2009 Registration Document
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2009 REGISTRATION DOCUMENT WorldReginfo - 88364e60-83e1-4e25-beba-ac6c76609afa In this registration document, the terms “EDF Energies Nouvelles” and the “Company” refer to EDF Energies Nouvelles SA. The “Group” refers to the group comprising the Company and all of its subsidiaries. This registration document includes forward-looking statements and information about the objectives of the Group, in particular, relating to its projects in progress. These statements are sometimes identifi ed by the use of the future or conditional tense, as well as terms such as “estimate”, “believe”, “have the objective of”, “intend to”, “expect”, “result in”, “should” and other similar expressions. It should be noted that the realisation of these objectives and forward-looking statements is dependent on the circumstances and facts that arise in the future. The forward-looking statements and information about the objectives may be affected by known and unknown risks, uncertainties and other factors that may signifi cantly alter the future results, performance and accomplishments planned or expected by the Company. These factors may include changes in the economic and commercial situation, regulations and the risk factors described in Chapter 4 of the registration document. Investors are invited to read carefully the risk factors included in Chapter 4 of this registration document before making a decision on whether to invest in the Company. The occurrence of one or more of these risks may adversely affect the Group’s business, fi nancial position or results of operations, or on its ability to achieve its objectives. A change in the method used to consolidate wind farms in the United States took place during the fi nancial year ended on 31 December 2009. The impact of this change is broken down in Note 3.4 to the consolidated fi nancial statements for the fi nancial year ended on 31 December 2009 in section 20.1 of this registration document. This registration document contains fi gures and numbers that have been rounded off. Accordingly, the amounts stated as being totals in tables and the various sections of this document may not correspond to the arithmetic sum of the relevant numbers and fi gures. A glossary defi ning the principal terms in this registration document appears at the end of this document. WorldReginfo - 88364e60-83e1-4e25-beba-ac6c76609afa Société Anonyme with share capital of €124,109,465.60 Head offi ce: Coeur Défense - Immeuble 1 - Défense 4 90, Esplanade du Général de Gaulle - 92933 Paris La Défense Cedex 379 677 636 RCS Nanterre 2009 Registration Document This registration document was fi led with the Autorité des Marchés Financiers on 29 March 2010 in accordance with Article 212-13 of its General Regulation. This document may be used in support of a fi nancial transaction if it is supplemented by a memorandum bearing a visa issued by the Autorité des Marchés Financiers (AMF). This document was prepared by the Issuer, and its signatories assume responsability for it. In accordance with Article 28-1 of Regulation 809/2004/EC issued by the European Commission, the following information is included by reference in this registration document: ➤ the consolidated fi nancial statements of EDF Energies Nouvelles for the fi nancial year ended 31 December 2007 prepared in line with IFRSs and the corresponding Statutory Auditors’ report, as well as EDF Energies Nouvelles’ operating and fi nancial review for the fi nancial year ended 31 December 2007 as shown in the 2007 registration document fi led by EDF Energies Nouvelles with the Autorité des Marchés Financiers on 18 April 2008 under number R.08-027 (the “2007 Registration Document”) on pages 119 to 171, 172 to 173 and 74 to 84 respectively; and ➤ the consolidated fi nancial statements of EDF Energies Nouvelles for the fi nancial year ended 31 December 2008 prepared in line with IFRSs and the corresponding Statutory Auditors’ report, as well as EDF Energies Nouvelles’ operating and fi nancial review for the fi nancial year ended 31 December 2008 as shown in the 2008 registration document fi led by EDF Energies Nouvelles with the Autorité des Marchés Financiers on 17 April 2009 under number R.09-020 (the “2008 Registration Document”) on pages 132 to 188, 189 to 190 and 81 to 91 respectively. Copies of this registration document are available free of charge from EDF Energies Nouvelles, 90, Esplanade du Général de Gaulle - 92933 Paris La Défense Cedex, and may also be downloaded from the web sites of EDF Energies Nouvelles (www. edf-energies-nouvelles. com) and the Autorité des Marchés Financiers (www.amf-france.org). WorldReginfo - 88364e60-83e1-4e25-beba-ac6c76609afa 1 Persons responsible 9.6 OFF-BALANCE SHEET COMMITMENTS 96 for the registration document 5 9.7 CONTRACTUAL COMMITMENTS 97 9.8 FINANCIAL INFORMATION CONCERNING 1.1 PERSONS RESPONSIBLE EDF ENERGIES NOUVELLES SA 98 FOR THE REGISTRATION DOCUMENT 5 9.9 PAYMENT TIMES 102 1.2 CERTIFICATION OF THE PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT 5 10 Liquidity and capital resources 103 2 Parties responsible for the audit 10.1 INFORMATION ABOUT THE GROUP’S CAPITAL 103 of the fi nancial statements 6 10.2 CASH FLOW 103 10.3 FINANCING 103 2.1 STATUTORY AUDITORS 6 10.4 RESTRICTIONS ON THE USE OF CAPITAL 103 2.2 SUBSTITUTE AUDITORS 6 10.5 EXPECTED SOURCES OF FINANCING FOR FUTURE INVESTMENTS 104 3 Selected fi nancial information 7 11 Research and development, patents and licences 105 4 Risk factors 9 11.1 RESEARCH AND DEVELOPMENT 105 4.1 RISKS ASSOCIATED WITH THE RENEWABLE ENERGIES INDUSTRY, NOTABLY THE 11.2 TRADEMARKS, PATENTS AND LICENCES 105 WIND ENERGY AND SOLAR PHOTOVOLTAIC SEGMENTS 10 4.2 RISKS ASSOCIATED WITH THE GROUP’S BUSINESS ACTIVITIES 14 12 Information about business trends 106 4.3 RISKS ASSOCIATED WITH THE COMPANY 19 12.1 DEVELOPMENTS SINCE THE END OF THE 2009 4.4 MARKET RISKS 21 FINANCIAL YEAR 106 4.5 LEGAL RISKS 25 12.2 FUTURE PROSPECTS 106 4.6 INSURANCE AND RISK COVERAGE 26 13 Profi t forecasts or estimates 107 5 General information about the issuer 28 13.1 GROUP PROFIT FORECASTS OR ESTIMATES 107 5.1 HISTORY AND DEVELOPMENT OF THE COMPANY 28 13.2 STATUTORY AUDITORS’ REPORT ON THE PROFIT FORECASTS 108 5.2 INVESTMENTS 29 14 6 Business overview 31 Administrative, management and supervisory bodies 6.1 GENERAL PRESENTATION 32 and executive management 109 6.2 COMPETITIVE STRENGTHS 34 6.3 STRATEGY 36 14.1 COMPOSITION AND OPERATION OF THE MANAGEMENT AND CONTROL BODIES 109 6.4 MARKET AND COMPETITIVE POSITION 38 14.2 CONFLICTS OF INTEREST AFFECTING MEMBERS 6.5 DESCRIPTION OF THE GROUP’S PRINCIPAL THE ADMINISTRATIVE BODIES AND EXECUTIVE BUSINESS ACTIVITIES 52 MANAGEMENT TEAM 115 6.6 DEPENDENCE FACTORS 73 6.7 LEGISLATIVE AND REGULATORY ENVIRONMENT 73 6.8 ENVIRONMENTAL REVIEW 76 15 Compensation and benefi ts 116 15.1 COMPENSATION AND BENEFITS IN KIND 116 7 15.2 TOTAL PROVISIONS FOR PAYMENT OF PENSIONS, Organisational chart 79 RETIREMENT PROVISION AND OTHER BENEFITS TO SENIOR MANAGERS 121 8 Property, plant and equipment 81 16 8.1 PROPERTY, PLANT AND EQUIPMENT OF THE GROUP 81 Operating procedures 8.2 ENVIRONMENTAL CONSIDERATIONS RELATING TO of the administrative THE GROUP’S OWNERSHIP OF PROPERTY ASSETS 83 and management bodies 122 16.1 APPOINTMENTS HELD BY MEMBERS 9 OF THE ADMINISTRATIVE AND MANAGEMENT BODIES 122 Operating and fi nancial review 84 16.2 INFORMATION ABOUT SERVICE CONTRACTS 9.1 GENERAL PRESENTATION 85 LINKING MEMBERS OF THE COMPANY’S ADMINISTRATIVE AND MANAGEMENT BODIES 9.2 RESULTS OF OPERATIONS 88 TO THE COMPANY 122 9.3 FINANCIAL STRUCTURE 93 16.3 BOARD-LEVEL COMMITTEES 122 9.4 LIQUIDITY AND CAPITAL RESOURCES 94 16.4 CORPORATE GOVERNANCE 125 9.5 DEBT STRUCTURE 95 WorldReginfo - 88364e60-83e1-4e25-beba-ac6c76609afa 17 Employees 127 Glossary 233 17.1 EMPLOYEE-RELATED INFORMATION 127 17.2 STOCK OPTIONS 132 17.3 EMPLOYEE INCENTIVES 132 Appendix 1 17.4 WORKS COUNCIL - ECONOMIC AND SOCIAL UNIT 132 2009 report by the Chairman 17.5 OWNERSHIP OF THE COMPANY’S SHARES of the Board of Directors of BY OFFICERS AND DIRECTORS AND TRANSACTIONS EDF Energies Nouvelles on IN THE COMPANY’S SECURITIES BY DIRECTORS 133 corporate governance and internal control procedures 235 18 Principal shareholders 134 1 CORPORATE GOVERNANCE 235 18.1 PRINCIPAL SHAREHOLDERS 134 2 EDF ENERGIES NOUVELLES’ INTERNAL CONTROL 241 18.2 TRADING ON THE EURONEXT PARIS MARKET 135 3 IMPROVEMENT DRIVE 253 18.3 VOTING RIGHTS OF THE PRINCIPAL SHAREHOLDERS 135 18.4 CONTROL OF THE COMPANY 135 18.5 AGREEMENTS POTENTIALLY LEADING Appendix 2 TO A CHANGE OF CONTROL 139 Statutory Auditors’ report, prepared in accordance with Article L. 225-235 of the French 19 Related-party transactions 140 Commercial Code (“Code de 19.1 RELATED-PARTY TRANSACTIONS 140 commerce”), on the report prepared 19.2 STATUTORY AUDITORS’ REPORT ON REGULATED AGREEMENTS AND COMMITMENTS FOR THE YEAR by the Chairman of the Board ENDED 31 DECEMBER 2009 140 of Directors of EDF Energies Nouvelles SA for the year ended 20 Financial information concerning 31 December 2009 254 the assets and liabilities, fi nancial position and results of the issuer 144 Appendix 3 20.1 CONSOLIDATED ACCOUNTS 145 List of the appointments and duties 20.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS held within the EDF Energies FOR THE YEAR ENDED 31 DECEMBER 2009 214 Nouvelles group by the Company’s 20.3 STATUTORY AUDITORS’ FEES 216 offi cers and directors 256 20.4 DIVIDEND POLICY 216 20.5 LEGAL AND ARBITRATION PROCEEDINGS 217 20.6 SIGNIFICANT CHANGES IN FINANCIAL Appendix 4 AND COMMERCIAL POSITION 218 Parent Company fi nancial statements