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December 31, 2014 Imerys Registration

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December 31, 2014 Imerys Registration SUMMARY 1 PRESENTATION OF THE GROUP 3 6 FINANCIAL STATEMENTS 167 1.1 Main key figures 4 6.1 Consolidated financial statements 168 1.2 The Group’s business and strategy 5 6.2 Statutory financial statements 244 1.3 Energy Solutions & Specialties 9 6.3 Audit fees 265 1.4 Filtration & Performance Additives 16 1.5 Ceramic Materials 21 1.6 High Resistance Minerals 28 1.7 Minerals 33 7 ADDITIONAL INFORMATION 267 1.8 Innovation 40 7.1 Information about the Company 268 7.2 Information about the share capital 272 7.3 Shareholding 279 7.4 Elements which could have an impact 282 REPORTS ON THE FISCAL YEAR 2014 45 2 in the event of a takeover bid 2.1 Board of Directors’ Management Report 46 7.5 Imerys stock exchange information 283 2.2 Statutory Auditors’ reports 58 7.6 Dividends 285 7.7 Shareholder relations 285 7.8 Parent company/subsidiaries organization 286 CORPORATE GOVERNANCE 65 3 ORDINARY AND EXTRAORDINARY 289 3.1 Board of Directors 67 SHAREHOLDERS’GENERAL MEETING OF 3.2 Executive Management 89 8 3.3 Compensation 91 APRIL 30, 2015 3.4 Stock options 96 8.1 Presentation of the resolutions 290 3.5 Performance shares 100 by the Board of Directors 3.6 Specific terms and restrictions applicable to 103 8.2 Statutory Auditors’ reports 299 grants to the Chairman and Chief Executive 8.3 Agenda 303 Officer 8.4 Draft resolutions 304 3.7 Corporate officers’ transactions in securities 104 in the Company PERSONS RESPONSIBLE 3.8 Application of the Corporate Governance 106 FOR THE REGISTRATION DOCUMENT Code 9 AND THE AUDIT OF ACCOUNTS 315 9.1 Person responsible for the Registration 316 Document 4 RISK FACTORS AND INTERNAL CONTROL 107 9.2 Certificate of the person responsible 316 for the Registration Document 4.1 Risk factors 108 9.3 Auditors 317 4.2 Internal control 114 9.4 Information included in the Registration 317 Document by reference 9.5 Person responsible for financial information 317 5 SUSTAINABLE DEVELOPMENT 123 5.1 Imerys’ strategy and organization 124 CROSS REFERENCE AND RECONCILIATION 5.2 2014 performance 126 10 TABLES 319 5.3 Sector commitments 132 10.1 Cross reference table 320 5.4 Social responsibility 133 10.2 Table of reconciliation with the Annual 323 5.5 Environmental stewardship 144 Financial Report 5.6 Governance & business behaviors 156 5.7 Reporting methodologies 158 5.8 Attestation and correlation table 161 2014 Registration Document including the Annual Financial Report IMERYS French Limited Liability Company (Société Anonyme) with a share capital of €159,854,546 Registered office: 154, rue de l’Université 75007 Paris – France Tel: +33 (0) 1 49 55 63 00 Fax: +33 (0) 1 49 55 63 01 562 008 151 R.C.S. Paris The original document was filed with the AMF (French Securities Regulator) on March 19, 2015, 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. This document is a free translation into English of the French Registration Document for convenience purposes only. In case of discrepancies between both versions, the French one shall prevail. 2 2014 REGISTRATION DOCUMENT IMERYS PRESENTATION OF THE GROUP 1 1.1 MAIN KEY FIGURES 4 1.2 THE GROUP’S BUSINESS AND STRATEGY 5 1.2.1 Imerys’ business 5 1.2.2 Diversity of applications and markets served 5 1.2.3 Strategy 6 1.2.4 The Group’s general structure 8 1.3 ENERGY SOLUTIONS & SPECIALTIES 9 1.3.1 Business Group overview 10 1.3.2 Carbonates 11 1.3.3 Monolithic Refractories 12 1.3.4 Graphite & Carbon 13 1.3.5 Oilfield Solutions 14 1.4 FILTRATION & PERFORMANCE ADDITIVES 16 1.4.1 Business Group overview 17 1.4.2 Filtration & Performance Additives 18 1.5 CERAMIC MATERIALS 21 1.5.1 Business Group overview 23 1.5.2 Clay Roof Tiles 24 1.5.3 Minerals for Ceramics 24 1.5.4 Kaolin 26 1.6 HIGH RESISTANCE MINERALS 28 1.6.1 Business Group overview 29 1.6.2 Refractory Minerals 29 1.6.3 Fused Minerals 30 1.7 MINERALS 33 1.7.1 Imerys minerals 33 1.7.2 Mineral reporting principles applied by imerys 36 1.7.3 Mineral reserves 37 1.8 INNOVATION 40 1.8.1 Research, Technology & Innovation 40 1.8.2 Intellectual property 44 IMERYS 2014 REGISTRATION DOCUMENT 3 PRESENTATION OF THE GROUP 1 Main key figures 1.1 MAIN KEY FIGURES (€ millions) 2014 2013 2012(2) 2011 2010(1) Consolidated results Sales 3,688.2 3,697.6 3,884.8 3,674.8 3,346.7 Change at comparable Group structure and exchange rates + 3.2% - 1.3% - 2.1% + 8.1% + 15.0% Current operating income 494.6 477.0 488.1 487.0 421.5 Change at comparable Group structure and exchange rates + 2.5% - 1.2% - 7.8% + 13.7% + 69.5% Net income from current operations, Group’s share 316.3 304.2 300.7 303.1 242.0 Net income, Group’s share 271.6 242.0 291.3 282.0 243.7 Average weighted number of outstanding shares during the year (thousands) 76,135 75,551 75,166 75,273 75,400 Net income from current operations per share (€) 4.15 4.03 4.00 4.03 3.21 Dividend per share (€) 1.65(6) 1.60 1.55 1.50 1.20 Consolidated balance sheet Shareholders’ equity 2,470.5 2,271.7 2,261.0 2,210.9 2,131.8 Gross financial debt 1,553.7 1,307.1 1,173.9 1,449.0 1,226.2 Cash 683.8 421.7 299.1 417.9 353.4 Net financial debt 869.9 885.4 874.8 1,031.1 872.8 Financing EBITDA 673.8 650.4 662.5 686.0 621.0 Capital expenditure(3) 241.5 253.1 257.1 227.4 154.9 Acquisitions(4) 72.3 202.1 49.1 246.9 68.5 Financial resources 2,830.9 2,458.1 2,788.4 2,759.2 2,231.7 Average maturity of financial resources as of December 31 (years) 5.2 3.9 2.9 3.8 3.8 Net financial debt/EBITDA 1.3 1.4 1.3 1.5 1.4 Net financial debt/shareholders’ equity (%) 35.2% 39.0% 38.7% 46.6% 40.9% ROCE(5) 13.1% 13.0% 13.0% 14.0% 13.1% Market capitalization as of December 31 4,629 4,819 3,632 2,674 3,765 Employees as of December 31 14,900 15,805 16,026 16,187 15,090 (1) 2010 results were restated following a change in accounting method for personnel benefits applied as of January 1, 2011, details of which are given in note 2.2 to the consolidated financial statements in the 2011 Registration Document. (2) 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. (3) Paid capital expenditure, net of divestments and subsidies. (4) Paid acquisitions excluding divestments. (5) Current operating income divided by average invested capital. Average invested capital for a given financial year corresponds to the average between capital invested as at the end of the period and the capital invested at the close of the previous period. In 2011, invested capital was calculated on the basis of a quarterly average in order to take into account the acquisition of the Luzenac Group, which was completed on August 1. (6) Dividend proposed at the Shareholders’ General Meeting of April 30, 2015. 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 (see chapter 2, section 2.1 of the Registration Document). 4 2014 REGISTRATION DOCUMENT IMERYS PRESENTATION OF THE GROUP The Group’s business and strategy 1.2 THE GROUP’S BUSINESS AND STRATEGY 1.2.1 IMERYS’ BUSINESS 1 The world leader in mineral-based specialties for industry, Imerys ■ functional additives: Imerys’ specialties are ingredients added transforms minerals into specialty products for the industry using to the mineral formulation of customers’ products to improve sophisticated technical processes. These specialties add essential their properties (e.g. kaolin, mica, talc and feldspar bring opacity features to its customers’ products or manufacturing processes. and matting effect to decorative and industrial paint) but The Group’s strengths ensure operating profitability and a constitute a minor part of the finished product; competitive advantage over the long term. ■ process enablers: Imerys’ products are used in customers’ manufacturing processes but are not present in the end product ❚ IMERYS’ PRODUCTS (e.g. monolithic refractories protect industrial facilities such as blast furnaces from heat but are not present in the A benchmark industrial player in mineral-based specialty products, manufactured steel); Imerys designs solutions that correspond to four types of use: ■ finished products: Imerys’ products are used as such, with no ■ mineral components: Imerys’ products are an essential subsequent processing by the customer (e.g. clay roof tiles). constituent in the formulation of the customer’s product (e.g. clay, kaolin and feldspar are majority components in ceramic sanitaryware); 1.2.2 DIVERSITY OF APPLICATIONS AND MARKETS SERVED Imerys’ mineral specialties are used in a great number of applications, for example: Agriculture/Horticulture Other Pharma, Health & Beauty ■ refractory minerals and solutions for high-temperature industrial Specialty Paper processes; Consumer Electronics Waste Management ■ corundum powders for abrasives; Infrastructure Aerospace Tableware ■ filtration agents for edible liquid; Building New Business Paper ■ components for plastics and polymers; Iron & Steel Consumer Goods ■ specialty graphites for mobile energy and precision industries Food & Beverage (lithium-ion batteries, brake pads, etc.); Packaging Building - Maintenance Energy ■ ceramic proppants for non conventional oil and gas fields; & Renovation Publishing ■ high-purity quartz for semi-conductors; Industrial Equipment Commercial Printing ■ components for technical or conventional ceramics; Automotive ■ fillers and coatings for paper; ■ tiles for roof construction and renovation.
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