EXEL Industries // 2020 Universal registration document

Contents

Message from the Chairman of the Board of Directors and the Chief Executive Officer 1 Information about the Universal Registration Document

2

5 Consolidated financial statements AFR 51 5.1 Consolidated balance sheet at September 30, 2020 52 5.2 Consolidated Profit and loss, fiscal year ended September 30, 2020 54 5.3 Consolidated statement of changes in shareholders’ equity 55 5.4 Consolidated statement of cash flows 56 5.5 Notes to the consolidated financial statements 57 5.6 Statutory Auditors’ report on the consolidated financial statements 83 6 Separate financial statements 87 6.1 Balance sheet at September 30, 2020 88 6.2 Income statement 89 6.3 Notes to the parent company financial statements 90 6.4 Proposed appropriation of net income 98 6.5 Statutory Auditors’ report on the Company financial statements 99 6.6 Statutory Auditors’ special report on regulated agreements AFR 102 7 Report on Corporate Governance 103 7.1 Board of Directors 104 7.2 Committees of the Board of Directors 108 7.3 Group management 109 7.4 Remuneration of the Company’s corporate officers 110 7.5 Salary gap ratio 114 8 Information on the Company and its share capital AFR 115 8.1 General information on EXEL Industries 116 8.2 Capital and shareholders 117 8.3 Information that could have an impact in the event of a takeover bid 123 9 Ordinary General Meeting of February 9, 2021 125 9.1 Report of the Board of Directors on the resolutions submitted to the Ordinary General Meeting of February 9, 2021 126 9.2

5

1.1

Person responsible for the Universal Registration Document

6 6 6 6

1.2 1.3 1.4

Responsibility statement

Auditors AFR

Person responsible for the information

2 Presentation of the Group

7

2.1 2.2

History of the Group

8

Simplified organization chart of the EXEL Industries group at September 30, 2020

9

2.3

Business overview of the EXEL Industries group 10

3 Management report

19

3.1 3.2 3.3 3.4

Annual highlights

20 20 21 24 26 30 31

Events after the reporting period and outlook

Research and development

Company operations, consolidated and parent company financial statements AFR

3.5

Risk factors AFR

3.6 Insurance

3.7

Exceptional items and litigation

3.8 Current agreements entered into on an arm’s length basis and related-party agreements AFR 31 3.9 Change in accounting method 31 3.10 Statement of fees for Statutory Auditors and auditing services 31 3.11 Parent company results and five-year financial summary 32 4 Statement of Non-Financial Performance 33 4.1 Methodology 34 4.2 Our business model 35 4.3 Our non-financial risks 36 4.4 Actions undertaken 38 4.5 Outcomes and performance indicators, tracked monthly 48 4.6 Report of one of the Statutory Auditors appointed as independent third party

on the consolidated statement of non-financial performance

49

Text of the resolutions submitted to the Ordinary General Meeting of February 9, 2021

127

Cross-reference table

132

Components of the Annual Financial Report are identified in this table of contents with the sign AFR

EXEL Industries group I 2020 Universal Registration Document