QUADIENT - 2019 Universal Registration Document
FINANCIAL STATEMENTS Consolidated financial statements
6-3: Current operating income and EBITDA
6-3-1: ACCOUNTING PRINCIPLES
Research and development expenses Research and development expenses comprise the cost of carrying out research work, including depreciation of equipment used in this activity. These costs are expensed in the year in which they are incurred, and are clearly identified in the income statement. Development expenses that meet the capitalization criteria are presented in the balance sheet under intangible fixed assets (see note 4–2-2 on intangible fixed assets) and are then amortized. Sales and marketing expenses Sales and marketing expenses include the costs of sales departments, including advertising and promotion costs, and the cost of selling supplies.
Gross margin is defined as the difference between sales and cost of sales. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is determined by adding to the current operating profit the amount of depreciation and amortization of fixed assets. Cost of sales Cost of sales consists of production-related direct costs (purchases, labor) plus depreciation of equipment rented to customers and sales-related transport and logistics costs.
6-3-2: GROSS MARGIN AND EBITDA CALCULATION
31 January 2020
31 January 2019
6
In %
In %
Gross value
Gross value
100.0 % (26.4) %
100.0 % (24.9) %
Sales
1,142.7
1,091.9
Cost of sales
(302.1)
(271.9)
73.6 %
75.1 %
Gross margin
840.6
820.0
(58.7) %
(58.4) %
Current operating expenses
(671.0)
(637.9)
14.8 % 9.8 % 24.7 %
16.7 % 8.3 % 24.9 %
Current operating profit
169.6
182.1
Amortization of fixed assets
112.5
90.3
EBITDA
282.1
272.4
6-4: Breakdown of expenses by category
31 January 2020
31 January 2019
Cost of inventories recognized as expenses
285.8
240.4
Wages, bonuses, commissions and payroll charges
465.8
452.5
Rents and associated costs
9.0
31.2
Fees
40.9
36.7
Transport and travel
41.0
40.1
Fixed assets – depreciation and amortization
112.5
90.3
Other
18.1
18.6
Total expenses by category
973.1
909.8
Cost of sales
302.1
271.9
Operating expenses
671.0
637.9
TOTAL
973.1
909.8
153
UNIVERSAL REGISTRATION DOCUMENT 2019
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