DERICHEBOURG - Universal registration document 2018-2019

4

Financial statements Consolidated financial statements for the year ended September 30, 2019, in compliance with IFRS Notes

Trade payables, tax liabilities and other current liabilities

Payables at 09-30-19

Payables at 09-30-18

Local currency

Euro

%

Local currency

Euro

%

In millions of currency

CAD EUR GBP MAD MXN

2.2

1.5

0%

1.7

1.2

0%

508.2

508.2

99%

510.7

510.7

95%

0.2

0.2

0%

0.1

0.1

0% 4% 0%

221.0

20.2

40.3

1.9 0.4 5.4

0% 0% 1%

37.6

1.7

TRY

2.4 5.8

USD

6.4

5.5

1%

Total

517.5

100%

539.5

100%

The following table shows the sensitivity of profit before tax, before and after hedging, to a reasonable change in the US dollar exchange rate, all other variables being constant.

09-30-19 09-30-18 Before hedging After hedging Before hedging After hedging

In millions of euros

+5%

(0.2)

(0.2)

(0.1)

(0.1)

CAD

-5%

0.2

0.2

0.1

0.1

+5% -5% +5% -5%

(0.8)

(0.3)

(0.9)

(0.4)

USD

0.9

0.4

1.0

0.4

(1.0)

(0.6)

(1.0)

(0.5)

Total

1.1

0.6

1.1

0.6

Exposure to customer risk is regularly compared to the credit insurer’s authorized limits. For several years now, the Group has implemented a very strict policy of monitoring customer outstandings and systematically issuing routine reminders for overdue outstandings. The Business Services business has a very large portfolio of customers that represents all sectors of the French economy. Its credit risk is therefore proportionate to the risk that the French economy itself will fail, and without the risk that the default of any single customer could threaten the Group's survival.

Credit or counterparty risk 4.12.5 Financial transactions (i.e. loans, hedges on currencies, interest rates and raw materials) are carried out with leading financial institutions for the purpose of reducing risk. To reduce counterparty risk on domestic, export and foreign accounts receivable, Environmental Services and Business Services systematically apply for credit insurance to cover 95% of this risk on these receivables, excluding taxes. The credit insurer may however sometimes refuse coverage based on its assessment of a customer's solvency.

DERICHEBOURG p 2018/2019 Universal Registration Document 152