INVAP S.A.U. — Interim / Quarterly Report 2021

May 12, 2021

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ICHOS B.V.

Located Alkmaar

FINANCIAL STATEMENTS 1 January until 31 March 2021

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Compilation statement 12 May 2021

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Table of contents

	Page
Accountants report
Accountant's compilation report	2
Result	3
Financial position	4
Fiscal position	6
Financial statements
Balance sheet as at 31 March 2021	8
Profit and loss account for the period 01­01­2021 until 31­03­2021	10
Notes to the financial statements	11
Notes to the balance sheet	13
Notes to the profit and loss account	15

Compilation statement 12 May 2021

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To the Board of Directors of ICHOS B.V. Comeniusstraat 4 F, Unit 8,9,10 25 1817MS Alkmaar

Amstelveen, 12 May 2021

Dear management,

ACCOUNTANT'S COMPILATION REPORT

The financial statements of ICHOS B.V., Alkmaar, have been compiled by us using the information provided by you. The financial statements comprise the balance sheet as at 31 March 2021 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 info@vanhier.nl 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 Alkmaar

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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	1-1-2021/31-3-2021 € % 54.189 100,0 7.851 14,5 7.851 14,5 46.338 85,5 -347 -0,6 45.991 84,9 -6.898 -12,7 39.093 72,2	1-1-2020/31-12-2020 € % 565.948 100,0 170.492 30,1 170.492 30,1 395.456 69,9 -19.869 -3,5 375.587 66,4 -76.896 -13,6 298.691 52,8	Movement
	€ 54.189 7.851 7.851 46.338 -347 45.991 -6.898 39.093	€ 565.948 170.492 170.492 395.456 -19.869 375.587 -76.896 298.691	€ % -511.759 -90,4 -162.641 -95,4 -162.641 -95,4 -349.118 -88,3 19.522 98,3 -329.596 -87,8 69.998 91,0 -259.598 -86,9

Compilation statement 12 May 2021

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ICHOS B.V. at Alkmaar

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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 March 2021 in an abridged form.

Financial structure

Financial structure
Assets Construction contracts Receivables Cash and cash equivalents Liabilities Equity Short-term liabilities	31-03-2021 € % 2.900.695 48,0 2.367.471 39,1 780.365 12,9 6.048.531 100,0 41.967 0,7 6.006.564 99,3 6.048.531 100,0	31-12-2020
	€ 2.900.695 2.367.471 780.365 6.048.531 41.967 6.006.564 6.048.531	€ - 464.160 227.518 691.678 2.874 688.804 691.678	% - 67,1 32,9
			100,0
			0,4 99,6
			100,0

Compilation statement 12 May 2021

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ICHOS B.V. at Alkmaar

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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	31-03-2021 € 2.367.471 780.365 3.147.836 -6.006.564 -2.858.728 2.900.695 41.967 41.967 41.967	31-12-2020
		€ 464.160 227.518
		691.678 -688.804
		2.874 -
		2.874 2.874
		2.874

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ICHOS B.V. at Alkmaar

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FISCAL POSITION

Calculation taxable amount

Taxable amount = Result before taxation Rounding Taxable amount = Result before taxation	2021
	€ 45.991 1 45.990

Calculation corporate tax

Calculation corporate tax
15,00% of € 45.990	2021
	€ 6.898

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	2021
	€ 6.898

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

Yours sincerely,

Vanhier B.V.

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Marco Koot Registeraccountant

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Financial statements

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ICHOS B.V. at Alkmaar

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BALANCE SHEET AS AT 31 MARCH 2021

(After proposal distribution of result)

ASSETS Current assets Construction contracts Receivables Trade receivables 1 Taxes and social security charges 2 Other receivables and accrued assets 3 Cash and cash equivalents 4 Total assets		31-03-2021 € 2.900.695 2.367.471 780.365 6.048.531		31-12-2020
	€ 2.151.720 215.751 -		€ - 292.277 171.883	€ - 464.160 227.518
				691.678

Compilation statement 12 May 2021

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ICHOS B.V. at Alkmaar

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LIABILITIES Equity 5 Issued share capital General reserve Short-term liabilities Trade payables 6 Liabilities to group companies 7 Other liabilities and accrued expenses 8 Total liabilities		31-03-2021 € 41.967 6.006.564 6.048.531		31-12-2020
	€ 1.000 40.967 3.588.958 456.580 1.961.026		€ 1.000 1.874 44.468 462.715 181.621	€ 2.874 688.804
				691.678

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ICHOS B.V. at Alkmaar

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PROFIT AND LOSS ACCOUNT 01­01­2021 UNTIL 31­03­2021

PROFIT AND LOSS ACCOUNT 01	­01­2021 UNTIL 31­03	­2021	­2021
Net Turnover (Commission) 9 Other operating expenses 10 Operating result Interest and similar expenses 11 Result before taxation Taxation Net result after taxation	1-1-2021/31-3-2021 € € 54.189 7.851 46.338 -347 45.991 -6.898 39.093	1-1-2020/31-12-2020
	€	€	€ 565.948 170.492
			395.456 -19.869
			375.587 -76.896
			298.691

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ICHOS B.V. at Alkmaar

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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 Comeniusstraat 4 F, Unit 8,9,10 25, 1817MS in Alkmaar 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.

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ICHOS B.V. at Alkmaar

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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.

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ICHOS B.V. at Alkmaar

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NOTES TO THE BALANCE SHEET

Current assets

Receivables

1 Trade receivables Trade debtors 2 Taxes and social security charges Value added tax Company tax 3 Other receivables and accrued assets Other receivables 4 Cash and cash equivalents ING Bank N.V., current account	31-03-2021 € 2.151.720 191.545 24.206 215.751 - 780.365	31-12-2020
		€ -
		261.173 31.104
		292.277
		171.883
		227.518

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ICHOS B.V. at Alkmaar

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LIABILITIES

5 Equity

Balance as at 1 January 2021 Appropriation of result Balance as at 31 March 2021 Short-term liabilities 6 Trade payables Trade creditors 7 Liabilities to group companies Current-Account Invap S.E. 8 Other liabilities and accrued expenses Purchase invoices to be received Credit notes to be send Other liabilities	Issued share capital	Issued share capital	General reser- ve	Total
	€ 1.000 -		€ 1.874 39.093	€ 2.874 39.093
	1.000		40.967	41.967
			31-03-2021 € 3.588.958 456.580 1.957.726 - 3.300 1.961.026	31-12-2020
				€ 44.468
				462.715
				- 170.371 11.250
				181.621

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.

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ICHOS B.V. at Alkmaar

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NOTES TO THE PROFIT AND LOSS ACCOUNT

	1-1-2021 / 31- 3-2021 1-1-2020 / 31- 12-2020 € € 9 Net Turnover (Commission) Total revenue 5.849.470 28.641.603 Total operation expenses -5.795.281 -28.075.655 54.189 565.948 Average number of employees During the period 1 January 2021 until 31 March 2021, the average number of employees calculated on a full-time- equivalent basis was 0. 1-1-2021 / 31-3-2021 Number Average number of employees - 1-1-2021 / 31- 3-2021 1-1-2020 / 31- 12-2020 € € 10 Other operating expenses General expenses 7.851 170.492 General expenses Subscriptions 1.396 - Accountancy and advisors costs 6.340 170.492 Other general expenses 115 - 7.851 170.492 11 Interest and similar expenses Paid bank interest 347 19.869 Alkmaar, 12 May 2021 ICHOS B.V.	1-1-2020 / 31- 12-2020
		€ 28.641.603 -28.075.655
		565.948
		- 1-1-2020 / 31- 12-2020
		€ 170.492
		- 170.492 -
		170.492
		19.869

During the period 1 January 2021 until 31 March 2021, the average number of employees calculated on a full-timeequivalent basis was 0.

Compilation statement 12 May 2021

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