QUADIENT // 2021 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

Tangible fixed assets 4-3:

4-3-1: ACCOUNTING PRINCIPLES

Tangible fixed assets acquired separately are initially measured at acquisition cost in accordance with IAS 16. This cost includes expenses directly attributable to the acquisition of the asset. Tangible fixed assets acquired as part of a business combination are recognized at fair value on their acquisition date, separately from goodwill. The value of tangible fixed assets is then reduced by the amount of accumulated depreciation and impairment losses. Demonstration equipment Demonstration equipment recognized under tangible fixed assets is depreciated using the straight-line method over four years, which is generally considered to be its useful life. Spare parts Spare parts and maintenance parts that are used over more than one fiscal year or which can only be used with a fixed asset are recognized under tangible fixed assets and depreciated over their useful life. Rented equipment Rented franking machines other than IS-280 consist of two distinct components with different useful lives: a meter and a base.

The depreciation periods, which correspond to the useful life of the asset in question, are as follows: IS-280: three years in North America and five years in ● France; meter: five years; ● base: six years, in France only. ● The intra-Group margin generated by industrial subsidiaries on equipment sold to the distribution subsidiaries that rent this equipment is eliminated, and depreciation is recalculated on the basis of the new value thus obtained. Depreciation periods Depreciation uses the straight-line method and is over the useful life of the asset: buildings: twenty to forty years; ● equipment: five to ten years; ● tools: three years; ● office furniture: ten years; ● research equipment: five years; ● rented equipment: three, five or six years; ● demonstration equipment: four years; ● spare parts: four years; ● refurbished machinery: three years. ●

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4-3-2: CHANGES IN TANGIBLE FIXED ASSETS

Land and buildings

Machinery and equipment

Rented equipment

IT equipment

Demonstration

equipment Other

Total

Gross value as of 31 January 2020

33.2

60.1

532.6

39.8

7.2 31.6 704.5

Acquisitions

0.2

1.0

29.2

1.4

0.9 4.9 37.6

Scope variation

(0.4)

(0.5)

-

(2.3)

- (0.2) (3.4)

Divestments/disposals

-

(1.1)

(103.3)

(3.5)

(1.1) (1.2) (110.2)

Other changes

0.1

0.4

-

0.2

(0.1) (1.2) (0.6)

Translation difference

(0.4)

(0.8)

(24.3)

(1.1)

(0.1) (1.6) (28.3)

Gross value as of 31 January 2021

32.7

59.1

434.2

34.5

6.8 32.3 599.6

Acquisitions

0.4

1.2

28.5

1.5

0.5 4.4 36.5

Scope variation

(13.0)

(12.8)

-

0.1

(0.6)

0.6 (25.7)

Divestments/disposals

(1.4)

(1.6)

(11.1)

(0.6)

(1.6) (0.7) (17.0)

Other changes

0.1

0.8

0.0

0.7

0.6 (1.4)

0.8

Translation difference

0.5

0.9

15.6

1.0

0.1

1.9 20.0

GROSS VALUE AS OF 31 JANUARY 2022

19.3

47.6 467.2

37.2

5.8 37.1

614.2

Cumulative amortization

(11.4)

(41.6)

(371.0)

(33.2)

(3.2) (21.1) (481.5)

NET BOOK VALUE AS OF 31 JANUARY 2022

7.9

6.0

96.2

4.0

2.6 16.0 132.7

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UNIVERSAL REGISTRATION DOCUMENT 2021