Perrot Duval S A : Half-year report 2022/2023

Perrot Duval Holding S.A.

HALF-YEAR REPORT 2022/23 (FROM 1 MAY TO 31 OCTOBER 2022)

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CONTENTS

1. KEY FIGURES
2. REPORT OF THE BOARD OF DIRECTORS

1. CONSOLIDATED BALANCE SHEET
2. CONSOLIDATED INCOME STATEMENT

9 EARNINGS PER SHARE FOR SHAREHOLDERS

10 CONSOLIDATED CASH FLOW STATEMENT3

1. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

15ADDRESSES

Half-year report 2022/23

KEY FIGURES

KEY FIGURES

	CHF 1,000		1st half-year	1st half-year
			22/23	21/22
	Order intake		11,013	5,065
	Change versus previous year		117.4%	13.7%
	Net sales		7,284	6,065
	Change versus previous year		20.1%	363.6%
	Gross margin		74.9%	73.6%
	EBITDA		474	-67
	as % of net sales		6.5%	-1.1%
	Depreciation and amortisation		-699	-355
	EBIT		-224	-423
	as % of net sales		-3.1%	-7.0%
	Net profit/(loss)		-591	-696
	as % of sales		-8.1%	-11.5%
4			31.10.22	31.10.21
	Total assets		22,887	26,610
	Shareholders' equity		14,854	18,481
	Equity ratio (%)		64.9%	69.5%
	Employees (full time equivalent)		109	103
	PERROT DUVAL SECURITIES		1st half-year	1st half-year
			22/23	21/22
	Bearer shares
	High	CHF	102.00	113.00
	Low	CHF	76.00	95.00
	As at 31.10.	CHF	80.50	104.00
Market capitalisation		31.10.22	31.10.21
Market capitalisation	CHF mio	10,8	14,0

Half-year report 2022/23

Key Figures

REPORT OF THE BOARD OF DIRECTORS

ACTIVITIES

The Perrot Duval Group aims to be solid, dynamic, profitable and active in future-oriented market niches.

Its growth is achieved both organically and through acquisitions.

To date, Perrot Duval Holding S.A. has oriented its investments as follows:

• the automation of processes used in the manu- facture of chemical and pharmaceutical products. This is the domain of the subsidiary Füll Process S.A.,
  100% owned (38% of consolidated sales as of
  31 October 2022).

The Füll Division provides fully automated systems and components for dispensing and safety that improve or simplify certain manufacturing processes for chemicals - such as paints, printing inks, food and cosmetics - and pharmaceuticals. As of March 2022, its products and services address both production and laboratory applications (see page 5),

• the decorative cosmetic chemistry, more par- ticularly in the field of nail gels and lacquers. This is the core business of the 100% owned subsidiary Polystone Holding S.A. which acquired two compa- nies in Germany and France on 1 October 2021 (62% of consolidated sales as of 31 October 2022).

Polystone products are mainly intended for international wholesalers, but also for professional studios. The continuous development and adaptation of the products meet the high quality requirements of this industry (see page 6).

THE FÜLL PROCESS GROUP - (OWNED 100%)

«PROCESS AUTOMATION» SEGMENT

First half year results - preparation of second half-year sales

The first half of the year was marked by a significant increase in incoming orders (6.0 million CHF), representing an increase of 54% compared to the same period a year earlier. A significant portion of these orders will be delivered in the second half of the current fiscal year and will be added to the already substantial volume of deliveries from the deferred deliveries of the 2021/22 fiscal year (total order backlog of 6.8 million CHF as of 31 October 2022).

In general, the management of the Füll Group feels
that the period of various restrictions resulting from
the effects of Covid-19 has given way to a catch-up of	5

industrial projects. In addition, customers are once again directing their investments in production and/ or laboratory facilities more towards Europe.

As usual, the Füll Group's sales from current activities remained low at this time of the year (sales fell by 47% to 2.8 million CHF compared with 5.2 million CHF at the same time last year). A sales increase is expected in the second half of the year. A large number of projects in progress as of 31 October 2022 reflects this outlook.

Füll Lab Automation GmbH provides innovative automation systems - modular or custom-built - for the automation, processing and high throughput formulation of liquids, viscous materials and powders (parti- cularly in the fields of paints and varnishes, cosmetics, adhesives, pharmaceuticals), for laboratories as well as for the quality control of the newly developed

Report of the Board of Directors

Half-year report 2022/23