QUADIENT - 2020 Universal Registration Document

FINANCIAL STATEMENTS Quadient S.A. statements of financial position

INCOME STATEMENT NOTE 11

Operating income

11-1:

Quadient S.A.’s operating loss amounts to 11.4 million euros compared with a loss of 4.3 million euros for the previous year and it breaks down as follow:

31 January 2021

31 January 2020

Assistance to subsidiaries

20.0

22.6

Brand royalties

9.0

8.0

Rebilling of costs paid on behalf of subsidiaries

4.7

4.3

Reversal of depreciation and amortization, transfer of expenses

0.2

4.0

Other revenues

0.0

0.1

Revenue from operations

33.9

39.0

Wages, bonuses, commissions and payroll charges

(16.0)

(13.0)

Fees

(5.4)

(4.9)

Expenses related to acquisitions

(7.7)

(9.2)

Purchases, maintenance

(0.8)

(0.4)

Transport and travel, seminars

(1.0)

(2.4)

Staff seconded

(6.4)

(4.5)

Insurance

(0.8)

(0.7)

Taxes

(0.9)

(1.3)

6

Rents and associated costs

(0.9)

(1.0)

Compensation of directors

(0.5)

(0.4)

Treasury shares delivered (for the allocation of free shares)

(0.6)

(0.4)

Borrowing expenses

(0.3)

(3.7)

Depreciation and amortization expenses

(3.8)

(1.1)

Other expenses

(0.2)

(0.3)

Operating expenses

(45.3)

(43.3)

Operating income

(11.4)

(4.3)

The management fees contracts and brand name contracts generate an income of 29.0 million euros as at 31 January 2021 compared with 30.6 million euros as at 31 January 2020.

Financial income 11-2:

Financial income amounts to 34.6 million euros compared with 9.5 million euros a year before and it breaks down as follows:

31 January 2021

31 January 2020

Interest expenses on external borrowings

(35.0)

(41.3)

Net income on internal loans and borrowings

18.2

18.8

Loss on receivables related to investments

(26.9)

(1.8)

Dividends received

64.6

75.6

Revenue from disposals of securities

0.1

0.2

Other financial products

2.2

2.2

Net gain on foreign exchange and swaps

(21.7)

37.1

(Provision)/reversal for losses on foreign exchange

8.7

(6.2)

(Provision)/reversal of impairment on short-term receivables

21.2

(12.6)

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UNIVERSAL REGISTRATION DOCUMENT 2020