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Universal Registration Document Including the Annual Financial Report Contents 2019 UNIVERSAL REGISTRATION DOCUMENT INCLUDING THE ANNUAL FINANCIAL REPORT CONTENTS 1 5 PRESENTATION OF THE GROUP 5 FINANCIAL STATEMENTS AFR 191 1.1 / Fnac Darty: our model NFPD 65.1 / Group consolidated fi nancial statements 1.2 / History 14 as of December 31, 2019 and 2018 192 1.3 / Fnac Darty markets and offering 22 5.2 / Notes to the consolidated fi nancial statements 1.4 / Group strategy: Confi ance+ 30 for the year ended December 31, 2019 198 1.5 / Property portfolio and equipment 44 5.3 / Parent company fi nancial statements 280 1.6 / Regulatory environment and changes 45 5.4 / Notes 283 1.7 / Research and Development, patents and licenses 45 5.5 / Material change in fi nancial or commercial positions 297 5.6 / Auditors’ Report on the consolidated fi nancial statements 298 2 5.7 / Auditors’ Report on the annual fi nancial statements 305 CORPORATE SOCIAL RESPONSIBILITY NFPD 47 Introduction 48 6 2.1 / Risks associated with business developments RISK FACTORS AND INTERNAL CONTROL 309 in the sector 52 2.2 / Risks associated with changes in consumer patterns 61 6.1 / Strategic and economic risks 312 2.3 / Risks associated with the environmental impacts 6.2 / Operational risks 315 of the activities conducted 69 6.3 / Legal and regulatory risks 319 2.4 / Risks associated with the integrity of Fnac Darty 6.4 / Financial risks 321 and its partners 80 6.5 / Insurance 322 2.5 / Nature & Découvertes: a strategic acquisition 6.6 / Risk management NFPD 324 that is in line with Fnac Darty’s values 87 2.6 / Methodology note 88 2.7 / Independent Third-Party Report by one 7 of the Statutory Auditors on the Consolidated Non-fi nancial Performance Declaration 91 INFORMATION ON THE COMPANY, CAPITAL AND SHAREHOLDERS 333 7.1 / The Company 334 3 7.2 / Share capital 337 REPORT ON CORPORATE GOVERNANCE 95 7.3 / Shareholders 350 7.4 / Stock market information 354 3.1 / Organization of governance 96 7.5 / Dividend distribution policy 355 3.2 / Operation of administrative and management bodies 121 7.6 / Organization of the Group 356 3.3 / Compensation and benefi ts for administrative and executive bodies 137 7.7 / Related party transactions 359 3.4 / Profi t-sharing, collective incentive plans 7.8 / Major contracts 361 and long-term incentive plans 155 3.5 / Factors that could have an impact during a public offering period AFR 157 8 3.6 / Other information 157 ADDITIONAL INFORMATION 3.7 / Special Auditors’ Report on Related-Party Agreements AFR 158 ABOUT THE UNIVERSAL REGISTRATION DOCUMENT 363 8.1 / Persons responsible AFR 364 4 8.2 / Statutory Auditors 365 COMMENTS ON THE PERIOD 161 8.3 / Statutory Auditors’ fees 365 8.4 / Information from third parties, expert certifi cations 4.1 / Analysis of business activities and declarations of interests 365 and consolidated results 162 8.5 / Documents available to the public 366 4.2 / Group debt and equity 181 8.6 / Information on equity investments 368 4.3 / Recent events and outlook 188 8.7 / Documents incorporated by reference 368 8.8 / Correspondence tables 369 8.9 / Glossary of alternative performance indicators and current terms 374 The items of the Annual Financial Report are identifi ed in the section headings using the pictogram AFR The items related to the Non-fi nancial Performance Declaration (DPEF) are identifi ed in the section headings using the pictogram NFPD 2019 UNIVERSAL REGISTRATION DOCUMENT including the Annual Financial Report In February 2020, the World Health Organization declared the crisis linked to the spread of COVID-19 a pandemic, resulting in public lockdowns in many countries around the world. This document has therefore been updated since the management report and fi nancial statements of February 26, 2020, the date of publication for the fi nancial statements and assumptions underlying Fnac Darty’s objectives. Subsequent events are brought to the public’s attention in sections 1.4.6 and 4.3.2 of this Universal Registration Document. All our publications can be found on the website www.fnacdarty.com The Universal Registration Document was fi led with the French Markets Authority (Autorité des marchés fi nanciers – AMF) in its capacity as the competent authority under Regulation (EU) 2017/1129 on April 20 , 2020 , without prior approval in accordance with Article 9 of that Regulation. The Universal Registration Document may be used for the purposes of a public offer of fi nancial securities or for admitting fi nancial securities for trading on a regulated market if it is supplemented by a Securities Note and, if applicable, a summary and all amendments made to the Universal Registration Document. The resulting documents are then approved by the AMF in accordance with Regulation (EU) 2017/1129. This is a free translation into English of the Universal Registration Document issued in French and it is provided solely for the convenience of English speaking users. 2019 UNIVERSAL REGISTRATION DOCUMENT FNAC DARTY 1 Quote from the Chief Executive Offi cer Enrique MARTINEZ, Chief Executive Offi cer of Fnac Darty 2019 was a year in which we accelerated the implementation of our strategic priorities, driven by our Confi ance+ plan. We focused our efforts on our digital transformation, reinforcing our commitments to society and excellence in the execution of our projects. The Group developed through strategic acquisitions and, in a sometimes diffi cult environment, successfully consolidated its positions to provide its customers with an educated choice. This was possible thanks to the commitment of its 24,000 employees. Our raison d’être – an educated choice – reinforces our resolution to make commitments for all our stakeholders. In that respect, Fnac Darty contributes to a more circular economy through very concrete actions that promote sustainability and product repairability. In 2020, we will continue to strengthen our omnichannel model so that our brands can excel further, thus strengthening our trusted relationships. 2 2019 UNIVERSAL REGISTRATION DOCUMENT FNAC DARTY The Fnac Darty network NUMBER OF STORES PRODUCT BY REGION AND SERVICES OFFERING Belgium-Luxembourg 84 France-Switzerland 726 Other products and services 13% Domestic appliances 21% Iberian Peninsula 70 Editorial products 17% Consumer electronics 49% Fnac Darty in 2019 Key fi gures n Group transformation with the acquisition of Nature & Découvertes n Revenues: €7.3 billion and strengthening of the ticketing offer through the acquisition of Billetreduc.com and the partnership with CTS. n Number of employees: over 24,000 n Continued integration of WeFix with 42 openings this year, i.e. 96 points n Number of stores: 880 of sale at the end of 2019. n Continued roll-out of the Confi ance+ plan, which started in December 2017. n Second-largest e-commerce retailer in France n Launch of Darty Max: a brand new subscription-based repair service to n Weight of omnichannel sales: 49% of online orders extend the life span of large domestic appliances. n Expansion of the click&collect service for books, CDs, and DVDs. n Continued expansion of our store network with the opening of 78 stores, including 55 franchises. n Opening of 22 new points of sale dedicated to Kitchen during the year. At the end of 2019, more than 150 Kitchen points of sale, 11 of which are stores exclusively dedicated to this offering, were opened. n Expansion of Fnac Darty’s ecosystem of partnerships with Carrefour (subject to the authorization of the ADLC – French Competition Authority). n Announcement of an active partner search for BCC. n Strengthening the Group’s commitment to societal and environmental responsibility. 2019 UNIVERSAL REGISTRATION DOCUMENT FNAC DARTY 3 4 2019 UNIVERSAL REGISTRATION DOCUMENT FNAC DARTY 1 1 Presentation of the Group 1.1 / Fnac Darty: our model 6 1.4 / Group strategy: Confi ance+ 30 1.1.1 / A European leader in omnichannel retail 61.4.1 / A market-leading European omnichannel platform that meets constantly evolving 1.1.2 / A galaxy of brands orbiting Fnac and Darty 6 customer expectations 30 1.1.3 / Societal commitments and responsibilities 71.4.2 / An enriched customer ecosystem 30 1.1.4 / A diversifi ed and balanced product offering 11 1.4.3 / An open omnichannel platform 33 1.1.5 / A unique omnichannel model 11 1.4.4 / Innovation, a Group priority 40 1.4.5 / A strategy also deployed outside France 41 1.2 / History 14 1.4.6 / Financial trajectory 42 1.2.1 / History of Fnac 14 1.2.2 / History of Darty 15 1.5 / Property portfolio and equipment 44 1.2.3 / The birth of Fnac Darty 16 1.2.4 / History of Fnac Darty 16 1.6 / Regulatory environment and changes 45 1.2.5 / 2019 Highlights 17 1.7 / Research and Development, 1.3 / Fnac Darty markets and offering 22 patents and licenses 45 1.3.1 / Description of markets 22 1.3.2 / Market trends 22 1.3.3 / A diversifi ed product and services offering 24 1.3.4 / Geographical breakdown 28 In February 2020, the World Health Organization declared the crisis linked to the spread of COVID-19 a pandemic, resulting in public lockdowns in many countries around the world. This document has therefore been updated since the management report and fi nancial statements of February 26, 2020, the date of publication for the fi nancial statements and assumptions underlying Fnac Darty’s objectives. Subsequent events are brought to the public’s attention in sections 1.4.6 and 4.3.2 of this Universal Registration Document. 2019 UNIVERSAL REGISTRATION DOCUMENT FNAC DARTY 5 PRESENTATION OF THE GROUP 1 Fnac Darty: our model 1.1 / Fnac Darty: our model 1.1.1 / A EUROPEAN LEADER IN OMNICHANNEL RETAIL Operating in 13 countries, including France, Belgium, Spain, As of the end of December 2019, the Group, which employs more Portugal and, more recently, Luxembourg, Fnac Darty is a than 24,000 people (1), has a multi-format network of 880 stores, European leader in the retail of entertainment and leisure products, 726 of which are in France (2).
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