Resilux : Results 1st half 2020

CONTENTS

1.	Consolidated key figures	3
2.	Consolidated income statement	4
3.	Consolidated balance sheet	5
4.	Consolidated cash flow statement	6
5.	Consolidated statement of changes in equity	7
6.	Selected notes	8
7.	IFRS developments	15
8.	Interim report of the board of directors	16
9.	Declaration concerning the information given in this half-yearly financial report	17
10.	Auditor's report	18

Resilux NV - Half-yearly report 2020	2

1 CONSOLIDATED KEY FIGURES (1)

	1H 2020	1H 2019
Key figures of the income statement	in 000 €	in 000 €	Evolution (%)
Turnover	198'563	214'405	-7.4%
Operating revenues	199'295	216'882	-8.1%
Added value (2)	52'523	45'412	15.7%
Operating cash flow - EBITDA (3)	25'602	22'038	16.2%
Depreciation and operational non-cash costs	9'854	9'097	8.3%
Operating result	15'748	12'941	21.7%
Financial result	-1'729	-1'625	-6.4%
Result before taxes	14'019	11'316	23.9%
Taxes	-3'085	-3'518	-12.3%
Net result, part of Group	10'934	7'798	40.2%
Key figures of the the balance sheet	in 000 €	in 000 €	Evolution (%)
Equity	151'682	141'536	7.2%
Net financial debts (4)	33'495	76'228	-56.1%
Total assets and total liabilities	289'517	311'751	-7.1%
Key figures per share	in €	in €	Evolution (%)
Operating cash flow - EBITDA (3)	12.75	10.88	17.2%
Operating result	7.85	6.39	22.8%
Net result, part of Group	5.45	3.85	41.4%
Average number of shares	2'007'360	2'024'860

1. Figures are fully in conformity with IFRS-rules.
2. Revenues minus trade goods and raw materials minus services and other goods.
3. Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks.
4. Financial debt - available funds and investments.

Resilux NV - Half-yearly report 2020	3

2 CONSOLIDATED INCOME STATEMENT

Consolidated statement of profit or loss in 000 €	Note	1H 2020	1H 2019	%
Operating revenues		199'295	216'882	-8.1%
Turnover	6.3	198'563	214'405	-7.4%
Changes in inventories finished goods and w ork in progress		-208	1'064	-119.5%
Other operating income		940	1'413	-33.5%
Operating expenses		183'547	203'941	-10.0%
Raw materials and consumables used		112'949	140'542	-19.6%
Services and other goods		33'823	30'928	9.4%
Remuneration, social security charges and pensions		25'664	22'296	15.1%
Depreciation and amortisation expense		9'854	9'097	8.3%
Other operating expenses		1'257	1'078	16.6%
Operating result		15'748	12'941	21.7%
Financial income	6.10	4'348	2'912	49.3%
Financial expenses	6.10	-6'077	-4'537	33.9%
Result before taxes		14'019	11'316	23.9%
Income tax	6.8	-3'085	-3'518	-12.3%
Net result		10'934	7'798	40.2%
Net profit per share in € (*)		5.45	3.85	41.4%
(*) no possible dilution

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

Statement of other comprehensive income in 000 €	1H 2020	1H 2019	%
Attributable to profit or loss: the owners of the parent	10'934	7'798	40.2%
Items to be reclassified to profit or loss in subsequent
periods, net of taxes
Currency translation adjustments	-1'735	2'267	176.5%
Items not to be reclassified to profit or loss in
subsequent periods, net of taxes
Actuarial gains and losses (gross)	5	-24	120.8%
Deferred Taxes	-3	4	-175.0%
Total of the unrealized results	-1'733	2'247	177.1%
Total of of the realized and unrealized results	9'201	10'045	-8.4%

Resilux NV - Half-yearly report 2020	4

3 CONSOLIDATED BALANCE SHEET

Balance sheet in 000 €	Note	30.06.20	30.06.19	31.12.2019
Non-current assets		138'825	140'392	139'573
Goodw ill		18'500	18'500	18'500
Intangible assets		466	669	487
Property, plant & equipment	6.6	112'276	113'429	113'512
Other financial assets		229	17	17
Deferred tax		5'305	5'450	4'954
Non-current receivables		2'049	2'327	2'103
Current assets		150'692	171'359	141'764
Inventories		69'472	82'122	67'167
Trade receivables		53'542	68'275	52'868
Other current assets		12'351	11'072	11'572
Cash and cash equivalents		15'327	9'890	10'157
Total Assets		289'517	311'751	281'337
Equity		151'682	141'536	148'504
Non-current liabilities		23'763	29'879	24'918
Subordinated loans		0	0	0
Intrest-bearing borrow ings	6.7	9'950	17'421	11'686
Other amounts payables		3'079	3'463	2'910
Provisions		9'131	7'190	8'767
Deferred tax		1'603	1'805	1'555
Current liabilities		114'072	140'336	107'915
Subordinated loans		0	0	0
Intrest-bearing borrow ings	6.7	38'873	68'697	47'388
Trade payables		57'233	54'473	45'053
Income tax payables		4'398	2'056	2'380
Other amounts payables		13'568	15'110	13'094
Total Liabilities		289'517	311'751	281'337

Resilux NV - Half-yearly report 2020	5

4 CONSOLIDATED CASH FLOW STATEMENT

Cash flow statement in 000 €	1H 2020	1H 2019	%
Operating activities
Profit before taxes	14'019	11'316	23.9%
Depreciation and amortization	9'854	9'097	8.3%
Financial income	-4'348	-2'912	49.3%
Financial expense	6'077	4'537	33.9%
Gain on disposal fixed assets	-25	-33	-24.2%
Changes in trade receivables	-2'421	-18'516	-86.9%
Changes in inventory	-3'382	-2'201	53.7%
Changes in trade payables	12'836	-17'112	-175.0%
Other changes in net w orking capital	208	1'070	-80.6%
Change in net w orking capital	7'241	-36'759	-119.7%
Interest received	16	34	-52.9%
Interest paid	-641	-1'082	-40.8%
Income taxes paid	-1'755	-3'351	-47.6%
Cash flow from operating activities	30'438	-19'153	-258.9%
Investing activities
Investments in tangible and intangible fixed assets	-9'236	-17'558	-47.4%
Proceeds on disposals of fixed assets	254	166	53.0%
Cash flow from investing activities	-8'982	-17'392	-48.4%
Financing activities
Dividends paid	-6'022	-6'075	-0.9%
Share buy back	-212	0	-
Proceeds from (+), payments (-) of subordinated loans	0	-956	-100.0%
Proceeds from (+), payments (-) of long-term liabilities	-1'753	-1'635	7.2%
Proceeds from (+), payments (-) of short-term liabilities	-8'318	44'093	-118.9%
Cash flow from financing activities	-16'305	35'427	-146.0%
Net increase / decrease in cash and cash equivalents	5'151	-1'118	-560.7%
Effect of exchange rate changes on cash and cash equivalents	19	93	79.6%
Cash and cash equivalents at January 1st	10'157	10'915	-6.9%
Cash and cash equivalents at June 30th	15'327	9'890	55.0%

Resilux NV - Half-yearly report 2020	6

2020 report yearly-Half - NV Resilux

In € 000	Amount of	Share	Revaluation	Other	Actuarial	Currency	Total
	shares	capital	surplus	reserves	Results	translations
On January 1st, 2020	2'007'360	3'601	2'371	142'226	-2'755	3'061	148'504
Consolidated result for the financial year		0	0	10'934	0	0	10'934
Other comprehensive income (gross)		0	0	0	5	-1'736	-1'731
Deferred taxes		0	0	0	-3	0	-3
Total comprehensive income		0	0	10'934	2	-1'736	9'200
Dividend on shares (gross dividend of €3.00 per share	0	0	-6'022	0	0	-6'022
On June 30th, 2020	2'007'360	3'601	2'371	147'138	-2'753	1'325	151'682

In € 000	Amount of	Share	Revaluation	Other	Actuarial	Currency	Total
	shares	capital	surplus	reserves	Results	translations
On January 1st, 2019	2'024'860	3'601	2'371	134'171	-1'603	-974	137'566
Consolidated result for the financial year		0	0	7'798	0	0	7'798
Other comprehensive income (gross)		0	0	0	-25	2'267	2'242
Deferred taxes		0	0	0	4	0	4
Total comprehensive income		0	0	7'798	-21	2'267	10'044
Dividend on shares (gross dividend of €3.00 per share	0	0	-6'075	0	0	-6'075
On June 30th, 2020	2'024'860	3'601	2'371	135'894	-1'624	1'293	141'535

EQUITY IN CHANGES OF STATEMENT CONSOLIDATED 5

7

6 SELECTED NOTES TO THE HALF-YEARLYFINANCIAL REPORT

6.1 Principles of the interim financial reporting

The summary interim financial statements have been drawn up in conformity with IAS 34 Interim Financial Reporting as approved by the EU. The present interim financial statements also meet the requirements imposed by the FSMA et Euronext. The interim financial statements were approved by the members of the Board of directors on August 27th, 2020.

The half-yearly financial report does not include all the disclosures required for full reporting and should be read in combination with the 2019 annual report.

6.2 Accounting principles

In preparing the interim financial statements the IFRS principles for inclusion and valuation have been applied as for the consolidated annual financial statements of December 31st, 2019 except for the new standard and interpretations which have been adopted as of January 1st, 2020. For the impact of the new standards, we refer to note 7 on page 15.

The outbreak of the Covid-19 virus in early 2020 and the consequences of the measures taken to contain the virus may affect our 2020 financial results and the valuation of certain assets and liabilities. Based on the facts known today, we are currently not aware of possible adjustments in the 2020 accounts.

6.3 Turnover

During the first half year of 2020 the volumes sold of preforms were almost stable compared to the first half of 2019. The sold volumes of blown bottles grew by 12.2% versus the first half of 2019. The total volumes of preforms and bottles remained approximately on the same level compared to the first half of 2019.

Since the outbreak of Covid-19 virus, Resilux has taken the necessary and required measures to keep all production sites in the group operational and to guarantee the safety of employees in the workspaces. In this way, all factories were able to continue to produce during the first semester of 2020 while maintaining full capacity.

In March, a number of large customers built up strategic inventories, which resulted in higher sales in the first quarter. From the second quarter, we have seen sales flatten. The lockdown has resulted in fewer journeys and travelling. This has had an impact on the 'on-the-go' consumption of mainly water and soft drinks. Sales of preforms and bottles for the detergent market increased as a result of the increased use of disinfectant products. Geographically, there was a decline in sales of preforms in Spain and Scandinavia. Export sales of preforms continued to grow compared to the first half of 2019. The increase in sales of blown bottles was main in the Spanish and US markets.

The turnover in the first half year decreased by 7.4% to € 198.6 million. The average raw material price in the first half of 2020 decreased by approximately 15% compared to the average raw material price in the first half of 2019. Given the large raw material component in the turnover, is this the main reason for the decrease of the turnover given the relatively stable sales of volumes.

Resilux NV - Half-yearly report 2020	8

Turnover in 000 €	1H 2020	1H 2019
Products
Sales of preforms	169'501	187'908
Sales of bottles	22'503	20'516
Sale of raw materials	6'559	5'981
Total turnover	198'563	214'405
Geographical segments
Western Europe	53'767	58'803
Spain	28'613	28'953
Russia	20'748	26'436
Southern Europe (excl. Spain)	18'479	22'631
Switzerland	38'817	35'681
United States	30'179	28'942
Eastern Europe (excl. Russia)	35'625	39'048
Adjustments / eliminations	-27'665	-26'089
Total turnover	198'563	214'405
Timing of revenue recognition
Goods transferred at a point in time	198'563	214'405
Services transferred over time	0	0
Total turnover	198'563	214'405

6.4 Segment reporting

A segment is a distinguishable component of the Company that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those of segments operating in other economic environments.

The geographical segmentation is the basis for the financial reporting of the company. The Executive Committee following the results of the segments individually to take with regard to allocation of resources and assessing performance decisions. This segmentation is still relevant because the company, with the exception of Western Europe, almost all sells its products in the region where they are produced. Transfer prices between segments are determined in a manner similar to transactions with third parties.

The segment reporting is in accordance with the management reporting. No additional segmentation has been made because the different activities are related to each other.

Within each segment, there is no single customer representing more than 10% of total revenue.

Resilux NV - Half-yearly report 2020	9

2020 report yearly-Half - NV Resilux

Per June 30th 2020	Western			South Europe		United	Eastern Europe	Total	Adjustments
in 000 €	Europe	Spain	Russia	(excl. Spain)	Switzerland	States	(excl. Russia)	segments	and eliminations	Consolidated
External customers	41'971	26'989	21'250	18'029	31'160	27'863	32'133	199'395	-100	199'295
Inter segment	13'817	2'147	99	633	9'802	8	5'555	32'061	-32'061	0
Total operating revenues	55'788	29'136	21'349	18'662	40'962	27'871	37'688	231'456	-32'161	199'295
Depreciation and amortisation expense	2'127	524	589	559	2'381	1'917	1'614	9'711	143	9'854
Operating cash flow (EBITDA)	6'366	5'303	2'167	2'139	5'591	2'610	2'267	26'443	-841	25'602
Operating result (EBIT)	4'239	4'779	1'578	1'580	3'210	693	653	16'732	-984	15'748
Total assets	193'231	53'490	22'656	27'210	100'630	38'258	79'938	515'413	-225'896	289'517
Total liabilities	97'176	15'327	8'338	16'273	42'500	19'156	68'063	266'833	-128'998	137'835
Investment expenditures tangible and	2'571	545	473	153	670	1'193	3'449	9'054	182	9'236
intangible assets
Per June 30th 2019	Western			South Europe		United	Eastern Europe	Total	Adjustments
in 000 €	Europe	Spain	Russia	(excl. Spain)	Switzerland	States	(excl. Russia)	segments	and eliminations	Consolidated
External customers	44'558	27'664	27'424	22'831	32'433	27'567	34'405	216'882	0	216'882
Inter segment	17'967	1'403	127	585	4'952	0	6'409	31'443	-31'443	0
Total operating revenues	62'525	29'067	27'551	23'416	37'385	27'567	40'814	248'325	-31'443	216'882
Depreciation and amortisation expense	2'308	615	548	561	2'118	1'643	1'244	9'037	60	9'097
Operating cash flow (EBITDA)	6'308	3'584	2'454	2'289	3'759	2'064	1'708	22'166	-128	22'038
Operating result (EBIT)	4'000	2'969	1'906	1'728	1'641	421	464	13'129	-188	12'941
Total assets	197'397	48'627	31'394	29'114	108'707	41'999	60'608	517'846	-206'095	311'751
Total liabilities	101'563	16'474	16'836	20'653	52'568	23'395	48'115	279'604	-109'393	170'211
Investment expenditures tangible and	1'569	2'022	1'799	327	4'426	2'818	5'600	18'561	-1'003	17'558
intangible assets

10

6.5 Consolidation perimeter

There have been no changes during the first half of 2020 in Resilux structure compared to December 31st, 2019.

6.6 Investments

The net investments in intangible and tangible fixed assets during the first half of 2020 amount to €

9.0 million compared to € 17.4 million in the first half of 2019. These investments mainly relate to new production lines for the further expansion of the factory in Romania and investments in moulds.

6.7 Financial debts

As per June 30th 2020, Resilux has a net financial debt of € 33.5 million compared to a net financial debt of € 76.2 million per June 30, 2019 and a net financial debt of € 48.9 million per December 31st, 2019. The change versus December 31st 2019 is the result of the realised cash flows from operating activities, the investments made, the decrease in working capital and the dividends paid out during the first half of 2020.

During the first half of 2020 Resilux received extra credit facilities for working capital in Russia for an amount of 120 million rubles.

6.8 Income tax expense

During the first half of 2020, a pre-tax profit was realized of € 14.0 million compared to € 11.3 million in the first half of 2019. The total taxes amount to € -3.1 million. This amount includes taxes payable for € -3.4 million and deferred taxes for € 0.3 million. After taxes, Resilux has realized a net profit of € 10.9 million compared to € 7.8 million in the first half of 2019.

The decrease in the effective tax rate from 31% in the first half of 2019 to 22% in the first half of 2020 is mainly due to higher profitability in countries with lower tax rates. The tax expense in the first half of 2019 also included a negative adjustment of deferred taxes in America.

Resilux NV - Half-yearly report 2020	11

6.9 Financial instruments

Unless stated otherwise in the table below, management is of the opinion that the financial assets and liabilities that are valued at amortized cost approach the fair value.

The book values included in the balance sheet relate to the following categories within the financial assets and liabilities :

	30.06.20		30.06.19
In € 000	Book value	Fair value	Book value	Fair value
FINANCIAL ASSETS
Other financial assets	228	228	17	17
Trade and other receivables	67'942	67'942	81'674	81'674
Cash and cash equivalents	15'327	15'327	9'890	9'890
Financial assets at fair value	0	0	0	0
FINANCIAL OBLIGATIONS
Financial and other loans
- Trade and other debts	64'310	64'310	72'165	72'165
- Interest-bearing liabilities	57'980	57'980	86'288	86'288
Financial liabilities at fair value	377	377	604	604

On June 30th, 2020 Resilux had the following financial instruments valued at fair value:

In € 000	30.06.20	30.06.19
Liabilities valued at fair value
Foreign exchange contracts	-42	-305
Interest swaps	-335	-299

Regarding the valuation technique used to measure the fair value; the used technique corresponds to 'level 2' in which the different levels and related valuation techniques are defined as follows:

• Level 1: quoted (and unadjusted) prices in active markets for identical assets and liabilities;
• Level 2: other techniques for which all inputs which have a significant impact on the recorded fair value are observable (directly or indirectly)
• Level 3: techniques using inputs with a significant impact on the fair value and for which no observable market data are available.

Resilux NV - Half-yearly report 2020	12

6.10 Foreign exchange results

The total financial result decreased by € 0.1 million. The net interest expenses decreased by € 0.4 million due to a lower average net financial debt. The increased financial income is explained by higher exchange rate gains. Financial charges include higher exchange rate losses. The net exchange rate results were € 0.5 million more negative than in the first half of 2019. The total net financial result amounts to € -1.7 million.

6.11 Related parties

The affiliated parties of Resilux Group consist of subsidiaries, management and directors.

1. Remuneration

Non-executive Directors

During the first half of 2020, the non-executive directors received the following fees as remuneration:

FVDH BV, with permanent representative Francis Vanderhoydonck	€ 25,000.00
Intal BV, with permanent representative Johan Vanovenberghe	€ 12,500.00
Mitiska NV, with permanent representative Luc Geuten	€ 12,500.00
Martine Snels	€ 12,500.00
Annelies Goos	€ 12,500.00

Remuneration of members of the Executive Committee, with the exception of executive directors

The members of the Executive Committee, with the exception of the two executive directors, were paid a total remuneration of € 315,773.42 during the first half 2020.

These amounts include:

Basic salaries (gross): € 294.692,73

Contributions to the pension scheme / group insurance: € 14.384,82

Other components: benefits in kind and representation allowances: € 6.692,87

Remuneration of Executive Committee members, main representatives of the executive management

In the context of their mandate as executive director, Fodec Management BV (with permanent representative Peter De Cuyper) and Didec Management BV (with permanent representative Dirk De Cuyper) received during the first half of the 2020 financial year respectively a fee of

• 638,500.00 and € 477,500.00. No additional pension plans or other components are provided for Fodec Management BV and Didec Management BV.

In the context of 2 foreign director mandates, Dirk De Cuyper received foreign director fees in the first half of 2020 for the amount of € 160,000.00. No additional pension scheme or other components are provided for Dirk De Cuyper.

Resilux NV - Half-yearly report 2020	13

1. Share and share options.

During the first half of 2020, no other (performance-related bonuses in) shares, share options or other rights to acquire shares were attributed to one or more members of the Executive Committee, nor were there any exercised or expired.

1. Departure fees

No recruitment of departure arrangements were made with members of the Executive Committee in the first half of 2020.

6.12 Key events after balance sheet closing date

The outbreak of the Covid-19 virus in early 2020 and the consequences of the measures taken to contain the virus may affect our 2020 financial results and the valuation of certain assets and liabilities. Based on the facts known today, we are currently not aware of possible adjustments in the 2020 accounts.

Since June 30th, 2020, no other important events have occurred of a nature to influence the financial position of the company significantly.

6.13 Seasonal features - Outlook

The Covid-19 virus resulted in less tourism this summer and consequently less consumption in the typical holiday areas. This had a negative impact on the sales of preforms during the summer months. It remains to be seen what the impact will be on the total volumes sold in the entire second semester of 2020. If Covid-19 does not cause further negative markets effects, Resilux expects that the results for the second half of 2020 will be in line with the second half of 2019.

Resilux expects in the second half of 2020, without possibly special projects, to invest an amount of around € 6.0 million.

Resilux expects a further decrease of the net financial debt towards the end of the year.

Resilux NV - Half-yearly report 2020	14

7 IFRS DEVELOPMENTS

New standards, interpretations and changes adopted by Resilux

IAS 34 was applied to the half year financial report. The same accounting policies and methods of computation are followed in the interim financial statements as were followed in the annual financial statements of 2019, except for the adoption of new Standards and Interpretations effective as of 1 January 2020, noted below:

• Amendments to References to the Conceptual Framework in IFRS Standards, effective 1 January 2020
• Amendments to IFRS 3 Business Combinations - Definition of a Business, effective 1 January 2020
• Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Interest Rate Benchmark Reform, effective 1 January 2020
• Amendments to IAS 39 Financial Instruments: Recognition and measurement and IFRS 7
  Financial Instruments: Disclosures - Interest Rate Benchmark Reform, effective 1 January 2020
• Amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, effective 1 January 2020
• Amendment to IFRS 16 Leases - Covid 19-Related Rent Concessions, effective 1 June 2020

The standard with regards to IFRS 16 Leases, is not yet approved by the EU. This standard has however no impact for Resilux.

Resilux NV - Half-yearly report 2020	15

8 INTERIM REPORT

INTERIM REPORT OF THE BOARD OF DIRECTORS

This interim financial report should be read in conjunction with the consolidated balance sheet and income statement of Resilux NV (group), and the related selected notes (see item 6 above). This interim report is drawn up in accordance with the Royal Decree of November 14th 2007 concerning the obligations of the issuers of financial statements.

• Significant events during the first six months of the financial year

For a listing of the most significant events having occurred during the first six months of the financial year and their effect on the abbreviated financial statements we refer to paragraph 6. 'selected notes to the half-yearly financial report'.

For a general discussion of the results we refer to the press release, which is embargoed till Monday August 31st, 2020 at 05.40 p.m..

• Main risks and uncertainties for the remaining months of the financial year

Concerning the description of the major risks and uncertainties the company can be confronted with, we refer to point 6. of the report of the Board of Directors as included in the Annual Report 2019. These risk and uncertainties have not changed.

- Main transactions with related parties

For a description of the transactions with related parties we refer to point 6.11 of this half yearly financial report. During the first half year of 2020, a consultancy agreement regarding business intelligence was concluded with Emdec BV, with permanent representative Emiel De Cuyper, member of the family De Cuyper (reference shareholder).

Wetteren August 27th, 2020

The Board of Directors

Resilux NV - Half-yearly report 2020	16

9 DECLARATION CONCERNING THE INFORMATION GIVEN IN THIS HALF-YEARLYFINANCIAL REPORT

Obligations with regards to periodical information - Consolidated statements at June 30th, 2020.

Declaration regarding the information given in the half-yearly financial report

The undersigned declare that, to the best of their knowledge,

• the abbreviated financial statements that have been prepared according to applicable standards for financial statements and furthermore established according to the international standard applicable to interim financial reporting, give a true and fair view of the capital, of the financial situation and of the results of the Firm and the enterprise incorporated in the consolidation;
• the interim financial statement gives a true overview of the important events, which have occurred during the first six months of the fiscal year, the most important transactions with affiliated parties and the effect of the aforementioned on the abbreviated financial statements, as well as a description of the most important risks and uncertainties for the remaining months of the fiscal year.

________________________

Didec Management BV

Represented by fixed representative Dirk De Cuyper Managing Director

________________________

Fodec Management BV

Represented by fixed representative Peter De Cuyper Managing Director

Resilux NV - Half-yearly report 2020	17

10 AUDITOR'S REPORT

Report of the statutory auditor to the shareholders of Resilux NV on the review of the interim condensed consolidated financial statements as of 30 June 2020 and for the six month period then ended

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Resilux NV (the "Company"), and its subsidiaries (collectively referred to as "the Group") as at 30 June 2020 and the related interim condensed consolidated income statement and balance sheet, changes in equity and cash flow statement for the six month period then ended, and explanatory notes, collectively, the "Interim Condensed Consolidated Financial Statements". These statements show a consolidated statement of financial position total of € 289,52 million and a consolidated profit for the six month period then ended of € 10,9 million. Management is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting ("IAS 34") as adopted for use in the European Union. Our responsibility is to express a conclusion on these Interim Condensed Consolidated Financial Statements based on our review.

Scope of Review

We conducted our review in accordance the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" applicable to review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying Interim Condensed Consolidated Financial Statements are not prepared, in all material aspects, in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

Ghent, 31 August 2020

EY Bedrijfsrevisoren BV Statutory auditor represented by

Marnix Van Dooren * Partner

*Acting on behalf of a BV/SRL

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