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Wendel Investissement / 2004 Annual Repor T / 2004 WENDEL INVESTISSEMENT/ 2004 ANNUAL REPORT / 2004 ANNUAL REPORT CONTENTS Corporate profile 1 Message from the Chairman 2 Message from the Chief Executive Officer 4 Board of Directors 6 Key dates 8 Shareholders’ review 10 Financial highlights 12 Business sectors as of December 31, 2004 14 < INDUSTRY 16 Legrand 18 Oranje-Nassau 20 Wheelabrator Allevard 22 Stallergènes 24 MEDIA AND SERVICES 26 > Bureau Veritas 28 Editis 30 Non-strategic holdings 32 Legal structure 37 Corporate governance 38 Internal control 4 1 Sustainable development 44 Recent developments 50 Consolidated financial statements 53 Parent company financial statements 103 Annual Shareholders’ Meeting 127 Supplemental information 15 1 AN ENTREPRENEURIAL APPROACH TO LONG-TERM INVESTMENT WENDEL Investissement is a listed investment firm that invests in companies active in industry and services to accelerate their The dialogue is confident, constant and stimulating for our teams in terms of development, improve their profitability, and help them become performance,“ since our shareholders have the same entrepreneurial spirit as leaders in their field. This strategy is based on long-term partner- we have always had. ships with these companies’ management teams. Gilles Schnepp, Chairman and CEO, Legrand (La Tribune, ”April 14, 2005) WENDEL Investissement is a full-fledged industrial and financial partner. The Group supports committed entrepreneurial teams, WENDEL Investissement has been helps define and implement ambitious strategies, and provides our financial partner for ten years. Its the financing needed to ensure the success of the projects “teams have gotten to know us. They appreciate our strengths and our great undertaken. WENDEL Investissement makes investments of potential, and they know that they are working with a winning team. more than 100 million euros. The goal is to increase the value of Frank Piedelièvre, WENDEL Investissement over the long term by more than 15% per Chairman, Bureau Veritas ” year, while ensuring shareholders of a net return on investment of approximately 3% per year. The simple fact that Wendel makes it possible for Editis to invest 300 mil- The Group’s investment and development strategy is based on “lion euros – half of its investment in Editis – over the next three years is a the confidence and close partnership formed with existing sign that the Group led by Ernest- management teams. This partnership is at the heart of the Antoine Seillière has an entrepreneurial approach that targets the medium process by which value is created. “We never get involved in the term. day-to-day running of the company, but we provide constant, Alain Kouck, Chairman and CEO, Editis active support by contributing our experience and expertise, (Les Échos,” June 2, 2004) and by making available the required resources. WENDEL Investissement has representatives on each of its holdings’ Boards of Directors,” states Jean-Bernard Lafonta. WENDEL Investissement / 2004 Annual Report 1 MESSAGE FROM THE CHAIRMAN With a young, competent and motivated team, adapted corporate “governance and the incentive of our share price, the Wendel Group has real strengths that allow it to engage the future with confidence and optimism, respecting the values that have inspir- ed the Company for three centuries. ” To the Shareholders n 2004, your Company actively continued to implement the strategy initiated three years ago I with Jean-Bernard Lafonta, which resulted in a major change in the Group’s assets, with the disposal of Trader Classified Media and bioMérieux, the acquisition of Editis and of near 100% of the capital of Bureau Veritas. In 2004, acquisitions and disposals totaled approximately 1.5 billion euros. In addition, as we planned, unlisted business sectors now account for 2 Rapport annuel 2004 • WENDEL Investissement more than 80% of our total assets. Finally, the increase With a young, competent and motivated team, adapted in the Group’s value was significant, 25% per year in the corporate governance and the rise of our share price, last three years, with the major part of this rise coming WENDEL Investissement has real strengths that enable from improvements in the quality of management in it to engage the future with confidence and optimism, these companies and from their development. respecting the values that have inspired the Company The strong growth reported in 2004 in income from for three centuries – an entrepreneurial approach, long- business sectors, which doubled in the space of two term strategy, constant adaptation to economic and years, well reflects the dynamism of our subsidiaries. technological challenges and, especially, in its tradition, By rising almost 60% in 2004, our share price illustrates family unity. the success of the initiatives launched since the creation of WENDEL Investissement. In this very positive environment and after the Ernest-Antoine Seillière progressive replacement of the management team in the last few years, we propose to modify your Company’s corporate governance structure, and to this end we will submit new by-laws to the Shareholders’ Meeting for approval, transforming WENDEL Investissement into a company with an Executive Board and a Supervisory Board. In this way, we will be able to continue to work together with a clear definition of the responsibilities of management and of shareholders and with the determination to share a common vision. WENDEL Investissement / 2004 Annual Report 3 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER he year 2004 was marked by a With its investment capacities intact, an significant rise in income from our efficient financial structure and solid T Group’s business sectors, which prospects, WENDEL Investissement has doubled in two years. All our business considerable credibility as an investment firm. Our specific focus has been recog- sectors reported good performances and nized – investing for the long term in qual- increased their contributions to WENDEL ity companies to boost their development Investissement’s bottom line. This growth and make them leaders in their sectors. reflects not only the dynamism our sub- Over the last three years, our team has sidiaries have demonstrated and the good expanded and consolidated its experience positions they have built, but also the through the operations it has conducted, success of the strategy defined almost as difficult as they have sometimes been. three years ago and the stepped-up Its strength lies in its team spirit, motivation, renewal of the Group in 2004. skills, and financial and industrial expertise. 4 WENDEL Investissement / 2004 Annual Report Our growth in income reflects the good positions of our business “sectors and the dynamism of our expanded and consolidated team. ” Working in close cooperation with the to be a realistic ambition. As in the past, EXECUTIVE management teams of the companies in we will proceed with discernment and which we have invested, we have an in- prudence, since our Group’s prospects, on MANAGEMENT depth knowledge of the issues at stake in the basis of its current holdings, bolster 1. Benoit Drillaud the development, management and our confidence in our capacity to double Finance and accounting adaptation of our subsidiaries. its value in the five years to come. 2. Sophie Parise In the next five years, we will have the Tax Affairs financial capacity to invest considerable 3. Arnaud Desclèves * sums under attractive conditions – 1.3 billion Legal Affairs euros in our main subsidiaries, in order to 4. Jean-Bernard Lafonta * accelerate their development, and Chief Executive Officer 1.5 billion euros at the level of WENDEL 5. Christine Dutreil * Communications and Investissement to finance new acquisitions. Public Relations Investing a total of 2.8 billion euros seems Jean-Bernard Lafonta 6. Stéphane Gutierrez Accounting 7. Bernard Gautier * Investment 8. Gérard Lamy Investor Relations 9. Arnaud Fayet * Investment 10. Nicole Dupuis * Company Secretary 11. Jean-Yves Hémery * Tax Affairs 12. Yves Moutran * Investment 13. Gérard Combes Human Resources 14. Sébastien Willerval Legal Affairs 15. Jean-Michel Ropert * Finance 16. Fanny Picard * Investment 17. Karim Souid Investment Olivier Chambriard Investment (absent) * Members of the Executive Committee 11 12 17 8 10 15 1 2 3 4 5 6 7 9 13 14 16 WENDEL Investissement / 2004 Annual Report 5 BOARD OF DIRECTORS AS OF DECEMBER 31, 2004 Date of first appointment and end of term*. Other responsibilities Principal function Member of the Board 1985-2008 Chairman of the Board of Directors Vice Chairman of the Supervisory and Chief Executive Officer Board Chairman of the Board of Directors • Société Lorraine de Participations • Capgemini and Chief Executive Officer Sidérurgiques (SLPS) Member of the Board of Directors • WENDEL Investissement Chairman of the Board of Directors • SOFISAMC (Switzerland) • Legrand Holding Member of the Supervisory Board • Lumina Parent (Luxembourg) • Bureau Veritas • Editis Holding Chairman of the Supervisory Board • Gras Savoye & CIE (S.C.A.) • Oranje-Nassau Groep B.V. • Hermès International (S.C.A.) Ernest-Antoine Seillière (Netherlands) • Peugeot S.A. Member of the Board 2002-2006 Chairman of the Supervisory Board • Lumina Parent (Luxembourg) • Editis Holding • Valeo • Poincaré Investissements Chief Executive Officer Member of the Supervisory Board WENDEL Investissement Vice Chairman of the Supervisory • Oranje-Nassau Groep B.V. Board (Netherlands) • Bureau Veritas Manager Member of the Board of Directors • Granit (SARL) • Legrand Holding •
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