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2020 Annual Financial Report 1  Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2020 Combined Shareholders’ Meeting April 26, 2021 Executive and Supervisory Bodies, and Statutory Consolidated financial statements � � � � � � � � � � � � � � � 135 Auditors as of December 31, 2020 � � � � � � � � � � � � � � � � � � � � � � � � � � 2 1. Consolidated income statement � � � � � � � � � � � � � � � � � � � � � 136 2. Consolidated statement of comprehensive Management Report of the Board of Directors: gains and losses � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 137 The Financière Agache group � � � � � � � � � � � � � � � � � � � � � 3 3. Consolidated balance sheet � � � � � � � � � � � � � � � � � � � � � � � � � 138 1. The Financière Agache business model � � � � � � � � � � � � � � � � 3 4. Consolidated statement of changes in equity � � � � � � � � � 139 2. Business overview, highlights and outlook � � � � � � � � � � � � � � 7 5. Consolidated cash flow statement� � � � � � � � � � � � � � � � � � � � 140 3. Business and financial review � � � � � � � � � � � � � � � � � � � � � � � � � 29 6. Notes to the consolidated financial statements � � � � � � � � 141 4. Ethics and responsibility � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 43 7 . Consolidated companies � � � � � � � � � � � � � � � � � � � � � � � � � � � � 203 5. Environment and sustainability � � � � � � � � � � � � � � � � � � � � � � � � 69 8. Companies not included in the scope of consolidation � � 204 6. Attracting and retaining talent � � � � � � � � � � � � � � � � � � � � � � � � 87 9. Statutory Auditors’ report on the consolidated 7. Outreach and giving back � � � � � � � � � � � � � � � � � � � � � � � � � � � 103 financial statements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 205 8. Financial and operational risk management and internal control � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 109 Parent company financial statements: Financière Agache � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 211 Management Report of the Board of Directors: 1 . Income statement � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 212 Financière Agache parent company � � � � � � � � � � � � � 127 2. Balance sheet � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 213 1. Results of Financière Agache SA � � � � � � � � � � � � � � � � � � � � � 128 3. Cash flow statement � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 214 2. Information regarding the Company’s share capital � � � 129 4. Notes to the parent company financial statements � � � � � 215 3. Matters to be voted upon � � � � � � � � � � � � � � � � � � � � � � � � � � � � 130 5. Company results and other significant components over the last five fiscal years � � � � � � � � � � � � � � � � � � � � � � � � � � 226 Board of Directors’ report on corporate 6. Statutory Auditors’ report on the parent company governance � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 131 financial statements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 227 7. Statutory Auditors’ special report 1. List of all corporate offices and positions on related-party agreements � � � � � � � � � � � � � � � � � � � � � � � � 230 held by company officers � � � � � � � � � � � � � � � � � � � � � � � � � � � � 132 2. Summary of existing delegations and financial authorizations and use made of them � � � � � � � � 134 Statement by the person responsible 3. Authorizations proposed at the Shareholders’ Meeting � � 134 for the Annual Financial Report � � � � � � � � � � � � � � � � � � 231 4. Information on the related-party agreements covered by Article L. 225-37-4 2° of the French Commercial Code � � � � � � � � � � � � � � � � � � � � � � � � � � � 134 As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component figures. This document is a free translation into English of the original French “Rapport financier annuel”, hereafter referred to as the “Annual Financial Report”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 2020 Annual Financial Report 1 Executive and Supervisory Bodies, and Statutory Auditors as of December 31, 2020 Board of Directors Statutory Auditors ERNST & YOUNG et Autres Florian OLLIVIER (1) represented by Gilles Cohen Chairman and Chief Executive Officer MAZARS Nicolas BAZIRE represented by Loïc Wallaert and Guillaume Machin Group Managing Director Representative of Agache SEDCS Pierre DE ANDREA Representative of Invry SAS Pierre DEHEN Representative of Agache Placements SA Lord POWELL of BAYSWATER (1) (1) Renewal proposed at the Shareholders’ Meeting of April 26, 2021. 2 2020 Annual Financial Report Management Report of the Board of Directors: The Financière Agache group 1. The Financière Agache business model 1 . Business overview 4 2 . Group values 5 3 . Operating model 5 2020 Annual Financial Report 3 Management Report of the Board of Directors: The Financière Agache group The Financière Agache business model The Group helps its Maisons grow over the long term, based on respect for their specific strengths and individuality, underpinned by common values and a shared business model. 1. Business overview Financière Agache is the only group that operates simultaneously, individuality, a differentiating factor for their followers in a through its Maisons, in all the following luxury sectors: highly competitive global market. At the same time, they are all driven by the same values: the pursuit of excellence, creativity, Wines and Spirits: Based in Champagne, Bordeaux and other innovation and complete control of their brand image. renowned wine‑growing regions, the Group’s Maisons – some of which are hundreds of years old – all have their own unique Watches and Jewelry: The Maisons in Watches and Jewelry – character, backed by a shared culture of excellence. The Group’s the Financière Agache group’s youngest business group – operate Wines and Spirits activities are divided between the Champagne in the high‑end watchmaking, jewelry and high jewelry sectors. and Wines segment and the Cognac and Spirits segment. This The Group features some of the most dynamic brands on the business group focuses on growth in high‑end market segments market, positioned to complement each other’s strengths. These through a powerful, agile international distribution network. Maisons rely on their outstanding expertise, creativity and The Financière Agache group is the world leader in cognac, with innovation to surprise their customers all over the world and Hennessy, and in champagne, with an outstanding portfolio respond to their aspirations. of brands and complementary product ranges. It also produces Selective Retailing: The Group’s Selective Retailing brands all high‑end still and sparkling wines from around the world. pursue a single objective: transforming shopping into a unique Fashion and Leather Goods: The Group includes established experience. From elegant interior design to a specialist selection Maisons with their own unique heritage and more recent brands of high‑end products and services, combined with personalized with strong potential. Whether they are part of haute couture relationships, customers are the focus of their attention on a daily or luxury fashion, the Financière Agache group’s Maisons have basis. Operating all over the world, the Maisons are active in two based their success on the quality, authenticity and originality of spheres: selective retail and travel retail (selling luxury goods to their designs, created by talented, renowned designers. All the international travelers). Group’s Maisons are focused on the creativity of their collections, Other activities: The Maisons in this business group are all building on their iconic, timeless lines, achieving excellence in ambassadors for culture and a certain art de vivre that is emblematic their retail networks and strengthening their online presence, of the Financière Agache group. This approach is taken by while maintaining their identity. Maisons including the Les Echos group, which – in addition to Perfumes and Cosmetics: The Financière Agache group is a Les Echos, the leading daily financial newspaper in France – owns key player in the perfume, makeup and skincare sector, with a several business and arts titles; the Royal Van Lent shipyard, portfolio of world‑famous established names as well as younger which builds and markets custom‑designed yachts under the brands with a promising future. Its Perfumes and Cosmetics prestigious Feadship name; Belmond, which has a large portfolio business group boasts exceptional momentum, driven by growing of hotels, trains, cruise lines and safari lodges that combine and securing the long‑term future of its flagship lines as well as heritage, expertise, authenticity and impeccable service; and boldly developing new products. The Maisons cultivate their the exceptional Cheval Blanc hotels, which operate worldwide. 4 2020 Annual Financial Report Management Report of the Board of Directors: The Financière Agache group The Financière Agache business model 2. Group values The Financière Agache group and its Maisons put heart and soul Cultivating an entrepreneurial spirit: The Group’s agile, into everything the Group does. Its core identity is based on the
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