QUADIENT - 2019 Universal Registration Document

FINANCIAL STATEMENTS Neopost S.A. statements of financial position

31 January 2020

31 January 2019

Packcity SAS

4.4

5.4

Parcel Pending Inc.

2.6

-

Proship Inc.

8.9

8.0

Temando LLC

6.7

6.3

Temando Pty Ltd

14.6

9.1

Temando SAS

0.8

-

Temando UK Ltd

-

2.1

Other

1.1

3.7

Total subsidiary current accounts

241.3

383.5

Accounts receivables (intercompany billing services)

21.3

18.3

Tax receivables

4.0

7.1

Dividend receivables

-

-

Other

4.7

2.6

Total gross value

271.3

411.5

Impairment

(22.0)

(9.4)

TOTAL NET VALUE

249.3

402.1

Gross receivables decrease for an amount of 140.2 million euros is mainly explained (i) by the decrease of short-term advances to subsidiaries for 140.1 million euros (the short term part of long term loans has been either repaid in cash or regranted as long term loans; the activity of these subsidiaries such as leasing justifying this); (ii) by the increase of 3.0 million euros of intercompany billing services receivables; (iii) and by the decrease of the receivable against the State for an amount of 3.1 million euros, mainly due to the recording of a VAT receivable of 4.6 million euros booked as at 31 January 2019, following the sale of capitalized expenditures on an IT project to a Group's subsidiary.

The change in depreciations of short term advances (22.0million euros as of 31 January 2020 compared with 9.4 million euros as of 31 January 2019) is mainly explained by a decrease of the depreciation of the Temando Holding Pty Ltd current account for 0.4 million euros, an increase of the depreciation of the Temando Pty Ltd current account for 5.5 million euros, a new depreciation of the current account of Temando LLC for 6.7 million euros and Temando SAS for 0.8 million euros. The trade receivables settlement period is 30 days.

6

The receivables breakdown by maturity at 31 January 2020 is as follows:

Gross value Less than 1 year More than 1 year

Loans to subsidiaries

550.0

-

550.0

Other financial assets - Liquidity contract

1.4

-

1.4

Tax receivables

4.0

4.0

-

Subsidiaries current accounts

241.3

241.3

-

Receivables on intercompany billing services

21.3

21.3

-

Other receivables

4.7

4.7

-

TOTAL

822.7

271.3

551.4

209

UNIVERSAL REGISTRATION DOCUMENT 2019