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Rdialogue with Legrand's Stakeholders

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Rdialogue with Legrand's Stakeholders www.legrand.com REGISTRATION DOCUMENT2014 Page Page 01 RESPONSIBILITY FOR THE REGISTRATION 07 CORPORATE GOVERNANCE 137 DOCUMENT AND STATUTORY AUDITORS 3 7.1 - Administration and management 1.1 - Person responsible for the registration of the company 138 document 4 7.2 - Compensation and benefi ts of Directors 166 1.2 - Statutory auditors 5 1.3 - Financial information 6 08 SHARE OWNERSHIP 181 8.1 - Breakdown of share capital 182 02 SELECTED FINANCIAL INFORMATION 7 8.2 - Stock option plans 185 8.3 - Performance shares 187 8.4 - Regulated agreements and commitments 188 03 GROUP OVERVIEW 11 3.1 - Legrand and its business 12 CONSOLIDATED FINANCIAL INFORMATION 3.2 - A profi table growth strategy based 09 on leadership development 17 CONCERNING THE GROUP’S ASSETS, 3.3 - A structure serving the Group’s strategy LIABILITIES, FINANCIAL POSITION and customers 23 AND RESULTS 191 3.4 - Other information 27 9.1 - Consolidated fi nancial statements in accordance with IFRS for the years ended December 31, 2014 04 RISK FACTORS 31 and December 31, 2013 192 4.1 - Industrial and environmental risks 33 9.2 - Statutory Auditors’ Report 4.2 - Risks related to Legrand’s business 35 on the Consolidated Financial Statements, in accordance with IFRS 4.3 - Internal control, compliance and legal risks 39 for the year ended December 31, 2014 245 4.4 - Financial risks 41 9.3 - Report of the Statutory Auditors 246 4.5 - Insurance policy 43 9.4 - Dividend policy 247 4.6 - Report by the chairman of the board 9.5 - Legal proceedings and arbitration 248 of directors on corporate governance, risk management and internal controls 44 9.6 - Material changes in the Company’s fi nancial or trading position 248 4.7 - Statutory auditor’s report prepared in accordance with Article L. 225-235 9.7 - Material agreements 248 of the French Commercial code 50 9.8 - Capital expenditure 249 05 CORPORATE SOCIAL RESPONSIBILITY (CSR) 51 10 ADDITIONAL INFORMATION 251 5.1 - The Group’s CSR strategy 52 10.1 - Information about the Company 252 5.2 - Off ering users sustainable solutions 58 10.2 - Share Capital 255 5.3 - Acting ethically towards society 69 10.3 - Memorandum and Articles of Association 259 5.4 - Committing to our employees 79 5.5 - Limiting our environmental impact 91 5.6 - Overview of indicators and additional T CROSS-REFERENCE TABLES 263 information 100 Cross-reference table – annual fi nancial report 5.7 - Report of the statutory auditors 114 – Article 222-3 of the French Financial Markets Authority (Autorité des marchés fi nanciers) 264 Cross-reference table – European Commission 06 MANAGEMENT REPORT ON THE Regulation (EC) 809/2004 of April 29, 2004 264 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2014 119 A APPENDIX 269 Appendix 1 270 6.1 - Preliminary disclaimer 120 Appendix 2 286 6.2 - 2014 highlights 120 Appendix 3 296 6.3 - Operating income 121 Appendix 4 298 6.4 - Year-on-year comparison: 2014 and 2013 125 Appendix 5 309 6.5 - Cash fl ows and borrowing 130 6.6 - Capital expenditure 131 6.7 - off balance sheet commitments 131 6.8 - Contractual obligations 132 6.9 - Variations in exchange rates 132 6.10 - Quantitative and qualitative disclosures relating to fi nancial risks 133 6.11 - Summary of critical accounting policies 133 6.12 - New IFRS pronouncements 134 6.13 - Trends and prospects 134 6.14 - Table of consolidated fi nancial results over the last fi ve years 135 www.legrand.com REGISTRATION DOCUMENT INCLUDING ANNUAL FINANCIAL REPORT This is a non binding free translation into English of the Registration Document fi led with the French Financial Markets Authority (Autorité des Marchés Financiers) on April 15 , 2015, pursuant to Article 212-13 of its General Regulations. The French version of the Registration Document can be used in support of a fi nancial transaction if it is supplemented by an information memorandum duly approved by the French Financial Markets Authority. This Document was prepared by the issuer. The signatories assume responsibility for this document. 7 CONTENTS 3 R NOTE References to the “Group” and “Legrand” are to the Company (as verifi ed and Legrand cannot guarantee that a third party using defi ned in section 1.1.1 of the present Regulation document), its diff erent methods to assemble, analyze or compute market data consolidated subsidiaries and its minority shareholdings. would obtain the same results. In addition, Legrand’s competitors may defi ne its markets diff erently. Because data relating to References to “Legrand France” relate specifi cally to the market shares and market sizes are Company estimates, they are 01 Company’s subsidiary Legrand France, which was previously not data extracted from the consolidated fi nancial statements, named Legrand SA but was renamed by the Shareholders’ and Legrand cautions readers not to place undue reliance on such General Meeting dated February 14, 2006, and not to its other information. subsidiaries. 02 This Registration Document contains forward-looking statements. The Company’s consolidated fi nancial statements presented These forward-looking statements include all matters that are in this Registration Document for the fi nancial years ending not historical facts. They are mentioned in various sections of this December 31, 2014 and December 31, 2013 have been prepared Registration Document and contain data relating to Legrand’s in accordance with International Financial Reporting Standards 03 intentions, estimates and targets, concerning in particular its (“IFRS”), as adopted by the European Union. Since the Group market, strategy, growth, results, fi nancial position and cash has not applied the carve-out arrangements proposed by the EU position. and specifi ed in IAS 39, these consolidated fi nancial statements were also prepared in accordance with IFRS, as issued by the By their nature, forward-looking statements involve risks and 04 International Accounting Standards Board (IASB). References uncertainties because they relate to events and depend on therefore to the term “IFRS” within this Registration Document circumstances that may or may not occur in the future. Forward- relate to international accounting standards as adopted in the looking statements are not guarantees of the Group’s future European Union or as issued by IASB. The Company prepares performance. Legrand’s actual fi nancial position, results and 05 and presents its consolidated fi nancial statements in accordance cash fl ows as well as the development of the industrial sector with IFRS as required by French law. IFRS may diff er in certain in which it operates may diff er signifi cantly from the forward- signifi cant respects from French GAAP. The separate fi nancial looking information mentioned in this Registration Document, statements are presented in accordance with French GAAP. and even where these elements are consistent with the forward- 06 looking information mentioned in this Registration Document, This Registration Document contains information about Legrand’s they may not be representative of the results or developments in markets and its competitive position therein, including market later periods. Factors that could cause such diff erences include, size and market share. As far as Legrand is aware, no exhaustive among other things, the risk factors described in chapter 4 of report exists with regard to the industry or the market for 07 this Registration Document. Accordingly, all forward-looking electrical and digital building infrastructures. As such, Legrand statements should be evaluated with the understanding of their obtains data on its markets through its subsidiaries which inherent uncertainty. compile information on their relevant markets on an annual basis. This information is derived from formal and informal The forward-looking statements referred to in this Registration 08 contacts with industry professionals of the electricity sector Document are only made as of the date of this Registration (notably professional associations) and from building statistics Document. The Group will update this information as necessary in and macroeconomic data. Legrand estimates its position in its its fi nancial communications. Legrand operates in a competitive markets based on the market data referred to above and on its environment subject to rapid change. It therefore may not be able 09 actual sales in the relevant market. to anticipate all of the risks, uncertainties and other factors that could aff ect its activities, their potential impact on its activities Legrand believes that the market share information contained in or the extent to which the occurrence of a risk or combination of this Registration Document provides fair and adequate estimates risks could lead to signifi cantly diff erent results from those set 10 of the size of its markets and fairly refl ects its competitive position out in any forward-looking statements, it being noted that such within these markets. However, internal surveys, estimates, forward-looking statements do not constitute a guarantee of market research and publicly available information, while actual results. believed by Legrand to be reliable, have not been independently T A 2 REGISTRATION DOCUMENT 2014 - LEGRAND 7 CONTENTS 3 RESPONSIBILITY FOR THE REGISTRATION DOCUMENT AND STATUTORY AUDITORS 01 01 02 1.1 - PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT 4 1.1.1 - Name and position of the person responsible for the Registration Document 4 03 1.1.2 - Declaration of the person responsible for the Registration Document including the annual fi nancial report
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