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December 31, 2016 Imerys Registration

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December 31, 2016 Imerys Registration Mineral solutions to create tomorrow's world 2016 REGISTRATION DOCUMENT ANNUAL FINANCIAL REPORT Summary 1 Presentation of the Group 3 6 Financial statements 151 1.1 Main Key Figures 4 6.1 Consolidated financial statements 152 1.2 The Group’s Business and Strategy 5 6.2 Statutory financial statements 227 1.3 Energy Solutions & Specialties 9 6.3 Audit fees 245 1.4 Filtration & Performance Additives 14 1.5 Ceramic Materials 18 1.6 High Resistance Minerals 22 7 Information about the Company 1.7 Minerals 25 and its share capital 247 1.8 Innovation 31 7.1 Information about Imerys 248 7.2 Information about the share capital 251 Reports on the fiscal year 2016 33 7.3 Shareholding 258 2 7.4 Elements which could have an impact 2.1 Board of Directors’ Management Report 34 in the event of a takeover bid 261 2.2 Statutory auditors'reports 45 7.5 Imerys Stock Exchange information 262 7.6 Dividends 264 7.7 Shareholder relations 264 3 Corporate Governance 51 7.8 Parent company/Subsidiaries organization 265 3.1 Board of Directors 52 3.2 Executive Management 74 3.3 Compensation 77 8 Ordinary and extraordinary 3.4 Stock options 82 Shareholders’ General Meeting 3.5 Performance shares 86 of May 3, 2017 267 3.6 Specific terms and restrictions applicable to grants to the Chairman and Chief 8.1 Presentation of the resolutions Executive Officer 89 by the Board of Directors 268 3.7 Corporate officers’ transactions 8.2 Statutory Auditors’ Reports 278 in securities in the Company 90 8.3 Agenda 284 3.8 Application of the Corporate 8.4 Draft resolutions 285 Governance Code 91 Additional information Risk factors and internal control 93 9 4 of the Registration document 297 4.1 Risk factors 94 4.2 Internal control 100 9.1 Person responsible for the Registration Document 298 9.2 Certificate of the person responsible for the Registration Document 298 5 Sustainable Development 109 9.3 Auditors 299 5.1 Vision, Ambition and Engagement 110 9.4 Information included in the Registration Document by reference 299 5.2 Strategy and Performance 112 9.5 Person responsible for financial information 299 5.3 Social Responsibility 119 9.6 Cross-reference table 300 5.4 Environmental Stewardship 129 9.7 Table of reconciliation 5.5 Governance, Ethics and Compliance 138 with the Annual Financial Report 303 5.6 Reporting Methodologies 140 5.7 Attestation and Correlation Table 144 2016 Registration Document including the Annual Financial Report World leader in mineral-based specialties for industry, Imerys delivers high value-added, functional solutions to a great number of sectors, from processing industries to consumer goods and building products. The Group draws on its knowledge of applications, scientific expertise and technological know-how to offer solutions beneficiating its mineral resources, produce synthetic minerals and develop formulations. Imerys thus contributes essential properties to customers’ products and performance, such as refractoriness, hardness, conductivity, opacity, durability, purity, lightness, filtration, absorption and repellency. Imerys meets ambitious criteria for responsible development, regarding social, environmental or Corporate Governance. The original document was filed with the AMF (French Securities Regulator) on March 21, 2017, 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. Imerys - 2016 Registration Document 1 2 Imerys - 2016 Registration Document 1 PRESENTATION OF THE GROUP 1.1 Main Key Figures 4 1.5 Ceramic Materials 18 1.5.1 Business Group overview 19 1.2 The Group’s Business and Strategy 5 1.5.2 Roofing 19 1.2.1 Imerys’ business 5 1.5.3 Kaolin 20 1.2.2 Diversity of applications and markets served 5 1.5.4 Ceramics 21 1.2.3 Economic model 6 1.2.4 Strategy 7 1.6 High Resistance Minerals 22 1.2.5 Sound financial structure 8 1.6.1 Business Group overview 23 1.2.6 The Group’s general structure 8 1.6.2 Refractory Minerals 23 1.6.3 Fused Minerals 24 1.3 Energy Solutions & Specialties 9 1.3.1 Business Group overview 10 1.7 Minerals 25 1.3.2 Carbonates 11 1.7.1 Minerals’ characteristics 26 1.3.3 Monolithic Refractories 12 1.7.2 Mineral Reporting Principles 27 1.3.4 Graphite & Carbon 12 1.7.3 Mineral reserves and resources 28 1.3.5 Oilfield Solutions 13 1.8 Innovation 31 1.4 Filtration & Performance Additives 14 1.8.1 Innovation strategy and policy 31 1.4.1 Business Group overview 15 1.8.2 Innovation organisation 31 1.4.2 Performance Additives 16 1.8.3 Some examples of new products 32 1.4.3 Filtration 17 1.8.4 Intellectual property 32 1.4.4 Metallurgy 17 Imerys - 2016 Registration Document 3 PRESENtatiON Of the GROUP 1 Main Key Figures 1.1 MAIN KEY FIGURES (€ million) 2016 2015 2014 2013 2012(1) Consolidated results Sales 4,165.2 4,086.7 3,688.2 3,697.6 3,884.8 Current change +1.9% +10.8% -0.3% -4.8% +5.7% Change at comparable Group structure and exchange rates -1.4% -4.6% +3.2% -1.3% -2.1% Current operating income 582.1 538.1 494.6 477.0 488.1 Current change +8.2% +8.8% +3.7% -2.3% +0.2% Change at comparable Group structure and exchange rates -1.9% -9.2% +2.5% -1.2% -7.8% Net income from current operations, Group’s share 362.1 341.5 316.3 304.2 300.7 Net income, Group’s share 292.8 68.4 271.6 242.0 291.3 Average weighted number of outstanding shares during the year (thousands) 78,715 79,276 76,135 75,551 75,166 Net income from current operations per share (€) 4.60 4.31 4.15 4.03 4.00 Dividend per share (€) 1.87(2) 1.75 1.65 1.60 1.55 Consolidated balance sheet Shareholders’ equity 2,914.2 2,671.8 2,470.5 2,271.7 2,261.0 Gross financial debt 2,174.3 1,911.6 1,553.7 1,307.1 1,173.9 Cash 807.8 431.2 683.8 421.7 299.1 Net financial debt 1,366.5 1,480.4 869.9 885.4 874.8 Financing EBITDA 818.9 745.4 673.8 650.4 662.5 Capital expenditure(3) 278.5 271.6 241.5 253.1 257.1 Acquisitions(4) 84.6 950.5 72.3 202.1 49.1 Financial resources(5) 3,943.2 2,909.0 2,830.9 2,458.1 2,788.4 Average maturity of financial resources as of December 31 (years) 4.9 4.6 5.2 3.9 2.9 Net financial debt/EBITDA 1.7 2.0 1.3 1.4 1.3 Net financial debt/shareholders’ equity (%) 46.9% 55.4% 35.2% 39.0% 38.7% ROCE(6) 12.1% 11.2% 13.1% 12.70% 12.90% Market capitalization as of December 31 5,734 5,126 4,629 4,819 3,632 Employees as of December 31 15,697 16,130 14,900 15,805 16,026 (1) 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. (2) Proposed dividend at the Shareholders’ General Meeting on May 3, 2017. (3) Paid capital expenditure, net of divestments and subsidies. (4) Paid acquisitions excluding divestments. (5) The financial resources are composed of bank credit lines and bond financing issued by Imerys SA. (6) ROCE: Current operating income over a 12-month period divided by the average invested capital over a period of five quarters. Details and comments on changes in the main financial aggregates (particularly at comparable Group structure and exchange rates) are provided in the Board of Directors’ Management Report. √ For more information, see chapter 2, section 2.1 of the Registration Document. 4 Imerys - 2016 Registration Document PRESENtatiON Of the GROUP The Group’s Business and Strategy 1.2 THE GROUP’S BUSINESS AND STRATEGY 1 1.2.1 IMERYS’ BUSINESS The world leader in mineral-based specialties for industry, Imerys and develop formulations. Imerys thus contributes essential delivers high value-added, functional solutions to a great number properties to customers’ products and performance, such as of sectors, from processing industries to consumer goods and refractoriness, hardness, conductivity, opacity, durability, purity, building products. The Group draws on its knowledge of applications, lightness, filtration, absorption and repellency. Imerys meets scientific expertise and technological know-how to offer solutions ambitious criteria for responsible development, regarding social, beneficiating its mineral resources, produce synthetic minerals environmental or Corporate Governance. IMERYS’ SOLUTIONS Imerys’ solutions contribute to the performance of a large number of applications. They can be classified into four categories: yyfunctional additives: they are added to the mineral formulation yyprocess enablers: they are used in customers’ manufacturing of customers’ products, but constitute a minor part of the finished processes but are not present in the end product (for instance, product properties (for instance talc improves polymers’ stiffness diatomaceous earth used to filter liquid food); in the automotive industry and calcium carbonate allows the yyfinished products: they are used as such, with no subsequent production of breathable food plastic films); processing by customers (clay roof tiles or roofing accessories).
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