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Registration Document 2018

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Registration Document 2018 2018 Registration Document including the annual financial report MORE THAN 310 YEARS OF HISTORY WENDEL at a glance 2 to 28 Contents GROUP PRESENTATION 29 INFORMATION ON THE COMPANY AND 1.1Corporate history 30 ITS¬SHARE CAPITAL 395 1 1.2Business 31 7 7.1Information on the Company 396 1.3Corporate governance 32 7.2Principal by-laws 396 1.4Internal organization 34 7.3How to take part in shareholders’ Meetings 398 1.5Investment model and business development strategy 40 7.4Information on share capital 400 1.6Corporate Social Responsibility (CSR) 44 7.5 Principal new investments and acquisitions of controlling 1.7Subsidiaries and associated companies 44 interests 404 1.8Shareholder information 69 7.6Financial authorizations 405 7.7 Share buybacks 407 CORPORATE GOVERNANCE, RISK 7.8 Transactions on Company securities by corporate FACTORS AND INTERNAL CONTROLS 75 officers 411 7.9 Shareholder agreements 412 2 2.1Corporate governance 76 7.10 Factors likely to have an impact in the event 2.2Risk factors 127 of a takeover offer 415 2.3Risk management and internal control systems 138 SHAREHOLDERS' MEETING OF MAY¬16, NON-FINANCIAL INFORMATION 151 2019 417 3.1Wendel 152 8 8.1 Statutory Auditors' special report on related-party 3 3.2 Wendel’s subsidiaries reviewed by an independent agreements and commitments 418 verifier 168 8.2Statutory Auditors’ report on the reduction in capital 424 3.3 Independent third-party report on the statement of non-financial performance shown in the management 8.3 Statutory Auditors’ report on the issue of shares report 250 or securities giving access to the capital with cancellation of preferential subscription rights reserved for members of one or more company savings schemes COMMENTS ON FISCAL YEAR 2018 255 set up within the Group 425 4.1Analysis of the consolidated financial statements 256 8.4 Statutory auditors’ report on the authorization for 4 4.2Analysis of the parent-company financial statements 267 allocation of stock options and/or share purchase plans 426 4.3Net asset value (NAV) 270 8.5 Statutory auditors’ report on the free allocation 4.4Simplified organization chart as of December 31, 2018 275 of existing shares or shares to be issued 427 8.6 Supplementary report from the Executive Board on the capital increase reserved for members of the 2018 CONSOLIDATED FINANCIAL STATEMENTS Wendel Group Savings Plan 428 AS OF DECEMBER¬31, 2018 277 8.7 Statutory Auditors’ supplementary report on the 5 5.1 Balance sheet – Statement of consolidated financial increase in capital with cancellation of preferential position 278 subscription rights 430 5.2Consolidated income statement 280 8.8 Observations from the Supervisory Board 5.3Statement of comprehensive income 281 for the shareholders 431 5.4Statement of changes in shareholders’ equity 282 8.9 Report of the Executive Board on the resolutions 5.5Consolidated cash flow statement 283 submitted to the shareholders at their Annual Meeting 5.6General principles 285 on May 16, 2019 432 5.7Notes 287 8.10 Shareholders' Meeting of May 16, 2019 434 5.8Notes on the balance sheet 319 5.9Notes on the income statement 343 SUPPLEMENTAL INFORMATION 445 5.10Notes on changes in cash position 350 9.1Principal contracts 446 9 9.2Transactions with related parties 446 5.11Other notes 353 5.12 Statutory auditors’ report on the consolidated financial 9.3 Significant changes in financial condition or business statements 362 status 447 9.4 Expenses described in Articles 39-4 and 223 quater of PARENT COMPANY FINANCIAL the French Tax Code 447 9.5Breakdown of supplier and customer payment terms 447 STATEMENTS 369 9.6Person responsible for financial information 448 6 6.1Balance sheet as of December 31, 2018 370 9.7 Person responsible for the registration document 6.2Income statement 372 including the annual financial report 448 6.3Cash flow statement 373 9.8 Persons responsible for the audit of the financial 6.4Notes to the parent company financial statements 374 statements and their fees 449 6.5Statutory Auditors’ report on the financial statements 391 9.9Cross-reference index for the registration document 450 9.10Cross-reference index for the annual financial report 452 9.11 Cross-reference index for the management report required under Articles L. 225-100 et seq. of the French Commercial Code 453 9.12Glossary 455 Registration Document 2018 This registration document contains the entire contents of the Annual Financial Report. Profile The Wendel Group is a professional shareholder and investor that fosters sector-leading companies in their long-term development. Committed to a long-term relationship, Wendel helps design and implement ambitious and innovative development VWUDWHJLHVWKDWFUHDWHVLJQLÀFDQWYDOXHRYHUWLPH The original French version of this report was registered with the French stock market regulator (Autorité des marchés financiers - AMF) on April 17, 2019 (No. D19-0356), pursuant to Article 212-13 of the AMF General Regulation. Only the original French version can be used to support a financial transaction, provided it is accompanied by a prospectus (note d’opération) duly certified by the Autorité des marchés financiers. This document was produced by the issuer, and the signatories to it are responsible for its contents. Copies of this registration document may be obtained free of charge at www.wendelgroup.com Key figures 2018 PRINCIPAL SHAREHOLDERS Wendel-Subsidiaries and related parties(1), reference shareholder 37.7% Institutional Investors outside France Gross assets € billion 9,36 31.0% Individual investors Consolidated 19.1% net sales € 8,389.2 million Institutional Investors in France € 6.9% NAV 147.4 per share Treasury shares 2.2% Ordinary Employees, € top management dividend per share* 2.80 1.4% Other TSR (dividends re-invested) 1.7% 11.3% per year since 2002** Standard & Poor’s Market € Long-term: BBB with capitalization c. 5 billion stable outlook Short-term: A-2 since January 25, 2019 More than 40 years 315 c.100 Moody’s Long-term: Baa2 with in the investment years of history employees stable outlook Short-term: P-2 since September 5, 2018 All figures are as of December 31, 2018. * Proposed to the Shareholders’ Meeting of May 16, 2019. ** Source: FactSet. Average annualized TSR over 20 days, calculated from 06/13/2002 to 12/31/2018. (1) Share of the capital held by Wendel-Participations as of December 31, 2018 for 51.09% of the voting rights. In accordance with Article L. 233-10 of the French Commercial Code, the figures include Wendel-Participations and its Chairwoman. Shareholders of Wendel as at December 31, 2018. KEY FIGURES — 3 GEOGRAPHICAL PRESENCE 6 locations London Luxembourg Paris New York Casablanca Singapore DIVERSIFICATION BY SECTOR* DIVERSIFICATION BY AREA* 7 investments 18% 11% 25% Telecoms Energy 23% North America and infrastructure 5% Africa Manufacturing and other 4% 10% Healthcare Automotive and 5% 3% transportation Public sector Eastern and education Europe 19% Asia 19% Pacific 16% 21% Mass Rest of Other market Europe 4% 5% 9% 3% Renovation Latin France New America construction Wendel is listed on the Euronext Paris Eurolist * Enterprise value exposure of Group companies, according to the breakdown of 2018 revenues. Enterprise values are based on NAV calculations as of December 31, 2018. Consolidated companies: Bureau Veritas, Constantia Flexibles, Cromology, Stahl, Tsebo, Allied Universal and IHS. WENDEL - Registration Document 2018 WHO ARE WE? — 5 A long-term investor with permanent capital / 315 years of history and industrial roots / An entrepreneurial tradition with a family reference shareholder / A listed investment firm WENDEL - Registration Document 2018 THE SAGA BEGINS “MF” LISTED ON THE STOCK MARKET From 1704 to 1870, Jean-Martin Wendel Originating from the and his successors take Compagnie des hauts- advantage of innovations fourneaux, forges et related to the industrial aciéries de la Marine revolution: iron smelted et des chemins de fer, with coke, widespread Marine-Firminy is listed on use of blast furnaces the stock market in 1859. and rolling mills, and Marine-Wendel purchases the development of Marine-Firminy in 1975 railways. and keeps its stock ticker symbol, ”MF”. Jean-Martin Wendel acquired the Marine-Firminy Hayange forges opens its capital 1704 1859 315 YEARS OF HISTORY, 273 YEARS IN THE STEEL INDUSTRY... 1815 1880 François de Wendel The “Thomas process” enters public life leads to the creation of the Lorraine steel industry A NEW DIMENSION THE STEEL AGE François de Wendel acquires the Moyeuvre forges. With the Restoration, the With the adoption of family reclaims its industrial the “Thomas process”, assets confiscated during which allowed for the the French Revolution and manufacture of steel from relaunches its activities. Lorraine ore, the family François de Wendel enters companies - Les Petits-Fils into politics and is elected de François de Wendel & member of parliament Cie established in 1871 and for La Moselle. Wendel & Cie founded in 1880 - rank among Europe’s leading steel producers. CHRONOLOGY — 7 THE POST-WAR PERIOD NEW MOMENTUM After the destruction of many of its factories Marine-Wendel and CGIP during the war, the Group merge to form Wendel recovers and begins to Investissement, renamed grow again. The creation Wendel in 2007. The of the Sollac production industry approach and cooperatives in 1948, focus of our management followed by Solmer in 1969, teams on long-term help meet the growing corporate development demand for sheet steel. helps give Wendel a In 1975, Wendel produces strong, clearly-identified 72% of French crude steel. image. The focus is Diversification on rebuilding into new the country business sectors 1948 2002 … MORE THAN 40 YEARS IN INVESTMENT 1977 2019… Diversification Keeping on course: begins amid creating value a deepening for shareholders economic recession INDUSTRY TIME FOR AND SERVICES CHANGE For more than three The Group is reorganized. centuries, the Group has In 1975, it takes control been supported by the of the holding company Wendel family, its core Marine-Firminy and shareholder.
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