NEOPOST_REGISTRATION_DOCUMENT_2017
5
Financial statements
Parent company statements of financial position
With the exception of the Neopost S.A. 2.50% bond issue which is not subject to any covenant, the various debts (bonds, private placements and revolving credit facilities) are
subject to financial covenants. Failure to comply with these covenants may lead to early repayment of the debt. Neopost
complies with all covenants at 31 January 2018.
Maturities and liabilities as at 31 January 2018 are as follows:
More than 5 years
Gross value Less than 1 year One to five years
Undated bonds (ODIRNANE)
266.1
1.1
265.0
-
Bonds issue – Neopost S.A. 3.50%
150.8
0.8
150.0
-
Bonds issue – Neopost S.A. 2.50%
354.4
5.3
349.1
-
United States private placements
121.9
4.7
77.1
40.1
Schuldschein
206.6
2.1
120.6
83.9
Bank loans
0.2
0.2
-
-
Borrowing from Neopost Ireland Ltd
0.6
-
0.6
-
Trade payables
4.5
4.5
-
-
Provisional dividends payable
27.5
27.5
-
-
Tax and social security liabilities
3.6
3.6
-
-
Other debt
334.2
334.2
-
-
TOTAL
1,470.4
384.0
962.4
124.0
Income statement Note 11
Operating income 11-1 Neopost S.A.’s operating profit amounted to 8.7 million euros compared with a profit of 9.1 million euros at 31 January 2017 and breaks down as follow:
31 January 2018
31 January 2017
Assistance to subsidiaries
16.2
17.7
Brand royalties
8.7
9.1
Rebilling of costs paid on behalf of subsidiaries
20.4
17.8
Reversal of depreciation, amortization
0.3
0.9
Revenue from operations
45.6
45.5
Wages, bonuses, commissions and payroll charges
(10.5)
(8.4)
Fees
(3.9)
(3.7)
Expenses related to acquisitions
(0.2)
(1.9)
Purchases, maintenance costs
(8.0)
(7.0)
Transport and travel
(3.1)
(4.7)
Staff seconded
(3.8)
(4.9)
Insurance
(0.5)
(0.7)
Taxes
(1.0)
(0.2)
Rents and associated costs
(1.1)
(0.9)
Directors’ fees
(0.3)
(0.4)
Loss on treasury shares delivered for the allocation of free shares
(0.5)
(0.3)
Borrowing expenses
(0.7)
(0.1)
Depreciation and amortization expenses
(3.1)
(3.0)
Other expenses
(0.2)
(0.2)
Operating expenses
(36.9)
(36.4)
Operating income
8.7
9.1
The brand name contract and management fees contract generated an income of 24.9 million euros as at 31 January 2018 compared with 26.8 million euros as at
31 January 2017. The expenses incurred by the division SME
Solutions were billed to the concerned entities.
183
REGISTRATION DOCUMENT 2017 / NEOPOST
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