legrand.com
HALF-YEAR
FINANCIAL
REPORT
LEGRAND ESSENTIALS
AS OF JUNE 30,
2021

CONTENTS
HALF-YEAR MANAGEMENT REPORT FOR THE
SIX MONTHS ENDED JUNE 30, 2021
3
1.1 - Preliminary disclaimer
4
1.2 - Overview
4
1.3 - Recent events
4
1.4 - Comparison of first-half results for 2020 and 2021
6
1.5 - Cash flows and indebtedness
12
1.6 - Risks and uncertainties
13
1.7 - Trends and prospects
13
CONSOLIDATED FINANCIAL STATEMENTS AS
OF JUNE 30, 2021
14
2.1 - Consolidated financial statements in accordance with IFRS as
of June 30, 2021
15
STATUTORY AUDITORS’REPORT
57
IDENTITY OF PERSONS RESPONSIBLE FOR
THE HALF-YEAR FINANCIAL REPORT AND
AUDITING THE FINANCIAL STATEMENTS
61
4.1 - Person responsible for the half-year financial report
62
4.2 - Statutory Auditors
63
4.3 - Financial disclosure policy
64
1
2
3
4

HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
3
HALF-YEAR MANAGEMENT
REPORT FOR THE SIX
MONTHS ENDED
JUNE 30, 2021
1.1 - PRELIMINARY DISCLAIMER
4
1.2 - OVERVIEW
4
1.3 - RECENT EVENTS
4
1.4 - COMPARISON OF FIRST-HALF RESULTS FOR 2020 AND 2021
6
1.4.1 - Net sales
7
1.4.2 - Cost of sales
9
1.4.3 - Administrative and selling expenses
9
1.4.4 - Research and development costs
9
1.4.5 - Other operating income and expenses
10
1.4.6 - Operating profit
10
1.4.7 - Adjusted operating profit
10
1.4.8 - Net financial expenses
11
1.4.9 - Exchange gains and losses
11
1.4.10 - Income tax expense
11
1.4.11 - Net profit attributable to the Group
11
1.5 - CASH FLOWS AND INDEBTEDNESS
12
1.5.1 - Cash flows
12
1.5.2 - Debt
13
1.6 - RISKS AND UNCERTAINTIES
13
1.7 - TRENDS AND PROSPECTS
13

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4
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.1 - PRELIMINARY DISCLAIMER
The following review of Legrand's financial position and the
results of operations should be read in conjunction with the
consolidated financial statements and the related notes for
the six-month period ended June 30, 2021 as set out in
chapter 2 of this half-yearly financial report, and any other
information included in the Universal Registration Document
filed with the French Autorité des marchés financiers (AMF)
on
April
12,
2021,
under
number
D.
21-0292.
The
Company’s
financial
statements
were
prepared
in
accordance with International Financial Reporting Standards
(IFRS) and the IFRS Interpretations Committee's guidance
as adopted by the European Union. This review also
includes forward-looking statements based on assumptions
about the company's future business. Actual results could
differ materially from those contained in these forward-
looking statements.
Percentages may be calculated on non-rounded figures and
therefore may vary from percentages calculated on rounded
figures.
1.2 - OVERVIEW
Legrand is the global specialist in electrical and digital
building infrastructure. Its full range of products and systems
suitable for the international commercial, industrial, and
residential segments of the low-voltage market makes
Legrand a benchmark for customers worldwide. The Group
markets
its
products
under
internationally
recognized
general brand names, including Legrand and Bticino, as well
as under well-known local and specialist brands. Legrand,
which is close to its markets and focuses on its customers,
has commercial and industrial operations in nearly 90
countries.
Legrand generated sales of €6,099.5 million in 2020, of
which more than 85% was generated outside France, and
recorded an adjusted operating margin of 19.0% of sales.
Legrand’s financial position and results of operations are
reported on the basis of three operating segments that
correspond to the regions of origin of invoicing. Information
concerning the results of operations and financial positions
for each of these three operating segments is presented for
the first six months of 2021 and 2020 in Note 2.1 to the
consolidated financial statements set out in chapter 2 of this
half-yearly
financial
report.
These
three
operating
segments— under the responsibility of three segment
managers who are directly accountable to the Group’s chief
operating decision-maker— are:
■ 
Europe, including France, Italy and Rest of Europe,
mainly
including
Benelux,
Germany,
Iberia
(including Spain and Portugal), Poland, Russia,
Turkey and the UK;
■ 
North and Central America including Canada,
Mexico, the United States and Central American
countries; and
■ 
Rest of the world, mainly including Australia, China,
India, Saudi Arabia and South America (including
particularly Brazil, Chile and Colombia).
Since local market conditions are the determining factors in
business performance and net sales by zone, consolidated
financial information for multi-country zones does not
accurately reflect financial performance in each national
market.
Furthermore, products may be manufactured and sold
locally or imported from or exported to another Group entity.
These factors may make it difficult to compare results for
different
operating
segments.
Consequently,
with
the
exception of information relating to net sales, the discussion
of results below focuses primarily on consolidated results,
with reference to national markets where these have a
material impact on consolidated accounts.
1.3 - RECENT EVENTS
Strong growth in sales and financial results in first half
Legrand reported first-half 2021 revenues of €3.5 billion,
rising a steep +21.9% year on year and +7.0% over two
years. This performance was driven primarily by organic
growth in sales of +22.6% from the first half of 2020, or
+3.9% over two years, and it confirmed:
■ 
continued improvements in Legrand’s competitive
positions in its markets; and
■ 
Group
capacity
to
take
full
advantage
of
opportunities for growth in buoyant segments linked
to the buildings of tomorrow.
Adjusted operating margin came to 22.0% of sales. Net
attributable to the Group also increased by a very good
+68.5% from the first half of 2020.
These high-quality results and the success of initiatives
deployed since the beginning of the health crisis testify to the
relevance of Legrand’s unique model for profitable and
responsible value creation.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
5
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
The Group has continued to strengthen its fundamentals by
investing in innovation – including roll-out of a host of new
products since the beginning of the year, among them the
Classe 300 EOS with Netatmo connected door entry system
and the wireless and battery-less connected switch – and
announcing two new acquisitions in our core businesses as
well as in electric mobility. The Group has also confirmed its
ESG
commitments
with
the
publication
of
our
latest
materiality survey results and the SBTi1’s recent validation of
our carbon emissions reduction trajectory, which is aligned
on holding global warming to 1.5°C2.
Consolidated sales
In the first half of 2021, sales rose +21.9% from the first half
of 2020 to total €3,453.4 million.
Organic growth was +22.6% over the period, including
+19.4% in mature countries and +32.8% in new economies.
The impact of the broader scope of consolidation was
+4.6%. Based on acquisitions completed in 2020 and their
dates of consolidation, this effect is expected to reach +2.5%
full year.
The exchange-rate effect on sales in the first half of 2021
was -4.9%. Based on average exchange rates in June 2021,
the full-year exchange-rate effect on sales should be about
-3% in 2021.
Adjusted operating profit and margin
In the first half of 2021, adjusted operating profit came to
€761.4 million,
up
+53.2%,
setting
adjusted
operating
margin at 22.0% of sales over the period.
Before
acquisitions
(at
2020
scope
of
consolidation),
adjusted operating margin reached 22.4% in the first half of
2021, a +4.9 points rise from the first half of 2020.
This increase in profitability reflected in particular leverage
linked to the combined impact of strong sales growth and a
selective resumption of costs. At the same time, the rise in
raw material and component costs continued to accelerate.
It was close to +4% in the first quarter of 2021 and over +9%
in the second quarter of 2021.
Net profit attributable to the Group
In the first half of 2021, net profit attributable to the Group
increased +68.5% and stood at €481.3 million. This €195.6
million increase from the first half of 2020 came mainly from:
■ 
strong growth in operating profit (+€266 million);
■ 
favorable trends (+€6 million) in financial results;
and
■ 
the increase (-€77 million) in the Group’s corporate
income tax linked to the rise in profit before tax (the
corporate tax rate was stable at 28.5% in the first
half of 2021).
Cash generation and balance sheet structure
Cash flow from operations – €697.8 million – came to 20.2%
of 2021 first-half sales, a rise of +4.5 points from the same
period of 2020.
Normalized free cash flow stood at €577.4 million or 16.7%
of sales, up +22.9%.
Rising steeply from 2020, free cash flow stood at 16.5% of
sales in the first half of 2021.
The balance sheet remained solid with the ratio of net debt
to EBITDA3 at 1.5 at the end of June 2021.
1 The Science-Based Targets initiative (SBTi) creates a clearly-defined path and ambitious targets for private-sector businesses to limit
global warming. For more information, visit https://sciencebasedtargets.org
2 For more information, readers are referred to the press release dated July 2, 2020.
3 Based on EBITDA for the last 12 months.

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6
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.4 - COMPARISON OF FIRST-HALF RESULTS FOR 2020
AND 2021
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Net sales
3,453.4
2,832.6
Operating expenses
Cost of sales
(1,645.7)
(1,369.0)
Administrative and selling expenses
(869.5)
(806.1)
Research and development costs
(163.2)
(157.2)
Other operating income (expenses)
(58.8)
(50.5)
Operating profit
716.2
449.8
Financial expenses
(45.7)
(45.9)
Financial income
3.3
3.6
Exchange gains (losses)
(0.9)
(6.5)
Financial profit (loss)
(43.3)
(48.8)
Profit before tax
672.9
401.0
Income tax expense
(191.7)
(114.3)
Share of profits (losses) of equity-accounted entities
0.0
(0.9)
Profit for the period
481.2
285.8
Of which:
- Net profit attributable to the Group
481.3
285.7
- Minority interests
(0.1)
0.1
The table below shows the calculation of adjusted operating income (defined as operating income adjusted for amortization
and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, and,
where applicable, for impairment of goodwill), and maintainable adjusted operating income (i.e., excluding restructuring
charges) for the periods under review:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Profit for the period
481.2
285.8
Share of profits (losses) of equity-accounted entities
0.0
0.9
Income tax expense
191.7
114.3
Exchange (gains) losses
0.9
6.5
Financial income
(3.3)
(3.6)
Financial expenses
45.7
45.9
Operating profit
716.2
449.8
Acquisition-related amortization,depreciation, expenses and income
45.2
47.1
Goodwill impairment
0.0
0.0
Adjusted operating profit
761.4
496.9
Adjusted restructuring costs(1)
12.6
24.1
Maintainable adjusted operating profit
774.0
521.0
(1) Adjusted restructuring costs are defined as restructuring costs adjusted for revaluation of assets at the time of acquisitions.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
7
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.4.1 - Net sales
Consolidated net sales rose 21.9% to €3,453.4 million in the
first six months of 2021, compared with €2,832.6 million in
the first six months of 2020, reflecting the combined impact
of:
■ 
+22.6%
organic
rise
(at
constant
scope
of
consolidation and exchange rates)
■ 
+4.6% due to the broader scope of consolidation
that resulted from acquisitions with carry-over effect
of 2020 acquisitions consolidated for 6 months in
2021 including Focal Point (United States), Borri
(Italy),
Champion
One
(United
States)
and
Compose (Netherlands); and
■ 
-4.9% due to exchange-rate effects over the period.
Organic changes in net sales by destination (local market of the end customer) from the first six months of 2020 to the first six
months of 2021 were as follows:
Europe
30.6%
North and Central America
11.7%
Rest of the World
31.0%
Total
22.6%
Comments below concern sales by destination:
Europe: (42.5% of Group revenue)
Net sales in the Europe zone for the first half of 2021 came
to €1,467.0 million compared with €1,125.3 million in the first
half of 2020, an increase of +30.4%. This reflects a +1.7%
change in scope of consolidation, the unfavorable -1.8%
impact of exchange-rate fluctuations and +30.6% organic
evolution
In Europe’s mature countries (36.7% of Group revenue),
sales rose +32.1%, with organic growth of +55.6% in the
second quarter alone. In the first six months of the year,
many countries – in particular France and Italy – reported
sales up sharply from 2020. While benefiting from favorable
bases for comparison, these gains reflect many commercial
successes; including user interfaces and power protection
solutions in France, connected offerings in Italy, and, more
broadly, datacenter ranges in Europe.
Sales
in
Europe’s
new
economies
were
up
+23.0%
organically from the first half of 2020, and up +36.2% in the
second quarter alone, with very good showings in Turkey
and in most countries in Eastern Europe.
North and Central America: (37.7% of Group revenue)
Net sales in the North and Central America zone in the first
half of 2021 came to €1,303.2 million compared with
€1,173.1 million in the first half of 2020, an increase of
+11.1%.
This
reflects
a
+8.3%
change
in
scope
of
consolidation, the unfavorable -8.2% impact of exchange-
rate fluctuations and +11.7% organic evolution
In the United States alone (34.5% of Group revenue), the
organic rise in sales was +9.9% over the first half of the year
and +15.3% in the second quarter alone. Since the
beginning of the year, business has been driven by
sustained demand in residential offerings [+18.6%] and in
datacenters. Sales in other non-residential applications were
nearly unchanged over the first half from the first half of
2020.
Sales rose sharply in both Mexico and Canada in the first
half.
Rest of the world: (19.8% of Group revenue)
Net sales in the Rest of the world zone for the first half of
2021 came to €683.2 million compared with €534.2 million in
the first half of 2020, an increase of +27.9%.
This reflects a +2.5% change in scope of consolidation, the
unfavorable -4.8% impact of exchange-rate fluctuations and
+31.0% organic evolution
In Asia-Pacific (12.4% of Group revenue), 2021 first-half
sales rose +27.4%, including +19.1% in the second quarter.
Over the six-month period, China saw double-digit growth. In
India, sales rose sharply but were nonetheless down over 2
years against a deteriorated pandemic background. Sales
rose in Australia.
In Africa and the Middle East (3.7% of Group revenue), sales
rose +22.5% from the first half of 2020, and were up +26.2%
from the second quarter of 2020. Over the six-month period,
sales rose in the Middle East and marked a very steep
increase in Africa.
In South America (3.6% of Group revenue), sales increased
+55.6% in the first half and were up +126.4% in the second
quarter, with significant growth in main countries in the
region

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8
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
The table below shows a breakdown of net sales by destination (local market of the end customer) for the
6-month periods ending June 30, 2020 and June 30, 2021:
6 months ended
June 30, 2021
June 30, 2020
(in € million, except %)
€
%
€
%
Net sales by destination
Europe
1,467.0
42.5
1,125.3
39.7
North and Central America
1,303.2
37.7
1,173.1
41.4
Rest of the World
683.2
19.8
534.2
18.9
Total
3,453.4
100.0
2,832.6
100.0
The table below shows a breakdown of changes in net sales to third parties as reported by zone of destination (market where
sales are recorded):
6 months ended June 30,
Net sales (in € million, except %)
2021
2020
Total
change
Change in scope of
consolidation
Organic
growth (1)
Exchange-
rate effect
Europe
1,467.0
1,125.3
30.4%
1.7%
30.6%
(1.8%)
North and Central America
1,303.2
1,173.1
11.1%
8.3%
11.7%
(8.2%)
Rest of the World
683.2
534.2
27.9%
2.5%
31.0%
(4.8%)
Consolidated total
3,453.4
2,832.6
21.9%
4.6%
22.6%
(4.9%)
(1) at constant scope of consolidation and exchange rates.
The following table presents the breakdown of changes in net sales to third parties as reported by zone of origin:
6 months ended June 30,
Net sales (in € million, except %)
2021
2020
Total
change
Change in
scope of
consolidation
Organic
growth(1)
Exchange-
rate effect
Europe
1,532.3
1,167.5
31.2%
1.9%
31.1%
(1.7%)
North and Central America
1,327.0
1,193.1
11.2%
8.5%
11.7%
(8.3%)
Rest of the World
594.1
472.0
25.9%
1.4%
30.9%
(5.2%)
Consolidated total
3,453.4
2,832.6
21.9%
4.6%
22.6%
(4.9%)
(1) at constant scope of consolidation and exchange rates.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
9
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.4.2 - Cost of sales
The
consolidated
cost
of
sales
rose
20.2%
to
€1,645.7 million in the first half of 2021, compared with
€1,369.0 million in the first half of 2020. This was primarily
due to:
■ 
consolidation of new acquisitions;
■ 
the increase in the volume of raw materials and
components consumed as production increased;
and
■ 
higher raw material and component prices in 2021
than in 2020;
These were partly offset by:
■ 
ongoing efforts to raise productivity and adjust to
changing conditions.
As a percentage of net sales, the cost of sales was down
from 48.3% in the first half of 2020 to 47.7% in the first half
of 2021.
1.4.3 - Administrative and selling expenses
Administrative and selling expenses rose by 7.9% to
€869.5 million in the first half of 2021, compared with
€806.1 million in the first half of 2020. This was essentially
attributable to:
■ 
ongoing investments in growing activities and
■ 
consolidation of new acquisitions.
These were partly offset by:
■ 
ongoing efforts on productivity initiatives.
Expressed as a percentage of sales, administrative and
selling expenses decreased from 25.2% in the first half of
2021 to 28.5% in the first half of 2020.
1.4.4 -
Research and development costs
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Research and development costs
(163.2)
(157.2)
Acquisition-related amortization and R&D tax credit
6.3
4.7
Amortization of capitalized development costs
13.1
13.8
R&D costs before capitalized development costs
(143.8)
(138.7)
Capitalized development costs
(16.7)
(11.7)
Research and development expenditure for the period
(160.5)
(150.4)
In accordance with IAS 38 “Intangible Assets”, Legrand has
implemented an internal measurement and accounting
system for development costs to be recognized as intangible
assets.
On this basis, €16.7 million in development costs were
capitalized in the first half of 2021 compared with €11.7
million in the first half of 2020.
Amortization charges for capitalized development costs
amounted to €13.1 million in 2021, compared to €13.8 million
in 2020.
Research and development costs totaled €163.2 million in
the first half of 2021, compared with €157.2 million in the first
half of 2020. Excluding the impact of the capitalization of
development
costs
and
purchase
accounting
charges
relating to acquisitions, as well as the tax credit for research
and development activities, R&D expenditure stood at
€160.5 million in the first half of 2021. (4.6% of net sales),
compared with €150.4 million in the first half of 2020. (5.3%
of net sales).
In the first six months of 2021, research and development
operations had more than 2,500 employees in more than 20
countries.

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10
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.4.5 - Other operating income and expenses
In the first six months of 2021, other operating income and expenses totaled €58.8 million compared with €50.5 million in the
same period of 2020.
1.4.6 - Operating profit
The Group consolidated operating profit rose 59.2% to
€716.2 million in the first half of 2021 compared with
€449.8 million in the first half of 2020. This increase resulted
from:
■ 
a 21.9% rise in net sales;
■ 
a 20.2% rise in cost of sales;
■ 
a
7.2%
rise
in
administrative,
selling
and
research & development costs; and
■ 
an €8.3 million rise in other income and operating
expenses.
As a percentage of net sales, operating profit came to 20.7%
in the first half of 2021 compared with 15.9% in the first half
of 2020.
1.4.7 - Adjusted operating profit
Adjusted operating profit is defined as operating profit
adjusted for amortization and depreciation of revaluation of
assets at the time of acquisitions and for other P&L impacts
relating to acquisitions and, where applicable, for impairment
of goodwill.
Adjusted operating income rose 53.2% to stand at €761.4
million in the first half of 2021 compared with €496.9 million
in the first half of 2020, and broke down as follows by
geographical zone:
■ 
Europe: a 89.8% rise to €397.6 million in the first
half of 2021 compared with €209.5 million in the
first half of 2020, representing 25.9% of net sales in
the first six months of 2021 compared with 17.9%
in the first six months of 2020;
■ 
North and Central America: a 27.8% rise to
€255.9 million in the first half of 2021, compared
with
€200.2 million
in
the
first
half
of
2020,
representing 19.3% of net sales in the first six
months of 2021 compared with 16.8% in the first six
months of 2020; and
■ 
Rest of the world: a 23.7% rise to €107.9 million in
the first half of 2021 compared with €87.2 million in
the first half of 2020, representing 18.2% of net
sales in the first six months of 2021 compared to
18.5% in the first six months of 2020.
In the first half of 2021, Group adjusted operating margin
before acquisitions (at 2020 scope of consolidation) stood at
22.4% of net sales, a + 4.9 points rise compared with first-
half 2020 figure of 17.5%. Taking acquisitions into account,
the Group's adjusted operating margin came to 22.0% of net
sales in the first half of 2021.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
11
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.4.8 - Net financial expenses
Net financial expenses principally correspond to financial
expenses related to Yankee bonds; the 2012, 2015, 2017,
2018, 2019 and 2020 bond issues; the 2011 credit facility
amended in 2014 and in 2019; and other bank borrowings
(for a description of these arrangements, see paragraph
1.5.2 of this chapter), less financial income arising from the
investment of cash and cash equivalents.
Finance expenses stood at €45.7 million in the first half of
2021 compared with €45.9 million in the first half of
2020.Financial income came to €3.3 million in the first half of
2021 compared with €3.6 million in the first half of 2020.
Net financial expenses rose €0.1 million in the first six
months of 2021 from the same period of 2020, accounting
for 1.2% of net sales compared with 1.5% in the first half of
2020.
1.4.9 - Exchange gains and losses
Exchange gains and losses correspond mainly to translation
differences recognized on settlement of foreign currency
transactions, as well as the translation impact at the closing
exchange
rate
of
monetary
assets
and
liabilities
denominated in foreign currencies.
Exchange losses amounted to €0.9 million in the first six
months of 2021 compared with €6.5 million losses in the
same period of 2020.
1.4.10 - Income tax expense
In
2021
Legrand’s
pre-tax
income
amounted
to
€672.9 million up from €401.0 million in first-half 2020.
Consolidated income tax expense amounted to €191.7
million in the first half of 2021 compared with €114.3 million
in the first half of 2020. The effective tax rate stood at 28.5%
in the first six months of 2021 stable compared with the same
period of 2020.
1.4.11 - Net profit attributable to the Group
Net income amounted to €481.3 million in the first half of
2021 (€195.6 million increase compared with the first half of
2020) This +68.5% increase reflects:
■ 
a €266.4 million rise in operating profit;
■ 
a €5.5 million rise in net financial results;
■ 
a €77.4 million rise in income tax expense;
■ 
a €0.9 million improvement in share of profits of
equity-accounted entities;
■ 
a €0.2 million improvement in profit attributable to
minority interests.

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12
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.5 - CASH FLOWS AND INDEBTEDNESS
1.5.1 -
Cash flows
The table below summarizes cash flows of the Company for the years ended June 30, 2021 and 2020
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Net cash from operating activities
621.7
284.1
Net cash from investing activities*
(61.2)
(489.3)
Net cash from financing activities
(399.3)
1,174.2
Translation net change in cash and cash equivalents
12.9
(8.7)
Increase (decrease) in cash and cash equivalents
174.1
960.3
* of which capital expenditure and capitalized development costs
(58.7)
(46.0)
For a detailed analysis of cash flows, readers should refer to the consolidated statement of cash flows provided in the Group’s
consolidated financial statements.
1.5.1.1
NET CASH FROM OPERATING ACTIVITIES
Net cash provided by operating activities stood at €621.7
million at June 30, 2021 compared with €284.1 million at
June 30, 2020.
This €337.6 million increase was due primarily to an increase
of €252.1 million in cash flow from operations (defined as net
cash generated by operating activities, plus or minus
changes in current operating assets and liabilities) reaching
€697.8 million at June 30, 2021 compared with €445.7
million on June 30, 2020 and also to changes in current
operating assets and liabilities, which set cash used at €76.1
million in the first half of 2021 compared with €161.6 million
in the same period of 2020, or €85.5 million less.
1.5.1.2
NET CASH FROM INVESTING ACTIVITIES
Net cash used in investing activities for the period ended
June 30, 2021 amounted to €61.2 million compared with
€489.3 for the period ended June 30, 2020.
Capital expenditure and capitalized development costs
amounted to €58.7 million for the period ended June 30,
2021 or 1.7% of net sales compared to €46.0 million for the
period ended June 30, 2020 or 1.6% of net sales
The amount of acquisitions (net of cash acquired) totaled
€5.8 million in the first half of 2021 (compared with
€470.7 million in the first half of 2020).
1.5.1.3
NET CASH FROM FINANCING ACTIVITIES
Net
cash
used
by
financing
activities
amounted
to
€399.3 million in the first half of 2021, including primarily the
payment of dividends in an amount of €377.9 million, a
reduction in short-term financing of €104.5 million and
buybacks of treasury shares and transactions under the
liquidity contract of €94.9 million, partially offset by a
€216 million increase in long-term financing.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
13
HALF-YEAR MANAGEMENT REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2021
1.5.2 - Debt
Gross debt (defined as the sum of long-term and short-term
borrowings,
including
commercial
paper
and
bank
overdrafts) came to €5,511.1 million at June 30, 2021
compared to €5,394.5 million at December 31, 2020.
Cash and cash equivalents and marketable securities
amounted to €2,965.8 million at June 30, 2021 compared to
€2,791.7 million at December 31, 2020.
Net debt (defined as gross debt less cash and cash
equivalents and marketable securities) totaled €2,545.3
million at June 30, 2021 compared to €2,602.8 million at
December 31, 2020.
The
ratio
of
consolidated
net
debt
to
consolidated
shareholders' equity was around 50% at June 30, 2021
compared with around 53% at December 31, 2020.
At June 30, 2021, the Group's gross debt consisted of the
following:
■ 
€3,500.0 million in bonds issued in April 2012
(€400,0 million), December 2015 (€300,0 million),
July 2017 (€1 billion), October 2017 (€400,0
million), March 2018 (€400,0 million), June 2019
(€400,0 million) and May 2020 (€600,0 million);
■ 
€1,319.5 million in negotiable commercial paper;
■ 
€310.2 million in Yankee bonds;
■ 
€280.2 million in lease financial liabilities; and
■ 
€101.2 million in other debt, consisting mainly of
bank borrowings, overdrafts and debt related to
acquisitions, net of debt issuance costs.
1.6 - RISKS AND UNCERTAINTIES
Readers should refer to chapter 2 and to Note 5.1.2 in
chapter 8 of the Universal Registration Document filed with
the French Autorité des Marchés Financiers (AMF) on April
12, 2021 under number D.21-0292, which discuss the main
risk factors of a nature to adversely affect the group's
position and risk management.
1.7 - TRENDS AND PROSPECTS
Given very good first-half showings, but also a persistently
uncertain health environment and strong and rising pressure
on upstream supply chains, Legrand is now aiming for the
following full-year targets of about:
■ 
organic growth in sales of at least +10%;
■ 
a scope of consolidation effect of 3%;
■ 
an adjusted operating margin of about 20% of sales
(including acquisitions consolidated in 2021).
The Group also aims to achieve at least 100% of its CSR
roadmap for 2021, testifying to its ongoing deployment of a
bold and exemplary ESG approach, with a particular focus
on the fight against global warming and the promotion of
diversity.

14
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL
STATEMENTS AS OF
JUNE 30, 2021
2.1 - CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS AS OF JUNE 30, 202115
2.1.1 - Consolidated statement of income
15
2.1.2 - Consolidated statement of comprehensive income
16
2.1.3 - Consolidated balance sheet
17
2.1.4 - Consolidated statement of cash flows
19
2.1.5 - Consolidated statement of changes in equity
20
2.1.6 - Notes to the consolidated financial statements
21

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
15
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1 - CONSOLIDATED FINANCIAL STATEMENTS IN
ACCORDANCE WITH IFRS AS OF JUNE 30, 2021
2.1.1 - Consolidated statement of income
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Net sales (Notes 2.1 and 2.2)
3,453.4
2,832.6
Operating expenses (Note 2.3)
Cost of sales
(1,645.7)
(1,369.0)
Administrative and selling expenses
(869.5)
(806.1)
Research and development costs
(163.2)
(157.2)
Other operating income (expenses)
(58.8)
(50.5)
Operating profit
716.2
449.8
Financial expenses
(45.7)
(45.9)
Financial income
3.3
3.6
Exchange gains (losses)
(0.9)
(6.5)
Financial profit (loss)
(43.3)
(48.8)
Profit before tax
672.9
401.0
Income tax expense (Note 2.4)
(191.7)
(114.3)
Share of profits (losses) of equity-accounted entities
0.0
(0.9)
Profit for the period
481.2
285.8
Of which:
- Net profit attributable to the Group
481.3
285.7
- Minority interests
(0.1)
0.1
Basic earnings per share (euros) (Note 4.1.3)
1.803
1.070
Diluted earnings per share (euros) (Note 4.1.3)
1.788
1.060
The accompanying Notes are an integral part of these consolidated financial statements.

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16
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1.2 - Consolidated statement of comprehensive income
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Profit for the period
481,2
285.8
Items that may be reclassified subsequently to profit or loss
Translation reserves
156,6
(146.2)
Cash flow hedges
0,0
0.0
Income tax relating to components of other comprehensive income
4,2
(4.3)
Items that will not be reclassified to profit or loss
Actuarial gains and losses (Note 4.5.1.1)
15,2
(3.4)
Deferred taxes on actuarial gains and losses
(3,7)
1.0
Other (Note 5.1.1.1)
0,0
0.0
Comprehensive income for the period
653,5
132.9
Of which:
- Comprehensive income attributable to the Group
653,5
132.8
- Minority interests
0,0
0.1
The accompanying Notes are an integral part of these consolidated financial statements.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
17
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1.3 - Consolidated balance sheet
ASSETS
(in € millions)
June 30, 2021
December 31, 2020
Non-current assets
Intangible assets (Note 3.1)
2,489.4
2,441.6
Goodwill (Note 3.2)
4,827.7
4,803.7
Property, plant and equipment (Note 3.3)
674.1
680.9
Right-of-use assets (Note 3.4)
269.4
268.3
Other investments
1.3
1.5
Other non-current assets
53.4
49.4
Deferred tax assets (Note 4.7)
128.4
112.4
TOTAL NON CURRENT ASSETS
8,443.7
8,357.8
Current assets
Inventories (Note 3.5)
987.6
837.3
Trade receivables (Note 3.6)
789.2
644.5
Income tax receivables
63.6
70.1
Other current assets (Note 3.7)
230.2
204.8
Other current financial assets
1.6
1.5
Cash and cash equivalents (Note 3.8)
2,965.8
2,791.7
TOTAL CURRENT ASSETS
5,038.0
4,549.9
TOTAL ASSETS
13,481.7
12,907.7
The accompanying Notes are an integral part of these consolidated financial statements.

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18
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
EQUITY AND LIABILITIES
(in € millions)
June 30, 2021
December 31, 2020
Equity
Share capital (Note 4.1)
1,069.8
1,069.8
Retained earnings (Notes 4.2 and 4.3.1)
4,825.8
4,788.3
Translation reserves (Note 4.3.2)
(805.8)
(962.3)
Equity attributable to equity holders of Legrand
5,089.8
4,895.8
Minority interests
8.3
10.2
TOTAL EQUITY
5,098.1
4,906.0
Non-current liabilities
Long-term provisions (Notes 4.4 and 4.5.2)
205.8
200.2
Provisions for post-employment benefits (Note 4.5.1)
171.3
181.8
Long-term borrowings (Note 4.6.1)
3,869.2
4,073.8
Deferred tax liabilities (Note 4.7)
851.3
791.2
TOTAL NON-CURRENT LIABILITES
5,097.6
5,247.0
Current liabilities
Trade payables
763.8
612.9
Income tax payables
43.4
30.3
Short-term provisions (Note 4.4)
140.9
127.9
Other current liabilities (Note 4.8)
695.7
661.8
Short-term borrowings (Note 4.6.2)
1,641.9
1,320.7
Other current financial liabilities
0.3
1.1
TOTAL CURRENT LIABILITIES
3,286.0
2,754.7
TOTAL EQUITY AND LIABILITIES
13,481.7
12,907.7
The accompanying Notes are an integral part of these consolidated financial statements.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
19
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1.4 - Consolidated statement of cash flows
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Profit for the period
481.2
285.8
Adjustments for non-cash movements in assets and liabilities:
– Depreciation and impairment of tangible assets (Note 2.3)
55.4
56.8
– Amortization and impairment of intangible assets (Note 2.3)
48.3
51.9
– Amortization and impairment of capitalized development costs (Note 2.3)
13.3
13.2
– Amortization of right-of-use assets (Note 3.4)
33.5
35.6
– Amortization of financial expenses
1.8
1.6
– Impairment of goodwill (Note 3.2)
0.0
0.0
– Changes in long-term deferred taxes
44.8
16.3
– Changes in other non-current assets and liabilities (Notes 4.4 and 4.5)
19.5
17.7
– Unrealized exchange (gains)/losses
3.6
(15.7)
– Share of (profits) losses of equity-accounted entities
0.0
0.9
– Other adjustments
(0.2)
(2.5)
– Net (gains)/losses on sales of assets
(3.4)
(15.9)
Changes in working capital requirement:
0.0
– Inventories (Note 3.5)
(121.8)
(39.8)
– Trade receivables (Note 3.6)
(97.1)
18.9
– Trade payables
121.7
(97.9)
– Other operating assets and liabilities (Notes 3.7 and 4.8)
21.1
(42.8)
Net cash from operating activities
621.7
284.1
– Net proceeds from sales of fixed and financial assets
8.3
20.8
– Capital expenditure (Notes 3.1 and 3.3)
(42.0)
(34.3)
– Capitalized development costs
(16.7)
(11.7)
– Changes in non-current financial assets and liabilities
(5.0)
6.6
– Acquisitions of subsidiaries, net of cash acquired (Note 1.3.2)
(5.8)
(470.7)
Net cash from investing activities
(61.2)
(489.3)
– Proceeds from issues of share capital and premium (Note 4.1.1))
0.0
9.2
– Net sales (buybacks) of treasury shares and transactions under the liquidity contract
(Note 4.1.2)
(94.9)
(33.5)
– Dividends paid to equity holders of Legrand (Note 4.1.3)
(377.9)
(357.4)
– Dividends paid by Legrand subsidiaries
0.0
0.0
– Proceeds from long-term financing (Note 4.6)
216.0
601.0
– Repayment of long-term financing* (Note 4.6)
(38.0)
(33.7)
– Debt issuance costs
0.0
(4.2)
– Increase (reduction) in short-term financing (Note 4.6)
(104.5)
992.8
– Acquisitions of ownership interests with no gain of control (Note 1.3.2)
0.0
0.0
Net cash from financing activities
(399.3)
1,174.2
Translation net change in cash and cash equivalents
12.9
(8.7)
Increase (decrease) in cash and cash equivalents
174.1
960.3
Cash and cash equivalents at the beginning of the period
2,791.7
1,710.9
Cash and cash equivalents at the end of the period (Note 3.8)
2,965.8
2,671.2
Items included in cash flows:
– Interest paid during the period**
42.1
40.8
– Income taxes paid during the period
125.4
90.4
* Of which €33.0 million corresponding to lease financial liabilities repayment for the 6 months ended June 30, 2021 (€33.7 million for the 6
months ended June 30, 2020).
** Interest paid is included in the net cash from operating activities; of which €3.4 million interests on lease financial liabilities for the 6 months
ended June 30, 2021 (€4.5 million for the 6 months ended June 30, 2020).
The accompanying Notes are an integral part of these consolidated financial statements.

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20
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1.5 - Consolidated statement of changes in equity
Equity attributable to the Group
Total
equity
(in € millions)
Share
capital
Retained
earnings
Translation
reserves
Actuarial
gains and
losses*
Total
Minority
interests
As of December 31, 2019
1,069.1
4,575.8
(453.5)
(89.2) 5,102.2
9.9
5,112.1
Profit for the period
285.7
285.7
0.1
285.8
Other comprehensive income
(4.3)
(146.2)
(2.4)
(152.9)
0.0
(152.9)
Total comprehensive income
281.4
(146.2)
(2.4)
132.8
0.1
132.9
Dividends paid
(357.4)
(357.4)
0.0
(357.4)
Issues of share capital and premium
1.7
7.5
9.2
9.2
Cancellation of shares held in treasury
(1.0)
(15.2)
(16.2)
(16.2)
Net sales (buybacks) of treasury shares and
transactions under the liquidity contract
(17.3)
(17.3)
(17.3)
Change in scope of consolidation**
(1.0)
(1.0)
(0.1)
(1.1)
IFRS 16 transition impact
0.0
0.0
0.0
Current taxes on share buybacks
(0.2)
(0.2)
(0.2)
Share-based payments
9.4
9.4
9.4
As of June 30, 2020
1,069.8
4,483.0
(599.7)
(91.6) 4,861.5
9.9
4,871.4
Profit for the period
395.5
395.5
0.7
396.2
Other comprehensive income
(7.6)
(362.6)
(1.3)
(371.5)
(0.1)
(371.6)
Total comprehensive income
387.9
(362.6)
(1.3)
24.0
0.6
24.6
Dividends paid
0.0
0.0
(1.2)
(1.2)
Issues of share capital and premium
0.0
0.0
0.0
0.0
Cancellation of shares held in treasury
0.0
(0.0)
(0.0)
(0.0)
Net sales (buybacks) of treasury shares and
transactions under the liquidity contract
1.1
1.1
1.1
Change in scope of consolidation**
(3.5)
(3.5)
0.9
(2.6)
Current taxes on share buybacks
(0.2)
(0.2)
(0.2)
Share-based payments
12.9
12.9
12.9
As of December 31, 2020
1,069.8
4,881.2
(962.3)
(92.9) 4,895.8
10.2
4,906.0
Profit for the period
481.3
481.3
(0.1)
481.2
Other comprehensive income
4.2
156.5
11.5
172.2
0.1
172.3
Total comprehensive income
485.5
156.5
11.5
653.5
0.0
653.5
Dividends paid
(377.9)
(377.9)
0.0
(377.9)
Issues of share capital and premium (Note 4.1.1)
0.0
0.0
0.0
0.0
Cancellation of shares held in treasury (Note 4.1.1)
0.0
0.0
0.0
0.0
Net sales (buybacks) of treasury shares and
transactions under the liquidity contract (Note 4.1.2)
(94.9)
(94.9)
(94.9)
Change in scope of consolidation**
(1.5)
(1.5)
(1.9)
(3.4)
Current taxes on share buybacks
(0.4)
(0.4)
(0.4)
Share-based payments (Note 4.2)
15.2
15.2
15.2
As of June 30, 2021
1,069.8
4,907.2
(805.8)
(81.4) 5,089.8
8.3
5,098.1
* Net of deferred taxes.
** Corresponds mainly to acquisitions of additional shares in companies already consolidated and to puts on minority interests.
The accompanying Notes are an integral part of these consolidated financial statements.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
21
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
2.1.6 - Notes to the consolidated financial statements
KEY FIGURES AND SIGNIFICANT EVENTS FOR THE PERIOD
22
NOTE 1 - BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
23
1.1
General information
23
1.2
Accounting policies
23
1.3
Scope of consolidation
26
NOTE 2 - HALF-YEAR RESULTS
27
2.1
Segment information
27
2.2
Net sales
28
2.3
Operating expenses
29
2.4
Income tax expense
30
NOTE 3 - DETAILS ON NON-CURRENT AND CURRENT ASSETS
31
3.1
Intangible assets
31
3.2
Goodwill
33
3.3
Property, plant and equipment
35
3.4
Right-of-use assets and lease contracts
35
3.5
Inventories
36
3.6
Trade receivables
37
3.7
Other current assets
38
3.8
Cash and cash equivalents
38
NOTE 4 - DETAILS ON NON-CURRENT AND CURRENT LIABILITIES
39
4.1
Share capital and earnings per share
39
4.2
Stock option plans and performance share plans
40
4.3
Retained earnings and translation reserves
43
4.4
Provisions
44
4.5
Provision for post-employment benefits and other long-term employee benefits
45
4.6
Long-term and short-term borrowings
48
4.7
Deferred taxes
51
4.8
Other current liabilities
51
NOTE 5 - OTHER INFORMATION
52
5.1
Financial instruments and management of financial risks
52
5.2
Off-balance sheet commitments and contingent liabilities
54
5.3
Subsequent events
54
5.4
Key figures reconciliation
55

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22
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
KEY FIGURES AND SIGNIFICANT EVENTS FOR THE PERIOD
Key figures
(in € millions)
1st half 2021
1st half 2020
Net sales
3,453.4
2,832.6
Adjusted operating profit
761.4
496.9
As % of net sales
22.0%
17.5%
22.4 % before
acquisitions
⁽¹⁾
Operating profit
716.2
449.8
As % of net sales
20.7%
15.9%
Net profit attributable to the Group
481.3
285.7
As % of net sales
13.9%
10.1%
Normalized free cash flow
577.4
469.7
As % of net sales
16.7%
16.6%
Free cash flow
571.3
258.9
As % of net sales
16.5%
9.1%
Net financial debt at June 30
2,545.3
3,109.1
(1) At 2020 scope of consolidation.
Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other
P&L impacts relating to acquisitions and, where applicable, for impairment of goodwill.
Normalized free cash flow is defined as the sum of net cash from operating activities - based on a working capital requirement representing 10% of the last 12
months’ sales and whose change at constant scope of consolidation and exchange rates is adjusted for the period considered - and net proceeds of sales from
fixed and financial assets, less capital expenditure and capitalized development costs.
Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and
capitalized development costs.
Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.
The reconciliation of key figures with the financial statements is available in Note 5.4.

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LEGRAND
23
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
NOTE 1 - BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
1.1
GENERAL INFORMATION
Legrand
(“the
Company”)
along
with
its
subsidiaries
(together “Legrand” or “the Group”) is the global specialist in
electrical and digital building infrastructures.
The
Group
has
manufacturing
and/or
distribution
subsidiaries and offices in close to 90 countries and sells its
products in close to 180 countries.
The Company is a French société anonyme incorporated
and domiciled in France. Its registered office is located at
128, avenue du Maréchal de Lattre de Tassigny – 87000
Limoges (France).
The consolidated financial statements were approved by the
Board of Directors on July 30, 2021. They should be read in
conjunction with the consolidated financial statements for the
year ended December 31, 2020 as set out in the Universal
Registration Document filed with the AMF on April 12, 2021
under no. D.21-0292.
All amounts are presented in millions of euros unless
otherwise specified. Some totals may include rounding
differences.
1.2
ACCOUNTING POLICIES
As a company incorporated in France, Legrand is governed
by French company laws, including the provisions of the
Code de commerce (French Commercial Code).
The consolidated financial statements cover the 6 months
ended
June 30, 2021.
They
have
been
prepared
in
accordance
with
the
International
Financial
Reporting
Standards (IFRS), including IAS 34 – Interim Financial
Reporting, and IFRS Interpretations Committee publications
adopted by the European Union and applicable or authorized
for early adoption from January 1, 2021.
None of the IFRS issued by the International Accounting
Standards Board (IASB) that have not been adopted for use
in the European Union are applicable to the Group.
The preparation of financial statements in accordance with
IFRS
requires
the
use
of
certain
critical
accounting
estimates.
It
also
requires
management
to
exercise
judgment in applying the Group’s accounting policies.
The areas involving a specific degree of judgment or
complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are
disclosed in Note 1.2.3.
The consolidated financial statements have been prepared
using the historical cost convention, except for some classes
of assets and liabilities in accordance with IFRS. The classes
concerned are mentioned in Note 5.1.1.2.
1.2.1
New
standards,
amendments
and
interpretations that may impact the Group’s
financial statements
Amendment to IAS 19 – Employee benefits
In
June
2021,
the
IFRS
Interpretations
Committee
questioned the method applied to establish the maturity
profile of the debt in relation with defined benefits plans.
Those benefits will be capped after a certain seniority level
is reached.
This decision will be effective for annual periods beginning
on January 1, 2021.
The Group is currently reviewing this amendment to
determine precisely its possible impacts on the consolidated
financial statements and related disclosures, impacts that
should not be material.
1.2.1.1
New
standards,
amendments
and
interpretations
with
mandatory
application
from January 1, 2021 that have an impact on
the Group’s 2021 financial statements
Not applicable.
1.2.1.2
New
standards,
amendments
and
interpretations
with
mandatory
application
from January 1, 2021 that have no impact on
the Group’s 2021 financial statements
Amendments to IAS 1 and IAS 8 – Definition of Material
In October 2018, the IASB issued amendments to IAS 1 –
Presentation of Financial Statements and IAS 8 - Accounting
Policies, Changes in Accounting Estimates and Errors.
These amendments clarify that information is material if
omitting, misstating or obscuring it could reasonably be
expected to influence decisions that the primary users of the
financial statements make.
1.2.1.3
New
standards,
amendments
and
interpretations
adopted
by
the
European
Union and not applicable to the Group until
future periods
Not applicable.
1.2.1.4
New
standards,
amendments
and
interpretations
not
yet
adopted
by
the
European Union and not applicable to the
Group until future periods
Amendment to IAS 1 – Classification of Liabilities as
Current or Non-current
In January 2020, the IASB issued the IAS 1 amendment -
Classification of Liabilities as Current or Non-current.

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24
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
This amendment clarifies the requirements for classifying
liabilities as current or non-current.
Not
yet
been
adopted
by
the
European
Union,
the
amendment should be effective for annual periods beginning
on or after January 1, 2023 at the latest.
The Group reviewed the amendment, to determine its
possible impacts on the consolidated financial statements
and related disclosures. It should have no material impact on
the Group.
Amendment to IAS 12 – Income Taxes
In May 2021, the IASB issued an amendment to IAS 12 –
Income Taxes.
This amendment reduces the scope of application of the
exemption
from
initial
recognition
of deferred
tax
for
transactions such as decommissioning obligations and
leases.
The amendment is not expected to have a material impact
on the Group.
Not
yet
been
adopted
by
the
European
Union,
the
amendment should be effective for annual periods beginning
on or after January 1, 2023 at the latest.
Amendment to IFRS 16 – Leases
In May 2020, the IASB issued an amendment to IFRS 16
which states that reductions in lease payments are not
necessarily
to
be
considered
as
contract
modifications, provided
that
these
reductions
are
not
accompanied with a change in the lease duration or in the
lease scope. Therefore, such lease payment reductions can
be treated as variable payments.
In March 2021 the IASB extended the applicability period of
the May 2020 amendment by one year. This extension has
not yet been adopted by the European Union.
No material impact on the Group is expected from this
amendment in 2021, as in 2020.
1.2.2
Basis of consolidation
Subsidiaries are consolidated if they are controlled by the
Group.
The Group has exclusive control over an entity when it has
power over the entity, i.e., it has substantive rights to govern
the entity’s key operations, is exposed to variable returns
from its involvement with the entity and has the ability to
affect those returns.
Such subsidiaries are fully consolidated from the date when
effective control is transferred to the Group. They are
deconsolidated from the date on which control ceases.
Any entity over which the Group has either:
■ 
significant influence (a situation that occurs when
the Group holds more than 20% of the voting rights
without providing it with substantive rights to govern
the entity’s key operations); or
■ 
joint
control
(a
situation
where
the
Group’s
participation gives it substantive rights to govern
the entity’s key operations jointly with a partner but
does not provide exclusive control to the Group);
is consolidated using the equity method.
Such subsidiaries are initially recognized at acquisition cost
and consolidated from the date when effective control is
transferred to the Group. They are deconsolidated from the
date on which control ceases.
Items included in the financial statements of each Group
entity are measured using the currency of the primary
economic environment in which the entity operates (the
“functional currency”). The consolidated financial statements
are presented in euros, which is the Company’s functional
and presentation currency.
1.2.3
Use of judgments and estimates
The preparation of financial statements in conformity with
IFRS
requires
management
to
make
estimates
and
assumptions that are reflected in the reported amounts of
assets and liabilities and disclosures of contingent assets
and liabilities as of the date of the financial statements and
the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from those
estimates.
Estimates and judgments are continually evaluated. They
are based on historical experience and other factors,
including expectations of future events, and are believed to
be reasonable under the circumstances.
1.2.3.1
Impairment of goodwill and intangible assets
Trademarks with indefinite useful lives and goodwill are
tested for impairment at least once a year and whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
Intangible assets with finite useful lives are amortized over
their estimated useful lives and are tested for impairment
when there is any indication that their recoverable amount
may be less than their carrying amount.
Future events could cause the Group to conclude that
evidence exists that certain intangible assets acquired in a
business
combination
are
impaired.
Any
resulting
impairment loss could have a material adverse effect on the
Group’s consolidated financial statements and in particular
on the Group’s operating profit.
Discounted cash flow estimates (used for impairment tests
on goodwill and trademarks with indefinite useful lives) are
based on management’s estimates of key assumptions,
especially discount rates, long-term growth and profitability

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
25
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
rates and royalty rates for trademarks with indefinite useful
lives.
1.2.3.2
Accounting for income taxes
As part of the process of preparing the consolidated financial
statements, the Group is required to estimate income taxes
in each of the jurisdictions in which it operates. This involves
estimating the actual current tax exposure and assessing
temporary differences resulting from differing treatment of
items such as deferred revenue or prepaid expenses for tax
and accounting purposes. These differences result in
deferred tax assets and liabilities, which are reported in the
consolidated balance sheet.
The Group must then assess the probability that deferred tax
assets will be recovered from future taxable profit.
Deferred tax assets are recognized only when it is probable
that sufficient taxable profit will be available, based on
management-approved taxable profit forecasts.
The Group has not recognized all of its deferred tax assets
because it is not probable that some of them will be
recovered before they expire. The amounts involved mainly
concern operating losses carried forward and foreign income
tax credits. The assessment is based on management’s
estimates of future taxable profit by jurisdiction in which the
Group operates and the period over which the deferred tax
assets are recoverable.
1.2.3.3
Other assets and liabilities based on estimates
Other assets and liabilities based on estimates include
provisions for pensions and other post-employment benefits,
impairment of trade receivables, inventories and financial
assets, share-based payments, provisions for contingencies
and charges, right-of-use assets, capitalized development
costs, and any annual volume rebates offered to customers.

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26
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
1.3
SCOPE OF CONSOLIDATION
1.3.1
List of main consolidated companies
The consolidated financial statements comprise the financial statements of Legrand and its 209 subsidiaries.
The main consolidated operating subsidiaries are reported in Note 1.3.1 to the consolidated financial statements as of
December 31, 2020. Changes in the scope of consolidation in first-half 2021 are presented below in Note 1.3.2.
1.3.2
Changes in the scope of consolidation
The contributions to the Group’s consolidated financial statements of companies acquired since the end of 2019 were as
follows:
2020
March 31
June 30
September 30
December 31
Full consolidation method
Jobo Smartech
Balance sheet only
6 months' profit
9 months' profit
12 months' profit
Focal Point
Balance sheet only
Balance sheet only
7 months' profit
10 months' profit
Borri
Balance sheet only
Champion One
Balance sheet only
Compose
Balance sheet only
2021
March 31
June 30
Full consolidation method
Jobo Smartech
3 months' profit
6 months' profit
Focal Point
3 months' profit
6 months' profit
Borri
3 months' profit
6 months' profit
Champion One
Balance sheet only
6 months' profit
Compose
Balance sheet only
6 months' profit
No significant acquisitions were completed by the Group in first-half 2021.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
27
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
NOTE 2 - HALF-YEAR RESULTS
2.1
SEGMENT INFORMATION
In
accordance
with
IFRS 8,
operating
segments are
determined based on the reporting made available to the
chief operating decision maker of the Group and to the
Group's management.
Given that Legrand’s activities are carried out locally, the
Group is organized for management purposes by countries
or groups of countries which have been allocated for internal
reporting purposes into three operating segments:
■ 
Europe, including France, Italy and Rest of Europe
(mainly
including
Benelux,
Germany,
Iberia
(including Portugal and Spain), Poland, Russia,
Turkey, and the United Kingdom);
■ 
North and Central America, including Canada,
Mexico, the United States, and Central American
countries; and
■ 
Rest of the world, mainly including Australia, China,
India, and South America (including particularly
Brazil, Chile and Colombia).
These three operating segments are under the responsibility
of three segment managers who are directly accountable to
the chief operating decision maker of the Group.
The economic models of subsidiaries within these segments
are quite similar. Indeed, their sales are made up of electrical
and digital building infrastructure products in particular to
electrical
installers,
sold
mainly
through
third-party
distributors.
6 months ended June 30, 2021
(in € millions)
Europe
North and
Central
America
Rest of the
world
Total
Net sales to third parties
1,532.3
⁽¹⁾
1,327.0
⁽²⁾
594.1
3,453.4
Cost of sales
(660.1)
(642.0)
(343.6)
(1,645.7)
Administrative and selling expenses, R&D costs
(454.0)
(436.2)
(142.5)
(1,032.7)
Other operating income (expenses)
(27.7)
(28.3)
(2.8)
(58.8)
Operating profit
390.5
220.5
105.2
716.2
- of which acquisition-related amortization,
expenses and income
· accounted for in administrative and
selling expenses, R&D costs
(7.1)
(35.4)
(2.7)
(45.2)
· accounted for in other operating income
(expenses)
0.0
- of which goodwill impairment
0.0
Adjusted operating profit
397.6
255.9
107.9
761.4
- of which depreciation and impairment of tangible assets
(31.9)
(12.5)
(10.8)
(55.2)
- of which amortization and impairment of intangible assets
(3.8)
(1.3)
(0.4)
(5.5)
- of which amortization and impairment of development costs
(12.8)
0.0
(0.5)
(13.3)
- of which amortization and impairment of right-of-use assets
(13.1)
(11.0)
(9.4)
(33.5)
- of which restructuring costs
(8.5)
(6.2)
2.1
(12.6) ⁽³⁾
Capital expenditure
(28.2)
(7.0)
(6.8)
(42.0)
Capitalized development costs
(16.0)
0.0
(0.7)
(16.7)
Net tangible assets
420.0
139.7
114.4
674.1
Total current assets
3,412.3
821.3
804.4
5,038.0
Total current liabilities
2,442.3
416.4
427.3
3,286.0
(1) Of which France: €625.4 million.
(2) Of which United States: €1,229.4 million.
(3) €(16.0) million excluding net gains on sales of assets.

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28
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
6 months ended June 30, 2020
(in € millions)
Europe
North and
Central
America
Rest of the
world
Total
Net sales to third parties
1,167.5 ⁽¹⁾
1,193.1 ⁽²⁾
472.0
2,832.6
Cost of sales
(529.1)
(583.0)
(256.9)
(1,369.0)
Administrative and selling expenses, R&D costs
(411.0)
(414.0)
(138.3)
(963.3)
Other operating income (expenses)
(25.7)
(27.0)
2.2
(50.5)
Operating profit
201.7
169.1
79.0
449.8
- of which acquisition-related amortization,
expenses and income
· accounted for in administrative and
selling expenses, R&D costs
(7.8)
(33.8)
(8.2)
(49.8)
· accounted for in other operating income
(expenses)
2.7
2.7
- of which goodwill impairment
0.0
Adjusted operating profit
209.5
200.2
87.2
496.9
- of which depreciation and impairment of tangible assets
(32.7)
(12.2)
(11.7)
(56.6)
- of which amortization and impairment of intangible assets
(4.3)
(1.1)
(0.4)
(5.8)
- of which amortization and impairment of development costs
(12.7)
0.0
(0.5)
(13.2)
- of which amortization and impairment of right-of-use assets
(13.7)
(12.2)
(9.7)
(35.6)
- of which restructuring costs
(16.8)
(10.1)
2.8
(24.1) ⁽³⁾
Capital expenditure
(23.5)
(5.6)
(5.2)
(34.3)
Capitalized development costs
(11.0)
0.0
(0.7)
(11.7)
Net tangible assets
415.4
151.6
115.1
682.1
Total current assets
3,042.0
864.8
661.7
4,568.5
Total current liabilities
2,187.9
386.0
376.4
2,950.3
(1) Of which France: €446.2 million.
(2) Of which United States: €1,120.2 million.
(3) €(40.0) million excluding net gains on sales of assets.
2.2
NET SALES
The Group derived the large majority of its revenue from
product sales to generalist and specialist distributors. The
two largest distributors accounted for close to 17% of
consolidated net sales in 2020. The Group estimates that no
other distributor accounted for more than 5% of consolidated
net sales.
Contracts with distributors are signed for a one-year period.
As a general rule, there is only one performance obligation
in these contracts, which is to sell and deliver products to the
customer (the performance obligation related to delivery is
not material within the context of customer contracts).
Within the context of these contracts, the Group owns the
main risks and benefits resulting from the product sales, and
therefore acts as the principal (and not as an agent).
Net sales are generally recognized at one point in time,
corresponding to the date on which the control of the asset
(products or, more rarely, services) is transferred to the
customer, usually the date of shipment in the case of product
sales. In the specific case of service sales where the
customer consumes the service benefits over the period in
which they are provided, net sales are recognized over time,
i.e. spread over the period in which the services are provided
to the customer.
Contracts
with
customers
generally
include
variable
payments in their favor, primarily deferred discounts and
rebates,
and
occasionally
commercial
returns.
These
variable payments to customers are estimated at their most
likely amount and accounted for when net sales are
recognized, so that they will not subsequently generate any
significant
adverse
adjustments.
By
default,
variable
payments to customers are accounted for as a deduction
from net sales. Only payments made to customers in
exchange for the transfer of products or services by these
customers are accounted for as selling expenses, for the
portion of these payments corresponding to the transferred
products’ or services’ fair value.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
29
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
In first-half 2021, the Group’s consolidated net sales came
to €3,453.4 million, up +21.9% in total compared with first-
half 2020 due to organic arising +22.6%, changes in scope
of consolidation +4.6% and the unfavorable impact of
exchange rates (-4.9%).
.
Changes in net sales by destination are as follows:
6 months ended June 30,
Net sales (in € million, except %)
2021
2020
Total
change
Change in scope of
consolidation
Organic
growth (1)
Exchange-
rate effect
Europe
1,467.0
1,125.3
30.4%
1.7%
30.6%
(1.8%)
North and Central America
1,303.2
1,173.1
11.1%
8.3%
11.7%
(8.2%)
Rest of the World
683.2
534.2
27.9%
2.5%
31.0%
(4.8%)
Consolidated total
3,453.4
2,832.6
21.9%
4.6%
22.6%
(4.9%)
(1) at constant scope of consolidation and exchange rates.
The Group sells its products in mature countries as well as
many new economies (Eastern Europe and Turkey in the
Europe operating segment, Central America and Mexico in
the North and Central America operating segment, Asia
excluding South Korea, South America, Africa and the
Middle East in the Rest of the world operating segment).
Net sales (by destination) in these two geographical areas are as follows:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Mature countries
2,580.6
2,141.5
New economies
872.8
691.1
TOTAL
3,453.4
2,832.6
2.3
OPERATING EXPENSES
Operating expenses include the following main categories of costs:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Raw materials and component costs
(1,135.3)
(911.0)
Personnel costs
(850.7)
(779.8)
Other external costs
(541.2)
(484.9)
Amortization of right-of-use assets
(33.5)
(35.6)
Depreciation of tangible assets
(56.4)
(56.8)
Amortization of intangible assets
(61.3)
(65.1)
Restructuring costs
(12.6) ⁽¹⁾
(24.1)
⁽²
⁾
Goodwill impairment
0.0
0.0
Other
(46.2)
(25.5)
OPERATING EXPENSES
(2,737.2)
(2,382.8)
(1) €(16.0) million excluding net gains on sales of assets.
(2) €(40.0) million excluding net gains on sales of assets.

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30
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
“Other” primarily includes impairment losses and reversals
on inventories (Note 3.5), trade receivables (Note 3.6), and
provisions for contingencies (Note 4.4).
The Group had an average of 37,473 employees as of
June 30, 2021 (versus 36,335 as of June 30, 2020), of which
30,483
back-office
employees
and
6,990
front-office
employees (versus 29,026 and 7,309, respectively, as of
June 30, 2020).
2.4
INCOME TAX EXPENSE
Income tax expense consists of the following:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Current taxes
(156.1)
(97.8)
Deferred taxes
(35.6)
(16.5)
TOTAL INCOME TAX EXPENSE
(191.7)
(114.3)
The reconciliation of total income tax expense for the period to income tax calculated at the standard tax rate in France is as
follows, based on profit before tax of €672.9 million in first-half 2021 (versus €401.0 million in first-half 2020):
6 months ended
(Tax rate)
June 30, 2021
June 30, 2020
Standard French income tax rate
28.41%
32.02%
Increases (reductions):
- Effect of foreign income tax rates
(4.13%)
(8.65%)
- Non-taxable items
(0.76%)
(0.59%)
- Income taxable at specific rates
(0.23%)
(0.44%)
- Other
5.26%
4.40%
28.55%
26.74%
Impact on deferred taxes of:
- Changes in tax rates
(0.11%)
0.31%
- Recognition or non-recognition of deferred tax assets
0.05%
1.45%
EFFECTIVE TAX RATE
28.49 %
28.50%

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
31
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
NOTE 3 - DETAILS ON NON-CURRENT AND CURRENT ASSETS
3.1
INTANGIBLE ASSETS
(in € millions)
June 30, 2021
December 31, 2020
Trademarks
1,851.2
1,834.9
Patents
129.5
129.3
Customer relationships
356.9
327.3
Other intangible assets
151.8
150.1
NET VALUE AT THE END OF THE PERIOD
2,489.4
2,441.6
3.1.1
Trademarks with indefinite and finite useful lives
The Legrand and Bticino brands represent close to 98% of
the total value of trademarks with indefinite useful lives.
These trademarks with indefinite useful lives are used
internationally, and therefore contribute to all of the Group's
cash-generating units.
They should contribute indefinitely to future consolidated
cash flows because management plans to continue using
them indefinitely. The Group performs periodical reviews of
these trademarks’ useful lives.
Trademarks with finite useful lives are amortized over their
estimated useful lives ranging:
■ 
from
10
years
when
management
plans
to
gradually replace them by other major trademarks
owned by the Group;
■ 
to 20 years when management plans to replace
them with other major trademarks owned by the
Group only over the long term or when, in the
absence
of
such
an
intention,
management
considers that the trademarks may be threatened
by a major competitor in the long term.
Amortization of trademarks is recognized in the income
statement under administrative and selling expenses.
Trademarks can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Gross value at the end of the period
2,231.9
2,185.4
Accumulated amortization and impairment
at the end of the period
(380.7)
(350.5)
NET VALUE AT THE END OF THE PERIOD
1,851.2
1,834.9
To date, no significant impairment has been recognized for
these trademarks.
Each trademark with an indefinite useful life is tested for
impairment separately, in the fourth quarter of each year and
whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable.
Impairment tests are performed using the relief from royalty
method. This method consists of measuring the royalties that
the company would have to pay to license the trademark
from a third party. The theoretical value of these royalties is
then measured by estimating future revenue generated by
the trademark over its useful life, as if the trademark were
owned by a third party.
There was no evidence of events or changes in circumstances requiring the recognition of impairment losses in first-half 2021.

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32
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
The following impairment testing parameters were used in the period ended December 31, 2020:
Value in use
(in € millions)
Recoverable
amount
Carrying amount of
trademarks with
indefinite useful lives
Discount rate
(before tax)
Growth rate to
perpetuity
Value in use
1,408.0
9.4 to 10.9%
2.8 to 3.1%
No impairment was recognized in the period ended December 31, 2020
3.1.2
Patents
Patents can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Gross value at the end of the period
770.9
758.7
Accumulated amortization and impairment
at the end of the period
(641.4)
(629.4)
NET VALUE AT THE END OF THE PERIOD
129.5
129.3
To date, no significant impairment has been recognized for these patents.
3.1.3
Customer relationships
Customer relationships acquired in business combinations
are
recognized
when
they
correspond
to
contractual
relationships with key customers. Such relationships are
measured using the excess earnings method, and are
amortized over a period ranging from 3 to 20 years.
Customer relationships can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Gross value at the end of the period
507.2
458.5
Accumulated amortization and impairment
at the end of the period
(150.3)
(131.2)
NET VALUE AT THE END OF THE PERIOD
356.9
327.3
To date, no significant impairment has been recognized for these customer relationships.
3.1.4
Other intangible assets
Other
intangible
assets
are
recognized
at
cost
less
accumulated amortization and impairment. They include in
particular:
■ 
costs incurred for development projects (relating to
the
design
and
testing
of
new
or
improved
products). They are amortized from the date of sale
of the product on a straight-line basis over the
period in which the asset’s future economic benefits
are consumed, not exceeding 10 years. Costs
incurred for projects that do not meet the IAS 38
definition of an intangible asset are recorded in
research and development costs for the year in
which they are incurred;
■ 
software, which is generally purchased from an
external supplier and amortized over 3 years.

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. . . . . . . .
. . . . . . . .
. . . . . . . .
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
33
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Other intangible assets can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Capitalized development costs
449.4
431.7
Software
154.4
149.2
Other
27.7
27.8
Gross value at the end of the period
631.5
608.7
Accumulated amortization and impairment
at the end of the period
(479.7)
(458.6)
NET VALUE AT THE END OF THE PERIOD
151.8
150.1
To date, no significant impairment has been recognized for these items.
3.2
GOODWILL
To determine the goodwill for each business combination,
the Group applies the partial goodwill method whereby
goodwill is calculated as the difference between the
consideration paid to acquire the business combination
and the portion of the acquisition date fair value of the
identifiable net assets acquired and liabilities assumed that
is attributable to the Group.
Under this method no goodwill is allocated to minority
interests. Changes in the percentage of interest held in a
controlled entity are recorded directly in equity without
recognizing any additional goodwill.
Goodwill is tested for impairment annually, in the fourth
quarter of each year, and whenever events or changes in
circumstances indicate that the carrying amount may not
be recoverable.
Within the Legrand Group, the level at which goodwill is
measured
(cash-generating
units)
corresponds
to
individual countries or to groups of countries, when they
either have similar market characteristics or are managed
as a single unit.
Value in use is estimated based on discounted cash flows
for the next five years and a terminal value calculated from
the final year of the projection period. The cash flow data
used for the calculation is taken from the most recent
medium-term
business
plans
approved
by
Group
management. Business plan projections are based on the
latest available external forecasts of trends in the Group’s
markets. Cash flows beyond the projection period of five
years
are
estimated
by
applying
a
growth
rate
to
perpetuity.
The discount rates applied derive from the capital asset
pricing model. They are calculated for each individual
country, based on financial market and/or valuation
services firm data (average data over the last three years).
The cost of debt used in the calculations is the same for all
individual countries (being equal to the Group’s cost of
debt).
Goodwill can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Europe
1,563.3
1,599.3
Of which France
819.9
819.9
North and Central America
2,629.1
2,591.4
Rest of the world
635.3
613.0
NET VALUE AT THE END OF THE PERIOD
4,827.7
4,803.7
The North and Central America operating segment is
considered to be a single cash-generating unit (CGU),
whereas both the Europe and Rest of the world operating
segments include several CGUs. Within these two operating
segments,
France and
Italy,
China,
India
and
South
America, are respectively the largest CGUs.
Only the goodwill allocated to the North and Central America
CGU and the goodwill allocated to the France CGU
represent more than 10% of total goodwill.

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34
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Changes in goodwill can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Gross value at the beginning of the period
4,840.4
4,603.1
- Acquisitions
0.0
716.5
- Adjustments*
(88.4)
(166.9)
- Translation adjustments
112.3
(312.3)
Gross value at the end of the period
4,864.3
4,840.4
Impairment value at the beginning of the period
(36.7)
(36.9)
- Impairment losses
0.0
0.0
- Translation adjustments
0.1
0.2
Impairment value at the end of the period
(36.6)
(36.7)
NET VALUE AT THE END OF THE PERIOD
4,827.7
4,803.7
*Adjustments correspond to the difference between provisional and final goodwill.
Purchase price allocations, which are performed within one year of each business combination, are as follows (excluding
inventory step-up):
6 or 12 months ended
(in € millions)
June 30, 2021
December 31, 2020
- Trademarks
21.8
69.5
- Deferred taxes on trademarks
(1.0)
(0.4)
- Patents
5.1
5.1
- Deferred taxes on patents
(1.4)
(0.2)
- Other intangible assets
32.2
82.3
- Deferred taxes on other intangible assets
0.0
0.0
There was no evidence of events or changes in circumstances requiring the recognition of impairment losses in first-half 2021.
The following impairment testing parameters were used in the period ended December 31, 2020:
Value in use
Recoverable
amount
Carrying
amount of
goodwill
Discount rate
(before tax)
Growth rate to
perpetuity
Europe
1,599.3
8.2 to 20.4%
2.0 to 5.0%
Of which France
Value in use
819.9
8.5%
2.0%
North and Central America
2,591.4
9.3%
3.1%
Rest of the World
613.0
9.5 to 14.1%
2.0 to 5.0%
NET VALUE AT THE END OF THE PERIOD
4,803.7
No goodwill impairment losses were identified in the period ended December 31, 2020.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
35
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
3.3
PROPERTY, PLANT AND EQUIPMENT
Depreciation is calculated on a straight-line basis over the estimated useful lives of the respective assets; the most commonly
adopted useful lives are the following:
Lightweight buildings
25 years
Standard buildings
40 years
Machinery and equipment
8 to 10 years
Tooling
5 years
Building fixtures
15 years
Property, plant and equipment can be analyzed as follows:
June 30, 2021
(in € millions)
Land
Buildings
Machinery and
equipment
Assets under
construction and
other
Total
Gross value at the end of the
period
48.3
619.3
1,859.2
345.1
2,871.9
Depreciation and impairment
at the end of the period
(0.2)
(427.3)
(1,570.5)
(199.8)
(2,197.8)
NET VALUE AT THE END OF
THE PERIOD
48.1
192.0
288.7
145.3
674.1
December 31, 2020
(in € millions)
Land
Buildings
Machinery and
equipment
Assets under
construction
and other
Total
Gross value at the end of the
period
47.0
618.8
1,819.6
343.2
2,828.6
Depreciation and impairment
at the end of the period
(0.2)
(424.7)
(1,532.7)
(190.1)
(2,147.7)
NET VALUE AT THE END OF
THE PERIOD
46.8
194.1
286.9
153.1
680.9
3.4
RIGHT-OF-USE ASSETS AND LEASE CONTRACTS
Right-of-use assets are initially measured at an amount
equal mainly to the sum of:
■ 
initial values of the lease financial liability;
■ 
prepayments (including the first lease payment in
case of lease payments made at the beginning of
lease periods); and
■ 
restoration costs.
Right-of-use assets value is subsequently remeasured
whenever the lease financial liability value is remeasured.
Right-of-use assets are depreciated using the straight-line
method over the estimated lease contract duration. This
latter is determined by taking into account the existence of
lease renewal options and early termination options whose
exercise is subject solely to the Group's decision.
More specifically, regardless of the nature of these options,
whenever there is significant capital expenditures on
leased buildings, the depreciation period applied to the
tangible assets resulting from these expenditures is used
to determine the estimated lease contract duration of these
buildings.
Lease financial liabilities are initially measured at the
present value of future lease payments (excluding variable
lease payments and service payments whenever it is
possible to identify these payments within total lease
payments, while including, when applicable, the purchase

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36
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
option value if the exercise of this option is deemed
probable), using as the discount rate the borrowing rate
available for a Group entity for both the currency and the
maturity corresponding to the estimated duration of the
lease contract.
Lease financial liabilities are remeasured when there is a
change in future lease payments arising from a change in
an index or rate, or a change in the lease term (following
the subsequent exercise of an extension or an early
termination option).
Lease financial liabilities are analyzed in Note 4.6.1.
The Group has elected not to recognize right-of-use assets
and lease financial liabilities for short-term leases (not
exceeding a one-year period) and/or leases of low-value
assets.
Right-of-use assets can be analyzed as follows:
June 30, 2021
(in € millions)
Buildings
Machinery and
equipment
Other
Total
Gross value at the end of the period
486.9
6.0
58.5
551.4
Depreciation and impairment
at the end of the period
(246.8)
(3.2)
(32.0)
(282.0)
Net value at the end of the period
240.1
2.8
26.5
269.4
December 31, 2020
(in € millions)
Buildings
Machinery and
equipment
Other
Total
Gross value at the end of the period
460.7
6.7
64.5
531.9
Depreciation and impairment
at the end of the period
(222.1)
(3.9)
(37.6)
(263.6)
Net value at the end of the period
238.6
2.8
26.9
268.3
“Buildings”
right-of-use
assets
mainly
concern
lease
contracts for production sites, commercial offices and
warehouses. Most of these lease contracts offer both
extension and early termination options, while very few of
them
include
purchase
options
or
restoration
costs.
Therefore, the corresponding right-of-use assets do not
include any material amount for purchase options or
restoration costs.
“Machinery and equipment” right-of-use assets comprises
mainly industrial machinery.
“Other” right-of-use assets mainly concern vehicles, forklifts
and some IT equipment. Although most of these lease
contracts include purchase options, these options are
generally not exercised.
3.5
INVENTORIES
Inventories are measured at
the
lower
of
cost (of
acquisition or production) and net realizable value, with
cost determined principally on a first-in, first-out (FIFO)
basis. Net realizable value is the estimated selling price in
the ordinary course of business, less applicable variable
selling expenses.
Impairment provisions are recognized when inventories
are considered wholly or partially obsolete, and for finished
goods inventories when their net realizable value is lower
than their net book value.
Inventories can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Purchased raw materials and components
420.8
340.4
Sub-assemblies, work in progress
119.2
101.0
Finished products
585.0
530.3
Gross value at the end of the period
1,125.0
971.7
Impairment
(137.4)
(134.4)
NET VALUE AT THE END OF THE PERIOD
987.6
837.3

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. . . . . . . .
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. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
37
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
3.6
TRADE RECEIVABLES
Trade receivables are initially recognized at fair value and
are subsequently measured at amortized cost.
In accordance with IFRS 9, expected credit losses on trade
receivables are estimated based on a provision table, by
applying provision rates depending on the receivables aging.
Furthermore, a provision can be recognized in the income
statement when there is objective evidence of impairment
such as:
■ 
when a debtor has defaulted; or
■ 
when a debtor’s credit rating has been downgraded
or its business environment has deteriorated.
Trade receivables can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Trade receivables
875.7
722.5
Impairment
(86.5)
(78.0)
NET VALUE AT THE END OF THE PERIOD
789.2
644.5
The Group uses factoring contracts to reduce the risk of late
payments.
During first-half 2021, a total of €471.4 million in receivables
were transferred under the terms of the factoring contracts.
The resulting costs were recognized in financial profit (loss)
for an amount of less than €1 million.
As of June 30, 2021, these factoring contracts allowed the
Group to derecognize trade receivables for an amount of
€161.0 million (€98.8 million as of December 31, 2020), as
their terms transfer all credit and late payment risks to the
factoring companies. The only risk that is not transferred is
dilution risk, which is historically very low.
Past-due trade receivables can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Less than 3 months past due receivables
141.5
131.0
From 3 to 12 months past due receivables
36.0
31.5
More than 12 months past due receivables
39.2
36.2
TOTAL
216.7
198.7
Provisions for impairment of past-due trade receivables amounted to €71.3 million as of June 30, 2021 (€69.2 million as of
December 31, 2020). These provisions break down as follows:
(in € millions)
June 30, 2021
December 31, 2020
Provisions for less than 3 months past due receivables
11.1
12.0
Provisions for 3 to 12 months past due receivables
21.0
21.0
Provisions for more than 12 months past due receivables
39.2
36.2
TOTAL
71.3
69.2

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38
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
3.7
OTHER CURRENT ASSETS
Other current assets can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Employee advances
2.8
2.9
Prepayments
76.8
54.8
Taxes other than income tax
114.3
104.9
Other receivables
36.3
42.2
NET VALUE AT THE END OF THE PERIOD
230.2
204.8
These assets are valued at amortized cost.
3.8
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash, short-term
deposits and other liquid financial assets (possibility to
realize the assets in less than 3 months at any time), readily
convertible to known amounts of cash and are not subject to
any material risk of change in value. These financial assets
usually have an original maturity of less than or equal to one
year.
Cash and cash equivalents that are unavailable in the short
term for the Group correspond to the bank accounts of
certain
subsidiaries
facing
complex,
short-term
fund
repatriation conditions due mainly to regulatory reasons.
Cash and cash equivalents totaled €2,965.8 million as of
June 30, 2021 (versus €2,791.7 million as of December 31,
2020). Of this amount, €4.5 million was not available to the
Group in the short term as of June 30, 2021 (versus
€0.4 million as of December 31, 2020).

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
39
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
NOTE 4 - DETAILS ON NON-CURRENT AND CURRENT LIABILITIES
4.1
SHARE CAPITAL AND EARNINGS PER SHARE
Share
capital
as
of
June
30,
2021
amounted
to
€1,069,790,984
represented
by
267,447,746
ordinary
shares with a par value of €4 each, for 267,447,746
theoretical voting rights and 266,737,300 exercisable voting
rights (after subtracting shares held in treasury by the Group
as of this date).
As of June 30, 2021, the Group held 710,446 shares in
treasury, versus 125,407 shares as of December 31, 2020,
i.e. 585,039 additional shares corresponding to:
■ 
the net acquisition of 1,200,000 shares outside of
the liquidity contract;
■ 
the transfer of 582,035 shares to employees under
performance share plans;
■ 
the net sale of 32,926 shares under the liquidity
contract (Note 4.1.2.2).
As of June 30, 2021, among the 710,446 shares held in
treasury by the Group, 645,645 shares have been allocated
according to the allocation objectives described in Note
4.1.2.1, and 64,801 shares are held under the liquidity
contract.
4.1.1
Changes in share capital
Changes in share capital in first-half 2021 were as follows:
Number of shares
Par value
Share capital (euros)
Premiums (euros)
As of December 31, 2020
267,447,746
4
1,069,790,984
539,064,770
As of June 30, 2021
267,447,746
4
1,069,790,984
539,064,770
4.1.2
Share buybacks and transactions under the
liquidity contract
As of June 30, 2021, the Group held 710,446 shares in
treasury (125,407 as of December 31, 2020, of which 27,680
under the share buyback program and 97,727 under the
liquidity contract) which can be analyzed as follows:
4.1.2.1
Share buybacks
During first-half 2021, the Group acquired 1,200,000 shares,
at a cost of €97.7 million.
As of June 30, 2021, the Group held 645,645 shares,
acquired at a total cost of €51.3 million. These shares are
being held for the following purposes:
■ 
for allocation, upon exercise of performance share
plans, of 15,645 shares purchased at a cost of €1.4
million; and
■ 
for cancellation of 630,000 shares acquired at a
cost of €49.9 million.
4.1.2.2
Liquidity contract
The Group has appointed a financial institution to maintain a
liquid market for its shares on the Euronext™Paris market
under a liquidity contract. This contract is compliant with the
AMF decision on July 2, 2018, relating to the establishment
of liquidity contracts on equity securities under accepted
market practice.
As of June 30, 2021, the Group held 64,801 shares under
this contract, purchased at a total cost of €5.7 million.
During first-half
2021, transactions under
the liquidity
contract led to a cash inflow of €2.8 million corresponding to
the net sales of 32,926 shares.
4.1.3
Earnings per share
Basic earnings per share are calculated by dividing net profit
attributable to the Group by the weighted average number of
ordinary shares outstanding during the period.
Diluted earnings per share are calculated according to the
treasury stock method, by dividing profit attributable to the
Group by the weighted average number of ordinary shares
outstanding during the period, plus the number of dilutive
potential ordinary shares. The weighted average number of
ordinary shares outstanding used in these calculations is
adjusted for the share buybacks and sales carried out during
the period and does not take into account shares held in
treasury.

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40
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Basic and diluted earnings per share, calculated on the basis of the average number of ordinary shares outstanding during
the period, are as follows:
6 months ended
June 30, 2021
June 30, 2020
Net profit attributable to the Group (in € millions)
A
481.3
285.7
Average number of shares (excluding shares held in treasury)
B
266,923,173
267,002,816
Average dilution from:
- Performance shares
2,197,164
2,264,637
- Stock options
153,496
Average number of shares after dilution (excluding shares held in treasury)
C
269,120,337
269,420,949
Number of stock options and performance share grants outstanding at the period
end
1,818,926
2,008,965
Sales (buybacks) of shares and transactions under the liquidity contract (net during
the period)
(1,167,074)
(587,994)
Shares transferred during the period under performance share plans
582,035
496,532
Basic earnings per share (in euros)
A/B
1.803
1.070
Diluted earnings per share (in euros)
A/C
1.788
1.060
Dividend per share (in euros)
1.420
1.340
As mentioned above, during first-half 2021, the Group:
■ 
transferred 582,035 shares under performance
share plans, out of the 554,355 shares bought back
in first-half 2021 and 27,680 shares bought back
from previous years for this purpose; and
■ 
sold a net 32,926 shares under the liquidity
contract.
These movements were taken into account on an accruals
basis in the computation of the average number of ordinary
shares outstanding during the period, in accordance with IAS
33. If the shares had been issued and bought back on
January 1, 2021, earnings per share and diluted earnings
per share would have amounted to €1.804 and €1.789
respectively for the 6 months ended June 30, 2021.
During first-half 2020, the Group:
■ 
issued 436,618 shares under stock option plans;
■ 
transferred 496,532 shares under performance
share plans, out of the 487,739 shares bought back
in first-half 2020 and 8,793 bought back from
previous years for this purpose; and
■ 
purchased a net 72,994 shares under the liquidity
contract.
These movements were taken into account on an accruals
basis in calculating the average number of ordinary shares
outstanding during the period, in accordance with IAS 33. If
the shares had been issued and bought back on January 1,
2020, basic earnings per share and diluted earnings per
share
would
have
amounted
to
€1.069
and
€1.058
respectively for the 6 months ended June 30, 2020.
4.2
STOCK OPTION PLANS AND PERFORMANCE SHARE PLANS
The cost of stock options or performance shares is
measured at the fair value of the award on the grant date,
using the Black & Scholes option pricing model or the
binomial model, and is recognized in the income statement
under personnel costs on a straight-line basis over the
vesting period with a corresponding adjustment to equity.
Changes in the fair value of stock options after the grant date
are not taken into account.
The expense recognized by crediting equity is adjusted at
each period-end during the vesting period to take into
account changes in the number of shares that are expected
to be delivered to employees when the performance shares
vest or the stock options are exercised, except for the
number of shares related to the share price performance
criteria.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
41
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
4.2.1
Performance share plans
The following performance share plans were approved by the Company’s Board of Directors:
2017 Plan
2018 Plans
2019 Plans
2020 Plans
2021 Plans
Date approved by shareholders
May 27, 2016
May 30, 2018
May 30, 2018
May 30, 2018
May 26, 2021
Grant date
May 31, 2017
May 30, 2018
May 29, 2019
May 26, 2020
May 26, 2021
Total number of performance share
rights initially granted
492,254
(1)
524,123
(1)
617,818
461,861
491,213
o/w to Executive Officer
12,503
(1)
19,546
(1)
22,954
11,544
20,544
- Gilles Schnepp
12,503
0
0
0
0
- Benoît Coquart
N/A
19,546
22,954
11,544
20,544
Total IFRS 2 expense (in € millions)
24.8
(2)
28.5
(2)
31.0
(2)
22.8
(2)
35.2
(2)
June 17, 2021
June 16, 2021
(3)
June 16, 2022
(3) June 16, 2023
(3)
June 14, 2024
(3)
End of vesting period
June 16, 2022
(4)
June 16, 2023
(4) June 14, 2024
(4)
June 12, 2025
(4)
June 17, 2021
May 31, 2023
(3)
May 31, 2024
(3)
May 28, 2025
(3)
May 27, 2026
(3)
End of lock-up period
June 16, 2022
(4)
June 16, 2023
(4) June 14, 2024
(4)
June 12, 2025
(4)
Number of performance shares adjusted
for the performance criteria fulfillment
46,750
(5)
(34,000)
(5)
Number of performance share rights
cancelled or forfeited
(53,263)
(90,123)
(47,849)
(7,341)
Number of performance shares
acquired as of June 30, 2021
(169)
(94,679)
(1,231)
(866)
PERFORMANCE SHARE RIGHTS
OUTSTANDING AS OF JUNE 30, 2021
0
305,321
568,738
453,654
491,213
(1) Given the dividend distribution features approved at the General Meetings of Shareholders on May 31, 2017, on May 30, 2018 and on
May 29, 2019, the number of remaining performance shares was adjusted to take into account the impact of these transactions on the
interests of performance share beneficiaries in accordance with article L.228-99 of the French Commercial Code.
(2) Total charge estimated at the grant date assuming 100% achievement for each performance criteria. This charge is spread over the
vesting periods.
(3) Date applicable to the Executive Officer and members of the Executive Committee.
(4) Date applicable to beneficiaries other than the Executive Officer and members of the Executive Committee.
(5) Percentage of performance criteria achievement: see Note 4.2.1.3 of the consolidated financial statements for the year ended at
December 31, 2020. For the 2018 plan, the number of adjusted performance shares is estimated at June 30, 2021.

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42
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
4.2.1.1
2017 performance share plan
The final number of shares ultimately granted to beneficiaries is determined based on a service condition and several
performance criteria. The vesting period is four years.
Weight of performance
criteria by plan
Type of performance
criteria
Description of performance criteria
2017
“External” financial
performance criterion
Comparison between the arithmetic mean of Legrand’s consolidated EBITDA
margin over a three-year period as published in the consolidated financial
statements
and the arithmetic
mean
of
EBITDA
margins
achieved
by
companies forming part of the MSCI World Capital Goods index over the same
period.
1/3
“Internal” financial
performance criterion
Arithmetic mean of normalized free cash flow as a percentage of sales over a
three-year period, as published in the consolidated financial statements.
1/3
Non-financial
performance criterion
Arithmetic mean of the average achievement rate of Group CSR Roadmap
priorities over a three-year period.
1/3
Following the application of IFRS 16, on March 20, 2018 the Board of Directors decided to replace the EBITDA and free cash
flow criteria for the 2019 performance assessment under the 2017 plan with the adjusted operating margin before acquisitions
and organic sales growth criteria, in line with the Company’s 2019 targets.
4.2.1.2
2018, 2019, 2020 and 2021 performance share
plans
The final number of shares granted to beneficiaries is
determined on the condition that the beneficiary is present
within the Group at the time the vesting period expires and
according to several performance criteria.
For the Executive Officer and members of the Executive
Committee, the term of the vesting period is three years, with
an additional two-year holding period; for other beneficiaries,
the vesting period is four years, with no holding period
.
Performance criteria applicable to the Executive Officer and members of the Executive
Committee
The performance criteria applicable to the Executive Officer and members of the Executive Committee are defined as follows:
Type of performance criteria
Description of performance criteria
and target-setting method
Weight of
performance
criteria
Target for organic sales growth
Target: 3-year arithmetic mean of the upper and lower bounds of the
annual target ranges concerned.
Comparison between the target and the average achievement over
three years.
1/4
Target for adjusted operating margin
before acquisitions(1)
Target: 3-year arithmetic mean of the upper and lower bounds of the
annual target ranges concerned.
Comparison between the target and the average achievement over
three years.
1/4
Annual rates of achievement of the Group’s
CSR roadmap
Target: arithmetic mean over 3 years of the annual
CSR roadmap achievement rates.
1/4
Legrand’s share price performance relative
to the performance of the CAC 40 index
Performance gap between Legrand’s share price and the CAC 40 index
over a 3-year period.
1/4
(1) The adjusted operating margin before acquisitions corresponds to the adjusted operating profit (see key figures)

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
43
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Performance criteria applicable to beneficiaries other than the Executive Officer and members
of the Executive Committee
The performance criteria applicable to beneficiaries other than the Executive Officer and members of the Executive
Committee are defined as follows:
Type of performance
criteria
Description of performance criteria
and target-setting method
Weight of
performance
criteria
Target for organic sales growth
The target to be reached for this criterion, set annually corresponds to the lower and
upper ranges of the relevant annual target. The annual rate of achievement is
measured in relation to the annual target. The final pay-out rate for this criterion
corresponds to the arithmetic average over a three-year period of the annual rates of
achievement.
1/3
Target for adjusted operating
margin before acquisitions(1)
The target to be reached for this criterion, set annually corresponds to the lower and
upper ranges of the relevant annual target. The annual rate of achievement is
measured in relation to the annual target. The final pay-out rate for this criterion
corresponds to the arithmetic average over a three-year period of the annual rates of
achievement.
1/3
Annual rates of achievement of
the Group’s CSR roadmap
The annual rate of achievement corresponds to the rate of achievement of the CSR
annual roadmap.
The final pay-out rate for this criterion corresponds to the arithmetic average over a
three-year period of the annual rates of attainment.
1/3
(1) The adjusted operating margin before acquisitions corresponds to the adjusted operating profit (see key figures).
The final pay-out rate for each criterion corresponds to the
arithmetic average over a three-year period of the annual
achievement rates.
If all the performance shares from the 2018 to 2021 plans
were to vest according to the target allocation before
application
of
the
performance
criteria
(i.e.,
1,818,926 shares) and if those shares were transferred
following capital increases, the Company's capital would be
diluted by 0.7% as of June 30, 2021.
4.2.2
Share-based payments (IFRS 2 expense)
In accordance with IFRS 2, an expense of €15.2 million was recorded in first-half 2021 (€9.4 million in first-half 2020) for all of
these plans combined.
4.3
RETAINED EARNINGS AND TRANSLATION RESERVES
4.3.1
Retained earnings
The
Group's
consolidated
retained
earnings
as
of
June 30, 2021 amounted to €4,825.8 million.
As of the same date, the Company had retained earnings
including profit for the period of €1,035.2 million available for
distribution.
4.3.2
Translation reserves
Assets and liabilities of Group entities whose functional
currency is different from the presentation currency are
translated using the exchange rate at the balance sheet
date. Statements of income are translated using the average
exchange rate for the period. Gains or losses arising from
the
translation
of
the
financial
statements
of
foreign
subsidiaries
are
recognized
directly
in
equity
under
“Translation reserves”, until the potential Group’s loss of
control over the entity.
Translation reserves record the impact of fluctuations in the following currencies:
(in € millions)
June 30, 2021
December 31, 2020
US dollar
(199.4)
(320.2)
Other currencies
(606.4)
(642.1)
TOTAL
(805.8)
(962.3)

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44
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
The Group operates in close to 90 countries. It is mainly
exposed to a dozen currencies other than the euro and the
US dollar, including the Australian dollar, Brazilian real,
British pound, Chilean peso, Chinese yuan, Indian rupee,
Mexican peso, Russian ruble and Turkish lira.
Under IFRS 9, non-derivative financial instruments may be
designated as hedges only when they are used to hedge
foreign currency risk and provided that they qualify for hedge
accounting.
Accordingly, in the case of hedges of a net investment in a
foreign operation, the portion of the gain or loss on the
hedging instrument that is deemed to be an effective hedge
is recognized in equity.
Consequently, unrealized
foreign exchange gains
and
losses on US dollar-denominated 8.5% Debentures (Yankee
bonds) are recognized in translation reserves. Losses on
these bonds recognized in translation reserves in first-half
2021 amounted to €10.3 million, resulting in a negative
balance of €49.5 million as of June 30, 2021.
Finally, in accordance with IAS 21, translation gains and
losses on receivables or payables considered as part of a
net investment in a foreign Group entity are recognized in
translation
reserves.
Gains
recognized
in
translation
reserves in first-half 2021 amounted to €0.9 million, resulting
in a positive balance of €7.5 million as of June 30, 2021.
4.4
PROVISIONS
Changes in provisions in first-half 2021 can be analyzed as follows:
June 30, 2021
(in € millions)
Product
warranties
Claims and
litigation
Tax and
employee risks
Restructuring
Other
Total
At the beginning of the period
52.0
127.4
40.8
36.6
71.3
328.1
Changes in scope of consolidation
(0.1)
0.2
(1.5)
0.0
1.9
0.5
Increases
9.9
21.8
4.1
9.9
21.7
67.4
Utilizations
(5.2)
(10.9)
(0.2)
(9.3)
(13.8)
(39.4)
Reversals of surplus provisions
(6.6)
(5.5)
0.0
(0.1)
(1.8)
(14.0)
Reclassifications
(0.1)
(0.2)
0.0
0.0
0.0
(0.3)
Translation adjustments
0.4
0.9
1.0
0.5
1.6
4.4
AT THE END OF THE PERIOD
50.3
133.7
44.2
37.6
80.9
346.7
Of which non-current portion
31.0
88.9
17.0
4.1
64.8
205.8
Changes in provisions in 2020 were as follows:
December 31, 2020
(in € millions)
Product
warranties
Claims and
litigation
Tax and
employee risks
Restructuring
Other
Total
At the beginning of the period
53.5
77.3
38.3
23.7
58.0
250.8
Changes in scope of consolidation
1.5
0.3
1.5
0.2
0.7
4.2
Increases
12.6
55.4
12.7
40.8
30.8
152.3
Utilizations
(8.0)
(7.3)
(4.8)
(25.4)
(12.4)
(57.9)
Reversals of surplus provisions
(5.9)
(12.5)
(2.0)
(1.7)
(3.6)
(25.7)
Reclassifications
(0.1)
17.0
0.0
0.3
2.2
19.4
Translation adjustments
(1.6)
(2.8)
(4.9)
(1.3)
(4.4)
(15.0)
AT THE END OF THE PERIOD
52.0
127.4
40.8
36.6
71.3
328.1
Of which non-current portion
33.3
85.1
16.6
1.5
63.7
200.2

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
45
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
4.5
PROVISION
FOR
POST-EMPLOYMENT
BENEFITS
AND
OTHER
LONG-TERM
EMPLOYEE
BENEFITS
4.5.1
Pension and other post-employment
benefit obligations
Group companies operate various pension plans. The plans
are funded through payments to insurance companies or
trustee-administered funds, determined by periodic actuarial
calculations. The Group has both defined contribution and
defined benefit plans.
A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity.
Contributions are recognized as an expense for the period of
payment. The Group has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee
service in current and prior periods.
A defined benefit plan is a pension plan that defines an
amount of pension benefit that an employee will receive on
retirement, usually dependent on one or more factors such
as age, years of service and end-of-career salary.
The liability recognized in the balance sheet for defined
benefit pension plans is the present value of the defined
benefit obligation at the balance sheet date, less the fair
value of plan assets. The past service cost arising from
changes to pension benefit plans is expensed in full as
incurred.
In accordance with IAS 19, the Group recognizes all actuarial
gains and losses outside profit or loss, in the consolidated
statement of comprehensive income.
Defined
benefit
obligations
are
calculated
using
the
projected unit credit method. This method takes into account
estimated years of service at retirement, final salaries, life
expectancy
and
staff
turnover,
based
on
actuarial
assumptions. The present value of the defined benefit
obligation is determined by discounting the estimated future
cash outflows using interest rates of investment grade
corporate bonds that are denominated in the currency in
which the benefits will be paid and have terms to maturity
approximating the period to payment of the related pension
liability.
Some
Group
companies
provide
post-employment
healthcare benefits to their retirees. Entitlement to these
benefits is usually conditional on the employee remaining
with one of these Group companies up to retirement age and
completion of a minimum service period. These benefits are
treated as post-employment benefits under the defined
benefit scheme.
Pension and other post-employment defined benefit obligations can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
France (Note 4.5.1.2)
93.8
100.4
Italy (Note 4.5.1.3)
33.5
34.5
United Kingdom (Note 4.5.1.4)
125.4
125.9
United States (Note 4.5.1.5)
73.6
76.4
Other countries
51.4
49.6
TOTAL PENSION AND OTHER POST-EMPLOYMENT DEFINED BENEFIT
OBLIGATIONS
377.7
386.8
The total amount of those defined benefit obligations is €377.7 million as of June 30, 2021 (€386.8 million as of December 31,
2020), and is analyzed in Note 4.5.1.1.

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46
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
4.5.1.1
Analysis of pension and other post-employment defined benefit obligations
The total (current and non-current) obligation under the Group’s pension and other post-employment defined benefit plans,
consisting primarily of plans in France, Italy, the United States and United Kingdom, is as follows:
(in € millions)
June 30, 2021
December 31, 2020
Defined benefit obligation
Projected benefit obligation at the beginning of the period
386.8
391.6
Service cost
4.5
8.8
Interest cost
2.7
7.1
Benefits paid or unused
(10.9)
(24.9)
Employee contributions
0.2
0.6
Actuarial losses/(gains)
(15.5)
16.5
Curtailments, settlements, special termination benefits
0.0
(0.3)
Translation adjustments
8.3
(16.9)
Other
1.6
4.3
PROJECTED BENEFIT OBLIGATION AT THE END OF THE PERIOD
377.7
386.8
Fair value of plan assets
Fair value of plan assets at the beginning of the period
207.8
206.8
Expected return on plan assets
1.9
4.8
Employer contributions
4.1
8.8
Employee contributions
0.4
1.3
Benefits paid
(5.8)
(14.8)
Actuarial (losses)/gains
(0.3)
12.0
Translation adjustments
7.4
(13.9)
Other
0.0
2.8
FAIR VALUE OF PLAN ASSETS AT END OF PERIOD
215.5
207.8
PROVISION RECOGNIZED IN THE BALANCE SHEET
175.4
187.6
Current liability
4.1
5.8
Non-current liability
171.3
181.8
Non-current asset
13.2
8.6
Actuarial losses recognized in equity in first-half 2021
amounted to €15.2 million.
These €15.2 million actuarial gains resulted from:
■ 
€ 17,2 million in gains from changes in financial
assumptions;
■ 
€ 0,1 million in losses from changes in demographic
assumptions; and
■ 
€ 1,9 million in experience losses.
The discount rates used are determined by reference to
the yield on high-quality bonds based on the following
benchmark indices:
■ 
Euro zone: iBoxx € Corporates AA 10+;
■ 
United Kingdom: iBoxx £ Corporates AA 15+;
■ 
United States: Citigroup Pension Liability Index.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
47
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
The impact of service costs and interest costs on profit before tax for the period is as follows:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Service cost
(4.5)
(4.3)
Net interest cost*
(0.8)
(1.1)
TOTAL
(5.3)
(5.4)
*
The expected return on assets and interest costs are presented as a net amount in financial expenses.
The weighted average allocation of pension plan assets is as follows as of June 30, 2021:
(as a percentage)
United Kingdom
United States
Equity instruments
50.7
41.3
Debt instruments
38.0
58.2
Insurance funds
11.3
0.5
TOTAL
100.0
100.0
These assets are marked to market.
4.5.1.2
Provisions
for
retirement
benefits
and
supplementary pension benefits in France
The provisions recorded in the consolidated balance sheet
concern the unvested entitlements of active employees. The
Group
has
no
obligation with
respect
to
the
vested
entitlements of former employees, as the benefits were
settled at the time of their retirement, either directly or
through payments to insurance companies in full discharge
of the liability.
The main defined benefit plan applicable in France concerns
statutory length-of-service awards, under which all retiring
employees are eligible for a lump-sum payment calculated
according to their length of service. This payment is defined
either in the collective bargaining agreement to which their
company is a party or in a separate company-level
agreement,
whichever
is
more
advantageous
to
the
employee. The amount generally varies depending on the
employee category (manager/non-manager).
In France, provisions recorded in the consolidated balance
sheet
amounted
to
€93.8 million
as
of
June 30, 2021
(€100.4 million as of December 31, 2020) corresponding to
the difference between the projected benefit obligation of
€93.8 million as of June 30, 2021 (€100.4 million as of
December 31, 2020), and the fair value of the related plan
assets of €0.0 million as of June 30, 2021 (€0.0 million as of
December 31, 2020).
The projected benefit obligation is calculated based on staff
turnover and mortality assumptions, estimated rates of
salary increases and an estimated discount rate. In France,
the calculation in 2021 was based on a salary increase rate
of 2.8% and a discount rate of 1.1% (respectively 2.8% and
0.6% in 2020).
4.5.1.3
Provisions for termination benefits in Italy
In Italy, a termination benefit is awarded to employees
regardless of the reason for their departure.
Since January 1, 2007, such benefits have been paid either
into an independently managed pension fund or to the Italian
social security service (INPS). As from that date, the Italian
termination benefit plans have been qualified as defined
contribution
plans
under
IFRS.
Termination
benefit
obligations arising prior to January 1, 2007 continue to be
accounted for under IFRS as defined benefit plans, based
on revised actuarial estimates that exclude the effect of
future salary increases.
The resulting provisions for termination benefits, which
correspond to the obligation as of December 31, 2006 plus
the ensuing actuarial revisions, amounted to €33.5 million as
of June 30, 2021 (€34.5 million as of December 31, 2020).
The calculation for first-half 2021 was based on a discount
rate of 0.3% (0.0% in 2020).
4.5.1.4
Provisions for retirement benefits and other
post-employment
benefits
in
the
United
Kingdom.
The UK plan is a trustee-administered plan governed by
article 153 of the 2004 Finance Act, and is managed in a
legal entity outside of the Group.
Benefits
are
paid directly out
of funds consisting
of
contributions paid by the company and by plan participants.
The plan has been closed to new entrants since May 2004.

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48
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Active plan participants account for 1.5% of the projected
benefit
obligation,
participants
who
are
no
longer
accumulating benefit entitlements for 37.6% and retired
participants for 60.9%.
The provisions recorded in the consolidated balance sheet
amounted to €24.1 million as of June 30, 2021 (€29.4 million
as of December 31, 2020) corresponding to the difference
between the projected benefit obligation of €125.4 million as
of June 30, 2021 (€125.9 million as of December 31, 2020)
and the fair value of the related plan assets of €101.3 million
as of June 30, 2021 (€96.5 million as of December 31,
2020).
The projected benefit obligation is calculated based on staff
turnover and mortality assumptions, estimated rates of
salary increases and an estimated discount rate. The
calculation in 2021 was based on a salary increase rate of
4.5% and a discount rate and an expected return on plan
assets of 1.8% (respectively 4.2% and 1.4% in 2020).
4.5.1.5
Provisions for retirement benefits and other
post-employment benefits in the United States
In the United States, the Group provides pension benefits for
employees and health care and life insurance for certain
retired employees.
The Legrand North America Retirement Plan is covered by
a plan document in force since January 2002 that was last
amended
in
January
2008.
The
minimum
funding
requirement is determined based on Section 430 of the
Internal Revenue Code.
To meet its obligations under the plan, the Group has set up
a trust with Prudential Financial, Inc. The trust assets include
several different investment funds. The current trustee is
Legrand North America. The Wiremold Company is the Plan
Administrator and the Custodian is Prudential Financial, Inc.
The plan has been closed to new entrants since August 2006
for salaried employees and since April 2009 for hourly
employees. Since January 1, 2018, active plan participants
can no longer cumulate new rights.
Active plan participants account for 10.1% of the projected
benefit obligation, other participants who are no longer
accumulating benefit entitlements for 19.8% and retired
participants for 70.1%.
The funding policy consists of ensuring that the legal
minimum funding requirement is met at all times.
The provisions recorded in the consolidated balance sheet
amounted to €0.0 million as of June 30, 2021 (€0.0 million
as of December 31, 2020) reflecting the fact that the fair
value of the plan assets is higher than the value of the
projected benefit obligation.
The calculation in first-half 2021 was based on a discount
rate and an expected return on plan assets of 2.7% (2.2% in
2020).
4.5.2
Other long-term employee benefits
The Group implemented cash-settled long-term employee
benefit plans for employees deemed to be key for the Group,
subject to the grantees’ continued presence within the Group
after a vesting period of three years.
In addition to the grantee still being present within the Group,
these plans can, in certain cases, depend on the Group’s
achievement of future economic performance conditions.
Due to their gradual replacement by equity-settled long-term
employee benefit plans detailed in Note 4.2.1, these plans
no longer represent material amounts in the Group’s
financial statements.
4.6
LONG-TERM AND SHORT-TERM BORROWINGS
The Group actively manages its debt through diversified
sources of financing available to support its medium-term
business growth while guaranteeing a robust financial
position over the long term.
Negotiable commercial paper
Legrand France has a short-term marketable securities
program (NEU CP) whose package was increased from
€700.0 million to €1,200.0 million on March 25, 2020.
A medium-term marketable securities program (NEU MTN)
was opened on March 18, 2021 with a package of €1,200.0
million.
Bonds
In April 2012, the Group carried out a €400.0 million 3.375%
ten-year bond issue. The bonds will be redeemable at
maturity on April 19, 2022.
In December 2015, the Group carried out a €300.0 million
1.875%
twelve-year
bond
issue.
The
bonds
will
be
redeemable at maturity on December 16, 2027.
In July 2017, the Group carried out a bond issue for a total
of €1.0 billion, in two tranches of €500.0 million each, with
maturities of seven and fifteen years. The respective
maturity dates of these two tranches are July 6, 2024 and
July 6, 2032 and their annual coupons are respectively
0.750% and 1.875%.
In October 2017, the Group carried out a €400.0 million 0.5%
six-year bond issue. The bonds will be redeemable at
maturity on October 9, 2023.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
49
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
In March 2018, the Group carried out a €400.0 million 1.0%
eight-year bond issue. The bonds will be redeemable at
maturity on March 6, 2026.
In June 2019, the Group carried out a €400.0 million 0.625%
nine-year bond issue. The bonds will be redeemable at
maturity on June 24, 2028.
In May 2020, the Group carried out a €600.0 million 0.75%
ten-year bond issue. The bonds will be redeemable at
maturity on May 20, 2030.
Yankee bonds
On
February
14,
1995,
Legrand
France
issued
$400.0 million
worth
of
8.5%
debentures
due
February 15, 2025, through a public placement in the United
States. Interest on Yankee bonds is payable semi-annually
on February 15 and August 15 of each year, beginning
August 15, 1995.
A number of Yankee bondholders offered to sell their
securities to the Group. Acting on this offer, the Group
decided to acquire Yankee bonds:
■ 
in December 2013, with an aggregate face value of
$6.5 million,
■ 
in December 2020, with an aggregate face value of
$18.6 million, and
■ 
In May 2021, with an aggregate face value of $3.6
million.
The acquired debentures were subsequently cancelled.
2011 Credit Facility
In October 2011, the Group signed a Credit Facility with six
banks to set up a €900.0 million revolving multicurrency
credit line for a five-year period with two successive one-
year period renewal options. As per this contract, the margin
applied to market rates is determined on the basis of
the Group’s credit rating.
In July 2014, the Group signed an agreement that amends
and extends this Credit Facility with all banks party to this
contract. This agreement extends the maximum maturity of
the €900.0 million revolving credit line by three years, i.e., up
to July 2021, including two successive one-year period
extension
options,
and
at
improved
financing
terms
compared with October 2011.
In December 2019, the Group signed a new agreement that
amends and extends this Credit Facility with all banks party
to this contract. Following this agreement:
■ 
the
maximum
maturity
of
the
€900.0
million
revolving credit line is extended by five and half
years, i.e., up to December 2026, including two
successive one-year period renewal options, and at
improved financing terms compared with July 2014,
and
■ 
the
margin
applied
to
market
rates
is
still
determined on the basis of the Group's credit rating,
but it will be increased or decreased each year
according to the Group yearly achievement rate on
its CSR roadmap.
The 2011 Credit Facility does not contain any covenants.
As the bank have agreed to the first one-year extension, the
Credit Facility will expire not before December 2025.
As of June 30, 2021, the Credit Facility had not been drawn
down.
4.6.1
Long-term borrowings
Long-term borrowings are initially recognized at fair value,
taking into account any transaction costs directly attributable
to the issue, and are subsequently measured at amortized
cost, using the effective interest method.
Long-term borrowings can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Negotiable commercial paper
220.0
0.0
Bonds
3,100.0
3,500.0
Yankee bonds
310.2
302.7
Lease financial liabilities
219.3
219.3
Other borrowings
37.8
71.7
Long-term borrowings excluding debt issuance costs
3,887.3
4,093.7
Debt issuance costs
(18.1)
(19.9)
TOTAL
3,869.2
4,073.8
No guarantees have been given with respect to these borrowings.

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50
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Long-term borrowings (excluding debt issuance costs) as of June 30, 2021 can be analyzed by maturity as follows:
(in € millions)
Negotiable
commercial paper
Bonds
Yankee
bonds
Lease financial
liabilities
Other
borrowings
Due in one to two years
155.0
0.0
0.0
47.1
10.7
Due in two to three years
65.0
400.0
0.0
37.7
11.2
Due in three to four years
0.0
500.0
310.2
30.3
9.0
Due in four to five years
0.0
400.0
0.0
24.4
6.9
Due beyond five years
0.0
1,800.0
0.0
79.8
0.0
LONG-TERM BORROWINGS
EXCLUDING DEBT ISSUANCE COSTS
220.0
3,100.0
310.2
219.3
37.8
Long-term borrowings (excluding debt issuance costs) as of December 31, 2020 can be analyzed by maturity as follows:
(in € millions)
Bonds
Yankee
bonds
Lease financial
liabilities
Other
borrowings
Due in one to two years
400.0
0.0
45.6
42.6
Due in two to three years
400.0
0.0
38.3
10.1
Due in three to four years
500.0
0.0
29.8
10.5
Due in four to five years
0.0
302.7
24.8
8.5
Due beyond five years
2,200.0
0.0
80.8
0.0
LONG-TERM BORROWINGS
EXCLUDING DEBT ISSUANCE
COSTS
3,500.0
302.7
219.3
71.7
Average interest rates on borrowings are as follows:
6 months and 12 months ended
June 30, 2021
December 31, 2020
Negotiable commercial paper
(0.17%)
N/A
Bonds
1.38%
1.43%
Yankee bonds
8.50%
8.50%
Lease financial liabilities
2.50%
2.59%
Other borrowings
2.92%
2.74%
4.6.2
Short-term borrowings
Short-term borrowings can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Negotiable commercial paper
1,099.5
1,200.0
Bonds
400.0
0.0
Lease financial liabilities
60.9
59.0
Other borrowings
81.5
61.7
TOTAL
1,641.9
1,320.7

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
51
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
4.6.3
Changes in long-term and short-term borrowings
Changes in long-term and short-term borrowings can be analyzed as follows:
Cash
Variations not impacting cash flows
(in € millions)
June 30, 2021
flows Acquisitions Reclassifications
Translation
adjustments
Other
December 31, 2020
Long-term borrowings
3,869.2
224.0
1.4
(473.9)
14.5
29.4
4,073.8
Short-term borrowings
1,641.9
(150.4)
6.0
473.9
1.9
(10.2)
1,320.7
Gross financial debt
5,511.1
73.6
7.4
0.0
16.4
19.2
5,394.5
4.7
DEFERRED TAXES
In accordance with IAS 12, deferred taxes are recognized for
temporary differences between the tax bases of assets and
liabilities and their carrying amount in the consolidated
balance sheet.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period when the asset
is realized or the liability is settled.
Deferred tax assets and deferred tax liabilities are offset
when the entity has a legally enforceable right of offset and
they relate to income taxes levied by the same taxation
authority.
Deferred tax assets are recognized to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilized. The
recognized deferred tax assets are expected to be utilized
no later than five years from the period-end.
The timing of expected reversal of deferred taxes can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Deferred tax assets (liabilities) reversing in the short term
106.7
92.8
Deferred tax assets (liabilities) reversing in the long term
(829.6)
(771.6)
TOTAL
(722.9)
(678.8)
Tax losses carried forward break down as follows:
(in € millions)
June 30, 2021
December 31, 2020
Recognized operating losses carried forward
15.8
25.1
Recognized deferred tax assets
4.0
6.6
Unrecognized operating losses carried forward
112.2
107.7
Unrecognized deferred tax assets
24.2
23.7
Total net operating losses carried forward
128.0
132.8
4.8
OTHER CURRENT LIABILITIES
Other current liabilities can be analyzed as follows:
(in € millions)
June 30, 2021
December 31, 2020
Taxes other than income tax
106.3
71.0
Accrued employee benefits expense
302.8
311.0
Statutory and discretionary profit-sharing reserve
18.2
27.0
Payables related to fixed asset purchases
17.2
27.7
Accrued expenses
154.5
128.3
Accrued interest
32.8
35.9
Deferred revenue
33.6
28.9
Other current liabilities
30.3
32.0
TOTAL
695.7
661.8

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52
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
NOTE 5 - OTHER INFORMATION
5.1
FINANCIAL INSTRUMENTS AND MANAGEMENT OF FINANCIAL RISKS
5.1.1
Financial instruments
5.1.1.1
Impact of financial instruments
6 months ended
June 30, 2021
June 30, 2020
Impact on equity
(in € millions)
Impact on financial
profit (loss)
Fair value
Translation
adjustment
Impact on financial
profit (loss)
Impact on equity
Other investments
0.0
0.0
Trade receivables
(0.7)
(0.6)
Cash and cash equivalents
2.4
12.9
3.0
(8.7)
Trade payables
0.0
0.0
Borrowings
(37.0)
(10.3)
(38.8)
(0.9)
Derivatives
8.9
(0.1)
(5.5)
(17.1)
7.5
TOTAL
(26.4)
(0.1)
(2.9)
(53.5)
(2.1)
In accordance with IFRS 9, other investments are valued at
fair value through equity. Therefore, changes in the fair value
of other investments only impact the consolidated balance
sheet and the consolidated statement of comprehensive
income.
Yankee bonds denominated in US dollars and the derivative
financial instrument denominated in British pounds are
treated as net investment hedges (see Note 4.3.2).

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
53
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
5.1.1.2
Breakdown of balance sheet items by type of financial instrument
June 30, 2021
December 31, 2020
Carrying
Amortized
Fair
Levels of valuation
(in € millions)
amount
cost
value
Level 1 (1)
Level 2 (2)
Level 3 (3)
Carrying amount
ASSETS
Non-current assets
Other investments
1.3
1.3
1.3
1.5
Other non-current assets
53.4
40.2
13.2
53.4
49.4
TOTAL NON-CURRENT ASSETS
54.7
40.2
14.5
0.0
53.4
1.3
50.9
Current assets
Trade receivables
789.2
789.2
789.2
644.5
Other current financial assets
1.6
1.6
1.6
1.5
Cash and cash equivalents
2,965.8
2,965.8
2,965.8
2,791.7
TOTAL CURRENT ASSETS
3,756.6
789.2
2,967.4
0.0
3,756.6
0.0
3,437.7
EQUITY AND LIABILITIES
Non-current liabilities
Long-term borrowings
3,869.2
218.2
3,709.9
3,709.9
218.2
0.0
4,073.8
TOTAL NON-CURRENT LIABILITIES
3,869.2
218.2
3,709.9
3,709.9
218.2
0.0
4,073.8
Current liabilities
Short-term borrowings
1,641.9
1,241.9
411.9
411.9
1,241.9
0.0
1,320.7
Trade payables
763.8
763.8
763.8
612.9
Other current financial liabilities
0.3
0.3
0.3
1.1
TOTAL CURRENT LIABILITIES
2,406.0
2,005.7
412.2
411.9
2,006.0
0.0
1,934.7
(1) Level 1: quoted prices on an active market.
(2) Level 2: calculations made from directly observable market data.
(3) Level 3: calculations made from non-observable market data.
In accordance with IFRS 13, fair value measurement takes
counterparty default risk into account.
In light of the Group’s credit rating, the measurement of other
current financial liabilities is subject to insignificant credit
risk.
5.1.2 Management of financial risks
The Group’s cash management strategy is based on overall
financial risk management principles and involves taking
specific measures to manage the risks associated with
interest rates, exchange rates, commodity prices and the
investment of available cash. The Group does not conduct
any trading in financial instruments, in line with its policy of
not
carrying
out
any
speculative
transactions.
All
transactions involving derivative financial instruments are
conducted with the sole purpose of managing interest rate,
exchange rate and commodity risks and as such are limited
in duration and value.
This
strategy
is
centralized
at
Group
level.
Its
implementation is deployed by the Financing and Treasury
Department which recommends appropriate measures and
implements them after they have been validated by the
Corporate Finance Department and Group management. A
detailed reporting system has been set up to enable
permanent close tracking of the Group's positions and
effective oversight of the management of the financial risks.
This strategy is described in Note 5.1.2 to the consolidated
financial statements for the year ended December 31, 2020.

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54
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
5.2
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENT LIABILITIES
5.2.1
Specific transactions
Specific commitments and their expiry dates are discussed in the following notes:
■ 
Note 3.4: Right-of-use assets; and
■ 
Note 4.5.1: Pension and other post-employment benefit obligations.
5.2.2
Routine transactions
5.2.2.1
Financial guarantees
(in € millions)
June 30, 2021
December 31, 2020
Guarantees given to banks
122.7
119.0
Guarantees given to other organizations
39.8
42.5
TOTAL
162.5
161.5
Most of these guarantees are given by the Company to banks for Group subsidiaries located outside of France.
5.2.2.2
Lease contracts outside IFRS 16 scope
As of June 30, 2021, the Group holds short-term or low
value lease contracts which are outside IFRS 16 scope.
These lease contracts relate mostly to low value assets.
The resulting future minimum rental commitments are not
material as of June 30, 2021.
5.2.2.3
Commitments to purchase property, plant
and equipment
Commitments to purchase property, plant and equipment
amounted to €21.8 million as of June 30, 2021.
5.2.3
Contingent liabilities
The Group is involved in a number of claims and legal
proceedings arising in the normal course of business. In
the opinion of management, all such matters have been
adequately provided for, being specified that no provision
is recorded for claims and legal proceedings for which the
Group considers that the provision recognition criteria
under IFRS are not met.
On September 6, 2018, Legrand was raided, while fully
cooperating with the relevant authorities.
5.3
SUBSEQUENT EVENTS
Following three acquisitions announced in early 2021 1
(Champion
One,
Compose
and
Borri),
Legrand
is
continuing its strategy of targeted external growth with two
new acquisitions announced today:
-
Ensto Building Systems2, the Finnish leader in
low-voltage solutions, offers a comprehensive
range
of
electrical
and
digital
infrastructure
products – from enclosures and boxes to user
interfaces, heating controls, lighting, cable trays,
charging stations for electric vehicles and more.
This
acquisition
significantly
strengthens
Legrand’s
presence
in
Northern
Europe,
specifically Scandinavia, and rounds out the
Group’s existing strong positions in Southern and
Eastern Europe. Based in Porvoo (Finland),
Ensto
Building
Systems
has
some
500
employees and annual revenues of around €120
million; and
-
Ecotap,
a
front-running
Dutch
specialist
in
alternating and direct-current electric vehicle
chargers for homes,
businesses and public
charging points. Based in Boxtel (Netherlands),
Ecotap has a workforce of around 60 and expects
to report 2021 revenues of around €40 million,
generated primarily in the Netherlands and in
Germany.
These two new acquisitions strengthen Group positions
both in core businesses and in segments driven by the rise
in green mobility and the fight against climate change.
1 For more information, readers are referred to the press release dated February 11, 2021.
2 Subject to standard conditions precedent.

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
55
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
5.4
KEY FIGURES RECONCILIATION
Reconciliation of adjusted operating profit with profit for the period:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Profit for the period
481.2
285.8
Share of profits (losses) of equity-accounted entities
0.0
0.9
Income tax expense
191.7
114.3
Exchange (gains) / losses
0.9
6.5
Financial income
(3.3)
(3.6)
Financial expense
45.7
45.9
Operating profit
716.2
449.8
Amortization & depreciation of revaluation of assets at the time of acquisitions and
other P&L impacts relating to acquisitions
45.2
47.1
Impairment of goodwill
0.0
0.0
Adjusted operating profit
761.4
496.9
Reconciliation of cash flow from operations, free cash flow and normalized free cash flow with
profit for the period:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Profit for the period
481.2
285.8
Adjustments for non-cash movements in assets and liabilities:
Depreciation, amortization and impairment
152.3
159.1
Changes in other non-current assets and liabilities and long-term deferred taxes
64.3
34.0
Unrealized exchange (gains)/losses
3.6
(15.7)
(Gains)/losses on sales of assets, net
(3.4)
(15.9)
Other adjustments
(0.2)
(1.6)
Cash flow from operations
697.8
445.7
Decrease (Increase) in working capital requirement
(76.1)
(161.6)
Net cash provided from operating activities
621.7
284.1
Capital expenditure (including capitalized development costs)
(58.7)
(46.0)
Net proceeds from sales of fixed and financial assets
8.3
20.8
Free cash flow
571.3
258.9
Increase (Decrease) in working capital requirement
76.1
161.6
(Increase) Decrease in normalized working capital requirement
(70.0)
49.2
Normalized free cash flow
577.4
469.7

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LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021
Calculation of net financial debt:
6 months ended
(in € millions)
June 30, 2021
June 30, 2020
Short-term borrowings
1,641.9
1,625.6
Long-term borrowings
3,869.2
4,154.7
Cash and cash equivalents
(2,965.8)
(2,671.2)
Net financial debt
2,545.3
3,109.1
Calculation of working capital requirement:
(in € millions)
June 30, 2021
June 30, 2020
Trade receivables
789.2
731.1
Inventories
987.6
879.7
Other current assets
230.2
224.9
Income tax receivables
63.6
60.5
Deferred tax assets / (liabilities) reversing in the short term
106.7
90.8
Trade payables
(763.8)
(549.1)
Other current liabilities
(695.7)
(612.9)
Income tax payables
(43.4)
(41.5)
Short-term provisions
(140.9)
(119.7)
Working capital required
533.5
663.8

HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
57
STATUTORY
AUDITORS’REPORT

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58
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
STATUTORY AUDITORS’REPORT
LEGRAND SA
STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF - YEAR
FINANCIAL INFORMATION
(Period from January 1, 2021 to June 30, 2021)

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
59
STATUTORY AUDITORS’REPORT
PricewaterhouseCoopers Audit
Deloitte et Associés
63 rue de Villiers
6, place de la Pyramide
92208 Neuilly-sur-Seine
92908 Paris-la-Défense
STATUTORY
AUDITORS’
REVIEW
REPORT
ON
THE
HALF-YEAR
FINANCIAL
INFORMATION
(Period from January 1, 2021 to June 30, 2021)
This is a free translation into English of the Statutory Auditors’ review report issued in French language and is provided solely
for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance
with, French law and professional auditing standards applicable in France.
To the Shareholders,
LEGRAND SA
BP 523
128, avenue du Maréchal de Lattre de Tassigny
87045 LIMOGES Cedex
In compliance with the engagement entrusted to us by your Annual General Meetings and in accordance with the requirements
of article L.451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:
▪ 
the review of the accompanying half-year consolidated financial statements of LEGRAND, for the period from
January 1, 2021 to June 30, 2021;
▪ 
the verification of the information contained in the half-year management report.
Due to the global crisis related to the Covid-19 pandemic, the half-yearly consolidated financial statements of this period have
been prepared and reviewed under specific conditions. Indeed, this crisis and the exceptional measures taken in the context
of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their
financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and
remote working, have also had an impact on the companies' internal organization and the performance of our procedures.
These half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a
conclusion on these financial statements based on our review.
I CONCLUSION ON THE FINANCIAL STATEMENTS
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an
audit conducted in accordance with professional standards applicable in France and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

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60
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
STATUTORY AUDITORS’REPORT
Based on our review, nothing has come to our attention that causes us to believe that the accompanying half-year
consolidated financial statements do not give a true and fair view of the assets and liabilities and of the financial position of
the Group as at June 30, 2021, and of the results of its operations for the six-month period then ended, in accordance with
IFRSs as adopted by the European Union.
II SPECIFIC VERIFICATION
We have also verified the information given in the half-year management report commenting the half-year consolidated
financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the half-year consolidated financial statements.
Neuilly-sur-Seine and Paris-la Défense, July 29, 2021
The Statutory auditors
PricewaterhouseCoopers Audit
Deloitte et Associés
Camille Phelizon
Jean-François Viat

HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
61
IDENTITY OF PERSONS
RESPONSIBLE FOR THE HALF-
YEAR FINANCIAL REPORT
AND AUDITING THE FINANCIAL
STATEMENTS
ggg
4.1 - PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT
62
4.2 - STATUTORY AUDITORS
63
4.3 - FINANCIAL DISCLOSURE POLICY
64

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62
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
IDENTITY OF PERSONS RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AND AUDITING THE
FINANCIAL STATEMENTS
4.1 - PERSON RESPONSIBLE FOR THE HALF-YEAR
FINANCIAL REPORT
NAME AND POSITION OF THE PERSON
RESPONSIBLE FOR THE HALF-YEAR FINANCIAL
REPORT
Benoît Coquart, Chief Executive Officer of Legrand, a
French société anonyme whose registered office is located
at
128 avenue
du Maréchal
de Lattre
de Tassigny,
87000 Limoges, France, registered in the Trade and
Companies Register of Limoges under number 421 259 615.
DECLARATION OF THE PERSON RESPONSIBLE
FOR THE HALF-YEAR FINANCIAL REPORT
I hereby certify that, to the best of my knowledge, the full
consolidated financial statements for the first half 2020 have
been drawn up in accordance with applicable accounting
standards and provide a true and fair image of the assets,
financial position and results of the Company and of all its
consolidated businesses, and that the management report
that appear in Chapter 1 of the half-year financial report fairly
presents the material events that occurred in the first six
months of the financial year and their impact of the interim
accounts, the main related party transactions as well as a
description of the principal risks and uncertainties for the
remaining six months of the financial year
Benoît Coquart
Chief Executive Officer

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HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
LEGRAND
63
IDENTITY OF PERSONS RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AND AUDITING
THE FINANCIAL STATEMENTS
4.2 - STATUTORY AUDITORS
PRINCIPAL STATUTORY AUDITORS
PricewaterhouseCoopers Audit
Member of the Compagnie régionale
des Commissaires aux comptes de Versailles
(Versailles Regional Body of Statutory Auditors)
Represented by Camille Phelizon
Crystal Park, 63, rue de Villiers
92208 Neuilly-sur-Seine
Appointed Deputy Statutory Auditors by the Shareholders’
General Meeting of June 6, 2003, they became Principal
Statutory
Auditors
following
the
merger
between
Pricewaterhouse and Coopers & Lybrand Audit, and were re-
appointed as Principal Statutory Auditors by the Shareholders’
General Meeting of May 27, 2010 for a term of six years and by
the Shareholders’ General Meeting of May 27, 2016. This
appointment expires at the end of the Shareholders’ General
Meeting convened to vote on the financial statements for the
year ended December 31, 2021.
Deloitte & Associes
Member of the Compagnie régionale
des Commissaires aux comptes de Versailles
(Versailles Regional Body of Statutory Auditors)
Représenté par Jean François Viat
6, place de la Pyramide
92908 Paris-la-Défense-Cedex
Appointed Principal Statutory Auditor at the Shareholders’
General Meeting of December 21, 2005, and re-appointed
Principal Statutory Auditor by the Shareholders’ General
Meeting of May 26, 2011 for a term of six financial years and by
the Shareholders’ General Meeting of May 31, 2017. This
appointment expires at the end of the Shareholders’ General
Meeting convened to vote on the financial statements for the
year ended December 31, 2022.
DEPUTY STATUTORY AUDITORS
Mr Jean-Christophe Georghiou
Member of the Compagnie régionale
des Commissaires aux comptes de Versailles
(Versailles Regional Body of Statutory Auditors)
Crystal Park, 63, rue de Villiers
92208 Neuilly-sur-Seine
Appointed Deputy Statutory Auditor at the Shareholders’
General Meeting of May 27, 2016 for a term of six years. This
appointment expires at the end of the Shareholders’ General
Meeting convened to vote on the financial statements for the
year ended December 31, 2021.

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64
LEGRAND
HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2021
IDENTITY OF PERSONS RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AND AUDITING THE
FINANCIAL STATEMENTS
4.3 - FINANCIAL DISCLOSURE POLICY
PERSON RESPONSIBLE FOR FINANCIAL
DISCLOSURES
Mr Franck Lemery
Chief Financial Officer
Address: 128 avenue du Maréchal de Lattre de Tassigny,
87045 Limoges Cedex
Telephone: +33 (0)5 55 06 87 87
Fax: +33 (0)5 55 06 88 88
DOCUMENTS AVAILABLE TO THE PUBLIC
The legal documents relating to the Company that must be
made available to shareholders in accordance with the
applicable regulations, as well as the Group’s past
financial records, may be consulted at the Company’s
registered office.
INDICATIVE TIMETABLE OF FINANCIAL
REPORTING
The financial information to be disclosed to the public by
the Company will be available from the Company’s website
(www.legrand.com).
As an indication only, the Company’s timetable for the
publication of financial information is expected to be as
follows:
■ 
2021 nine-month results: November 4, 2021
“Quiet period(1)” starts October 5, 2021
■ 
2021 annual results: February 10, 2022
“Quiet period(1)” starts January 11, 2022
■ 
General Meeting of Shareholders: May 25, 2022.

COMPANY HEADQUARTERS
128, avenue de Lattre de Tassigny
87045 Limoges Cedex, France
+33 (0) 5 55 06 87 87
www.legrandgroup.com
@legrand