QUADIENT - 2019 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

Covenant calculation

Covenant to comply 31 January 2020 31 January 2019

United States private placement Consolidated net debt/consolidated EBITDA

< 3.25

2.37

2.25

Other debts subject to covenants - including IFRS 16 Consolidated net debt excluding leasing/consolidated EBITDA excluding leasing

< 3.0

0.87

0.39

Cost of net financial debt/consolidated EBITDA

> 4

7.72

8.94

< 90 % <= 5 %

73.1 % 1.47 %

78.5 % 1.54 %

Leasing net debt/leasing net portfolio

Default rate

Other debts subject to covenants - excluding IFRS 16 Consolidated net debt excluding leasing/consolidated EBITDA excluding leasing

< 3.0

0.52

-

Cost of net financial debt/consolidated EBITDA

> 4

7.38

-

< 90 % <= 5 %

73.0 % 1.47 %

Leasing net debt/leasing net portfolio

-

Default rate

-

Shareholders’ equity attributable to holders of the parent the other debts. Shareholders’ equity attributable to company must be greater than 525 million euros for the holders of the parent company amounts to 1,238.4 million United States Private Placement and 600 million euros for euros as at 31 January 2020, the ratio is respected.

12-2-4: BREAKDOWN BY CURRENCY

6

31 January 2020 31 January 2019

Euros (EUR)

746.9

594.3

United States dollars (USD)

316.1

251.4

Other currencies

22.5

17.7

TOTAL

1,085.5

863.4

The table above is based on exchange rates as at 31 January for each year.

12-2-5: BREAKDOWN BY MATURITY

Debts are positioned according to their contractual maturity date. The table below is based on constant exchange rates.

31 January 2020 31 January 2019

2019

-

189.7

2020

91.6

80.8

2021

220.2

367.6

2022

137.0

132.9

2023

200.9

92.4

2024

81.7

-

2025

354.1

-

TOTAL

1,085.5

863.4

173

UNIVERSAL REGISTRATION DOCUMENT 2019