QUADIENT - 2019 Universal Registration Document
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Table of contents
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MESSAGE FROM THE CHAIRMAN
4
THREE QUESTIONS FOR THE CHIEF EXECUTIVE OFFICER
5
PROFILE & ACTIVITIES
6
“BACK TO GROWTH” STRATEGY
8
BUSINESS MODEL
10
QUADIENT, A RESPONSIBLE COMPANY
12
A LARGELY INDEPENDENT BOARD OF DIRECTORS
14
AN INTERNATIONAL MANAGEMENT TEAM
15
FINANCIAL PERFORMANCE
16
INVESTOR RELATIONS
17
1. CORPORATE OVERVIEW
19
1.1 Activities
20
1.1.1 CUSTOMER EXPERIENCE MANAGEMENT
21
1.1.2 BUSINESS PROCESS AUTOMATION
21
1.1.3 MAIL-RELATED SOLUTIONS
22
1.1.4 PARCEL LOCKER SOLUTIONS
22
1.1.5 OTHER SOLUTIONS
23
1.2 Strategy
24
1.2.1 "BACK TO GROWTH" STRATEGY
24
1.2.2 STREAMLINE OPERATIONS
24
1.2.3 CAPITAL ALLOCATION
25
1.2.4 SHAREHOLDER RETURN POLICY
25
1.2.5 MID-TERM GUIDANCE
25
1.3 Organizational structure
26
1.3.1 HEAD OFFICE
26
1.3.2 RESEARCH AND DEVELOPMENT CENTERS
26
1.3.3 PRODUCTION CENTERS
26
1.3.4 DISTRIBUTION
26
1.3.5 INVESTMENTS
27
2. CORPORATE GOVERNANCE REPORT
29
2.1 Board of directors
30
2.1.1 GOVERNANCE STRUCTURE
30
2.1.2 MISSIONS OF THE BOARD OF DIRECTORS
30
2.1.3 CHAIRMAN OF THE BOARD
32
2.1.4 CHIEF EXECUTIVE OFFICER
33
2.1.5 MEMBERS OF THE BOARD
33
2.1.6 EMPLOYEE REPRESENTATIVE DIRECTOR
37
2.1.7 INDEPENDENT DIRECTORS
37
2.1.8 WORK OF THE BOARD OF DIRECTORS
40
2.1.9 RULES OF PROCEDURE OF THE BOARD AND COMMITTEES
41
2.2 Committees
43
2.2.1 REMUNERATION AND APPOINTMENTS COMMITTEE
43
2.2.2 AUDIT COMMITTEE
44
2.2.3 STRATEGY AND CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
46
2.3 Management team
47
2.4 Remuneration of managers and directors
48
2.4.1 REMUNERATION POLICY OF CORPORATE OFFICERS
48
2.4.2 MANAGEMENT TEAM
48
2.4.3 PAY RATIO
49
2.4.4 REMUNERATION POLICY OF NON-EXECUTIVE DIRECTORS
51
2.4.5 THE CHAIRMAN & THE CHIEF EXECUTIVE OFFICER – 2019 REMUNERATION
52
2.4.6 THE CHAIRMAN – 2020 REMUNERATION
61
2.4.7 THE CHIEF EXECUTIVE OFFICER – REMUNERATION 2020
62
2.5 Related-party agreements
64
2.6 Summary table of the Extraordinary General Meeting delegations to the Board of directors
64
2.7 Information that could have an impact in the event of a takeover bid or exchange offer
65
2.8 Practical information for attending the General Meeting
66
2.9 Special report of the statutory auditors on regulated agreements and commitments
68
3. MANAGEMENT REPORT
69
3.1 Review of Quadient's financial position and results in 2019
70
3.1.1 HIGHLIGHTS
70
3.1.2 INCOME STATEMENT
71
3.1.3 CHANGE IN SALES BY ACTIVITIES
71
3.1.4 MAJOR OPERATIONS
72
3.1.5 ADDITIONAL OPERATIONS
73
3.1.6 RESEARCH AND DEVELOPMENT EFFORT
73
3.1.7 CURRENT OPERATING INCOME(2)
73
3.1.8 OPERATING INCOME
74
3.1.9 FINANCIAL INCOME
74
3.1.10 NET INCOME
74
3.1.11 FINANCIAL POSITION
75
3.1.12 DIVIDEND
76
3.1.13 SHARE BUYBACK PROGRAM
76
3.2 Ownership structure
77
3.3 Information on trends and outlook
79
4. RISK FACTORS AND INTERNAL CONTROL
81
4.1 Risk factors
82
4.1.1 RISK ASSESSMENT
82
4.1.2 MAIN RISKS AND RISK MANAGEMENT SYSTEMS
83
4.2 Insurance
90
4.3 Internal control and internal audit procedures
91
4.3.1 INTERNAL CONTROL MAINFRAME
91
4.3.2 INTERNAL CONTROL ORGANIZATION
91
5. NON-FINANCIAL PERFORMANCE STATEMENT
97
5.1 Social, societal and environmental information
98
5.1.1 PREAMBLE
98
5.1.2 CSR STRATEGY AND POLICY
98
5.1.3 ENGAGE WITH EMPLOYEES AND LOCAL COMMUNITIES
104
5.1.4 BUILD THE BEST CUSTOMER EXPERIENCE POSSIBLE BY OFFERING INNOVATIVE, RELIABLE AND SUSTAINABLE SOLUTIONS AND SERVICES
108
5.1.5 ACTING ETHICALLY AND RESPONSIBLY
111
5.1.6 REDUCING QUADIENT'S ENVIRONMENTAL FOOTPRINT
114
5.1.7 OTHER NON-FINANCIAL INFORMATION
117
5.1.8 NOTES REGARDING METHODOLOGY AND THE CSR REPORTING SCOPE
119
5.2 Independent third party’s report on consolidated non-financial statement presented in the management report
121
6. FINANCIAL STATEMENTS
125
6.1 Consolidated financial statements
126
6.1.1 CONSOLIDATED BALANCE SHEET
126
6.1.2 CONSOLIDATED INCOME STATEMENT
128
6.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
129
6.1.4 CONSOLIDATED STATEMENT OF CASH FLOW
130
6.1.5 CHANGES IN SHAREHOLDERS’ EQUITY
131
6.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
132
6.2 Statutory auditors’ report on the consolidated financial statements
192
6.3 Analysis of Neopost S.A.'s annual results
197
6.3.1 2019 FINANCIAL YEAR SIGNIFICANT EVENTS
197
6.3.2 OPERATING INCOME
197
6.3.3 FINANCIAL INCOME
197
6.3.4 EXTRAORDINARY INCOME
198
6.3.5 NET INCOME
198
6.3.6 SHAREHOLDERS’ EQUITY
198
6.3.7 TRADE PAYABLES AND RECEIVABLES AGEING
198
6.3.8 FIVE-YEAR RESULTS TABLE
199
6.3.9 DIVIDENDS
199
6.3.10 STATUTORY AUDITORS’ ENGAGEMENT
200
6.3.11 POST-CLOSING EVENTS
200
6.3.12 2020 OUTLOOK
200
6.4 Neopost S.A. statements of financial position
201
6.4.1 NEOPOST S.A. BALANCE SHEET
201
6.4.2 NEOPOST S.A. INCOME STATEMENT
203
6.4.3 NEOPOST S.A. STATEMENT OF CASH FLOW
204
6.4.4 CHANGE IN NEOPOST S.A. SHAREHOLDERS’ EQUITY
204
6.4.5 NOTES TO THE NEOPOST S.A. FINANCIAL STATEMENTS
205
6.5 Statutory auditors’ report on the financial statements
232
7. INFORMATION ON THE COMPANY AND ITS SHARE CAPITAL
237
7.1 Neopost S.A. share capital
238
7.1.1 SECURITIES GIVING ACCESS TO CAPITAL
238
7.1.2 CHANGES IN NEOPOST S.A.’S SHARE CAPITAL
238
7.1.3 BREAKDOWN OF SHARE CAPITAL AND VOTING RIGHTS
239
7.1.4 CHANGES IN SHAREHOLDER STRUCTURE
239
7.1.5 TRANSACTIONS CARRIED OUT ON QUADIENT SHARES BY MEMBERS OF THE BOARD
240
7.1.6 PLACE OF THE ISSUING ENTITY IN THE SCOPE OF CONSOLIDATION
240
7.1.7 PLEDGES, WARRANTIES AND SECURITIES ON QUADIENT’S SHARES OR ASSETS
240
7.2 Quadient shares
241
7.2.1 MARKET FOR QUADIENT SHARES
241
7.2.2 SHARE PRICE PERFORMANCE
241
7.2.3 SHARE PRICE AND TRADING INFORMATION OVER 18 MONTHS
242
7.2.4 DIVIDENDS
242
8. ADDITIONAL INFORMATION
243
8.1 General information
244
8.1.1 COMPANY NAME AND HEAD OFFICE
244
8.1.2 LEGAL FORM AND JURISDICTION
244
8.1.3 DATE OF INCORPORATION AND TERM
244
8.1.4 CORPORATE PURPOSE (SUMMARY OF ARTICLE 2 OF THE ARTICLES OF ASSOCIATION)
244
8.1.5 REGISTRATION
244
8.1.6 CONSULTATION OF LEGAL DOCUMENTS
244
8.1.7 FINANCIAL YEAR (ARTICLE 6 OF THE ARTICLES OF ASSOCIATION)
244
8.1.8 APPROPRIATION OF EARNINGS (ARTICLE 19 OF THE ARTICLES OF ASSOCIATION)
244
8.1.9 ANNUAL GENERAL MEETING (ARTICLE 18 OF THE ARTICLES OF ASSOCIATION)
245
8.1.10 STATUTORY THRESHOLD CROSSING DISCLOSURES (SUMMARY OF ARTICLE 11 OF THE ARTICLES OF ASSOCIATION)
245
8.2 Recent events
245
8.3 Officer responsible for the Universal Registration Document and Auditors
245
8.3.1 OFFICER RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT
245
8.3.2 AUDITORS
246
8.4 Statements by officer
246
8.5 Fees paid to the statutory auditors and members of their networks
247
8.6 Information policy
247
8.6.1 OFFICERS IN CHARGE OF FINANCIAL INFORMATION
247
8.6.2 SHAREHOLDER INFORMATION
247
8.6.3 FINANCIAL COMMUNICATION SCHEDULE
247
8.7 Concordance tables
248
8.7.1 HEADINGS UNDER APPENDIX 1 OF REGULATION (UE) 2017/1129
248
8.7.2 ANNUAL FINANCIAL REPORT TABLE OF CONCORDANCE
251
8.7.3 TABLES OF CONCORDANCE FOR THE MANAGEMENT REPORT
252
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