QUADIENT - 2019 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

United Kingdom -Ireland Innovation

France- Benelux

North America DACH-IT

Major Operations

Additional Operations

31 January 2019

Total sales

1,091.9

210.8 446.4 126.0 102.8

0.1

886.1

205.8

Segment income

199.3

52.5 104.2

28.8

24.8

(4.3)

206.0

(6.7)

23.2 %

(3.3) %

18.2 %

24.9 %

23.3 %

22.9 %

24.1 %

in percentage

n/a

Expenses related to acquisitions

(17.2)

Current operating income

182.1

Structure optimization expenses

(13.1)

Proceeds from net assets sales

6.2

Other operational expenses and income

(17.7)

Operating income

157.5

Financial result

(30.5)

Share of results of associated companies

1.4

Income taxes

(36.8)

NET INCOME

91.6

Transfer prices between divisions are the prices that would have been set under normal competitive conditions, as for a transaction with third parties. Amounts recognized during the year but which had no effect on Group cash (before amortization, depreciation and provisions) mainly relate to amounts in respect of

share-based payments, represent an expense of 0.7 million euros, same amount as 2018. The financial result is mainly due to the financial costs associated with each line of debt. The breakdown of the impacts of hedge accounting is presented in note 12 for the portion of derivative financial instruments related to foreign exchange and interest rates.

6

The balance sheet breaks down by segment as follows:

United Kingdom -Ireland

France- Benelux

North America DACH-IT

Major Operations

Additional Operations

31 January 2020

Other

Segment assets

1,018.7 883.5 212.8 264.3

2,379.3

99.4 636.6 3,115.3

TOTAL ASSETS

3,115.3

Segment liabilities

141.8 275.9 64.8

95.1

577.6

77.6 1,211.5 1,866.7

Equity

1,248.6

TOTAL LIABILITIES

3,115.3

United Kingdom -Ireland

France- Benelux

North America DACH-IT

Major Operations

Additional Operations

31 January 2019

Other

Segment assets

996.4 835.3 203.9 251.6

2,287.2

182.1

363.6 2,832.9

Total assets

2,832.9

Segment liabilities

155.2 249.5 63.7

75.6

544.0

72.2

969.3 1,585.5

Equity

1,247.4

Total liabilities

2,832.9

The column “Other” includes the net indebtedness of Neopost S.A., assets and liabilities coming from factories, supply-chain and leasing companies as well as some assets and liabilities that cannot be allocated to an operational segment.

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UNIVERSAL REGISTRATION DOCUMENT 2019