Waga Energy
Public limited company (société anonyme) with a Board of Directors and share capital of €197,524.17
Registered office: 2 chemin du Vieux Chêne, 38240 Meylan, France
Grenoble Trade and Companies Register no. 809 233 471
UNIVERSAL REGISTRATION DOCUMENT
The Universal Registration Document was approved on 14 June 2022 by the AMF, in its capacity as competent authority under Regulation (EU) 2017/1129.
The AMF approves this document after verifying that the information it contains is complete, consistent and understandable. The Universal Registration Document bears the following approval number: R. 22- 025.
This approval shall not be considered a favourable opinion on the issuer described in the Universal Registration Document.
The Universal Registration Document may be used for the purpose of a public offering of financial securities or the admission of financial securities for trading on a regulated market if it is completed by a securities note and, if applicable, a summary and the supplement(s) thereto. The set of documents thus formed is approved by the AMF in accordance with Regulation (EU) 2017/1129.
It shall be valid until 14 June 2023 and, during this period but no later than at the same time as the securities note and under the conditions of Articles 10 and 23 of Regulation (EU) 2017/1129, it shall be completed by a supplement in the event of new material facts, errors or substantial inaccuracies.
This document is a free translation of Waga Energy's document d'enregistrement universel dated 14 June 2022, publicly available, in its original French version, at www.amf-france.organd www.waga- energy.com. This translation is provided for your convenience only. In the event of any ambiguity or conflict between the corresponding statements or other items contained herein, the French language document d'enregistrement universel shall prevail.
This document is available free of charge at the Company's registered office located at 2 chemin du Vieux Chêne, 38240 Meylan, France, as well as on the AMF website (www.amf-france.org) and on the Company's website (www.waga-energy.com).
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TABLE OF CONTENTS
1. PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS' REPORTS
AND COMPETENT AUTHORITY APPROVAL ................................................................... | 8 | |
1.1 | Person responsible for the Universal Registration Document ....................................................... | 8 |
1.2 | Statement by the responsible person ............................................................................................. | 8 |
1.3 | Expert reports and declarations of interests................................................................................... | 8 |
1.4 | Information from third parties ....................................................................................................... | 8 |
1.5 | Control of the Universal Registration Document .......................................................................... | 8 |
1.6 | Person responsible for the financial information........................................................................... | 8 |
2. | STATUTORY AUDITORS ........................................................................................................ | 9 |
2.1 | Principal Statutory Auditors .......................................................................................................... | 9 |
2.2 | Alternate Statutory Auditors.......................................................................................................... | 9 |
3. | RISK FACTORS ....................................................................................................................... | 10 |
3.1 | Risks related to the business sector ............................................................................................. | 12 |
3.2 | Risks related to the Group's business and strategy ..................................................................... | 17 |
3.3 | Market risks and risks related to the Group's financial position ................................................. | 25 |
3.4 | Legal and regulatory risks ........................................................................................................... | 29 |
3.5 | Environmental, social and corporate governance risks ............................................................... | 34 |
3.6 | Insurance and risk management policy........................................................................................ | 36 |
4. | INFORMATION ABOUT THE COMPANY......................................................................... | 38 |
4.1 | Company name and trading name ............................................................................................... | 38 |
4.2 | Place and registration number of the Company........................................................................... | 38 |
4.3 | Date of incorporation and duration.............................................................................................. | 38 |
4.4 | Registered office of the Company, legal form, legislation governing its activities..................... | 38 |
5. | OVERVIEW OF ACTIVITIES ............................................................................................... | 39 |
5.1 | General presentation.................................................................................................................... | 39 |
5.2 | Waga Energy, the specialist in the recovery of landfill gas in the form of biomethane.............. | 57 |
5.3 | Operational implementation of the WAGABOX® solution ........................................................ | 80 |
5.4 | Global development potential...................................................................................................... | 94 |
5.5 | Rollout of the WAGABOX® solution on a large scale.............................................................. | 100 |
5.6 | Organisational Structure............................................................................................................ | 110 |
5.7 | Investments................................................................................................................................ | 112 |
6. | ORGANISATION CHART .................................................................................................... | 114 |
6.1 | Group organisation .................................................................................................................... | 114 |
6.2 | Significant subsidiaries of the Company ................................................................................... | 115 |
7. | REVIEW OF FINANCIAL POSITION AND RESULTS ................................................... | 119 |
7.1 | Financial condition .................................................................................................................... | 119 |
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7.2 | Analysis of results for the financial years ended 31 December 2021 and 2020........................ | 125 |
8. | CASH AND EQUITY.............................................................................................................. | 128 |
8.1 | General presentation.................................................................................................................. | 128 |
8.2 | Cash flow................................................................................................................................... | 129 |
8.3 | Information on the Company's financing needs and financing structure.................................. | 130 |
8.4 | Restriction on use of capital ...................................................................................................... | 136 |
8.5 | Future funding sources .............................................................................................................. | 137 |
9. | REGULATORY ENVIRONMENT....................................................................................... | 138 |
9.1 | Regulatory framework applicable in France.............................................................................. | 138 |
9.2 | Regulatory framework applicable in the United States ............................................................. | 140 |
9.3 | Regulatory framework applicable in Canada (Quebec)............................................................. | 141 |
9.4 | Regulatory framework applicable in Spain ............................................................................... | 142 |
10. | TRENDS................................................................................................................................... | 143 |
10.1 | Recent developments................................................................................................................. | 143 |
10.2 | Future outlook and objectives.................................................................................................... | 143 |
11. | PROFIT FORECASTS OR ESTIMATES............................................................................ | 146 |
12. | ADMINISTRATIVE AND MANAGEMENT BODIES ...................................................... | 147 |
12.1 | Information concerning the Board of Directors and General Management .............................. | 147 |
12.2 | Conflicts of interest at the level of the administrative, management and General Management | |
bodies......................................................................................................................................... | 158 | |
13. | COMPENSATION AND BENEFITS.................................................................................... | 159 |
13.1 | Compensation of Corporate Officers......................................................................................... | 159 |
13.2 | Amounts provisioned by the Company for the payment of pensions, retirement and other | |
benefits to Corporate Officers ................................................................................................... | 169 | |
14. | BOARD PRACTICES............................................................................................................. | 170 |
14.1 | Expiry date of the current term of office of the members of the administrative or management | |
bodies......................................................................................................................................... | 170 | |
14.2 | Service contracts binding members of the administrative or management bodies.................... | 170 |
14.3 | Information on Board committees............................................................................................. | 170 |
14.4 | Statement of compliance with the corporate governance regime in force................................. | 173 |
14.5 | Internal control .......................................................................................................................... | 175 |
15. | EMPLOYEES .......................................................................................................................... | 176 |
15.1 | Number of employees................................................................................................................ | 176 |
15.2 | Shareholdings and stock options of Corporate Officers ............................................................ | 177 |
15.3 | Agreements providing for employees to share in the Company's profits ................................. | 177 |
15.4 | Labour relations......................................................................................................................... | 178 |
16. | MAJOR SHAREHOLDERS .................................................................................................. | 180 |
16.1 | Shareholders holding more than 5% of the share capital at the date of the Universal Registration | |
Document .................................................................................................................................. | 180 |
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16.2 | Existence of different voting rights ........................................................................................... | 180 |
16.3 | Control of the Company ............................................................................................................ | 180 |
16.4 | Agreements that may result in a change of control ................................................................... | 181 |
17. | TRANSACTIONS WITH RELATED PARTIES................................................................. | 182 |
17.1 | Intra-group agreements and related-party transactions.............................................................. | 182 |
17.2 | Statutory Auditors' special reports on related-party agreements for financial years 2021 and | |
2020 ........................................................................................................................................... | 185 | |
18. | FINANCIAL INFORMATION.............................................................................................. | 198 |
18.1 | Historical financial information................................................................................................. | 198 |
18.2 | Interim and other financial information..................................................................................... | 266 |
18.3 | Audit of historical annual and half-yearly financial information .............................................. | 266 |
18.4 | Pro forma financial information................................................................................................ | 278 |
18.5 | Dividend policy ......................................................................................................................... | 278 |
18.6 | Legal and arbitration proceedings ............................................................................................. | 278 |
18.7 | Significant change in financial or business position.................................................................. | 278 |
19. | ADDITIONAL INFORMATION .......................................................................................... | 279 |
19.1 | Share capital .............................................................................................................................. | 279 |
19.2 | Constitute documents and Articles of Association.................................................................... | 286 |
20. | MATERIAL CONTRACTS ................................................................................................... | 293 |
21. | DOCUMENTS AVAILABLE ................................................................................................ | 295 |
22. | GLOSSARY ............................................................................................................................. | 296 |
APPENDICES ................................................................................................................................... | 299 |
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Waga Energy SA published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 15:53:02 UTC.