COMMENTS: In accordance with regulation ANC 2020-01, restatements recognised following the signature of finance leases are not shown in the cash flow statement since they generate no cash flows. For information purposes, the total value of finance leases signed during the financial year by the companies consolidated within the FM Logistic Group was 20,203,000 (impact on the increase in gross values and loans from credit institutions).

Consolidated cash flow statement /in thousands of euros 31/03/2022 31/03/2021 OPERATING ACTIVITIES

NET PROFIT/LOSS 12 924 18 077

Adjustment for:

Depreciation, amortisation and provisions 60 646 53 000

Gains and losses on disposal of fixed assets 1 097 306

Deferred taxes 364 873

Unrealised foreign exchange gains / losses 269 -498

Deferred expenses 0 0

CASH FLOW GENERATED BY THE ACTIVITY 75 299 71 757

Change in trade current assets and liabilities 6 762 4 805

Change in inventories -3 594 -335

Change in trade receivables -22 224 -9 537

Change in trade payables 32 580 14 677

Change in non-trade current assets and liabilities 6 114 -3 272 CHANGE IN WORKING CAPITAL REQUIREMENT 12 876 1 533 NET CASH FROM OPERATING ACTIVITIES 88 176 73 290

INVESTMENT ACTIVITIES

Payment / acquisition of intangible assets -10 382 -8 827

Payment / acquisition of PPE -50 951 -35 695

Receipts / disposal of PPE and intangible assets 9 284 5 703

Payment / acquisition of financial assets -3 831 -1 509

Receipts / disposal of financial asset 2 821 2 241

Net cash / acquisition and disposal of subsidiaries -107 0 NET CASH FROM INVESTMENT ACTIVITIES -53 167 -38 087

FINANCING ACTIVITIES

Increase in capital 0 0

Dividends paid to parent company shareholders -6 759 -8 500

Cash from borrowings 50 463 37 909

Repayments of borrowings -62 485 -58 802

Variation of accrued interests payable -7 -4

NET CASH FROM FINANCING ACTIVITIES -18 788 -29 397

VARIATION IN CASH AND CASH EQUIVALENTS BEFORE EXCHANGE RATE FLUCTUATIONS 16 221 5 806

Net effect of exchange rate fluctuations -399 -12 CASH AND CASH EQUIVALENTS AT THE OPENING 123 429 117 635 CASH AND CASH EQUIVALENTS AT THE CLOSING 139 251 123 429

FINANCIAL STATEMENTS

Annual report 48 FM Logistic 2021/22