Dear shareholders, dear business friends,

In the first half of 2021 our net worth rose by 17.5% to EUR 454 million and the net value per share by 18% from EUR 81 to EUR 95 . The DAX share index rose by 13% in the same period. In the first half of the year we bought for EUR 1.5 million 23,277 treasury shares. Without treasury shares the total number of shares outstanding was 4,767,016.

The biggest winners were the Russian Tinkoff Bank (+ 171%) and our Indian stocks (+ 59%) - mainly IT and financial service providers ( e.g. Birlasoft and Shriram City Union). The main losers were Ryman Healthcare (-13%), Gold (-8%) and our Japanese stocks (-1%). 76% of our net worth was invested in shares, a further 9% was invested in gold and cash made up 13%. In the first half of the year, we earned around EUR 73 million with our equity investments - an increase of 27 % based on our beginning balance of EUR 266 million shares. In addition to the increase in value, we earned EUR 0.8 million from disposals of shares and EUR 3.1 million in dividends.

31.12. 20

30.6. 21

YTD

% Total

Japan

35

32

-1%

7%

India

35

56

59%

12%

Berkshire

17

21

21%

5%

Brederode

17

20

22%

4%

Ryman

16

14

-13%

3%

Inv . AG TV

18

20

11%

4%

Summerset

19

20

4%

4%

TCS Group

12

33

171%

7%

Grupo Catalana

12

13

12%

3%

Fairfax

8

11

33%

2%

Biggest Positions

189

241

28%

53%

Remaining Stocks

77

104

28%

23%

Xetra Gold

44

39

-8%

9%

Cash

66

60

13%

Operative Companies

10

10

2%

Total Portfolio

386

454

17.5%

100%

Per Share

80.6

95.2

18.1%

Share

Buybacks (p.a.)

5.8

1.5

DAX

13,719

15,531

13.2%

In the first half of 2021 we made no new direct investments. We sold a portfolio company ( Azolver ) for a symbolic amount to the former owner.

We donated EUR 760,000 to three foundations Alkilah, Educate and Raising the Village, which are committed to education and the fight against poverty in several African countries.

We value openness and look forward to your suggestions and suggestions for improvement. We are always grateful for transaction proposals.

Kind regards

Reimar Scholz

Vorstand

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BAVARIA Industries Group AG published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 08:21:06 UTC.