Finaltra S.A.S.

Rosny-sous-Bois

Konzernabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Statutory auditors' report on the consolidated financial statements For the year ended 31 December 2022

Finaltra S.A.S.

14, rue de Lisbonne - 93110 Rosny-sous-Bois

This is a translation into English of the statutory auditors' report on the financial statements of the Company issued in French and it is provided solely for the convenience of English speaking users.

This statutory auditors' report includes information required by European regulation and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders.

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

Finaltra S.A.S.

14, rue de Lisbonne - 93110 Rosny-sous-Bois

Statutory auditors' report on the consolidated financial statements

For the year ended 31 December 2022

To the annual general meeting of Finaltra S.A.S.,

Opinion

In compliance with the engagement entrusted to us, we have audited the accompanying consolidated financial statements of Finaltra S.A.S. for the year ended December 31, 2022.

In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at 31 December 2022 and of the results of its operations for the year then ended in accordance with French accounting principles.

Basis for Opinion

Audit Framework

We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report.

Independence

We conducted our audit engagement in compliance with independence requirements of the french Commercial Code (code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors' rules applicable to us, for the period from January 1st, 2022 to the date of our report.

Justification of Assessments

In accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period.

These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on specific items of the consolidated financial statements.

Goodwill, with a net amount of 35,865 thousand euros reported on the balance sheet as of December 31,2022, have been subjected to impairment test. We have examined the implementation procedures of these tests, along with the cash flow forecasts and overall consistency of the underlying assumptions. We have ensured that in notes "I) B) 5 - Goodwill processing method" et "IV) A) Goodwil" in the disclosures of the consolidated financial statements provide appropriate information.

As part of our assessment, we verified the reasonableness of these estimates.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the Group information given in the management report of the Board of Management.

We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with French accounting principles and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations.

The consolidated financial statements were approved by the Board of Management.

Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As specified in Article L.823-10-1 of the French Commercial Code (code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company.

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore:

•	Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•	Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the consolidated financial statements.
•	Assesses the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein.
•	Evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation.
•	Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on these consolidated financial statements.

Schiltigheim, on the May 10, 2023

KPMG S.A.

The Statutory Auditors

Frédéric Piquet Partner

Strasbourg, on the May 10, 2023

Cabinet Gross-Hugel

Luc Diebold Partner

Consolidated financial statements for the year ended December 31, 2022

Contents

CONSOLIDATED FINANCIAL STATEMENTS

Introduction

Consolidated statement of financial position - Assets

Consolidated statement of financial position - Equity and Liabilities

Consolidated Income Statement

Consolidated Interim Operating Results

Consolidated Balance Sheet

Consolidated Statement of Cashflows

NOTES

Significant event of the period

I) Accounting and valuation principles and consolidation methods

A) Accounting standards and principles applied

B) Consolidation Methods

C) Measurement methods and rules

D) Consolidation principles

II) SCOPE OF CONSOLIDATION

A) Consolidated entities

Ill) Information allowing the comparability of accounts

A) Change in scope

B) Significant Accounting Policies change

IV) Explanations of consolidated balance sheet items

A) Goodwill

B) Fixed assets

C) Fixed asset depreciation and amortization

D) Finance lease

E) Financial assets

F) Trade and other receivables

G) Current asset depreciations

H) Cash and cash equivalents

I) Other assets

J) Equity attributable to owners of the parent

K) Exchange rates

L) Provisions for risks and charges

M) Income Taxes

N) Borrowings and debt

O) Off-balance sheet commitments

V) Notes to the income statement

A) Revenue

B) Operating income

C) Other expenses

D) Fees paid to statutory auditors

E) Personnel costs and headcount

F) Financial income and expenses

G) Non-recurring income and expenses

VI) Other information

A) Subsequent events

B) Related party transactions

C) Executive compensation

Introduction

FINALTRA's German subsidiaries are corporations that are not listed on the stock exchange within the meaning of Section 264d.

These subsidiaries included in the consolidated financial statements of FINALTRA are as follows:

―	HEPPNER Intern.Sped. GmbH & Co KG
―	HEPPNER Speditionsges.mbh&Co.KG
―	HEPPNER Intern. Sped. GmbH
―	AB TRANSPORT GmbH
―	HAMACHER LOGISTIK GmbH
―	PMS LOGISTIK GmbH
―	ABC LOGISTIK GmbH
―	ABC WAREHOUSING GmbH
―	INCHARGE GmbH
―	SAFRAM SPEDITION GmbH

FINALTRA has its registered office in a member state of the European Union.

These subsidiaries are exempted from producing full statutory financial statements, a management report as well as an audit report on the statutory financial statements and on their management reports because all of the following prerequisites are met:

―	All shareholders have approved the exemption for the respective year;
―	FINALTRA has declared that it guarantees, for the next financial year, the commitments made by its subsidiaries until the closing date;
―	The consolidated financial statements, the consolidated management report and the audit report on the consolidated financial statements and on its consolidated management report of FINALTRA have been prepared and audited in accordance with the legislation of the state in which it is headquartered, and in compliance with the following directives:

(a) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182,29 June 2013, p.19), as last amended by Directive 2014/102/EU (OJ L 334,21 November 2014, p.86);

(b) Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (OJ L 157 of 9 June 2006, p. 87), which was amended by Directive 2013/34/EU (OJ L 182 of 29 June 2013, p. 19).

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of financial position - Assets

	Gross value	Depreciation	31/12/2022	31/12/2021
INTANGIBLE ASSETS
Acquired Goodwill	40.120.459	4.255.480	35.864.979	26.592.112
Franchises, patents & similar	11.822.665	11.268.683	553.982	1.457.928
Goodwill	4.847.419	1.136.678	3.710.741	1.384.751
Other intangible fixed assets	602.539	281.800	320.739	110.821
Advances related to intangible assets	45.096		45 096	5.000
TANGIBLE ASSETS
Land	16.155.785	305.142	15.850.643	15210623
Buildings	111.287.439	52.277.692	59.009.747	38.258.485
Industrial fixtures, equipment and tooling	23.082.353	18.043.027	5.039.326	3.988.818
Tangible assets under financial leases and similar contracts	41.671.163	20.935.640	20.735.523	20.850.855
Other tangible fixed assets	60.528.022	46.652.169	13.875.853	11.757.949
Fixed assets in progress	4.300		4.300
Advances and down payments	885.586		885.586	17.082.950
FINANCIAL FIXED ASSETS
Equivalent shares	2.676.197		2.676.197	2.648.558
Debts linked to holdings	284.077		284.077	272.192
Other long-term investments	26.802.802	39.464	26.763.338	263.338
Loans	393.178		393.178	101.261
Other financial fixed assets	2.909.696		2.909.696	1.741.679
TOTAL I	344.118.776	155.195.775	188.923.001	141.727.320
INVENTORIES, GOODS & SERVICES IN PROCESS
Raw materials and supplies	311.733	24.272	287.461	207.921
Advances and prepayments on orders	40.186		40.186	66.847
CUSTOMERS
Customer receivables and accounts piecing	157.968.955	5.540.919	152.428.036	129.258.686
OTHER RECEIVABLES AND REGULARIZATIONS ACCOUNTS
Deferred taxes - Assets	1.366.610		1.366.610	689.646
Other receivables	29.798.317	2.091	29.796.226	31.350.352
Prepaid expenses	3.026.266		3.026.266	3.611.880
MISCELLANEOUS
Investment securities	13.165.593		13.165.593	39.500.000
Cash and Cash equivalents	103.754.602		103.754.602	95.285.799
TOTAL II	309.432.262	5.567.282	303.864.980	299.971.131
Conversion gap asset III	166.280		166.280	25.250
GRAND TOTAL (I à III)	653.717.318	160.763.057	492.954.261	441.723.701

Consolidated statement of financial position - Equity and Liabilities

	31/12/2022	31/12/2021
SHAREHOLDER'S EQUITY
Share capital	4.779.857	5.000.000
Issue premium, merger surplus, share premium		581.127
Reevaluation surplus	67.299	67.299
Legal reserve	500.000	500.000
Other reserves		657.983
Group reserves	60.227.362	56.704.074
Translation differential	534.656	-8.004
Retained earnings / losses	48.715.466	49.449.968
Net income (Group share)	25.123.527	10.410.187
Invesment subsidies
TOTAL I	139.948.167	123.362.634
MINORITY INTERESTS
Minority interests	32.512	39.069
Translation differential		-421
Ex-group profit/loss	9.733	2.632
TOTAL II	42.245	41.280
OTHERS
Income from equity securities issues
Conditional advances
TOTAL III
RESERVES FOR CONTINGENCY, LIABILITIES & CHARGES
Provisions for retirement commitments and similar benefits	7.212.086	7.188.241
Reserves for contingencies	1.303.619	3.065.882
Provisions for charges	166.280	25.250
Provisions for deferred tax (liability)	10.276.239	8414218
TOTAL IV	18.958.224	18.693.591
DEBTS
Debts / loans granted by credit institutions	53.099.629	59.776.858
Lease loans	19.695.204	18.764.441
Cash credit	124.019	745.873
Other financial debts	16.835.284	13.114.335
SUPPLIERS
Accounts payable and related payables	144.794.392	127.608.092
Debts on fixed assets and related accounts	4.864.429	3.494.259
REGULARIZATIONS ACCOUNTS
Tax debts	67.113.108	53.724.589
Deferred tax liabilities	1.699.434	603.453
Other debts	25.598.223	21.654.774
Deferred income	32.961	115814
TOTAL V	333.856.683	299.602.488
Passive conversion gap VI	148.942	23.707
Passive rounding difference VII		1
GRAND TOTAL (I à VII)	492.954.261	441.723.701

Consolidated Income Statement

	31/12/2022	31/12/2021
NET SALES FFCURES
Sales of production services	1.029.027.095	832.489.963
TOTAL I	1.029.027.095	832.489.963
OPERATING REVENUES
Operating subsidies	86.487	48.590
Write-backs on provisions, amortization, transfer	5.902.268	4.881.697
Other revenue	2.650.943	463.351
TOTAL II	8.639.698	5.393.638
OPERATING EXPENSES
Purchase of raw materials and other supplies (including customs duties)	821.341	576.256
Changes in inventory (raw materials and suplies)	17.457	-17.156
Other external purchases and charges	793.178.673	647.173.323
Taxes and related payments	7.565.090	6.731.670
Private and public sector salaries	131.887.166	97.772.614
Welfare contributions	57.507.375	50.106.101
Allocations to depreciation on fixed assets	15.330.306	11.992.151
Allocations to provisions for current assets	6.139.026	5.262.849
Other charges	2.131.442	1.280.578
TOTAL III	1.014.577.876	820.878.386
OPERATING RESULT before impairment of goodwill (I + II - III) (I + II - III)	23.088.917	17.005.215
Depreciation and amortization of goodwill	788.000
OPERATING RESULT after impairment of goodwill (I + II - III - III.b)	22.300.917	17.005.215
FINANCIAL REVENUES
Financial income from investments	155.285	72.902
Income from other investment securities & from receivables related to fixed assets	163.086	425.277
Other interest and related income	316.093	38.118
Retrievals on provisions and charge transfer	25.250	31.992
Positive exchange differences	2.271.286	129.984
Net revenues from sale on marketable securities		2
TOTAL IV	2.931.000	698.275
FINANCIAL EXPENSES
Financial allocations to amortizations and provisions	166.280	25.250
Interest and assimilated expenses	1.845.428	1.304.778
Negative exchange differences	2913913	382.923
Other financial charges	-3	-7
TOTAL V	4.925.618	1.712.944
FINANCIAL INCOME (IV-V)	-1.994.618	-1.014.669
PRE-TAX PROFIT/LOSS ON ORDINARY ACTIVITIES	20.306.299	15.990.546
EXCEPTIONAL REVENUES
Extraordinary revenues from management operations	83.723	212.030
Other extraordinary income on share capital transactions	18.951.823	287.394
Retrievals on provisions and charge transfer	2.808.841	1.319.685
TOTAL VI	21.844.387	1.819.109
EXCEPTIONAL EXPENSES
Extraordinary operating expenses	2.006.251	1.066.167
Other extraordinary expenses on capital transactions	3.657.624	112.543
Depreciation, amortization, impairment and provisions	925.710	2.742.012
TOTAL VII	6.589.585	3.920.722
EXCEPTIONAL INCOME (VI - VII)	15.254.802	-2.101.613
Taxes due on the income	11.295.926	4.772.569
Deffered taxon profits	-474.989	-981.546
TOTAL VIII	10.820.937	3.791.023
TOTAL INCOME (I + II + IV + VI)	1.062.442.180	840.400.985
TOTAL CHARGES (III + V + VII + VIII)	1.037.702.016	830.303.075
Profit/loss links
Profit or loss	24.740.164	10.097.910
Equivalence shares income	393.097	314910
Consolidated profit/loss for the group	25.133.261	10.412.820
Net income - Group share	25.123.528	10.410.188
Net Income - Minority interests	9.733	2.632

Consolidated Interim Operating Results

	31/12/2022	%	31/12/2021	%
Sold production	1.029.027.095	100,00	832.489.963	100,00
Current year production	1.029.027.095	100,00	832.489.963	100,00
- Purchase cost of materials and supplies	838.798	0,08	559.100	0,07
- Subcontracting	669.933.497	65,10	560.123.304	67,28
MARGIN ON PRODUCTION	358.254.800	34,81	271.807.559	32,65
PRODUCTION + SALES	1.029.027.095	100,00	832.489.963	100,00
OVERALL GROSS MARGIN	358.254.800	34,81	271.807.559	32,65
- Other purchases and external expenses	123.245.176	11,98	87.050.019	10,46
ADDED VALUE	235.009.624	22,84	184.757.540	22,19
+ Operating grants	86.487	0,01	48.590	0,01
- Taxes and related payments	7.565.090	0,74	6.731.670	0,81
- Personnel charges	189.394.541	18,41	147.878.715	17,76
GROSS OPERATING SURPLUS	38.136.480	3,71	30.195.745	3,63
+ Write-backs on calculated, transferred charges	5.902.268	0,57	4.881.697	0,59
+ Other operating income	2.650.943	0,26	463.351	0,06
- Depreciation and amortization expenses	21.469.332	2,09	17.255.000	2,07
- Other expenses	2.131.442	0,21	1.280.578	0,15
OPERATING RESULT BEFORE GOODWILL DEPRECIATIC	23.088.917	2,24	17.005.215	2,04
- Goodwill : depreciation	788.000	0,08
OPERATING RESULT AFTER GOODWILL DEPRECIATION	22.300.917	2,17	17.005.215	2,04
+ Share of profit/loss on joint-ventures
+ Financial income	2.931.000	0,28	698.275	0,08
- Share of profit/loss on joint-ventures
- Financial charges	4.925.618	0,48	1.712.944	0,21
CURRENT RESUT BEFORE TAX	20.306.299	2,93	15.990.546	2,33
Exceptional income	21.844.387	2,12	1.819.109	0,22
- Extraordinary expenses	6.589.585	0,64	3.920.722	0,47
EXCEPTIONNEL RESULTAT	15.254.802	1,48	-2.101.613	-0,25
- Income tax	11.295.926	1,10	4.772.569	0,57
- Deferred tax	-474.989	-0,05	-981.546	-0,12
PROFIT OR LOSS	24.740.164	2,48	10.097.910	1,21
+ Equivalence shares income	393.097	0,04	314.910	0,04
OVERALL CONSOLIDATED PROFIT/LOSS	25.133.261	2,44	10.412.820	1,25
GROUP PROFIT/LOSS	25.123.528	2,44	10.410.188	1,25
EX-GROUP PROFIT/LOSS	9.733	0,00	2.632	0,00
Revenues from sales of fixed assets	18.951.823		287.394
- Netbook value of sold fixed assets	3.657.624		112.543
CAPITAL GAINS OR LOSSES FROM TRANSFERS	15.294.199		174.851

Consolidated Balance Sheet

Assets	31/12/2022	31/12/2021	Liabilities	31/12/2022	31/12/2021
Acquired Goodwill	35.864.979	26.592.112	Group capital, premiums and reserve:	114.824.640	112.952.447
Intangible assets	4.630.558	2.958.500	Profit or loss	25.123.527	10.410.187
Tangible assets	115.400.978	107.149.680	Group equity	139.948.167	123.362.634
Financial assets	33.026.486	5.027.028	Investment grants
			Minority interests	42.245	41.280
			Provisions for risks and charges	18.958.224	18.693.591
			Medium/long term financing	72.794.833	78.541.299
			Other financial debts	16.835.284	13.114.335
Fixed assets (I)	188.923.001	141.727.320	Permanent capital (II)	248.578.753	233.753.139
			Workin capital (II-I)	59.655.752	92.025.819
Inventories and work in progress	287.461	207.921	Other financial debts
Advances and installments paid	40.186	66.847	Advances and installments received
Trade and related receivables	152.428.036	129.258.686	Accounts payable and related payable	144.794.392	127.608.092
Deferred tax assets	1.366.610	689.646	Deferred tax liabilities	1.699.434	603.453
Other receivables	32.988.772	34.987.482	Other debts	97.757.663	79.013.144
Current assets (III)	187.111.065	165.210.582	Current liabilities (IV)	244.251.489	207.224.689
W.C.R. (III-IV)	-57.140.424	-42.014.107
Investment securities	13.165.593	39.500.000	Cash credit	124.019	745.873
Cash and Cash equivalents	103.754.602	95.285.799
Cash (V)	116.920.195	134.785.799	Short term financing (VI)	124.019	745.873
Net cash (V-VI)	116.796.176	134.039.926
TOTAL ASSETS	492.954.261	441.723.701	TOTAL LIABILITIES	492.954.261	441.723.701

Consolidated Statement of Cashflows

	31/12/2022	31/12/2021
Net consolidated profit/loss	25.133.261	10.412.820
Elimination of charges and income that do not affect cash flow
Depreciation and amortization	15.161.304	13.259.143
Provisions for liabilities and charges	304.109	1.489.179
Amortization and provisions ⁽¹⁾	15465413	14.748.322
Capital gains net of taxes	-11.470.649	-174.851
Deferred taxation variation	-474.989	-981.546
Result of equity method companies	-393.097	-314.910
Net cash flow of the integrated companies	28.259.939	23.689.835
Dividends received from associates	365.458	508.640
Changes in working capital related to operations ⁽²⁾
Of which stocks	-79.559	-40.735
Of which operating receivables	6.805.430	-17.889.624
Of which operating payables	-2.421.738	21.172.847
Tax and social receivables and payables	16.195.854	2.685.940
Other receivables and payables	-7.382.061	1.606.650
Net operating cash flow	41.743.323	31.733.553
Acquisition of fixed assets	-41.264.832	-13.258.413
Sales of fixed assets net of taxes	15.128.273	287.394
Disposals/Reductions of financial fixed assets	320.797	274.700
Change in receivables and payables on fixed assets	-2.124.672	1.658.726
Scope variations impact (3)	-14.345.086	-17.574.150
Net cash flow related to investment transactions	-42.285.520	-28.611.743
Dividends paid to shareholders of the parent company	-2.972.196	-2.100.000
Dividends paid to minority shareholders		-2.256
Insuance of common stock	-5.956.891
Borrowing on long term debt	5.000.000	24.600.000
Repayments of borrowings	-16.680.884	-57.923.065
Change in other borrowings and financial debts	3.720.949	2.034.344
Net cash flow movements related to financing transactions	-16.889.022	-33.390.977
Effects of exchange rate changes (IV)	187.469	-89
Changes in cash (I à IV)	-17.243.750	-30.269.256
Cash at beginning of period	134.039.926	164.309.182
Cash at end of period	116.796.176	134.039.926

⁽¹⁾ Current asset depreciations excluded.
⁽²⁾ Net change in depreciations.

NOTES

Significant event of the period

• Acquisition of SAFRAM group

As part of its international expansion, in January 2022 the group acquired 100 % of MITRADEX, which itself owns the following companies:

―	SAFRAM France SAS (France)
―	SAFRAM TRUCKING SAS (France)
―	SAFRAM SA (Switzerland) holding SAFRAM SPEDITION (Germany)
―	TTS LOGISTICS (England)
―	SAFRAM HUNGARY (Hungary)

• Sale of DINA company shares

During the financial year, the company transferred direct control of DINA to DPM, a company it wholly owns, for an amount of €1,961,000.

• Equity securities of Heppner Senegal

The stake in Heppner Senegal increased from €53,000 to €531,000 following a capital increase by incorporation of receivables.

• Capital transaction

A capital reduction operation by buyback and cancellation of shares led to a decrease in equity of €5,957,000.

• Tax inspection

A tax audit covering the 2019 and 2020 financial years led to a proposed rectification of €291,000. This sum has been fully provisioned as exceptional income for the 2022 financial year.

I) Accounting and valuation principles and consolidation methods

A) Accounting standards and principles applied

The consolidated financial statements of the HEPPNER Group have been prepared based on French generally accepted accounting principles as set out in ANC regulation 2020-01.

The financial statements of the consolidated foreign entities, which are drawn up based on the accounting rules applicable in their respective countries, have been restated to bring them into line with the Group's accounting policies.

The Company's reporting currency is the EUR.

B) Consolidation Methods

1- Consolidation methods

The consolidation methods used are those defined by ANC 2020-01 regulation: full integration, proportional integration and equity method when the group exercises exclusive control, joint control or significant influence.

Exclusive control is defined as the power to control the financial and operating policies of a company to benefit from its activities. This control can take three different forms:

•	Legal control results from the direct or indirect holding of the majority of voting rights at ordinary general meetings;
•	Contractual control results from the possibility, under a contract or statutory clauses, for the consolidating company to use or direct the use of the assets of the controlled company in the same way that it controls its own assets (e.g. ad hoc entities);
•	De facto control may be presumed by the holding of at least 40 % of the voting rights, or demonstrated in particular by the designation of the majority of the members of managing boards.

Joint control is the contractual or statutory sharing of control of a company operated jointly by a limited number of partners or shareholders, so that the financial and operational policies result from their agreement.

Significant influence is the power to participate in the financial and operating policies of a company without having control over it. Significant influence is presumed in the event of the holding of a fraction equal to at least one-fifth of the voting rights.

Non-material subsidiaries or investments on the criteria of revenue, net income and balance sheet total, whose foreseeable development is limited and whose activity is not in synergy with the group are not consolidated.

2- Year end

All consolidated companies closed their accounts on the same date than the consolidating company as of December 31, 2022.

Consolidated companies closing are based on a twelve-months period.

3- Translation of foreign currency items

Entity accounts held in foreign currency are converted into euros as follows:

•	Assets and liabilities, monetary or non-monetary, are converted at the exchange rate in effect on the closing date of the financial year;
•	Income and expenses are converted at the average rate for the period;
•	Translation differences observed, both on balance sheet items resulting from the variation between the closing prices of the previous financial year and those of the current financial year, and on the result from the difference between the average exchange rate and exchange rate at the closing date, are recorded in consolidated shareholders' equity under "Translation differences";
•	Exchange differences relating to a debt denominated in foreign currency, recorded as a hedge of the net investment of a group company in a consolidated foreign company, are entered in consolidated shareholders' equity under "Translation differences".

4- Intra-group transactions

Transactions and significant reciprocal assets and liabilities between fully consolidated companies have been eliminated.

Reciprocal transactions with entities consolidated by proportional integration have been eliminated within the limit of the percentage held by the group in these entities.

The elimination of transactions, as well as reciprocal assets and liabilities denominated in foreign currencies, has been carried out based on the amounts converted into euros.

5- Goodwill processing method

Regarding ANC regulation 2020-01, goodwill represents the difference between the acquisition cost of equity securities and the share acquired in the fair value of the assets and liabilities identified on the acquisition date.

The group has a period running until the end of the financial year following that of the acquisition to determine the final amount of the goodwill.

If this difference is positive, it is allocated to the assets of the consolidated balance sheet under "Goodwill", and if it is negative, it is allocated to the liabilities of the consolidated balance sheet under "Provisions for investment acquisitions".

Positive goodwill is included in income or not depending on its useful life:

•	Goodwill whose useful life is limited is amortized over this period, and in the event of an indication of loss of value, an impairment test is carried out;
•	Goodwill with an unlimited useful life is not amortized, and is subject to an impairment test at least once per fiscal year in return.

Negative goodwill is booked in the income statement over a period reflecting, as reasonably as possible, the assumptions used and the objectives set during the acquisitions.

When the current value of the goodwill is lower than its net book value, a depreciation is recorded. The recorded depreciation is final: it cannot be reversed, even in the event of a return to a more favorable situation. For the purposes of impairment testing, each goodwill is allocated to the group of assets at the level of which it is managed and its performance monitored.

C) Measurement methods and rules

1- Intangible and fixed assets

Tangible and intangible fixed assets are valued at their acquisition cost for assets acquired for valuable consideration, at their production cost for assets produced by the company, at their market value for assets acquired free of charge and by way of exchange.

The cost of a fixed asset is made up of its purchase price, including non-recoverable customs duties and taxes, after deduction of discounts, trade rebates and cash discounts for all directly attributable costs incurred to get the asset up and running for its intended use. Incidental costs, transfer duties, fees or commissions and legal fees are incorporated into this acquisition cost. All costs which are not part of the acquisition price of the fixed asset and which cannot be linked directly to the costs made necessary to get the asset up and running for its intended use, are accounted for in charges.

• Amortization

Intangible assets are amortized on a straight-line basis over periods corresponding to their expected useful life.

Intangible assets therefore mainly include acquired business assets and computer software. Software acquired or created by Group companies is amortized over a maximum period of 3 years.

Business assets resulting from internal restructuring within the group are eliminated.

Intangible fixed assets are subject to a provision for depreciation when their market value is lower than the value recorded in the balance sheet.

• Depreciation

Buildings - Depreciation by component

In accordance with ANC 2020-01 regulation on assets, the company has depreciated its buildings by component.

On the basis of an independent and exhaustive expertise, the buildings have been broken down into components in accordance with the following breakdown:

Components	In %	Life in years
Foundations	5 %	30
Structure	60 %	30
Roof	10 %	15
Electricity	10 %	10
Heating system	10 %	15
Other technical and general facilities	5 %	10

Real estate assets financed by leasing have been restated in accordance with the preferential method provided for in ANC regulation 2020.01. They are presented as fixed assets and are depreciated over periods identical to those used for assets held in full ownership. The corresponding borrowings are accounted for under "borrowings and debts with credit institutions".

Other tangible fixed assets

Tangible fixed assets appear on the balance sheet at their acquisition cost or at their contribution value. Depreciation is applied according to the normal duration of use of the goods and the following rates:

	Period	Mode
Insdustrial fixtures	5 to 15 years	Straight-line
Equipment and tooling	5 to 15 years	Straight-line
Other tangible fixed assets	3 to 10 years	Straight-line

These depreciation methods are identical to those used in the preparation of the company financial statements. A provision for depreciation is possibly booked to consider the difference between the value in use of the asset and its net book value.

• Impairment

Depreciated and undepreciated assets are subject to an impairment test when, due to specific events or circumstances, the recoverability of their net book value is in doubt.

Groups of assets to which goodwill and unamortized goodwill have been allocated are subject to an impairment test at least once per fiscal year.

The net book value of an asset or group of assets is compared to its current value; the current value corresponding to the higher of the market value or the value in use.

The market value is the amount that could be obtained, on the closing date, from the sale of an asset during a transaction concluded under normal market conditions, net of exit costs.

The value in use of an asset is the value of the future economic benefits expected from its use and disposal. These correspond to the estimated discounted net cash flows expected from the asset or group of assets.

If the present value of a group of assets falls below its net book value, this group of assets is written down to the present value through an impairment. The recognition of an impairment changes the depreciable basis of the impaired asset prospectively.

When impairment is recognized on a group of assets, this impairment is allocated, first, to goodwill, then to the other assets belonging to this group of assets.

The possible reversal of the depreciation is considered at each closing date. Depreciation recorded on goodwill is never reversed.

2- Other financial assets

Non-consolidated investments and other fixed securities are recorded in the balance sheet at their acquisition cost. They are subject to provisions if their profitability forecasts are durably affected.

3- Receivables

Receivables are valued at their nominal value.

Depreciation is applied when the inventory value is lower than the book value or when there is a risk of nonrecovery.

4- Marketable securities

Transferable securities mainly consist of money market UCITS and SICAVs, the market value of which is close to the book value. They are recorded at their purchase value.

5- Provisions for liabilities and charges

Given the group's activity, the provisions recognized are intended to cover risks or litigation of a one-off or latent nature. These items mainly relate to one-off litigations, deferred taxes, pension commitments, and negative goodwill.

6- Current result and exceptional result

The current result is that resulting from the activities in which the company is engaged in the context of its business as well as the ancillary activities that it assumes on an ancillary basis or as an extension of its normal activities.

The exceptional result is composed of unusual events or operations distinct from the activity and which are not supposed to recur on a frequent and regular basis.

7- Earning per share calculation method

The level of profit to be taken into account to establish earnings per share is the profit attributable to the consolidating entity, i.e. the "Consolidated net profit - share of the group".

The securities to be taken into consideration for the purpose of determining earnings per share are those which give an unlimited right to profits.

Earnings per share are calculated by using the net income group share as the numerator, and the weighted average number of shares in circulation during the year as the denominator.

Diluted earnings per share are determined by adjusting net income group share and the number of shares for the maximum impact of the conversion of dilutive instruments into ordinary shares.

8- Negative minority interest

When, following losses, the share attributable to minority interests in the equity of a fully consolidated company becomes negative, the excess and subsequent losses attributable to minority interests are deducted from the majority interests.

As of December 31,2022, no loss-making minority interest was transferred to the group.

D) Consolidation principles

1- Tax-regulated provision

In accordance with regulation 2020-01, the impact of entries booked solely for tax purposes in the individual accounts, in particular exceptional depreciation, has been eliminated.

2- Deferred tax

Regarding ANC regulation 2020-01, deferred taxes are determined, according to a balance sheet approach, based on temporary differences resulting from the difference between the book value of assets or liabilities and their tax value.

Deferred tax assets are recognized when their recovery is foreseeable. The probability of recovery of these deferred tax assets is assessed with caution, particularly for unprofitable entities, start-ups or carrying out new activities. Compliance with the conditions for recognizing tax assets is examined at each closing based on the criteria originally adopted.

Deferred tax assets and liabilities, regardless of their due date, have been offset by tax entity.

The method used by the group to calculate deferred taxes is that of variable carry-forward, using the tax rate known at the closing date of the accounts, i.e.:

―	25 % for French companies;
―	30 % for German companies;
―	25.80 % for companies in the Netherlands;
―	25 % for Spanish and Belgian companies;
―	19 % for Polish and English companies;
―	30 % for Senegalese companies;
―	14 % for Swiss companies;
―	9 % for Hungarian companies.

3- Elimination of intra-group transaction

All internal transactions between the various group entities have been identified to eliminate them. These are mainly the following operations:

•	Dividend distributions
•	Impairment of securities, receivables, and provisions for risks between entities of the group.

4- Incorporation, transformation and start-up costs

The Group applies the method set out in ANC regulation 2020-01 concerning incorporation, transformation and initial costs.

Incorporation, transformation and start-up costs are recognized as expenses for the year in the consolidated income statement.

5- Finance leases

The Group applies the method set out in ANC regulation 2020-01.

A finance lease has the effect of transferring to the lessee most of the benefits and risks inherent in the ownership of the asset, whether ownership is transferred at the end of the contract. Assets taken under finance lease are considered to have been purchased on credit.

These assets are recorded in fixed assets for the value appearing in the contract, except for those whose value is not significant. They are amortized over their economic life.

On the liabilities side of the consolidated balance sheet, a debt corresponding to the amounts of the financial commitments remaining due on the contracts is recorded. Rents are broken down between repayment of debt and financial charges. The debt repayment plan is determined considering the degressivity of interest.

6- Retirement benefits

The preferential method for retirement benefit commitments has been applied.

Net hedging commitments are recognized as liabilities in the consolidated balance sheet under "Provisions for charges".

The method applied is defined by the revised IAS 19 accounting standard and by the FAS87 standard. It complies with CNC recommendation 2003 R-01.

The amount to which the use of this method leads corresponds to the notion of P.B.O. ("Projected Benefit Obligation"). It represents the probable present value of rights acquired, irretrievably or not, assessed considering salary increases up to retirement age, the probabilities of turnover and survival.

The preferential method for retirement commitments has been applied.

7- Personnel costs

Employee profit-sharing has been reclassified as personnel expenses.

II) SCOPE OF CONSOLIDATION

A) Consolidated entities

The scope of consolidation includes 38 entities, compared to 33 at the end of the previous financial year. All entities are fully consolidated (FC), except for EUROPEAN LOGISTICS CENTER and VATINEL & CIE consolidated by the equity method (EM) and LOGISTIQUE GLOBAL EUROPEENNE and VATINEL HEPPNER LOGISTIQUE consolidated by proportional integration (PI).

	Head office	SIRET	Method
		Number	2022	2021
SAS FINALTRA	14 Rue de Lisbonne 93110 ROSNYSOUS BOIS	548 500 669		Consolidating entity
EUROPEAN LOGISTICS CENTER	14 Rue de Lisbonne 93110 ROSNYSOUS BOIS	499 230 431	EM
FONCITRANS	27 Rue Pierre Sémard 69800 SAINT PRIEST	429 851 520	FC	FC
HEPPNER EN FOREZ	1 Rue Necker 42042 SAINT ETIENNE	418 487 286	FC	FC
HEPPNER Société de Transports	8 Rue de la station 67100 STRASBOURG	769 800 202	FC	FC
JOFINAL	14 Rue de Lisbonne 93110 ROSNYSOUS BOIS	350 037 859	FC	FC
LAMBERT & VALETTE	27 Rue Pierre Sémard 69800 SAINT PRIEST	429 851 520	FC	FC
SCI TRANS SUD	Boulevard d'ltalie 77127 LIEUSAINT	351 171 848	FC	FC
XP FRANCE	1 à 11 Rue Clément Ader 93120 LA COURNEUVE	562 081 984	FC	FC
LOGISTIQUE GLOBALE EUROPEENNE	1 Rue de la découverte 90000 BELFORT	418 428 256	Pl	PI
VATINEL HEPPNER LOGISTIQUE	Parc Logistique du Pont de Normandie 76430 OUDALLE	419 106 414	PI	PI
SCI LA CAPELLAUBINOISE	14 Rue de Lisbonne 93110 ROSNY SOUS BOIS	345 346 142	FC	FC
VATINEL & CIE	58 Rue de Mulhouse 76600 LA HAVRE	357 501 451	EM	EM
FINALTRAOVERSEAS	14 Rue de Lisbonne 93110 ROSNYSOUS BOIS	853 562 007	FC	FC
NORTH AFRICA LOGISTICS	14 Rue de Lisbonne 93110 ROSNYSOUS BOIS	849 485 222	FC	FC
HEPPNER KORWESTHEIM GmbH	Steinbeinstr. 17 70806 KORWEINSTEIN	142 219 725	FC	FC
HEPPNER Kehl GmbH & Co KG	Eugen Ennslinn Strasse 7 77694 KEHL AM RHEIN	142 218 618	FC	FC
HEPPNER KORWESTHEIM GmbH & Co KG	Steinbeinstr. 17 70806 KORWEINSTEIN	-	FC	FC
HEPPNER Netherlands BV	Vloeiveld 11 5126 GILZE NL	-	FC	FC
AB TRANSPORT	Wilhelmstrasse 2A 42553 VELBERT DE	-	FC	FC
HACAS TRANSPORT BV	Vloeiveld 11 5126 GILZE NL	-	FC	FC
HOLLY MATEREEL	Vloeiveld 11 5126 GILZE NL	-	FC	FC
EUROBETA	Cim Valles C/Lacus 12 08130 SANTA PERPETUA DE MONGODA ES	-	FC	FC
HAMACHER LOGISTIK GmbH	Marie Curie Strasse 3 48599 GRONAU DE	-	FC	FC
HAMACHER LOGISTIK BV	Shannonweg 41 1118 LA SHPIOL NL	-	FC	FC
HAMACHER LOGISTIK POLSKA	UL Romana Maya 1 61-371 POZNAN PL	-	FC	FC
PMS LOGISTIK GmbH	Marie Curie Strasse 3 48599 GRONAU DE	-	FC	FC
HEPPNER SENEGAL	5 Avenue Carde DAKAR SE	-	FC	FC
ABC LOGISTIK GmbH	Cuxhavenerstrasse 4 40221 DUSSELDORF DE	-	FC	FC
ABC WAREHOUSING GmbH	Cuxhavenerstrasse 4 40221 DUSSELDORF DE	-	FC	FC
INCHARGE GmbH	Cuxhavenerstrasse 4 40221 DUSSELDORF DE	-	FC	FC
DINA	Industrielaan 11 B-1740 TERNAT DE	-	FC	FC
DPM	Blauwenbergstraat 120 9320 AALST DE	-	FC	FC
MITRADEX			FC	-
SAFRAM FR	9 CHE DES MURIERS 69740 GENAS	394 336 911	FC	-
SAFRAM HU			FC	-
SAFRAM SA	ROUTE DE MOULINIERES 5 SUISSE	827 542 317	FC	-
SAFRAM SPEDITION	25 RUE PASTEUR 57340 MORHANGE	798 137 642	FC	-
SAFRAM TRUCKING			FC	-
TTS			FC	-

	% of control		% of interest
	2022	2021	2022	2021
SAS FINALTRA			100,00 %	100,00 %
EUROPEAN LOGISTICS CENTER	49,00 %	49,00 %	49,00 %	49,00 %
FONCITRANS	100,00 %	100,00 %	99,81 %	99,81 %
HEPPNER EN FOREZ	100,00 %	100,00 %	99,80 %	99,80 %
HEPPNER Société de Transports	99,98 %	99,98 %	99,98 %	99,98 %
JOFINAL	100,00 %	100,00 %	100,00 %	100,00 %
LAMBERT & VALETTE	99,80 %	99,80 %	99,80 %	99,80 %
SCI TRANS SUD	100,00 %	100,00 %	100,00 %	100,00 %
XP FRANCE	100,00 %	100,00 %	100,00 %	100,00 %
LOGISTIQUE GLOBALE EUROPEENNE	50,00 %	50,00 %	50,00 %	50,00 %
VATINEL HEPPNER LOGISTIQUE	50,00 %	50,00 %	67,00 %	67,00 %
SCI LA CAPELLAUBINOISE	100,00 %	100,00 %	99,97 %	99,97 %
VATINEL & CIE	34,00 %	34,00 %	34,00 %	34,00 %
FINALTRAOVERSEAS	100,00 %	100,00 %	100,00 %	100,00 %
NORTH AFRICA LOGISTICS	100,00 %	100,00 %	100,00 %	100,00 %
HEPPNER KORWESTHEIM GmbH	100,00 %	100,00 %	100,00 %	100,00 %
HEPPNER Kehl GmbH & Co KG	100,00 %	100,00 %	100,00 %	100,00 %
HEPPNER KORWESTHEIM GmbH & Co KG	100,00 %	100,00 %	100,00 %	100,00 %
HEPPNER Netherlands BV	100,00 %	100,00 %	100,00 %	100,00 %
AB TRANSPORT	100,00 %	100,00 %	100,00 %	100,00 %
HACAS TRANSPORT BV	100,00 %	100,00 %	100,00 %	100,00 %
HOLLY MATEREEL	100,00 %	100,00 %	100,00 %	100,00 %
EUROBETA	100,00 %	100,00 %	100,00 %	100,00 %
HAMACHER LOGISTIK GmbH	100,00 %	100,00 %	100,00 %	100,00 %
HAMACHER LOGISTIK BV	100,00 %	100,00 %	100,00 %	100,00 %
HAMACHER LOGISTIK POLSKA	95,00 %	95,00 %	95,00 %	95,00 %
PMS LOGISTIK GmbH	100,00 %	100,00 %	100,00 %	100,00 %
HEPPNER SENEGAL	100,00 %	100,00 %	100,00 %	100,00 %
ABC LOGISTIK GmbH	100,00 %	100,00 %	100,00 %	100,00 %
ABC WAREHOUSING GmbH	100,00 %	100,00 %	100,00 %	100,00 %
INCHARGE GmbH	100,00 %	100,00 %	100,00 %	100,00 %
DINA	100,00 %	100,00 %	100,00 %	100,00 %
DPM	100,00 %	100,00 %	100,00 %	100,00 %
MITRADEX	100,00 %	-	100,00 %	-
SAFRAM FR	100,00 %	-	100,00 %	-
SAFRAM HU	100,00 %	-	100,00 %	-
SAFRAM SA	87,50 %	-	100,00 %	-
SAFRAM SPEDITION	100,00 %	-	100,00 %	-
SAFRAM TRUCKING	100,00 %	-	100,00 %	-
TTS	100,00 %	-	100,00 %	-

III) Information allowing the comparability of accounts

A) Change in scope

1- Acquisition

Acquisition of the companies MITRADEX, SAFRAM SA, SAFRAM France, SAFRAM SPEDITION, SAFRAM TRUCKING, TTS and SAFRAM HUNGARY on 01/13/2022 by FINALTRA at 100 % at a price of €21,154,660.

An additional price of €3,494,842 has not yet been paid. The acquisition costs of these companies are €402,000.

2- Disposal or leaving the consolidation scope

HAMACHER LOGISTIK POLSKA was liquidated during the year.

HOLLY MATERIEL was transferred to HACAS TRANSPORT BV during the financial year.

3- Variation in percentage of ownership

DPM transferred its 20 % of DINA shares to FINALTRA for an amount of €1,961,428. Finaltra therefore owns DPM and DINA 100 %.

B) Significant Accounting Policies change

Non applicable.

IV) Explanations of consolidated balance sheet items

A) Goodwill

1- Description of operations

• DPM

FINALTRA acquired 100 % of the shares of DPM and DINA on December 31,2021, for an amount of €10,897,13 , acquisition costs net of tax included.

The analysis of DPM's identifiable assets and liabilities on the date of entry into the group led to the recognition of the following valuation differences:

Nature	Valuation Difference	Amortization period	Net value at closing
Buildings	2.281.857	30 ans	2.205.795
TOTAL	2.281.857	-	2.205.795

The difference between the acquisition cost of the shares, for an amount of €10,897,134, and the group's share in the identifiable assets and liabilities, for an amount of €1,200,380, corresponds to a difference positive acquisition of €9,695,532.

With an unlimited useful life, this goodwill is not subject to amortization.

* ABC LOGISTIK, WAREHOUSING and INCHARGE

FINALTRA acquired 100 % of the securities of ABC LOGISTIK, WAREHOUSING and INCHARGE on 07/31/2021, for an amount of €6,451,351, acquisition costs net of tax included.

The difference between the acquisition cost of the shares, for an amount of €6,451,351, and the group's share in the identifiable assets and liabilities, in the amount of €(742,332), corresponds to a positive goodwill of €7,193,683.

With an unlimited useful life, this goodwill is not subject to amortization.

A part of this goodwill is identifiable as goodwill for an amount of €1,384,000 amortized over a period of 12 years.

• Groupe SAFRAM

FINALTRA acquired 100 % of the shares of MITRADEX, SAFRAM SA, SAFRAM France, SAFRAM SPEDITION, SAFRAM TRUCKING, TTS and SAFRAM HUNGARY on 01/13/2022, for an amount of €24,947,666, acquisition net of tax included.

The difference between the acquisition cost of the shares, for an amount of €24,947,666, and the group's share in the identifiable assets and liabilities, for an amount of €12,819,134, corresponds to a difference positive acquisition of €12,128,532 euros.

With an unlimited useful life, this goodwill is not subject to amortization.

A part of this goodwill is identifiable as goodwill for an amount of 2,893,000 euros amortized over a period of 6 years.

2- Detail of the goodwill item

	Acquisition date	Goodwill
		Start	Variation	End
AB TRANSPORT	01/07/2017 & 01/10/2020	773.011		773.011
AMATT Senegal	01/01/2019	53.357		53.357
EUROBETA	01/10/2017 & 01/07/2020	1.411.255		1.411.255
HACAS TRANSPORT BV	01/11/2017 & 01/01/2020	1.680.787		1.680.787
HAMACHER LOGISTIK GMBH	31/10/2018 & 01/01/2020	10.508.842		10.508.842
HEPPNER BV	01/11/2017	236.892		236.892
HEPPNER EN FOREZ	01/08/2012	714.346		714.346
ABC LOGISTIK	01/07/2021	5.809.683		5.809.683
DPM	21/12/2021	9.696.754		9.696.754
MITRADEX	13/01/2022		9.235.532	9.235.532
TOTAL		30.884.927	9.235.532	40.120.459

	Goodwill amortization			Net value at closing
	Start	Variation	End
AB TRANSPORT	360.034		360.034	412.977
AMATT Senegal	21.342		21.342	32.015
EUROBETA	143.281		143.281	1.267.974
HACAS TRANSPORT BV	668.305		668.305	1.012.482
HAMACHER LOGISTIK GMBH	1.453.006	788.000	2.241.006	8.267.836
HEPPNER BV	107.166		107.166	129.726
HEPPNER EN FOREZ	714.346		714.346
ABC LOGISTIK				5.809.683
DPM				9.696.754
MITRADEX				9.235.532
TOTAL	3.467.480	788.000	4.255.480	35.864.979

3- Impairment tests

For the purposes of impairment tests, goodwill is allocated to groups of assets determined according to the internal management method and the activity monitoring method. They are assigned to the groups of assets corresponding to the legal entities.

The impairment tests carried out at the end of the financial year conclude that an impairment of 788,000 euros was necessary on the goodwill of HAMACHER LOGISTIK GMBV.

B) Fixed assets

Nature	Opening	Scope variations	Exchange rate changes
Acquired Goodwill	30.059.592	9.235.532
Franchises, patents & similar rights	8.655.897	3.979.702	154.120
Intangible assets under financial leases and similar contracts	1.923.929	2.923.490
Other intangible fixed assets	362.899	865.335	24.587
Advances and deposits on intangible assets	108.502
Intangible assets	41.110.819	17.004.059	178.707
Land	15.521.837
Buildings	91.135.688	7.684.428	-2.970
Industrial fixtures, equPIment and tooling	19.441.056	1.512.276	-5.084
Tangible assets under financial leases and similar contracts	33.503.644	996.443
Other tangible fixed assets	53.884.672	4.768.795	49.656
Fixed assets in progress
Advances and down payments	17.082.950
Tangible assets	230.569.847	14.961.942	41.602
Equity interests		508.051
Equivalent shares	2.648.558
Debts linked to holdings	272.192
Other long-term investments	302.802
Loans	438.261	816.000	15.424
Other financial fixed assets	1.741.679	434.882	16.520
Financial assets	5.403.492	1.758.933	31.944
TOTAL	277.084.158	33.724.934	252.253

Nature	Increases	Reductions	Other movements	Closing
Acquired Goodwill			825.335	40.120.459
Franchises, patents & similar rights	342.737	1.310.973	1.182	11.822.665
Intangible assets under financial leases and similar contracts				4.847.419
Other intangible fixed assets	240.728		-891.010	602.539
Advances and deposits on intangible assets	40.096		-103.502	45.096
Intangible assets	623.561	1.310.973	-167.995	57.438.178
Land		2.171.767	2.805.715	16.155.785
Buildings	6.080.621	7.022.790	13412462	111.287.439
Industrial fixtures, equPIment and tooling	2.201.832	424.882	357.155	23.082.353
Tangible assets under financial leases and similar contracts	4.441.076		2.730.000	41.671.163
Other tangible fixed assets	3.213.188	3.103.712	1.715.423	60.528.022
Fixed assets in progress	4.300			4.300
Advances and down payments	1.573.041		-17.770.405	885.586
Tangible assets	17.514.058	12.723.151	3.250.350	253.614.648
Equity interests			-508.051
Equivalent shares			27.639	2.676.197
Debts linked to holdings	14.441	2.556		284.077
Other long-term investments	26.500.000			26.802.802
Loans	20.192	896.699		393.178
Other financial fixed assets	1.033.656	317.041		2.909.696
Financial assets	27.568.289	1.216.296	-480.412	33.065.950
TOTAL	45.705.908	15.250.420	2.601.943	344.118.776

The "other" category essentially consists of a transfer from item to item of €16,749,000 in advances and installments to land and buildings.

The remaining amount relates to the modification of the gross value of the DPM finance lease contract for an amount of 2,730 thousands euros.

Acquisitions of €26,500,000 of other fixed securities correspond to negotiable debt securities for which the initial capital value of €26,500,000 is guaranteed. These receivables generate an unrealized capital loss of €4,895,000. The term of these investments is between 7 and 10 years, so their maturity dates are scheduled between January 10, 2027 and July 31, 2028.

Financial lease acquisitions for the financial year of €4,441,076 are detailed in paragraph D.

C) Fixed asset depreciation and amortization

Nature	Opening	Scope variations	Exchange rate changes
Acquired Goodwill	3.467.480
Franchises, patents & similar rights	7.197.969	3.854.496
Intangible assets under financial leases and similar contracts	539.178
Other intangible fixed assets	252.078	865.335	24.587
Intangible fixed assets in progress
Advances and deposits on intangible assets	103.502
Intangible assets	11.560.207	4.719.831	24.587
Land	311.214
Buildings	52.877.203	2.672.592	-2.079
Industrial fixtures, equipment and tooling	15.452.238	1.169.932	-1.740
Tangible assets under financial leases and similar contracts	12.652.789	714.648
Other tangible fixed assets	42.126.723	3.592.611	44.157
Tangible assets	123.420.167	8.149.783	40.338
Other long-term investments	39.464
Loans	337.000	543.075	15.424
Financial assets	376.464	543.075	15.424
TOTAL	135.356.838	13.412.689	80.349

Nature	Increases	Reductions	Other movements	Closing
Acquired Goodwill	788.000			4.255.480
Franchises, patents & similar rights	324.809	262.711	154.120	11.268.683
Intangible assets under financial leases and similar contracts	597.500			1.136.678
Other intangible fixed assets	30.810		-891.010	281.800
Intangible fixed assets in progress
Advances and deposits on intangible assets			-103.502
Intangible assets	1.741.119	262.711	-840.392	16.942.641
Land	2011	1.288.215	1.280.132	305.142
Buildings	3.585.320	6.855.344		52.277.692
Industrial fixtures, equipment and tooling	1.808.614	408.187	22.170	18.043.027
Tangible assets under financial leases and similar contracts	4.838.203		2.730.000	20.935.640
Other tangible fixed assets	4.143.035	2.867.383	-386.974	46.652.169
Tangible assets	14.377.183	11.419.129	3.645.328	138.213.670
Other long-term investments				39.464
Loans		895.499
Financial assets		895.499		39.464
TOTAL	16.118.302	12.577.339	2.804.936	155.195.775

The "other" category includes the modification of the value of the previous amortizations of the DPM leasing contract for an amount of €2,730,000.

It also includes the reclassification of an amortization as depreciation at HEPPNER for an amount of 1,280 thousand euros.

Financial lease allocations for the financial year of €4,838,203 are detailed in paragraph D.

D) Finance lease

Tangible and intangible assets taken under finance leases have been recorded as assets in the consolidated balance sheet. These assets are included in the following tables in B) and C).

Entities	Intangible assets	Lands	Constructions	Industrial fixtures, equipment and tooling	Other tangible fixed assets
FINALTRA		615.820	5.803.809
DPM			5.118.750
ABC LOGISTIK				1.515.651	703.200
HACAS				133.130	1.504.675
HEPPNER				5.336.459	12.394.727
HEPPNER EN FOREZ				106.691	812.103
LAMBERTET VALETTE				845.632	1.353.690
HEPPNER STUTTGART CO KG				201.961
VATINEL HEPPNER LOGISTIQUE				153.399
XP France				163.934	2.116.386
AB TRANSPORT					114.300
HAMACHER LOGISTIK GMBH					1.292.187
LOGISTIQUE GLOBALE EUROPENNE					94.886
EUROBETA				49.528
SAFRAM				737.847
SAFRAM SPEDITION				295.714
TTS				206.684
TOTAL		615.820	10.922.559	9.746.630	20.386.154

The financial debts corresponding to the amounts of the commitments remaining due on the contracts are entered in the liabilities of the consolidated balance sheet for €19,695,204.

The restatement of finance leases has a negative impact on the consolidated overall result of €580,735 net of tax.

Table of fixed assets financed by finance leases:

Lands	Opening	Scope variation	Increases / Allowances
Gross value	615.820
Amortization
TOTAL	615.820		-

Lands	Reductions	Other changes	Closing
Gross value			615.820
Amortization
TOTAL			615.820

Buildings	Opening	Scope variation	Increases / Allowances
Gross value	8.192.559
Amortization	2.585.449		631.353
TOTAL	5.607.110		-

Buildings	Reductions	Other changes	Closing
Gross value		2.730.000	10.922.559
Amortization		2.730.000	5.946.802
TOTAL			4.975.757

Industrial fixtures, equipment and tooling	Opening	Scope variation
Gross value	7.432.846	996.443
Amortization	4.569.180	714.649
TOTAL	2.863.666	281.794

Industrial fixtures, equipment and tooling	Increases / Allowances	Reductions	Other changes	Closing
Gross value	1.317.341			9.746.630
Amortization	1.625.142			6.908.971
TOTAL				2.837.659

Other tangible fixed assets	Opening	Scope variation
Gross value	17.262.419
Amortization	5.498.160
TOTAL	11.764.259

Other tangible fixed assets	Increases / Allowances	Reductions	Other changes	Closing
Gross value	3.123.735			20.386.154
Amortization	2.581.707			8.079.867
TOTAL	-			12.306.287

E) Financial assets

1- Non-consolidated investments

Receivables relating to these non-consolidated investments, which are recorded as assets in the consolidated balance sheet, have been reclassified as other long-term investments and amount to €238,807, as in the previous year.

2- Investments in associates

Receivables related to these equity-accounted investments recorded in the assets of the consolidated balance sheet amount to €2,676,197, compared with €2,648,558 in the previous year.

3- Other long-term investments

This item consists of negotiable debt securities for an amount of €26,500,000 euros and various subscriptions deemed not to be significant.

4- Other financial assets

This item consists mainly of deposits and guarantees.

F) Trade and other receivables

Nature	Gross value	Maturity		Depreciation	Net value
		1 year	+ 5 years
Advances and prepayments on orders	40.186	40.186			40.186
Receivables and accounts piecing	155.386.283	150.244.618	5.141.665	5.540.919	149.845.364
Doubtful receivables	2.582.672		2.582.672		2.582.672
Deferred taxes - Assets	1.366.610	1.366.610			1.366.610
Social claims	360.075	360.075			360.075
Tax receivables	22.589.371	22.589.371			22.589.371
Other receivables	6.848.871	6.848.871		2.091	6.846.780
Prepaid expenses	3.026.266	3.026.266			3.026.266
TOTAL	192.200.334	184.475.997	7.724.337	5.543.010	186.657.324

G) Current asset depreciations

Nature	Opening	Scope variation	Exchange rate changes
Raw material inventories	20.515
Customer receivables and accounts piecing	4.370.530	1.773.765	61.751
Other receivables	2.091
TOTAL	4.393.136	1.773.765	61.751

Nature	Allowances	Write-back	Closing
Raw material inventories	3.757		24.272
Customer receivables and accounts piecing	1.167.607	1.832.734	5.540.919
Other receivables			2.091
TOTAL	1.171.364	1.832.734	5.567.282

H) Cash and cash equivalents

Cash and cash equivalents break down as follows:

Nature	31/12/2022	31/12/2021
Investment securities	13.165.593	39.500.000
+ Treasuryshares	103.754.602	95.285.799
- Cash and Cash equivalents	124.019	745.873
Net cash	116.796.176	134.039.926

I) Other assets

1- Prepaid expenses

The amounts recorded as prepaid expenses relate only to usual transactions.

J) Equity attributable to owners of the parent

Heppner Group has share capital of €4,779,857 made up of 66,918 shares with a par value of €71.43 each.

The capital is fully paid up.

Changes in Equity

Nature	Group	Minority interests	TOTAL
NET EQUITY 31/12/2020	115.350.335	41.777	115.392.112
Change in capital of the consolidating entity
NET INCOME 31/12/2021	10.410.187	2.632	10.412.819
Distributions made by the consolidating entity	-2.100.000		-2.100.000
Distributions made by other entities		-2.256	-2.256
Changes in translation differences	-1.075	-57	-1.132
Changes in accounting methods - translation difference	-31.500		-31.500
Changes in accounting methods - financial lease	-276.825		-276.825
Other changes	11.512	-816	10.696
NET EQUITY 31/12/2021	123.362.34	41.280	123.403.914
Change in capital of the consolidating entity	-5.956.891		-5.956.891
NET INCOME 31/12/2022	25.123.527	9.733	25.133.260
Distributions made by the consolidating entity	-2.972.196		-2.972.196
Changes in translation differences	223.274	-492	222.782
Changes in accounting methods - financial lease	18.113		18.113
Exit of perimeter - POLOGNE		-8.276	-8.276
Other changes	-481		-481
Correction of opening accounts	-100.777		-100.777
Correction of error exercise of CB contract	250.964		250.964
NET EQUITY 31/12/2022	139.948.167	42.245	139.990.412

K) Exchange rates

The exchange rates applied in translation are as follows, per 1 euro :

Entity - Country	Currency	Closing price N-1	Closing price N	Average price for the financial year
HAMACHER LOGISTIL POLSKA- Pologne	PLN	4,59690	4,68080	4,68680
AMATT - Sénégal	XOF	655,95700	655,95700	655,95700
MITRADEX & SAFRAM - Suisse	CHF	1,03310	0,98745	1,00457
TTS - Angleterre	GBP	0,84028	0,88725	0,85276
SAFRAM HUNGRY- HONGRIE	HUF	369,19000	422,18000	388,71222

A translation difference resulting from the difference between the historical prices and the closing price was recognized in shareholders' equity :

	31/12/2022		31/12/2021
	Group	Minority shares	Group	Minority shares
HAMACHER LOGISTIL POLSKA - Pologne			-8.004	-421
AMATT - Sénégal	-1
MITRADEX & SAFRAM - Suisse	556.056
TTS - Angleterre	-7.195
SAFRAM HUNGRY - HONGRIE	-14.204
TOTAL	534.656		-8.004	-421

L) Provisions for risks and charges

Nature	Opening	Scope variation	Exchange rate changes
Provisions for litigation	3.065.882	86.046
Provisions for exchange loss	25.250
Provisions for risks	8.414.218	13.205	-11.409
Provisions for liabilities	11.505.350	99.251	-11.409
Provisions for pensions and similar obligations	7.188.241
Provisions for charges	7.188.241
TOTAL	18.693.591	99.251	-11.409
Breakdown of allowances and Write-backs:
Operating result	-	-	-
Financial result	-	-	-
Exeptional result	-	-	-

Nature	Allowances	Write-back	Other movements	Closing
Provisions for litigation	1.189.870	1.777.013	-1.261.166	1.303.619
Provisions for exchange loss	166.280	25.250		166.280
Provisions for risks	4.278.086	3.468.709	1.050.848	10.276.239
Provisions for liabilities	5.634.236	5.270.972	-210.318	11.746.138
Provisions for pensions and similar obligations	68.976	128.131	83.000	7.212.086
Provisions for charges	68.976	128.131	83.000	7.212.086
TOTAL	5.703.212	5.399.103	-127.318	18.958.224
Breakdown of allowances and Write-backs:
Operating result	4.967.662	4.040.493		-
Financial result	166.280	25.250		-
Exeptional result	569.270	1.333.360		-

• Provisions for retirement benefits

The assumptions used to calculate the retirement benefits are as follows:

- Retirement age :	65 years
- Rate of salary change :	2.50 % (versus 1 % last year)
- Discount rate :	2.80 % (versus 0.70 % in 2021)
- Turnover :	entre 1 % et 3 %
- Mortality table :	INSEE 2012-2016
- Retirement initiative :	employees 100 %
- Social security rate :	43 %

M) Income Taxes

1- Tax proof

Tax calculation	31/12/2022	31/12/2021
Consolidated profit and loss after tax	25.133.261	10.412.820
- Result of equity method companies	393.097	314.910
+ Amortization of goodwill	788.000
+ Income tax (a)	10.820.937	3.791.023
Theoretical taxe group	36.349.101	13.888.933
Theoretical tax at the current rate of 25 % (b)	9.087.275	3.680.567
Tax difference (a)-(b)	1.733.662	110.456

Justification of difference	31/12/2022	31/12/2021
Difference between 25,830 % and 25 %	9311	16.596
France rate differences between 30,825 % and 25 %	120	82.467
Foreign rate differences	-210.443	-118.970
Non-deductible expenses and non-taxable income	202.696	412.513
Not taxed deficits for the year	1.209.149	247.488
Use of tax-free carryforward losses	-628.610	-235.343
Company taxed outside the group	-51.004	-4.773
Tax credits	-74.297	-81.225
Social contribution 3.3 %	293.314	-35.640
Other bases	2.570	-172.658
Transfer POLAND	36.175
Revaluation not initially taxed	300.828
Correction of defferred tax on consolidated entry	144.933
Amortization of commercial funds	149.375
Tax discrepancies from previous years	349.544
Tax difference (a) - (b)	1.733.662	110.455

1- Deferred tax assets and liabilities

Nature	31/12/2022	31/12/2021
Securities acquisition costs	433.696
Amortization goodwill	694.016
Provisions for retirement commitments	25.278	20.406
Finance leases	173.892	669.240
Timing differences	4.080.827
Deferred tax assets	5.407.709	689.646
Valuation differences	2.257.964	567.128
Regulated provisions	1.358.632	29.916
Finance leases	2.123.937	6.409
Deferred tax liabilities	5.740.533	603.453
Balance of deferred taxes (Assets - Liabilities)	-332.824	86.193
After netting by fiscal entity:
Deferred tax assets	1.366.610	689.646
Provisions for deferred tax liabilities	1.699.434	603.453

N) Borrowings and debt

Loans maturity	Amount	1 year	1 to 5 years	+ 5 years
Loans and debts from credit institutions	53.099.628	7.597.744	27.883.098	17.618.786
Bank overdrafts	124.022	124.022
Real estate leasing loans	4.032.185	592.426	1.379.792	2.059.967
Equipment leasing loans	15.663.017	4.098.229	10.201.415	1.363.372
Other borrowings and financial debts	16.835.284	16.835.284
Trade payables and related accounts	144.794.392	144.794.392
Social and tax debts	67.113.108	67.113.108
Debts on fixed assets and accounts piecing	4.864.429	4.864.429
Deferred tax liabilities	1.699.434	1.699.434
Other debts	25.631.184	25.631.184
TOTAL	333.856.683	273.350.252	39.464.305	21.042.126

The change in borrowings is explained as follows:

Nature	Opening	Scope variation	Exchange rate changes
Debts / loans granted by credit institutions	59.776.858
Cash credit	745.873	1.754	105
Loan on leasing (real estate)	3.741.184
Loan on leasing (equipment)	15.023.257	335.803
Other financial loans and debts	13.114.335	1.400	38.592
TOTAL	92.401.507	338.957	38.697

Nature	Increases	Reductions	Other changes	Closing
Debts / loans granted by credit institutions	5.000.000	11.717.230	40.000	53.099.628
Cash credit	23.210	773.332	126.412	124.022
Loan on leasing (real estate)		806.231	1.097.232	4.032.185
Loan on leasing (equipment)	4.441.075	4.157.423	20.305	15.663.017
Other financial loans and debts	8.253.050	4.479.199	-92.894	16.835.284
TOTAL	17.717.335	21.933.415	1.191.055	89.754.136

All of the Group's borrowings and financial liabilities are denominated in euros and bear interest at fixed rates.

O) Off-balance sheet commitments

1- Commitments given and received

Nature	Given commitments	Received commitments
Promise of granted mortgage	48.773.594
Customs deposit		7.792.924
Other deposits		2.762.364
TOTAL	48.773.594	10.555.288

1- Secured debt

Customs bonds represent a maximum guarantee given to Customs by the Group's financial institutions. Debts to the customs authorities are recorded in the accounts.

V) Notes to the income statement

A) Revenue

Nature	31/12/2022		31/12/2021
	CA	En %	CA	En %
Logistics	13.687.870	1,33 %	12.697.466	1,5 %
Courier France	271.625.555	26,40 %	253.547.115	30,5 %
Charter France	155.940.127	15,15 %	144.148.986	17,3 %
International land	202.325.768	19,66 %	181.880.779	21,8 %
Overseas	120.808.331	11,74 %	100.758.463	12,1 %
Foreign subsidiaries	161.954.438	15,74 %	139.457.154	16,8 %
SAFRAM	102.685.005	9,98 %
TOTAL	1.029.027.095	100 %	832.489.963	100 %

B) Operating income

Nature	31/12/2022	31/12/2021
Operating grants	86.487	48.590
Write-back of fixed asset depreciation	1.745.448	2.078.532
Write-back of current asset depreciation	1.832.734	1.621.518
Write-back of provisions for risks and charges	2.324.086	1.181.647
Others products	2.650.943	463.351
TOTAL	8.639.698	5.393.638

C) Other expenses

Nature	31/12/2022	31/12/2021
Subcontracting purchases	25.058.716	11.600.534
Fuel and Pallets Purchases	15.804.864	10.823.854
General subcontracting	649.753.967	546.303.625
Rentals	31.968.414	21.693.424
Maintenance and repairs	15.214.711	10.975.482
Insurance premium	4.658.298	3.654.515
Transportation disputes	4.017.329	4.624.054
External staff	20.558.392	20.110.589
Remuneration of intermediaries and fees	18.080.524	11.637.068
Advertising, publications, public relations	906.997	482.101
Travel, missions and receptions	4.729.726	3.330.398
Postage and telecommunications costs	2.426.736	1.937.679
TOTAL	793.178.673	647.173.323

D) Fees paid to statutory auditors

The total amount of fees paid to statutory auditors included in the consolidated income statement for the year was €528,712 including €108,166 for SAFRAM group; compared to €309,128 for the previous year.

E) Personnel costs and headcount

1- Personnel costs

Nature	31/12/2022	31/12/2021
Salaries	131.887.166	97.772.614
Social charges	53.755.665	48.107.573
Employee participation	3.751.710	1.998.528
TOTAL	189.394.541	147.878.715

2- Headcount

Nature	31/12/2022	31/12/2021
France	2.567	2.307
Foreign countries	764	564
TOTAL	3.331	2.870

F) Financial income and expenses

	31/12/2022		31/12/2021
Nature	Income	Expenses	Income	Expenses
Interest on bank loans		486.813
Interest on leasing debts		749.090		704.751
Current account interest		595.296
Discounts	372	7.493
Exchange gains and losses	2.271.286	2.913.913	129.984	382.923
Income from disposals of Investment securities	342.241		425.279
Amortization, depreciation, provisions	25.250	166.280	31.992	25.250
Loss on investment in affiliates		1.273
Profit on non-group shares	155.284
Trade receivables income	9315
Other financial income and expenses	127.252	5.460	111.020	600.020
TOTAL	2.931.000	4.925.618	698.275	1.712.944

G) Non-recurring income and expenses

Nature	31/12/2022		31/12/2021
	Income	Expenses	Income	Expenses
Proceeds from disposal of assets	18.951.823		287.394
Book value of assets sold		3.657.624		112.543
Penalties and fines		91.718		45.307
Amortization, depreciation, provisions ⁽¹⁾	2.808.841	925.710	1.319.685	2.742.012
Returns on amortized receivables	24.446		24.371
RECKERS correction	34.503
Other exceptional income and expenses ⁽²⁾	24.774	1.914.533	187.659	1.020.860
TOTAL	21.844.387	6.589.585	1.819.109	3.920.722

⁽¹⁾ Non-recurring income of €2,808,841 includes:

―	€356,440 of Hamacher DE provision reversal
―	€1,115,992 of Shiptify Heppner provision reversal
―	€1,000,000 of DGCCRF Heppner provision reversal
―	€303,360 of Lieusaint Heppner provision for employee litigation

⁽¹⁾ Non-recurring expenses of €925,710 includes:

―	€291,000 of Finaltra tax inspection provision
―	€234,000 of Weil am Rhein closure provision
―	€356,440 of Hamacher DE provision
―	€31,360 of Lieusaint provision for employee litigation

⁽²⁾ Other non-recurring expenses consist mainly of DGCCRF Heppner provision reversal (€1,000,000), of Lieusaint Heppner employee litigation provision (€303,360); and Lieusaint and Lezennes disposal costs (€497,368)

VI) Other information

A) Subsequent events

Non applicable.

B) Related party transactions

Transactions that may be entered into with related parties are either deemed immaterial or considered to be entered into under normal market conditions.

C) Executive compensation

To avoid disclosure of confidential information, this section will not be served.

NIEDERSCHRIFT über die Gesellschafterversammlung vom 12.07.2023 der ABC-Logistik GmbH mit Sitz in Düsseldorf, Amtsgericht Düsseldorf, HRB 34211	PROCÈS-VERBAL de l'Assemblée Générale des Associés du 12.07.2023 de ABC-Logistik GmbH ayant son siège social à Düsseldorf, Tribunal d'instance de Düsseldorf, HRB 34211
Anwesend war:	Était présent :
Herr Jean-Thomas Schmitt, geb. am 16.02.1983, wohnhaft, 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,	M. Jean-Thomas Schmitt, né le 16.02.1983, domicilié 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,
hierbei handelnd als	ce faisant, agissant en tant que
alleinvertretungsberechtigter gesetzlicher Vertreter (Président) der FINALTRA Financière Alsacienne de Transport S.A.S., mit Sitz in F-93110 Rosny sous Bois, 14 rue de Lisbonne, eingetragen im Registergericht von Bobigny/Frankreich (Registre du Commerce et des Sociétés de Bobigny) unter 548 500 669 R.C.S. BOBIGNY.	représentant légal unique (Président) de FINALTRA Financière Alsacienne de Transport S.A.S., ayant son siège social à F-93110 Rosny sous Bois, 14 rue de Lisbonne, inscrite au Registre du Commerce et des Sociétés de Bobigny/France sous le numéro 548.500.669 R.C.S. BOBIGNY
Die FINALTRA Financière Alsacienne de Transport S.A.S. hält als alleinige Gesellschafterin das gesamte Stammkapital der ABC-Logistik GmbH in Höhe von 100.000,00 EUR. Das gesamte Stammkapital ist somit vertreten.	FINALTRA Financière Alsacienne de Transport S.A.S. détient, en tant qu'associé unique, la totalité du capital social de ABC-Logistik GmbH pour un montant de 100.000,00 EUR. L'ensemble du capital social est ainsi représenté.
Unter Verzicht auf alle gesetzlichen und satzungsmäßigen Form- und Fristvorschriften der Einberufung hält Herr Jean-Thomas Schmitt eine außerordentliche Gesellschafterversammlung ab und beschließt:	M. Jean-Thomas Schmitt tient une assemble générale extraordinaire des associés et adopte des résolutions, en renonçant à toutes les exigences légales et statutaires concernant la forme et le délai de convocation de l'assemblée :
• ABC-Logistik GmbH macht für das Geschäftsjahr 2022 Gebrauch von den Erleichterungen nach § 264 Abs. 3 HGB hinsichtlich der Offenlegung und der Erstellung eines Anhangs sowie des Lageberichts, (sofern ein solcher aufzustellen gewesen wäre). ABC-Logistik GmbH wird in den Konzernabschluss der FINALTRA Financière Alsacienne de Transport S.A.S. einbezogen. Der Inanspruchnahme der Erleichterung wird zugestimmt.	• ABC-Logistik GmbH fait usage pour l'exercice 2022 de l'allègement prévu par le § 264 al. 3 du HGB concernant la publication et l'établissement d'une annexe ainsi que d'un rapport de situation (dans la mesure où un tel rapport aurait dû être établi). ABC-Logistik GmbH sera intégrée dans les comptes consolidés de FINALTRA Financière Alsacienne de Transport S.A.S.. L'utilisation de l'allègement est approuvée.
Hiermit ist die Gesellschafterversammlung beendet.	Sur ce, l'assemblée des associés est close.
Dieses Dokument wurde auf Deutsch und Französisch errichtet. Im Fall von Abweichungen ist allein die deutsche Fassung maßgeblich.	Ce document est établi en version allemande et française. En cas de divergences, seule la version allemand est valable.

Rosny sous Bois, den 12.07.2023

FINALTRA Financière Alsacienne de Transport S.A.S.

vertr. Durch/ Représentée par Herrn Jean-Thomas Schmitt

NIEDERSCHRIFT über die Gesellschafterversammlung vom 12.07.2023 der Hamacher Logistik GmbH mit Sitz in Gronau, Amtsgericht Coesfeld, HRB 5894	PROCÈS-VERBAL de l'Assemblée Générale des Associés du 12.07.2023 de Hamacher Logistik GmbH ayant son siège social à Gronau, Tribunal d'instance de Coesfeld, HRB 5894
Anwesend war:	Était présent :
Herr Jean-Thomas Schmitt, geb. am 16.02.1983, wohnhaft, 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,	M. Jean-Thomas Schmitt, né le 16.02.1983, domicilié 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,
hierbei handelnd als	ce faisant, agissant en tant que
alleinvertretungsberechtigter gesetzlicher Vertreter (Président) der FINALTRA Financière Alsacienne de Transport S.A.S., mit Sitz in F-93110 Rosny sous Bois, 14 rue de Lisbonne, eingetragen im Registergericht von Bobigny/Frankreich (Registre du Commerce et des Sociétés de Bobigny) unter 548 500 669 R.C.S. BOBIGNY.	représentant légal unique (Président) de FINALTRA Financière Alsacienne de Transport S.A.S., ayant son siège social à F-931100 Rosny sous Bois, 14 rue de Lisbonne, inscrite au Registre du Commerce et des Sociétés de Bobigny/France sous le numéro 548.500.669 R.C.S. BOBIGNY
Die FINALTRA Financière Alsacienne de Transport S.A.S. hält als alleinige Gesellschafterin das gesamte Stammkapital der Hamacher Logistik GmbH in Höhe von 100.000,00 DM. Das gesamte Stammkapital ist somit vertreten.	FINALTRA Financière Alsacienne de Transport S.A.S. détient, en tant qu'associé unique, la totalité du capital social de Harnacher Logistik GmbH pour un montant de 100 000,00 DM. L'ensemble du capital social est ainsi représenté.
Unter Verzicht auf alle gesetzlichen und satzungsmäßigen Form- und Fristvorschriften der Einberufung hält Herr Jean-Thomas Schmitt eine außerordentliche Gesellschafterversammlung ab und beschließt:	M. Jean-Thomas Schmitt tient une assemble générale extraordinaire des associés et adopte des résolutions, en renonçant à toutes les exigences légales et statutaires concernant la forme et le délai de convocation de l'assemblée :
• Hamacher Logistik GmbH macht für das Geschäftsjahr 2022 Gebrauch von den Erleichterungen nach § 264 Abs. 3 HGB hinsichtlich der Offenlegung und der Erstellung eines Anhangs sowie des Lageberichts, (sofern ein solcher aufzustellen gewesen wäre). Hamacher Logistik GmbH wird in den Konzernabschluss der FiNALTRA Financière Alsacienne de Transport S.A.S. einbezogen. Der Inanspruchnahme der Erleichterung wird zugestimmt.	• Hamacher Logistik GmbH fait usage pour l'exercice 2022 de l'allègement prévu par Ie § 264 al. 3 du HGB concernant la publication et l'établissement d'une annexe ainsi que d'un rapport de situation (dans la mesure où un tel rapport aurait dû être établi). Harnacher Logistik GmbH sera intégrée dans les comptes consolidés de FINALTRA Financière Alsacienne de Transport S.A.S.. L'utilisation de l'allègement est approuvée.
Hiermit ist die Gesellschafterversammlung beendet.	Sur ce, l'assemblée des associés est close.
Dieses Dokument wurde auf Deutsch und Französisch errichtet. Im Fall von Abweichungen ist allein die deutsche Fassung maßgeblich.	Ce document est établi en version allemande et française. En cas de divergences, seule la version allemand est valable.

Rosny sous Bois, den 12.07.2023

FINALTRA Financière Alsacienne de Transport S.A.S.

vertr. Durch/ Représentée par

Herrn Jean-Thomas Schmitt

NIEDERSCHRIFT	PROCÈS-VERBAL
über die Gesellschafterversammlung vom 12.07.2023	de l'assemblée des associés du 12.07.2023
der	de
Heppner Internationale Spedition GmbH & Co. KG mit Sitz in Kornwestheim,	Heppner Internationale Spedition GmbH & Co. KG ayant son siège social à Kornwestheim,
Amtsgericht Stuttgart, HRA 201474	Tribunal d'instance de Stuttgart, HRB 201474
Anwesend war:	Était présent :
Herr Jean-Thomas Schmitt, geb. am 16.02.1983, wohnhaft, 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,	M. Jean-Thomas Schmitt, né le 16.02.1983, domicilié 5 rue Théophile Gautier, F-92200 Neuilly sur Seine,
hierbei handelnd als	ce faisant, agissant en tant que
einzelvertretungsberechtigter gesetzlicher Vertreter der Heppner Internationale Spedition GmbH, eingetragen im Handelsregister des Amtsgerichts Stuttgart unter HRB 202569, sowie als	représentant légal de Heppner Internationale Spedition GmbH, inscrite au registre du commerce de tribunal d'instance de Stuttgart, HRB 202569, tant que
alleinvertretungsberechtigter gesetzlicher Vertreter (Président) der FINALTRA Financière Alsacienne de Transport S.A.S., mit Sitz in F-93110 Rosny sous Bois, 14 rue de Lisbonne, eingetragen im Registergericht von Bobigny/Frankreich (Registre du Commerce et des Sociétés de Bobigny) unter 548 500 669 R.C.S. BOBIGNY	représentant légal unique (Président) de FINALTRA Financière Alsacienne de Transport S.A.S., ayant son siège social à F-93110 Rosny sous Bois, 14 rue de Lisbonne, inscrite au Registre du Commerce et des Sociétés de Bobigny/France sous le numéro 548 500 669 R.C.S. BOBIGNY
Die Heppner internationale Spedition GmbH ist Komplementärin der Heppner Internationale Spedition GmbH & Co. KG.	La société Heppner Internationale Spedition GmbH est le commandité de Heppner Internationale Spedition GmbH & Co. KG.
Die FINALTRA Financière Alsacienne de Transport S.A.S. hält als alleinige Kommanditistin sämtliche Kommanditanteile der Heppner Internationale Spedition GmbH & Co. KG.	La société FINALTRA Financière Alsacienne de Transport S.A.S. est l'associé commanditaire unique de Heppner Internationale Spedition GmbH & Co. KG.
Unter Verzicht auf alle gesetzlichen und satzungsmaßigen Form- und Fristvorschriften der Einberufung halt Herr Jean-Thomas Schmitt eine Gesellschafterversammlung ab und beschließt:	M. Jean-Thomas Schmitt tient une assemble des associés et adopte des résolutions, en renonçant à toutes les exigences légales et statutaires concernant la forme et le délai de convocation de l'assemblée
• Heppner Internationale Spedition GmbH & Co. KG macht für das Geschäftsjahr 2022 Gebrauch von den Erleichterungen nach § 264b HGB hinsichtlich der Offenlegung des Jahresabschlusses und der Erstellung eines Anhangs sowie des Lageberichts. Heppner Internationale Spedition GmbH & Co. KG wird in den Konzernabschluss der FINALTRA Financière Alsacienne de Transport S.A.S. einbezogen. Der Inanspruchnahme der Erleichterung wird zugestimmt.	• Heppner Internationale Spedition GmbH & Co. KG fait usage pour l'exercice 2022 des allègements prévus par le § 264b du code de commerce allemand concernant du bilan annuel et l'établissement d'une annexe ainsi que du rapport sur la situation économique Heppner Internationale Spedition GmbH & Co. KG est intégrée dans les comptes consolidés de FINALTRA Financière Alsacienne de Transport S.A.S.. Le recours à l'allègement est approuvé.
Hiermit ist die Gesellschafterversammlung beendet.	Sur ce, l'assemblée des associés est close.
Dieses Dokument wurde auf Deutsch und Französisch errichtet. Im Fall von Abweichungen ist allein die deutsche Fassung maßgeblich.	Ce document est établi en version allemande et française. En cas de divergences, seule la version allemand est valable.

Rosny sous Bois, den 12.07.2023

FINALTRA Financière Alsacienne de Transport S.A.S.

vertr. durch/ représenté par

Herrn Jean-Thomas Schmitt

Heppner Internationale Spedition GmbH

vertr. durch/ représenté par

Herrn Jean-Thomas Schmitt

COMFORT LETTER

THIS COMFORT LETTER is made this 24th day of April 2023.

BY

FINALTRA - Financière Alsacienne de Transport., a joint stock company organized and existing under the laws of France, with its registered office at Rosny sous Bois (93110), 14 rue de Lisbonne, France, registered under the number 548 500 669, represented by Mr. Jean-Thomas SCHMITT, duly authorised in his capacity of President (hereinafter "FINALTRA").

WHEREAS

a) HAMACHER LOGISTIK GmbH, is a limited partnership with shares organized and existing under the laws of Germany, with its registered office at Gronau (48599), Marie-Curie Strasse 3, Germany, registered under the number HRB 5894 (hereinafter the "Subsidiary"),

b) The Subsidiary is a 100 % subsidiary of FINALTRA,

c) The Subsidiary is currently undergoing temporary financial difficulties,

d) FINALTRA is committed to providing financial support to the Subsidiary and make sure it can meet its financial obligations.

NOW IN CONSIDERATION OF THE ABOVE FINALTRA HEREBY COVENANTS as follows:

1. FINALTRA represents that

(i)	It has the full power and necessary capacity for the present purposes and can validly grant this Comfort Letter,
(ii)	This Comfort Letter, duly executed, shall constitute a valid obligation of FINALTRA and does not violate its by-laws or any other law, statute, regulation, or agreement to which FINALTRA is a party,
(iii)	any necessary authorizations required for the execution or the performance of this Comfort Letter by FINALTRA have been obtained.
(iv)	FINALTRA is not in a state of insolvency and has not, since its incorporation, been the subject of an order or petition regarding any bankruptcy proceeding or other similar bankruptcy procedures,

2. FINALTRA is committed, pursuant to article 2288 and seq. of the French Code Civil, to providing unlimited financial support to the Subsidiary.

3. The commitment of FINALTRA hereunder shall enter into force on the date of execution of the present Letter and continue in full force and effect until December 31st, 2024.

4. This Comfort Letter shall be governed by and construed in accordance with French law and FINALTRA hereby irrevocably submits to the jurisdiction of the Tribunal de Commerce of Paris, France.

Executed in one original on 24 April 2023.

FINALTRA SAS

Represented by: Jean-Thomas SCHMITT, President

COMFORT LETTER

THIS COMFORT LETTER is made this 24th day of April 2023.

BY

FINALTRA - Financière Alsacienne de Transport., a joint stock company organized and existing under the laws of France, with its registered office at Rosny sous Bois (93110), 14 rue de Lisbonne, France, registered under the number 548.500.669, represented by Mr. Jean- Thomas SCHMITT, duly authorised in his capacity of President (hereinafter "FINALTRA").

WHEREAS

a) ABC LOGISTIK GmbH, is a limited partnership with shares organized and existing under the laws of Germany, with its registered office at Dusseldorf (40221), Cuxhavener Strasse 2-4, Germany, registered under the number HRB 34211 (hereinafter the "Subsidiary"),

b) The Subsidiary is a 100 % subsidiary of FINALTRA,

c) The Subsidiary is currently undergoing temporary financial difficulties,

d) FINALTRA is committed to providing financial support to the Subsidiary and make sure it can meet its financial obligations.

NOW IN CONSIDERATION OF THE ABOVE FINALTRA HEREBY COVENANTS as follows:

1. FINALTRA represents that

(i)	It has the full power and necessary capacity for the present purposes and can validly grant this Comfort Letter,
(ii)	This Comfort Letter, duly executed, shall constitute a valid obligation of FINALTRA and does not violate its by-laws or any other law, statute, regulation, or agreement to which FINALTRA is a party,
(iii)	any necessary authorizations required for the execution or the performance of this Comfort Letter by FINALTRA have been obtained,
(iv)	FINALTRA is not in a state of insolvency and has not, since its incorporation, been the subject of an order or petition regarding any bankruptcy proceeding or other similar bankruptcy procedures,

2. FINALTRA is committed, pursuant to article 2288 and seq. of the French Code Civil, to providing unlimited financial support to the Subsidiary.

3. The commitment of FINALTRA hereunder shall enter into force on the date of execution of the present Letter and continue in full force and effect until December 31st, 2024.

4. This Comfort Letter supersedes the previous Comfort Letter dated 29 November 2022.

5. This Comfort Letter shall be governed by and construed in accordance with French law and FINALTRA hereby irrevocably submits to the jurisdiction of the Tribunal de Commerce of Paris, France.

Executed in one original on 24 April 2023.

FINALTRA SAS

Represented by: Jean-Thomas SCHMITT, President

Management report for the year ended December 31, 2022

Dear Partners,

We have convened an Annual Ordinary General Meeting in accordance with the Articles of Association and Article L. 227-9 of the French Commercial Code to report to you on the Company's activity during the financial year ended December 31, 2022, the results of this activity and the future prospects, and to submit the balance sheet and the annual financial statements for your approval. These accounts are attached to this report.

We would like to remind you that the invitations to this meeting have been regularly sent to you as well as all the documents provided for in the articles of association.

A. STATUTORY ACCOUNTS

1. SITUATION AND ACTIVITY OF THE COMPANY

2022 revenue amounted to €30,621 thousand, up 9.9 % compared to 2021. for a net profit of €2,051 thousand. These items take into account the increase in management fees charged to the group's operating companies.

2. EVENTS SINCE THE END OF THE YEAR

None.

3. FORESEEABLE CHANGES IN THE COMPANY'S SITUATION AND FUTURE PROSPECTS

The financial statements have been prepared on a going concern basis. The continuation of the operation is not called into question.

4. RESEARCH AND DEVELOPMENT ACTIVITY

With regard to Article L. 232-1 of the French Commercial Code, we inform you that the Company has not initiated a research and development policy during the past financial year.

5. SUBSIDIARIES AND HOLDINGS

Subsidiaries

Companies	Turnover	Net income
NORTH AFRICA LOGISTICS SAS	0	€-(l 483)
FINALTRA OVERSEAS SASU	0	€-(1,369)
XP France SAS	€2,991,333	€ 1,229,273
LAMBERT & VALETTE SAS	€ 85,958,557	€ 3,084,189
HEPPNER SOCIÉTÉ DE TRANSPORTS SAS	€ 716,739,448	€ 11,710,806
HEPPNER EN FOREZ SASU	€ 11,605,757	€ 269,844
LGE SAS	€ 12,581.191	€ 878,465
VHL SAS	€ 4,264,307	€ 125.493
ELC SAS	0	€ 38,974
SCI TRANS SUD	0	€ 9,894,212
SCI FONCITRANS	€ 421,754	€ 420.667
SCI LA CAPELLAUBINOISE	0	€ - 854
SCI JOFINAL	€ 139,934	€ 3,373,462
HEPPNER INTERNATIONALE SPEDIT1ON GMBH	€ 41,629,753	€ -204,014
HEPPNER INTERNATIONALE SPEDITION GMBH & CO KG	€ 156,684	€ 97,645
HEPPNER SPEDITIONGESELLSCHAFT GMBH & CO KG	0	€ 9,924
AB TRANSPORT + SERVICE GMBH	€3,527,615	€ -424,295
HAMACHER LOGISTIK GMBH	€ 53,621,586	€ 1,698,719
WELIVER LOGISTIK GMBH	No info because not consolidated
HAMACHER LOGISTIKS BV	€ 2,724,891	€- 158.814
PMS LOGISTIK GMBH	€ 766,621	€ 134,185
HAMACHER LOGISTIK POLSKA	Company sold on May 19, 2022
EUROBETA INTERNATIONAL SL	€ 15,131,546	€ 568,813
HEPPNER SENEGAL SUARL	€ 784,253	€ 464,140
HEPPNER NETHERLANDS BV	0	€- 59,596
HOLLY MATERIEL BV	Company merged with HACAS TRANSPORTS
HACAS TRANSPORTS	€ 17,749,809	€ 347,163
DPM	€ 324,000	€-204.509
DINA	€ 10,079,709	€- 398.961
ABC-LOGISTIK GMBH	€ 22,217,015	€ -1,701,196
INCHARGE	€ 870,789	€9.550
ABC WAREHOUSING	€ 5,668,354	€ 506,432
SAFRAM HUNGARY	0	€ 5,575
SAFRAM SA	€ 74,364,656	€- 1,542,108
SAFRAM FRANCE SAS	€ 36,769,948	€ 595,822
TTS LOGISTICS Ltd	0	€ 38,025
SAFRAM SPEDITION	0	€58,085
MITRADEX SA	€ 3,371,012	€ 1,289,517
SAFRAM TRUCKING SAS	€ 663,740	€ -238,870

During the past year, our Company acquired control of the following companies:

―

MITRADEX (100 %), which itself owns the following companies:

•	SAFRAM France SAS (France - 100 %)
•	SAFRAM TRUCKING SAS (France - 100 %)
•	SAFRAM SA (Switzerland - 100 %) owning SAFRAM SPEDITION (Germany - 100 %)
•	TTS LOGISTICS (England - 100 %)
•	SAFRAM HUNGARY (Hungary - 100 %)

Stakes

During the past year, our Company has sold direct control of the following companies:

•	DINA: sale of 100 % of the shares held to DPM

6. INFORMATION ON PAYMENT TERMS

Information on the payment terms of our suppliers and customers is required by the provisions of the French Commercial Code. We present to you the invoices received and issued that have not been paid at the end of the financial year and whose term has expired, in the tables in the appendix, which have been drawn up in accordance with the models set out in the French decree of 20 March 2017.

7. PRESENTATION OF ECONOMIC AND FINANCIAL RESULTS

• Turnover

For the financial year ended December 31, 2022, we would like to inform you that the past financial year resulted in a turnover of 30,621,297 euros.

• Operating income

Total operating income for the past year amounted to 34,274,042 euros.

The total amount of operating expenses for the past financial year amounted to 34,532,893 euros.

As a result, the operating result for the past year amounted to -258,851 euros.

We would like to inform you that the average number of employees of the company during the past financial year was 9 employees.

The total amount of salaries and wages for the past financial year amounted to 2,417,759 euros.

The amount of social security contributions for the past financial year amounted to 1,034,591 euros.

• Financial result

The total amount of financial income for the past year amounted to 5,959,766 euros.

The total amount of financial expenses for the past financial year amounted to 2,453,902 euros.

As a result, the financial result for the past financial year amounts to 3,505,864 euros.

• Current income before tax

Current profit before tax for the past financial year thus amounted to 3,247,014 euros.

• Non-operating result

The total amount of exceptional income for the past year amounted to 1,991,226 euros.

The total amount of exceptional expenses for the past financial year amounted to 3,354,919 euros.

As a result, the non-operating result for the past financial year amounts to -1,363,693 euros.

• Corporate income tax

The corporate income tax for the past financial year thus amounted to -168,158 euros.

• Net income

Thus, the net result for the year ended with a profit of 2,051,479 euros.

• Balance sheet

As of December 31, 2022, the company's balance sheet total amounted to 226,764,485 euros.

8. PRESENTATION OF THE ANNUAL FINANCIAL STATEMENTS

The financial statements for the year ended December 31, 2022, have been prepared in accordance with the rules of presentation and valuation methods provided for by the regulations in force.

9. INCOME APPROPRIATION

We propose to allocate the profit for the year amounting to € 2.051,479 euros as follows:

• Origin

Profit for the year: € 2,051,479.

• Affectation

•	Carried forward again: € 579,283.
•	Dividends: € 1,472,196.

• Post-Allocation Appropriation

This allocation will bring the amount of shareholders' equity to 57,786,648 euros.

• Amount - Interim dividend payment - French Tax treatment of dividends

The unit dividend is therefore 22 euros.

It is recalled that under the terms of a decision of the CEO dated November 22, 2022, an advance payment of 1,472,196 euros has already been made.

As this interim dividend is equal to the amount of the overall dividend, no new payments are required.

We would like to inform you that dividends and similar distributions received by natural persons since 1 January 2018 are subject to a flat-rate non-dischargeable withholding tax at the rate of 12.8 % as an interim payment and social security contributions of 17.2 % in the year in which they are paid, with some exceptions. These sums shall be declared and paid by the paying institution no later than the 15th day of the month following the month in which the dividends are paid.

Natural persons belonging to a tax household whose reference tax income for the penultimate year is less than 50,000 euros (single, divorced or widowed taxpayers) or €75,000 (taxpayers subject to joint taxation) may apply to be exempted from the non-discharging flat-rate levy. The exemption must be requested in the form of a sworn statement from the paying institution no later than 30 November of the year preceding the year of payment.

The following year, dividends are declared with all income and are subject to income tax: either to the single flat-rate levy (PFU) of 12.8 %, for individuals who have an interest in them and, on option, to the progressive scale after application, if applicable, of a 40 % allowance. The sums paid by way of the non-discharging flat-rate levy are deducted, as the case may be, from the PFU or the tax calculated on the progressive scale.

The PFU applies automatically in the absence of an option for the progressive income tax scale.

10. REMINDER OF DIVIDENDS DISTRIBUTED

Exercise	Amount of the dividend eligible for 40 % reduction
N-1	€ 1,500,000
N-2	€2,100,000
N-3	€0

11. NON-TAX-DEDUCTIBLE EXPENSES

It is specified that the accounts for the past financial year show expenses that are not deductible from the tax result, so-called "sumptuary" expenses, as referred to in Article 39.4 of the French Tax Code.

It will therefore be proposed to the shareholders, in accordance with Article 223c of the French Tax Code, to establish the existence of expenses and charges referred to in Article 39.4 of that code in the amount of 40,810 euros, it being specified that the corresponding tax amounts to 10,203 euros.

12. REGULATED AGREEMENTS

We will now read to you the general report of your statutory auditor and his special report on the agreements referred to in Articles L. 227-10 et seq. of the French Commercial Code.

13. NON-RENEWAL OF THE STATUTORY AUDITOR'S TERM OF OFFICE

The term of office of CABINET GROSS-HUGEL, titular co-statutory auditor, has expired. We suggest that you do not renew it.

14. APPOINTMENT OF STATUTORY AUDITORS

We propose that you appoint PWC as statutory auditor for a period of 6 years, i.e., until the end of the meeting that will approve the financial statements for the year ended December 31, 2028.

15. NO-RENEWAL OF THE TERM OF OFFICE OF THE ALTERNATE EXTERNAL AUDITOR

The term of office of Frédéric LUGNIER, Deputy Statutory Auditor, has expired. We suggest that you do not renew it.

16. EXPIRY OF JEAN-THOMAS SCHMITT'S TERM OF OFFICE AS A MEMBER OF THE BOARD OF DIRECTORS

Jean-Thomas Schmitt's term of office as a member of the Board of Management expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31, 2023.

17. TERM OF OFFICE OF ALAIN DE GALBERT AS A MEMBER OF THE BOARD OF MANAGEMENT EXPIRES

Alain de GALBERT's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31, 2023.

18. EXPIRY OF VINCENT REMLINGER'S TERM OF OFFICE AS A MEMBER OF THE BOARD OF DIRECTORS

Vincent REMLLINGER's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31,2023.

19. EXPIRY OF STEPHANE COHEN'S TERM OF OFFICE AS A MEMBER OF THE MANAGEMENT BOARD

The Shareholders' Meeting, after noting that Stéphane COHEN's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31,2023.

20. EXPIRY OF BENOIT KUHN'S TERM OF OFFICE AS A MEMBER OF THE BOARD OF DIRECTORS

The Shareholders' Meeting, after noting that Benoit KUHN's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31.2023.

21. EXPIRY OF CHRISTOPHE SCHMITT'S TERM OF OFFICE AS A MEMBER OF THE MANAGEMENT BOARD

The Shareholders' Meeting, after noting that Christophe Schmitt's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31, 2023.

22. EXPIRY OF LAURENT CHAILLEY'S TERM OF OFFICE AS A MEMBER OF THE BOARD OF MANAGEMENT

The Shareholders' Meeting, after noting that Laurent Chaley's term of office as a member of the Management Board expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31,2023.

23. EXPIRY OF THE TERM OF OFFICE OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT OF MR. JEAN-THOMAS SCHMITT

The Shareholders' Meeting, after noting that the term of office of Mr. Jean-Thomas Schmitt as Chairman of the Board of Directors expires at the end of this Shareholders' Meeting. We propose that you renew the said mandate for the duration of his term as a member of the Management Board, i.e., for a period of one year, i.e., until the end of the Shareholders' Meeting called to approve the financial statements for the year ended December 31, 2023.

B. CONSOLIDATED ACCOUNTS

1. GROUP ACTIVITY IN THE YEAR ENDED

Net sales amount to M€ 1,029 in 2022, an increase of 23.6 % compared with 2021.

This increase takes into account the full-year integration of our subsidiary ABC Logistik (5 months in 2021), the Safram Group and our subsidiary Dina in Belgium. This strong growth in net sales also takes account of historically high freight rates in the maritime sector.

2. RESULTS

2.1 Presentation rules and valuation methods

The presentation rules and valuation methods used to prepare the annual financial statements are compliant with current regulations and are identical to those adopted for the previous financial year.

2.2 Analysis of financial statements

Net sales amount to M€1,029 in 2022. an increase of 23.6 % compared with 2021.

Gross margin of M€ 359, is up 31.8 % on the previous year. Gross margin stands at 34.9 % of turnover versus 32.7 % in 2021.

Operating result amounts to M€ 22.3 as compared to M€ 17,0, an increase of 31.1 %.

Extraordinary result amounts to M€ 15.3, mainly related to asset disposals.

Net result after income taxes is M€ 25.1 as compared to M€ 10.4 in 2021.

The balance sheet shows a shareholder's net equity of M€ 140 at the end of 2022.

Net cash position has improved to M€ 50.2 in 2022, compared with M€ 42,4 at the end of 2021.

3. SUBSEQUENT EVENTS

No events likely to have an impact on the consolidated financial statements as at 31 December 2022 have occurred after the closing.

4. FORESEEABLE BUSINESS TRENDS AND PROSPECTS

Forecasts are in line with the budget drawn up at the end of 2022, showing a turnover of M€ 1,031 and an operating income of M€ 20.

On this basis, the company should generate positive net operating cash-flow.

President

Heppner Düsseldorf GmbH