NEOPOST - 2018 Registration document

6

Financial statements

Neopost S.A. statements of financial position

Gross receivables increase for an amount of 172.9 million claim related to the 3% contribution on dividend distributions euros is mainly explained (i) by the increase of short-term made by the Company between 2013 and 2017.

advances to subsidiaries for 183.8 million euros (including a 169.2 million euros reclassification of Neopost Finance Ireland long-term loan); (ii) by the decrease of 1.8 million euros of intercompany billing services receivables; (iii) and by the decrease of the receivable against the State for an amount of 5.2million euros, mainly related to the recovery of the receivable booked as at 31 January 2018 in respect of the

A depreciation of Neopost Shipping Holding Pty Ltd and Temando Pty Ltd current accounts is recorded for an amount of 9.4 million euros as at 31 January 2019.

The trade receivables settlement period is 30 days.

The receivables breakdown by maturity at 31 January 2019 is as follows:

Gross value

Less than 1 year

More than 1 year

Loans to subsidiaries

399.8

-

399.8

Other financial assets - Liquidity contract

1.0

-

1.0

Tax receivables

7.1

7.1

-

Subsidiaries current accounts

383.5

383.5

-

Receivables on intercompany billing services

18.3

18.3

-

Other receivables

2.6

2.6

-

TOTAL

812.3

411.5

400.8

Note 6

Short-term investments and cash & cash equivalents

if the allocation of options and free shares is subject to • the fact that the beneficiary is still in the Company’s staff during a certain period of time, the accounting method for this liability is spread over the vesting period. The free shares attribution expenses are recorded in the income statement on the line employees expenses; the treasury shares allocated to specific plans remain • measured at the acquisition cost and will not be depreciated. The booking cost is the acquisition cost (if the shares have been allocated to a specific plan since their acquisition) or their net book value at the plan allocation date in the case of a future allocation. The shares acquired with a view to be attributed to employees and that are not attached to a determined plan remain measured according to general rules that apply to marketable securities.

Short-term investments and cash & cash equivalents are made up of treasury shares, short term securities and cash & cash equivalents. Short-term securities are valued using the First In First Out (FIFO) method. When the realizable value is lower than the acquisition cost, depreciation is recorded in the financial result for the amount of that difference. The Group applies the CRC 2008-15 rules relative to accounting, repealed and amended by ANC regulation 2014-03, for stock-option and free share attributions. As soon as it is likely that the entity will deliver existing shares to the plan beneficiaries, a liability should be accounted for, on the basis of a probability that an outflow of resources will be necessary. The value of the outflow of resources is estimated on the basis of the probable cost of buying back the shares if they are not already held or of their entry cost on the date of plan allocation, determined in accordance with the following principles:

31 January 2019

31 January 2018

Short-term investments and cash & cash equivalents Treasury shares

4.1

4.7

Short-term securities

-

-

Cash & cash equivalents

150.6

110.2

TOTAL

154.7

114.9

188

REGISTRATION DOCUMENT 2018 / NEOPOST