QUADIENT - 2020 Universal Registration Document

First page Table of contents Next page Last page

Message from the Chairman	2
Three questions for the Chief Executive Officer	3
Profile & activities	4
"Back to Growth“ strategy	6
Business model	8
Quadient, a responsible company	10
A largely independant Board of Directors	12
An international management team	13
Financial performance	14
Investor relations	15
1. CORPORATE OVERVIEW	17
1.1 Activities	18
1.1.1 INTELLIGENT COMMUNICATION AUTOMATION	18
1.1.2 PARCEL LOCKER SOLUTIONS	19
1.1.3 MAIL-RELATED SOLUTIONS	20
1.1.4 OTHER SOLUTIONS	21
1.2 Strategy	22
1.2.1 “BACK TO GROWTH” STRATEGY	22
1.2.2 STREAMLINE OPERATIONS	22
1.2.3 CAPITAL ALLOCATION	23
1.2.4 SHAREHOLDER RETURN POLICY	23
1.2.5 MID-TERM INDICATIONS	23
1.3 Organizational structure	24
1.3.1 HEAD OFFICE	24
1.3.2 RESEARCH AND DEVELOPMENT CENTRES	24
1.3.3 PRODUCTION CENTRES	25
1.3.4 DISTRIBUTION	25
1.3.5 INVESTMENTS	25
2. CORPORATE GOVERNANCE REPORT	27
2.1 Board of Directors	28
2.1.1 GOVERNANCE STRUCTURE	28
2.1.2 MISSIONS OF THE BOARD OF DIRECTORS	28
2.1.3 CHAIRMAN OF THE BOARD	30
2.1.4 CHIEF EXECUTIVE OFFICER	31
2.1.5 MEMBERS OF THE BOARD	31
2.1.6 EMPLOYEE REPRESENTATIVE DIRECTORS	34
2.1.7 INDEPENDENT DIRECTORS	35
2.1.8 WORK OF THE BOARD OF DIRECTORS	37
2.1.9 RULES OF PROCEDURE OF THE BOARD AND COMMITTEES	39
2.2 Committees	41
2.2.1 APPOINTMENTS AND REMUNERATION COMMITTEE	41
2.2.2 AUDIT COMMITTEE	42
2.2.3 STRATEGY AND CORPORATE SOCIAL RESPONSIBILITY COMMITTEE	44
2.3 Management team	45
2.4 Remuneration of managers and directors	47
2.4.1 REMUNERATION POLICY OF CORPORATE OFFICERS	50
2.4.2 MANAGEMENT TEAM	50
2.4.3 PAY RATIO	51
2.4.4 REMUNERATION POLICY OF DIRECTORS	52
2.4.5 2020 REMUNERATION – THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER	54
2.4.6 2021 REMUNERATION POLICY – THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER	63
2.5 Related-party agreements	68
2.6 Summary table of the Extraordinary General Meeting delegations to the Board of Directors	68
2.7 Information that could have an impact in the event of a takeover bid or exchange offer	69
2.8 Practical information for attending the General Meeting	69
2.9 Statutory Auditors’ report on related party agreements	70
3. MANAGEMENT REPORT	71
3.1 Review of Quadient’s financial position and results in 2020	72
3.1.1 HIGHLIGHTS	72
3.1.2 INCOME STATEMENT	75
3.1.3 CHANGE IN SALES BY ACTIVITY AND GEOGRAPHY	75
3.1.4 MAJOR OPERATIONS	76
3.1.5 ADDITIONAL OPERATIONS	77
3.1.6 RESEARCH AND DEVELOPMENT EFFORT	77
3.1.7 CURRENT OPERATING INCOME(1)	78
3.1.8 OPERATING INCOME	78
3.1.9 FINANCIAL INCOME	78
3.1.10 NET INCOME	79
3.1.11 FINANCIAL POSITION	79
3.1.12 DIVIDEND	80
3.1.13 SHARE BUYBACK PROGRAM	80
3.2 Ownership structure	81
3.3 Information on trends and outlook	83
4. RISK FACTORS AND INTERNAL CONTROL	85
4.1 Risk factors	86
4.1.1 RISK ASSESSMENT	86
4.1.2 MAIN RISKS AND RISK MANAGEMENT SYSTEMS	87
4.2 Insurance	95
4.3 Internal control and internal audit procedures	96
4.3.1 INTERNAL CONTROL MAINFRAME	96
4.3.2 INTERNAL CONTROL ORGANIZATION	96
5. NON-FINANCIAL PERFORMANCE STATEMENT	101
5.1 Social, societal, and environmental information	102
5.1.1 PREAMBLE	102
5.1.2 CSR STRATEGY AND POLICY	102
5.1.3 EMPOWERING QUADIENT'S PEOPLE TO ACHIEVE THE COMPANY STRATEGY	108
5.1.4 ENABLING A CULTURE OF EXCELLENCE AND INTEGRITY	114
5.1.5 REDUCING QUADIENT’S ENVIRONMENTAL FOOTPRINT	118
5.1.6 BUILD THE BEST CUSTOMER EXPERIENCE POSSIBLE BY OFFERING INNOVATIVE, RELIABLE AND SUSTAINABLE SOLUTIONS	122
5.1.7 ENGAGE AND SUPPORT LOCAL COMMUNITIES	126
5.1.8 OTHER NON-FINANCIAL INFORMATION	129
5.1.9 NOTES REGARDING METHODOLOGY AND THE CSR REPORTING SCOPE	131
5.2 Independent third party’s report on consolidated non-financial statement presented in the management report	133
6. FINANCIAL STATEMENTS	137
6.1 Consolidated financial statements	138
6.1.1 CONSOLIDATED BALANCE SHEET	138
6.1.2 CONSOLIDATED INCOME STATEMENT	140
6.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	141
6.1.4 CONSOLIDATED STATEMENT OF CASH FLOW	142
6.1.5 CHANGES IN SHAREHOLDERS’ EQUITY	143
6.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	144
6.2 Statutory auditors’ report on the consolidated financial statements	205
6.3 Analysis of Quadient S.A.’s annual results	210
6.3.1 2020 FINANCIAL YEAR SIGNIFICANT EVENTS	210
6.3.2 OPERATING INCOME	210
6.3.3 FINANCIAL INCOME	211
6.3.4 EXTRAORDINARY INCOME	211
6.3.5 NET INCOME	211
6.3.6 SHAREHOLDERS’ EQUITY	211
6.3.7 TRADE PAYABLES AND RECEIVABLES AGEING	211
6.3.8 FIVE-YEAR RESULTS TABLE	212
6.3.9 DIVIDENDS	213
6.3.10 STATUTORY AUDITORS’ ENGAGEMENT	213
6.3.11 POST-CLOSING EVENTS	213
6.3.12 2021 OUTLOOK	213
6.4 Quadient S.A. statements of financial position	214
6.4.1 BALANCE SHEET	214
6.4.2 INCOME STATEMENT	216
6.4.3 STATEMENT OF CASH FLOW	217
6.4.4 CHANGE IN SHAREHOLDERS’ EQUITY	217
6.4.5 NOTES TO THE FINANCIAL STATEMENTS	218
6.5 Statutory auditors’ report on the financial statements	244
7. INFORMATION ON THE COMPANY AND ITS SHARE CAPITAL	249
7.1 Quadient S.A. share capital	250
7.1.1 SECURITIES GIVING ACCESS TO CAPITAL	250
7.1.2 CHANGES IN QUADIENT S.A.’S SHARE CAPITAL	250
7.1.3 BREAKDOWN OF SHARE CAPITAL AND VOTING RIGHTS	251
7.1.4 CHANGES IN SHAREHOLDER STRUCTURE	251
7.1.5 TRANSACTIONS CARRIED OUT ON QUADIENT SHARES BY MEMBERS OF THE BOARD	252
7.1.6 PLACE OF THE ISSUING ENTITY IN THE SCOPE OF CONSOLIDATION	252
7.1.7 PLEDGES, WARRANTIES AND SECURITIES ON QUADIENT’S SHARES OR ASSETS	252
7.2 Quadient shares	253
7.2.1 MARKET FOR QUADIENT SHARES	253
7.2.2 SHARE PRICE PERFORMANCE	253
7.2.3 SHARE PRICE AND TRADING INFORMATION OVER 18 MONTHS	254
7.2.4 DIVIDENDS	254
8. ADDITIONAL INFORMATION	255
8.1 General information	256
8.1.1 COMPANY NAME AND HEAD OFFICE	256
8.1.2 LEGAL FORM AND JURISDICTION	256
8.1.3 DATE OF INCORPORATION AND TERM	256
8.1.4 CORPORATE PURPOSE (SUMMARY OF ARTICLE 2 OF THE ARTICLES OF ASSOCIATION)	256
8.1.5 REGISTRATION	256
8.1.6 CONSULTATION OF LEGAL DOCUMENTS	256
8.1.7 FINANCIAL YEAR (ARTICLE 6 OF THE ARTICLES OF ASSOCIATION)	256
8.1.8 APPROPRIATION OF EARNINGS (ARTICLE 19 OF THE ARTICLES OF ASSOCIATION)	256
8.1.9 ANNUAL GENERAL MEETING (ARTICLE 18 OF THE ARTICLES OF ASSOCIATION)	257
8.1.10 STATUTORY THRESHOLD CROSSING DISCLOSURES (SUMMARY OF ARTICLE 11 OF THE ARTICLES OF SSOCIATION)	257
8.2 Recent events	257
8.3 Officer responsible for the universal registration document and Auditors	259
8.3.1 OFFICER RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	259
8.3.2 AUDITORS	259
8.4 Statements by officer	260
8.5 Fees paid to the statutory auditors and members of their networks	260
8.6 Information policy	261
8.6.1 OFFICERS IN CHARGE OF FINANCIAL INFORMATION	261
8.6.2 SHAREHOLDER INFORMATION	261
8.6.3 FINANCIAL COMMUNICATION SCHEDULE	261
8.7 Concordance tables	262
8.7.1 HEADINGS UNDER APPENDIX 1 OF REGULATION (UE) 2017/1129	262
8.7.2 ANNUAL FINANCIAL REPORT TABLE OF CONCORDANCE	265
8.7.3 TABLES OF CONCORDANCE FOR THE MANAGEMENT REPORT	266

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