Applus Services S.A.

Investor Presentation • Jul 28, 2020

Applus+ Group H1 2020 Results Presentation

28 JULY 2020

This document may contain statements that constitute forward looking statements about Applus Services, SA ("Applus+" or "the Company"). These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates regarding, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company.

Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed or implied in these forward looking statements. These risks and uncertainties include those discussed or identified in fuller disclosure documents filed by Applus+ with the relevant Securities Markets Regulators, and in particular, with the Spanish Market Regulator, the Comisión Nacional del Mercado de Valores.

Applus+ does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

This document contains summarised information or information that has not been audited. In this sense this information is subject to, and must be read in conjunction with other publicly available information including if necessary any fuller disclosure document published by Applus+.

Nothing in this presentation should be construed as a profitforecast.

Results Presentation H1 2020

HIGHLIGHTS

FINANCIAL REVIEW BUSINESS REVIEW SUMMARY & OUTLOOK

Fernando Basabe Chief Executive Officer

Highlights

• Coronavirus impacted every division but recovery is under way
• Q2 revenue down 29% with a good June improvement and with tight cost control delivered a small adjusted operating profit
• Strong cash generation, Net Debt reduced with available liquidity remaining high
• Significant new awards in Energy & Industry division
• Auto Aragon in Spain contract renewed for 10 years on same terms
• Government of Catalonia preparing to tender new 20 year concession for IDIADA
• Acquisition process resumed

H1 2020 Results:

Revenueof €741.2 million down 15.4%

• Operatingprofit1 of €34.5 million down 64.9%
• Operating profit1 marginof 4.7% (11.2% H1 2019)

• AdjustedNet profit€2.1 million (€54.1m H1 2019)

• Adjusted1 free cash flowof €86.9 million (€66.5m H1 2019)

• Net debt/EBITDA ratio of 2.4x and liquidity of €666 million
• Impairment2 of €148 million linked to a challenging Oil & Gas and Auto OEMend markets and COVID-19

(1)Adjusted for Other Results, amortisation of acquisition intangibles and impairment

(2) Net of deferred tax liabilities

Results Presentation H1 2020

HIGHLIGHTS

FINANCIAL REVIEW

BUSINESS REVIEW SUMMARY & OUTLOOK

Joan Amigó Chief Financial Officer

H1 2020. Revenue Bridge

EUR Million

Peak coronavirus impact in April-May

Q1 & Monthly Revenue at constant rates(1)

H1 2020. Adjusted Operating Profit Bridge

Margin impact reduced following cost initiatives

		2 0 2 0 H 1	2 0 9 H 1 1	d % A
l l i i E U R M o n	d l j. A R t e s s u	h O ( ) 1 t e r l t r e s s u	S t t t a u o r y l t r e s s u	d l j. A R t e s s u	/ j. + - l R t e s u s
R e v e n u e	4 1. 2 7		4 1. 2 7	8 8 7 5.	( ) 1 4 % 5.
f O i i P t t p e r a n g r o	3 4. 5	( ) 1 9 6. 4	( ) 1 6 1. 9	9 8. 2	( ) 6 9 % 4.
f l N i i t e n a n c a e x p e n s e s	( ) 1 1. 6		( ) 1 1. 6	( ) 1 1. 5
f i f P B T t r o e o r e a x e s	2 2. 9	( ) 1 9 6. 4	( ) 1 7 3. 6	8 6. 7
I T n c o m e a x	( ) 1 3. 8	2 4. 5	1 0. 7	( ) 2 1. 5
l l i i N t t t o n c o n r o n g n e r e s s	( ) 0 7.		( ) 0 7.	( ) 1 1. 1
f i N P t t e r o	2. 1	( ) 1 1. 9 7	( ) 1 6 9. 9	4. 1 5
E P S, i E n u r o s	0. 0 1		( ) 1. 1 9	0. 3 8

(1) Other results within Operating Profit includes an impairment of €165 million plus the PPA amortisation of €29.2 million and others

	H 1
	2 0 2 0	2 0 1 9	h C	a n g e
(1) d j d A E B I T D A t u s e	8 5. 4	1 4 6. 7	( ) 6 1. 4	( ) 4 1. 8 %
h k l i i i C W C t a n g e n o r n g a p a	1 9. 6	( ) 3 0. 1
l C O i t a p e x p e r a o n a -	( ) 1 4. 5	( ) 2 4. 8
h l C i i N t t t a p e x e n e w v e c e s a o n s -	9 1.	( ) 0. 4
d j d i h l A O C F t t s e p e r a n g a s o u w	9 2. 4	9 1. 3	1. 0	1. 1 %
T a x e s	( ) 0. 3	( ) 1 9. 6
I t t n e r e s	( ) 2 5.	( ) 2 5.
d j d h l A F C F t s e r e e a s o u w	8 6. 9	6 6. 5	2 0. 4	3 0. 7 %
d h E i i & O t t x r a o r n a r e s e r s	( ) 2. 6	0. 7
i i d d i i i D M t t e n s o n o r e s v	( ) 3. 4	( ) 6. 0
i h d O C G t t p e r a n g a s e n e r a e	8 0. 9	6 1. 2	1 9. 7	3 2. 2 %
i i i A t c q u s o n s	( ) 4. 5	( ) 3. 3 1
/ h b h i i i & C C F F X a s a n g e s n n a n c n g	7 6. 4	4 7. 9
f l l b l ( ) i i i i I S 1 6 P F R t t a y m e n s o e a s e a e s	( ) 2 6. 9	( ) 2 3 7.
f h h O C i i i t e r a n g e s n n a n c n g	1 3 7. 5	( ) 2 3. 9
l C i t t u r r e n c y r a n s a o n s	( ) 3. 8	0. 2
h i C a s n c r e a s e	8 3. 1 1	( ) 3. 1

Strong cash flow driven by working capital inflows, reduced spending on capex and lower tax payments

(1) Adjusted EBITDA is stated as Operating Profit before depreciation, amortization, impairment and Other results

b N D 3 0 J t t t e e a u n e	D D t u e a e	D r a w n
		( l l ) € i i M o n
( ) T L € 2 0 0 e r m o a n m	/ / 2 7 0 6 2 0 2 5	2 0 0. 0
( ) C € 0 0 R F 4 m	/ / 2 0 6 2 0 2 7 5	2 0. 0 5
U S P P- 7 Y e a r s	/ / 2 7 0 6 2 0 2 5	1 5 0. 0
U S P P- 1 0 Y e a r s	/ / 2 7 0 6 2 0 2 8	8 0. 0
l l l B i F i i t t a e r a a c y	/ / 2 0 0 4 2 0 2 3	5 0. 0
h b O D t t e r e		2 8. 1
O G O S S T T A L R D E B T		8. 7 5 1
h C a s		( ) 3 3 1. 6
( ) 1 / b T O T A L N E T D E B T I F R S 1 6		4 2 6. 6
I F R S 1 6		1 8 1. 2
T O T A L N E T D E B T		6 0 7. 8
/ b L T M E B I T D A I F R S 1 6		1 8 0. 2
( ) 2 / b b i d N D E t t t e e a		2. 4 x
i i d i L t q u y
( ) 1 h C 3 0 2 0 2 0 J t a s a n e u		3 3 6 1.

Net debt reduced by €47 Million in H1 2020

• Syndicate facility of €600 million extended one year to 2025 at no cost
• Leverage Covenant set at 4.0x b/IFRS 16, tested in June and December
  • Net debt /EBITDA 2.4x at June
• Undrawn facilities include new €100 million bilateral.

(1)Statedatannualaveragerates and excluding IFRS 16 as defined by bank covenant

334.6

666.2

Undrawn facilities

Available liquidity

Results Presentation H1 2020

HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW

SUMMARY & OUTLOOK

Fernando Basabe Chief Executive Officer

H1 2020. Splits by Division, End Market and Geography

Revenue by Division

Revenue By Geography

*23%

19%

Inspection

Energy & Industry Division

EUR Million

Financial Highlights

Q1 & Monthly Revenue at constant rates(1)

		3. 9 %
			Q 1	A P R	M A Y	J U N ( ) 1 8. 3 %
				( ) % 2 3. 6	( ) 2 9. 3 %

• ResultsimpactedbyCOVID-19andlowoilprice,withimprovementinJune
• Growth retained in Construction, Mining and Renewables with Oil & Gas and Nuclear down. All regionscontinuetobeimpacted
• Costreductionsacrossthe division based on activity levels.
• Significantnewawards:
  • O&G–LNGCanadaCapexandAbuDhabiOpexinspectiononoffshorepipelines
  • Power-CanadanuclearrefurbishmentandglobalMSAfor testing new wind towers
  • Construction – Portugal railway line construction services

Automotive Division

EUR Million

Financial Highlights

• Q2 heavily impacted by COVID-19 with nearly all stations closed in April. Re-opening started mid-May and by June revenue was up
• New health and safety requirements, compensated by extending opening hours where possible
• Spain, Costa Rica, Uruguay, US, Denmark and Finland recovering well. Argentina, Chile and Ecuador still significantly impacted
• Ireland will be fully open from the end of July and is now under new contract conditions
• Aragon concession (€5M annual revenue) has been extended until 2030 on same terms

IDIADA Division

EUR Million

Financial Highlights

		0. 8 %
		Q 1	A P R	M A Y	J U N
					( ) 2 5. 7 %
				( ) 3 0. % 7
			( ) 3 % 5. 4

• Q2 impacted by COVID-19 with small improvement in June.
• Proving Ground and crash testing business most impacted by restrictions on international customers mobility to Spain. The transition from combustion to electric vehicles continues with an increasing number of EV crash testing contracts being negotiated
• Government of Catalonia preparing to tender new 20 year concession for IDIADA

Laboratories Division

EUR Million

Financial Highlights

• Q2 impacted by COVID-19 with severe lock down in Spain (70% of division revenue).
• Improvement in June supported by the success of remote working
• Most end markets recovering. Aerospace (15%) and Automotive EMC (13%) remain most impacted

Results Presentation H1 2020

HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW

SUMMARY & OUTLOOK

Fernando Basabe Chief Executive Officer

Summary of H1 2020

• From the April low, gradual monthly recovery driven by the Automotive division
• Strong cash flow and liquidity with reduction in net debt
• Significant new awards in Energy & Industry, Auto Aragon concession renewed and increasing EV work in IDIADA
• Well positioned to win the expected new 20 year IDIADA tender

Outlook for H2 2020 (assuming no further severe lockdowns)

• Continued gradual recovery expected led by the Automotive division
• H2 margin expected to be higher than H1
• Cash flow expected to be positive in H2
• M&A process resumed

www.applus.com

H1 2020. Adjustments to Statutory results

EUR Million

	H 1 2 0 2 0
i l l i E U R M o n	d j. l A R t e s u s	h O t e r l t r e s u s	S t t t a u o r y l t r e s u s	d j. l A R t e s u s	h O t e r l t r e s u s	S t t t a u o r y l t r e s u s	/- % d j. A + l R t e s u s
R e v e n u e	7 4 1. 2	0. 0	7 4 1. 2	8 7 5. 8	0. 0	8 7 5. 8	( ) 1 5. 4 %
b i d E t a	8 5. 4	0. 0	8 5. 4	1 4 6. 7	0. 0	1 4 6. 7	( ) 4 1. 8 %
f O i P i t t p e r a n r o g	3 4. 5	( ) 1 9 6. 4	( ) 1 6 1. 9	9 8. 2	( ) 3 0. 6	6 7. 7	( ) 6 4. 9 %
f l N i i t e n a n c a e p e n s e s x	( ) 1 1. 6	0. 0	( ) 1 1. 6	( ) 1 1. 5	0. 0	( ) 1 1. 5
f i f P B T t r o e o r e a x e s	2 2. 9	( ) 1 9 6. 4	( ) 1 7 3. 6	8 6. 7	( ) 3 0. 6	5 6. 2	( ) 7 3. 6 %
C I t t u r r e n n c o m e a x	( ) 1 3. 8	7. 5	( ) 6. 3	( ) 2 1. 5	6. 7	( ) 1 4. 8
d i Ex I t t r a o r n a r y n c o m e a x	0. 0	1 7. 0	1 7. 0			0. 0
l l N i i t t t o n c o n r o n g n e r e s s	( ) 7. 0	0. 0	( ) 7. 0	( ) 1 1. 1	0. 0	( ) 1 1. 1
f N P i t t e r o	2. 1	( ) 1 7 1. 9	( ) 1 6 9. 9	5 4. 1	( ) 2 3. 9	3 0. 3	( ) 9 6. 1 %
b f h N S m e r o a r e s u	1 4 3, 0 1 8, 4 3 0		1 4 3, 0 1 8, 4 3 0	1 4 3, 0 1 8, 4 3 0		1 4 3, 0 1 8, 4 3 0
i E P S, E n r o s u	0. 0 1		( ) 1. 1 9	0. 3 8		0. 2 1	( ) 9 6. 1 %
/ Cu In Ta P B T t rre n co me x	( ) 6 0. 3 %		3. 6 %	( ) 2 4. 8 %		( ) 2 6. 3 %

• Due to the current challenging Oil & Gas, Auto OEM end markets situation and COVID-19, the company has updated the business plans of the Cash Generating Units
• Basedonthat,thefollowingimpairmenthas been registered:

& E I : 	3 € 1 7 1 M
d d I i a a : 	2 7 9 M €
O G R S S I M P A I R M E N T	0 1 6 5 M €
b l T L i i i t a a x y : 	( 0 ) € 1 7 M
i O T T A L I t m p a m e n r	8 0 € 1 4 M

Re ve nu e	Ac l 2 0 2 0 tua
		ic Or g an	is i io Ac t q u ns	isp ls D os a	F X	l To ta	Ac l 2 0 1 9 tua
& du En In try er g y s	4 5 6. 2	( ) 1 1. 6 %	0. 8 %	( ) 0. 1 %	( ) 0. 6 %	( ) 1 1. 5 %	5 1 5. 2
bo La ies to ra r	4 0. 7	( ) % 1 0. 7	% 3. 3	% 0. 0	( ) % 0. 0	( ) % 7. 4	4 4. 0
Au to	0 1 4 4.	( ) 2 6. 6 %	0. 6 %	0. 0 %	( ) 1. 1 %	( ) 2 7. 1 %	9 1 7. 5
d da I ia	1 0 0. 3	( ) 1 5. 3 %	0. 0 %	0. 0 %	( ) 0. 5 %	( ) 1 5. 8 %	1 1 9. 1
l To Re ta ve nu e	7 4 1. 2	( ) 1 5. 5 %	0. 8 %	( ) 0. 0 %	( ) 0. 7 %	( ) 1 5. 4 %	8 7 5. 8

d j. f i A Op Pr t o	Ac l 2 0 2 0 tua
		Or ic g an	Ac is i io t q u ns	ls D isp os a	F X	l To ta	Ac l 2 0 1 9 tua
& du En In try er g y s	1 2 4.	( ) 6 5. 8 %	2. 5 %	( ) 0. 1 %	( ) 0. 1 %	( ) 6 3. 5 %	3 8. 8
bo ies La to ra r	3. 8	( ) 3 6. 9 %	2. 5 %	0. 0 %	( ) 0. 1 %	( ) 3 4. 5 %	5. 8
Au to	2 5. 8	( ) 5 0. 5 %	0. 3 %	0. 0 %	0. 2 %	( ) 5 0. 0 %	5 1. 6
d da I ia	4. 0	( ) % 7 5. 1	0. 0 %	0. 0 %	0. % 1	( ) 0 % 7 5.	1 5. 9
l d Ho ing	( ) 1 3. 2	( ) 3 % 4.	0. 0 %	0. 0 %	0. % 1	( ) 3 % 4.	( ) 1 3. 9
l d f To A j. O P. Pr i ta t o	3 4. 5	( ) 6 6. 2 %	1. 1 %	( ) 0. 0 %	0. 2 %	( ) 6 4. 9 %	9 8. 2

Q1 & Q2 2020. Revenue by Division and Adj. Op. Profit

EUR Million

Re ve nu e	Ac l 2 0 2 0 tu a
		Or ic g an	is i io Ac t q u ns	ls isp D os a	F X	l To ta	Ac l 2 0 1 9 tu a
& du En In try er g y s	2 4 8. 3	3. 3 %	0. 8 %	( ) 0. 1 %	0. 2 %	4. 2 %	2 3 8. 2
bo La ies to ra r	2 2. 3	2. 7 %	6. 2 %	0. 0 %	0. 3 %	9. 2 %	2 0. 4
Au to	8 8. 1	( ) 1 0. 1 %	0. 0 %	0. 0 %	( ) 0. 9 %	( ) 1 1. 0 %	9 9. 0
d da I ia	5 8. 2	% 0. 8	0. 0 %	0. 0 %	( ) 0. 1 %	0. 7 %	5 7. 8
l To Re ta ve nu e	6. 9 4 1	( ) 0. 3 %	0. 8 %	( ) 0. % 1	( ) 0. % 1	0. 3 %	4 1 5. 4
f d j. O i A Pr t p. o	2 7. 7	( ) 2 9. % 7	3 % 1.	0. 0 %	0. % 4	( ) 2 8. 0 %	3 8. 4

Re ve nu e	Ac l 2 0 2 0 tu a
		Or ic g an	Ac is i io t q u ns	ls D isp os a	F X	l To ta	Ac l 2 0 1 9 tu a
& du En In try er g y s	2 0 7. 9	( ) % 2 4. 7	% 0. 9	% 0. 0	( ) % 1. 1	( ) % 2 4. 9	2 7 7. 0
bo ies La to ra r	8. 1 4	( ) 2 2. 4 %	0. 8 %	0. 0 %	( ) 0. 2 %	( ) 2 1. 8 %	2 3. 5
Au to	5 5. 9	( ) % 4 3. 3	% 1. 3	% 0. 0	( ) % 1. 2	( ) % 4 3. 2	9 8. 5
d da I ia	4 2. 1	( ) 3 0. 6 %	0. 0 %	0. 0 %	( ) 0. 7 %	( ) 3 1. 3 %	6 1. 3
l To Re ta ve nu e	3 2 4. 3	( ) 2 9. 3 %	0. 8 %	0. 0 %	( ) 1. 0 %	( ) 2 9. 5 %	4 6 0. 3
d j. f i A O Pr t p. o	6. 8	( ) 8 9. 6 %	1. 0 %	0. 0 %	0. 0 %	( ) 8 8. 6 %	5 9. 8

Q2

	Q 1				Q 2			H 1
	2 0 2 0	2 0 1 9	ha C ng e	2 0 2 0	2 0 1 9	ha C ng e	2 0 2 0	2 0 1 9	ha C ng e
R e e n e v u	4 1 6. 9	4 1 5. 4	0. 3 %	3 2 4. 3	4 6 0. 3	( ) 2 9. 5 %	7 4 1. 2	8 7 5. 8	( ) 1 5. 4 %
d f j. O i i A P t t p e r a n g r o	2 7. 7	3 8. 4	( ) 2 8. 0 %	6. 8	5 9. 8	( ) 8 8. 6 %	3 4. 5	9 8. 2	( ) 6 9 % 4.
d f A j. Op Pr i in t o m ar g	6. 6 %	9. 3 %	-2 6 2 bp s	2. % 1	3. 0 % 1	0 8 8 bp -1 s	4. 7 %	1 1. 2 %	( ) 6 5, 5 9 4. 9 %
P P A A i i t t m o r s a o n	( ) 1 4. 6	( ) 1 4. 8		( ) 1 4. 5	( ) 1 4. 8		( ) 2 9. 2	( ) 2 9. 5
I i t m p a r m e n	0. 0	0. 0		( ) 1 6 5. 0	0. 0		( ) 6 0 1 5.	0. 0
h l O t t e r r e s u s	( ) 0. 4	( ) 0. 2		( ) 1. 9	( ) 0. 8		( ) 2. 2	( ) 1. 0
f O i i t t p e r a n g p r o	1 2. 6	2 3. 5	( ) % 4 6. 2	( ) 1 7 4. 6	4 4. 2	( ) % 4 9 5. 2	( ) 1 6 1. 9	6 7. 7	( ) 3 3 9. 3 %
l F i t n a n c e r e s u	( ) 6. 2	( ) 5. 4		( ) 5. 4	( ) 6. 1		( ) 1 1. 6	( ) 1 1. 5
f i b f P t t r o e o r e a x	6. 5	1 8. 1	( ) 6 4. 4 %	( ) 1 8 0. 0	3 8. 0	( ) 5 7 3. 2 %	( ) 1 7 3. 6	5 6. 2	( ) % 4 0 9. 0
I t n c o m e a x e s							1 0. 7	( ) 1 4. 8
f N i P t t e r o							( ) 1 6 2. 9	4 1. 4	( ) 4 9 3. 6 %
M i i i t n o r e s							( ) 7. 0	( ) 1 1. 1
f i N P G t t e r o r o p u							( ) 6 9. 9 1	3 0. 3	( ) 6 6 % 1. 1
f d j d i A N P G t t t u s e e r o r o u p							2. 1	4. 1 5	( ) 9 6. 1 %
S i € E P n							( ) 1. 1 9	0. 2 1	( ) 6 6 1. 1 %
d d A j E P S i € t u s e n							0. 0 1	0. 3 8	( ) 9 6. 1 %

% Revenue by Actual Currency

	ha Av F X Ex Eu te er ag e c ng e ra s v s ro
	J A N J U N - 2 0 2 0	J A N J U N - 2 0 1 9	ha C ng e	J A N D E C - 2 0 1 9
U S D	1. 1 0 1	1. 1 2 9	% 2. 5	1. 1 2 0
C A D	1. 5 0 3	1. 5 0 6	0. 2 %	1. 4 8 6
A U D	1. 6 7 9	1. 5 9 9	( ) % 4. 8	1. 6 1 0

(1)Includes currencies pegged to USD

(2) None above 4%

H1 2020. Statutory Cash Flow

EUR Million

	H 1
	2 0 2 0	2 0 1 9
f i fo Pr Be t ta o re xe s	( ) 1 7 3. 6	5 6. 2
h No i te n c as m s	2 5 4. 6	9 0. 9
k l In in ing i ta cr ea se w or ca p	1 9. 8	( ) 3 0. 6
i d Ta Pa xe s	( ) 0. 3	( ) 1 9. 6
h lo Op in Ca F t er a g s w	1 0 0. 5	9 6. 8
Ca p ex	( ) 1 7. 3	( ) 2 5. 3
les As t s se a	4. 7	0. 0
b Bu in ina io t s es s c om n	1. 5	1. 0
/ ls f s bs d Ac is i io D isp i iar ies t q u ns os a o u	( ) 4. 5	( ) 1 3. 3
h lo fro in iv i ie Ca F In t t t s w m ve s g ac s	( ) 1 5. 6	( ) 3 7. 6
de ds D iv i M in i ies to t n or	( ) 3. 4	( ) 6. 0
d In i te t p re s a	( ) 5. 2	( ) 5. 2
ha f C in in ing ng es an c	1 1 0. 5	( ) 5 1. 2
l Ca i inc ta p re as e	0. 0	0. 0
h lo fro in in iv i ie Ca F F t t s w m an c g ac s	1 0 2. 0	( ) 6 2. 5
la Cu io tra t rre nc y ns ns	( ) 3. 8	0. 2
/ h ( ) Ca In De s cr ea se cr ea se	1 8 3. 1	( ) 3. 1

EUR Million

	H 1 2 0 2 0	Y 2 0 1 9 F		H 1 2 0 2 0	Y 2 0 1 9 F
dw l l Go i o	5 2 9. 9	6 0 9. 3	i Eq ty u	6 4 2. 4	8 2 4. 5
O he in i b le t ta ts r ng as se	3 3. 7 1	3 4 7 4.	is ion Lo Te Pr ng rm ov s	2 8. 4	2 6. 9
PPA	309 .5	40 6.3	k bo Ba ing n rro w s	7 2 1. 6	5 4 5. 9
Oth int ible set er ang as s	63. 6	68. 0	ing ia b i l i ies Le L t as	1 3 6. 0	1 2 4. 5
h f u R ig ts o se	1 6 4. 8	1 5 2. 9	he f l l b l O ina ia ia i i ies t t r nc	2 4. 5	2 6. 0
b le Ta i ts ng as se	2 1 7. 4	2 2 6. 7	fe d b l De Ta L ia i i ies t rre x	1 1 5. 7	1 3 7. 4
d fo he ho d Inv ing i tm ts te t ty t es en ac co un r u s eq u me	0. 6	0. 7	Def ed bili Tax Lia ties PP A err	75. 3	100 .0
ina ia l No F As t ts n c ur re n nc se	1 6. 0	3 0. 0	Def ed Lia bili ties Ot her Tax err s	40 .4	37 .4
fe d De Ta As ts rre x se	7 0. 5	6 5. 5	he l b l O ia i i ies t t t r n on cu rre n	3 2. 6	2 9. 5
l To No Cu As ta t ts n- rre n se	1, 3 7 2. 3	1, 5 5 9. 4	l ia b i l i ies To No Cu L ta t t n- rre n	1, 0 5 8. 8	8 9 0. 2
			S ho is ion t te r rm p ro v s	2. 8	2. 5
Inv ies to en r	9. 2	8. 5	k bo Ba ing n rro w s	1 9. 2	5 9. 2
de & he iva b les Tr O t a r r ec e	3 6 8. 7	4 2 4. 1	ing ia b i l i ies Le L t as	4 5. 2	4 5. 7
Co Inc Ta te ts rp or a om e x a ss e	1 3. 8	2 3. 4	de & he b les Tr O t a r p ay a	3 0 0. 8	3 3 0. 0
f Cu ina ia l a t ts rre n nc sse	3. 3	9 1 1.	ia b i l i ies Inc Ta L t om e x	9. 0 1	3. 8 1
h h e len Ca & Ca iva ts s s q u	3 2 8. 3	1 4 5. 2	he l b l O ia i i ies t t t r c ur re n	7. 4	6. 6
l Cu To As ta t ts rre n se	2 3. 3 7	6 3. 1 1	l Cu ia b i l i ies To L ta t t rre n	3 9 4. 4	8 4 5 7.
l To As ta ts se	2, 0 9 5. 6	2, 1 7 2. 5	l i & ia b i l i ies To Eq L ta ty t u	2, 0 9 5. 6	2, 1 7 2. 5

Applus' financial disclosures contain magnitudes and metrics drafted in accordance with International Financial Reporting Standards (IFRS) and others based on the Group's disclosuremodel referred to as Alternative Performance Metrics

EBITDA,measure of earnings before interest, taxes, depreciation and amortisation

• Operating Profit,measure of earnings before interest and taxes

• Adjustedmeasures are stated before other results

• Other results are those impacts corrected from the relevant measures to provide a better understanding of the underlying results of the Group, for example: amortisation of acquisition intangibles, restructuring, impairment and transaction & integration costs

• PPA correspond to the Purchase Price Allocation referred to acquisitions, allocated to intangible assets and amortised
• Capex,realized investments in property, plant & equipment or intangible assets
• Operating Cash Flow, operating cash generated after capex investment and working capital variation
• Free Cash Flow, operating cash generated after capex investment, working capital variation and tax & interest payments

• Net Debt, current and non current financial debt, other institutional debt less cash. As per bank covenant definition, calculated at annual averageexchange rates

• Leverage, calculated as Net Debt/LTM Ebitda as per bank covenant definition

• AOP, Adjusted Operating Profit
• EPS, Earnings per share
• NDT, Non destructive testing

• P.A.,per annum

• FX, Foreign exchange

• LTM, Last twelve months