DERICHEBOURG - Universal registration document 2019-2020

3

Group management report Earnings from businesses and financial position

€1 millionby improvingthe performanceof the Iberian subsidiaries. p The €4.5 million decline in Ebitda for the Industry segment can be explainedas follows: disposal of the Nuclear activity at the end of 2019, which p contributednegativelyby €3.7 million; disappearanceof the long-standingprofitability of the aeronautical p services business, whose Ebitda is down by €8.1 million (-€5.3 million in France, -€0.6 million in Germany, -€1.7 million in Spain, which is the country that suffers the most in relation to its relative size, -€0.6 millionin NorthAmerica). Recurring Ebitda from temporary employment activities is down €4.4 million. As mentioned in the paragraph relating to revenue, the two subsidiariesshowedcontrastingtrends: recurring Ebitda of the general temporary employment subsidiaries p held up well, decreasingby €0.5 million,notably due to the change in the customer mix and the lack of medium-sized customers for 4 months; the Ebitda of the temporary employment subsidiaries in the p aeronautics sector went into the red during the second half of the

year. It dropped by €3.3 million compared to last year to -€1.7 million.The lack of volumeexplains this change. RecurringEbitda for the Urban Area business improvedby €2.8 million, and stood at the same amount. The transitionfrom IAS 17 to IFRS 16 accountsfor half of the improvement,whilethe improvedperformanceof operatingactivities(in particularsignage)accountsfor theotherhalf. Recurringoperatingprofit (loss) Depreciation and amortization on fixed assets increased by €14.2 million,including€11.9 millionrelated to the implementationof IFRS 16,with the balancemainly due to the increase in investmentslast year. Recurring operating profit (loss) stood at €18.1 million, down €3.2 million (i.e. 15.1%) compared to last year. On the whole, the improvement in the results of the Services and Urban Area businesses did not offset the decline in the contribution of the Aeronautics businesses. The reconciling items from recurring operating profit to operating profit are described in section 3.2.1:they mainly concern restructuring costs and gains and losses on asset disposals.

The Holding companiebsusiness 3.2.4

2020 12 months

2019 12 months

Change

Change %

In millions of euros

Revenue

0.4

0.8

(0.3) (1.4)

(43.7%)

Recurring Ebitda

(5.3)

(3.9)

35.7%

in % of revenue

na

na

Recurring operating profit (loss)

(8.2)

(6.4)

(1.9)

29.0%

in % of revenue

na

na

Restructuring

(0.2) (8.4)

Operating Profit (loss)

(6.4)

(2.0)

32.1%

The change in recurringEbitdacanbe explainedby adjustmentsto the rebillingof costs coveringall operatingsubsidiaries.

DerichebourgSA The main role of DerichebourgSA – the Group’s parent company – is to act as a holding companyfor the Group’sparent-holdingcompanies (Derichebourg Environnement and Derichebourg Multiservices Holding). It also holds the securities of Derichebourg Immobilier, the

direct or indirect owner of the Group’s real estate assets. In addition, it acts as the Group’s central corporatetreasury and holds the syndicated loan agreements and most of the medium-term loans. Derichebourg SA is also the parent companyof the French tax consolidationGroup.

Main Companydata:

2020

2019

In millions of euros

Revenue

2.3

3.2

Operating profit (loss)

(2.4) 45.9 43.6

(1.9) 27.1 25.2

Net financial income (loss)

Recurring profit (loss)

Non-recurring gain (loss) Corporate income tax Net profit (loss)

0.1

3.9

(2.2) 41.5

(0.5) 28.6

DERICHEBOURG p 2019/2020 Universal Registration Document 101