Springs Global Participações S A : 2Q22 Financial Statements

gm(Convenience Translation into English from the Original Previously Issued in Portuguese)

Springs Global Participações S.A.

Individual and Consolidated Interim Financial Statements for the Quarter ended June 30, 2022 and Independent Auditor's Report

BDO RCS Auditores Independentes

Tel.: [phone]	Rua Major Quedinho 90
Fax: + 55 11 3045 7363	Consolação - São Paulo, SP - Brasil
www.bdobrazil.com.br	01050-030

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION

To the

Shareholders and Management of

Springs Global Participações S. A.

Montes Claros - MG

Introduction

We have reviewed the individual and consolidated interim financial information of Springs Global Participações S.A. ("Company"), included in the Quarterly Information (ITR) related to the quarter ended June 30, 2022, which comprises the statement of financial position as at June 30, 2022, and the respective statements of operations and comprehensive income for the three and six-month period then ended, and of changes in equity and cash flows for the nine-month period then ended, including a summary of significant accounting policies and other notes.

The Company's Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with Technical Pronouncement CPC 21 (R1) - Interim Financial Statements and with International Accounting Standard (IAS) 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and for the presentation of this interim financial information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the Quarterly Information. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of the review

We conducted our review in accordance with Brazilian and international standards for reviewing interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). An interim review consists principally of applying analytical and other review procedures and making inquiries of and having discussions with persons responsible for financial and accounting matters. An interim review is substantially less in scope than an audit conducted in accordance with auditing standards. An interim review does not provide assurance that we would become aware of any or all significant matters that might be identified in an audit. Accordingly, we do not express such an audit opinion.

Conclusion on the individual and consolidated interim information

Based on our review, we are not aware of any facts that would lead us to believe that the individual and consolidated interim financial information included in the Quarterly Information - ITR referred to above were not prepared, in all material respects, in accordance with CPC 21 (R1) applicable to the preparation of Quarterly Information - ITR and IAS 34 - Interim Financial Reporting presented and in accordance with the standards issued by the Brazilian Securities Commission (CVM).

BDO RCS Auditores Independentes, an audit partnership organized according to Brazilian law, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of BDO member firms.

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Other matters

Interim statements of value added

The quarterly information referred to above includes the individual and consolidated statements of value added for the de six-moth period ended June 30, 2022, prepared under the responsibility of the Company's Management and presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures executed with the review of the quarterly information, with the purpose of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and if its form and contents meet the criteria defined in NBC TG 09 - Statements of Value Added. Based on our review, we are not aware of any fact that would lead us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria established in this Standard and consistently with the individual and consolidated interim financial information taken as a whole.

The accompanying financial statements have been translated into English for the convenience of readers outside Brazil.

São Paulo, August 22, 2022.

BDO RCS Auditores Independentes SS

CRC 2 MG 009485/F-0

Paulo Sérgio Tufani

Accountant CRC 1 SP 124504/O-9 - S - MG

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(Convenience Translation into English from the Original Previously Issued in Portuguese)

SPRINGS GLOBAL PARTICIPAÇÕES S.A.

BALANCE SHEETS AS OF JUNE 30, 2022 AND DECEMBER 31,2021

	(In thousands of Brazilian Reais)
			ASSETS
			Company		Consolidated
	Note	06.30.2022		12.31.2021		06.30.2022	12.31.2021
CURRENT:
Cash and cash equivalents	3		128		117		283,862	199,765
Marketable securities	4		-		-		17,843	19,219
Accounts receivable	5		-		-		338,678	448,935
Financial leases receivable	11		-		-		16,625	17,618
Inventories	6.a	-		-		486,315	517,713
Advances to suppliers	6.b	-		-		58,587	40,094
Recoverable taxes	18.c	26		-		55,273	76,609
Other receivables			1,176		968		27,842	28,300
Assets held for sale	8.b	-		-		124,700	132,855
			--------------		--------------		--------------	--------------
Total current assets			1,330		1,085		1,409,725	1,481,108
			--------------		--------------		--------------	--------------
NONCURRENT:
Long-term assets:
Marketable securities	4		1,822		1,737		7,703	7,618
Receivable - clients	7		-		-		2,826	16,343
Related parties	22		-		-		175,497	123,499
Advances to suppliers	6.b	-		-		35,749	25,201
Financial leases receivable	11		-		-		87,612	97,049
Recoverable taxes	18.c	-		-		28,802	29,086
Deferred taxes	18.b	1,905		1,905		18,818	20,023
Property, plant and
equipment held for sale	10.b	-		-		23,986	15,541
Escrow deposits	19		-		-		9,529	8,448
Others			-		-		51,344	55,931
			--------------		--------------		--------------	--------------
			3,727		3,642		441,866	398,739
Investments in subsidiaries	8.a	819,382		1,035,134		-	-
Investment properties	9		-		-		461,521	459,890
Property, plant and			-		-		551,999	578,621
equipment	10.a
Right-of-use assets	11		-		-		154,087	183,709
Intangible assets	12		-		-		92,305	94,125
			--------------		--------------		--------------	--------------
Total noncurrent assets			823,109		1,038,776		1,701,778	1,715,084
			--------------		--------------		--------------	--------------
Total assets			824,439		1,039,861		3,111,503	3,196,192
			========		========		=========	========

The accompanying notes are an integral part of these interim financial statements.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

SPRINGS GLOBAL PARTICIPAÇÕES S.A.

BALANCE SHEETS AS OF JUNE 30, 2022 AND DECEMBER 31,2021

	(In thousands of Brazilian Reais)
	LIABILITIES AND EQUITY
				Company			Consolidated
		Note	06.30.2022	12.31.2021	06.30.2022	12.31.2021
LIABILITIES
CURRENT:
Loans and financing	13	12,286	15,681	625,518	772,280
Debentures	14	-	-	158,859	158,596
Suppliers	15	16	10	262,294	258,920
Payroll and related charges			111	99	105,009	88,271
Taxes			95	61	17,191	29,776
Government concessions	16	-	-	55,747	41,148
Leases payable	17	-	-	60,471	65,356
Taxes - installments		18.d	-	-	70,845	57,002
Other payables			-	-	74,984	74,569
			-------------	-------------	-------------	-------------
Total current liabilities			12,508	15,851	1,430,918	1,545,918
NONCURRENT:			-------------	-------------	-------------	-------------
Loans and financing	13	11,529	13,915	152,356	75,037
Debentures	14	-	-	165,982	-
Leases payable	17	-	-	222,568	260,380
Related parties	22	29,588	19,654	-	764
Government concessions	16	-	-	48,872	54,436
Miscellaneous accruals	19	-	-	14,477	13,776
Employee benefit plans	20	-	-	122,961	129,437
Deferred taxes		18.b	-	-	85,706	86,941
Taxes - installments		18.d	-	-	81,851	36,654
Other obligations			-	-	14,998	2,408
			-------------	-------------	-------------	-------------
Total noncurrent liabilities			41,117	33,569	909,771	659,833
EQUITY:	21	-------------	-------------	-------------	-------------
Capital			1,860,265	1,860,265	1,860,265	1,860,265
Capital reserves			79,381	79,381	79,381	79,381
Assets and liabilities valuation			126,224	126,234	126,224	126,234
adjustments
Cumulative translation adjustments			(154,027)	(159,814)	(154,027)	(159,814)
Accumulated deficit			(1,141,029)	(915,625)	(1,141,029)	(915,625)
			-------------	-------------	-------------	-------------
Total equity			770,814	990,441	770,814	990,441
			-------------	-------------	-------------	-------------
Total liabilities and equity			824,439	1,039,861	3,111,503	3,196,192
			========	========	========	========

The accompanying notes are an integral part of these interim financial statements.