DERICHEBOURG - Universal registration document 2019-2020

4

Financial statements Consolidated financial statements for the year ended September 30, 2020, in compliance with IFRS Notes

Net financialposition 4.11.2

09-30-20

09-30-19

In millions of euros

Financial debt

703.1 361.9 341.1

409.5 284.6 124.9

Cash and cash equivalents

Total net debt

a loan agreement with the European Investment Bank for p €130 million; leasing agreements, for which the amount outstanding as at p September 30,2020was €193.3 million; bilateral credit lines, whether confirmed or not, totaling p €158.2 million, which are not used since the Group’s net cash positionis €353.4 millionat September 30,2020. Financial ratios The syndicated loan agreement requires the Group to maintain the followingfinancial ratios: the annual leverage ratio, being the ratio of (a) consolidated net p financial debt to (b) consolidatedEbitda, on each calculation date and over a rolling 12-monthperiod ending on each calculationdate, must be less than 3.00. At September 30,2020, the leverageratio was 1.84; the debt service coverageratio, i.e. the ratio of (a) consolidatedcash p flow before debt service to (b) net financial expenses on each calculationdate and over a rolling 12-monthperiod ending on each calculationdate considered,must be greater than 5. At September 30,2020, the coverageratio stood at 15.08. The Group was in compliance with its financial covenants on September 30,2020. Given the liquiditymargin of €621 millionat September 30,2020, and based on business and investment forecasts, the Group estimates that it has sufficient financial lines to meet its paymentsover the 12 months fromSeptember 30,2020.

Liquidity risk 4.11.3 The Group uses a cash-flowmanagementtool. This tool keeps track of the maturityof financial investmentsand financialassets (e.g., accounts receivable)and the estimatedfuture cash flow fromoperations. At September 30,2020, the Group’smain sourcesof fundingwere: a €340 million syndicated loan agreement signed in March 2020, p with an authorizedoutstandingamount of €340 million. It includes a five-year loan for €240 million, repayable in equal annual installments (outstanding amount authorized and drawn of €240 million as at September 30, 2020), and a five-year usable revolvingloan in the sum of €100 million,repayableat maturity.The next installment for the repayment loan is due on March 31, 2021 and amounts to €30 million.At September 30,2020, there was no drawdownbeingmade under the revolvingcredit; a non-recoursefactoring agreement came into effect on January 1, p 2015. Its initial two-year termwas renewedtwice, in April 2016and November 2018, extending the maturity to the end of December 2021and its limit to €300 million (subject to receivables available). The factor purchases non-recourse receivables for up to the approved amounts issued by the credit insurers, and with recourse beyond that amount. The total receivables that may be derecognized by the Group is thus dependent on the total receivables available and the credit insurers’ authorized limits. Any downward variation in one of these amounts may lead to an increase in the net debt recognized by the Group. The amount drawn down from this line as at September 30, 2020 is €197.6 million,for a contributionto net debt of €17.3 million; €125 million in medium-termborrowings, of which €115.1 million p had been drawndown;

DERICHEBOURG p 2019/2020 Universal Registration Document 163