Document de référence (English version) - Sequana
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Document de référence (English version) - Sequana

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<strong>Document</strong> <strong>de</strong> <strong>référence</strong>2009(<strong>English</strong> <strong>version</strong>)

CONTENTSChapter 13 PRESENTATION OF THE GROUP Chapter 229 CORPORATE GOVERNANCE Chapter 351 RISK MANAGEMENT Chapter 463 FINANCIAL POSITIONS – RESULTS Chapter 5147 GENERAL INFORMATION ABOUTTHE COMPANY AND ITS CAPITAL Chapter 6161 ORDINARY AND EXTRAORDINARYSHAREHOLDERS’ MEETINGOF 19 MAY 2010 Chapter 7169 PERSON RESPONSIBLEFOR THE REGISTRATION DOCUMENT Campagne « A Curious Story ».€ 4.1 2.3billion in sales in 2009 million tonnes of paperdistributed each year by Antalis1.3million tonnes of paper manufacture<strong>de</strong>ach year by ArjowigginsThis document is printed on Cocoon Silk paper: the cover uses Cocoon Silk 350g, the insi<strong>de</strong> Cocoon Silk 120g. It is FSC and Eco-label certified, 100% recycled extra-white,<strong>de</strong>mi-matte coated paper. Cocoon Silk is both a product and a brand of Arjowiggins Graphic and it is distributed by Antalis.

INTRODUCTIONProfile<strong>Sequana</strong> is a major player in the paper industry, boasting leadingpositions in each of its businesses:– No. 1 in Europe and No. 4 worldwi<strong>de</strong> in B2B distribution ofpaper and packaging materials (Antalis);– world lea<strong>de</strong>r in creative and technical papers (Arjowiggins).<strong>Sequana</strong>’s strategy is to maximise value creation for all of itssharehol<strong>de</strong>rs. To strengthen its leading positions on its marketsand further improve profitability, <strong>Sequana</strong> focuses its productionand distribution capabilities on high value-ad<strong>de</strong>d products andservices.With over 13,000 employees in more than 50 countries, <strong>Sequana</strong>serves corporate clients and printers worldwi<strong>de</strong>. A global papergroup committed to sustainable <strong>de</strong>velopment, <strong>Sequana</strong> <strong>de</strong>liveredsales of 4.1 billion in 2009.<strong>Sequana</strong> 1 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

14 Preliminary remarks4 Presentation of <strong>Sequana</strong>5 2009 highlights6 Group timeline7 2009 highlights8 Recent <strong>de</strong>velopments and outlook18 Key figures8 Key consolidated figures for the year en<strong>de</strong>d 31 December 200911 Net <strong>de</strong>bt12 Share performance and ownership structure12 Share information12 Share ownership and corporate actions13 Share performance14 Divi<strong>de</strong>nd per share14 Regular dialogue with investors14 Management of share accounts15 Presentation of business activities15 Antalis at a glance16 Arjowiggins at a glance17 Antalis – Strategy, highlights, key figures19 Antalis – Europe20 Antalis – Rest of the world21 Arjowiggins – Strategy, highlights, key figures23 Arjowiggins – Graphic division24 Arjowiggins – Coated US division25 Arjowiggins – Creative Papers division26 Arjowiggins – Industrial Solutions division27 Arjowiggins – Security division<strong>Sequana</strong> 3 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of <strong>Sequana</strong>1Preliminary remarksPRESENTATION OF SEQUANAANTALIS ARJOWIGGINS <strong>Sequana</strong> 4 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of <strong>Sequana</strong>12009 highlights FURTHER COST CUTTING MEASURESCOMPLETION OF THE NON-STRATEGIC ASSETDIVESTMENT PROGRAM NEW GROUP OPERATIONAL STRATEGY PICKS UPPACE1<strong>Sequana</strong> 5 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of <strong>Sequana</strong>1Group timeline199119971998199920002001 20022003 2004 2005 2006<strong>Sequana</strong> 6 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of <strong>Sequana</strong>120072008 12009 highlights11 March 20099 April 200918 May 200926 June 200915 September 200930 September 2009<strong>Sequana</strong> 7 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPKey figures30 November 20091Recent <strong>de</strong>velopments and outlookRECENT DEVELOPMENTSOUTLOOK KEY FIGURESKey consolidated figures for the year en<strong>de</strong>d 31 December 2009CONDENSED ANALYTICAL INCOME STATEMENT <strong>Sequana</strong> 8 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPKey figures1SALESBREAKDOWN OF SALES BY BUSINESS SEGMENT4,951 4,8422008reported2008proforma4,08820096%ArjowigginsIndustrial Solutions4%ArjowigginsCreative Papers6%ArjowigginsCoated US9%ArjowigginsGraphic12%Antalis Other7%Arjowiggins Security41%Antalis Print15%Antalis Office1BREAKDOWN OF SALES BY GEOGRAPHIC AREA13%Rest of the worldRECURRING OPERATING INCOME1361281377%US16%UK14%France50%Europe(excluding France and UK)2008reported2008proforma2009EBITDA221212213 2008reported2008proforma2009<strong>Sequana</strong> 9 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPKey figures1 NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERSSHAREHOLDERS’ EQUITY2008reported2008proforma207067382009(428)(401)20082009NET DEBT (1) 79120086512009 <strong>Sequana</strong> 10 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPKey figures1GROUP AVERAGE HEADCOUNTMARKET CAPITALISATION (at 31 December)14,96113,24939521512008 *200920082009Net <strong>de</strong>bt <strong>Sequana</strong> 11 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPShare performance and ownership structureSHARE PERFORMANCE AND OWNERSHIP STRUCTUREShare information1STOCK MARKET LISTINGSTOCK MARKET CODESINDICES Share ownership and corporate actionsSHAREHOLDER AGREEMENT BETWEEN EXOR SA(FORMERLY IFIL INVESTISSEMENTS SA) AND DLMD OWNERSHIP STRUCTURE (at 31 December 2009)0.71%Treasury shares50.83%Free float(incl. Allianz[formerly AGF] 11.83%)21.81%DLMD26.65%Exor SA<strong>Sequana</strong> 12 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPShare performance and ownership structure1Share performanceSHARE DATA OVER THE LAST THREE YEARS 1 SHARE PERFORMANCE BETWEEN 1 JANUARY 2009 AND 31 MARCH 2010 <strong>Sequana</strong> 13 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPShare performance and ownership structureDivi<strong>de</strong>nd per shareDIVIDENDS PAID BY THE COMPANY OVER THE PAST FIVE YEARS1 DIVIDEND PAYOUT POLICYRegular dialogue with investors Management of share accounts<strong>Sequana</strong> 14 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1PRESENTATION OF BUSINESS ACTIVITIESAntalis at a glanceNo. 1 in Europe and No. 4 worldwi<strong>de</strong> in B2B distribution of paper and packaging materials 5%Packaging3%VisualCommunication9%Other122%Office61%PrintGEOGRAPHIC REACHAntalis B2B distribution <strong>Sequana</strong> 15 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activitiesArjowiggins at a glance1No. 1 producer of creative and technical papers worldwi<strong>de</strong> 19%Security15%IndustrialSolutions16%Creative Papers34%Graphic16%Coated USGEOGRAPHIC REACHProduction and converting facilities <strong>Sequana</strong> 16 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1Antalis – Strategy, highlights, key figures RESULTS HOLD FIRM DESPITE A SHARPDOWNTURN IN MARKET CONDITIONS CRITICAL PROJECT LAUNCH FOR THE GROUP’SFUTURECOMPETITIVE POSITIONING1<strong>Sequana</strong> 17 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activitiesKEY FIGURES1 BREAKDOWN OF SALES BY BUSINESS SEGMENTAVERAGE HEADCOUNT BY GEOGRAPHIC AREA3%VisualCommunication5%Packaging9%Other17%Rest of the world22%Office61%Print83%EuropeBREAKDOWN OF SALES BY GEOGRAPHIC AREA9%Rest of the worldBREAKDOWN OF 2009 RECURRING OPERATINGINCOME BY GEOGRAPHIC AREA15%Rest of the world91%Europe85%Europe2009 HIGHLIGHTS<strong>Sequana</strong> 18 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1Antalis – Europe OVERHEADS CUT BY 8% IN 2009A LEANER BRAND PORTFOLIONEW PHASE IN E-COMMERCE POLICY1<strong>Sequana</strong> 19 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activities1BOOSTING “GREEN” CREDENTIALSKEY FIGURES – EUROPE BREAKDOWN OF SALES BY GEOGRAPHIC AREA22%United Kingdom15%Eastern Europe14%France49%Western Europe(excluding UKand France)Antalis – Rest of the worldASIASOUTH AMERICASOUTH AFRICA<strong>Sequana</strong> 20 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1SALES AGREEMENT FOR THE US MARKETKEY FIGURES – ASIA, SOUTH AMERICAAND SOUTH AFRICA BREAKDOWN OF SALES BY GEOGRAPHIC AREA42%South Africa25%Asia33%South America1Arjowiggins – Strategy, highlights, key figures STRATEGY <strong>Sequana</strong> 21 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activities1COMPETITIVE POSITIONINGGraphic and Coated US divisionsCreative Papers divisionIndustrial Solutions divisionSecurity divisionKEY FIGURES BREAKDOWN OF SALES BY DIVISION15%IndustrialSolutions16%Creative Papers19%Security16%Coated US34%GraphicHIGHLIGHTS AND MAJOR CONTRACTS IN 2009 Graphic division Coated US divisionCreative Papers division<strong>Sequana</strong> 22 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1Industrial Solutions division Security division1Arjowiggins – Graphic divisionACCELERATION OF THE “GREEN” STRATEGYIN 2009Coated EuropeRecycled paper <strong>Sequana</strong> 23 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activities1PRIORITIES IN THE GRAPHIC DIVISION Organic growthMedium-term strategyKEY FIGURES – GRAPHIC DIVISION Arjowiggins – Coated US divisionIMPROVED OPERATING PERFORMANCES IN 2009PRIORITIES IN THE COATED US DIVISIONOrganic growthMedium-term strategyKEY FIGURES – COATED US DIVISION <strong>Sequana</strong> 24 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1Arjowiggins – Creative Papers division --2009 HIGHLIGHTSCapacity adjustmentsRobust expansion of product offering PRIORITIES IN THE CREATIVE PAPERS DIVISIONIndustrial efficiency Organic growth Medium-term strategyKEY FIGURES – CREATIVE PAPERS DIVISION 1<strong>Sequana</strong> 25 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1PRESENTATIONOF THE GROUPPresentation of business activitiesArjowiggins – Industrial Solutions division12009 HIGHLIGHTSIndustrial segmentMedicalPRIORITIES IN THE INDUSTRIAL SOLUTIONSDIVISIONOrganic growthMedium-term strategyKEY FIGURES – INDUSTRIAL SOLUTIONSDIVISION <strong>Sequana</strong> 26 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PRESENTATION OF THE GROUPPresentation of business activities1Arjowiggins – Security division2009 HIGHLIGHTSSharp rise in profit margins PRIORITIES IN THE SECURITY DIVISIONOrganic growth Medium-term strategyKEY FIGURES – SECURITY DIVISION 1<strong>Sequana</strong> 27 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

1<strong>Sequana</strong> 28 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

230 Board of Directors30 Composition of the Board of Directors34 Organisation and modus operandi of the Board of Directors37 Board committees38 Directorships and positions held by the corporate officers at presentand in the past five years42 Executive Committee243 Compensation43 Executive corporate officers46 Non-executive corporate officers48 Executive Committee48 Related-party agreements48 Statutory Auditors48 Statutory audit engagements<strong>Sequana</strong> 29 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of DirectorsBOARD OF DIRECTORSComposition of the Board of Directors2COMPOSITION OF THE BOARD OF DIRECTORS AT 31 DECEMBER 2009 <strong>Sequana</strong> 30 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2DIRECTORS’ PROFILESTiberto Ruy Brandolini d’AddaPascal Lebard Luc ArgandJean-Pascal BeaufretPierre Martinet2<strong>Sequana</strong> 31 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of Directors2 Laurent Mignon Alessandro Potestà Michel Taittinger Allianz France (formerly Assurances Générales<strong>de</strong> France) Pierluigi RichesDLMDNicolas Lebard <strong>Sequana</strong> 32 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2Exor SACarlo Sant’Albano RULES OF CONDUCT CRITERIA FOR SELECTING BOARD MEMBERS2<strong>Sequana</strong> 33 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of Directors2 ASSESSMENT OF THE BOARD’S PERFORMANCEOrganisation and modus operandi of the Board of DirectorsA DUTY OF ADMINISTRATIONA DUTY OF REVIEWA DUTY OF CAUTION TRANSPARENCYPREPARATION OF THE BOARD’S WORK,ORGANISATION AND MODUS OPERANDI <strong>Sequana</strong> 34 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2BOARD MEETINGS AND WORKCorporate governance Financial statements Conduct of the Group’s operations 2<strong>Sequana</strong> 35 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of Directors2 Performance share plansDelegations of authority to handle financialtransactionsSharehol<strong>de</strong>rs’ Meeting<strong>Sequana</strong> 36 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2Board committeesNOMINATIONSAND COMPENSATION COMMITTEEAUDIT COMMITTEESTRATEGY COMMITTEE2<strong>Sequana</strong> 37 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of DirectorsDirectorships and positions held by the corporate officers at presentand in the past five yearsTiberto Ruy BRANDOLINI d’ADDA2Pascal LEBARD<strong>Sequana</strong> 38 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2Luc ARGANDJean-Pascal BEAUFRET2Pierre MARTINET<strong>Sequana</strong> 39 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEBoard of DirectorsLaurent MIGNON2Alessandro POTESTÀMichel TAITTINGER<strong>Sequana</strong> 40 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCEBoard of Directors2ALLIANZ FRANCEPierluigi RICHES2<strong>Sequana</strong> 41 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEExecutive CommitteeDLMDNicolas LEBARD2EXOR SACarlo SANT’ALBANOEXECUTIVE COMMITTEE<strong>Sequana</strong> 42 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCECompensation2COMPENSATIONExecutive corporate officersCOMPENSATIONCompensation payable to the Chief Executive Officer Compensation payable to the Chairman of the Boardof Directors2<strong>Sequana</strong> 43 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCECompensation2 STOCK OPTIONS<strong>Sequana</strong> 44 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCECompensation2 2SHARE AWARDS <strong>Sequana</strong> 45 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCECompensation2Non-executive corporate officersAMOUNT OF ATTENDANCE FEES PAYMENT OF ATTENDANCE FEES<strong>Sequana</strong> 46 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCECompensation2ATTENDANCE FEES (1) AND OTHER COMPENSATION RECEIVED BY NON-EXECUTIVE CORPORATEOFFICERS 2<strong>Sequana</strong> 47 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2CORPORATEGOVERNANCEExecutive Committee2RELATED-PARTY AGREEMENTSSTATUTORY AUDITORSStatutory audit engagements <strong>Sequana</strong> 48 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

CORPORATE GOVERNANCE22<strong>Sequana</strong> 49 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

2<strong>Sequana</strong> 50 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

352 Industrial and environmental risks53 Business-related risks53 Commodity price and energy risks53 Country risk53 Financial risks53 Market risk53 Foreign exchange risk53 Interest rate risk54 Liquidity risk54 Equity price risk54 Credit risk354 Legal risks54 Specific regulations55 Links with or <strong>de</strong>pen<strong>de</strong>nce on other parties56 Claims and litigation56 Insurance coverage57 Internal control procedures57 Report of the Chairman of the Board of Directors on internal control procedures61 Statutory Auditors’ report, prepared in accordance with Article L. 225-235 of theFrench Commercial Co<strong>de</strong>, on the report prepared by the Chairman of the Boardof Directors of <strong>Sequana</strong><strong>Sequana</strong> 51 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3RISKMANAGEMENTIndustrial and environmental risksINDUSTRIAL AND ENVIRONMENTAL RISKS3 <strong>Sequana</strong> 52 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

RISK MANAGEMENTFinancial risks3BUSINESS-RELATED RISKSCommodity price and energy risks Country riskFINANCIAL RISKS3Market riskForeign exchange riskInterest rate risk<strong>Sequana</strong> 53 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3RISKMANAGEMENTLegal risksLiquidity riskEquity price risk3Credit risk LEGAL RISKSSpecific regulations <strong>Sequana</strong> 54 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

RISK MANAGEMENTLegal risks3Links with or <strong>de</strong>pen<strong>de</strong>nce on other partiesPENSION BENEFIT OBLIGATIONS ASSETS REQUIRED FOR OPERATIONS THAT ARENOT OWNED BY GROUP COMPANIESANTI-TRUST LEGISLATION3<strong>Sequana</strong> 55 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3RISKMANAGEMENTInsurance coverageClaims and litigation3RISKS CONCERNING THE FOX RIVERENVIRONMENTAL DISPUTE – SALE OF AWA LTD. INSURANCE COVERAGE <strong>Sequana</strong> 56 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

RISK MANAGEMENTInternal control procedures3INTERNAL CONTROL PROCEDURESReport of the Chairman of the Board of Directors on internal controlproceduresTHE INTERNAL CONTROL SYSTEMObjectivesOverview3<strong>Sequana</strong> 57 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3RISKMANAGEMENTInternal control procedures3 CHARTERS AND PROCEDURESCo<strong>de</strong> of conductAccounting procedures Management procedures<strong>Sequana</strong> 58 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

RISK MANAGEMENTInternal control procedures3INTERNAL CONTROL INITIATIVESRisk-reduction measures Control procedures for legal issues INTERNAL CONTROL OVERSIGHT3<strong>Sequana</strong> 59 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3RISKMANAGEMENTInternal control procedures3FINANCIAL REPORTING SYSTEMAccounting policies Financial and accounting information Participants in the financial reporting system <strong>Sequana</strong> 60 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

RISK MANAGEMENTInternal control procedures3Statutory Auditors’ report, prepared in accordance with ArticleL. 225-235 of the French Commercial Co<strong>de</strong>, on the report preparedby the Chairman of the Board of Directors of <strong>Sequana</strong>INFORMATION ON INTERNAL CONTROL ANDRISK MANAGEMENT PROCEDURES RELATINGTO THE PREPARATION AND PROCESSING OFFINANCIAL AND ACCOUNTING INFORMATION OTHER INFORMATION3<strong>Sequana</strong> 61 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

3<strong>Sequana</strong> 62 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

464 Overview of the Group’s financial positionat 31 December 200964 Consolidated results64 Parent company results at 31 December 200965 Consolidated statement of financial position66 Consolidated income statement67 Consolidated statement of comprehensive income67 Statement of changes in consolidated equity68 Consolidated statement of cash flows69 Notes to the consolidated financial statements129 Statutory Auditors’ report on the consolidated financial statements4130 Parent company financial statementsfor the year en<strong>de</strong>d 31 December 2009130 Statement of financial position131 Income statement132 Notes to the parent company financial statements142 Securities portfolio at 31 December 2009142 Five-year financial summary143 Statutory Auditors’ report on the financial statements144 Statutory Auditors’ report on related-party agreements and commitments145 Proposed allocation of net income<strong>Sequana</strong> 63 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSOverview of the Group’s financial position at 31 December 2009OVERVIEW OF THE GROUP’S FINANCIAL POSITIONAT 31 DECEMBER 2009Consolidated results4 Parent company results at 31 December 2009 <strong>Sequana</strong> 64 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSConsolidated statement of financial position4CONSOLIDATED STATEMENT OF FINANCIAL POSITIONASSETS EQUITY AND LIABILITIES4 <strong>Sequana</strong> 65 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSConsolidated income statementCONSOLIDATED INCOME STATEMENT4 <strong>Sequana</strong> 66 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSStatement of changes in consolidated equity4CONSOLIDATED STATEMENT OF COMPREHENSIVEINCOME STATEMENT OF CHANGES IN CONSOLIDATED EQUITY 4<strong>Sequana</strong> 67 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSConsolidated statement of cash flowsCONSOLIDATED STATEMENT OF CASH FLOWS4 <strong>Sequana</strong> 68 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4<strong>Sequana</strong> 69 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 1 - Significant events of the yearANTALIS ARJOWIGGINS ARJO WIGGINS APPLETON LTD. (UK)OTHER COMPANIES 4Note 2 - Summary of significant accounting policiesA - GENERAL INFORMATION A1 - Standards and interpretations effectivefrom 1 January 2009 <strong>Sequana</strong> 70 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4A2 - Standards and interpretations not yet effectiveat 31 December 2009B - CONSOLIDATION, RECOGNITIONAND MEASUREMENT METHODSB1 - Consolidation principlesB2 - Reporting dateB3 - Estimates and valuations4<strong>Sequana</strong> 71 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4B4 - Inter-company transactions and balancesB5 - Foreign currency translation B6 - GoodwillB7 - Other intangible assets <strong>Sequana</strong> 72 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4 B8 - Property, plant and equipment B9 - Non-<strong>de</strong>rivative financial assets4<strong>Sequana</strong> 73 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4B10 - InventoriesB11 - Tra<strong>de</strong> and other receivablesB12 - Current and <strong>de</strong>ferred taxesB13 - Cash and cash equivalents<strong>Sequana</strong> 74 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4B14 - Derivative financial instruments and hedging B15 - Assets held for saleB16 - Provisions for pension and other employeebenefit obligations4<strong>Sequana</strong> 75 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4 --- -- -B17 - Other provisions B18 - DebtB19 - Stock options and share awardsB20 - Tra<strong>de</strong> and other payablesB21 - Revenue recognition<strong>Sequana</strong> 76 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4B22 - Other operating income and expenses, netB23 - Operating incomeB24 - Net financial income-------B25 - Income taxB26 - Earnings per shareB27 - LeasesB28 - Segment reportingB29 - Statement of cash flows4<strong>Sequana</strong> 77 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 3 - Measurement of impairment losses3A - GOODWILLGoodwill arising on the AWA Ltd. takeover in 2000 4 Other goodwill<strong>Sequana</strong> 78 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements43B - PROPERTY, PLANT AND EQUIPMENTNote 4 - Changes in scope of consolidation4A - ACQUISITIONS44B - OPERATIONS SOLD OR IN THE COURSEOF BEING SOLD20092008 <strong>Sequana</strong> 79 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements 4 <strong>Sequana</strong> 80 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements44C - ASSETS HELD FOR SALE AND LIABILITIES RELATED TO ASSETS HELD FOR SALE 4D - PROFORMA INCOME STATEMENT FOR 2008 4<strong>Sequana</strong> 81 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 5a - Goodwill 4 <strong>Sequana</strong> 82 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 5b - Other intangible assets 4<strong>Sequana</strong> 83 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 6 - Property, plant and equipment4 <strong>Sequana</strong> 84 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4 4<strong>Sequana</strong> 85 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 7 - Investments in associatesMOVEMENTS DURING THE YEAR ANALYSIS BY INVESTMENT 4Note 8 - Financial assetsANALYSIS OF FINANCIAL ASSETS CARRIED IN THE STATEMENT OF FINANCIAL POSITION MOVEMENTS DURING THE YEAR <strong>Sequana</strong> 86 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4MOVEMENTS IN PROVISIONS FOR IMPAIRMENT IN VALUE MATURITY OF NON-CURRENT FINANCIAL ASSETS ANALYSIS BY TYPE OF FINANCIAL ASSET AT 31 DECEMBER 4<strong>Sequana</strong> 87 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 9 - Inventories 4Note 10 - Other assetsBREAKDOWN BY TYPE <strong>Sequana</strong> 88 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4MOVEMENTS IN PROVISIONS FOR IMPAIRMENT IN VALUE MATURITY OF OTHER ASSETS (NET) Note 11 - Cash and cash equivalents4 Note 12a - Share capital<strong>Sequana</strong> 89 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 12b - Stock options 4 VALUATION OF STOCK OPTIONS (NOTE 2B19): <strong>Sequana</strong> 90 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 12c - Share award plansSEQUANA ARJOWIGGINS AND ANTALIS 4<strong>Sequana</strong> 91 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 12d - Treasury shares Note 12e - Cumulative translation adjustment4 Note 12f - Divi<strong>de</strong>nds paid Note 13 - Earnings per share <strong>Sequana</strong> 92 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 14 - Non-controlling interestsNote 15 - ProvisionsANALYSIS BY TYPE OF PROVISION EXPECTED MATURITY OF NON-CURRENT PROVISIONS 4MOVEMENTS IN PROVISIONS IN 2009 <strong>Sequana</strong> 93 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsMOVEMENTS IN PROVISIONS IN 2008 Note 16 - Employee benefits4CHANGE IN THE PROJECTED BENEFIT OBLIGATION (*) <strong>Sequana</strong> 94 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4CHANGE IN PLAN ASSETS (*) FINANCIAL SURPLUS OR DEFICIT (*) 4 <strong>Sequana</strong> 95 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements(1) RECONCILIATION OF FINANCIAL SURPLUS/(DEFICIT) TO THE FIGURES REPORTEDIN THE STATEMENT OF FINANCIAL POSITION FOR EMPLOYEE BENEFITS: ANALYSIS OF THE STATEMENT OF COMPREHENSIVE INCOME4 ANALYSIS OF NET EXPENSE <strong>Sequana</strong> 96 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4ASSUMPTIONS USED BREAKDOWN BY GEOGRAPHICAL AREA OF ASSUMPTIONS USED 4 SENSITIVITY OF ASSUMPTIONSOn all employee benefit obligations On UK and US employee benefit obligations only <strong>Sequana</strong> 97 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4SENSITIVITY OF HEALTHCARE BENEFITOBLIGATIONS TO A +/- 1% INCREASE/DECREASEIN MEDICAL COSTS SENSITIVITY OF THE SERVICE COST FOR 2010TO A +/- 0.50% INCREASE/DECREASE IN THE RATEOF RETURN ON PLAN ASSETSESTIMATED CONTRIBUTIONS FOR 2010 RETURN ON PLAN ASSETSDISCOUNT RATES USEDOBLIGATIONS UNDER DEFINED BENEFIT PLANS <strong>Sequana</strong> 98 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 17 - Debt17A - BREAKDOWN OF DEBT BY MATURITY 17B - BREAKDOWN OF DEBT BY INTEREST RATE 417C - ANALYSIS OF DEBT BY MAIN CURRENCIES <strong>Sequana</strong> 99 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 18 - Financial instruments18A - BREAKDOWN OF STATEMENT OF FINANCIAL POSITION CAPTIONS BY IAS 39 FINANCIALINSTRUMENT CATEGORY 4 Methods and assumptions used to measure financialinstruments<strong>Sequana</strong> 100 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4- --18B - TREASURY MANAGEMENT – FINANCIAL INSTRUMENTSAnalysis of <strong>de</strong>bt 4 <strong>Sequana</strong> 101 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements 4 <strong>Sequana</strong> 102 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements418C - RISK MANAGEMENT – INTEREST RATE RISK, FOREIGN EXCHANGE RISK, EQUITY PRICE RISK,COMMODITY PRICE RISK, CREDIT RISK AND LIQUIDITY RISKFair value of financial instruments Risk management4 <strong>Sequana</strong> 103 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsFIXED VERSUS FLOATING RATE DEBT 4 INTEREST RATE SENSITIVITY ANALYSIS <strong>Sequana</strong> 104 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4 4 FOREIGN CURRENCY SENSITIVITY ANALYSIS<strong>Sequana</strong> 105 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsEXPOSURE TO FLUCTUATIONS IN THE EUR/GBP EXCHANGE RATE AT 31 DECEMBER 2009 EXPOSURE TO FLUCTUATIONS IN THE EUR/GBP EXCHANGE RATE AT 31 DECEMBER 20084 EXPOSURE TO FLUCTUATIONS IN THE EUR/USD EXCHANGE RATE AT 31 DECEMBER 2009 EXPOSURE TO FLUCTUATIONS IN THE EUR/USD EXCHANGE RATE AT 31 DECEMBER 2008 <strong>Sequana</strong> 106 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4EXPOSURE TO FLUCTUATIONS IN THE GBP/USD EXCHANGE RATE AT 31 DECEMBER 2009 EXPOSURE TO FLUCTUATIONS IN THE DKK EXCHANGE RATE AGAINST THE CHF, USD AND GBP AT 31 DECEMBER 2009 4 <strong>Sequana</strong> 107 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4COUNTERPARTY RISKS ON INVESTMENTSAND DERIVATIVES CUSTOMER CREDIT RISK <strong>Sequana</strong> 108 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4MATURITIES OF CASH FLOWS RELATING TO FINANCIAL LIABILITIES 4Note 19 - Deferred taxes19A - BREAKDOWN BY PERIOD OF REVERSAL <strong>Sequana</strong> 109 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements19B - DEFERRED TAX ASSETS – MOVEMENTS DURING THE YEAR 19C - DEFERRED TAX LIABILITIES – MOVEMENTS DURING THE YEAR4 19D - CURRENT AND DEFERRED TAXES RELATED TO ITEMS RECOGNISED DIRECTLY IN EQUITY <strong>Sequana</strong> 110 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements419E - ANALYSIS OF CURRENT TAX LOSSES AND TAX CREDITS FOR WHICH NO DEFERRED TAX ASSETSHAVE BEEN RECOGNISED (1) 4<strong>Sequana</strong> 111 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 20 - Other liabilities MATURITY OF OTHER LIABILITIES4 Note 21 - Other operating income <strong>Sequana</strong> 112 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 22 - Personnel expenses Note 23 - Remuneration paid to corporate officers 4Note 24 - Other operating income and expenses <strong>Sequana</strong> 113 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 25 - Net financial income4 Note 26 - Foreign exchange gains and losses <strong>Sequana</strong> 114 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 27 - Income tax benefit (expense) 4<strong>Sequana</strong> 115 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 28 - Analysis of consolidated cash flows4 <strong>Sequana</strong> 116 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 29 - Segment information29A - BUSINESS SEGMENT ANALYSIS OF THE 2009 INCOME STATEMENT 429B - BUSINESS SEGMENT ANALYSIS OF THE 2008 INCOME STATEMENT <strong>Sequana</strong> 117 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements29C - OTHER DISCLOSURES BY BUSINESS SEGMENT AT 31 DECEMBER 20094 <strong>Sequana</strong> 118 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements429D - OTHER DISCLOSURES BY BUSINESS SEGMENT AT 31 DECEMBER 2008 429E - GEOGRAPHICAL SEGMENT DISCLOSURES AT 31 DECEMBER 2009 (1) <strong>Sequana</strong> 119 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements29F - GEOGRAPHICAL SEGMENT DISCLOSURES AT 31 DECEMBER 2008 (1) Note 30 - Related-party transactions4 <strong>Sequana</strong> 120 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 31 - Off-balance sheet commitments 4MATURITIES OF OFF-BALANCE SHEET COMMITMENTS AT 31 DECEMBER 2009 MATURITIES OF OFF-BALANCE SHEET COMMITMENTS AT 31 DECEMBER 2008 OPERATING LEASES: FUTURE MINIMUM PAYMENTS (CAPITAL) <strong>Sequana</strong> 121 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements OTHER COMMITMENTSSellers’ warranties4 PROCEDURE FOR IDENTIFYING AND CONTROLLING OFF-BALANCE SHEET COMMITMENTS<strong>Sequana</strong> 122 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 32 - Headcount 4Note 33 - Subsequent events<strong>Sequana</strong> 123 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statementsNote 34 - Statutory Auditors' fees 4<strong>Sequana</strong> 124 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Note 35 - Scope of consolidationFULLY CONSOLIDATED COMPANIES 4<strong>Sequana</strong> 125 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4 <strong>Sequana</strong> 126 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4 4<strong>Sequana</strong> 127 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSNotes to the consolidated financial statements4 EQUITY-ACCOUNTED COMPANIES <strong>Sequana</strong> 128 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSNotes to the consolidated financial statements4Statutory Auditors’ report on the consolidated financial statementsI - OPINION ON THE CONSOLIDATED FINANCIALSTATEMENTS II - JUSTIFICATION OF OUR ASSESSMENTSIII - SPECIFIC VERIFICATION4<strong>Sequana</strong> 129 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009PARENT COMPANY FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2009Statement of financial positionASSETS 4EQUITY AND LIABILITIES <strong>Sequana</strong> 130 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Income statement 4<strong>Sequana</strong> 131 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Notes to the parent company financial statements 4<strong>Sequana</strong> 132 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Note 1 - Significant events of the yearVALUATION OF INVESTMENTS IN SUBSIDIARIESa) Operating subsidiaries b) Non-operating subsidiaryACQUISITION OF SHARES Note 2 - Basis of preparation CAPITAL INCREASE (ANTALIS)ARJOWIGGINS’ CAPITAL WAS INCREASEDDISPOSAL OF SHARES SUBSEQUENT EVENTS4 ACCOUNTING POLICIESa) Property, plant and equipmentb) Investments in subsidiaries and associates<strong>Sequana</strong> 133 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009c) Marketable securitiesd) Pension benefit obligationse) Stock optionsf ) Tax regime NOTES TO THE STATEMENT OF FINANCIAL POSITION4Note 3 - Investments MOVEMENTS IN INVESTMENTS IN 2009<strong>Sequana</strong> 134 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Note 4 - Cash and cash equivalentsNote 5 - Statement of changes in equity 4Note 6 - Debt<strong>Sequana</strong> 135 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Note 7 - Operating lossNote 8 - Financial income and expense 4Note 9 - Non-recurring income and expenses<strong>Sequana</strong> 136 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Note 10 - Income tax expense OTHER DISCLOSURESNote 11 - Statement of cash flows 4Note 12 - Remuneration of corporate officers <strong>Sequana</strong> 137 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Note 13 - Related companies Note 14 - Off-balance sheet commitments4 <strong>Sequana</strong> 138 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094SELLERS' WARRANTIES 4Note 15 - Treasury management – Financial instrumentsDEBTLiquidity and maturity of <strong>de</strong>bt <strong>Sequana</strong> 139 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Risk management (interest rates, foreign currency) 4<strong>Sequana</strong> 140 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Note 16 - List of subsidiaries and associates at 31 December 2009 4<strong>Sequana</strong> 141 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Securities portfolio at 31 December 2009 Five-year financial summary4 <strong>Sequana</strong> 142 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 20094Statutory Auditors’ report on the financial statementsI - OPINION ON THE FINANCIAL STATEMENTS II - JUSTIFICATION OF OUR ASSESSMENTSIII - SPECIFIC VERIFICATIONSAND INFORMATION4<strong>Sequana</strong> 143 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4FINANCIALPOSITIONS – RESULTSParent company financial statements for the year en<strong>de</strong>d 31 December 2009Statutory Auditors’ report on related-party agreements andcommitments4AGREEMENTS AND COMMITMENTS ENTEREDINTO DURING THE YEARAGREEMENTS AND COMMITMENTS APPROVEDDURING PREVIOUS PERIODS THAT CONTINUEDTO REMAIN IN FORCE DURING THE REPORTINGPERIOD <strong>Sequana</strong> 144 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

FINANCIAL POSITIONS – RESULTSProposed allocation of net income4PROPOSED ALLOCATION OF NET INCOME 4<strong>Sequana</strong> 145 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

4<strong>Sequana</strong> 146 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5148 Information about the Company148 Corporate name and registered office148 Legal form and governing law148 Date of incorporation and term148 Corporate purpose148 Registration particulars149 Consultation of corporate documents149 Financial year149 Divi<strong>de</strong>nds149 Sharehol<strong>de</strong>rs’ Meetings150 Sharehol<strong>de</strong>r i<strong>de</strong>ntification150 Disclosure thresholds150 Information about the Company’s capital150 Share capital and voting rights151 Changes in share capital over the last five years151 Ownership structure153 Information likely to have an impact in the event of a public offering153 Financial authorisations in force154 Share buyback programmes154 Potential shares5155 Sustainable <strong>de</strong>velopment – Human resources policy155 Average number of employees by company156 Average number of employees by company and geographic region156 Employee profit-sharing scheme and savings plan157 Compensation-training-mobility within the Group’s subsidiaries158 Other employee-related issues159 Sustainable <strong>de</strong>velopment – Environmental policy159 Arjowiggins160 Antalis<strong>Sequana</strong> 147 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the CompanyINFORMATION ABOUT THE COMPANYCorporate name and registered officeLegal form and governing lawDate of incorporation and termCorporate purpose (Article 2 of the Articles of Association)5Registration particulars<strong>Sequana</strong> 148 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company5Consultation of corporate documentsFinancial yearDivi<strong>de</strong>nds (Articles 12 and 22 of the Articles of Association) Sharehol<strong>de</strong>rs’ Meetings5NOTICE OF MEETINGS(ARTICLE 20 OF THE ARTICLES OF ASSOCIATION)VOTING RIGHTS (ARTICLE 21 OF THE ARTICLESOF ASSOCIATION)<strong>Sequana</strong> 149 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company’s capitalSharehol<strong>de</strong>r i<strong>de</strong>ntification Disclosure thresholds5INFORMATION ABOUT THE COMPANY’S CAPITALShare capital and voting rights <strong>Sequana</strong> 150 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company’s capital5Changes in share capital over the last five years Ownership structure5<strong>Sequana</strong> 151 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company’s capital 5 <strong>Sequana</strong> 152 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company’s capital5Information likely to have an impact in the event of a public offeringFinancial authorisations in force 5 <strong>Sequana</strong> 153 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALInformation about the Company’s capitalShare buyback programmes Potential sharesSTOCK OPTIONS GRANTED BY SEQUANA5Stock option plans at 31 December 2009 <strong>Sequana</strong> 154 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Human resources policy5SHARE AWARD PLANS 5SUSTAINABLE DEVELOPMENT – HUMAN RESOURCESPOLICYAverage number of employees by company <strong>Sequana</strong> 155 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Human resources policyAverage number of employees by company and geographic region Employee profit-sharing scheme and savings plan5PROFIT-SHARING SCHEME INCENTIVE BONUSES EMPLOYEE SAVINGS PLAN<strong>Sequana</strong> 156 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Human resources policy5COLLECTIVE RETIREMENT SAVINGS PLAN EMPLOYEE SHARE OWNERSHIPCompensation-training-mobility within the Group’s subsidiariesCOMPENSATIONArjowigginsAntalisINCENTIVE BONUSESArjowiggins and Antalis5<strong>Sequana</strong> 157 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Human resources policyTRAININGArjowigginsAntalisMOBILITYArjowigginsAntalis5Other employee-related issuesEMPLOYEE RELATIONSArjowigginsAntalisINTERNAL COMMUNICATIONArjowigginsAntalisHEALTH AND SAFETY <strong>Sequana</strong> 158 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Environmental policy5AntalisIMPACT ON REGIONAL EMPLOYMENTAND DEVELOPMENT, AND USEOF SUB-CONTRACTORSRESEARCH AND DEVELOPMENT COSTS SUSTAINABLE DEVELOPMENT – ENVIRONMENTAL POLICYArjowiggins 5<strong>Sequana</strong> 159 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

5GENERALINFORMATION ABOUT THE COMPANY AND ITS CAPITALSustainable <strong>de</strong>velopment – Environmental policyKEY ENVIRONMENTAL PERFORMANCE DATA IN 2009 Antalis5<strong>Sequana</strong> 160 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

6162 Agenda162 Ordinary resolutions162 Extraordinary resolutions163 Board of Directors’ report on the resolutions submittedto the Sharehol<strong>de</strong>rs’ Meeting163 Ordinary resolutions163 Extraordinary resolutions164 Resolutions164 Ordinary resolutions166 Extraordinary resolutions6<strong>Sequana</strong> 161 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

6ORDINARYAND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010AgendaAGENDAOrdinary resolutions Extraordinary resolutions 6<strong>Sequana</strong> 162 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

ORDINARY AND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010Board of Directors’ report on the resolutions submitted to the Sharehol<strong>de</strong>rs’ Meeting6BOARD OF DIRECTORS’ REPORT ON THE RESOLUTIONSSUBMITTED TO THE SHAREHOLDERS’ MEETINGOrdinary resolutions Extraordinary resolutions6<strong>Sequana</strong> 163 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

6ORDINARYAND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010ResolutionsRESOLUTIONSOrdinary resolutions6FIRST RESOLUTIONApproval of the parent company financial statementsfor the year en<strong>de</strong>d 31 December 2009SECOND RESOLUTIONApproval of the consolidated financial statementsfor the year en<strong>de</strong>d 31 December 2009THIRD RESOLUTIONAppropriation of profit for the year <strong>Sequana</strong> 164 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

ORDINARY AND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010Resolutions6 FOURTH RESOLUTIONApproval of related-party agreementsand commitmentsFIFTH RESOLUTIONReappointment of PricewaterhouseCoopers Auditas principal Statutory Auditor SIXTH RESOLUTIONReappointment of Yves Nicolas as <strong>de</strong>puty StatutoryAuditorSEVENTH RESOLUTIONAuthorisation to be given to the Board of Directorsto implement a share buyback programme 6<strong>Sequana</strong> 165 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

6ORDINARYAND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010Resolutions Extraordinary resolutions6EIGHTH RESOLUTIONAuthorisation to be given to the Board of Directors toreduce the Company’s capital by cancelling treasuryshares NINTH RESOLUTIONAuthorisation to be given to the Board of Directorsto grant stock options to Group employees and/orexecutive corporate officers (Chairman of the Boardof Directors, Chief Executive Officer, Deputy ChiefExecutive Officer) <strong>Sequana</strong> 166 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

ORDINARY AND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010Resolutions6 -- - -----TENTH RESOLUTIONAuthorisation to be given to the Board of Directorsto grant existing or newly issued shares in theCompany free of consi<strong>de</strong>ration (share awards) toGroup employees and/or executive corporate officers(Chairman of the Board of Directors, Chief ExecutiveOfficer, Deputy Chief Executive Officer) --6<strong>Sequana</strong> 167 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

6ORDINARYAND EXTRAORDINARY SHAREHOLDERS’ MEETING OF 19 MAY 2010Resolutions -- ---- - ELEVENTH RESOLUTIONPowers to carry out formalities6<strong>Sequana</strong> 168 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

7170 Person responsible for the registration document170 Statement by the person responsiblefor the registration documentand annual financial report171 Auditors172 Tables of concordance172 Key information required un<strong>de</strong>r Annex I of European Commission regulationNo. 809/2004174 Annual financial report7<strong>Sequana</strong> 169 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

7PERSONRESPONSIBLE FOR THE REGISTRATION DOCUMENTPerson responsible for the registration documentPERSON RESPONSIBLE FOR THE REGISTRATIONDOCUMENTSTATEMENT BY THE PERSON RESPONSIBLEFOR THE REGISTRATION DOCUMENTAND ANNUAL FINANCIAL REPORT7<strong>Sequana</strong> 170 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENTAuditors7AUDITORSSTATUTORY AUDITORSPricewaterhouseCoopers AuditConstantin AssociésDEPUTY STATUTORY AUDITORSYves NicolasFrançois-Xavier Ameye THE ORIGINAL FRENCH VERSION OF THIS REGISTRATION DOCUMENT7COPIES OF THIS REGISTRATION DOCUMENT MAY BE OBTAINEDFROM THE COMPANY’S HEAD OFFICE:<strong>Sequana</strong> 171 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

7PERSONRESPONSIBLE FOR THE REGISTRATION DOCUMENTTables of concordanceTABLES OF CONCORDANCEInformation required un<strong>de</strong>r Annex I of European Commissionregulation No. 809/20047 <strong>Sequana</strong> 172 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENTTables of concordance7 7<strong>Sequana</strong> 173 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

7PERSONRESPONSIBLE FOR THE REGISTRATION DOCUMENTTables of concordanceAnnual financial report7<strong>Sequana</strong> 174 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

Notes<strong>Sequana</strong> 175 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

Notes<strong>Sequana</strong> 176 2009 <strong>Document</strong> <strong>de</strong> Référence (<strong>English</strong> <strong>version</strong>)

Designed by:Photo credits:Antalis and Arjowiggins photo libraries,“A Curious Story by Grégoire Alexandre -Arjowiggins Creative Papers,Musée du Louvre/Angèle Dequier,Jean-Lionel Dias, Carole Epinette,Cécile Fourca<strong>de</strong>, Olivier Placet,Gilles Rolle/Réa, CorbisPrinter:Artecom, IMPRIM’VERT ® ,FSC and PEFC certifiedPrinted in France in June 2010© <strong>Sequana</strong> ® All rights reserved

19, avenue Montaigne75008 Paris - FranceTel: +33 1 56 88 78 00E-mail: contact@sequana.comwww.sequana.comAntalis122, rue Édouard Vaillant92300 Levallois-Perret - Francewww.antalis.comArjowiggins20, rue Rouget <strong>de</strong> Lisle92130 Issy-les-Moulineaux - Francewww.arjowiggins.com

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