HERMÈS - 2018 Registration document

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Content2
MESSAGE FROM THE EXECUTIVE MANAGEMENT7
HIGHLIGHTS 20188
1. OVERVIEW OF THE GROUP11
1.1 STAGES OF THE GROUP’S HISTORY13
1.2 GROUP GOVERNANCE17
1.3 KEY FIGURES18
1.3.1 BREAKDOWN OF REVENUE BY MÉTIER 2018 VS. 201718
1.3.2 BREAKDOWN OF REVENUE BY GEOGRAPHICAL AREA 2018 VS. 201718
1.3.3 KEY CONSOLIDATED DATA18
1.3.4 CHANGE IN CONSOLIDATED REVENUE19
1.3.5 CHANGE IN RECURRING OPERATING INCOME19
1.3.6 CHANGE IN THE NUMBER OF EXCLUSIVE RETAIL STORES19
1.3.7 OPERATING INVESTMENTS AND OPERATING CASH FLOWS19
1.4 ACTIVITY BY MÉTIER20
1.4.1 LEATHER GOODS & SADDLERY20
1.4.1.1 Bags and luggage20
1.4.1.2 Diaries, small leather goods and writing objects21
1.4.1.3 Raw materials21
1.4.1.4 Equestrianism21
1.4.2 READY-TO-WEAR AND ACCESSORIES22
1.4.2.1 Women’s ready-to-wear22
1.4.2.2 Men’s ready-to-wear22
1.4.2.3 Accessories22
1.4.3 SILK AND TEXTILES23
1.4.3.1 Women’s silk23
1.4.3.2 Men’s silk23
1.4.4 OTHER HERMÈS MÉTIERS23
1.4.4.1 Jewellery24
1.4.4.2 The Art of living and the Art of Hermès Tableware24
1.4.5 PERFUMES24
1.4.6 WATCHES24
1.4.7 OTHER PRODUCTS AND BRANDS25
1.4.7.1 Cristallerie Saint-Louis25
1.4.7.2 Puiforcat25
1.4.7.3 Bootmaker John Lobb26
1.4.7.4 Textiles26
1.4.7.5 Tanning and Precious Leathers26
1.4.7.6 Hermès Horizons26
1.4.7.7 Petit h27
1.4.7.8 Shang Xia27
1.4.8 PARTNERSHIPS27
1.4.8.1 Faubourg Italia27
1.4.8.2 J3L27
1.4.8.3 Perrin & Fils27
1.4.8.4 Vaucher Manufacture Fleurier27
1.4.8.5 Bettina27
1.4.8.6 Maison Pierre Hardy27
1.5 ACTIVITY BY GEOGRAPHIC AREA28
1.5.1 EUROPE28
1.5.2 AMERICAS29
1.5.3 ASIA-PACIFIC29
1.5.4 HERMÈS POINTS OF SALE WORLDWIDE30
1.5.5 DIGITAL STRATEGY33
1.6 SIMPLIFIED GROUP ORGANISATIONAL CHART34
1.6.1 SUMMARY DESCRIPTION OF THE GROUP AS AT 31 DECEMBER 201834
1.6.2 PRODUCTION FACILITIES35
1.7 PROPERTY37
1.8 FONDATION D’ENTREPRISE37
1.9 RISK FACTORS38
1.9.1 RISKS RELATED TO STRATEGY AND OPERATIONS39
1.9.1.1 Limiting industrial and environment risks39
1.9.1.2 Controlling and securing supplies39
1.9.1.3 Balancing and safeguarding our distribution39
1.9.1.4 Minimising risks to property assets40
1.9.1.5 IT risk monitoring and prevention40
1.9.1.6 Protecting the health and safety of consumers40
1.9.1.7 Recruiting and training employees and craftsmen in the standards of excellence required by the Group40
1.9.2 LEGAL AND REGULATORY RISKS41
1.9.2.1 Compliance with applicable laws and regulations in all areas41
1.9.2.2 Protecting and defending intellectual property rights and combating counterfeiting41
1.9.3 RISKS BEARING ON SOCIAL, SOCIETAL AND ENVIRONMENTAL RESPONSIBILITY41
1.9.3.1 Preventing the risk of serious violations of human rights, fundamental freedoms, and the health and safety of people42
1.9.3.2 Preventing risks associated with our natural materials, supply chain, regulatory compliance on environmental matters and carbon emissions42
1.9.4 FINANCIAL RISKS42
1.9.4.1 Conservative cash management42
1.9.4.2 Control over exchange rate risk42
1.9.4.3 Control of counterparty risk43
1.9.4.4 Financial risks related to changes in, complexity and interpretation of tax regulations43
1.9.4.5 Financial risks related to climate change43
1.9.5 INSURANCE POLICY AND RISK HEDGING44
1.9.6 INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS ESTABLISHED BY THE COMPANY44
1.9.6.1 Objectives of risk management at Hermès International44
1.9.6.2 Control environment44
1.9.6.3 Scope of the risk management and internal control systems45
1.9.6.4 Parties responsible for risk management and internal control45
1.9.6.5 Risk management system47
1.9.6.6 Internal control system in response to risks47
1.10 INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES RELATING TO THE PREPARATION AND PROCESSING OF ACCOUNTING AND FINANCIAL INFORMATION50
1.10.1 OBJECTIVES OF RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS AT HERMÈS INTERNATIONAL50
1.10.2 INTERNAL CONTROL SYSTEM FOR ACCOUNTING AND FINANCIAL INFORMATION50
2. CORPORATE SOCIAL RESPONSIBILITY53
2.1 BUSINESS MODEL55
2.1.1 A SET OF SHARED VALUES SINCE 183755
2.1.2 A STRATEGY OF CONTROLLED GROWTH56
2.1.3 IMPASSIONED WOMEN AND MEN56
2.1.4 MAIN RESOURCES57
2.1.5 MAIN ACTIVITIES58
2.1.6 MAIN ACHIEVEMENTS59
2.1.7 MAIN CSR CHALLENGES60
2.1.8 GOVERNANCE AND CRS POLICY60
2.2 PEOPLE: SAVOIR-FAIRE63
2.2.1 CHALLENGE: PRESERVING AND DEVELOPING SAVOIR-FAIRE63
2.2.1.1 Policy63
2.2.1.2 Measures implemented63
2.2.2 CHALLENGE: PASSING ON A CULTURE67
2.2.2.1 Policy67
2.2.2.2 Measures implemented and results67
2.2.3 CHALLENGE: RECRUITING TALENTS67
2.2.3.1 Policy67
2.2.3.2 Measures implemented67
2.2.3.3 Results69
2.2.4 CHALLENGE: INTEGRATING SUSTAINABLE DEVELOPMENT IN OUR SAVOIR-FAIRE69
2.2.4.1 Policy69
2.2.4.2 Measures implemented and results69
2.2.5 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)70
2.3 PEOPLE: TEAMS71
2.3.1 CHALLENGE: THE WELL-BEING AND FULFILMENT OF EMPLOYEES71
2.3.1.1 Policy71
2.3.1.2 Measure implemented and results71
2.3.1.3 Results79
2.3.2 CHALLENGE: MAINTAINING DIVERSITY80
2.3.2.1 Policy80
2.3.2.2 Measures implemented and results81
2.3.3 CHALLENGE: ETHICS AND SHARING VALUES83
2.3.3.1 Policy83
2.3.3.2 Measures implemented and results83
2.3.4 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)86
2.4 PLANET: RAW MATERIALS87
2.4.1 CHALLENGE: SECURING HIGH-QUALITY SUPPLIES87
2.4.1.1 Policy87
2.4.1.2 Measures implemented and results87
2.4.2 CHALLENGE: MANAGING MATERIALS SPARINGLY90
2.4.2.1 Policy90
2.4.2.2 Measures implemented and results90
2.4.3 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)92
2.5 PLANET: ENVIRONMENT93
2.5.1 CHALLENGE: COMPLYING WITH REGULATIONS94
2.5.1.1 Policy94
2.5.1.2 Measures implemented94
2.5.1.3 Results95
2.5.2 CHALLENGE: LIMITING CONSUMPTION OF NATURAL RESOURCES (WATER, ENERGIES)95
2.5.2.1 Policy95
2.5.2.2 Measures implemented and results95
2.5.3 CHALLENGE: MANAGING OUR GREENHOUSE GAS EMISSIONS103
2.5.3.1 Policy103
2.5.3.2 Measures implemented and results103
2.5.4 CHALLENGE: MANAGING WASTE105
2.5.4.1 Policy105
2.5.4.2 Measures implemented and results105
2.5.5 CHALLENGE: RESPECTING AND PRESERVING BIODIVERSITY108
2.5.5.1 Policy108
2.5.5.2 Measures implemented108
2.5.5.3 Results109
2.5.6 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)111
2.6 COMMUNITIES: SUPPLIERS & PARTNERS113
2.6.1 CHALLENGE: LONG-TERM PARTNERSHIPS AND WORK WITH SOCIALLY SUPPORTED ORGANISATIONS113
2.6.1.1 Policy113
2.6.1.2 Measures implemented and results114
2.6.2 CHALLENGE: SUPPORTING SUPPLIERS115
2.6.2.1 Policy115
2.6.2.2 Measures implemented and results116
2.6.2.3 Risk mapping117
2.6.2.4 Alert Mechanism119
2.6.2.5 System for monitoring major issues119
2.6.2.6 Evaluation and control120
2.6.3 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)121
2.7 COMMUNITIES: STAKEHOLDERS AND LOCAL INTEGRATION122
2.7.1 CHALLENGE: TERRITORIAL RESPONSIBILITY IN FRANCE122
2.7.1.1 Policy122
2.7.1.2 Measures implemented and results122
2.7.2 CHALLENGE: A SOCIALLY RESPONSIBLE COMPANY124
2.7.2.1 Policy124
2.7.2.2 Measures implemented and results124
2.7.3 CONTRIBUTION TO THE UN’S SUSTAINABLE DEVELOPMENT GOALS (SDGs)127
2.8 REPORT BY ONE OF THE STATUTORY AUDITORS, APPOINTED AS INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED NON-FINANCIAL PERFORMANCE STATEMENT IN THE MANAGEMENT REPORT129
3. CORPORATE GOVERNANCE135
3.1 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE137
3.1.1 THE COMPANY’S CORPORATE GOVERNANCE CODE137
3.1.1.1 Corporate governance principles applied137
3.1.1.2 Provisions of the AFEP-MEDEF Corporate Governance Code, revised in June 2018, not applied by virtue of the Company’s legal form or other reasons - newly complied with137
3.1.2 ORGANISATIONAL STRUCTURE OF HERMÈS INTERNATIONAL140
3.1.3 ADMINISTRATIVE AND MANAGEMENT BODIES141
3.1.3.1 Changes in 2018141
3.1.3.2 Succession plan for Senior Executives141
3.1.3.3 The Group’s management (role and composition, list of offices and functions performed)141
3.1.4 SUPERVISORY BOARD: COMPOSITION AND CONDITIONS GOVERNING THE PREPARATION AND ORGANISATION OF WORK151
3.1.4.1 Changes in the composition of the Supervisory Board over the year151
3.1.4.2 Succession plan for the Chairman of the Supervisory Board151
3.1.4.3 Summary presentation of the members of the Supervisory Board as of 31 December 2018152
3.1.4.4 Composition of the Supervisory Board154
3.1.4.5 Diversity policy applied within the Supervisory Board172
3.1.4.6 Independence of the members of the Supervisory Board176
3.1.4.7 Business ethics of the Supervisory Board178
3.1.4.8 Functioning of the Supervisory Board180
3.1.4.9 Activities of the Supervisory Board181
3.1.4.10 Evaluation of the Supervisory Board and Committees183
3.1.4.11 Specialised committees185
3.1.5 COMPENSATION AND BENEFITS PAID TO CORPORATE OFFICERS193
3.1.5.1 Compensation policy guidelines for Executive Chairmen (Executive Corporate Officers)193
3.1.5.2 Compensation policy guidelines for the Chairman of the Supervisory Board (non-Executive Corporate Officer)196
3.1.5.3 2018 compensation (not subject to the General Meetings’s ex-ante vote since inapplicable)196
3.1.5.4 Compensation paid in 2018 (subject to the General Meetings’s ex-post vote)196
3.1.5.5 Tables required by the AFEP-MEDEF Code for the presentation of certain elements of compensation197
3.1.5.6 2019 Compensation policy (not subject to the General Meeting’s ex-ante vote since inapplicable)203
3.1.5.7 Compensation for the Active Partner204
3.1.5.8 Compensation of the Supervisory Board, Audit and Risk Committee and CAG-CSR Committee204
3.1.6 RELATED-PARTY AGREEMENTS AND COMMITMENTS205
3.1.7 SUMMARY TABLE OF THE USE OF FINANCIAL DELEGATIONS OF AUTHORITY205
3.1.8 CAPITAL STRUCTURE AND FACTORS LIABLE TO AFFECT THE OUTCOME OF A PUBLIC OFFERING208
3.1.9 SPECIAL TERMS AND CONDITIONS FOR ATTENDING GENERAL MEETINGS208
3.1.10 APPENDICES209
3.1.10.1 Supervisory Board Rules of Procedure209
3.1.10.2 CAG-CSR Committee rules of procedure212
3.1.10.3 Audit Committee and Risk rules of procedure214
3.2 ETHICS – COMPLIANCE216
3.2.1 COMMITMENTS216
3.2.1.1 Promotion of and compliance with conventions on human rights and fundamental rights216
3.2.1.2 Ethics Charter216
3.2.1.3 Code of business conduct217
3.2.1.4 Personal data protection and respect for privacy218
3.2.2 ORGANISATION219
3.2.2.1 Ethics Committee219
3.2.2.2 General Counsel Compliance and Public Affairs219
3.2.2.3 Compliance and Vigilance Committee219
3.2.2.4 Group Data Protection Officer219
3.2.2.5 Personal data protection governance219
3.2.3 IMPLEMENTATION220
3.2.3.1 Corruption220
3.2.3.2 Vigilance222
3.2.3.3 Personal data protection and respect for privacy222
3.2.4 CONTROL223
3.2.4.1 Professional whistleblowing system223
3.2.4.2 Sanctions system223
3.2.4.3 Audit of the application of ethical values223
3.2.4.4 Training on ethical issues223
3.2.4.5 Network of compliance liaison officers within the Group224
3.3 OTHER INFORMATION FROM THE EXECUTIVE MANAGEMENT'S REPORT225
3.3.1 INTERESTS OF CORPORATE OFFICERS AND EXECUTIVE COMMITTEE MEMBERS IN THE SHARE CAPITAL225
3.3.2 STATEMENTS BY CORPORATE OFFICERS226
3.3.3 ALLOCATION OF FREE SHARES AND STOCK OPTIONS226
3.3.3.1 General free share and stock option allocation policies226
3.3.3.2 Free share allocation plans in effect226
3.3.3.3 Stock purchase options226
3.3.3.4 Stock subscription options226
4. COMMENTS ON THE FINANCIAL YEAR AND OUTLOOK229
4.1 COMMENTS ON THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS230
4.2 COMMENTS ON THE SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS231
4.2.1 FINANCIAL POSITION231
4.2.2 INVESTMENTS232
4.3 CREATION OF VALUE233
4.4 EXCEPTIONAL EVENTS233
4.5 INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS, ON ACCOUNTS PAYABLE DUE DATES, SUBSIDIARIES AND ASSOCIATES234
4.5.1 INFORMATION ON PARENT COMPANY FINANCIAL STATEMENTS234
4.5.1.1 Revenue234
4.5.1.2 Statement of financial position and statement of profit or loss234
4.5.2 INFORMATION ON ACCOUNTS PAYABLE DUE DATES234
4.5.3 INFORMATION ON SUBSIDIARIES AND ASSOCIATES234
4.5.3.1 Activity of subsidiaries234
4.5.3.2 Equity investments in companies with registered offices in France (Article. L. 233-6 of the French Commercial)234
4.5.4 INFORMATION ON BRANCHES235
4.5.5 INFORMATION ON THE AMOUNT OF INTER-COMPANY LOANS235
4.6 OUTLOOK236
5. CONSOLIDATED FINANCIAL STATEMENTS239
5.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR 2018240
5.2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR 2018241
5.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018242
5.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2018244
5.5 CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2018246
5.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS248
5.7 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS291
6. PARENT COMPANY FINANCIAL STATEMENTS297
6.1 STATEMENT OF PROFIT OR LOSS FOR 2018298
6.2 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018299
6.3 CHANGES IN EQUITY IN 2018300
6.4 STATEMENT OF CASH FLOWS FOR 2018301
6.5 NOTES TO THE FINANCIAL STATEMENTS302
6.6 LIST OF INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES AS AT 31 DECEMBER 2018316
6.7 TABLE OF RESULTS OVER THE LAST FIVE FINANCIAL YEARS317
6.8 TABLE OF SUBSIDIARIES AND ASSOCIATES318
6.9 INFORMATION ON DUE DATES322
6.10 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS323
7. INFORMATION ON THE COMPANY AND ITS SHARE CAPITAL329
7.1 PRESENTATION OF HERMÈS INTERNATIONAL AND ÉMILE HERMÈS SARL331
7.1.1 PRESENTATION OF HERMÈS INTERNATIONAL331
7.1.1.1 Role331
7.1.1.2 Legal form331
7.1.1.3 Limited partners (shareholders)331
7.1.1.4 The Active Partner331
7.1.1.5 Management bodies332
7.1.1.6 The Joint Council332
7.1.1.7 Registered office – principal administrative establishment332
7.1.1.8 Date of incorporation – Trade and Company Register, APE – LEI Code332
7.1.1.9 Date of initial public offering332
7.1.1.10 Commented Articles of Association of Hermès International332
7.1.2 PRESENTATION OF ÉMILE HERMÈS SARL – ACTIVE PARTNER340
7.1.2.1 Legal form340
7.1.2.2 Corporate purpose340
7.1.2.3 Partners340
7.1.2.4 Executive Chairman341
7.1.2.5 Executive Management Board341
7.1.2.6 Date of incorporation – Trade and Company Register – Registered office341
7.1.2.7 Share capital – statement of financial position – net income341
7.2 INFORMATION ON SHARE CAPITAL AND SHAREHOLDERS342
7.2.1 INFORMATION ON SHARE CAPITAL342
7.2.1.1 Share capital342
7.2.1.2 Voting rights342
7.2.1.3 Changes in share capital over the past three financial years342
7.2.2 INFORMATION ON SHAREHOLDERS342
7.2.2.1 Number of shareholders342
7.2.2.2 Percentage of individual shareholders342
7.2.2.3 Main shareholders as at 31 December 2018 – control of the Company343
7.2.2.4 Treasury shares343
7.2.2.5 Ownership of share capital and voting rights as at 31 December 2018343
7.2.2.6 Change in ownership and voting rights345
7.2.2.7 Employee ownership of share capital345
7.2.2.8 Crossing of thresholds346
7.2.2.9 Pledging of shares346
7.2.2.10 Share buyback programmes346
7.2.3 TRANSACTIONS PERFORMED BY CORPORATE OFFICERS AND THOSE CLOSE TO THEM ON THE SHARES OF THE COMPANY349
7.2.4 STOCK MARKET ETHICS CODE354
7.2.5 SHAREHOLDERS’ PACTS AND AGREEMENTS355
7.2.5.1 Priority acquisition right355
7.2.5.2 Dutreil agreements356
7.3 DIVIDEND POLICY357
7.4 STOCK MARKET INFORMATION358
7.4.1 SUMMARY OF STOCK MARKET INFORMATION358
7.4.2 HISTORY OF MONTHLY TRANSACTIONS358
7.4.3 HERMÈS SHARE PRICE HISTORY359
7.5 SHAREHOLDERS INFORMATION362
7.5.1 RELATIONS WITH SHAREHOLDERS362
7.5.2 SECURITIES SERVICE362
7.5.3 PUBLICLY AVAILABLE DOCUMENTS362
7.5.4 HOW TO BECOME A HERMÈS INTERNATIONAL SHAREHOLDER362
7.5.5 2019 FINANCIAL CALENDAR362
7.5.6 CROSSING OF THRESHOLDS AND NOMINATIVE REGISTRATION REQUIREMENTS363
8. COMBINED GENERAL MEETING OF 4 JUNE 2019365
8.1 AGENDA366
8.1.1 ORDINARY BUSINESS366
8.1.1.1 Presentation of reports to be submitted to the Ordinary General Meeting366
8.1.1.2 Vote on the resolutions relating to ordinary business366
8.1.2 EXTRAORDINARY BUSINESS367
8.1.2.1 Presentation of reports to be submitted to the Extraordinary General Meeting367
8.1.2.2 Vote on the resolutions relating to extraordinary business367
8.2 PURPOSE AND DRAFT RESOLUTIONS368
8.2.1 ORDINARY BUSINESS368
8.2.2 EXTRAORDINARY BUSINESS383
8.3 SUPERVISORY BOARD’S REPORT TO THE COMBINED GENERAL MEETING OF 4 JUNE 2019395
8.4 STATUTORY AUDITORS’ REPORTS397
8.4.1 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS397
8.4.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS397
8.4.3 STATUTORY AUDITORS’ SPECIAL REPORT ON RELATED-PARTY AGREEMENTS AND COMMITMENTS398
8.4.4 REPORT FROM ONE OF THE STATUTORY AUDITORS, DESIGNATED AS THE INDEPENDENT THIRD PARTY ORGANISATION, ON THE CONSOLIDATED SOCIAL, ENVIRONMENTAL AND SOCIETAL INFORMATION CONTAINED IN THE MANAGEMENT REPORT401
8.4.5 STATUTORY AUDITORS’ REPORT ON THE CAPITAL REDUCTION BY THE CANCELLATION OF SHARES PURCHASED (14TH RESOLUTION)401
8.4.6 STATUTORY AUDITORS’ REPORT ON THE ISSUE OF SHARES AND/OR ANY OTHER MARKETABLE SECURITIES GIVING ACCESS TO CAPITAL WHILE MAINTAINING OR CANCELLING PREFERENTIAL SUBSCRIPTION RIGHTS (16TH AND 17TH RESOLUTIONS)402
8.4.7 STATUTORY AUDITORS’ REPORT ON THE ISSUE OF SHARES AND/OR MARKETABLE SECURITIES GIVING ACCESS TO THE CAPITAL RESERVED FOR MEMBERS OF A COMPANY OR GROUP SAVINGS PLAN WHILE CANCELLING PREFERENTIAL SUBSCRIPTION RIGHTS (18TH RESOLUTION)404
8.4.8 STATUTORY AUDITORS’ REPORT ON THE ISSUE OF SHARES AND/OR VARIOUS MARKETABLE SECURITIES GIVING ACCESS TO CAPITAL WHILE CANCELLING PREFERENTIAL SUBSCRIPTION RIGHTS (19TH RESOLUTION)405
8.4.9 STATUTORY AUDITORS’ REPORT ON THE ISSUE OF SHARES AND/OR MARKETABLE SECURITIES GIVING ACCESS TO THE CAPITAL IN ORDER TO REMUNERATE CONTRIBUTIONS IN KIND (20TH RESOLUTION)406
9. ADDITIONAL INFORMATION409
9.1 PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT410
9.1.1 NAMES AND POSITIONS OF PERSONS RESPONSIBLE FOR INFORMATION410
9.1.2 CERTIFICATION OF PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT410
9.2 STATUTORY AUDITORS411
9.3 REGULATORY INFORMATION CONSULTATION411
9.4 INFORMATION INCORPORATED BY REFERENCE411
9.5 CROSS-REFERENCE TABLES412
9.5.1 CROSS-REFERENCE TABLE FOR THE ANNUAL FINANCIAL REPORT412
9.5.2 CROSS-REFERENCE TABLE FOR THE MANAGEMENT’S REPORT413
9.5.3 CROSS-REFERENCE TABLE FOR THE SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE414
9.5.4 CROSS-REFERENCE TABLE FOR THE REGISTRATION DOCUMENT415
9.5.5 CROSS-REFERENCE TABLE DECLARATION OF NON-FINANCIAL PERFORMANCE417
9.6 GLOSSARY419

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