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December 31, 2015 Imerys Registration

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December 31, 2015 Imerys Registration MINERAL SOLUTIONS FOR A CHANGING WORLD 2015 REGISTRATION DOCUMENT Annual financial report Summary 1 Presentation of the Group 3 6 Financial statements 145 1.1 Main Key Figures 4 6.1 Consolidated financial statements 146 1.2 The Group’s Business and Strategy 5 6.2 Statutory financial statements 221 1.3 Energy Solutions & Specialties 9 6.3 Audit fees 241 1.4 Filtration & Performance Additives 15 1.5 Ceramic Materials 20 1.6 High Resistance Minerals 24 7 Information about the Company 1.7 Minerals 27 and its share capital 243 1.8 Innovation 32 7.1 Information about Imerys 244 7.2 Information about the share capital 247 Reports on the fiscal year 2015 37 7.3 Shareholding 252 2 7.4 Elements which could have an impact in 2.1 Board of Directors’ Management Report 38 the event of a takeover bid 255 2.2 Statutory Auditors’ Reports 49 7.5 Imerys Stock Exchange information 255 7.6 Dividends 257 7.7 Shareholder relations 257 3 Corporate Governance 55 7.8 Parent company/Subsidiaries organization 258 3.1 Board of Directors 56 3.2 Executive Management 77 3.3 Compensation 79 8 Ordinary and Extraordinary 3.4 Stock options 84 Shareholders’ General Meeting 3.5 Performance shares 88 of May 4, 2016 261 3.6 Specific terms and restrictions applicable to grants to the Chairman and Chief 8.1 Presentation of the resolutions Executive Officer 91 by the Board of Directors 262 3.7 Corporate officers’ transactions 8.2 Statutory Auditors’ Report 269 in securities in the Company 92 8.3 Agenda 270 3.8 Application of the Corporate Governance 8.4 Draft resolutions 271 Code 93 Additional information Risk factors and internal control 95 9 4 of the Registration Document 277 4.1 Risk factors 96 4.2 Internal control 101 9.1 Person responsible for the Registration Document 278 9.2 Certificate of the person responsible for the Registration Document 278 5 Sustainable development 109 9.3 Auditors 279 5.1 Strategy, commitment and implementation 110 9.4 Information included in the Registration Document by reference 279 5.2 2015 Performance 113 9.5 Person responsible for financial information 279 5.3 Social responsibility 116 9.6 Cross-reference table 280 5.4 Environmental stewardship 125 9.7 Table of reconciliation 5.5 Governance and business behaviors 134 with the Annual Financial Report 283 5.6 Reporting methodologies 135 5.7 Attestation and correlation table 136 2015 Registration Document including the Annual Financial Report World leader in mineral-based specialties for industry, Imerys transforms a large variety of minerals into high value specialty products for the industry bringing heat resistance, mechanical strength, conductivity, coverage or barrier effect. These specialties add essential features to its customers’ products or manufacturing processes in many industries such as consumer goods, industrial equipment and construction. The original document was filed with the AMF (French Securities Regulator) on March 17, 2016, in accordance with article 212-13 of the general regulations of the AMF. As such, it may be used to support a financial transaction if accompanied by a prospectus duly approved by the AMF. This document was drawn up by the issuer and is binding on its signatories. It includes all information comprising the Annual Financial Report. Imerys - 2015 Registration Document 1 2 Imerys - 2015 Registration Document 1 PRESENTATION OF THE GROUP 1.1 Main Key Figures 4 1.5 Ceramic Materials 20 1.5.1 Business Group overview 20 1.2 The Group’s Business and Strategy 5 1.5.2 Kaolin 21 1.2.1 Imerys’ business 5 1.5.3 Roofing 22 1.2.2 Diversity of applications and markets served 5 1.5.4 Minerals for Ceramics 22 1.2.3 Economic model 6 1.2.4 Strategy 7 1.6 High Resistance Minerals 24 1.2.5 Sound financial structure 8 1.6.1 Business Group overview 24 1.2.6 The Group’s general structure 8 1.6.2 Refractory Minerals 25 1.6.3 Fused Minerals 26 1.3 Energy Solutions & Specialties 9 1.3.1 Business Group overview 10 1.7 Minerals 27 1.3.2 Carbonates 11 1.7.1 Minerals’ characteristics 27 1.3.3 Monolithic Refractories 12 1.7.2 Mineral Reporting Principles 28 1.3.4 Graphite & Carbon 13 1.7.3 Mineral reserves and resources 29 1.3.5 Oilfield solutions 14 1.8 Innovation 32 1.4 Filtration & Performance Additives 15 1.8.1 Innovation strategy 32 1.4.1 Business Group overview 16 1.8.2 Innovation policy 32 1.4.2 Filtration & Performance Minerals 17 1.8.3 Innovation organisation 33 1.4.3 Performance Additives for Metallurgy 18 1.8.4 Innovation and Sustainable Development 34 1.8.5 Products launched in 2015 – some examples 34 1.8.6 Intellectual property 35 Imerys - 2015 Registration Document 3 PRESENtatiON Of the GROUP 1 Main Key Figures 1.1 MAIN KEY FIGURES (€ millions) 2015 2014 2013 2012(1) 2011 Consolidated results Sales 4,086.7 3,688.2 3,697.6 3,884.8 3,674.8 Current change +10.8% -0.3% -4.8% +5.7% +9.8% Change at comparable Group structure and exchange rates -4.6% +3.2% -1.3% -2.1% +8.1% Current operating income 538.1 494.6 477.0 488.1 487.0 Current change +8.8% +3.7% -2.3% +0.2% +15.5% Change at comparable Group structure and exchange rates -9.2% +2.5% -1.2% -7.8% +13.7% Net income from current operations, Group’s share 341.5 316.3 304.2 300.7 303.1 Net income, Group’s share 68.4 271.6 242.0 291.3 282.0 Average weighted number of outstanding shares during the year (thousands) 79,276 76,135 75,551 75,166 75,273 Net income from current operations per share (€) 4.31 4.15 4.03 4.00 4.03 Dividend per share (€) 1.75(2) 1.65 1.60 1.55 1.50 Consolidated balance sheet Shareholders’ equity 2,671.8 2,470.5 2,271.7 2,261.0 2,210.9 Gross financial debt 1,911.6 1,553.7 1,307.1 1,173.9 1,449.0 Cash 431.2 683.8 421.7 299.1 417.9 Net financial debt 1,480.4 869.9 885.4 874.8 1,031.1 Financing EBITDA 745.4 673.8 650.4 662.5 686.0 Capital expenditure(3) 271.6 241.5 253.1 257.1 227.4 Acquisitions(4) 950.5 72.3 202.1 49.1 246.9 Financial resources(5) 2,909.0 2,830.9 2,458.1 2,788.4 2,759.2 Average maturity of financial resources as of December 31 (years) 4.6 5.2 3.9 2.9 3.8 Net financial debt/EBITDA 2,0 1.3 1.4 1.3 1.5 Net financial debt/shareholders’ equity (%) 55.4% 35.2% 39.0% 38.7% 46.6% ROCE(6) 11.2% 13.1% 12.70% 12.90% 14.0% Market capitalization as of December 31 5,126 4,629 4,819 3,632 2,674 Employees as of December 31 16,130 14,900 15,805 16,026 16,187 (1) 2012 data was restated following the application, as of January 1, 2013, of the revised IAS 19 standard (see note 1.2 to the consolidated financial statements) for the sake of data comparability. (2) Proposed dividend at the Shareholders’ General Meeting on May 4, 2016. (3) Paid capital expenditure, net of divestments and subsidies. (4) Paid acquisitions excluding divestments. (5) The financial resources are composed of bank credit lines and bond financing issued by Imerys SA. (6) ROCE: Current operating income over a 12 month period divided by the average invested capital over a period of five quarters. Details and comments on changes in the main financial aggregates (particularly at comparable Group structure and exchange rates) are given in the Board of Directors’ Management Report. √ For more information, see chapter 2, section 2.1 of the Registration Document. 4 Imerys - 2015 Registration Document PRESENtatiON Of the GROUP The Group’s Business and Strategy 1.2 THE GROUP’S BUSINESS AND STRATEGY 1 1.2.1 IMERYS’ BUSINESS The world leader in mineral-based specialties for industry, Imerys effect, these specialties add essential features to its customers’ transforms a large variety of minerals into high value specialty products or manufacturing processes in many industries such as products using sophisticated technical processes. Bringing heat consumer goods, industrial equipment and construction. resistance, mechanical strength, conductivity, coverage or barrier IMERYS’ SOLUTIONS Imerys’ solutions contribute to the performance of a large number of applications. These solutions address four types of use: yyfunctional additives: they are added to the mineral formulation yyprocess enablers: they are used in customers’ manufacturing of customers’ products but constitute a minor part of the finished processes but are not present in the end product (monolithic product properties (for instance talc improves polymers’ stiffness refractories protect industrial facilities such as blast furnaces in the automotive industry and calcium carbonate allows the from heat, diatomaceous earth used to filter liquid food); production of breathable food plastic films); yyfinished products: they are used as such, with no subsequent yymineral components: they are an essential constituent in the processing by customers (clay roof tiles). formulation of the customers’ product (fused alumina is used in abrasives, synthetic graphite in the electrodes of lithium-ion batteries or the zirconia in the oxygen sensors of combustion engines); 1.2.2 DIVERSITY OF APPLICATIONS AND MARKETS SERVED Imerys serves the newest industries, such as plastics or solar These markets are illustrated below.
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