QUADIENT // 2021 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 independent 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 MAIL-RELATED SOLUTIONS	19
1.1.3 PARCEL LOCKER SOLUTIONS	20
1.1.4 OTHER SOLUTIONS	20
1.2 Strategy	21
1.2.1 “BACK TO GROWTH” STRATEGY	21
1.2.2 STREAMLINE OPERATIONS	21
1.2.3 CAPITAL ALLOCATION	22
1.2.4 SHAREHOLDER RETURN POLICY	22
1.2.5 MID-TERM INDICATIONS	22
1.3 Organizational structure	24
1.3.1 HEAD OFFICE	24
1.3.2 RESEARCH AND DEVELOPMENT CENTRES	24
1.3.3 PRODUCTION AND LOGISTIC CENTRES	24
1.3.4 DISTRIBUTION	24
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	35
2.1.7 INDEPENDENT DIRECTORS	36
2.1.8 WORK OF THE BOARD OF DIRECTORS	38
CORPORATE GOVERNANCE CODE	39
2.1.9 RULES OF PROCEDURE OF THE BOARD AND COMMITTEES	40
ASSESSMENT OF THE BOARD	41
DIRECTORS’ CHARTER	41
STOCK MARKET CODE OF ETHICS	41
2.2 Committees	42
2.2.1 APPOINTMENTS AND REMUNERATION COMMITTEE	42
2.2.2 AUDIT COMMITTEE	43
2.2.3 STRATEGY AND CORPORATE SOCIAL RESPONSIBILITY COMMITTEE	45
2.3 Remuneration report	46
2.3.1 2021 REMUNERATION PAID TO THE DIRECTORS AND CORPORATE OFFICERS	47
2.3.2 2022 REMUNERATION POLICY FOR THE DIRECTORS AND CORPORATE OFFICERS	55
2.3.3 COMPENSATION OF SENIOR EXECUTIVES: STOCK OPTION PLANS AND PERFORMANCE SHARE GRANTS	62
2.4 Related-party agreements	65
2.5 Summary table of the Extraordinary General Meeting delegations to the Board of directors	66
2.6 Information that could have an impact in the event of a takeover bid or exchange offer	67
2.7 Practical information for attending the General Meeting	67
2.8 Statutory auditors’ report on related party agreements	69
3. MANAGEMENT REPORT	71
3.1 Review of Quadient’s financial position and results in 2021	72
3.1.1 HIGHLIGHTS	72
3.1.2 INCOME STATEMENT	77
3.1.3 CHANGE IN SALES BY ACTIVITY AND GEOGRAPHY	77
3.1.4 MAJOR OPERATIONS	78
3.1.5 ADDITIONAL OPERATIONS	79
3.1.6 RESEARCH AND DEVELOPMENT EFFORT	80
3.1.7 CURRENT OPERATING INCOME	80
3.1.8 OPERATING INCOME	80
3.1.9 FINANCIAL INCOME	80
3.1.10 NET INCOME	81
3.1.11 FINANCIAL POSITION	81
3.1.12 DIVIDEND	82
3.1.13 SHARE BUYBACK PROGRAM	82
3.2 Ownership structure	82
3.3 Information on trends and outlook	84
4. RISK FACTORS AND INTERNAL CONTROL	85
4.1 Risk factors	86
4.1.1 RISK MANAGEMENT FRAMEWORK	86
4.1.2 DESCRIPTION OF RISK FACTORS	87
4.2 Insurance	97
4.3 Internal control and internal audit framework	97
4.3.1 INTERNAL CONTROL FRAMEWORK	97
4.3.2 INTERNAL CONTROL AND AUDIT ORGANIZATION	97
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	111
5.1.4 ENABLING A CULTURE OF EXCELLENCE AND INTEGRITY	120
5.1.5 REDUCING QUADIENT’S ENVIRONMENTAL FOOTPRINT	126
5.1.6 BUILD THE BEST CUSTOMER EXPERIENCE POSSIBLE BY OFFERING INNOVATIVE, RELIABLE AND SUSTAINABLE SOLUTIONS	133
5.1.7 ENGAGE AND SUPPORT LOCAL COMMUNITIES	139
5.1.8 OTHER NON-FINANCIAL INFORMATION	144
5.1.9 NOTES REGARDING METHODOLOGY AND THE CSR REPORTING SCOPE	146
5.2 Independent third party’s report on consolidated non-financial statement presented in the management report	148
6. FINANCIAL STATEMENTS	153
6.1 Consolidated financial statements	154
6.1.1 CONSOLIDATED BALANCE SHEET	154
6.1.2 CONSOLIDATED INCOME STATEMENT	156
6.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	157
6.1.4 CONSOLIDATED STATEMENT OF CASH FLOW	158
6.1.5 CHANGES IN SHAREHOLDERS’ EQUITY	159
6.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	160
6.2 Statutory auditors’ report on the consolidated financial statements	219
6.3 Analysis of Quadient S.A.’s annual results	224
6.3.1 2021 FINANCIAL YEAR SIGNIFICANT EVENTS	224
6.3.2 OPERATING INCOME	224
6.3.3 FINANCIAL INCOME	224
6.3.4 EXTRAORDINARY INCOME	224
6.3.5 NET INCOME	224
6.3.6 SHAREHOLDERS’ EQUITY	224
6.3.7 TRADE PAYABLES AND RECEIVABLES AGEING	224
6.3.8 FIVE-YEAR RESULTS TABLE	225
6.3.9 DIVIDENDS	226
6.3.10 STATUTORY AUDITORS’ ENGAGEMENT	226
6.3.11 POST-CLOSING EVENTS	226
6.3.12 2021 OUTLOOK	226
6.4 Quadient S.A. statements of financial position	227
6.4.1 BALANCE SHEET	227
6.4.2 INCOME STATEMENT	229
6.4.3 STATEMENT OF CASH FLOW	230
6.4.4 CHANGE IN SHAREHOLDERS’ EQUITY	230
6.4.5 NOTES TO THE FINANCIAL STATEMENTS	231
6.5 Statutory auditors’ report on the financial statements	252
7. INFORMATION ON THE COMPANY AND ITS SHARE CAPITAL	257
7.1 Quadient S.A. share capital	258
7.1.1 SECURITIES GIVING ACCESS TO CAPITAL	258
7.1.2 CHANGES IN QUADIENT S.A.’S SHARE CAPITAL	258
7.1.3 BREAKDOWN OF SHARE CAPITAL AND VOTING RIGHTS	259
7.1.4 CHANGES IN SHAREHOLDER STRUCTURE	259
7.1.5 TRANSACTIONS CARRIED OUT ON QUADIENT SHARES BY MEMBERS OF THE BOARD	260
7.1.6 PLACE OF THE ISSUING ENTITY IN THE SCOPE OF CONSOLIDATION	260
7.1.7 PLEDGES, WARRANTIES AND SECURITIES ON QUADIENT’S SHARES OR ASSETS	260
7.2 Quadient shares	261
7.2.1 MARKET FOR QUADIENT SHARES	261
7.2.2 SHARE PRICE PERFORMANCE	261
7.2.3 SHARE PRICE AND TRADING INFORMATION OVER 18 MONTHS	262
7.2.4 DIVIDENDS	262
8. ADDITIONAL INFORMATION	263
8.1 General information	264
8.1.1 COMPANY NAME AND HEAD OFFICE	264
8.1.2 LEGAL FORM AND JURISDICTION	264
8.1.3 DATE OF INCORPORATION AND TERM	264
8.1.4 CORPORATE PURPOSE (SUMMARY OF ARTICLE 2 OF THE ARTICLES OF ASSOCIATION)	264
8.1.5 REGISTRATION	264
8.1.6 CONSULTATION OF LEGAL DOCUMENTS	264
8.1.7 FINANCIAL YEAR (ARTICLE 6 OF THE ARTICLES OF ASSOCIATION)	264
8.1.8 APPROPRIATION OF EARNINGS (ARTICLE 19 OF THE ARTICLES OF ASSOCIATION)	264
8.1.9 ANNUAL GENERAL MEETING (ARTICLE 18 OF THE ARTICLES OF ASSOCIATION)	265
8.1.10 STATUTORY THRESHOLD CROSSING DISCLOSURES (SUMMARY OF ARTICLE 11 OF THE ARTICLES OF ASSOCIATION)	265
8.2 Recent events	265
8.3 Officer responsible for the universal registration document and Auditors	266
8.3.1 OFFICER RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	266
8.3.2 AUDITORS	266
8.4 Statement by officer	267
8.5 Fees paid to the statutory auditors and members of their networks	267
8.6 Information policy	268
8.6.1 OFFICERS IN CHARGE OF FINANCIAL INFORMATION	268
8.6.2 SHAREHOLDER INFORMATION	268
8.6.3 FINANCIAL COMMUNICATION CALENDAR	268
8.7 Concordance tables	269
8.7.1 HEADINGS UNDER APPENDIX 1 OF REGULATION (UE) 2017/1129	269
8.7.2 TABLE OF CONCORDANCE FOR THE ANNUAL FINANCIAL REPORT	271
8.7.3 TABLE OF CONCORDANCE FOR THE MANAGEMENT REPORT	272
8.7.4 TABLE OF CONCORDANCE FOR THE GLOBAL REPORTING INITIATIVE	273

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