2015 Annual General Meeting · Q1 14 Q2 14 Q3 14 Q4 14 Luxury Sport & Lifestyle. Integrated,...

O p e n i n g r e m a r k s

François-Henri Pinault

2015 Annual General Meeting

Chairman & CEO

A g e n d a a n d R e g u l a t o r y I s s u e s

Eric Sandrin Group General Counsel


A g e n d a a n d R e g u l a t o r y I s s u e s

∞ Full-Year 2014 highlights and financial results analysis

∞ Strategy and Outlook

∞ Share price performance

∞ Corporate Governance

∞ Sustainability

∞ Conclusion

∞ Statutory Auditors’ reports

∞ Questions & Answers

∞ Resolutions and vote

Contents

Jean-François Palus Group Managing Director

F u l l - Ye a r 2 0 1 4 h i g h l i g h t s


Our multi-brand model – virtuous and distinctive

Group revenue dynamic (comparable growth, in %)

Group revenue breakdown (by region, and comparable growth in %)

Steady revenue growth quarter after quarter, higher comparable consolidated EBIT

Western

Europe

31% (+2%)

North America

21% (+6%) Japan

10% (+7%)

Asia Pacific

26% (+5%)

RoW

12% (+6%)

(*) Combined currency and hedging impact

FY 14:

+4.5% FY 13:

+4.0% 2014

€10bn 4.2% 4.1%

4.6%

4.9%

Q1 14 Q2 14 Q3 14 Q4 14

F u l l - Y e a r 2 0 1 4 h i g h l i g h t s

Distinctive positioning and complementary

stages of maturity offering multiple

opportunities

∞ Geographic expansion

∞ Development of new product categories

∞ Channels of distribution

Growth by segment (comparable revenue growth, in %)

6.4%

5.5%

3.8% 4.3%

-0.2%

1.1%

6.1% 6.4%

Q1 14 Q2 14 Q3 14 Q4 14

Luxury Sport & Lifestyle

Integrated, pragmatic, responsive operational model

∞ Increasingly relevant value proposition for our customers

∞ Ongoing adaptation of the structure and effectiveness of our collections

∞ Constant search for product categories whose potential remains underexploited

∞ An innovative model: Kering Eyewear

∞ Adapted expansion of our geographic footprint

∞ Priority given to directly operated stores

∞ Flexible, down-to-earth approach to Wholesale

∞ Focus on consolidating Group digital leadership

∞ Gradual expansion of shared services model

∞ Development of Supply Chain across all entities

∞ Broad-based project to modernize and optimize our information systems

Distribution

Creation and products

Operating processes

Th

ree

actio

n a

rea

s


Kering Eyewear, a strategic initiative

∞ A major market, with high-end segment experiencing double-digit growth

∞ A strategic aspirational category

∞ Revenue and distribution synergies:

Gradual but systematic implementation across our entire brand portfolio

Internalization of design, product development and marketing; complete oversight over

outsourced manufacturing

Optimized distribution

∞ Progressive ramp-up (2015-2016) and positive earnings contribution in 2017














Distribution


Operating processes

Th

ree

actio

n a

rea

s


∞ Brand-by-brand customization according to client requirements: in-store product availability, exchanges, store pickup...

∞ Gradual launch of new functions

∞ New site functionalities to improve client experience, traffic and conversion

∞ Boost digital marketing and social media presence

∞ Optimized tablet and smartphone applications

Reinforce the Group’s digital leadership

Build online presence for

the Group’s brands 1

3

Enhance the Group

brands’ online presence 2

Omni-channel and

CRM 4

Our clients

are

increasingly

…

Develop cross-channel

platforms

∞ All Group brands (apart from Boucheron, Sowind and Ulysse Nardin) run an e-commerce site

∞ Broad product, language and country coverage

∞ e-commerce now accounts for 2% of Group Luxury revenues

∞ Redefinition and uniformization of POS solutions

∞ Investment in systems and CRM favoring convergence of online and offline databases

∞ Impact on logistics

global … and seamless connected asking for

customization














Distribution


Operating processes

Th

ree

actio

n a

rea

s


Jean-François Palus Group Managing Director

F i n a n c i a l R e s u l t s A n a l y s i s


2 0 1 4 o p e r a t i n g p e r f o r m a n c e s

Group revenue (in €m)

Gross profit (in €m, Gross margin as % of revenue)

Recurring Operating Income (in €m, Operating margin as % of revenue)

EBITDA (in €m, EBITDA margin as % of revenue)

2014 10,038

9,656 2013

2014 6,296

6,041 2013

62.7%

62.6%

2014 1,664

1,751 2013

16.6%

18.1%

2014 1,991

2,043 2013

19.8%

21.2%

+4.5%

% Change

Reported Comparable

+4.0%

+3.0%

% Change

Reported Comparable

-5.0%

+7.5%

% Change

Reported Comparable

+4.2%

+4.5%

% Change

Reported Comparable

-2.6%

Breakdown of sales by division – in %

Luxury

68%

Sport &

Lifestyle

32%

1 684

200

-133

1 751 1 666

138

-139

1 664

Luxury Sport &Lifestyle

Corporate Total

2013 2014

Recurring operating profit by

division– in €m

A n a l y s e d e s r é s u l t a t a n n u e l s 2 0 1 4

2 0 1 4 b r e a k d o w n o f s a l e s a n d o p e r a t i n g r e s u l t

F i n a n c i a l p e r f o r m a n c e

In €m 2014 2013

Recurring operating income 1,664 1,751

Other non-recurring operating income and expenses

Net financial charges

Corporate income tax

Share in earnings of associates

Net loss from discontinued operations

(112)

(197)

(326)

(1)

(479)

(441)

(210)

(237)

2

(825)

Consolidated net income

Of which: net income, Group share

549

529

40

50

Net income, Group share, from continuing operations

excluding non-recurring items 1,177 1,231

Net income, Group share, per share (in euro)

Net income per share from continuing operations, Group share,

excluding non-recurring items (in euro)

4.20

9.35

0.39

9.77

C h a n g e i n n e t f i n a n c i a l d e b t

Acquisitions

and disposals

Net debt at

December

31, 2014

4,391 1,198

Net debt before

acquisitions

and disposals

3,193

Other

movements

94

Purchases of

Kering shares

9

Dividends paid

498

Net interest paid

and dividend

received

228

Free cash flow

from operations

-1,078

Net debt at

December

31, 2013

3,443

1.7x

2.2x Net debt /

EBITDA

2013-2014 net financial debt bridge, before and after acquisitions and disposals impact (change in €m, and net debt / EBITDA ratio)

1.6x

€5.5bn

€1bn

€3.5bn

€4bn

€3bn

€18bn

€11bn

Assets Liabilities

€23bn

∞ Equity: 48% of balance sheet

∞ Debt to equity ratio of 39%

∞ Average maturity lengthened

∞ Further reduction in cost of financing in 2014

Non current

assets

Current assets

Cash

Equity

Non current

liabilities

Current

liabilities

Gross debt

1,198

184

443

541 536

1,489

2015* 2016** 2017** 2018** 2019** Beyond**

Condensed balance sheet - 2014 Liquidity overview – Net debt (net financial debt, in €m)

* Gross debt minus cash & cash equivalents

** Gross debt

2 0 1 4 b a l a n c e s h e e t

H e a l t h y f i n a n c i a l s t r u c t u r e

47.6% 41.8%

37.3% 38.5% 42.9%

52.9% 59.8% 61.6% 64.0%

59.4%

2010** 2011** 2012** 2013** 2014*

% of recurring net income, Group share, from continuing ops. % of available cash flow

* Subject to April 23, 2015 AGM approval. Interim payment of €1.50

paid on January 26, 2015

** Published not restated

3.50 3.50

3.75 3.75

4.00

2010 2011 2012 2013 2014*

+ 7.1%

P r o p o s e d d i v i d e n d u p 7 %

+ 6.7%

Dividend per share (in €)

Dividend payout (in %)

François-Henri Pinault Chairman & CEO

Strategy and Out look


An evolving industry landscape

S t r a t e g y a n d o u t l o o k

More moderate Luxury sector

growth in short-term

∞ Macroeconomic environment still

unstable

∞ Sharp currency fluctuations

New growth paradigms

∞ Optimising organic growth

opportunities

∞ Adapting pace of store openings

Emergence of «new

frontiers »

∞ New growth engines

∞ Digital expertise, marketing

expertise, assessment of

consumption patterns

Kering Group well positioned to deliver sustained, profitable growth

∞ Highly differentiated, virtuous multi-

brand model

∞ Integrated, pragmatic and fast

adaptative business model ∞ Innovative strategic initiatives

∞ Rigorous, stringent financial

monitoring, carefuly adapted

allocation of resources

∞ Solid operational and financial

performances


High-potential Group in fast-growing sector

Luxury is a sector expected to enjoy long-

term structural growth

∞ Driven by favorable economic and demographic factors, tourism

∞ New consumer trends

∞ New growth levers

1

3

2 Group brands have huge organic growth

potential

∞ An ensemble of brands with complementary maturity cycles and

positionings

∞ Significant growth potential

∞ Enhanced steering structures to better support the growth of our

brands: business expertise and synergies, renewed teams

With a strong entrepreneurial culture, Kering

is integrating to create more value

∞ Short-term responsiveness, long-term investments

∞ Disciplined oversight, brand managers fully accountable

S t r a t e g y a n d O u t l o o k

Gucci, new momentum

Two key directions

Revitalize Accelerate

1. Identity and Creativity

Rejuvenate the brand and

revitalize our product offer

Appealing, modern identity

Radical contemporary vision fully

embracing our heritage

2. Communications

Express a consistent brand image

Clear brand narrative, conveyed globally

and meticulously

3. Store network

Adapt and consolidate

Ad hoc expansion and fine-tuning,

adaptation of store concept taking into

account the specific needs of each

location

1. Store excellence Intensify existing programs

Client service culture to drive our

new momentum

2. Organization

Simplify to boost efficiency

Accelerated redefinition of functions

to enable regional directions to focus

on operations

S t r a t e g y a n d O u t l o o k

Puma, five clear priorities

1. Consolidate relaunch

∞ Focus on Sport Performance and women’s fitness…

∞ … notably in footwear

2. Accelerate product innovation

∞ Boost pipeline of products with highly innovative content

3. Pursue distribution upgrading

∞ Enhance sales quality to support virtuous gross margin momentum

4. Optimize organization

∞ Update information and management systems; redesign supply

chain

5. Minimize negative impact of currency fluctuation

Since January 1st, 2011: Kering up +51%, CAC 40 up +35%

80

100

120

140

160

180

200

31

/12

/20

10

31

/03

/20

11

30

/06

/20

11

30

/09

/20

11

31

/12

/20

11

31

/03

/20

12

30

/06

/20

12

30

/09

/20

12

31

/12

/20

12

31

/03

/20

13

30

/06

/20

13

30

/09

/20

13

31

/12

/20

13

31

/03

/20

14

30

/06

/20

14

30

/09

/20

14

31

/12

/20

14

31

/03

/20

15

Kering CAC 40

Thomson Reuters, performance as at 31st March 2015


Share price performance


2015 outlook

∞ Environment

– Macroeconomic environment still unsettled, but new growth drivers

∞ Currency fluctuations

– Weaker Euro supporting sales, but mixed impact on Group results

∞ Beyond cycles, a sector experiencing sharp underlying growth

∞ Integrated, pragmatic, responsive Group

– Action plans focusing on organic growth

– Short-term responsiveness and long-term investments

– Disciplined management and allocation of resources

– No acquisition plans in the short term

∞ Steady, profitable growth trajectory, focus on cash flow generation to gradually reduce debt and support

attractive dividend payout

Patricia Barbizet Vice-Chair of the Board of Directors

G o v e r n a n c e


∞ 11 members, including 4 independent directors

– Mr. François-Henri Pinault – Chairman

– Mrs. Patricia Barbizet – Vice-Chairwoman

– Mr. Luca Cordero di Montezemolo

– Mrs. Yseulys Costes (independent)

– Mr. Jean-Pierre Denis (independent)

– Mr. Philippe Lagayette (independent)

– Mr. Jean-François Palus

– Mr. Baudouin Prot

– Mrs. Daniela Riccardi (independent)

– Mr. Jochen Zeitz

– Mrs. Sophie Bouchillou (representing employees)

G o v e r n a n c e

B o a r d o f D i r e c t o r s

∞ 8 meetings held in 2014 and 4 meetings since the beginning of 2015

∞ Average Director’s attendance rate in 2014 : 93 %

∞ Main issues covered:

– Determine Group strategic priorities

– Review yearly and half-yealy financial statements

– Analyse Group activities

– Approve key acquisition and disposal projects

– Payment of an interim dividend

G o v e r n a n c e

O p e r a t i o n o f t h e B o a r d o f D i r e c t o r s

G o v e r n a n c e

5 Board Committees

Audit committee

– Jean-Pierre DENIS (Chairman)

– Patricia BARBIZET

– Yseulys COSTES

Board of

Directors Remuneration committee

- Philippe LAGAYETTE (Chairman)

- Patricia BARBIZET

- Yseulys COSTES

- Jean-Pierre DENIS Nomination Committee

– Patricia BARBIZET (Chairwoman)

– Luca CORDERO DI MONTEZEMOLO

– Baudouin PROT

Sustainability committee

– Jochen ZEITZ ( Chairman )

– Patricia BARBIZET

– Luca CORDERO DI MONTEZEMOLO

– Jean-François PALUS

– François-Henri PINAULT

Strategy and development

committee

– Patricia BARBIZET (Chairwoman)

– Yseulys COSTES

– Philippe LAGAYETTE

– François-Henri PINAULT

G o v e r n a n c e

Components of the gross remuneration of the Chairman &

CEO and of the Group Managing Director

∞ A fixed salary (no employment contract for the CEO)

∞ A variable portion based on the Kering Group’s financial performance:

The amount is established on achieving (or exceeding) two specifically defined

financial targets:

– recurring operating income (50%)

– free cash flow from operations (50%)

∞ Directors’ fees (Kering + subsidiairies)

∞ No golden parachute and no indemnity relative to non-compete clause

∞ No supplementary pension scheme for the Chairman & CEO

∞ Pension benefits to the Group Managing Director

G o v e r n a n c e

Components of the gross remuneration of

the Chairman & CEO

* The full vesting of which is subject to performance conditions

For the year

2014 2013 2012

Fixed part (in €’000) 1,100 1,100 1,000

Variable part (in €’000) 1,561 1,239 1,478

Director’s fees (in €’000) 121 177 173

Allowance and other benefits (in €’000) 20 19 20

Total cost ( incl. employer contributions) (in €’000) 4,089 3,596 3,947

Awarded during the year a

Long Term Incentive * (in number of monetary units or

shares)

11,372

+ 9,900 (exceptional)

11,874 11,662

shares

G o v e r n a n c e

Components of the gross remuneration of

the Group Managing Director

(2) The full vesting of which is subject to performance conditions

(1) Data restated with the 2014 exchange rate to provide information at comparable exchange rate

For the year

At comparable exchange rate 2014 2013 (1) 2012

Fixed part (in €’000) 1,039 1,024 1,000

Variable part (in €’000) 1,236 949 1,120

Director’s fees (in €’000) 132 142 134

Allowance and other benefits (in €’000) 1,142 580 14

Total cost ( incl. employer contributions) (in €’000) 3,062 3,059 2,857

Awarded during the year a

Long Term Incentive (in number of monetary units or

shares) (2) 9,426 9,763

8,416

shares

S u s t a i n a b i l i t y

Marie-Claire Daveu Chief Sustainability Officer, Head of International Institutional Affairs



∞ SELF-IMPOSED TARGETS - Kering has structured its sustainability

strategy around ten key ambitious targets

∞ REINFORCED LEADERSHIP - For Kering sustainability is an

opportunity of innovation and competitive advantage, allowing us to

take the lead over other actors

∞ FULFILLED CONSUMERS – Sustainability also resonates with the

demands of our consumers – a guarantee of excellence in all

aspects of our products

At the heart of our strategy


∞ TRANSPARENT & SHARED ECONOMY – in May 2015, a year ahead

of our target, Kering will publish its first Environmental Profit & Loss

Account (E P&L), becoming the first-ever Group in the world to do so

∞ SUSTAINABLE & RESPONSABLE SOURCING – Kering is escalating

its approach to sustainably and responsibly sourcing raw materials

– Increased number of sourcing projects within each brand

– New Group-level partnerships on python and crocodile sourcing

Our environmental actions

Kering and the International Trade Centre

announced a new collaboration in October

2014, developing a multi-year programme to

support a more sustainable management of

the Nile crocodile trade in Madagascar.

Kering founded its Materials Innovation

Lab, in Novara Italy in summer 2013. A lab

dedicated to researching and developing

sustainable textile fibres, so as to make

these available to the Group’s brands.

Now a year after its launch, the MIL

boasts a library of over 1,500 samples of

certified sustainable fabrics.


Our environmental actions: examples


∞ REINFORCING ETHICS – Kering recently diffused a new edition of

its Code of Ethics across the Group, which now also includes an

online ethics training programme and an ethics hotline for employees

∞ PROMOTING TALENTS – Kering has developed partnership with

exceptional international universities: Tsinghua in China, London

College of Fashion in the United Kingdom

∞ COMBATTING VIOLENCE AGAINST WOMEN – The Kering

Foundation has refocused its actions on 3 key themes in 3

geographic areas: sexual violence, harmful traditional practices and

domestic violence

Our social actions


Our social actions: examples

In October 2014, Kering and the

London College of Fashion’s Centre

for Sustainable Fashion signed a 5-

year partnership to instil sustainability

in the designs of tomorrow.

The Kering Corporate Foundation

and the charity Women’s Aid

signed a Charter to prevent and

fight against domestic violence in

the United Kingdom in January

2015 .


∞ Many challenges lie ahead but Kering has already developed

numerous concrete and effective solutions.

∞ Collaboration and collective efforts are

the key to progress in sustainability

∞ Kering is co-producer of the

Luc Jacquet movie “Ice and Sky”

(planned release October 2015)

Future ambitions

C o n c l u s i o n

François-Henri Pinault


Chairman & CEO


Hervé Chopin

A u d i t o r s ' r e p o r t

C o n t e n t s

∞ Report on the company financial statements

∞ Report on the consolidated financial statements

∞ Report on internal control and risk management procedures

∞ Special report on regulated agreements and commitments with third parties

∞ Other reports

Statutory Auditors’ Report

( r e s o l u t i o n 1 )

∞ Kering S.A. company financial statements: certification without qualifications

– Pages 319 - 320 of the Reference Document

– In our opinion, the financial statements give a true and fair view of the financial position and the assets

and liabilities of the Company as of December 31, 2014 and the results of its operations for the year

then ended in accordance with accounting principles generally accepted in France

– The justification of our assessments covered the measurement of long-term investments

– As indicated in the Board of Directors’ Management Report, the information relating to remunerations

and benefits paid to corporate officers represents the remunerations and benefits paid by the Kering

group and the companies controlling it to the corporate officers concerned with respect to the

mandates, duties or tasks carried out within or on behalf of the Kering group

Report on the company financial statements

( r e s o l u t i o n 2 )

∞ Kering Group consolidated financial statements: certification without comments or

qualifications

– Page 299 of the Reference Document

– In our opinion, the consolidated financial statements give a true and fair view of the financial position

and assets and liabilities of the Group as of December 31, 2014 and of the results of its operations for

the year then ended in accordance with International Financial Reporting Standards as adopted by the

European Union

– The justification of our assessments covered:

• Methods of implementing impairment tests for goodwill and assets with indefinite useful lives

• Reasonableness of the estimates made by Management for the recording of provisions

• Methods of measuring long-term employee benefit obligations

Report on the consolidated financial statements

∞ Report on internal control and risk management procedures

– Page 170 of the Reference Document

– We have nothing to report on the information in respect of the Company’s internal control and risk

management procedures relating to the preparation and processing of the accounting and financial

information contained in the report prepared by the Chairman of the Board of Directors in accordance

with Article L. 225-37 of the French Commercial Code

∞ Special report on regulated agreements and commitments with third parties

– Pages 321 and 322 of the Reference Document

– The following agreements are included in our special report:

The agreement relating to the payment for advisory and support services performed by Artémis, authorized in previous years

The agreement relating to the retirement commitment in favor of Mr. Jean-François Palus, authorized in previous years

Other reports issued

by the Statutory Auditors (1/2)

∞ Statutory Auditors’ special reports on capital transactions: delegation of authority /

authorization to be granted to the Board of Directors

– Capital reduction by cancelling purchased shares (resolution 7) We have no matters to report on

the reasons for or the terms and conditions of the proposed capital reduction

– Issues of shares and various marketable securities, with retention and/or cancellation of pre-emptive

subscription rights (resolutions 8, 10, 11, 12, 13 and 14) We have no matters to report on the

methods used to determine the issue price of the shares to be issued, and we cannot express an

opinion on the choice of factors used to calculate the share price, nor on the final terms and

conditions under which the issues will be performed

– Issue, without pre-emptive subscription rights, of shares or other securities granting access to capital,

reserved for current and former employees who are members of a savings plan (resolution 15) We

have no matters to report on the methods used to determine the issue price of the securities to be

issued, and we cannot express an opinion on the final terms and conditions under which the issues

will be performed

Other reports issued

by the Statutory Auditors (2/2)


Q & A

R e s o l u t i o n s a n d v o t e


∞ Approval of the parent company financial statements for 2014

( a c t i n g a s a n O r d i n a r y M e e t i n g )

First resolution

∞ Approval of the consolidated financial statements for 2014


Second resolution

∞ Appropriation of 2014 net income;

∞ Distribution of a cash dividend of €4.00 * per share

* corresponding to an interim dividend of €1.50 per share paid on January 26, 2015, and a final dividend of

€2.50

∞ Payment date: April 30th, 2015


Third resolution

∞ Opinion on the remuneration due or awarded to François-Henri Pinault, Chairman and CEO, for

2014


Forth resolution

∞ Opinion on the remuneration due or awarded to Jean-François Palus, Group Managing Director, for

2014


Fifth resolution


Sixth resolution

Authorization Resolution number Term of authorization Conditions

Share buy-back

Outstanding

(May 2014)

18 months

(November 2015)

Maximum purchase price: €220

Maximum of 10% of the share capital

6th resolution

as of 04/23/2015

18 months

(October 2016)

Maximum purchase price: €250

Maximum of 10% of the share capital

( a c t i n g a s a n E x t r a o r d i n a r y M e e t i n g )

Seventh resolution

Authorization Resolution number Term of authorization Conditions

Treasury shares

cancellation

Outstanding

(June 2013)

24 months

(June 2015) 10% of the share capital per 24-month period

7th resolution

as of 04/23/2015

24 months

(April 2017) 10% of the share capital per 24-month period


Eighth resolution

Autorisation Resolution number Term of authorization Conditions

Capital increase with

pre-emptive

subscription rights

Oustanding

(Juin 2013)

26 months

(August 2015) Maximum nominal amount: €200 million

8th resolution

as of 04/23/2015

26 months

(June 2017) Maximum nominal amount: €200 million


Ninth resolution

Autorization Resolution number Term of authorization Conditions

Capital increase

through incorporation

of reserves

Outstanding

(June 2013)

26 months

(August 2015) Maximum nominal amount: €200 million

9th resolution

as of 04/23/2015

26 months

(June 2017) Maximum nominal amount: €200 million


Tenth resolution


Capital increase by

public offering without

pre-emptive

subscription rights

Outstanding

(June 2013)

26 months

(August 2015) Maximum nominal amount : €75 million

10th resolution

as of 04/23/2015

26 months

(June 2017) Maximum nominal amount : €50 million


Eleventh resolution


Capital increase via

private placement

without pre-emptive

subscription rights

Outstanding

(June 2013)

26 months

(August 2015) Maximum nominal amount : €75 million

9th resolution

as of 04/23/2015

26 months



Twelfth resolution


Authorization to set

the issue price of

shares, in the context

of an increase in

capital by issuing

shares without pre-

emptive subscription

rights

Outstanding

(June 2013)

26 months

(August 2015) Maximum nominal amount : €50.4 million / year

12th resolution

as of 04/23/2015

26 months

(June 2017) Maximum nominal amount : €25.3 million /year


Thirteenth resolution

Autorization Resolution number Term of authorization Maximum par value issue

Increase the number of

securities to be issued

in case of excess

demand

Outstanding

(June 2013)

26 months

(August 2015) 15% of the initial amount

13th resolution

as of 04/23/2015

26 months

(June 2017) 15% of the initial amount


Fourteenth resolution

Autorisation Resolution number Term of authorization Conditions

Capital increase

through contribution of

share-equivalents

Outstanding

(June 2013)

26 months

(August 2015) Maximum nominal amount : €50.4 million

14th resolution

as of 04/23/2015

26 months



Fifteenth resolution


Capital increase

reserved to the

Company Employee

Saving schemes

employees

15th resolution

as of 04/23/2015

26 months

(June 2017) Maximum nominal amount : €5.05 million

∞ Powers for formalities

( a c t i n g a s a n O r d i n a r y a n d E x t r a o r d i n a r y M e e t i n g )

Sixteenth resolution

2015 Annual General Meeting · Q1 14 Q2 14 Q3 14 Q4 14 Luxury Sport & Lifestyle. Integrated,...

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