annual general may 29, 2018 shareholders’ meeting · 5/29/2018 · annual general shareholders...

Annual General

Shareholders’ Meeting May 29, 2018

Agenda

2017 Results Michel Favre 1

Faurecia transformation Patrick Koller 2

Governance and compensation 3 Jean-Pierre Clamadieu

Linda Hasenfratz

Annual General Shareholders’ Meeting - May 29, 2018 2

3 Annual General Shareholders’ Meeting - May 29, 2018

Governance

Members leaving the Board

Mr Jean-Pierre Clamadieu Ms Amparo Moraleda


Governance

Members joining the Board

Mr Daniel Bernardino

Ms Valérie Landon

Mr Emmanuel Pioche

2017 full year results

& first quarter 2018 sales

Michel Favre

Chief Financial Officer

Strong performance in 2017 and all financial targets achieved or exceeded

6

Strong organic* sales growth of +10.6% to €17.0bn,

830bps above worldwide automotive production

growth

Significant improvement in profitability to 6.9%

of sales (+70bps yoy), with an operating margin

at 7.0% in H2

Net cash flow of €435m

EPS of €4.42

* At constant currencies & scope, incl. JVs consolidation

SALES

OPERATING INCOME

2016 2017

2016 2017

€15,613.6m

€16,962.2m

€970.2m

€1,170.3m

6.2% of VA sales

6.9% of VA sales

+10.6%*

LV production +2.3%

+20.6%

Annual General Shareholders Meeting - May 29, 2018

All Business Groups in all regions posted strong organic* sales growth and strongly outperformed

worldwide automotive production growth

All Business Groups posted organic growth above 8%,

− Interiors had growth of +14.8%

All regions outperformed regional market by more than 500bps

− North America outperformed by 960bps (+5.6% vs. -4.0%)

and Asia by 1,540bps (+18.1% vs. +2.7%)

All Business Groups posted double-digit growth in operating income

All regions posted strong growth in operating income, with Europe up 20%.

South America back to profitability

Over 200 programs launched and increased investment in innovation

7

Strong financial performance achieved whilst managing growth

and innovation investment

* At constant currencies & scope, incl. JVs consolidation Annual General Shareholders Meeting - May 29, 2018

Net income from continued operations up 34%, to €714m

In €m 2016 2017 Change

Value-added sales 15,613.6 16,962.2 +8.6%

Operating income

as % of VA sales

970.2

6.2%

1,170.3

6.9%

+20.6%

+70bps

Restructuring & other non-recurring operating inc. and exp. (105.8) (97.3)

Net interest expense & other financial income and expenses (162.4) (131.3)

Income before tax of fully consolidated companies 702.0 941.7 +34.1%

Corporate income taxes

as % of pre-tax income

(189.2)

(26.9%)

(261.8)

(27.8%)

Net income before tax of fully consolidated companies 512.8 679.9 +32.6%

Share of net income of associates 19.7 34.6

Net income from continued operations 532.5 714.5 +34.2%

Net income from discontinued operations 188.3 (7.4)

Consolidated net income, before minority interest 720.8 707.1 -1.9%

Minority interest (83.0) (96.9)

Consolidated net income, Group share 637.8 610.2 -4.3%

Annual General Shareholders Meeting - May 29, 2018 8

On track to continuously enhance cash flow generation

9

In €m 2016 2017 Change

Operating income 970.2 1,170.3 +20.6%

Depreciation and amortization 669.1 719.0

EBITDA 1,639.3 1,889.3 +15.3%

Change in WCR 162.5 213.0

Capex and Capitalized R&D (1,044.9) (1,207.5) +15.6%

Restructuring (63.5) (88.3)

Finance expenses (132.0) (124.5)

Taxes (257.7) (286.5)

Other (operational) 154.8 39.8

Net cash flow 458.5 435.3 -5.1%

Recurring net cash flow 332.5 435.3 +30.9%

% of VA sales 2.1% 2.6%

% of EBITDA 20% 23%


10

Above 7% of sales

Above €500m €5

2018

Sales growth

2018

Operating

margin

2018

Net cash

flow

2018

Earnings

per share

2018 GUIDANCE

At least +7*% +500 bps above market

2018 guidance shows increased growth

CAGR 2016 – 2018 >+8%

Annual General Shareholders Meeting - May 29, 2018 * At constant currencies


Strong sales growth* of +9.3%, outperforming worldwide

automotive production growth** by 960bps

Excluding a significant negative currency impact of -6.7%

Including €57m (or +1.4%) from bolt-ons

All three Business Groups posted solid growth*

Seating: +7.5%

Interiors: +14.0%

Clean Mobility: +6.8%

Sales growth* outperformed automotive production in all regions

Europe: +9.1% (+920bps vs market)

North America: +4.2% (+690bps vs market)

Asia: +15.2% (+1,570bps vs market)

South America: +23.3% (+1,150bps vs market)

Strengthened confidence in FY 2018 guidance

Q1 2018

Strong sales growth at constant currencies

€4,203m

€4,315m

Q1 2017 Q1 2018

-6.7%

+9.3%

Currency effect Sales growth*

€(281)m

€392m

* At constant currencies

** Source: IHS forecast April 2018

Vs. automotive

production

growth** of -0.3%

Share price up by 77% in 2017

+13% since January 1, 2018 (at closing May 25, 2018)

Market capitalization in €bn

Faurecia outperforms CAC 40

5 times

Significant rerating in 2017

Rerating supported by solid track

record and perception as

a technology company

Integration in the CAC Next 20

Faurecia share price CAC 40 Euro STOXX / Automobiles & Parts

SHARE PRICE AND MARKET CAPITALIZATION

12 Annual General Shareholders Meeting - May 29, 2018

+10%

+20%

+99%

€73.74

5.1 5.1

9.0

10.2


Faurecia S.A. financial statements

2016

2017

€ millions

Total sales

Operating margin

Financial and other expenses (net)

Exceptional income and expenses

Corporate taxes

Net income

302.2

26.4

39.9

8.1

25.6

99.9

290.9

13.4

64.4

(1.8)

18.3

94.4

Proposed dividend of €1.10 per share, up 22% year-on-year

14

Faurecia will propose to shareholders a dividend

of €1.10 per share

It will be payable in cash on 5 June 2018

This dividend represents a pay-out ratio of 25%

of net income Group share, reflecting:

The Group’s confidence in its capability

to generate profitable growth

and enhanced cash flow

Its commitment to create shareholder value

* Subject to approval at todays' Annual Shareholders’ Meeting

DIVIDEND PER SHARE


2015 2016 2017

€0.65

€0.90

€1.10*

Proposal for appropriation of net income

ORIGIN

Net income for the financial year 94,364,262.41 €

Retained earnings from previous years 1,227,485,803.32 €

Total to be allocated 1,321,850,065.73 €

APPROPRIATION

Statutory reserve Fully allocated

Dividend 151,839,381.10 €

Retained earnings 1,170,010,684.63 €

Total appropriation 1,321,850,065.73 €

Annual General Shareholders Meeting - May 29, 2018 15

Faurecia

Transformation

Patrick Koller

CEO

Faurecia Transformation

17

2020 Financial Targets

Growth in New Value spaces and 2025 Ambition

Transformation into European Company

1

2

3

Annual General Shareholders’ Meeting - May 29, 2018

Net Cash Flow

4% of sales

Operating Margin

8% of sales

Sales

> €20bn

Our 2020 targets confirm our strong potential

2020 FINANCIAL TARGETS



Our sales growth target is above 20 billion euros in 2020

> €20bn

2017 2018e 2019e 2020e

Awarded

>50%

€17bn Targeted

<5%

Current

45%

RECORD 2015-2017 ORDER INTAKE

2013-2015 2014-2016 2015-2017 2017 2020e

€47bn

€53bn

€62bn

SALES IN CHINA

40%

16%

€2.2bn

c. €4.5bn

C-OEMs

Non

C-OEMs

x2 Record 2015-2017 order intake and current

order book secure growth at > 7% CAGR

Commercial vehicles CAGR > 15%

driven by NOx and particulate matter

regulations particularly in China and India

15 new customers in 2017

Sales in China to double

70% CAGR with Chinese OEMs

Order intake represented €6.7bn in 2017

> 95% of 2020 SALES SECURED

CAGR

+15%

CAGR

>7%

Addressable market

2015 2017 2020

China global 32% 43% > 60%

Chinese OEMs 25% 46% 66%

2020 Sales

> €20bn

2017 2020e

2017 2020e

2017 2020e

Our profitable growth is driven by geographic,

product and customer mix

SALES BY REGION Favorable regional mix

50%

26%

17%

6%

Europe

North

America

Asia

RoW

2017 €17bn

48%

23%

25%

Europe

North

America

Asia

RoW

2020e >€20bn

Growing share of sales in Asia

Increasing technology content

per vehicle on SUV & Premium

(growth accelerates from 2020)

Growth in New Value Spaces

(represent €3.5bn in lifetime sales)

SALES BY CUSTOMER TYPE Favorable customer mix

New Value Spaces

Premium & SUVs (incl. EVs)

Chinese OEMs

€6.7bn

€8.0bn

€0.4bn

€1.8bn

€0.5bn

€2.0bn

4%

2020 OM

8% of sales


FAVORABLE IMPACT

ON OPERATING MARGIN

Our Group initiatives will drive 8% operating margin by 2020

“Global R&D Power" and "Blockchain for Program Management”

30% reduction in hourly rate for engineering in Europe and USA

through increasing resources in India

-20% hours/application through digital productivity

Reduce development time using blockchain technology

“Global Business Services”

Centralization of five support functions from 34 locations

to 5 main regional operations centers

Savings

€100m*

“Operational Excellence”

Monthly plant ranking according to their performance

Quarterly mid-term risk assessment by plant

Acceleration in digital transformation

2020 OM

8% of sales

* Cumulated net savings 2018 - 2020

Savings

€280m*

Savings

€120m*


We target to increase cash generation to 4% of sales

€435m

2.6% €800m

4.0% +140 bps

+40 bps

+40 bps -45 bps

-10 bps

NCF

2020

WCR

from sales

growth

Capex

prioritization Conversion

cycle

acceleration

EBITDA

increase

NCF

2017

-35 bps

Regional

mix (China)


2020 Net Cash Flow

4% of sales

"CONVERT2CASH"

INITIATIVE

Reduce overdues

Focus on cash generation

of order intake

Rigorous management

of vertical integration

Optimize inventory management

Massify supplier base

23

28%

2018-2010

Confirming our profitable growth potential

2017 – 2018

Clear strategy deployment focused on

Sustainable Mobility and Smart Life on Board

2018 – 2020

Accelerating profitable growth and cash

generation whilst investing in our future

+€1 billion of sales per year on average

Net cash flow up 80% vs 2017

2020 OM of c. 8.5% excluding NVS

De-risked profile and increased resilience

throughout the cycle

ROCE to reach 30% in 2020

including temporary impact of c. 300bps

from investment in NVS 2017-2020

2020

OM target

8% of sales

2020

Net Cash Flow

4% of sales

2020

Sales target

> €20bn

30%

33%

Investment in NVS

2017 2020e




Growth in New Value Spaces and 2025 Ambition


1

2

3


Four megatrends (CARE) are disrupting the automotive industry

CONNECTED AUTONOMOUS RIDE-SHARING ELECTRIFIED

Seamless continuity

between home

and vehicle

Creating new user

experiences

Specific interiors

individualized

and adaptable

New interior

architectures


AN UNPRECEDENTED DISRUPTION

Powertrain mix and automation driving the technology revolution

18% 12% 9%

77%

50% 43%

30%

35%

Diesel

Gasoline

Hybrid

Battery EV

2030

11%

2017

4%

2025

8%

1%

2% Fuel cell EV

92m

vehicles

107m

vehicles

113m

vehicles

27

AUTOMATION LEVELS

5 Full

automation

4 High

automation

3 Conditional automation

2 Partial

automation

1 Driver

Assistance

Autonomous driving

in all circumstances

Full autonomous drive

limited to specific environments

Driver has to take control

back from car at any time

Limited autonomous drive

in very specific conditions

Driver is assisted

but controls vehicle at all times

POWERTRAIN MIX


Nearly 50% of the market will be electrified by 2030 15% autonomous driving vehicles (level 4+) by 2030

Our strategy is aligned with the megatrends

Sustainable Mobility Solutions for fuel efficiency

and air quality

Smart Life on Board Solutions for a connected,

versatile and predictive cockpit

Addressable

market

€51 bn

in 2030

Addressable

market

€81 bn

in 2030


A technology organisation to accelerate innovation and transformation

FAURECIA TECH

DIGITAL SERVICES FACTORY

PARTNERSHIPS

ACADEMICS

TECHNOLOGY PLATFORMS

START-UPS

INCUBATOR DIVISIONS Smart Life on Board

SCALE UP DIVISIONS

Sustainable Mobility


PARTNERSHIPS

START-UPS

A technology ecosystem and new competences

to accelerate innovation and transformation

ACQUISITIONS


Relative importance of powertrain driven by regulation, use cases and cost

Stringent regulations and new

technology breakthroughs

All markets getting emissionized

including China and India

Commercial Vehicles, High

Horsepower engines & Industry

Nearly 50% of the market

will be electrified by 2030

Smart Cities will drive new mobility

requirements

High

horsepower

GDI Diesel Hybrid Natural

Gas

INTERNAL COMBUSTION ENGINE

BEV FCEV

ZERO EMISSIONS

Light vehicles


Europe > 2l

Trucks

Utility Commercial

vehicles

31

3.9 4.2

1.7

Low Pressure Exhaust Gas Recirculation (LP-EGR)

Electric heated catalyst (EHC)

Light vehicles

Capturing market share through best-in-class technology

2017 2025

€150 €190

15.1 20.1

26% 29%

Market size (€bn)

Market share

Content per vehicle

Core business

Innovative

products

€5.9bn

BUSINESS OBJECTIVES TO 2025 KEY INNOVATIVE PRODUCTS

€3.9bn

CAGR +5%

-3% CO2 Target

SOP 2021

-5% CO2 Target

SOP 2023

Exhaust Heat Recovery System (EHRS) generation 3

-2% CO2 Target

SOP 2020

Up to 30% weight

and volume reduction

Compact & lightweight system

Started


Commercial Vehicles & High Horsepower

Growing market share through partnerships and acquisitions

REGULATIONS

China, India emissionized

from 2020

(50% global market)

Ultra-Low NOx expected

2025 US/Europe

PARTNERSHIP STRATEGY

Global strategic

relationship with Cummins

Joint ventures in China

COMMERCIAL VEHICLES

2025

> €600

ASDSTM: 90% de-NOx

at low temperature

Faurecia

content per

vehicle

Faurecia

technology

advantage

Target market

share 25%

HIGH HORSEPOWER

Faurecia

sales

Faurecia

technology

advantage

ACQUISITION OF HUG

ENGINEERING

Market leader

(12% market share)

Drive globalization

and market

consolidation

Vertical integration

2025

€400m

Energy recovery,

next generation de-NOx

Connected Services

Target market

share 17%


Zero emissions: Our ambition is to become a major player

in vehicle electrification and the fuel cell alternative

BATTERY ELECTRIC VEHICLE

Faurecia

content per

vehicle

Faurecia

technology

advantage

FULL BATTERY MODULE 2025

> €600

Best in class packaging

Lower center of gravity

Assembly cost savings

FUEL CELL ELECTRIC VEHICLE

H2 TANKS & VALVE 2020

€2,750 100KW system

(2 tanks)

35KW range Extender (1 tank)

€1,550

Faurecia

content per

vehicle

25% lighter

Best-in-class valve

with one stage

decompression

Faurecia

technology

advantage

FUEL CELL STACK SYSTEM 2023

€3,300

€1,700

Best-in-class power density


20%

9%

Growth potential in Sustainable Mobility confirmed

Driven by innovation and zero emissions

SALES (€bn)

Zero Emissions

High Horsepower

Commercial Vehicles

Light Vehicles

Baseline

Light Vehicles

Innovative products 14%

€11.7bn

2030e

€4.5bn

3.9

0.5

2017

€8.4bn

4.2

1.1

0.4

1.7

1.0

2025e

3.6

0.8

2.5

1.5

3.3 15%

42%

Innovation €350m - €400m

Capex €600m - €650m

Patents filed 1,100 to 1,300

Key figures 2018-2025

(cumulated New Value Spaces)

Strategic freedom vs powertrain

mix

CAGR +8%


The interior becomes the new differentiator

CONNECTED PREDICTIVE VERSATILE


User experience drives development of New Value Spaces

"You have an individual safety cocoon in all positions"

"You feel better at the end of your journey.

You collect pertinent data

for your predictive health care"

"You always feel the perfect temperature

and air quality"

"You have a personal sound bubble

with no interference"

ADVANCED

SAFETY ENHANCED HEALTH

AND WELLNESS PERSONALIZED CLIMATE

COMFORT AND AIR QUALITY IMMERSIVE

SOUND EXPERIENCE


Strategy to significantly increase our addressable market

through the creation of a "triple win" offer

NEW SMART SYSTEMS

SYSTEMS INTEGRATION

CORE BUSINESS MODULES

Personalized and improved

user experience

(Cockpit Intelligence Platform)

Creating improved performance

of functions through new technologies

and latest generation software

(Postural & thermal comfort

and individual sound bubble)

Integrating of new functions

into core product to enhance

performance

(Rotating seats)

Value creation for consumers, automakers and Faurecia

2017 2025

Evolution of content per vehicle

€150 €1,600

€100 €1,450

€800 €2,400 €700 €2,300

Total €1,200 €1,725 up to €5,450


40

A significant Smart Life on Board growth ambition

33% per year from 2020

SMART LIFE ON BOARD NEW VALUE SPACES SALES

2017 2020e

Seating

Interiors

2025e

Cockpit

of the Future

€1.0bn

€4.2bn

Innovation €650m - €700m

Capex €350m - €400m

Patents filed 3,500 to 4,000

Key figures 2018-2025 cumulated:

0

Growth largely independent

of autonomous driving deployment

CAGR

+33%


2017 2020e

Our ambition is to reach 30 billion euros of sales in 2025

2025e 2020e 2017

16.5

CAGR

+28%

23.2

CAGR

> +8%

SALES (€bn)

New Value Spaces

Core

6.8

> 18.0

2.0

0.5

€17bn

€30bn*

> €20bn

2020

Net Cash Flow

4% of sales

OM

8% of sales CAGR

> +7%

* Including €1.5bn of bolt-ons Annual General Shareholders’ Meeting - May 29, 2018 43

our

convictions

our

values

The world is in a state of permanent disruption

Diversity is a strength

Environmental issues pose a serious challenge

for humanity

Power must have a counterbalance

Short term thinking jeopardizes future generations

Companies must have a positive impact on society

Autonomy

Respect

Entrepreneurship

Exemplarity

Accountability

Energy 44


45


Growth in New Value spaces and 2025 Ambition


1

2

3


Transformation into European Company (SE)

Resolutions 16 and 17

Better reflect the European dimension of the Group

Europe represents close to 50% of Faurecia sales

Faurecia employs 45,000 people in 16 European countries, with 10.000 in France

Strengthen the Group's international image and attractiveness

No significant change to bylaws or governance

Capital stock and stock exchange listing unchanged

Head office remains in Nanterre where the company will move into a modern

and performant building by the end of 2018

46

Governance

and compensation

Jean-Pierre Clamadieu

Linda Hasenfratz


Appointment of Michel de Rosen as Chairman of the Board of Directors with effect

after the May 30, 2017 AGM by decision of the April 11, 2017 Board of Directors

Cooptation, subject to ratification under resolution 5, of Valérie Landon in replacement

of Amparo Moraleda from October 12, 2017

Start of term of Daniel Bernardino and Emmanuel Pioche, Board members representing the employees,

from November 1st, 2017

Resignation of Jean-Pierre Clamadieu after the present AGM

At the outcome of the present AGM, Board of Directors composed of 15 members out of which:

2 Board members representing the employees

6 women

8 independent Board members

Governance evolutions and Board composition


Conversion of Faurecia into a European Company

(Resolutions 16 and 17)

Approval of the conversion (Resolution 16)

Definitive conversion when the negotiation concerning the implementation

and functioning of the European Company committee is over

Adoption of Faurecia bylaws under its new form (Resolution 17)

Applicable from the definitive conversion of Faurecia into a European Company


Amendment of Article 5 of the bylaws to extend in advance the term of Faurecia

Extension for an additional duration of 99 years from the present AGM

i.e. until May 28, 2117

Extension of the duration of Faurecia

(Resolution 15)


Global annual attendance fees increased to €700,000 from year 2018

Current global annual fees (€600,000) unchanged since 2015

Increase of the number of Board members eligible to receive attendance fees

Revision of the payment scale

Attendance fees

(Resolution 6)


Say on Pay of the Chairman of the Board of Directors

Say on Pay

Chairman of the Board of Directors

Yann Delabrière (until May 30, 2017)

Michel de Rosen (from May 30, 2017)


Say on Pay ex ante of the Chairman of the Board of Directors

(Resolution 7)

Vote on the principles and criteria used to determine the compensation

of the Chairman of the Board of Directors

The compensation of the Chairman of the Board of Directors consists only

in annual fixed compensation. A company car is also provided

No other compensation (variable, attendance fees, exceptional compensation)

is anticipated

Use of a benchmark to determine the fixed compensation (French listed companies

with dissociated governance structure)

Taking into account of the profile and of the duties of the Chairman


Say on Pay ex post - Yann Delabrière, Chairman of the Board of Directors

(Resolution 9)

Vote on the components of the compensation of Yann Delabrière in 2017

as Chairman of the Board of Directors (until May 30, 2017)

Nature of the compensation Amount owed Amount paid in 2017/Valuation

Fixed compensation € 300,000 on an annual basis €125,000

Valuation of in kind benefits (company car)

-

€3,071

Total - €128,071


Say on Pay ex post - Michel de Rosen, Chairman of the Board of Directors

(Resolution 10)

Vote on the components of the compensation of Michel de Rosen in 2017

as Chairman of the Board of Directors (from May 30, 2017)

Nature of the compensation Amount owed Amount paid in 2017/Valuation

Fixed compensation €300,000 on an annual basis €175,000


- €2,076

Total - €177,076


Performance shares

(Resolution 14)

Authorization to issue performance shares

Within the limit of 2 million shares for the whole duration of the authorization (26 months)

Shares to be granted to executive and non-executive corporate officers being limited

to 10%

Minimal vesting period of 3 years, the Board of Directors being free to fix a holding period

Presence condition and performance conditions


Say on Pay of the CEO

Say on Pay

CEO

Patrick KOLLER


Say on Pay ex ante of the CEO

(Resolution 8)

Vote on the principles and criteria used to determine the compensation of the CEO

The compensation of the CEO consists of the following components:

Compensation Determination method

Fixed compensation Determined by using a benchmark (twenty similar industrial companies listed in Paris, with comparable revenues, capitalization and headcount)

Short-term variable compensation(annual)

It may vary from 0 to 180% of the fixed compensation depending on the

achievement of : – Quantitative objectives giving right to a variable compensation ranging

from 0 to150% of the annual fixed compensation; – Qualitative objectives which, depending on the level of achievement,

allow a multiplier effect of the quantitative objectives ranging from 0.70 to 1.20





(Resolution 8)

Compensation Determination method

Long-term variable compensation

(performance shares)

Has a weighting within the overall compensation which is equal to the short term variable compensation at maximum Subject to a presence condition and to performance conditions: - Internal condition: after-tax net income of the Group, before taking into account potential

exceptional events ; - External condition: growth in net earnings per Faurecia share as compared with weighted

growth of a reference group of twelve worldwide comparable automotive suppliers

Other

- No exceptional compensation is anticipated - Company car

- Medical / Life / Disability insurance



(Resolution 8)

Pension and severance payment

Determination method

Defined contribution

pension scheme Similar for Group management staff

Additional defined benefit pension scheme made

of two parts

- A scheme open to Group management staff and subject to specific performance conditions

for the CEO - An additional scheme set up for Executive Committee members and subject to identical

performance conditions for all beneficiaries

Severance payment

Justified by the fact that the Board of Directors decided that the CEO can not be an employee

and as a consequence can not enjoy the protective regime attached to such status Subject to performance conditions Is not due in case of gross misconduct, resignation or retirement




Say on Pay ex post – Patrick Koller, CEO

(Resolution 11)

Vote on the components of the compensation of Patrick Koller in 2017 as CEO

Nature of the compensation Determination modalities/ Percentage of achievement Amount paid in 2017/Valuation

Fixed compensation € 750,000 on an annual basis €750,000

Variable compensation Base: 100% of the fixed compensation paid

Quantitative objectives achieved up to150 % Qualitative objectives : multiplier effect of 1.15

€1,293,750

Valuation of performance shares allocated during the year

39,400 shares allocated (maximum). Will be definitively vested in July 2021 subject to a presence condition

and to the achievement of internal and external performance conditions as at December 31, 2019

€1,369,437


-

€ 3,068

Total €3,426,255

Statutory Auditors

Reports

Eric Bertier, PWC Audit

Jean-Roch Varon, E&Y Audit

annual general may 29, 2018 shareholders’ meeting · 5/29/2018 · annual general shareholders...

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