[VETOQUINOL] H1 2019 RESULTS

Income statement taking into account IFRS 16 2019 H1 Results 12 €m 6/30/2019 % of sales 6/30/2018* % of sales Change Sales 183.8 177.9 +3.3% Gross margin on purchases 127.5 69.4 125.3 70.4 External expenses (39.6) (21.5) (36.9) (20.8) Personnel expenses (61.5) (33.4) (57.9) (32.6) Taxes and duties (3.1) (1.7) (2.8) (1.6) Other income and expenses 3.0 1.6 2.8 1.6 Depreciation, amortization and provisions (8.5) (4.6) (9.9) (5.6) EBIT 17.9 9.7 20.6 11.6 -12.9% Operating income 17.9 9.7 20.5 11.6 Net financial income/(expense) (0.3) (0.1) 0.2 0.1 Income before tax 17.6 9.6 20.7 11.6 Income tax (4.9) (2.7) (4.7) (2.7) Earnings/(loss) of associates (0.1) n/a (0.1) n/a Net income - Group share 13.0 7.1 15.8 8.9 -17.8% EBITDA 26.2 14.3 29.9 16.8 -12.3% * Restated for the impact of the application of the IFRS 16 standard