QUADIENT // 2021 Universal Registration Document

6

FINANCIAL STATEMENTS Consolidated financial statements

As of 31 January 2022, the provisions variation mainly relates to reversals on assets depreciation for an amount of (4.3) million euros and to reversals on provisions presented in liabilities for (2.4) million euros. As of 31 January 2021, the provision variation mainly related to added charges on assets depreciation for an amount of 5.3 million euros and to reversals on provisions presented in liabilities for (1.8) million euros. The line “Gains and losses in fair value” includes the financial result items with no cash effect and in particular

the increase of the fair value of the investments realized by Quadient for the benefit of the professional private equity funds X’Ange 2 and Partech Entrepreneurs. As of 31 January 2022, the line “Other” mainly includes the research tax credit for an amount of (1.2) million euros. As of 31 January 2021, the line “Other” mainly included the reclassification of the expenses related to the changes in scope in investing activities cash-flow and the research tax credit for (1.8) million euros.

Changes in working capital 8-2:

31 January 2022

31 January 2021

Inventories variation

(15.9)

(2.6)

Trade accounts receivable variation

14.6

(15.5)

Deferred income variation

2.0

(4.3)

Trade payables variation

5.1

(1.0)

Other current assets and liabilities variation

(13.4)

25.6

TOTAL

(7.6)

2.2

The change in the other current assets and liabilities is mainly explained by timing differences on prepayments and other debts. In 2020, the change in the other current assets and liabilities was impacted by the postponement of VAT and other taxes payments in some countries where the Group operates.

divestment of Quadient Oceania generated a net cash collection of 1.1 million euros.

New borrowings and repayment 8-4: of borrowings

In March 2021, Quadient repaid by anticipation the full outstanding amount of the bond 2.50 maturing in June 2021 for an amount of 163.2 million euros. In September 2021, Quadient repaid by anticipation a Schuldschein private placement under German law for 3.0 million euros. In November 2021, Quadient issued a Schuldschein private placement under German law for 105.0 million United States dollars and 170.0 million euros with different maturities. In November 2021, Quadient repaid by anticipation a Schuldschein private placement under German law for 64.0 million United States dollars and 73.5 million euros.

Impact of changes in scope 8-3:

As of 31 January 2022, the acquisition of Beanworks generates a net cash out of 73.8 million euros. The divestment of the automated packaging solutions business generates a cash collection of 12.0 million euros. As of 31 January 2021, the acquisition of YayPay generated a net cash out of 20.5 million euros. The effective divestment of Proship, realized on 28 February 2020, generated a net cash collection of 10.5 million euros. The

Reconciliation of the liabilities flows coming from financing activities 8-5:

Cash-flow movements

Non-cash changes

31 January 2021

Translation difference

31 January 2022

New debt

Repayment

Other *

Non-current financial debt

767.1

196.6

(64.0)

(36.8)

6.1

869.0

Current financial debt

180.6

2.2

(165.8)

34.1

-

51.1

FINANCIAL DEBT

947.7

198.8

(229.8)

(2.7)

6.1

920.1

The column “Other” mainly includes reclassifications and the variation of accrued interests not yet due. *

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UNIVERSAL REGISTRATION DOCUMENT 2021