Perrot Duval S A : Ad hoc announcement pursuant to Art. 53 LR 11.07.2023

AD HOC ANNOUNCEMENT PURSUANT ARTICLE 53 LR FROM 11 JULY 2023

Presentation of the balance sheet for 2022/2023 financial year

Improved results at Perrot Duval

In its 118th fiscal year, ending 30 April 2023, the Perrot Duval Group (Perrot Duval Holding, Inc.), which specializes in automation on the one hand and decorative cosmetic chemistry on the other, increased it sales volume by 14.6% to 16.6 million CHF (14.5 million CHF the previous year) and reduced its net loss after taxes to CHF 1.8 million (loss of CHF 2.8 million as of 30 April 2022), including the effects of global operational disruptions (supply chains, customers' purchasing policies, etc.) during the 2022/23 financial year, as well as extraordinary costs of CHF 0.8 million for impairment due to obsolescence of a certain number of product and service developments. Equity fell from CHF 16.2 million (30 April 2022) to CHF 13.6 million one year later, representing 63% of the balance sheet total. The good start to the financial year 2023/24 points to solid growth and positive numbers.

Perrot Duval Group in numbers for the past financial year

The two groups of companies, Polystone and Füll, performed differently in the year under review. Polystone increased its sales by 15% (excluding the effects of full consolidation over 12 months instead of 7 in the previous year) and its earnings (EBIT by 20% excluding its contribution to the Perrot Duval Group), whereas the Füll Group recorded a 2.1 million CHF decline in sales.

The effects of global operational disruptions affected all Group companies in the 2022/23 financial year: supply chains were slowed down or were being rebuilt, customers' purchasing policies were markedly cautious, and employee absenteeism (both within the Füll and Polystone Groups and among customers) was high.

These trends made reliable forecasts impossible in some cases, and projects representing total sales of almost CHF 1.3 million (CHF 2.2 million in the previous year) were postponed until the 2022/23 financial year.

The consolidated sales of the Perrot Duval Group increased to 16.6 million CHF, representing a growth of 14.6% (14.5 million CHF in the previous year). It should be noted that the previous year did not include the sales of the Polystone Holding and its subsidiaries for 7 months only (4.8 million CHF).

The gross margin (i.e. sales after deduction of material costs and inventory differences) has recovered considerably to 12.2 million CHF (9.4 million CHF in 2021/22), from 64.8% to 73.4% in relative terms. This is mainly the result of the integration of the Polystone companies over the fiscal year, whose business model allows for a higher gross margin.

Including depreciation, general expenses rose from 11.7 million to 13.8 million CHF, an increase of 2.1 million CHF. The integration of the operating costs of the Polystone companies over 12 months (instead of 7 months during the previous fiscal year) explains most of this increase. Prudence provisions totaling CHF 0.4 million have also been set aside. Another important item is the extraordinary costs relating to CHF 0.8 million for impairment due to obsolescence of a certain number of product and service developments withing the Füll Group.

Excluding these last extraordinary effects, the EBIT result is balanced. The loss for the year decreased from 2.8 million CHF (2021/22 fiscal year) to 1.8 million CHF, including the extraordinary items mentioned above.

With an equity ratio of 62.9% (i.e. 13.6 million CHF in equity for a balance sheet total of

21.6 million CHF), a cash level of 4.7 million CHF for a total indebtedness of 0.8 million CHF, as well as a strengthened fixed asset base of 7.6 million CHF (9.7 million CHF as of 30 April 2022), the consolidated balance sheet remains balanced.

Activities of operating participation Füll

Consolidated sales of the Füll investment - which supplies dispensing and storage systems for liquid and pastes in a chemical and pharmaceutical environment - decreased from 9.7 million CHF (FY 2021/22) to 7.6 million CHF. The decline was due to lower sales at Füll Lab Automation GmbH (- 2.5 million CHF).

Gross margin (4.7 million CHF or 62.3% towards total net sales amount) versus 5.3 million CHF or 54.3% in the previous year is relatively stable due to the large amount of work-in- progress at April 30, 2023.

Operating costs amounted to 5.4 million CHF, compared with 6.1 million CHF in 2021/22 (the latter including a restructuring provision of CHF 0.6 million).

Current depreciation and amortization (totaling 1.2 million CHF) amounted to CHF 0.4 million, to which were added the above-mentioned CHF 0.8 million for impairment due to obsolescence.

Due to lack of sales, the maintenance of operating expenses and the adjustment of development values, Perrot Duval Holding S.A. decided to partially waive its claim against the parent company of the Füll Group, Füll Process S.A. of 3.6 million CHF. As a result, EBIT stabilised at CHF 1.6 million CHF (previous year: 0.6 million CHF).

Outlook - Füll

The orders on hand in June 2023 (6.0 million CHF) are slightly lower than in the same period last year (6.2 million CHF).

Füll Division expects to be able to achieve sales of over 9 million CHF in 2023/24. The operationally achieved EBIT is expected to be positive. A certain predictability of the procurement and purchasing processes is, however, a prerequisite for achieving this goal.

Activities of operating participation Polystone

The consolidated sales of Polystone - which operates in the decorative cosmetics industry - amounted to 9.0 million CHF (4.8 million CHF for 7 months during 2020/21 after integration within the Perrot Duval Group as at 1 October 2021), almost doubling sales volume.

The gross margin was 7.5 million CHF, representing a proportion of 82.5% of the Polystone Group's total consolidated sales (4.2 million CHF or 85.9% during the 7 months period of the

2021/22 fiscal year). The increase in raw material prices which could not be passed on to customers since the beginning of the year amounted to 3.2 gross margin points (0.3 million CHF).

Operating costs, including depreciation and participation in group expenses, amounted to 6.6 million CHF. EBIT amounted to 0.9 million CHF.

Outlook - Polystone

The orders on hand in June 2023 amount to 1.5 million CHF. The Polystone Group is pursuing a growth strategy through the development of new products and the internationalisation of its sales. It is focusing on profitability and expects to achieve consolidated sales of more than

9.5 million CHF in the financial year 2023/24, provided that the global economic situation remains under control.

The demand for new and original products that comply with increasingly stringent legislation is the main driver of its future forecasts. Acquisitions could also be added to this development.

Dividend proposal of Perrot Duval Holding S.A.

The annual financial statements of both Perrot Duval Holding, Inc. and the eponymous group allow us to propose the distribution of reserves from capital contributions in the amount of 134,492 CHF, representing CHF 1.00 per bearer share and 0.20 CHF per registered share, plus a dividend of 134,492 CHF from retained earnings.

Key figures of Perrot Duval Group
CHF 1'000	1.05.21-	1.05.21-
	30.04.22	30.04.22
Consolidated sales	16'647	14'528
Change versus previous year in %	14,6	N/A
Net result (incl. Minority interests)	- 1'786	- 2'834
as of % of sales	N/A	N/A
Operating cash-flow	- 2'391	- 115
as of % of sales	N/A	N/A
CHF 1'000	30.04.23	30.04.22
Total assets	21'639	24'047
Equity including minority interests	13'621	16'211
Equity ratio as %	62,9	67,4
Return on equity as %	N/A	N/A

This press release is available on the company's website of Perrot Duval and can be downloaded fromhttps://perrotduval.com/en/ad-hoc-announcements-pursuant-art-53-lr/. The Annual Report 2022/2023 is also available on our website in PDF format and can be downloaded fromhttps://perrotduval.com/en/financial-reporting/.

Further information can be obtained from:

Nicolas Eichenberger, Chairman of the Board of Directors

Perrot Duval Holding SA, c/o Perrot Duval Management SA

Place de la Gare 11, P.O. Box, CH-1296 Coppet

Tel. [phone], Fax [phone],

[e-mail]