REFERENCE DOCUMENT containing the Annual Financial Report 2015 EXE LOGO Les cotes indiquées sont données à titre indicatif et devront être vérifiées par les entrepreneurs. Ceux-ci devront soumettre leurs dessins Echelle: d’éxécution pour approbation avant réalisation. L’étude technique des travaux concernant les éléments porteurs concourant la stabilité ou la solidité du bâtiment et tous autres éléments qui leur sont intégrés ou forment corps avec eux, devra être vérifié par un bureau d’étude qualifié. Agence d'architecture intérieure 15, rue Colbert 78000 Versailles LAGARDERE - Concept C5 - O’CLOCK Optimisation Les entrepreneurs devront s’engager à executer les travaux selon les règles de l’art et dans le respect des règlementations en vigueur. Ce Date : 13 01 2010 dessin est la propriété de : VERSIONS - 15, rue Colbert - 78000 Versailles. Ne peut être reproduit sans autorisation. tél : 01 30 97 03 03 fax : 01 30 97 03 00 e.mail : [email protected] PROFILE The Lagardère group is a global leader in content publishing, production, broadcasting and distribution, whose powerful brands leverage its virtual and physical networks to attract and enjoy qualifi ed audiences. The Group’s business model relies on creating a lasting and exclusive relationship between the content it offers and its customers. It is structured around four business lines: t Books and e-Books: Lagardère Publishing t Travel Essentials, Duty Free & Fashion, and Foodservice: Lagardère Travel Retail t Press, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage: Lagardère Active t Sponsorship, Content, Consulting, Events, Athletes, Stadiums, Shows, Venues and Artists: Lagardère Sports and Entertainment REFERENCE DOCUMENT containing the Annual Financial Report 2015 Lagardère SCA French partnership limited by shares (société en commandite par actions) with share capital of €799,913,044.60 divided into 131,133,286 shares with a par value of €6.10 each. Registered office: 4 rue de Presbourg - 75016 Paris - France Telephone: + 33 (0)1 40 69 16 00 Lagardère is registered with the Paris Trade and Companies Registry (Registre du commerce et des sociétés) under number 320 366 446 Corporate website: http://www.lagardere.com The original version of this Reference Document (Document de référence) in French was filed with the French financial markets authority (Autorité des Marchés Financiers – AMF) on 1 April 2016 in accordance with article 212-13 of the AMF’s General Regulations. It may be used in connection with a financial transaction if supplemented by an information notice approved by the AMF. This document has been prepared by the Company under the responsibility of the persons who signed the French original Document de référence. 2015 / REFERENCE DOCUMENT CONTENTS 1 PERSONS RESPONSIBLE FOR 6.4 Presentation of the Lagardère SCA THE REFERENCE DOCUMENT parent company financial statements AFR 176 AND STATUTORY AUDITORS AFR 5 6.5 Parent company financial statements AFR 1.1 Persons responsible for the information at 31 December 2015 178 contained in the Reference Document 6 6.6 Statutory Auditors’ report on AFR 1.2 Statement by the persons responsible the Company’s financial statements 192 for the Reference Document 6 6.7 Statutory Auditors’ report on AFR 1.3 Details of the Statutory Auditors 6 the consolidated financial statements 193 6.8 Special Statutory Auditors’ report on regulated agreements and commitments 194 2 CONSOLIDATED KEY FIGURES FOR 2015 7 2.1 Consolidated key figures 8 7 ORGANISATION OF THE COMPANY 2.2 Per share data 8 AND THE GROUP – CORPORATE GOVERNANCE AFR 195 3 RISK FACTORS AFR 9 7.1 General presentation of French partnerships 3.1 Risks associated with the economic environment 10 limited by shares and of Lagardère SCA 196 3.2 Risks associated with the business activity 11 7.2 General Partners, Managing Partners and members of the Supervisory Board 197 3.3 Legal risks 12 7.3 Remuneration and benefits 209 3.4 Financial or market risks 15 7.4 Organisation, operation and control 3.5 Operational risks 15 of the Company and the Group 235 7.5 Transactions with related parties 4 GENERAL INFORMATION (Managing Partners and members ABOUT LAGARDÈRE SCA 19 of the Supervisory Board) 252 4.1 General information about the issuer 20 4.2 History 21 8 OTHER INFORMATION ON THE COMPANY 253 4.3 Organisation chart – principal 8.1 Share capitalAFR 254 subsidiaries – relations between 8.2 Principal provisions of the Company’s the parent company and subsidiaries 22 Articles of Association AFR 260 4.4 Major investments 23 8.3 Major contracts AFR 266 8.4 Real estate property 267 5 INFORMATION ON THE BUSINESS ACTIVITIES OF THE COMPANY AND THE GROUP AFR 25 9 RECENT DEVELOPMENTS 5.1 Business activities and strategy 26 AND OUTLOOK AFR 269 5.2 The group’s principal activities and 9.1 Recent developments (since 1 January 2016) 270 main markets – operations during 2015: Lagardère Media 27 9.2 Outlook 271 5.3 Corporate social responsibility 9.3 Earnings forecast 271 and corporate citizenship – Ethics 48 10 DOCUMENTS ON DISPLAY 273 6 NET ASSETS, FINANCIAL POSITION AND RESULTS 89 11 CROSS-REFERENCE TABLE FOR THE REFERENCE DOCUMENT 275 6.1 Per share data, dividend policy and share performance AFR 90 6.2 Presentation of the financial position and consolidated financial statements of Lagardère SCA AFR 92 6.3 Consolidated financial statements at 31 December 2015 AFR 97 Items appearing in the Annual Financial Report are cross-referenced with the following symbol AFR 2 2015 Reference Document The Annual Financial Report prepared in accordance with article L.451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) and article 222-3 of the General Regulations of the French financial markets authority (Autorité des Marchés Financiers – AMF) comprises the information, documents and reports listed below, which are presented in the chapters, sections and pages indicated of the accompanying Reference Document. Statement by the persons responsible for the information (Statement by the persons responsible for the Annual Financial Report and Reference Document) Chapter 1 5 Parent company financial statements for 2015 Chapter 6.5 178 Consolidated financial statements for 2015 Chapter 6.3 97 Management report t Business activities of the Company and the Group Chapter 5 25 Chapter 8.3 266 Chapter 9 269 t Results and financial position Chapter 6.1 90 Chapter 6.2 92 Chapter 6.4 176 t Main risks Chapter 3 9 t Organisation of the Company and the Group – Corporate governance Chapter 7 195 t Information on the share capital, shareholders, share buyback programmes and principal provisions of the Articles of Association Chapter 8.1 254 Chapter 8.2 260 Statutory Auditors’ report on the Company’s financial statements Chapter 6.6 192 Statutory Auditors’ report on the consolidated financial statements Chapter 6.7 193 2015 Reference Document 3 This page is left intentionally blank. 4 2015 Reference Document CHAPTER 1 - Persons responsible for the Reference Document and Statutory Auditors 1 1 2 PERSONS RESPONSIBLE FOR THE REFERENCE DOCUMENT AND STATUTORY AUDITORS 3 4 1.1 PERSONS RESPONSIBLE FOR THE INFORMATION CONTAINED AFR IN THE REFERENCE DOCUMENT 6 5 Managing Partners 6 1.2 STATEMENT BY THE PERSONS RESPONSIBLE FOR THE REFERENCE DOCUMENT AFR 6 Statement by the Managing Partners 6 6 Items appearing in the Annual Financial Report are cross-referenced 1.3 DETAILS OF THE STATUTORY with the following symbol AFR AUDITORS AFR 6 7 8 9 10 11 2015 Reference Document 5 CHAPTER 1 - Persons responsible for the Reference Document and Statutory Auditors 1.1 PERSONS RESPONSIBLE FOR THE INFORMATION CONTAINED IN THE REFERENCE DOCUMENT AFR MANAGING PARTNERS ϐ Arnaud Lagardère, – Pierre Leroy, Deputy Chairman and Chief Operating Officer; ϐ Arjil Commanditée-Arco, represented by: – Thierry Funck-Brentano, Chief Operating Officer. – Arnaud Lagardère, Chairman and Chief Executive Officer; 1.2 STATEMENT BY THE PERSONS RESPONSIBLE FOR THE REFERENCE DOCUMENT AFR STATEMENT BY THE MANAGING PARTNERS an observation concerning note 10 to the consolidated financial statements related to the intangible assets of Lagardère Sports and "We hereby declare, having taken all reasonable care to ensure Entertainment (formerly Lagardère Unlimited) and the LeGuide group. that such is the case, that the information set out in this Reference Document is, to the best of our knowledge, in accordance with the We remind you that: facts and contains no omission likely to affect its import. ϐ The Statutory Auditors' report on the consolidated financial We further declare that to the best of our knowledge, the financial statements for the year ended 31 December 2014, presented statements have been prepared in compliance with the applicable on page 193 of the 2014 Reference Document, contained an accounting standards and give a true and fair view of the assets, observation concerning note 10 to the consolidated financial liabilities, financial position and results of the Company and all the statements related to the intangible assets of Lagardère Sports entities included in the consolidation, and that the accompanying and Entertainment (formerly Lagardère Unlimited) and the LeGuide management report (Chapter 3, pages 9 to 17; Chapter 4, group. pages 19 to 24; Chapter 5, pages 25 to 88; Chapter 6, section 6.1, ϐ The Statutory Auditors' report on the consolidated financial pages 90 to 91; Chapter 6, section 6.2, pages 92 to 96; Chapter 7, statements for the year ended 31 December 2013, presented pages 195 to 252; Chapter 8, pages 253 to 267; Chapter 9, on page 195 of the 2013 Reference Document, contained an pages 269 to 271) provides a fair view of the business, results of observation concerning note 10 to the consolidated financial operations and financial position of the Company and all the entities statements, which presented the assumptions used for impairment included in the consolidation, together with a description of the main tests carried out on goodwill and other intangible assets, relating risks and uncertainties to which they are exposed.