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2020 Financial Report

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2020 Financial Report Financial PO- report WER AT2020 SEA 1. Management report I. PRESENTATION OF NAVAL GROUP AND ITS POSITION DURING THE FINANCIAL YEAR_ P.02 II. EVENTS AFTER THE REPORTING PERIOD_ P.32 III. STATEMENT OF NON-FINANCIAL PERFORMANCE (DPEF)_ P.33 IV. CORPORATE GOVERNANCE REPORT_ P.58 APPENDIX 1_ P.62 APPENDIX 2_ P.62 2. Consolidated fi nancial statements I. STATEMENT OF COMPREHENSIVE INCOME_ P.66 II. CONSOLIDATED STATEMENT OF FINANCIAL POSITION_ P.68 III. CONSOLIDATED EQUITY_ P. 70 IV. CONSOLIDATED STATEMENT OF CASH FLOWS_ P. 71 V. NOTES TO THE FINANCIAL STATEMENTS_ P.73 VI. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS_ P. 105 VII. REPORT OF THE INDEPENDENT VERIFIER ON THE CONSOLIDATED STATEMENT OF NON-FINANCIAL PERFORMANCE_ P. 108 APPENDIX 1 INFORMATION CONSIDERED TO BE THE MOST IMPORTANT – P. 111 Other disclosures_ P. 113 This document is a translation into English of the original French document. In the event of a confl ict in interpretation, reference should be made to the French version, which is the authentic text. 01 Management report I. PRESENTATION OF NAVAL GROUP AND ITS POSITION DURING THE FINANCIAL YEAR P. 02 II. EVENTS AFTER THE REPORTING PERIOD P. 32 III. STATEMENT OF NON-FINANCIAL PERFORMANCE (DPEF) P. 33 IV. CORPORATE GOVERNANCE REPORT P. 58 APPENDIX 1 P. 62 APPENDIX 2 P. 62 Management report I. Presentation of Naval Group and its position during the financial year Board of Directors meeting of March 2, 2021 All amounts are in millions of euros unless otherwise stated. I. Presentation of Naval Group and its position during the financial year I.1. PRESENTATION OF NAVAL GROUP To date, a new valuation of the Naval Group share is still not available, the panel of experts responsible for the annual valuation of the Naval Group share concluded, according to I.1.1. SHAREHOLDERS AND GOVERNANCE a report of September 9, 2020, that it was impossible in the Naval Group (the “company”) is a société anonyme (public limited context of the current crisis, “to update the value of the Naval company) under French law. As at December 31, 2020, 62.25% Group share […]”. The collective share ownership plan for 2020 of its capital was held by the French State, 35% by Thales, and could also not be implemented. 1.82% by current and former members of staff of the company As at December 31, 2020, Naval Group Actionnariat thus and its subsidiaries through Naval Group employee mutual fund held 520,752 treasury shares acquired as part of the three (2008, 2014 and 2019 Sub-funds of the FCPE Actions Naval aforementioned share offers (ORS 1, ORS 2 Offer, and the 2019 Group). The remaining 0.93% is treasury shares held by Naval Collective Shareholding Plan). Group. The General Meeting of March 15, 2018 authorised the Board of During 2020, Naval Group Actionnariat (a wholly-owned Directors to grant a maximum of 112,098 existing shares of the subsidiary of Naval Group) purchased 34,492 treasury shares in company free of charge on one or more occasions to employees accordance with the share buyback guarantee granted to staff. of the company and companies related to it under the conditions Of these, 3,225 shares related to the 2008 Sub-funds of FCPE set forth in article L. 225-197-2 of the French Commercial Code. Actions Naval Group (the First Employee Share Offer, ORS 1), The Board of Directors decided to make use of the 30,306 shares related to the 2014 Sub-fund of FCPE Actions aforementioned authorisation twice, under two long-term Naval Group (ORS 2), and 961 related to the 2019 Sub-fund of incentive plans (LTIP), via the allocation of free shares, subject FCPE Actions Naval Group (2019 Collective Shareholding Plan). to presence and performance conditions, to certain company Under this collective shareholding plan, 157,867 shares in the employees whose retention is key for the achievement of its company, which had previously been transferred by Naval Group medium-term plan (MTP). Actionnariat to the company under a dation in payment, were Under these two LTIPs, the Board of Directors allocated a total of acquired by the benefi ciaries of the plan, who immediately 106,351 free shares, divided as follows between the two LTIPs: contributed them to the 2019 Sub-fund of FCPE Actions Naval Group created for this purpose. • 37,366 free shares to 40 employees under the fi rst LTIP in place since 2018; and At its meeting of February 20, 2020, the Board of Directors of the company approved the implementation of a new collective • 68,985 free shares to 80 employees under the second LTIP in shareholding plan up to a maximum of 210,000 Naval Group place since 2019. shares. The allocation of free shares to the benefi ciaries of these two In accordance with this Board decision, the sale price of LTIPs shall not vest until the end of a four-year vesting period, Naval Group shares “will be equal to the price per Naval Group subject to fulfi lment of the presence and performance conditions share resulting from the next annual valuation carried out by stipulated by the regulations applicable to each of these LTIPs, the panel of experts appointed by Naval Group, which should whose terms were approved by the Board of Directors at its be available at the beginning of the month of April 2020”. In meetings of February 28, 2018 and February 20, 2019. addition, in accordance with the timetable for this transaction, the completion of this new collective shareholding transaction should in any event take place no later than September 30, 2020. 02 Naval Group — 2020 fi nancial report Management report I. Presentation of Naval Group and its position during the financial year The composition of, appointment to and rules of procedure of Composition and operation of the Board of Directors the company’s Board of Directors are governed simultaneously The Board of Directors deliberates on all major issues concerning 1 by the provisions of the French Commercial Code pertaining to the strategic, economic, fi nancial and technical orientation public limited companies (sociétés anonymes), by the provisions of the company’s business. It upholds the interests of its of order no. 2014-948 of August 20, 2014 (the “Order”), by the principal stakeholders, that is, its shareholders, employees and provisions of law no. 83-675 of July 26, 1983 concerning the customers. democratisation of the public sector (the “Democratisation Law”) It is composed of 18 members. with regard to the election and status of directors representing employees, and by the company’s articles of association and the The provisions of article 4 of the Order require the French State internal rules of the Board itself. to appoint a representative to the company’s Board of Directors. The terms of offi ce of the French State representative on the Governance Board (article 4 of the Order) and of the directors appointed by Corporate governance means the system formed by the the General Meeting expired at the end of the General Meeting totality of rules, behaviours and institutions that determine the called to approve the fi nancial statements for the year ended manner in which the company is managed, administered and December 31, 2019 and took place on March 24, 2020. controlled. The governance of Naval Group at December 31, 2020 is organised around an Executive Committee composed The General Shareholders’ Meeting therefore noted on March 24, of ten members, including the Chairman and Chief Executive 2020 the expiry of the terms of offi ce of the following directors: Offi cer. The other members are as follows: Senior Executive • Mr Hervé Guillou; Vice President, Finance, Legal, Procurement and Real Estate; • Ms Eveline Spina; Senior Executive Vice President, Development; Executive Vice President, Services; Executive Vice President, Programmes; • Ms Sophie Mantel; General Secretary; Executive Vice President, Industry; Executive • Mr Patrice Caine; Vice President, Australian Future Submarine programme (AFS); • Ms Nathalie Ravilly; Executive Vice President, Human Resources; and Executive Vice President, Strategy, Partnerships, and M&A. • Mr Pascal Bouchiat; • Mr Jacques Hardelay; General Management Pursuant to the decision taken by the Board of Directors of • Mr Bernard Rétat; the company on June 2, 2003, the Chairman of the Board • Ms Sandrine Lagumina; of Directors is responsible for the General Management of • Ms Gabrielle Gauthey; the company and thus holds the title of Chairman and Chief Executive Offi cer. • Mr Luc Rémont. The Chairman and Chief Executive Offi cer chair an Executive The General Shareholders’ Meeting then decided to both set up Committee which meets on a weekly basis. The Executive a reappointment by rotation of the directors and reappoint or Committee defi nes the group’s objectives and decides on appoint the following eleven directors: all matters having a major impact on the group’s strategy, • appointment for a fi ve-year term of Ms Valérie Champagne, operations and commercial activities. Ms Geneviève Mouillerat and Ms Gwenaëlle Penin de la Raudière The term of offi ce of Hervé Guillou as Chairman and Chief and Messrs Pierre Éric Pommellet and François Geleznikoff; Executive Offi cer of the company expired on reaching the age • reappointment for a period of two years of Ms Eveline Spina and limit pursuant to the articles of association. Nathalie Ravilly and Messrs Bernard Rétat, Jacques Hardelay, After his appointment as a director by the General Meeting Patrice Caine and Pascal Bouchiat. of Shareholders on March 24, 2020 and in accordance with Mr Vincent Le Biez was reappointed as representative of the article 21 of the Ordinance, Pierre Éric Pommellet was appointed, French State on the company’s Board of Directors on March 24, by decision of the Minister of the Economy and Finance on 2020 by order of the Minister of the Economy and Finance.
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