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ER - Continued profitable growth and strong cash generation at the end of fiscal 2024

Company: Société Anonyme d'Explosifs et Produits Chimiques Date: 2025-03-27 Language: English Register to download
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Annual results 2024 Paris, March 27, 2025 - 6:00 pm

# Continued profitable growth

# and strong cash generation at the end of fiscal 2024

- Sales up +3.2% for FY 2024 (+2.8% like-for-like), excluding discontinued additives business
- EBITDA<sup>1</sup>up +2.1% EBITDA margin improves to 12.7% (+0.1 pt)
- Free cash flow (including IFRS 16) of €40.0 million in 2024 (+147%)
- Proposed dividend payment of 1.50 € per share (+50%)

**The Board of Directors of EPC Groupe (Euronext - EXPL) met on March 27, 2025, under the chairmanship of Olivier Obst, to approve the financial statements for the year ended December 31, 2024. The audit procedures on the consolidated financial statements have been completed, and the certification report will be issued shortly by the statutory auditors.**

The financial indicators presented in the table below are derived from Segment Information, presented in Note 4 of the consolidated financial statements, which is based on internal management data used to analyze business performance, i.e. with proportional consolidation of joint ventures. Reconciliation tables from published segment information to the consolidated income statement are provided in the appendix to this press release.

|                                          | IFRS     | Segment reporting |          |           |
|------------------------------------------|----------|-------------------|----------|-----------|
| In thousands of euros                    | 12M 2024 | 12M 2024          | 12M 2023 | Variation |
| Proceeds from                            | 490,156  | 558,152           | 548,277  | +1.8%     |
| Explosives and Drilling & Blasting       | 374,753  | 442,749           | 418,437  |           |
| Urban mine                               | 106,410  | 106,410           | 114,156  |           |
| Other                                    | 8,994    | 8,994             | 8,200    |           |
| Additives activity stopped               | 0        | 0                 | 7,486    |           |
| Revenue from activities other than       | 490,156  | 558,152           | 540,791  | +3.2%     |
| additives                                |          |                   |          |           |
| Share of profit of associates            | 12,661   | -                 | -        |           |
| EBITDA1<br>including share of associates | 63,736   | 70,677            | 69,190   | +2.1%     |
| %                                        | 13,0%    | 12,7%             | 12,6%    |           |
| Current operating income                 | 33,303   | 36,250            | 35,081   | +3.3%     |
| %                                        | 6,8%     | 6,5%              | 6,4%     |           |
| Operating income                         | 33,101   | 36,048            | 34,461   | +4.6%     |
| Net financial income                     | (4,125)  | (5,214)           | (6,153)  | (15.3)%   |
| IS                                       | (4,122)  | (5,980)           | (5,425)  | +10.2%    |
| Net income                               | 24,854   | 24,854            | 22,883   | +8.6%     |
| Net income, Groupe share                 | 23,370   | 23,370            | 21,349   | +9.5%     |

<span id="page-0-0"></span><sup>1</sup> Alternative performance indicator: EBITDA is calculated from operating income recurring adjusted for depreciation, amortization and provisions (including those relating to WCR).

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## **Olivier Obst, Chairman and CEO of EPC Groupe, comments:**

PRESS RELEASE

> *"The FY 2024 results illustrate EPC Groupe's ability to maintain steady, profitable growth, despite an economic environment marked by cyclical disruptions. This performance testifies to the Groupe's operating efficiency, financial strength and ability to generate cash while actively pursuing its debt reduction.*

> *In 2025, we intend to accelerate this momentum by strengthening our international presence in new strategic markets, diversifying our product offering and consolidating our expertise, particularly in the field of Urban Mining."*

# **GROWTH IN REVENUES FROM CONSOLIDATED ACTIVITIES DRIVEN BY CIVIL EXPLOSIVES**

Revenues from consolidated activities (excluding the discontinued additives business) came to €558.2 million in 2024, compared with €540.8 million in 2023, representing growth of +3.2% (+2.8% at constant exchange rates and scope of consolidation). The companies acquired and consolidated in 2024, Vibraquipo (on January 1,2024) and Blastcon Australia (on July 1,2024), had a positive impact of+ 0.2 points on growth, while exchange rate fluctuations had a favorable impact of+ 0.2 points.

The Group's performance was driven by the historic **Explosives and Drilling & Blasting** business, which contributed €442.7 million, or 79% of consolidated sales, and grew by 5.8% year-on-year. The **Urban Mining** business (comprising Deconstruction and Circular Economy) experienced a cyclical slowdown (-6.8%) due to the sharp slowdown in construction activity in the Paris region, before, during and after the Paris 2024 Olympic and Paralympic Games, in a generally lacklustre environment for new construction.

### **RETURN TO GROWTH IN EUROPE AND CONTINUED STRONG MOMENTUM IN AFRICA ASIA PACIFIC**

The **Europe-Mediterranean-America** zone reported consolidated sales (excluding discontinued additives business) of €401.1 million, up +1.0%, driven by the Explosives and Drilling-Blasting business (+3.9%), which offset the 6.8% drop in business in the Urban Mining sector due to the Olympic Games in Paris.

The **Africa-Asia-Pacific** region posted growth of +9.4% for the full year 2024. Most of this growth was organic, driven by higher volumes.

## **EBITDA GROWTH OF +2% IN 2024, REPRESENTING AN EBITDA MARGIN OF 12.7%**

EBITD[A](#page-1-0)<sup>2</sup> (including the share of joint ventures accounted for by the equity method) to €70.7 million, up +2% on FY 2023, despite the absence of any significant property disposals over the period (€2.9 million capital gain in FY 2023) and a non-cash personnel expense of €2.7 million in FY 2024 linked to the accounting valuation of the EPC Share employee stock ownership plan. Without these two items, which have no direct link with the Groupe's operating performance, annual EBITDA growth would have been around+ 11%.

As a result, EBITDA margin was 12.7% in 2024, compared with 12.6% a year earlier.

<span id="page-1-0"></span><sup>2</sup> Alternative performance indicator: EBITDA is calculated from operating income recurring adjusted for depreciation, amortization and provisions (including those relating to WCR).

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This good momentum can be attributed to several factors:

PRESS RELEASE

- the closure of the loss-making diesel additives business in 2023;
- good management of the decline in raw material prices, which enabled us to maintain margins in value terms in both mature and growing countries;
- a favorable geographic mix, with volume growth in countries with above-average profitability (Sub-Saharan Africa, Asia);
- pro-active resource management in the Urban Mining sector, which has enabled us to make greater use of in-house resources and reduce subcontracting.

Operating income recurring (including the share of joint ventures accounted for by the equity method) came to €36.3 million, an increase of+ 3%. As a reminder, FY 2023 included a significant level of provisions linked to the shutdown of a production line in Italy. The increase in depreciation and amortization over the year (€18.5 M in 2024 vs. €15.5 M in 2023) is the result of the major investment programs carried out in recent years. Excluding the real estate disposal in 2023 and the EPC Share personnel expense, current operating income would have risen by around+ 21%. The operating margin before non-recurring items was 6.5% in 2024, compared with 6.4% a year earlier.

Operating income (including the share of joint ventures accounted for by the equity method) came to €36.0m. Other operating income and expenses (-€0.2m) mainly comprise costs related to the acquisitions of Vibraquipo and Blastcon Australia.

Net financial expense amounted to -€5.2m for the year ended December 31, 2009, compared with -€6.in 2023, and consisted mainly of interest expense. The change reflects lower indebtedness, net foreign exchange gains (+0.2 M€) versus net foreign exchange losses in 2023 (-0.9 M€), and an accretion income on the environmental provision resulting from the rise in interest rates used to calculate this provision.

After corporate income tax of €6.0 million, net income came to €24.9 million in 2024, compared with €22.9 million the previous year, up+ 9%.

# **OPERATING CASH FLOW TO DOUBLE BY 2024 TO €67.0 M**

Cash flow amounted to €56.0 million, a sustained increase of +30%, reflecting EPC Groupe's ability to generate cash through its business.

Driven by tight control of working capital requirements and optimized management of accounts receivable and payable, operating cash flow came to €67.0 million, double the figure for 2023.

Capital expenditure amounted to €27.0 million, reflecting a sustained level of investment and the completion of two acquisitions during the year (Vibraquipo and Blastcon Australia). At the end of fiscal 2024, EPC Groupe generated free cash flow of €40.0 million, compared with €16.2 million a year earlier.

Fiscal 2024 also saw the continuation of EPC Groupe's financial debt reduction policy initiated in the previous year, with €15.7m in net loan repayments (€20.8m in bank loan repayments and €5.0m in new loan issues) and the amortization of €12.0m in lease liabilities (IFRS 16).

At the end of the 2024 financial year, the change in cash and cash equivalents is positive at +3.4 M€.

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PRESS RELEASE

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| In thousands of euros                                        | 12M 2024<br>IFRS | 12M 2023<br>IFRS | Variation |
|--------------------------------------------------------------|------------------|------------------|-----------|
| Cash flow from operations                                    | 55,993           | 43,064           | +12,929   |
| Change in WCR                                                | 6,778            | (15,076)         |           |
| Taxes paid                                                   | 5,754            | 4,224            |           |
| Operating cash flow (A)                                      | 67,004           | 33,129           | +33,875   |
| Cash flow from investing activities (B)                      | (26,995)         | (16,932)         | -10,063   |
| of which Acquisition of tangible and intangible fixed assets | (26,496)         | (22,573)         |           |
| Free cash flow (A) + (B)                                     | 40,009           | 16,197           | +23,812   |
| of which amortization of rights of use IFRS 16.              | 12,165           | 10,236           |           |
| Cash flow from financing activities                          | (36,708)         | (18,334)         | -18,374   |
| of which Repayments of borrowings (net of issues)            | (15,735)         | (1,354)          |           |
| Change in cash and cash equivalents                          | 3,429            | (2,376)          |           |

# **CONTINUED FINANCIAL DEBT: NET GEARING OF 28% AT END 2024 (VS. 46% AT END 2023)**

| In thousands of euros                                  | 31/12/2024<br>IFRS | 31/12/2023<br>IFRS | In thousands of euros | 31/12/2024<br>IFRS | 31/12/2023<br>IFRS |
|--------------------------------------------------------|--------------------|--------------------|-----------------------|--------------------|--------------------|
| Non-current assets                                     | 225,463            | 208,874            | Shareholders' equity  | 172,414            | 144,925            |
| of which property, plant &<br>equipmt & intang. assets | 129,669            | 121,990            | Financial liabilities | 78,424             | 93,020             |
| of which Rights of use                                 | 30,011             | 27,044             | of which non-current  | 45,968             | 67,760             |
| Current assets                                         | 213,339            | 210,513            | of which current      | 32,456             | 25,260             |
| of which Inventories                                   | 62,023             | 54,235             | Lease liabilities     | 28,040             | 25,040             |
| of which trade receivables                             | 138,347            | 143,362            | Other liabilities     | 190,662            | 182,647            |
| Treasury                                               | 30,738             | 26,245             |                       |                    |                    |
| TOTAL ASSETS                                           | 469,540            | 445,632            | TOTAL LIABILITIES     | 469,540            | 445,632            |

Growth in non-current assets is mainly due to continued investment in new production plants in 2024, notably in Ivory Coast, Senegal, Canada and the United Kingdom.

The increase in inventory levels, linked to growth in the Explosives and Drilling & Blasting businesses, was offset by a fall in trade receivables, reflecting rigorous and effective management of trade receivables, particularly in the Urban Mining business.

Available cash is up by+ 4.5 M€ to 30.7 M€ at the end of 2024.

Shareholders' equity continued to rise, reaching €172.4 million.

As a result of the Group's debt reduction policy, gross financial debt stood at €78.4 million at the end of 2024 (of which 59% non-current financial debt), compared with €93.0 million a year earlier.

Net financial debt stood at €47.7 million at December 31, 2024, compared with €66.8 million at the end of 2023. The net gearing ratio stood at 28% at the end of 2024, compared with 46% a year earlier. The leverage

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ratio monitored by financial partners (net financial debt/EBITDA on the scope including JVs) will continue to improve in 2024, coming in at 1.04 compared with 1.30 at the end of 2023 and 1.68 at the end of 2022.

The Groupe also has €48.4 million in unused credit lines at December 31, 2024.

# **PROPOSED DISTRIBUTION OF A DIVIDEND OF 1.50 € PER SHARE FOR THE 2024 FINANCIAL YEAR**

The Board of Directors will propose to the Annual General Meeting of Shareholders on June 30, 2025 the payment of a dividend of 1.50 € per share in respect of the 2024 financial year, up +50% on the dividend paid in respect of the 2023 financial year. This represents a payout ratio of 15% of net income, Groupe share.

# **OUTLOOK**

Well positioned in its markets and in tune with the expectations of its main stakeholders, EPC Groupe has everything it takes to continue growing strongly in the years ahead.

Faced with an uncertain international economic environment, the Group's main development priorities for 2025 will be :

- **Continued international growth**, with expansion into new high-potential geographies, such as Malaysia in 2024;
- **The development of new production lines** for shooting accessories to expand the product range;
- **The pursuit,** in volumes still limited in 2025 by the economic situation**, of sophistication in the Urban Mining businesses**, to capture more added value, by mastering upstream sorting in deconstruction operations and downstream recycling channels.

On the financial front, the strong improvement in cash generation in 2024 will be pursued, with the aim of continuing to invest for growth, ensuring the profitability of operations and returning cash to shareholders.

# **GLOBAL TECHNICAL SOLUTIONS (GTS) BUSINESS CREATED**

Against a backdrop of accelerating innovation and digital transformation, EPC Groupe has decided to create the Global Technical Solutions (GTS) business, dedicated to optimizing mining and quarrying operations through cutting-edge technological solutions.

Designed by engineers for engineers, GTS marks a major step forward in the digitization of mining operations. GTS brings together the expertise of the Group's technical teams and its subsidiaries Diogen, Vibraquipo, Vibratesting, Blastcon Australia and EPC Chile, consolidating a unique know-how to offer ever more effective and innovative solutions. By combining state-of-the-art numerical simulation software and cutting-edge mining design, proven hardware capabilities and renowned technical expertise, this business aims to transform industrial practices by helping to reduce operating costs, optimize the performance of mining and quarrying sites, and ensure rigorous compliance with environmental and safety standards.

GTS is headed by Ben Williams, an experienced executive from EPC Groupe, which he joined in November 2000. Since 2011, Ben Williams has been Managing Director of EPC-UK. He has expanded his responsibilities, becoming first Director of the Atlantic Zone and then of the Northern Europe Zone until December 2024.

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#### **Upcoming events:**

**1 st quarter 2025 sales, May 13, 2025, after close of Euronext markets**

**Annual General Meeting, June 30, 2025**

EPC Groupe (Euronext - EXPL) is a leader in the manufacture, storage and distribution of explosives, with sales of over 550 million euros in 2024 and more than 2,800 employees working in its 44 subsidiaries in over 29 countries. For 130 years, the Group has mobilized its know-how, technical skills and technological innovations to offer solutions that generate performance and value for its customers in the mining, quarrying, infrastructure and underground sectors. The Group places innovation at the heart of its development strategy in order to meet and anticipate its customers' needs.

Chief Financial Officer 01 40 69 80 00

Charles-Ernest ARMAND Lilia GONCALVES Mathieu OMNES Anne-Charlotte DUDICOURT Group Communications Director 01 40 69 80 00 contact.actionnaires@epc-groupe.com lilia.goncalves@epc-groupe.com epc-groupe@actus.fr acdudicourt@actus.fr

**EPC Group ACTUS finance & communication**

Investor Relations 01 53 67 36 92 Press Relations 06 24 03 26 52

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# **APPENDIX**

### **Consolidated income statement**

| In thousands of euros                                                        | 2024<br>IFRS | 2023<br>IFRS |
|------------------------------------------------------------------------------|--------------|--------------|
| Continuing operations                                                        |              |              |
| Income from ordinary activities                                              | 490,156      | 482,265      |
| Other products                                                               | 4,232        | 5,451        |
| Purchases consumed                                                           | (197,482)    | (214,529)    |
| Other purchases and external charges                                         | (114,843)    | (113,310)    |
| Change in inventories of work in progress and finished goods                 | 609          | 2,307        |
| Personnel expenses                                                           | (128,999)    | (114,255)    |
| Depreciation, amortization and impairment of fixed assets                    | (30,739)     | (25,704)     |
| Charges to and reversals of provisions                                       | 306          | (4,806)      |
| Other operating income and expenses                                          | (2,598)      | 2,744        |
| Share of profit of associates                                                | 12,661       | 13,001       |
| Operating income recurring, including equity affiliates' share               | 33,303       | 33,164       |
| Other operating income and expenses                                          | (202)        | (620)        |
| Operating income before goodwill impairment                                  | 33,101       | 32,544       |
| Impairment of fixed assets                                                   | -            | -            |
| Impairment of goodwill                                                       | -            | -            |
| Operating income                                                             | 33,101       | 32,544       |
| Cost of net financial debt                                                   | (5,865)      | (5,643)      |
| Other financial income and expense                                           | 1,740        | (296)        |
| Profit before tax                                                            | 28,976       | 26,605       |
| Income tax                                                                   | (4,122)      | (3,722)      |
| Consolidated net income - continuing operations                              | 24,854       | 22,883       |
| Net income from discontinued operations                                      | -            | -            |
| Consolidated net income - total                                              | 24,854       | 22,883       |
| Net income - Group share                                                     | 23,370       | 21,349       |
| Net income attributable to non-controlling interests<br>(minority interests) | 1,484        | 1,534        |
| Earnings per share                                                           | 11.22        | 10.16        |
| Diluted earnings per share                                                   | 11.22        | 10.16        |

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## **Consolidated balance sheet**

| ASSETS - In thousands of euros     | 31/12/2024 | 31/12/2023 |
|------------------------------------|------------|------------|
| Goodwill                           | 11,234     | 9,332      |
| Intangible assets                  | 5,376      | 4,334      |
| Property, plant and equipment      | 124,293    | 117,656    |
| Rights of use                      | 30,011     | 27,044     |
| Investments in associates          | 43,016     | 39,379     |
| Other non-current financial assets | 1,889      | 2,450      |
| Deferred tax assets                | 9,644      | 8,679      |
| Other long-term assets             | -          | -          |
| Total non-current assets           | 225,463    | 208,874    |
| Stocks                             | 62,023     | 54,235     |
| Trade and other receivables        | 138,347    | 143,362    |
| Tax receivables                    | 1,742      | 2,110      |
| Other current assets               | 11,227     | 10,806     |
| Cash and cash equivalents          | 30,738     | 26,245     |
| Total current assets               | 244,077    | 236,758    |
| TOTAL ASSETS                       | 469,540    | 445,632    |

| LIABILITIES - In thousands of euros                 | 31/12/2024 | 31/12/2023 |
|-----------------------------------------------------|------------|------------|
| Capital                                             | 7,015      | 7,015      |
| Reserves                                            | 136,102    | 111,448    |
| Net income for the year - Group share               | 23,370     | 21,349     |
| Equity attributable to equity holders of the parent | 166,487    | 139,812    |
| Non-controlling interests (minority interests)      | 5,927,     | 5,113      |
| Shareholders' equity                                | 172,414    | 144,925    |
| Non-current borrowings                              | 45,968     | 67,760     |
| Non-current lease liabilities                       | 17,246     | 15,454     |
| Deferred tax liabilities                            | 2,267      | 1,658      |
| Provisions for employee benefits                    | 15,044     | 13,730     |
| Other non-current provisions                        | 21,842     | 23,741     |
| Other long-term liabilities                         | 1,744      | 1,305      |
| Total non-current liabilities                       | 104,111    | 123,648    |
| Trade and other payables                            | 136,802    | 129,063    |
| Tax liabilities                                     | 2,490      | 3,331      |
| Current borrowings                                  | 32,456     | 25,260     |
| Current lease liabilities                           | .10,794    | 9,586      |
| Other current provisions                            | 1,708      | 1,696      |
| Other current liabilities                           | 8,765      | 8,123      |
| Total current liabilities                           | 193,015    | 177,059    |
| Total debt                                          | 297,126    | 300,707    |
| TOTAL LIABILITIES                                   | 469,540    | 445,632    |

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## **Consolidated cash flows**

| In thousands of euros                                                | 2024     | 2023     |
|----------------------------------------------------------------------|----------|----------|
| Consolidated net income                                              | 24,854   | 22,883   |
| Elim. of equity affiliates                                           | (12,661) | (13,001) |
| Elim. of depreciation and provisions                                 | 28,998   | 28,663   |
| Elim. of gains and losses on disposals and dilution gains and losses | 256      | (3,214)  |
| Elim. other non-cash income and expenses                             | 44       | (127)    |
| Elim. of discounting effect                                          | (1,353)  | (1,126)  |
| Elim. of profit on sale of treasury shares                           | 2,182    | (127)    |
| Calculated income and expenses related to share-based payments       | 2,741    | 259      |
| Dividends received from joint ventures                               | 10,932   | 8,971    |
| Elim. dividend income (non-group)                                    | -        | (117)    |
| Cash flow after cost of net financial debt                           |          |          |
| and tax                                                              | 55,993   | 43,064   |
| Elim. tax expense (income)                                           | 4,122    | 3,722    |
| Elim. of net borrowing costs                                         | 5,865    | 5,643    |
| Cash flow from operations before cost of net financial debt          |          |          |
| and taxes                                                            | 65,980   | 52,429   |
| Impact of changes in WCR                                             | 6,778    | (15,076) |
| Taxes paid                                                           | (5,754)  | (4,224)  |
| Cash flow from operating activities                                  | 67,004   | 33,129   |
| Impact of changes in scope of consolidation                          | (1,680)  | 356      |
| Acquisition of property, plant and equipment and intangible assets   | (26,496) | (22,573) |
| Change in loans and advances                                         | 155      | (547)    |
| Disposal of property, plant and equipment and intangible assets      | 1,026    | 5,715    |
| Dividends received                                                   | -        | 117      |
| Cash flow from investing activities                                  | (26,995) | (16,932) |
| Bond issues                                                          | 5,034    | 13,549   |
| Loan repayments                                                      | (20,769) | (14,903) |
| Decrease in lease liabilities                                        | (11,979) | (10,569) |
| Net interest paid                                                    | (6,140)  | (5,637)  |
| Shareholder transactions: partial acquisitions/divestments           | -        | (170)    |
| Dividends paid to Group shareholders                                 | (2,111)  | (88)     |
| Dividends paid to minority shareholders                              | (743)    | (516)    |
| Cash flows from financing activities                                 | (36,708) | (18,334) |
| Impact of changes in exchange rates                                  | 128      | (239)    |
| Change in cash and cash equivalents                                  | 3,429    | (2,376)  |
| Opening cash position                                                | 24,542   | 26,918   |
| Closing cash position                                                | 27,971   | 24,542   |
| Change in cash and cash equivalents                                  | 3,429    | (2,376)  |

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# **Reconciliation of segment information to the consolidated income statement (IFRS)**

| Fiscal 2024                                                                                        |                      |                                |                                     |  |
|----------------------------------------------------------------------------------------------------|----------------------|--------------------------------|-------------------------------------|--|
| In thousands of euros                                                                              | Segment<br>reporting | IFRS 10 and 11<br>restatements | Consolidated<br>income<br>statement |  |
| Total external revenue                                                                             | 558,152              | (67,996)                       | 490,156                             |  |
| Share of profit of associates                                                                      | -                    | 12,661                         | 12,661                              |  |
| EBITDA including share of associates                                                               | 70,677               | (6,941)                        | 63,736                              |  |
| Depreciation, amortization and impairment of fixed assets                                          | (34,235)             | 3,496                          | (30,739)                            |  |
| Charges to and reversals of provisions                                                             | (192)                | 498                            | 306                                 |  |
| Operating income recurring including share of joint ventures<br>accounted for by the equity method | 36,250               | (2,947)                        | 33,303                              |  |
| Other operating income and expenses                                                                | (202)                | 0                              | (202)                               |  |
| Operating income before goodwill impairment                                                        | 36,048               | (2,947)                        | 33,101                              |  |
| Impairment of goodwill<br>Impairment of fixed assets                                               | -<br>-               | -<br>-                         | -<br>-                              |  |
| Operating income                                                                                   | 36,048               | (2,947)                        | 33,101                              |  |
| Financial expenses - net                                                                           | (5,214)              | 1,089                          | (4,125)                             |  |
| Profit before tax                                                                                  | 30,834               | (1,858)                        | 28,976                              |  |
| Income tax                                                                                         | (5,980)              | 1,858                          | (4,122)                             |  |
| Net income - continuing operations                                                                 | 24,854               | -                              | 24,854                              |  |
| Net income - discontinued operations                                                               | -                    | -                              | -                                   |  |
| Total net income                                                                                   | 24,854               | -                              | 24,854                              |  |

|                                                                                                    | Fiscal 2023          |                                |                                     |
|----------------------------------------------------------------------------------------------------|----------------------|--------------------------------|-------------------------------------|
| In thousands of euros                                                                              | Segment<br>reporting | IFRS 10 and 11<br>restatements | Consolidated<br>income<br>statement |
| Total external revenue                                                                             | 548,277              | (66,012)                       | 482,265                             |
| Share of profit of associates                                                                      | -                    | 13,001                         | 13,001                              |
| EBITDA including share of associates                                                               | 69,190               | (5,516)                        | 63,674                              |
| Depreciation, amortization and impairment of fixed assets                                          | (27,812)             | 2,108                          | (25,704)                            |
| Charges to and reversals of provisions                                                             | (6,297)              | 1,491                          | (4,806)                             |
| Operating income recurring including share of joint ventures<br>accounted for by the equity method | 35,081               | (1,917)                        | 33,164                              |
| Other operating income and expenses                                                                | (620)                | 0                              | (620)                               |
| Operating income before goodwill impairment                                                        | 34,461               | (1,917)                        | 32,544                              |
| Impairment of goodwill                                                                             | -                    | -                              | -                                   |
| Impairment of fixed assets                                                                         | -                    | -                              | -                                   |
| Operating income                                                                                   | 34,461               | (1,917)                        | 32,544                              |
| Financial expenses - net                                                                           | (6,153)              | 213                            | (5,940)                             |
| Profit before tax                                                                                  | 28,308               | (1,704)                        | 26,604                              |
| Income tax                                                                                         | (5,425)              | 1,704                          | (3,721)                             |
| Net income - continuing operations                                                                 | 22,883               | -                              | 22,883                              |
| Net income - discontinued operations                                                               | -                    | -                              | -                                   |
| Total net income                                                                                   | 22,883               | -                              | 22,883                              |