| GROUP PROFILE | 2 |
| 1. PRESENTATION OF THE GROUP AND ITS ACTIVITIES | 11 |
| 1.1 A global provider of environmental services to businesses
and local authorities | 12 |
| 1.1.1 Services organized into two complementary businesses | 12 |
| 1.1.2 An international network with a local presence | 13 |
| 1.2 Environmental Services business | 14 |
| 1.2.1 Recycling business | 14 |
| 1.2.2 Public Sector Services business | 21 |
| 1.2.3 Property, plant and equipment, significant non-current assets | 22 |
| 1.2.4 Research and development business | 22 |
| 1.2.5 Acquisition project of the Ecore Group | 22 |
| 1.3 Multiservices business | 26 |
| 1.3.1 Multiservices markets | 26 |
| 1.3.2 Business portfolio | 26 |
| 1.4 Strategy and objectives | 30 |
| 1.4.1 The Group’s strategy in the Recycling business: “A dense network” | 30 |
| 1.4.2 The Group’s strategy in Multiservices in the light of new challenges: “A strategy of innovation and digitalization” | 30 |
| 1.5 Group structure | 32 |
| 1.5.1 Structure and summary organization chart of the Group and its shareholders | 32 |
| 1.5.2 Detailed organization chart of Environmental Services | 33 |
| 1.5.3 Detailed organization chart of Business Services | 36 |
| 2. RISK FACTORS AND INTERNAL CONTROL | 39 |
| 2.1 Risk factors | 40 |
| 2.1.1 Risk analysis and monitoring process | 40 |
| 2.1.2 Summary table of the main risks | 41 |
| 2.1.3 Principal risks identified and the risk management system | 42 |
| 2.2 Insurance | 46 |
| 2.3 Internal control | 47 |
| 2.3.1 Internal control objectives | 47 |
| 2.3.2 Description of the general organization of internal control | 47 |
| 2.3.3 Description of internal control procedures put in place | 48 |
| 2.3.4 Group committees | 48 |
| 2.3.5 Internal control procedures related to the preparation and processing of financial and accounting information | 49 |
| 3. EXTRA-FINANCIAL PERFORMANCE | 51 |
| 3.1 CSR approach and strategy | 53 |
| 3.1.1 Analysis of CSR risks | 53 |
| 3.1.2 CSR strategy | 54 |
| 3.2 Business model | 56 |
| 3.3 Being a committed employer | 58 |
| 3.3.1 Deploying a risk prevention policy to guarantee employee health and safety | 58 |
| 3.3.2 Developing employment and skills | 60 |
| 3.3.3 Promoting equal opportunity | 63 |
| 3.4 Reducing the Group’s environmental footprint | 67 |
| 3.4.1 Contributing to carbon neutrality | 67 |
| 3.4.2 Assisting customers with their green transition | 72 |
| 3.5 Being a major player in the circular economy | 73 |
| 3.5.1 Improving the reliability of our facilities | 73 |
| 3.5.2 Improving the recovery of waste treated in our facilities (shredder residue) | 75 |
| 3.6 Consolidating relationships of trust with partners | 79 |
| 3.6.1 Managing CSR risks in our value chain | 80 |
| 3.6.2 Delivering service excellence | 81 |
| 3.7 Scorecard showing principal social, environmental and societal information | 83 |
| 3.8 The European Green Taxonomy and its impacts | 84 |
| 3.8.1 Overview of the European Green Taxonomy | 84 |
| 3.8.2 Publication obligations | 84 |
| 3.8.3 Group activities eligible for the Taxonomy objectives | 84 |
| 3.8.4 Accounting methods | 85 |
| 3.9 Duty of vigilance | 89 |
| 3.10 Report by the independent third party organization on the consolidated statement of extra-financial performance | 90 |
| 4. BOARD OF DIRECTORS’ REPORT ON CORPORATE GOVERNANCE | 93 |
| 4.1 Overview of governance | 95 |
| 4.1.1 Corporate Governance Code and internal regulations | 95 |
| 4.1.2 Governance structure | 95 |
| 4.2 The Board of Directors | 96 |
| 4.2.1 Rules applicable to the appointment and replacement of members | 96 |
| 4.2.2 Composition of the Board | 97 |
| 4.2.3 Conflicts of interest | 105 |
| 4.2.4 Duties and functioning of the Board | 106 |
| 4.2.5 Summary table of the authorizations granted to the Board of Directors by the General Meeting (Article L. 225-100 of the French Commercial Code) | 107 |
| 4.3 Specialized committees | 108 |
| 4.3.1 Audit Committee | 108 |
| 4.3.2 Appointments and Remuneration Committee | 109 |
| 4.4 The Deputy Chief Executive Officer | 110 |
| 4.5 Remuneration of executives and corporate officers | 111 |
| 4.5.1 Remuneration policy for corporate officers (Article L. 22-10-8 of the French Commercial Code) | 111 |
| 4.5.2 Summary tables of remuneration of corporate officers | 113 |
| 4.5.3 Equity ratio change in executive and employee remuneration | 116 |
| 4.6 Related-party agreements | 117 |
| 4.6.1 Provisions concerning related-party agreements | 117 |
| 4.6.2 Agreements | 117 |
| 4.6.3 Statutory Auditors’ special report on related-party agreements | 118 |
| 4.7 Executive corporate officers’ declaration concerning transactions in the Company’s shares | 120 |
| 4.8 Factors likely to have an impact in the event of a public offering | 120 |
| 4.9 Rules applicable to shareholder participation in General Meetings | 121 |
| 5. FINANCIAL AND ACCOUNTING INFORMATION | 123 |
| 5.1 Comments on the fiscal year | 124 |
| 5.1.1 Highlights of the fiscal year | 124 |
| 5.1.2 Group results | 125 |
| 5.1.3 Environmental Services business | 126 |
| 5.1.4 Multiservices business | 129 |
| 5.1.5 Holding companies | 130 |
| 5.1.6 Financing and changes in debt | 131 |
| 5.1.7 Investments | 134 |
| 5.2 Recent events and outlook | 135 |
| 5.2.1 Events occurring after year-end | 135 |
| 5.2.2 Outlook | 135 |
| 5.3 Consolidated financial statements at September 30, 2021 | 136 |
| 5.3.1 Derichebourg Group consolidated balance sheet as at September 30, 2021 | 136 |
| 5.3.2 Derichebourg Group consolidated income at September 30, 2021 | 138 |
| 5.3.3 Derichebourg Group consolidated statement of cash flows at September 30, 2021 | 140 |
| 5.3.4 Change in Derichebourg Group consolidated shareholders’ equity at September 30, 2021 | 141 |
| 5.3.5 Note to the consolidated financial statements | 142 |
| 5.4 Separate financial statements | 186 |
| 5.4.1 Balance sheet | 186 |
| 5.4.2 Income statement | 188 |
| 5.4.3 Notes to the separate financial statements | 190 |
| 5.4.4 Statutory Auditors’ report on the separate financial statements | 206 |
| 5.5 Financial results for the last five fiscal years | 209 |
| 6. CAPITAL AND SHAREHOLDER STRUCTURE | 211 |
| 6.1 Shareholder structure | 213 |
| 6.1.1 Shareholder structure and voting rights | 213 |
| 6.1.2 Threshold crossed | 214 |
| 6.1.3 Shares held by the Issuer or its subsidiaries | 215 |
| 6.1.4 Employee shareholdings | 215 |
| 6.1.5 Shareholder agreements | 215 |
| 6.2 Stock market data | 216 |
| 6.3 Dividends | 217 |
| 6.4 Communication with institutional investors, shareholders and bondholders | 218 |
| 6.4.1 Communications methodology | 218 |
| 6.4.2 Calendar: key dates for the fiscal year | 218 |
| 6.4.3 Periodic and occasional information: annual information document | 218 |
| 6.4.4 Update on quarterly financial information | 219 |
| 6.5 Agreements entered into by the Company which are amended or end in the event of a change of control | 220 |
| 6.6 Share buyback program | 220 |
| 6.6.1 Assessment of the share buyback program | 220 |
| 6.6.2 Description of the new share buyback program | 221 |
| 6.7 Information on the share capital | 222 |
| 6.7.1 Amount of subscribed capital | 222 |
| 6.7.2 Authorized capital not issued | 222 |
| 6.7.3 Table showing changes in share capital during the last three fiscal years | 222 |
| 6.8 Combined General Meeting of January 27, 2022 | 223 |
| 6.8.1 Agenda | 223 |
| 6.8.2 Draft resolutions | 224 |
| 7. FURTHER INFORMATION | 239 |
| 7.1 General legal and statutory information concerning the Company | 241 |
| 7.1.1 Legal name and trading name | 241 |
| 7.1.2 Issuer’s registration number | 241 |
| 7.1.3 Date of incorporation and term of the Issuer | 241 |
| 7.1.4 Details of the registered office and legal form | 241 |
| 7.1.5 Fiscal year | 241 |
| 7.1.6 Corporate purpose of the Issuer | 241 |
| 7.1.7 Amendments to the Company bylaws | 241 |
| 7.1.8 Rules on convening General Meetings | 242 |
| 7.2 Significant contracts | 244 |
| 7.3 Information provided by third parties, statements made by experts and declarations of interests | 244 |
| 7.4 Information concerning the Statutory Auditors | 244 |
| 7.4.1 Statutory Auditors | 244 |
| Fees paid 7.4.2 to the Statutory Auditors and their network | 245 |
| 7.5 Person responsible for the Universal Registration Document | 246 |
| 7.5.1 Name and position of the person responsible | 246 |
| 7.5.2 Certification of the person responsible for the Universal Registration Document | 246 |
| 7.6 Name of the person responsible for financial information | 246 |
| 7.7 table between the Derichebourg Universal Registration Document and the annual financial report | 247 |
| 7.8 Concordance table between the Derichebourg Universal Registration Document and Annexes 1 and 2 of Delegated Regulation (EU) 2019/980 of March 14, 2019 | 248 |