Half Year Report 2021 - JAB Holding Company (2024)

Half Year Report 2021

Table of Contents JAB at a glance 3 JAB Holding Company 4 Our Heritage 4 About JAB Consumer Fund 6 Our Investment Philosophy 8 Our People 17 Our Governance 20 Consolidated Management Report 21 Risk Management 22 Our Results 24 Interim Condensed Consolidated Financial Statements 26 Report of the Réviseur d’Entreprises agréé 56 JAB Holding Company S.à r.l. Half Year Report 2021 2

JAB at a glance 1 $50bn+ $27bn JAB Managed Capital JAB Holding Company Net Asset Value A global Investment Firm, with a solid Our leading Investment Platforms investment grade rating, focused on the consumer goods and services sector Coffee & Fast-Casual Petcare Beauty & Indulgence Beverages Restaurants Luxury With a total Enterprise Value of $130bn+ JAB’s Managed Capital has significantly increased since its formation in 2012 JAB Total Managed Capital in $bn 75 CAGR +20% 50 25 S&P: BBB+ with stable outlook Moody’s: Baa2 with stable outlook - 2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021 Managed Capital Distribu�ons JAB Holding Company S.à r.l. A privately held partnership of ~50 professionals with global investment offices in Washington D.C., Half Year Report 2021 London, Amsterdam, São Paulo, Luxembourg and Mannheim with a long-term global ambition to invest in industry-leading consumer businesses.1 JAB in this context refers to JAB Holding Company, together with JAB Consumer Fund and other Co-investors 3

JAB Holding Company Our heritage 1823 A global leading private Investment Firm in Consumer Goods and Services, with a The incorporation of Benckiser as chemicals producer in Germany strong heritage 1980 - 1990 Peter Harf joins Benckiser Benckiser acquisition of North 1990 - 2010 American and European household products and cosmetics including the spin off of the cosmetics activities Started investing in the Beauty & Luxury Investment Platform Beauty & Luxury IPO Benckiser and Merger to form Reckitt Benckiser M&A of several cosmetics companies 2012 - 2013 The formation of JAB Holding Company and core JAB team. 2013 - 2015 JAB Holding Company S.à r.l. Olivier Goudet joins JAB The creation of the fast casual The creation of the multi channel restaurant Coffee & Beverages Investment Platform starting Investment Platform with Platform Investments in via the take private of Caribou Coffee, Einstein Bagels Peet’s Coffee and and Espresso House D.E Masterblenders 1753 (‘DEMB’) Fast-Casual Restaurants Coffee & Beverages Half Year Report 2021 IPO of Coty Creation of the JAB Consumer Fund (“JCF”) 4

2015 Creation of Jacobs Douwe Egberts (JDE) through the merger of DEMB and MDLZ Coffee2016 Take private of Krispy Kreme, representing the first investment in the Indulgence Investment Platform 2017 Indulgence Take private of Panera Bread Take private of Keurig Green Mountain 2018 Creation of Keurig Dr Pepper through the merger of Dr Pepper Snapple and Keurig Green Mountain2019 The creation of the Petcare Acquisition of Investment Platform Pret a Manger Pet Care 2020 Acquisition of Compassion-First Pet Hospitals Acquisition of NVA JAB Holding Company S.à r.l.2021 IPO of JDE Peet’s IPO of Krispy Kreme Closing of the third major fund Half Year Report 2021 Formation of Panera Brands raising of JAB Consumer Fund. Total of $17bn of committed capital raised since 2014 5

About JAB Consumer Fund (JCF) Driven by investor demand to participate in the investment strategy of JAB Holding Company, JCF was established in 2014. JCF is a Luxembourg based regulated investment fund comprised of institutional investors, family offices, endowments and other professional investors. JCF is managed collectively with JAB Holding Company by the same group of partners, and JCF always invests alongside JAB Holding Company. As at 30 June 2021, JCF has capital invested of $15bn+ and has distributed $9bn+ of capital. JCF Managed Capital by Investment Categ JAB Consumer Fund - ManagedJCF Capital in $bn Managed CapitalJCFbyJCF Managed Capital Investment by Investment Platform Category Managed Capital by Investment Category2010 - 2014 2015 2016 2017 2018 2019 2020 H1 2021 Managed Capital Distribu�ons Coffee & Beverage Coffee & Beverage Fast-Casual Restaurants Fast-Casual Restaurants Petcare Petcare Indulgence In Coffee & Beverage Fast-Casual Restaurants Petcare Indulgence JCF 2020 / 2021 - Highlights JAB Holding Company S.à r.l. Completion of $9bn in aggregate distributions, a major JCF milestone, mainly driven by the significant value creation in the JCF and JAB Holding Company Coffee & Beverages platform as well as the are managed together and Fast-Casual Restaurant Platform invest alongside each other The successful closing of the Global Consumer Brands - III Fund, the Petcare Co- Half Year Report 2021 Investment, and the Co-Investment IX and X Funds Deployment of $3bn+ investment into the Petcare Platform, alongside JAB Holding Company Completion of Krispy Kreme Inc. Initial Public Offering, followed by a distribution in shares 6

As a controlling or anchor shareholder, JAB exerts significant influence over its Platform Investments 98% 98% 99% 95% 93% 92% 88% 55% 50% 33% 1 1 2 KDP JAB Holding Company, JCF and Co-investors’ aggregate % of direct and indirect ownership. 2 JAB Holding Company S.à r.l. JAB Holding Company and JAB Consumer Fund established a strong capital structure to support long-term growth and sustainable value creation leading to solid compounded returns. Half Year Report 20211 Coty and Bally are investments of JAB Holding only, without the participation of JAB Consumer Fund2 (In)direct share ownership by JAB Holding Company, JCF and Co-Investors together as of June 30, 2021. For Krispy Kreme this represents the pre-IPO share ownership. 7

Our Investment PhilosophyOur Platform Investing ApproachWith almost 200 years of heritage, JAB has centeredits investment philosophy around buildingInvestment Platforms which are a unique, distinctiveand critical part of our long-term success.Our Platform Investing Approach has a solidfoundation, based on the following three drivers: ities tun En r po us Uni foc q a repe ue o ith vices ata p ha w r ble wn to h d se n v en n ds c ce er e cr a sh on consumer g pro al a Identify investm u ip ation approach valu t ap oo &p e investmen eople e Our Platform model Investing Approach Agile Do r in g r ou D sta t h e rig h t t hi n g s f o ty ri t JAB Holding Company S.à r.l. e keh o ci l ve s s old ers su and fo r lo n e g-te b l er r m s u stain a Half Year Report 2021 Our investment approach Through our long-term With a clear understanding is distinct and allows us partnerships and value and appreciation of the next the flexibility to structure creation approach we are generation of consumers, we investment solutions for able to create industry generate sustainable returns each particular situation leading businesses on our investments 8

Our unique set of strengthsOur Platform Investing Approach is realizedthrough a unique set of strengths whichcontribute to our sustainable long term valuecreation as a global leading investment firm. Long-Term & Evergreen Flexible Exit Trusted Strategies Capital Partners ies unit rt En po p ha to nc en ev Identify investm alue A Unique Platform Investing ApproachUnlocking Resilient &Synergies D Attractive ri lt Categories ve s lo n e su g-te le r r m s u stain ab JAB Holding Company S.à r.l. Proprietary An Invested Business Team Insights Half Year Report 2021 Our s l ea d in rm g Investment Platfo Coffee & Indulgence Beverages Fast-Casual Beauty & Restaurants Luxury Petcare 9

A Long-Term An Ecosystem of Resilient and Evergreen Trusted Debt & Categories with Investor Equity Partners Attractive Growth FundamentalsWe are evergreen investors We have a unique ecosystem ofwith a long-term investment trusted and high-quality debt We invest in categories thathorizon. JAB’s evergreen capital and long-term equity partners. have a proven track record ofstructure enables us to build Together with our team of resiliency across the economicbetter, stronger and future- trusted capital partners, we are cycle, with strong growthproof businesses in a healthy building Investment Platforms momentum and attractive cashand sustainable way, without with controlling or anchor stakes flow dynamics.cannibalizing long-term value in global leading businessescreation opportunities to realize which allows us to create globalshort term financial gains. In leading blue-chip companies,addition it allows us to unlock which are ready for the nextvalue and access growth pools generation of consumers andover longer periods of time. their preferences. An Invested Team Proprietary Business InsightsWe establish Invested & Aligned People and We develop real-time superior business insightsPartnership Networks throughout our firm and our across an industry sector by combining data,Investment Platforms. Our People & Partnership information and people knowledge from the differentnetworks include JAB’s team of Senior Investment investments held within each of the Investmentand Industry Professionals, CEOs and management Platform. These superior business insights provide usteams of our investments and our Global Leading with a strategic advantage and allow us to establishIndustry Capital Partners. The strategic strength of a more timely and more effective investmentJAB’s People and Partnership Networks is established approach, based upon real-time market and industrythrough an aligned set of financial and non- trends, people network, consumer behaviours andfinancial interest combined with a regular, informal technological developments.and hands-on communication flow between allparticipants in the network. JAB Holding Company S.à r.l. Unlocking Synergies Flexible Exit StrategiesThrough our Platform Investment approach, we can When combining our long-term investment horizonachieve levels of synergies that go beyond those with our decades of investment experience, wethat could be realized by each of the individual recognize that providing future flexibility towardsinvestments. These synergies are captured by our investors is a critical competitive advantage.leveraging and scaling the unique opportunities Therefore, our Investment Platforms are designedand capabilities of our platform investments. To be to facilitate flexible exit scenarios, which allows us to Half Year Report 2021competitive on all fronts we focus on both soft and minimize exit friction and maximize long-term valuehard synergies including revenue and cost synergies, creation and flexibility for investors.balance sheet optimization, talent acquisition,knowledge sharing and building of new growthcapabilities. 10
ESG embedded in our ways of workingWithin our investment philosophy we have aclear understanding and appreciation of the nextgeneration of consumers, combined with a strongfocus on Environmental, Social and Governance(‘ESG’) related matters. We have a fundamental beliefthat taking a sustainable value creation approach tobusiness pays off for our consumers, our businesses,our capital partners, suppliers, and ourselves.We have a formalized ESG strategy and a clearroadmap to continue to integrate ESG in our ways ofworking. ities n rtu En po p ha to nc en ev Identify investm Environmental, alue Social & Governance (ESG) D ri lt ve JAB Holding Company S.à r.l. s u lo n r es g-te le r m sust ain ab Half Year Report 2021 11
Material ESG topics Within our ESG Strategy, we prioritised four ESG We monitor ESG performance based on Key topics based on our materiality analysis. We Performance Indicators (KPIs), which as of 2021 will approach these topics with tailored programs, both be periodically measured and reported annually. within our own organisation and in our approach to For each of the four prioritised ESG topics we have our investments. defined various KPIs both at the level of JAB and our investments. In our 2021 annual report we will report While JAB’s investments are operating independently for the first time on our ESG KPIs and the progress and are accountable to establish their own strategy that we are making towards achieving our targets. and ESG agenda, we actively engage with our investments to embed ESG in their strategy and operations. Beyond the four key topics, investments are prioritizing additional ESG topics based on relevance for their respective businesses. We enable best practice sharing on all ESG topics via our unique ESG Collaboration Forum, which takes place every quarter. Watchlist Encourage, Act & Enable Strategic Core High 12 Business Ethics Equality of Opportunity, 5 Diversity & Inclusion 6 Human Rights in Supply Chain 1 Climate Change & Energy 2 Circular Economy ESG Management & 11 Natural Resource Accountability 3Importance to external stakeholders Conservation Employee Training & 9 Engagement Tax ESG 14 JAB Holding Company S.à r.l. 13 Executive Remuneration Local Communities 7 Consumer Protection 10 Occupational 4 Health & Safety Half Year Report 2021 8 Public Policy E S G Limited High Relevance to JAB and JAB Portfolio Investments 12
12 Business EthicsBusiness Ethics is the fundamental cornerstoneto the way JAB operates. We are a member of theUN Global Compact and include its Ten Principlesinto our strategies, policies and procedures. Strongmanagement and accountability practices reinforcebusiness ethics. In the first half of 2021, we have taken further steps with regards to: Strengthening governance, disclosure and transparency Formalizing policies and driving their implementation Extending ethics requirements and efforts beyond our own organisation 1 Climate Change & EnergyWe are committed to reducing greenhouse gasemissions (GHG) in line with achieving the goals ofthe Paris Agreement. The Science Based Targetsinitiative (SBTi) provides us with the frameworkto guide emissions reductions for ourselves andour investments. We follow and support therecommendations of the Task Force for Climate-related Financial Disclosures (TCFD) to identify andmanage climate risks and opportunities. JAB Holding Company S.à r.l. In the first half of 2021, we have taken further steps with regards to: Inventorying our own emissions and the emissions of our investments along the GHG protocol Half Year Report 2021 Identifying cost-efficient emission reduction levers for our own emissions Setting ourselves up for fulfilling the TCFD recommendations Hosting an ESG Collaboration Forum session on the topic of Climate 13
5 Equality of Opportunity, Diversity & InclusionWe commit to identifying and eliminating systemicbarriers along the entire employee life cycle tocreate a diverse and inclusive workplace in which ourpeople can experience equality of opportunity. Wecommit to have an inclusive culture and a diverseteam that delivers long-term sustainable resultsthrough better decision making. We strive to offerequal pay based on function level and geographyand maintain a working environment conduciveto high job satisfaction and low turnover rate. Weactively engage in the G7 Business for InclusiveGrowth (‘B4IG’) coalition to advance human rightsthroughout value chains, build inclusive workplacesand strengthen inclusion. In the first half of 2021, we have taken further steps with regards to: Gathering transparent baseline information Understanding current performance11 ESG management & accountabilityWe follow the six Principles for ResponsibleInvestment (PRI) and have a fit-for-purpose leangovernance structure for sustainable value creation. JAB Holding Company S.à r.l. In the first half of 2021, we have taken further steps with regards to: Formalizing ESG roles within our organization Half Year Report 2021 Conducting multiple ESG trainings for all JAB professionals to set the foundation of embedding ESG in all we do 14
UN Sustainable Development Goals JAB is committed to the UN Sustainable Development Sustainable Development. It is clear that the SDGs Goals (SDGs). The SDGs are the internationally directly and indirectly relate to the operations of any recognized framework, adopted by all UN Member business and it is for this reason we have aligned States in 2015, as part of the Agenda 2030 for our key ESG topics with the relevant SDGs. With our ESG approach both at JAB and the level of our Platform Investments, we contribute to several SDGs, G including:E S E E S G S JAB Holding Company S.à r.l. JAB participates in G7 opportunity, gender and territory, and to build greater synergies with government led efforts in Business for Inclusive these areas. This focus is also presented within our investment strategy. JAB recognises that Growth coalition this is a long-term challenge and we commit to putting our passion and energy into ensuring that As part of our ongoing commitment to ESG, JAB and our investments help to bring this to life JAB participates in the G7 Business for Inclusive over time, for the benefit of all. Underpinning our Growth (B4IG) coalition powered by the OECD pledge is the view that such engagement is not and sponsored by French President Emmanuel Half Year Report 2021 just good corporate responsibility but rather the Macron. This initiative is designed to pool future of successful business. Business benefits and strengthen efforts by public and private from more inclusive growth models through companies to reduce inequalities linked to a more educated and engaged workforce; a larger middle-class of consumers with greater purchasing power; more stable operating environments; and a high level of trust from employees, consumers, customers and other stakeholders. 15
Our Business Diversity JAB is exposed to multiple business segments, either through the respective Investment Platforms in which our businesses operate or through the underlying diversification within the businesses held. Below we present a simplified overview of diversification within our Investment Platforms. Our leading Investment Platforms Coffee & Beverages through direct, Fast Casual Restaurants through wholesale, retail, bottlers, food retail-owned, retail-franchised, service and e-commerce digital, catering and CPG Coffee & Fast-CasualBeverages Restaurants Covering all meals: Premium coffee brands Mainstream coffee brands Breakfast Coffee systems Lunch Carbonated soft Drinks Dinner Tea & Juices Premium water Beauty & Luxury through retail, Sport & Energy drinks wholesale, online, and other Beauty & Fragrance JAB Holding Company S.à r.l. Luxury Petcare through at-premise, Color cosmetics home-delivery and online Skin and body care Petcare Luxury Hair care Indulgence through retail-owned, Half Year Report 2021 retail-franchised, digital, home General care delivery and CPG Indulgence Specialty Doughnuts Vaccine & pharmacy Cookies Pet services 16
Our PeopleA high-performing team is at the heart ofour success.Our team has deep institutional investment andsector knowledge and experience. The fast-pacedand dynamic environment in which we operaterequires a team with an entrepreneurial spiritfocused on the collective success of JAB.We operate from investment offices in WashingtonD.C., London, Amsterdam, São Paulo, Luxembourgand Mannheim. Our team is led by our managingpartners Peter Harf and Olivier Goudet, togetherwith nine other partners and senior partners, andour CFO, each of whom has significant experienceand success in investing and overseeing businessesin the consumer goods and services industries. Theyare supported by a global team of 40+ investmentand industry professionals.An environment with compounding performanceopportunitiesWe attract, evaluate and compensate talent with theobjective of successfully delivering compoundinglong-term value of our Platform Investments. Assuch, we provide our team with opportunities andstretch goals for continuous development andgrowth. Managing partnersWorking together as a powerful teamOur culture is entrepreneurial, high energy and highperformance. We have an ambitious and motivatedteam which drives our long-term ambition. A core (Senior) Partnerscharacteristic in all of us is the aligned focus on valuecreation for all of JAB and its stakeholders. ProfessionalsIn an invested and full-on environmentOur team is invested towards the same goals as our JAB Holding Company S.à r.l.shareholders and Co-investors. Invested means thatfinancial interests are aligned to enable our value-enhancing strategy. Invested also means personalcommitment and being full-on to deliver sustainableresults in a fast-paced and highly demandingenvironment. Half Year Report 2021 17
JAB partners JAB is overseen by its two Managing Partners, Peter Harf as our Chairman and Olivier Goudet as our CEO, together with nine other partners and senior partners, and our CFO. Peter Harf Olivier Goudet Managing Partner, Chairman Managing Partner, CEOMr. Harf joined JAB in 1981 and is the visionary and Mr Goudet joined JAB as CEO and Managing Partnerfounder of the current JAB investment firm structure in 2012. Mr. Goudet is the key architect of and leadscreated in 2012. Over the past 40 years he has JAB’s Investment Platform strategy for all areas of theoverseen JAB as managed capital has grown from Firm and has led $40bn+ increase in managed capital$100 million to over $50 billion. Mr. Harf has been CEO in the last nine years. He is currently the Chairman ofand Chairman of several of JAB’s portfolio companies, Krispy Kreme , JDE Peet’s, and Pret a Manger and isand is currently the Chairman of Coty and a member a member of the Board of Directors of several otherof the Board of Directors of JDE Peet’s and Keurig portfolio companies including Keurig Dr Pepper,Dr Pepper. He is also the Founder of Delete Blood Coty, NVA and Panera. Previously, he spent 20 yearsCancer (“DKMS”), a global cancer fighting organization at Mars, where he was EVP and CFO, and was alsowhich has over 10m donors registered. Mr. Harf has previously the Chairman of Anheuser-Busch InBev.previously been Chairman of Anheuser-Busch InBevand a Board member of Burger King. Joachim Creus David Bell Senior Partner, Vice Chairman Senior PartnerMr. Creus joined JAB in 2010 and has played a critical Mr Bell is in his 10th year at JAB, having joined inrole in building it into a global investment firm. He 2012. Over the past nine years he has led all of JAB’shas been at the center of JAB’s major investments major portfolio transactions. He has over 25 yearsand expansion intiatives, including all of its platform of investment, oversight and business strategyacquistions and the creation of JAB Consumer Fund. A experience, which includes spending four years atlawyer by training, he has over 20 years of experience Mars driving Corporate Strategy and M&A, and eightin M&A, complex cross border legal & tax matters, years in the Consumer Investment Banking Group atand equity and debt financing. Mr. Creus serves as a Goldman Sachs. JAB Holding Company S.à r.l.Director for many JAB companies, including JDE Peet’sand Coty. Prior to joining JAB, Joachim held seniorlegal & tax positions at Siemens, Rodl & Partner and atTiberghien Lawyers. Patricia Capel Frank Engelen Partner Partner Half Year Report 2021Ms. Capel joined JAB in 2021 following 25 years at AB Mr. Engelen joined JAB in 2020. Previously, he was aInBev and Ambev, where she most recently led the partner at PwC for more than 15 years, of which fivecommercial operations in Chili, Bolivia and Paraguay. years were as a member of the Management BoardShe has extensive global experience including in the of PwC Netherlands and two years as a member ofUnited States, Russia, Latin America, Belgium and the Executive Board of PwC Europe. He has almostCanada, and held numerous roles including as VP of 25 years of experience in international tax, businessGlobal People, and was a member of the ABI Global restructurings and M&A. After having obtained hisDiversity & Inclusion Council. Ms. Capel has also PhD at the Erasmus University Rotterdam, he wasworked at PWC and Cargill Agricola S.A. appointed Professor of International Tax Law at Leiden University in 2005. 18
Luuk Hoogeveen Konrad Meyer Chief Financial Officer PartnerMr Hoogeveen joined JAB in 2019 as a principal and Mr Meyer joined JAB in 2018 as principal and waswas promoted to Chief Financial Officer in 2021. He promoted to partner in 2020. He brings 15+ years ofbrings 15+ years of finance expertise including in industry and investment expertise and previously heldthe area of finance transformations, capital market a position as Investment Director at Waterland Privatetransactions, internal & external financial reporting, Equity and as interim CFO at Pret a Manger.and risk management. Prior to JAB he held seniorfinance positions at JDE and PwC. Ricardo Rittes Lubomira Rochet Partner PartnerMr Rittes joined JAB in 2019. He brings 20+ Ms Rochet joined JAB in 2021. She previously spentyears of financial risk management and capital seven years as Chief Digital Officer and member ofmarkets experience and started his career as an the Executive Committee at L’Oréal. There, she ledinvestment banker in London, NY and Latin America. the beauty giant’s marketing and commercial pivot toSubsequently, he spent 14 years as part of a small a digital-first company. She is a recognized leader inleadership team building AB InBev (NY, Brussels and digital business transformation, with extensive globalLatin America). In that capacity, he has partnered experience across multiple industries. Ms Rochetwith rating agencies and financial institutions across has also held senior roles at Microsoft and Valtech, athe world as the Finance VP responsible for cash flow digital marketing agency.integration, banking relationship and treasury wherehe, among others, executed $75+ billion financings. Healso served as CFO of Ambev, a NYSE listed company,and led its successful expansion in Central America. Jacek Szarzynski Justine Tan Partner PartnerMr Szarzynski joined JAB in 2019. Prior to Joining Ms Tan, CFA, joined JAB in 2020 as a partner. SheJAB, Mr Szarzynski held various senior Finance, has more than 20 years of international experience JAB Holding Company S.à r.l.Demand and Supply positions in his 20+ years at in investing, banking and operations, having lived inMars. During his career he consistently achieved and covered key markets in North America, Europeabove market growth while also delivering significant and Asia across a range of transaction types andmargin improvement and is currently translating this businesses including in the consumer retail, realexperience to the fast-casual restaurant Investment estate, services and industrial sectors. Prior to JAB,Platform. He has a strong passion for ESG and is an she was a founding member of Temasek USA and aninspiring leader who engages teams to only deliver the investment banker at Goldman Sachs.best results. Half Year Report 2021 19
Our GovernanceGovernance Our senior advisorsJAB is overseen by the two Managing Partners, JAB is partnering with two globally recognizedPeter Harf and Olivier Goudet, supported by nine senior advisors, Antonio Weiss and Bertrandother partners and senior partners, and our Chief Badré, who provide us with advice onFinancial Officer. The Firm’s governance principles various governance and strategy matters,are based on mutuality, trust and consensus. which are within their respective areas ofManagement and decision-making are delegated expertise including business development,to the managing partners and require unanimous mergers and acquisitions, and social andconsent. There is full alignment between JAB environmental matters. As JAB, we highlymanagement and our shareholders, since the value independent advice as it provides uspartners are also invested in JAB. with a fresh perspective on where we stand, on our intentions and on our journey.Our businesses are managed independentlyby their respective CEOs and leadership teams.The members of these leadership teams investtheir own wealth into their businesses resultingin strong alignment of interests with those of Antonio WeissJAB. Each of our companies has an independentBoard of Directors, an Audit Committee and a Senior AdvisorRemuneration Committee on which JAB partnersare represented. Mr Weiss has advised JAB since its formation as a global investment firm in 2012. His work spans business strategy and public policy. He is a research fellow at Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government. From 2014 to 2017, he served as Counselor to the Secretary of the U.S. Treasury, where he oversaw the domestic finance department. Prior to this, he held various leadership roles at Lazard over twenty years in the US JAB signed the and Europe, including as Global Head of Investment Banking from 2009 to 2014. UN Principles for Responsible Investment Bertrand Badré In June 2020, we signed the UN Principles Senior Advisor for Responsible Investments (PRI). Doing JAB Holding Company S.à r.l. so, we embrace the PRI principles for incorporating ESG matters into our Mr Badré is the founder and CEO of Blue like investment practice, investment policies, an Orange Sustainable Capital, an investment disclosures, reporting and responsibilities. Company that manages investments for Important requirements for a signatory to social and environmental impact to foster meet are the Responsible Investment (“RI”) inclusive and sustainable growth and reduce policy, senior-level oversight over, and our risk. Mr Badré also serves as a guarantor to professionals implementing, responsible the ‘One Planet Lab’ initiative. Previously, investing. In order to provide the firm he served as Managing Director and CFO of and our investments with an experienced the World Bank Group, Group CFO of both Half Year Report 2021 sounding board on ESG-related issues and Société Générale and Crédit Agricole, Partner questions, we are proud to cooperate with at Lazard and was an advisor to previous Mr Bertrand Badré. French President Jacques Chirac’s diplomatic team. 20
ConsolidatedManagement Report
Risk ManagementRisk management is an integral part of the governance structure. Ourrisk management approach is established to identify and analyse risksfaced by JAB, to monitor risks and to implement remediation initiativesto ensure adherence to set limits. The risk management approach andour compliance policies are reviewed regularly to reflect changes inmarket conditions and the activities of JAB.Our policies and programsOur risk management In particular, we monitor closely In 2021, our risk management andcontemplates a broad range of topics related to: other important company policiesstakeholders, including fixed have been reviewed, updated orincome investors, equity investors, • Capital structure, financing, newly formulated and ESG hasand the communities in which we and liquidity been more strongly integratedoperate. where applicable. The following • Transactional risks policies are in place:Risk management is an integral • Foreign currency and balancepart of our business and is • Code of Conduct sheet riskamong others governed by acomprehensive set of policies and • Anti-Money Laundering policy • Counterparty risk (cash,programs. marketable securities and • Whistleblower policy derivatives)On financial risk management, • Human Rights policyour objective is to maintain a • Environmental, Social,level of cash flow certainty that is Governance and Reputation As presented below a tailoredacceptable to our stakeholders, risks Compliance and Human Capitalincluding equity and fixed income program are establishedinvestors, given a certain expected addressing a number of thereturn. policies presented above. Compliance Program The Compliance Program provides the organizational and joint framework with respect to the following policies JAB Holding Company S.à r.l. Code of Conduct Anti-Money Whistleblower Laundering Policy • Anti-bribery and anti-corruption Policy • Anti-competitive Half Year Report 2021 practices • Conflict of interest Human Capital Program, incl. equality of opportunity 22
Risk Management (continued)Towards our investments we developed aResponsible Investment & Stewardship Policy and aHuman rights policy to provide further guidance onESG in our investment practices. Our ResponsibleInvestment & Stewardship policy describes ourapproach to how we formally incorporate ESGmatters in our entire investment process.Principal Risks and UncertaintiesOur financial position is impacted by the Within our risk management framework continuedperformance of our investments, including the consideration is given to fraud risk. Our approach isresulting impact on valuation. By having a controlling to minimize fraud risks from the start, both internalor anchor stake and via representation on the and external, and to continuously monitor andBoards, we are able to oversee and influence the update our procedures to detect and if applicablefinancial and operational performance of our remediate potential fraudulent events. Our Codeportfolio companies, with the aim to achieve solid of Conduct defines the norms, and responsibilitycompounded investment returns. of our team with the aim to reduce the likelihood of unethical actions and to protect JAB and itsThe loss of key talent could have a negative stakeholders.impact on our operations. This risk is mitigated byinvestment and long-term equity incentive plans ofour leadership teams, and by promoting a culture ofownership and opportunity. In this way we continueto attract talented people with the enterpreneurialmindset and skillsets to drive long-term valuecreation.From our investing and financing activities, weare exposed to a variety of risks including marketrisks, credit risks and liquidity risks. It is ourobjective to manage and mitigate these risks toacceptable levels. Market risk refers to the Firm’sexposure to fluctuations in market prices, includingforeign exchange rates and interest rates. Foreignexchange risk on transactions is hedged throughforward exchange contracts as necessary. TheFirm is exposed to volatility in equity markets JAB Holding Company S.à r.l.which primarily impacts the values of its publicinvestments. This exposure is not hedged as at 30June 2021. We actively manage our exposure tointerest rate fluctuations. When the Firm is exposedto such fluctuations on floating rate long-termdebt the Firm enters, when thresholds have beenexceeded, into interest swaps. No hedge accountingis applied on any of the derivative transactions asat 30 June 2021. Our exposure to credit risk mainly Half Year Report 2021relates to cash and cash equivalents and is mitigatedby transacting with counterparties with high creditratings. Exposure to liquidity risk is limited, assufficient liquidity is available in the form of cash,and under our credit facilities. 23
Our ResultsResilient investment portfolio continues Continued Strong Liquidity with Extendedpositive momentum with strong progress Debt Maturity Profileon strategic initiatives. Our strong liquidity position further improved following Krispy Kreme’s IPO on July 1, 2021 andOur investment portfolio is stronger than ever two bond offerings with total proceeds of morefollowing the exceptional environment which began than $1bn, completed in May and July 2021 within early 2020. In the first six months of 2021, our respectively a 2031 maturity and a 2051 maturity.investment portfolio continued to develop positively Our net debt position as of June 30, 2021 was $7.7bnresulting in a net profit for the period of $3.7bn. compared to $7.6bn at the end of 2020. Our strongDuring the first half of 2021, we formalized our ESG liquidity position of $6.4bn comprises cash and cashstrategy and introduced a Collaboration Forum to equivalents of $2.8bn (2020: $2.7bn) and an undrawnfacilitate a continuous dialogue with our investments credit facility of $3.6bn (2020: $3.7bn).on our collective efforts to advance the UNSustainable Development Goals. We have created aroadmap to embed ESG in our way of working and Strengthened Capital Structurerealize our ambition. Solid first six-month performance of our investment portfolio led to a $3.8bn increase of shareholder’sA Growing Investment Portfolio Capturing equity to $26.6bn on June 30, 2021 compared to $22.8bn at the end of 2020.Multi-Year Consumer TrendsAcross our investment portfolio we realized solidinvestment returns during the first half of 2021 asthe fair value of our investments increased from$30.4bn on 31 December 2020 to $34.3bn on 30 June2021.In particular our investments in categories thatwere most exposed to the impact of the pandemic,including Beauty & Luxury and Fast-CasualRestaurants, have recovered strongly. Theseinvestments have benefited from the strategicinitiatives deployed throughout the pandemic witha focus on new business models to benefit fromdigitalization and changing consumer preferences,such as convenience and health & wellness. As anext step, our Fast-Casual Restaurant InvestmentPlatform recently announced the formation of Future outlookPanera Brands where Panera Bread, Caribou Coffeeand Einstein Bagels will unite and together form a We are confident that our portfolio JAB Holding Company S.à r.l.new powerhouse in fast casual, the fastest growing companies are well positioned tosegment of the industry. continue their positive momentum into the second half of 2021 and beyond.Our investments in more resilient categories,including Coffee & Beverages, Petcare andIndulgence, continued their already robustperformance during the first six months of 2021.In particular, Petcare has benefited from industryleading organic growth driven by higher petadoption rates, increased consumer spending and Half Year Report 2021strong profit delivery, together with an acceleratedacquisition momentum and continued momentumfrom consolidation. 24
Luxembourg, 31 August 2021J. Creus C. Thun-HohensteinManaging Director Managing Director JAB Holding Company S.à r.l. Half Year Report 2021 25
Interim Condensed ConsolidatedFinancial Statements As at and for the six months period ended 30 June 2021
Consolidated Financial Statements Interim Condensed Consolidated Financial Statements 26 Interim Condensed Consolidated Statement of Financial Position 28 Interim Condensed Consolidated Statement of Profit or Loss and 29 Other Comprehensive Income Interim Condensed Consolidated Statement of Changes in Equity 30 Interim Condensed Consolidated Cash Flow Statement 31 Notes to the Interim Condensed Financial Statements 32 Report of the Réviseur d’Entreprises agréé 56 JAB Holding Company S.à r.l. Half Year Report 2021 27
Interim condensed consolidated statement of financial positionAs of 30 June 30 June 31 December 2021 2020 Notes in $m in $m ASSETS Investments in subsidiaries 3.1 33,960.5 30,248.8 Other investments 3.1 292.7 132.2 Loans to investments 3.1 9.1 117.1 Other loans 3.2 30.6 50.9 Other assets 3.3 34.9 33.4 Cash and cash equivalents 3.4 2,767.4 2,674.2 Total assets 37,095.2 33,256.6 EQUITY AND LIABILITIES Total equity attributable to owners of the parent 3.5 26,556.9 22,843.2 Borrowings 3.7 10,461.0 10,274.3 Other liabilities 3.8 77.3 139.1 Total liabilities 10,538.3 10,413.4 Total equity and liabilities 37,095.2 33,256.6The notes on pages 32 to 55 are an integral part of these interim condensed consolidated financial statements. JAB Holding Company S.à r.l. Half Year Report 2021 28
Interim Condensed Consolidated statement of profit or loss andother comprehensive incomeFor the six months ended 30 June For the six For the six months ended months ended 30 June 2021 30 June 2020 Notes in $m in $m Net gain / (loss) on investments in subsidiaries and other investments 3.1 3,333.0 (5,220.9) Dividend income 3.1 358.5 80.6 Finance income 3.9 279.5 479.4 Finance expenses 3.9 (112.7) (90.5) General and administrative expenses 3.10 (45.1) (31.5) Other (expense) / income 3.11 (68.9) 297.3 Profit / (loss) before income tax 3,744.3 (4,485.6) Income tax expense 3.12 (0.1) (0.2) Profit / (loss) for the period 3,744.2 (4,485.8) Attributable to owners of the parent 3,744.2 (4,485.8) Items that may be reclassified subsequently to profit and loss: Foreign operations – Foreign currency translation differences 0.0 (173.2) Other comprehensive income / (loss) 0.0 (173.2) Total comprehensive income / (loss) 3,744.2 (4,659.0) Attributable to owners of the parent 3,744.2 (4,659.0)The notes on pages 32 to 55 are an integral part of these interim condensed consolidated financial statements. JAB Holding Company S.à r.l. Half Year Report 2021 29
Interim Condensed Consolidated statement of changes in equityfor the six months period ended 30 June 2021 Share- Foreign based currency Share Share payments translation Retained capital premium reserve reserve earnings Total equity Note in $m in $m in $m in $m in $m in $m Balance as of 1 January 2020 8.8 9,637.3 - (2,483.2) 13,791.7 20,954.6 Repayment of share premium 3.5 - (146.8) - - - (146.8) Other comprehensive loss for the period - - - (173.2) - (173.2) Loss for the period - - - - (4,485.9) (4,485.9) Total comprehensive (loss) - - - (173.2) (4,485.9) (4,659.1) Balance as of 30 June 2020 8.8 9,490.5 - (2,656.4) 9,305.8 16,148.7 Balance as of 1 January 2021 10.1 11,092.5 478.9 (511.7) 11,773.5 22,843.2 Issue of share capital 3.5 0.0 23.6 - - - 23.6 Share-based payments transactions 3.6 0.2 (31.5) 68.7 - - 37.4 Repayment of share premium 3.5 - (91.4) - - - (91.4) Other comprehensive income for the period - - - 0.0 - - Profit for the period - - - - 3,744.2 3,744.2 Total comprehensive income - - - 0.0 3,744.2 3,744.2 Balance as of 30 June 2021 10.3 10,993.2 547.6 (511.7) 15,517.7 26,556.9The notes on pages 32 to 55 are an integral part of these interim condensed consolidated financial statements. JAB Holding Company S.à r.l. Half Year Report 2021 30
Interim Condensed Consolidated cash flow statementFor the six months period ended 30 June For the six For the six months ended months ended 30 June 2021 30 June 2020 Notes in $m in $m CASH FLOWS FROM OPERATING ACTIVITIES Profit/(loss) before income tax 3,744.3 (4,485.6) Adjustments for: Net (gain)/loss from change in fair value of investments 3.1 (3,333.0) 5,220.9 Finance (income) and expenses 3.9 (166.8) (388.9) Share-based payment (income) / expenses 3.6 68.9 (297.7) Changes in other assets and liabilities from operating activities: (Net increase)/decrease in loans 3.1, 3.2 (162.9) 33.2 (Net increase)/decrease in other assets 3.3 (6.2) (1.1) Net increase/(decrease) in other liabilities 3.8 13.1 (6.2) (Payments) on acquisition of / proceeds from sale of 3.1 investments (265.4) (3,274.8) Interest and foreign exchange results (40.2) (2.5) Income taxes paid and withholding taxes 3.12 (0.1) - Net cash (used in) operating activities (148.3) (3,202.7) CASH FLOWS FROM FINANCING ACTIVITIES Contribution owners of the parent 13.6 - Repayment of share premium to owners of the parent 3.5 (91.4) (146.8) Proceeds from borrowings 3.7 497.2 1,654.3 Interest paid 3.9 (148.6) (117.6) Proceeds from issue of redeemable shares - 1.1 Capital repayments on redeemable shares (34.7) (426.0) Payment of lease liability 3.8 (0.3) (0.1) Net cash from financing activities 235.8 964.9 Cash and cash equivalents at beginning of period 3.4 2,674.2 2,903.4 Net cash (used in) operating activities (148.3) (3,202.7) Net cash from financing activities 235.8 964.9 JAB Holding Company S.à r.l. Effect of exchange rate fluctuations on cash and cash equivalents 5.7 17.0 Cash and cash equivalents at end of period 2,767.4 682.6The notes on pages 32 to 55 are an integral part of these interim condensed consolidated financial statements. Half Year Report 2021 31
Notes to the consolidated financial statements1. General informationJAB Holding Company S.à r.l. (the "Company") is a company domiciled in Luxembourg. The address of theCompany's registered office is 4, Rue Jean Monnet, L-2180 Luxembourg. The Company is a global leading investorin consumer goods and services, with the ambition to develop resilient, high-performing and sustainablebusinesses. The Company makes long-term investments in premium brands and categories that align with shiftingconsumer preferences. As of 30 June 2021, the Company’s main shareholder is Joh. A. Benckiser B.V.The Company is an entity that obtains funds from investors for the purpose of providing those investors – directlyor indirectly through its consolidated subsidiaries (together “the Group”) – with investment management services.The funds are invested solely for returns from capital appreciation and investment income. The Group measuresand evaluates the performance of substantially all its investments on a fair value basis.The interim condensed consolidated financial statements do not include all the information and disclosuresrequired in the annual financial statements, and should be read in conjunction with the Company’s annualconsolidated financial statements for the year ended 31 December 2020, as they provide an update of previouslyreported information. They do not include all of the information required for a complete set of IFRS financialstatements. However, selected explanatory notes are included to explain events and transactions that aresignificant to an understanding of the changes in the Group’s financial position and performance since the lastfinancial statements.Since the end of the last annual reporting period, the impact of Covid-19 on the economic activities have recovered.JAB Group has a key focus on assessment of the impact of the Covid-19 pandemic on its investments and theirperformance. It continues to monitor and follow closely the information released from governments, regulatorybodies and health organisations in the countries in which JAB Group and its investments operate. JAB Holding Company S.à r.l. Half Year Report 2021 32
2. Accounting policies2.1. Statement of complianceThe interim condensed consolidated financial statements for the six months period ended 30 June 2021 have beenprepared applying the same accounting policies as are applied in the Group’s financial statements as at31 December 2020, except for accounting policy changes made after the date of the most recent annual financialstatements that are to be reflected in the next annual financial statements.JAB Group’s annual financial statements have been prepared in accordance with International Financial ReportingStandards as adopted by the European Union ("IFRS").The interim consolidated financial statements for the six months period ended June 2021 therefore have beenprepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union.2.2. Significant accounting judgements, estimates and assumptionsThe interim condensed consolidated financial statements require the management to make judgments, estimatesand assumptions that effect the application of policies and reported amounts of assets and liabilities, income, andexpenses. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimate is revised if the revision affects only that period or in the period ofthe revision and future periods if the revision affects both current and future periods. The significant judgementsmade by management in applying the Group‘s accounting policies and the key sources of estimation uncertaintywere the same as those that applied to the annual consolidated financial statements as at and for the year ended31 December 2020.In addition, significant judgement was applied in determining the Company’s currency and the trigger for a change.The Company’s conclusion that the functional currency has changed from Euro to US Dollar for certain Groupentities was based on an analysis of the underlying economic environment considering the relevant currency’simpact on the Company’s finance investment and finance activities.2.3. ConsolidationThere were no material changes in the composition of the Group in the six months period ended 30 June 2021.2.4. Accounting policies and disclosuresNew standards, amendments, and interpretationsThe Group has applied the following standards and amendments for the first time for the annual reporting period JAB Holding Company S.à r.l.commencing 1 January 2021: • Interest rate benchmark reform – amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 • Covid 19-related rent concessions – amendment to IFRS 16The amendments listed above did not have any impact on the amounts recognised in current and prior periods andare not expected to significantly affect future periods. Half Year Report 2021New standards, amendments and interpretations issued, but not effective and adopted yet.Certain new accounting standards have been published that are not mandatory for 30 June 2021 reporting periodsand have not been early adopted. The Company is still investigating the impact on the Group in the current or futurereporting periods and on foreseeable future transactions. 33
2.5. Foreign currencyPresentation currencyThe consolidated financial statements are presented in US Dollar ($), which is the Company’s functional currency.Until 30 June 2020, the Company presented its consolidated financial statements in Euro (€).Change in functional currency by Group entitiesThe functional currency is the currency of the primary economic environment in which an entity operates. Eachcompany within the Group determines its functional currency independently. The results and financial positions inthe financial statements of each company are measured using the company’s functional currency.In the previous periods, the primary economic environment in which the Group operates has been changing, withinvestment and financing activities based on US Dollars (USD) becoming predominant. As a result of these changes,effective from 1 January 2021, functional currency of JAB Holdings B.V., JAB Forest B.V. and JAB Cosmetics B.V.(‘Group entities’), which determined EUR as functional currency in the past, changed prospectively from Euro (EUR)to USD in compliance with the requirements of IAS 21, The Effects of Changes in Foreign Exchange Rates. As a result,the USD is the functional currency for all Group entities, except for JAB Holding Sao Paulo Ltda. Therefore, in thecurrent period other comprehensive income only includes insignificant foreign exchange differences. JAB Holding Company S.à r.l. Half Year Report 2021 34
3. Notes to the Accounts3.1. Investments3.1.1. Investments in subsidiariesThe following table gives an overview of material non-consolidated investments in subsidiaries at period end: Principal place Proportion of ownership Fair Value of ownership Entity of business interest interest 30 June 2021 31 Dec. 2020 30 June 2021 31 Dec. 2020 in % in % in $m in $m JAB Coffee & Beverages B.V. 1 Netherlands 100.0 100.0 18,428.1 17,693.5 JDE Peet's N.V. Netherlands - 1.9 - 431.8 Keurig Dr Pepper Inc. USA - 0.4 - 173.5 JAB Coffee & Beverages 18,428.1 18,298.8 Pret Panera Holdings B.V. Netherlands 57.4 - 5,016.0 - Pret Panera I G.P. USA - 53.8 - 2,769.5 Pret Panera III G.P. USA - 16.3 - 1,359.9 Pret Panera 5,016.0 4,129.4 JAB Indulgence B.V. Netherlands 100.0 - 1,030.6 - KK G.P. USA 0.0 49.4 0.0 1,068.0 JAB Indulgence 1,030.6 1,068.0 Cottage Holdco B.V. Netherlands 100.0 100.0 4,238.7 3,227.3 Petcare G.P. USA 40.0 38.5 4,803.5 3,273.9 Other 443.6 251.4 Total 33,960.5 30,248.8The Group controls its investments in KK G.P. and Petcare G.P. by virtue of agreements with its co-investors.Therefore, the investments are presented as investments in subsidiaries.JAB Coffee & Beverages JAB Holding Company S.à r.l.The Group is invested in Keurig Dr Pepper Group (KDP) and JDE Peet’s (JDEP) through JAB Coffee & Beverages B.V.In the six months period ended 30 June 2021, the Group acquired further shares in JDE Peet’s N.V. ($37.6m). TheGroup reorganised its JAB Coffee & Beverages shareholdings by transferring either through contribution or sale itsdirectly held shares in JDE Peet’s N.V. and KDP to JAB Coffee & Beverages B.V.In addition, in the six months period ended 30 June 2021, the Group made a cash contribution of $499.1m toJAB Coffee & Beverages B.V. Half Year Report 20211 Former JAB Beverage Platform B.V. was renamed to JAB Coffee & Beverages B.V. in the six months period ended 30 June 2021. 35
Pret PaneraPret Panera Holdings B.V. is the direct shareholder of further interim holding companies and their investments inPret A Manger Group, Panera Brands Group and Espresso House Group.In the six months period ended 30 June 2021, the Group reorganised its shareholding in Pret Panera. The directinvestments in Pret Panera I G.P. and Pret Panera III G.P. were contributed to the newly established intermediateholding company Pret Panera Holdings B.V.JAB IndulgenceThe Group is invested in Krispy Kreme Group through JAB Indulgence B.V.In the six months period ended 30 June 2021, the Group reorganised its shareholding in Krispy Kreme. The directinvestment in KK G.P. was transferred to the newly established intermediate holding company JAB Indulgence B.V.In the six months period ended 30 June 2021, the Group made capital contributions to KK G.P. in the amount of$67.7m and received share premium repayments of $158.5m from JAB Indulgence B.V.Cottage HoldcoThe Group is invested in Coty Inc. through Cottage Holdco B.V. As of 30 June 2021, Cottage Holdco B.V. holds 60.6%(463,853,684 shares) in Coty Inc.PetcareThe Group is invested in National Veterinary Associates (NVA) through a 40% investment in Petcare G.P.In the six months period ended 30 June 2021, the Group made additional contributions of $402.0m to Petcare G.P. JAB Holding Company S.à r.l. Half Year Report 2021 36
The movements in investments in non-consolidated subsidiaries can be detailed as follows: JAB Coffee JAB Cottage & Beverages Pret Panera Indulgence Holdco Petcare Other Total in $m in $m in $m in $m in $m in $m in $m Balance as of 31 December 2020 18,298.8 4,129.4 1,068.0 3,227.3 3,273.9 251.4 30,248.8 Additions 536.7 - 67.7 - 402.0 8.0 1,014.4 Disposals (387.2) - (158.5) - - - (545.6) Transfer from / to other investments - - - - - 128.4 128.4 Change in fair value (20.2) 886.6 53.4 1,011.4 1,127.6 55.7 3,114.5 Balance as of 30 June 2021 18,428.1 5,016.0 1,030.6 4,238.7 4,803.5 443.6 33,960.5The net gain/(loss) and dividend income from investments in non-consolidated subsidiaries at FVTPL is detailedbelow: Dividend income from Total net income from Net gain/(loss) on non- non-consolidated non-consolidated consolidated investments investments in investments in in subsidiaries at FVTPL subsidiaries at FVTPL subsidiaries at FVTPL For the six For the six For the six For the six For the six For the six months months months months months months ended 30 ended 30 ended 30 ended 30 ended 30 ended 30 June 2021 June 2020 June 2021 June 2020 June 2021 June 2020 in $m in $m in $m in $m in $m in $m JAB Coffee & 68.0 - 124.9 - 192.9 - Beverages Acorn Holdings B.V. - (1,070.2) - 70.4 - (999.8) JDE Peet’s (82.2) 48.2 - - (82.2) 48.2 Keurig Dr Pepper (6.0) (2.7) 0.8 1.1 (5.2) (1.6) JAB Coffee & Beverages (20.2) (1,024.7) 125.7 71.5 105.5 (953.2) Pret Panera (869.7) - (869.7) JAB Holding Company S.à r.l. 886.6 - 886.6 JAB Indulgence 53.4 (28.5) 227.5 - 280.9 (28.5) Cottage Holdco 1,011.4 (3,127.5) - - 1,011.4 (3,127.5) Petcare 1,127.6 (51.4) - - 1,127.6 (51.4) Others 55.7 (216.7) - - 55.7 (216.7) Total 3,114.5 (5,318.5) 353.2 71.5 3,467.7 (5,247.0)Net gain / (loss) from investments in Pret Panera and JAB Indulgence includes results from investments in Half Year Report 2021Pret Panera I G.P., Pret Panera III G.P. and KK G.P. before reorganisation of shareholding in those investments. 37
Half Year Report 2021 - JAB Holding Company (2024)

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