Wendel : 2020 Universal Registration Document - 4.17 MB - PDF

2 0 2 0

Universal

Registration

Document

including the annual financial report

I N V E S T I N G F O R T H E L O N G T E R M

Contents

	(	%	<7
1	!$ !"##			7	!# '
1.1	Corporate history		34	"###"
1.2	Business		35	7.1	Balance sheet as ofDecember 31, 2020	416
	1.3	Investment model and business development strategy	36		7.2	Income statement	418
	1.4	Subsidiaries and associated companies		40		7.3	Cash flow statement	419
2	! !#%!				7.4	Notes to the parent company financial statements	420
		7.5	Statutory auditors' report onthefinancial statements	437
2.1	Governing and supervisory bodies		62	8	"! #"!!"
2.2	Compensation of corporate officers		103
3	!"#!"			8.1	Wendel share performance and dividend	442
	8.2	Financial communication policy	445
3.1	Risk factors		138		8.3	Information on the share capital	449
3.2	Judicial proceedings, insurance, and regulatory				8.4	Information on the Company and principal by-laws	461
		environment		146	9	"!!"A#
	3.3	Risk management and internal control systems		150
4	&#!!#			@$@ @
	9.1	Statutory Auditors' reports	466
4.1	Wendel		165		9.2	Additional reports	478
4.2	Wendel's subsidiairies, reviewed by anindependent				9.3	Observations from the Supervisory Board
		third-party body		202			for the Shareholders' Meeting	485
	4.3	Report of one Statutory Auditors, appointed				9.4	Report ofthe Executive Board on the resolutions
		as independent third party, on the consolidated					submitted to the Shareholders' Meeting
		non-financial statement		317			of June 29, 2021	486
5	#""'!				9.5	Draft resolutions	489
	10	#!#
5.1	Analysis of the consolidated financial statements		322
5.2	Analysis of the parent-company financial statements		328	10.1	Contracts	500
	5.3	Net asset value (NAV)		330	10.2	Transactions with related parties	500
	5.4	Simplified chart as of December 31, 2020		335		10.3	Significant changes in financial condition
6	"#"###"				or business status	500
		10.4	Expenses pursuant to Articles 39-4 and 112 quater
"!@					of the French Tax Code	501
6.1	Balance sheet - Statement of consolidated				10.5	Suppliers & customers	501
		financial position		338		10.6	Persons responsible for the Universal Registration	502
	6.2	Consolidated income statement		340			Document and the audit of financial statements
			10.7	Cross-reference tables	504
	6.3	Statement of comprehensive income		341
			10.8	Glossary	509
	6.4	Statement of changes in shareholders' equity		342
	6.5	Consolidated cash flow statement		343
	6.6	General principles		344
	6.7	Notes to the financial statements		345
	6.8	Notes to the balance sheet		374
	6.9	Notes to the income statement		394
	6.10	Notes on changes in cash position		399
	6.11	Other notes		402

6.12 Statutory auditors' report on the consolidated

financial statements

409

Universal registration document 2020

This Universal registration document contains the entire contents

of the annual financial report and the non-financial performance statement.

Profile

The Wendel Group is a professional shareholder and investor that fosters sector-leading companies in their long-term development.

Committed to a long-term relationship, Wendel helps design and implement ambitious and innovative development strategies that create significant value over time.

The French language version of the Universal registration document was filed on April 15, 2021 with the Autorité des Marchés Financiers (AMF), as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said 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 whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This is a free translation into English for information purposes only. Only the original French version can be used to support abovementioned transactions.

Mission

OUR

MISSION

Wendel works alongside entrepreneurial management teams to build industry leaders with a long term perspective.

2 - Universal registration document 2020

Wendel is one of Europe's most prominent listed investment firms. We are positioned as a specialist in long-term equity investments and as a majority or top-ranking investor. Our focused portfolio, the stability of our permanent capital and our strong balance sheet enable Wendel to work with management teams to implement its strategy as a committed investor over the long term. With more than three centuries of experience, Wendel, in which the founding family continues to play a key role as the majority shareholder, consistently carries the values that have forged its success: Engagement, Excellence and Entrepreneurial spirit. With their rich and wide-ranging expertise and backgrounds, its teams provide active and attentive support to its companies. Wendel's goal is to build international and lasting leaders in growing industries. Major strategic and organizational successes attest to the value of this approach: Bureau Veritas, Capgemini, Legrand, bioMérieux, Stallergenes Greer, Editis, Deutsch Group, Stahl and Allied Universal, for example.

- Universal registration document 2020 3