QUADIENT // 2021 Universal Registration Document

MANAGEMENT REPORT Review of Quadient’s financial position and results in 2021

3.1.2

INCOME STATEMENT

31 January 2022

31 January 2021

(In million euros)

100.0 (27.3)

100.0 (27.8) 72.2 (5.3) (24.5) (18.9) (8.9)

Sales

1,024.3

1,029.4

Cost of sales

(279.9)

(285.7)

72.7 (5.1)

Gross margin

744.4

743.7

R&D expenses

(51.8)

(54.9)

(26.4) (17.1) (9.7) (0.0) 14.3 (1.1) 13.2 (1.9) (0.8) 10.5 (1.9) 11.3

Selling expenses

(270.0)

(252.2)

Administrative expenses

(175.6)

(194.4)

Maintenance & other operating expenses

(99.7)

(91.5)

0.1

Employee profit-sharing and share-based payments

(0.5)

0.9

Current operating income excluding expenses related to acquisitions

3

14.7 (1.9) 12.8 (3.5)

146.8

151.6

Expenses related to acquisitions

(11.8)

(19.5)

Current operating income

135.0

132.1

Structure optimization expense and other operating expenses

(19.3)

(36.2)

9.3

Operating income

115.7

95.9

(3.1)

Financial income/(expenses)

(7.8)

(31.6)

6.3

Income before taxes

107.9

64.3

(2.3)

Income taxes

(19.7)

(23.8)

0.1 8.7

0.1 4.0

Income from associated companies

1.1

0.9

NET INCOME

89.3

41.4

Attributable to: holders of the parent company • non-controlling interests •

8.6 0.1

3.9 0.1

87.8

40.4

1.5

1.0

3.1.3

CHANGE IN SALES BY ACTIVITY AND GEOGRAPHY

Change at constant exchange rate

Organic change (a)

2021

2020

Change

(In million euros)

2.5 9.4 0.9

3.4 9.5 1.8 2.6

3.0 7.3 1.8 2.6 23.2

Major Operations

942.3

919.3

Intelligent Communication Automation (b) (c)

200.8

183.0

Mail-Related solutions (c)

658.7

652.9

(0.7) (25.7) (0.5)

Parcel Locker Solutions

82.9

83.4

(26.1)

Additional Operations

81.8

110.1

TOTAL 1,024.3 4.3 sales are compared to FY 2020 sales, from which is deducted (pro rata temporis) revenue from Proship, the (a) Graphics activities in Australia and New Zealand and the Automated Packaging Systems business, and to which is added (pro rata temporis) revenue from YayPay and Beanworks, for a total amount of (39.6) million euros, and are restated from an 8.1 million euros negative currency impact over the period. Intelligent Communication Automation gathers Business Process Automation and Customer Experience Management (b) activities formerly presented with Major Operations. Product reclassification from Intelligent Communication Automation to Mail-Related Solutions (c) 1,029.4 0.3

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UNIVERSAL REGISTRATION DOCUMENT 2021