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4.1

Activity report

The consolidated financial statements have been drawn up in

accordance with International Financial Reporting Standards.

In order to provide meaningful comparable information from

one year to the next, the financial data have been restated to

reflect the depreciation and amortization expenses arising on the

acquisition of new entities. Pursuant to IFRS 3R, the purchase

price for new entities is allocated to the identifiable assets

acquired and subsequently amortized over specified periods.

The main financial data for 2016 are discussed on an adjusted

basis, i.e., before the impact of Purchase Price Allocation (PPA).

EBITDA (gross operating surplus) is not an accounting term; it is

a financial metric defined here as profit from ordinary activities

before depreciation, amortization and provisions, and before

expenses for share-based payments.

EBIT (Earnings Before Interest and Taxes) is the equivalent of

profit from ordinary activities, adjusted for amortization of the

purchase prices allocated to the assets acquired in business

combinations.

Free cash flow is equal to EBITDA less: cash and other operating

income and expenses, changes in working capital requirements,

investing activities net of disposals, financial expenses net of

financial income, and tax paid.

Key figures

(in millions of euros)

2016

2015

Change in 2016

compared with 2015

Revenue

2,312

2,197

+5%

Adjusted gross profit

987

972

+2%

As a % of revenue

42.7%

44.3%

-160bpts

Adjusted operating expenses

(584)

(536)

9%

As a % of revenue

-25.3%

-24.4%

90bpts

Profit from ordinary activities, adjusted (EBIT)

403

437

-8%

As a % of revenue

17.5%

19.9%

-240bpts

Operating profit

357

381

-6%

Net profit

251

235

7%

Net profit attributable to Group shareholders

244

230

6%

Gross operating surplus (EBITDA)

476

508

-6%

As a % of revenue

20.6%

23.1%

-250bpts

Free cash flow

248

285

-13%

Net debt

126

252

-50%

Net debt-to-EBITDA ratio

0.3x

0.5x

Equity attributable to Group shareholders

1,703

1,506

13%

/

INGENICO GROUP

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Registration Document 2016

124

Comments on the financial year

4

4.1 Activity report