STS : Annual financial statements 2023

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A n nual financial statements of STS Group AG as of 31 December 2023 STS Group AG Annual financial statements as of 31 December 2023 This is a translation of the German "Jahresabschluss der STS Group AG zum 31. Dezember 2023", sole authoritative and universally valid version is the German language document. 2 STS Group AG Annual financial statements as of 31 December 2023 INCOME STATEMENT FROM JANUARY 1 TO DECEMBER 31, 2023 in kEUR 2023 2022 Revenues Other operating income Personnel expenses Wages and salaries Social security, post-employment and other employment benefit costs Ammortization of intangible assets and depreciation of tangible assets Other operating expenses (thereof expenses from currency translation) Income from equity investments (thereof from affiliated companies) Income from loans of financial assets (thereof from affiliated companies) Othere interest and similar income (thereof from affiliated companies) Interest and similar expenses (thereof from affiliated companies) Taxes on income Profit after taxes in income Other taxes Net profit / loss for the year Retained accumulated losses carried forward Accumulated gain carried forward 185 496 -142 -18 -39 -3.896 -1 3.949 3.949 1 1 135 135 -575 -575 0 96 0 96 2.235 2.331 197 126 -236 -25 -39 -3.531 -43 6.262 6.260 1 1 40 40 -246 0 -314 2.235 0 2.235 0 2.235 3 STS Group AG Annual financial statements as of 31 December 2023 BALANCE SHEET AS OF DECEMBER 31, 2023 in kEUR December 31, 2023 December 31, 2022 Assets Fixed Assets I. Intangible Assets Concessions, industrial property rights and similar rights and assets acquired against payment, as well as licenses to such rights and assets Financial Assets Shares in affiliated companies Loans to affiliated companies B. Currents Assets Receivables and other assets Receivables from deliveries and services Receivables from affiliated companies Other assets II. Cash and cash equivalents C. Prepaid expenses Total assets 36 19.065 32 19.097 19.133 0 7.957 34 23 8.014 9 27.156 76 19.065 31 19.096 19.172 10 3.406 16 458 3.890 7 23.068 4 STS Group AG Annual financial statements as of 31 December 2023 in kEUR EQUITY AND LIABILITIES Share equity Subscribed capital Calculated value Own shares Issued capital Contingent capital December 31, 2023 6.500 -50 6.450 (2.500) December 31, 2022 6.500 -50 6.450 (2.500) II. Treasury shares 6.193 Capital Reserve 1. Legal Reserve 5 2. Legal Reserve 1.115 IV. Accumulated gains carried forward 2.331 16.094 B. Provisions Other provisions 727 727 C. Liabilities 1. Trada payables 190 2. Liabilities from affiliated companies 10.142 3. Other liabilities 3 10.336 Total equity and liabilities 27.156 6.193 5 1.115 2.235 15.998 643 643 70 3.054 3.304 6.428 23.068 5 STS Group AG Annual financial statements as of 31 December 2023 Notes to the annual financial statements for STS Group AG as of 31 December 2023 Contents 1. General information 8 2. Accounting and valuation principles 8 3. Notes to the balance sheet 10 3.1 Intangible assets 10 3.2 Financial assets 10 3.3 Receivables and other assets 11 3.4 Cash at banks 11 3.5 Prepaid expenses and deferred charges 11 3.6 Equity 12 3.7 Provisions 17 3.8 Liabilities 17 4. Notes to the income statement 17 4.1 Sales revenue 17 4.2 Other operating income 17 4.3 Personnel expenses 18 4.4 Depreciation and amortisation 18 4.5 Other operating expenses 18 4.6 Income from investments 18 4.7 Financial income and financial expenses 19 4.8 Income taxes 19 5. Other information 19 5.1 Auditor's fee 19 5.2 Supervisory Board 20 5.3 Board of Directors 21 5.4 Other financial obligations and contingent liabilities 22 5.5 Contingent liabilities 22 5.6 Financial and liquidity risk 23 5.7 Declaration of Conformity with the German Corporate Governance Code Section 161 AktG 23 6 STS Group AG Annual financial statements as of 31 December 2023 5.8 Group affiliation 24 5.9 Events after the balance sheet date 26 5.10 Proposal for the appropriation of earnings (Section 285 No. 34 HGB) 26 Insurance of the legal representatives 29 7 STS Group AG Annual financial statements as of 31 December 2023 1. General information STS Group AG (hereinafter also referred to as the "Company") is a listed stock corporation domiciled in Germany with its registered office at Kabeler Strasse 4, 58099 Hagen. It is entered in the commercial register of Hagen Local Court under HRB 12420. The majority shareholder of STS Group AG is Adler Pelzer Holding GmbH, Hagen, Germany. The company is listed in the General Standard segment of the Frankfurt Stock Exchange. These annual financial statements of STS Group AG were prepared in accordance with Sections 242 et seq. and Sections 264 et seq. German Commercial Code ("HGB") and the supplementary provisions of the German Stock Corporation Act ("AktG"). The company is capital market-orientated in accordance with Section 264d HGB and is therefore considered a large company in accordance with Section 267 sentence 2 HGB. The income statement was prepared using the nature of expense method in accordance with Section 275 (2) HGB. Some of the balance sheet notes are listed in the notes. The annual financial statements were prepared in euros or thousands of euros (EUR thousand), unless otherwise stated. This may result in rounding differences of +/- EUR 1 thousand in some cases. The financial year of the company is the calendar year. 2. Accounting and valuation principles The company's financial statements were prepared unchanged in accordance with the following accounting policies and on a going concern basis (see section 5.6 Financial and liquidity risk for further details). Purchased intangible assets are capitalised at cost and amortised on a straight-line basis over their expected useful life, pro rata temporis in the year of acquisition. If the fair value of individual intangible fixed assets is lower than their carrying amount, additional impairment losses are recognised if the impairment is expected to be permanent. Financial assets are valued at acquisition cost. Write-downs to the lower fair value are recognised if the impairment is expected to be permanent. Receivables and other assets are recognised at the lower of nominal value or fair value on the balance sheet date. Appropriate write-downs are recognised for receivables whose recoverability is subject to identifiable risks; uncollectible receivables are written off. Bank balances are recognised at their nominal value on the balance sheet date. 8 STS Group AG Annual financial statements as of 31 December 2023 Payments made before the balance sheet date are recognised as prepaid expenses if they represent expenses for a specific period after this date. Subscribed capital is recognised at nominal value. Other provisions are measured according to prudent business judgement and recognised at their settlement amount. Liabilities are recognised at their settlement amount. Transactions in foreign currencies are generally recognised at the historical exchange rate at the time of initial recognition. Assets and liabilities denominated in foreign currencies with a remaining term of one year or less are translated at the mean spot exchange rate on the reporting date, Deferred taxes are recognised on temporary differences between the carrying amounts of assets, liabilities and prepaid expenses and deferred income in the financial statements and their tax base, as well as on tax loss carryforwards. However, losses carried forward are only recognised to the extent that they can be offset against taxable income within the statutory period of five years. Deferred tax assets and liabilities are netted. Any resulting tax burden is recognised as a deferred tax liability in the balance sheet. In the event of tax relief, deferred tax assets are not recognised in accordance with the capitalisation option. Revenue is recognised monthly at the time of recharging. 9 STS Group AG Annual financial statements as of 31 December 2023 3. Notes to the balance sheet 3.1 Intangible assets As at 31 December 2023, intangible assets amounted to EUR 36 thousand (2022: EUR 76 thousand) and mainly comprise rights to use software acquired from third parties against payment. For further information on intangible assets, please refer to the statement of changes in non-current assets in Appendix 1 to the notes. 3.2 Financial assets As at 31 December 2023, financial assets amounted to EUR 19,097 thousand (2022: EUR 19,096 thousand). Shares in affiliated companies remained unchanged compared to 31 December 2022 and amount to EUR 19,065 thousand. The shares relate to the following companies: Name and location STS Plastics SAS, Paris, France STS Composites France SAS, St. Désirat, France MCR SAS, Tournon, France STS Composites Germany GmbH, Kandel, Germany Inoplast Truck S.A. de C.V., Ramos, Mexico STS Plastics Co. Ltd., Jiangyin, China STS Plastics Shi Yan, China STS Group North America Inc., Dalware, USA Result of the financial year 2023 in kEUR 1.176 3.593 57 -651 597 1.452 239 -3.751 Share capital 2023 in kEUR 6.500 8.398 4.969 -987 7.247 30.507 -569 -5.826 Capital shares as of 12/31/2023 100% 100% 100% 100% 100% 1) 100% 100% 2) 100% 0.02% of the shares in Inoplast Truck S.A. de C.V., Mexico are held indirectly by STS Plastics Holding SAS, France. 100% of the shares in STS Plastics Shi Yan, China are held indirectly by STS Plastics Co. Ltd, Jiangyin, China. The figures are based on IFRS. Loans to affiliated companies with a carrying amount of EUR 32 thousand (2022: EUR 31 thousand) consist of a long-term loan receivable from a subsidiary. For further information on financial assets, please refer to the statement of changes in non-current assets in Appendix 1 to the Notes. 10

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