QUADIENT // 2021 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

31 January 2022

31 January 2021

Current income tax charge

31.9

10.7

Deferred income tax charge

(12.2)

13.1

TOTAL INCOME TAX

19.7

23.8

Deferred taxes 12-4:

Deferred taxes are mainly due to the following:

Changes recognized in

Changes recognized through equity

Foreign exchange differences

the income statement

Other changes *

31 January 2021

31 January 2022

Tax loss carry-forwards – Net

7.8

(0.0)

(0.6)

(0.1)

0.4

7.5

Pension provision

5.3

(1.7)

0.1

(0.1)

(0.1)

3.5

Expenses with deferred deductibility: inventories and bad debt • employees related provisions • fixed assets amortization • other expenses with deferred deductibility •

4.2

-

(0.5)

0.0

0.3

4.0

1.9

(0.1)

0.3

-

0.1

2.2

22.6

(0.1)

10.9

0.0

2.8

36.2

(0.9)

-

(0.8)

0.1

0.0

(1.6)

Leasing activities

(92.5)

-

4.5

(1.5)

(8.0)

(97.5)

Patents

3.2

-

(0.7)

-

-

2.5

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

6

3.2

-

(0.4)

-

0.1

2.9

(19.7)

-

(1.6)

-

0.8

(20.5)

PPA Taxes

(5.9)

-

1.9

(3.8)

(0.4)

(8.2)

Goodwill amortization

(36.1)

-

(0.9)

1.7

(2.7)

(38.0)

Pension

(12.8)

(5.0)

(0.1)

-

(0.9)

(18.8)

Other

(11.5)

(0.7)

0.1

-

(0.3)

(12.4)

DEFERRED TAXES ASSETS (LIABILITIES)

(131.2)

(7.6)

12.2

(3.7)

(7.9)

(138.2)

*

The column “Other changes” mainly includes some reclassifications.

As of 31 January 2022, the recognition of deferred tax netted on the line “Tax loss carry-forwards” amounts to assets was reviewed. The tax loss carry-forwards (20.1) million euros as of 31 January 2022. The depreciated recognized as deferred tax assets have been depreciated tax loss carry-forwards represents a tax basis of where it is deemed unlikely that the Group will be able to approximately 78.4million euros as of 31 January 2022. use these in the five next years. This provision, presented There are non-activated tax losses within the Group.

215

UNIVERSAL REGISTRATION DOCUMENT 2021