Mazars in the Netherlands Annual Financial Report 2020 / 2021

For the second year in a row, this financial year was largely influenced by the coronavirus (Covid-19) in the Netherlands and in the world. Heightened attention to the supervision of people in their home working situation, measures aimed at the safety of our people in the offices and the tightened monitoring for working capital management have been relevant throughout.

In financial year 2019 / 2020, a great deal of energy was devoted to the impact of Covid-19 on our customers. The initiatives we took then have been updated for 2020 / 2021. In addition, we see that due to Covid-19, new services are requested from us. In particular, these are products related to the application and justification of subsidies such as the Emergency Measure Bridging Employment (NOW) and the Contribution to Fixed Charges (TVL).

The year 2020 / 2021 was also characterized by the actions taken in the first period of our One24 multi-year strategy. In it, we defined a number of key themes and objectives with each other, which we worked hard on together and which are discussed further in the annual report:

• Enhancing our service delivery model (Our customers)
• Fostering a true quality and risk management culture across the firm (Our quality)
• Care for and help develop our people (Our people)
• Evolving towards a more purposeful, sustainable and innovative organization (Our environment)
• Sustaining our growth (Our financial results)

Financially it was a good year. Consolidated sales increased by 0.5% and gross margin by 4.5%. The lower sales growth than last year is largely due to tightness in the labor market. We made many investments in the framework of our long-term strategy and were able to improve our profitability. Because of the efforts of all Mazarians, we were able to achieve this fine result. We celebrated this success with a one-time financial bonus for all Mazarians.

In this special year, more than ever, we were able to establish the importance of a highly motivated and interconnected group of people. We would like to thank our employees who work with great motivation every day for the public interest and the future of Mazars.

Finally, we want to be able to pass Mazars on to the next generation so that Mazars can continue to play a role in the public interest. We are well on our way and proud of what we have achieved, and look forward to the future with energy and confidence.

Executive Board Mazars