Derichebourg // 2020-2021 Universal Registration Document

5

Financial and accounting information Comments on the fiscal year

These bonds cannot be redeemed early until July 15, 2024, and are then redeemable at the following price: From July 16, 2024 to July 15, 2025: 101.125% From July 16, 2025 to July 15, 2026: 100.5625% As of July 16, 2026: 100% In the event of a change of control of the issuer, the holders have the option to request early redemption at the price of 101%. The documentation relating to this issue includes commitments in terms of authorized additional debt, the payment of dividends and the like, investments in non-controlled entities or guarantees granted to

them, and a cap on asset disposals net of reinvestments, events of default, which are individually less restrictive than those appearing in the Group’s syndicated loan agreement. This issue is intended to participate, with the Group’s cash flow, in financing the acquisition of Ecore. The funds were paid on June 24, 2021 into an escrow account, the balance of which is pledged for the benefit of bondholders, pending the closing of the transaction. If the Ecore acquisition does not close on April 30, 2022, the bonds must be redeemed at the price of 100%.

The Group’s financial debt over the year changed as follows:

In millions of euros

100 150 200 250 300 350 400 450 500

122

341

196

3

29

66

6

1

17

0 50

(388)

Others

Income Tax

Investments

External growth

Change in WCR

Recurring EBITDA

Net Debt Sept 2020

Net Debt Sept 2021

New IFRS rights of use

Corporate income taxes

The recurring Ebitda achieved by the Group during the fiscal year has already been detailed in the previous sections. As anticipated at the time of the publication of the half-yearly financial statements, the change in working capital requirements over the entire fiscal year is very low, and represents a use of €0.9 million. The inventory reduction and an increase in the approvals granted by the Group’s credit insurers to its main customers made it possible to optimize the disposal of receivables without recourse, which had not been the case at March 31, 2021. Investments amounted to €122 million over the year (€125 million, net of disposals of €3 million). Added to the new rights of use for €28.6 million (or to the renewal of rights of use), this represents an Ebitda reinvestment rate of 39%, below the multi-year ratio of 50% reported by the Group. The increase in delivery times for equipment (shovels, trucks, etc.) also contributes to this relatively low ratio. Financial expenses include accrued interest on the Green Bond.

The tax paid (including down payments) reflects the Group’s strong profit. There was no dividend payment for the fiscal year ended September 30, 2020, as the Group complied with the spirit of the government’s recommendations due to using State aid schemes during the first lockdown. The Group’s financial structure is healthy, with a leverage ratio (Net Financial Debt/Recurring Ebitda) of 0.50 and a gearing ratio (Net Financial Debt/shareholders’ equity) of 0.28. The financing lines available to the Group, their use, their contribution to net financial debt and the margin of maneuver in terms of liquidity and visibility are detailed in the graphs below: The Group has a wide margin of maneuver to carry out its investment projects, and very good financial liquidity. This will still be the case once it has completed the acquisition of Ecore.

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