QUADIENT - 2020 Universal Registration Document

6

FINANCIAL STATEMENTS Consolidated financial statements

31 January 2021

31 January 2020

Current income tax charge

10.7

31.5

Deferred income tax charge

13.1

(10.1)

TOTAL INCOME TAX

23.8

21.4

Deferred taxes 13-4:

Deferred taxes are mainly due to the following:

Changes recognized through equity

Changes recognized in the income statement

Foreign exchange differences

31 January 2020

Other changes *

31 January 2021

Tax loss carry-forwards – Net

5.8

-

1.9

0.5

(0.4)

7.8

Pension provision

5.8

(0.1)

(0.4)

-

(0.0)

5.3

Expenses with deferred deductibility: inventories and bad debt • employees related provisions •

4.1

-

0.7

(0.3)

(0.3)

4.2

2.2

-

(0.2)

(0.1)

(0.0)

1.9

fixed assets amortization •

7.0

-

(20.7)

-

(3.7)

22.6

other expenses with deferred deductibility •

0.3

-

(0.6)

(0.5)

(0.1)

(0.9)

Leasing activities

(111.1)

-

11.6

(2.5)

9.5

(92.5)

Patents

3.4

-

(0.2)

-

-

3.2

Eliminations of margins on inventories, rented and demo equipment Capitalization of research and development expenses

4.2

-

(0.8)

-

(0.2)

3.2

(19.8)

-

(0.1)

-

0.2

(19.7)

PPA Taxes

(6.1)

-

1.7

0.6

(2.1)

(5.9)

Goodwill amortization

(36.6)

-

(2.5)

-

3.0

(36.1)

Pension

(15.1)

1.8

(0.2)

-

0.7

(12.8)

Other

(10.0)

0.6

(3.3)

0.8

0.4

(11.5)

DEFERRED TAXES ASSETS (LIABILITIES)

(125.9)

2.3

(13.1)

(1.5)

7.0 (131.2)

The column “Other changes” mainly includes the deferred taxes released with Quadient Oceania divestment * and some reclassifications.

At 31 January 2021, the recognition of deferred tax assets line “Tax loss carry-forwards” amounts to (20.6) million was reviewed. The tax loss carry-forwards recognized as euros as at 31 January 2021. The depreciated tax loss deferred tax assets have been depreciated where it is carry-forwards represent a tax basis of approximately deemed unlikely that the Group will be able to use these in 103.6 million euros as at 31 January 2021. There are the five next years. This provision, presented netted on the non-activated tax losses within the Group.

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UNIVERSAL REGISTRATION DOCUMENT 2020