QUADIENT - 2019 Universal Registration Document

FINANCIAL STATEMENTS Analysis of Neopost S.A.'s annual results

Customer payments are contractually collected within 30 days. Trade receivables due for more than 90 days exclusively concern the Italian subsidiaries

6.3.8

FIVE-YEAR RESULTS TABLE

31/01/2016 31/01/2017 31/01/2018 31/01/2019

31/01/2020

Share capital Capital at year end closing

34.6

34.6

34.6

34.6

34.6

Number of shares

34,562,912 34,562,912 34,562,912 34,562,912 34,562,912

Operations and earnings Sales excluding tax

34.9

44.6

45.3

33.8

34.9

Earning before taxes, depreciation/amortization and provisions

40.5

277.0

89.0

97.4

83.1

Income taxes

6.6

1.9

9.9

10.3

6.4

Amortization expense and provisions

(0.2)

1.2

(20.0)

(69.2)

(78.4)

Net income

47.0

280.1

78.9

38.5

11.1

Distributed earnings

58.5

58.6

58.5

18.2

(a) -

Earnings per share (in euros) Earnings after tax, before depreciation/amortization and provisions Earnings after tax, depreciation/amortization and provisions

1.36

8.07

2.86

3.12

2.59

1.36

8.10

2.28

1.11

0.32

6

Dividends paid

1.70

1.70

1.70

0.53

(a) -

Employees Average headcount

34

35

35

39

42

Payroll

5.6

5.6

5.6

7.3

8.8

Employee benefits paid (Social security, social welfare)

3.7

2.8

4.9

4.8

4.1

See chapter 6.3.9 Dividends: the decision is postponed to the Board in May. (a)

6.3.9

DIVIDENDS

As part of its “Back to Growth” strategy, the Group has decided to adapt its shareholder return policy and to set its annual pay-out ratio at a minimum of 20 % of the Group net attributable income with the minimum annual dividend set at an absolute floor of 0.50 euro per share. The Board of Directors will make a decision by the end of May for the dividend proposal related to the 2019 financial year, which will than be submitted to the approval of shareholers at the General Meeting. The statutory reserve has been funded to 10 % of the share capital. The distribuable reserve amount to 273.2 million euros and are calculated as follows :

31 January 2020

(In euros)

Allocation of income subject to the approval of the Annual General Meeting of shareholders: Retained earnings •

262,154,835.03

2019 net income •

11,094,423.79

Deduction from issue premium •

-

TOTAL

273,249,258.82

The total amount of dividends paid for the three previous years may be found in the table for the five previous financial years.

197

UNIVERSAL REGISTRATION DOCUMENT 2019