SECTION 1 -

TABLE OF CONTENTS
(continued)
iv
Page
2.8.1.2 Latin America and the Caribbean....................................................................... 71
2.9 Statement on working capital...................................................................................................... 72
2.10 Shareholders’ equity and indebtedness ...................................................................................... 72
2.11 Related party transactions........................................................................................................... 73
SECTION 3 ‐ RISK FACTORS ................................................................................................................73
3.1 Legal risks..................................................................................................................................... 73
3.2 Operating risks............................................................................................................................. 74
3.2.1 Risks specific to the Group’s business................................................................................. 74
3.2.2 Risks arising from the Group’s growth strategy.................................................................. 76
3.2.3 Risks arising from the Group’s structure............................................................................. 77
3.3 Market risks ................................................................................................................................. 78
3.3.1 Exchange rate risk ............................................................................................................... 78
3.3.2 Interest rate risk.................................................................................................................. 78
3.3.3 Credit risk and counterparty risk......................................................................................... 78
3.4 Risks related to the Transaction .................................................................................................. 79
3.5 Risk management ........................................................................................................................ 80
SECTION 4 ‐ SOCIAL RESPONSIBILITY..................................................................................................81
4.1 Men and women at New Services ............................................................................................... 81
4.1.1 Key figures........................................................................................................................... 81
4.1.2 Employment........................................................................................................................ 84
4.1.2.1 Partners in education ......................................................................................... 85
4.1.2.2 Job fairs .............................................................................................................. 85
4.1.2.3 Internship programs........................................................................................... 85
4.1.3 Skill development and training ........................................................................................... 86
4.1.3.1 Policy principles.................................................................................................. 86
4.1.3.2 Skill assessment.................................................................................................. 86
4.1.3.3 Training processes.............................................................................................. 86
4.1.4 Mobility ............................................................................................................................... 87
4.1.5 Well‐being in the workplace ............................................................................................... 88
4.1.6 Compensation and benefits ................................................................................................ 89
4.1.7 Diversity .............................................................................................................................. 90
4.1.8 Social dialogue .................................................................................................................... 92
4.1.9 Employee data ‐ France ‐ Summary tables.......................................................................... 92
4.1.9.1 Consolidated corporate report ‐ France............................................................. 92
4.1.9.2 Scope of New Services' influence in France ....................................................... 94
4.2 Commitment to New Services’ sustainable development........................................................... 94
4.2.1 New Services is committed to local well‐being................................................................... 94
4.2.1.1 Promoting healthy, balanced eating .................................................................. 94
4.2.1.2 Preventing epidemics......................................................................................... 95
4.2.1.3 Supporting local economic development........................................................... 95
4.2.2 New Services acts to protect the Earth............................................................................... 96
4.2.2.1 Energy................................................................................................................. 96
4.2.2.2 Water and wastewater....................................................................................... 96
4.2.2.3 Waste ................................................................................................................. 96
4.2.2.4 Greenhouse gas emissions................................................................................. 97
4.2.3 Environment management ................................................................................................. 97
4.2.3.1 Organizing environmental policy ....................................................................... 97