URD-2019-Argan-English-Translation
Total Page:16
File Type:pdf, Size:1020Kb
French public limited company (Société Anonyme) with an Executive Board and Supervisory Board with share capital of €44,507,874 Registered office: 21, rue Beffroy - 92200 Neuilly-sur-Seine, France 393 430 608 Nanterre Trade and Companies Register (the “Company” or “Argan”) UNIVERSAL REGISTRATION DOCUMENT & FINANCIAL REPORT 2019 This universal registration document was filed on 29 April 2020 with the Autorité des Marchés Financiers (the French Financial Markets Authority), as competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Regulation”), without prior approval in accordance with Article 9 of the said Regulation. The universal registration document may be used for the purpose of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note together with, if applicable, a summary and any amendments to the universal registration document. The resulting set of documents shall be approved by the Autorité des Marchés Financiers in accordance with the Regulation. Pursuant to Article 9 and Article 19 of the Regulation, this universal registration document (the “Universal Registration Document”) incorporates by reference the following information: - With regard to the financial year ended 31 December 2018: the consolidated financial statements, the statutory financial statements and the corresponding statutory auditors’ reports, appearing in Part III-Financial Information of the Registration Document filed with the AMF on 24 April 2019, under number D.19-0377 - With regard to the financial year ended 31 December 2017: the consolidated financial statements, the statutory financial statements and the corresponding statutory auditors’ reports, appearing in Part III-Financial Information of the Registration Document filed with the AMF on 26 April 2018, under number D.18-0412 Copies of the Universal Registration Document are available free of charge from the registered office of Argan at 21, rue Beffroy - 92200 Neuilly-sur-Seine, France and on Argan’s website (www.argan.fr) and on the French Financial Markets Authority’s (AMF) website (www.amf-france.org). Table of Contents PART ONE: PRESENTATION OF THE GROUP ..................................................................................... 6 1. Our strengths ............................................................................................................................. 6 2. Management and control........................................................................................................... 6 3. Change in the share price and the NAV ...................................................................................... 7 3.1. Change in the share price since listing (25 June 2007): ........................................................................ 7 3.2. Change in the share price and the NAV excluding transfer taxes: ........................................................ 8 3.3. Change in the NAV per share: ............................................................................................................ 9 4. Key figures of the portfolio ...................................................................................................... 10 5. Overview of the Group’s activities and markets ....................................................................... 11 5.1 The Group’s commercial real estate activities ................................................................................... 11 5.2 The Group’s market ......................................................................................................................... 12 5.3 Group’s strategy .............................................................................................................................. 20 5.4 Regulations applicable to activities of the Group .............................................................................. 20 6. Portfolio .................................................................................................................................. 31 6.1 Assets at 31 December 2019............................................................................................................. 31 6.2 Chronological overview of buildings ................................................................................................. 39 6.3 Appraisals 55 7. Information on the “Grenelle 2” Law ........................................................................................ 60 7.1 Social information: ........................................................................................................................... 60 7.2 Environmental information: ............................................................................................................. 60 7.3 Corporate information: .................................................................................................................... 62 8. Legal organisation .................................................................................................................... 63 PART TWO: FINANCIAL INFORMATION - MANAGEMENT REPORT - ................................................ 64 1. Highlights of the 2019 financial year......................................................................................... 64 1.1 Change in share capital .................................................................................................................... 64 1.2 Members of the Executive Board ...................................................................................................... 64 1.3 Members of the Supervisory Board ................................................................................................... 64 2. Operating results ..................................................................................................................... 64 2.1 Consolidated results of the ARGAN Group ......................................................................................... 64 2.2 ARGAN company results .................................................................................................................. 71 3. Corporate governance ............................................................................................................. 75 3.1 Executive Board ............................................................................................................................... 75 3.2 Supervisory Board............................................................................................................................ 79 3.3 Compensation and benefits of any kind paid to corporate officers ..................................................... 89 4. Employees and environment .................................................................................................... 90 4.1 Social information ........................................................................................................................... 90 4.2 Environmental information .............................................................................................................. 91 5. Outlook and risk management ................................................................................................. 91 5.1 Outlook 91 4.2 Risk factors and insurance................................................................................................................ 92 6. Capital and ownership of the Group ....................................................................................... 102 6.1 Information on the capital ............................................................................................................. 102 6.2 Ownership structure of the Group .................................................................................................. 103 6.3 Dividends paid for the last three financial years .............................................................................. 105 6.4 Transactions on the Company’s securities ....................................................................................... 105 6.5 Miscellaneous information ............................................................................................................. 105 7 General Shareholders’ Meeting of 19 March 2020 .................................................................. 107 7.1 Agenda ..................................................................................................................................... 107 7.2 Text of resolutions submitted to the Ordinary General Shareholders’ Meeting ................................ 109 7.3 Text of resolutions submitted to the Extraordinary General Shareholders’ Meeting ......................... 113 PART THREE: FINANCIAL INFORMATION ..................................................................................... 121 1. CONSOLIDATED FINANCIAL STATEMENTS 2019 ...................................................................... 121 2. FINANCIAL STATEMENTS 2019 ............................................................................................... 164 3. APPENDICES TO THE MANAGEMENT REPORT ......................................................................... 197 PART FOUR: ADDITIONAL INFORMATION ................................................................................... 198 1. General information .............................................................................................................