NEOPOST_REGISTRATION_DOCUMENT_2017

3

MANAGEMENT REPORT

Review of the Neopost group’s financial position and results in 2017

Risk factors

52

Risk assessment and internal control

48 48 49 50 50 51 51 51 51 52 52

52 57 57 58 58 58

Income statement

Exchange rate risk Interest rate risk

Change in sales by division

Research and development effort

Forecasts

Current operating margin

Retirement benefit obligations

Non-current items Financial income

Insurance

Group internal control and internal audit procedures at Neopost

59

Net income

Financial position

Dividend

Ownership structure

63

Share buyback program

Indications for 2018

65

47

REGISTRATION DOCUMENT 2017 / NEOPOST