QUADIENT - 2020 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

31 January 2020 EUR USD CAD GBP CHF NOK SEK JPY DKK AUD Other

Accounts receivable

251.3 103.6 92.9 2.2 27.6 6.9 1.0 3.0 2.5 1.5 6.9 3.2

Lease receivables Short term

286.1

52.2 182.9 3.6 32.6 2.8 1.3 1.4 0.1

1.7 7.2 0.3

Long term

422.3 111.9 234.8 5.5 41.0 6.2 2.9 2.4 0.1 3.5 14.0 0.0 708.4 164.1 417.7 9.1 73.6 9.0 4.2 3.8 0.2 5.2 21.2 0.3

TOTAL

959.7 267.7 510.6 11.3 101.2 15.9 5.2 6.8 2.7 6.7 28.1

3.5

Current operating income and EBITDA 6-3:

6-3-1: ACCOUNTING PRINCIPLES

Research and development expenses Research and development expenses comprise the cost of carrying out research work, including depreciation of equipment used in this activity. These costs are expensed in the year in which they are incurred, and are clearly identified in the income statement. Development expenses that meet the capitalization criteria are presented in the balance sheet under intangible fixed assets (see note 4–2-2 on intangible fixed assets) and are then amortized. Sales and marketing expenses Sales and marketing expenses include the costs of sales departments, including advertising and promotion costs, and the cost of selling supplies.

Gross margin is defined as the difference between sales and cost of sales. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is determined by adding to the current operating profit the amount of depreciation and amortization of fixed assets. Cost of sales Cost of sales consists of production-related direct costs (purchases, labor) plus depreciation of equipment rented to customers and sales-related transport and logistics costs.

6

6-3-2: GROSS MARGIN AND EBITDA CALCULATION

31 January 2021

31 January 2020

In

In

Gross value

Gross value

100.0 (27.8)

100.0 (26.4)

Sales

1,029.4

1,142.7

Cost of sales

(285.7)

(302.1)

72.2

73.6

Gross margin

743.7

840.6

(59.4)

(58.7)

Current operating expenses

(611.6)

(671.0)

12.8

14.8 9.8 24.7

Current operating profit*

132.1

169.6

11.1

Amortization of fixed assets

113.9

112.5

23.9

EBITDA

246.0

282.1

The current operating profit of the year 2020 includes the reversal of Parcel Pending unpaid earn-out * for an amount of 6.5 million euros.

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UNIVERSAL REGISTRATION DOCUMENT 2020