DERICHEBOURG - Universal registration document 2019-2020

3

Group management report Earnings from businesses and financial position

Revenue for the Multiservices business totaled €836.2 million, down 2.5% compared with the previous period. After the lockdown period (from mid-March to mid-May), the aeronautics-related businesses (outsourced services and temporary work) did not return to their previousvolumeof activity, unlikemost of the division'sother activities. The extent of the decline is limited by the full-year effect of the consolidationof the Spanishcleaningbusinessesacquiredat the end of last year (impact of around €20 million on revenue), and by the consolidationof the revenuegeneratedby ImmediaServices (temporary work) acquiredin October 2019(approximately€10 million).

The revenue of the HR Sourcing segment is down 19%. Two opposite trends explain this change: a virtual collapse in the provisionof temporaryemploymentservices p to the aviation industry (down 40% compared to the previous year, with a drop only in the secondhalf of the year); a good upturn in activity in general temporarywork, where sales are p up by 4% compared with last year, due to the acquisition of the company Immedia Services in October 2019,the opening of 6 new branches over the past fiscal year, and a change in the customer base. These positive effects more than compensate for the lack of activity fromMarch to June. Revenue in the Urban Area segment decreasedby 9%. The advertising campaigns of the main customer in this segment were strongly affected by the health situation in the spring. The impact is partially offset by a fixed fee system. The other activities (Public Lighting,Green Spaces) are also down by about 10%.

In millions of euros

900

858 836

802

52

781

47

800

741

44

38

153

124

39

667

700

144

151

618

2

33

2 585

2

159

105

600

2

44.0

143

In millions of euros

160

152

147

149

136

2.8

500

1.3

40

143

3.2

33.4 33.0

130

400

109

111

35

0.6

300

29.1

30

27.4 26.7

5.8

5.7

510

560

468

0.5

443

2.3

200

400

25

344

356

22.2

3.9

336

4.4

5.7

21.6

7.7

100

10.5

20

5

7.4

4

36.6

8.8

0

15

6

8

REVENUE 2013

REVENUE 2014

REVENUE 2015

REVENUE 2016

REVENUE 2017

REVENUE 2018

REVENUE 2019

REVENUE 2020

21.3

10

19.6

16.2

15.5

Services HR sourcing and temporary sourcing

Urban area Industry

13.3

5

11

10

0

-0.1

-5

Revenue in the Services segment rose by 10%. It includes the effects of organic growth at DerichebourgPropreté, the full-year impact of last year's acquisitions in Spain (approximate impact of €20 million) and France (impact of €5 million).During preparationsfor the easing of the lockdown,DerichebourgPropretégeneratedapproximately€15 million in revenue from additional work (disinfection, supply of equipment requiredfor preventivemeasures),which is much higher than the usual amount. Sales in the Energy businesswere stable, with the delay in the spring being offset by revenue from an acquisitionmade last year. In the Cleaning business on the Iberian Peninsula, the two subsidiaries DerichebourgFacility Services (Portugal, +12%) and Silnet (60% held, Spain, + €20 millionevery year since the acquisition)have seen strong revenuegrowth. Revenue in the Industry segment were down by 26%, which corresponds roughly to a decrease of 50% in business activity during the second half of the year. After a virtual shutdown of plants in March 2020, business activity for Derichebourg Aeronautics Services only returned to a maximum of 50% of what it was before the very sharp drop in air traffic and in aircraft production rates from March 2020.The solutionsput in place by the subsidiary in an attempt to adjust its cost base to its new business benchmarkare described in section 3.1.2.

EBITDA 2020

EBITDA 2019

EBITDA 2018

EBITDA 2017

EBITDA 2013

EBITDA 2016

EBITDA 2014

EBITDA 2015

Services HR sourcing and temporary sourcing

Urban area Industry

The Multiservices division generated a recurring Ebitda of €44 million over the fiscal year, representing5.3% of revenue. The transition from IAS 17 to IFRS 16 brings an additional €12 million in recurring Ebitda, mainly in the Cleaning businesses. At the operational level, the improved performance of the Cleaning businesses partially offset the downturnin the aeronauticsbusinesses. €9 million of the €17 million improvement in recurring Ebitda in the Services business is explainedby the transition from IAS 17 to IFRS 16, and: €7 millionby improvingthe performanceof DerichebourgPropreté's p activities: termination of a loss-making contract last year, synergies from last year's acquisitions, volume effect on results of non-recurringdisinfectionand hygieneequipmentsupply services;

DERICHEBOURG p 2019/2020 Universal Registration Document 100