Since 2007, PolyPeptide Laboratories Holding B.V. (incorporated under the laws of The Netherlands) was the holding company of the Group, consisting of six integrated operating subsidiaries located in Sweden, USA, France, India, and Belgium plus a dormant company located in Denmark and a dormant company in the process of liquidation in Germany.
As part of the preparations for the IPO on SIX Swiss Exchange (SIX) on 29 April 2021, all the shares of PolyPeptide Laboratories Holding B.V. were contributed into a new Swiss entity, PolyPeptide Group AG, in the form of a capital contribution. As a result, PolyPeptide Group AG became the new parent holding company of the Group.
PolyPeptide Group AG (the "Company") was incorporated in Switzerland on 6 April 2021. The registered office of the Company is Dammstrasse 19, 6300 Zug, Switzerland. The Company is a 60% subsidiary of Draupnir Holding B.V., a company registered in The Netherlands. Draupnir Holding B.V.'s ultimate parent entity is Foundation Mamont, a foundation registered on Guernsey of which Mr. Frederik Paulsen (1006 Lausanne, Vaud, Switzerland) is at present the principal beneficiary pursuant to the charter of the Mamont Foundation governed by the laws of Guernsey.
In accordance with the International Financial Reporting Standards (IFRS) the aforementioned reorganisation is not considered to be a business combination under IFRS 3 Business Combinations, but rather the continuation of the existing business activities of the Group with a new parent entity. As a result, the interim consolidated financial statements of PolyPeptide Group AG are presented using the values from the consolidated financial statements of the previous group holding entity, PolyPeptide Laboratories Holding B.V. Equity figures for the comparative period are based on actual circumstances, and therefore presented for the preceding holding company PolyPeptide Laboratories Holding B.V. A detailed reconciliation is set out in note 10.
These condensed consolidated financial statements are the unaudited, interim consolidated financial statements (hereafter “the half-year report”) of PolyPeptide Group AG and its subsidiaries (hereafter “the Group”) for the six-month period ended 30 June 2021 (hereafter “the interim period”). The half-year report is prepared in accordance with the International Accounting Standard 34 – Interim Financial Reporting. The half-year report should be read in conjunction with the consolidated financial statements for the year ended 31 December 2020 (hereafter “the annual report”) as it provides an update of the previously reported information. The accounting policies adopted in the half-year report are consistent with those of the previous financial year. The half-year report does not include all of the information required for a complete set of IFRS financial statements.
The preparation of the half-year report requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the half-year report, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.
There were no new standards or amendments to existing standards that have a material effect on the Group's half-year report. However, share-based payment to eligible members of the Board of Directors, the Executive Committee and certain other senior managers was introduced during the first half year of 2021. As a result, IFRS 2 – Share-based Payment now applies for the preparation and presentation of the interim consolidated financial statements.
All amounts are stated in thousands of Euros, unless otherwise stated.
The half-year report was approved by the Board of Directors as at 16 August 2021.