Derichebourg // 2020-2021 Universal Registration Document

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Presentation of the Group and its activities Environmental Services business

who often resell some or all of their scrap metal to large players like Ecore, due to their lack of in-house capacity to handle the volume they collect, their limited access to international markets and secondary raw materials customers (who tend to impose strict compliance rules on their suppliers) and their lack of sustainable relationships necessary to secure supply; 17% collected from production waste from the automotive industry, aerospace industry, metal stampers and other local factories; 12% collected from individuals and craftsmen; 4% of waste generated by construction and demolition activities purchased from construction and demolition companies; 4% collected from train owners (including SNCF) and collective schemes; and the remainder comes from towns and cities and municipal waste sites, which accounted for 5% of Ecore’s volumes as of September 30, 2020. Waste categories The waste collected by Ecore can be classified into three main categories: scrap metal (ferrous and non-ferrous), batteries and other materials. The ferrous metals sold are prepared scrap and cast iron waste, which Ecore supplies to steelworks and foundries. Ecore collected 2.72 Mt tons of ferrous metals during the 12-month period ending March 31, 2021. Ecore processed a total volume of 1.55 Mt of ferrous metal waste during the 12-month period ending March 31, 2021. The non-ferrous metal products sold include aluminum, lead, stainless steel, copper, zinc and brass, which Ecore supplies to metalworks and refineries. Ecore collected 170,000 metric tons of non-ferrous metals during the 12-month period ending March 31, 2021. Ecore processed a total volume of 38,000 metric tons of non-ferrous metals during the 12-month period ending March 31, 2021. Ecore also processes batteries to extract lead. The total volume of lead produced by Ecore during the 12-month period ending March 31, 2021 was 34,000 metric tons. In addition, the processing of other materials (mainly paper, plastic and cardboard) forms part of Ecore’s business. Ecore delivered 353,000 metric tons of other materials during the 12-month period ending March 31, 2021. Equipment 1.2.5.3 Thanks to the significant investment made in its asset base, Ecore has an industrial asset base enabling it to collect, sort and recycle metals and other materials. Ecore has six metal shredders for non-ferrous and ferrous waste. Ecore also has three post-processing plants that are used for post-processing of ferrous metals, and other processing plants for batteries and plastics.

The volumes handled by Ecore during the fiscal year ended September 30, 2020 are as follows: Ferrous scrap metal: 2,23 Mt (of which 518,000 metric tons from trading); Non-ferrous metals: 216,000 metric tons (including 37,000 metric tons of batteries). For the 12-month period ended March 31, 2021, Ecore generated revenue of €1,067 million and Ebitda of €77.5 million. Ecore has not yet published its results as of September 30, 2021. 1.2.5.1 Ecore’s history Guy Dauphin founded GDE in 1965. In 1993, Guy Dauphin’s son, Claude Dauphin, created the Ecore Group with GDE as a French subsidiary. A phase of major investments began, until 2014, during which Ecore incurred approximately €280 million in (i) capital expenditure, by purchasing a wide range of prime industrial assets with facilities and (ii) merger and acquisition expenses which led to a significant increase in Ecore’s market share. In 2016, HIG Capital, a leading global private equity firm, acquired a significant strategic investment in Ecore. Ecore’s main activity consists of collecting metal waste from its suppliers, weighing, sorting and processing the waste collected and selling secondary raw materials to its customers. The materials processed by Ecore mainly include ferrous metals, non-ferrous metals (such as aluminum, copper and stainless steel), lead-based car batteries and, to a lesser extent, plastic, paper and cardboard. Although the majority of products sold by Ecore are recycled through its processing platforms, Ecore has also developed a valuable trading activity, which involves the purchase of processed materials and the sale and direct shipment to its customers. Ecore’s ferrous metals trading activity is also used as its main export recycling activity, as it enables Ecore to fill its chartered vessels (which carry 20,000 to 30,000 metric tons) more quickly and therefore accelerate inventory rotation.

1.2.5.2 Waste collection and treatment Waste suppliers

Ecore purchases scrap metal from a wide range of suppliers. Ecore has a large and diversified supplier base, with its top 10 suppliers representing less than 25% of the total volume it has purchased as of September 30, 2020. These suppliers range from private individuals to large industrial groups (the percentages are calculated on the basis of the figures for the fiscal year ended September 30, 2020): 58% of the volumes were purchased from small and medium-sized scrap metal dealers. This includes waste dealers and car demolishers,

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