Interim Report

for the twelve-month period ended December 31, 2023

Monitchem Holdco 2 S.A., Luxembourg

(CABB GROUP)
RCS B187.114
488, route de Longwy
L-1940 Luxembourg
Table of contents

CABB’s business activities ......................................................................................................................................... 3

Financial reporting ...................................................................................................................................................... 5

Business review ......................................................................................................................................................... 6

Consolidated statement of profit or loss for the 4th quarter 2023 ............................................................................. 10

Consolidated statement of profit or loss for the twelve-month period ended December 31, 2023 ........................... 11

Consolidated statement of financial position as of December 31, 2023................................................................... 12

Consolidated statement of cash flows for the twelve-month period ended December 31, 2023.............................. 13

Consolidated financial statements as of December 31, 2023 – Monitchem HoldCo 2 S.A. .................................. 15ff.

2
CABB’s business activities

The CABB Group is a leading Crop Science contract development and manufacturing organization
(CDMO), supplying customized active ingredients. CABB also offers high-complexity and high-purity
chemical ingredients to customers in the Life Sciences and Performance Materials markets.

Our varied product portfolio is organised across two product groups: (i) Exclusives and Specialties products,
and (ii) Advanced Intermediates and Base Chemicals products.
Exclusives are active ingredients customised for individual customers operating in the Crop Science industry
and are primarily used in herbicides, fungicides and insecticides and range from pilot scale to large-volume
commercial production scale.
Specialities consist of proprietary ingredients and target market segments with high customer value add and
growth potential. These include a variety of end market applications including starting materials for innovative
pharmaceuticals, actives for cosmetics, building blocks for nutrition supplements and food & beverage
ingredients as well as applications e.g. for the automotive and aerospace industries. Our products are based
on our differentiating technology platforms and our deep understanding of customer application requirements.
In our Advanced Intermediates and Base Chemicals product group, we offer intermediate and base chemical
products, such as monochloroacetic acid ("MCA") and other chloride-based products, that serve as chemical
building blocks for other secondary chemical processes with a variety of applications in various industries and
end markets. MCA is a key building block for organic synthesis of ingredients in various segments and end-
markets and is provided in different purity grades (incl. ultra-pure and high pure) as well as trade forms (incl.
flakes, solution and others). Base Products such as caustic soda and hydrochloric acid, are by-products from
the production of chlorine and MCA, which are used in several end markets including the broader chemicals
space, pulp and paper, alumina, soap, detergents and others.
CABB’s performance is driven to a large extent by the global Crop Science end-market with ~48% of group
revenue exposed to the Crop Science markets in 2023, the majority of which consists of our CDMO offering
through our Exclusives products, and to a smaller degree with contributions from our Advanced Intermediates
and Base Chemicals products. CABB is a leading Crop Science CDMO supplier in Western Europe, serving
major global agrochemicals companies and holding strategic supplier status with the largest, European-based
Crop Science companies for their agrochemicals business. CABB’s customised products are highly integrated
in CABB’s key customers’ supply chains, often on an exclusive or near-exclusive basis for selected products
so that CABB is closely aligned in demand planning and supply chain coordination to set up scalable
manufacturing units and efficient production processes. The combination of this production know-how, lengthy
product registration processes, and non-refundable capital expenditure fees, which are sometimes partially
paid by the customer at the beginning or throughout the project, typically results in lower customer churn and
high contract renewal rates.
CABB’s key Crop Science customers are active in a structurally growing global market driven by population
growth, decreasing arable land and rising prices of crop commodities. We believe that we are well-positioned
to benefit from positive long-term growth trends in the Crop Science market and are investing in capacity and
yield improvements to support the growth of our business. The growth of our Crop Science CDMO business is
also driven by the trend of increased outsourcing of major agrochemical players. In recent years, agrochemical
companies have allocated a larger share of production to external custom manufacturers, which provide flexible
multi-purpose and multi-product capacity. Outsourcing reduces agrochemical companies’ asset intensity, limits
the risks associated with large, upfront investments and allows them to deploy capital with a stronger focus on
their core capabilities, such as research and development as well as marketing and distribution. This trend is
supported by new molecules becoming increasingly complex, often based on multi-step synthesis, which
requires demanding technical capabilities of focused manufacturing specialists. Our strong market position in
the Crop Science CDMO business is supported by structural barriers to entry, preventing new competitors from
easily entering these markets. We possess strong technical experience and process design capabilities, which
are important for securing new contracts. We believe that a new market entrant seeking to replicate our facilities

3
would face large capital investment costs. We are also protected by high switching costs for our customers due
to our high integration into our customers’ supply chains and their participation in capital expenditures related
to the developments of new products.
CABB also has a strong presence in the Life Sciences market, providing customised products in segments
such as novel RNA therapeutics, vitamins and supplements, and anti-aging and personal care, leading the
markets for European MCA supply, high purity DCA, as well as CAE manufacturing. Our products in this market
consist primarily of Specialty products as well as a number of Advanced Intermediates products.
CABB is a leading producer of Dichloroacetic acid (or DCA), used for the Oligonucleotide synthesis of short
DNAs and RNAs, which are a vital component in the formulation of RNA drugs. The DCA market is highly
differentiated by its level of purity and we are able to produce the highest purity levels and fulfil the emergent
demand for DCA.
CABB is one of the leading suppliers of high purity MCA, used as basis for Betaine synthesis and cellulose for
example, for shampoos and toothpaste as well as liquid soap. Key growth drivers are a higher demand for
hygiene products, changing consumer preferences from solid to liquid products as well as the increased
adoption of CMC as a thickening agent in food and beverages. CABB is one of the principal suppliers of MCA
to western Europe and the Americas and supplies the majority of the largest MCA consumers in Europe. CABB
attributes its strong market position to the high quality of its products, its long-standing customer relationships
and its expertise in technically demanding chemistry and supply chain management as well as highly integrated
production processes. We believe that a new market entrant seeking to replicate our facilities would face large
capital investment costs. Global MCA trade flows are often characterised by regional supply and demand due
to the corrosive nature of MCA and relatively high transportation costs, which encourages proximity to
customers.
CABB operates six production facilities across Switzerland, Finland, the United States, Germany and China.
Our custom synthesis production facility in Pratteln (Switzerland) has several multi-purpose production lines
and dedicated single purpose production plants including scale-up capabilities for our Exclusives and
Specialities portfolio. The facility’s integrated production system enables recovery of by-products and exhaust
streams to improve efficiency and our sustainability proposition by minimizing energy needs and waste. The
Kokkola (Finland) site is a custom synthesis production facility mainly for Crop Science products in our
Exclusives portfolio offering several highly automated multi-purpose production lines. Combining large-scale
production capacities and infrastructure, a high degree of automatization and an operational track-record, our
Kokkola site offers improved economics for our Exclusives products as well as for our new growth projects.
The facility in Galena, Kansas (United States) offers several custom synthesis production lines for our
Exclusives and Specialities portfolio. The production facilities in Germany as well as the plant at our Chinese
site use state of the art hydrogenation technology for the production of MCA, which provides significant
production cost and product quality advantages over the alternative crystallisation technology. The Gersthofen
facility uses backward-integrated electrolysis technology for captive chlorine production, while both the
Knapsack facility and the Chinese facility source chlorine onsite via a pipeline from the adjacent chlorine plant
of a supplier who purchases the hydrochloric acid generated by the production of MCA. We benefit from cost
advantages as a result of operating large-scale, highly integrated production facilities strategically located near
key customers and suppliers as well as transportation networks.

4
Financial reporting

This report may include forward-looking statements. These forward-looking statements include, but are not limited
to, all statements other than statements of historical facts contained in this report, including, without limitation, those
regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets,
future developments in the markets in which we participate or are seeking to participate or anticipated regulatory
changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking
statements by terminology such as ‘‘aim,’’ “anticipate”, “believe”, “continue”, “could”, estimate”, “expect”, “forecast”,
“guidance”, “intend”, “may”, “plan”, “potential”, “predict”, “projected”, “should” or “will” or the negative of such terms
or other comparable terminology. By their nature, forward-looking statements involve known and unknown risks,
uncertainties, and other factors because they relate to events and depend on circumstances that may or may not
occur in the future. We caution you that forward-looking statements are not guarantees of future performance and
are based on numerous assumptions and that our actual results of operations, including our financial condition and
liquidity and the development of the industry in which we operate, may differ materially from (and be more negative
than) those made in, or suggested by, the forward-looking statements contained in this report. In addition, even if our
results of operations, including our financial condition and liquidity and the development of the industry in which we
operate, are consistent with the forward-looking statements contained in this report, those results or developments
may not be indicative of results or developments in subsequent periods.

5
Business review

Key Financials

Monitchem HoldCo 2 S.A.

FY FY 4th Quarter 4th Quarter
2023 2022 2023 2022
in € million in € million in € million in € million
(audited) (audited) (unaudited) (unaudited)
Revenue by product group
Exclusives and Specialties .................................. 462.8 429.3 116.6 124.8
Advanced Intermediates and Base Products ....... 277.1 326.2 60.2 94.4
Total revenue ..................................................... 739.9 755.5 176.8 219.2

Adjusted EBITDA(1) ………...……………………….. 169.3 162.6 41.5 55.7

Adjustments:
Strategic Projects ................................................ (2.1) (3.9) (0.6) (0.9)
Reorganisation and Restructuring........................ (1.7) (0.3) (1.4) (0.3)
PPA valuation impacts ......................................... (0.2) (0.5) (0.1) (0.3)
Fire Incident Pratteln Site .................................... 0.0 3.0 0.0 3.0
IAS 19 negative past service costs ...................... 0.0 1.7 0.0 1.7
Insurance compensation...................................... 0.0 0.4 0.0 0.0
Other ................................................................... (0.3) (0.5) (0.3) (0.5)
Total adjustments ................................................. (4.3) (0.1) (2.4) 2.7

Reported EBITDA ................................................. 165.0 162.4 39.1 58.3

(1) We define EBITDA as net profit (loss) for the period adding back taxes on income, financial results, amortisation and depreciation. We define
Adjusted EBITDA as the net profit (loss) for the period adding back taxes on income, financial results, amortisation and depreciation and
adjustments. We believe that both EBITDA and adjusted EBITDA are useful to investors in evaluating our operating performance and our ability
to incur and service our indebtedness. Neither EBITDA nor adjusted EBITDA is a performance indicator recognised under IFRS. The EBITDA and
the adjusted EBITDA is not necessarily comparable to the performance figures published by other companies as EBITDA or adjusted EBITDA or
the like. You should exercise caution in comparing EBITDA and adjusted EBITDA as reported by us to EBITDA or adjusted EBITDA of other
companies.

Development of Revenue
Group revenue decreased by €42.4 million, or 19.3%, year-on-year, from €219.2 million in the prior year’s fourth
quarter to €176.8 million in the fourth quarter of 2023, mainly driven by negative pricing effects of our Base Chemicals
and Intermediates products.

Revenue of the product group “Exclusives and Specialties” decreased by €8.2 million or 6.6% year-on-year from
€124.8 million in the prior year’s quarter to €116.6 million in the fourth quarter of 2023. The decline in revenue was
mainly due to a weaker performance of our Specialties given a softening demand from several sectors but also due
to customers in the agricultural segment with a strong focus destocking focus.

Revenue of the product group “Advanced Intermediates and Base Chemicals” decreased by €34.2 million or 36.2%
year-on-year from €94.4 million in the prior year’s quarter to €60.2 million in the fourth quarter of 2023. Revenue of
our Advanced Intermediates decreased given a softening demand from several sectors. Revenue of Base Products
decreased, mainly driven by negative pricing effects as pricing levels in Q4 were significantly below prior year but
stabilized since Q3 at a relatively high level.

For the twelve-month period ended December 31, 2023, total revenue decreased year-on-year by €15.6 million or
2.1% from €755.5 million in 2022 to €739.9 million in 2023.

6
For the twelve-month period ended December 31, 2023, revenue of the product group “Exclusives and Specialties”
increased by €33.5 million or 7.8% from €429.3 million in 2022 to €462.8 million in 2023. This was driven by higher
sales volumes and by positive pricing effects within our Exclusives product portfolio. A positive project
reconciliation gain realised for a specific agrochemical product contributed as well. Revenue of Specialties
decreased as a result of a softening demand from several sectors.

For the twelve-month period ended December 31, 2023, revenue of the product group “Advanced Intermediates and
Base Products” decreased by €49.1 million or 15.1% from €326.2 million in 2022 to €277.1 million in 2023. This
decrease was predominantly driven by a significantly lower demand from the construction, agricultural and
cosmetic markets, which were impacted by a weaker overall economic activity and a heightened Asian
competition. Revenue of or Base Products decreased due to lower sales volumes, however, certain products
benefitted from positive price effects.

Development of Earnings
Adjusted EBITDA of the Group decreased by €14.1 million, or 25.3% year-on-year, from €55.7 million in the prior
year’s quarter to €41.6 million in the fourth quarter of 2023, mainly driven by negative pricing effects for our Base
Chemicals and Intermediates segments.

For the twelve-month period ended December 31, 2023, adjusted EBITDA increased by €6.7 million or 4.1%, from
€162.6 million in 2022 to €169.3 million in 2023, driven by a positive volume and price growth of Exclusives and a
positive reconciliation gain for a specific agrochemical product.

Adjustments are defined as expenses and income not related to the operational performance of the business
activities such as strategic development initiatives, restructuring and reoganisation costs, financial impacts of natural
disasters (including fire, storm and related events), property damage insurance compensations, as well as valuation
impacts resulting from curtailments or modifications of pension or post-retirement benefits schemes and purchase
price allocations. Adjustments amounted to a net expense of €2.4 million in the fourth quarter of 2023 (Q4-2022: net
income of €2.7 million).

For the twelve-month period ended December 31, 2023, adjustments amounted to €4.3 million (2022: €0.1 million).

Group gross profit decreased by €57.3 million or 85.8%, year-on-year, from €66.8 million in the prior year’s quarter
to €9.5 million in the fourth quarter of 2023. This is mainly due to negative pricing effects on our revenue and an
increase in cost of sales. Cost of sales includes an impairment loss of €30.7 million recognised for a production
facility at our production site in Pratteln/ Switzerland, which was triggered by the decision of one our agrochemical
customers to not renew a supply contract for a key Exclusive product.

For the twelve-month period ended December 31, 2023, total gross profit decreased year-on-year by €43.3 million
or 22.8% to €146.5 million (2022: €189.8 million), as revenues decreased by €15.6 million, whilst cost of sales
increased by €27.7 million. The increase in cost of sales was primarily due to an impairment loss of €30.7 million.

Earnings before interest and taxes (EBIT) decreased by €48.9 million, from €35.3 million in the prior year’s quarter
to a net loss of €13.6 million in the fourth quarter of 2023. ‘Distribution and logistics expenses’ decreased by €10.1
million year-on-year, primarily driven by reduced volumes of our overseas business and the expiry of the scheduled
amortization period of intangible assets capitalised in conjunction with the acquisition of CABB Group by Permira
Funds in the financial year 2014. ‘General and administrative expenses’ amounted to €8.3 million in the fourth quarter
of 2023. ‘Other operating income’ amounted to €0.4 million in the fourth quarter of 2023 (fourth quarter of 2022: €3.2
million). The decrease is mainly due to an insurance compensation we received in the prior year’s comparative period
for property damage caused by a fire incident at our site in Pratteln in 2020.

For the twelve-month period ended December 31, 2023, ‘Earnings before interest and taxes’ decreased by €23.4
million or 31.4%, from €74.4 milllion to €51.0 million. Research and development expenses increased compared to
the prior year to €4.5 million (2022: €4.0 million). Distribution and logistics expenses decreased by €24.8 million from
€83.4 million to €58.6 million, primarily driven by reduced volumes of our overseas business and the expiry of the
scheduled amortization period of intangible assets capitalised in conjunction with the acquisition of CABB Group by
Permira Funds in the financial year 2014. General and administrative expenses increased by €1.5 million to €34.5
million (2022: €33.0 million). ‘Other operating income’ decreased by €3.0 million, which is mainly due to the insurance
compensation (€3.4 million) received in the previous year.

Depreciation and amortisation amounted to €52.7 million in the fourth quarter of 2023 which reflects an increase
of €29.7 million compared to the prior year’s quarter. The increase was driven by an impairment loss of €30.7 million.

7
For the twelve-month period ended December 31, 2023, ‘Depreciation and amortisation’ expenses increased from
€88.0 million in 2022 to €114.0 million in 2023, driven by an impairment loss of €30.7 million recognised for a
production facility at our production site in Pratteln/ Switzerland.

Financial result improved by €10.4 million, from a net loss of €21.5 million in the prior year’s quarter to a net loss of
€11.1 million in the fourth quarter of 2023. This was driven by the net foreign currency result, which improved by
€11.4 million year-on-year from a net loss of €8.6 million in the prior year’s quarter to a net income of €2.8 million in
the fourth quarter of the current year. Net foreign currency result mainly comprises valuation effects from the
translation of EUR denominated intercompany loans. ‘Interest expenses and simliar’ increased by €4.7 million year-
on-year to €17.7 million in the fourth quarter of the current year. ‘Other financial income’ increased by €3.4 million
year-on-year due to an increase in the fair value of the derivatives embedded in the notes.

For the twelve-month period ended December 31, 2023, the negative financial result increased by €45.4 million year-
on-year, from a net loss of €45.8 million in 2022 to a net loss of €91.2 million in 2023. This increase is primarily due
to the successful refinancing of the Group’s bonds and the Group’s revolving credit facility. ‘Interest exepense and
similar’ amounted to €87.6 million in the financial year 2023 (2022: €53.8 million). The Group’s main financial expense
consists of bond interest expenses, which amounted to €51.7 million in 2023 (2022: €40.4 million) and increased by
€11.2 million compared to the previous year, due to higher nominal amounts of the bonds issued on April 28, 2023
and higher interest rates. Furthermore, accrued transaction costs relating to the former and the existing bonds and
the revolving credit facility totalling €17.2 million were recognised in 2023 (2022: €4.8 million), as well as an early
redemption premium for the former notes (€11.3 million). ‘Other financial income’ increased by €3.4 million year-on-
year due to an increase in the fair value of the derivatives embedded in the existing notes. ‘Other financial expenses’
comprises changes in the fair value of derivatives embedded in the former notes (€-10.7 million; 2022: €-4.1 million).
Net foreign currency result decreased by €4.1 million, from a net gain of €8.0 million in 2022 to a net gain of €3.9
million in 2023. This result mainly includes intercompany currency gains of €6.3 million (2022: €7.7 million), which
were mainly recognised on EUR-denominated intercompany loans granted to CABB AG (Switzerland) and Jayhawk
Kansas HoldCo 1, Inc.

Taxes on income improvedy €0.8 million, from a net expense of €1.2 million in the fourth quarter of 2022 to a net
expense of €0.4 million in the fourth quarter of 2023.

For the twelve-month period ended December 31, 2023, ‘Taxes on income’ improvedy by €3.5 million from a net
expense of €10.9 million in 2022 to a net expense of €7.4 million in 2023. The Group’s tax rate is impacted by financial
expenses, which are subject to restrictions under thin capitalisation rules in Germany and Finland, and for which no
deferred tax assets are recognised.

Net result for the period decreased by €37.6 million year-on-year, from a net profit of €12.5 million in the fourth
quarter of 2022 to a net loss of €25.1 million in the fourth quarter of 2023. Non-controlling interests reflect the 32.4%
share in CABB - Jinwei Specialty Chemicals (Jining) Co. Ltd., Zhanghuang Town (PRC), that is held by shareholders
other than CABB.

For the twelve-month period ended December 31, 2023, Net result for the period decreased by €65.3 million from
a net profit of €17.7 million in 2022 to a net loss of €47.6 million for the financial year 2023.

Cash Flow
Cash flow from operating activities increased by €7.2 million year-on-year, from €148.5 million in 2022 to
€155.7 million in the twelve-month period ended December 31, 2023. The improvement was primarily due to a
cash inflow from changes in net working capital and provisions in an amount of €11.9 million (2022: cash
outflow of €8.4 million), which is characterised among others by a higher volume of securitized trade accounts
receivables and by lower inventories and trade payables.

Cash flow from investing activities for the twelve-month period ended December 31, 2023, totaled to a cash
outflow of €60.9 million (2022: €69.4 million) and relates to measures ensuring the asset reliability and availability
as well as to contracted growth projects. In the financial year 2023, we have invested €14.6 million (2022: €25.9
million) into these growth projects and continued our efforts to maintain high asset reliability. The “fit for future”
program to upgrade assets at the Pratteln site was finalized in 2023 (€1.7 million; 2022: €3.0 million).

Cash flow from financing activities for the twelve-month period ended December 31, 2023, totaled to a cash
outflow of €100.3 million (2022: €51.0 million). The issuance of the Notes generated a net inflow amounting to €663.8
million, which was predominately used to fund the settlement of the former financing agreements. These payments
included the redemption of the former Notes (€651.3 million) and transaction costs (€17.2 million) related to the

8
refinancing measure. The Group’s revolving credit facility was entirely repaid (€20.0 million). Net interest and
financing charges paid in the financial year 2023 increased by €23.2 million year-on-year to €67.8 million in 2023
(2022: €44.6 million). The significant increase is mainly due to higher bond interest payments (2023: €61.2 million;
2022: €40.5 million).

Cash closing balance amounted to €64.6 million as of December 31, 2023 (December 31, 2022: €69.9 million). The
Group has access to unutilised revolving credit facilities of €104.0 million.

9
Consolidated statement of profit or loss for the 4th Quarter 2023

Monitchem HoldCo 2 S.A.

For the 4th Quarter For the 4th Quarter
2023 2022
in € million in € million
(unaudited) (unaudited)

Sales ................................................................................................................. 176.8 219.2

Cost of Sales ..................................................................................................... (167.3) (152.4)
Gross Profit ...................................................................................................... 9.5 66.8

Research and development expenses ............................................................... (1.1) (1.1)

Distribution and logistics expenses .................................................................... (14.0) (24.1)
General and administrative expenses ................................................................ (8.3) (9.3)
Other operating income ..................................................................................... 0.4 3.2
Other operating expenses.................................................................................. (0.1) (0.2)
Earnings before interest and taxes (EBIT) ..................................................... (13.6) 35.3

Depreciation, amortisation and impairments ...................................................... 52.7 23.0

Reported EBITDA............................................................................................. 39.1 58.3

Interest income and similar ................................................................................ 0.3 0.0

Interest expense and similar .............................................................................. (17.7) (13.0)
Other financial income ....................................................................................... 3.4 0.0
Other financial expenses ................................................................................... 0.1 0.1
Foreign currency (losses)/ gains (net) ................................................................ 2.8 (8.6)
Financial result ................................................................................................ (11.1) (21.5)

Earnings before taxes ..................................................................................... (24.7) 13.8

Taxes on income ............................................................................................... (0.4) (1.2)
Net result for the period .................................................................................. (25.1) 12.5

Attributable to shareholders ............................................................................ (24.9) 12.6

Attributable to non-controlling interests ........................................................... (0.2) (0.1)

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Consolidated statement of profit or loss for the twelve-month period ended December 31, 2023

Monitchem HoldCo 2 S.A.

For the twelve-month
period ended
December 31, December 31,
2023 2022
in € million in € million
(audited) (audited)

Sales................................................................................................................. 739.9 755.5

Cost of sales ..................................................................................................... (593.4) (565.7)
Gross profit ..................................................................................................... 146.5 189.8

Research and development expenses .............................................................. (4.5) (4.0)

Distribution and logistics expenses ................................................................... (58.6) (83.4)
General and administrative expenses ............................................................... (34.5) (33.0)
Other operating income..................................................................................... 2.2 5.2
Other operating expenses ................................................................................. (0.1) (0.2)
Earnings before interests and taxes (EBIT)................................................... 51.0 74.4

Depreciation and amortisation........................................................................... 114.0 88.0

Reported EBITDA ............................................................................................ 165.0 162.4

Interest income and similar ............................................................................... 0.4 0.0

Interest expense and similar ............................................................................. (87.6) (49.7)
Other financial income ...................................................................................... 3.4 0.0
Other financial expenses ................................................................................... (11.3) (4.1)
Foreign currencies gain (net) ............................................................................ 3.9 8.0
Financial result................................................................................................ (91.2) (45.8)

Earnings before taxes ..................................................................................... (40.2) 28.6

Taxes on income............................................................................................... (7.4) (10.9)
Net result for the period.................................................................................. (47.6) 17.7
Attributable to shareholders (46.4) 18.6
Attributable to non-controlling interests (1.2) (0.9)

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Consolidated statement of financial position as of December 31, 2023

Monitchem HoldCo 2 S.A.

As of As of
December 31, December 31,
2023 2022
in € million in € million
(audited) (audited)
Assets
Non-current assets
Goodwill .................................................................................................. 204.5 199.2
Other intangible assets ........................................................................... 84.3 95.2
Property, plant and equipment ................................................................ 563.8 578.9
Derivative financial assets ....................................................................... 10.7 10.7
Plan assets ............................................................................................. 2.8 2.6
Deferred tax assets ................................................................................. 0.0 0.7
Total non-current assets ......................................................................... 866.1 887.3

Current assets
Inventories .............................................................................................. 93.0 111.1
Accounts receivable, trade ...................................................................... 46.6 61.3
Contract assets ....................................................................................... 13.2 17.7
Other financial assets ............................................................................. 10.6 9.3
Other non-financial assets ...................................................................... 10.2 8.5
Income tax receivables ........................................................................... 8.1 4.0
Cash and cash equivalents ..................................................................... 64.6 69.9
Total current assets ................................................................................. 246.3 281.8

Total assets .............................................................................................. 1,112.4 1,169.1

Equity and Liabilities

Equity........................................................................................................ 214.7 249.6

Long-term liabilities
Provisions for pensions and similar obligations ....................................... 24.0 18.1
Other provisions ...................................................................................... 2.9 3.1
Notes ...................................................................................................... 657.8 628.1
Other financial liabilities .......................................................................... 17.8 19.9
Deferred tax liabilities .............................................................................. 55.3 58.6
Total long-term liabilities ......................................................................... 757.8 727.8

Short-term liabilities
thereof
Other provisions ...................................................................................... 14.5 11.4
Notes ...................................................................................................... 2.7 9.6
Trade accounts payable .......................................................................... 94.3 120.2
Contract liabilities .................................................................................... 9.8 3.7
Income tax liabilities ................................................................................ 2.6 8.7
Other financial liabilities .......................................................................... 8.3 27.5
Other non-financial liabilities ................................................................... 7.7 10.6
Total short-term liabilities ....................................................................... 139.9 191.7

Total equity and liabilities ....................................................................... 1,112.4 1,169.1

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Consolidated statement of cash flows for the twelve-month period ended December 31, 2023

Monitchem HoldCo 2 S.A.

For the twelve-month For the twelve-month
period ended period ended

December 31, December 31,

2023 2022

in € million in € million
(audited) (audited)

Adjusted EBITDA .................................................................................. 169.3 162.6

Adjustments ......................................................................................... (4.1) 0.4

Income taxes paid ................................................................................ (21.4) (5.9)

Change in net working capital and provisions ....................................... 11.9 (8.4)(1)

Cash Flow from Operating Activities. .................................................. 155.7 148.5

Capital Expenditures ............................................................................ (61.0) (69.5)(1)

Proceeds from the sale of property, plant and equipment ..................... 0.1 0.1
Cash Flow from Investing Activities .................................................... (60.9) (69.4)

Cash Proceeds from Issuing Debentures ............................................. 663.8 0.0

Payments due to redemption of Indentures .......................................... (651.3) 0.0
Transaction costs related to Debentures .............................................. (17.2) 0.0
Net interest and financing charges paid ............................................... (67.8) (44.6)
Paymennts due to interest cap transactions ......................................... (0.7) 0.0
Principal elements of lease payments .................................................. (6.8) (6.4)
Increase of non-current financial assets ............................................... 0.0 (2.6)
Repayment of/ Proceeds from short-term borrowings ........................... (20.0) 5.0
Repayment of other financial liabilities.................................................. (0.3) (2.4)
Cash Flow from Financing Activities ................................................... (100.3) (51.0)

Change in cash and cash equivalents ................................................. (5.5) 28.2

Cash Opening Balance ......................................................................... 69.9 40.5

F/X Effect on Cash Held .......................................................................... 0.2 1.2
Cash Closing Balance .......................................................................... 64.6 69.9

(1)
The prior-year comparative figures for the Cash flow from operating activities and the Cash flow from investing
activities were adjusted by reclassifying €2.2 million between the two cash flow categories. Within the cash flow from
operating activities, the non-cash-effective increase in trade account payables due to a capital investment liability
was eliminated, and the cash outflow from investing activities was reduced accordingly.

13
Contact
CABB Group GmbH
Otto-Volger-Strasse 3c
65843 Sulzbach
Deutschland

Tel.: +49 6196 9674-153

Fax: +49 6196 9674-199
E-Mail: [email protected]

Further information
Published on March 26, 2024
You can find this and other publications
on our website at www.cabb-chemicals.com

14
Consolidatedfinancial
st at ement s
fortheyearendedDecember31,2023
(withthereportoftheRéviseurd’Entreprisesagrééthereon)

Monitchem Holdco2S.A.,Luxembourg
RCSB187.114
488,routedeLongwy
L-1940Luxembourg
Monitchem Holdco2S.A.,Luxembourg
Groupmanagementreport
fortheperiodfrom January1,toDecember31,2023
(1) TheCABBGroup
General
Monitchem Holdco2S.A,withregisteredofficesat488,routedeLongwyinL-1940Luxembourg,was
establishedonMay9,2014asapubliclimitedliabilitycompany.OnMay9,2014,Monitchem Holdco2
S.A.foundeditssubsidiaryMonitchem Holdco3S.A.,alsoincorporatedinLuxembourg,which,onMay
26,2014,acquired the entire issued share capitalofCABB Group GmbH (“the CABB Group”),
incorporatedinSulzbach(Taunus),Germany.
CorporateStructure
Monitchem Holdco2S.A,asparentcompanyoftheCABBGroup(“CABB”)(collectivelyknownas“the
Group”),isresponsiblefordefiningandpursuingtheCABBGroup’scorporateobjectivesandforthe
management,controlandmonitoring ofgroup-wide activities,includingriskmanagementand the
allocationofresources.Monitchem Holdco2S.A.reviewsandapprovesbusinessplansandbudgetsof
theCABBGroup.FinancingoftheGroupisacquiredcentrallybybothMonitchem Holdco2S.A.and
Monitchem Holdco3S.A.andisthendistributedwithintheGroup.
Theimplementationofthedefinedgroup-widestrategy,aswellasoperationalmanagementandcontrol
istheresponsibilityofthemanagementteam ofCABB GroupGmbH.TheAdvisoryBoardprovides
ultimatesupervisionandsupporttothemanagementteam oftheCABBGroup.
Implementationofthedefinedgroup-widestrategyatacountrylevelistheresponsibilityofeachlocal
affiliatedcompany.Theexecutivebodiesofthesecompaniesmanagetheirbusinessesinlinewiththe
relevantstatutoryregulations,governedbytheirownarticlesofassociation,internalproceduralrules
andtheprinciplesincorporatedinourgloballyapplicablemanagementstandards,codesandguidelines.
Businessactivity
CABBGroupisaglobalCropScienceCDMO (contractdevelopmentandmanufacturingorganization)
and Life Science company, supplying tailor-made customised active ingredients to leading
manufacturersofherbicides,fungicidesandinsecticides.Wealsoofferhigh-complexityandhigh-purity
specializedchemicalingredientstomultiplecustomersintheLifeSciencemarkets.
Ourvariedproductportfolioisorganisedacrosstwoproductgroups:(i)ExclusivesandSpecialties
products,and(ii)AdvancedIntermediatesandBaseChemicalsproducts.
ExclusivesareactiveingredientscustomisedforindividualcustomersoperatingintheCropScience
industryandareprimarilyusedinherbicides,fungicidesandinsecticidesandrangefrom pilotscaleto
large-volumecommercialproductionscale.
Specialitiesconsistofproprietaryingredientsandtargetmarketsegmentswithhighcustomervalueadd
andgrowthpotential.Theseincludeavarietyofendmarketapplicationsincludingstartingmaterialsfor
innovativepharmaceuticals,activesforcosmetics,buildingblocksfornutritionsupplementsandfood&
beverageingredientsaswellasapplicationse.g.fortheautomotiveandaerospaceindustries.Our
productsarebasedonourdifferentiatingtechnologyplatformsandourdeepunderstandingofcustomer
applicationrequirements.
InourAdvancedIntermediatesandBaseChemicalsproductgroup,weofferintermediateandbase
chemicalproducts,suchasmonochloroaceticacid("MCA")andotherchloride-basedproducts,that
1
serveaschemicalbuildingblocksforothersecondarychemicalprocesseswithavarietyofapplications
invariousindustriesandendmarkets.MCAisakeybuildingblockfororganicsynthesisofingredients
invarioussegmentsandend-marketsandisprovidedindifferentpuritygrades(incl.ultra-pureandhigh
pure)aswellastradeforms(incl.flakes,solutionandothers).BaseProductssuchascausticsodaand
hydrochloricacid,areby-productsfrom theproductionofchlorineandMCA,whichareusedinseveral
endmarketsincludingthebroaderchemicalsspace,pulpandpaper,alumina,soap,detergentsand
others.
CABB’sperformanceisdriventoalargeextentbytheglobalCropScienceend-marketwith~48% of
grouprevenueexposedtotheCropSciencemarketsin2023,themajorityofwhichconsistsofour
CDMO offeringthroughourExclusivesproducts,andtoasmallerdegreewithcontributionsfrom our
Advanced Intermediatesand Base Chemicalsproducts.CABB isa leadingCrop Science CDMO
supplierinWesternEurope,servingmajorglobalagrochemicalscompaniesandholdingstrategic
supplierstatuswiththelargest,European-basedCropSciencecompaniesfortheiragrochemicals
business.CABB’scustomisedproductsarehighlyintegratedinCABB’skeycustomers’supplychains,
oftenonanexclusiveornear-exclusivebasisforselectedproductssothatCABBiscloselyalignedin
demandplanningandsupplychaincoordinationtosetupscalablemanufacturingunitsandefficient
production processes.The combination ofthisproduction know-how,lengthyproductregistration
processes,andnon-refundablecapitalexpenditurefees,whicharesometimespartiallypaidbythe
customeratthebeginningorthroughouttheproject,typicallyresultsinlowercustomerchurnandhigh
contractrenewalrates.
CABB’skeyCropSciencecustomersareactiveinastructurallygrowingglobalmarketdrivenby
populationgrowth,decreasingarablelandandrisingpricesofcropcommodities.Webelievethatwe
arewell-positionedtobenefitfrom positivelong-term growthtrendsintheCropSciencemarketandare
investingincapacityandyieldimprovementstosupportthegrowthofourbusiness.Thegrowthofour
CropScienceCDMO businessisalsodrivenbythetrendofincreasedoutsourcingofmajoragro-
chemicalplayers.Inrecentyears,agrochemicalcompanieshaveallocatedalargershareofproduction
toexternalcustom manufacturers,whichprovideflexiblemulti-purposeandmulti-productcapacity.
Outsourcingreducesagrochemicalcompanies’assetintensity,limitstherisksassociatedwithlarge,
upfrontinvestmentsandallowsthem todeploycapitalwithastrongerfocusontheircorecapabilities,
suchasresearchanddevelopmentaswellasmarketinganddistribution.Thistrendissupportedby
new moleculesbecomingincreasinglycomplex,oftenbasedonmulti-stepsynthesis,whichrequires
demandingtechnicalcapabilitiesoffocusedmanufacturingspecialists.Ourstrongmarketpositioninthe
CropScienceCDMO businessissupportedbystructuralbarrierstoentry,preventingnewcompetitors
from easilyenteringthesemarkets.Wepossessstrongtechnicalexperienceandprocessdesign
capabilities,whichareimportantforsecuringnew contracts.Webelievethatanew marketentrant
seekingtoreplicateourfacilitieswouldfacelargecapitalinvestmentcosts.Wearealsoprotectedby
highswitchingcostsforourcustomersduetoourhighintegrationintoourcustomers’supplychainsand
theirparticipationincapitalexpendituresrelatedtothedevelopmentsofnewproducts.
CABB alsohasastrongpresenceintheLifeSciencesmarket,providingcustomisedproductsin
segmentssuchasnovelRNAtherapeutics,vitaminsandsupplements,andanti-agingandpersonal
care,leadingthemarketsforEuropeanMCAsupply,highpurityDCA,aswellasCAEmanufacturing.
OurproductsinthismarketconsistprimarilyofSpecialtyproductsaswellasanumberofAdvanced
Intermediatesproducts.
CABBisaleadingproducerofDichloroaceticacid(orDCA),usedfortheOligonucleotidesynthesisof
shortDNAsandRNAs,whichareavitalcomponentintheformulationofRNAdrugs.TheDCAmarket
ishighlydifferentiatedbyitslevelofpurityandweareabletoproducethehighestpuritylevelsandfulfil
theemergentdemandforDCA.
CABB isoneoftheleadingsuppliersofhighpurityMCA,usedasbasisforBetainesynthesisand
celluloseforexample,forshampoosandtoothpasteaswellasliquidsoap.Keygrowthdriversarea
higherdemandforhygieneproducts,changingconsumerpreferencesfrom solidtoliquidproductsas
wellastheincreasedadoptionofCMCasathickeningagentinfoodandbeverages.CABBisoneof
theprincipalsuppliersofMCAtowesternEuropeandtheAmericasandsuppliesthemajorityofthe
2
largestMCAconsumersinEurope.CABBattributesitsstrongmarketpositiontothehighqualityofits
products,itslong-standingcustomerrelationshipsanditsexpertiseintechnicallydemandingchemistry
andsupplychainmanagementaswellashighlyintegratedproductionprocesses.Webelievethatanew
marketentrantseekingtoreplicateourfacilitieswouldfacelargecapitalinvestmentcosts.GlobalMCA
tradeflowsareoftencharacterisedbyregionalsupplyanddemandduetothecorrosivenatureofMCA
andrelativelyhightransportationcosts,whichencouragesproximitytocustomers.
CABBoperatessixproductionfacilitiesacrossSwitzerland,Finland,theUnitedStates,Germanyand
China.Ourcustom synthesisproductionfacilityinPratteln(Switzerland)hasseveralmulti-purpose
productionlinesanddedicatedsinglepurposeproductionplantsincludingscale-upcapabilitiesforour
ExclusivesandSpecialitiesportfolio.Thefacility’sintegratedproductionsystem enablesrecoveryofby-
productsandexhauststreamstoimproveefficiencyandoursustainabilitypropositionbyminimizing
energyneedsandwaste.TheKokkola(Finland)siteisacustom synthesisproductionfacilitymainlyfor
CropScienceproductsinourExclusivesportfolioofferingseveralhighlyautomatedmulti-purpose
productionlines.Combininglarge-scaleproductioncapacitiesandinfrastructure,ahighdegreeof
automatizationandanoperationaltrack-record,ourKokkolasiteoffersimprovedeconomicsforour
Exclusivesproductsaswellasforournew growthprojects.ThefacilityinGalena,Kansas(United
States)offersseveralcustom synthesisproductionlinesforourExclusivesandSpecialitiesportfolio.
TheproductionfacilitiesinGermanyaswellastheplantatourChinesesiteusestateoftheart
hydrogenationtechnologyfortheproductionofMCA,whichprovidessignificantproductioncostand
productqualityadvantagesoverthealternativecrystallisationtechnology.TheGersthofenfacilityuses
backward-integratedelectrolysistechnologyforcaptivechlorineproduction,whileboththeKnapsack
facilityandtheChinesefacilitysourcechlorineonsiteviaapipelinefrom theadjacentchlorineplantof
asupplierwhopurchasesthehydrochloricacidgeneratedbytheproductionofMCA.Webenefitfrom
costadvantagesasaresultofoperatinglarge-scale,highlyintegratedproductionfacilitiesstrategically
locatednearkeycustomersandsuppliersaswellastransportationnetworks.

(2) Developmentofbusinessinthefinancialyear2023
Economicenvironment
Thefinancialyear2023wascharacterizedbyachallengingmarketenvironmentwithpersistentlyhigh
inflationandhigherinterestratesaswellasincreasinggeopoliticaltensions,whichledtoeconomic
uncertaintyanddampeneddemandinmanysectors.
Theglobalgrossdomesticproductincreasedin2023by2.9% (2022:increaseof3.1%)withgrowth
ratesintheUnitesStates(2.4% vs.1.8% in2022),intheEuroarea(0.6% vs.3.3% in2022)andinthe
emergingmarketsofChina(5.2% vs.3.3% in2022)andBrazil(3.0% vs.2.8% in2022)(source:OECD).
CABB’sperformanceisdriventoalargeextentbytheglobalCropScienceend-marketswithapproxi-
mately~48% ofgrouprevenueexposedtothismarketin2023,themajorityofwhichconsistsofour
CDMOofferingthroughourExclusivesandSpecialities,andtoasmallerdegreewithcontributionsfrom
ourAdvancedIntermediatesandBaseChemicalsproducts.Accordingtofirstestimatesofthemarket
consultancyAgbioInvestor,theglobalagrochemicalmarketincreasedby0.1% duringthefinancial2023
(2022:+12.6%)andbyanaverageof4.9% p.a.between2018and2023.Theperformanceofthecrop
protectionmarketin2023wasinfluencedbyloweragrochemicalpricesandunfavourableweather
conditionsincertainregions.Highinventoriescontributedtoadisconnectbetweensalesbycompanies
andactualapplicationonacreages.Furthermore,whilecommoditypriceswerelowerthanthoseof
2022,theyremainedelevatedcomparedtohistoricalstandards.
InNorthAmerica,AgbioInvestoranticipatesthatthecropprotectionmarketexperiencedanominal
declineof1.8%,influencedbyageneraldecreaseinagrochemicalpricingfrom peaklevelsobservedin
late 2021 and early2022 and bylowersoybean and cotton acreage.Thisdecline waspartially
counterbalancedbyaslightincreaseinvolumes,particularlyattributedtoimprovedweatherconditions
in the western region.However,in Canada,marketdevelopmentwas hindered by dryweather
conditions.Despitethedeclinefrom recentpeaklevels,cropcommoditypricescontinuetoremain
3
elevated compared to historicalstandards,which isadvantageousforgrowerincomesand their
expendituresoncropprotectionproducts.Throughouttheyear,supplychainchallengeshavebeena
keyconcern,withsalesofcropchemicalmanufacturersaffectedbyadecelerationinproductsalesinto
distributionchannels.
InEurope,thecropprotectionmarketinEuropesaw amodestriseof5.4% in2023.Despitea5.2%
declineinmaizeacreage,productionisanticipatedtohaveincreasedby19.3%,supportedbyan
improvedsummerweathercomparedtothepreviousyear.Weatherconditionswereconductiveto
heighteneddiseasepressureinseveralcountries,notablyforSeptoriainkeycerealmarkets.
InCentralandSouthAmerica,thecropprotectionmarketincreasedby9.0% innominaltermsin2023,
mainlydrivenbyfavorableconditionsinthekeymarketofBrazil,whereincreasedplantingareasfor
mostkey crops heightened volume usage.However,severe dryness and high temperatures in
Argentina,ParaguayandMexicoimpactedsoybeanproductioninparticular.
OurproductsaddressingtheLifeScienceendmarketfacedamorechallengingmarketenvironmentin
thefinancialyear2023,asourcustomerswereconfrontedwithasoftertostabledemandbutwereable
toachievepositivepricingeffects.
OurMCAproductsserveawell-establishedandbroadarrayofenduseapplicationareasworldwide.
The key applications forMCA include hydrocolloids,personalcare,agrochemicals,betaines for
surfactants,TGA (thioglycolicacid)forhaircareandplasticadditivesandotherspecialtychemical
applicationssuchaspharmaceuticalsandfoodadditives.In2023,MCAfacedalowerdemandinseveral
sectors,especiallyintheconstruction,agricultureandcosmeticmarketsduetoanoverallreduced
economicactivityandastrongerAsiancompetition.
Managementsystem andperformanceindicators
Themanagementteam oftheCABBGroupmonitorsandcontrolsboththeimplementationofthegroup-
widestrategyandtheoperationalbusinessactivitiesoftheCABBGroupbasedonquantitativeand
qualitativeinformation,usingasystem ofkeyperformanceindicators(KPIs).Inaddition,mostofthe
KPIsareforecastedinamonthlyrollingforwardapproach,whichensuresquickresponsestothelatest
business developments.The managementteam uses adjusted EBITDA and revenue as key
performanceindicators.AdjustedEBITDAisdefinedasthenetresultfortheperiodaddingbacktaxes
onincome,financialresult,amortisationanddepreciation,andadjustmentsforexpensesandincome
notrelated to the operationalperformance ofthe businessactivities,such asstrategicprojects,
restructuringandreorganisationmeasures,financialimpactsofnaturaldisasters,propertydamage
insurancecompensations,aswellasvaluationimpactsresultingfrom curtailmentsormodificationsof
pensionorpost-retirementbenefitsschemesandpurchasepriceallocations.
ForefficientmanagementoftheCABBGroup,approvedbudgetsareinplace.Arecurringcomparison
ofthesebudgetswithcurrentdevelopmentsandforecastsenablesustoreacttochangingbusiness
environments.
ResultsofoperationsarediscussedinthefollowingparagraphsbasedonacomparisonoftheseKPI’s
withprioryearresultsand–inthesectionbusinessperformancereview–withbudgetedresults.

4
Resultsofoperations
ThefollowingtableshowstherevenueandEBITDAforthelasttwofinancialyears2023and2022:
Forthetwelve-month Forthetwelve-month
periodended periodended
December31, December31,
2023 2022
in€million in€million
Revenuebyproductgroup
ExclusivesandSpecialties................................... 462.8 429.3
AdvancedIntermediatesandBaseProducts....... 277.1 326.2
Totalrevenue......................................................... 739.9 755.5
AdjustedEBITDA................................................... 169.3 162.6
Adjustments:
StrategicProjects................................................. (2.1) (3.9)
ReorganisationandRestructuringMeasures....... (1.7) (0.3)
Valuationeffectsfrom purchasepriceallocations (0.2) (0.5)
FireIncidentPrattelnSite..................................... 0.0 3.0
IAS19negativepastservicecosts...................... 0.0 1.7
Insurancecompensation...................................... 0.0 0.4
Other.................................................................... (0.3) (0.5)
Totaladjustments.............................................. (4.3) (0.1)
ReportedEBITDA............................................... 165.0 162.4
(1)WedefineReportedEBITDA asnetprofit(loss)fortheperiodaddingbacktaxesonincome,financialresults,amortisationand
depreciation.WedefineAdjustedEBITDA asthenetprofit(loss)fortheperiodaddingbacktaxesonincome,financialresults,
amortisationanddepreciation,adjustmentsforexpensesandincomenotrelatedtotheoperationalperformanceofthebusinessactivities
suchasstrategicprojects,thefinancialimpactsofnaturaldisasters,propertydamageinsurancecompensations,aswellasvaluation
impactsresultingfrom curtailmentsormodificationstopensionorpost-retirementbenefitsschemesandpurchasepriceallocations.We
believethatbothReportedEBITDAandAdjustedEBITDAareusefultoinvestorsinevaluatingouroperatingperformanceandourability
toincurandserviceourindebtedness.NeitherReportedEBITDAnorAdjustedEBITDAisaperformanceindicatorrecognisedunder
IFRS.TheReportedEBITDAandtheAdjustedEBITDAarenotnecessarilycomparabletotheperformancefigurespublishedbyother
companiesasReportedEBITDAorAdjustedEBITDAorthelike.YoushouldexercisecautionincomparingReportedEBITDAand
AdjustedEBITDAasreportedbyustoReportedEBITDAorAdjustedEBITDAofothercompanies.

Developmentofrevenue
Totalrevenuedecreasedyear-on-yearby€15.6millionor2.1% from €755.5millionin2022to€739.9
millionin2023.
RevenueoftheproductgroupExclusivesandSpecialtiesincreasedby€33.5millionor7.8% from
€429.3millionin2022to€462.8millionin2023.Thiswasdrivenbyhighersalesvolumesandbypositive
pricingeffectswithinourExclusivesproductportfolio.Apositiveprojectreconciliationgainrealisedfor
aspecificagrochemicalproductcontributedaswell.RevenueofSpecialtiesdecreasedasaresultofa
softeningdemandfrom severalsectors.
RevenueoftheproductgroupAdvancedIntermediatesandBaseProductsdeclinedby€49.1millionor
15.1% from €326.2millionin2022to€277.1millionin2023.Thisdecreasewaspredominantlydriven
byasignificantlylowerdemandfrom theconstruction,agriculturalandcosmeticmarkets,whichwere
impactedbyaweakeroveralleconomicactivityandaheightenedAsiancompetition.Revenueofor
BaseProductsdecreasedduetolowersalesvolumes,however,certainproductsbenefittedfrom
positivepriceeffects.

5
Developmentofearnings
AdjustedEBITDAincreasedby€6.7millionor4.1%,from €162.6millionin2022to€169.3millionin
2023.KeydriverfortheGroup’simprovedperformancewasthestrongExclusivesbusiness.
Forthetwelve-month Forthetwelve-month
periodended periodended
Dec.31, Dec.31,
2023 2022
in€million in€million
Revenue................................................................................................. 739.9 755.5
Costofsales.......................................................................................... (593.4) (565.7)
Grossprofit.......................................................................................... 146.5 189.8
Researchanddevelopmentexpenses................................................... (4.5) (4.0)
Distributionandlogisticsexpenses........................................................ (58.6) (83.4)
Generalandadministrativeexpenses.................................................... (34.5) (33.0)
Otheroperatingincome......................................................................... 2.2 5.2
Otheroperatingexpenses...................................................................... (0.1) (0.2)
Earningsbeforeinterestsandtaxes(EBIT)...................................... 51.0 74.4
Depreciationandamortisation............................................................... 114.0 88.0
ReportedEBITDA................................................................................. 165.0 162.4
Adjustments........................................................................................... 4.3 0.1
AdjustedEBITDA................................................................................. 169.3 162.6
Financialincome.................................................................................... 3.8 0.0
Financialexpenses................................................................................ (98.8) (53.8)
Foreigncurrencylosses/gains(net)...................................................... 3.9 8.0
Financialresult..................................................................................... (91.1) (45.8)
Earningsbeforetaxes......................................................................... (40.2) 28.6
Taxesonincome.................................................................................... (7.4) (11.0)
NetResultfortheperiod..................................................................... (47.6) 17.7
Attributabletoshareholders (46.4) 18.6
Attributabletonon-controllinginterests (1.2) (0.9)
Grossprofitdecreasedyear-on-yearby€43.3millionor22.8% to€146.5million(2022:€189.8million)
inthefinancialyear2023,asrevenuesdecreasedby€15.6million,whilstcostofsalesincreasedby
€27.7million.Theincreaseincostofsaleswasprimarilyduetoanimpairmentlossof€30.7million
recognisedforaproductionfacilityatourproductionsiteinPratteln/Switzerland,whichwastriggered
bythedecisionofoneoragrochemicalcustomerstonotrenew asupplycontractforakeyExclusive
product.
Researchanddevelopmentexpensesincreasedby€0.5millionto€4.5million.
Distributionandlogisticsexpensesdecreasedby€24.8millionto€58.6million(2022:€83.4million),
whichispartlyduetolowertransportationcostsasaresultoflowervolumesinouroverseasbusiness
(€14.3million).Furthermore,depreciationcharges(€10.6million),decreasedduetotheexpiryofthe
scheduledamortisationperiodofintangibleassetscapitalisedinconjunctionwiththeacquisitionof
CABBGroupbyPermiraFundsinthefinancialyear2014.
Generalandadministrativeexpensesincreasedby€1.5millionto€34.5million(2022:€33.0million).
Otheroperatingincomedecreasedby€3.0million,whichismainlyduetotheinsurancecompensation
(€3.4million)receivedinthepreviousyearforpropertydamagecausedbyafireincidentatoursitein
Prattelnin2020.

6
Depreciationandamortisationexpensesincreasedfrom €88.0millionin2022to€114.0millioninthe
financialyear2023andcomprisesanimpairmentlossof€30.7millionrelatingtoaproductionfacilityat
ourproductionsiteinPrattlen/Switzerland.
Thefinancialresultincreasedby€45.3millionyear-on-year,from anetlossof€45.8millionin2022to
anetlossof€91.1millioninthefinancialyear2023.Thissignificantincreaseisprimarilyduetothe
successfulrefinancingoftheGroup’sbonds(whichwereduein2025)andtheGroup’srevolvingcredit
facility.
Financialexpensesamountedto€98.9millioninthefinancialyear2023(2022:€53.8million).The
Group’smainfinancialexpenseconsistsofbondinterestexpenses,whichamountedto€51.7millionin
2023(2022:€40.4million)andincreasedby€11.2millioncomparedtothepreviousyear,duetorising
interestratesandhighernominalamountsofthebondsissuedonApril28,2023.Furthermore,accrued
transactioncostsrelatingtotheformerandtheexistingbondsandrevolvingcreditfacilitiestotalling
€17.2millionwererecognisedin2023(2022:€4.8million),aswellasanearlyredemptionpremium for
theformernotes(€11.3million).Thefinancialresultalsocompriseschangesin the fairvalue of
derivativesembeddedintheformernotes(€-10.7million;2022:€-4.1million)andtheexistingnotes
(€+3.4million;2022:€0.0million).
Netforeigncurrencyresultdecreasedby€4.1million,from anetgainof€8.0millionin2022toanet
gainof€3.9millionin2023.Thisresultmainlyincludesintercompanycurrencygainsof€6.3million
(2022:€7.7million),whichweremainlyrecognisedonEUR-denominatedintercompanyloansgranted
toCABBAG(Switzerland)andJayhawkKansasHoldCo1,Inc..
Taxesonincomedecreasedby€3.6millionto€7.4millionin2023.TheCABB Group’staxrateis
impactedbyfinancialexpenses,whicharesubjecttorestrictionsunderthincapitalisationrulesin
GermanyandFinland,andforwhichnodeferredtaxassetsarerecognised.
Netresultfortheperioddecreasedby€65.3millionfrom anetprofitof€17.7millionin2022toanet
lossof€47.6millionforthefinancialyear2023.Non-controllinginterestsreflectthe32.4% sharein
CABB -JinweiSpecialtyChemicals(Jining)Co.Ltd.,Zhanghuang Town (PRC),thatisheld by
shareholdersotherthanCABB.
Businessperformancereview
Thefinancialyear2023wascharacterisedbyachallengingmarketenvironmentwithpersistentlyhigh
inflationandhigherinterestratesaswellasincreasinggeopoliticaltensions,leadingtoeconomic
uncertainty and dampened demand in many sectors.Nevertheless,CABB's business model
demonstratedstrengthandresiliencesupportedbylong-term supplycontractsandacontinueddemand
from agrochemicalcustomers,resultinginanothersuccessfulyearwiththehighestAdjustedEBITDAin
theGroup’shistory.
OurkeyCropScienceend-marketexperiencedanincreaseof0.1% duringthefinancial2023(2022:
+12.6%),whichreflectsanaverageof4.9% p.a.between2018and2023.Themid-tolonger-term
outlookandfundamentalgrowthtrendsinourkeytargetmarketsremainpositive.
Grouprevenueofthefinancialyear2023fellmoderatelyshortofinternalexpectations,mainlyduetoa
lowerdemandforourAdvancedIntermediates.
RevenueoftheproductgroupExclusivesmoderatelyexceededthebudgetedexpectations,drivenbya
continuedvolumeandpricegrowthandbyapositiveprojectreconciliationgainrealizedforaspecific
agrochemicalproduct.RevenueofourSpecialitiesremainedmoderatelybelowinternaltargets,primarily
duetoasofterdemandfrom severalsectors.However,thiswaspartiallycompensatedbyfavorable
pricingeffectsforcertainproducts.
RevenueoftheproductgroupAdvancedIntermediatesfellsignificantlyshortofinternalexpectations,
asthedemandintheconstruction,agriculturalandcosmeticmarketsdeclinedduetoaweakeroverall
economicactivityandastrongercompetitionfrom Asian.
7
RevenueofourBaseChemicalsremainedslightlybelowinternalexpectationsduetoasofterdemand
andimportsoflow-costmaterialsfrom overseas.Pricinglevelsdecreasedinthefinancialyear2023,
butstabilisedatarelativelyhighlevelatyear-end.
The Group’s Adjusted EBITDA exceeded the internalbudgeted expectation,driven by a good
performanceofourExclusivesbusinessandbyapositiveprojectreconciliationgainrealisedfora
specificagrochemicalproduct.
Netassets
December31, December31,
2023 2022
in€million in€million
Assets
Non-currentassets
Goodwill.................................................................. 204.5 199.2
Otherintangibleassets........................................... 84.3 95.2
Property,plantandequipment................................ 563.8 578.9
Derivativefinancialassets...................................... 10.7 10.7
Planassets............................................................. 2.8 2.6
Deferredtaxassets................................................. 0.0 0.7
Totalnon-currentassets......................................... 866.1 887.3
Currentassets
Inventories.............................................................. 93.0 111.1
Accountsreceivable,trade..................................... 46.6 61.3
Contractassets....................................................... 13.2 17.7
Otherfinancialassets............................................. 10.6 9.3
Othernon-financialassets...................................... 10.2 8.5
Incometaxreceivables........................................... 8.1 4.0
Cashandcashequivalents..................................... 64.6 69.9
Totalcurrentassets................................................. 246.3 281.8
Totalassets.............................................................. 1,112.4 1,169.1

Totalassetsamountedto€1,112.4millionasofDecember31,2023,representingadecreaseof€56.7
millioncomparedtotheprioryear-endfigure.
Non-currentassetsdecreasedby€21.2millionto€866.1millionasofDecember31,2023.
Goodwillincreasedby€5.3million,duetotheappreciationoftheSwissFrancsagainsttheEuro.
Otherintangibleassetsdecreasedby€10.9millioncomparedwithDecember31,2022,to€84.3million,
mainlyduetoamortisations(€16.5million)ofcustomerrelationsrecognisedinconjunctionwiththe
purchasepriceallocationinJune2014.Additionstointangibleassetsamountedto€2.6millionand
mainlyrefertotheimplementationofthenew EnterpriseResourcePlanning(ERP)System SAPS/4
Hana(€2.2million).Currencyeffectsinanamountof€2.9millionalsocontributedtotheincreasein
otherintangibleassets.
Property,plantandequipmentdecreasedby€15.1millionto€563.8millionasofDecember31,2023.
Depreciationamountedto€97.5millionandincludesanimpairmentof€30.7millionrecognisedona
productionfacilitylocatedatourproductionsiteinPratteln/Switzerland.Theimpairmentwastriggered
bythedecisionofoneofouragrochemicalcustomerstonotrenewasupplycontractforakeyExclusive
product.Additionstoproperty,plantandequipmentamountedto€64.9millionandrefertoinvestments
madeinparticularatthesitesinPratteln/Switzerland(€22.7million)andinKokkola/Finland(€19.6
million).Capitalexpenditures(excludingleases),totallingto€45.7millionrefertoinvestmentstoensure
andmaintaintheassetreliabilityandtheavailabilityofproductionsfacilitiesatanoptimisedthroughput.
The“fitforfuture”program wassuccessfullycompletedinthefinancialyear2023(€1.7million;2022:
€3.0million).Investmentsintogrowthprojectsamountedto€14.6millionandmainlyrefertothe
expansionofproductioncapacitiesinFinland(€7.2million)andintheUS(€6.2million).Currencyeffects
increasedproperty,plantandequipmentby€18.2,primarilydrivenbytheappreciationoftheSwiss
FrancagainsttheEuro.
8
Derivativefinancialassetsamountedto€10.7millionasofDecember31,2023(December31,2022:
€10.7million)andrepresentthefairvalueoftheearlyredemptionrightsembeddedintheNotes.
Currentassetsdecreasedby€35.5millionto€246.3millionasofDecember31,2023.
Inventoriesamountto€93.0millionasofDecember31,2023,€18.1millionbelow thepreviousyear-
endfigure.
Tradeaccountsreceivablesdecreasedby€14.7millioncomparedtothepreviousyear-endfigureand
amountedto€46.6millionasofDecember31,2023.Thedecreasewasmainlydrivenbyahigher
volumeoftradereceivablestransferredunderthesecuritisationprogramme(€52.2million;December
31,2022:€33.0million).Tradereceivablessoldunderacustomer’sfactoringprogrammetotalled
kEUR8,427asofDecember31,2023(December31,2022:kEUR10,927).
Contractassetsdecreasedby€4.5millionto€13.2millionasofDecember31,2023.
Otherfinancialassetsincreasedby€1.3millionto€10.6millionasofDecember31,2023,mainlydue
tothecapitalisationofrefinancingcostsincurredfortheundrawnrevolvingcreditfacility.
Othernon-financialassetsincreasedby€1.7millionto€10.1millionasofDecember,mainlydrivenby
higherVATrefundclaimsanddeferredexpenditures.
Incometaxreceivablesamountedto€8.1millionasofDecember31,2023,€4.2millionabovetheprior
year-endfigureandmainlyreferstotheGermantaxjurisdiction.
Cashandcashequivalentsincreasedby€5.3million,from €69.9millionto€64.6millionasofDecember
31,2023.TheGrouphasaccesstoanunutilisedrevolvingcreditfacilityof€104.0million(asof
December31,2022:€54.5million).
December31, December31,
2023 2022
in€million in€million
EquityandLiabilities
Equity........................................................................ 214.8 249.6
Long-term liabilities
Provisionsforpensionsandsimilarobligations...... 24.0 18.1
Otherprovisions...................................................... 2.9 3.1
Notes...................................................................... 657.8 628.1
Otherfinancialliabilities.......................................... 17.8 19.8
Deferredtaxliabilities............................................. 55.3 58.6
Totallong-term liabilities........................................ 757.8 727.8
Short-term liabilities
thereof
Otherprovisions...................................................... 14.5 11.4
Notes...................................................................... 2.7 9.6
Tradeaccountspayable......................................... 94.3 120.2
Contractliabilities.................................................... 9.8 3.7
Incometaxliabilities................................................ 2.6 8.7
Otherfinancialliabilities.......................................... 8.3 27.5
Othernon-financialliabilities................................... 7.7 10.6
Totalshort-term liabilities....................................... 139.9 191.7
Totalequityandliabilities....................................... 1,112.4 1,169.1
Equitydecreasedby€34.8millioncomparedwiththepreviousyearto€214.8million,drivenbyanet
resultof€-47.6millionandactuariallossesof€-5.5million,whichwerepartiallycompensatedby
currencytranslationeffectsof€18.3million.Theequityratioamountsto19.3% (December31,2022:
21.3%).
Provisionsforpensionsandsimilarobligationsincreasedby€5.9millionfrom €18.1millionasper
December31,2022to€24.0millionasperDecember31,2023,mainlydrivenbylowerdiscountrates.
TheacquisitionoftheCABB GroupwasmainlyfinancedbyEUR bondsissuedinJune2014and
refinancedonOctober7,2019byMonitchem Holdco2S.A.andMonitchem Holdco3S.A.OnApril28,
9
2023,theGroupredeemedtheexistingindenturesandissuedSeniorSecuredFloatingRateNotesand
SeniorSecuredFixedRateNotesdueonMay1,2028.Thenoteshaveanaggregatenominalamount
of€670millionandconstitutethemainliabilityoftheGroup.
Thefollowingtableshowsthenominalandeffectiveinterestrateaswellasthebookandmarketvalue
oftheNotesasofDecember31,2023byclass:
Principal Marketvalue
amountsasof asof
Nominal Effective Dec.31,2023 Dec.31,2023
SecurityDescription interestrate interestrate Maturitydate
FloatingRateSeniorSecuredNotes 3M EURIBOR 9.660% p.a. May1,2028 250,000 253,095
plus525bps
FixedRateSeniorSecuredNotes 8.750% p.a. 9.303% p.a. May1,2028 420,000 430,151
Total 670,000 683,246
Accruedfinancingcosts -18,672
Amortisedvalueoftheembeddedderivatives 6,521
Notes(non-current) 657,849
Accumulatedinterestpayableonnotes(current) 2,716
TotalNotes 660,565
Othernon-currentandcurrentfinancialliabilitiestotalto€26.1millionasperDecember31,2023,€21.2
millionbelowtheprioryear-endfigureof€47.3million.Thedecreaseisprimarilydrivenbytherepayment
oftherevolvingcreditfacility(€20.0million).
Tradeaccountspayableamountto€94.3millionasofDecember31,2023,€25.9millionbelowtheprior
year-endfigures.Thedecreasecorrelateswithalowerlevelofinventoriesandcontractassets.
Contractliabilitiesamountto€9.8millionasofDecember31,2023,€6.1millionabovetheprioryear-
endfigure,mainlyduetoadvancepaymentsreceivedbasedonlong-term customercontractsfor
Exclusivesproducts.
Othernon-financialliabilitiesdecreasedby€2.9million,from €10.6millionasofDecember31,2022to
€7.7millionasofDecember31,2023,mainlyduetolowerVATandemployeesliabilities

10
Financingandcapitalmanagement
FinancingoftheGroupiscentrallyprovided,managedbyMonitchem Holdco2S.A.anddistributed
withintheGroup.Wepursueaconservativeandflexibleinvestmentandborrowingspolicywitha
balancedinvestmentandfinancingportfolio.Theprimarygoalofourfinancialmanagementistosecure
theliquidityandcreditworthinessoftheGroup,togetherwithensuringaccesstothecapitalmarketat
anytimeandgeneratingasustainableincreaseinshareholdervalue.Measuresdeployedinorderto
achievetheseaimsincludeoptimisationofourcapitalstructure,adoptionofanappropriatedividend
policy,equitymanagement,acquisitions,divestments,anddebtreduction.Ourcapitalneedsandcapital
procurementactivitiesarecoordinatedtoensurethatrequirementswithrespecttoearnings,liquidity,
securityandindependenceareconsideredandproperlybalanced.Wecoverourshort-term financing
needsthroughanadequaterevolvingcreditfacilityline.
Forthetwelve-month Forthetwelve-month
periodended periodended
Dec.31, Dec.31,
2023 2022
in€million in€million
AdjustedEBITDA..................................................... 169.3 162.6
Adjustments............................................................ (4.1) 0.4
Incometaxespaid................................................... (21.4) (5.9)
Changeinnetworkingcapitalandprovisions........ 11.9 (8.6)(1)
CashFlowfrom OperatingActivities..................... 155.7 148.5
CapitalExpenditures............................................... (61.0) (69.5)(1)
Proceedsfrom saleofproperty,plantand 0.1 0.1
equipment...............................................................
CashFlowfrom InvestingActivities...................... (60.9) (69.4)
Cashproceedsfrom theissuanceofNotes............ 663.8 0.0
PaymentsduetotheredemptionofNotes............. (651.3) 0.0
Netinterestandfinancingchargespaid.................. (67.8) (44.6)
Transactioncostsrelatedtoborrowings................. (17.2) 0.0
Paymentsduetointerestcaptransactions............. (0.7) 0.0
Principalelementsofleasepayments.................... (6.8) (6.4)
Increaseofnon-currentfinancialassets................. 0.0 (2.6)
Repaymentof/Proceedsfrom shortterm (20.0) 5.0
borrowings..............................................................
Changeinotherfinancialdebt................................ (0.3) (2.4)
CashFlowfrom FinancingActivities..................... (100.3) (51.0)
Changeincashandcashequivalents……………. (5.5) 28.2
CashOpeningBalance…………………………........ 69.9 40.5
F/XEffectonCashHeld…………… .......................... 0.2 1.2
CashClosingBalance……… .................................. 64.6 69.9
(1) Theprior-yearcomparativefiguresfortheCashflowfrom operatingactivitiesandtheCashflowfrom investing
activitieswereadjustedbyreclassifyingkEUR2,160betweenthetwocashflow categories.Withinthecash
flow from operatingactivities,thenon-cash-effectiveincreaseintradeaccountpayablesduetoacapital
investmentliabilitywaseliminated,andthecashoutflowfrom investingactivitieswasreducedaccordingly.
Cashflowfrom operatingactivitiesincreasedby€7.2millionyear-on-year,from €148.5millionin2022
to€155.7millioninthetwelve-monthperiodendedDecember31,2023.Theimprovementwasprimarily
duetoacashinflowfrom changesinnetworkingcapitalandprovisionsinanamountof€11.9million
(2022:cashoutflow of€8.6million),whichischaracterisedamongothersbyahighervolumeof
securitizedtradeaccountsreceivablesandbylowerinventoriesandtradepayables.
Incometaxespaidincreasedby€15.5millionto€21.4millioninthefinancialyear2023,drivenbyhigher
paymentsforthetaxperiods2023and2022.

11
Investingactivitiesintoourproductionfacilitiesledtoacashoutflowof€60.9million(2022:€69.4million)
andarerelatedtomeasuresensuringtheassetreliabilityandavailabilityaswellastocontractedgrowth
projects.Inthefinancialyear2023,wehaveinvested€14.6million(2022:€25.9million)intothese
growthprojectsandcontinuedoureffortstomaintainhighassetreliability.The“fitforfuture”program to
upgradeassetsatthePrattelnsitewasfinalizedin2023(€1.7million;2022:€3.0million).
Inthefinancialyear2023,financingactivitiesledtoanetcashoutflowof€100.3million(2022:€51.0
million).TheissuanceoftheNotesgeneratedanetinflow amountingto€663.8million,whichwas
predominatelyused to fund the settlementofthe formerfinancing agreements.These payments
includedtheredemptionoftheformerNotes(€651.3million)andtransactioncosts(€17.2million)related
totherefinancingmeasure.TheGroup’srevolvingcreditfacilitywasentirelyrepaid(€20.0million).Net
interestandfinancingchargespaidinthefinancialyear2023increasedby€23.4millionyear-on-year
to€68.0millionin2023(2022:€44.6million).Thesignificantincreaseismainlyduetohigherbond
interestpayments(2023:€61.2million;2022:€40.5).
Totalnetcashflowsignificantlydecreasedyear-on-yearfrom €+28.2millionin2022to€-5.5millionin
thefinancialyear2023.Cashclosingbalanceamountedto€64.6millionasofDecember31,2023
(2022:€69.9million).Thiscashposition,andtheaccesstoanunutilisedrevolvingcreditfacilityof€104.0
million(asofDecember31,2022:€54.5million),providesasolidbasistoenableCABBtomeetits
financialobligationsintheforeseeablefuture.
Personnel
Onaverage,theCABB Groupemployed1,221personsin2023(2022:1,192).AsofDecember31,
2023,thenumberofemployeeswas1,207(December31,2022:1,209).
Research&DevelopmentoftheGroup
Ourresearchanddevelopmentactivitiesareprimarilyfocusedonprocessdevelopmentandprocess
optimisation,includingthereliableup-scalingofproductionprocessesinclosecooperationwithour
customers.Weutiliseourmanyyearsofexperiencewithavarietyoftechnologiesinordertodevelop
andimplementthemostefficientprocesses.Furthermore,theefficiencyoftheproductismonitoredafter
theproductrolloutinordertofurtheroptimisetheprocess.Processoptimisationmeasuresarefocused
onimprovingyield,reducingrawmaterialsused,recyclingsolventsandrawmaterials,preventingwaste,
improvingthroughput,andensuringstatisticalprocesscontrols.
In2023,weemployedanaverageof30employeesinresearchanddevelopmentfunctionsacrossthe
Group(2022:26employees).Mostofourresearchanddevelopmentactivitiesarerelatedtodeveloping
andup-scalingsynthesisprocessesassociatedwithnew productswithintheCropSciencecontract
developmentandmanufacturingbusiness.Theremainderisrelatedtoprocessoptimisationinitiatives
aimedatincreasingproductivity.
Health,Safety,EnvironmentandQuality(HSEQ)oftheGroup
TheCABBGrouphasimplementedandmaintainsqualityandenvironmentalmanagementsystemsat
itssitesincompliancewithinternationalstandards(EN ISO 9001,EN ISO 14001).Allstandardsare
updatedtothelatestversions.Theongoingsystem-basedfollow-upandrecertificationauditsconfirmed
theeffectivenessandcontinuousimprovementoftheprocessesandperformanceatallsites.Inaddition,
CABB GmbH successfullycertifieditsenergymanagementsystem compliantwithEN ISO 50001
standard.Similarstandards and targets forenergy savings are also pursued by CABB AG in
Switzerland.CABBAG hassuccessfullyobtainedISO 45001certification,underliningthesignificant
investmentsmadeinoccupationalsafety,environmentalprotectionandsustainability.

12
Inaddition,asystematicpreventiveapproachtofoodsafety(HACCP)hasbeenimplementedatCABB
GmbH in Gersthofen and the corresponding EN ISO FSSC22000 (food additive sodium acetate)
certificationwasachieved.
CABB continuesitseffortstofurtherstrengthenandpromoteitscultureofsafetybyemphasizing
systematicriskassessmentsandestablishingriskmanagementthinkingwithindifferentlevelsofthe
organization,aswellasenhancingtheoverallawarenessandunderstandingofsafetyasakeysuccess
factor.Thesafetyoftheplantsandthedifferentproductionprocessesatthevariousgloballocationsis
animportantbasistosustainablyprotectCABB`sstakeholder(i.e.employees,neighboursandthe
environment).Therefore,CABBalsopursuestheregularsystematicsafetyassessment,evaluationand
optimizationofitsproductionprocesses.HSEQ andESG keyperformancefactorsarepreparedand
reviewedonamonthlybasis.CABB’sembeddedsafetyculture’sobjectiveistopreventaccidentsand
incidentsfrom theoutset.CABBoperatesaccordingtohighsafetystandards,whicharedescribedin
processinstructionsandmanagedinthelocalmanagementsystem.Theprocessesareregularly
reviewed,andsafety-relevantmeasuresareintegratedintotheplantprotectionconceptsandarethus
constantlyimprovedtominimiseincidents.Ouremployeesaretrainedonoccupationalsafety,health
protectionandplantsafetyviaacentralonline-basedplatform.
Theoveralllevelofcustomersatisfactionishighandthenumberofcustomercomplaintsisgenerally
keptataverylow levelatCABB.Todemonstrateitscommitmenttocustomers,CABB hasfurther
intensifieditseffortstocontinuouslydevelopitsnew productpipeline,toevaluateorganicinvestment
opportunitiestosupportkeycustomersintheirgrowthambitionsinordertofurtherreinforceitsposition
asthe‘supplierofchoice’.
Inadditiontothis,wehavestartedacloseproactiveexchangewithourcorecustomersonthetopicof
Sustainability.
(3) Opportunitiesandrisksreport
BusinessrisksoftheGroup
WithintheCABBGroup,riskmanagementisanintegralpartofalldecisions.Itisembeddedinthe
managementstructureaswellasplanning,reportingandinformationsystems.
Operationalopportunitiesandrisksareprimarilyattributabletothedevelopmentoftheoveralleconomy
aswellasenergyandcommodityprices.Financialopportunitiesandrisksprimarilyresultfrom the
volatilityofforeigncurrencyexchangeratesandinterestrates.
Futuredemandofourcustomers,andhence,thegrowthofGrouprevenues,dependonthegeneral
economicclimate,althoughthemajorityofCABB’send-markets(e.g.agrochemicals,food,pharmaand
personalcare,etc.)areconsideredlessvolatileanddependentontheoveralleconomicsentiment.
However,within ourbroaderproductportfolio,some areas ofapplication forcaustic soda and
hydrochloricacidhavearelativelyhighexposuretothebroadereconomy.
TheCABB Groupisgenerallyexposedtoregulatoryrisks,especiallyintheagrochemicalbusiness.
Also,ifourcustomersarenotabletoobtainormaintainthenecessaryregulatoryapprovalsforsomeof
theirproductswhichuseourchemicalproducts,thiscouldrestrictourabilitytosellthoseproductsto
ourcustomers.However,theCABBGroupispro-activelymonitoringandmanagingitsproductportfolio
toanticipateandminimisepotentialfutureimpacts.
ThecostsofrawmaterialsandsuppliesrepresentasignificantportionoftheGroup’soperatingEBITDA.
Hence,anincreaseinenergyandrawmaterialpricescan,inprinciple,haveanunfavourableimpacton
theprofitabilityofourbusiness.Viceversa,adecreaseinenergyandrawmaterialpricesmayleadto
improvedprofitability.Thisriskismitigatedbyutilisingformula-basedpricingmechanismswithina
significantportionofthebusiness,wherebysimilarlyoutsidethescopeoftheformula-basedpricing
agreements,increasedraw materialpricescaningeneralbepassed-throughtocustomers.Inour
financialplanningfortheyear2024,weassumedstabletoslightlydecreasingrawmaterialprices.

13
Intheordinarycourseofbusiness,wemayfacerisksassociatedwithchemicalsmanufacturingandthe
relatedstorageofrawmaterials,productsandwastesduetounforeseeneventssuchasfires,power
shortages,sabotage,accidentsornaturalcatastrophes,resultinginsignificantoperationaldisruptions,
delays,costs,orliability.Additionally,adverseweatherorothernaturalcatastrophessuchasflooding,
severe storms,landslides,earthquakesorothers,whethercaused byclimate change ornatural
processesoftheearth,maysignificantlyaffectourproductionsitesandcauseseveredisruptionsand
someofourproductionfacilitiesworldwidemaybemoreexposedtosuchrisks.
CABB iscommittedtointegratingenvironmentalprotectionandsociallyresponsibleconductintoits
business activities.Infringements ofourvoluntarycommitmentsand legalviolations representa
reputationalriskandcouldleadtooperationalorstrategicrisks.Wesetourselvesuniform standardsfor
theenvironment,safety,security,healthprotection,productstewardshipandcompliance,aswellas
labourandsocialstandards.Inordertoensureadherencetolawsandourvoluntarycommitmentsin
theseareas,we’veestablishedmonitoringsystemswhicharealsosubjecttoexternalcertificationaudits.
CABBreliesonseveralITsystems.Thenon-availabilityofcriticalITsystemsandapplicationsandthe
manipulationorlossofconfidentialdatacanhaveadirectimpactonproductionandlogisticprocesses.
To minimisesuch risks,CABB hasimplemented application-specificmeasuressuch asstable IT
systems,backupprocesses,virusandaccessprotectionandencryptionsystemsaswellasintegrated,
Group-widestandardisedITinfrastructureandapplications.Thesystemsusedforinformationsecurity
arecontinuouslytestedandupdated.Inaddition,ouremployeesreceiveregulartrainingoninformation
and data protection.IT-related riskmanagementisconducted using standardised regulationsfor
organisationandapplication,aswellasaninternalcontrolsystem.
Approximately30% ofoverallGrouprevenuesaregeneratedinforeigncurrencies,primarilyinSwiss
FrancandUSD.WhilstproductioncostsdenominatedinSwissFrancareincurredinconjunctionwith
ourproductionsitelocatedinPratteln,cashreceiptsinCHFsurpassincurredexpensesinthiscurrency.
AnincreaseoftheEuroexchangerateagainsttheUSD canhaveanunfavourableimpactonGroup
results.Tomitigatethisrisk,CABBhasintroducedformula-basedpriceswhichareusedespeciallyfor
medium-andlong-term agreementswithmajorclients.
OnApril28,2023,theGrouphassuccessfullycompletedtherefinancingoftheNotesandofthe
revolvingcreditfacility.TheNoteshaveanaggregatedprincipalamountof€670millionandconstitute
themainliabilityoftheGroup.Recurringinterestpaymentsandtherepaymentoftheprincipalamounts
atthematuritydaterepresentsignificantfinancialoutflowsfortheGroup(€60millionyearlybond
interestpaymentsandtherepaymentofthenominalvalueoftheNoteswhichmatureMay1,2028(€760
million.Upontheoccurrenceofcertaineventsconstitutingachangeofcontroloraneventofdefault,
theGroupmayberequiredtomakeanoffertorepurchasealloftherelevantseriesofNotesata
redemptionpriceequalto101% oftheprincipalamountthereof,plusaccruedandunpaidinterestand
additionalamounts,ifany.Currentfinancialliabilitiesarebackedbyanadequateamountofcashand
cashequivalents(€64.6million;2022:€69.9million)andbyunutilisedrevolvingcreditfacilitiesof€104.0
million(December31,2022:€54.5million).
BorrowingsissuedatvariableinterestratesexposestheGrouptocashflowinterestraterisks.OnApril
28,2013,theGrouphasrefinancedtheexistingfloatingrateNotesbyissuingseniorsecuredfloating
ratenotesinanamountof€250.0million.Thesenotesbearanominalinterestrateequaltothe3month
EURIBORplus5.250%.OnJune20,2023,theGroupenteredintoaninterestratecaptransaction.The
agreementprovidesforanotionalamountofkEUR120,000andacaprateof3.75% referencingthe3-
monthEuribor.Thefloatingratepayerpaymentdatesarethe15thdayofMarch,June,Septemberand
Decemberofeachyear,commencingDecember15,2023,throughandincludingJune15,2025.
Ourcreditriskmanagementsystem ensuresthatcreditrisksareconstantlymonitored,andbaddebts
minimised.Thispolicy,whichappliestobothnew andexistingcustomers,governstheallocationof
creditlimitsandcompliancewiththoselimits,individualanalysesofcustomers’creditworthinessbased
onbothinternalandexternalfinancialinformation,riskclassification,andcontinuousmonitoringofthe
riskofbaddebtsatthelocallevel.Collateralreceived(e.g.documentarylettersofcredit)andother
safeguardsinclude country-specificand customer-specificprotection afforded bycreditinsurance,
confirmedandunconfirmedlettersofcreditinexportbusiness,aswellaswarrantiesandguarantees.
14
Furthermore,incertaincasesdown-paymentsandadvancepaymentsareagreed.Thisensuresthat
risksintheGroupremainwithinmanageablelimitsandthatlossesdonothaveamaterialimpacton
financialpositionandresults.
Forpotentialclaims and liability risks,insurances have been concluded.In this way itis,in
ensuredthatremainingrisksofdamageorlossdonotthreatenthecontinuing
existenceoftheGroup.
(4) Outlook
Uncertaintyaboutthemarketdevelopmentsinthefinancialyear2024remainselevated,asthewarsin
UkraineandtheMiddleEastandothergeopoliticaltensions,particularlybetweentheUnitedStatesand
China,giverisetorisks,thatcannotbeconclusivelyassessed.Weanticipatethatthegeopolitical
conflictsmayleadtonegativeeconomiceffects,e.g.ontheEuropeanenergymarket.Highenergyand
rawmaterialpricesaswellaspersistentlyhighinterestandinflationratesareapossiblescenariowhich
mightdampenthegrowthoftheworldwideeconomy.Afteranincreaseof2.9% in2023,weexpectthat
theglobaleconomywillslowdownin2024,astheOECDprojectsaglobalGDPgrowthrateof2.7% in
2024,withonlyamodestimprovementin2025.ThegrossdomesticproductintheEuroareaisexpected
togrowby0.9% (vs.0.6% in2023),intheUnitedStatesby1.5% (vs.2.4% in2023)inBrazilby1.8%
(vs.3.0% in2023)andinChinaby4.7% (vs.5.2% in2023).
Themedium tolonger-term outlookfortheglobalCropScienceandLifeSciencemarkets,ourkeyend-
markets,remainsattractiveandischaracterisedbystrongandsustainablestructuralgrowthdrivers.For
thefinancialyear2024,weexpectastabletodecliningmarketdevelopmentinthecropprotectionsector,
duetodecliningagrochemicalandcropcommodityprices.
Inthefinancialyear2024,weanticipateacontinuedchallengingmarketenvironmentandadampened
businessdevelopmentforCABBGroup.Thisispredominantlydrivenbyareductionofcausticsoda
marketpricesaswellasbythedecisionofoneofouragrochemicalcustomerstonotrenewaspecific
supplycontractforakeyExclusiveproduct.Thediscontinuationofthisproductcannotbeadequately
replacedbynewproductsintheshortterm andthereforethefinancialimpactcannotbefullyoffsetby
positivedevelopmentsofotherproducts.
Accordingly,forthefinancialyear2024,wecurrentlyanticipateastrongdeclineinrevenuesand
adjustedEBITDA.Perabove,thisdevelopmentwillbedrivenbyvariousimpacts,includinglower
performanceofourExclusiveproducts,andnegativepricingimpacts(mainlyfrom causticsoda)onthe
performance ofBase Chemicals.We expecta stable to slightly improved contribution ofour
Intermediatesbusiness.
Forward-lookingstatementsarebasedoncurrentlyavailableinformationandassumptions,involving
knownandunknownrisks,uncertainties,andotherfactors,astheyrelatetoeventsanddependon
circumstancesthatmayormaynotoccurinthefuture.Actualoutcomesandresultsofoperationswithin
thenextfinancialyearsmaydifferconsiderablyfrom thosemadeinorsuggestedbytheforward-looking
statementscontainedinthisreport.
Thankstoemployees
ManagementwouldliketothankallemployeesfortheirmajorcommitmentandworkfortheGroup.
Luxembourg,March15,2024
Monitchem Holdco2S.A.

CédricPedoni ThomasLafrance
15
 KPMG AuditS.àr.l. Tel.:+3522251511
39,AvenueJohnF.Kennedy Fax:+352225171
L-1855Luxembourg E-mail:[email protected]
Internet:www.kpmg.lu

TotheShareholdersof
Monitchem Holdco2S.A.
488,routedeLongwy
L-1940Luxembourg
Luxembourg

REPORTOFTHEREVISEURD’ENTREPRISESAGREE
Reportontheauditoftheconsolidatedfinancialstatements
Opinion
WehaveauditedtheconsolidatedfinancialstatementsofMonitchem Holdco2S.A.andits
subsidiaries(the"Group"),whichcomprisetheconsolidatedstatementoffinancialpositionas
at31December2023,andtheconsolidatedstatementofcomprehensiveincome,consolidated
statementofchangesinequityandconsolidatedstatementofcashflowsfortheyearthen
ended,andnotestotheconsolidatedfinancialstatements,includingmaterialaccountingpolicy
informationandotherexplanatoryinformation.
Inouropinion,theaccompanyingconsolidatedfinancialstatementsgiveatrueandfairview
ofthe consolidated financialposition ofthe Group asat31 December2023 and ofits
consolidatedfinancialperformanceanditsconsolidatedcashflowsfortheyearthenendedin
accordancewithIFRSAccountingStandardsasadoptedbytheEuropeanUnion.
Basisforopinion
WeconductedourauditinaccordancewiththeLawof23July2016ontheauditprofession
(“Lawof23July2016”)andwithInternationalStandardsonAuditing(“ISAs”)asadoptedfor
Luxembourg by the Commission de Surveillance du SecteurFinancier(“CSSF”).Our
responsibilitiesundertheLaw of23July2016andISAsasadoptedforLuxembourgbythe
CSSFarefurtherdescribedinthe«Responsibilitiesof“réviseurd'entreprisesagréé”forthe
auditoftheconsolidatedfinancialstatements»sectionofourreport.Wearealsoindependent
oftheGroupinaccordancewiththeInternationalCodeofEthicsforProfessionalAccountants,
includingInternationalIndependenceStandards,issuedbytheInternationalEthicsStandards
BoardforAccountants(“IESBACode”)asadoptedforLuxembourgbytheCSSFtogetherwith
theethicalrequirementsthatarerelevanttoourauditoftheconsolidatedfinancialstatements,
and have fulfilled ourotherethicalresponsibilitiesunderthose ethicalrequirements.We
believethattheauditevidencewehaveobtainedissufficientandappropriatetoprovidea
basisforouropinion.
Otherinformation
The Board ofDirectors is responsible forthe otherinformation.The otherinformation
comprises the information stated in the consolidated reportincluding the consolidated
managementreportbutdoesnotincludetheconsolidatedfinancialstatementsandourreport
ofthe“réviseurd'entreprisesagréé”thereon.

©2024KPMG AuditS.àr.l.,aLuxembourgentityandamemberfirm oftheKPMGglobalorganizationofindependentmemberfirmsaffiliatedwithKPMG

InternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.R.C.SLuxembourgB149133
Ouropinionontheconsolidatedfinancialstatementsdoesnotcovertheotherinformationand
wedonotexpressanyform ofassuranceconclusionthereon.
Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityisto
readtheotherinformationand,indoingso,considerwhethertheotherinformationismaterially
inconsistentwiththeconsolidatedfinancialstatementsorourknowledgeobtainedintheaudit
orotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,we
concludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredto
reportthisfact.Wehavenothingtoreportinthisregard.
ResponsibilitiesoftheBoardofDirectorsfortheconsolidatedfinancialstatements
The Board ofDirectors is responsible forthe preparation and fairpresentation ofthe
consolidatedfinancialstatementsinaccordancewithIFRSAccountingStandardsasadopted
bytheEuropeanUnion,andforsuchinternalcontrolastheBoardofDirectorsdeterminesis
necessarytoenablethepreparationofconsolidatedfinancialstatementsthatarefreefrom
materialmisstatement,whetherduetofraudorerror.
Inpreparingtheconsolidatedfinancialstatements,theBoardofDirectorsisresponsiblefor
assessingtheGroup’sabilitytocontinueasagoingconcern,disclosing,asapplicable,matters
relatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheBoardof
DirectorseitherintendstoliquidatetheGrouportoceaseoperations,orhasnorealistic
alternativebuttodoso.
Responsibilitiesoftheréviseurd'entreprisesagrééfortheauditoftheconsolidated
financialstatements
Theobjectivesofourauditaretoobtainreasonableassuranceaboutwhethertheconsolidated
financialstatementsasawholearefreefrom materialmisstatement,whetherduetofraudor
error,andtoissueareportofthe“réviseurd'entreprisesagréé”thatincludesouropinion.
Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanaudit
conducted in accordance with the Law of23 July2016 and with ISAs as adopted for
Luxembourg by the CSSF willalways detecta materialmisstatementwhen itexists.
Misstatementscanarisefrom fraudorerrorandareconsideredmaterialif,individuallyorin
theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofusers
takenonthebasisoftheseconsolidatedfinancialstatements.
AspartofanauditinaccordancewiththeLawof23July2016andwithISAsasadoptedfor
LuxembourgbytheCSSF,weexerciseprofessionaljudgmentandmaintainprofessional
skepticism throughouttheaudit.Wealso:
— Identify and assess the risks ofmaterialmisstatementofthe consolidated financial
statements,whetherduetofraudorerror,designandperform auditproceduresresponsive
tothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasis
forouropinion.Theriskofnotdetectingamaterialmisstatementresultingfrom fraudis
higherthanforoneresultingfrom error,asfraudmayinvolvecollusion,forgery,intentional
omissions,misrepresentations,ortheoverrideofinternalcontrol.
— Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignaudit
proceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressing
anopinionontheeffectivenessoftheGroup’sinternalcontrol.
— Evaluate the appropriatenessofaccounting policiesused and the reasonablenessof
accountingestimatesandrelateddisclosuresmadebytheBoardofDirectors.
— ConcludeontheappropriatenessoftheBoardofDirectors'useofthegoingconcernbasis
ofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertainty
existsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheGroup’sability
tocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,weare
requiredtodrawattentioninourreportofthe“réviseurd'entreprisesagréé”totherelated
disclosuresintheconsolidatedfinancialstatementsor,ifsuchdisclosuresareinadequate,
tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothe
dateofourreportofthe“réviseurd'entreprisesagréé”.However,futureeventsorconditions
maycausetheGrouptoceasetocontinueasagoingconcern.
— Evaluate the overallpresentation,structure and contentofthe consolidated financial
statements,includingthedisclosures,andwhethertheconsolidatedfinancialstatements
representthe underlying transactions and events in a manner thatachieves fair
presentation.
— Obtain sufficientappropriate auditevidence regarding the financialinformation ofthe
entitiesandbusinessactivitieswithintheGrouptoexpressanopinionontheconsolidated
financialstatements.Weareresponsibleforthedirection,supervisionandperformanceof
theGroupaudit.Weremainsolelyresponsibleforourauditopinion.
Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,the
plannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificant
deficienciesininternalcontrolthatweidentifyduringouraudit.
Reportonotherlegalandregulatoryrequirements
Theconsolidatedmanagementreportisconsistentwiththeconsolidatedfinancialstatements
andhasbeenpreparedinaccordancewithapplicablelegalrequirements.
Luxembourg,19March2024 KPMGAuditS.àr.l.
Cabinetderévisionagréé

M.Jahke
Partner
Tableofcontents
Consolidatedstatementofprofitorlossandothercomprehensiveincome.................................3
Consolidatedstatementoffinancialposition....................................................................................4
Consolidatedstatementofchangesinequity....................................................................................5
Consolidatedstatementofcashflows................................................................................................6
Notestotheconsolidatedfinancialstatements.................................................................................7
(1) Corporateinformation..................................................................................................................7
(2) Principlesofpreparingtheconsolidatedfinancialstatements....................................................7
(3) Accountingpoliciesandvaluationmethods................................................................................9
(4) ScopeofConsolidation.............................................................................................................21
(5) Segmentinformation.................................................................................................................22
Notestotheconsolidatedstatementofprofitandlossandothercomprehensiveincome.......24
(6) Revenuefrom contractswithcustomers...................................................................................24
(7) Costofsales..............................................................................................................................25
(8) Researchanddevelopmentexpenses......................................................................................25
(9) Distributionandlogisticsexpenses...........................................................................................26
(10) Generalandadministrativeexpenses.......................................................................................26
(11) Otheroperatingincome.............................................................................................................26
(12) Otheroperatingexpenses.........................................................................................................26
(13) Personnelexpenses..................................................................................................................26
(14) Depreciationandamortisationofnon-currentassets................................................................27
(15) Financialresult..........................................................................................................................27
(16) Taxesonincome.......................................................................................................................28
Notestotheconsolidatedstatementoffinancialposition.............................................................31
(17) Leases.......................................................................................................................................31
(18) Intangibleassets........................................................................................................................32
(19) Property,plantandequipment..................................................................................................34
(20) Inventories.................................................................................................................................35
(21) Accountsreceivable,trade........................................................................................................36
(22) Otherfinancialassets................................................................................................................37
(23) Othernon-financialreceivables.................................................................................................37
(24) Cashandcashequivalents.......................................................................................................37
(25) Equity.........................................................................................................................................37
(26) Provisionsforpensionsandsimilarobligations........................................................................39
(27) Otherprovisions........................................................................................................................44
(28) Notes.........................................................................................................................................44
(29) Othernon-currentfinancialliabilities.........................................................................................46
(30) Accountspayable,trade............................................................................................................46
(31) Othercurrentfinancialliabilities................................................................................................46
(32) Othernon-financialliabilities.....................................................................................................46
Otherdisclosures................................................................................................................................47
(33) Relatedparties..........................................................................................................................47
(34) Financialinstruments................................................................................................................48
(35) Financialriskmanagement.......................................................................................................50
1
(36) Reconciliationofmovementsoffinancialliabilitiesandassetstocashflowsarisingfrom
financingactivities.....................................................................................................................54
(37) Contingentliabilities..................................................................................................................54
(38) Informationregardingemployees..............................................................................................55
(39) Servicesprovidedbytheexternalauditor.................................................................................55
(40) Eventsafterthebalancesheetdate..........................................................................................55

2
Monitchem Holdco2S.A.,Luxembourg
Consolidatedstatementofprofitorlossandothercomprehensiveincome
fortheyearendedDecember31,2023
kEUR Notes(1) 2023 2022
Revenue [6] 739,928 755,488
Costofsales [7] -593,380 -565,719
Grossprofit 146,548 189,769
Researchanddevelopmentexpenses [8] -4,535 -3,992
Distributionandlogisticsexpenses [9] -58,594 -83,366
Generalandadministrativeexpenses [10] -34,560 -33,034
Otheroperatingincome [11] 2,227 5,176
Otheroperatingexpenses [12] -102 -153
Earningsbeforeinterestandtaxes(EBIT) 50,984 74,400
Interestincomeandsimilar [15] 436 78
Interestexpenseandsimilar [15] -87,601 -49,684
Otherfinancialincome [15] 3,369 0
Otherfinancialexpenses [15] -11,297 -4,103
Foreigncurrencylosses/gains(net) [15] 3,944 7,953
Financialresult -91,149 -45,756
Earningsbeforetaxes -40,165 28,644
Taxesonincome [16] -7,436 -10,965
Netresultfortheperiod -47,601 17,679
Othercomprehensiveincome
Itemsthatwillnotbereclassifiedtoprofitorloss:
Remeasurmentsofdefinedbenefitliability(asset) [26] -6,512 6,820
Relatedtax 1,060 -1,685
Othercomprehensiveincome -5,452 5,135
Itemsthatmaybereclassifiedtoprofitorloss:
Differencefrom currencytranslationoffinancial [25] 18,259 20,247
statementsofforeignoperations
Othercomprehensiveincome,netofincometax 12,807 25,382
Totalcomprehensiveincomefortheperiod -34,794 43,061
Ofthenetresultfortheperiod,thefollowingamounts
areattributableto:
ShareholdersofMonitchem Holdco2S.A. -46,406 18,577
Non-controllinginterests -1,195 -898
Ofthetotalcomprehensiveincome,thefollowing
amountsareattributableto:
ShareholdersofMonitchem Holdco2S.A. -33,379 44,050
Non-controllinginterests -1,415 -989

3
(1) TheNotesareanintegralpartoftheconsolidatedfinancialstatements.
Monitchem Holdco2S.A.,Luxembourg
Consolidatedstatementoffinancialposition
asofDecember31,2023
kEUR Notes(1) Dec.31,2023 Dec.31,2022
Assets
Goodwill [18] 204,519 199,181
Otherintangibleassets [18] 84,252 95,180
Property,plantandequipment [19] 563,781 578,946
Derivativefinancialassets [34] 10,680 10,700
Financialassets [34] 2,843 2,635
Deferredtaxassets [16] 0 707
Non-currentassets 866,075 887,349
Inventories [20] 93,008 111,135
Accountsreceivable,trade [21] 46,641 61,311
Contractassets [6] 13,228 17,751
Otherfinancialassets [22],[34] 10,568 9,270
Othernon-financialreceivables [23] 10,168 8,448
Incometaxreceivables [16] 8,149 3,972
Cashandcashequivalents [24] 64,555 69,904
Currentassets 246,317 281,791
Totalassets 1,112,392 1,169,140
Equity
Subscribedcapitalandsharepremium 292,804 292,804
Retainedearnings -159,578 -107,720
OtherReserves 77,365 58,886
Shareholders'equityattributabletothe 210,591 243,970
shareholdersofMonitchem HoldCo2S.A.
Non-controllinginterests 4,170 5,585
Totalequity [25] 214,761 249,555
Liabilities
Provisionsforpensionsandsimilarobligations [26] 23,986 18,148
Otherprovisions [27] 2,912 3,112
Notes [28] 657,849 628,133
Otherfinancialliabilities [29] 17,755 19,845
Deferredtaxliabilities [16] 55,251 58,594
Non-currentliabilities 757,753 727,832
Otherprovisions [27] 14,480 11,417
Notes [28] 2,716 9,547
Accountspayable,trade [30] 94,297 120,217
Contractliabilities [6] 9,845 3,757
Incometaxliabilities [16] 2,566 8,700
Otherfinancialliabilities [31] 8,302 27,544
Othernon-financialliabilities [32] 7,672 10,571
Currentliabilities 139,878 191,753
Totalequityandliabilities 1,112,392 1,169,140

4
(1) TheNotesareanintegralpartoftheconsolidatedfinancialstatements.
Monitchem Holdco2S.A.,Luxembourg
Consolidatedstatementofchangesinequity
fortheyearendedDecember31,2023
Shareholders’equityattributabletotheshareholdersofMonitchem Holdco2S.A.
Subscribed Share Contribution Translation Retained Total Non- Total
capital premium Reserve Reserve Earnings controlling equity
kEUR Notes
(1) interests
AsofJanuary1,2022 1.000 291.804 -11.376 49.923 -131.432 199.919 6.574 206.493
NetResultfortheperiod 0 0 0 0 18.577 18.577 -898 17.679
Othercomprehensiveincomefortheperiod
Differencefrom currencytranslationof [25] 0 0 0 20.338 0 20.338 -91 20.247
financialstatementsofforeignoperations
Actuarialgainsofdefined-benefitplans [26] 0 0 0 0 5.135 5.135 0 5.135
(netoftax)
0 0 0 20.338 5.135 25.473 -91 25.382
Totalcomprehensiveincomefortheperiod 0 0 0 20.338 23.712 44.050 -989 43.061
AsofDecember31,2022 1.000 291.804 -11.376 70.262 -107.720 243.970 5.585 249.555
NetResultfortheperiod 0 0 0 0 -46.406 -46.406 -1.195 -47.601
Othercomprehensiveincomefortheperiod
Differencefrom currencytranslationof [25] 0 0 0 18.479 0 18.479 -220 18.259
financialstatementsofforeignoperations
Actuariallossesofdefined-benefitplans [26] 0 0 0 0 -5.452 -5.452 0 -5.452
(netoftax)
0 0 0 18.479 -5.452 13.027 -220 12.807
Totalcomprehensiveincomefortheperiod 0 0 0 18.479 -51.858 -33.379 -1.415 -34.794
AsofDecember31,2023 1.000 291.804 -11.376 88.741 -159.578 210.591 4.170 214.761

5
(1) TheNotesareanintegralpartoftheconsolidatedfinancialstatements.
Monitchem Holdco2S.A.,Luxembourg
Consolidatedstatementofcashflows
fortheyearendedDecember31,2023
kEUR Notes(1) 2023 2022
NetResultfortheperiod -47,601 17,679
Financialresult [15] 91,149 45,756
Taxesonincome [16] 7,436 10,965
Earningsbeforeinterestandtaxes(EBIT) 50,984 74,400
+ Depreciationandamortisation [14],[18], 113,977 88,030
[19]
-/+ Decrease(-)/Increase(+)inprovisions [26],[27] 1,877 -2,405
+/-Losses(+)/Gains(-)from thedisposalofassets [18],[19] 183 152
- Incometaxespaid(net) [16] -21,399 -5,876
-/+ Increase(-)/Decrease(+)ininventories,trade [20],[21], 38,303 -30,639
accountsreceivables,contractassets,otherfinancial [6],[22],
assetsandothernon-financialassets [23]
+/-Increase(+)/Decrease(-)intradeaccountspayable, [30],[6], -28,231 24,842(2)
contractliabilitiesandothernon-financialliabilities [32]
Cashflow from operatingactivities 155,694 148,504
- Investmentsinintangibleassets [18] -2,411 -52
- Investmentsinproperty,plantandequipment [19] -58,573 -69,453(2)
+ Proceedsfrom saleofproperty,plantandequipment [19] 81 138
Cashflow from investingactivities -60,903 -69,367
+ Cashproceedsfrom theissuanceofNotes [28] 663,750 0
- PaymentsduetotheredemptionofNotes [28] -651,259 0
- Interestandfinancingfeespaid [15] -68,006 -44,574
- Transactioncostsrelatedtoloansandborrowings [15] -17,240 0
- Paymentsduetointerestcaptransactions [15] -727 0
+ Interestreceived [15] 227 70
- Principalelementsofleasepayments [17] -6,816 -6,450
- Increaseofnon-currentfinancialassets [33] 0 -2,617
-/+ Repaymentof(-)/Proceeds(+)from shortterm [31] -20,000 5,000
borrowings
- Decreaseofotherfinancialliabilities [31] -268 -2,386
Cashflow from financingactivities [35] -100,339 -50,957
Changeincashandcashequivalents -5,548 28,180
Cashandcashequivalents [24] 69,904 40,521
atthebeginningoftheyear
+ Changeduetomovementsinexchangerates 199 1,203
Cashandcashequivalentsatyearend [24] 64,555 69,904

(1) TheNotesareanintegralpartoftheconsolidatedfinancialstatements.
(2) Theprior-yearcomparativefiguresfortheCashflowfrom operatingactivitiesandtheCashflowfrom investing
activitieswereadjustedbyreclassifyingkEUR2,160betweenthetwocashflow categories.Withinthecash
flow from operatingactivities,thenon-cash-effectiveincreaseintradeaccountpayablesduetoacapital
investmentliabilitywaseliminated,andthecashoutflowfrom investingactivitieswasreducedaccordingly.
6
Monitchem Holdco2S.A.,Luxembourg
Notestotheconsolidatedfinancialstatements
fortheyearendedDecember31,2023
(1) Corporateinformation
Monitchem Holdco2 S.A.withregisteredoffice at488,routede LongwyinL-1940 Luxembourg
(hereafter“theCompany”,“theCABB Group”)wasestablishedonMay9,2014asapubliclimited
liabilitycompanyandwasregisteredonMay22,2014inthecommercialregisterofLuxembourgunder
numberB187114.TheCompany’ssoleshareholderisMonitchem Holdco1S.àr.l.,Luxembourg,an
entitywhichisbeneficiallyownedprincipallybyfundsadvisedbyPermiraFunds.
CABBGroupisaglobalCropScienceCDMO (contractdevelopmentandmanufacturingorganization)
and Life Science company, supplying tailor-made customised active ingredients to leading
manufacturersofherbicides,fungicidesandinsecticides.Wealsoofferhigh-complexityandhigh-purity
specialisedchemicalingredientstomultiplecustomersintheLifeSciencemarkets.
Ourvariedproductportfolioisorganisedacrosstwoproductgroups:(i)ExclusivesandSpecialties
products,and(ii)AdvancedIntermediatesandBaseChemicalsproducts.
ExclusivesareactiveingredientscustomisedforindividualcustomersoperatingintheCropScience
industryandareprimarilyusedinherbicides,fungicidesandinsecticidesandrangefrom pilotscaleto
large-volumecommercialproductionscale.
Specialitiesconsistofproprietaryingredientsandtargetmarketsegmentswithhighcustomervalueadd
andgrowthpotential.Theseincludeavarietyofendmarketapplicationsincludingstartingmaterialsfor
innovativepharmaceuticals,activesforcosmetics,buildingblocksfornutritionsupplementsandfood&
beverageingredientsaswellasapplicationse.g.fortheautomotiveandaerospaceindustries.Our
productsarebasedonourdifferentiatingtechnologyplatformsandourdeepunderstandingofcustomer
applicationrequirements.
InourAdvancedIntermediatesandBaseChemicalsproductgroup,weofferintermediateandbase
chemicalproducts,suchasmonochloroaceticacid("MCA")andotherchloride-basedproducts,that
serveaschemicalbuildingblocksforothersecondarychemicalprocesseswithavarietyofapplications
invariousindustriesandendmarkets.MCAisakeybuildingblockfororganicsynthesisofingredients
invarioussegmentsandend-marketsandisprovidedindifferentpuritygrades(incl.ultra-pureandhigh
pure)aswellastradeforms(incl.flakes,solutionandothers)BaseProductssuchascausticsodaand
hydrochloricacid,areby-productsfrom theproductionofchlorineandMCA,whichareusedinseveral
endmarketsincludingthebroaderchemicalsspace,pulpandpaper,alumina,soap,detergentsand
others.
(2) Principlesofpreparingtheconsolidatedfinancialstatements
TheconsolidatedfinancialstatementsofMonitchem Holdco2S.A.fortheyearendedDecember31,
2023havebeenpreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)as
endorsedbytheEuropeanUnionvalidonthereferencedateandinaccordancewiththeLuxembourg
legaland regulatoryrequirements.AllIFRSsand pronouncementsofthe InternationalFinancial
ReportingInterpretationsCommittee(IFRIC)whicharebindingforthefinancialyear2023havebeen
appliedasendorsedbytheEuropeanUnion.
TheconsolidatedfinancialstatementsoftheCABB Grouparedrawnupineuros.Exceptwhere
otherwiseindicated,amountsarestatedinthousandsofeuros(kEUR)androundedtothenearest
thousand.Addingindividualfiguresmaythereforenotalwaysresultintheexacttotalgiven.
TheconsolidatedfinancialstatementswerepreparedandauthorisedforissuebytheBoardofDirectors
onMarch15,2024.
7
NewstandardsandinterpretationsadoptedbytheGroup
Witheffectfrom January1,2023,weappliedcertainnewandamendedstandardsandinterpretations
publishedbytheInternationalAccountingStandardsBoard(IASB).Theamendmentshadnomaterial
impactontheGroup’sfinancialpositionorresultsofoperations:
• AmendmentstoIAS 1PresentationofFinancialStatementsandIFRS PracticeStatement2–
MakingMaterialityJudgements.TheamendmentstoIAS 1DisclosureofAccountingPolicies
requiresthatonlymaterialaccounting policiesshallbe disclosed in the notesin the future.
Accountingpolicyinformationismaterialifitrelatestomaterialtransactionsoreventsandthereis
areasontoconsidermateriality(forexampleachangeinaccountingpolicy).TheguidelinesinIFRS
PracticeStatement2wereaccordinglyadjusted.Theamendmentsaretobeappliedinthefiscal
yearbeginningonorafterJanuary1,2023.
• AmendmentstoIAS 8AccountingPolicies,ChangesinAccountingEstimatesandErrors.The
amendmentsissuedonFebruary12,2021,clarifyhow entitiescanbetterdistinguishbetween
changesresultingfrom changesinaccountingpoliciesfrom changesinaccountingestimates.For
thispurpose,accountingestimatesaredefinedas“monetaryamountsinfinancialstatementsthat
aresubjecttomeasurementuncertainty”.Theamendmentsaretobeappliedinthefiscalyear
beginningonorafterJanuary1,2023.
• AmendmentstoIAS12IncomeTaxes.Theamendmentsrequirecompaniestorecognisedeferred
taxontransactionsthat,oninitialrecognition,giverisetoequalamountsoftaxableanddeductible
temporarydifferences.Theamendmentsareeffectiveforannualreportingperiodsbeginningonor
afterJanuary1,2023.
• AmendmentstoIAS 12IncomeTaxes:InternationalTaxReform -PillarTwoModelRuleson
mandatory reliefforaccounting fordeferred taxes from the globalminimum taxation.The
amendmentissuedonMay23,2023,includesatemporary,mandatoryexemptionfrom accounting
fordeferredtaxesresultingfrom theintroductionoftheglobalminimum taxationandtargeted
disclosuresinthenotesforaffectedentitiestoenableusersoffinancialstatementstounderstand
theextenttowhichanentitywillbeaffectedbytheminimum tax,particularlybeforethelegislation
comesintoforce.Theamendmentsrelatingtothenotesareapplicableforfinancialyearsbeginning
onorafterJanuary1,2023.Thedisclosuresinthenotes,however,arenotrequiredininterim
reportingperiodsendingonorbeforeDecember31,2023.Theaccountingexemptionistobe
appliedimmediatelyafterpublicationoftheamendment.
• IFRS17InsuranceContracts,includingamendmentstoIFRS17.OnMarch18,2020,theIASB
decidedtopostponethedateonwhichIFRS17willenterintoforcetofiscalyearsbeginningonor
afterJanuary1,2023.TheamendmentwasissuedonJune25,2020.IFRS17wasissuedonMay
18,2017,providesrequirementsonrecognition,remeasurementandpresentationofinsurance
contractswithinthescopeofthestandardandwillreplaceIFRS4.
ThefollowingIFRSsandtheirinterpretationsarenotyetinforcein2023butalreadyissuedbythe
InternationalAccountingStandardsBoard(IASB).Theywerereviewedandareexplainedbelow,CABB
currentlyassumesthattheywillhavenomaterialeffectontheConsolidatedFinancialStatementsand
doesnotplantoearlyadopttheseamendments.
• AmendmentstoIAS1PresentationofFinancialStatements–ClassificationofLiabilitiesasCurrent
orNon-current.Theamendmentspertaintoalimitedmodificationoftherelevantcriteriausedto
classifyliabilitiesascurrentornoncurrent.Theyspecifythattheclassificationofliabilitiesascurrent
dependsonthecompany’srightsasofthebalancesheetdatetopostponesettlementoftheliability
byaminimum of12monthsaftertheendofthereportingperiod.Ifsuchrightsexist,theliabilityis
classified asnoncurrent.Otherwise,itisclassifiedascurrent.Classificationisirrespective of
management’sexpectationsandofpossibleeventsafterthebalancesheetdate.Italsospecifies
thatsettlementofaliabilityisdefinedastherepaymentofliabilityusingcash,othereconomic
resourcesoracompany’sownequityinstruments.TheIASBissuedafurtheramendmentonJuly
15,2020,wherebythedateofinitialapplicationoftheamendmentonclassificationofliabilitieswill
bepostponedbyoneyeartoJanuary1,2024.
8
• Amendments to IAS 7 StatementofCash Flows and IFRS 7 FinancialInstruments.The
amendmentsissuedonMay25,2023,relatetodisclosurerequirementsinconnectionwithsupplier
financingarrangements-alsoknownassupplychainfinancing,financingoftradepayablesor
reversefactoringarrangements.Theamendmentsaretobeappliedinthefiscalyearbeginningon
orafterJanuary1,2024.
• AmendmentstoIFRS 10IAS 28SaleorContributionofAssetsbetweenanInvestorandits
AssociateorJointVenture.TheIASB haspostponedthemandatoryeffectivedateofits2014
Amendmentsindefinitely.
• Amendmentsto IFRS 16 Leases.The amendmentsimpacthow a seller-lessee accountsfor
variableleasepaymentsthatariseinasale-and-leasebacktransaction.Theamendmentsintroduce
anew accountingmodelforvariablepaymentsandwillrequireseller-lesseestoreassessand
potentiallyrestatesale-and-leasebacktransactionsenteredintosince2019.Theamendmentsare
tobeappliedinthefiscalyearbeginningonorafterJanuary1,2024.
• Amendments to IAS 21 The Effects ofChanges in Foreign Exchange Rates – Lack of
Exchangeability.TheamendmentsissuedonAugust15,2023,clarifyhowanentityshouldassess
whetheracurrencyisexchangeableandhow itshoulddetermineaspotexchangeratewhen
exchangeabilityislacking.Theyalsorequirethedisclosureofinformationthatenablesusersof
financialstatements to understand the impactofa currency notbeing exchangeable.The
amendmentsaretobeappliedinthefiscalyearbeginningonorafterJanuary1,2025.
Wearecurrentlyreviewingtheimpactoftheapplicationofthosestandardsontheconsolidatedfinancial
statements,whicharenotexpectedtohaveamaterialimpactontheGroup’sreporting.
Useofestimatesandassumptionsinthepreparationoftheconsolidatedfinancialstatements
Theextentoftheassets,liabilitiesandprovisions,contingenciesandotherfinancialobligationsshown
intheconsolidatedfinancialstatementsdependstoacertainextentonestimatesorassumptions.These
arebasedonthecircumstancesandassessmentsprevailingonthebalancesheetdate,andaccordingly
alsoinfluencetheamountoftheincomeandexpensesshownfortherespectivefinancialperiods.Such
assumptionsrelatetothedefinitionoftheusefullivesofdepreciablefixedassetsorintangibleassets,
themeasurementofprovisionsandotherassetsorobligations.Dueconsiderationisgiventofactorsof
uncertaintyforthepurposeofestablishingthevalues;however,actualresultsmaydifferfrom the
originalestimates.
Areasthatexhibitcomplexityorrequireextensiveestimations,orwheretheestimatesorassumptions
significantlyinfluencetheconsolidatedfinancialstatements,areelucidatedunderthe"Estimatesand
Assumptions"section(3)(y)ofthesenotes.
(3) Accountingpoliciesandvaluationmethods
TheconsolidatedfinancialstatementsofMonitchemHoldco2S.A.havebeenpreparedonthehistorical
costbasisexceptforderivativefinancialinstrumentsmeasuredatfairvalueandexceptforprovisions
forpensionsandsimilarobligationsthataremeasuredatpresentvalueofthedefinedbenefitobligation
lessfairvalueofplanassets.
a) Scopeofconsolidation
ThescopeofconsolidationisbasedontheapplicationofIFRS 10.AccordingtoIFRS 10,agroup
consistsofaparententityandthesubsidiariescontrolledbytheparent.“Control”ofaninvestee
assumesthesimultaneousfulfilmentofthefollowingthreecriteria:(1)theparentcompanyholds
decision-makingpowerovertherelevantactivitiesoftheinvestee(2)theparentcompanyhasrightsto
variablereturnsfrom theinvesteeand(3)theparentcompanycanuseitsdecision-makingpowerto
affectthevariablereturns.
9
b) Balancesheetdate
Thefinancialstatementsoftheconsolidatedcompaniesarepreparedasofthebalancesheetdateof
theconsolidatedfinancialstatements(December31).
c) Uniform valuation
Theassetsandliabilitiesoftheintegratedcompaniesincludedintheconsolidatedfinancialstatements
arerecognizedandvalueduniformly,inaccordancewiththeprinciplesdescribedinthisdocument.
d) Businesscombination
Abusinesscombinationisrecognisedatthetimecontroloverthesubsidiaryisobtainedbythegroup
(acquisitiondate)usingtheacquisitionmethod.Thefirststepistomeasureallidentifiableassets
acquiredand(contingent)liabilitiesassumedwiththeirfairvaluesattheacquisitiondate.Thegroup
recognisesanynon-controllinginterestintheacquireeatthenon-controllinginterest’sproportionate
shareoftherecognisedamountsofacquiree’sidentifiablenetassets.Theconsiderationtransferredis
nettedwiththeproportionaterevaluedshareholders’equitywhichhasbeenacquired.Anydifferences
whichresultfrom thisprocessarecapitalisedasgoodwillandarewrittendownonlyintheeventofan
impairment.Iftheproportionateamountoftheacquisitionofnetassetsmeasuredatfairvalueexceeds
the consideration transferred ofthe businesscombination,the identification and valuation ofthe
identified assets,liabilities and contingentliabilities ofthe acquired company as wellas the
measurementofthe consideration transferred ofthe businesscombination are reassessed.Any
differenceremainingafterthereassessmentisrecogniseddirectlyinthestatementofprofitorloss.The
acquisition-related costsincurred forcarrying outa businesscombination are recognised in the
consolidatedstatementofprofitorlossasincurred.
e) Eliminations
Internalbalances and transactions within the Group as wellas gains and losses from internal
transactionswithintheGroupareeliminatedaspartsoftheprocessofpreparingtheconsolidated
financialstatements.
f) Segmentreporting
Operatingsegmentsarereportedinamannerconsistentwiththeinternalreportingprovidedtothechief
operating decision-maker.The chiefoperating decision-maker,who is responsible forallocating
resources and assessing performance ofthe operating segments,has been identified as the
managementofCABBGroupthatmakesstrategicdecisions.
g) Foreigncurrencytranslation
TheconsolidatedfinancialstatementsarepreparedinthousandEuros.Itemsincludedinthefinancial
statementsofeachofthegroup’sentitiesaremeasuredusingthecurrencyoftheprimaryeconomic
environmentinwhichtheentityoperates(‘thefunctionalcurrency’).
InthefinancialstatementsoftheindividualGroupcompanies,transactionsinforeigncurrencyare
translatedintotherespectivefunctionalcurrencyusingthespotrateprevailingonthedatesofthe
transaction.Monetaryitemswhicharenotdenominatedinthefunctionalcurrenciesofthesubsidiaries
aretranslatedonthebalancesheetdateusingtherateapplicableattheendoftheyear.Theresulting
currencygainsandlossesarerecogniseddirectlyinthefinancialresult.
TheassetsandliabilitiesofsubsidiarieswhosefunctionalcurrencyisnottheEuroaretranslatedusing
theyear-endreferencedaterateintothereportingcurrency(Euro),whichisalsothefunctionalcurrency
ofMonitchem Holdco2S.A.Expensesandincomearetranslatedusingtheratesonthedatesofthe
transactionsapproximatedbytheaveragerates.Allcumulativedifferencesresultingfrom thecurrency
10
translationoftheshareholders’equityofforeignsubsidiariesattributabletochangesintheexchange
ratesareshowndirectlyinothercomprehensiveincome.
Goodwillandfairvalueadjustmentsarisingontheacquisitionofaforeignentityaretreatedasassets
andliabilitiesoftheforeignentityandtranslatedattheclosingrate.Exchangeratedifferencesarising
arerecognisedinothercomprehensiveincome.
ForthemaincurrenciesintheGroup,thefollowingexchangerateshavebeenusedbasedon1Euro:
Averageexchange Exchangerate Averageexchange Exchangerate
rate onthebalance rate onthebalance
2023 Dec.31,2023 2022 Dec.31,2022
SwissFrancs 0.972 0.927 1.005 0.985
USDollar 1.082 1.108 1.054 1.068
ChineseYuanRenminbi 7.669 7.885 7.090 7.378
h) Revenuerecognition
Revenuefrom contractswithcustomersisrecognisedintheamountoftheconsiderationtheGroup
expectstoreceiveinexchangeforthegoodsorserviceswhenthecustomerobtainscontrolofthegoods
orservices.Controlisconsideredtobetransferredwhenthecustomercandirecttheuseofthegoods
orservicesandcanobtainallsubstantialremainingbenefitsfrom them.
CABBprimarilygeneratesincomefrom thesaleofgoods.Withintheproductgroup“Exclusivesand
Specialities”,revenuefrom specificcustomercontractsisrecognisedovertime.InthesecasesCABB’s
performanceobligationconsistsinthecreationofanassetwithoutanalternativeusetoCABBand
CABBhasanenforceablerighttopaymentfortheperformanceobligationcompletedtodate.These
contractuallyenforcable rightsare recognised anddisclosed within ‘Accountsreceivable,trade’if
alreadyshipped,orotherwise within ‘Contractassets’.The valuation ofthe related revenuesis
performedbyusingtheoutputmethod.Theproducedchemicalsarevaluedbytheagreedsalesprice
andanyotherpartsallocatedbasedontheoverallamountofchemicalstobeproducedunderthe
respectivecontracts.
Certaincustomercontractswithintheproductgroup‘ExclusivesandSpecialties’providefornon-
refundablecapitalexpenditurefees,paidbythecustomeratthebeginningorduringtheproject.These
advancepaymentsarerecognisedintheconsolidatedstatementofprofitorlossinproportiontothe
performance used bythe customerduring the contractperiod (outputmethod).The outstanding
performanceobligationisdisclosedinthebalancesheetateachreportingdate.Itispossiblethatthe
performanceobligationatagivenpointintimeisinacontractassetoracontractliabilityposition.
Ifacustomercontractdoesnotmeetthesecriteria,thecustomerobtainscontrolofthegoodsata
specificpointintime,andthecorrespondingsalesrevenueishencerecognisedataspecificpointin
time.Determinationofthepointintimeatwhichthecustomerobtainscontrolofthegoodsoccursinthe
contextofanoverallassessmentofthecircumstanceswhichconsiderstheexistenceofapresentclaim
topayment,thelegaltitletothegoods,actualphysicalpossessionofthegoods,thetransferofrisks
andrewardsaswellascustomeracceptance.Thetransferofrisksandrewardstakesintoaccountthe
underlyingtermsofdelivery(especiallyIncoterms)andisofparticularpracticalsignificance.According
totheseprinciples,salesrevenuefrom thesaleofgoodsisgenerallyrecognizedupondelivery.
Paymenttermsdependonthecustomer’screditworthinessandrangefrom cashinadvancetolonger
paymentterms.
i) Costofsales
Costofsalescomprisesthecostsofmaterials,personnelexpenses,proportionatedepreciationand
amortisation,repairsandmaintenance,energy,analysisandecology,productionoverheads,plant
overheadsaswellascostsofpackagingtheproducts.

11
j) Distributionandlogisticsexpenses
Distribution and logistics expenses comprise the costs ofpersonnelexpenses,proportionate
depreciationonproperty,plantandequipmentandintangibleassetsaswellastransportationcosts.
k) Researchanddevelopment
Researchcostsarerecognisedimmediatelyasexpensewhentheyareincurred.Theycomprisewages
and salaries,costofmaterials,proportionate depreciation on property,plantand equipmentand
overheads.Developmentcostsareonlycapitalisedif,onthebasisofvariouscriteria,itisprobablethat
thecapitalisedamountwillbecoveredbyfutureincome.
l) Financialresult
Thisitem containsinterestincomeandexpensesaswellasforeigncurrencygainsandlosses.Interest
incomeandexpenseisrecognisedusingtheeffectiveinterestratemethod.
m) Borrowingcosts
Theprocessoftheacquisition,constructionorproductionofintangibleassetsorproperty,plantand
equipmentdoesnotcoveraperiodofmorethanoneyear.Accordingly,noborrowingcostshavebeen
capitalisedaspartofthecostsofpurchaseorproductioncosts.
n) Goodwill
Goodwillarisesinbusinesscombinationsandrepresentstheexcessoftheconsiderationtransferred,
theamountofanynon-controllinginterestintheacquireeandtheacquisition-datefairvalueofany
previousequityinterestintheacquireeoverthefairvalueoftheidentifiablenetassetsacquired.
Goodwillisonlywrittendownintheeventofanimpairment.Thevalueofgoodwillissubjecttoanannual
impairmenttestandisalsoreviewedifthereisanyindicationofanimpairment.Thegoodwillimpairment
testisperformedbasedoncash-generatingunits(CGUs)bycomparingtherecoverableamountwith
thecarryingamount.
Thefollowingthreecashgeneratingunitshavebeenidentified:(i)Europeancontractdevelopmentand
manufacturing organisation (European-CDMO),comprising CABB AG,Pratteln (Switzerland)and
CABB Oy,Kokkola (Finland);(ii)US contractdevelopmentand manufacturing organisation (US-
CDMO),comprisingJayhawkFineChemicalsCorporation,Galena,Kansas(USA);(iii)Non-contract
developmentand manufacturing organisation (Non-CDMO),comprising CABB GmbH,Gersthofen
(Germany),CABBJinweiSpecialtyChemicals(Jining)Co.Ltd.(PRC)andCABBTrading(Shanghai)
Co.Ltd.,Shanghai(PRC).ThesethreeCGUsreflectthelowestlevelwithintheentityatwhichgoodwill
ismonitoredforinternalmanagementpurposes.
ThecarryingvalueoftheCGUscontaininggoodwilliscomparedtotherecoverableamount,whichis
thehigherofthevalueinuseandthefairvaluelesscostsofdisposal.Anyimpairmentisrecognised
immediatelyasanexpenseandisnotsubsequentlyreversed.
o) Intangibleassets
Acquiredintangibleassets,excludinggoodwillaswellasintangibleassetswithanindefiniteusefullife,
aremeasuredatcostofpurchaselessaccumulatedstraight-linedepreciationandeventuallyless
accumulatedimpairmentlosses.Therespectiveusefullifeisthelengthoftheunderlyingagreement
andtheprobableutilisationofthepotentialuseoftheintangibleasset.
Intangibleassetsarereviewedforimpairmentwhenevereventsorchangesincircumstancesindicate
thatthecarryingamountmaynotberecoverable.Impairmentsarerecognisediftherecoverableamount
islowerthanthecarryingamount.Therecoverableamountisthehigheroffairvaluelesscostsof
disposalandthevalueinuse.Forthepurposesofassessingimpairment,assetsaregroupedatthe
12
lowestlevelsforwhichtherearelargelyindependentcashinflows(cash-generatingunits).Ifthereasons
foranimpairmentarenolongerapplicable,correspondingwrite-upsarerecognised.Dependingonthe
typeoftheintangibleasset,depreciationisshownunderCostsofsales,Distributionandlogistics
expenses,ResearchanddevelopmentexpensesorGeneralandadministrativeexpenses.
AEuropeanCommunitylaw concerningchemicalsandthereliablehandlingofchemicalscameinto
forceonJune1,2007.Thislaw governstheregistration,evaluation,authorisationandrestrictionof
chemicals(REACH).REACH requirestheregistrationofcertainsubstances.Thecompaniesofthe
CABBGroupincurcostswithintheframeworkofthisregistrationprocedure.Thesecostsarecapitalised
asintangibleassetsinaccordancewithIAS38IntangibleAssets,andaredepreciatedovertheir
estimatedusefullifeoftwelveyearsusingthestraight-linemethod.
Intangibleassetsareamortisedusingthestraight-linemethod.Theaverageperiodsofamortisationare
asfollows:
Amortisationonintangible inyears
assets
CapitalisedREACHcosts 12
Customerrelations 5-20
Technology 5
Software 3
p) Governmentgrants
Governmentgrantsrelatedtotheacquisitionorconstructionofproperty,plantandequipmentreduce
theacquisitionorconstructioncostoftherespectiveassetsandarerecognisedinporiftorlossasthe
assetisdepreciatedoramortised.Othergovernmentgrantsorgovernmentassistancearerecognised
immediatelyasotheroperatingincomeortreatedasdeferredincomeandreleasedovertheunderlying
period.
q) Property,plantandequipment
Property,plantandequipmentismeasuredathistoricalcostofpurchaseorcostofproductionless
accumulateddepreciationrecognisedoverthestandardusefullifeandeventuallylessaccumulated
impairmentlosses.Historicalcostincludesexpenditurethatisdirectlyattributabletotheacquisitionof
theitems.Thecostsofproductionofanassetcomprisethedirectlyattributablecostsaswellas
reasonableamountsofmaterialandproductionoverheads.Therevaluationmethodisnotused.
Eachitem ofproperty,plantandequipmentwithasignificantpurchasevalueinrelationtotheoverall
valueoftheassetisdepreciatedseparately.Ifasignificantitem ofproperty,plantandequipmenthasa
usefullifeandadepreciationmethodwhichareidenticaltothoseapplicableforanotherpartofthesame
asset,thesepartsarecombinedforthepurposeofdeterminingthedepreciationcost.
Property,plantandequipmentisdepreciatedusingthestraight-linemethod.Landisnotdepreciated.
Theassets’residualvaluesandusefullivesarereviewed,andadjustedifappropriate,attheendof
eachreportingyear.
Theaverageperiodsofdepreciationareasfollows:
Depreciationonproperty, inyears
plantandequipment
Buildingsandimprovements 12-40
Technicalequipment,plant 5-15
andmachinery
ITandotherequipment 3-15
Vehicles 5-10

13
Property,plantandequipmentisreviewedforimpairmentwhenevereventsorchangesincircum-
stancesindicatethatthecarryingamountmaynotberecoverable.Impairmentsarerecognisedifthe
recoverableamountislowerthanthecarryingamount.Therecoverableamountisthehigheroffair
valuelesscostsofdisposalandthevalueinuse.Forthepurposesofassessingimpairment,assetsare
groupedatthelowestlevelsforwhichtherearelargelyindependentcashinflows(cash-generating
units).Theassessmentismadeonthebasisofthepresentvalueofthecashflowsexpectedinthe
futurelesstheexpectedcostsforremovinganinstallation.Impairmentsarerecognisedintheamount
ofthedifferencebetweenthepreviouscarryingamountandthediscountedfuturecashflows.Ifthe
reasonforanimpairmentisnolongerapplicable,correspondingwrite-upsarerecognised.Gainsand
lossesondisposalsaredeterminedbycomparingtheproceedswiththecarryingamountandare
recognisedwithinEarningsbeforeinterestandtaxes(EBIT)intheconsolidatedstatementofprofitor
loss.
r) Leases
Atinceptionofacontract,theGroupassesseswhetheracontractis,orcontains,alease.Acontractis,
orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiod
oftimeinexchangeforconsideration.TheGrouprecognisesaright-of-useassetandaleaseliabilityat
theleasecommencementdate.Theright-of-useassetisinitiallymeasuredatcost,whichcomprises
the initialamountofthe lease liabilityadjusted foranylease paymentsmade atorbefore the
commencementdate,plusanyinitialdirectcostsincurredandanestimateofcoststodismantleand
removetheunderlyingassetortorestoretheunderlyingassetorthesiteonwhichitislocated,lessany
leaseincentivesreceived.Theright-of-useassetissubsequentlydepreciatedusingthestraight-line-
methodfrom thecommencementdatetotheearlieroftheendoftheusefullifeoftheright-of-useasset
ortheendoftheleaseterm.Theestimatedusefullivesofright-of-useassetsaredeterminedonthe
samebasisasthoseofpropertyandequipment.Inaddition,theright-of-useassetisperiodically
reducedbyimpairmentlosses,ifany,andadjustedforcertainremeasurementsoftheleaseliability.
Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheleasepaymentsthatarenotpaidat
thecommencementdate,discountedusingtheinterestrateimplicitintheleaseor,ifthatratecannot
be readily determined,the Group’s incrementalborrowing rate.Generally,the Group uses its
incrementalborrowingrateasthediscountrate.
Leasepaymentsincludedinthemeasurementoftheleaseliabilitycomprisethefollowing:(a)fixed
payments,includingin-substancefixedpayments;(b)variableleasepaymentsthatdependonanindex
orarate,initiallymeasuredusingtheindexorrateasatthecommencementdate;(c)amountsexpected
tobepayableunderaresidualvalueguarantee;and(d)theexercisepriceunderapurchaseoptionthat
theGroupisreasonablycertaintoexercise,leasepaymentsinanoptionalrenewalperiodiftheGroup
reasonablycertaintoexerciseanextensionoption,andpenaltiesforearlyterminationofaleaseunless
theGroupisreasonablycertainnottoterminateearly.
Theleaseliabilityismeasuredatamortisedcostusingtheeffectiveinterestmethod.Itisremeasured
whenthereisachangeinfutureleasepaymentsarisingfrom achangeinanindexorrate,ifthereisa
changeintheGroup’sestimateoftheamountexpectedtobepayableunderaresidualvalueguarantee,
oriftheGroupchangesitsassessmentofwhetheritwillexerciseapurchase,extensionortermination
option.Whentheleaseliabilityisremeasuredinthisway,acorrespondingadjustmentismadetothe
carryingamountoftheright-of-useasset,orisrecordedinprofitorlossifthecarryingamountofthe
right-of-useassethasbeenreducedtozero.From January1,2021,wherethebasisfordetermining
futureleasepaymentschangedasrequiredbyinterestratebenchmarkreform,theGroupremeasures
theleaseliabilitybydiscountingtherevisedleasepaymentsusingthereviseddiscountratethatreflects
thechangetoanalternativebenchmarkinterestrate.
LeasesinwhichCABBisalesseemainlyrelatetotransportationandtechnicalequipmentaswellas
landandbuildings.Thecorrespondingright-of-useassetsareincludedwithin‘Property,plantand
equipment’or‘Otherintangibleassets’andtheleaseliabilitieswithin‘Other(non-current/current)
financialliabilities’intheconsolidatedstatementoffinancialposition.
14
TheGrouphaselectedtonotrecogniseright-of-useassetsandleaseliabilitiesforshort-term leases
thathavealeaseterm of12monthsorless.TheGrouphaselectedtonotrecogniseright-of-useassets
andleaseliabilitiesforlow-valueassetsandrecognisestheleasepaymentsassociatedwiththese
leasesasanexpenseonstraight-linebasisovertheleaseterm.
LeasecontractsinwhichCABBactsasalessorareexclusivelyoperatingleases,asthesecontractsdo
foreseethetransferofsubstantiallyallrisksandrewardsofutilisingtheunderlyingassetstothelessee.
Theleasedassetscontinuetobecapitalised,andtheleasepaymentsreceivedarerecognisedin
incomeonastraight-linebasisovertheleaseterm.DetailsoftheleasesaresetoutintheNote(17).
s) Financialinstruments
Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancial
liabilityorequityinstrumentofanotherentity.Financialassetsandfinancialliabilitiesarerecognisedin
theconsolidatedstatementoffinancialposition,whenCABBbecomesapartyofafinancialinstrument.
Financialassetsarederecognisedwhentherightstoreceivecashflowshaveexpiredorhavebeen
transferredandthegrouphastransferredsubstantiallyallrisksandrewardsofownership.
Financialassets comprise receivables,acquired equity and debtinstruments,cash and cash
equivalents,and derivatives with positive fairvalues.Financialassets are recognised in the
consolidatedstatementoffinancialpositionwhenCABB becomesapartytoafinancialinstrument.
Regularpurchasesandsalesoffinancialassetsarerecognisedonthetrade-date–thedateonwhich
thegroupcommitstopurchaseorselltheasset.Theamountatwhichafinancialassetisinitially
recognisedcomprisesitsfairvalueandinmostcasesthetransactioncosts.
Theclassificationandmeasurementoffinancialassetsisbasedontheonehandonthecashflow
condition(the“solelypaymentsofprincipalandinterest”criterion),thatis,thecontractualcashflow
characteristicsofanindividualfinancialasset.Ontheotherhand,italsodependsonthebusinessmodel
usedformanagingfinancialassetportfolios.Basedonthesetwocriteria,thefollowingmeasurement
categoriesareapplicable:
Financialassetsrecognisedatfairvaluethroughprofitorlossincludeallfinancialassetswhosecash
flow arenotsolelypaymentsofprincipalandinterestinaccordancewiththecashflow condition
establishedinIFRS9.AtCABB,derivativesareallocatedtothismeasurementcategory,forexample.
CABB doesnotgenerallyexercisethefairvalueoptioninIFRS 9,whichpermitstheallocationof
financialinstrumentsnottobemeasuredatfairvaluethroughprofitorlossonthebasisofthecashflow
conditionorthebusinessmodelcriteriontotheabovecategoryundercertaincircumstances.
Financialassetsmeasuredatamortisedcostincludeallassetswithcontractualtermsthatgiveriseto
cashflowsonspecificdates,providedthatthesecashflowsaresolelypaymentsofprincipalandinterest
ontheprincipalamountoutstandinginaccordancewiththecashflowconditionsinIFRS9,totheextent
thattheassetisheldwiththeintentionofcollectiontheexpectedcontractualcashflowsoveritsterm.
AtCABB,thismeasurementcategoryincludestradeaccountsreceivablesthatarenoteligiblefor
factoring,aswellasmiscellaneousassetsandcertainsecurities.
Afinancialassetorfinancialliabilityisinitiallymeasuredatfairvalueplusorminus,foranitem nota
FVTPL,transactionscoststhataredirectlyattributabletoisacquisitionorissue.Atradereceivable
withoutasignificantfinancingcomponentisinitiallymeasuredatthetransactionprice.
Financialassetsatamortisedcostaresubsequentlymeasuredamortisedcostsusingtheeffective
interestmethod.The amortised costis reduced by impairmentlosses.Interestincome,foreign
exchangegainsandlossesandimpairmentarerecognisedinprofitorloss.Anygainorlosson
derecognitionisrecognisedinprofitorloss.
Initialmeasurementofthese assetsisgenerallyatfairvalue,which usuallycorrespondsto the
transactionpriceatthetimeofacquisition.Subsequentmeasurementeffectsarerecognizedinincome
usingtheeffectiveinterestmethod.

15
Impairmentsarerecognisedforexpectedcreditlossesinbothinitialandsubsequentmeasurement,
evenbeforetheoccurrenceofanydefaulteventforfinancialassetsmeasuredatamortisedcostsand
contractassets.Ifthecounterpartyisconsideredashavingdefaulted,anindividualvaluationallowance
isgenerallyrecognisedforthefinancialassetsmeasuredatamortisedcost.Inaddition,awrite-offis
writtenoffwhentheGrouphasnoreasonableexpectationsofrecoveringthefinancialassetinits
entiretyofaproportionhereof.Theextendofexpectedcreditlossesisdeterminedbasedonthecredit
riskofafinancialasset,aswellasanychangestothiscreditrisk:Ifthecreditriskofafinancialasset
hasincreased significantlysince initialrecognition.If,however,the creditriskhasnotincreased
significantlyinthisperiod,impairmentsaregenerallyonlyrecognisedforthe12-monthexpectedcredit
losses.Bycontrast,underthesimplifiedapproachfordeterminingexpectedcreditlossespermittedby
IFRS 9,impairmentsforreceivablessuchastradeaccountsreceivablealwayscoverthelifetime
expectedcreditlossesofthereceivableconcerned.
TheGroupassumesthatthecreditriskonafinancialassethasincreasedsignificantlyifitismorethan
30dayspastdue.AtCABB,thecreditriskofafinancialassetisassessedusingbothinternalinformation
and externalrating information on the respective counterparts.A significantincrease in the
counterparty’screditriskisassumedifitsratingisloweredbyacertainnumberofnotches.The
significanceoftheincreaseinthecreditriskisnotreviewedfortradeaccountsreceivable.Furthermore,
itisgenerallyassumedthatthecreditriskforacounterpartywithahighcreditratingwillnothave
increased significantly. Regionaland, in certain circumstances, industry-specific factors and
expectationsaretakenintoaccountwhenassessingtheneedforavaluationallowanceaspartofthe
calculationofexpectedcreditlossesandindividualvaluationallowances.Inaddition,CABB uses
internalandexternalratingsandtheassessmentsofcreditinsurers,whenavailable.Individualvaluation
allowancesarealsobasedonexperiencerelatingtocustomersolvencyandcustomer-specificrisks.
Factorssuchascreditinsurance,whichcoversaportionofreceivablesmeasuredatamortisedcosts,
arelikewiseconsideredwhencalculatingvaluationallowances.Bankguaranteesandlettersofcredit
areusedtoanimmaterialextent.Thevaluationallowancesforreceivableswhoseinsuranceincludesa
deductiblearenotrecognisedinexcessoftheamountofthedeductible.A decreaseinvaluation
allowancesdue,forexample,toareductioninthecreditriskofacounterpartyoranobjectiveevent
occurringafterthevaluationallowanceisrecordedinprofitorloss.
Ateachreportingdate,theGroupassesseswhetherfinancialassetsmeasuredatamortisedcostare
creditimpaired.Thisisthecaseifoneormoreeventsthathaveanimpactontheestimatedfuturecash
flowsofthefinancialassethaveoccurred.Evidencethatafinancialassetiscredit-impairedincludes
thefollowingobservabledata:significantfinancialdifficultyofthedebtor,abreachofcontractsucha
defaultorbeingmorethan90dayspastdue;ifitisprobablethatthedebtorwillenterbankruptcyor
otherfinancialreorganisationorthedisappearanceofanactivemarketforasecuritybecauseof
financialdifficulties.Lossallowancesaredeductedfrom thegrosscarryingamountoftheassets.The
grosscarryingamountofafinancialassetiswrittenoffwhentheGrouphasnoreasonableexpectations
ofrecoveringafinancialassetinitsentiretyoraportionthereof.Forindividualcustomers,theGroup
hasapolicyofwritingoffthegrosscarryingamountwhenthefinancialassetis180dayspastduebased
onhistoricalexperienceofrecoveriesofsimilarassets.TheGroupexpectsnosignificantrecoveryfrom
theamountwrittenoff.However,financialassetsthatarewrittenoffcouldstillbesubjecttoenforcement
activitiesinordertocomplywiththeGroup’sproceduresforrecoveryofamountsdue.
Financialassetsareclassifiedbasedonthegroup`sbusinessmodelformanagingthefinancialassets
andontheircontractualcashflow characteristics.Thecarryingamountsofthetradereceivablesare
assumedtoequaltheirfairvalueduetotheshortmaturitiesoftheseinstruments.Duetotheshort
maturityofthesereceivables,thetransactionpricerepresentstheirfairvalue.Tradereceivablessold
underthesecuritisationprogramme,aswellastherelatedliabilitiesarerecognizedtotheextentofthe
creditriskretained(continuinginvolvement).
Financialassetsmeasuredatfairvaluethroughothercomprehensiveincomeincludeallassetswith
contractualtermsthatgiverisetocashflowsonspecificdates,whicharesolelypaymentsofprincipal
andinterestontheprincipalamountoutstandinginaccordancewiththecashflowconditioninIFRS9,
totheextentthattheassetisnotjustheldwiththeintentionofcollectingtheexpectedcontractualcash
16
flowsofitsterm,butalsogeneratingcashflowsfrom thesaleofaportfolio.AtCABBtheeligibletrade
receivablesforfactoringfulfilthesecriteria.
Assetsmeasuredatfairvaluedthroughothercomprehensiveincomeareinitiallymeasuredatfairvalue,
whichusuallycorrespondstothenominalvalueofthesecurities,allocatedtoitscategoryatthetimeof
acquisition.Subsequentmeasurementis likewise atfairvalue.Changes in the time value are
recognisedinothercomprehensiveincomeandthedeltareclassifiedtothestatementofincomewhen
theassetisdisposedof.
Impairmentsonfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeare
calculatedinthesamewayasimpairmentsonfinancialassetsmeasuredatamortisedcostand
recognisedintheconsolidatedstatementofprofitorloss.
Thefollowingmeasurementcategoriesareusedforfinancialliabilities:
Financialliabilitiesthataremeasuredatamortisedcostgenerallyincludeallfinancialliabilities,provided
thesedonotrepresentderivatives.Theyaregenerallymeasuredatfairvalueatthetimeofinitial
recognition,which usually corresponds to the value ofthe consideration received.Subsequent
measurementisrecognisedinprofitorlossatamortisedcostusingtheeffectiveinterestmethod.At
CABB,forexample,bondsandliabilitiestobanksreportedunderfinancialliabilitiesaremeasuredat
amortisedcost.
Financialliabilitiesrecognisedatfairvaluethroughprofitorlosscontainderivativefinancialliabilities.
These are likewise measured atthe value ofinitialrecognition.The latteralso represents the
measurementbasisforthese liabilitiesin subsequentmeasurement.The option to subsequently
measurefinancialliabilitiesatfairvalueisnotexercised.
Financialliabilitiesarederecognisedwhenthecontractualobligationisdischarged,cancelledorhas
expired.
Derivativefinancialinstrumentscanbeembeddedwithinothercontracts,creatingahybridfinancial
instrument.IfIFRSrequiresseparation,theembeddedderivativeisaccountedforseparatelyfrom its
hostcontractandmeasuredatfairvalue.Fairvaluesarecategorisedintodifferentlevelsinafairvalue
hierarchybasedontheinputsusedinthevaluationtechniquesasfollows:
• Level1:quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities
• Level2:inputsotherthanquotedpricesincludedinLevel1thatareobservablefortheasset
orliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedform prices)
• Level3:inputs forthe assetorliability thatare notbased on observable marketdata
(unobservableinputs)
CABB usesthefollowingvaluationtechniquefordeterminingthefairvaluesoffinancialassetsand
financialliabilities:
Discountedcashflows(i.e.Derivatives(interestratecaps)):financialinstrumentsthatarenottradedin
anactivemarket(forexample:derivatives/interestratecaps)arevaluatedconsideringthepresent
valueofexpectedfuturecashflowsbasedonobservableyieldcurves.
Thisvaluationtechniquemaximisestheuseofobservablemarketdatawhereitisavailableandrelies
aslittleaspossibleonentityspecificestimates.Ifallsignificantinputsrequiredtodeterminethefair
valueofafinancialinstrumentareobservable,theinstrumentisincludedinlevel2.
Iftheinputsusedtomeasurethefairvalueofanassetoraliabilitymightbecategorisedindifferent
levelsofthefairvaluehierarchy,thenthefairvaluemeasurementiscategorisedinitsentiretyinthe
same levelofthe fairvalue hierarchyasthe lowestlevelinputthatissignificantto the entire
measurement.
TheGrouprecognisestransfersbetweenlevelsofthefairvaluehierarchyattheendofthereporting
periodduringwhichthechangehasoccurred.Therewerenotransfersbetweenthedifferentlevelsof

17
fairvaluehierarchiesinthefinancialreportingperiodsendedDecember31,2022,andDecember31,
2023.
Financialassetsandfinancialliabilitiesareoffset,andthenetamountpresentedinthestatementof
financialpositionwhen,andonlywhentheGroupcurrentlyhasalegallyenforceablerighttoset-offthe
amountsanditintendseithertosettlethem onanetbasisortorealisetheassetandsettletheliability
simultaneously.AsofDecember31,2022andDecember31,2023,suchcontractsdidnotexist.
t) Taxes
Thecurrenttaxesonincomearecalculatedusingthecurrentorsubstantivelyenactedtaxrateinrelation
to the taxable income ofthe individualgroup companies.Managementestablishesprovisionsin
situationsinwhichapplicabletaxregulationissubjecttointerpretationasappropriateonthebasisof
amountsexpectedtobepaidtothetaxauthorities.
Thedeferredtaxesonincomeareaccruedonthebasisofthecurrentorsubstantivelyenactedlocaltax
rateexpectedtoapplywhentherelateddeferredincometaxassetisrealisedorthedeferredincome
taxliabilityissettled.Deferredtaxiscalculatedinaccordancewiththeliabilitymethodinrelationtoall
temporarydifferencesbetweentheuniform measurementintheGroupofassetsandliabilitiesandthe
taxmeasurementofassetsandliabilities,exceptifdifferencesarisefrom theinitialrecognitionof
goodwill.Deferredincometaxassetsarerecognisedondeductibletemporarydifferencesarisingfrom
investmentsinsubsidiariesonlytotheextentthatitisprobablethetemporarydifferencewillreversein
the forseeable future and there issufficienttaxable profitavailable againstwhich the temporary
differencecanbeutilised.
Acombinedtaxrateof24.94% isusedinLuxembourg.Country-specifictaxratesareusedfortheother
companies.
Deferredtaxassetsresultingfromlossescarriedforwardandtemporarydifferencesareonlyrecognised
ifitisprobablethatthesecanbeoffsetagainstfuturetaxableprofits.
Currentanddeferredtaxesarerecognisedastaxexpenses,unlesstheyrelatetoitemswhichhave
beenrecogniseddirectlyasothercomprehensiveincome.
Deferredtaxassetsanddeferredtaxliabilitiesareoffsetonlyiftheyhavethesamematurity,ifthereis
alegallyenforceablerighttooffsetcurrenttaxassetsagainstcurrenttaxliabilitiesandiftheyaredue
inrelationtothesametaxauthoritybythesametaxableentityordifferenttaxableentitieswherethere
isanintentiontosettlethebalancesonanetbasis.
u) Inventories
Inventoriesarecarriedatcostofpurchaseorcostofproduction.Costisdeterminedusingmoving
averagevalue.Ifnetrealisablevaluesarelower,inventoriesarerecognisedattheselowervalues.The
netrealisablevalueisequivalenttothesalesproceedsattainableinthenormalcourseofbusiness,less
thedirectlyattributablecostsuptothepointatwhichtheinventoriesaresold.Costsofproduction
comprisethedirectlyattributablecostsaswellasreasonableamountsofmaterialandproduction
overheadsassuminganormallevelofutilisationoftherelevantproductionfacilitiestotheextentthat
theyareincurredinconnectionwiththemanufacturingprocess.CostsoftheCompany’spension
scheme,forsocialfacilitiesoftheoperationandvoluntarysocialbenefitsoftheCompanyaswellas
costsofadministrationarealsotakenintoconsiderationtotheextentthattheyareattributableto
manufacturing.Financingcostsarenotincludedincostsofproduction.
Rawmaterialsandsupplies,includingtechnicalmaterialandpackagings,aremeasuredatthelowerof
costofpurchaseandnetrealisablevalue.Awrite-downisrecognisedtoreducethevalueofsuchraw
materialsandsuppliestoafigurewhichislowerthanthecostofpurchaseonlyifthenetrealisable
valueofthefinishedproductswhichincludetherawmaterialsandsuppliesisprobablylowerthanthe
costofproductionofthefinishedproducts.

18
v) Provisionsforpensionsandsimilarobligations
Theliabilityrecognisedinthebalancesheetinrespectofdefinedbenefitpensionplansisthepresent
valueofthedefinedbenefitobligationattheendofthereportingperiodlessthefairvalueofplanassets.
Provisionsforpensionsarebasedonactuarialcomputationsmadeaccordingtotheprojectedunitcredit
method,whichapplies,amongothers,thefollowingvaluationparameters:futuredevelopmentsin
compensation,pensionsandinflation,theexpectedperformanceofplanassets,employeeturnoverand
thelifeexpectancyofbeneficiaries.Theresultingobligationsarediscountedbyreferencetomarket
yieldsatthebalancesheetdateonhighqualitycorporatefixedratebondswithanAAratingthatare
denominatedinthe currencyin whichthe benefitswillbe paid,and thathave termsto maturity
approximatingtothetermsoftherelatedpensionobligation.
Actuarialgainsandlossesresultingfrom periodicrecalculationarerecognisedinothercomprehensive
income.Theyresultfrom thevariancebetweentheactualdevelopmentinpensionobligationsand
pensionassetsandtheassumptionsmadeatthebeginningoftheyearaswellastheupdatingof
actuarialassumptions.Thecalculationofpensionprovisionsisbasedonactuarialreports.
Thecurrentservicecostswhichareassociatedwiththeworkcarriedoutinthereportingperiodare
shownaspersonnelexpensesinthecostsofthosefunctionsinwhichtheemployeesareoperating,
exceptwhenincludedinthecostofanasset.Pastservicecostsarerecognisedimmediatelyinthe
consolidatedstatementofprofitorloss.
Thenetinterestcostiscalculatedbyapplyingthediscountratetothenetbalanceofthedefinedbenefit
obligationandthefairvalueofplanassetsbothatthebeginningoftheyear.Thiscostisincludedin
financialexpensesintheconsolidatedstatementofprofitorloss.
Fordefinedcontributionplans,thegrouppayscontributionstopubliclyorprivatelyadministeredpension
insuranceplansonamandatory,contractualorvoluntarybasis.Thegrouphasnofurtherpayment
obligationsoncethecontributionshavebeenpaid.Thecontributionsarerecognisedasemployee
benefitexpensewhentheyaredue.
w) Otherprovisions
Otherprovisionsarerecognisedifapresentlegalorconstructiveobligationexistsasaresultofapast
event,anoutflow ofeconomicresourcesisprobableandthecorrespondingamountcanbereliably
estimated.Provisionsarerecognisedtotheextentofthebestestimateoftheexpenditurerequiredto
settlethepresentobligation.
Provisionsarerecognisedforenvironmentalprotectionmeasuresandrisksif,asaresultofapastevent,
thereisacurrentlegalorconstructiveobligationtocarryoutmeasures.
Theprobablesettlementamountofnon-currentprovisionsisdiscounted,ifthediscountingeffectisof
amaterialnature.Inthiscase,theprobablesettlementamountisrecognisedwithitspresentvalue.The
increaseofthediscountedamountresultingfrom thepassageoftimeandtheeffectderivingfrom any
changeinthediscountratearerecognisedintheconsolidatedstatementofprofitorlossandother
comprehensiveincomeandclassifiedasfinancialincomeorexpense.
Provisions forservice anniversary payments are mainly calculated in accordance with actuarial
principles.Forsemi-retirementagreementswhichhavebeenconcluded,thewageandsalarypayments
to be made during the passive phase ofthe semi-retirementarrangementare accumulated in
instalments,approvedsupplementalpaymentsareaccruedininstalmentsuntiltheendoftheexemption
phaseatthelatest.
Terminationbenefitsarepayablewhenemploymentisterminatedbythegroupbeforethenormal
retirementdate,orwheneveran employee acceptsvoluntaryredundancyin exchange forthese
benefits.Thegrouprecognisedterminationbenefitsattheearlierofthefollowingdates:(a)whenthe
groupcannolongerwithdrawtheofferofthosebenefits;and(b)whentheentityrecognisescostsfora
restructuringthatiswithinthescopeofIAS37andinvolvesthepaymentofterminationbenefits.

19
x) Financialriskmanagement
CABBGroupisexposedtonumerousfinancialriskswithinitsbusinessactivities.Theseriskscomprise
market,credit,interestrateandexchangeraterisks.Fordetails,pleaserefertoNote(35)(Financial
riskmanagement).
y) Estimatesandassumptions
TheprocessofpreparingconsolidatedfinancialstatementsinaccordancewiththeIFRS requires
assessments,assumptionsandestimateswithregardtotheapplicationofaccountingpolicies,andalso
requiresmanagementto make assumptionsregarding future developments.These assessments,
assumptionsandestimatesarebasedonexperienceandotherfactorswhichareconsideredtobe
reasonableunderthegivencircumstances.Actualoutcomesandresultswithinthenextfinancialperiods
maydiffermateriallyfrom currentexpectations.Hence,achangeintheunderlyingestimatesand
assumptionscouldrequireamaterialadjustmenttothecarryingamountoftheaffectedassetorliability.
Therefore,estimatesandassumptionsarecontinuouslyreviewed.Changesinaccounting-relevant
estimatesarerecognisedinthereportingperiodinwhichtheassessmentisrevised,andalsoinfuture
reportingperiodsifthesefuturereportingperiodsareaffectedbytherevisedestimates.
Inparticular,thefollowingitemsintheconsolidatedstatementoffinancialpositionhavebeenaffected
bytheuseofestimates:
Goodwill
Goodwillresultingfrom thecapitalconsolidationisrecognisedintheconsolidatedfinancialstatements
fortheyearendedDecember31,2023(seeNote(18)).Goodwillhastobetestedforimpairmentatleast
onceeveryyear.Forthepurposeoftheimpairmenttest,long-term cashflow forecastsaretobe
compiledforcash-generatingunitswithinthecontextoftheexpecteddevelopmentoftheGroupand
theoveralleconomictrends.Estimatesofcostofcapitalareusedtodeterminethepre-taxdiscountrate
fordiscountingthecashflows.Astheseestimatesarecontinuouslyreviewed,potentiallypossible
changesmightrequireanadjustmenttothecarryingamountofthegoodwill.
Property,plantandequipmentandintangibleassets
InthecourseofthepurchasepriceallocationfollowingthebusinesscombinationwithCABBGroup,
itemsofproperty,plantandequipment(seeNote(19))andintangibleassets(seeNote(18))were
measuredatfairvalue.Forthisvaluationanexternalexpertwasengaged.Managementdetermined
theappropriatenessofthevaluationtechniquesandinputsforfairvaluemeasurementusedbythe
expert.
TheGroupreviewstheestimatedusefullivesofproperty,plantandequipmentandintangibleassetsat
theendofeachreportingperiod.Theseassetsaretestedonceayearforindicationsofimpairments.If
thereareanysuchindications,estimatesoftheexpectedfuturecashflowsfrom theutilisationand
potentialdisposaloftheseassetsaremadeforassessingtheimpairment.Theactualcashflowsmay
differappreciablyfrom thediscountedfuturecashflowswhicharebasedontheseestimates.Factors
suchasachangeintheplannedutilisationofbuildings,machineryandequipment,technicalagingor
utilisationlevelsofinstallationswhicharelowerthanoriginalforecastsmayreducetheusefulservice
lifeormayresultinanimpairment.

20
Pensionprovisions
Thevaluationofprovisionsforpensionsandsimilarobligationsisinfluencedbyassumptionsregarding
thefuturedevelopmentofwagesandsalariesorpensionsaswellasdiscountrates.
InGermany,retirementbenefitsareprovidedviathepensionfundoftheemployeesoftheHoechst
GroupVVaG.TheSwissemployeesoftheGroupareinsuredwiththepensionfund(Pensionskasse–
PK)ofCABBAG,Pratteln,Switzerland.TheretirementbenefitsoftheFinnishemployeesareprocessed
viathepensioninsurancecompanyIlmarinenMutualPensionInsuranceCompany,Ilmarinen,Finland.
Thecalculationsoftheliabilitiesrecognisedregardingthesefacilitiesarebasedonstatisticaland
actuarialcalculationsoftheactuaries.Inparticular,thepresentvalueofthedefined-benefitobligation
dependsonassumptionssuchasthediscountrateandthepensiongrowthrateusedforcalculatingthe
presentvalueofthefuturepensionobligations.Futuresalaryincreasesandincreasesintheother
benefits to employeesalso influence the calculation ofthe presentvalue ofthe future pension
obligations.Inaddition,theindependentactuariesengagedbytheGroupalsousestatisticaldatasuch
asprobabilityofdepartureandlifeexpectancyoftheinsuredpartiesfortheirassumptions.Thediscount
ratefortheactuarialcalcuationsoftheGermanandFinnishdefined-benefitobligationswasdetermined
byapplyingtheMercerPensionYieldCurveApproach(MYC).Thedataandmethodologyusedtocreate
theMYCisreviewedperiodicallybyMercertoensureconsistencyandimprovedestimates.
Environmentalprovisions
Theprovisionrecognisedforenvironmentalprotectionmeasures(seeNote(27))representsthebest
estimateoftheexpectedoutflowoffunds.Theprovisionrelatestoexpectedcostsofrehabilitatingtoxic
wastesitesinSwitzerlandaswellaswastedisposalattheproductionlocationinKokkola.Thefuture
developmentofenvironmentalcostsdependsonmanyfactorsincludingtherehabilitationmethodtobe
used,theextentoftherehabilitationmeasuresaswellasthesharesattributabletotheGroupandto
externalparties.
Duetouncertaintiesrelatedtothepredictionofenvironmentalrehabilitationcosts,itispossiblethat
additionalcostsmayoccurwhichexceedtherecognisedprovision.Basedonthelatestavailable
information,managementconsidersthattheprovisionasofDecember31,2023areadequate.
(4) ScopeofConsolidation
ThescopeofconsolidationcomprisesMonitchem Holdco2S.A.,withregisteredofficeinLuxembourg,
aswellasalldomesticandinternationalsubsidiaries.Monitchem Holdco2S.A.directlyorindirectly
ownsa majorityofvoting rightsin these companies.There are no jointventuresorassociated
companies.
InadditiontoMonitchem Holdco2S.A.astheparentcompany,theconsolidatedfinancialstatements
asofDecember31,2023includethreeLuxembourgandfourteennon-Luxembourgcompaniesinwhich
MonitchemHoldco2S.A.exercisescontrolandisthereforeexposedto,orhasrightsto,variablereturns
from itsinvolvementwiththeentitiesandhastheabilitytoaffectthosereturnsthroughitspowerover
theaforementionedentities.

21
ThefollowingtableshowstheshareofcapitalheldbyMonitchem Holdco2S.A.asofDecember31,
2023:
No.Name,Registeredoffice Shareofcapital
1 Monitchem Holdco2S.A.,CityofLuxembourg,(Luxembourg)
2 Monitchem Holdco3S.A.,CityofLuxembourg,(Luxembourg) 100%
3 CABBGroupGmbH,Sulzbacham Taunus(Germany) 100%
4 CABBHoldingGmbH,Sulzbacham Taunus(Germany) 100%
5 CABBEuropeGmbH,Sulzbacham Taunus(Germany) 100%
6 CABBGmbH,Gersthofen(Germany) 100%
7 CABBAG,Pratteln(Switzerland) 100%
8 CABBUKLtd.,Altrincham (GreatBritain) 100%
9 CABBFinlandOy,Helsinki(Finland) 100%
10 CABBOy,Kokkola(Finland) 100%
11 CABB-JinweiSpecialtyChemicals(Jining)Co.Ltd., 67.6%
12 CABBTrading(Shanghai)Co.Ltd.,Shanghai(PRC) 100%
13 CABBNordicHoldingS.àr.l.,CityofLuxembourg,(Luxembourg) 100%
14 Monitchem KansasS.àr.l.inliquidation,CityofLuxembourg,(Luxembourg) 100%
15 KansasHoldCo,Inc.,Wilmington,CountyofNewcastle,Delaware(USA) 100%
16 KansasHoldCo1,Inc.,Wilmington,CountyofNewcastle,Delaware(USA) 100%
17 JayhawkFineChemicalsCorporation,Galena,Kansas(USA) 100%
EffectiveSeptember30,2023,CABB NorthAmericaInc.,Huntersville/NC (USA)wasmergedinto
JayhawkFineChemicalsCorporation,Galena,Kansas(USA).
AlthoughCABB NordicHoldingS.àr.l.islocatedinLuxembourg,theentity’sfunctionalcurrencyis
SwissFranc,asthedebtandequityfinancingisdenominatedinSwissFrancs.
(5) Segmentinformation
The formatforreporting the activitiesofthe CABB Group correspondsto the wayin which the
informationisreportedtoandreviewedbythechiefoperatingdecisionmaker(CODM)forthepurposes
ofallocatingresourcesandassessingperformance.
NooperatingsegmentshavebeenaggregatedinarrivingatthereportablesegmentsoftheGroup.
a) Segmentrevenue
Therevenuefromexternalpartiesreportedtothechiefoperatingdecisionmakerismeasuredconsistent
tothemannerappliedintheConsolidatedstatementofprofitandlossandothercomprehensiveincome.
kEUR 2023 2022
Revenuefrom externalcustomers 739,928 755,488

b) SegmentEBITDA
In determining the segmentresult,CABB Group appliesthe same principlesofrecognition and
measurementasintheconsolidatedfinancialstatements.TheGroupmeasurestheperformanceofits
segmentonthebasisofasegmentincomevariablereferredtobyInternalControlandReportingsas
“AdjustedEBITDA”.Interestincomeandexpensesarenotallocatedtothesegmentsastheseare
managedbythecentraltreasuryfunction.
AdjustedEBITDAisdefinedasthenetresultfortheperiodaddingbacktaxesonincome,financial
result,amortisationanddepreciation,andadjustmentsforexpensesandincomenotrelatedtothe
operationalperformance ofthe businessactivities,such asstrategicprojects,reorganisation and
restructuring measures,propertydamageinsurancecompensations,aswellasvaluationimpacts
resulting from curtailments ormodifications ofpension orpost-retirementbenefits schemesand
purchasepriceallocations.

22
kEUR 2023 2022
AdjustedEBITDA 169,349 162,557
Adjustments:
Strategicprojects -2,115 -3,896
Reorganisationandrestructuringmeasures -1,688 -348
Valuationeffectsfrom purchasepriceallocations -187 -447
FireincidentsitePratteln 0 2,993
IAS19negativepastservicecosts 0 1,677
Propertydamageinsurancecompensation 0 429
Other -398 -535
Totaladjustments -4,388 -127
ReportedEBITDA 164,961 162,430
Depreciation -66,754 -60,760
Amortisation -16,509 -27,270
Impairmentlosses -30,714 0
EarningsbeforeInterestandTaxes(EBIT) 50,984 74,400
TheimpairmentlossofkEUR30,714relatestoaproductionfacilityatourproductionsiteinSwitzerland
andisdisclosedwithincostsofgoodssold.
c) SegmentNetWorkingCapital
ThefiguresreportedtoCABB Group’smanagementregardingOperatingNetWorkingCapitalare
measuredinthesamewayastheyarereportedinthefinancialstatements.
kEUR Dec.31,2023 Dec.31,2022
OperatingNetWorkingCapital 50,067 65,042
FinancialStatementfigures:
Inventories 93,008 111,135
Accountsreceivable,trade 46,641 61,311
Contractassets 13,228 17,751
Othernon-financialreceivables 10,168 8,448
Incometaxreceivables 8,149 3,972
Accountspayable,trade -94,297 -120,217
Contractliabilities -9,845 -3,757
Incometaxliabilities -2,566 -8,700
Othernon-financialLiabilities -7,672 -10,571
GroupNetWorkingCapital 56,814 59,372
PPAValuationonInventory -1,665 -1,852
NetWorkingCapitalofHoldingEntities 501 2,794
NetIncomeTaxReceivables -5,583 4,728
OperatingNetWorkingCapital 50,067 65,042
d) Segmentadditionstonon-currentassets
AmountsprovidedtothemanagementoftheCABB Groupforadditionstonon-currentassetsare
reportedconsistentlywiththeconsolidatedstatementofchangesinnon-currentassets,exceptfor
additionstonon-currentassetsrecognisedinconnectionwithIFRS16"Leases",whicharetherefore
notincludedinthefollowingtable:
kEUR 2023 2022
Additionstonon-currentassets 62,786 64,728
AdditionstoRight-of-useassets 4,715 9,617
Additionstonon-currentassets 67,501 74,345
FinancialStatementfigures
AdditionstoOtherintangibleassets 2,640 212
AdditionstoProperty,plantandequipment 64,861 74,133
Additionstonon-currentassets 67,501 74,345

23
Notestotheconsolidatedstatementofprofitandlossandothercomprehensive
income
(6) Revenuefrom contractswithcustomers
TheGroupgeneratesrevenuesprimarilyfrom thesaleofcustomisedactiveingredients,advanced
intermediates,diversifiedspecialtychemicalswithastrongfocusontheagrochemicalsindustry.
a) Disaggregationofrevenuefrom contractswithcustomers
Inthefollowingtable,revenuefrom contractswithcustomersisdisaggregatedbylocationofthe
customerandtimingofrevenuerecognition.Thetablealsoprovidesareconciliationofthedisag-
gregatedrevenuewiththeGroup’sreportablesegments(seeNote(5)).
kEUR 2023 2022
Revenuebyproductgroup
ExclusivesandSpecialties 462,831 429,329
AdvancedIntermediatesandBaseProducts 277,097 326,159
Revenuefrom externalCustomers 739,928 755,488
Revenuebylocationofthecustomers
Europe 585,268 570,395
NorthAmerica 97,944 102,171
RestofWorld 56,716 82,922
Revenuefrom externalCustomers 739,928 755,488
Timingofrevenuerecognition
Atapointintime 395,453 456,733
Overtime 344,475 298,755
Totalrevenuefrom externalCustomers 739,928 755,488
RevenuewithinEuropemainlyrefertoSwitzerlandandGermany.
TheGroupderivesrevenuesfrom threecustomers,whicheachaccountformorethan10percentof
totalGrouprevenue.
b) Assetsandliabilitiesrelatedtocontractswithcustomers
Thegrouprecognisedthefollowingassetsandliabilitiesrelatedtocontractswithcustomers:
kEUR Dec.31,2023 Dec.31,2022
ContractassetsrelatingtoExclusives 13,235 17,757
Expectedcreditlosses -7 -6
Totalcontractassets 13,228 17,751
ContractliabilitiesrelatingtoExclusives 9,845 3,757
Totalcontractliabilities 9,845 3,757
Withintheproductgroup“ExclusivesandSpecialities”,revenuefrom specificcustomercontractsis
recognisedovertime.InthesecasesCABB’sperformanceobligationconsistsinthecreationofanasset
withoutanalternativeusetoCABBandCABBhasanenforceablerighttopaymentfortheperformance
obligationcompletedtodate.Thesecontractuallyenforcablerightsarerecognisedanddisclosedwithin
‘Accountsreceivable,trade’ifalreadyshipped,orotherwisewithin‘Contractassets’.Thevaluationof
therelatedrevenuesisperformedbyusingtheoutputmethod.Theproducedchemicalsarevaluedby
theagreedsalespriceandanyotherpartsallocatedbasedontheoverallamountofchemicalstobe
producedundertherespectivecontracts.
Certaincustomercontractswithintheproductgroup‘ExclusivesandSpecialties’providefornon-
refundablecapitalexpenditurefees,paidbythecustomeratthebeginningorduringtheproject.These
advancepaymentsarerecognisedintheconsolidatedstatementofprofitorlossinproportiontothe
performance used bythe customerduring the contractperiod (outputmethod).The outstanding
performanceobligationisdisclosedinthebalancesheetateachreportingdate.Itispossiblethatthe
performanceobligationatagivenpointintimeisinacontractassetoracontractliabilityposition.The
24
weighted-averageexpectedremainingterm ofthecontractliabilitiesasofDecember31,2023is3.6
years(2022:2.16years).
Ifacustomercontractdoesnotmeetthesecriteria,thecustomerobtainscontrolofthegoodsata
specificpointintime,andthecorrespondingsalesrevenueishencerecognisedataspecificpointin
time,generallyupondelivery.
Inthefinancialyear2023,theGrouprecognisedrevenuesofkEUR4,157(2022:kEUR9,525),related
tocontractliabilitiesrecognisedatthepreviousbalancesheetdate.
Non-currentassetsbyregion
Thefollowingtableshowsnon-currentassetsbyregionexcludingnon-currentfinancialassets,based
onthelocationoftheGroupcompanies.Thenon-currentfinancialassetsareallocatedtoLuxembourg.
kEUR Dec.31,2023 Dec.31,2022
Non-currentassetsbyregion:
Switzerland 485,334 506,924
Finland 187,174 182,239
Germany 110,541 110,641
UnitedStatesofAmerica 66,090 63,078
OtherCountries 3,413 10,425
Non-currentassets 852,552 873,307

(7) Costofsales
kEUR 2023 2022
Costsofrawmaterialsandsupplies 248,061 270,700
Personnelexpenses 103,880 98,260
Energycosts 64,018 65,607
Depreciation,amortisationandimpairmentlosses 94,330 57,227
Repairandmaintenanceexpenses 27,373 27,498
ExternalServices 24,080 18,763
Other 31,638 27,664
Costofsales 593,380 565,719
Othercostofsalesmainlyreferstohealth,safety,environmentandqualitymeasures.
Inthefinancialyear2023,depreciation,amortisationandimpairmentlossesincreasedbykEUR37,103.
ThisincreaseisprimarlyduetoanimpairmentlossofkEUR30,714,recognisedonaproductionfacility
locatedatourproductionsiteinPratteln/Switzerland,whichwastriggeredbythedecisionofoneofour
agrochemicalcustomerstonotrenewasupplycontractforakeyExclusiveproduct.
(8) Researchanddevelopmentexpenses
kEUR 2023 2022
Personnelexpenses 3,671 3,290
Depreciationandamortisation 260 190
ExternalServices 145 127
Other 459 385
Researchanddevelopmentexpenses 4,535 3,992

25
(9) Distributionandlogisticsexpenses
kEUR 2023 2022
Transportationcosts 30,271 44,553
Depreciationandamortisation 18,990 29,575
Personnelexpenses 5,997 5,806
Other 3,336 3,432
Distributionandlogisticsexpenses 58,594 83,366
Inthefinancialyear2023,transportationcostsdecreasedbykEUR14,282tokEUR30,271(2022:
kEUR44,553),primarilydrivenbyreducedvolumesofouroverseasbusiness.
Depreciation and amortisation decreased by kEUR10,585 due to the expiry ofthe scheduled
amortisationperiodofintangibleassetscapitalisedinconjunctionwiththeacquisitionofCABBGroup
byPermiraFundsinthefinancialyear2014.
(10) Generalandadministrativeexpenses
kEUR 2023 2022
Personnelexpenses 14,493 14,619
Legalandconsultancycosts 3,579 6,676
Insurancepremiums 8,139 5,307
ExternalServices 3,858 822
Other 4,491 5,610
Generalandadministrativeexpenses 34,560 33,034

(11) Otheroperatingincome
kEUR 2023 2022
Servicesrendered 730 378
Rentalincome 686 718
Costsharingagreements 388 112
Compensationofdamages 63 291
Insurancecompensation-FireincidentPrattelnSite:
Propertydamage 0 3,422
Other 360 255
Otheroperatingincome 2,227 5,176
OtheroperatingincomeamountedtokEUR2,227(2022:kEUR5,176)andprimarilycomprisesincome
from servicesrenderedkEUR730(2022:kEUR378),from rentalskEUR686(2022:kEUR718)and
from cost-sharingagreementskEUR388(2022:kEUR112).
Inthefinancialyear2022,otheroperatingincomeincludedaninsurancecompensationofkEUR3,422
receivedforpropertydamagesincurredduetoafireincidentatoursiteinPrattelnin2020.
(12) Otheroperatingexpenses
kEUR 2023 2022
Lossfrom disposalofassets 102 153
Otheroperatingexpenses 102 153

(13) Personnelexpenses
kEUR 2023 2022
Wagesandsalaries 107,145 103,329
Socialsecuritycontributions 17,393 15,565
Retirementbenefitcosts 3,503 3,081
Personnelexpenses 128,041 121,975
26
(14) Depreciationandamortisationofnon-currentassets
In the financialyear2023,depreciation and amortisation ofnon-currentassets amounted to
kEUR113,977 (2022:kEUR88,030)and comprises an impairmentloss ofkEUR30,714 (2022:
kEUR0)relatingtoaproductionfacilityatourproductionsiteinPrattlen/Switzerland.
(15) Financialresult
kEUR 2023 2022
Interestincome 399 72
Otherfinancialincome 37 6
Interestincomeandsimilar 436 78
Bondinterestexpenses -51,688 -40,449
Otherinterestexpenses -21,161 -6,791
Netinterestexpensesonpensionobligations -683 -307
Interestexpensesonleaseliabilities -1,412 -1,170
Otherfinancialexpenses -12,657 -967
Interestexpenseandsimilar -87,601 -49,684
Financialinstrumentsatfairvalue
throughprofitandloss:
Otherfinancialincome 3,369 0
Otherfinancialexpenses -11,297 -4,103
Foreigncurrencylosses -6,609 -4,101
Foreigncurrencygains 10,553 12,054
Foreigncurrencyresult(net) 3,944 7,953
Financialresult -91,149 -45,756
Thefinancialresultforthefinancialyear2023totaledkEUR-91,149andincreasedsignificantlyby
kEUR45,393 compared to the previous year(2022:kEUR-45,756),predominatly driven by the
successfulrefinancingofthebondsandtheGroup’srevolvingcreditfacility.
The Group’s main financialexpense consists ofbond interestexpenses,which amounted to
kEUR51,688in2023(2022:kEUR40,449)andincreasedbykEUR11,239comparedtotheprevious
year,duetorisinginterestratesandhighernominalamountsofthebondsissuedonApril28,2023.
OtherinterestexpensesincreasedbykEUR14,370tokEUR21,161(2022:kEUR6,791),mainlydue
totheamortisationoftransactioncostsrelatedtotheformerandtheexistingbonds(kEUR17,182;
2022:kEUR 4,797).Furthermore,higherinterestexpensesincurredinconjunctionwithnetworking
capitalfinancingprograms.
OtherfinancialexpensesamountedtokEUR12,657inthefinancialyear2023(2022:kEUR 967),
primarilycomprisinganearlyredemptionpremium ofkEUR11,259(2022:kEUR0),resultingfrom the
successfulrefinancingofthebonds.Furthermore,thislineitem includescommitmentfeesforthe
revolvingcreditfacility(kEUR988;2022:kEUR643),aswellasforthesecuritisationprogramme.
Otherfinancialincomeforfinancialinstrumentsmeasuredatfairvaluethroughprofitandlossinclude
changesinthefairvalueofderivativesembeddedinthenewbonds(kEUR3,369;2022:kEUR0)(See
note(28)).
Otherfinancialexpensesforfinancialinstrumentsmeasured atfairvalue through profitand loss
amountedtokEUR-11,297(2022:kEUR-4,103),predominatelyrelatetotheembeddedderivativesof
theformernotes(Seenote(28))andfurthermorecompriseadecreaseinthefairvalueoftheinterest
ratecapinstrumentofkEUR597(2022:kEUR0)(seeNote(35)).
The netforeign currency resultforthe financialyear2023 amounted to kEUR3,944 (2022:
kEUR7,953).Thisresultmainlyincludesvaluationeffectsarisingfrom foreigncurrencytranslationsof
group-internaltransactions,mainlyrelatedtofinancingactivities,amountingtokEUR6,336(2022:
kEUR7,677).
27
(16) Taxesonincome
Monitchem Holdco2S.A.,Monitchem Holdco3S.A.,Monitchem KansasS.àr.l.inliquidation,and
CABBNordicHoldingS.àr.l.aresubjecttoacorporateincometaxrateof17.0% inLuxembourg(2022:
17.0%).Thisresultsinacombinedoveralltaxrateof24.94% (2022:24.94%),whichincludesa7.0%
employmentfundcontribution/solidaritysurtaxonthecorporateincometaxrateanda6.75% municipal
businesstaxonprofits.AstheGroupoperatesinvarioustaxjurisdictionsworldwide,itissubjectto
incometaxesatratesrangingfrom 13.45% to29.62% (2022:13.45% to29.63%).TheGroupisnot
subjecttothenewlegislationtoenforcetheglobalminimum top-uptax,whichappliestocountriesin
whichtheeffectiveinterestrateisreducedtobelow15percent,e.g.throughgovernmentsupportinthe
formofadditionaltaxdeductions.ThisisduetothefactthattheGrouphasnotexceededthetherelevant
salesthresholdofkEUR750,000inthefinancialyear2023.
TheGroupisnotsubjecttothenewlegislationtoenforcetheglobalminimum top-uptax,whichapplies
tocountrieswheretheeffectiveinterestrateisreducedtobelow15percentthroughgovernmentsupport
i.e.intheform ofadditionaltaxdeductions.
Taxesonincomeforthefinancialyear2023and2022arebrokendownasfollows:
kEUR 2023 2022
Currentincometaxes -11,144 -16,173
Incomefrom deferredtaxes 3,708 5,208
Taxesonincome -7,436 -10,965
TheeffectivetaxrateoftheGroupdiffersfrom Monitchem Holdco2S.A.’staxrateof24.94% (2022:
24.94%)asfollows:
2023
kEUR in%
Earningsbeforetaxes -40,165 100.0
Corporatetaxrate 24.9%
Expectedtaxesonincome 10,017 -24.9
Effectof:
Non-deductibleinterestexpenses -11,099 27.6
Lossesforwhichnodeferredtaxassetshavebeen -2,813 7.0
recognisedaswellaschangeintheallowance
Permanentdifferences -1,161 2.9
Expensesthatarenotdeductibleindetermining -1,000 2.5
taxableprofit
Foreigntaxratedifferential -566 1.4
Tradetaxadditions -449 1.1
Deferredincometaxesprioryears -417 1.0
Benefitarisingfrom apreviouslyunrecognised -3 0.0
taxloss
Currentincometaxesprioryears 29 -0.1
Otherdifferences 26 -0.1
Taxesonincome -7,436 18.5

28
 2022
kEUR in%
Earningsbeforetaxes 28,644 100.0
Corporatetaxrate 24.9%
Expectedtaxesonincome -7,144 -24.9
Effectof:
Lossesforwhichnodeferredtaxassetshavebeen -3,509 -12.3
recognisedaswellaschangeintheallowance
Non-deductibleinterestexpenses -2,680 -9.4
Permanentdifferences -960 -3.4
Tradetaxadditions -715 -2.5
Expensesthatarenotdeductibleindetermining -167 -0.6
taxableprofit
Changeintaxrates 2,153 7.5
Foreigntaxratedifferential 1,240 4.3
Benefitarisingfrom apreviouslyunrecognised 415 1.4
taxloss
Currentincometaxesprioryears 1,739 6.1
Deferredincometaxesprioryears -1,291 -4.5
Otherdifferences -46 -0.2
Taxesonincome -10,965 -38.3
Non-deductibleinterestexpensespredominatelyincurwithintheGermanandFinnishtaxjurisdiction,
whichlimitsthedeductibilityofinterestexpensesto30.0% or25.0% oftheEBITDAdefinedforthe
purpose ofthe interestrate cap regulation.The non-deductible portion ofnetinterestexpenses
amountedtokEUR40,053inthefinancialyear2023(2022:kEUR9,909).Althoughtheseamountsmay
inprinciplebecarriedforwardindefinitelyandoffsetagainstfutureinterestincome,nodeferredtax
assetsinrespecttointeresttaxlosscarry-forwardsintheamountofkEUR175,710(December31,
2022:kEUR135,658)wererecognised,astheprerequisitesfortheirusabilitywillnotbefullfilledwithin
theforeseeablefuture.Furthermore,deferredtaxassetshavenotbeenrecognisedinrespectoftax
losscarry-forwardsamountingtokEUR29,075(2022:kEUR22,111),asitisnotprobablethatsufficient
taxableprofitwillbeavailableagainstwhichtheymaybeutilised.Ofthesetaxlossescarriedforward,
kEUR2,387 (2022:kEUR5,962)willexpire within two years,kEUR0 willexpire in three years
(2022:kEUR0)andkEUR26,689thereafter(2022:kEUR16,149).
Inconjunctionwithactuarialgains/lossesofdefined-benefitplans,deferredincometaxesamountingto
kEUR1,060(2022:kEUR-1,685)areincludedwithinothercomprehensiveincome(OCI).

29
Deferredtaxesresultingfrom temporarydifferencestaxbalancesandwithbalancesaccordingtoIFRS
arebrokendownasfollows:
Dec.31,2022 Recognisedin Recognisedin Dec.31,2023
kEUR profitorloss OCI(1)
Deferredtaxliabilities
Property,plantandequipment 39,645 -4,568 1,368 36,445
Otherintangibleassets 15,377 -2,756 396 13,017
Inventories 2,312 -461 102 1,953
Accountsreceivable,trade 629 65 14 708
Othernon-financialreceivables 1,153 1,802 21 2,976
Otherprovisions 5,786 177 72 6,035
Othernon-financialliabilities 2,994 33 111 3,138
Amountsnetted -9,302 1,320 -1,039 -9,021
Deferredtaxliabilities 58,594 -4,388 1,045 55,251
Deferredtaxassets
Goodwill 0 0 0 0
Otherintangibleassets -1 1 0 0
Inventories 1,788 -1,101 -2 685
Provisionsforpensionsandsimilar 2,610 -288 1,088 3,410
obligations
Otherprovisions 299 -2 0 297
Otherassetsandliabilities 4,606 70 -47 4,629
LossCarry-Forward 707 -680 -27 0
Amountsnetted -9,302 1,320 -1,039 -9,021
Deferredtaxassets 707 -680 -27 0

Dec.31,2021 Recognisedin Recognisedi(1n) Dec.31,2022

kEUR profitorloss OCI
Deferredtaxliabilities
Property,plantandequipment 42,608 -4,766 1,803 39,645
Otherintangibleassets 21,303 -6,419 493 15,377
Inventories 1,422 825 65 2,312
Accountsreceivable,trade 1,705 -1,090 14 629
Othernon-financialreceivables 1,951 -850 52 1,153
Otherprovisions 4,884 852 50 5,786
Othernon-financialliabilities 2,393 521 80 2,994
Amountsnetted -15,591 4,858 1,431 -9,302
Deferredtaxliabilities 60,675 -6,069 3,988 58,594
Deferredtaxassets
Otherintangibleassets 17 -19 1 -1
Inventories 1,177 610 1 1,788
Provisionsforpensionsandsimilar 4,428 -141 -1,677 2,610
obligations
Otherprovisions 431 -132 0 299
Otherassetsandliabilities 5,784 -1,309 131 4,606
LossCarry-Forward 5,329 -4,728 106 707
Amountsnetted -15,591 4,858 1,431 -9,302
Deferredtaxassets 1,575 -861 -7 707

(1) Theamountsdisclosedincolumn“RecognisedinOthercomprehensiveincome(OCI)”ofthetableabove
includeseffectsresultingfrom thetranslationoffinancialstatementsofforeignoperations,thatmaybe
reclassifiedtoprofitorloss;andincometaxesrelatingtoactuarialgainsandlossesfrom defined-benefitplans,
thatwillnotbereclassifiedtoprofitorlosssubsequently.

30
Notestotheconsolidatedstatementoffinancialposition
(17) Leases
a) CABBaslessee
LeasesinwhichCABBislesseemainlyrelatetotransportation,technicalequipmentaswellasland
andbuildings.Theconsolidatedstatementoffinancialpositionshowsthefollowingamountsrelatingto
right-of-useassets:
kEUR Dec.31,2023 Dec.31,2022
Non-currentassets
RoULandandbuildings 4,029 4,009
RoUTechnicalEquipmentandMachinery 8,385 8,448
RoUOperationalandofficeequipment, 13,375 14,930
TotalRight-of-useassets 25,789 27,387
Right-of-useitemswithinthecategory“Landandbuildings”areamortisedoverleasetermsbetween5
and7.4years.Assetsdisclosedwithintheline“Right-of-useOperationalandofficeequipment,other
installations”mainlyrefertorailcarsandcontainers,whichareamortisedoverleasetermsbetween1
and10years.
Additions to right-of-use assets during the financialyear2023 amounted to kEUR4,715 (2022:
kEUR9,617).In2023and2022,expensesrelatingtoshort-term leasesandtoleasesoflow-value
assetsincurredonlytoanon-materialextent.
Thefollowingtablesshowamaturityanalysisofthecontractualundiscountedleasepaymentsandthe
maturityoftheleaseliabilitiesrecognisedintheconsolidatedstatementoffinancialposition:
Dec.31,2023
Lease Interest Futurelease
kEUR Liabilities portion payments
Followingyear1 6,976 928 7,905
Otherfinancialliabilities-current 6,976 928 7,905
Followingyear2 5,614 675 6,289
Followingyear3 4,517 486 5,003
Followingyear4 3,111 371 3,481
Followingyear5 2,385 311 2,696
Morethan5years 2,128 578 2,707
Otherfinancialliabilities-non-current 17,755 2,421 20,176
Total 24,731 3,349 28,081
Dec.31,2022
Lease Interest Futurelease
kEUR Liabilities portion payments
Followingyear1 6,995 845 7,840
Otherfinancialliabilities-current 6,995 845 7,840
Followingyear2 5,223 716 5,939
Followingyear3 4,463 598 5,062
Followingyear4 3,828 448 4,276
Followingyear5 2,723 345 3,068
Morethan5years 3,608 1,041 4,648
Otherfinancialliabilities-non-current 19,845 3,148 22,993
Total 26,840 3,993 30,833

31
Thefollowingtableshowstheamountsrecognisedintheconsolidatedstatementofprofitandloss
relatingtoleases:
kEUR 2023 2022
Depreciationchargeofright-of-useassets
RoULandandbuildings 1,281 1,206
RoUTechnicalEquipmentandMachinery 832 603
RoUOperationalandofficeequipment,other 4,777 4,564
installations
TotalDepreciationchargeRoUAssets 6,890 6,373
FinancialResult
Interestexpense(includedinfinancecost) 1,412 1,170
Netcurrencytranslationgainsorlosses -298 -283
onleaseliabilities
TotalFinancialResult 1,114 887
CABB presentsthe interestcomponentand the repaymentportion in cash flowsfrom financing
activities.Leasepaymentsundershort-term agreementsoragreementswithlow-valueassetsare
presentedincashflowsfrom operatingactivities.
Thetotalcashflowforleasesinthefinancialyear2023waskEUR8,228(2022:kEUR7,620).
b) CABBaslessor
Inthefinancialyear2023,CABB recognisedincomefrom operatingleaseswithinotheroperating
incomeinanamountofkEUR686(2022:kEUR718).
ThefollowingtableshowsthefutureleasepaymentstoCABBGroupfrom operatingleasecontracts:
kEUR Dec.31,2023 Dec.31,2022
Lessthan1year 77 626
1-5years 59 102
Morethan5years 0 0
TotalDepreciationchargeRoUAssets 136 728

(18) Intangibleassets
Goodwill Customer Technology Other Totalintangible
kEUR relations assets
Cost
AsofJanuary1,2023 199,181 306,943 21,229 16,167 543,520
Additions 0 0 0 2,640 2,640
Disposals 0 0 0 0 0
Currencyeffects 5,338 8,159 535 266 14,298
AsofDecember31,2023 204,519 315,102 21,764 19,073 560,458
Accumulatedamortisation
AsofJanuary1,2023 0 -219,819 -18,339 -11,001 -249,159
Additions 0 -14,959 -180 -1,370 -16,509
Disposals 0 0 0 0 0
Currencyeffects 0 -5,048 -636 -335 -6,019
AsofDecember31,2023 0 -239,826 -19,155 -12,706 -271,687
Netcarryingamountasof 204,519 75,276 2,609 6,367 288,771
December31,2023
CurrencyeffectsledtoanincreaseinintangibleassetsbykEUR8,279inthecurrentfinancialyear
(2022:kEUR7,644),primarilydrivenbytheappreciationoftheSwissFrancs(2022:appreciationofthe
SwissFrancsandtheUSDollar)againsttheEuro.
Additionstootherintangibleassets(excludingleases)amounttokEUR2,640(2022:kEUR212),
mainlyrelatetotheimplementationofthenew EnterpriseResourcePlanning(ERP)System SAP
32
S/4HANA (kEUR2,163)and comprise capitalised internalpersonalexpenses in an amountof
kEUR527(2022:kEUR0).
The contractualobligations forthe acquistion ofintangible assetsamountto kEUR6,521 and
primarilyrefertotheimplementationofthenew EnterpriseResourcePlanning(ERP)System SAP
S/4HANA(December31,2022:nomaterialcontractualobligations).
Goodwill Customer Technology Other Totalintangible
kEUR relations assets
Cost
AsofJanuary1,2022 194,801 300,891 20,526 15,897 532,115
Additions 0 0 0 212 212
Disposals 0 0 0 -471 -471
Currencyeffects 4,380 6,052 703 529 11,664
AsofDecember31,2022 199,181 306,943 21,229 16,167 543,520
Accumulatedamortisation
AsofJanuary1,2022 0 -190,931 -17,628 -9,781 -218,340
Additions 0 -25,690 -185 -1,395 -27,270
Disposals 0 0 0 471 471
Currencyeffects 0 -3,198 -526 -296 -4,020
AsofDecember31,2022 0 -219,819 -18,339 -11,001 -249,159
Netcarryingamountasof 199,181 87,124 2,890 5,166 294,361
December31,2022
Goodwillissubjecttoanannualimpairmenttestandisalsoreviewedifthereisanyindicationofan
impairment.Thegoodwillimpairmenttestisperformedonthebasisofcash-generatingunits(CGUs)
bycomparingtherecoverableamountwiththecarryingamount.
Consistentwiththeinternalmanagementandreportingstructure,thefollowingthreecashgenerating
unitshavebeenidentified:(i)CDMO–Europe,(ii)CDMO–NorthAmerica,(iii)Non-CDMO.TheCGUs
reflectthe lowestlevelwithin the entityatwhich goodwillismonitored forinternalmanagement
purposes.TheexistinggoodwillwasallocatedtotheCGUsinaccordancewiththepurchaseprice
allocationin2014fortheCGUCDMO –EuropeandtheCGUNon–CDMO resp.2019fortheCGU
CDMO–NorthAmerica.
Therecoverableamountofthecash-generatingunitsiscalculatedbasedonthefairvaluelesscoststo
sellapproach.Theunderlyingcashflowprojectionsarebasedonpastexperiences,currentresultsand
onthebestestimateofthefuturedevelopmentofinfluencingfactors.Marketassumptions,suchasthe
developmentoftheoveralleconomyandthemarketgrowthareconsideredusingexternalmacro-
economicaland industry-specificinformation sources.The required discounting ofcash flowsfor
impairmenttestingiscalculatedusingtheweightedaveragecostofcapitalrateaftertax,whichis
determinedusingthecapitalassetpricingmodel.Itcomprisesarisk-freeinterestrate,amarketrisk
premium,andaspreadforcreditriskbasedontherespectiveindustry-specificpeergroup.Thefair
valuemeasurementwascategorisedasalevel3fairvalue.Thefinancialprojectionswereapprovedby
managementandconsistofadetailedplanningperiodoffiveyears.
TheannualimpairmenttestwasperformedasofOctober31,2023.Therecoverableamountofall
CGU’sexceedtheircarryingamountsasofDecember31,2023andasofDecember31,2022.No
goodwillimpairmentwasindicated.
Thefollowingtableprovidesanoverviewofthegoodwillallocatedtocash-generatingunitsandofthe
calculationparameters:
Dec.31,2023
Goodwill perpetual average average post-tax
Cash-generatingunit (inkEUR) Growth EBITDA- revenue discount
rate margin growth factor
CDMO -Europe 140,170 1.3% 23.5% 2.7% 7.0%
CDMO -NorthAmerica 4,861 1.3% 17.7% 6.4% 6.9%
Non-CDMO 59,488 1.0% 21.4% 3.7% 9.0%
Goodwill 204,519

33
 Dec.31,2022
Goodwill perpetual average average post-tax
Cash-generatingunit (inkEUR) Growth EBITDA- revenue discount
rate margin growth factor
CDMO -Europe 134,650 1.3% 22.0% 2.9% 6.4%
CDMO -NorthAmerica 5,043 1.3% 26.7% 7.0% 8.4%
Non-CDMO 59,488 1.0% 20.8% 4.3% 8.5%
Goodwill 199,181
CustomerrelationsandtechnologieswererecognisedinconjunctionwiththeacquistionofCABBGroup
inthefinancialyear2014anduponacquistionofJayhawk’sbusinessonNovember1,2018.Theyare
amortisedovertheirexpectedusefullife(between7.9and20years).Amortisationofintangibleassets
isincludedinCostofsalesaswellasinDistributionandlogisticsexpenses.
(19) Property,plantandequipment
Landand Technical Operational Workin Total
buildings equipment andoffice progress property,
and equipment, plantand
machinery other equipment
kEUR installations
Cost
AsofJanuary1,2023 188.249 650.210 71.700 56.921 967.080
Additions 2.713 9.252 3.247 49.649 64.861
Transfers 2.484 37.869 2.993 -43.346 0
Disposals -691 -4.485 -3.161 0 -8.337
Effectofmovementsinexchangerates 6.914 21.086 2.513 1.149 31.662
AsofDecember31,2023 199.669 713.932 77.292 64.373 1.055.266
Accumulateddepreciationand
impairments
AsofJanuary1,2023 -52.121 -301.358 -34.655 0 -388.134
Depreciation -7.321 -50.920 -8.513 0 -66.754
Impairmentloss 0 -30.714 0 0 -30.714
Disposals 603 4.116 2.864 0 7.583
Effectofmovementsinexchangerates -1.651 -10.724 -1.091 0 -13.466
AsofDecember31,2023 -60.490 -389.600 -41.395 0 -491.485
Netcarryingamountasof 139.179 324.332 35.897 64.373 563.781
December31,2023
Additions to property,plantand equipmentarising from investmentprojects (excluding leases)
amountedtokEUR60,273in2023.InvestmentsweremadeinparticularatthesitesinPratteln/
Switzerland (kEUR22,709;2022:kEUR26,907) and in Kokkola/Finland (kEUR19,588;2022:
kEUR22,932).Materialinvestmentsincludedmaintenance,safetyandreliabilitymeasuresaswellas
theexpansionofproductioncapacitiesforExclusivesandDerivatives.Governmentgrantsforfunding
investmentsmeasuresreducedassetadditionsbykEUR441(2022:kEUR433).Additionstoright-of-
useassetsamounttokEUR4,715(2022:kEUR9,617)andmainlyrefertotransportationequipmentas
wellastolandandbuildings.
Disposals ofproperty,plantand equipmentled to proceeds in an amountofkEUR81 (2022:
kEUR138).
Depreciationonproperty,plantandequipmentismainlyincludedinCostofsales(seeNote(7)).
An Impairmentloss wasrecognised fora production facilityatourproduction site in Pratteln/
Switzerland,whichwastriggeredbythedecisionofoneofouragrochemicalcustomerstonotrenewa
supplycontractforakeyExclusiveproduct.TheimpairmentlossisincludedinCostofsales(seeNote
(7)),therecoverableamountoftheimpairedassetsamounttokEUR41,507.
Currencyeffectsincreasedproperty,plantandequipmentbykEUR18,196,primarilydrivenbythe
appreciationoftheSwissFrancagainsttheEuro.

34
Contractualobligations forthe acquisition ofproperty,plantand equipmenttotalkEUR19,526
(December31,2022:kEUR14,798).
FollowingthesuccessfulrefinancingonApril28,2023,noitemsofrealestateorotheritemsofproperty,
plantandequipmentareplegedascollateralforthenotesortherevolvingcreditfacility.AsofDecember
31,2022,itemsofrealestateinanamountofkEUR122,687anditemsofotherproperty,plantand
equipmentinanamountofkEUR377,229arepledgedascollateralforthenotesandtherevolving
creditfacility.
Landand Technical Operational Workin Total
buildings equipment andoffice progress property,
and equipment, plantand
machinery other equipment
kEUR installations
Cost
AsofJanuary1,2022 174,065 560,834 62,066 81,316 878,281
Additions 1,872 5,691 6,184 60,386 74,133
Transfers 6,733 76,651 3,599 -86,983 0
Disposals -840 -11,135 -2,576 0 -14,551
Effectofmovementsinexchangerates 6,419 18,169 2,427 2,202 29,217
AsofDecember31,2022 188,249 650,210 71,700 56,921 967,080
Accumulateddepreciationand
impairments
AsofJanuary1,2022 -44,565 -259,021 -27,834 0 -331,420
Depreciation -6,986 -45,785 -7,989 0 -60,760
Transfers 0 -25 25 0 0
Disposals 663 10,860 2,197 0 13,720
Effectofmovementsinexchangerates -1,233 -7,387 -1,054 0 -9,674
AsofDecember31,2022 -52,121 -301,358 -34,655 0 -388,134
Netcarryingamountasof 136,128 348,852 37,045 56,921 578,946
December31,2022
Additions to property,plantand equipmentarising from investmentprojects (excluding leases)
amountedtokEUR64,302in2022.InvestmentsweremadeinparticularatthesitesinPratteln/
Switzerland (kEUR26,907)and in Kokkola/Finland (kEUR22,932).Materialinvestmentsincluded
maintenance,safetyandreliabilitymeasuresaswellastheexpansionofproductioncapacitiesfor
Exclusivesand Derivatives.Governmentgrantsforfunding investmentsmeasuresreduced asset
additionsbykEUR433.Additionstoright-of-useassetsamounttokEUR9,831andmainlyreferto
transportationequipmentaswellastotechnicalequipmentandmachinery.
Disposalsofproperty,plantandequipmentledtoproceedsinanamountofkEUR138.
Currencyeffectsincreasedproperty,plantandequipmentbykEUR19,543andresultedmainlyfrom
theappreciationoftheSwissFrancsandtheUSDollaragainsttheEuro.
Depreciationonproperty,plantandequipmentismainlyincludedinCostofsales(seeNote(7)).
Inthefinancialyears2023and2022,noborrowingcostswererecognisedinthecarryingamountof
itemsincludedinproperty,plantandequipment.
(20) Inventories
kEUR Dec.31,2023 Dec.31,2022
Rawmaterialsandsupplies 20,626 31,139
Technicalmaterialandpackaging 24,336 21,411
Preciousmetals 12,766 12,804
Unfinishedproducts 15,334 11,462
Finishedproducts 19,946 34,319
Inventories 93,008 111,135

35
Inthefinancialyear2023,thecostofmaterialsamountedtokEUR248,061(2022:kEUR270,700),and
impairmentsoninventoriesrecognisedascostofsalesamountedtokEUR438(2022:kEUR2,058).
(21) Accountsreceivable,trade
kEUR Dec.31,2023 Dec.31,2022
Accountsreceivable,trade 47,323 61,636
Expectedcreditlosses -682 -325
Accountsreceivable,trade 46,641 61,311
Tradereceivablessoldunderacustomer’sfactoringprogrammetotalledkEUR8,427asofDecember
31,2023(December31,2022:kEUR10,927).
SinceJune2020,theGroupsellswithoutrecourseaportionofitstradereceivablestoastructured
entityunderan asset-backed securitisation programme.The financing volume iscommitted to a
maximum amountofkEUR50,000.ThestructuredentityisnotcontrolledbyCABBandthereforenot
consolidatedbytheGroup.Thespecialpurposeentityobtainsitsfundingprimarilyfrom capitalmarkets
throughtheissuanceofcommercialpapersandhasmandatedtheGrouptoservicethereceivablesin
returnforanatarm’s-lengthfee.Thestructuredentityhasthecontractualrighttoterminatethisservice
agreementand may appointas substitute servicerany otherperson.The Group transfers the
contractualrightstoreceivethecashflowsofthetradereceivablesonarevolvingbasisattheirnominal
valuelessaretainedreserveinexchangeforcash.Thenetamountispresentedaspartofother
financialreceivablesandrepresentstheGroup’srighttoreceivethisamountoncethetradereceivables
soldhavebeensettledbythecustomers.TotheextendtowhichthecreditriskisretainedbytheGroup
(continuing involvement),sold trade receivables and corresponding otherfinancialliabilities are
recognised.Thecarryingamountoftradereceivablestransferredunderthesecuritisationprogramme
amountedtokEUR52,245asofDecember31,2023(December31,2022:kEUR32,970),ofwhich
kEUR51,097 have been derecognised (December31,2022:kEUR32,175);and kEUR8,232
(December31,2022:kEUR6,751),representingtheretainedreserve,ispresentedaspartofother
currentfinancialreceivables.Thecarryingamountoftradereceivables(classifiedastradereceivables)
andtheotherfinancialliabilityresultingfrom thecontinuinginvolvementamountedtokEUR1,148asof
December31,2023(December31,2022:kEUR795).SeeNote(34)andNote(35).
Valuationallowancesfordoubtfulreceivablesdevelopedasfollows:
kEUR 2023 2022
AsofJanuary1, 325 306
Additions 351 31
Utilisation 0 0
Reversal 0 -9
Effectofmovementsinexchangerates 6 -3
AtDecember31, 682 325
Creditrisks
ThefollowingtableshowsdetailsofthecreditrisksassociatedwithTradeaccountsreceivable:
overdue
Notyet 1-90 91-180 181days morethan1 Dec.31,2023
kEUR due days days -1year year Total
Creditimpaired No Yes Yes Yes Yes
TradeAccountsReceivables,Gross 38,826 7,958 76 98 365 47,323
Weightedaveragelossrate 0.0% -2.0% -100.0% -83.7% -100.0% -1.4%
Impairmentlossallowance 0 -159 -76 -82 -365 -682
TradeAccountsReceivables,Net 38,826 7,799 0 16 0 46,641

36
 overdue
Notyet 1-90 91-180 181days morethan1 Dec.31,2022
kEUR due days days -1year year Total
Creditimpaired No Yes Yes Yes Yes
TradeAccountsReceivables,Gross 48,978 12,312 90 6 249 61,635
Weightedaveragelossrate 0.0% -0.5% 0.0% 0.0% -100.0% -0.5%
Impairmentlossallowance 0 -64 -5 -6 -249 -324
TradeAccountsReceivables,Net 48,978 12,248 85 0 0 61,311

(22) Otherfinancialassets
kEUR 2023 2022
Receivablesfrom securitization 8,232 9,270
Accruedfinancingcostsforshortterm creditfacilities 2,206 0
InterestCapTransaction 130 0
Otherfinancialassets 10,568 9,270
OtherfinancialassetsincreasedbykEUR1,298tokEUR10,568asofDecember31,2023(December
31,2022:kEUR9,270)andmainlyrelatetoasecuritisationprogrammeinthecourseofwhichtheGroup
sellswithoutrecourseaportionofitstradereceivablestoastructuredentity.TheGrouptransfersthe
contractualrightstoreceivethecashflowsofthetradereceivablesonarevolvingbasisattheirnominal
valuelessaretainedreserveinexchangeforcash.Theretainedreserveisdisclosedwithinother
financialassetsand representsthe Group’srightto receive thisamountin cash once the trade
receivablessold have been settled bythe customers.The carrying amountoftrade receivables
transferredunderthesecuritisationprogrammeamountedtokEUR52,245asofDecember31,2023
(December31,2022:kEUR32,970),ofwhichkEUR51,097havebeenderecognised(December31,
2022:kEUR32,175).
(23) Othernon-financialreceivables
kEUR Dec.31,2023 Dec.31,2022
Prepaymentsanddeferredexpenses 5,727 5,052
Valueaddedtaxrefundclaims 2,558 1,825
Electricitytaxrefundclaims 1,454 1,432
Employeereceivables 323 131
Other 106 8
Non-financialreceivables 10,168 8,448
Othercurrentnon-financialreceivablesincreasedbykEUR1,720tokEUR10,168asofDecember31,
2023(December31,2022:kEUR8,448)andmainlyrefertoprepaymentsanddeferredexpensesas
wellastovalueaddedtaxandelectricitytaxrefundclaims.
(24) Cashandcashequivalents
kEUR Dec.31,2023 Dec.31,2022
Cashandcashequivalents 64,555 69,904
Cashandcashequivalents 64,555 69,904
Thecashandcashequivalentsareheldwithbanks,whichareratedA-toAAA,basedonS&Pratings.
(25) Equity
Theaim ofcapitalmanagementistoensurefinancialflexibilityforthelong-term maintenanceof
businessoperationsandtheexerciseofstrategicoptions.Securingliquidityandlimitingfinancialrisks
areobjectivesoffinancialpolicyandsetimportantparametersforcapitalmanagement.Theresponsible
corporatebodiesdecideonthetargetcapitalstructureofthebalancesheet,theappropriationofnet
incomeandtheamountofthedividend.Netfinancialdebtisoneofthemostimportantindicatorsfor
capitalmanagement.
37
Sharecapitalandsharepremium
Sharecapital
Monitchem Holdco2S.A.wasestablishedonMay9,2014,withasubscribedcapitalofEUR1,000with
anominalvalueofEUR1and1,000fullypaidinshares.
AllordinarysharesrankequallywithrespecttotheCompany’sresidualassets.Shareholdersholding
thesesharesareentitledtoreceivedividendsasdeclaredbytheCompanyfrom timetotimeandhave
therighttocastonevotepershareattheCompany’sgeneralmeetings.
Sharepremium
Thesharepremium resultsfrom acontributionincashofkEUR220,634andnon-cashcontributionsof
kEUR71,170.
OtherReserves
ContributionReserve
The contribution Reserve amounts to kEUR11,376 and represents the difference between the
contributionamountoftheequityinvestmentinMonitchem KansasS.àr.l.(Luxembourg)asofOctober
7,2019(contributiondate),andthenominalvalueoftheSubscribedcapitalplustheSharepremium of
Monitchem KansasS.àr.l.(Luxembourg).
TranslationReserve
Thetranslationreservecomprisesallgainsandlossesarisingfrom translatingthefinancialstatements
ofsubsidiariesoutsidetheeurozoneintothefunctionalcurrencyoftheGroup.Thisitem willormightbe
reclassifiedsubsequentlytoprofitandloss.
Equityattributabletonon-controllinginterests
Non-controllinginterestsreflectthe32.4% shareinCABB-JinweiSpecialtyChemicals(Jining)Co.Ltd.,
ZhanghuangTown(PRC),thatisheldbyshareholdersotherthanCABB.Thefollowingtableshows
summarisedfinancialinformationofCABB–JinweiSpecialtyChemicals(Jining)Co.Ltd.,Zhanghuang
Town(PRC).Theamountsdisclosedarebeforeinter-companyeliminations.
Summarisedstatementoffinancialposition
kEUR Dec.31,2023 Dec.31,2022
Currentassets 7,256 9,652
Currentliabilities -1,288 -2,880
CurrentNetAssets 5,968 6,772
Non-currentassets 8,325 10,966
Non-currentliabilities -1,277 -1,431
Non-currentnetassets 9,602 12,397
Netassets 15,570 19,169
AccumulatedNon-controllinginterests 4,170 5,585

38
Summarisedstatementofprofitorlossandothercomprehensiveincome:
kEUR 2023 2022
Revenue 12,457 18,792
Lossfortheperiod -3,684 -2,770
Othercomprehensiveincomefortheperiod -668 -276
TotalCompehensiveincome -4,352 -3,046
LossallocatedtoNCI -1,195 -898
Netdecreaseincashandcashequivalents -1,924 -565

(26) Provisionsforpensionsandsimilarobligations
CABBGroupprovidesitsemployeespost-employmentdefinedbenefitplans.InGermany,retirement
benefitsareprovidedviathepensionfundoftheemployeesoftheHoechstGroupVVaG.TheSwiss
employeesoftheGroupareinsuredwiththepensionplan(PensionskassederCABBAG)ofCABBAG,
Pratteln,Switzerland.TheretirementbenefitsoftheFinnishemployeesareprocessedviathepension
insurancecompanyIlmarinenLtd.,Ilmarinen(Finland).
ThepensionfundofCABBAG isorganisedasanindependentregisteredtrust(registrierteStiftung)
andmaintainsashiftinsuranceplanandaregularpensionplan.Accordingtothedeedoffoundation,
thetrusthasthepurposetoprovidebenefitstoretiredemployeesofCABBAG intheform ofpension
paymentsforlifeandincaseofdisabilityordeathwithintheframeworkoftheOccupationalPension
Act(Bundesgesetz über die berufliche Alters-,Hinterlassenen- und Invalidenvorsorge BVG).
Alternatively,theemployeecanrequestalump-sum paymentofhisaccruedcapital.Thelevelof
benefitsprovideddependsingeneralonemployees’lengthofserviceandtheirsalaryforrespective
serviceyears.
According to the pension plan rules,the pension benefits are financed by contributions ofthe
employees,theemployerandthefund.Art.32ofthepensionplandeterminesthatincasethemeans
ofthefundareinsufficienttomeetthedefinedcontributionsbythefund,thosecontributionshavetobe
madebytheemployer.ContributionstotheSwisspensionfundareexpectedtoremainstableinthe
shorttomedium term aspaymentsarebasedonfixedpercentagesofpensionablebenefits.Ifthereis
afundingshortfall,theFoundationboard(Stiftungsrat)canimplementmeasuresincluding:changing
benefits,loweringthereturnscreditedtoemployeesandchangingtheconversionrate.Ifthemeasures
arenotsufficienttoimprovethefundinglevel,andasalastresort,thefundcanasktheemployerand
employeestomakeadditionalcontributionstoclosethegap.CABBAGwouldthenhavetobearatleast
halfofanyextrapayments.SwisspensionplansaretreatedasdefinedbenefitplansunderIAS19,as
althoughcontributionlevelsareinfact“fixed”,thereisapotentialriskofextrapaymentsinfuture.
Basis forthe investmentofplan assets is the investmentregulation ofthe foundation dated
December10,2013.ThisregulationensuresthecompliancewithOccupationalPensionsAct(BVG)
andbestpossiblereturnwithinacceptableriskprofile.Foundationboard(Stiftungsrat)andInvestment
Commission(Anlagekommission)definethelongterm investmentstructureaswellasobjectivesand
benchmarksfortheinvestments.Onlybondswithsolidcreditriskrating(atleast"BBB-")areselected
forinvestments.Atleast50% ofallbondinvestmentsaremadeinbondswithratingof"AA-"andhigher.
Investmentguidanceisreviewedonanannualbasis.Allpersonsinvolvedininvestmentdecisionsfor
planassetsorotherwiseemployedbythepensionfundaresubjecttoconfidentialityobligationsand
havetofollowtheASIP(Swisspensionfundassociation)Charter.
ThedefinedbenefitplansinFinland,GermanyandSwitzerlandtypicallyexposestheGrouptoactuarial
riskssuchas:
• Interestrisk:Thepresentvalueofthedefinedbenefitplanliabilityiscalculatedusingadiscount
ratedeterminedbyreferencetohighqualitycorporatebondyields.Adecreaseinthebondinterest
ratewillincreasethedefinedbenefitobligation.Inadditionthedecreaseininterestratewilldecrease
interestexpense;however,thiswillbepartiallyoffsetbyanincreaseinthereturnontheplanassets.
39
• Longevityrisk:Thepresentvalueofthedefinedbenefitplanliabilityiscalculatedbyreferenceto
thebestestimateofthemortalityofplanparticipantsbothduringandaftertheiremployment.An
increaseinthelifeexpectancyoftheplanparticipantswillincreasethedefinedbenefitobligation.
• Salaryrisk:Thepresentvalueofthedefinedbenefitplanliabilityiscalculatedbyreferencetothe
futuresalariesofplanparticipants.Assuch,anincreaseinthesalaryoftheplanparticipantswill
increasethedefinedbenefitobligation.
In addition,defined benefitplansin Finland and Switzerland typicallyexposesthe Group to the
investmentrisk:Decreaseinthefairvalueofplanassetscancreateaplandeficit.
InaccordancewithIAS19,thepresentvalueofthedefined-benefitobligationiscalculatedusingthe
actuarialvaluationmethodforcurrentone-offpremiumsorinaccordancewiththeprojectedunitcredit
methodonthebasisofspecificparameters.Thefairvalueoftheplanassetsisdeductedfrom the
presentvalueofthepensionobligationtoshowthefundedstatutsoftheobligation.Theextentofthe
obligationaswellastheplanassetsaredeterminedatregularintervalsofnotmorethantwelvemonths;
inthecaseofalldefined-benefitplans,theyarecalculatedeveryyearasofDecember31.
Actuarialgainsandlossesinthedefined-benefitplansandalsocostsresultingfrom theassetceiling
arerecognisedinothercomprehensiveincome.Planassetswhichexceedtheextentoftheobligation
areshownunderfinancialassets,withdueconsiderationbeinggiventothecappinglimits.
Thefollowingparametershavebeenusedasthebasisfordeterminingthepresentvalueofthebenefit
obligations as ofDecember31,2023 and December31,2022 forthe domestic and international
companies:
Actuarial Dec.31,2023
Assumptions Germany Finland Switzerland
Biometricprobability RT2018G Gompertz/ BVG
Dr.Heubeck TyEL 2020GT
Discountrate 3.59% 3.52% 1.50%
Pensiontrend 2.30% 2.41% 0.00%
Salarytrend 3.00% 2.17% 1.00%
Actuarial Dec.31,2022
Assumptions Germany Finland Switzerland
Biometricprobability RT2018G Gompertz/ BVG
Dr.Heubeck TyEL 2020GT
Discountrate 4.23% 4.17% 2.30%
Pensiontrend 2.50% 2.80% 0.00%
Salarytrend 3.00% 2.56% 1.00%
Age-andgender-relatedfluctuationprobabilitieshavebeenused.
TheaveragedurationofthebenefitobligationasofDecember31,2023is11.7years(December
31,2022:10.5years).
Theactuarialassumptionsmaydifferfrom theactualresultsduetothechangeinmarketconditionsand
economicclimate,higherorlowerretirementrates,longerorshorterlivesofinsuredpartiesandalso
otherestimatedfactors.Thesedifferencescanhaveanimpactonthepensionobligationsrecognised
infuturereportingperiods.
Amountsrecognisedincomprehensiveincomeinrespectofthesedefinedbenefitplansareasfollows:

40
 2023
kEUR Germany Finland Switzerland Total
Servicecost:
Currentservicecost 136 209 2,336 2,681
Pastservicecost 822 0 0 822
NetInterestexpense 453 266 -34 685
Componentsofdefinedbenefitcostsrecognised 1,411 475 2,302 4,188
inprofitorloss
Remeasurementonthenetdefinedbenefitliability:
Returnonplanassets(excludingamountsincludedin 0 -1,049 -7,709 -8,758
netinterestexpense)
Actuariallosses(+)/gains(-)arisingfrom
changesinfinancialassumptions 715 799 12,037 13,551
experienceadjustments 145 954 1,500 2,599
Limitationonrecognitionofnetasset("AssetCeiling") 0 0 -880 -880
Componentsofdefinedbenefitcostsrecognised 860 704 4,948 6,512
inothercomprehensiveincome
Total 2,271 1,179 7,250 10,700
Inthefinancialyear2023,theGrouprecognisedgainsonplanassetstotalingkEUR8,758(2022:losses
ofkEUR32,387)duetoafavorabledevelopmentonthecapitalmarkets.Duetolowerdiscountrates,
the Group recognised actuariallossesarising from changesin financialassumptions totaling to
kEUR13,551(2022:gainsofkEUR47,638).
2022
kEUR Germany Finland Switzerland Total
Servicecost:
Currentservicecost 277 380 3,363 4,020
Pastservicecost 738 0 -1,677 -939
NetInterestexpense 192 112 3 307
Componentsofdefinedbenefitcostsrecognised 1,207 492 1,689 3,388
inprofitorloss
Remeasurementonthenetdefinedbenefitliability:
Returnonplanassets(excludingamountsincludedin 0 6,777 25,610 32,387
netinterestexpense)
Actuariallosses(+)/gains(-)arisingfrom
changesinfinancialassumptions -3,582 -9,399 -34,657 -47,638
experienceadjustments -599 1,290 6,889 7,580
Limitationonrecognitionofnetasset("AssetCeiling") 0 0 851 851
Componentsofdefinedbenefitcostsrecognised -4,181 -1,332 -1,307 -6,820
inothercomprehensiveincome
Total -2,974 -840 382 -3,432
Inthefinancialyear2022,negativepastservicecoststotallingkEUR1,677wererecognisedduetothe
changeinaparameter(conversionrate)usedtocalculatethepensionbenefitobliationundertheSwiss
pensionscheme.
Inthefinancialyear2022,theGrouprecognisedlossesonplanassetstotalingkEUR32,387duetoan
unfavorabledevelopmentonthecapitalmarkets.Duetoconsiderablyincreaseddiscountrates,the
Group recognised actuarialgains arising from changes in financialassumptions totaling to
kEUR47,638.
Theremeasurementofthenetdefinedbenefitliabilityisincludedinothercomprehensiveincome.
Theamountincludedintheconsolidatedstatementoffinanicalpositionarisingfrom theGroup’s
obligationinrespectofitsdefinedbenefitplansisasfollows:
December31,2023
kEUR Germany Finland Switzerland Total
Presentvalueofdefined-benefitobligation 12,774 27,497 189,567 229,838
Fairvalueofplanassets 0 -20,753 -185,099 -205,852
Pensionprovisions 12,774 6,744 4,468 23,986

41
 December31,2022
kEUR Germany Finland Switzerland Total
Presentvalueofdefined-benefitobligation 10,903 26,138 164,776 201,817
Fairvalueofplanassets 0 -18,893 -165,645 -184,538
Limitationonrecognitionofnetasset("AssetCeiling") 0 0 869 869
Pensionprovisions 10,903 7,245 0 18,148
Thepresentvalueofthedefined-benefitobligationshasdevelopedasfollowsinthefinancialyear2023:
2023
kEUR Germany Finland Switzerland Total
Defined-benefitobligationatthebeginningoftheperiod 10,903 26,138 164,776 201,817
Currentservicecost 136 209 2,336 2,681
Interestexpense 453 1,062 3,774 5,289
Contributionsmadebyplanparticipants 0 0 2,863 2,863
Changeinactuarialgainsarisingfrom
changesinfinancialassumptions 715 799 12,037 13,551
experienceadjustments 145 954 1,500 2,599
Pensionpayments -400 -1,665 -8,793 -10,858
Pastservicecost 822 0 0 822
Effectofmovementsinexchangerates 0 0 11,074 11,074
Defined-benefitobligationattheendoftheperiod 12,774 27,497 189,567 229,838
2022
kEUR Germany Finland Switzerland Total
Defined-benefitobligationatthebeginningoftheperiod 14,226 34,710 188,796 237,732
Currentservicecost 277 380 3,363 4,020
Interestexpense 192 445 572 1,209
Contributionsmadebyplanparticipants 0 0 2,646 2,646
Changeinactuarialgainsarisingfrom
changesinfinancialassumptions -3,582 -9,399 -34,657 -47,638
experienceadjustments -599 1,290 6,889 7,580
Pensionpayments -349 -1,288 -9,770 -11,407
Pastservicecost 738 0 -1,677 -939
Effectofmovementsinexchangerates 0 0 8,614 8,614
Defined-benefitobligationattheendoftheperiod 10,903 26,138 164,776 201,817
Thefairvalueoftheplanassetsdevelopedasfollowsinthereportingperiod:
2023
kEUR Finland Switzerland Total
Fairvalueatthebeginningoftheperiod 18,893 165,645 184,538
Interestincomeofplanassets 796 3,808 4,604
ContributionsmadebyCABB 1,321 2,989 4,310
Contributionsmadebyemployees 359 2,863 3,222
Returnonplanassets(excludingamountsincludedinnet 1,049 7,709 8,758
interestexpense)
Pensionpayments -1,665 -8,793 -10,458
Effectofmovementsinexchangerates 0 10,878 10,878
Fairvalueattheendoftheperiod 20,753 185,099 205,852
2022
kEUR Finland Switzerland Total
Fairvalueatthebeginningoftheperiod 25,791 186,480 212,271
Interestincomeofplanassets 333 569 902
ContributionsmadebyCABB 767 2,764 3,531
Contributionsmadebyemployees 67 2,646 2,713
Returnonplanassets(excludingamountsincludedinnet -6,777 -25,610 -32,387
interestexpense)
Pensionpayments -1,288 -9,770 -11,058
Effectofmovementsinexchangerates 0 8,566 8,566
Fairvalueattheendoftheperiod 18,893 165,645 184,538
Theplanassetsarebrokendownperinvestmentcategoryasfollows:

42
kEUR Dec.31,2023 Dec.31,2022
Equityinstruments 78,528 68,139
Debtinstruments 74,415 65,824
Properties 46,099 40,733
Miscellaneous 6,810 9,842
FairValueofplanassets 205,852 184,538
Thefairvaluesoftheaboveequityanddebtinstrumentsaremainlydeterminedbasedonquotedmarket
pricesinactivemarketswhereasthefairvaluesofpropertiesarenotbasedonquotedmarketpricesin
activemarkets.
Inthefinancialyear2023,thetotalactualincomefrom planassetsamountedtokEUR13,362(2022:
kEUR-31,485),thereofinSwitzerlandkEUR11,517(2022:kEUR-25,041)andinFinlandkEUR1,845
(2022:kEUR-6,444).
In2023,additionalemployercontributionsofkEUR5,960(2022:kEUR5,973)weremadeintostatutory
pensioninsuranceschemes(defined-contributionplans).
Significantactuarialassumptionsforthedeterminationofthedefinedbenefitobligationarediscount
rate,expectedsalaryincreaseandmortality.Thesensitivityanalysisbelowhasbeendeterminedbased
onreasonablypossiblechangesoftherespectiveassumptionsoccurringattheendofthereporting
period,whileholdingallotherassumptionsconstant:
• Ifthediscountrateis50basispointshigher(lower),thedefinedbenefitobligatonwoulddecrease
bykEUR12,739(December31,2022:kEUR9,458)(increasebykEUR14,045;December31,
2022:kEUR11,628).
• Iftheexpectedpensionprogressionincreases(decreases)by0.5%,thedefinedbenefitobligation
wouldincreasebykEUR22,137(December31,2022:kEUR8,918)(decreasebykEUR10,127;
December31,2022:kEUR7,092).
• Iftheexpectedsalarygrowthincreases(decreases)by0.5%,thedefinedbenefitobligationwould
increasebykEUR636(December31,2022:kEUR541)(decreasebykEUR641,December31,
2022:kEUR562).
Thesensitivityanalysispresentedabovemaynotberepresentativeoftheactualchangeinthedefined
benefitobligationasitisunlikelythatthechangeinassumptionswouldoccurinisolationofoneanother
assomeoftheassumptionsmaybecorrelated.
Furthermore,inpresentingtheabovesensitivityanalysis,thepresentvalueofthedefinedbenefit
obligationhasbeencalculatedusingtheprojectedunitcreditmethodattheendofthereportingperiod,
whichisthesameasthatappliedincalculatingthedefinedbenefitobligationliabilityrecognisedinthe
statementoffinancialposition.
TheGroupexpectstomakeacontributionofkEUR5,458(December31,2022:kEUR5,220)tothe
definedbenefitplansduringthenextfinancialyear.

43
(27) Otherprovisions
Environment Personnel Other Total
and obligations provisions
kEUR rehabilitation
AsofJanuary1,2023 1,126 11,820 1,583 14,529
Consumption -800 -9,169 -481 -10,450
Additions 1,144 9,941 3,462 14,547
Reversal 0 -503 -1,103 -1,606
Exchangedifferences 68 270 34 372
AsofDecember31,2023 1,538 12,359 3,495 17,392
Thereofcurrent: 518 10,467 3,495 14,480
Environment Personnel Other Total
and obligations provisions
kEUR rehabilitation
AsofJanuary1,2022 2,023 12,076 662 14,761
Consumption -1,193 -10,156 -656 -12,005
Additions 243 9,672 1,565 11,480
Reversal 0 0 -7 -7
Exchangedifferences 53 228 19 300
AsofDecember31,2022 1,126 11,820 1,583 14,529
Thereofcurrent: 81 9,753 1,583 11,417
ProvisionsforenvironmentandrehabilitationrelatetotheresponsibilityoftheGroupinrelationtothe
costofasbestosremediationandtherehabilitatingoflegacyissuesofthreelandfillsitesinSwitzerland
aswellaswastedisposalobligationsinFinland.Therehabilitationcostsarebornebythemajorwaste
contributorsofthepast,wherebytheshareofCABBAGisdefinedinaccordancewithafixeddistribution
key.Theamountoftheprovisionisthebestestimateofmanagementforthefutureoutflowoffundsin
connectionwiththerehabilitationobligations.Althoughtheestimationsandassumptionsareregularly
reviewedandupdated,theactualoutcomecansignificantlydifferfrom thecurrentbestestimate.The
rehabilitationofthelargestlandfillsiteiscompleted,whichleadstothenextphaseofrenaturationof
thesite.
Personnelobligationsinclude shortterm employee benefitsforholidayallowancesand overtime
kEUR4,076 (December31,2022:kEUR4,486),premiumsand bonus payments ofkEUR6,381
(December31,2022:kEUR5,342),andserviceanniversarypaymentsofkEUR1,412(December31,
2022:kEUR1,530)aswellaspost-employmentbenefitsofkEUR480(December31,2022:kEUR452).
Otherprovisionsmainlycompriseprovisionsforotheruncertainliabilities.
(28) Notes
TheacquisitionoftheCABBGroupwasmainlyfinancedbywayofpublicEurobondswhichwereissued
byMonitchem Holdco2S.A.andMonitchem Holdco3S.A.inJune2014.OnApril28,2023,theGroup
redeemedtheexistingindenturesandissuedthefinancialinstrumentsdescribedinthefollowing.

44
Thefollowingtableshowsthenominalandeffectiveinterestrateaswellasthebookandmarketvalue
oftheNotesasofDecember31,2023byclass:
Principal Marketvalue
amountsasof asof
Nominal Effective Dec.31,2023 Dec.31,2023
SecurityDescription interestrate interestrate Maturitydate
FloatingRateSeniorSecuredNotes 3M EURIBOR 9.660% p.a. May1,2028 250,000 253,095
plus525bps
FixedRateSeniorSecuredNotes 8.750% p.a. 9.303% p.a. May1,2028 420,000 430,151
Total 670,000 683,246
Accruedfinancingcosts -18,672
Amortisedvalueoftheembeddedderivatives 6,521
Notes(non-current) 657,849
Accumulatedinterestpayableonnotes(current) 2,716
TotalNotes 660,565
TheSeniorSecuredFixedRateNotesandtheSeniorSecuredFloatingRateNoteswereissuedby
Monitchem Holdco3S.A.TheinterestoftheFloatingRateNotesarepayablequarterlyinarreason
March15,June15,September15andDecember15ofeachyear,commencingonSeptember15,
2023.OntheFixedRateSeniorSecuredNotes,interestispayablesemianuallyinarrearsonJune15
andDecember15ineachyear,commencingonDecember15,2023.
TheSeniorSecuredNotesandtheSeniorSecuredFloatingRateNotesareguaranteedonageneral
seniorsecuredbasisbyCABB GroupGmbH,CABB HoldingGmbH,CABB GmbH,CABB Europe
GmbH,CABBAG,CABBFinlandOy,CABBOy,KansasHoldCo1,Inc.andJayhawkFineChemicals
Corporation.Theyaresecuredbyfirst-rankingsecurityinterestsinthesharecapitalofeachofthe
guaranteeingCABB entities;materialbankaccountsofMonitchem HoldCo3S.A.,intra-grouploan
receivables,and forJayhawkFine ChemicalsCorporation only,an allassetsecurity,subjectto
customaryexclusions,whichshallinclude,withoutlimitation,realestateandintellectualproperty).
TheGroupmayredeem allor,from timetotime,partoftheFloatingRateSeniorSecuredNotesdue
2028 and/orofthe FixedRate Notesdue 2028.Such earlyredemption optionsare reported as
embeddedderivatives.Uponcertaineventsdefinedasconstitutingachangeofcontrolthebondissuers
arerequiredtomakeanoffertopurchasetheoutstandingnotesatapurchasepriceequalto101% of
theirprincipalamountplusaccruedandunpaidinterest.
Thenotesagreementdefinescertaincovenantswhich,amongotherthings,restricttheabilityofthe
bondissuersandtheirsubsidiariestoincurorguaranteeadditionalindebtedness,paydividends,
redeem capitalstockormakecertaininvestments,transferorsellcertainassets,mergeorconsolidate
withotherentitiesorenterintocertaintransactionswithaffiliates.Certaincovenantswillbesuspended
iftherelevantnotesobtainandmaintainaninvestment-graderating.
Thenotesarerecognisedattheiraggregateprincipalamountsplusaccruedandunpaidinterest.
Transactioncosts,whichareamortisedovertheterm ofthenotes,aredeductedinanamountof
kEUR18,672asofDecember31,2023(December31,2022:kEUR13,753).
ThemarketvalueoftheNotesandthemarketvalueofembeddedderivativesintheindentureare
categorisedaslevel3withinthefairvaluehierarchy.
Thefollowingsensitivityanalysisshowsthereasonablypossibleeffectsofa1% increaseordeclinein
therisk-freeinterestratesonthefairmarketvalueoftheembeddedderivatives.
kEUR Dec.31,2023
1% increaseinrisk-freeinterestrates -2,279
1% decreaseinrisk-freeinterestrates 4,144
Thefollowingsensitivityanalysisshowsthereasonablypossibleeffectsofa1% increaseordeclinein
thecreditspreadonthefairmarketvalueoftheembeddedderivatives.
kEUR Dec.31,2023
1% increaseincreditspread -6,608
1% decreaseincreditspread 10,678
45
(29) Othernon-currentfinancialliabilities
kEUR Dec.31,2023 Dec.31,2022
LeaseLiabilities 17,755 19,845
Otherfinancialliabilities,non-current 17,755 19,845
Othernon-currentfinancialliabilitiesdecreasedbykEUR2,090tokEUR17,755asofDecember31,
2023,mainlyduetoleaseliabilitiesreferringtotechnicalequipmentandmachinery.
(30) Accountspayable,trade
kEUR Dec.31,2023 Dec.31,2022
Accountspayable,trade 94,297 120,217
Accountspayable,trade 94,297 120,217
Tradeaccountspayableresultfrom theongoingsourcingofraw materialsandsuppliesaswellas
services.Inadditiontopurchaseinvoices,theyalsorelatetoaccrualsforinvoicesoutstandinginrespect
ofgoodsandservicesreceived.Theyareallduewithinoneyear.
(31) Othercurrentfinancialliabilities
kEUR Dec.31,2023 Dec.31,2022
Leaseliabilities 6,976 6,995
Liabilityassociatedwiththecontinuinginvolvement 1,148 794
ofthetradereceivablessecuritisationprogramme
Corporaterevolvingcreditfacilitiy 0 20,000
Accruedfinancingcosts 0 -770
Otherfinancialliablities 178 525
Otherfinancialliabilities,current 8,302 27,544
Currentfinancialliabilitiesdecreased bykEUR19,242 to kEUR8,302 asofDecember31,2023
(December31,2022:kEUR27,544),primarilydrivenbytherepaymentoftheGroup’srevolvingcredit
facility.
(32) Othernon-financialliabilities
kEUR Dec.31,2023 Dec.31,2022
Othertaxes 3,302 2,760
Employeesliabilities 3,051 3,956
Deferredincome 657 3,263
Liabilitiesrelatedtosocialsecurity 662 592
Othernon-financialliabilties,current 7,672 10,571

46
Otherdisclosures
(33) Relatedparties
a) Parentandultimatecontrollingparty
ThesoleshareholderofMonitchem Holdco2S.A.isMonitchem Holdco1S.àr.l.,Luxembourg.The
latteris86.32% (basedontheordinarysharesquota)ownedbyMonitchemMidCoS.àr.l.,Luxembourg.
Theremaining13.68% oftheordinarysharesareheldbyCABBCo-Investment1GmbH&Co.KGand
CABBCo-Investment2GmbH&Co.KG,bothSulzbach(Taunus),Germany.Thesecompanieswere
establishedinthecourseoftheacquisitionoftheCABBGroupinordertoprovidethemanagement
team,themembersoftheadvisoryboardaswellasadditionalseniorexecutivesoftheGroupwiththe
opportunityofinvestingindirectlyinthisacquisition.
Monitchem MidCoS.àr.l.,Luxembourg,is91.74% (basedontheordinarysharesquota)ownedby
Monitchem S.àr.l.,Luxembourg,theultimateparentcompanythatisbeneficiallyownedbyfunds
advised byPermira Funds.The remaining8.26% ofthe ordinarysharesare held byCABB Co-
Investment3GmbH&Co.KG,andCABBCo-Investment4GmbH&Co.KG,bothSulzbach(Taunus),
Germany.Thesecompanieswereestablishedinordertoprovidemembersofthemanagementteam,
themembersoftheadvisoryboardaswellasadditionalseniorexecutivesoftheGroupwiththe
opportunityofinvestingindirectlyinthefuturedevelopmentoftheGroup.Intheeventofthesaleof
Monitchem Holdco2S.A.orotherGroupcompanies,theshareholdersandmanagingdirectorsaswell
assomeemployeesandthemembersoftheadvisoryboardoftheCABBGrouparethereforeentitled
to participate in the disposalproceeds.However,thiswillnotresultin anyfinancialchargesfor
Monitchem Holdco2S.A.oranotherGroupcompany.
TheultimatecontrollingpartyoftheGroupisPermiraVFund.
BasedondomiciliationagreementsMonitchem Holdco2S.A.andMonitchem Holdco3S.A.were
chargedatarm’slengthbyPermiraLuxembourgS.àr.l.forservicesinatotalamountofkEUR82(2022:
kEUR27).
b) Transactionwithkeymanagementpersonalandmembersoftheadvisoryboard
Themembersoftheadministrativeboardandkeymembersofmanagementarealsoconsideredtobe
relatedparties.
ThefollowingpersonsweremanagingdirectorsofMonitchem Holdco2S.A.inthefinancialyear2023:
• CédricPedoni,Luxembourg
• EddyPerrier,Luxembourg
• ThomasLafrance,Luxembourg
Thefollowingpersonsbelongtothemanagementteam ofCABBGroupandareindirectshareholders
ofMonitchem Holdco2S.A.,unlessotherwisestated:
• ThomasHinrichAhrens,ChiefExecutiveOfficer,Meerbusch,Germany(sinceJuly1,2023)
• ValerieDiele-Braun,ChiefExecutiveOfficer,Aesch,Switzerland(untilJuly1,2023)
• MarkusSchürholz,ChiefFinancialOfficer,Dusseldorf,Germany
• Dr.TobiasSchalow,ChiefOperatingOfficer,Berlin,Germany
Inthefinancialyear2023,thetotalremunerationofkeymembersofmanagementisbrokendownas
follows:
kEUR 2023 2022
Short-term employeebenefits 3,472 5,313
Totalremunerationmanagement 3,472 5,313

47
Thetotalremunerationpaidtothemembersofthemanagementbodyfortheperiodfrom January1,to
December31,2023inthefinancialyear2023amountedtokEUR1,518(2022:kEUR4,923).
TheadvisoryboardofCABBGroupGmbHconsistsofthefollowingpersons:
• RobertoGualdoni,Wachenheim,Germany
• KlausEdelmann,Krefeld,Germany
• Dr.RüdigerScheitza,Cologne,Germany
• UlrichGasse,Frankfurt/Main,Germany
• FlorianKreuzer,Kronbergim Taunus,Germany
• FabianSelzam,Frankfurt/Main,Germany
ThetotalremunerationoftheadvisoryboardamountedtokEUR300inthefinancialyear2023(2022:
kEUR300),thereofkEUR75wereunpaidasofDecember31,2023(December31,2022:kEUR50).
Therearenoprovisions(allowances)fordoubtfulreceivablesduefrom keymembersofmanagement.
Moreover,nocostshavebeenincurredforirrecoverableordoubtfulreceivables.
c) Otherrelatedpartytransactions
Thefollowinglegalentitiesare,inaccordancewithIAS24.9(b)(v)definedtoberelatedparties:
• PensionskassederCABBAG,Pratteln,Switzerland
• PensionskassederMitarbeiterderHoechst-GruppeVVaG,Frankfurt,Germany
• IlmarinenMutualPensionInsuranceCompany,Ilmarinen,Finland
AsofDecember31,2023,thepayablestowards‘PensionskassederCABBAG’amounttokEUR507
(December31,2022:kEUR927).
AsofDecember31,2023,thepayablesto‘PensionskassederMitarbeiterderHoechst-GruppeVVaG’
amounttokEUR167(December31,2022:kEUR525).
AsofDecember31,2023,thepayablestowards‘IlmarinenMutualPensionInsuranceCompany’
amounttokEUR319(December31,2022:kEUR320).
(34) Financialinstruments
Thefollowingtableshowsthecarryingamountsandmarketvaluesoffinancialassetsandliabilitiesby
categoryoffinancialinstrumentunderIFRS9andareconciliationtothecorrespondinglineitemsinthe
consolidatedstatementoffinancialposition:
Measurement Carrying FairValue Carrying FairValue
Category amount amount
kEUR IFRS9 Dec.31,2022 Dec.31,2022 Dec.31,2023 Dec.31,2023
Accountsreceivable,trade AC (1) 60,516 60,516 45,493 45,493
Accountsreceivable,trade FVOCI(level2)(2) 795 795 1,148 1,148
Financialassets FVTPL(level2)(3) 10,700 10,700 10,680 10,680
Otherfinancialassets AC 11,905 11,905 13,281 13,281
Otherfinancialassets FVTPL(level2) 0 0 130 130
Cashandcashequivalents AC 69,904 69,904 64,555 64,555
Totalfinancialassets 153,820 153,820 135,287 135,287
Notes AC(level2) 637,680 612,686 660,564 683,246
Otherfinancialliabilities
Leaseliabilities N/A 26,841 26,841 24,731 24,731
Otherfinancialliabilities AC 19,753 19,753 178 178
Otherfinancialliabilities(securitisationprogramme) FVOCI(level2) 795 795 1,148 1,148
Accountspayable,trade AC 120,217 120,217 94,297 94,297
Totalfinancialliabilities 805,286 780,292 780,918 803,600
(1) AC : atamortisedcost
(2) FVOCI : atfairvaluethroughothercomprehensiveincome
(3) FVTPL : atfairvaluethroughprofitorloss
Nochangesoffairvaluehierarchytookplaceintheshownfinancialyears.
48
Thefollowingvaluationtechniqueshavebeenusedfordeterminingthefairvaluesoffinancialassets
andfinancialliabilities:
• Marketcomparison technique (i.e.Notes):financialinstruments with standard terms and
conditionswhicharetraded on activemarketsarevaluated basedon brokerquotes.Similar
contractsaretradedinanactivemarketandthequotesreflecttheactualtransationsinsimilar
instruments.
• Discountedcashflows(i.e.Derivatives):financialinstrumentsthatarenottradedinanactive
market(forexample:derivatives)arevaluatedconsideringthepresentvalueofexpectedfuture
cashflowsbasedonobservableyieldcurves.
• Optionpricingmodel(i.e.Embeddedderivativesintheindenture):Thefairvalueofembedded
derivativesiscalculatedusingastandardoptionpricingmodelbasedonMonteCarlosimulation.
Forthevaluation,thecreditspreadforfixed-ratebondsusedincalculationiscalibratedsuchthat
themodelreproducesthecurrentmarketpricequotedontheLuxembourgStockExchange(Bourse
deLuxembourg)attherespectivevaluationdate.Theoptionpricingmodelalsoconsiderstherisk-
freeinterestrateasanotherparamater.
Thesevaluationtechniquesmaximisetheuseofobservablemarketdatawhereitisavailableandrely
aslittleaspossibleonentityspecificestimates.Ifallsignificantinputsrequiredtodeterminethefair
valueofafinancialinstrumentareobservable,theinstrumentisincludedinlevel2.Thereareno
financialinstruments,which require a determination offairvaluesbased on unobservable inputs
(level3).
Derivativefinancialinstruments(embeddedderivativesintheindentureandinterestratecapsnot
includedinadesignatedhedgingrelationship)arecategorisedas“atfairvaluethroughprofitorloss”in
accordancewithIFRS9.Theyarerecognisedattheirfairvalue,dependingontheirfairvalueandtheir
maturityonthereportingdate,derivativefinancialinstrumentsareincludedinfinancialassets(positive
fairvalue)orinfinancialliabilities(negativefairvalue).Thevalueoftheembeddedderivativesisaffected
bytheinterestofthecomparablemarketinstrumentoneachpotentialexercisedateandwillriseifthe
relevantinterestratedeclinesandviceversa.
Cash and cash equivalents,trade accountsreceivable,otherfinancialassetsin the category“at
amortisedcost”underIFRS9aswellastradeaccountspayableandotherfinancialliabilitiesmainly
haveshortremainingterms.Accordingly,thefiguresshowninthebalancesheetasofthereference
dateareapproximatelyequivalenttothefairvalue.
Tradeaccountsreceivableandotherfinancialliabilitiesofthecategory“atfairvaluethroughother
comprehensiveincome”underIFRS9representthecreditriskretainedbytheGroupwithregardsto
tradeaccountsreceivable,whicharesoldunderthesecuritisationprogramme(continuinginvolvement).
Netgainsand lossesfrom financialinstrumentscomprise the interestincome and expense,the
amortisationofarrangementfees,bankfeesandotherfees,theresultfrom thetranslationofforeign
currenciesandothereffectsontheearningsresultingfrom financialinstruments.Thelinefinancial
instrumentsatfairvaluethroughprofitandlosscontainsonlythosegainsandlossesfrom instruments
measuredatfairvaluethroughprofitorlosswhicharenotdesignatedashedginginstrumentsin
accordancewithIFRS9.Nohedgeaccountingisapplied.

49
Netgainsandlossesfrom financialinstrumentsbyvaluationcategoriesareasfollows:
kEUR 2023 2022
Financialassetsatamortisedcost
thereoffrom:
Interestresult 407 78
Currencytranslation -5,701 -1,932
-5,294 -1,854
Financialliabilitiesatamortisedcost
thereoffrom:
Interestresult -57,096 -43,631
Amortisationofarrangementfees -17,182 -4,797
Earlyredemptionfees(Notes) -11,259 0
commitmentandotherbankfees -1,381 -949
currencytranslation 9,645 9,885
-77,273 -39,492
Financialinstrumentsatfairvalue
throughprofitandloss
(Derivatives&InterestCaps)
thereoffrom:
interestresult 29 0
subsequentmeasurement -7,928 -4,103
-7,899 -4,103
Total -90,466 -45,449

(35) Financialriskmanagement
TheoperationsoftheGroupareexposedtoliquidity,credit,interestrateandexchangeraterisks.The
Group’soverallriskmanagementseekstominimisepotentialadverseeffectsontheGroup’sfinancial
performance.InNovember2019,theGroupjoinedafactoringcontractofoneofitscustomers,inthe
courseofwhichtradereceivablesduefrom amajorcustomeraresettledthroughabank.
SinceJune2020,theGroupsellswithoutrecourseaportionofitstradereceivablestoastructured
entityunderan asset-backed securitisation programme.The financing volume iscommitted to a
maximum amountofkEUR50,000(December31,2022:kEUR50,000).Thestructuredentityisnot
controlledbyCABBandthereforenotconsolidatedbytheGroup.Thespecialpurposeentityobtainsits
fundingprimarilyfrom capitalmarketsthroughtheissuanceofcommercialpapersandhasmandated
theGrouptoservicethereceivablesinreturnforanatarm’s-lengthfee.Thestructuredentityhasthe
contractualrighttoterminatethisserviceagreementandmayappointassubstituteserviceranyother
person.TheGrouptransfersthecontractualrightstoreceivethecashflowsofthetradereceivableson
arevolvingbasisattheirnominalvaluelessaretainedreserveinexchangeforcash.Thenetamount
ispresentedaspartofotherfinancialreceivablesandrepresentstheGroup’srighttoreceivethis
amountoncethetradereceivablessoldhavebeensettledbythecustomers.Totheextendtowhich
the creditrisk is retained by the Group (continuing involvement),sold trade receivables and
corresponding otherfinancialliabilitiesare recognised.The carrying amountoftrade receivables
transferredunderthesecuritisationprogrammeamountedtokEUR52,245asofDecember31,2023
(December31,2022:kEUR32,970),ofwhichkEUR51,097havebeenderecognised(December31,
2022:kEUR32,175);andkEUR8,232(December31,2022:kEUR9,270),representingtheretained
reserve,ispresentedaspartofothercurrentfinancialreceivables.Thecarryingamountoftrade
receivables(classifiedastradereceivables)andtheotherfinancialliabilityresultingfrom thecontinuing
involvementamountedtokEUR1,148asofDecember31,2023(December31,2022:kEUR795).
Foreigncurrencyrisks
The Group isexposed to changesin exchange ratesleading to lossesin the value offinancial
instruments.Foreigncurrencyrisksfrom financialinstrumentsresultfrom thetranslationattheclosing
rateoffinancialreceivables,cashandfinancialliabilitiesincludingintercompanyloansintothefunctional
currencyoftherespectiveconsolidatedentity.Theforeigncurrencyexposurecorrespondstothenet
50
amountofthenominalvolumeoftheprimaryandthederivativefinancialinstrumentsthatareexposed
tocurrencyrisks.
TheGrouphastheobjectivetokeeptherisksfrom foreigncurrencyatanacceptablelevel.Itonly
acceptstheriskstotheextentnecessarytofinancetheforeignsubsidiariesandtosupportthebusiness
operations.
Thefollowingtableshowstheforeigncurrencyexposurefrom financialinstrumentsbrokendownbythe
individualmajorcurrencies as ofDecember31,2023.A reasonably possible 10% strengthening
(weakening)oftheUSD andCHF andRMB againstallothercurrencieswouldhaveaffectedthe
measurementoffinancialinstrumentsdenominatedinaforeigncurrencyandaffectedequityandprofit
orlossbytheamountsshownbelow.Thisanalysisassumesthatallothervariables,inparticularinterest
rates,remainconstantandignoresanyimpactofforecastsalesandpurchases.Asthederivatives
embeddedintheNotesaredenominatedinEURO,noforeigncurrencyexposurerelatingtothe
functionalcurrencyoftheGroupexists.
Positive Negative Total Neteffect
exposure exposure exposure
kEUR Dec.31,2023 Dec.31,2023 Dec.31,2023 Dec.31,2023
Currency:
USD 27,890 -2,108 25,782 2,344
RMB 0 -1,268 -1,268 -115
CHF 133,327 -23,717 109,610 9,965
Totaleffect 161,217 -27,093 134,124 12,194
Positive Negative Total Neteffect
exposure exposure exposure
kEUR Dec.31,2022 Dec.31,2022 Dec.31,2022 Dec.31,2022
Currency:
USD 38,148 -4,793 33,355 3,032
RMB 0 -1,431 -1,431 -130
CHF 143,584 -65,330 78,254 7,114
Totaleffect 181,732 -71,554 110,178 10,016

Interestraterisk
Interestraterisksresultfrom changesinprevailingmarketinterestrates,whichcancauseachangein
the fairvalue offixed-rate instruments,and changes in the interestpayments ofvariable-rate
instruments.WhiletheserisksarerelevanttothefinancingactivitiesoftheGroup(longterm notes),
theyarenotofsignificantimportancefortheGroup’soperatingactivities.
BorrowingsissuedatvariableinterestratesexposestheGroupcashflowinterestraterisks.OnApril
28,2023,theGrouphasrefinancedtheexistingFloatingRateNotesbyissuingSeniorSecuredFloating
RateNotesinanamountofkEUR250,000.Thesenotesbearanominalinterestrateequaltothe3
monthEURIBORplus5.250.
Inordertolimittheexposuretorisinginterestrates,theGroupenteredintoaninterestratecap
agreementonJune20,2023.TheagreementprovidesforanotionalamountofkEUR120,000anda
caprateof3.75% referencingthe3-monthEuribor.Thefloatingratepayerpaymentdatesarethe15th
dayofMarch,June,SeptemberandDecemberofeachyear,commencingDecember15,2023,through
andincludingJune15,2025.

51
ThefollowingtableshowstheinterestrateprofileoftheGroup’sinterest-bearingfinancialinstruments
andtheexposuretotheinterestraterisk:
Nominalamount
kEUR Dec.31,2023 Dec.31,2022
Fixed-rateinstruments
Financialliabilities -444,731 -491,841
-444,731 -491,841
Variable-rateinstruments
Financialliabilties -130,000 -195,000
-130,000 -195,000
Thefollowingsensitivityanalysisshowsthereasonablypossibleeffectsofa1% increaseordeclinein
interestratesontheconsolidatedresultaftertaxforthefinancialyear2023,whileholdingallother
variables(inparticularforeigncurrencyexchangerates)constant:
kEUR Dec.31,2023 Dec.31,2022
1% increaseininterestrates 3,090 2,141
1% decreaseininterestrates -3,090 -550

Creditrisk
A defaultriskoffinancialinstrumentsarisesifcounterpartiesarenotabletomeettheirpayment
obligations,orarenotabletomeettheseobligationsinfull.Cashandcashequivalentsareonlyheld
withselectedbanksandthuswithcontractpartnerswhichisratedatleastBBBbyS&PorFitchorat
leastBaa2byMoody’sinordertolimitthisrisk.
Theriskattributabletotradeaccountsreceivableorfinancialreceivablesisdefinedastheriskthat
outstanding receivablesare notsettled on time orthattheyare notsettled atall.A creditrisk
managementsystem operatingonthebasisofagloballyappliedcreditpolicyensuresthatcreditrisks
areconstantlymonitoredandbaddebtsminimised.Thispolicy,whichappliestobothnewandexisting
customers,governstheallocationofcreditlimitsandcompliancewiththoselimits,individualanalyses
ofcustomers’creditworthinessbasedonbothinternalandexternalfinancialandmacro-economic
information,riskclassification,andcontinuousmonitoringoftheriskofbaddebtsatthelocallevel.
Collateralreceived(e.g.documentarylettersofcredit)andothersafeguardsincludecountry-specific
andcustomer-specificprotectionaffordedbycreditinsurance,confirmedandunconfirmedlettersof
creditinexportbusiness,aswellaswarrantiesandguarantees.Furthermore,incertaincasesdown-
paymentsandadvancepaymentsareagreed.Assoonasreceivableshavereachedthesecond
dunninglevel,thesalesdepartmentisrequiredtomakeclearpaymentagreementswiththecustomer.
Adunningruniscarriedouteveryweek.Ifareceivablereachesthethirddunninglevel,furtherdeliveries
aresuspendeduntilpaymentisactuallyreceived.Wealsomonitorourkeycustomerrelationshipsat
theregionalandgloballevel.Incaseacontractpartnerbecomesdefaulted,allfinancialassetwiththis
counterpartyareimpaired.
Thecarryingamountofthefinancialassetsrepresentsthemaximum creditexposure.
Liquidityrisk
LiquidityriskistheriskthatCABBGroupwillencounterdifficultiesinmeetingtheobligationsassociated
withitsfinancialliabilities.TheGroup’sapproachtomanageliquidityistoensure,asfaraspossible,
thatitwillhavesufficientliquiditytomeetitsliabilitieswhentheyaredue.TheGroupmonitorsand
reportscashflowonamonthlybasis.
CurrentfinancialliabilitiesarebackedbycashandcashequivalentskEUR64,555;(December31,2022:
kEUR69,904)aswellasbyunutilisedrevolvingcreditfacilitiesofkEUR104,000(December31,2022:
kEUR54,500).ThebankguaranteelineamountstokEUR6,000(December31,2022:kEUR5,500).

52
Thefollowingtableshowsthecontractualcashflowsoffinancialliabilities(repaymentamountand
interest)atthereportingdate:
Dec.31,2023
kEUR Total 2024 2025 2026 2027 2028etseq.
Non-derivativefinancialliabilities
Notes -931,745 -60,070 -60,006 -60,006 -60,006 -691,657
RevolvingCreditFacility 156 156 0 0 0 0
Accountspayable,trade 94,297 94,297 0 0 0 0
LeaseLiabilities 28,081 7,905 6,289 5,003 3,481 5,403
Otherfinancialliabilities 21 21 0 0 0 0
Financialliabilities -809,190 42,309 -53,717 -55,003 -56,525 -686,254
TheGroupmayredeem allor,from timetotime,partoftheFloatingRateSeniorSecuredNotesdue
2028and/oroftheFixedRateNotesdue2028.Uponcertaineventsdefinedasconstitutingachange
ofcontrolthebondissuersarerequiredtomakeanoffertopurchasetheoutstandingnotesata
purchase price equalto 101% oftheirprincipalamountplusaccrued and unpaid interest.The
occurrenceandtimingofsucheventswillhaveasignificantimpactontheamountandtimingofthe
cashoutflowsshownaboveintheline“Notes”.
Dec.31,2022
kEUR Total 2023 2024 2025 2026 2027etseq.
Non-derivativefinancialliabilities
Notes 767,462 43,733 43,768 515,711 164,250 0
RevolvingCreditFacility 20,179 20,179 0 0 0 0
Accountspayable,trade 120,217 120,217 0 0 0 0
LeaseLiabilities 30,833 7,840 5,939 5,062 4,276 7,716
Otherfinancialliabilities 346 346 0 0 0 0
Financialliabilities 939,037 192,315 49,707 520,773 168,526 7,716

53
(36) Reconciliationofmovementsoffinancialliabilitiesandassetstocashflowsarisingfrom
financingactivities
Thefollowingtableshowsthechangesoffinancialliabilitiesandassetsandspecifiesthepayments
madeandreceived,whicharedisclosedwithintheconsolidatedstatementofcashflowsundercash
used/providedinfinancingactivities:
Notes Other Other Total
financial financial
kEUR liabilities assets(1)
AsofJanuary1,2022 633,389 40,845 -18,139 656,095
- Interestandfinancingfeespaid -40,545 -2,701 -476 -43,722(2)
+ Proceedsfrom revolvingcreditfacilities 5,000 5,000
- Principalelementsofleasepayments -6,450 -6,450
- Increaseofnon-currentfinancialassets -2,617 -2,617
- Changesinotherfinancialliabilities -2,386 -2,386
Totalchangesfrom financingcashflows -40,545 -6,537 -3,093 -50,175
Changesinfairvalue 4,103 4,103
+ Interestexpense 44,836 3,127 476 48,439
- Interestincome -8 -8
+ Increaseinleaseliablities 9,235 9,235
+ Changesinotherfinancialliabilities 163 163
+/- Changesinotherfinancialassets 83 -5,945 -5,862
+/- Effectofchangesinforeignexchangerates 473 1 474
Liability-relatedotherchanges 44,836 13,081 -5,476 52,441
AsofDecember31,2022 637,680 47,389 -22,605 662,464
+ Cashproceedsfrom theissuanceofnotes 663,750 663,750
- Paymentsduetotheredemptionofnotes -651,259 -651,259
- Transactioncostsrelatedtoloansandborrowings -14,705 -2,535 -17,240
- Interestandfinancingfeespaid -61,195 -2,958 -1,923 -66,076(2)
- Settlementofrevolvingcreditfacilities -20,000 -20,000
- Principalelementsofleasepayments -6,816 -6,816
- Paymentsduetointerestcaptransactions -727 -727
+ Changesinotherfinancialliabilities -326 -326
+ Interestreceived 29 29
Totalchangesfrom financingcashflows -63,409 -30,100 -5,156 -98,665
Changesinfairvalue 617 617
+ Interestexpense 51,688 3,705 2,103 57,496
+ Otherinterestexpenses 16,082 16,082
+ Otherfinancialexpenses 11,259 149 11,408
+ RecognitionAmortisedvalueoftheembedded 7,311 7,311
derivative
- Interestincome -237 -237
+ Increaseinleaseliablities 4,159 4,159
+ Changesinotherfinancialliabilities 350 350
- Changesinotherfinancialassets 1,038 1,038
+/-Effectofchangesinforeignexchangerates -46 554 0 508
Liability-relatedotherchanges 86,294 8,768 3,053 98,115
AsofDecember31,2023 660,565 26,057 -24,091 662,531
(1) Otherfinancialassetsarepresentedwithanegativesigninordertofacilitatethereconciliationoftheamountswiththeconsolidated
statementofcashflows.
(2) InterestspaiddisclosedintheconsolidatedstatementofcashflowsincludeotherfinancechargesofkEUR1,732(2022:
kEUR852),whichcompriseinterestincomeandexpenseincurredfornon-financialassetsandliabilities..

(37) Contingentliabilities
Atthetimeofpreparingthefinancialstatements,therearenomajorcontingentliabilitiesduetothird
partiesthatrequiredisclosure.
54
(38) Informationregardingemployees
CABBGroupemployedonaverageof1,221personsduringtheyear2023(2022:1,192);thebreak-
downisasfollows:
2023 2022
ProductionandTechnology 1,009 1,005
Researchanddevelopment 30 26
Administrationandsales 182 161
Totalaverage 1,221 1,192
AsofthebalancesheetdateDecember31,2023,theGroupemployed1,207persons(December31,
2022:1,209).
(39) Servicesprovidedbytheexternalauditor
KPMGLuxembourg,SociétéCoopérative,Luxembourg,andothermemberfirmsoftheKPMGnetwork,
providedthefollowingservicesduringthepasttwofinancialyearstoCABBGroupentities:
kEUR 2023 2022
Auditoffinancialstatements 1,066 1,004
Otherassuranceservices 778 577
Taxadvisoryservices 27 54
Otherservices 60 19
Total 1,931 1,654

(40) Eventsafterthebalancesheetdate
TherewerenofurthermajoreventsafterthebalancesheetdateuptoMarch15,2024(thedatewhen
theannualreportwasauthorisedforissuebytheBoardofDirectors).

Luxembourg,March15,2024
Monitchem Holdco2S.A.
Management

CédricPedoni ThomasLafrance

55