As a consequence, this led to AXA’s presentation of “U.S. GAAP, except for adjustment for the change in unrealized investment gains and losses on assets allocated to UK “With-profit” contracts” in the reconciliations of consolidated net income and consolidated shareholders’ equity from French GAAP to U.S. GAAP whereby the changes in market value of the assets allocated to UK “With-profit” contracts were included in income: a presentation that AXA believed was more meaningful under the circumstances.
Effective from January 1, 2001 and as permitted under the transition rules of FAS 133, “Accounting for derivatives instruments and hedging activities”, the fixed maturity and equity securities supporting the participating (“With-profit”)
1.5. FUTURE POLICY BENEFITS Under French GAAP, insurance liabilities for Life & Savings business, also referred to as future policy benefits, are calculated in accordance with the applicable local regulatory and accounting rules if consistent with the French accounting principles used by AXA. The future policy benefits are actuarially determined using actuarial assumptions relating to investment yields, mortality, morbidity and expenses. Contracts are assumed to remain in-force until their contractual maturity date or the death of the insured. Under U.S. GAAP, future policy benefits for traditional life policies, that is for contracts with significant mortality or morbidity risk, are computed using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest based on the insurance company’s experience, with a margin for adverse deviation; such actuarial assumptions are established as of the date of policy issue. When the liabilities for future policy benefits plus the present value of expected future gross premiums are insufficient to provide for expected future policy benefits and expenses, a premium deficiency reserve is established by a charge to earnings.
Reinsurance contracts that cover Guaranteed Minimum Income Benefits (“GMIBs”) features of variable annuity /
separate account type contracts are accounted for as insurance contracts under French GAAP on a prospective basis whereby the amount is recognized over the contract term. Under U.S. GAAP the reinsurance contract covering the income feature represents a derivative instrument accounted for under FAS 133 at fair value.
1.7. PLAN OF FINANCIAL REORGANIZATION OF AXA EQUITY & LAW (“THE PLAN”)
Accounting for the transaction In connection with the plan, a portion of the surplus assets held in the participating (“With-profit”) fund, referred to as the “Inherited Estate” was attributed to AXA, as the shareholder. AXA’s portion of the Inherited Estate along with the non-participating insurance business was transferred out of the participating (“With-profit”) fund into separate
legal non-participating funds in which 100% of the operating results would inure to AXA in future periods. As a consequence of the plan and effective from January 1, 2001, additional significant differences arose between French
U.S. GAAP, the profit recognized by AXA on such business represents 10% of all revenues and expenses in the period, with the remaining 90% attributed to “unallocated policyholder dividend liability” in recognition of the consequences of the fundamental legal restructuring of the funds undertaken in connection with the plan.
Equalization reserve In prior periods and under French GAAP, equalization reserves included both reserves for future unusual losses and catastrophe risk reserves, which were established in accordance with local regulatory requirements in certain jurisdictions in which AXA operates. As a result of the new French regulations, equalization reserves are limited only to future catastrophe risks, reserves are no longer permitted under French GAAP for future unusual losses in any one period. These equalization reserves are not recognized as a liability under U.S. GAAP, until such loss is incurred and, therefore, such liabilities are eliminated under U.S. GAAP.
The cumulative effect of the elimination of equalization reserves (in respect of future unusual losses) under French
GAAP was recorded as an adjustment to opening consolidated shareholders’ equity at January 1, 2001. As a result, the reconciling difference in net income is lower in 2001 as compared to 2000 and 1999.
Cost of reinsurance Due to the implementation of new French regulations, the cost of reinsurance is recorded in income in the year the reinsurance arrangement, including for long duration contracts, is placed with a third party reinsurer, including for long duration contracts. Under U.S. GAAP, the cost of reinsurance on long duration contracts is amortized into income over the lifetime of payments.
The cumulative effect of the change has been recorded as an adjustment to opening shareholders’ equity on January 1, 2001. Future policy benefits as presented in AXA’s reconciliations of consolidated net income and consolidated shareholders’ equity from French GAAP to U.S. GAAP include this new difference in accounting.
However, U.S. GAAP requires that certain conditions exist before recording a restructuring provision which are not required under French GAAP. Among such conditions is the U.S. GAAP requirement that the benefit arrangement be communicated to employees and include sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are terminated. As a result of this and other conditions, certain costs included in restructuring provisions under French GAAP are not permitted under U.S. GAAP.
Share-based compensation (other than in respect of business combinations) Under French GAAP, the accounting of share-based compensation is limited to share option plans and depends on whether the share option plan (i) relates to the purchase of shares in the open market or the increase in AXA share capital, (ii) provides for a guarantee of liquidity, or (iii) is issued by AXA (the Company) or another AXA entity.
– Under French GAAP share-based compensation is not recorded in respect of certain share option plans issued by
equity (no impact on net assets), unless it is to be settled in cash and would be included as a liability as well.
Under French GAAP when long term debt is issued with early redemption rights whereby the redemption price is in excess of the original issue price per bond or note, the excess premium may not be amortized over the period from original issue date to earliest redemption period subject to certain market conditions. Under U.S. GAAP, as the value of the long term debt accretes according to the stated redemption price, this accretion, if significant, is amortized over the period up to earliest redemption date and is recorded as interest expense with a corresponding increase in the value of the principal outstanding in the balance sheet.
Deferred tax Under French GAAP, deferred income taxes are not required to be recognized in respect of distributions if the distribution is not going to be made in the foreseeable future and the ability to make such a distribution is at the control of management. Under U.S. GAAP, deferred income taxes arising on distributions are recorded in full if subject to local tax upon distribution (inside tax basis) even if the distribution is not going to be made in the foreseeable future and the ability to make such a distribution is under the control of management.
French GAAP and U.S. GAAP, particularly in respect of the value of fixed maturity and equity investments (held at amortized cost or historical cost under French GAAP and generally at market value under U.S. GAAP), the impact of the change in tax rates on income under French GAAP and U.S. GAAP will differ accordingly.
Treasury shares Under French GAAP, treasury shares are reported as an asset if certain conditions are satisfied. Under U.S. GAAP, the cost of treasury shares is reported as a deduction from shareholders’ equity. If such shares are then reissued, the proceeds received are correspondingly reported as a change in shareholders’ equity. Therefore, any gains or losses from holding such shares are recorded as adjustments to shareholders’ equity.
2. U.S. GAAP COMMENTARY FOR 2002 AND 2001 STATEMENTS OF INCOME
The 2002 U.S. GAAP net income Group share amounted to €–2,887 million, or €–3,836 million lower than the
– An additional valuation allowance recorded against the Japanese deferred tax asset (€–1,014 million), mechanically accounted for under U.S. GAAP in consideration of a cumulative tax loss under a three-year period under U.S. GAAP, and deferred distribution tax liabilities maintained in U.S. GAAP Group accounts (€–345 million) related to the profit emerging from the non-profit fund; under U.S. GAAP, any distribution tax is recorded, regardless of the probability of distribution in a foreseeable future.
– The elimination under U.S. GAAP of (i) the exceptional profit accounted for in Alliance Capital under French GAAP
– The valuation difference between French and U.S. GAAP (€–119 million) on the reinsurance contracts on guaranteed minimum income benefit features respectively in AXA Financial (reinsurance ceded) and AXA Corporate Solutions
The Life & Savings segment was the most impacted by these restatements, showing a net income Group share lower by €–2,845 million under U.S. GAAP, summarized as follows: (i) The additional valuation allowance recorded against the Japanese deferred tax asset for €–1,014 million,
(iii) The unfavorable impact of financial markets trends on the value of investments in mutual funds and real estate companies for €–421 million,
(v) The accounting of 10% of the profit emerging from the UK “With-profit” funds (€–274 million),
In the Asset Management segment, the positive impact of eliminating the goodwill amortization (€+154 million) is nearly offset by the elimination of Sanford Bernstein exceptional profit recorded under French GAAP (€–148 million).
The Holdings companies had a higher net income Group share under U.S. GAAP by €+286 million, stemming from
This favorable impact was primarily attributable to €2,667 million being included in the consolidated net income under
U.S. GAAP as a result of the plan of financial reorganization of AXA Equity & Law undertaken in 2001 and the transition rules of Statement of Financial Accounting Standards (“FAS”) No. 133, as amended “Accounting for derivative instruments and hedging activities” (“FAS 133 ”) adopted by AXA on January 1, 2001 as set out below: – An after-tax cumulative-effect-type credit to income of €2,698 million from “Other comprehensive income” (a separate component of shareholders’ equity), representing the after-tax net unrealized investment holding gain for the fixed maturity and equity securities backing the UK “With-profit” business at January 1, 2001. This adjustment was in accordance with the transition rules of FAS 133 whereby AXA reclassified £ 19,806 million (or approximately €31,492 million at transition date) of fixed maturity and equity securities supporting the UK “With-profit” business from “available-for-sale” to “trading”. Under French GAAP such investments were already stated at market value with changes in market value included in French GAAP net income.
Excluding the impact of the plan of financial reorganization of AXA Equity & Law, AXA’s consolidated net income under
French GAAP 100% of the change in the UK “With-profit” fund is included within future policy benefits, only 10%
UK “With-profit” fund (revenues and expenses) are included in AXA’s consolidated net income. Consequently and primarily due to the deterioration in the global stock markets in 2001, this gave rise to an additional charge of €310 million against AXA’s consolidated operating results.
– Other relating to holding company activities: The U.S. GAAP result included charges related to (i) share-based compensation associated with the 2001 employee share purchase program whereby the ordinary shares were issued at a discount below market price, (ii) the recognition of additional interest expense, being the amortization of premium on the subordinated convertible debt issued by the Company in 1999 and 2000, as AXA has the right of early redemption at a stipulated price greater than the original issue price per note, and (iii) the impact of the accounting for derivatives and hedging activities in accordance with FAS 133. Ot he r F
Consolidated shareholders’ equity in accordance with French GAAP 23,711 24,780 24,322
Difference in value of shares exchanged (buyout of minority interests) (388) (327) (265)
Consolidated shareholders’ equity in accordance with U.S. GAAP 23,857 29,340 31,561
Consolidated Net income in accordance with French GAAP 949 520 3,904
Material differences (gross of taxes): Differences in scope of consolidation (1,481) (614) (171)
Elimination of gain on sale of treasury shares – – (75)
Consolidated Net income in accordance with U.S. GAAP, except for adjustment for the change in unrealized investment gains on assets allocated to UK “With-profit” contracts na na 2,771
(a) 2002: includes profit booked in Alliance Capital of € 148 million in French GAAP non recognized in U.S. GAAP of which €277 million related to the partial release of the dilution profit and €–129 million related to the exceptional goodwill amortization in relation with.
(universal life contracts), and (ii) contracts with no or insignificant mortality or morbidity risk (investment contracts including separate account unit-linked contracts). Benefits paid to the policyholder on these type of contracts are recorded as charges in AXA’s consolidated operating results. In addition and in respect of contracts with premiums paying over a period shorter than the term of the contract (limited pay contracts), the gross premium received is included in income in the period when due.
4.2. DISCONTINUED OPERATIONS Under U.S. GAAP, the sale of a reportable segment (or a significant portion thereof) is subject to specific disclosure requirements. The sale of DLJ completed on November 3, 2000 resulted in discontinued operation accounting treatment and, therefore, (i) the condensed consolidated statements of income under U.S. GAAP for the year ended
4.3. OTHER COMPREHENSIVE INCOME Comprehensive income includes net income and represents the change in shareholders’ equity during a period from non-owner sources. It includes “other comprehensive income” which represents revenues, expenses, gains and losses that under U.S. GAAP are excluded from net income. The changes in AXA’s U.S. GAAP accumulated other comprehensive income were as follows.
Unrealized investment gains and losses, net of tax 585 (1,447) (1,346) (790)
Effect of restructurings and intercompany sales of consolidated subsidiaries 55 (7) (14) (14)
Consolidated balance sheet At December 31, 2001 U.S. GAAP French GAAP
Consolidated balance sheet At December 31, 2000 U.S. GAAP Adjusted French GAAP
Consolidated Net income Year ended December 31, 2001 U.S. GAAP French GAAP
Income from continuing operations before income tax expense 1,477 552 2,522
Dividends received from subsidiaries were €1,481 million for the year ended December 31, 2002, a decrease of €401 million compared with the previous year.
Dividends received from European insurance companies totaled €838 million, versus €1,433 million in 2001. Dividends received from insurance companies outside of Europe totaled €382 million, versus €261 million in 2001.
Dividends from the financial services subsidiaries increased by €60 million in 2002, primarily reflecting the €104 million increase in the dividends paid by AXA Participations II, attributable to capital gains on the sale of BBVA securities in 2001.
Income from short-term investments was €499 million in 2002, an increase of €150 million compared with the previous year, primarily reflecting income on interest-rate swaps. At year-end 2001, the Company had converted a portion of its fixed-rate debt into floating-rate debt, principally the subordinated notes issued to finance the acquisition of AXA
Interest expense also decreased as a result of the decrease in the average outstanding debt, reflecting positive cash flow for the period.
Operating expenses totaled €152 million, compared with €183 million in 2001.
Allowances for the impairment of financial assets totaled €150 million, of which €90 million provisioned in 2001 as a contingency allowance. Additional allowances during the year totaled €60 million, of which €21 million on risks from South American subsidiaries and €11 million on shares of AXA UK Holding Limited with respect to technical losses reported by its subsidiary English and Scottish.
ASSETS Fixed assets Fixed assets were €38,188 million at December 31, 2002, down by €297 million compared with the previous year. This decrease was generated by the decrease in other financial assets partly compensated by investments and receivables.
A portion of the subordinated notes issued by AXA Asia Pacific Holdings and subscribed by AXA S.A. in 2001 was sold to AXA Group Life Insurance for €278 million.
Loans, net of depreciation, totaled €2,056 million at year-end 2002, versus €3,177 million in 2001.
The €1,121 million decrease primarily reflects asset reallocations within the AXA Group during 2002 (totaling €1,335 million).
AXA Asia Pacific Holdings was granted a €208 million loan to finance the acquisition of ipac Securities Limited. Finally, a loan of €120 million was granted to AXA Bank Germany to enable the latter to refinance its loan portfolio.
The difference primarily reflects the decrease in the current accounts of consolidated subsidiaries.
Financing debt (€2,813 million) decreased by €620 million, reflecting the reduction in credit facilities and commercial paper (€923 million). Early repayment of €163 million was made on loans outstanding.
The Company refinanced part of its debt by issuing €551 million, with two and three years duration, in connection with its €3 billion EMTN (Euro-Medium Term Notes) program.
AXA Financial minority interests, €54 million in payables on AXA Italia SpA securities and €85 million in the current accounts of subsidiaries that are part of the tax consolidation group.
EARNINGS APPROPRIATION Your Management Board recommends that Shareholders record: €2,839,036,073 including: • Statutory net income €1,066,190,046
These sums will be appropriated as follows: • to the payment of an additional dividend of €295,371,292
In accordance with the foregoing, the Management Board recommends that the dividend paid to each share be a net dividend of €0.34 for each of the 1,762,167,344 ordinary shares earning dividends as from January 1, 2002, payable as of May 7, 2003, for a gross dividend (with the tax credit of €0.17) per ordinary share of €0.51.
ASSETS December 31, 2002 Net carrying Net carrying Gross carrying Amortizations Net carrying value as at value as at value and provisions value December 31, 2001 December 31, 2000
From From From 01/01/2002 01/01/2001 01/01/2000 to 12/31/2002 to 12/31/2001 to 12/31/2000
CIE FINANCIERE DE PARIS “CFP” 9 1 100.00% 184 137, rue Victor Hugo, 92687 Levallois-Perret
SOCIETE DE GESTION CIVILE IMMOBILIERE “SGCI” 43 72 100.00% 144 Cœur Défense - Tour B - La Défense 4 - 100, esplanade du Général-de-Gaulle, 92932 Paris-La Défense
AXA CANADA (b) 142 114 100.00% 205 2020, rue University, Montréal, Québec H3A 2A5
AXA EQUITY AND LAW plc 2 1,629 99.95% 1,133 107, Cheapside EC2V 6DU, London
AXA INSURANCE HOLDING JAPAN 1,158 869 96.42% 2,372 1-2-19 Higashi - Shibuya-ku
VINCI B.V. 471 2,082 100.00% 2,910 Graadt van Roggenweg 500, Postbus 30800 3503 AP Utrecht, Pays-Bas
AXA GENERAL INSURANCE HK 20 31 100.00% 65 30th F, Hong Kong Telecom Tower, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong
AXA UK Plc (b) 1,593 4,123 78.31% 4,556 107, Cheapside, EC2V 6DU, London
AXA ITALIA SpA 624 (1) 98.24% 715 15, Via Léopardi, 20123 Milano
AXA ONA 436 3 51.00% 229 120, avenue Hassan II, Casablanca 21000
ST GEORGES RE 10 (4) 100.00% 82 21, rue de Châteaudun, 75009 Paris
AXA HOLDINGS BELGIUM 453 3,291 84.28% 3,885 25, boulevard du Souverain, 1170 Bruxelles
AXA TECHNOLOGY SERVICES 35 0 99.78% 73 80, rue Taitbout, 75009 Paris
01/01/1998 01/01/1999 01/01/2000 01/01/2001 01/01/2002 12/31/1998 12/31/1999 12/31/2000 12/31/2001 12/31/2002 1 - CLOSING BALANCE SHEET SUMMARY
a) After tax income, before depreciation, amortization and changes in reserves 2.55 3.87 3.04 0.95 0.62 b) After tax income, after depreciation, amortization and changes in reserves 2.69 3.26 2.54 0.93 0.61 a) Number of employees – – – – –
Corporate purpose (Article 3 of the articles of incorporation and bylaws)
With the exception of a reduction in the share capital, no dividend may be paid out to shareholders if the amount of shareholders’ equity is less than the share capital plus the reserves that, by law, cannot be distributed. Likewise, no dividend may be paid out if this would cause shareholders’ equity to fall below said threshold.
Each shareholder is entitled to one vote per share held. However, holders of shares that are fully paid up and registered in the name of their owner for at least two years, at the end of the civil year preceding the scheduled date of a shareholders’ meeting, enjoy double voting rights with respect to these shares. In the event of a share capital increase through capitalization of reserves, profits, share or issue premiums, registered shares that are freely allotted to shareholders on the basis of existing shares granting a double voting right shall also grant a double voting right to their holders.
Any person or entity that directly or indirectly becomes the owner of at least 0.5% of the share capital and / or voting rights must notify the Company of the total number of shares held. Notification must be made by certified letter, return receipt requested, within five days of the date on which the shares that allowed the holder to reach or pass said threshold were registered. This notification must be made whenever an additional 0.5% threshold is reached.
INDEPENDENT AUDITORS The independent auditors are: Incumbent auditors: – PricewaterhouseCoopers Audit, 32, rue Guersant - 75017 Paris, represented by Mrs Catherine Pariset and
Statutory audit and certification of local and consolidated accounts 20,256 62% 1,866 90%
“Holocaust” project and €0.5 million of “maîtrise d'ouvrage”) and Japan (€0.7 million principally in respect of the review of financial processes).
Pursuant to this licensing agreement, the Company is required to pay Finaxa an annual fee of €762,245 as well as 50% of any net royalties that the Company receives from sublicenses.
Date Operations Number Number Amount of share of shares Issue of shares after capital after the issued premium(c) the operation operation in euros
Conversion of bonds into shares 45,428 7,083,481 362,518,934 3,317,048,246 Exercise of stock options 274,146 9,168,254 362,793,080 3,319,556,682
New equity issue reserved for employees of AXA 978,476 22,524,517 1,714,810,392 3,926,915,797
Exercise of stock options 68,064 584,201 1,762,167,344 4,035,363,217 02/28/03 Exercise of stock options 10,448 – 1,762,177,792 4,035,387,143
February 28, 2003: To the best of the Management Board’s knowledge, no other shareholders own more than 5% of the share capital.
Of the 1,762,177,792 shares comprising the share capital, 414,152,685 shares entitled their holder to double voting rights at February 28, 2003.
( ) : In voting right. (a) Directly and indirectly. (b) Treasury share are allocated to the AXA Financial stock option program.
CHANGE IN CAPITAL OWNERSHIP Changes in ownership of the Company’s share capital between December 31, 2000 and December 31, 2002 reflect the various operations detailed in the table of changes to share capital hereinabove.
Company granted options to purchase shares of the Company, as summarized in the following tables: Date of Board meeting 01/29/92 10/27/92 10/27/92 04/13/94 11/04/94
Number of shares subscribed at 02/28/03 (3) 2,871,064 6,334,088 11,387,332 8,032,276 1,916,060
(1) Of UAP origin. (2) Of AXA origin. (2bis) Of Lor Finance origin. (3) Adjusted amounts. (4) Adjusted subscription price. (5) Including the actual Executive Committee.
Number of shares subscribed at 02/28/03 (3) 3,164,940 838,708 1,638,881 1,640,003 0
(a) Last grant contingent on meeting the objectives set for the various companies for the period from 12/31/1996 to 12/31/2000.
Number of shares subscribed at 02/28/03 (3) 50,724 555,120 14,710 86,299 0
Term of exercise 1/3 07/05/02 25% 07/12/02 1/3 11/13/02 1/3 05/09/03 1/3 02/27/04 of stock options 2/3 07/05/03 50% 07/12/03 2/3 11/13/03 2/3 05/09/04 2/3 02/27/05 3/3 07/05/04 75% 07/12/04 3/3 11/13/04 3/3 05/09/05 3/3 02/27/06 100% 07/12/05
Term of exercise of stock options 25% 04/13/96 25% 07/10/98 25% 05/07/00
Subscription price in euros 31.47 35.06 83.13 (a) Last grant contingent on meeting the objectives set for the various companies for the period from 12/31/1996 to 12/31/2000.
Term of exercise 25% 05/26/01 25% 05/26/01 1/3 07/05/02 1/3 05/30/03 of stock options
Management Committee meets to approve the financial statements for 2002, following the exercise of stock options for a total of €452,115.
The global amount of capital increases effected through the issuance of securities representing a share of the
Shares issued in connection with the exercice of stock options(1) – 3% of share capital 38 months July 2, 2005
(1) Resolution approved by the annual general meeting of shareholders held on May 3, 2002.
PURCHASE AND SALE OF SHARES BY THE COMPANY At the shareholders’ meeting held on May 3, 2002, the shareholders were asked to authorize the Management Board to trade in the Company’s shares for the purpose of stabilizing the market price, under the following conditions: Maximum purchase price ......................................................................................................................................... €40
The Company did not repurchase any of its own shares in 2002. However, it did use derivative instruments to stabilize its share price on the market. At December 31, 2002, put options sold involved 5.5 million underlying shares and a nominal amount of €81.4 million.
Maximum number of shares that can be bought or sold ............................................................................176,216,734
April 2, 2003, which received the visa of the Commission des Opérations de Bourse.
Paris, April 8, 2003 Chairman of the Management Board Henri de Castries
Our procedures, which were performed in accordance with French professional standards, consisted of assessing the accuracy of the information about the financial position and the accounts and verifying that this information agrees with the audited financial statements, reading the other information contained in the annual report in order to identify any material inconsistencies with the information about the financial position and the accounts, and reporting any manifestly incorrect information that came to our attention, based on our overall knowledge of the Company, as acquired during our audit, with the exception of information concerning AXA’s Embedded Value, which we did not review (excluding Adjusted Net Asset Value), which was subject to the procedures decribed above. With respect to: – information pertaining to embedded value, included on pages 51-53 of the Key Information section of the annual report, we have verified its consistency with the report of independent actuarial firm Tillinghast dated February 27, 2003, issued after a limited review of AXA’s calculations.
We also audited the consolidated financial statements of AXA for the years ended December 31, 2000, 2001 and 2002, as prepared by the Management Board, in accordance with auditing standards generally accepted in France, and issued an unqualified opinion thereon.
PricewaterhouseCoopers Audit Mazars & Guerard represented by Mrs. Catherine Pariset represented by Messrs. Patrick de Cambourg and Mr. Gérard Dantheny and Charles Vincensini
COB correspondence table Section Title Pages 1.1 Names and positions of persons responsible for the document..........................................................307 1.2 Certification by persons responsible for the document........................................................................307 1.3 Names and addresses of the independent auditors.............................................................................294 1.4 Persons responsible for information ......................................................................................................307 3.1 General information concerning the Company .....................................................................................292 3.2 General information concerning the share capital ................................................................................296 3.3 Current ownership of share capital and voting rights ...........................................................................298 3.4 Information concerning trading of the Company’s securities .................................................................31 4.1 Presentation of the Company and the Group .........................................................................................55 4.2 Significant agreements ...........................................................................................................................295 4.3 Workforce..................................................................................................................................................49 4.4 Investment policy......................................................................................................................................85 4.7 Issuer-related risks....................................................................................................................................95 5.1 Issuer’s financial statements ..................................................................................................................177 6 Corporate Governance and Administration.............................................................................................12 6.2 Directors’ and managers’ shareholdings .................................................................................................24 6.3 Personnel incentive schemes...................................................................................................................35 7 Recent developments and outlook........................................................................................................170
Pursuant to COB Regulation 98-01, this shelf registration document (document de référence) was registered with the Commission des Opérations de Bourse (the French stock exchange regulatory authority)