QUADIENT - 2019 Universal Registration Document

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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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