Derichebourg // 2020-2021 Universal Registration Document

5

Financial and accounting information Comments on the fiscal year

The tonnages sold and the associated revenue changed as follows:

2021

2020

Change

In thousand metric tons

Ferrous scrap metals Non-ferrous metals Total volumes

3,964.1

3,159.2

25.5% 13.4% 23.7%

626.6

552.3

4,590.7

3,711.5

2021

2020

Change

In millions of euros

Ferrous scrap metals Non-ferrous metals

1,339.3 1,122.8

681.9 692.7 252.8

96.4% 62.1% 11.7%

Services

282.3

Total revenues Environmental Services

2,744.4

1,627.4

68.6%

Ferrous scrap metals The volume of ferrous scrap metal sold was up 25.5%. Excluding the contribution of Derichebourg España over the period October-December 2020 (to neutralize the effect of the acquisition on January 1, 2020), the increase was 23%. Several factors explain this increase: a favorable base effect, as deliveries were low in the first quarter of the 2019-2020 fiscal year, and during the months of April and May 2020 (1 st lockdown in France); sustained and growing demand for ferrous scrap metals, including from blast furnaces, as they help reduce their CO 2 emissions; robust demand from Turkish steel mills throughout the year, which supported volumes and sale prices; the late resumption of activity at some of the blast furnaces shut down during the first wave of the health crisis last year, which created shortages of certain products, and, for those where this is possible, prompted a shift in demand toward steel from electric steel mills. This specifically led to an increase in the sale price of ferrous scrap metals from the month of January 2021, with prices then remaining at a very high level. Non-ferrous metals The volume of non-ferrous metals sold has increased by 13.4%. Excluding the contribution of Derichebourg España over the October-December 2020 period (to neutralize the effect of the acquisition on January 1, 2020), volumes are expected to increase by 11%. The increase in the volume of non-ferrous metals is less than that of ferrous scrap metal, because it has been difficult to obtain delivery slots for certain products such as copper. In addition, business was so strong for ferrous scrap metal that some suppliers opted to focus on this type of product. It should be noted that almost all non-ferrous metals processed by the Group recorded positive trends over the fiscal year: aluminum: while prices for the month of August 2020 were at a ten-year low, the price of aluminum ingots reached their highest level for six years at the end of the year. A rise in the price of silicon, copper and energy costs contributed to this increase in prices, even as underlying demand is suffering from the weakness of the automotive sector, hampered by shortages in semiconductors;

copper: copper prices were up throughout the first half of the year and remained at very high levels in the second half, driven primarily by electrification needs (vehicles, etc.); inox (nickel): European stainless steel producers have returned to more normal levels of activity, after 18 months of very low activity; lead: the overall trend was upward over the year.

Services Revenue from Recycling services increased by 11.7%.

Revenue from Public Sector Services was up by 5% to €152.8 million. It no longer includes revenue from the drinking water distribution and water treatment activities, following the transfer of control to Saur in August 2020. Revenue from household waste collection activities increased by 11%. The revenue of the Canadian subsidiary increased by 34% following the renewal of the first wave of contracts. The household waste collection business in France is particularly positive: April 2021: start of the Caen la Mer and Cœur de Nacre contracts following contract wins in the second half of last year; September 2021: Renewal of the Paris door-to-door collection contracts for a period of six years from September 2022 (1 st , 2 nd , 4 th , 7 th , 10 th and 18 th arrondissements + glass collection), accounting for annual revenue of more than €30 million; September 2021: Renewal of the Plaine Commune contract, and addition of a new work package, accounting for annual revenue of €10 million (increase of €6 million).

DERICHEBOURG 2020/2021 Universal Registration Document 127