EX-99.4

Exhibit 99.4

Unaudited financial statements of Jacob Holm as of June 30, 2021 and for the six-month periods ended June 30, 2021 and 2020 and the related notes thereto.

PMM Holding (Luxembourg) AG

Condensed consolidated income statement


	For the 6-months period ended Jun 30,
	2021			2020
EUR ’000	unaudited			unaudited
Revenue		157.058			174.577

Cost of goods sold		132.815			148.281

Gross profit		24.243			26.295

Sales and marketing expenses		4.208			3.762
Administrative expenses		10.292			9.560

Operating profit		9.743			12.974

Other operating income and expenses		(373	)		(68	)

Profit before financial income and expenses and special items		9.370			12.906

Special items, net		(1.232	)		(25	)
Financial income		2.281			421
Financial expenses		(3.157	)		(4.208	)

Profit before tax		7.261			9.093

Tax on result for the year		966			2.151

Net profit for the year		6.295			6.942

PMM Holding (Luxembourg) AG

Condensed consolidated statement of comprehensive income


	For the 6-months period ended Jun 30,
	2021		2020
EUR ’000	unaudited		unaudited
Net profit for the period		6.295		6.942

Other comprehensive income

Items that may be subsequently reclassified to income statement
Exchange adjustment, foreign companies		651		198

Total comprehensive income for the period		6.947		7.140

PMM Holding (Luxembourg) AG

Condensed consolidated balance sheet


	Note		Jun 30, 2021		Dec 31, 2020
EUR ’000			unaudited		audited
Assets

Intangible fixed assets		5		4.654		4.434

Land & Buildings		6		27.614		27.450
Plant and machinery		6		69.193		67.807
Other fixtures and fittings, tools and equipment		6		1.972		1.674
Property, plant and equipment under construction		6		22.102		12.142
Right of use assets				4.977		5.680

Property, plant and equipment				125.858		114.754

Other receivables				505		488

Deferred tax asset				543		464

Non-current assets				131.560		120.140

Inventories				35.333		24.235

Corporate tax				454		499
Trade receivables				27.033		32.387
Other receivables and prepayments				4.232		7.707

Receivables and others				31.719		40.593

Cash at bank and in hand				7.327		20.606

Current assets				74.378		85.434

Total assets				205.939		205.573

PMM Holding (Luxembourg) AG

Condensed consolidated balance sheet

Note

Jun 30,
2021

Dec 31,
2020

EUR ’000

unaudited

audited

Equity and liabilities

Equity

24.125

23.908

Interest bearing liabilities

5.327

131.394

Provisions for other staff obligations

1.748

1.521

Non-current liabilities

7.075

132.914

Current portion of interest bearing liabilities

127.246

1.690

Credit institutions

11.528

9.930

Trade payables

20.950

19.594

Payables, plant and machinery

900

105

Payables due to group companies

251

Corporate tax

3.124

3.796

Other payables

10.991

13.386

Current liabilities

174.738

48.751

Total liabilities

181.814

181.665

Total equity and liabilities

205.939

205.573

PMM Holding (Luxembourg) AG

Condensed consolidated statement of changes in equity


	Share capital		Share premium and similar premiums		Legal reserve		Exchange adj.		Retained earnings			Total
EUR ’000	unaudited		unaudited		unaudited		unaudited		unaudited			unaudited
Equity at Jan 1, 2021		323		64.792		32		1.510		(42.749	)		23.908

Comprehensive income for the period		0		0		0		651		6.295			6.947
Dividends		0		0		0		0		(6.730	)		(6.730	)

Equity at Jun 30, 2021		323		64.792		32		2.162		(43.184	)		24.125

Equity at Jan 1, 2020		323		64.792		32		5.861		(53.293	)		17.715

Comprehensive income for the period		0		0		0		198		6.942			7.140
Dividends		0		0		0		0		0			0

Equity at Jun 30, 2020		323		64.792		32		6.059		(46.351	)		24.855

Paid dividends per share in 2021 amounts to EUR 2,084 (EUR 0 in 2020).

PMM Holding (Luxembourg) AG

Condensed consolidated statement of cash flows


	For the 6-months period ended Jun 30,
	2021			2020
EUR ’000	unaudited			unaudited
Ordinary result before tax		7.261			9.093
Non-cash adjustments		3.724			6.265
Corporation tax paid		(1.616	)		(394	)
Change in inventories		(11.168	)		(1.012	)
Change in receivables		7.113			(10.320	)
Change in suppliers etc.		(956	)		3.462

Cash flows from operating activities		4.357			7.095

Property, plant and equipment and intangible fixed assets, net		(12.066	)		(7.058	)
Purchase of financial fixed assets		(7	)		1
Change in payables, plant and machinery		782			(116	)

Cash flows from investing activities		(11.291	)		(7.173	)

Change in non-current liabilities		(844	)		(859	)
Change in credit institutions		1.599			4.025
Change in accounts with related and group companies		(251	)		(999	)
Paid out dividend		(6.730	)		0

Cash flows from financing activities		(6.226	)		2.167

Change in cash and cash equivalents		(13.160	)		2.089

Cash and cash equivalents, net at beginning of the period		20.606			13.935
Exchange adjustment of cash at bank and in hand, net at beginning of the period		(119	)		67

Cash and cash equivalents, net at the end of the period		7.327			16.090

Cash-flow related to non-recourse factoring is presented in change in working capital as part of cash-flow from operations. Cash-flow related to recourse factoring is presented as change in credit institutions in cash-flow from financing activities.

PMM Holding (Luxembourg) AG

Notes to the Interim Report

1 Reporting entity

PMM Holding (Luxembourg) AG is domiciled in Luxembourg. These condensed unaudited consolidated interim financial statements as at and for the six months ended June 30, 2021 comprise the Company and its subsidiaries (together the “Group”). The Group is primarily involved in manufacturing nonwoven fabrics for a wide range of applications in the consumer wipes, industrial wipes, hygiene, beauty care and health care segments. The Company’s functional currency is Euro (EUR).

2 Basis of preparation

(a) Statement of compliance

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. They do not include all the information required for a complete set of IFRS financial statements. Any events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements as at and for the financial year ended December 31, 2020 are disclosed in these financial statements.

(b) Judgments and estimates

In preparing these interim financial statements, Management makes judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the financial year ended December 31, 2020.

3 Significant accounting policies

The accounting policies applied in these interim financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the financial year ended December 31, 2020.

4 Subsequent events

After the balance sheet date, the Company announced that the shareholders of PMM Holding (Luxembourg) AG entered into a definitive agreement to transfer control of the Group to US based Glatfelter Corp. (NYSE: GLT). The agreement is subject to customary conditions, including regulatory approvals. Closing is expected to take place in the second half of 2021.

There has been no material adverse change to the financial condition of the Group after the balance sheet date.

PMM Holding (Luxembourg) AG

Notes to the Interim Report—(Continued)

5 Intangible fixed assets


	Goodwill		Customer lists, know-how, patents, licences			Software			Intangible fixed assets under construction
EUR ’000	unaudited		unaudited			unaudited			unaudited
Cost at Jan 1, 2021		43		4.823			10.879			552
Exchange adjustment		0		(53	)		(38	)		(6	)
Additions for the period		0		0			19			596
Transfer between items		0		53			337			(390	)
Disposals for the period		0		0			0			0

Cost at Jun 30, 2021		43		4.823			11.197			752

Amortisation at Jan 1, 2021		43		2.544			9.276			0
Exchange adjustment		0		(27	)		(37	)		0
Amortisation for the period		0		176			186			0
Disposals for the period		0		0			0			0

Amortisation at Jun 30, 2021		43		2.693			9.425			0

Carrying amount at Jun 30, 2021		0		2.130			1.772			752

Amortised over				10 years			3-10 years

6 Property, plant and equipment


	Land and buildings		Plant and machinery			Other fixtures and fittings, tools and equipment			PPE under construction
EUR ’000	unaudited		unaudited			unaudited			unaudited
Cost at Jan 1, 2021		50.722		187.059			9.713			12.143
Exchange adjustment		1.081		4.064			120			280
Additions for the period		0		649			241			12.712
Transfer between items		171		2.516			346			(3.033	)
Disposals for the period		0		(951	)		(228	)		0

Cost at Jun 30, 2021		51.974		193.337			10.192			22.102

Depreciation at Jan 1, 2021		23.272		119.252			8.039			0
Exchange adjustment		405		2.317			106			0
Depreciation for the period		683		3.029			303			0
Disposals for the period		0		(454	)		(228	)		0

Depreciation at Jun 30, 2021		24.360		124.144			8.220			0

Carrying amount at Jun 30, 2021		27.614		69.193			1.972			22.102

Amortised over		30-50 years		5-20 years			3-10 years

The Group continued the implementation of its long-term investment program (Project Boost) for accelerated growth of the capacity and capabilities of its production platform. The program was started in 2019 and will stretch into 2022. The total Project Boost related additions in the first half of 2021 amounts to approx. EUR 10 million.

PMM Holding (Luxembourg) AG

Notes to the Interim Report—(Continued)

7 Interest bearing liabilities

Non-current and current interest-bearing liabilities is made up of the issued Bond and lease liabilities.

As of June 30, 2021 the split and maturity is as follows:


	2021			2022			2023		After		Total
EUR ’000	unaudited			unaudited			unaudited		unaudited		unaudited
Bond		0			127.500			0		0		127.500
Lease liabilities		882			1.633			709		2.103		5.327
Financing costs		(169	)		(85	)		0		0		(254	)

		713			129.048			709		2.103		132.573

The Bond matures in full on March 31, 2022. The Company may redeem the bond issue in whole or in part at any time. The redemption price is:


March 2021 to September 2021		100.75% of par value
From September 2021		100.00% of par value

A change of control triggers a Put Option Event, which gives the Bondholders the right to require that the Issuer purchases all or some of the Bonds held by the Bondholder at a price equal to 101 per cent of the Nominal Amount plus accrued and unpaid interest.

The bonds are subject to minimum liquidity and a net debt / EBITDA ratio covenant testing in case of an Incurrence Event. An Incurrence Event can be either a dividend distribution above the permitted minimum distribution of EUR 7 million and/or the incurrence of financial indebtedness.

8 Segment information

The internal reporting framework used for reporting on revenue and expenses to the Executive Management and the Board of Directors has been set up to reflect and report on the global functional responsibility setup at the Company.

These are voluntary disclosures to show revenue and EBITDA per business area.

The Group’s global functional responsibility is divided into two segments:

(1)

The Jacob Holm Industries segment produces and sells non-woven roll-goods.

(2)

The Sontara segment produces and sells non-woven in converted and roll-goods form.

(3)

Other consists of the holding and management companies PMM Holding (Luxembourg) AG, Jacob Holm & Sons AG, Jacob Holm & Sønner Holding A/S and Jacob Holm & Sønner A/S.

PMM Holding (Luxembourg) AG

Notes to the Interim Report—(Continued)


	For the 6-months period ended Jun 30,
	2021			2020
EUR ’000	unaudited			unaudited
Revenue
Jacob Holm Industries		78.962			76.514
Sontara		78.142			98.055
Other		4.706			5.320

		161.811			179.889
Elimination of internal sales		(4.752	)		(5.313	)

Group		157.058			174.577

EBITDA
Jacob Holm Industries		6.479			1.550
Sontara		7.735			15.657
Other		809			1.746

Group		15.022			18.953

Eliminated internal sales mostly comprise royalty and management fee charges made from the holding and management companies to the two segments as well as a minor revenue between the two segments.

Due to the nature of the business of the Group, there is typically no seasonality during a financial year.

9 Transactions with related parties

Besides intercompany transactions that have been eliminated in the Consolidated Income Statement, related party transactions comprise interest expense charged by the related party Ammon Ammon AG and management fee charges to and rental charges from the related party Dønnerup A/S.

The Group has been charged interest expenses of EUR 7k from Ammon Ammon AG (EUR 52k for year-to-date 2020) for the year-to-date.

The Group has charged management services in the amount of EUR 44k (EUR 44k for year-to-date 2020) to Dønnerup A/S for the year-to-date. Dønnerup A/S has charged rental expenses in the amount of EUR 48k (EUR 47k for year-to-date 2020) for the year-to-date.


		Basis
Controlling interest
Poul M. Mikkelsen, Büelweg 9, CH-6442 Gersau		Controlling shareholder
Martin Mikkelsen, Rosenvængets Allé 33, DK-2100 København Ø.		Shareholder
Ammon Ammon AG, Meierhofstrasse 5, FL-9490 Vaduz		Parent company