Interim Financial Report 2022

Sommaire

1. Interim Activity Report
1. Condensed Interim Consolidated Financial Statements
1. Statement by the Person responsible for the Interim Financial Report

Paris, September 8, 2022

Very solid first half with revenue close to €400m

Chargeurs accelerates its reinvention by leveraging the profitable recovery of its Technologies activity and stepped up development in Luxury

Revenue of €398.7m, the second best half-year performance in more than 10 years
Very strong rebound in non-health-related activities, with double-digit growth, and generating historic revenue
Recurring operating profit at €25.4m, exceeding pre-pandemic levels: up 11.9% vs. H1 2019
Very strong revenue growth and increase in operating profitability in Technologies
- ◆ Chargeurs Protective Films, which becomes Chargeurs Advanced Materials, illustrates its strong pricing power against a background of generalized inflation in inputs
- ◆ Chargeurs PCC Fashion Technologies returns to 2019 business levels, reporting strong growth in its operating margin and benefiting from record order books
Rapid development of the Luxury activity with new commercial successes and acquisitions made in the second half of the year
- ◆ Major contract wins for Chargeurs Museum Studio in the United States and the Middle East
- ◆ Acquisition of Skira Editore, significantly bolstering the positioning of Museum Studio
- ◆ Acquisition of The Cambridge Satchel Company, the affordable Made in Britain luxury leather goods brand
Strengthening of the Group's financial structure and liquidity profile, with the implementation of new bilateral credit lines for a total of €105m
Interim dividend in respect of the 2022 financial year set at €0.22 per share

	H1 2022	H1 2021	H1 2019	Chg. vs. H1 2019
Revenue	398.7	372.4	326.1	+22.3%
EBITDA	37.0	46.3	32.5	+13.8%
As a % of revenue	9.3%	12.4%	10.0%
Rec urring operating profit	25.4	34.0	22.7	+11.9%
As a % of revenue	6.4%	9.1%	7.0%
Attributable net profit	10.2	24.7	8.3	+22.9%

"Now more than ever, Chargeurs combines reinvention and performance in its 150th year. Benefiting from a simplified organization comprising three strategic activities—Technologies, Luxury and Diversification— Chargeurs becomes a new group focused on niche assets with high potential. By accelerating its transformation, the Group reinvents its businesses, its asset portfolio and its management model.

Paris, September 8, 2022

Supported by its operating and financial discipline, Chargeurs also confirms the marked recovery of its nonhealth-related activities with double-digit growth in revenue and recurring operating profit compared to 2021 and the pre-pandemic period. Non-health-related businesses in the Luxury activities benefited from very strong appeal, with major commercial successes and future profit that are set to materialize in the next fiscal year. Lastly, the Group confirms its resilience to economic cycles and inflation.

More efficient than before the pandemic despite the ongoing health crisis in many regions, a geopolitical crisis and inflation not seen for 20 years, Chargeurs and its high value-added niche businesses are demonstrating their ability to win market share and exert their pricing power.", declared Chairman and CEO Michaël Fribourg.

Outlook

On the back of the first-half performances and solid business model, and true to its shareholder return policy, the Group's Board of Directors has decided to pay an interim dividend in respect of fiscal 2022 of €0.22 per share.

In parallel, Chargeurs can capitalize on:

its strong industrial and entrepreneurial agility as well as the commitment of its teams;
dynamic growth enjoyed by some of its activities with limited exposure to economic cycles, notably in Luxury;
the implementation of major stimulus plans beneficial to its sectors of application in geographies that might be affected by the economic situation;
significant available liquidity, recently strengthened by the signature of new bank credit lines, to fund organic and external growth.

Supported by its culture of operating and financial discipline, now more than ever, the Group intends to pursue the adaptation and increased flexibility of its commercial, industrial and logistics organization. Noting and anticipating, for end-2022 and a large part of 2023, the persistence of the pandemic and its impacts, strong geopolitical uncertainty and high economic volatility, with unprecedented inflation, the Group remains, fully in line with its model, cautious regarding the pace of normalization of the economic environment while prioritizing its reinvention and its strategy for the expansion of its markets.

For 2025, assuming a normalization in economic conditions, the Group confirms the targets of its Leap Forward program, namely for revenue of at least €1bn, and recurring operating profit of at least €100m, excluding acquisitions.

H1 2022 performances

At its meeting held on September 7, 2022, the Chargeurs' Board of Directors approved the consolidated financial statements for the six months ended June 30, 2022. A limited review of the first-half financial statements was conducted. A limited Statutory Auditors report is currently being prepared.

Consolidated Statement of Income as of June 30, 2022

				H1 2022
	H1 2022	H1 2021	H1 2019	vs.
€m				H1 2019
Revenue	398.7	372.4	326.1	+22.3%
Gross profit	105.3	99.7	85.0	+23.9%
As a % of revenue	26.4%	26.8%	26.1%
EBITDA	37.0	46.3	32.5	+13.8%
As a % of revenue	9.3%	12.4%	10.0%
Rec urring operating profit	25.4	34.0	22.7	+11.9%
as a % of revenue	6.4%	9.1%	7.0%
Operating profit	21.3	31.6	17.3	+23.1%
Net financial expense	-8.8	-2.6	-5.8
Tax	-2.6	-4.9	-3.2
Net profit	10.0	24.2	8.3	+20.2%
Attributable net profit	10.2	24.7	8.3	+22.9%
Earnings per share (diluted)	0.44	1.06	0.36	+22.2%

Recurring operating profit: €25.4m

First-half 2022 revenue came out at €398.7m, which represents the second best Group performance in more than 10 years. It corresponds to 7.1% growth compared with first-half 2021 and 22.3% growth compared with the pre-pandemic level in first-half 2019.

Gross profit stood at a high level of €105.3m and 26.4% of revenue, illustrating particularly the ability of the Technologies businesses, CAM and CFT PCC, to pass on cost price inflation to selling prices.

Recurring operating profit came out at €25.4m, up 11.9% compared with the level seen in first-half 2019.

Attributable net profit: €10.2m

Attributable net profit for the period was €10.2m, up 22.9% from first-half 2019. It includes an increase in the amortization of intangible assets linked to the acquisitions carried out by CMS, a limited "Other operating income and expenses" item, an increase in financial expenses to €8.8m, and a decline in income tax expense.

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

A simplified organization comprising three strategic activities

The Group announced the creation of three strategic activities, Technologies, Luxury and Diversification, to reflect the acceleration of its value creation strategy as part of the reinvention of its businesses and its asset portfolio.

Technologies include the Chargeurs Advanced Materials (formerly Chargeurs Protective Films) and Chargeurs PCC Fashion Technologies business lines. As world leaders in their niche sector, both businesses combine high added-value industry and services. The two business lines innovate to serve their customers with products that are essential to the production process and benefit from high pricing power. They also develop services complementary to their products in terms of innovation, logistics, digital and traceability, which contribute to making their models more asset light and enable them to benefit from the expansion of the "product as a service" model.

Luxury includes Chargeurs Luxury Fibers, Chargeurs Museum Studio and Chargeurs Personal Care as well as the Swaine and The Cambridge Satchel Company brands, whose accelerated development increases Chargeurs' value-creation potential. Together, these activities, which are very close to or in direct contact with end customers, make Chargeurs a committed player in the new luxury categories.

Numerous marketing, sales digitalization and merchandising synergies are already kicking in and will accelerate within this division.

The Diversification activities will bring together the Group's non-controlling interests in assets contributing to the complementary development of its asset value. On a limited capital commitment basis for the entire asset allocation of the Group, it will aim to seize additional value opportunities in assets with recurring profitability, as a complement to assets developed internally.

As the Group has stated, the creation of these three strategic activities does not change the presentation of the sector information in the Group's consolidated financial statements.

Paris, September 8, 2022

Revenue by operating segment

H1 2022 vs. H1 2019

		H1		Change	2nd quarter			Change
€m	2022	2019		reported like-for-like	2022	2019		reported like-for-like
Technologies	301.8	262.5	15.0%	17.2%	151.3	134.8	12.2%	14.7%
Chargeurs Advanced Materials	190.7	142.1	+34.2%	+32.3%	94.8	72.9	+30.0%	+27.3%
Chargeurs PCC Fashion Technologies	111.1	120.4	-7.7%	-0.6%	56.5	61.9	-8.7%	-0.2%
Luxury	96.9	63.6	+52.4%	+8.9%	43.9	30.1	+45.8%	-5.6%
Chargeurs Luxury Fibers	54.4	58.2	-6.5%	-7.6%	23.4	27.3	-14.3%	-16.1%
Chargeurs Museum Studio	36.3	5.4	+572.2%	+71.7%	20.4	2.8	+628.6%	+92.9%
Chargeurs Personal Care	6.2	-			0.1	-
CHARGEURS GROUP	398.7	326.1	+22.3%	+15.6%	195.2	164.9	+18.4%	+11.0%

Revenue up 22.3% versus first-half 2019. This includes:

like-for-like growth of 15.6%, driven by strong growth at Chargeurs Advanced Materials and the creation of Chargeurs Personal Care (formerly Chargeurs Healthcare Solutions) in 2020;
a scope effect of 8.2% exclusively made up of the acquisitions completed by Chargeurs Museum Studio since July 2019;
a currency effect of -1.6%.

		Change H1		2nd quarter		Change
€m	2022	2021		reported like-for-like	2022	2021		reported like-for-like
Technologies	301.8	238.8	26.4%	21.9%	151.3	128.7	17.6%	12.7%
Chargeurs Advanced Materials	190.7	168.5	+13.2%	+9.3%	94.8	92.0	+3.0%	-1.3%
Chargeurs PCC Fashion Technologies	111.1	70.3	+58.0%	+52.3%	56.5	36.7	+54.0%	+48.0%
Luxury	96.9	133.6	-27.5%	-33.1%	43.9	62.9	-30.2%	-36.4%
Chargeurs Luxury Fibers	54.4	39.4	+38.1%	+35.5%	23.4	21.0	+11.4%	+8.6%
Chargeurs Museum Studio	36.3	22.9	+58.5%	+30.0%	20.4	12.3	+65.9%	+39.0%
Chargeurs Personal Care	6.2	71.3	-91.3%	-91.3%	0.1	29.6	-99.7%	-99.7%
Chargeurs	398.7	372.4	+7.1%	+2.2%	195.2	191.6	+1.9%	-3.4%

H1 2022 vs. H1 2021

Revenue up 7.1% versus first-half 2021. This growth breaks down as:

like-for-like growth of 2.2%. This reflects the double-digit growth in Technologies activities, Chargeurs Luxury Fibers and Chargeurs Museum Studio, offsetting the weaker performance at Chargeurs Personal Care;
a scope effect of 1.4% linked to the consolidation from January 1, 2022 of Event Communications, acquired at end-2021;
a currency effect of +3.5%, boosted by the appreciation of the US dollar against the yuan and the euro.

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

Operating segments: all business lines made a positive contribution to operating profit

Technologies: strong growth in business and earnings

Chargeurs Advanced Materials

€m	2022	2021	Change
Revenue	190.7	168.5	+13.2%
Like-for-like growth			+9.3%
EBITDA	21.0	19.8	+6.1%
As a % of revenue	11.0%	11.8%
Recurring operating profit	16.0	14.1	+13.5%
As a % of revenue	8.4%	8.4%

Chargeurs Protective Films, rebranded Chargeurs Advanced Materials to consolidate its premium technology positioning, posted record first-half revenue of €190.7m. This performance, which corresponds to like-for-like growth of 9.3%, balanced by region, was all the more remarkable considering the historically high comparison base from first-half 2021.

The business line implemented strong commercial dynamics in the United States and reported market share gains with existing customers and new customers throughout the world.

Faced with the market's logistics difficulties and the generalized inflation of inputs, CAM demonstrated the excellence of its manufacturing agility and its pricing power. As such, the business line recorded a further increase in its operating profit and was able to maintain the same operating margin, representing 8.4% of revenue.

Chargeurs Advanced Materials continued the sustainable development of its product range with the launch of the Oxygen range. Designed from recycled, vegetal and lean polyethylene, this offering was favorably received, notably in Europe.

Chargeurs PCC Fashion Technologies

€m	2022	2021	Change
Revenue	111.1	70.3	+58.0%
Like-for-like growth			+52.3%
EBITDA	11.3	6.6	+71.2%
As a % of revenue	10.2%	9.4%
Recurring operating profit	7.5	2.4	+212.5%
As a % of revenue	6.8%	3.4%

Chargeurs PCC Fashion Technologies, which now also includes the Senfa Technologies activity previously consolidated by Chargeurs Museum Studio, reported first-half revenue of €111.1m, representing like-for-like growth of 52.3%.

This historical performance reflects, on the one hand, the rebound in the fashion market, penalized by lockdowns until the start of H2 2021, and market share gains, on the other. In particular, cross-selling strategies have led to major commercial successes with key accounts, and in South America, the excellent quality of service has contributed to a doubling of sales compared to H1 2021.

CFT PCC also demonstrated its innovative capabilities with the launch of Nativa™ Collection, the first sustainable and traceable wool interlining range co-developed with Chargeurs Luxury Fibers. Thanks to its management discipline and the quality of its products and services, CFT PCC was able to pass on all of the increase in its costs to its selling prices. Combined with the significant operating leverage provided by volume growth, this pricing power enabled the business to double its operating margin to 6.8% of revenue.

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

Luxury: high-performing assets and value-creating acquisitions for the future

Chargeurs Luxury Fibers

€m	2022	2021	Change
Revenue	54.4	39.4	+38.1%
Like-for-like growth			+35.5%
EBITDA	1.1	0.6	+83.3%
As a % of revenue	2.0%	1.5%
Recurring operating profit	1.0	0.5	+93.4%
As a % of revenue	1.8%	1.3%

Chargeurs Luxury Materials, rebranded Chargeurs Luxury Fibers, reported revenue of €54.4m, up 38.1%. Growth was particularly brisk in the US, and in Europe where the market rebound started later. It was driven by a sharp increase in volumes, as well as a positive price effect which was particularly strong in the finest premium wool fibers segment. Current market dynamics enable the business line to target a similar level of full-year revenue as in 2019.

Buoyed by increased visibility, notably via the media, the Nativa™ label continued to expand, with new trade agreements opened. They aim to establish partnerships with luxury brands for the provision, as an exclusive supplier, of traceable wool from regenerative agriculture programs. Like the partnerships already signed with Stella McCartney, Vivienne Westwood and Reformation, these programs, which help reduce the carbon footprint of brands, enable CLF to develop longterm partnerships and to beneficially change the economic profile of the business line.

Growth in volumes and a favorable price effect enabled the business to double its operating profit to €1m.

Chargeurs Museum Studio

€m	2022	2021	Change
Revenue	36.3	22.9	+58.6%
like-for-like			+30.0%
EBITDA	3.2	3.8	-14.5%
As a % of revenue	8.9%	16.6%
Recurring operating profit	1.8	2.6	-30.8%
As a % of revenue	5.0%	11.4%

Chargeurs Museum Studio posted sales of €36.3m, excluding Senfa, which is now consolidated within CFT PCC. This reflected growth of 58.5%, balanced between like-for-like growth of 30% and the scope effect related to the acquisition of Event Communications. This rebound in activity was generated despite the sluggishness, or even absence, of the events business in all geographies owing to the pandemic.

The cultural content creation activities for museums and major brands maintained strong commercial momentum, with sizeable new project wins that will fuel future growth. For example, Design PM won the contract to renovate the Grand Mosque in Abu Dhabi and D&P was awarded the renovation of the East Wing of the National Air & Space Museum in Washington.

Due to the phasing of their execution, the major contracts won in 2021 and 2022 will result in a substantial increase in CMS' profitability as of 2023. It should also be noted that the operating performance for the first half of the year factors in the atypical impact of hardly any event-driven activities due to the pandemic, accounting for 25% of total activity, and normally providing a very large proportion of the absorption of fixed costs, which have not been offset in 2022 by any public support. The business line also finalized the simplification of its organization with the unification of the UK structures, Event, Design PM and MET, which will

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

contribute to strengthening their sales force and creativity.

In addition, the business line continued to expand its scope of activity with the acquisition in July of Skira Editore. This renowned and prestigious publisher of art books, which also produces iconic temporary exhibitions, achieves normative revenue of approximately €15m.

Chargeurs Personal Care

€m	2022	2021	Change
Revenue	6.2	71.3	-91.3%
like-for-like			-91.3%
EBITDA	3.9	18.5	-79.1%
As a % of revenue	62.3%	25.9%
Recurring operating profit	3.4	18.1	-81.3%
As a % of revenue	54.7%	25.4%

Chargeurs Healthcare Solutions, renamed Chargeurs Personal Care in support of the business' strategic shift towards personal care, generated revenue of €6.2m. This atypical performance stems from the dynamic management of healthcare equipment inventories by key accounts against the backdrop of the significant easing of the health situation in Europe. Note that since CPC has numerous strategic multi-year contracts, the volume of healthcare business must also be considered on a multi-year cycle. Clearly, we must remember that the activity, implemented with unparalleled agility in 2020, had also reported order volumes above its projected trend in 2021.

Consistent with its business model, maintaining its production facilities at an extremely controlled cost enables the business line to perfectly manage these sporadic orders made by its customers as part of their contracts.

The personal care business was marked by the start of marketing of the Sockwell brand of compression socks, with which CPC has an exclusive distribution contract in France, as well as by revenue growth of over 40% at Altesse Studio – an entity not yet consolidated – driven by a successful premiumization strategy. The brand revamped its packaging and merchandising with a view to accelerating its dissemination in travel retail and selective distribution.

Paris, September 8, 2022

Change in net debt

€m	H1 2022	H 1	H1 2019
EBITDA	37.0	46.3	32.5
Non-recurring – cash	-4.8	-2.7	-4.2
Financial expenses – cash	-7.0	-6.8	-5.3
Tax – cash	-3.0	-0.2	-0.4
Other	-4.1	-	0.2
Cash flows provided by operating activities, before changes in net working capital	18.1	36.6	22.8
Dividends from associates
Change in working capital at constant exchange rates	-17.8	21.4	-22.3
Net cash from operating activities	0.3	58.0	0.5
Acquisition of property, plant and equipment and intangible assets, net of disposals	-3.9	-4.6	-16.3
Acquisitions	-1.5	-1.5	0.0
Dividends paid in cash	-12.8	-12.6	-5.1
Other	-9.8	-1.1	-1.9
Total	-27.7	38.2	-22.8
Effect of changes in exchange rates on cash and cash equivalents	-1.2	-0.7	-0.5
Opening net cash/(net debt)	-109.3	-119.5	-87.6
Closing net cash/(net debt)	-135.8	-80.6	-109.9

Net debt, which ended at €135.8m at the end of thefirst half of 2022, remains at a very controlled level in an inflationary context. The increase stemmed from higher working capital requirement which remains below 6% of revenue, further capital expenditure and the payment of a dividend.

Performances by the business lines enabled the Group to generate cash flows from operating activities of €18.1m, close to the level reached in 2019, and nearly three times higher than in the second-half of 2021. After a reduction of €21.4m in 2021, working capital requirement rose by €17.8m, due to sharp growth in revenue in Technologies (+26%) and the automatic increase in the value of inventories linked to inflation in input costs. WCR as a percentage of revenue remained at its lowest level of recent years and among the lowest of its peers. All told, operating cash flow generation was €0.3m.

Financing and liquidity profile

At the end of the first half, the level of net debt corresponded to a leverage ratio of 2.1x. Gearing (net debt/equity) stood at 0.5x.

At end-June, the Group's balance sheet structure remained solid and available liquidities were high (total cash and undrawn bank credit lines), at €313.5m.

Since this date, this level of liquidities has been strengthened. Indeed, the Group has secured existing and new confirmed bilateral lines from top-level banking partners for a total amount of €105m at attractive terms. This fresh liquidity provides the Group with robust visibility to finance its internal and external growth projects.

Paris, September 8, 2022

Subsequent events

Acquisition of Skira Editore

On July 21, 2022, Chargeurs completed the acquisition of 80% of the capital of Skira Editore S.p.A, the world renowned publisher of classical and modern art and design books.

Within its publishing activity, Skira develops a majority of commissioned publishing projects, pre-ordered on behalf of leading clients, cultural institutions, corporate brands and foundations. Skira is also developing a temporary exhibition production and operations business, creates and manages museum book stores and co-produces films and documentaries with high cultural content.

Founded in 1928 and based in Milan, Skira employs close to 45 staff and generates normative revenue of more than €15m. It also has a subsidiary in France. Numerous synergies are envisaged with the various entities of Chargeurs Museum Studio, the division which is to consolidate Skira.

Acquisition of The Cambridge Satchel Company

On August 2, 2022, Chargeurs finalized its acquisition of The Cambridge Satchel Company – Satchel – a reference British brand producing affordable luxury leather goods.

Created in 2008 by Julie Deane CBE (Commander of the British Empire), Satchel designs, manufactures and distributes a range of high-end leather bags and satchels. Based in Cambridge, the company employs more than 60 people with a state-of-the-art manufacturing facility at its Leicester site, enabling the development of a Made in Britain offering, recognized for its quality.

In addition to the company's considerable development potential, all of Satchel's assets and competencies – efficient production base, expertise in marketing and e-commerce – will serve as strategic levers to accelerate the growth of Swaine, acquired in 2021, and to generate cost synergies.

Interim dividend for 2022

Buoyed by the strong performances achieved in the first half of the year and based on management's confidence in the Group's business model, the Board of Directors has decided to pay an interim dividend of €0.22 per share in respect of 2022 earnings, with the option for payment in Chargeurs shares.

In accordance with Article L. 232-19 of the French Commercial Code and the resolution of the Board of Directors of September 8, 2021, the issue price of the new shares delivered as payment for the final dividend will be equal to 95% of the average of the opening prices quoted for the Company's shares during the 20 trading days preceding the date of the meeting of the Board of Directors, less the net amount of the interim dividend to be distributed per share and rounded up to the nearest euro cent, i.e., €14.86 per share.

Paris, September 8, 2022

The payment timeline for the interim dividend is:

Ex-dividend date	September 14, 2022
Start of reinvestment option period	September 16, 2022
End of reinvestment option period	October 30, 2022
Announcement of reinvestment results	October 4, 2022
Delivery date of shares and payment of interim cash dividend	October 6, 2022

Major risks and uncertainties

Please refer to Chapter 2 entitled "Risk factors and the control environment" of the 2021 Universal Registration Document. The main risks to which the Group is exposed are classified based on their potential impact and the likelihood of them occurring.

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 revenue.

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

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

2022 Financial Calendar

Wednesday, November 9, 2022 (before market) Third-quarter 2022 financial

information

ABOUT CHARGEURS

CHARGEURS is a family-owned entrepreneurial Group and world leader in high value added niche markets. Located in nearly 100 countries with more than 2,600 employees, the Group is organized around three strategic business segments: industrial technologies, luxury and diversification.

Benefiting from the long-term strategy of the Fribourg Family Group, its reference shareholder, Chargeurs serves sectors with strong structural growth and expresses its know-how of excellence in the commercial, industrial, marketing and logistics fields. The Group, whose global signature is High Emotion Technology, achieved revenues of €737m in 2021 and celebrates, in 2022, its 150 years of entrepreneurial boldness.

The Chargeurs share is listed on Euronext Paris and is PEA-PME eligible. ISIN Code: FR0000130692, Bloomberg Code: CRI:FP, Reuters Code: CRIP.PA

PRESS RELEASE First-half 2022 results

Paris, September 8, 2022

BREAKDOWN OF REVENUE BY OPERATING SEGMENT

€m	2022	2021	2020		2019 Change 2022 vs. 2021
First quarter
Technologies	150.5	110.1	120.4	127.7	36.7%
Chargeurs Advanced Materials	95.9	76.5	70.9	69.2	25.4%
Chargeurs PCC Fashion Technologies	54.6	33.6	49.5	58.5	62.5%
Luxury	53.0	70.7	37.1	33.5	-25.0%
Chargeurs Luxury Fibers	31.0	18.4	30.1	30.9	68.5%
Chargeurs Museum Studio	15.9	10.6	7.0	2.6	50.0%
Chargeurs Personal Care	6.1	41.7	-	-	-85.4%
GROUP TOTAL	203.5	180.8	157.5	161.2	12.6%

Second quarter
Technologies	151.3	128.7	84.5	134.7	17.6%
Chargeurs Advanced Materials	94.8	92.0	62.8	72.9	3.0%
Chargeurs PCC Fashion Technologies	56.5	36.7	21.7	61.8	54.0%
Luxury	43.9	62.9	276.5	30.1	-30.2%
Chargeurs Luxury Fibers	23.4	21.0	10.3	27.3	11.4%
Chargeurs Museum Studio	20.4	12.3	12.3	2.8	65.9%
Chargeurs Personal Care	0.1	29.6	253.9	-	-99.7%
GROUP TOTAL	195.2	191.6	361.0	164.8	1.9%

Third quarter
Technologies	-	127.8	102.6	121.8	-
Chargeurs Advanced Materials	-	86.2	67.1	69.8	-
Chargeurs PCC Fashion Technologies	-	41.6	35.5	52.0	-
Luxury	-	45.1	67.1	24.5	-
Chargeurs Luxury Fibers	-	22.1	9.8	21.5	-
Chargeurs Museum Studio	-	11.7	10.6	3.0	-
Chargeurs Personal Care	-	11.3	46.7	-	-
GROUP TOTAL	-	172.9	169.7	146.3	-

Fourth quarter
Technologies	-	139.2	105.7	128.0	-
Chargeurs Advanced Materials	-	86.2	69.6	66.2	-
Chargeurs PCC Fashion Technologies	-	53.0	36.1	61.8	-
Luxury	-	52.1	28.1	25.8	-
Chargeurs Luxury Fibers	-	24.7	14.4	20.5	-
Chargeurs Museum Studio	-	15.2	10.7	5.3	-
Chargeurs Personal Care	-	12.2	3.0	-	-
GROUP TOTAL	-	191.3	133.8	153.8	-

Full-year total
Technologies	-	505.8	413.2	512.3	-
Chargeurs Advanced Materials	-	340.9	270.4	278.1	-
Chargeurs PCC Fashion Technologies	-	164.9	142.8	234.2	-
Luxury	-	230.8	408.8	113.9	-
Chargeurs Luxury Fibers	-	86.2	64.6	100.2	-
Chargeurs Museum Studio	-	49.8	40.6	13.7	-
Chargeurs Personal Care	-	94.8	303.6	-	-
GROUP TOTAL	-	736.6	822.0	626.2	-

Paris, September 8, 2022

BREAKDOWN OF REVENUE BY GEOGRAPHY

€m	2022	2021	2020	2019	Change 2022/2021
First quarter
Europe	95.0	103.5	71.2	78.4	-8.2%
Americas	54.2	41.2	39.3	38.4	+31.6%
Asia	54.3	36.1	47.0	44.4	+50.4%
GROUP TOTAL	203.5	180.8	157.5	161.2	+12.6%
Sec ond quarter
Europe	86.7	99.7	291.2	72.9	-13.0%
Americas	53.3	46.2	39.4	38.8	+15.4%
Asia	55.2	45.7	30.4	53.2	20.8%
GROUP TOTAL	195.2	191.6	361.0	164.9	+1.9%
Third quarter
Europe	-	80.9	96.3	63.0	-
Americas	-	44.7	38.1	36.3	-
Asia	-	47.3	35.3	47.1	-
GROUP TOTAL	-	172.9	169.7	146.4	-
Fourth quarter
Europe	-	83.9	53.2	59.8	-
Americas	-	49.7	39.8	36.4	-
Asia	-	57.7	40.8	57.5	-
GROUP TOTAL	-	191.3	133.8	153.7	-
Full-year total
Europe	-	368.0	511.9	274.1	-
Americas	-	181.8	156.6	149.9	-
Asia	-	186.8	153.5	202.2	-
GROUP TOTAL	-	736.6	822.0	626.2	-

CHARGEURS

CONSOLIDATED FINANCIAL STATEMENTS

H1 2022

Chargeurs 2 First-half 2022 Consolidated Financial Statements

Consolidated Income Statement (in €m)

		Six months ended June 30
	Note	2022	2021
Revenue	4	398.7	372.4
Cost of sales		(293.4)	(272.7)
Gross profit		105.3	99.7
Distribution costs		(45.4)	(37.8)
Administrative expenses		(32.1)	(25.1)
Research and development costs		(2.4)	(2.8)
Recurring operating profit		25.4	34.0
Amortization of intangible assets acquired through business combinations		(3.2)	(2.7)
Other operating income	5	3.2	3.3
Other operating expense	5	(4.1)	(3.0)
Operating profit		21.3	31.6
Cost of net debt		(6.6)	(6.3)
Other financial expense		(2.9)	(0.5)
Other financial income		0.7	4.2
Net financial expense	7	(8.8)	(2.6)
Pre-tax profit for the period		12.5	29.0
Share of profit/(loss) of associates	1 3	0.1	0.1
Income tax expense	8	(2.6)	(4.9)
Profit from continuing operations		10.0	24.2
Net profit		10.0	24.2
Attributable to owners of the parent		10.2	24.7
Attributable to non-controlling interests		(0.2)	(0.5)
Earnings per share (in €)	9	0.42	1.06
Diluted earnings per share (in €)	9	0.44	1.06

Consolidated Statement of Comprehensive Income (in €m)

	Note	Six months ended June 30
		2022	2021
Net profit		10.0	24.2
Exchange differences on translating foreign operations		17.4	7.9
Cash flow hedges		(2.0)	(1.3)
Total items that may be reclassified subsequently to profit or loss		15.4	6.6
Other comprehensive income/(expense) for the period		(0.9)	(0.7)
Actuarial gains and losses on post-employment benefit obligations	18	5.3	1.5
Total items that will not be reclassified to profit or loss		4.4	0.8
Other comprehensive income for the period, net of tax		19.8	7.4
Total comprehensive income for the period		29.8	31.6
Attributable to:
Owners of the parent		30.0	32.1
Non-controlling interests		(0.2)	(0.5)

Chargeurs 3 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Financial Position (in €m)

Assets	Note	06/30/2022	12/31/2021
Intangible assets	10	264.6	238.1
Property, plant and equipment	11	82.7	85.3
Leasing right-of-use assets	12	30.8	31.4
Investments in associates and joint ventures	13	8.5	7.9
Deferred tax assets	8	42.6	42.0
Financial assets	14	14.4	30.9
Other non-current assets		2.1	2.2
Net non-current assets		445.7	437.8
Inventories and work-in-progress	15	169.9	150.1
Long-term contract assets	15	7.4	5.6
Trade receivables	15	91.4	78.3
Derivative financial instruments	15	0.2	0.6
Miscellaneous receivables	15	35.7	33.9
Short-term tax receivables	15	0.1	0.1
Other short-term financial receivables	14	10.6	6.7
Cash and cash equivalents	17	179.7	219.2
Net current assets		495.0	494.5
Total assets		940.7	932.3

Equity and liabilities		06/30/2022	12/31/2021
Attributable to owners of the parent		284.3	267.4
Non-controlling interests		(0.8)	(0.6)
Total equity		283.5	266.8
Medium and long-term borrowings	17	266.1	303.8
Medium and long-term lease liabilities	12	22.4	23.4
Deferred tax assets	8	5.8	5.1
Pension and other post-employment benefit obligations	18	9.7	14.6
Provisions for other liabilities	19	13.6	13.8
Other non-current liabilities	20	5.8	13.7
Net non-current liabilities		323.4	374.4
Short-term portion of long-term borrowings	17	53.9	28.4
Short-term portion of lease liabilities	12	8.4	8.5
Short-term portion of provisions for other liabilities	19	1.8	2.7
Trade payables	15	162.9	153.5
Long-term contract liabilities	15	11.8	8.8
Other payables	15	72.4	71.5
Current income tax liabilities	15	5.3	5.3
Derivative financial instruments	15	4.5	1.4
Short-term bank loans and overdrafts	17	12.8	11.0
Net current liabilities		333.8	291.1
Total equity and liabilities		940.7	932.3

Chargeurs 4 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Cash Flows (in €m)

Consolidated Statement of Cash Flows (in €m)		Six months ended June 30
	Note	2022	2021
Cash flows from operating activities
Pre-tax profit of consolidated companies		12.5	29.0
Adjustments to reconcile pre-tax profit to cash generated from operations		8.6	7.8
- depreciation and amortization expense	10 & 11 & 12	14.8	15.1
- Provisions and pension and other post-employment benefit obligations		(0.9)	(1.0)
- impairment of non-current assets		0.3	-
- fair value adjustments		(3.6)	(4.1)
- (gains)/losses on foreign currency receivables/payables		(2.0)	(0.6)
- other non-cash adjustments		-	(1.6)
Income tax paid		(3.0)	(0.2)
C as h flows provided by operating activities , before changes in net working capital		18.1	36.6
Change in operating working capital	15	(17.8)	21.4
Net cas h from operating activities		0.3	58.0
Cash flows from investing activities
Acquisitions of subsidiaries, net of the cash acquired and non-consolidated companies (1)		(1.5)	(1.5)
Acquisition of intangible assets	10	(0.8)	(0.4)
Acquisition of property, plant and equipment	11	(3.3)	(4.7)
Proceeds from disposals of intangible assets and property, plant and equipment		0.2	0.5
Net change in other short-term financial receivables (2)	17	(4.7)	11.9
Other changes		(0.1)	(1.2)
Net cas h us ed in inves ting activities		(10.2)	4.6
Cash flows from financing activities
Cash dividends paid to owners of the parent		(12.8)	(12.6)
(Purchases)/sales of treasury stock		(0.8)	-
Proceeds from new borrowings	17	5.0	25.2
Repayments of borrowings	17	(17.3)	(23.9)
Repayments of lease liabilities	12	(5.3)	(5.6)
Change in short-term bank loans and overdrafts	17	1.0	1.3
Other changes		(1.5)	(0.5)
Net cas h from financing activities		(31.7)	(16.1)
Increas e/(decreas e) in cas h and cas h equivalents		(41.6)	46.5
Cash and cash equivalents at beginning of period	17	219.2	209.0
Effect of changes in foreign exchange rates on cash and cash equivalents		2.1	1.1
C as h and cas h equivalents at end of period	1 8	179.7	256.6

(1) Includes mainly the cash flows from Event Communications (acquired in December 2021 and consolidated from January 1, 2022) and earn-outs related to acquisitions carried out earlier

(2) Mainly includes changes in the value of shares in listed companies (see Note 14).

Chargeurs 5 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Changes in Equity (in €m)

						Actuarial
						gains and
			Other			losses on
			reserves			post
		Share	and			employment			Non
	Share	premium	retained	Translation	Cash flow	benefit	Treasury		controlling
	capital	account	earnings	reserve	hedges	obligations		stock Group total	interests	Total
At 12/31/2020 (1)	3.8	74.0	203.2	(21.3)	1.0	(7.2)	(20.3)	233.2	(0.8)	232.4
IFRS IC employee benefits (2)	-	-	0.7	-	-	-	-	0.7	-	0.7
At 01/01/2021 restated	3.8	74.0	203.9	(21.3)	1.0	(7.2)	(20.3)	233.9	(0.8)	233.1
Issue of share capital	0.1	11.3	-	-	-	-	-	11.4	-	11.4
Changes in treasury stock	-	-	-	-	-	-	-	-	-	-
Share-based payment	-	-	0.2	-	-	-	-	0.2	-	0.2
Payment of dividends	-	-	(24.0)	-	-	-	-	(24.0)	(0.1)	(24.1)
Profit for the period	-	-	24.7	-	-	-	-	24.7	(0.5)	24.2
Other comprehensive income/(expense)
for theperiod	-	-	(0.7)	7.9	(1.3)	1.5	-	7.4	-	7.4
At end-June 2021	3.9	85.3	204.1	(13.4)	(0.3)	(5.7)	(20.3)	253.6	(1.4)	252.2
At 12/31/2021	3.9	91.5	189.0	(0.3)	(1.1)	(5.3)	(10.3)	267.4	(0.6)	266.8
Capital increase (3)	0.1	5.4	-	-	-	-	-	5.5	-	5.5
Changes in treasury stock	-	-	0.4	-	-	-	(0.8)	(0.4)	-	(0.4)
Share-based payment	-	-	-	-	-	-	-	-	-	-
Dividend payments ( 3 )	-	-	(18.2)	-	-	-	-	(18.2)	-	(18.2)
Shareholder transactions	-	-	-	-	-	-	-	-	-	-
Profit for the period	-	-	10.2	-	-	-	-	10.2	(0.2)	10.0
Other comprehensive income/(expense) (4)	-	-	(0.9)	17.4	(2.0)	5.3	-	19.8	-	19.8
At 06/30/2022	4.0	96.9	180.5	17.1	(3.1)	-	(11.1)	284.3	(0.8)	283.5

(1) Restated amounts at December 31, 2020, pursuant to IAS 8 (see Note 26 of the 2021 Universal Registration Document).

(2) The application of IFRS IC at December 31, 2020 had an impact of €0.7m.

(3) The €18.2m paid corresponds to the balance of the 2021 dividend, with €12.8m paid in cash and €5.4m in shares.

(4) Other comprehensive income/(expense) includes an adjustment for previous years of €0.9m.

1	Significant events of the period 7
2	Summary of significant accounting policies8
3	Critical accounting estimates and judgments9
4	Segment reporting 10
5	Other operating income and expense12
6	Number of employees and payroll costs12
7	Net financial expense 12
8	Income tax 13
9	Earnings per share13
	10 Intangible assets14
	11 Property, plant and equipment 16
	12 Right-of-use assets and lease liabilities 16
	13 Associate and joint venture interests18
	14 Financial assets (non-current and current)19
	15 Working capital requirement20
	16 Factoring 21
	17 Long- and short-term debt, cash and cash equivalents 21
	18 Pension and other post-employment benefit obligations 23
	19 Provisions for other liabilities23
	20 Other non-current liabilities24
	21 Related-party transactions 24
	22 Commitments and contingencies24
	23 Seasonal fluctuations in Group activities24
	24 Subsequent events 25
	25 Main consolidated companies 26

Chargeurs 7 First-half 2022 Consolidated Financial Statements

Chargeurs and its subsidiaries operate activities in five sectors organized around five business segments:

Technologies:

− Chargeurs Advanced Materials (CAM), formerly Chargeurs Protective Films, develops, manufactures and markets technical solutions to protect steel, aluminum, plastic and other surfaces during the production process as well as laminators for temporary surface protection films (Chargeurs Protective Specialty Machines, CPSM);
− Chargeurs PCC Fashion Technologies (CFT) manufactures and markets garment interlinings;

Luxury:

− Chargeurs Museum Studio (CMS), formerly Chargeurs Museum Solutions, the leading global brand for services to museums, foundations and companies;
− Chargeurs Luxury Fibers (CLF), formerly Chargeurs Luxury Materials, manufactures and markets premium wool tops (Top making);
− Chargeurs Personal Care (CPC), formerly Chargeurs Healthcare Solutions, develops, produces and markets technologies and solutions dedicated to healthcare, personal care and protection.

Chargeurs is a société anonyme governed by the laws of France. Its registered office is located at 7 Rue Kepler, 75116 Paris, France.

Chargeurs shares are listed on Euronext Paris.

The consolidated financial statements to June 30, 2022 were approved by the Board of Directors on September 7, 2022.

1 Significant events of the period

1.1 Acquisition in the Museum Studio segment

In December 2021, Chargeurs Museum Studio completed the acquisition in full of Event Communications Ltd, one of the world leaders in museum construction planning and design.

Founded in 1986 and based in London (United Kingdom) and Dublin (Ireland), Event has a team of around 50 talents.

Throughout its history, Event has worked with museums across all sectors, including natural history, sport, science, the fine arts and the decorative arts.

The company was not consolidated in 2021 because, given the date on which it was acquired, the impact on the Group's consolidated financial statements would not have been material. It was consolidated as from January 1, 2022.

Goodwill amounted to €11.3m (£9.6m) and remains provisional.

The purchase price allocation and related goodwill calculation will be finalized within 12 months of the acquisition date.

At June 30, 2022, the company contributed €5.1m to the Group's revenue.

Chargeurs 8 First-half 2022 Consolidated Financial Statements

1.2 Conflict between Ukraine and Russia

The Chargeurs Groupe is watching developments in Ukraine and Russia very closely. The Group's activities have very limited exposure to the conflict, at less than 0.2% of consolidated revenues.

2 Summary of significant accounting policies

2.1 Basis of preparation

The first-half 2021 consolidated financial statements of the Chargeurs group have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). These standards can be downloaded from the European Commission's website https://ec.europa.eu/info/index\_en.

They have been prepared in accordance with IAS 34, Interim Financial Reporting, and therefore do not contain all of the information and disclosures required in annual consolidated financial statements. Consequently, they should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021.

The consolidated financial statements are presented in millions of euros (€m).

The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company's accounting policies. The areas involving the highest degree of judgment or estimation complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.

2.2 List of new, revised and amended IFRS standards and interpretations

2.2.1 New standards, interpretations and amendments to existing standards whose application was mandatory for the first time in the period ended June 30, 2022:

Adopted by the European Union:

− Several amendments to IFRS 3 – Business Combinations, IAS 16 – Property, Plant and Equipment, IAS 37 – Provisions, Contingent Liabilities and Contingent Assets and 2018-2020 annual improvements

2.2.2 New standards, interpretations and amendments to existing standards and non-obligatory interpretations in the financial statements at June 30, 2022 and not adopted early by the Group

Adopted by the European Union:

− Amendments to IAS 1 Presentation of Financial Statements Disclosure of Accounting Policies;
− Amendments to IAS 8 Definition of Accounting Estimates;
− IFRS 17 Insurance Contracts;

Not yet adopted by the European Union:

Chargeurs 9 First-half 2022 Consolidated Financial Statements

− Amendments to IAS 1 Presentation of Financial Statements Classification of Liabilities as Current or Non-current.
− Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
− Amendment to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS 9 Comparative information

3 Critical accounting estimates and judgments

The preparation of financial statements under IFRS requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses.

The critical accounting estimates and assumptions that could result in a material adjustment to the carrying amount of assets and liabilities during subsequent periods are analyzed below.

3.1 Impairment of goodwill

Goodwill is tested for impairment on an annual basis as described in Note 2.11 to the financial statements as at December 31, 2021. The recoverable amounts of cash-generating units (CGUs) are determined based on calculations of value in use, which require the use of estimates (see Note 10).

3.2 Income tax expense

Deferred tax assets are recognized for tax loss carryforwards only if it is considered probable that there will be sufficient future taxable profit against which the loss can be utilized.

Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is assessed based on taxable profit projections over a period of five or seven years depending on the tax jurisdiction concerned.

The exercise of judgment is therefore required in assessing the consequences that new events will have on the value of deferred tax assets, notably changes in the estimates of future taxable profit and the timings for utilizing the assets.

In addition, tax positions may depend on interpretations of legislation, and such interpretations may be uncertain.

3.3 Other significant estimates

The other main estimates made by management for preparing the consolidated financial statements primarily related to the assumptions used for:

measuring intangible assets (brands, customer relationships, non-compete clauses, etc.);
measuring right-of-use assets and lease liabilities;
provisions for disputes;
post-employment benefit obligations;
uncertain tax treatments representing material amounts;
impairment of assets;
provisions for contingencies and charges;
liabilities related to acquisitions of consolidated companies.

Chargeurs 10 First-half 2022 Consolidated Financial Statements

4 Segment reporting

4.1 Information by operating segment

In accordance with IFRS 8 – Operating Segments, the segment information presented below is based on the internal reporting used by management to assess performance and allocate resources to each segment.

The Chargeurs group operates in five operating segments. Their performance is presented below.

From January 1, 2022, the company Senfa, previously included in the Museum Studio segment is now followed and monitored by the management of the Fashion Technologies segment, to broaden its endmarkets and strengthen the expertise of this business line. In compliance with IFRS 8, comparative information has been restated.

4.1.1 Income statement by operating segment

	Technologies				Luxury
Six months ended June 30, 2022	Advanced	Fashion	Total	Luxury		Personal		Non
(in €m)	Materials	Technologies	Technologies		Fibers Museum Studio		Care Total Luxury	operating	Consolidated
Revenue	190.7	111.1	301.8	54.4	36.3	6.2	96.9	-	398.7
EBITDA	21.0	11.3	32.3	1.1	3.2	3.9	8.2	(3.5)	37.0
Depreciation and amortization	(5.0)	(3.8)	(8.8)	(0.1)	(1.4)	(0.5)	(2.0)	(0.8)	(11.6)
Recurring operating profit	16.0	7.5	23.5	1.0	1.8	3.4	6.2	(4.3)	25.4
Amortization of intangible assets acquired through
business combinations	-	(1.1)	(1.1)	-	(2.1)	-	(2.1)	-	(3.2)
Other operating income and expense (Note 5)	(1.5)	(1.1)	(2.6)	-	2.6	(0.2)	2.4	(0.7)	(0.9)
Operating profit	14.5	5.3	19.8	1.0	2.3	3.2	6.5	(5.0)	21.3
Net financial expense									(8.8)
Pre-tax profit for the period									12.5
Share of profit/(loss) of associates									0.1
Income tax expense									(2.6)
Profit for the period									10.0

Income tax expense									(2.6)
Profit for the period									10.0
		Technologies			Luxe
		Fashion
Six months ended June 30, 2021	Advanced	Technologies	Total	Luxury	Museum	Personal		Non
(in €m)	Materials	(1)	Technologies	Fibers	Studio (1)		Care Total Luxury	operating C	ons olidated
Revenue	168,5	70,3	238,8	39,4	22,9	71,3	133,6	-	372,4
EBITDA	19,8	6,6	26,4	0,6	3,8	18,5	22,9	(3,0)	46,3
Depreciation and amortization	(5,7)	(4,2)	(9,9)	(0,1)	(1,2)	(0,4)	(1,7)	(0,7)	(12,3)
Recurring operating profit	14,1	2,4	16,5	0,5	2,6	18,1	21,2	(3,7)	34,0
Amortization of intangible assets acquired through
business combinations	-	(1,0)	(1,0)	-	(1,7)	-	(1,7)	-	(2,7)
Other operating income and expense (Note 5)	(0,4)	2,9	2,5	-	(0,4)	(0,5)	(0,9)	(1,3)	0,3
Operating profit	13,7	4,3	18,0	0,5	0,5	17,6	18,6	(5,0)	31,6
Net financial expense									(2,6)
Pre-tax profit for the period									29,0
Share of profit /(loss) of associates									0,1
Income tax expense									(4,9)
Profit for the period									24,2

1) Information changed following restatement from January 1, 2022 for Senfa from CMS to CFT.

4.1.2 Assets and liabilities by operating segment

		Technologies			Luxury
at June 30, 2022	Advanced	Fashion	Total	Luxury				Non
(in €m)	Materials	Technologies	Technologies		Fibers Museum Studio Personal Care Total Luxury			operating	Total
Assets (2)	253.0	180.1	433.1	64.2	148.1	25.8	238.1	79.2	750.4
Liabilities (3)	124.4	70.6	195.0	41.7	42.0	16.4	100.1	28.5	323.6
Capital employed	128.6	109.5	238.1	22.5	106.1	9.4	138.0	50.7	426.8
Capital expenditure	1.9	1.0	2.9	-	0.6	-	0.6	0.6	4.1
		Technologies			Luxury
		Fashion
at June 30, 2021	Advanced	Technologies	Total	Luxury	Museum Studio			Non
(in €m)	Materials	(1)	Technologies	Fibers			(1) Personal Care Total Luxury	operating	Total
Assets (2)	231.0	174.1	405.1	67.3	126.4	24.6	218.3	83.1	706.5
Liabilities (3)	115.8	70.7	186.5	44.2	40.8	19.7	104.7	30.5	321.7
Capital employed	115.2	103.4	218.6	23.1	85.6	4.9	113.6	52.6	384.8
Capital expenditure	5.6	3.4	9.0	0.3	0.3	1.4	2.0	2.0	13.0

1) Information changed following restatement from January 1, 2022 for Senfa from CMS to CFT.

2) Excluding cash and cash equivalents and other short-term financial receivables.

3) Excluding equity attributable to owners of the parent, borrowings (long-term borrowings, short-term portion of long-term borrowings and short-term bank loans and overdrafts).

Chargeurs 11 First-half 2022 Consolidated Financial Statements

4.1.3 Additional information

	Technologies				Luxury
Six months ended June 30, 2022 (in €m)	Advanced Materials	Fashion Technologies	Total Technologies	Luxury	Fibers Museum Studio	Personal	Care Total Luxury	Non operating	Consolidated
Depreciation of property, plant and equipment	(3.3)	(2.2)	(5.5)	-	(0.4)	(0.4)	(0.8)	(0.2)	(6.5)
Net impairment Reversals/(Additions) :
- Property, plant and equipment (Note 5)	-	(0.1)	(0.1)	-	-	-	-	-	(0.1)
Net impairment Reversals/(Additions) :
- inventories	(0.6)	0.4	(0.2)	0.1	0.1	5.2	5.4	-	5.2
- Trade receivables	0.1	-	0.1	-	-	-	-	-	0.1
Restructuring costs (Note 5)	(0.7)	(0.6)	(1.3)	-	(0.6)	(0.1)	(0.7)	-	(2.0)
		Technologies			Luxury
		Fashion
Six months ended June 30, 2021	Advanced	Technologies	Total	Luxury	Museum Studio	Personal		Non
(in €m)	Materials	(1)	Technologies	Fibers	(1)		Care Total Luxury	operating	Consolidated
Depreciation of property, plant and equipment	(4.0)	(2.6)	(6.6)	-	(0.3)	(0.4)	(0.7)	(0.1)	(7.4)
Net impairment Reversals/(Additions) :
- inventories	(0.2)	0.4	0.2	0.3	-	2.2	2.5	-	2.7
- Trade receivables	-	0.4	0.4	-	0.1	-	0.1	-	0.5
Restructuring costs (Note 5)	(0.3)	(0.2)	(0.5)		(0.4)		(0.4)	(0.2)	(1.1)

1) Information changed following restatement from January 1, 2022 for Senfa from CMS to CFT.

4.2 Information by geographical area and by stage of revenue recognition

4.2.1 Revenue

Revenue by customer location breaks down as follows:

	Technologies			Luxury
Six months ended June 30, 2022 (in €m)	Advanced Materials	Fashion Technologies	Total Technologies	Luxury Fibers	Museum Studio	Personal Care	Total Luxury	Consolidated
GEOGRAPHICAL AREAS
Europe	96.1	36.0	132.1	26.5	16.9	6.2	49.6	181.7
Asia-Oceania-Pacific and Africa	34.0	61.8	95.8	6.5	7.2	-	13.7	109.5
Americas	60.6	13.3	73.9	21.4	12.2	-	33.6	107.5
Total revenue	190.7	111.1	301.8	54.4	36.3	6.2	96.9	398.7
At a given date	190.7	111.1	301.8	54.4	5.3	6.2	65.9	367.7
On completion	-	-	-	-	31.0	-	31.0	31.0
Total revenue	190.7	111.1	301.8	54.4	36.3	6.2	96.9	398.7
		Technologies			Luxury
Six months ended June 30, 2021 (in €m)	Advanced Materials	Fashion Technologies (1)	Total Technologies	Luxury Fibers	Museum Studio (1)	Personal Care		Total Luxury Consolidated
GEOGRAPHICAL AREAS
Europe	88,6	22,0	110,6	17,3	4,1	71,3	92,7	203,2
Asia-Oceania-Pacific and Africa	30,0	40,8	70,8	6,8	4,1	0,0	10,9	81,7
Americas	49,9	7,5	57,4	15,4	14,7	0,0	30,1	87,5
Total revenue	168,5	70,3	238,7	39,4	22,9	71,3	133,7	372,4
At a given date	168,5	70,3	238,7	39,4	2,6	71,3	113,4	352,1
On completion				-	20,3	-	20,3	20,3
	-	-	-

(1) Information changed following restatement from January 1, 2022 for Senfa from CMS to CFT.

During the first half of 2022, no customer accounted for more than 5% of revenue.

The main countries where the Group's customers are located are the following:

	Six months ended June 30
(in €m)	2022		2021
United States	81,3	20,4%	69,5	18,7%
Italy	45,7	11,5%	34,7	9,3%
Mainland China and Hong Kong	37,5	9,4%	30,9	8,3%
Germany	30,5	7,6%	23,4	6,3%
France	28,5	7,1%	87,8	23,6%
United Kingdom	16,5	4,1%	10,3	2,8%
Top 5 countries	240,0	60,2%	256,6	68,9%
Other countries	158,7	39,8%	115,8	31,1%
Total	398,7	100,0%	372,4	100,0%

Chargeurs 12 First-half 2022 Consolidated Financial Statements

5 Other operating income and expense

Other operating income and expense can be analyzed as follows:

	Six months ended June 30
(in €m)	2022	2021
Reorganization costs (1)	(2.0)	(1.1)
Acquisitions costs (2)	(0.6)	(0.5)
Other operating expense (3)	(1.5)	(1.4)
Other operating income (4)	3.2	3.3
Total	(0.9)	0.3

(1) In the first half of 2022, the Group carried out and scheduled reorganizations for certain business lines.

(2) Acquisition-related expenses correspond to costs incurred in connection with external growth programs in progress or completed within the Group's various business lines.

(3) Costs of €0.8m linked to various disputes.

(4) This item mainly includes change in the carrying amount of debt relative to sell options held by minorities.

6 Number of employees and payroll costs

6.1 Number of employees

The average number of employees of fully consolidated subsidiaries was as follows:

	Six months ended June 30
	2022	2021
Employees in France	603	608
Employees outside France	1 687	1 613
Total employees	2 290	2 221

6.2 Payroll costs

	Six months ended June 30
(in €m)	2022	2021
Wages and salaries	52,4	45,5
Payroll taxes	14,7	12,9
Discretionary profit sharing	1,3	2,4
Total	68,4	60,8

7 Net financial expense

7 Net financial expense
	Six months ended June 30
(€m)	2022	2021
- Interes t and related expens es	(6,6)	(6,3)
Cos t of net debt	(6,6)	(6,3)
- Interes t on leas e liabilities	(0,4)	(0,5)
- Interes t expens es on employee benefit obligations	(0,1)	(0,1)
- Exchange gains and losses on foreign currency receivables and payables	0,7	0,1
- Dividends and capital gains on other short-term financial receivables (1)	(1,8)	3,5
- Fair value adjustments to financial instruments	(0,3)	-
- Other	(0,3)	0,7
Other financial income and expens es	(2,2)	3,7
Net financial expens e	(8,8)	(2,6)

(1) Capital gains or losses recorded on cash investments in shares of listed companies (see Note 14.2).

8 Income tax

8.1 Income tax

The income tax expense reported in the income statement can be analyzed as follows:

		Six months ended June 30
(€m)	2022	2021
Current taxes	(2.8)	(4.9)
Deferred tax assets	0.2	-
Total	(2.6)	(4.9)

No deferred tax assets have been recognized for a significant portion of the evergreen losses of the various tax groups (see Note 8 to the consolidated financial statements for the year ended December 31, 2021).

9 Earnings per share

Basic earnings per share are calculated by dividing profit from continuing operations attributable to owners of the parent by the weighted average number of shares outstanding during the period.

At June 30, 2022, basic earnings per share amounted to €0.42 (net profit/average number of shares).

Diluted earnings per share takes into account the weighted average number of performance shares granted to employees, interim dividends and dividends paid in the form of shares. Diluted earnings per share have been restated for the expense recognized in respect of performance shares for €0.5m.

	Six months ended June 30
	2022		2021
(in €m)	Basic	Diluted	Basic	Diluted
From continuing operations	10,2	10,8	24,7	24,7
Weighted average number of shares	24 114 960	24 393 960	23 357 982	23 357 982
Earnings per share from continuing operations (in euros)	0,42	0,44	1,06	1,06

Based on a par value of €0.16 per share, the shares outstanding at June 30, 2022 represented issued capital of €3,984,539.

Double voting rights:

Chargeurs' bylaws provide that shares registered in the name of the same owner for at least two years carry double voting rights. Consequently, in accordance with article L.225-124 of the French Commercial Code (Code de commerce), holders of said shares are entitled to double voting rights at Chargeurs Shareholders' Meetings. At June 30, 2022, 1,182,942 shares carried double voting rights.

10 Intangible assets

10.1 Goodwill

10.1.1 Movements in goodwill

The table below provides a breakdown of goodwill by cash-generating unit (CGU).

(in €m)	Advanced	Fashion	Museum
	Materials	Technologies	Studio	Total
12/31/2020	67.6	33.8	75.4	176.8
Translation adjustment	2.0	1.0	2.2	5.2
Other (1)	-	-	(0.4)	(0.4)
06/30/2021	69.6	34.8	77.2	181.6
12/31/2021	72.8	36.2	79.8	188.8
Additions	-	-	11.3	11.3
Impairment	-	-	-	-
Translation adjustment	6.2	2.5	3.9	12.6
Other (2)	-	11.0	(11.0)	-
06/30/2022	79.0	49.7	84.0	212.7

(1) Adjustment of the acquisition price for D&P.

(2) Restatement from January 1, 2022 of Senfa from CMS to CFT.

ADVANCED MATERIALS

The Advanced Materials segment is managed on a worldwide basis to meet the needs of global customers and is considered to represent a single cash-generating unit (CGU).

Substantially all of Advanced Materials' goodwill is denominated in US dollars and the appreciation in the dollar against the euro between December 31, 2021 and June 30, 2022 resulted in a €6.2m increase in its carrying amount.

FASHION TECHNOLOGIES

The Fashion Technologies segment also has a global management structure that is aligned with local needs.

A portion of Fashion Technologies' goodwill is denominated in Bangladesh taka, Hong Kong dollars and US dollars, and changes in the value of these currencies against the euro in the first half of 2022 resulted in a €2.5m increase in the segment's goodwill.

From January 1, 2022, the company Senfa, previously included in the Museum Studio segment is now included in the Fashion Technologies segment, to broaden its end-markets and strengthen the expertise of this business line.

MUSEUM STUDIO

The Museum Studio operating segment is managed on a worldwide basis to meet the needs of global customers, and is considered to represent a single cash-generating unit (CGU).

Changes in goodwill for the period break down as follows:

o Event Communications generated provisional goodwill of £9.6m (i.e. €11.3m)

Chargeurs 15 First-half 2022 Consolidated Financial Statements

Since Museum Studio's goodwill is partially denominated in British pounds and US dollars, changes in the value of these currencies against the euro resulted in a €3.9m increase in the carrying value in the first-half 2022.

10.1.2 Goodwill impairment tests

As of June 30, 2022, the Chargeurs group considers that the assumptions used to calculate the recoverable amount of goodwill as of December 31, 2021 have not been materially amended.

As of June 30, 2022, the Group assessed whether there was any indication that any of its cashgenerating units (CGUs) may have become impaired at that date. Management concluded that there were no triggering events that would indicate any reduction in the value of any CGU or groups of CGUs, compared to December 31, 2021. The Group will also carry out impairment tests on the carrying amount of goodwill and other intangible assets on the annual reporting date.

10.2 Other intangible assets

	Brands, portfolio
	customers and	Development
(in €m)	patents	costs	Other	Total
12/31/2020	47.7	0.6	3.6	51.9
Acquisitions	-	-	0.4	0.4
Amortization	(2.8)	(0.1)	(0.5)	(3.4)
Other	0.1	-	(0.4)	(0.3)
Translation adjustment	1.5	-	-	1.5
06/30/2021	46.5	0.5	3.1	50.1
12/31/2021	45.5	0.5	3.3	49.3
Acquisitions	-	-	0.8	0.8
Changes in scope of consolidation (1)	3.0	-	-	3.0
Amortization	(3.3)	(0.1)	(0.4)	(3.8)
Other	-	-	(0.1)	(0.1)
Translation adjustment	2.7	-	-	2.7
06/30/2022	47.9	0.4	3.6	51.9

(1) The purchase price allocation processes carried out for the Group's acquisition of Event Communications during the fiscal year resulted in the recognition of intangible assets for the following:

▪ Customer portfolio for €1.8 million,

▪ non-compete clauses for €0.6m,

▪ and brands for €0.6m.

11 Property, plant and equipment

Changes in the carrying amount of property, plant and equipment can be analyzed as follows:

(in €m)	Land	Buildings	Furnishings Installations	Equipment and Tools	Fixed assets pending	Total
12/31/2020	4.0	8.8	54.1	9.7	6.6	83.1
Acquisitions (1)	0.3	0.1	1.6	0.1	2.6	4.7
Disposals	-	-	(0.3)	-	(0.1)	(0.4)
Amortization	(0.2)	(0.6)	(5.8)	(0.8)	-	(7.4)
Other	-	0.2	1.0	0.5	(1.2)	0.5
Translation adjustment	0.1	0.1	0.2	0.1	-	0.5
06/30/2021	4.2	8.6	50.8	9.6	7.9	81.0
12/31/2021	4.7	8.5	56.4	10.3	5.5	85.3
Acquisitions (1)	0.1	-	1.0	0.1	2.1	3.3
Disposals	-	-	(0.1)	-	-	(0.1)
Changes in scope of consolidation	-	-	0.1	-	-	0.1
Amortization	(0.2)	(0.5)	(5.7)	(0.1)	-	(6.5)
Impairment	-	-	(0.1)	-	-	(0.1)
Other	-	0.2	2.6	-	(3.0)	(0.2)
Translation adjustment	-	0.3	0.5	-	0.1	0.9
06/30/2022	4.6	8.5	54.7	10.3	4.7	82.7

(1) In the first half periods of 2021 and 2022, the Group received subsidies related to a new production line in Italy for €0.8m and €1.2m, respectively.

12 Right-of-use assets and lease liabilities

12.1 Right-of-use assets

The carrying amounts of right-of-use assets related to property, plant and equipment break down as follows:

			Furnishings	and
(in €m)	Land	Buildings	Installations	Tools	Total
12/31/2020	2.0	26.7	9.5	(0.1)	38.1
New contracts	-	0.8	0.7	0.1	1.6
End of contracts	-	(0.3)	0.1	-	(0.2)
Amortization	-	(2.8)	(1.5)	-	(4.3)
Other	-	-	(0.3)	-	(0.3)
Translation adjustment	-	0.4	0.1	-	0.5
06/30/2021	2.0	24.8	8.6	-	35.4
12/31/2021	1.6	22.8	7.1	(0.1)	31.4
New contracts	0.1	1.6	0.5	-	2.2
End of contracts	-	(0.1)	-	-	(0.1)
Changes in scope of consolidation	-	0.9	-	-	0.9
Amortization	-	(3.2)	(1.3)	-	(4.5)
Other	-	(0.1)	(0.1)	0.3	0.1
Translation adjustment	-	0.8	-	-	0.8
06/30/2022	1.7	22.7	6.2	0.2	30.8

Chargeurs 17 First-half 2022 Consolidated Financial Statements

12.2 Lease liabilities

Changes in lease liabilities were as follows:

(in €m)	06/30/2022	06/30/2021
Lease debt at opening	31.9	38.1
Cash movements
Decrease	(5.3)	(5.6)
Non-cash movements
New contracts	2.2	1.6
End of contracts	0.1	(0.3)
Changes in scope of consolidation	1.0	-
Changes in exchange rates	0.9	0.7
Leasing debt at closing	30.8	34.5

Interest expense on lease liabilities amounted to €0.4m in first-half 2022.

At June 30, 2022, the maturities of the Group's lease liabilities were as follows:

(in €m)	06/30/2022	06/30/2021
Due in less than one year	8.4	9.5
Due in one to two years	7.0	6.4
Due in two to three years	4.3	4.8
Due in three to four years	3.5	4.4
Due in four to five years	2.5	2.8
Due in more than five years	5.1	6.6
Total	30.8	34.5

13 Associate and joint venture interests

13.1 Companies

Fashion Technologies segment

Following the acquisition of the PCC Interlining group, the Fashion Technologies business line has two associates: Ningbo Textile Co. Ltd. (25%-held) and Weemeet Korea (20%-held).

Luxury Fibers Segment

CW Uruguay includes Lanas Trinidad SA and its subsidiaries.

CW Argentina includes Chargeurs Wool Argentina and its subsidiary, Peinadura Rio Chubut.

Museum Studio Segment

The Museum Studio segment includes four companies booked as associates, including Hypsos Leisure Asia LTD.

Changes in associates can be analyzed as follows:

		Share of		Translation	Scope
(in €m)	12/31/2021	profit/(loss)	Dividends	adjustment	changes	Other	06/30/2022
CW Uruguay	4.8	0.1		0.4	-	0.1	5.4
CW Argentina	0.6	0.2		(0.2)	-	0.1	0.7
Total Chargeurs Luxury Fibers	5.4	0.3	-	0.2	-	0.2	6.1
Hypsos Leisure Asia Ltd	0.6	-		0.1	-	(0.1)	0.6
Hypsos Moscow	0.2	-		-	0.1	-	0.3
Total Chargeurs Museum Studio	0.8	-	-	0.1	0.1	(0.1)	0.9
Total joint ventures	6.2	0.3	-	0.3	0.1	0.1	7.0
Wool USA	-	(0.2)		-	-	(0.1)	(0.3)
Ningbo Textile Co Ltd	0.6	-		-	-	-	0.6
Weemeet Korea	1.1	-		-	-	0.1	1.2
Total associates	1.7	(0.2)	-	-	-	-	1.5
Total equity-accounted investments	7.9	0.1	-	0.3	0.1	0.1	8.5

(in €m)	12/31/2020	Share of profit/(loss)	Dividends	Translation adjustment	Scope changes	Other	06/30/2021
CW Uruguay	4.3	-		0.2	-	-	4.5
CW Argentina	0.5	(0.1)		(0.1)	-	-	0.3
Total Chargeurs Luxury Fibers	4.8	(0.1)	-	0.1	-	-	4.8
Hypsos Leisure Asia Ltd	0.6	(0.1)		-	-	-	0.5
Hypsos Moscow	0.2	-		-	-	-	0.2
Total Chargeurs Museum Studio	0.8	(0.1)	-	-	-	-	0.7
Total joint ventures	5.6	(0.2)	-	0.1	-	-	5.5
Wool USA	-	0.2		-	-	-	0.2
Ningbo Textile Co Ltd	0.5	-		-	-	-	0.5
Weemeet Korea	0.9	0.1		-	-	-	1.0
Total associates	1.4	0.3	-	-	-	-	1.7
Total equity-accounted investments	7.0	0.1	-	0.1	-	-	7.2

Chargeurs 19 First-half 2022 Consolidated Financial Statements

13.2 Key figures for the main associates

Key figures for material associates are presented below (on a 100% basis):

		Six months ended June 30, 2022 Chargeurs Luxury Fibers			Six months ended June 30, 2021 Chargeurs Luxury Fibers

(in €m)	CW Uruguay	CW Argentina	Total	CW Uruguay	CW Argentina	Total
Non-current assets	2.5	1.8	4.3	2.0	1.5	3.5
Current assets	48.2	13.0	61.2	44.6	15.5	60.1
Cash and cash equivalents	0.3	0.5	0.8	0.4	0.1	0.5
Non-current financial liabilities	-	-	-	-	-	-
Other non-current liabilities	0.3	-	0.3	0.1	-	0.1
Current financial liabilities	29.0	6.0	35.0	27.5	7.5	35.0
Other current liabilities	10.9	7.9	18.8	9.7	8.5	18.2
Total net assets	10.8	1.4	12.2	9.7	1.1	10.8
% of interest	50%	50%	n.a.	50%	50%	n.a.
Group share	5.4	0.7	6.1	4.8	0.6	5.4
Goodwill	-	-	-	-	-	-
Other	-	-	-			-
Carrying amount	5.4	0.7	6.1	4.8	0.6	5.4

		Six months ended June 30, 2022		Six months ended June 30, 2021
	Chargeurs Luxury Fibers				Chargeurs Luxury Fibers
	CW	CW		CW	CW
(in €m)	Uruguay	Argentina	Total	Uruguay	Argentina	Total
Revenue	22.1	9.2	31.3	15.1	6.8	21.9
Depreciation, amortization and impairment	(0.2)	-	(0.2)	(0.2)	-	(0.2)
Net interest income (expenses)	(0.5)	(0.2)	(0.7)	(0.4)	(0.6)	(1.0)
Profit/(loss) from continuing operations	0.2	0.4	0.6	-	(0.2)	(0.2)
% of interest	50%	50%	n.a.	50%	50%	n.a.
Group share of profit/(loss)	0.1	0.2	0.3	-	(0.1)	(0.1)

13.3 Transactions with associates

In the first half of 2022, the main transactions with the Group's associates (Lana Trinidad and Chargeurs Wool Argentina) were as follows:

Purchases booked in cost of sales for €12.8m,
Trade receivables for €0.2m and trade payables for €10.0m.

14 Financial assets (non-current and current)

14.1 Financial assets

Financial assets mainly comprised the following:

deposits and sureties for €6.7m: they are included in the calculation of net debt (see Note 17),
and investments in non-consolidated companies of €7.7m:

(in €m)	06/30/2022	12/31/2021
Interests of over 50%	6.6	21.8
Interests of less than 20%	1.1	1.1
Total	7.7	22.9

Chargeurs 20 First-half 2022 Consolidated Financial Statements

The decline in the contribution from non-consolidated companies stems from the consolidation from January 1, 2022 of Event Communications, acquired in December 2021 (see Notes 1 and 10). The company had not been consolidated in 2021 owing to the non-material impact on the financial statements at December 31, 2021.

The other companies are not consolidated, in light of their non-material impact on the Group's consolidated financial statements.

14.2 Other short-term financial receivables

As of June 30, 2022, the value of shares in listed companies was €10.6m. They are included in the determination of net debt (see Note 17). The fair value change, the dividends received along with the disposal of a portion of these securities generated a financial expense of €1.8m (see Note 7).

15 Working capital requirement

15.1 Analysis of change in working capital requirement

	Change in				Impact of
	operating
		working capital		Translation	scope of
(in €m)	12/31/2021		(2) Other changes	adjustment	consolidation	06/30/2022
Inventories and work-in-progress	150.1	17.2	(0.2)	2.8	-	169.9
Long-term contract assets	5.6	2.6	(0.8)	-	-	7.4
Trade receivables	78.3	9.8	(0.3)	2.2	1.4	91.4
Derivative financial instruments	0.6	(0.7)	0.3	-	-	0.2
Miscellaneous receivables	33.9	2.2	(0.2)	(0.4)	0.2	35.7
Current income tax receivables	0.1	-	-	-	-	0.1
Assets	268.6	31.1	(1.2)	4.6	1.6	304.7
Trade payables	153.5	6.9	0.1	2.1	0.3	162.9
Derivative financial instruments	1.4	3.2	(0.1)	-	-	4.5
Other payables	71.5	1.6	(2.4)	0.7	1.0	72.4
Long-term contract liabilities	8.8	1.6	(0.2)	0.4	1.2	11.8
Current income tax liability	5.3	-	-	-	-	5.3
Liabilities	240.5	13.3	(2.6)	3.2	2.5	256.9
Working capital requirement	28.1	17.8	1.4	1.4	(0.9)	47.8

		Impact of changes in
		working capital		Translation	scope of
(in €m)	12/31/2020		(2) Other changes	adjustment	consolidation	06/30/2021
Inventories and work-in-progress	139.1	(3.0)	(0.2)	1.3	-	137.2
Long-term contract assets	1.8	2.5	-	0.1	-	4.4
Trade receivables	64.1	6.1	(0.2)	1.2	-	71.2
Derivative financial instruments	1.1	-	(1.0)	-	-	0.1
Miscellaneous receivables (1)	40.6	(0.7)	(6.7)	0.4	-	33.6
Current income tax receivables	1.2	-	3.7	-	-	4.9
Assets	247.9	4.9	(4.4)	3.0	-	251.4
Trade payables	110.8	36.1	(0.1)	0.9	-	147.7
Derivative financial instruments	1.1	0.1	(0.5)	-	-	0.7
Other payables	72.8	(7.3)	-	0.4	-	65.9
Long-term contract liabilities	8.3	(2.6)	-	0.2	-	5.9
Current income tax liability	6.3	-	2.3	-	-	8.6
Liabilities	199.3	26.3	1.7	1.5	-	228.8
Working capital requirement	48.6	(21.4)	(6.1)	1.5	-	22.6

(1) Restated amounts pursuant to application of IAS 8 (see Note 26 of the 2021 Universal Registration Document).

(2) Reported in the consolidated statement of cash flows under Net cash from operating activities.

Chargeurs 21 First-half 2022 Consolidated Financial Statements

16 Factoring

Chargeurs SA and a number of its subsidiaries have negotiated with banking and financial institutions the terms and conditions of the Group's factoring programs in Europe and the United States.

The new programs provide for no-recourse sales with the transfer of substantially all of the risks and rewards of ownership of the sold receivables. Only the non-material risk of dilution is not transferred to the purchaser. Consequently, the sold receivables have been derecognized.

The amount of receivables sold under these programs totaled €74.8m at June 30, 2022 versus €60.9m at December 31, 2021.

17 Long- and short-term debt, cash and cash equivalents

17.1 Net debt

		Cash movements			Non-cash movements
(€m)	12/31/2021	Increase	Decrease	Changes in scope of consolidation	Changes in exchange rates	Other	06/30/2022
of which bank borrowings	332.2	5.0	(17.3)	-	0.1	-	320.0
Short-term bank loans	6.9	1.3	-	-	0.6	-	8.8
Overdrafts	4.1	-	(0.3)	-	0.2	-	4.0
Total gross debt	343.2	6.3	(17.6)	-	0.9	-	332.8
Cash and cash equivalents	219.2	2.3	(46.3)	2.4	2.1	-	179.7
- Term deposits	54.9	2.3	(5.0)	0.5	-	-	52.7
- Cash at bank	164.3	-	(41.3)	1.9	2.1	-	127.0
Other current and non-current financial receivables (1)	14.7	7.9	(3.2)	-	-	(2.1)	17.3
Net cash position/(net debt position)	109.3	(3.9)	31.9	(2.4)	(1.2)	2.1	135.8

(1) Cash investment in the shares of listed companies and deposits and sureties (see Notes 7 & 14).

There were no restrictions on the use of the cash and cash equivalents held by the Group at June 30, 2022.

The following main changes were made to bank financing arrangements during this period:

The amortization of a bilateral financing for €1.9m;
the €10m amortization of its syndicated loan credit facility.

Chargeurs 22 First-half 2022 Consolidated Financial Statements

17.2 Change in net debt

	Six months ended June 30
(€m)	2022	2021
EBITDA	37.0	46.3
Other operating income and expense (1)	(4.8)	(2.7)
Cost of net debt and interest on leases	(7.0)	(6.8)
Income tax paid	(3.0)	(0.2)
Other (2)	(4.1)	-
Cash flows provided by operating activities, before changes in net working capital	18.1	36.6
Change in operating working capital	(17.8)	21.4
Operating cash flow	0.3	58.0
Acquisition of PPE and intangible assets, net of disposals	(3.9)	(4.6)
Acquisitions of subsidiaries, net of the cash acquired and non-consolidated securities	(1.5)	(1.5)
Other investing cash flows	(0.1)	(0.3)
Share buybacks	(0.8)	-
Cash dividends paid to owners of the parent	(12.8)	(12.6)
Repayment of lease liabilities	(5.3)	(5.6)
Capital gains and losses on other short-term financial receivables (3)	(2.1)	3.5
Other	(1.5)	1.3
Change in net cash/(net debt)	(27.7)	38.2
Opening net cash/(net debt)	109.3	119.5
Changes in exchange rates	(1.2)	(0.7)
Closing net cash/(net debt)	135.8	80.6

(1) This line only includes cash items relating to other non-operating income and expense (see Note 5).

(2) This line mainly includes impact of exchange rates.

(3) See Notes 7 & 14

17.3 Financial covenants

The bank financing negotiated in December 2018 and the Euro PP (€242.0m) are not subject to leverage covenants. They are, however, subject to a gearing covenant of ≤1.2x, calculated on a half-yearly basis.

This ratio was respected at June 30, 2022.

17.4 Debt by maturity and interest rate

17.4.1 Analysis of long-term and medium-term debt by maturity and interest rate

	06/30/2022			12/31/2021
		Of which fixed	Of which variable		Of which fixed	Of which variable
(in €m)	Total	rate	rate	Total	rate	rate
Due in less than one year	53.9	33.3	20.6	28.4	7.7	20.7
Due in one to two years	39.5	19.0	20.5	65.2	44.7	20.6
Due in two to three years	64.8	43.4	21.4	35.1	3.4	31.7
Due in three to four years	31.9	31.9	-	41.7	41.7	-
Due in four to five years	9.9	9.9	-	31.9	31.9	-
Due in more than five years	120.0	120.0	-	129.8	129.8	-
Total	320.0	257.5	62.5	332.2	259.3	72.9

The carrying amount of fixed-rate debt, after hedging, was €257.5m. The average proportion of debt at fixed rates of interest was 80.5% in first-half 2022 versus 78.1% for full-year 2021.

The carrying amount of variable-rate borrowings approximates their fair value in view of the interest rates applied.

17.4.2 Maturities of the Group's confirmed credit facilities

The maturities of the Group's confirmed credit facilities are as follows:

		Average		Average
(in €m)	06/30/2022	maturity	12/31/2021	maturity
Drawn financing facilities	328.8	3.6	339.1	4.1
Undrawn financing facilities	133.8	2.5	133.8	3.0
Total confirmed financial resources	462.6	3.4	472.9	3.9

17.5 Analysis of debt by currency

(in €m)	06/30/2022	12/31/2021
Euro	319.9	333.7
US dollar	9.5	7.8
Chinese yuan	1.2	1.2
Other	2.2	0.5
Total	332.8	343.2

18 Pension and other post-employment benefit obligations

Employee benefits expense for first-half 2021 totaled €0.5m, of which €0.4m was recognized in recurring operating profit/(loss) and €0.1m in net financial expense.

United States: actuarial gains and losses arising during the first half of 2022 were estimated based on sensitivity tests performed on December 31, 2021 using a discount rate of 4.86% (compared with 2.83% in 2021). A net actuarial gain of €2.6m was recognized for the period.

Europe: actuarial gains and losses arising during the first half of 2022 were estimated based on sensitivity tests performed on December 31, 2021 using a discount rate of 3.23% (compared with 0.87% in 2021). A net actuarial gain of €2.7m was recognized for the period.

19 Provisions for other liabilities

	Provision for	Provision for
	other	other
	liabilities	liabilities
(in €m)	Non-current	Current	Total
12/31/2020	0,4	17,3	17,7
Additions	-	0,2	0,2
Reversals of provisions used	-	(1,0)	(1,0)
Reversals of surplus provisions	(0,2)	(0,1)	(0,3)
Other	0,2	(0,5)	(0,3)
06/30/2021	0,4	15,9	16,3
12/31/2021	13,8	2,7	16,5
Additions to provisions	0,1	0,1	0,2
Reversals of provisions used	(0,3)	(1,0)	(1,3)
Other	-	-	-
06/30/2022	13,6	1,8	15,4

(in €m)	06/30/2022	12/31/2021
Provisions for losses on completion	0.1	0.1
Provisions for miscellaneous contingencies	15.3	16.4
Total	15.4	16.5

Chargeurs 24 First-half 2022 Consolidated Financial Statements

In particular, provisions for other contingencies include risks related to supplier disputes (€6.3m) and the risk of litigation (€6.5m).

Cash outflows covered by provisions for other contingencies will amount to €1.8m in 2022 and €13.6m in subsequent years.

20 Other non-current liabilities

At June 30, 2022, "Other non-current liabilities" mainly include debt linked to the acquisition of consolidated companies for €2.2m and guarantees for €3.0m received in respect of a license.

21 Related-party transactions

Related-party transactions with joint ventures and associates are presented in Note 13.3.

There were no material changes in related-party transactions between December 31, 2021 and June 30, 2022.

22 Commitments and contingencies

22.1 Commercial commitments

At June 30, 2022, Chargeurs and its subsidiaries had given firm commitments to purchase manufacturing assets representing an aggregate amount of €2.9m.

22.2 Guarantees granted to third parties

Chargeurs and its subsidiaries had given guarantees for a total of €22.4m related to the Group's financing.

22.3 Collateral

At June 30, 2022, Chargeurs and its subsidiaries had granted collateral representing a total of €0.4m.

23 Seasonal fluctuations in Group activities

Seasonal fluctuations in the Group's activities do not have a material impact.

Chargeurs 25 First-half 2022 Consolidated Financial Statements

24 Subsequent events

Acquisition of Skira

On July 21, 2022, Chargeurs finalized the acquisition of 80% of the capital of Skira Editore S.p.A, the world renowned publisher of classical and modern art and design books.

The Skira publishing house was founded in Lausanne in 1928 by Albert Skira, an art and literature enthusiast, whose first major work was the edition of Ovid's Metamorphoses illustrated by Pablo Picasso.

More than a publisher, Skira has established itself worldwide as a multimedia expert in the production of multilingual cultural content: publishing of high-end books and catalogs, audiovisual production, design and production of major exhibitions, digital creations, virtual tours, design of augmented reality, development of derivative products, space management.

Based in Milan, Skira has a subsidiary in France, employs close to 45 staff and generates normative revenue of more than €15m.

Acquisition of Satchel

On August 2, 2022, Chargeurs finalized its acquisition of The Cambridge Satchel Company – Satchel – a reference British brand producing high-end, affordable leather goods.

Created in 2008 by Julie Deane CBE, Satchel designs, manufactures and distributes a range of highend leather bags and satchels. Based in Cambridge, the company employs more than 60 people with a state-of-the-art manufacturing facility at its Leicester site, enabling the development of a Made-in-Britain offering, recognized for its quality.

The company has built its success on its Satchel, a schoolbag inspired by the traditional British school, as well as other emblematic models such as the Poppy and the Doctor's Bag. Satchel is particularly well known in sectors of excellence in British education.

Buyback of minorities:

The Group exercised its option to buy back the minority interests in Hypsos (49.99%) and MET (16%) in July 2022.

Chargeurs 26 First-half 2022 Consolidated Financial Statements

25 Main consolidated companies

At June 30, 2022, 95 companies were fully consolidated (compared with 92 in 2021), and 14 were accounted for by the equity method (14 in 2021).

Parent company	Chargeurs SA
France	Chargeurs Boissy SARL/Chargeurs Textiles SAS/Chargetex 35/ Chargeurs Cloud/Chargetex 39
Germany	Chargeurs Deutschland GmbH/ Leipziger Wollkämmerei AG
Switzerland	Chargeurs Développement International/Chargeurs Diversification SA
North America	Chargeurs Inc. (USA)/Chargeurs USA Holding (USA)

Advanced Materials segment

Holding company for the segment	Chargeurs Films de Protection SA
France	Novacel SAS/Asidium (Somerra)
Italy	Boston Tapes S.p.A./Boston Tapes Commercial S.r.l./Novacel Italia S.r.l. – Omma S.r.l
Germany	Novacel GmbH
United Kingdom	Novacel UK Ltd
Spain	Novacel Iberica S.p.a
Belgium	S.A Novacel Belgium N.V
North America	Novacel Inc. (USA)/Main Tape Inc. (USA)/Novacel Performance Coatings (USA)/Walco
	Machines Company (USA)
Central America	Novacel Mexico S.a de C.v (Mexico)
Asia	Novacel Shanghai Co. Ltd. (China)

Fashion Technologies segment

Holding company for the segment Fitexin
France	Lainière de Picardie BC SAS/Intissel /Senfa, Chargeurs Creative
Italy	Chargeurs Interfodere Italia/Fitexin Italia Srl
Germany	Lainière de Picardie Deutschland GmbH
United Kingdom	Chargeurs Interlining (UK) Ltd
Portugal	Chargeurs Entretelas (Iberica) Ltd
Romania	Lainière de Picardie Insertii S.r.l.
North America	Lainière de Picardie Inc. (USA)
South America	Lainière de Picardie Golaplast Brazil Textil Ltda (Brazil)/Entretelas Americanas SA
	(Argentina)/Lainière de Picardie DHJ Chile SA (Chile)
Africa	Stroud Riley (Proprietary) Limited (South Africa)/ADT Chargeurs Entoilage Tunisie SARL
	(Tunisia)/ Chargeurs Fashion Technologies Ethiopia (Ethiopia)
Asia	Chargeurs Interlining Limited (HK)/ LP (Wujiang) Textiles Co. Ltd. (China)/Lainière de
	Picardie Korea Co. Ltd (South Korea)/DHJ Interlining Limited (China)/Etacol Bangladesh
	Ltd (Bangladesh)/Chargeurs Interlining Singapore PTE Ltd (Singapore)/Intissel Lanka
	PVT Ltd (Sri Lanka)/Lantor Lanka (Sri Lanka)/Intissel China Ltd (China)/PCC Asia LLC
	(China)/Weemeet Korea (20%) (South Korea)/Ningbo Textile Co Ltd (25%) (China)

Chargeurs 27 First-half 2022 Consolidated Financial Statements

Museum Studio Segment

Holding company for the segment	Chargeurs Museum Solutions
United Kingdom	A.H Leach & Company Limited – Leach Colour Limited/Design PM Limited/Design PM
	(International) Limited/MET London Studio Design Ltd/Oval Partnership (36%)/Hypsos
	London Ltd/Event Communications
Netherlands	Hypsos Holding BV/Hypsos National BV/Hypsos International BV/Hypsos BV/Hypsos
	Russia BV (50%)/Retail is Detail BV (50%)
Ireland	Event Ireland Ltd
Middle East	Chargeurs Museum Solutions Interior Design Works LLC
Russia	Hypsos Moscow (50%)
Asia	MET Studio Design Ltd. HK/MET Studio Singapore Pte Ltd./Hypsos Leisure Asia Ltd.
	(50%) (Hong Kong)
North America	D&P Incorporated

Luxury Fibers Segment

Holding company for the segment	Chargeurs Wool Holding GmbH
France	Chargeurs Wool (Eurasia) SAS
Italy	Chargeurs Wool Sales (Europe) S.r.l.
New Zealand	Chargeurs Wool NZ Limited
North America	Chargeurs Wool USA Inc. (USA)/USA Wool (35%)
South America	Alvisey (Uruguay)/Nuovalane (Uruguay)/Lanas Trinidad SA (50%) (Uruguay)/Lanera
	Santa Maria (50%) and its subsidiary Hart Newco SA (50%)/Chargeurs Wool (Argentina)
	SA (50%) and its subsidiary Peinaduria Rio Chubut (25%)

Personal Care segment

France CHS – EMEA North America Lainière Health Inc

The percentages indicated correspond to Chargeurs' percentage of control at June 30, 2022, for companies that are not almost or entirely wholly owned by the Group.

Statement by the person responsible for the interim financial report

I declare that, to the best of my knowledge, (i) the condensed halfyear consolidated financial statements for the six months ended June 30, 2022 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets and liabilities, financial position and results of the consolidated companies, and (ii) the interim management report includes a fair review of significant events of the past six months, their impact on the interim financial statements and the main related party transactions for the period, as well as a description of the main risks and uncertainties in the second half of the year.

Paris, September 7, 2022

Michaël FRIBOURG

Chairman & Chief Executive Officer

AI assistant

Chargeurs — Interim / Quarterly Report 2022

1197_ir_2022-09-09_610f3ce2-66b7-4cde-8c9e-f4530f7f447d.pdf

Interim Financial Report 2022

Sommaire

Very solid first half with revenue close to €400m

Chargeurs accelerates its reinvention by leveraging the profitable recovery of its Technologies activity and stepped up development in Luxury

Outlook

H1 2022 performances

Consolidated Statement of Income as of June 30, 2022

Recurring operating profit: €25.4m

Attributable net profit: €10.2m

PRESS RELEASE First-half 2022 results

A simplified organization comprising three strategic activities

Revenue by operating segment

H1 2022 vs. H1 2019

H1 2022 vs. H1 2021

PRESS RELEASE First-half 2022 results

Operating segments: all business lines made a positive contribution to operating profit

Chargeurs Advanced Materials

Chargeurs PCC Fashion Technologies

PRESS RELEASE First-half 2022 results

Luxury: high-performing assets and value-creating acquisitions for the future

Chargeurs Luxury Fibers

Chargeurs Museum Studio

PRESS RELEASE First-half 2022 results

Chargeurs Personal Care

Change in net debt

Financing and liquidity profile

Subsequent events

Acquisition of Skira Editore

Acquisition of The Cambridge Satchel Company

Interim dividend for 2022

Major risks and uncertainties

Glossary of financial terms

PRESS RELEASE First-half 2022 results

2022 Financial Calendar

ABOUT CHARGEURS

PRESS RELEASE First-half 2022 results

BREAKDOWN OF REVENUE BY OPERATING SEGMENT

BREAKDOWN OF REVENUE BY GEOGRAPHY

CONSOLIDATED FINANCIAL STATEMENTS

Chargeurs 2 First-half 2022 Consolidated Financial Statements

Consolidated Income Statement (in €m)

Consolidated Statement of Comprehensive Income (in €m)

Chargeurs 3 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Financial Position (in €m)

Chargeurs 4 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Cash Flows (in €m)

Chargeurs 5 First-half 2022 Consolidated Financial Statements

Consolidated Statement of Changes in Equity (in €m)

Chargeurs 7 First-half 2022 Consolidated Financial Statements

Chargeurs and its subsidiaries operate activities in five sectors organized around five business segments:

Technologies:

Luxury:

1 Significant events of the period

1.1 Acquisition in the Museum Studio segment

Chargeurs 8 First-half 2022 Consolidated Financial Statements

1.2 Conflict between Ukraine and Russia

2 Summary of significant accounting policies

2.1 Basis of preparation

2.2 List of new, revised and amended IFRS standards and interpretations

2.2.1 New standards, interpretations and amendments to existing standards whose application was mandatory for the first time in the period ended June 30, 2022:

Adopted by the European Union:

2.2.2 New standards, interpretations and amendments to existing standards and non-obligatory interpretations in the financial statements at June 30, 2022 and not adopted early by the Group

Adopted by the European Union:

Chargeurs 9 First-half 2022 Consolidated Financial Statements

3 Critical accounting estimates and judgments

3.1 Impairment of goodwill

3.2 Income tax expense

3.3 Other significant estimates

Chargeurs 10 First-half 2022 Consolidated Financial Statements

4 Segment reporting

4.1 Information by operating segment

4.1.1 Income statement by operating segment

4.1.2 Assets and liabilities by operating segment

Chargeurs 11 First-half 2022 Consolidated Financial Statements

4.1.3 Additional information

4.2 Information by geographical area and by stage of revenue recognition

4.2.1 Revenue

Chargeurs Interim / Quarterly Report 2022