KPMG S.A.
7 Boulevard Albert Einstein
AMA Corporation
BP 41125 Immeuble Calypso
44311 Nantes Cedex 3
Téléphone : +33 (0)2 28 24 10 10
130 rue Eugène Pottier
Télécopie : +33 (0)2 28 24 10 16 35000 RENNES
Site internet : www.kpmg.fr




Nantes, le 30 octobre 2024


Rapport mission d’établissement des comptes consolidés


Conformément aux termes de notre lettre de mission en date du 4 décembre 2023, nous avons mis
en œuvre les diligences que nous avions contractuellement définies :
L’objectif principal de notre mission est d’établir les états financiers consolidés de votre groupe pour
le semestriel au 30 juin 2024. Elle comporte les étapes suivantes :
 Une assistance à la mise en place du process de consolidation.
 L’établissement des comptes consolidés proprement dits (bilan, compte de résultat, tableau de
flux de trésorerie et annexes).
Ne réalisant pas de mission d’opinion sur les différentes sociétés du groupe, la responsabilité de la fiabilité de
l’information financière reste exclue du champ d’application de cette mission.
Ils comportent 29 pages et se caractérisent par les données suivantes :
Montant des capitaux propres consolidés (part groupe) 5 103 KEUR
Total du bilan 12 342 KEUR
Chiffre d’affaires 1 288 KEUR
Résultat net consolidé (4 770) KEUR

Les travaux que nous avons mis en œuvre dans le cadre de cette mission ne constituent ni un audit, ni
un examen limité ; en conséquence, nous n’exprimons pas d’opinion sur les comptes de votre entité qui
sont joints au présent rapport.


KPMG SA




Aurélien Garel
Expert-comptable



KPMG Audit Ouest, société de commissaires aux comptes Société par actions simplifiée
rattachée à la Compagnie régionale des commissaires aux Siège social :
comptes de Ouest Atlantique. 7 Boulevard Albert Einstein
Société française membre du réseau KPMG constitué de 44311 Nantes Cedex 3
cabinets indépendants affiliés à KPMG International Limited, Capital social : 200 000 €
une société de droit anglais (« private company limited by 512 802 547 RCS Nantes
guarantee »).
AMA Group

Condensed Consolidated Interim
Financial Statements
June 30,2024
CONSOLIDATED INCOME STATEMENT

€ 000 Notes 2024.06 2023.06



Revenue 7.1 1 288 1 664

Cost of sales 7.3 (310) (535)

Other income 7.2 78 232

Other purchases and external expenses 7.3 (1 815) (1 319)

Personnel expenses 7.4.2. (2 840) (3 407)

Amortisation and depreciation of property, plant and equipment and intangible assets 11.1 & 11.2 (468) (581)

Other expenses 7.3 (83) (114)

Current operating loss (4 149) (4 061)



Non-current operating income

Non-current operating expenses 7.5 (647) -

Non-current operating loss (647) -



Financial income 8. 128 52

Financial expense 8. (91) (92)

Net financial expense 37 (40)

Loss before income tax (4 759) (4 101)


Income tax expense (11) (14)

Loss for the year (4 770) (4 115)




Profit (loss) for the year:

Attributable to owners of the Group (4 728) (4 079)

Attributable to non-controlling interests (42) (36)


Earnings per share

Basic earnings per share (in euros) 10 (0,09) (0,18)

Diluted earnings per share (in euros) 10 (0,09) (0,18)




2
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
€ 000 Notes 2024.06 2023.06



Loss for the year (4 770) (4 115)
Remeasurements of the net defined benefit liability (asset) (actuarial gains and
7 (4)
losses) 7.4.2
Deferred tax on actuarial gains and losses (2) 1
Total items that may not be recycled through profit and loss 5 (3)

Foreign currency translation differences 6 (18)
Total items subsequently recycled through profit and loss 6 (18)
Total comprehensive income/(loss), net of tax 11 (21)

Total comprehensive loss (4 759) (4 135)

Attributable to:

Owners of the Group (4 717) (4 098)
Non-controlling interests (42) (37)




3
CONSOLIDATED BALANCE SHEET
€ 000 2024.06 2023.12


Intangible assets 11.1. 6 16

Property, plant and equipment 11.2. 201 302

Right-of-use assets 12. 1 113 1 093

Financial assets 13. 169 164

Deferred tax assets 52 51

Non-current assets 1 541 1 626

Inventories 14. 452 495

Research tax credit receivable 15. 173 129

Trade receivables and related accounts 15. 547 676

Other current assets 15. 393 437

Cash and cash equivalents 16. 9 237 9 390

Current assets 10 802 11 126


Total assets 12 342 12 753


Share capital 17.1 7 680 7 680

Share premium and reserves 37 505 37 505

Foreign currency translation reserve 53 47

Retained earnings (40 136) (39 524)

Equity attributable to owners of the Group 5 103 5 708

Non-controlling interests 35 76

Total shareholders' equity 5 138 5 784

Non-current loans and borrowings 19.2 1 893 2 152

Lease liabilities 12. & 19.2 707 574

Defined benefit liability 100 132

Deferred tax liabilities 1 2

Non-current liabilities 2 701 2 859

Current tax liabilities 2 1

Current loans and borrowings 19.2 577 700

Lease liabilities 12. & 19.2 424 529

Trade and other payables 20. 1 015 807

Contract liabilities (deferred income) 7.1 1 223 1 308

Current provisions 18. 483 11

Other current liabilities 20. 779 754

Current liabilities 4 504 4 110


Total liabilities 7 205 6 968

Total shareholders' equity and liabilities 12 342 12 753




4
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Equity attributable to owners of the Group

Foreign curency
Retained Non-controlling
€ 000 Note Share capital Share premium translation Total Total equity
earnings interests
reserve



Balance at 1st Jan. 2023 3 207 34 161 69 ( 31 759) 5 679 117 5 796



Profit (loss) for the year ( 4 079) ( 4 079) ( 36) ( 4 115)

Other comprehensive income ( 17) ( 3) ( 20) ( 1) ( 21)

Profit / (loss) and other comprehensive income - - ( 17) ( 4 081) ( 4 098) ( 37) ( 4 135)

Capital increase 17.1 4 473 3 351 7 824 7 824

Capital reduction allocated to Guillemot Brothers' shareholder loan 3.1 - - -

Decrease in non-controlling interests with no change in control 5.2. - - - -

Increase in non-controlling interests with no change in control 5.2. ( 4) ( 4) ( 1) ( 6)

Equity-settled share-based payments 7.4. 160 160 - 160

Total transactions with owners of the Group 4 473 3 351 - 156 7 980 ( 1) 7 979

- -

Shareholders' equity at 30 Jun. 2023 7 680 37 513 51 ( 35 684) 9 560 79 9 640



Balance at 1st Jan. 2024 7 680 37 505 47 ( 39 524) 5 708 76 5 784



Profit (loss) for the year ( 4 728) ( 4 728) ( 42) ( 4 770)

Other comprehensive income 6 5 11 0 11

Profit / (loss) and other comprehensive income - - 6 ( 4 723) ( 4 717) ( 42) ( 4 759)

Capital increase - - - -

Waiver of Guillemot Brothers's shareholder loan 4 000 4 000 4 000

Capital reduction allocated to Guillemot Brothers' shareholder loan 3.1 - -

Decrease in non-controlling interests with no change in control 5.2. - - - -

Increase in non-controlling interests with no change in control 5.2. ( 0) ( 0) 1 1

Equity-settled share-based payments 7.4. 112 112 - 112

Total transactions with owners of the Group - - - 4 112 4 112 1 4 113



Shareholders' equity at 30 Jun. 2024 7 680 37 505 53 ( 40 136) 5 103 35 5 138




5
CONSOLIDATED CASH FLOW STATEMENT
€ 000 Notes 2024.06 2023.06


Loss for the year (4 770) (4 115)

Adjustments for:

– Depreciation of right of use assets 12. 330 307

– Depreciation of property, plant and equipment 11. 129 255

– Amortisation of intangible assets 11.2 9 25

– Net financial expense 8 (37) 40

– Loss or gain on sale of property, plant and equipment 11.2 (2) 17

– Cost of share-based payment 7.4.3 112 160

– Income tax expense / (income) 9.1 11 14

– Restructuring provision 18 481 -

– Other non-cash items (0) (65)

Total adjustments 1 031 751

Operating cash flow before change in working capital and income tax (3 739) (3 363)
Effect of changes in:

– Inventories 14. 44 175

– Trade receivables and related accounts 15. 117 285

– Contract liabilities 7.1 (92) (55)

– Advances and downpayments 20. 10 28

– Trade payables and related accounts 20. 219 41

– Provisions and employee benefits (29) 6

– Other receivables/current liabilities 15 & 20 61 (88)

Total changes 330 391

Operating cash flow before income tax paid (3 409) (2 972)

Income tax paid (57) (79)

Net cash used in operating activities (3 466) (3 051)

Acquisition of property, plant and equipment and intangible assets 11. (32) (30)

Disposals of property, plant and equipment and intangible assets 11. 1 (3)

Capitalised development costs 11. - -

Investment grants (incl. Research tax credit offsetting capitalised costs) - -

Acquisition of financial assets (4) (14)

Disposal of financial assets - 54

Net interest received 120 11

Net cash provided by (used in) investing activities 85 19

Capital increase 17. - 7 824

Proceeds from new loans and borrowings 19. 4 000 -

Repayment of loans and borrowings 19. (382) (368)

Payment of lease liabilities 12. (327) (294)

Acquisition of non-controlling interests 5.2. - (6)

Interest paid on loans and bank overdrafts 19. (36) (45)

Interest paid on lease liabilities 12. (24) (12)

Net cash provided by (used in) financing activities 3 231 7 099



Net increase (decrease) in cash and cash equivalents (150) 4 066

Cash and cash equivalents at January 1 9 390 8 603

Effect of movements in exchange rates on cash held (2) (28)

Cash and cash equivalents at 30 Jun 9 237 12 641




6
NOTES TO THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS

1. Presentation of the Group

AMA Corporation Plc ("the Company") is domiciled in the United Kingdom. The Company’s registered
office is located in London. The consolidated financial statements comprise those of the Company and
its subsidiaries (together referred to as "the Group").
The Group is a software developer and systems integrator for collaborative work, providing advanced,
highly-secure remote solutions for connected devices. The Group’s XpertEye suite provides augmented
reality, dynamic workflow management, and dynamic online scheduling and planning. Combined with
smart glasses or other camera sources (endoscope, microscope, dermatoscope, etc.), these innovative
solutions enable experts and on-site technicians to share data and knowledge in real time, making
remote support easier and more effective for users. They meet an increasing need for smart workplace
transformation in companies seeking to boost productivity and competitiveness in a wide range of areas
such as remote support, training, testing and healthcare.
These IFRS condensed consolidated interim financial statements for the 6-month period ending on June
30, 2024 have been approved by the Board of the Company on October 28, 2024.



2. Basis for preparation

2.1. Statement of compliance

These condensed consolidated interim financial statements for the 6-month period ending on June 30,
2024 have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the
European Union (EU) and should be read in conjunction with the latest Company’s annual financial
statements for the year ending on December 31, 2024 of the Company (the "latest annual financial
statements").
They do not include all the information required for a complete set of financial statements prepared
under IFRS. They do, however, include selected notes explaining significant events and transactions in
order to understand the changes in the Company's financial position and performance since the last
annual financial statements.
The accounting policies used to prepare these unaudited interim condensed consolidated financial
statements are identical to those applied by the Group as of December 31, 2023, except for:
 texts whose application is compulsory as from January 1, 2024;
 the specific provisions of IAS 34 used in the preparation of the interim financial statements.


The new texts that are mandatory as of January 1, 2024, are the following:

 Amendments to IAS 1 Presentation of Financial Statements – Classification of Liabilities as
Current or Non-current, and Non-current Liabilities with Covenants;
 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
– Supplier Finance Agreements; and
 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback.




7
The impact of these amendments is not significant.


The standards and interpretations not yet mandatory as of June 30, 2024 are the following:
 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Lack of
Exchangeability whose application is for annual reporting periods beginning on or after January
1, 2025 (not yet approved by the UE);
 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures –
Amendments to the Classification and Measurement of Financial Instruments, whose
application is for annual reporting periods beginning on or after January 1, 2026 (not yet
approved by the EU);
 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 et IAS 7 as part of the annual improvement
process , whose application is for annual reporting periods beginning on or after January 1,
2026 (not yet approved by the EU);
 IFRS 18 Presentation and Disclosure in Financial Statements, whose application is for annual
reporting periods beginning on or after January 1, 2027 (not yet approved by the EU);
 IFRS 19 Subsidiaries without Public Accountability: Disclosures, whose application is for annual
reporting periods beginning on or after January 1, 2027 (not yet approved by the EU).


These texts have not been early adopted. The expected impacts are not considered significant, except
for IFRS 18, for which the Group has not completed its assessment to date.

2.2. Use of judgments and estimates

In preparing these condensed interim financial statements, management has made judgments and
estimates that affect the application of the Company's accounting policies and the reported amounts of
assets and liabilities, income and expenses. Actual values may differ from estimated values.

2.3. Functional and presentation currency

The consolidated financial statements are presented in euros, which is the Company’s functional
currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

2.4. Seasonality of operations

The Group is not subject to significant seasonal fluctuations. The Group activity is linked to the progress
of our clients' projects, which are not connected to seasonal events but depend on the internal schedules
of each client.




8
3. Significant events of the period

In 2024:
• In the first half 2024, AMA launched a global savings plan focused on scaling back its workforce
by more 20 positions in France and 5 in other countries, with one non-priority commercial
business units shut down in China and the management of the customers reassigned to the
other subsidiaries. That’s the reason why, a restructuring provision of €481k has been recorded
in the group financial statements.
• A shareholder loan was granted by Guillemot Brothers Ltd for €4,000k on June 3, 2024. The
loan was later fully waived on June 4, 2024.
• On 31 January 2022, AMA granted stock options to employees with an exercise price of €2.03,
a vesting period ending on 31January 2024, and an option exercise period extending until 30
January 2028. On January 8, 2024, the Board of Directors, acting in accordance with section
16.2 of the plan, ratified a revision of the stock options' pricing. This adjustment involved issuing
new options to supersede the original ones, aimed at maintaining their motivational value by
lowering the exercise price from €2.03 to €0.21. This revision affected 878,500 stock options,
which accounted for 1.7% of AMA's share capital. The financial impact recognized in January
2024 under IFRS 2 for this revision is €94 k.
In 2023:
• AMA Corporation Plc has increased its shareholding in AMA Xperteye Inc of €3k.
• On 12 June 2023, AMA launched a capital increase on Euronext Growth of an amount of
€7,999k.
• On 27 June 2023, AMA has completed its fund raising of €7,999k by issuing 30,769,230 new
ordinary shares with a nominal value of £0.125, at the price of €0.26 per share. GUILLEMOT
BROTHERS SAS subscribed to this capital increase in AMA Corporation Plc for a number of
30,682,640 new shares, increasing its stake in AMA from 34.38% before this capital increase
to 72.15% after the transaction.
• On 24 March 2023, the company established a stock option plan that represented 5% of AMA's
share capital at the time. These stock options had a six-year lifespan and were exercisable at a
price of €0.35 two years after their issuance, contingent upon meeting a condition of ongoing
employment.
• On 31 December 2023, AMA Corporation Plc waved part of its loan granted within the scope of
the loan agreement dated January 1st, 2019 to AMA SA, amounting to €2,247k in order to
improve the financial position of AMA SA for the fiscal year 2023.
• The provision for employment safeguard plans has been partially reversed for €27k, of which
€18k was used. A provision of €8k has been maintained 31 December 2023 to cover the costs
of employees leaving the Group in 2024.



4. Subsequent events

None.




9
5. Consolidation scope

5.1. Consolidation scope

The consolidated companies are as follows:
2024.06 2023.12 2023.06


Percentage Percentage Consolida-tion Percentage Percentage Consolida-tion Percentage Percentage Consolida-tion
Company Name Country Business activity
interest control method interest control method interest control method

AMA CORPORATION UK Parent company Parent company Parent company FC Parent company Parent company FC Parent company Parent company FC
AMA SA France Distribution & support functions 98,59 % 99,35 % FC 98,59 % 99,35 % FC 98,59 % 99,35 % FC
AMA XPERTEYE INC USA Distribution 89,80 % 89,80 % FC 89,80 % 89,80 % FC 89,10 % 89,10 % FC
AMA XPERTEYE SRL Romania Distribution 89,11 % 89,11 % FC 89,11 % 89,11 % FC 89,11 % 89,11 % FC
AMA XPERTEYE GMBH Germany Distribution 86,20 % 86,20 % FC 86,20 % 86,20 % FC 86,20 % 86,20 % FC
AMA XPERTEYE UK UK Distribution 86,20 % 86,20 % FC 86,20 % 86,20 % FC 86,20 % 85,60 % FC
AMA XPERTEYE HK Hong Kong Distribution 85,00 % 85,00 % FC 85,00 % 85,00 % FC 85,00 % 85,00 % FC
AMA XPERTEYE SHANGHAI China Distribution 100,00 % 100,00 % FC 100,00 % 100,00 % FC 100,00 % 100,00 % FC
AMA OEIL DE L'EXPERT CANADA Canada Distribution 69,01 % 70,00 % FC 69,01 % 70,00 % FC 69,01 % 70,00 % FC
AMA JAPAN Japan Distribution 85,00 % 85,00 % FC 85,00 % 85,00 % FC 85,00 % 85,00 % FC
AMA SPAIN Spain Distribution 100,00 % 85,00 % FC 100,00 % 100,00 % FC 100,00 % 100,00 % FC
AMA ITALY Italy Distribution - - NC 100,00 % 100,00 % FC 100,00 % 100,00 % FC



* AMA OEIL DE L’EXPERT CANADA is indirectly held through AMA SA.

5.2. Consolidation scope

The impact of changes in non-controlling interests, while retaining control, are recognized in equity as
indicated below:
On January 24, 2024, AMA Corporation Plc's wholly-owned Italian subsidiary, AMA Xperteye S.R.L.
Italy, underwent liquidation. This action was carried out as part of the group's restructuring strategy
initiated in 2022 and had no notable impact on the Group's consolidated financial position.
As a reminder, in 2023, AMA Corporation Plc has increased its shareholding in AMA XPERTEYE Inc
for €3k. This operation resulted in an 0,7% increase in its equity interests.




10
6. Segment information

The Group’s chief operating decision maker refers to the members of the Executive Committee and the
Board of Directors.
The Group comprises ten distribution subsidiaries, covering three geographic areas corresponding to
the following segments:
• Europe, which includes subsidiaries in France, Germany, the UK, Romania and Spain and which
primarily invoice customers in Europe;
• North America, which includes subsidiaries in the United States and Canada and which primarily
invoice customers in the North American area;
• Asia, which includes subsidiaries in Hong Kong, Shanghai and Japan and which primarily
invoice customers in the Asia area.
The subsidiaries in each geographic area correspond to operating segments with similar economic
characteristics.
All of the subsidiaries offer similar products and services but are strategically monitored by geographic
area.
Information relating to each operating segment is presented below. Operating income and adjusted
EBITDA for each segment are used to measure performance as management considers that this
information is the most relevant for understanding the earnings of each segment compared with earnings
from other entities. Adjusted EBITDA is defined as operating income plus depreciation, amortisation and
impairment of property, plant and equipment and intangible assets, share-based payment expenses,
and other non-current expenses/income.
The other items in the income statement, including financial income and expenses as well as taxes, are
included within “Registered office, support functions and intragroup”.
The "Cost of Sales" in the income statement is equal to the sum of "Merchandise purchases" and
"Change in inventories" (included in the Profit margin in the segment information table below) and
"Inventory impairment" (excluded from the Profit margin).




11
Siège et
Amérique du fonctions
Period ended June 30, 2024 Europe Asie Total
Nord supports et Intra-
groupe

Revenue 920 295 72 0 1 287
Cost of sales (144) (83) (7) (10) (245)
Inventory changes - - (36) (64) (99)
Partnership commissions (22) - (22)
Leased 'Xperteye Amortisation and rental costs (0) - - (13) (13)
Margin excluding in inventory depreciation 754 211 29 (87) 908

Reversal / Depreciation of inventory - - 14 42 56
Other income 16 3 1 56 76
Other purchases and external expenses (237) (181) (181) (1 215) (1 814)
Personnel expenses (353) (260) (186) (2 040) (2 840)
Other depreciation of property, plant and equipment and intangible assets (121) (37) (24) (272) (454)
Other non-current expenses (93) 2 (2) 12 (81)
Intersector* 91 273 486 (850) -
Current operating loss 57 12 137 (4 355) (4 149)

Other non-current expenses (21) - (119) (508) (647)
Other non-current income - - - - -
Non-current operating loss (21) - (119) (508) (647)

- Depreciation of property, plant and equipment and intangible assets 121 37 24 286 468
- Other non-current expenses/(income) 21 - 119 508 647
- Share-based payments 112 112
Adjusted EBITDA 178 48 161 (3 958) (3 570)


Siège et
Amérique du fonctions
Six-month period ended June 30, 2023 Europe Asie Total
Nord supports et Intra-
groupe

Revenue 1 274 255 130 5 1 664
Merchandise purchases (46) (21) (55) (201) (322)
Inventory changes - - 13 (249) (236)
Partnership commissions (33) - (5) - (38)
Leased 'Xperteye Amortisation and rental costs (1) - - (47) (48)
Margin excluding inventory depreciation 1 195 234 82 (491) 1 020

Reversal / Inventory impairment - - (39) 100 61
Other income 19 10 1 202 232
Other purchases and external expenses (270) (196) (198) (654) (1 319)
Personnel expenses (503) (276) (238) (2 391) (3 407)
Other amortisation and depreciation of property, plant and equipment and intangible assets (114) (35) (35) (349) (533)
Other expenses (423) 33 (8) 283 (114)
Intersector* 191 247 428 (867) -
Current operating loss 94 17 (6) (4 166) (4 061)

Other non-current expenses -
Other non-current income - - - - -
Non-current operating loss - - - - -

- Amortisation and depreciation of property, plant and equipment and intangible assets 115 35 35 396 581
- Share-based payments 160 160
Other non-current expenses/income
Adujsted EBITDA 209 52 29 (3 610) (3 320)


*Reinvoicing between the AMA Corporation Plc parent company or AMA SA and distribution subsidiaries
In 2024, two major events had an impact on the EBITDA of the Group. The events have been restated
in the “Adjusted EBITDA” to provide an accurate reflection of the Group’s financial performance. The
following adjustments were made:
‐ Non-current expenses of €647k linked to the redundancy plan.
‐ The revision of the stock options' pricing, recognized in January 2024 under IFRS 2, has a
financial impact of €94 k.




12
7. Operating data

7.1. Revenue

Revenue
Revenue is split as follows:
€ 000 2024.06 2023.06
Software & support services 931 1 075
Equipment sales 288 452
Pilot contracts 2 52
XpertEye solution revenue 1 221 1 579
Other services 67 85
Total revenue 1 288 1 664


The Group experienced a decline in turnover by 23% compared to the previous year.
Revenues linked to its core business, selling the XpertEye software suite, decreased to a lesser extent
by 14%. While sales of equipment such as connected equipment, glasses, and smartphones dropped
by 37%. These trends continue to reflect the wait-and-see approach observed for clients and prospects
facing a deteriorating economic environment.


Contract liabilities
Changes in contract liabilities (prepaid income) is split as follows:
€ 000 2024.06 2023.06
Contract liabilities at 1 January 1 308 1 456
Increase in amounts received, net of revenue recognised for
680 769
the period
Revenue recognised for the period included in opening
(765) (839)
amount
Contract liabilities at 30 June 1 223 1 386

7.2. Other income

Other income breaks down as follows:


On June 30, 2024, Other operating income mainly comprises the reversal of the €8k provision for
employment safeguard plans and the reversal of the €14k for the depreciation of trade receivables.
On June 30,2023, Other operating income mainly comprises the reversal of the €73k provision for
Google Pixel telephones (see Note 18) and the reversal of the €23k for the depreciation of trade
receivables.




13
2024.06 2023.06

Operating grants 47 127
Other operating income 31 105
Total other operating income 78 232

7.3. Operating expenses

Operating expenses break down as follows:
2024.06 2023.06

Equipment purchases (245) (322)
Change in inventories (99) (236)
Inventory impairment 56 61
Partnership commissions (22) (38)
Total cost of sales (310) (535)
Total employee benefits 7.4.2. (2 840) (3 407)
Non-stock purchases (31) (47)
Lease expenses 12. (24) (25)
General sub-contracts (645) (291)
Professional fees (412) (260)
Travel & entertainment (142) (240)
Trade fairs & marketing fees (214) (164)
Other (345) (292)
Total other purchases and external expenses (1 815) (1 319)
Total amortisation and depreciation of property, plant and
11. (468) (581)
equipment, intangible and right of use assets
Taxes (40) (41)
Other (43) (74)
Total other expenses (83) (114)

On June 30, 2024, the increase in “General sub-contracts” (€355k) is related to the increase in sub-
contracts of development in AMA SA.
The increase in "Professional fees" (€174k) is linked to the increase in legal and professional fees
(€80k), legal audit accounting fees (€18k), accounting and other fees (€70k), and in financial
communication fees (€6k).
The decrease in “Travel & entertainment” (€-98k) is linked to the decrease of sales and business in the
subsidiaries.
The increase in “Other” caption, under Other purchases and external expenses (51 k€), mainly relates
to Guillemot Brothers management fees (€64k), and postal fees (€-14k).




14
7.4. Personnel and headcount

7.4.1.Headcount



2024.06 2023.06


Managers 64 69
Others employees 12 14
Average headcount in the period 76 83

7.4.2.Personnel expenses

Personnel expenses break down as follows:


2024.06 2023.06
Wages and salaries (2 613) (3 097)
Post-employment defined contribution expenses (145) (145)
Post-employment defined benefit expenses 29 (6)
Equity-settled share-based payments (112) (160)
Total (2 840) (3 407)
The decrease in personnel expenses mainly reflects the reduction in the number of employees (see
Note 7.4.1).




15
7.4.3.Share-based payment

On June 30, 2023, AMA Corporation plc granted 2 233 000 stock options (SO) to employees and a
corporate representative of AMA CORP, AMA SA, AMA US, AMA Germany, AMA Shanghai, AMA Srl,
AMA Japan, AMA Italy and AMA UK. The vesting period is two years. The contractual term is on January
30, 2028 for the first plan of 1 115 500 stocks initiated in 2022 and on March 27, 2029 for the second
plan of 1 120 500 stocks initiated in 2023.
On January 8, 2024, the Board of Directors, acting in accordance with section 16.2 of the first plan,
ratified a revision of the stock options' pricing. This adjustment involved issuing new options to
supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price
from €2.03 to €0.21. This revision affected 878,500 stock options, which accounted for 1.7% of AMA's
share capital.
The fair value of the stock options was measured based on Black-Scholes model. The inputs used to
measure the 2022 stock options fair value at grant date are as follows:
SO 2022 SO 2023
Fair value at grant date €0,11 €0,15
Share price at grant date €0,27 €0,35
Exercice price of the option €0,21 €0,35
Expected volatility (weighted average) 42,32% 53,00%
Expected life span 6 years 6 years
Maturity 4 years - mid-life 4 years - mid-life
Expected dividend - -
Risk-free interest rate (based on government bonds) 2,68% 2,53%

0% for founders and directors 0% for founders and directors
Turnover rate 5% for managers 5% for managers
10% for employees 10% for employees



In 2024 and 2023, changes in the number of stock options were as follows:
30 Jun. 2024
Options number Options nb
SO 2022 SO 2023 Total
Outstanding as of January 1st, 878 500 1 057 000 1 935 500
Lapsed during the period - 1 112 500 - 263 500 - 1 376 000
Exercised during the period -
Granted during the period 1 112 500 1 112 500
Outstanding as of June 30, 878 500 793 500 1 672 000

During the periods ended June 30, 2024, share-based payments of €112k were expensed and June 30,
2023, share-based payments of €160k were expensed.

7.5. Non-current operating income and expenses

On June 30 2024, Non-current operating expenses relates to the Group restructuring plan for €647k. It
includes €508k for employment safeguard plans (including a provision for €481k) and €139k of
termination benefits costs.
On June 30 2023, there are not non-current operation income and expenses.




16
8. Net financial income and expense

Group financial income and expense is split as follows:
€ 000 2024.06 2023.06
Interest expense on loans (60) (53)
Foreign exchange losses (24) (28)
Other interest expense (6) (11)
Interest and related expenses (91) (92)
Foreign exchange gains 8 41
Other financial income 120 11
Interest and related income 128 52

Total 37 (40)
On June 30, 2024, the “Other financial income” mainly comprises interest on bank savings (€29k) and
cash equivalents income (€74k).

9. Taxation

The income tax expense is determined based on the pre-tax profit for the interim period multiplied by
management's best estimate of the weighted average annual tax rate expected for the full year. This
rate is adjusted for the tax effect of certain items fully recognized in the interim period. Accordingly, the
effective tax rate in the interim financial statements may differ from management's estimate of the
effective tax rate in the annual financial statements.
For the six-month period ending June 30, 2024, the Group's effective tax rate for continuing operations
is 25% (for the six-month period ending June 30, 2023: 19%).




17
10. Earnings per share

Earnings per share takes into account the June 27th, 2023, operations during which capital increase of
30 769 230 shares.
Earnings attributable to holders of ordinary shares (basic):
2024.06 2023.06

Net earnings attributable to owners of the Company (4 728) (4 079)
Net earnings attributable to holders of ordinary shares (4 728) (4 079)



Weighted average number of ordinary shares (basic and diluted):


2024.06 2023.06

Ordinary shares at 1 January 53 225 045 22 455 815
Capital decrease
Capital increase 512 821
Weighted average number of ordinary shares at 30 June 53 225 045 22 968 636
Basic earnings per share in € - 0,09 - 0,18
Diluted earnings per share in € - 0,09 - 0,18



Weighted average number of ordinary shares at 30 June 2024 does not include the outstanding stock
options.
Indeed, as the result of continuing operations is a loss, instruments giving deferred rights to capital such
as stock options have an anti-dilutive effect. They are therefore not considered, and basic earnings per
share are therefore identical to diluted earnings per share.




18
11. Intangible assets and property, plant and equipment

11.1. Intangible assets

Intangible assets are split as follows:

€ 000 2023.12 Additions Disposals Amortisation for Effects of Reclassifications 2024.06
the period changes in
foreign
exchange rates


Development costs 11 039 - - - - 11 039

Software 455 - (72) - - 383

Intangible assets in progress 1 328 - - - - 1 328

Intangible assets (gross) 12 823 - (72) - - - 12 750


Amortisation of development costs (11 039) - - - - (11 039)
Amortisation of software (439) 72 (11) - - (377)
Amortisation of intangible assets in progress (1 328) - - - - (1 328)

Amortisation/impairment of intangible assets (12 806) - 72 (11) 0 - (12 745)

Total net value 16 - - (11) 0 - 6



€ 000 2022.12 Additions Disposals Amortisation for Effects of Reclassifications 2023.06
the period changes in
foreign

Development costs 11 039 - - - - - 11 039

Software 448 - - - - - 448

Intangible assets in progress 1 328 - - - - - 1 328

Intangible assets (gross) 12 816 - - - - - 12 816



Amortisation of development costs (11 039) - - - - - (11 039)

Amortisation of software (421) - - (25) - - (445)

Amortisation of intangible assets in progress (1 328) - - - - - (1 328)
Amortisation/impairment of intangible assets (12 788) - - (25) 0 - (12 813)

Total net value 27 - - (25) 0 - 3




19
11.2. Property, plant and equipment

Property, plant and equipment breaks down as follows:

2023.12 Additions Disposals Depreciation for Effects of Reclassifications 2024.06
the period changes in
€ 000
foreign
exchange rates



XpertEye equipment - rental use 298 1 (71) - - - 227

XpertEye equipment - internal use 567 13 (30) - - 551

Technical facilities, equipment and tooling 184 0 (5) - 0 - 178

Transportation equipment 19 - - - - - 19

Computer equipment 765 18 (41) - 1 - 743

Plant and equipment in progress - - - - - - -

Advances and downpayments for a real estate project - - - - - - -

Other property, plant and equipment 204 - - - 1 - 204

Property, plant and equipment (gross value) 2 037 32 (147) - 1 - 1 923


Dep. XpertEye equipment - rental use (279) - 71 (13) - - (221)

Dep. XpertEye equipment - internal use (530) - 28 (24) - - (526)

Dep. of technical facilities, equipment and tooling (202) - 7 (6) (0) - (201)

Dep. of transportation equipment (19) - - - - - (19)

Dep. of computer equipment (560) - 37 (65) (1) - (588)

Dep. of other PPE (145) - - (21) (0) - (166)

Depreciation/impairment of property, plant and equipment (1 735) - 143 (129) (1) - (1 722)


Total net value 302 32 (4) (129) 0 - 201



2022.12 Additions Disposals Depreciation for Effects of Reclassifications 2023.06
€ 000 the period changes in
foreign




XpertEye equipment - rental use 990 11 (86) - - 47 961

XpertEye equipment - internal use 942 20 (30) - - 99 1 031

Technical facilities, equipment and tooling 148 41 (5) - 0 9 193

Transportation equipment 37 - (18) - - - 19

Computer equipment 1 091 88 (62) - 3 - 1 120

Advances and downpayments for a real estate project 817 3 (817) - - - 3

Other property, plant and equipment 378 45 (7) - 2 - 418

Property, plant and equipment (gross value) 4 403 217 (1 026) - 5 146 3 745



Dep. XpertEye equipment - rental use (718) - 61 (151) - - (807)

Dep. XpertEye equipment - internal use (664) - 27 (118) - - (755)

Dep. of technical facilities, equipment and tooling (134) - 10 (6) (0) - (131)

Dep. of transportation equipment (37) - 18 - - - (19)

Dep. of computer equipment (453) - 61 (135) (2) - (529)

Dep. of other PPE (176) - 5 (69) (0) - (241)

Depreciation/impairment of property, plant and equipment (2 182) - 181 (478) (2) - (2 481)



Total net value 2 221 217 (845) (478) 3 146 1 264


Other fixtures, fittings and equipment correspond to work done in AMA offices.




20
11.3. Impairment tests

During the year 2022, the Group’s market capitalization declined by more than 80% which constitutes
an indication of impairment. To determine if the carrying amount of R&D at the end of June 2022
exceeded its recoverable amount, the company used the value-in-use method. The value in use method
involves estimating the future cash flows that the R&D’s cash-generating unit (CGU) will generate over
the useful life of 5 years. All assets of the Group being largely dependent, budgets realized and validated
by the management for all the Group are the most relevant inputs for estimating the future discounted
cash flow generated by this R&D’s CGU.
The comparison of this recoverable amount estimated under reasonable and supportable assumptions
to the carrying amount of the Group’s net assets led to depreciate R&D capitalized costs for their total
amount.
In 2024, the underlying assumptions used in 2022 are maintained, and the research & development
costs are recognized in expenses.

12. Leases

In the course of its business, the Group leases premises and vehicles and accesses dedicated servers
with a lease component.
Right-of-use assets break down as follows:
Land and
€ 000 Vehicles Servers Other TOTAL
buildings
Balance at Dec. 31, 2022 331 75 614 4 1 024
Depreciation for the period (128) (34) (143) (1) (307)
Additions to right-of-use assets 255 40 7 - 302
Derecognition of right-of-use assets (116) (2) (142) - (260)
Foreign currency gains (losses) (6) - - (0) (6)
Balance at June 30, 2023 336 80 335 3 754

Balance at Dec. 31, 2023 251 85 756 1 1 093
Depreciation for the period (131) (37) (161) (1) (330)
Additions to right-of-use assets 58 74 352 - 483
Derecognition of right-of-use assets (63) - (70) - (133)
Foreign currency gains (losses) (0) - - 0 (0)
Balance at June 30, 2024 114 122 877 0 1 113




The related impact on profit and loss and cash flow is as follows:
‐ Amounts recognised in net profit (loss)
2024.06 2023.06
€ 000 € 000
Interest on lease liabilities (12) (11)
Depreciation charge (330) (307)


The expense recognised for leases of low-value assets or leases for less than one year is not material.
‐ Amounts recognised under cash flows:
2024.06 2023.06
€ 000 € 000
Total cash outflows attributable to leases 420 294




21
13. Financial assets

Financial assets break down as follows:


€ 000 2024.06 2023.12


Non-consolidated equity investments 4 4

Other non-consolidated deposit - non-current 112 112

Loans, guarantees and other receivables - non-current 56 53
Financial assets 172 168

Depreciation loans, guarantees and other receivables - non-current (3) (4)
Depreciation of financial assets (3) (4)

Total net value 169 164



14. Inventories



€ 000 2024.06 2023.12

Gross amount 722 821
Impairment (270) (326)
Net 452 495
Inventories mainly comprise glasses and accessories.
In 2024, a €71k depreciation reversal was recorded on products depreciated in 2021 or 2022.
In 2023, a €64k depreciation reversal was recorded on products depreciated in 2021 or 2022 and sold
essentially to brokers in 2023, as obsolete smartphones for example (€ 88 k).
Inventory is regularly reviewed to identify discontinued items or items that pose resale difficulties.




22
15. Trade and other receivables, other current assets

Trade receivables and other current assets break down as follows:


2024.06 2023.12
€ 000

Trade and other receivables 575 701
Impairment of receivables for expected losses (28) (25)
Total trade and other receivables 547 676

Current tax receivables 173 129

Prepaid expenses 237 289
State receivables (excl. income tax) - current 107 75
Staff and social security receivables 24 33
Other current assets 25 41
Total other current assets 393 437
The decrease in trade and other receivables in proportional with the decrease of sales.



16. Cash and cash equivalents


2024.06 2023.12
€ 000

Bank accounts 8 735 2 335
Demand deposits 502 7 054
Cash and cash equivalents reported in the statement of financial position 9 237 9 390

Bank overdrafts repayable on demand and used for cash management purposes - -
Cash and cash equivalents reported in the statement of cash flows 9 237 9 390




23
17. Equity

17.1. Share capital

AMA Corporation Plc’s share capital breaks down as follows:
Shares capital Share Shares capital Share
premium premium
2024.06 2023.12

Nb of shares € 000 € 000 Nb of shares € 000 € 000

Shares outstanding at 1 January 53 225 045 7 680 37 505 22 455 815 3 207 34 161
Capital reduction
Capital increase 30 769 230 4 473 3 343
Shares outstanding at 31 December – fully paid 53 225 045 7 680 37 505 53 225 045 7 680 37 505

The par value of ordinary shares is €0.144.
On 27 June 2023, AMA Corporation Plc completed an increase in capital of €7,824k, by issuing
30,769,230 new ordinary shares with a nominal value of £0.125, priced at €0.26 per share. This
transaction resulted in a nominal capital injection of €4,473k and a share premium of €3,351k..
GUILLEMOT BROTHERS SAS subscribed to this capital increase in AMA Corporation Plc for a number
of 30,682,640 new shares, increasing its stake in AMA from 34.38% before this capital increase to
72.15% after the transaction.




24
18. Provisions and contingent liabilities


€ 000 Provision for Provision for employment Others provisions TOTAL
replacement Google Pixel safeguard plans
telephones

Balance at Dec. 31, 2022 98 35 - 134
Depreciation for the period - - -
Recovery for the period (provision used) (55) (19) (73)
Recovery for the period (provision not used) -
Balance at 30th Jun. 2023 44 17 - 60
Depreciation for the period - 3 3
Recovery for the period (provision used) (44) (8) (52)
Recovery for the period (provision not used) -
Balance at Dec. 31, 2023 - 8 3 11
Depreciation for the period 481 481
Recovery for the period (provision used) (8) (8)
Recovery for the period (provision not used) -
Balance at 30th Jun. 2024 481 3 483

In 2020, a €538k provision was recognised for the upcoming replacement of Google Pixel telephones
purchased by clients. The XpertEye Advanced APK (Android Package Kit), developed in 2020 and
slated for release in 2021, were not compatible with the Google Pixel currently embedded in the
XpertEye Advanced solution, or compatibility would require overly costly development. This provision
has been reversed during the past three years.
In 2022, a €35k provision was recognised for employment safeguard plans (termination benefits). This
provision has been completely reversed at June 30, 2024.
In 2024, an additional provision was recognised for employment safeguard plans (€481k). The
restructuring plans include termination benefits and personnel expenses.




25
19. Loans and borrowings

19.1. Main terms and conditions

The terms and conditions of current loans are as follows:

2024.06 2023.12
Currency Annual nominal Year of Nominal Carrying Carrying
€ 000
interest rate maturity value amount amount

BPI €750 thousand loan EUR Fixed rate 2023 750 75
BPO €900 thousand loan EUR Fixed rate 2023 900 43
CIC €400 thousand loan EUR Fixed rate 2024 400 43 93
CREDIT COOP €600 thousand loan EUR Fixed rate 2029 600 600 600
BPI France €2,000 thousand loan EUR Fixed rate 2028 2 000 1 800 2 000

Other financial liabilities due within one year
28 40
and accrued loan interest

Total bank loans 4 650 2 470 - 2 852

Arkea credit line EUR Floating rate 2025 5 000
Société Générale credit line EUR Floating rate 2027 2 750
Crédit Agricole credit line EUR Floating rate Undetermined 2 500
LCL credit line EUR Floating rate Undetermined 1 500
Total available credit lines 11 750 - -
Total 16 400 2 470 2 852

Fixed rates range from 0% to 1.9%, while floating rates are EURIBOR 3M +3.587%.




26
19.2. Change in loans and borrowings distinguishing cash and non-cash flows

Changes to loans and borrowings and lease liabilities in 2024 and 2023 were as follows:
Cash flows Changes in non-cash flows
€ 000 2023.12 Cash inflows from Interest paid Repayment of 2024.06
new debt borrowings Foreign
Interest Impact of IFRS
exchange Others Reclass.
expense 16 - Leases
gains (losses)



Bank loans 2 152 - - - - (258) 1 893

Current account with Guillemot Brothers Ltd - - - - - -

Total non-current borrowings and financial
2 152 - - - - - - (258) 1 893
liabilities


Non-current lease liabilities 574 483 (420) (1) - 71 707


Bank loans 660 - (60) (369) - 60 258 549

Bonds

Accrued loan interest 1 - - - - 1

Other financial liabilities due within one year 39 - (13) 1 - 27

Current account with Guillemot Brothers Ltd (0) - - - - - 0

Total current borrowings and financial liabilities 700 - (60) (382) 1 60 - - 258 577


Current lease liabilities 529 - (35) 1 - (71) 424

Cash flows Changes in non-cash flows
2022.12 Cash inflows from Interest paid Repayment of 2023.06
new debt borrowings Foreign
Interest Impact of IFRS
€ 000 exchange Others Reclass.
expense 16 - Leases
gains (losses)



Bank loans 2 813 - - - - (371) 2 443

Current account with Guillemot Brothers Ltd - - - - - -

Total non-current borrowings and financial liabilitie 2 813 - - - - - - - (371) 2 443



Non-current lease liabilities 444 303 (294) (3) (267) 17 201

Bank loans 639 - (53) (360) - 53 371 649

Bonds

Accrued loan interest 5 - (4) - - 1

Other financial liabilities due within one year 47 - (8) 0 - 40

Current account with Guillemot Brothers Ltd (0) - - - - - (0)

Total current borrowings and financial liabilities 691 - (53) (372) 0 53 - - 371 690



Current lease liabilities 583 - - (3) (17) 562




20. Trade accounts payable, other current liabilities

Trade payables and other current liabilities break down as follows:
€ 000 2024.06 2023.12

Total trade payables 1 015 807

Staff and social security payables - current 667 654
Tax payables (excl. income tax) 106 90
Prepaid income (excl. client contracts) - -
Other payables - current 6 11

Total other liabilities 779 754

Total 1 794 1 561
The trades payables change, concerns mainly AMA SA with an increase of €147k and AMA Corporation
Plc with an increase of €76k.




27
21. Financial instruments and risk management

21.1. Classification and fair value of financial instruments

2024.06 2023.12
Accounting Fair value level Carrying amount Fair value Carrying amount Fair value
€ 000
category
Loans and guarantees Amortised cost Level 2 - Note 2 168 168 165 165
Fair value
Non-consolidated equity investments Level 3 - Note 3 4 4 4 4
through P&L
Total non-current financial assets 172 172 168 168

Trade and other receivables Amortised cost Note 1 547 547 676 676
Cash and cash equivalents Amortised cost Note 1 9 237 9 237 9 390 9 390
Total current financial assets 9 784 9 784 10 065 10 065

Total assets 9 956 9 956 10 234 10 234

Bank loans and other financial liabilities Amortised cost Level 2 - Note 5 1 893 1 839 2 152 2 111
Current account with Guillemot Brothers Ltd Amortised cost Level 2 - Note 5 - - - -
Total non-current financial liabilities 1 893 1 839 2 152 2 111

Non-current lease liabilities Amortised cost Level 2 - Note 4 707 N/A 574 N/A

Bank loans and other financial liabilities Amortised cost Level 2 - Note 5 577 593 700 719
Current account with Guillemot Brothers Ltd Amortised cost Level 2 - Note 5 0 0 (0) (0)
Trade payables Amortised cost Note 1 1 015 1 015 807 807
Bank overdraft Amortised cost Note 1 - -
Total current financial liabilities 1 592 1 608 1 507 1 526

Current lease liabilities Amortised cost Level 2 - Note 4 424 N/A 529 N/A

Total liabilities 3 485 3 448 4 761 3 637


Note 1 - The carrying amount of current financial assets and liabilities is deemed to be approximately
their fair value.
Note 2 - The difference between the carrying amount and fair value of loans and guarantees is deemed
immaterial.
Note 3 - The fair value of unconsolidated equity investments is immaterial.
Note 4 - As allowed for under IFRS, the fair value of lease liabilities and their level in the fair value
hierarchy is not presented.
Note 5 - The fair value of loans and borrowings was estimated using future cash flows discounted at a
market rate.




28
22. Risk management

The Group is exposed to interest rate risk, credit risk and liquidity risk. The Group has not identified any
significant changes in the identified risks compared to December 31, 2023.

23. Related-party transactions

Since July 12, 2022, Guillemot Brothers SAS is the Group’s parent company. The Group has not
identified any significant changes in transactions with related parties, except for the waiver of Guillemot
Brothers's shareholder loan, as explained in note 3.

24. Off-balance sheet commitments

The Group has not identified any significant changes in off-balance sheet commitments in the first half
of 2021, 2022, 2023 and 2024 compared to December 31, 2023, December 31, 2022, December 31,
2021 and December 31, 2020.




29