Sopra Steria - 2019 Universal registration document

5 2019 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

31/12/2019

31/12/2018

(in millions of euros)

Operating profit on business activity

354.3 159.3 513.6

307.9

Depreciation, amortisation and provisions (excluding allocated intangible assets)

55.8

EBITDA

363.7

Non-cash items

-3.9

-3.1

Tax paid

-81.0

-63.4

Impairment of current assets Change in operating WCR

0.9

-5.1

25.3 -32.7 422.2 -49.8

-23.1 -39.2 229.8 -61.9

Reorganisation and restructuring costs Net cash flow from operating activities

Payments relating to investments in property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Net change from investment activities involving property, plant and equipment and intangible assets

0.1

0.1

-49.7 -109.8

-61.8

Lease payments

-

Net interest (including interest on lease liabilities)

-9.3

-8.4

Additional contributions related to defined-benefit pension plans

-24.1

-23.4

Free cash flow

229.3 -89.5

136.1 -168.8

Impact of changes in scope

Impact of payments relating to non-current financial assets Impact of receipts relating to non-current financial assets

-7.4

-5.9

4.7

1.2

Dividends paid

-39.9

-48.7

Dividends received Capital increases

2.9

1.4

-

-

Purchase and sale of treasury shares

-2.8

-23.4

Other cash flows relating to investing activities

-

-

Net cash flow

97.4 -7.3 16.9

-108.1

Impact of changes in foreign exchange rates Impact of changes in accounting policies (IFRS 16)

-2.6

-

CHANGE IN NET FINANCIAL DEBT

107.0 159.8 -338.3 -442.4 -620.9 192.6 -494.4 -212.2 -513.9 107.0

-110.8 155.9 -398.9 -267.1 -510.1 159.8 -338.3 -442.4 -620.9 -110.8

Cash and cash equivalents – Beginning of period Non-current financial debt – Beginning of period Current financial debt – Beginning of period Net financial debt – Beginning of period Cash and cash equivalents – End of period Non-current financial debt – End of period

Current financial debt – End of period

Net financial debt at the end of the period

CHANGE IN NET FINANCIAL DEBT

Free cash flow amounted to €229.3 million (€173.1 million in 2018, excluding the €37.0 million impact of the sale of trade receivables with deconsolidation in December 2017). This corresponds to an improved cash conversion rate with respect to operating profit on business activity, continuing the upward trend seen since 2015. This performance reflected better management of the working capital requirement and, primarily, a 6-day reduction in the average payment period of trade receivables.

Change in net financial debt takes into account the reclassification of former finance lease liabilities outside financial debt starting 1 January 2019 due to the application of IFRS 16 "Leases". This new rule has no material impact on Free cash flow, as the main line items affected – EBITDA and Purchase of property, plant and equipment and intangible assets – are offset by the new line item recognising lease payments.

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SOPRA STERIA UNIVERSAL REGISTRATION DOCUMENT 2019

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