Youngtimers : Half-Year Results 2023

Youngtimers AG, Basel

Half-Year Results 2023

(unaudited)

28 September 2023

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HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023

1. ORGANIZATION, BUSINESS ACTIVITY AND BUSINESS COMBINATION

Youngtimers AG exited all of its prior investments in the luxury automotive space in 2022 and started 2023 with a clean slate, as a debt-free Swiss holding company making tactical investments aimed at short-term financial income with the goal of eventually acquiring and consolidating a sizeable business into its corporate structure.

Over the course of the first six months of 2023, we researched dozens of potential deals, made several tactical investments and even came close to a full acquisition of the well-established Chinese ecommerce platform JHD Technologies Ltd (initial deal announcement made on May 31, transaction aborted by the Youngtimers board on June 15). As of June 30, Youngtimers AG remained a holding company with no operating subsidiaries while continuing to search for the right acquisition target.

In the meantime, Youngtimers makes highly selective tactical investments in listed and private companies internationally whenever it expects an ownership change and/or can position itself as a potential acquirer at favourable conditions. Examples include a EUR 3.7 million term loan we extended to an investment firm in Luxembourg taking several assets of potential strategic interest as a pledge (Youngtimers received a full repayment of this loan including accrued interest after the reporting date) and a tactical dividend-paying investment in Warsaw- listed Gremi Media where Youngtimers AG played a significant role in facilitating a change of control in an iconic Polish media property rp.pl.

With no subsidiaries and no operating business, Youngtimers AG maintains a lean and profitable corporate structure and continues its pursuit for an optimal acquisition target to be completed at a time of the Youngtimers board's choosing.

2. NET RESULT

The Company reports zero operating revenue with a net profit of TCHF 250 in the first six months of 2023, compared to TCHF 793 operating revenue and a profit of TCHF 574 for the same period in 2022.

The Company is publishing its interim financial statements for 2023 on a standalone basis (Company had no subsidiaries as of 31 December 2022 and as of June 30, 2023).

3. OUTLOOK SECOND HALF-YEAR 2023

At the time of publication of this report, Youngtimers AG was in well advanced discussions to acquire in separate transactions three unrelated, well-established revenue generating private companies and had all the necessary financial means at hand or otherwise secured to complete all or any of those acquisitions. Negotiations and due diligence are ongoing, and no representation could be made at the date of this report about the probability and timing of completion of those acquisitions.

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The Youngtimers AG board immediately discloses details of possible acquisitions upon signing binding agreements, with those agreements often including various conditions precedent and other closing conditions that may result in such acquisitions not being completed even if announced.

Strategically and considering the worsening economic outlook in Europe, Youngtimers AG is looking for an exceptionally attractive special situation to complete an acquisition of a sizeable mature operating business in a stable economy (economies), and in that context, we have started to re-allocate away from the frontline Polish market after taking some profits on tactical investment in the country made at earlier dates and ahead of what is expected to be a highly contested election in mid-October that might provoke some damaging economic policy decisions in the country.

Norman Hansen,

Chairman of the Board

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STATUTORY FINANCIAL STATEMENTS UNDER SWISS GAAP FER

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STATUTORY INCOME STATEMENT UNDER SWISS GAAP FER

(In Swiss Francs)

For the six months period ended 30 June 2023

Revenue

Other income

Changes in stocks of finished products

Total revenue

Cost of material

Personnel expenses

Other operating expenses

Release of provision

Total operating expenses

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Depreciation of tangible assets

Amortization of intangible assets

Amortization and impairment of goodwill

Allocation to provision on accrued income and prepaid expenses Impairment on investments

Release of impairments on assets Losses on assets

Operating result (EBIT)

Financial income

Financial expenses

Exchange differences

Extraordinary income

Extraordinary expenses

Result before income tax

Income tax

Net result

Attributable to:

Owners of the Company

Minority interests

Earnings per share

Basic (CHF per share)

Diluted (CHF per share)

Notes	30.06.2023	30.06.2022
	CHF	CHF
		723 193
		70 031
		-
	-	793 224
		(55 726)
		(676 855)
	(468 195)	(1 813 858)
	876 561	-
	408 366	(2 546 439)
	408 366	(1 753 215)
	(1 230 700)	(26 934)
	-	(7 523)
	-	(3 181 496)
		-
		219 174
		6 568 131
		-
	(822 334)	1 818 137
	1 222 605	1 511 637
	(61 860)	(2 179 393)
	(88 182)	(486 588)
		-
		(27 299)
	250 229	636 494
	-	(42 662)
	250 229	593 832
	250 229	593 832
		-
	0,00	0,01
	0,00	0,01

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