NEOPOST - 2018 Registration document

6

Financial statements

Neopost S.A. statements of financial position

Income statement Note 11

Operating income 11-1: Neopost S.A.’s operating loss amounted to 0.1 million euros compared with a profit of 8.7 million euros for the previous year and breaks down as follow:

31 January 2019

31 January 2018

Assistance to subsidiaries

15.9

16.2

Brand royalties

8.2

8.7

Rebilling of costs paid on behalf of subsidiaries

9.7

20.4

Reversal of depreciation and amortization

0.1

0.3

Revenue from operations

33.9

45.6

Wages, bonuses, commissions and payroll charges

(12.1)

(10.5)

Fees

(3.4)

(3.9)

Expenses related to acquisitions

(6.4)

(0.2)

Purchases, maintenance

(0.7)

(8.0)

Transport and travel, seminars

(1.7)

(1.6)

Staff seconded

(4.6)

(5.3)

Insurance

(0.7)

(0.5)

Taxes

(1.2)

(1.0)

Rents and associated costs

(0.9)

(1.1)

Directors’ fees

(0.4)

(0.3)

Treasury shares delivered (for the allocation of free shares)

(0.1)

(0.5)

Borrowing expenses

(0.9)

(0.7)

Depreciation and amortization expenses

(0.6)

(3.1)

Other expenses

(0.3)

(0.2)

Operating expenses

(34.0)

(36.9)

Operating income

(0.1)

8.7

The management fees contracts and brand name contracts generate an income of 24.1 million euros as at 31 January 2019 compared with 24.9 million euros as at 31 January 2018.

The expenses incurred by the division SME Solutions were

billed to the corresponding entities.

Financial income 11-2: Financial income amounts to 50.5 million euros compared with 66.1 million euros a year before and breaks down as follows:

31 January 2019

31 January 2018

Interest expenses on external borrowings

(34.8)

(35.4)

Net income on internal loans and borrowings

19.8

21.4

Dividends received

116.6

101.5

Revenue from disposals of securities

0.1

0.1

Other financial products

2.3

2.5

Net gain on foreign exchange and swaps

(6.5)

(12.5)

(Provision)/reversal for losses on foreign exchange

8.8

(11.2)

(Provision)/reversal of impairment on short-term receivables

(9.4)

-

(Provision)/reversal of impairment on investments in affiliates

(20.5)

-

(Provision)/reversal of impairment on loans

(26.0)

-

(Provision)/reversal of impairment on treasury shares

0.1

(0.3)

TOTAL

50.5

66.1

192

REGISTRATION DOCUMENT 2018 / NEOPOST