the future.

In the context of the renewal of the authorisation given by the Extraordinary General Meeting of 28 April 2021, Compagnie du Bois Sauvage did not buy back any own shares in 2021. As stated in the press release of 7 March 2022, Compagnie du Bois Sauvage announc-es its intention to buy back own shares in accordance with the authorisation given by the General Meeting of 28 April 2021.

The average daily number of shares processed in 2021 was 459.

Taking into account the two non-recurring elements mentioned above, the intrinsic value (in-the-money) stood at EUR 536 per share as at 31 December 2021 (EUR 459 as at 31 December 2020).

Compagnie du Bois Sauvage wishes to thank its shareholders for their confidence and support during the financial year. Our thanks are also due to all the Group's employees and partners for their profession-alism and sincere commitment.

7 March 2022

President Valérie Paquot

General Manager

Benoit Deckers

Letter to the shareholders