QUADIENT - 2019 Universal Registration Document

6

FINANCIAL STATEMENTS Consolidated financial statements

CASH FLOW DETAILS NOTE 9

Cash flows correspond to consolidated balance sheet items. However, these flows may differ from balance sheet

in foreign currencies, translation of subsidiaries’ financial statements denominated in foreign currencies and

changes in particular due to the translation of operations changes in the scope of consolidation.

9-1: Expenses (income) with no cash effect

31 January 2020

31 January 2019

Amortization of fixed assets

112.5

90.3

Provisions (reversals)

(4.9)

(2.4)

(Gains) and losses on changes in fair value

2.6

(0.2)

(Proceeds) expenses from share based payments

0.7

0.7

Net (gains) losses on disposals of fixed assets

-

(45.5)

Goodwill impairment

70.4

19.8

Intangible assets impairment

5.3

24.9

Other

1.5

0.4

TOTAL

188.1

88.0

As at 31 January 2020, the provisions variation mainly relates to net reversals on assets depreciation for an amount of 1.1 million euros and to reversals on provisions presented in liabilities for 3.8 million euros. As at 31 January 2019, the provision variation mainly related to additional charges on assets depreciation for an amount of 2.5 million euros and to added charges on provisions presented in liabilities for 4.8 million euros. In 2018, the net (gains) or losses on disposals of fixed assets mainly related to the sale of a building in Clichy (France) and the divestment of the subsidiary Quadient Data USA (former Satori Software).

As at 31 January 2020, the line “Other” mainly includes the depreciation of ProShip assets classified as assets held for sale for 3.1 million euros and the research tax credit for (2.2) million euros. As at 31 January 2019, the line “Other” was mainly related to the depreciation of Quadient Data Netherlands (former Human Inference) assets classified as assets held for sale (6.6 million euros), the reversal of the earn-out not paid on icon Systemhaus acquisition (7.5 million euros), the research tax credit (3.6 million euros) and the depreciation of non recoverable leasing assets (4.3 million euros).

9-2: Changes in working capital

31 January 2020

31 January 2019

Inventories variation

(6.8)

(1.5)

Trade accounts receivable variation

(2.1)

12.2

Deferred income variation

5.6

(0.9)

Trade payables variation

2.2

1.3

Other current assets and liabilities variation

(6.1)

4.0

TOTAL

(7.2)

15.1

Changes in the other current assets and liabilities is mainly explained by time differences on prepayments.

160

UNIVERSAL REGISTRATION DOCUMENT 2019