QUADIENT // 2021 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

31 January 2022

31 January 2021

Change in hedging assets Fair value of hedging assets at beginning of period

223.9

232.0

Expected return on plan assets

2.8

3.5

Actuarial gains (losses)

5.6

5.3

Contributions paid by employer

0.8

2.8

Payments made by fund

(6.7)

(8.8)

Other (a)

14.0

(10.9)

Fair value of hedging assets at end of period

240.4

223.9

Financial hedging Plans’ position

40.0

12.6

of which recognized in assets

56.7

36.3

of which recognized in liabilities

(16.7)

(23.7)

Amount recognized in the consolidated income statements Service cost

1.5

1.7

Discounting cost

2.6

3.3

Expected return on plan assets

(2.8)

(3.5)

Total retirement benefit expense

1.3

1.5

Amount recognized in the consolidated statements of comprehensive income Actuarial (losses)/gains

(22.1)

5.1

6

On obligations

(16.5)

10.4

On hedging assets

(5.6)

(5.3)

Cumulated actuarial (losses)/gains

(22.5)

(0.4)

Actuarial assumptions Discount rate (b)

2.3 3.6 2.6 3.4

1.4 3.0 2.0 2.9

Expected long-term inflation rate – Retail Price Inflation (RPI) (b)

Expected long-term inflation rate – Consumer Price Index (CPI) (b)

Expected long-term rate of annuity increases (b)

Breakdown of hedging assets Bonds

22 78

23

Other investments 77 The line "Other" mainly includes translation differences and the IFRIC decision impact on the evaluation of the obligations. (a) The above actuarial assumptions relate to the English subsidiary which alone accounts for more than 81 of the Group’s (b) retirement benefit obligations.

9-3-3: CHANGES IN OBLIGATIONS

Group pension liabilities were as follows over the last five years:

2021

2020

2019

2018

2017

Obligation – present value

200.4

211.3

214.0

189.9

202.2

Fair value of assets

240.4

223.9

232.0

204.9

213.8

Plan (surplus)/deficit

(40.0)

(12.6)

(18.0)

(15.0)

(11.6)

Actuarial gains/(losses): On liabilities

(16.5)

10.4

21.0

(4.3)

1.2

On assets

(5.6)

(5.3)

(22.5)

1.4

(4.4)

193

UNIVERSAL REGISTRATION DOCUMENT 2021