Registration Document
Total Page:16
File Type:pdf, Size:1020Kb
Believe a French société par actions simplifiée1 (simplified joint-stock company) with share capital of €402,344.21 Registered office: 24 rue Toulouse Lautrec, 75017 Paris Paris Trade and Companies Register (RCS) No. 481 625 853 REGISTRATION DOCUMENT The registration document was approved on 7 May 2021 by the Autorité des Marchés Financiers (AMF) in its capacity as the competent authority under Regulation (EU) 2017/1129. The AMF has approved this document after verifying that the information it contains is complete, consistent and comprehensible. The registration document carries the following approval number: I. 21-018. This approval must not be considered to be a favourable opinion on the issuer described in the registration document. The registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if it is completed by a securities note and, if applicable, a summary and the supplements thereto. The entire document was approved by the AMF pursuant to Regulation (EU) 2017/1129. It shall be valid until 7 May 2022 and, during this period but no later than at the same time as the securities note and under the conditions of Articles 10 and 23 of Regulation (EU) 2017/1129, it shall be completed by a supplement in the event of new material facts, errors or substantial inaccuracies. DISCLAIMER By accepting this document, you acknowledge, and agree to be bound by, the following statements. This document is a translation of Believe’s document d’enregistrement dated 7 May 2021 (the “Registration Document”). The Registration Document, in its original French version, is publicly available at www.amf-france.org. This translation (the “Translation”) is provided for your convenience only and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part for any purpose. This translation has not been prepared for use in connection with any offering of securities. It does not contain all of the information that an offering document would contain. 1 The form of a public limited company (société anonyme) will be adopted on the date the Autorité des Marchés Financiers (AMF) approves the prospectus for the admission of the Company's shares to trading on the regulated market of Euronext Paris. IN THE EVENT OF ANY AMBIGUITY OR CONFLICT BETWEEN THE CORRESPONDING STATEMENTS OR OTHER ITEMS CONTAINED HEREIN, THE FRENCH LANGUAGE REGISTRATION DOCUMENT SHALL PREVAIL. None of Believe or any of its officers, directors, employees or affiliates, or any person controlling any of them assume any liability which may be based on this Translation or any errors or omissions therefrom or misstatements therein, and any such liability is hereby expressly disclaimed. This Translation does not constitute or form part of any offer to sell or the solicitation of an offer to purchase securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Persons into whose possession this Translation may come are required by the Group to inform themselves about and to observe any restrictions as to the distribution of this Translation. Copies of this registration document are available at no cost from Believe, 24 rue Toulouse Lautrec, 75017 Paris, as well as on the websites of Believe (www.believemusic.com) and the Autorité des Marchés Financiers (AMF) (www.amf-france.org). 1. PERSONS RESPONSIBLE, INFORMATION FROM THIRD PARTIES AND EXPERTS' REPORTS ........................................................................................................ 7 1.1 Person responsible for the registration document ............................................................... 7 1.2 Certification of the person responsible for the registration document ................................ 7 1.3 Information from third parties, expert declarations and declarations of interests ............... 7 2. PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS ........ 8 2.1 Statutory Auditors ............................................................................................................... 8 2.2 Alternate Statutory Auditors ............................................................................................... 8 3. RISK FACTORS ................................................................................................................ 9 3.1 Risks related to the Group's industry .................................................................................. 9 3.1.1 Risks related to changes in the underlying audio and video streaming market* ................ 9 3.1.2 Risks related to the Group's competitive environment* ................................................... 10 3.1.3 Risks related to economic conditions and the evolution of the recorded music market ... 11 3.1.4 Risks related to digital piracy ........................................................................................... 12 3.2 Risks related to the Group's business ................................................................................ 13 3.2.1 Risks related to relationships with artists and labels* ....................................................... 13 3.2.2 Risks related to relationships with digital service providers and social media* ............... 14 3.2.3 Risks related to managing the rapid growth and transformation of the Group* ............... 15 3.2.4 Risks related to the Group's IT systems* .......................................................................... 17 3.2.5 Risks related to the Group's international development* .................................................. 18 3.2.6 Risks related to acquisitions .............................................................................................. 19 3.2.7 Fraud risks ......................................................................................................................... 20 3.2.8 Risks related to corruption and ethics ............................................................................... 20 3.3 Risks related to the Company ........................................................................................... 21 3.3.1 Risks related to management teams, including Mr Denis Ladegaillerie, and the recruitment and retention of experienced employees* ...................................................... 21 3.4 Financial risks ................................................................................................................... 22 3.4.1 Liquidity risks ................................................................................................................... 22 3.4.2 Risks related to interest rates ............................................................................................ 23 3.4.3 Counterparty risks ............................................................................................................. 23 3.4.4 Risks related to foreign exchange rates............................................................................. 23 3.5 Legal risks ......................................................................................................................... 24 3.5.1 Risks related to intellectual property rights* .................................................................... 24 3.5.2 Risks related to regulations and their evolution* .............................................................. 25 3.5.3 Risks related to applicable taxation regimes and changes therein* .................................. 26 3.5.4 Risks related to ongoing litigation and investigations ...................................................... 27 3.6 Insurance and risk management ........................................................................................ 27 3.6.1 Insurance policy ................................................................................................................ 27 3.6.2 Risk management policy ................................................................................................... 28 1 4. INFORMATION ON THE COMPANY AND THE GROUP ......................................... 34 4.1 Company name ................................................................................................................. 34 4.2 Registration place and number .......................................................................................... 34 4.3 Date of incorporation and term of the Company .............................................................. 34 4.4 Registered office, legal form and jurisdiction ................................................................... 34 5. OVERVIEW OF THE GROUP'S ACTIVITIES .............................................................. 35 5.1 Overview ........................................................................................................................... 35 5.2 Group strengths and competitive advantages .................................................................... 36 5.2.1 A strong positioning on music industry segments benefitting from positive outlook with attractive dynamics ........................................................................................................... 36 5.2.2 A differentiated model delivering high-end go-to-market solutions to labels and artists at each level of their development ........................................................................................ 37 5.2.3 A state-of-the-art,