Chargeurs — Earnings Release 2021

Feb 17, 2022

After outperforming during the health crisis, Chargeurs outperforms the recovery Record fourth quarter, strong order books, upscaled business lines 2021 recurring operating profit of €50.7m, up 22% from 2019

Strong commercial and financial performances

• High-performance asset portfolio, strengthened leadership, heightened visibility
• ◆ Chargeurs Protective Films posted record business activity and a record order book
• ◆ Chargeurs*PCC Fashion Technologies and Chargeurs Luxury Materials confirmed their rebound and achieved record order intake
• ◆ Chargeurs Museum Solutions strengthened its leadership and also benefits from a record project order book
• ◆ Chargeurs Healthcare Solutions reached the top-end of its yearly guidance and accelerated its diversification
• Record fourth quarter, with like-for-like growth of 40.6%
• Second-best Group performance in over 10 years
• ◆ Revenue of €736.6m, for like-for-like growth of 14.0% vs 2019
• ◆ Recurring operating profit of €50.7m, for an operating margin of 6.9%
• ◆ Extremely strong generation of net cash from operating activities, at €64.9m, and decrease in net debt
• ◆ Balance sheet shored up to accelerate external growth
• ◆ Proposed annual dividend of €1.24 per share in respect of 2021, for a balance of €0.76 per share
• Transitioning the business lines to a "product as a service" model enables the Group to step up value creation. Chargeurs confirms the targets of the Leap Forward program.
• ◆ Recurring operating profit of €150m, of which €100m linked to completing the "embedded performance" potential of business lines and €50m to the continued acquisitions strategy
• ◆ Maintaining controlled debt leverage

€m	2021	2020	2021 vs 2020	2019	2021 vs 2019
Revenue	736.6	822.0	-10.4%	626.2	+17.6%
EBITDA	73.8	102.4	-27.9%	60.0	+23.0%
As a % of revenue	10.0%	12.5%		9.6%
Recurring operating profit	50.7	79.3	-36.1%	41.4	+22.5%
As a % of revenue	6.9%	9.6%		6.6%
Attributable net profit	30.6	41.0	-25.4%	15.1	+102.6%
Net c ash from operating ac tivities	64.9	73.0	-11.1%	25.5	+154.5%

Commenting, Michaël Fribourg, Chairman and Chief Executive Officer of the Group, said: "After record successes in 2020, Chargeurs confirms its outperformances in 2021. Thanks to the quality of its portfolio of businesses, which are all benefiting from the recovery, the Group is generating one of the highest levels of cash in the last decade.

A champion of niche markets, Chargeurs is celebrating its 150th birthday in 2022 with a record commercial outlook, which adds high value to the embedded performance potential of its business lines. This commercial visibility, combined with a selective and ambitious strategy of acquisitions, provides the Group with the confidence and the resources to achieve its ambitions as part of its Leap Forward 2025 program. As a company that is larger, more profitable and richer than before the pandemic, Chargeurs is adding value to its premium businesses with increasingly excellent guidance."

Highlights

• ◆ Strong sales momentum, acceleration in the profitable recovery initiated in 2021, and heightened visibility across the business lines with record order intake at Chargeurs Protective Films, Chargeurs*PCC Fashion Technologies and Chargeurs Museum Solutions;
• ◆ Rapid transformation of the business lines towards a "product as a service" (PAAS) model through co-innovation, digitalization, traceability and bespoke logistics, boosting the value of assets and returns on investment;
• ◆ Strengthening of the executive management of the business lines:
• o Etienne Petit appointed as General Manager of Chargeurs Protective Films;
• o Gianluca Tanzi appointed as General Manager of Chargeurs*PCC Fashion Technologies as well as head of Chargeurs Luxury Materials;
• o Creation of Museum Studio™, a brand common to all the museum-related activities of Chargeurs Museum Solutions, and the creation of country departments in the UK, Netherlands and USA;
• ◆ Reinforcement of the balance sheet, with extremely low debt, based on the strong generation of cash flow from operating activities, serving to finance the Group's strategy of targeted acquisitions;
• ◆ External growth strategy pursued in 2021:
• o Acquisition of Event Communications, a champion in museum project planning and design, bolstering the leadership of Chargeurs Museum Solutions;
• o Acquisition of Fournival Altesse, a European leader in high-end hairbrushes, the first step in the diversification of Chargeurs Healthcare Solutions in the well-being and personal care segment;
• o Acquisition of a UK luxury benchmark, Swaine Adeney Brigg, which has designed, produced and marketed iconic accessories for over 270 years.

Outlook

Chargeurs is starting the new year with substantial momentum in its business lines, a high-caliber and committed executive management team, and an efficient operational management model. To date, Chargeurs' business lines are supported by record order books and robust megatrends, which in a constant environment, are benefiting from a highly favorable outlook, both in the short- and long-term.

Benefiting from a buoyant outlook, the Group's performance in 2022 will be bolstered by:

• an expected improvement in the profitability of Chargeurs Protective Films through the embedded effect of price increases;
• the accretive impact on the margin of Chargeurs*PCC Fashion Technologies stemming from the expected increase in volumes despite higher costs;
• substantial business growth expected for Chargeurs Museum Solutions;
• a greater contribution from acquisitions.

True to its culture of prudence, Chargeurs cautiously stresses that the context of the pandemic persists worldwide, as pointed out in early February by the World Health Organization. Against this background, the Group continues to build on the agility of its business portfolio, as it did in 2020 and 2021.

With a strengthened balance sheet and a substantial available cash position, Chargeurs will also pursue and accelerate its selective external growth strategy to reinforce its business lines or build leadership positions in new niche segments with high value-added while keeping debt leverage under control.

After two years of strong value creation in 2020 and 2021, Chargeurs aims to step up the roll-out of its PAAS model of manufactured services to boost like-for-like growth, improved profits and solid cash flow generation. The Group now has unprecedented momentum to achieve the objectives of its Leap Forward program, namely annual revenue of €1.5bn and recurring operating profit of €150m by 2025.

Robust performance in 2021

Consolidated financial statements at December 31, 2021

The consolidated financial statements for the year ended December 31, 2021 were approved for issue by the Board of Directors at its meeting on February 16, 2022. They have been audited and the Statutory Auditors' report is in the process of being prepared.

			2021		2021
	2021	2020	vs.	2019	vs.
€m			2020		2019
Revenue	736.6	822.0	-10.4%	626.2	+17.6%
Gross profit	186.3	219.0	-14.9%	167.0	+11.6%
As a % of revenue	25.3%	26.6%		26.7%
EBITDA	73.8	102.4	-27.9%	60.0	+23.0%
As a % of revenue	10.0%	12.5%		9.6%
Rec urring operating profit	50.7	79.3	-36.1%	41.4	+22.5%
As a % of revenue	6.9%	9.6%		6.6%
Operating profit	41.2	55.8	-26.2%	31.9	+29.2%
Net financial expense	-10.6	-9.5		-11.5
Tax	-0.5	-4.3		-4.9
Net profit	30.8	40.3	-23.6%	15.1	+104.0%
Attributable net profit	30.6	41.0	-25.4%	15.1	+102.6%
Earnings per share (euros per share)	1.30	1.79	-27.4%	0.66	+97.0%

REVENUE

Revenue totaled €736.6m in 2021, the Group's second-best performance since 2015 after an atypical 2020. The performance reflected record business levels at Chargeurs Protective Films and revenue at the upper end of the guidance range for Chargeurs Healthcare Solutions. It also reflects double-digit sales growth at the Chargeurs*PCC Fashion Technologies, Chargeurs Luxury Materials and Chargeurs Museum Solutions business lines, despite ongoing Covid-related restrictions (see analysis by business segment).

RECURRING OPERATING PROFIT

Gross profit came out at €186.3m, corresponding to a high gross margin at 25.3%. EBITDA was €73.8m, representing 10.0% of revenue, up from 2019.

The Group reported recurring operating profit of €50.7m, its second-best performance in over ten years. All business lines are contributing to this performance with nearly all of them achieving an operating margin above that of 2020. The Group's operating profitability has improved compared to 2019.

ATTRIBUTABLE NET PROFIT

Attributable net profit totaled €30.6m, more than double that of 2019. This achievement was generated through a low level of "Other expenses and products", a stable financial result and a decrease in the tax burden relating to the activation of tax loss carryforwards stemming from an improved performance outlook. Net earnings per share stood at €1.30, the second-best performance in over ten years.

Revenue by division

2021 annual performance

				chg. 2021 vs. 2020			chg. 2021 vs. 2019
€m	2021	2020	2019	reported	like-for-like	reported	like-for-like
Protective Films	340.9	270.4	278.1	+26,1%	+26.6%	+22,6%	+24.3%
PCC Fashion Technologies	154.4	131.8	210.6	+17,1%	+20.0%	-26,7%	-21.5%
Luxury Materials	86.2	64.6	100.2	+33,4%	+31.3%	-14,0%	-14.0%
Museum Solutions	60.3	51.6	37.3	+16,9%	+8.6%	+61,7%	-40.7%
Chargeurs excl. Healthcare Solutions	641,8	518,4	626,2	+23,8%	+23.7%	+2,5%	-1.1%
Healthcare Solutions	94,8	303,6	-	-68,8%	-68.8%
Chargeurs	736,6	822,0	626,2	-10,4%	-10.4%	+17,6%	+14.0%

Like-for-like growth reached 23.7% in 2021 excluding CHS, reflecting the recovery under way at all the Group's historic business lines. Growth was particular remarkable at Chargeurs Protective Films, which posted sales considerably higher than in 2019. Growth in Europe was robust, at 27.7% excluding CHS, the region having been responsible for the majority of CHS sales in 2020, while growth in the Americas and Asia reached 16.1% and 21.7%, respectively, all business lines combined.

Lastly, revenue included a scope effect of 0.6% relating to the integration in the first half of the year of D&P and Hypsos at Chargeurs Museum Solutions, and a currency effect of -0.5%, resulting primarily from trends in the US dollar versus the euro.

				chg. 2021 vs. 2020			chg. 2021 vs. 2019
€m	Q4 2021	Q4 2020	Q4 2019	reported	like-for-like	reported	like-for-like
Protective Films	86.2	69.6	66.2	+23,9%	+21.3%	+30,2%	+30.8%
PCC Fashion Technologies	49.5	33.4	54.4	+48,2%	+45.5%	-9,0%	-4.2%
Luxury Materials	24.7	14.4	20.5	+71,5%	+66.0%	+20,5%	+18.5%
Museum Solutions	18.7	13.4	12.6	+39,6%	+41.8%	+48,4%	-38.7%
Chargeurs excl. Healthcare Solutions	179,1	130,8	153.7	+36,9%	+34.5%	+16,5%	+11.1%
Healthcare Solutions	12.2	3,0	-	+306,7%	+306.7%
Chargeurs	191,3	133,8	153.7	+43,0%	+40.6%	+24,5%	+19.0%

Fourth-quarter 2021

After a record third quarter, business accelerated once again in fourth-quarter 2021. Like-for-like growth came out at 40.6%, with double- and even triple-digit growth across all business lines and regions. Chargeurs Protective Films sales remained at an extremely high level, while the rebound in textile activities gained further ground, approaching and even exceeding pre-crisis levels. Chargeurs Museum Solutions benefited from strong sales momentum at its entities exposed to the retail sector, which nevertheless slowed at the end of the year with the impact of the Omicron variant. New projects were won in the museum segment, ensuring heightened visibility.

Excluding CHS, all Chargeurs business lines ended the year with record order books, auguring an extremely dynamic year in 2022.

Regarding the contribution of operational segments, all the business lines were profitable

Chargeurs Protective Films

2021	2020	2021 vs 2020
340.9	270.4	+26.1%
		+26.6%
36.7	27.8	+32.0%
10.8%	10.3%
26.1	17.0	+53.5%
7.7%	6.3%

Chargeurs Protective Films delivered a record performance with revenue of €340.9m, with likefor-like growth of 26.6%. This record level results from unprecedented volumes, stemming from sustained demand, particularly in building and domestic appliances, and from an increase in selling prices aimed at passing on the substantial rise in polyethylene prices in late 2020.

Business growth was double-digit in all regions, with the strongest momentum coming in Europe with growth of 35.5%.

To serve its markets, the business line swiftly ramped up its coating line in Italy, which generates high yields. It also successfully optimized its production capacities in France and the USA.

The increases in selling prices were introduced as part of contractual clauses on price indexation or as part of commercial negotiations. The business line harnessed this considerable pricing power to boost profitability relative to 2020 over the course of a year in which the increased price of polyethylene and other raw materials was compounded by supply-chain pressures, and notably a rise in transport costs.

CPF posted recurring operating profit of €26.1m, up 53.5% compared with 2020.

Despite demanding comparatives, growth remained brisk (+21.3% like-for-like) in the fourth quarter in all regions. Fueled by strong orderintake momentum, the business line began 2022 with a record order book.

Chargeurs*PCC Fashion Technologies

€m	2021	2020	2021 vs 2020
Revenue	154.4	131.8	+17.1%
Like-for-like growth			+20.0%
EBITDA	10.7	11.1	-3.6%
As a % of revenue	6.9%	8.4%
Recurring operating profit	4.5	5.1	-11.8%
As a % of revenue	2.9%	3.9%

Chargeurs*PCC Fashion Technologies posted revenue of €154.4m, representing like-for-like growth of 20.0%. This performance reflects the steady recovery in the fashion and luxury sector in the second half of the year, following a long period of inventory shedding as a result of the shutdown of the retail sector. The sharp increase in order intake since July translated into extremely strong like-for-like growth in the fourth quarter (+45.5%), with business activity approaching fourth-quarter 2019 levels before the COVID crisis.

This performance also reflects the success of the newer CFT*PCC ranges. First, that of the Fusion range which is benefiting from the surge in demand for soft and comfortable clothing and to which customers have full digital access via the virtual showroom opened in July 2021. In this respect, the gradual digitalization of all interlining ranges, in partnership with CLO Virtual Fashion, enables customers to digitally design their prototypes, with major benefits in terms of time to market and environmental footprint. In another noteworthy success, the business line continues to extend the Sustainable 360TM eco-responsible range with a view to targeting new market segments. Initially embraced by the luxury segment, eco-friendly interlinings are now

attracting a large number of affordable ready-towear brands, including GAP, which are looking to increase the environmentally-responsible portion of their inputs.

Though the absorption of fixed costs stemming from the production of personal protective equipment was lower than in 2020, recurring operating profit came out at €4.5m, highlighting the business line's low breakeven point.

The order book reached a record level at the end of 2021, boosting the business line's visibility.

Chargeurs Luxury Materials

€m	2021	2020	2021 vs
Revenue	86.2	64.6	+33.4%
Like-for-like growth			+31.3%
EBITDA	1.2	-2.2	n.s.
As a % of revenue	1.4%	-3.4%
Recurring operating profit	1.0	-2.3	n.s.
As a % of revenue	1.2%	-3.6%

Chargeurs Luxury Materials posted revenue of €86.2m, representing like-for-like growth of 31.3%. This performance benefits from the gradual recovery in volumes, linked to the end of inventory shedding across the industry. Despite a rebound versus 2020, the average wool price still remained around 20% below pre-Covid levels. The recovery was more marked in the US and occurred later in Europe, where revenue more than doubled in Q4.

The NativaTM eco-responsible label continued to win new business. In 2021, NativaTM was sold to over 20 brands, including VF Corp and Décathlon, who were keen to obtain supplies of traceable sustainable raw materials. In 2021, the label continued to enrich its offering, introducing a regenerative agriculture program, materialized in an initial partnership signed with the US brand The Reformation. In addition, circular economy and wool recycling solutions are being explored with other customers.

Growth in volumes and lower fixed costs enabled the business line to return to operating profitability, with recurring operating profit of €1.0m.

Chargeurs Museum Solutions

	€m	2021	2020	2021 vs 2020
	Revenue Like-for-like growth	60.3	51.6	+16.9% +8.6%
	EBITDA	8.7	4.9	+77.6%
	As a % of revenue	14.4%	9.5%
	Recurring operating profit	5.0	1.9	+163.2%
	As a % of revenue	8.3%	3.7%
2021 vs 2020	Chargeurs Museum Solutions generated revenue of €60.3m, up 16.9% from 2020. This performance was fueled by a strong 8.6% increase in like-for

Chargeurs Museum Solutions generated revenue of €60.3m, up 16.9% from 2020. This performance was fueled by a strong 8.6% increase in like-forlike growth, of which 41.8% in the fourth quarter, and by a 9.0% scope effect related to the acquisitions of D&P and Hypsos in first-half 2020.

The museography activities delivered robust growth, which was nevertheless held back by the impact of health restrictions on the completion of some building projects, and succeeded to grow their order book.

The end-of-year acquisition of Event Communications, a major player in museum project and design management, marks a decisive step forward in the development of the museography platform, now organized around the Museum Studio™ umbrella brand. The aim of the new organization structure is to generate greater development and cost synergies between the various museum activities of Chargeurs Museum Solutions.

Adversely affected in the first half by restrictions concerning retail, the Senfa and Leach activities grew slightly overall in 2021 thanks to a secondhalf rebound despite the impact of the Omicron variant.

Driven by strong profitability and the museum activity, Chargeurs Museum Solutions posted EBITDA of €8.7m, or 14.4% of revenue, and recurring operating profit of €5.0m, with a recurring operating margin of 8.3%, much higher than in 2020.

The business line maintained strong sales momentum in the fourth quarter. Museum activities notably won new contracts for the development of cultural institutions, which significantly strengthens and extends the business line's order book. The order book stands at around 140 million euros out to 2025.

Chargeurs Healthcare Solutions

€m	2021	2020	2021 vs. 2020
Revenue	94.8	303.6	-68.8%
Like-for-like growth			-68.8%
EBITDA	22.6	65.4	-65.4%
As a % of revenue	23.8%	21.5%
Recurring operating profit	21.7	63.5	-65.8%
As a % of revenue	22.9%	20.9%

Chargeurs Healthcare Solutions reported revenue of €94.8m, reaching the upper end of the guidance range of €50m to €100m announced at the start of the year. The performance was fueled by the sales of personal protective equipment to public and private institutions and sales generated on the lainiere-sante.com B2C website. The quality of the business line's range and its ability to deliver considerable volumes with tight control of costs and delivery times enabled it to boost profitability and generate recurring operating profit of €21.7m.

Apart from these excellent performances and the Covid health crisis, CHS has also forged an impressive leadership position in the reusable mask segment, lending it strong credibility and legitimacy to address market needs. More generally, business line analysis should be based on strategic inventory rebuilding cycles at major customers, with which the BU has framework contracts, and which have a very flexible cost structure.

Thanks to its flexible industrial, logistics and commercial model, CHS is characterized by extremely controlled fixed costs, enabling very fast responsiveness on the one hand, and effective absorption of volatilities in order books. In addition, replenishment cycles may cause volatility in volumes on a quarterly basis. In the past, this volatility has been reported without penalizing overall annual performance.

It also stepped up the diversification of its business activities in the complementary sector of personal care, a process initiated in early 2021 with the acquisition of Fournival Altesse, the European leader in high-end hairbrushes. The business line also signed a distribution partnership with Sockwell®, the leading US compression sock brand. CHS is also deploying an external growth strategy aimed at forging a leadership position in well-being and personal care products sold in premium pharmacies, travel retail and hospitality venues.

Reduction in net debt

€m	2021	2020	2019
EBITDA	73.8	102.4	60.0
Other operating income and expense	-10.4	-13.0	-7.0
Financial expenses – cash	-14.0	-12.1	-10.8
Tax – cash	-6.1	-6.4	-3.3
Other	-0.3	-0.5	-0.2
Cash flows provided by operating activities, before changes in net working capital	43.0	70.4	38.7
Dividends from associates	-	-	0.1
Change in working capital at constant exchange rates	21.9	2.6	-13.3
Net cash from operating activities	64.9	73.0	25.5
Acquisition of property, plant and equipment and intangible assets, net of disposals	-12.5	-10.0	-24.4
Acquisitions, net of the cash acquired	-20.4	-53.2	-9.6
Dividends paid in cash	-17.7	-5.9	-8.6
Effect of changes in foreign exchange rates on cash and cash equivalents	1.9	-2.2	-1.5
Other	-6.8	-6.0	-11.6
Change in net cash / (net debt)	9.4	-4.3	-30.2
Opening net cash/(net debt)	-126.7	-122.4	-92.2
Closing net cash/(net debt)	-117.3	-126.7	-122.4

Chargeurs' excellent operational and financial performance enabled it to finance three acquisitions, pay a record amount of dividends in cash and continue to modernize its production base while reducing net debt by €9.4m in 2021.

This performance resulted from high cash flow from operating activities of €43m, to which all business lines contributed positively. It also reflects a €21.9m reduction in the operating working capital requirement, with all the business lines having succeeded in optimizing their WCR.

In overall terms, cash flow from operating activities was €64.9m, the second-highest figure in the Group's recent history after the record of €73m achieved in 2020. In this way, Chargeurs has demonstrated its ability to generate high levels of liquidity in turbulent economic environments. In the two years of 2020 and 2021, Chargeurs generated €137.9m in cash flow from operating activities, nearly double the total for the three years of 2017, 2018 and 2019 (€70.6m).

Consequently, net debt at the end of the financial year decreased to €117.3m, for a leverage ratio of 1.6x, a substantial improvement compared with end-2019 (2.0x). At the same time, the Group made five acquisitions (D&P, Hypsos, Fournival Altesse, Swaine Adeney Brigg and Event Communications) and paid out particularly high dividends in 2020 and 2021. The gearing ratio – net debt/equity – was 0.44x, an improvement compared with end-2020 (0.5x).

This strong cash flow and the reduction of debt in 2020 and 2021 demonstrate the superior quality of the Group's assets and the robustness of its management model. Boasting a robust balance sheet and substantial financial resources, with €353.0m available, of which €133.8m in undrawn financing facilities, the Group has the means to fund its internal and external development projects in the coming months. The Group's average debt maturity is just under four years.

New CSR initiatives

Carbon assessment carried out

In 2021 Chargeurs carried out its first complete carbon assessment (Scopes 1, 2 and 3) based on fiscal 2019, a benchmark year serving to measure the emissions generated by Group businesses. The scope of the carbon assessment encompasses Chargeurs Protective Films, Chargeurs*PCC Fashion Technologies, Chargeurs Luxury Materials and Senfa and Leach at Chargeurs Museum Solutions.

The greenhouse gas emissions of said scope total 469,388 tCO2e. The assessment shows that procurement accounts for the lion's share of emissions, a full 73% of the measured total.

The results of the carbon assessment yielded a tangible base upon which to base an ambitious climate trajectory, to be approved by the Board of Directors before end-2022. Chargeurs is working to decarbonize its business activities at an operational level by greening its product ranges and production base and improving its energy performance still further.

Monitoring non-financial performance indicators

As part of its CSR policy, the Group has established four non-financial performance indicators with a view to ensuring staff safety, increasing the share of the virtuous products of the business lines, and reducing the consumption of carbon dioxide and water. Monitoring these indicators has resulted in the implementation of action plans at all Group business lines to improve non-financial performance. These are accompanied by ambitious objectives aimed at supporting long-term sustainable growth at Chargeurs.

The Group's results for fiscal 2021 will be published in the Statement of Non-Financial Performance in March as part of the 2021 Universal Registration Document.

Dividend of €1.24 per share

In view of the excellent performance achieved by the Group in 2021 and the confidence of top management in its outlook, the Board of Directors has decided to propose the payment of a dividend amounting to €1.24 per share at the Annual General Meeting, close to the record dividend paid out in 2020.

In October 2021, the Group already paid an interim dividend of €0.48. It will now pay the balance of €0.76, with the option to reinvest in Chargeurs' shares based on the following timeline:

Ex-dividend date	April 12, 2022
Start of reinvestment option period:	April 14, 2022
End of reinvestment option period	April 25, 2022
Announcement of reinvestment results	April 27, 2022
Delivery date of shares and payment of final dividend in cash	April 29, 2022

Glossary of financial terms

Like-for-like change from one year to the next is calculated:

• by applying the average exchange rates for year Y-1 to the period in question (year, half-year, quarter);

---

• and based on the scope of consolidation for year Y-1.

EBITDA corresponds to recurring operating profit (as defined below) restated for the depreciation of property, plant and equipment and the amortization of intangible assets.

Recurring operating profit corresponds to gross profit, distribution costs, administrative expenses and research and development costs. It is stated:

• before amortization of intangible assets linked to acquisitions; and
• • before other operating income and expense, which correspond to material non-recurring items that are unusual in nature and occur infrequently, and therefore distort assessments of the Group's underlying performance.

The recurring operating margin is recurring operating profit as a % of revenues.

Cash flow corresponds to the flow of net cash from operating activities net of any change in working capital requirement (WCR).

2022 Financial Calendar

Thursday, April 7, 2022 General Shareholders' Meeting Thursday, May 12, 2022 (before market) 2022 first-quarter financial information

ABOUT CHARGEURS

CHARGEURS is a world leader of niche technologies and services, offering integrated, high value-added solutions to its B2B and B2C customers. Active in 90 countries with nearly 2,500 employees, the Group, whose global signature is High Emotion Technology®, develops its manufacturing and technological expertise across a range of sectors including premium materials protection, fashion and luxury goods, museography, health and well-being.

In 2022, the Group celebrates its 150th year of entrepreneurial boldness. With its Leap Forward 2025 strategic plan, the Group aims to step up the game by seizing market opportunities linked to developments in production, distribution and consumption methods and widespread demand for sustainable manufacturing solutions. Recognized for their highly agile manufacturing and their global footprint, Chargeurs' many areas of expertise are intended to support its profitable and sustainable growth. In 2021, the Group generated revenue of €736.6m.

Breakdown of revenue by business line

	2021	2020	2019	Change 2021
€m				vs. 2020
First quarter
Chargeurs Protective Films	76.5	70.9	69.2	+7.9%
Chargeurs PCC Fashion Technologies	31.6	45.2	53.0	-30.1%
Chargeurs Luxury Materials	18.4	30.1	30.9	-38.9%
Chargeurs Museum Solutions	12.6	11.3	8.1	11.5%
Chargeurs Healthcare Solutions	41.7	-	-
Chargeurs	180.8	157.5	161.2	+14.8%
Second quarter
Chargeurs Protective Films	92.0	62.8	72.9	+46.5%
Chargeurs PCC Fashion Technologies	34.2	20.3	54.7	+68.5%
Chargeurs Luxury Materials	21.0	10.3	27.3	+103.9%
Chargeurs Museum Solutions	14.8	13.7	10.0	8.0%
Chargeurs Healthcare Solutions	29.6	253.9	-	-88.3%
Chargeurs	191.6	361.0	164.9	-46.9%
Third quarter
Chargeurs Protective Films	86.2	67.1	69.8	+28.5%
Chargeurs PCC Fashion Technologies	39.1	32.9	48.4	+18.8%
Chargeurs Luxury Materials	22.1	9.8	21.5	+125.5%
Chargeurs Museum Solutions	14.2	13.2	6.7	+7.6%
Chargeurs Healthcare Solutions	11.3	46.7	-	-75.8%
Chargeurs	172.9	169.7	146.4	+1.9%
Fourth quarter
Chargeurs Protective Films	86.2	69.6	66.2	+23.9%
Chargeurs PCC Fashion Technologies	49.5	33.4	54.4	+48.2%
Chargeurs Luxury Materials	24.7	14.4	20.5	+71.5%
Chargeurs Museum Solutions	18.7	13.4	12.6	+39.6%
Chargeurs Healthcare Solutions	12.2	3.0	-	306.7%
Chargeurs	191.3	133.8	153.7	+43.0%
Full-year total
Chargeurs Protective Films	340.9	270.4	278.1	+26.1%
Chargeurs PCC Fashion Technologies	154.4	131.8	210.6	+17.1%
Chargeurs Luxury Materials	86.2	64.6	100.2	+33.4%
Chargeurs Museum Solutions	60.3	51.6	37.3	+16.9%
Chargeurs Healthcare Solutions	94.8	303.6	-	-68.8%
Chargeurs	736.6	822.0	626.2	-10.4%

Breakdown of revenue by geographic region

€m	2021	2020	2019	Change 2021 vs. 2020
First quarter
Europe	103.5	71.2	78.4	+45.4%
Americas	41.2	39.3	38.4	+4.8%
Asia	36.1	47.0	44.4	-23.2%
Chargeurs	180.8	157.5	161.2	+14.8%
Sec ond quarter
Europe	99.7	291.2	72.9	-65.8%
Americas	46.2	39.4	38.8	+17.3%
Asia	45.7	30.4	53.2	+50.3%
Chargeurs	191.6	361.0	164.9	-46.9%
Third quarter
Europe	80.9	96.3	63.0	-16.0%
Americas	44.7	38.1	36.3	+17.3%
Asia	47.3	35.3	47.1	+34.0%
Chargeurs	172.9	169.7	146.4	+1.9%
Fourth quarter
Europe	83.9	53.2	59.8	+57.7%
Americas	49.7	39.8	36.4	+24.9%
Asia	57.7	40.8	57.5	+41.4%
Chargeurs	191.3	133.8	153.7	43.0%
Full-year total
Europe	368.0	511.9	274.1	-28.1%
Americas	181.8	156.6	149.9	+16.1%
Asia	186.8	153.5	202.2	+21.7%
Chargeurs	736.6	822.0	626.2	-10.4%