QUADIENT - 2020 Universal Registration Document
6
FINANCIAL STATEMENTS Consolidated financial statements
Leasing net portfolio The leasing net portfolio is calculated on the basis of consolidated income statements through the addition of net long-term lease receivables and net short-term lease receivables. The net denotes that the leasing portfolio gross value is reduced by the amount of bad debt provision. Default rate The default rate is calculated on the basis of the ratio of provisions for bad debt on lease receivables to the leasing net portfolio.
Leasing net debt is calculated using these same consolidated financial statements, but in this case only for the scope of leasing companies. Consolidated EBITDA excluding leasing is calculated on the basis of a restated consolidated income statement whereby the leasing companies are consolidated under the equity method and not included in the Group scope of consolidation. Using this restated income statement, the aggregate is calculated on the basis of the same income statement items used for calculating the consolidated EBITDA.
12-2-3-2: Applicability and definition of financial covenants With the exception of the Quadient S.A. 2.50 and the financial covenants. Failure to comply with these Quadient S.A. 2.25 bond issues, which are not subject to covenants may lead to early repayment of the debt. any covenant, the various debts (private placements, Quadient complies with all covenants at 31 January 2021. Schuldschein and revolving credit facilities) are subject to
12-2-3-3: Covenant calculation Aggregates The aggregates presented below are those used for calculating the covenants as set out in note 12-2-3-1.
31 January 2021 including IFRS 16
31 January 2021 excluding IFRS 16
31 January 2020 including IFRS 16
31 January 2020 excluding IFRS 16
Consolidated net debt
510.5
437.0
668.0
586.6
Consolidated net debt excluding leasing
72.2
(0.1)
171.2
90.6
Leasing net debt
438.3
437.6
496.8
496.0
Consolidated EBITDA
258.9
233.6
282.2
265.2
Consolidated EBITDA excluding leasing
174.6
149.5
197.6
173.7
Cost of net financial debt
32.7
30.3
38.5
35.9
Leasing net portfolio
584.9
584.9
679.8
679.8
Provision for bad debt
10.0
10.0
10.0
10.0
Covenant calculation
Covenant to comply 31 January 2021
31 January 2020
Debts subject to covenants – including IFRS 16 (Schuldschein 2017) Consolidated net debt excluding leasing/consolidated EBITDA excluding leasing
<3.0
0.41
0.87
Consolidated EBITDA/Cost of net financial debt
>4
7.92
7.72
<90 <=5
74.9 1.70
73.1 1.47
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
Consolidated EBITDA/Cost of net financial debt
>4
7.71
7.38
<90 <=5
74.8 1.70
73.0 1.47
Leasing net debt/leasing net portfolio
Default rate
Shareholders’ equity attributable to holders of the parent company must be greater than 600 million euros. Shareholders’ equity attributable to holders of the parent company amounts to 1,233 million euros as at 31 January 2021, the ratio is respected.
186
UNIVERSAL REGISTRATION DOCUMENT 2020
Made with FlippingBook flipbook maker