QUADIENT - 2019 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

9-3: Impact of changes in scope

9-4: New borrowings and repayment of borrowings

As at 31 January 2020, the sale of Quadient Data Netherlands BV (former Human Inference) generates a cash collection of 1.2 million euros. The tax paid on Quadient Data USA (former Satori) sale triggers a cash out for a 12.5 millions euros in tax in the United States. As at 31 January 2019, financial investments net of cash acquired had led to a net cash out of 26.3 million euros which included the following operations: a cash collection related to the sale of Quadient Data USA (ex-Satori Software) and cash-outs mostly triggered by the acquisition of Parcel Pending in the United States and the payment of the last earn-out on the acquisition of icon Systemhaus.

In May 2019, Quadient issued a Schuldschein private placement under German law for the equivalent of 210.0million euros (90.0 million United States dollars and 130.0 million euros). In June 2019, Quadient repaid at maturity 26.0 million United States dollars of the United States private placement. In December 2019, Quadient repaid at maturity 150.0 million euros of its bond 3.50 % . In January 2020, Quadient issued a bond for an amount of 325.0 million euros. The funds thus raised have helped to buy back 148.8 million euros of the bond 2.50 % maturing in June 2021.

9-5: Reconciliation of the liabilities flows coming from financing activities

Cash-flow movements

Non-cash changes

31 January 2019

Translation difference

31 January 2020

New debt

Repayment

Other *

Non – current financial debt

673.8

534.8

(150.4)

(77.7)

13.4

993.9

Current financial debt

185.8

1.6

(176.6)

75.9

0.0

86.7

FINANCIAL DEBT

859.6

536.4

(327.0)

(1.8)

13.4

1,080.6

* The column "Other" is mainly composed of reclassifications.

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HEADCOUNT AND EMPLOYEE BENEFITS NOTE 10

10-1: Headcount

The geographical breakdown of employees on fixed-term and permanent contracts at the end of the period, excluding employees on long-term leave, is as follows:

France

North America United Kingdom Netherlands

Rest of the world

Total

31 January 2020

1,320

1,875

715

292

1,491

5,693

31 January 2019

1,348

1,593

718

309

1,637

5,605

The breakdown of employees on fixed-term and permanent contracts at the end of the period, excluding employees on long-term leave, by type of activity is as follows:

Research & development

Sales

Services Manufacturing

Leasing Administration

Total

31 January 2020

1,871

1,362

608

752

68

1,032 5,693

31 January 2019

1,649

1,401

616

776

65

1,098 5,605

At 31 January 2020, the Group had 116 temporary staff compared with 207 at 31 January 2019. Headcount presented in the two tables above as at 31 January 2019 did not include the employees of the company Parcel Pending acquired on 22 January 2019.

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UNIVERSAL REGISTRATION DOCUMENT 2019