Solutions 30 : 2020 Interim financial report Junee 20, 2020

INTERIM FINANCIAL REPORT JUNE 30, 2020

TABLE OF CONTENT

1.HALF-YEARLY ACTIVITY REPORT AND SIGNIFICANT EVENTS ...........................................	p.3
2. CERTIFICATION BY THE PERSON RESPONSIBLE OF THE HALF-YEAR FINANCIAL
REPORT .................................................................................................................................	p.7
3. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ...............................	p.9
3.1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ........................	p.10
3.1.1. Interim consolidated statement of financial position .......................................................	p.10
3.1.2. Interim consolidated statement of comprehensive income ............................................	p.11
3.1.3. Interim consolidated statement of changes in equity ....................................................	p.12
3.1.4. Interim consolidated cash flow statement..........................................................................	p.13
3.2. NOTES ..........................................................................................................................................	p.14
Note 1 : Information on the company and group.........................................................................	p.14
Note 2 : Basis of preparation and changes in group accounting principles .............................	p.14
Note 3 : Scope of consolidation .......................................................................................................	p.16
Note 4 : Revenue and customers .....................................................................................................	p.17
Note 5 : Operating income ...............................................................................................................	p.18
Note 6 : Income tax ............................................................................................................................	p.19
Note 7 : Intangible assets and property, plant and equipment .................................................	p.19
Note 8 : Financial instruments..........................................................................................................	p.20
Note 9 : Cash .......................................................................................................................................	p.21
Note 10 : Related party disclosures ................................................................................................	p.21
Note 11 : Important events after the end of the reporting period ..........................................	p.21
4. REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL	p.23
STATEMENTS ..................................................................................................................................

1

HALF-YEARLY ACTIVITY REPORT AND SIGNIFICANT EVENTS

1. Half-yearly activity report and significant events

Key figures

1
In millions of euros		06/30/2020		06/30/2019	Change
	Revenue		363.7		318.8	+14.1%

	Adjusted EBITDA	41.5
	As a % of revenue	11.4%
	Adjusted EBIT	21.8
	As a % of revenue	6.0%
	Consolidated net income	10.5
	As a % of revenue	2.9%
	Net income, group share	10.5
	As a % of revenue
	2.9%

40.6 +2.4%

12.7%

24.5 -11.0%

7.7%

15.3 -31.4%

4.8%

15.5 -32.0%

4.9%

Financial structure data		06/30/2020		12/31/2019	Change
In millions of euro
Equity		148.8		138.3	+10.5
Net debt		26.7		91.8	-65.1
Net bank debt		-45.9		3.0	-48.9

14% revenue growth

After a strong start to the year, lockdown measures, travel restrictions, and the closure of some businesses disrupted Solutions 30's activities from mid-March to mid-May. Over these two months, revenue was 35% lower than pre-Covid levels. As soon as the lockdown ended, most of the group's markets quickly bounced back to their pre-crisis levels and Solutions 30 returned to sustainable growth by June.

For the first six months of the year, revenue was up 14.1% (+6.9% organic growth) compared to the same period in 2019. Maintenance activities, which are recurrent by na- ture, acted as a buffer against the decline, or even temporary interruption, of installations and roll-outs.

In France, revenue grew by 10.4% (9.2% organic growth) in the first six months of 2020 to reach €224.3 million, compared with €203.3 million for the same period in 2019. This performance is a result of excellent momentum in the Tel-

ecom business, up 37% over the first six months, while the group's other business sectors suffered from the context. In the Benelux countries, revenue for the half-year was up 13.2% (2.0% organic growth) to €66.2 million, compared with €58.5 million for the same period in 2019, largely due to resilience in the Telecom business.

In other countries, revenue for the first half of 2020 was up by 28.2% (3.9% organic growth) to €73.1 million, compared with €57.0 million one year ago. The impact of pandemic-related restrictions has varied from country to country. Ger- many and Poland were relatively unscathed, while Italy and Spain were hit hard.

4 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

An agile and solid business model

Despite the sudden drop in activity followed by a sharp rebound, Solutions 30 has proven the effectiveness of its business model, as well as its ability to adapt quickly. From the outset of the lockdown, all measures were taken to pro-

Reconciliation between operating income and EBITDA

tect the health of employees, while guaranteeing business
continuity and adapting the group's cost structure to pre-
serve its future capacity to capture structural growth in its	1
markets.

In thousands of euros	06/30/2020	06/30/2019
Operating income	16,382	19,774
Depreciation of IFRS 16 rights of use	11,136	10,893
Increases in operational provisions	8,582	5,160
Customer relationship amortization	5,703	4,732
Other non-current operating income	(270)	-
Adjusted EBITDA	41,533	40,559
As a % of revenue	11.4%	12.7%

Thanks to a highly variable cost structure and the implementation of temporary furlough measures, adjusted EBIT- DA was €41.5 million at the end of June 2020, or 11.4% of revenue, compared to €40.6 million, or 12.7% of revenue one year earlier. Operating costs represented 78.2% of revenue, the same as a year earlier, while structural costs amounted to 10.4% of revenue (10.2% excluding costs related to the adoption of IFRS standards and transfer to Eu- ronext), compared with 9.1% in the first half of 2019.

In step with the limited decline in the adjusted EBITDA mar- gin, adjusted EBIT was €21.8 million, or 6.0% of revenue. It includes €8.6 million of depreciation and operating provisions tied to the increase in IT platform investments over the last two years, and €11.1 million of depreciation for right-of-use leased assets (IFRS 16).

Customer relationship amortization amounted to €5.7 million in 2020, compared to €4.7 million a year earlier. Net financial income, consisting mainly of financial expenses, represented an expense of €2.0 million, compared with €1.0 million for 2019. This variation is explained by the change in bank debt and by exchange losses of €0.7 million recorded on loans in local currency granted by the group to

its Polish subsidiary (acquisition of Elmo assets and liabili- ties) and on transactions with its Tunisian subsidiary, while the euro appreciated. Taxes amounted to €3.8 million, compared to €3.5 million the previous year.

Taking these factors into account, the group share of net income reached €10.5 million, compared to €15.5 million in the first half of 2019.

Financial structure bolstered by diligently managing working capital requirements

At the end of June 2020, the group's equity amounted to €148.8 million, compared with €138.3 million at December 31, 2019. The group's gross cash position reached €151.8 million, compared to €84.2 million at the end of December 2019. Gross bank debt was €106.0 million compared with €87.1 million six months earlier. The group posted a net cash position (excluding IFRS 16) of €45.9 million at the end of June 2020, compared to a net debt of €3.0 million at the end of December 2019.

Net bank debt

In thousands of euros	06/30/2020	12/31/2019
Loans from credit institutions, long-term	77,126	65,827
Bank overdrafts	28,839	21,326
Cash and cash equivalents	(151,833)	(84,162)
Net bank debt	(45,868)	2,991

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 5

Total net debt, including €57.8 million in leasing liabilities and €14.8 million of potential financial debt on future call options and earnouts, amounted to €26.7 million:

Net debt

1	In thousands of euros	06/30/2020	12/31/2019
Bank debt	105,965	87,153
Lease liabilities	57,771	61,594
	Future liabilities from earnouts and put options	14,771	27,179
	Cash and cash equivalents	(151,833)	(84,162)
	Net debt	26,674	91,764

Operating cash flow amounted to €34.8 million for the first half of 2020. Throughout the crisis, Solutions 30 took care to protect its cash flow. In addition, and in the context of an unprecedented health crisis, the group's main customers have accelerated their invoice payment terms, resulting in

a decrease in receivables of up to 2 months of revenue for some customers. As a result, working capital requirements decreased by €49.6 million. After taking into account a net investment of €6.0 million, free cash flow reached €78.4 million over the six-month period.

Calculation of free cash flow

In thousands of euros		06/30/2020		12/31/2019
Net cash flow from operating activities		84,427		65,825
Acquisition of non-current assets
	(12,214)		(20,346)
Acquisition of Elmo assets		5,238		-
Disposal of non-current assets after tax		976		1,223
Free cash flow
	78,427		46,702

Over the six-month period, working capital was negative at €40.9 million. Already on the path to especially high levels of growth since 2015, the group rolled out a non-recourse factoring program in 2018 for all subsidiaries to finance its working capital requirements. This program allowed it to trade receivables and to transfer to a factor (1) contractual rights to receive cash flows and (2) the near totality of any risks associated with the receivables. In the context of such an agreement, receivables for which nearly all of the risks and benefits have been transferred are not maintained under the "Customers" heading. A factoring program basically reduces the time it takes to collect on receivables, freeing up cash flow to finance the group's growth strategy, and on average costs less than 1% of the value of the traded receivables, given the quality of these receivables and the solvency of the group's customers.

Receivables that are transferred in this manner and are therefore deconsolidated, were worth €43 million at the end of June 2020, compared with €54 million at December 31, 2019.

Risks and uncertainties

The risk factors are of the same nature as those described in section 1.7 of the 2019 annual report, including the risks related to the Covid-19 health crisis described in section 3.2 of the 2019 annual report. The group's management team

does not anticipate any significant change in these risks and uncertainties or any new elements of risk and uncertainty in the second half of 2020.

Outlook

On the back of strong performance during the first six months of the year, Solutions 30 confirms that organic growth will be sustained in the 3rd quarter. At this stage, as long as the situation does not worsen further, the group is confident in its ability to combine both double-digit growth and profitability.

Solutions 30 has a confident outlook for the coming months and years ahead. The group's business model has demonstrated its effectiveness during a crisis that was unprecedented in terms of its nature but also its speed and scale. The health crisis is acting as a catalyst for economic change. In this context, the group is stronger than ever, having asserted its competitive positioning and consolidated its relationships with its customers. The digital transformation and the energy transition are accelerating under the combined effect of necessity and economic stimulus plans being approved by the main European countries.

In markets driven by positive long-term trends, the group intends to pursue its strategy of balancing organic growth and acquisitions, while relying on its solid foundation of recurring activities to position itself in new markets and duplicate its French model throughout Europe.

6 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

2

CERTIFICATION BY THE PERSON RESPONSIBLE OF THE HALF-YEAR FINANCIAL REPORT

2. Certification by the person responsible of the half-year financial report

2	This is a free translation into English of the certification by the person responsible for the half-year financial report and is
provided solely for the convenience of English-speaking users.
"I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the first half of

2020 have been prepared in accordance with applicable accounting principles and give a true and fair view of the assets and liabilities, financial situation and results of the Group. I further declare that the half year Management Report gives a true and fair view of the material events occurring during the first six months of the financial year and of their impact on the half year financial statements, of the principal related party transactions, and of the principal risks and uncertainties for the remaining six months of 2020."  

Luxembourg, September30th, 2020

Gianbeppi Fortis

Chief Executive Officer

8 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

3

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Interim consolidated statement of financial position
2. Interim consolidated statement of comprehensive income
3. Interim consolidated statement of changes in equity
4. Interim consolidated cash flow statement

1. NOTES

Note 1: Information on the company and group

Note 2: Basis of preparation and changes in group accounting principles

Note 3: Scope of consolidation

Note 4: Revenue and customers

Note 5: Operating income

Note 6: Income tax

Note 7: Intangible assets and property, plant and equipment

Note 8: Financial instruments

Note 9: Cash

Note 10: Related party disclosures

Note 11: Important events after the end of the reporting period

3.1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3.1.1. Interim consolidated statement of financial position

Assets1

3	(in thousands of euros)	Notes	06/30/2020	12/31/2019
Uncalled share capital		1	1
Goodwill	7.1	55,034	55,034
Other intangible assets	7.1	128,420	131,499
	Property, plant and equipment	7.1	14,031	13,697
	Right-of-use assets		57,889	61,884
	Non-current contract assets	4.2	1,100	1,102
	Investments in associates		259	197
	Non-current financial assets		1,942	1,998
	Deferred tax assets		6,445	5,240
	NON-CURRENT ASSETS		265,121	270,652
	Inventory and work in progress		21,168	15,050
	Trade receivables and related accounts	4.2	135,280	173,138
	Current contract assets	4.2	642	571
	Other receivables		88,003	100,143
	Prepaid expenses		700	143
	Cash and cash equivalents	9	151,833	84,162
	CURRENT ASSETS		397,626	373,207
	TOTAL ASSETS		662,747	643,859

Liabilities1

(in thousands of euros)	Notes	06/30/2020	12/31/2019
Subscribed capital		13,659	13,659
Share premiums		17,376	17,376
Legal reserve		1,362	1,362
Consolidated reserves		92,744	53,616
Net income for the period		10,519	39,223
EQUITY, GROUP SHARE		135,660	125,236
Minority interests		13,152	13,111
EQUITY		148,812	138,347
Debt, long-term		91,897	80,664
Lease liabilities		38,018	40,987
Non-current provisions		19,640	18,856
Deferred tax liabilities		28,319	28,801
Other non-current financial liabilities		207	836
NON-CURRENT LIABILITIES		178,081	170,144
Debt, short-term		28,839	33,668
Current provisions		1,090	757
Lease liabilities		19,753	20,607
Trade payables		123,216	111,073
Tax and social security liabilities		149,032	152,271
Other current liabilities		9,921	14,013
Deferred income		4,003	2,979
CURRENT LIABILITIES		335,854	335,368
TOTAL EQUITY & LIABILITIES		662,747	643,859

1Financial statements reviewed according to the international standard ISRE 2410

10 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

3.1.2. Interim consolidated statement of comprehensive income1

Earnings for the 6-month period ending June 30, 2020
(in thousands of euros)	Notes	06/30/2020	06/30/2019
Revenue	4.1	363,678	318,760
Other current operating income		7,748	13,815
Net change in inventory and raw materials and consumables used		(39,544)	(23,380)
Staff costs		(91,490)	(89,714)	3
Taxes, duties, and similar payments		(28,845)	(27,668)
Other current operating expenses		(170,015)	(151,254)
Operating margin		41,532	40,559
Depreciation, amortization and impairment of fixed assets		(24,022)	(20,479)
Charges to and reversals of provisions		(1,398)	(306)
Other non-current operating income		270	-
Operating income		16,382	19,774
Financial income		79	113
Financial expenses		(2,117)	(1,133)
Net financial income		(2,038)	(1,020)

Income taxes	6	(3,846)	(3,452)
Income from associates		62	(51)
Consolidated net income		10,560	15,251
Group share		10,519	15,481
Minority interests		41	(230)
Basic earnings per share, group share (in euros)		0.098	0.145
Diluted earnings per share, group share (in euros)		0.098	0.145

(in thousands of euros)	06/30/2020	06/30/2019
CONSOLIDATED NET INCOME	10,560	15,251
Translation differences recognized in equity	(66)	37
Changes in actuarial gains and losses	(45)	(805)
Deferred taxed on changes in actuarial gains and losses	12	222
COMPREHENSIVE INCOME RECOGNIZED IN EQUITY	(99)	(546)
COMPREHENSIVE INCOME	10,461	14,705
Group share	10,420	14,935
Minority interests	41	(230)

1 Financial statements reviewed according to the international standard ISRE 2410

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 11

3.1.3. Interim consolidated statement of changes in equity1

				Share	Legal	Group	Cumulative		Equity,		Minority		Total
		(in thousands of euros)	Capital	translation		group
		premium	reserve	reserves			interests		equity
				adjustments		share
		POSITION AT 01/01/2019	13,267	15,860	1,269	58,325	(533)	88,188	10,687	98,875
		Net income for 2019				15,481		15,481	(230)	15,251
3		Income recognized in equity				(583)	37	(546)		(546)
	Comprehensive income for	-	-	-	14,898	37	14,935	(230)	14,705
	2019
	Other changes				(101)		(101)	33	(68)
		POSITION AT 06/30/2019*	13,267	15,860	1,269	73,122	(496)	103,022	10,490	113,512

• See note 2.3 Reconciliation of financial position at the end of the last interim reporting period in accordance with Luxembourg standards

		Share	Legal	Group	Cumulative		Equity,			Minority			Total
(in thousands of euros)	Capital	translation
premium	reserve	reserves		group share			interests			equity
		adjustments
POSITION AT 01/01/2020	13,659	17,376	1,362	93,288	(449)	125,236	13,111	138,347
Net income for 2020				10,519		10,519	41	10,560
Income recognized in equity				(33)	(66)	(99)				(99)
Comprehensive income for	-	-	-	10,486	(66)	10,420	41	10,461
2020
Other changes				4		4					4
POSITION AT 06/30/2020	13,659	17,376	1,362	103,778	(515)	135,660	13,152	148,812

1 Financial statements reviewed according to the international standard ISRE 2410

12 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

3.1.4. Interim consolidated cash flow statement1

For the 6-month period ending June 30, 2020		06/30/2020			06/30/2019
(in thousands of euros)
CONSOLIDATED NET INCOME		10,560			15,251
Net income, group share		10,519			15,481
Net income, minority interests		41			(230)		3
Elimination of non-cash or non-operating income and expenses:
Depreciation, amortization and impairment		24,022			20,479
Allocations to provisions		1,398			306
Change in deferred taxes		(1,688)			(280)
Elimination of income from associates		(62)			51
Change in fair value of non-current contract assets		2			(61)
Change in fair value of financial instruments		5			188
Elimination non-current transactions		(270)			-
Change in fair value of earnouts and put options		(98)			(135)
Elimination of interest expense		930			349
Operating cash flow from consolidated companies		34,799			36,148
Change in working capital requirements for operations		49,628			13,158
Decrease/(increase) in inventory and work in progress		(6,117)			(1,574)
Decrease/(increase) in trade & other receivables		37,787			2,058
Increase/(decrease) in trade & other payables		12,683			22,125
Increase/(decrease) in other receivables and debts		5,275			(9,451)
Net cash flow from operating activities		84,427			49,306
CASH FROM/(USED IN) INVESTING ACTIVITIES
Acquisition of non-current assets**		(12,214)		(8,112)
Contingent consideration on acquisitions of subsidiaries and businesses		(12,467)			(1,000)
Disposal of non-current assets after tax		976			1,463
Net cash from/(used in) investing activities		(23,705)			(7,649)
CASH FROM/(USED IN) FINANCING ACTIVITIES
Loan issuance*		18,783			856
Repayment of loans and borrowings and related financial expenses		(940)			(4,680)
Repayment of lease liabilities and related financial expenses		(11,217)			(11,144)
Net cash from/(used in) financing activities		6,626			(14,968)
Impact of changes in foreign exchange rates		323			(69)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		67,671			26,620
Opening cash balance		84,162			69,898
Closing cash balance		151,833			96,517

1Financial statements reviewed according to the international standard ISRE 2410

• See note 8.3
• Includes the acquisition of assets belonging to the Polish company ELMO

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 13

3.2. NOTES

Note 1 : Information on the company and group

The interim consolidated financial statements of Solutions 30 SE and its subsidiaries (collectively, the "group") for the year ended June 30, 2020, were closed by the Group Man-

3agement Board on September 30, 2020. Solutions 30 (the "company" or the "parent company") is a European company incorporated and domiciled in the Grand-Duchy of Lux- embourg with shares listed in compartment A on the Eu- ronext Paris market. Its registered office is located at:

3 rue de la Reine L-2418 Luxembourg

The group mainly provides support services for new digital technologies and helps its customers implement these new technologies throughout Europe: telecom service pro- viders, energy suppliers, manufacturers and distributors of computer hardware and digital devices, IT management companies, and digital equipment integrators.

Note 2 : Basis of preparation and changes in group accounting principles

2.1. Basis of preparation

The interim consolidated financial statements for the six months ended June 30, 2020, have been prepared in accordance with IAS 34 (Interim Financial Reporting) as adopted by the European Union.

They do not include all the information and notes required in the annual financial statements and should be read in conjunction with the group's consolidated financial statements at December 31, 2019.

Notes 2.2 and 2.3 detail the main adjustments made by the group in order to restate the comparative data initially prepared in accordance with Luxembourg accounting stand- ards, in relation to the statement of comprehensive income and the statement of changes in equity at June 30, 2019.

2.2. Restatements applied Intangible assets

Under Luxembourg accounting standards, the group recognized business assets on certain acquisitions. Under IFRS, business assets are reclassified to goodwill. Goodwill is listed in intangible assets in the statement of financial posi- tion.

Moreover, under Luxembourg accounting standards, goodwill was amortized. Under IFRS, it is subject to an impairment test in accordance with IAS 36 as soon as there is an indication of impairment and at least once a year.

Leases

Lease liabilities were recorded on the basis of lease payments remaining due, capitalized based on the lessee's average incremental borrowing rate. Right-of-use assets were valued at the same amount as lease liabilities and adjusted for the amount of any advances or lease payments due with regard to lease contracts present in the statement of financial position. Lease expenses for contracts expiring within the 12 months following the IFRS transition date and for contracts whose underlying assets have a low value have been recognized as operating expenses.

Non-current provisions - Pension liabilities

Under IFRS, provisions related to retirement benefits must be measured using the projected unit credit method. The provisions are recorded in the statement of financial position in the full amount of the obligation with a contra entry in the group's reserves on the transition date.

In subsequent years, actuarial gains and losses are recorded in reserves while the cost of services rendered and financial cost are recorded in the statement of comprehensive income.

Joint operations

In the form of a consortium, the group has been partnering with other companies in Belgium since 2016 in order to contribute to the development of the telecom infrastructure in this country. Under Luxembourg accounting stand- ards, the revenues invoiced to this consortium for operations carried out by the group were included in the group's revenue. Under IFRS, assets, liabilities, revenues, and costs must be reported separately up to the group's interest in the consortium.

14 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

Revenue

The group's offer includes the provision of electronic payment terminals and the related maintenance services.

variable income in revenue as soon as this income was cer- tain. Under IFRS, this variable income must be included in revenue as soon as it is highly probable.

Under Luxembourg accounting standards, the group recognized the associated revenue based on the services pro- vided. Under IFRS, these contracts have two separate performance obligations, each of which gives rise to a different revenue recognition process. Income from the provision of equipment is thus recognized in full when the equipment is delivered, while income from maintenance activities continues to be recognized over the term of the lease.

On certain contracts, the group has performance obligations that lead to the receipt of variable income during a production period exceeding 6 months. Revenue established according to Luxembourg standards included this

Deferred taxes

The various adjustments related to the transition to IFRS that are detailed above generated several temporary dif- ferences. The group recognizes the tax impact of these temporary differences through the recognition of deferred taxes with a contra entry in the group's equity in its statement of financial position.

3

2.3 Reconciliation of financial position at the end of the last interim reporting period in accordance with Luxembourg standards (June 30, 2019).

Equity

			Business	Income from	Accounting for acquisitions of		Recognition of pension	Recognition of tax
		LUX GAAP	ordinary activities	interests in a joint operation	Leases (IFRS 16)	IFRS
		combinations (IFRS 3)	liabilities (IAS 19)	losses (IAS 12)
				(IFRS 15)	(IFRS 11)
			(1)	(2)	(3)	(4)	(5)
A. Equity
I. Subscribed capital	13,267							13,267	Subscribed capital
II. Share premium and related premiums	15,859							15,859	Share premiums
III. Reserves
1.	Legal reserve	1,269							1,269	Legal reserve
2.	Consolidated reserves	52,817	5,808	1,149	78	(133)	(3,557)	984	57,146	Consolidated reserves
IV. Net income for the period	14,645	1,631	376	26	(9)	(203)	(984)	15,481	Net income for the period
V. Minority interests	8,497	1,954		44	(6)		-	10,490	Minority interests
		106,354	9,393	1,525	148	(147)	(3,760)	0	113,512	EQUITY
(1) See note 2.2. - Business combinations			(4) See note 2.2. - Leases
(2) See note 2.2. - Revenue			(5) See note 2.2. - Non-current provisions - pension liabilities
(3) See note 2.2. - Joint operations

Earnings

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 15

	2.4 New standards, interpretations and amendments
	adopted by the group
	The accounting methods adopted in the preparation of
	these interim consolidated financial statements are consist-
	ent with those used to prepare the group's annual consol-
	idated financial statements for the year ended December
	31, 2019 (except for newly adopted standards, effective as
	of January 1, 2020). The group has not early adopted any
	standard, interpretation, or amendment that has been pub-
	lished but has not yet come into effect.
3	Several amendments and interpretations apply for the
first time as of January 1, 2020, but have no impact on the
group's interim consolidated financial statements as of

June 30, 2020.

• Amendment to IAS 1 and IAS 8 "Definition of Material," published on October 31, 2018;
• Amendment to the references to the conceptual framework for IFRS, published on March 29, 2018;
• Amendment to IFRS 3 "Definition of a Business," published on October 22, 2018.

The impacts on the interim financial statements of texts published by the IASB at June 30, 2020, and not in force in the European Union are currently being analyzed. These texts are as follows:

• Amendment to IAS 1 "Presentation of Financial State- ments - classification of liabilities as current or non-cur- rent," published on January 23, 2020;
• Amendment to IFRS 3 "Business Combinations," IAS 16 "Property, Plant and Equipment," IAS 37 "Provisions, Contingent Liabilities and Contingent Assets," and the Annual Improvements to IFRS (2018-2020 cycle), pub- lished on May 14, 2020;
• Amendment to IFRS 16 "Covid-19-Related Rent Con- cessions," published on May 28, 2020.

2.5. COVID, the impacts on the business and the meas- ures taken by the group

Due to the lockdown measures adopted by various governments as a result of the Covid-19 pandemic, the group's activity slowed down between mid-March and mid-May, compared to pre-Covid levels.

During this period, the group first took care to protect its employees' health and the call-out processes were adapted in accordance with recommendations from health authorities to ensure the continuity of service required by custom- ers.

Secondly, and in a context of declining activity, the group implemented all measures required to protect its financial position, especially financial margins and cash flow. In particular, the group has made use, when necessary, of partial furlough schemes available in various countries and has been able to defer certain tax payments or loan repay- ments.

The Solutions 30 teams also supported the group's customers throughout this period in order to prepare for the anticipated rebound in activity. Activity returned to normal levels at the end of May and to sustained growth rates in June. Some customers accelerated their invoice payment terms to help the group manage this sharp increase in volumes without penalizing the group's working capital re- quirements.

Note 3 : Scope of consolidation

The group subsidiaries contributing to the financial information presented in these consolidated financial statements are listed in note 3.2 of the annual consolidated financial statements for the year ended December 31, 2019.

At the end of June 2020, the only change involved the delis- ting on June 23, 2020, of the Balkans Shared Services subsi- diary, whose activity had been dormant since 2019.

16 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

Note 4 : Revenue and customers

4.1 Breakdown of revenue

The breakdown of the group's revenue from contracts with customers by activity type is as follows:

(in thousands of euros)		06/30/2020			France	Benelux	Other
Types of activities		358,174
On-sitecall-outs				219,708	65,491	72,975	3
Leasing of payment terminals		2,199			2,199	-	-
Change in work in progress		3,305			2,438	700	167
Total revenue from contracts with
customers		363,678			224,346	66,191	73,142
(in thousands of euros)		06/30/2019			France	Benelux	Other
Types of activities
On-sitecall-outs		316,421			200,916	58,457	57,049
Leasing of payment terminals		2,230			2,230	-	-
Change in work in progress		108			108	-	-
Total revenue from contracts with
customers		318,760			203,254	58,457	57,049

At June 30, 2020, the group's revenue is up 14% compared to June 30, 2019. Business grew in all geographical segments despite the impact of the COVID pandemic.

4.2 Trade receivables and related accounts

Total receivables sold and deconsolidated under its non-recourse factoring program, amounted to €43 million at June 30, 2020 (€54 million at December 31, 2019).

(in thousands of euros)		06/30/2020				12/31/2019
Trade receivables		51,173				95,028
Invoices to be issued		83,055			76,396
Trade payables - advances and down		1,052				1,713
payments
TOTAL		135,280				173,138

During the first half of 2020, the group recognized an impairment of €0.1 million (€0.5 million at June 30, 2019) on its trade receivables. All trade receivables and related accounts are due in less than one year.

Contract assets

Contract assets relate to the lease contracts for payment terminals marketed by the group. At June 30, 2020, contract assets amounted to €1.7 million (December 31, 2019: €1.7 million).

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 17

Note 5 : Operating income

5.1 Operating margin

The main indicator of group operating profitability is the operating margin. It corresponds to operating income before depreciation, amortization, reversals, and provisions, income from the sale of holdings, the cost of services provided by the group's holding company and other non-cur-

rent operating income and expenses. The Solutions 30 group's segment reporting is based on geographical seg- ments, in accordance with the internal management data used by the group management board, and in accordance with the principles of IFRS 8.

3

(in thousands of euros)

06/30/2020

France

Benelux

Other

HQ

countries

Revenue

363,678

224,345

66,191

73,142

-

Operating margin

41,532

32,396

9,316

2,685

(2,865)

Operating margin in %

11.4%

14.4%

14.1%

3.7%

-

Other

(in thousands of euros)

06/30/2019

France

Benelux

HQ

countries

Revenue

318,760

203,254

58,457

57,049

-

Operating margin

40,559

32,300

5,959

4,899

(2,599)

Operating margin in %

12.7%

15.9%

10.2%

8.6%

-

5.2 Off-balance sheet commitments related to operating activities

Type of

Amount in

Country

Principal

Guaranteed obligations

Term

€

guarantee

thousands

S30 group's

Subcontracting

Obligations arising from a surety and

Applicable during the

France

guarantee contract for the group's

entire contractual

5,000

companies

guarantee

subcontractors

relationship

Obligations arising from the performance

Applicable during the

France

Telima Money

Indemnity bond

of services under contract, including the

entire contractual

750

provision of payment terminals

relationship

S30 group's

Customer

Obligations arising from the performance

Applicable during the

Poland

Polish

of services under contract, in particular

entire contractual

605

guarantee

companies

those relating to the telecom business

relationship

S30 group's

Obligations arising from the performance

Applicable during the

Customer

of services under contract, in particular

Belgium

Belgian

entire contractual

865

guarantee

those relating to the telecom and energy

companies

relationship

businesses

S30 group's

Customer

Obligations arising from the performance

Applicable during the

Spain

Spanish

of services under contract, in particular

entire contractual

585

guarantee

companies

those relating to the telecom business

relationship

Obligations related to business premises

Applicable during the

Belgium

Unit-T

Lease guarantee

entire contractual

193

leases

relationship

S30 group's

Payment of any amount charged by the

Applicable during the

Demand

beneficiary in connection with its activity

France

French

entire contractual

150

guarantee

of any products or services provided via

companies

relationship

its fuel cards

Solutions 30

Applicable during the

Netherlands

Lease guarantee

Vehicle lease obligations

entire contractual

120

Netherlands

relationship

S30 group's

Payment of any amount charged by the

Demand

beneficiary in connection with its activity

Poland

Polish

11/25/2020

100

guarantee

of any products or services provided via

companies

its fuel cards

Obligations related to business premises

Applicable during the

Luxembourg

Solutions 30 SE

Lease guarantee

entire contractual

79

leases

relationship

S30 group's

Payment of any amount charged by the

Applicable during the

Demand

beneficiary in connection with its activity

Spain

Spanish

entire contractual

43

guarantee

of any products or services provided via

companies

relationship

its fuel cards

Solutions 30

Obligations related to business premises

Applicable during the

Netherlands

Lease guarantee

entire contractual

24

Netherlands

leases

relationship

Telima Frepart /

Obligations related to business premises

Applicable during the

France

Telima Energie

Lease guarantee

entire contractual

10

leases

IDF

relationship

18 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

Note 6 : Income tax

The group calculates the income tax expense for the period using the tax rate that would apply to the total expected annual income. The main components of the tax expense in the interim consolidated income statement range are:

(in thousands of euros)	06/30/2020	06/30/2019
Deferred taxes	1,702	57	3
Current taxes	(5,548)	(3,509)
Corporate income tax	(3,846)	(3,452)

Note 7 : Intangible assets and property, plant and equipment

7.1 Breakdown of major assets by sector

The Solutions 30 group's segment reporting is based on geographical segments, in accordance with the internal management data used by the group management board, and in accordance with the principles of IFRS 8.

(in thousands of euros)	06/30/2020		France	Benelux	Other
Goodwill	55,034		25,889	28,345	800
Other intangible assets	128,420	40,961	49,714	37,745
Property, plant and
equipment	14,031	7,433	2,326	4,272

(in thousands of euros)	12/31/2019		France	Benelux	Other
Goodwill	55,034		25,889	28,345	800
Other intangible assets	131,499	43,747	50,371	37,381
Property, plant and
equipment	13,697	7,188	2,609	3,900

7.2 Impairment tests of intangible assets

The group performed its annual impairment test in De- cember 2019 and may update it when circumstances may lead to a risk of impairment. The group's impairment test for goodwill and intangible assets is based on value-in-use calculations. The main assumptions used to determine the recoverable amounts at the level of the various cash-generating units are explained in the consolidated financial statements for the 2019 financial year.

At June 30, 2020, the change in discount rates is approximately 30 basis points and has no effect on the results of the impairment tests performed by the group.

The group also takes into consideration, among other fac- tors, the relationship between its market capitalization and the carrying amount of balance sheet assets to assess the risk of impairment. At June 30, 2020, the group's market capitalization exceeds the value of its assets, and the group has not identified any indicators in its business activity and business plans that could call into question the value of goodwill and intangible assets recorded on the balance sheet.

Sensitivity analysis of the value in use of CGUs to the assumptions used

Based on the sensitivity analysis disclosed in the consolidated financial statements for the year ended December 31, 2019, the update of discount rates and long-term growth rates has no material impact on the results of the impairment tests and therefore on the consolidated financial statements at June 30, 2020, for all cash-generating units.

7.3 Asset acquisitions

In January 2020, the group acquired the assets and liabilities of the Polish company ELMO, which specializes in the telecommunications sector in Poland, for €4.7 million in order to develop its activities and increase its geographical coverage in this country.

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 19

Note 8 : Financial instruments

8.1 Classification of financial assets

The following table presents information about the carrying values of financial instruments and the fair values of financial instruments at June 30, 2020.

	(in thousands of euros)	06/30/2020		12/31/2019
3				book value	fair value	book value	fair value
	Non-current financial assets	1,942		1,942		1,998	1,998
	Investments in associates	259		259		197	197
	Trade receivables and related accounts	135,280		135,280		173,138	173,138
	Contract assets		1,742		1,742		1,673	1,673
	Other receivables		88,003		88,003		100,143	100,143
	Cash and cash equivalents	151,833		151,833		84,162	84,162
	ASSETS			379,059		379,059		361,311	361,311
	Debt	120,736		120,736		114,332	114,072
	Lease liabilities	57,771		57,771		61,594	61,594
	Other non-current financial liabilities	207		207		836	836
	Trade payables	123,216		123,216		111,073	111,073
	Tax and social security liabilities	149,032		149,032		152,271	152,271
	Other current liabilities	9,921		9,921		14,013	14,013
	LIABILITIES	460,883		460,883		454,119	453,859

8.2 Contingent considerations and put options

Contingent considerations ("earnouts") and put options are assessed at fair value and recorded under "Debt, short- term" in the statement of financial position if they are due within 12 months of the end of the fiscal year, or under "Debt, long-term" if they are due beyond a 12-month pe- riod.

In accordance with the terms of the acquisition agreement concluded with the former owners of Janssens Group, the group agreed to pay an earnout based on the performance

of the acquired company during the first half of 2020.

At December 31, 2019, Janssens Group's performance was already included in the earnout estimate recorded in the "Debt, short-term" item of the consolidated financial posi- tion.

The change in the fair value of the debt related to future earnouts and call options therefore includes the settlement of this amount and is presented in the table below:

				Payment	Fair value
(in thousands of euros)		12/31/2019		of the		06/30/2020
		adjustment
				price
Earnouts		18,946		-12,467	56		6,535
Call options	8,233		0	42	8,275
TOTAL	27,179		-12,467	98	14,810

The fair value of put options and contingent considerations was determined on the basis of the present value of probable future cash flows taking into account the group's contractual commitments (level 3). Changes in fair value have been recognized in the consolidated statement of comprehensive income. The fair value at the beginning of the year was presented in cash flow from investing activities, the balance of €98k was presented in cash flow from operating activities. This change in fair value is mainly due to the discounting effect.

8.3 Debt

The loan issue of €18.8 million was mainly used to finance the acquisition of the ELMO assets and the payment of the earnout.

20 SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020

Note 9 : Cash

The group's cash position is as follows:

(in thousands of euros)	06/30/2020	12/31/2019
Marketable securities	1,225	1,225
Cash and cash equivalents	150,608	82,937
TOTAL	151,833	84,162
Note 10 : Related party disclosures		3

The following table shows the amounts of transactions with related parties in the first half of 2020 and 2019, as well as the balance of receivables and payables at June 30, 2020, and December 31, 2019:

		Services	Services	Amounts	Amounts
(in thousands of euros)		provided by	received by the	loaned by the	owed to the
		the group	group	group	group
Telenet	2020	38,902	-	-	-
	2019	38,443	-	-	-
Worldlink	2020	301	-	2,950	-
	2019	-	-	2,675	-

All transactions with related parties are carried out under normal market conditions. Loans to Worldlink are granted with an interest rate equivalent to euribor + 1.5%.

Note 11 : Important events after the end of the reporting period

Transfer to the Euronext Paris regulated market

The group transferred its listing to compartment A of the regulated Euronext Paris market on July 23, 2020. It joined the SBF 120 and CAC Mid 60 indices on September 18th.

Simplification of the legal organization chart

The group is pursing its efforts to streamline its legal organization chart and taken steps which should lead, during the second half of the year, to a reduction in the number of legal entities, particularly in France and Italy.

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 21

4

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders,
Solutions 30 SE
3, rue de la Reine
L-2418 Luxembourg
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of Solutions 30 SE as of June
30, 2020, which comprise the interim consolidated statement of financial position at June 30, 2020, and the related in-
terim consolidated statement of comprehensive income, the interim consolidated statement of changes in equity, the
interim consolidated cash flow statement for the six-month period then ended and explanatory notes. Management is
responsible for the preparation and fair presentation of these interim condensed financial statements in accordance with
International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union ("IAS 34").
Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our
review.	4
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information con-
sists 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 International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all signif-
icant 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 con-
densed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 as adopted
by the European Union.
Ernst & Young
Société anonyme
Cabinet de révision agréé
Gaël Denis
Luxembourg, September30th, 2020

This is a translation into English of the report on review of interim condensed consolidated financial statements

of the Company issued in French and it is provided solely for the convenience of English-speaking users. This re-

port includes information required by Luxembourg law, such as the verification of the management report. This

report should be read in conjunction with, and construed in accordance with, Luxembourg law and professional auditing standards applicable in Luxembourg.

SOLUTIONS 30 | Interim Condensed Consolidated Financial Statements at June 30, 2020 23