INVAP S.A.U. - Annual Report 2020

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ICHOS B.V.

Located Rotterdam

FINANCIAL STATEMENTS 1 January until 31 December 2020

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Compilation statement 25 February 2021

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	Page
Accountants report
Accountant's compilation report	2
Result	3
Financial position	4
Fiscal position	6
Financial statements
Balance sheet as at 31 December 2020	8
Profit and loss account for the year 2020	10
Notes to the financial statements	11
Notes to the balance sheet	13
Notes to the profit and loss account	15

Compilation statement 25 February 2021

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To the Board of Directors of ICHOS B.V. Marten Meesweg 25 3068 AV Rotterdam Amstelveen, 25 February 2021

Dear management,

ACCOUNTANT'S COMPILATION REPORT

The financial statements of ICHOS B.V., Rotterdam, have been compiled by us using the information provided by you. The financial statements comprise the balance sheet as at 31 December 2020 and the profit and loss account for the year then ended with the accompanying explanatory notes. These notes include a summary of the accounting policies which have been applied.

This compilation engagement has been performed by us in accordance with Dutch law, including the Dutch Standard 4410, 'Compilation engagements', which is applicable to accountants. The standard requires us to assist you in the preparation and presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. To this end we have applied our professional expertise in accounting and financial reporting.

In a compilation engagement, you are responsible for ensuring that you provide us with all relevant information and that this information is correct. Therefore, we have conducted our work, in accordance with the applicable regulations, on the assumption that you have fulfilled your responsibility. To conclude our work, we have read the financial statements as a whole to consider whether the financial statements as presented correspond with our understanding of ICHOS B.V.

During this engagement we have complied with the relevant ethical requirements prescribed by the 'Verordening Gedrags- en Beroepsregels Accountants' (VGBA). You and other users of these financial statements may therefore assume that we have conducted the engagement in a professional, competent and objective manner and with due care and integrity and that we will treat all information provided to us as confidential.

We have compiled these financial statements for the management of ICHOS B.V. to enable ICHOS B.V. to comply with the obligation to submit the financial statements to the regulatory authority. Our compilation report is intended solely for the management of ICHOS B.V. and regulatory authority and should not be distributed to or used by other parties.

Vanhier Van Heuven Goedhartlaan 937 1181 LD Amstelveen Telephone 020 426 43 60 Fax 020 441 57 62 [email protected] www.vanhier.nl KvK Amsterdam 33208368 Beconnummer 283320

Our general conditions apply to the services we provide, in which a restriction of our liability is included. On your first request a copy will be sent to you free of charge. Other conditions will be explicitly rejected. Member of MSI Legal & Accounting network Worldwide. A Network of independant professional firms.

ICHOS B.V. at Rotterdam

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RESULT

Analysis of the result

Analysis of the result
Net Turnover (Commission) General expenses Total operating expenses Operating result Financial income and expense Result before taxation Taxation Net result after taxation		2020 % 100,0 30,1 30,1 69,9 -3,5 66,4 -13,6 52,8		2019 % 100,0 7,9 7,9 92,1 -1,4 90,7 -20,6 70,1	Movement
	€ 565.948 170.492 170.492 395.456 -19.869 375.587 -76.896 298.691		€ 596.301 47.333 47.333 548.968 -8.632 540.336 -123.083 417.253		€ % -30.353 -5,1 123.159 260,2 123.159 260,2 -153.512 -28,0 -11.237 -130,2 -164.749 -30,5 46.187 37,5 -118.562 -28,4

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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FINANCIAL POSITION

To provide insight in the development of the financial position of the Company we provide you with the following statements. These are based on the information from the interim financial statements. Hereafter we provide you with the balance sheet as at 31 December 2020 in an abridged form.

Financial structure

Financial structure
Assets Construction contracts Receivables Cash and cash equivalents Liabilities Equity Short-term liabilities	31-12-2020 € % - - 464.160 67,1 227.518 32,9 691.678 100,0 2.874 0,4 688.804 99,6 691.678 100,0	31-12-2019
	€ - 464.160 227.518 691.678 2.874 688.804 691.678	€ 508.678 2.577.427 6.174.811 9.260.916 632.637 8.628.279 9.260.916	% 5,5 27,8 66,7
			100,0
			6,8 93,2
			100,0

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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Analysis of the financial position

Available on short term Receivables Cash and cash equivalents Short-term liabilities Liquidity surplus Construction contracts Liquidity surplus = working capital Established for the long term Financed with on the long term available assets Financing Equity	31-12-2020 € 464.160 227.518 691.678 -688.804 2.874 - 2.874 2.874 2.874	31-12-2019
		€ 2.577.427 6.174.811
		8.752.238 -8.628.279
		123.959 508.678
		632.637 632.637
		632.637

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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FISCAL POSITION

Calculation taxable amount

Taxable amount = Result before taxation Rounding Taxable amount = Result before taxation	2020
	€ 375.587 2
	375.585

Calculation corporate tax

Calculation corporate tax
16,50% of € 200.000 25,00% of € 175.585 Payable corporate taxes	2020
	€ 33.000 43.896
	76.896

Profit and Loss account

In the statement of income and expenses corporate tax has been processed as follows:

Income tax expense from current financial year	2020
	€ 76.896

Please do not hesitate to raise any queries you may have.

Yours sincerely,

Vanhier B.V.

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Marco Koot Registeraccountant

Compilation statement 25 February 2021

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Financial statements

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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BALANCE SHEET AS AT 31 DECEMBER 2020

(After proposal distribution of result)

ASSETS Current assets Construction contracts 1 Receivables Trade receivables 2 Taxes and social security charges 3 Other receivables and accrued assets Cash and cash equivalents 4 Total assets		31-12-2020 € - 464.160 227.518 691.678		31-12-2019
	€ - 292.277 171.883		€ 2.561.431 15.996 -	€ 508.678 2.577.427 6.174.811
				9.260.916

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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LIABILITIES Equity 5 Issued share capital General reserve Short-term liabilities Trade payables 6 Liabilities to group companies Taxes and social security contributions 7 Other liabilities and accrued expenses 8 Total liabilities		31-12-2020 € 2.874 688.804 691.678		31-12-2019
	€ 1.000 1.874 44.468 462.715 - 181.621		€ 1.000 631.637 6.910.267 - 10.083 1.707.929	€ 632.637 8.628.279
				9.260.916

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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PROFIT AND LOSS ACCOUNT FOR THE YEAR 2020

		2019
€	€	€ 596.301 47.333
		548.968 -8.632
		540.336 -123.083
		417.253

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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NOTES TO THE FINANCIAL STATEMENTS

Entity information

Registered address and registration number trade register

The registered and actual address of ICHOS B.V. is Marten Meesweg 25, 3068 AV in Rotterdam NL. ICHOS B.V. is registered at the Chamber of Commerce under number 70690707.

General notes

The most important activities of the entity

The activities of ICHOS B.V. consist mainly of activities (engineering, procurement and construction) regarding the EPCM contract.

Disclosure of estimates

In applying the principles and policies for drawing up the financial statements, the directors of ICHOS B.V. make different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

General accounting principles

The accounting standards used to prepare the financial statements

The financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving').

Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

Accounting principles

Construction contracts

Construction contracts commissioned by third parties comprises the balance of project costs realised, profit attributed, and if applicable, recognised losses and instalments already invoiced. Construction contracts are separately presented in the balance sheet under current assets. If it shows a credit balance, this will be presented under current liabilities.

Expenditure relating to project costs for work not yet performed is recognised under inventories.

Receivables

Receivables are initially valued at the fair value of the consideration to be received, including transaction costs if material. Receivables are subsequently valued at the amortised cost price. If there is no premium or discount and there are no transaction costs, the amortised cost price equals the nominal value of the accounts receivable. Provisions for bad debts are deducted from the carrying amount of the receivable.

Cash and cash equivalents

Cash at banks and in hand represent cash in hand, bank balances and deposits with terms of less than twelve months. Overdrafts at banks are recognised as part of debts to lending institutions under current liabilities. Cash at banks and in hand is valued at nominal value.

Current liabilities

On initial recognition current liabilities are recognised at fair value. After initial recognition current liabilities are recognised at the amortised cost price, being the amount received taking into account premiums or discounts and minus transaction costs. This is usually the nominal value.

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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Accounting principles for determining the result

The result is the difference between the realisable value of the goods/services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised.

Revenue recognition

Net turnover comprises the income (commission) from the rendering of services after deduction of discounts and such like and of taxes levied on the turnover.

Other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Income tax expense

Tax on the result is calculated based on the result before tax in the profit and loss account, taking account of the losses available for set-off from previous financial years and exempt profit components and after the addition of non-deductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate.

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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NOTES TO THE BALANCE SHEET

Current assets

1 Construction contracts Project costs realised and profit attributed Receivables 2 Trade receivables Trade debtors 3 Taxes and social security charges Value added tax Company tax 4 Cash and cash equivalents ING Bank N.V., current account	31-12-2020 € - - 261.173 31.104 292.277 227.518	31-12-2019
		€ 508.678
		2.561.431
		15.996 -
		15.996
		6.174.811

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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LIABILITIES

5 Equity

Issued share capital	General reser- ve	Total
€ 1.000 - -	€ 631.637 298.691 -928.454	€ 632.637 298.691 -928.454
1.000	1.874	2.874
	31-12-2020 € 44.468 - - 170.371 - 11.250 181.621	31-12-2019
		€ 6.910.267
		10.083
		499.060 - 1.200.000 8.869
		1.707.929

Off-balance-sheet rights, obligations and arrangements

Off-balance sheet commitments relating to guarantees

The company has issued bank guarantees for the amount of € 15,000,000 for Stichting Voorbereiding PALLAS Reactor.

Compilation statement 25 February 2021

ICHOS B.V. at Rotterdam

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NOTES TO THE PROFIT AND LOSS ACCOUNT

NOTES TO THE PROFIT AND LOSS ACCOUNT
9 Net Turnover (Commission) Total revenue Total operation expenses	2020 € 28.641.603 -28.075.655 565.948	2019
		€ 30.252.611 -29.656.310
		596.301

Average number of employees

During the period 2020, the average number of employees calculated on a full-time-equivalent basis was 0.

2020 Average number of employees 10 Other operating expenses General expenses General expenses Accountancy and advisors costs Other general expenses 11 Interest and similar expenses Paid bank interest Rotterdam, 25 February 2021 ICHOS B.V.	2020 € 170.492 170.492 - 170.492 19.869	Number
		- 2019
		€ 47.333
		23.340 23.993
		47.333
		8.632

Compilation statement 25 February 2021

AI assistant

INVAP S.A.U. — Annual Report 2020

68886_rns_2021-02-25_d596ee15-75a3-4a8e-87ee-04d87ba4ae4c.pdf

ICHOS B.V.

Table of contents

ACCOUNTANT'S COMPILATION REPORT

RESULT

Analysis of the result

FINANCIAL POSITION

Financial structure

Analysis of the financial position

FISCAL POSITION

Calculation taxable amount

Calculation corporate tax

Profit and Loss account

Financial statements

BALANCE SHEET AS AT 31 DECEMBER 2020

PROFIT AND LOSS ACCOUNT FOR THE YEAR 2020

NOTES TO THE FINANCIAL STATEMENTS

Entity information

Registered address and registration number trade register

General notes

The most important activities of the entity

Disclosure of estimates

General accounting principles

The accounting standards used to prepare the financial statements

Accounting principles

Construction contracts

Receivables

Cash and cash equivalents

Current liabilities

Accounting principles for determining the result

Revenue recognition

Other operating expenses

Income tax expense

NOTES TO THE BALANCE SHEET

Current assets

LIABILITIES

5 Equity

Off-balance-sheet rights, obligations and arrangements

Off-balance sheet commitments relating to guarantees

NOTES TO THE PROFIT AND LOSS ACCOUNT

Average number of employees

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