Total growth in sales +10%
Integrated performance fully in line with
targets Organic growth in sales: +2.6% Adjusted operating
margin before acquisitions1: 20.4% Achievement rate of CSR
roadmap2: 113%
Strong value creation Net profit
attributable to the Group: +8% Normalized free cash flow: +13%
Strengthening profitable growth profile
Continued deployment of Eliot program Innovation-driven enrichment
of product offering Three acquisitions made in 2019 Ongoing
momentum for improving performance
Regulatory News:
Legrand (Paris:LR):
On the closing of full-year accounts for 2019, Benoît
Coquart, Legrand’s Chief Executive Officer, commented:
“In 2019, in a mixed economic environment, Legrand delivered
a solid integrated performance that was fully in line with its
targets for the year3 and its value-creating medium-term business
model.
Sales rose a total +10.4%, driven in particular by dynamic +2.6%
organic growth and a sustained +5.3% increase in scope of
consolidation, rounded out by a +2.2% exchange-rate effect.
Adjusted operating margin before acquisitions1 came to 20.4%.
Taking acquisitions into account, adjusted operating margin was
20.0%, reflecting a +9.4% rise in adjusted operating profit. Net
profit attributable to the Group and normalized free cash flow
increased by +8.2% and by +13.0% respectively.
In addition, non-financial performance was ahead of schedule,
with 113%2 achievement rate of Group’s CSR roadmap – reflecting its
commitment to all stakeholders.
In keeping with its ambitions4, in 2019, Legrand pursued
initiatives aimed at strengthening its profitable growth profile
and leading positions.
Against this backdrop, in June 2019, the Group reiterated its
focused ambition as a strategic player in connected buildings
through steady deployment of the Eliot program. Legrand sales of
connected products have thus risen by +29% in total, including
organic growth up a solid +10%. This performance reflects the very
positive response to IoT products, plus the successful docking of
Netatmo.
The Group also continued its bold innovation drive, launching a
host of new products that included user interface ranges, digital
solutions, cable management systems and energy distribution
products.
As part of its ongoing strategy of value-creating acquisitions,
Legrand also purchased three companies in 2019: Universal Electric
Corporation, the undisputed US leader in busways for data centers;
Jobo Smartech, the Chinese leader in connected hotel-room
management systems; and Connectrac, an innovative US company
specializing in over-floor power and data distribution. These bring
to 10 the number of acquisitions that Legrand has made over the
past two years, reinforcing the Group’s leading positions in
growing areas.
Lastly, Legrand is actively pursuing initiatives aimed at
improving its performance, including in particular roll-out of the
Legrand Way5 program, digitalization of its organization,
and optimization of its industrial footprint.
The Group’s 2019 achievements fully reflect the momentum that
stems from its medium-term business model for
value-creation6.”
----------------------
Proposed dividend
Legrand’s Board of Directors will ask the General Meeting of
shareholders to approve the payment of a dividend of €1.42 per
share in respect of 2019 (compared with €1.34 in respect of
2018).
2020 targets
In 2020, Legrand will pursue its strategy of profitable and
sustainable growth.
Based on current macroeconomic projections, which are uncertain
on the whole for 2020, and excluding any major changes in the
economic environment7, Legrand has set as targets, on the one hand
organic evolution in sales in 2020 of between -1% and +3%, and on
the other hand adjusted operating margin before acquisitions (at
2019 scope of operations) of between 19.6% and 20.4% of sales.
Legrand will also pursue its strategy of value-creating
acquisitions and, subject to finalization of opportunities
currently under discussion, intends to aim for a total increase of
at least +4% in scope of consolidation on sales in 2020.
Legrand will moreover actively continue to deploy its demanding
CSR roadmap for 2019-2021.
Key figures
Consolidated data
(€ millions)(1)
2018
2019
Change
Sales
5,997.2
6,622.3
+10.4%
Adjusted operating profit
1,212.1
1,326.1
+9.4%
As % of sales
20.2%
20.0%(2)
20.4%(2) before
acquisitions(3)
Operating profit
1,139.0
1,237.4
+8.6%
As % of sales
19.0%
18.7%(2)
Net profit attributable to the Group
771.7
834.8
+8.2%
As % of sales
12.9%
12.6%(4)
Normalized free cash flow
893.5
1,009.8
+13.0%
As % of sales
14.9%
15.2%(5)
Free cash flow
746.3
1,044.3
+39.9%
As % of sales
12.4%
15.8%(5)
Net financial debt at December 31
2,296.6
2,480.7(6)
+8.0%
- See appendices to this press release for definitions and
indicators reconciliation tables.
- Including a favorable impact of around +0.1 points linked to
implementation of the IFRS 16 standard.
- At 2018 scope of consolidation.
- Implementation of the IFRS 16 standard has no significant
impact on net profit attributable to the Group.
- Including a favorable impact of around +1.0 point linked to
implementation of the IFRS 16 standard.
- Including €319.8 million in lease financial liabilities
(implementation of the IFRS 16 standard since January 1,
2019).
2019 integrated performance
Consolidated sales
Sales for 2019 stood at €6,622.3m, increasing +10.4% in total
from 2018.
In 2019, sales growth at constant scope of consolidation and
exchange rates was +2.6%, driven by rises in both mature countries
(+2.6%) and new economies (+2.5%).
The impact of the broader scope of consolidation came to +5.3%.
Based on acquisitions completed in 2019 and their likely dates of
consolidation, this should reach around +1% in 2020.
The exchange-rate effect on sales was positive at +2.2%. Based
on average exchange rates in January 2020, the full-year
exchange-rate effect on sales for 2020 should be about +0.5%.
Changes in sales by destination at constant scope of
consolidation and exchange rates broke down as follows by
region:
2019 / 2018
4th quarter 2019 / 4th quarter
2018
Europe
+3.3%
+5.1%
North and Central America
+2.5%
+2.3%
Rest of the world
+1.4%
+2.3%
Total
+2.6%
+3.4%
These changes at constant scope of consolidation and exchange
rates are analyzed below by geographical region:
- Europe (39.9% of Group sales): in 2019, sales in Europe
rose +3.3% at constant scope and exchange rates compared with
2018.
In Europe’s mature countries, sales rose organically by +2.9% in
2019. The trend was driven by good showings in Italy – that
reported strong performances in energy distribution, user
interfaces, and connected products such as video door entry
systems, Smarther thermostats, and the Living Now with Netatmo
range – as well as in the United Kingdom, in the Benelux8, in
Switzerland and in Southern Europe9. Sales rose in France from
2018, driven by the positive response to new connected products
including emergency lighting and user interfaces with the Mosaic
line launched in 2019 and the dooxie range introduced earlier.
In Europe’s new economies, 2019 sales rose +6.0% at constant
scope of consolidation and exchange rates, with Eastern Europe
turning in a particularly solid showing.
The very sustained growth in sales recorded in Europe in the
fourth quarter alone compared with 2018 (+5.1%), benefitted in part
from one-off factors, particularly in Turkey and in Eastern Europe,
and sets a demanding basis for comparison for 2020.
- North and Central America (38.6% of Group sales):
organic growth in sales was +2.5% in 2019.
This good showing was driven by the United States, where sales
rose +2.9% with solid growth in user interfaces, cable management,
and busways for data centers, rounded out by rising sales in
lighting commands and solutions.
Sales also rose in Canada, and retreated in Mexico.
Note that in 2020, the Group will not be pursuing a US retail
contract that no longer meets Legrand’s profitability criteria;
this is expected to have a negative impact on 2020 sales in North
and Central America of around -2% of 2019 sales.
- Rest of the world (21.5% of Group sales): sales rose
+1.4% at constant scope of consolidation and exchange rates in
2019.
In Asia-Pacific, sales were up +2.4% from 2018, reflecting in
particular a sustained increase in India and China. Australia saw a
decline in business, as did certain countries in Southeast
Asia.
In South America, organic growth in sales came to +0.4% in 2019,
with sales nearly unchanged in Brazil and mixed trends for the rest
of the area.
In Africa and the Middle East, sales retreated by -0.5%. Strong
growth recorded in many African countries including Egypt and
Algeria was offset by a marked decline in the Middle East
reflecting the region’s difficult geopolitical and economic
environment.
2020 should remain marked by the uncertain political and
economic environment in several regions.
Adjusted operating profit and margin
Before acquisitions (at 2018 scope of consolidation), adjusted
operating margin came to 20.4% of sales in 2019. Against a backdrop
of rising US tariffs, fully offset, this +0.2-point improvement
from 2018 reflects efficient management of pricing, a good
operating performance over the year, and solid control of
administrative and selling expenses.
As announced, the impact of changes in the scope of
consolidation on adjusted operating margin was -0.4 points for the
full year, setting adjusted operating margin at 20.0% of sales in
2019.
Adjusted operating profit rose +9.4% to €1,326.1m.
Net profit attributable to the Group
Net profit attributable to the Group rose by +8.2% in 2019, to
total €834.8m.
This represents a €63.1m increase from 2018 that stems mainly
from:
- a rise in operating profit (+€98m);
- an unfavorable change (-€16m) in net financial expenses (due
primarily to implementation of the IFRS 16 standard for an impact
of -€10m) and the foreign-exchange result; and
- a rise in corporate tax in absolute value (-€17m), coming from
the increase in Group profit before tax, partially offset by the
favorable impact of a one-off reduction in the corporate tax rate
from 28.1% in 2018 to 27.5%.
Cash generation
In 2019, cash flow from operations stood at 18.4% of sales,
i.e., up +11.0%.
Normalized free cash flow was up +13.0% from 2018 at 15.2% of
sales.
Working capital requirement came to 8.1% of sales at December
31, 2019, down 1.1 points from December 31, 2018. This was due
primarily to a particularly favorable trend in operating working
capital requirement that was partially offset by the consolidation
of recent acquisitions.
Exceeding one billion euros, free cash flow represented 15.8% of
Group sales, marking a sharp rise in 2019 – nearly +40% – from
2018.
Non-financial performance
In 2019, the Group recorded 113%10 achievement rate of its CSR
roadmap, placing it ahead of schedule. Launched in May 2019, this
fourth roadmap, covering three years, is structured around three
focal areas (Business Ecosystem, People, and the Environment) and
ten key challenges that contribute to the UN’s Sustainable
Development Goals.
In 2019, the Group also:
- confirmed its commitment to fighting climate change as part of
the 2019 edition of the French Business Climate Pledge, by (i)
setting a target validated by Science Based Targets that calls for
a 30% reduction in greenhouse gas emissions by 2030, and (ii)
committing to help customers avoid CO2 emissions by offering highly
energy-efficient solutions and transparent communication on the
environmental impact of its products in PEPs (Product Environmental
Profiles);
- published its "diversity and inclusion" policy to favor
diversity within the Group, built around five areas (gender
diversity, inclusion of disabled workers, intergenerational
collaboration, social and cultural diversity, and inclusion of
LGBT+ people);
- continued initiatives with local communities. In France, for
example, the Legrand Foundation recognized social and charitable
structures promoting support in the home for people with reduced
autonomy for the fourth consecutive year; in India it helped open
“telemedicine centers”, awarded scholarships, and offered training
leading to certification for 2,500 electricians over the year;
and
- contributed to improving access to water and electricity under
its longstanding partnership with the NGO “Electriciens Sans
Frontières”, providing logistical and material assistance,
particularly following natural disasters.
Legrand moreover recorded continuous progress in promoting
health and safety at the workplace by:
- raising the number of hours of related training per employee by
nearly +27% from 2018; and
- reducing significantly the frequency of workplace accidents in
2019.
Dividend
The Legrand Board of Directors will ask the General Meeting of
Shareholders to be held on May 27, 2020 to approve the payment of a
€1.4211 per-share dividend in respect of 2019 (versus €1.34 in
respect of 2018). The ex-dividend date will be June 1, 2020 and the
dividend will be paid on June 3, 2020.
Strengthening profitable growth profile
Continued deployment of Eliot program
Legrand intends to continue its role as a strategic player in
the field of connected buildings, and announced on June 12, 201912
that it was stepping up development in this area.
The Group has thus set new 2022 targets for the Eliot program,
aiming for (i) double-digit average annual organic growth in sales
for connected products from 2018 to 2022, and (ii) over one billion
euros in sales of connected products in 2022, excluding perimeter
and exchange-rate effects.
In 2019, sales of connected products were up +29% from 2018,
including organic growth of +10%, thus already accounting for over
12% of total Group revenues for the year (€819m). This strong
showing is in line with targets2 and reflects the program’s good
momentum over the year. Drivers included:
- geographical deployment of IoT offerings, with ranges of
connected user interfaces marketed in 28 new countries in
2019;
- ongoing launches of many new products, including new ranges of
user interfaces such as Valena Next with Netatmo and Plexo with
Netatmo, the Classe 100x video door entry system, and emergency
lightings;
- successful docking of Netatmo, reflecting its continued strong
growth and good fit with Legrand, as well as many innovations that
included the ones revealed at Consumer Electronics Show (CES) 2020,
from the "Drivia with Netatmo" connected panel to the Group's first
smart lock offering;
- a richer user experience thanks to new functionalities linked
for example to artificial intelligence and predictive analysis of
human behavior, along with deployment of the Home+Control app for
the connected home.
Innovation-driven enrichment of product offering
With nearly 5% of its sales devoted to R&D in 2019, Legrand
pursued its innovation policy, designed to enrich its catalogs.
Moreover, the Group launched a host of new products in 2019,
including:
- user interfaces such as Mosaic in France, Radiant Graphite in
the United States, Lyncus in India, Belanko S in Southeast Asia and
Rivia in Vietnam;
- digital infrastructures, including fiber cassettes and power
delivered over ethernet distribution systems;
- innovative On-Q cabinets for distributing electrical and
digital flows in North America, enabling the integration of Wifi
routers;
- architectural and mission-critical lighting ranges in the
United States;
- connected natural lighting management solutions by QMotion,
using Zigbee networks, in the United States;
- Classe 100x connected video door entry systems in Europe;
- MCS Trimod UPS systems and CRT Tier 2 highly energy-efficient
transformers;
- molded case circuit-breakers 125 HP and 250 HP DRX and modular
circuit-breakers RX3 C-Curve in Asia;
- “Reach Digital” smart residential alarms in the United-Kingdom
for assisted living; and
- the P31 cable management range in Europe.
Lastly, the Group has continued to deploy and enhance its LCS3
high-performance structured cabling offer.
Three acquisitions made in 2019
In 2019, Legrand pursued its growth strategy by acquiring
companies that are leading players in their markets, with:
- Universal Electric Corporation, the undisputed American leader
in busways for data centers;
- Jobo Smartech, the Chinese leader in connected hotel-room
management systems (lighting, ambient temperature, etc.); and
- Connectrac, an innovative US company specializing in over-floor
power and data distribution.
This brings to ten the total number of acquisitions Legrand has
made in the past two years, enabling the Group to strengthen its
positions in promising markets in the United States, France, China,
Germany, New Zealand and the United Arab Emirates.
Based on acquisitions made in 2019, and their likely dates of
consolidation, the full-year 2020 impact of changes in scope of
consolidation is estimated at around +1% of net sales. Moreover –
subject to finalization of opportunities currently under discussion
– the Group intends to aim for a total increase of at least +4% in
scope of consolidation on sales in 2020.
Ongoing momentum for improving performance
In 2019, Legrand continued its policy for performance
improvement.
One example is the active deployment of Legrand Way13. The
program’s practices are now being extended to all functions,
particularly those related to product development, after successful
implementation at Group industrial sites.
Legrand is also digitalizing its organization:
- at front-office level, for example through many digital
marketing and marketing automation initiatives;
- as well as at back-office level, in particular thanks to
Factory 4.0 tools: at year-end 2019, already 70 initiatives
(POCs14) had been implemented, up from 51 at year-end 2018, and 40
were being tested.
The Group also kept on actively optimizing its industrial
footprint, particularly by:
- rationalizing the configuration and number of its production
sites in Russia, Spain, China, India, Saudi Arabia and Brazil; and
by
- reducing Group carbon emissions by -6% from 2018 to 2019,
through a net decrease in consumption.
Together these initiatives have strengthened Legrand's
profitable and sustainable growth profile.
----------------------
The Board adopted consolidated financial statements15 for
2019 at its meeting on February 12, 2020. These consolidated
financial statements1, a presentation of 2019 annual results and
the related teleconference (live and replay) are available at
www.legrandgroup.com.
Key financial dates:
- 2020 first-quarter results: May 7, 2020 “Quiet period16”
starts April 7, 2020
- General Meeting of Shareholders: May 27, 2020
- Ex-dividend date: June 1, 2020
- Dividend payment: June 3, 2020
- 2020 first-half results: July 31, 2020 “Quiet period2”
starts July 1, 2020
About Legrand
Legrand is the global specialist in electrical and digital
building infrastructures. Its comprehensive offering of solutions
for commercial, industrial and residential markets makes it a
benchmark for customers worldwide. Drawing on an approach that
involves all teams and stakeholders, Legrand is pursuing its
strategy of profitable and sustainable growth driven by
acquisitions and innovation, with a steady flow of new
offerings—including Eliot* connected products with enhanced value
in use. Legrand reported sales of over €6.6 billion in 2019. The
company is listed on Euronext Paris and is notably a component
stock of the CAC 40 index. (code ISIN FR0010307819)
https://www.legrandgroup.com
*Eliot is a program launched in 2015 by Legrand to speed up
deployment of the Internet of Things in its offering. A result of
the group’s innovation strategy, Eliot aims to develop connected
and interoperable solutions that deliver lasting benefits to
private individual users and professionals.
https://www.legrandgroup.com/en/group/eliot-legrands-connected-objects-program
Appendices
Glossary
Adjusted operating profit: Adjusted operating profit is
defined as operating profit adjusted for amortization and
depreciation of revaluation of assets at the time of acquisitions
and for other P&L impacts relating to acquisitions and, where
applicable, for impairment of goodwill.
Busways: electric power distribution systems based on
metal busbars.
Cash flow from operations: Cash flow from operations is
defined as net cash from operating activities excluding changes in
working capital requirement.
CSR: Corporate Social Responsibility.
EBITDA: EBITDA is defined as operating profit plus
depreciation and impairment of tangible and of right of use assets,
amortization and impairment of intangible assets (including
capitalized development costs), reversal of inventory step-up and
impairment of goodwill.
Free cash flow: Free cash flow is defined as the sum of
net cash from operating activities and net proceeds from sales of
fixed and financial assets, less capital expenditure and
capitalized development costs.
KVM: Keyboard, Video and Mouse.
Net financial debt: Net financial debt is defined as the
sum of short-term borrowings and long-term borrowings, less cash
and cash equivalents and marketable securities.
Normalized free cash flow: Normalized free cash flow is
defined as the sum of net cash from operating activities—based on a
normalized working capital requirement representing 10% of the last
12 months’ sales and whose change at constant scope of
consolidation and exchange rates is adjusted for the period
considered—and net proceeds of sales from fixed and financial
assets, less capital expenditure and capitalized development
costs.
Organic growth: Organic growth is defined as the change
in sales at constant structure (scope of consolidation) and
exchange rates.
Payout: Payout is defined as the ratio between the
proposed dividend per share for a given year, divided by the net
profit attributable to the Group per share of the same year,
calculated on the basis of the average number of ordinary shares at
December 31 of that year, excluding shares held in treasury.
PDU: Power Distribution Units.
UPS: Uninterruptible Power Supply.
Working capital requirement: Working capital requirement
is defined as the sum of trade receivables, inventories, other
current assets, income tax receivables and short-term deferred tax
assets, less the sum of trade payables, other current liabilities,
income tax payables, short-term provisions and short-term deferred
tax liabilities.
Calculation of working capital requirement
In € millions
2018
2019
Trade receivables
666.4
756.8
Inventories
885.9
852.6
Other current assets
206.0
217.5
Income tax receivables
89.6
60.2
Short-term deferred taxes
assets/(liabilities)
91.2
88.2
Trade payables
(662.0)
(654.2)
Other current liabilities
(605.2)
(653.0)
Income tax payables
(31.5)
(28.3)
Short-term provisions
(87.9)
(104.1)
Working capital required
552.5
535.7
Calculation of net financial debt
In € millions
2018
2019
Short-term borrowings
400.5
616.2
Long-term borrowings
2,918.6
3,575.4
Cash and cash equivalents
(1,022.5)
(1,710.9)
Net financial debt
2,296.6
2,480.7
Reconciliation of adjusted operating profit with profit for
the period
In € millions
2018
2019
Profit for the period
772.4
836.1
Share of profits (losses) of
equity-accounted entities
0.4
1.8
Income tax expense
301.3
318.3
Exchange (gains) / losses
(2.2)
2.0
Financial income
(12.0)
(11.9)
Financial expense
79.1
91.1
Operating profit
1,139.0
1,237.4
Amortization & depreciation of
revaluation of assets at the time of acquisitions and other P&L
impacts relating to acquisitions
73.1
88.7
Impairment of goodwill
0.0
0.0
Adjusted operating profit
1,212.1
1,326.1
Reconciliation of EBITDA with profit for the period
In € millions
2018
2019
Profit for the period
772.4
836.1
Share of profits (losses) of
equity-accounted entities
0.4
1.8
Income tax expense
301.3
318.3
Exchange (gains) / losses
(2.2)
2.0
Financial income
(12.0)
(11.9)
Financial expense
79.1
91.1
Operating profit
1,139.0
1,237.4
Depreciation and impairment of tangible
assets
100.9
183.3
Amortization and impairment of intangible
assets (including capitalized development costs) and reversal of
Milestone inventory step-up
106.3
123.3
Impairment of goodwill
0.0
0.0
EBITDA
1,346.2
1,544.0
Reconciliation of cash flow from operations, free cash flow
and normalized free cash flow with profit for the period
In € millions
2018
2019
Profit for the period
772.4
836.1
Adjustments for non-cash movements in
assets and liabilities:
Depreciation, amortization and
impairment
209.7
309.4
Changes in other non-current assets and
liabilities and long-term deferred
taxes
105.8
64.6
Unrealized exchange (gains)/losses
6.3
5.1
(Gains)/losses on sales of assets, net
5.1
5.0
Other adjustments
1.2
1.5
Cash flow from operations
1,100.5
1,221.7
Decrease (Increase) in working capital
requirement
(175.2)
17.7
Net cash provided from operating
activities
925.3
1,239.4
Capital expenditure (including capitalized
development costs)
(184.3)
(202.2)
Net proceeds from sales of fixed and
financial assets
5.3
7.1
Free cash flow
746.3
1,044.3
Increase (Decrease) in working capital
requirement
175.2
(17.7)
(Increase) Decrease in normalized working
capital requirement
(28.0)
(16.8)
Normalized free cash flow
893.5
1,009.8
Scope of consolidation
2018
Q1
H1
9M
Full year
Full consolidation method
Modulan
Balance sheet only
Balance sheet only
6 months
9 months
Gemnet
Balance sheet only
Balance sheet only
7 months
Shenzhen Clever Electronic
Balance sheet only
6 months
Debflex
Balance sheet only
Netatmo
Balance sheet only
Kenall
Balance sheet only
Trical
Balance sheet only
2019
Q1
H1
9M
Full year
Full consolidation method
Modulan
3 months
6 months
9 months
12 months
Gemnet
3 months
6 months
9 months
12 months
Shenzhen Clever Electronic
3 months
6 months
9 months
12 months
Debflex
Balance sheet only
6 months
9 months
12 months
Netatmo
Balance sheet only
6 months
9 months
12 months
Kenall
3 months
6 months
9 months
12 months
Trical
Balance sheet only
6 months
9 months
12 months
Universal Electric Corporation
Balance sheet only
6 months
9 months
Connectrac
Balance sheet only
Jobo Smartech
Balance sheet only
Disclaimer
This press release may contain forward-looking statements which
are not historical data. Although Legrand considers these
statements to be based on reasonable assumptions at the time of
publication of this release, they are subject to various risks and
uncertainties that could cause actual results to differ from those
expressed or implied herein.
Details on risks are provided in the Legrand Registration
Document filed with the Autorité des marchés financiers (Financial
Markets Authority, AMF), which is available on-line on the websites
of both AMF (www.amf-france.org) and Legrand
(www.legrandgroup.com).
No forward-looking statement contained in this press release is
or should be construed as a promise or a guarantee of actual
results, which are liable to differ significantly. Therefore, such
statements should be used with caution, taking into account their
inherent uncertainty.
Subject to applicable regulations, Legrand does not undertake to
update these statements to reflect events or circumstances
occurring after the date of publication of this release.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy Legrand shares in any
jurisdiction.
1 At 2018 scope of consolidation. 2 Achievement rate of CSR
2019-2021 roadmap in 2019. 3 For a complete presentation of
Legrand’s 2019 targets and medium-term business model, readers are
invited to consult the press release dated February 14, 2019.
4 For more details, readers are invited to consult press
releases dated February 14, 2019 and June 12, 2019. 5 Program
dedicated to the implementation of best practices throughout the
Group, covering in particular the management of operational
performance, new-product development, rules for health and safety,
and quality. 6 For the complete wording of the medium-term model,
readers are invited to consult the press release dated February 14,
2019. 7 Possibly linked to developments in the world health
outlook. 8 Benelux: Belgium + Netherlands + Luxembourg. 9 Southern
Europe: Spain + Greece + Portugal. 10 Achievement rate of CSR
2019-2021 roadmap in 2019. 11 This dividend will be paid in full
out of distributable income. 12 For more details, readers are
invited to consult the press release dated June 12, 2019. 13
Program dedicated to the implementation of best practices
throughout the Group, covering in particular the management of
operational performance, new-product development, rules for health
and safety, and quality. 14 POC: Proof of Concept. 15 The 2019
consolidated financial statements have been audited and the
Statutory Auditors' report is in the process of being published. 16
Period of time when all communication is suspended in the run-up to
publication of results.
The reader is invited to verify authenticity of press releases
by Legrand with the CertiDox app. More information on
www.certidox.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200212005876/en/
Investor relations Legrand Ronan Marc Tel: +33 (0)1 49 72
53 53 ronan.marc@legrand.fr Press relations Publicis
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