Thermador Groupe : 2022 HALF YEARLY STATEMENTS

THERMADOR GROUPE

Private limited company with capital of €36,803,396

Head office: SAINT-QUENTIN-FALLAVIER (France / Isère).

80 rue du Ruisseau.

339 159 402 companies register of Vienne

I. - Financial statement June 30, 2022

(in thousands of euros)

Assets	30/06/2022	30/06/2021	31/12/2021
Non-current assets:
Goodwill	56 317	56 317	56 317
Intangible assets	8 767	9 471	9 129
Tangible assets:	78 995	70 290	75 003
Land	10 870	10 870	10 869
Buildings	45 710	45 318	46 310
Other tangible assets	8 936	6 270	6 185
Tangible assets in progress	7 572	4 480	7 128
Right of use in rental contracts	5 907	3 352	4 511
Financial investments	410	364	356
Deferred tax assets	1 324	1 402	1 281
Total non-current assets	145 813	137 844	142 086
Current assets:
Stock (goods)	184 314	116 831	171 218
Trade notes and accounts receivable	118 108	111 503	81 502
Current tax assets	565	308	87
Deferred tax assets	564	455	469
Other receivables	15 531	14 372	13 766
Financial instruments	590	243
Cash and cash equivalent	3 546	37 104	27 379
Total current assets	323 218	280 816	294 421
Total assets	469 031	418 660	436 507

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Liabilities	30/06/2022	30/06/2021	31/12/2021
Equity :
Share capital and reserves	101 403	94 304	94 305
Consolidated reserves	159 234	130 933	131 262
Portion of net profit allocated to the group	30 825	28 240	52 899
Minority interests	161	173	170

Total shareholders' equity	291 623	253 650	278 636
Non-current liabilities:
Loans and long-term financial debt	9 814	19 183	12 659
Rental obligations over one year	4 615	2 366	3 452
Deferred tax liabilities	3 439	3 564	3 514
Provisions for end-of-career commitment	4 134	4 595	3 930

Total non-current liabilities	22 002	29 708	23 555
Current liabilities:
Current provisions	602	591	602
Rental obligations under one year	1 272	1 006	1 065
Short-term loans	18 749	344	2 390
Current portion of loans and financial long-term debt	9 388	13 185	13 180
Accounts payable	78 718	73 962	74 781
Equipment supply accounts payable	2 296	1 874	2 651
Current tax liabilities	2 116	4 613	5 806
Tax and social charges debt	24 882	21 896	16 410
Other liabilities	17 383	17 831	17 431
Total current liabilities	155 406	135 302	134 316
Total liabilities and shareholders' equity	469 031	418 660	436 507

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II. - Global consolidated profit statement June 30, 2022 (in thousands of euros)

Consolidated profit and loss account	1st half 2022	1st half 2021	FY 2021
Net turnover	287 553	262 749	486500
Other income from activity	402	313	752
Purchases consumed	-187 669	-169 147	-311 237
Personnel charges	-29 721	-27 777	-52 657
External costs	-22 174	-20 192	-38 224
Taxes	-2 768	-2 709	-4 002
Depreciation and amortisation	-2 991	-2 819	-5 796
Depreciation and amortisation - IFRS 16 impacts	-755	-632	-1 303
Increase in provisions	-363	-495	-214
Other earnings, other operating expenditure	-203	-189	-618
Operating profit	41 311	39 102	73 201
Change in the fair value of financial instruments
Cash earnings and equivalent	39	-10	2
Gross cost of debt	-153	-87	-189
Financial charges - IFRS 16 impacts	-38	-15	-32
Taxes	-10 343	-10 746	-20 082
Net profit	30 816	28 244	52 900
Net profit as a portion of the group	30 825	28 240	52 899
Net profit attributable to minority interests	-9	4	1
Net profit as a portion of the group per share in euros *
3,35	3,07	5,75
Net profit per share after dilution in euros **	3,18	2,91	5,45

• Earnings per share are calculated on 9,197,849 shares, 9,200,849 shares from which we have deducted the 3,000 treasury shares held on June 30, 2022, June 30, 2021 and December 31, 2021.
• Earnings per share after dilution are calculated on 9,697,849 shares, i.e., existing shares minus 3,000 treasury shares plus 500,000 shares corresponding to authorised non-issued capital of €2,000,000.

Statement of other elements of net overall consolidated profit	1st half 2022	1st half 2021	FY 2021
Net profit	30 816	28 244	52 900
Other elements of overall profit:
Actuarial discrepancy on end-of-career commitment provision			222
Operations on treasury shares		-158	- 158
Fair value of financial instruments	495	725	493
Total overall profit	31 311	28 811	53 457
Total overall profit - Portion of the group	31 320	28 807	53 456
Total overall profit allocated to minority interests	-9	4	1

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III. - Cash flow statement June 30, 2022 (in thousands of euros)

	Cash flow statement	30/06/2022	30/06/2021	31/12/2021
	Consolidated net profit		30 816		28 244		52 900
	Plus, or minus latent gains due to fair value variations
	Purchase of own shares - IFRS 2 impact	68				58
	Plus or minus net depreciation expense and provisions	3 195		2 975		5 965
	Plus or minus depreciation allowance - IFRS 16 impacts	755		632		1 303
	Plus financial charges - IFRS 16 impacts	38		15		32
	Capital gains or losses from disposals	-38		29		14
	Cash flow from operations after net financial cost and taxes		34 834		31 895		60 272
	Taxes	10 343		10 746		20 082
	Cash flow from operations before net financial cost and taxes	45 177		42 641		80 354
	Taxes paid	-10 764		-11 025		-20 262
	Cash flow from operations before net financial cost and after		34 413		31 616		60 092
	taxes
	Change in operating working capital	-43 149	-	3 943	-	31 589
	- Of which, trade receivables variation	-36 606	-	38 362	-	8 361
	- Of which, stock variations	-13 096		2 710	-	51 677
	- Of which, accounts payable variations	3 937		21 202		22 021
	- Of which, other receivables variations	-2 243	-	3 233	-	2 406
	- Of which, other debt variations	4 859		13 740		8 834
	Net cash flow from operating activities		-8 736		27 673		28 503
	Net cash flow from operations of change in scope
	Disbursements related to acquisitions of tangible and intangible fixed	-5 289		-6 018		-12 221
	assets
	Proceeds from disposal and redemption of non-derivative financial						6
	assets
	Proceeds from disposal of property, plant and equipment	44		75		91
	Owing to assets suppliers (variation)	-355		-749		28
	Net cash flow from investments		-5 600	-	6 692	-	12 096
	Free cash flow		-14 336		20 981		16 407
	Dividends paid to shareholders of the parent company	-18 396		-16 743		-16 743
	Loans subscriptions
	Increase in capital
	Flows on operations on treasury shares	0		-158		- 158
	IFRS 16 financing flows	-812		-602		- 1 291
	Loan repayments	-6 648		-6 649		-13 157
	Net cash flow from financing activities	-25 856		-24 152		- 31 349
	Net cash flow variation		- 40 192		- 3 171		- 14 942
	Opening cash		24 989		39 931		39 931
	Closing cash		- 15 203		36 760		24 989

'Opening cash' and 'Closing cash' reflect the difference between a positive cash position and short-term loans. On June 30, 2022 the positive cash position was €3,546,000 and short-term bank loans €18,749,000.

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