Universal Registration Document

Including the Annual Financial Report

2022

INTERVIEW WITH GUY SIDOS, CHAIRMAN

AND CHIEF EXECUTIVE OFFICER ����������������������� 02

STRATEGY OF THE GROUP �������������������������� 04

FINANCIAL INDICATORS ��������������������������� 08

GLOBAL PRESENCE ������������������������������� 10

Presentation of the Group

  • 11.1

    Description of businesses AFR

  • 1.2 History

  • 1.3 Simplified organizational chart

  • 1.4 Overview of Group performance and markets

  • 1.5 R&D and innovation

Risk factors

2and Internal Control

  • 2.1 Operational risks

    AFR

  • 2.2 Risks related to environmental responsibility

  • 2.3 Legal risks

  • 2.4 Financial risks

  • 2.5 Internal control and risk coverage

2022 Statement of

3Extra-Financial Performance

12

14

23

25

26

34

36

38

41

41

42

43

AFR

46

The Vicat Group's CSR approach 49

Vicat Group's Business Model 50

Materiality analysis and identification of priority issues 52

Description of the sustainability challenges 53

Responsible governance matching the challenges 55

3.1 Vicat Group's contributions to sustainability issues 56

3.2 The EU Taxonomy 89 3.3 Statement of extra-financial performance

in figures 92

3.4 Notes on methodology 95 3.5 Report of the independent third-party body on the consolidated statement of extra-financial

performance in the management report 98

Capital and shareholding 102

44.1

Company information 104

4.2 Share capital information 105

4.3 Shareholding 107

4.4 Changes to the share price 112

4.5 Investor relations and documents available

to the public 113

Report on corporate governance 114

55.1

Frame of reference for corporate governance 116

5.2 Governance bodies AFR 116

5.3 Compensation policy for Company officers 135

  • 5.4 Elements of compensation paid or allocated

    in respect of the financial year ("ex post") 140

  • 5.5 Draft resolutions on compensation submitted to the Ordinary General Meeting of

    April 7, 2023 148

  • 5.6 Compensation policy for non-executive

    Company directors 149

  • 5.7 Shareholding of the Company officers and transactions conducted by members of the Board of Directors

    in the Company's shares AFR 150

  • 5.8 Policy of allocating share options

    and free allocations of shares 151

  • 5.9 Report on the Company's policy on professional and wage equality (article 225-37-1

    of the French Commercial Code) 152

  • 5.10 Report of the statutory auditors drawn up pursuant to the provisions of article L. 225-235 of the French Commercial Code and the report

    on corporate governance 154

5.11 Operations with related parties 154

Comments over the year 156

  • 66.1

    Key figures AFR 158

    6.2 Examination of the financial position

    and results AFR 159

    6.3 Cash flow and equity AFR 166

    6.4 Investments 174

    6.5 Outlook for 2023 176

    Financial information 178

  • 77.1

Consolidated financial statements

at December 31, 2022 AFR 180

7.2 Statutory financial statements

at December 31, 2022 AFR 230

7.3 Legal and arbitration proceedings 250 7.4 Significant changes to the financial or

commercial position 250

General Meeting 252

88.1

Agenda for the Ordinary General Meeting of

8.2

April 7, 2023 254 Draft resolutions for the Ordinary General

Meeting of April 7, 2023 255

Additional information 258

  • 99.1

    Information on the Universal

    Registration Document AFR 260

  • 9.2 Persons responsible for the audit

    of the financial statements 261

  • 9.3 Information on subsidiaries and shareholdings 262

Cross-reference tables 267

Glossary 272

The annual financial report data are clearly identified in the table of contents via the AFR pictogram.

UNIVERSAL REGISTRATION DOCUMENT 2022

including the Annual Financial Report

Present in 12 countries, the Vicat Group develops a performance offering of mineral and bio-based materials and services that meet the needs of the construction industry.

Everywhere that its cement plants, aggregate quarries, concrete batching plants are located, Vicat endeavors to produce locally and develop the regions and employment. For many years, the Group has been committed to the ecological transition by reducing the carbon footprint of all of its activities and by deploying a circular economy model, and protecting biodiversity.

Against the crisis backdrop which has been accompanied by a surge in inflation, notably in terms of energy, the Group's performance in 2022 was impacted but remained solid, demonstrating the relevance of its business model. Business remained stable overall in its markets, and price increases were implemented to limit the impact of inflation on Group results.

Backed by a healthy financial situation and strong cash flow generation, enabling tight control of debt level, which suffered from inflation of WCR, Vicat continues to pursue its objectives of profitable and sustainable growth, resolutely focused on decarbonation of its business lines, as illustrated with the modernization of plants in the United States and Senegal.

This document is a non-certified translation of the original French text for information purposes only. The declaration by the person responsible for the document is not applicable to this translation and is therefore not included herein. The French version of this Universal Registration Document was filed on March 17, 2023 with the AMF, the French financial markets authority, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of this regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The Document is approved in its entirety by the AMF in accordance with Regulation (EU) 2017/1129.

The annual financial report is a translation of the version of the annual financial report, in format ESEF (European Single Electronic Format) and is available on the issuer's website.

INTERVIEW WITH GUY SIDOS

As industrialists, we are aware of our duties in terms of the ecological transition, but also of our social and societal responsibilities.

Guy Sidos

Chairman and Chief Executive Officer

Following the long health emergency, 2022 did not turn out to be a quiet year. How did the Group overcome the difficulties linked to the war in Europe, economic upheaval and global energy disruptions?

Over these past years, we have indeed endured excep- tional events: the health crises, wars in Europe and the Sahel, climate and energy disruptions, societal challenges and high inflation. These significant changes impact our daily lives, how we think, and how we live together, consume, work, travel, build, etc. But they also reveal the resilience of our Group and our model. Our industrial policy, focused on reducing our environmental footprint, energy efficiency and cost cutting, turned out to be particularly relevant to tackle this situation.

Group employees are the source of this resilience,

2022 UNIVERSAL REGISTRATION DOCUMENT - VICAT

because, more than just a mere group, we are a family of committed personalities, essential to maintaining industry and employment in the regions where we carry out our business activities. More agile than ever, with a human approach, built on solid foundations, our Group is resolutely focused on the future.

Following in the tradition of the heritage of Louis Vicat, what are the Group's main strengths, for today and for tomorrow?

Our determination and our imagination! We develop new innovations to decarbonize industrial processes and our products, leveraging the circular economy and protecting natural resources and biodiversity. This tradition of innovation is the source that will enable us to reach carbon neutrality for our value chain by 2050.

INTERVIEW WITH GUY SIDOS

The reduction in the clinker rate and defossilization of our industrial processes are our priorities, with an objective set at 100% defossilization in Europe and 50% for all of our plants by 2030. The challenge is ambitious and requires the mobilization of all of our teams.

What were the major investments of 2022?

We continued to modernize our production facilities and to improve our energy and environmental performance and this required significant investment. In Turkey, at the Bastas Cimento plant, a new electricity generation system was installed, based on the recovery of fatal energy produced by our furnaces. In Senegal, a new 6,500 metric ton/day clinker production line is under construction at the Sococim Industrie site.

In the United States, at the Ragland (Alabama) plant, a new kiln was installed which will eventually use 100% fossil fuel substitution and double production.

Major innovative projects leveraging the potential of hydrogen are being finalized. Vicat has become Haffner's strategic partner for the development of a module capable of producing hypergas, a renewable synthetic gas rich in green hydrogen, and biochar, a vegetable-based coal. As part of a public-private partnership Vicat is a shareholder in Genvia, a specialist in the production of high-temperature electrolyzers, a virtuous and resilient technology. A first demonstrator should be unveiled in 2024 and then a mega-factory producing electrolyzers.

Lastly, in association with Hynamics, subsidiary of the EDF group, we are developing an integrated CO2 capture solution and production of decarbonized methanol.

Called "Hynovi", it aims to create the first decarbonated methanol production scheme in France and fits with the French government's targets in terms of decarbonation and energy independence, for which synthetic fuels are one of the main levers. By combining our substitution policy with such innovations, we massively decarbonize our activities and are less exposed to fluctuations in energy costs.

In terms of carbon neutrality, Vicat does not just act on cement production. Your policy of developing low-carbon products is accelerating also...

Our new carbon-negative binder CARAT enables the production of very low carbon concrete while offering performance equivalent to 42.5R cement, with a 90% lower carbon footprint per cubic meter thanks to its reduced clinker content, enriched with biosourced matter.

Today, this solution has become a reality, rolled out ona large scale at our customers' work sites. Our R&D teams have also developed 3D printing in concrete, with Lithosys, which reduces the quantity of material needed by half for the same usage. Another concrete example: our mixed solutions using concrete together with hemp or wood.

Let me add that, as industrialists, we are aware of our duties in terms of the ecological transition, but also of our social and societal responsibilities.

This ability to innovate and our regional roots means that Vicat has a key role as an industrial group committed to rolling out the circular economy and the decarbonation of its businesses

Like the determination shown by Louis Vicat, we have the intimate conviction that we build our success over time, to build together and live together! Our pragmatic approach in risk-taking, combined with our constant ambition to invest sustainably in what makes us stand out and is the key to our success: our teams, our facilities and the ecosystems in which we operate.

GUY SIDOS

Chairman and Chief Executive Officer

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Vicat SA published this content on 28 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2023 16:28:52 UTC.