INTERIM FINANCIAL REPORT COGELEC GROUP

JUNE 30, 2021

SUMMARY

1.	GROUP CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2021	4
	1.1 CONSOLIDATED BALANCE SHEET	5
	1.2 CONSOLIDATED INCOME STATEMENT	6
	1.3 ELEMENTS OF THE OVERALL RESULT	6
	1.4 CONSOLIDATED STATEMENT OF CASH FLOWS	7
	1.5 TABLE OF CHANGES IN EQUITY	8
	1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	9
2.	STATUTORY AUDITORS 'REPORTS	37
	2.1 STATUTORY AUDITORS' REVIEW REPORT ON THE CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL STATEMENTS	38

ABOUT COGELEC

COGELEC is a French manufacturer of GSM intercoms and access control solutions in collective and individual housing.

COGELEC is still growing internationally. After having created its INTRATONE GMBH subsidiary in Germany at the end of 2017, the company created an INTRATONE UK subsidiary in England at the end of the first half of 2018 and another INTRATONE BV subsidiary at the end of 2018. These companies were created with the aim of facilitating marketing of INTRATONE products internationally. The subsidiaries' commercial activity is still growing strongly with international turnover up 55.8% over the first half of 2021. The subsidiaries generated € 3.2 million in losses in the first half of 2021 compared to € 3.1 million in the first semester 2020.

COGELEC achieved a turnover of 40.4 M € in 2020. With the deployment of new international subsidiaries, this turnover is set to increase significantly in the years to come.

CERTIFICATE OF THE RESPONSIBLE

"I certify, to the best of my knowledge, that the condensed consolidated accounts for the past half-year have been drawn up in accordance with applicable accounting standards and give a true and fair view of the assets, the financial situation and the results of all the companies included in the consolidation , and that the half-year activity report presents a faithful picture of the important events that occurred during the first six months of the financial year, their impact on the half-year accounts, the main transactions between related parties and that it describes the main risks and the main uncertainties for the remaining six months of the year. "

September 27, 2021 Mr Roger LECLERC Chairman and CEO

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PREPARED UNDER IFRS AT 30 JUNE 2021

1.1 CONSOLIDATED BALANCE SHEET

1.1.1 ASSETS

A C T I F	Notes	30/06/2021	31/12/2020

Intangible assets	1.6.5.1	6,786	7,649
Tangible fixed assets	1.6.5.2	9,723	9,569
Other financial assets	1.6.5.3	461	454
Other non-current assets	1.6.5.4	5,707	4,663
Non-current tax assets	1.6.6.9
Total non-current assets		22,678	22,334

Inventories and work in progress	1.6.5.5	13,316	13,218
Customer receivables and accounts	1.6.5.6	11,289	11,310
Other current assets piecing	1.6.5.7	2,377	2,855
Current tax assets		163	66
Cash and cash equivalents	1.6.5.8	22,962	12,056
Total current assets		50,106	39,505

TOTAL ASSETS		72,784	61,840

1.1.2 LIABILITIES

P A S S I F	Notes	30/06/2021	31/12/2020

Share capital	1.5 and 1.6.5.9	4,004	4,004
Share premium	1.5	18,551	18,551
Other comprehensive income	1.5	-225	189
Consolidated reserves group share	1.5	-12,351	-8,298
Consolidated income, group share	1.5	-2,195	-4,020
Shareholders' equity, group share	1.5	7,784	10,426
Consolidated reserves, minority interests	1.5
Consolidated income, minority interests	1.5
Equity share of minority interests	1.5	0
Total owner's equity		7,784	10,426
Loans and financial debts	1.6.5.10	11,093	10,642
Provisions for retirement commitments	1.6.5.11	802	794
Other long-term provisions	1.6.5.11	1,875	937
Other non-current liabilities	1.6.5.12	24,445	22,143
Non-current tax liabilities	1.6.6.9	237	137
Total non-current liabilities		38,451	34,654
Loans and financial debts	1.6.5.10	12,832	3,942
Trade payables and related accounts	1.6.5.12	5,188	4,287
Other current liabilities	1.6.5.12	8,529	8,530
Current tax liabilities
Total current liabilities		26,548	16,759
TOTAL LIABILITIES		72,784	61,840

1.2 CONSOLIDATED INCOME STATEMENT

	Notes	30/06/2021	30/06/2020
TURNOVER	1.6.6.1	26 133	17 683
Other income from the activity		3	2
Consumed purchases	1.6.6.3	-9,804	-7,363
Staff costs	1.6.6.4	-9,078	-7,191
External charges	1.6.6.5	-4,072	-3,389
Dues and taxes		-244	-257
Depreciation / Write-backs	1.6.5.1 and	-2,089	-1,882
Allocations / Reversals of provisions and depreciations	1.6.5.2	-481	-154
Change in inventories of work in progress and finished products	1.6.5.5 and	607	1 525
Other current operating income and expenses	1.6.6.6 1.6.6.2	268	247
CURRENT OPERATING INCOME		1,242	-781
Other operating income and expenses	1.6.6.7	-3,463	-241
OPERATING INCOME		-2,221	-1,022
Income from cash and cash equivalents		11	14
Cost of gross financial debt		-110	-85
Cost of net financial debt	1.6.6.8	-100	-71
Other financial income and expenses	1.6.6.8	315	-115
Tax charges		-190	-610
Share of profit of other associates
CONSOLIDATED NET INCOME		-2,195	-1,818
Group share Minority share		-2,195	-1,818
BASIC NET EARNINGS PER SHARE	1.6.6.10	-0,2583	-0,2111
DILUTED NET EARNINGS PER SHARE	1.6.6.10	-0,2583	-0,2111

1.3 ELEMENTS OF THE OVERALL RESULT

	30/06/2021	30/06/2020

RESULT FOR THE PERIOD	-2,195	-1,817
Items that can be recycled in the income statement
Translation differences	-289	261
Taxes on items recognized directly in equity
Items that cannot be recycled in the income statement
Taxes on items recognized directly in equity	-22	-11
Actuarial differences	87	42
Income and expenses recognized directly in equity
OTHER ELEMENTS OF THE OVERALL PROFIT FOR THE PERIOD	-225	292
OVERALL RESULT FOR THE PERIOD	-2,420	-1,525
Group share	-2,420	-1,525
Minority share

1.4 CONSOLIDATED STATEMENT OF CASH FLOWS

	Notes	30/06/2021	30/06/2020
ACTIVITY CASH FLOWS
Net income from continuing operations	1.5	-2,195	-1,817
	1.6.5.1-
	1.6.5.2-
Net allocations to depreciation and provisions	1.6.5.11	4,749	2,012
Reversals of subsidies	1.6.6.6	-282	-238
Share of deferred income recognized in profit or loss	1.6.5.12	-1,370	-1,069
Capital gains and losses on disposals	1.6.6.7	19	278
Exchange difference on reciprocities		-285	289
Cash flow after cost of net financial debt and tax		636	-545
Cost of net financial debt	1.6.6.8	100	71
Tax expense (including deferred taxes)		82	470
Cash flow from operations before cost of net financial debt and tax		817	-4
Taxes paid		-342	-1 914
Change in working capital requirement linked to the activity:
- Other non-current assets		-1,041	-126
- Stocks		-97	-3,522
- Clients		35	1,850
- Other current assets (excluding loans and guarantees)		484	-118
- Other non-current liabilities		2,295	950
- Suppliers		1,172	2,647
- Other current liabilities		1,634	1,314
	Total	4,481	2,996
Net cash flow generated by activity		4,956	1,078
CASH FLOWS RELATED TO INVESTMENT TRANSACTIONS
Acquisitions of fixed assets (1)		-3,086	-2,199
Disposals of fixed assets	1.6.6.7	—	23
Change in loans and advances granted		-6	15
Net cash flow from investing activities		-3,092	-2,160
CASH FLOWS RELATED TO FINANCING OPERATIONS
Dividends paid to shareholders of the parent company	1.5
Capital increase in cash	1.5
Own shares	1.5	19	-1 451
Loan issues	1.6.5.10	11,185
Loan repayments	1.6.5.10	-2,089	-1,650
Cost of net financial debt	1.6.6.8	-100	-71
Net cash flow from financing operations		9,016	-3,171
CHANGE IN CASH FLOW		10,880	-4,254
Opening cash	1.6.5.8	12,056	17,371
Closing cash	1.6.5.8	22,958	13,047
Change in translation differences		-21	71
Change in cash flow		10,880	-4,254

(1) Excluding new leases and simple rentals for € 261K on 06/30/2021 and € 59K on

1.5 TABLE OF CHANGES IN EQUITY

	Capital social	Premiums	Others elements of the result global	Reserves	Result of exercise	Total capital clean	Interests minority	Capital clean group

Au December 31, 2019	4,004	18,551	-159	-3,681	-2,862	15,853	0	15,853
Movements:
N-1 result allocation			159	-3,022	2,862
Own shares				-1,451		-1,451		-1,451
Actuarial differences			31			31		31
Exchange difference			261			261		261
Consolidated result					-1,817	-1,817		-1,817
Au June 30, 2020	4,004	18,551	292	-8,154	-1,817	12,877	—	12,877

	Capital social	Premiums	Others elements of the result global	Reserves	Result of exercise	Total capital clean	Interests minority	Capital clean group

Au December 31, 2020	4,004	18,551	189	-8,298	-4,020	10,426	0	10,426
Movements:
N-1 result allocation			-189	-3,832	4,020
Own shares				-222		-222		-222
Actuarial differences			+64			64		64
Exchange difference			-289			-289		-289
Consolidated result					-2,195	-2,195		-2,195
Au June 30, 2021	4,004	18,551	-225	-12,351	-2,195	7,784	—	7,784

1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, the amounts mentioned in this appendix are in thousands of euros)

1.6.1. PRESENTATION OF THE GROUP AND IMPORTANT EVENTS

1.6.1.1 Information about the Company and its business

COGELEC is a Société Anonyme (SA). The accounts drawn up in accordance with IFRS include the parent company COGELEC and its subsidiaries.

The situation has a duration of six months covering the period from January 1 to June 30.

Headquarters address: 370 rue Maunit, Mortagne-sur-Sèvre (85290), France.

Trade and Companies Register number: 433 034 782.

COGELEC is a French manufacturer of telephone intercoms and access control solutions.

The COGELEC Company and its subsidiaries are hereinafter referred to as the "Company" or the "Group".

As part of its export development, on December 4, 2017, COGELEC subscribed 100% to the capital of INTRATONE Gmbh. Its registered office is in Düsseldorf and the company was registered on December 28, 2017. On February 12, 2018, COGELEC subscribed to the capital of INTRATONE UK Limited, whose registered office is in London. On October 29, 2018, COGELEC subscribed to the capital of INTRATONE BV, headquartered in Amsterdam.

1.6.1.2 Significant events of the first half of 2021

First half 2021 results

Sales for the first half of 2021 are up sharply compared to the first half of 2020, showing an increase of 47.8%, to € 26.1 million against € 17.7 million in the first half of 2020.

Beyond the base effect linked to the Covid-19 pandemic and the slowdown in decision-making in 2020, this level of activity reflects the quality of the commercial dynamic currently in place within the Group, in France and Europe. It is driven both by the first effects of the investments made in Europe and the constantly renewed enthusiasm of all customers for the Intratone solution, the Group's GSM offer.

Over the semester as a whole, subscriptions grew by + 19.6% to € 6.6 million, demonstrating the good resilience of the subscription model. COGELEC now subscribes to more than one million four hundred thousand homes.

The gross margin stands at 16.9 M €, or 64.8% of turnover against 67.0% in 2020. This decrease in the margin rate is mainly explained by the fall in the share of subscriptions in the total turnover which was exceptionally high in H1 2020 due to the decline in sales of equipment directly linked to the health crisis.

Under the effect of both the increase in the average workforce and the payment in 2020 by European governments of compensation covering partial activity linked to the Covid-19 epidemic, the first half of 2021 shows a increase in personnel

costs from € 1.9 million to € 9.1 million compared to € 7.2 million a year earlier. In total, the Cogelec Group had 311 employees as of June 30, 2021 compared to 271 employees as of June 30, 2020.

External charges increased by + € 0.7 million to € 4.1 million due to the resumption of the post-Covid-19 increase in activity. In 2021, Cogelec resorted to temporary work and resumed its face-to-face activity (from H2 2020). Sales volume and price increases also resulted in higher freight costs.

EBITDA stood at € 3.8m and current operating income at € 1.2m.

The other non-current operating income and expenses, exceptionally high over the half-year, include almost all of the costs relating to the decision to postpone the launch of the 2nd generation Kibolt, ie 3.4 M €.

Consequently, the group had to depreciate the value of its inventories to the tune of 1.1 M €, the non-reusable machines and tools to the tune of 0.8 M € and finally part of the R&D costs capitalized for this project to the tune of 1 M €.

In application of IAS37, the Group has also made provisions for losses in the amount of € 0.6 million over the first half of 2021 corresponding to orders initiated but not yet received relating to the Kibolt project. These deliveries will take place in the second half of 2021.

The net result is -2.195 M €.

As of June 30, 2021, shareholders' equity amounted to € 7.8 M against € 10.4 M as of December 31, 2020. Financial debt amounts to € 23.9 M against € 14.6 M as of December 31, 2020, including € 9 M of PGE subscribed on the 1st half of 2021. At the end of 1st half of 2021, the Group has gross cash of € 23.0 million.

Finally, the extension of the Mortagne sur Sèvre building, initiated in 2020, was the subject of an amendment to the existing real estate leasing for an amount of € 3.6 million. The final acceptance of the building is scheduled for mid-November 2021.

Covid-19

We recall that in 2020, the performance of the Cogelec Group was impacted by the global crisis and by the national confinement decreed over the period from March to May 2020. Indeed, this crisis had the effect of slowing down the growth of 2020. Cogelec had measured the impacts on the main aggregates of Cogelec SA's corporate accounts by comparing equipment sales over the period from March to May 2020 with the same period in 2019.

It emerged that Cogelec SA sales for 2020 had been impacted by approximately - € 2.9 million and the associated direct margin of - € 1.6 million. Group revenue at the end of June 2020 restated for these € 2.9 million would be € 20.574 million and would therefore lead to an increase excluding the base effect of Group revenue for the first half of 2021 at 27% compared to 47.8% including the Covid-19 effect.

Due to the health crisis linked to the spread of the Coronavirus, which was still very critical at the start of the year, the company took out a loan contract guaranteed by the State in April 2021 to the tune of nine million euros.The group will position itself on the outcome to be given to this loan in April 2022. The group had not requested a postponement of its social, tax and credit maturities.

It should be noted that some European countries, in particular Germany and the United Kingdom, were more widely impacted by the various lockdowns at the start of fiscal year 2021

1.6.1.3 Summary and outlook

COGELEC expects revenue to continue climbing both in France and internationally over full-year 2021, driven by the Intratone brand. However, given the supply chain bottleneck liable to weigh on hardware sales in H2, the FY 2021 EBITDA target been revised to around 10% of revenue.

For 2022, the Group expects strong growth in France and Europe, accompanied by an increase in the EBITDA/revenue ratio.

1.6.2 MAIN FUTURE RISKS AND UNCERTAINTIES

The risk assessment, referring to the information mentioned in the report on the 2020 financial statements, in the chapter "Assessment of risk factors", is unchanged.

1.6.3 SUBSEQUENT EVENTS

In its press release dated July 22, 2021, the group announced the effective completion of the entry of RAISE Investissement into the capital of S.R.C, Cogelec's control structure, as a minority financial partner.

RAISE Investissement now holds 35% of the capital and voting rights of Cogelec Développement, which owns all of the capital of S.R.C.

The entry of RAISE Investissement into the capital of the Cogelec Group is part of a partnership dynamic with the managers of the Cogelec Group to actively support its long-term development prospects in France and internationally.

Managed via an application, the Kibolt Universal Smart Key provides secure access to all equipped doors. After the Kibolt universal key was launched in Q2 2021, initial customer feedback demonstrated the product's full potential while also highlight certain features calling for adjustments. To carry out new product developments, preserve the customer base and capitalise on the broad market potential, the Group thus decided to suspend sales of the current Kibolt generation. The new Kibolt generation should be out by September 2022 at the latest.

Other non-current operating income and expenses, which were exceptionally high over the first half, included virtually all costs associated with the decision to postpone the Kibolt launch, i.e. €3.4m.

Current operating income amounted to +€1.2m vs. an expense of -€0.8m last year. After taxes and the impact of the onetime decision to postpone the Kibolt launch, the Group posted a net result of -€2.2m.

At 30 June 2021, the total Equity stood at €7.8m. Financial debt under IFRS was €23.9m and included the €9m governmentbacked loan taken out in April. The Group ended H1 2021 with a cash position of €23.0m.

Post-H1, on 22 July, RAISE Investissement acquired a 35% stake in Cogelec Développement, the controlling entity of S.R.C., the majority shareholder of Cogelec. RAISE Investissement is a fund that invests in growing, high-potential French ISEs.

1.6.4 ACCOUNTING PRINCIPLES, RULES AND METHODS

The financial statements are presented in thousands of euros unless otherwise indicated. Rounding is done for the calculation of certain financial data and other information contained in these accounts. As a result, figures shown as totals in some tables may not be the exact sum of the figures before them.

1.6.4.1 Declaration of conformity

The Company has drawn up its accounts, closed by the board of directors on September 27, 2021, in accordance with the standards and interpretations published by the International Accounting Standards Boards (IASB) and adopted by the European Union on the date of preparation of the statements. financial statements, and presented in comparison with the 2020 financial year established according to the same framework.

This repository, available on the European Commission website (http://ec.europa.eu/internal_market/accounting/ias_fr.htm), includes international accounting standards (IAS - International Accounting Standards and IFRS - International Financial Reporting Standards) , the interpretations of the Standing Interpretations Committee (SIC) and the Interpretation Committee of International Financial Reporting Standards (IFRIC - International Financial Interpretations Committee).

The general principles, accounting methods and options used by the Group are described below.

1.6.4.2 Principle of preparation of financial statements

The half-year financial statements, presented in summary form, have been prepared in accordance with international accounting standard IAS 34 ("Interim financial reporting"), as adopted by the European Union, which allows a selection of explanatory notes to be presented.

The half-year financial statements do not include all the information and appendices as presented in the annual financial statements, they are summary accounts.

As these are summary accounts, they do not include all the information required by IFRS and must be read in accordance with the Group's annual consolidated financial statements at December 31, 2020. With the exception of the specific features of the IAS standard 34 and the new standards applicable on January 1, 2021 listed below, the accounting principles applied for the preparation of the condensed interim consolidated accounts as of June 30, 2021 are identical to those applied in the annual consolidated accounts closed on December 31, 2020. The main areas judgment and estimates for the preparation of the condensed half-year financial statements are identical to those detailed in the 2020 consolidated financial statements.

The Company's accounts have been drawn up according to the historical cost principle with the exception of certain categories of assets and liabilities in accordance with the provisions laid down by IFRS. The categories concerned are mentioned in the following notes.

1.6.4.3 Business continuity

The principle of going concern has been adopted by the Board of Directors on the basis of cash available as of June 30, 2021, which should make it possible to cover its forecast cash requirements for the next 12 months.

1.6.4.4 Accounting methods

The accounting principles used are identical to those used for the preparation of the annual IFRS accounts for the year ended December 31, 2020, with the exception of the application of the following new standards, amendments to standards and interpretations adopted by the European Union , mandatory for the Company on January 1, 2021:

Standards, amendments to standards and interpretations applicable from the fiscal year beginning on January 1, 2021

– Amendments to IAS 39, IFRS 4, IFRS 7, IFRS 9 and IFRS 16 Reform of benchmark interest rates Phase 2
– Amendments to IFRS 4 Extension of the temporary exemption from the application of IFRS 9

These standard amendments have no impact on the Group's financial statements.

Standards, interpretations and amendments applicable in advance on option

The Group has not applied in advance the following standards, interpretations and amendments, the application of which is not mandatory as of June 30, 2021:

– Amendments to IAS 16 Product prior to intended use
– Amendments to IAS 37 Onerous contracts Contract execution costs
– Amendments to IFRS 3 Reference to the conceptual framework
– Annual improvements (2018-2020 cycle) Annual improvements to IFRS standards 2018-2020 cycle (Relevant standards: IFRS 1, IFRS 9, IFRS 16 and IAS 41)

These standard amendments have no impact on the Group's financial statements.

1.6.4.5 Estimates and assumptions

The management of the company reviews its estimates and assessments on a regular basis on the basis of its past experience as well as various other factors deemed reasonable in view of the circumstances. These form the basis of its assessments of the book value of items of income and expense and of assets and liabilities. These estimates affect the amounts of income and expenses and the values of assets and liabilities. The actual amounts may later turn out to be different from the estimates used.

1.6.4.6 Group companies at June 30, 2021

As of June 30, 2021, the Group was made up of 4 fully consolidated entities.

Entities	Methods of consolidation	% interest	% control	The head office	Country
COGELEC	IG	100,00 %	100,00 %	MORTAGNE SUR SEVRE	France
INTRATONE GMBH	IG	100,00 %	100,00 %	DÜSSELDORF	Germany
INTRATONE UK	IG	100,00 %	100,00 %	LONDON	UK
INTRATONE BV	IG	100,00 %	100,00 %	AMSTERDAM	Netherlands

1.6.5 DETAILS OF THE STATEMENT OF FINANCIAL POSITION

1.6.5.1 Intangible assets

Change in gross intangible assets (in € thousands)

Gross values	Costs development	Others fixed assets intangible	Fixed assets intangible in Classes	TOTAL
Au December 31, 2019	14,102	1,408	2,247	17,757
Acquisitions	231	118	768	1,116
Disposals		-13	-280	-293
Peer-to-peer transfer	290	241	-531
Change in scope
Au June 30, 2020	14,622	1,753	2,204	18,580
Au December 31, 2020	15,905	1,780	1,479	19,165
Acquisitions		73	945	1,018
Disposals		-21	-19	-40
Peer-to-peer transfer	206	-87	-119
Change in scope
Au June 30, 2021	16,112	1,745	2,286	20,143

Change in amortization of intangible assets (in € thousands)

Depreciation	Costs development	Others fixed assets intangible	TOTAL

Au December 31, 2019	8,758	794	9,552
Acquisitions	766	95	861
Disposals		-13	-13
Peer-to-peer transfer
Change in scope
Au June 30, 2020	9,524	876	10,400

Au December 31, 2020	10,523	992	11,516
Acquisitions	911	80	991
Disposals		-20	-20
Net write-downs on reversals	870		870
Peer-to-peer transfer
Change in scope
Au June 30, 2021	12,304	1,053	13,357

Change in net intangible assets (in € thousands)

Net values	Costs development	Others fixed assets intangible	Fixed assets intangible in Classes	TOTAL
Au December 31, 2019	5,344	614	2,247	8,205
Au June 30, 2020	5,098	878	2,204	8,180
Au December 31, 2020	5,382	788	1,479	7,649
Au June 30, 2021	3,808	693	2,286	6,786

Intangible assets do not include any asset with an indefinite useful life.

Intangible assets in progress relate to various projects whose commissioning is scheduled for the next 3 years.

At the annual closing on December 31, 2020, Management had carried out impairment tests in accordance with IAS 36, which had not led to the identification of any impairment loss on its intangible assets resulting from development.

In the first half of 2021, the Management carried out new impairment tests. These tests led to the identification of impairment losses on intangible assets resulting from development, for an amount of € 957,000. This impairment was recognized as of June 30, 2021.

Management also carried out sensitivity tests which produced the following results:

– The depreciation would be 1,518 K € with a discount rate of 11.06% instead of 10.06%
– The depreciation would be 243 K € with a discount rate of 9.06% instead of 10.06%
– The depreciation would be 388 K € with cash flows higher by 10%
– The depreciation would be 1,525 K € with cash flows lower by 10%

The flows on intangible assets recognized in accordance with IFRS 16 are as follows:

Gross values	Others fixed assets intangible	TOTAL

Au December 31, 2019	33	33
Acquisitions	17	17
Disposals	-13	-13
Peer-to-peer transfer
Change in scope
Au June 30, 2020	37	37

Au December 31, 2020	219	219
Acquisitions
Disposals	-21	-21
Peer-to-peer transfer
Change in scope
Au June 30, 2021	197	197

Depreciation	Others fixed assets intangible	TOTAL

Au December 31, 2019	19	19
Acquisitions	8	8
Disposals	-13	-13
Peer-to-peer transfer
Change in scope
Au June 30, 2020	14	14

Au December 31, 2020	35	35
Acquisitions	36	36
Disposals	-20	-20
Peer-to-peer transfer
Change in scope
Au June 30, 2021	51	51

Net values	Others fixed assets intangible	TOTAL

Au December 31, 2019	14	14
Au June 30, 2020	23	23
Au December 31, 2020	184	184
Au June 30, 2021	146	146

1.6.5.2 Tangible fixed assets

Change in gross tangible fixed assets (in K €)

Gross values	Land	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL

Au December 31, 2019	213	4,574	4,988	3,208	257	13,240
Acquisitions		(5)	252	206	836	1,289
Disposals				-110		-110
Peer-to-peer transfer			127		-127
Change in scope
Au June 30, 2020	213	4,569	5,366	3,304	966	14,418
Au December 31, 2020	213	5,097	6,040	3,687	1,574	16,610
Acquisitions		6	305	349	1 520	2 180
Disposals			-4	-174		-178
Peer-to-peer transfer				(44)	-129	(173)
Change in scope
Au June 30, 2021	213	5,103	6,340	3,818	2,965	18,439

Change in depreciation of tangible fixed assets (in € thousands)

Depreciation	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL

Au December 31, 2019	1,055	2,746	1,281		5,082
Endowments	238	395	388		1,021
Repeats			-88		-88
Peer-to-peer transfer
Change in scope
Au June 30, 2020	1,294	3,142	1,580		6,015

Au December 31, 2020	1,530	3,624	1,887		7,041
Endowments	238	442	417		1,096
Repeats		-4	-134		-138
Net write-downs on reversals		644		116	760
Peer-to-peer transfer			-44		-44
Change in scope
Au June 30, 2021	1,768	4,706	2,126	116	8,716

Change in net tangible fixed assets (in € K)

Net values	Land	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL
Au December 31, 2019	213	3,519	2,241	1,928	257	8,157
Au As of June 30, 2020	213	3,276	2,225	1,724	966	8,403
Au December 31, 2020	213	3,567	2,416	1,800	1,574	9,569
Au As of June 30, 2021	213	3,335	1,635	1,693	2,849	9,723

As of June 30, 2021, the company depreciated part of the Kibolt equipment for an amount of € 644,000 and its assets in progress relating to Kibolt equipment for € 116,000.

The flows on property, plant and equipment recognized in accordance with IFRS 16 are as follows:

Gross values	Land	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL
Au December 31, 2019	213	4,574	25	1,453		6,265
Acquisitions		(5)		47		42
Disposals				-109		-109
Peer-to-peer transfer
Change in scope
Au As of June 30, 2020	213	4,569	25	1,391		6,198

Au December 31, 2020	213	5,097	25	1,621		6,955
Acquisitions		6		255		261
Disposals				-173		-173
Peer-to-peer transfer					2,181
Change in scope						2,181
Au As of June 30, 2021	213	5,103	25	1,702	2,181	9,224
Depreciation	Land	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL
Au December 31, 2019		1,055	24	424		1,503
Endowments		238	1	239		478
Repeats				-87		-87
Peer-to-peer transfer
Change in scope
Au As of June 30, 2020		1,294	25	575		1,894
Au December 31, 2020		1,530	25	719		2,275
Endowments		238		263		501
Repeats				-134		-134
Peer-to-peer transfer

Change in scope

Net values	Land	Constructions	Facilities techniques, materials and tools	Others fixed assets bodily	Fixed assets bodily Classes	TOTAL
Au December 31, 2019	213	3,519	1	1,030		4,762
As of June 30, 2020	213	3,276		816		4,304
As of December 31, 2021	213	3,567		901		4,680
As of June 30, 2021	213	3,335		854	2,181	6,582

1.6.5.3 Other financial assets

In thousands of €	30/06/2021	31/12/2020
Other fixed securities (1)	200	200
Loans (2)	38	40
Impairment of loans (2)	-38	-38
Deposits and surety bonds (3)	261	252
TOTAL	461	454

1.6.5.4 Other non-current assets

In thousands of €	30/06/2021	31/12/2020
Customers> 1 year	3,613	3,284
Customer depreciation	-390	-380
Prepaid expenses> 1 year	2,484	1,759
TOTAL	5,707	4,663

Breakdown of trade receivables net of impairment

	30/06/2021	31/12/2020
Doubtful debts	468	456
Impairment of bad debts	-390	-380
Trade receivables on rental contracts	3,145	2,828
TOTAL	3,223	2,904

Bad debts are written down at 100%.

Prepaid expenses

They correspond to SIM cards purchased under global offer contracts. These purchases are spread over the duration of the commitment, corresponding to the subscription packages, which have increased over the period.

1.6.5.5 Inventories

Change in net inventories and work in progress

In thousands of €	30/06/2021	31/12/2020
Raw materials and other supplies	7,910	7,164
In production	4,408	4,417
Intermediate and finished products	2,979	2,363
Impairment provision	-1,981	-726
TOTAL	13,316	13,218

(1) Bank shares

(2) DIAMO loan for 38 K € and staff loan

(3) Deposits and guarantees correspond to amounts paid on BPI loans and rental guarantees.

Changes in provisions for depreciation	30/06/2021	31/12/2020
Opening value	726	660
Increase	1,374	267
Decrease	-119	-201
Closing value	1,982	726

Raw materials and other supplies are made up of components.

The increase in inventory in gross value is explained by the increase in component purchases in order, on the one hand, to avoid a possible shortage linked to Covid-19, and on the other hand, to anticipate the increase in prices.

Work in progress is made up of sub-assemblies (electronic cards, etc.) intended to be incorporated into equipment sold or incorporated into contracts.

The finished products include equipment (boards, remote controls, modules, etc.) which are sold separately or which are incorporated into a global offer of contracts (equipment and services).

The increase in the stock of finished products in gross value is explained by a very low stock at December 31, 2020 on a number of usual references such as remote controls.

The provision for inventory depreciation relates to inventories of raw materials, work in progress and finished products. As of June 30, 2021, the Group wrote down its stock of raw materials and work in progress relating to Kibolt for respective amounts of € 656K and € 444K.

1.6.5.6 Trade receivables and other current receivables

Receivables

In thousands of €	30/06/2021	31/12/2020
Gross trade receivables	11,289	11,310
Impairment provision
TOTAL	11,289	11,310

Breakdown of trade receivables net of impairment:

	30/06/2021	31/12/2020
Ordinary trade receivables	9,750	9,881
Impairment of ordinary trade receivables
Trade receivables on rental contracts	1,539	1,428
TOTAL	11,289	11,310

The provision for customer depreciation is mainly established on a case-by-case basis based on the estimated risk of nonrecovery. This credit risk assessment is based on past experience, the level of seniority of receivables whose maturity has been exceeded, as well as on the payment terms granted.

The receivables are of a commercial nature and as such, the group has opted for simplification measures applicable to the calculation of the provision for expected losses and recommended by IFRS 9.

Schedule of trade receivables

The breakdown of trade receivables by maturity is as follows:

				Due
At 06/30/2021	Balance sheet value	Not due	<90 days	> 90 days <6 months	> 6 months

Trade receivables (non-current assets)	3,223	3,145			78
Trade receivables (current assets)	11,289	8,883	2,145	206	55

TOTAL	14,511	12,028	2,145	206	133

				Due
As of 12/31/2020	Balance sheet value	Not due	<90 days	> 90 days <6 months	> 6 months

Trade receivables (non-current assets)	2,904	2,828			76
Trade receivables (current assets)	11,310	9,493	1,684	19	114
TOTAL	14,214	12,321	1,684	19	190

1.6.5.7 Other current assets

In thousands of €	06/30/2021	12/31/2020
Loans	2	3
Loan depreciation
Deposits and guarantees	—	1
Advances and deposits paid	45	24
Social claims	61	44
Tax claims	1,090	1,413
Other operating receivables	142	534
Prepaid expenses	1,037	836
TOTAL	2,377	2,855

Trade receivables and other receivables are valued at their nominal value less provisions calculated on the basis of the effective possibilities of recovery.

The loans are detailed as follows:

Loans	06/30/2021	12/31/2020
Staff loans	2	3
TOTAL	2	3

The other receivables are detailed as follows:

Other receivables	06/30/2021	12/31/2020
Receivable related to CIR and CII	128	493
Debtor suppliers and AAR	11	41
Various debtors	3
TOTAL	142	534

Other receivables are valued at their nominal value after deduction of provisions calculated according to the actual possibilities of recovery.

Tax receivables mainly consist of deductible VAT as well as VAT on provisions. Prepaid expenses relate to current expenses and essentially correspond to SIM cards whose subscription packages are spread over the duration of the commitment and expenses for fairs & exhibitions, postponed partner meetings, maintenance and insurance premiums.

Research tax credit ("CIR") and innovation tax credit ("CII")

COGELEC SA benefits from the provisions of articles 244 quater B and 49 septies F of the General Tax Code relating to research tax credit and innovation tax credit. These are recognized as a subsidy in the "Other current liabilities" and "Other non-current liabilities" categories according to the subsidy recovery plan. This subsidy is taken back at the same rate as the amortization of the projects to which it relates. The receivable is down because the Group has not developed any new project eligible for CIR & CII over the period. It therefore corresponds only to expenses incurred in the context of the continuation of existing projects.

The other current assets have a maturity of less than one year.

1.6.5.8 Cash and cash equivalents

In thousands of €	30/06/2021	31/12/2020
Term accounts	9,200	5,500
Availabilities	13,762	6,556
Total closing cash	22,962	12,056

Bank overdrafts	-4	0
Total net cash at closing	22,958	12,056

Term accounts are available immediately.

1.6.5.9 Capital Evolution of capital

	01/01/2021	30/06/2021
Number of actions	8,898,048	8,898,048
of which ordinary shares	3,550,963	3,550,963
of which shares with double voting rights	5,347,085	5,347,085
Nominal in €	0,45	0,45
Capital in euros	4,004,122	4,004,122

Capital management and dividend distribution

There was no distribution of dividends during the period.

1.6.5.10 Current and non-current financial debts

In thousands of €	30/06/2021	31/12/2020

Bank loans	6,338	7,501
Debts on leases	3,655	1,833
Debts on simple rentals	1,099	1,308
Non-current loans and financial debts	11,093	10,642
Bank loans	11,482	2,804
Accrued interest not yet due	8	4
Bank overdrafts	4
Debts on leases	512	302
Debts on simple rentals	826	832
Current loans and financial debts	12,832	3,942
TOTAL	23,924	14,584

Breakdown of financial debts by maturity

In thousands of €	Share at less than 1 year	Share from 1 to 5 years	Share to more than 5 years	TOTAL
Au June 30, 2021
Bank loans	11,482	6,242	96	17,821
Accrued interest not yet due	8			8
Bank overdrafts	4			4
Lease debts	512	2,460	1,195	4,167
Debts on simple rentals	826	1,099		1,925
Loans and financial debts	12,832	9,801	1,291	23,924
Current financial debts				12,832
Non-current financial debts				11,093

In thousands of €	Share at less than 1 year	Share from 1 to 5 years	Share to more than 5 years	TOTAL
Au December 31, 2020
Bank loans	2,804	7,260	241	10,305
Accrued interest not yet due	4			4
Lease debts	302	1,303	530	2,136
Debts on simple rentals	832	1,300	9	2,140
Loans and financial debts	3,942	9,863	779	14,584
Current financial debts				3,942
Non-current financial debts				10,642

Reconciliation between the balance sheet value and the redemption value

Reconciliation of balance sheet value / redemption value (in thousands of €)	Redemption value	TOTAL
Au June 30, 2021
Bank loans	17,821	17,821
Accrued interest not yet due	8	8
Bank overdrafts	4	4
Lease debts	4,167	4,167
Debts on simple rentals	1,925	1,925
Loans and financial debts	23,924	23,924

Reconciliation of balance sheet value / redemption value (in thousands of €)	Redemption value	TOTAL
Au December 31, 2020
Bank loans	10,305	10,305
Accrued interest not yet due	4	4
Lease debts	2,136	2,136
Debts on simple rentals	2,140	2,140
Loans and financial debts	14,584	14,584

Gross values	Loans banking	Loans Oseo	Interests run no due	Discovered banking	Debts on leases	Debts on simple rentals	Debts financial various	TOTAL

Au December 31, 2019	7,720	30	0	0	2,442	1,884	0	12,076
New						59		59
Refunds	-1,054	-30			-158	-407		-1,650
Variation of the year								0
Exchange difference						-19		-19
Au June 30, 2020	6,667	0	0	0	2,284	1,516	0	10,466

Au December 31, 2020	10,305	0	4	0	2,136	2,140	0	14,584
New	9,000		4	4	2,181	261		11,449
Refunds	-1,484				-150	-495		-2,129
Variation of the year								0
Exchange difference						20		20
Au June 30, 2021	17,821	0	8	4	4,167	1,925	0	23,924

The Group subscribed to € 9 million in PGEs in April 2021. As no decision has yet been made on the reimbursement method, all PGEs have been indicated within one year.

The new lease debt corresponds to the completion of work to extend the existing real estate. The expenses incurred on June 30, 2021 were re-invoiced to the lessor for an amount of € 2.2 million. The investment project totals € 3.6 million.

Debt repayments on simple rentals include € 39,000 in early repayments.

1.6.5.11 Provisions

Provisions for retirement commitments

Commitments to staff are made up of the provision for end-of-career indemnities.

This commitment concerns only employees subject to French law. The main actuarial assumptions used to assess retirement benefits are as follows:

Hypotheses	30/06/2021	31/12/2020
Discount rate reference	IBOXX corporate rate AA + 10 years
Discount rate	0.79%	0.34%
Mortality table	INSEE 2010-2012	INSSE 2010-2012
Wage growth	4% declining	4% declining
Turnover rate	2.31%	2.44%
Age of retirement	65 years	65 years

The provision for retirement commitments has changed as follows:

In thousands of €	Commitments of retirement

Au December 31, 2019	606
Endowments	159
Repeats
Change in scope
Actuarial losses and gains	-42
Au June 30, 2020	722

Au December 31, 2020	794
Endowments	94
Repeats
Change in scope
Actuarial losses and gains	-87
Au June 30, 2021	802

Other long-term provisions

In thousands of €	Provision After-sales	Provision for taxes	Provisions for disputes	TOTAL
	service
Au December 31, 2019	676	52	315	1,043
Endowments	4		20	24
Repeats	-14	-39		-53
Change in scope
Au June 30, 2020	666	13	335	1,014

Au December 31, 2020	589	13	335		937
Endowments	89		225	624	938
Repeats	0	0			0
Change in scope
Au June 30, 2021	678	13	560	624	1,875

Following a tax audit, a provision for taxes was made to cover the amount of the adjustment for 2014 and 2015. The provision was readjusted on June 30, 2020 based on payments made for € 39,000.

As of June 30, 2021, provisions for disputes consisted of € 390,000 for commercial disputes and € 170,000 for labor disputes.

Pursuant to IAS37, the Group has made provisions for losses in the first half of 2021 corresponding to orders initiated but not yet received relating to the Kibolt project. These deliveries will take place in the second half of 2021.

1.6.5.12 Other debts

Other non-current liabilities

Non-current liabilities mainly consist of deferred income on prepaid contracts.

In thousands of €	30/06/2021	31/12/2020
Social and fiscal debts
Advances and deposits received
Other debts
Deferred income (1)	24,445	22,143
TOTAL	24,445	22,143

(1) of which
Prepaid contract liabilities	23,382	20,936
Contract liabilities on subscriptions	2	—
CIR and CII	1,031	1,171
Investment grants	31	36
	24,445	22,143

Payables

In thousands of €	30/06/2021	31/12/2020
Payables	5,052	3,873
Fixed asset debts	137	414
TOTAL	5,188	4,287

The increase in supplier work in progress is directly linked to the increase in purchases in June 2021 compared to December 2020.

Other current liabilities

In thousands of €	30/06/2021	31/12/2020
Social and fiscal debts	3,575	4,500
Advances and deposits received
Other debts	1,288	1,194
Prepaid income	3,666	2,835
TOTAL	8,529	8,530
of which prepaid contract liabilities *	2,588	2,278

* of which write-back of prepaid contract	1,370	2,272
liabilities * including new prepaid contract liabilities	4,126	5,567

1.6.6 INCOME STATEMENT

1.6.6.1 Turnover

The turnover for the two periods presented is as follows:

In thousands of €	30/06/2021	30/06/2020

Equipment sales	19,571	12,197
Sales of services	6,562	5,486

TOTAL	26,133	17,683

In thousands of €	30/06/2021	30/06/2020

France	23,026	15,689
Export	3,107	1,994

TOTAL	26,133	17,683

1.6.6.2 Alternative performance indicators

GROSS MARGIN

In thousands of €	30/06/2021	30/06/2020
Turnover	26,133	17,683
Other income from the activity	3	2
Consumed purchases	(9,804)	(7,363)
Change in inventories of work in progress	607	1,525
and finished products
GROSS MARGIN	16,939	11,846
As a percentage of turnover	64,8 %	67,0 %

EBITDA

In thousands of €	30/06/2021	30/06/2020
Operating income	(2,221)	(1,022)
Depreciation and amortization	2,089	1,882
Impairment of assets net of reversals	3,921	154
EBITDA 1	3,790	1,015
As a percentage of turnover	14,5 %	5,7 %

1 EBITDA is defined by COGELEC as operating income before depreciation, amortization and impairment of assets net of reversals.

1.6.6.3 Purchases consumed

In thousands of €	30/06/2021	30/06/2020
Raw material purchases	-9,244	-8,282
Change in stocks of raw materials	746	2,018
SIM card purchases	-1,124	-1,000
Purchases not stored	-377	-272
Transport on purchases	-56	-32
Immobilised production	251	205
TOTAL	-9,804	-7,363

Non-stocked purchases mainly include prototypes and small tools from the design office as well as fuel.

1.6.6.4 Staff costs and workforce

In thousands of €	30/06/2021	30/06/2020
Wages	-6,092	-5,490
Change in provision for paid leave	-253	-233
Premiums	-515	-81
Indemnities & various benefits	-341	-31
Social charges	-2,551	-2,058
Employee participation		-10
Subsidies and transfers of personnel costs	184	138
Immobilised production	490	573
TOTAL	-9,078	-7,191

Group workforce

	30/06/2021	30/06/2020
Frames	82	65
Employees (1)	182	173
Workers	35	26
Apprentices	5	2

TOTAL	304	265

The workforce presented is an average workforce calculated according to the Social Security code and does not include temporary workers, if applicable.

(1) On June 30, 2021, IT GmbH, IT UK and IT BV employed 34, 19 and 15 employees respectively (i.e. an average workforce in 2021 of 34, 20 and 15 employees respectively). In these countries, there are no professional categories as presented above. The employees have therefore been integrated into the employees for a total of 69.

1.6.6.5 External charges

In thousands of €	30/06/2021	30/06/2020
Remuneration of intermediaries and fees	-1,250	-1,183
Advertising	-835	-894
Travel, missions and receptions	-200	-163
Rentals	-148	-118
Transport on sales	-307	-154
Temporary staff	-395	-192
Other positions	-937	-685
TOTAL	-4,072	-3,389

The fees mainly consist of technical and marketing management services H.R.C, accounting, legal and consulting fees (for the study of patents in particular) and intellectual services in connection with the projects developed.

H.R.C. amounted to € 391,000 as of June 30, 2021 compared to € 388,000 as of June 30, 2020 (see note 2.6.1). Part of these fees is offset by capitalized production for € 89,000 as of June 30, 2021 and € 183,000 as of June 30, 2020.

Advertising costs consist of trade fairs & exhibitions, insertions in the press and communication / marketing.

The increase in transport on sales is linked to the significant increase in material turnover (see note 2.4.1.1).

As for the temporary staff, they had been absent during the two months of confinement included in the period of June 30, 2020.

The other items are on the rise due to the increase in tuition fees.

1.6.6.6 Breakdown of other current operating income and expenses

In thousands of €	30/06/2021	30/06/2020
QP investment subsidy included in profit or loss (1)	282	238
Others products	11	23
Other expenses	-25	-14
TOTAL	268	247
(1) of which
Resumption of CIR and CII subsidy	277	233
Resumption of subsidy on real estate leasing	5	2
Resumption of subsidy on kibolt project		4
	282	238

1.6.6.7 Breakdown of other operating income and expenses

In thousands of €	30/06/2021	30/06/2020

Sale price of assets sold (1)	40	23
NAV of assets sold	-59	-302
Provisions and depreciation allocations on KIBOLT	-3,440
Reversal of provision on VAT reminder (2)		39
Other non-current income and expenses	-4	-1

TOTAL	-3,463	-241

(1) As of June 30, 2021, including € 39,000 for early repayment of debts on operating leases.

(2) As of June 30, 2020, offset by the VAT reminder paid over the period and recognized as tax expense for the same amount.

1.6.6.8 Cost of net debt

Cost of net financial debt

In thousands of €	06/30/2021	06/30/2020

Income term accounts	11	14
Income from cash and cash equivalents	11	14
Interest on loans	-53	-46
Interest on leases	-53	-36
Interest on simple rentals	-4	-3
Bank interests	0	0
Cost of gross financial debt	-110	-85
Cost of net financial debt	-100	-71

The cost of net financial debt includes, on the one hand, interest on loans and other financial debts, and on the other hand, investment income.

Other financial income and expenses

In thousands of €	30/06/2021	30/06/2020
Exchange gains	331	17
Revenue from trade receivables	14	22
Income on other loans	0
Other financial products	1
Other financial products	345	39
Exchange losses	-30	-154
Other financial charges	-30	-154
TOTAL	315	-115

Income from trade receivables corresponds to the financing portion of rents collected on rental contracts.

The rise in the exchange rate of the pound sterling against the euro has a positive effect on the foreign exchange result for the period, in particular due to the cash advances granted by the parent company COGELEC.

1.6.6.9 Income taxes

Deferred tax assets and liabilities

The tax rates applicable to the Group are the rates in force in each country.

France rate	25,825 %
Germany rate	31,225 %
UK rate	19,000 %
Netherlands rate	15,000 %

At this stage, the results of the subsidiaries Intratone Gmbh, Intratone UK and Intratone BV are in deficit. No deferred tax assets are recognized on these three companies as it is unlikely that they will generate profits over a three-year horizon. The deficits have been capitalized to the extent of their own deferred tax liabilities, which represents a base of 235 K € for Intratone Gmbh, 328 K € for Intratone UK and 235 K € for Intratone BV.

The deferred taxes presented in the balance sheet therefore break down as follows:

	30/06/2021		31/12/2020
	Based	Tax	Based	Tax

Temporary offsets
Activation of deficits	798	171	362	85
C3S	34	9	44	11
Employee participation			147	38
Tax depreciation	-79	-15	-77	-15
Provision for dismantling	-29	-5	-28	-5
Pensions	3	—	3	—

Reprocessing
Exchange difference on reciprocity on	-181	-34	106	20
the balance sheet
Unreturned advanced exchanges	24	4	18	4
IFRS 16 lease loans	-607	-157	-544	-141
IFRS 16 operating leases	22	4	6	1
Lease contracts	-2,227	-554	-1,866	-471
Internal sales of CG-IT real estate	7	2	17	4
Internal margins CG-IT UK stocks	264	68	263	68
Internal margins SIM cards	19	5	13	3
Internal transfer of demo equipment	31	7	15	3
to subsidiaries
Customer guaranteed provision	66	17	61	16
Alignment of depreciation methods	14	2	8	1
Business introducer commissions	121	31	129	33
Impairment of own shares
Retirement commitments	802	207	794	205
TOTAL	-919	-237	-532	-137

1.6.6.10 Earnings per share

The table below shows the calculation of earnings per share:

Basic earnings per share	30/06/2021	30/06/2020
Profit for the year (in K €)	-2,195	-1,817
Weighted average number of shares outstanding	8,500,014	8,608,137
Basic earnings per share (€ / share)	-0,2583	-0,2111
Diluted earnings per share (€ / share)	-0,2583	-0,2111

1.6.7 OFF-BALANCE SHEET COMMITMENTS

In thousands of €	06/30/2021	31/12/2020

Commitments given
Real security	171	312
Fixed asset orders	252	446
Extension work	1,417	2,500
Supply commitment	3,347	3,810
Interest on loans	176	209
Interest on finance leases	437	232
Interest on simple rentals	17	15
Total commitments given	5,817	7,524

Commitments received
Authorized overdraft limit	1,450	1,450

Debt waiver with clause of return to better fortune Diamo	50	50

Fixed asset orders	1,441	1,353
Extension work	1,432	3,500
Purchase commitment	3,347	3,810
Interest on loans	176	209
Interest on finance leases	437	232
Interest on simple rentals	17	15
Total commitments received	8,350	10,619

The decrease in purchase and supply commitments is explained by:

As the contracts with commitment expire, they are renewed into contracts without commitment (the termination rate is very low) and are therefore no longer included in off-balance sheet commitments.
Likewise, new contracts concluded no longer have a firm commitment period and are therefore not included in off-balance sheet commitments.

Regarding these non-binding contracts in progress as of June 30, 2021, the Group forecasts revenue of € 9,482,000 for the next 12 months.

Loans granted by OSEO BDPME for an overall envelope of € 2.5 million as of June 30, 2021 benefit from cash pledges in the amount of € 125,000 (idem December 31, 2020).

1.6.8 OTHER INFORMATION

1.6.8.1 Related parties

ACTIVE	30/06/2021	31/12/2020
Other financial assets
Total non-current assets

Other current assets
Total current assets

P A S S I F	30/06/2021	31/12/2020
Other non-current liabilities
Total non-current liabilities
Loans and financial debts
Trade payables and related accounts	62	60
Total current liabilities	62	60

INCOME STATEMENT	30/06/2021	30/06/2020
External charges	-391	-388
Dues and taxes
OPERATING INCOME	-391	-388
Cost of gross financial debt
CONSOLIDATED NET INCOME	-391	-388

2 STATUTORY AUDITORS 'REPORTS

2.1 STATUTORY AUDITORS' REVIEW REPORT ON THE CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL STATEMENTS

This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Chairman,

As statutory auditor of Cogelec and at your request, we have performed a review of the accompanying condensed halfyearly consolidated financial statements for the period from January 1, to June 30, 2021.

Due to the global crisis related to the Covid-19 pandemic, the condensed half-yearly consolidated financial statements of this period have been prepared and reviewed under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, have also had an impact on the companies' internal organization and the performance of our procedures.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

We conducted our review in accordance with professional standards applicable in France and the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. 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 professional standards applicable in France 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.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed halfyearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting, as adopted by the European Union.

Without qualifying our conclusion, we would draw your attention to Note 1.6.3, "Post-balance sheet events" to the condensed half-yearly consolidated financial statements setting out the impact of the decision to postpone commercialization of the current generation of the Kibolt key.

This report is governed by French law. The Courts in France shall have exclusive jurisdiction to settle any claim, difference or dispute which may arise out of or in connection with our engagement letter or this report or any related issues.

La Roche-sur-Yon and St Herblain, September 29, 2021

The statutory auditors

ACCIOR - A.R.C.

DELOITTE & ASSOCIATES

Sebastien CAILLAUD Guillaume RADIGUE

AI Terminal

Cogelec SA

1211_ir_2021-09-29_5f71bee3-5833-4b29-a876-2d5b11e29e82.pdf