Ion Beam Applications : IFRS Interim Condensed Consolidated Financial Statements June 30, 2021

ION BEAM APPLICATIONS SA

("IBA")

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021

MID YEAR REPORT 2021//1

IFRS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In accordance with IAS 34, IBA SA has chosen to publish its interim consolidated financial statements as of June 30, 2021 in condensed form.

GENERAL INFORMATION	3
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION	5
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30	6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS
ENDED JUNE 30	7
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE	8
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED JUNE 30	9
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	10
1.	FINANCIAL STATEMENTS - BASIS OF PREPARATION	10
2	CONSOLIDATION SCOPE AND THE EFFECTS OF CHANGES IN THE COMPOSITION OF THE GROUP	13
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	15
4	OPERATING SEGMENTS	19
5	EARNINGS PER SHARE	22
6	OTHER SELECTED DISCLOSURES	23
7	INTERIM MANAGEMENT REPORT	31
GLOSSARY OF ALTERNATIVE PERFORMANCE MEASURES (APM)	37

AUDITOR'S REPORT ON THE IFRS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2021 38

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GENERAL INFORMATION

Ion Beam Applications SA (the "Company"), founded in 1986, together with its subsidiaries (referred to as the "Group" or "IBA") continue to develop key technologies for the diagnosis and treatment of cancer and provides efficient and reliable solutions with an unequaled accuracy. IBA also offers innovative solutions to improve everyday hygiene and safety.

IBA is organized into two business segments to manage its activities and monitor its financial performance.

• The Proton therapy and other accelerators segment, which constitutes the technological basis of the Group's businesses and encompasses development, fabrication and services associated with medical and industrial particle accelerators and proton therapy solutions as well as proton therapy licencing.
• The Dosimetry segment, which includes the activities that offer a full range of innovative high- quality solutions and services that maximize efficiency and minimize errors in radiation therapy and medical imaging Quality Assurance and calibration procedures.

The Company is a limited liability company incorporated and registered in Belgium. The address of the registered office is: Chemin du Cyclotron, 3, B-1348Louvain-la-Neuve, Belgium.

The Company is listed on the pan-European stock exchange Euronext and is included in the BEL Mid Index (BE0003766806).

Consequently, IBA has agreed to follow certain rules to enhance the quality of financial information provided to the market. These include:

• Publication of its annual report, including its audited annual consolidated financial statements, within four months from the end of the financial year;
• Publication of a half-year unaudited report covering the first six months of the financial year within two months from the end of the second quarter;
• Publication of half-year and annual consolidated financial statements prepared in accordance with IFRS;
• Audit of its annual consolidated financial statements by its auditors in accordance with the auditing standards of the International Federation of Accountants ("IFAC").

These interim condensed consolidated financial statements have been approved for issue by the Board of Directors on August 23, 2021. The Board of Directors of IBA is composed as follows:

Internal directors: Messrs. Olivier Legrain and Yves Jongen, and Saint-Denis SA represented by Mr. Pierre Mottet. Olivier Legrain is Managing Director and Chief Executive Officer. His mandate was renewed at the Ordinary General Meeting of shareholders held on June 10, 2020; his term will expire at the Ordinary General Meeting of shareholders in 2023, which will approve the 2022 financial statements. Yves Jongen is Managing Director and Chief Research Officer. His mandate was renewed at the Ordinary General Meeting of shareholders of June 9, 2021; his term will expire at the Ordinary General Meeting of shareholders in 2024, which will approve the 2023 financial statements. The mandate of Saint-Denis SA was renewed as an internal director at the Ordinary General Meeting of shareholders of May 8, 2019; his term will expire at the Ordinary General Meeting of shareholders in 2022, which will approve the 2021 financial statements.

External Directors: Consultance Marcel Miller SCS represented by Mr. Marcel Miller, Hedvig Hricak, Bridging for Sustainability SPRL represented by Sybille Van Den Hove d'Ertsenryck. Consultance Marcel Miller SCS was renewed as an external director during the Ordinary General Meeting of shareholders held on June 10, 2020; its term will expire at the Ordinary General Meeting of shareholders of 2023, which will approve the 2022 financial statements. Hedvig Hricak was renewed as an external director during the Ordinary General Meeting of shareholders held on May 9, 2018; her term will expire at the Ordinary General Meeting of shareholders of 2022, which will approve the 2021 financial statements. Bridging for Sustainability SPRL (represented by Sybille Van Den Hove d'Ertsenryck was appointed external director during the Ordinary General Meeting of shareholders held on June 10, 2020; its term will expire at the Ordinary General Meeting of shareholders of 2023, which will approve the 2022 financial statements.

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Other directors:

During the same Ordinary General Meeting (held on June 10, 2020), two directors' mandates came to an end, i.e., the mandate of Bayrime SA, represented by its permanent representative, the late Mr. Eric de Lamotte, and the mandate of Katleen Vandeweyer Comm. V., represented by its permanent representative, Mrs. Katleen Vandeweyer.

Following a decision of the Board of directors held on August 24, 2020, the Board unanimously decided to coopt Nextstepefficiency SRL, represented by its

permanent representative, Mrs. Christine Dubus, and Dr. Richard A. Hausmann as Independent Directors.

Their mandates were renewed at the Ordinary General Meeting of shareholders of June 9, 2021 and will expire at the Ordinary General Meeting of shareholders in 2024, which will approve the 2023 financial statements.

The Board acts in accordance with the guidelines established in its Corporate Governance Charter as approved by the Board of Directors meeting of December 18, 2020. A copy of the charter can be found

on the IBA website (https://www.iba- worldwide.com/investor-relations/governance).

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INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

The Group has chosen to present its balance sheet on a current/non-current basis. The notes on pages 10 to 37 are an integral part of these condensed interim consolidated financial statements.

(EUR 000)		Note		December 31, 2020 (audited)	June 30, 2021 (unaudited)
	ASSETS
	Goodwill			6.2			3 821		3 821
Other intangible assets	6.2		4 527		4 016
	Property, plant and equipment			6.2			18 329		17 814
Right-of-use assets	6.2		29 266		28 257
	Investments accounted for using the equity method						1 273		541
Other investments				13 088		13 713
	Deferred tax assets			3.1			7 797		7 872
Long-term financial assets				600		164
	Other long-term assets			6.3			19 767		20 258
Non-current assets				98 468		96 456
	Inventories			6.4			84 458		85 225
Contract assets	6.5		30 110		41 246
	Trade receivables						103 400		76 449
Other receivables	6.6		39 071		44 394
	Short-term financial assets						1 578		78
Cash and cash equivalents	6.7		153 911		145 277
Current assets				412 528		392 669
TOTAL ASSETS				510 996		489 125
	EQUITY AND LIABILITIES
	Capital stock			6.8			42 294		42 294
Share Premium	6.8		41 978		41 978
	Treasury shares			6.8			-5 907		-11 393
	Reserves				17 152		14 457
	Foreign Currency Reserve						-5 569		-6 015
Retained earnings				51 883		44 071
Capital and reserves				141 831		125 392
Non-controlling interests				0	0
EQUITY				141 831		125 392
	Long-term borrowings			6.9			41 174		36 671
Long-term lease liabilities	6.10		24 598		23 352
	Long-term provisions			6.11			7 879		8 429
Long-term financial liabilities				3	783
	Deferred tax liabilities						521		128
Other long-term liabilities	6.12		19 278		18 630
Non-current liabilities				93 453		87 993
	Short-term borrowings			6.9			15 557		11 941
Short-term lease liabilities	6.10		4 797		4 806
	Short-term provisions			6.11			4 169		4 017
Short-term financial liabilities				57		2 414
	Trade payables						41 858		35 987
Current income tax liabilities				2 892		2 907
	Other payables			6.13			48 212		53 562
Contract liabilities	6.5		158 170		160 106
Current liabilities				275 712		275 740
TOTAL LIABILITIES				369 165		363 733
TOTAL EQUITY AND LIABILITIES				510 996		489 125

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