Luxempart

Annual Report • Mar 25, 2022

222100WPYK3JKB5F4D19-2021-12-31 ANNUAL REPORT 2019 ANNUAL REPORT STATUTORY ANNUAL ACCOUNTS Jo Santino Looking at our 2021 achievements, the Investment nd strategy implementation is already a success thanks to a strong and commied team. Laurent and Kevin will now continue on this successl path under the lead of Alain Huber. I wish all of them all the best in the ture. STATUTORY ANNUAL ACCOUNTS MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS BALANCE SHEET AT 31 DECEMBER 2021 Assets in € Notes 31/12/2021 31/12/2020 Fixed assets Intangible fixed assets 4 Concessions, patents, licences, trademarks, and similar rights and assets 23,554 30,774 Tangible fixed assets 4 Other fixtures and fittings, tools and equipment 343,998 350,629 Financial fixed assets 5 Shares in affiliated undertakings 440,011,378 318,437,612 Participating interests 305,630,829 326,230,245 Investments held as fixed assets 343,047,441 374,773,291 Total fixed assets 1,089,057,200 1,019,822,551 Current assets 6 Trade debtors 1,181,821 1,113,339 becoming due and payable within one year 1,181,821 1,113,339 Amounts owed by affiliated undertakings 12,730,250 50,000 becoming due and payable within one year 12,730,250 50,000 Other debtors 5,604,726 4,367,400 becoming due and payable within one year 5,542,799 4,305,473 becoming due and payable after more than one year 61,927 61,927 Investments 36,532,561 26,838,969 Own shares 9 16,532,561 16,838,969 Other investments 20,000,000 10,000,000 Cash at bank and in hand 121,806,069 113,012,308 Total current assets 177,855,427 145,382,016 Total assets 1,266,912,627 1,165,204,568 BALANCE SHEET AT 31 DECEMBER 2021 Liabilities in € Notes 31/12/2021 31/12/2020 Capital and reserves 9 Subscribed capital 51,750,000 51,750,000 Share premium account 66,944,818 66,944,818 Reserves Legal reserve 10 5,175,000 5,175,000 Reserve for own shares 16,532,561 16,838,968 Other reserves 923,141,285 922,834,878 Other available reserves 907,442,576 907,136,169 Other non available reserves 11 15,698,709 15,698,709 Profit brought forward 35,500,367 - Profit /(loss) for the financial year 159,821,983 67,668,433 Total capital and reserves 1,258,866,014 1,131,212,096 Provisions Provisions for taxation 3,097,334 2,221,664 Other provisions 25,403 25,403 Total provisions 3,122,737 2,247,068 Creditors 7, 8 Amounts owed to credit institutions - 19,168,917 becoming due and payable after more than one year - 19,168,917 Trade creditors 3,992,902 3,977,366 becoming due and payable within one year 3,992,902 3,977,366 Amounts owed to affiliated undertakings - 7,603,123 becoming due and payable after more than one year - 7,603,123 Other creditors 930,974 995,998 Tax authorities 262,132 537,906 Social security authorities 267,977 248,540 Other creditors 400,865 209,552 becoming due and payable within one year 400,865 209,552 Total creditors 4,923,876 31,745,405 Total liabilities 1,266,912,627 1,165,204,568 The accompanying notes are an integral part of these annual accounts. The accompanying notes are an integral part of these annual accounts. / 168/ 167 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 in € Notes 31/12/2021 31/12/2020 Other operating income 1,260,248 1,162,553 Staff costs 12 -7,528,313 -6,310,819 Wages and salaries -7,221,829 -6,002,869 Social security costs -286,364 -265,061 relating to pensions -220,762 -203,805 other social security costs -65,603 -61,256 Other staff costs -20,120 -42,890 Value adjustments -98,893 -923,112 In respect of tangible and intangible fixed assets 4 -98,893 -123,643 In respect of current assets 6 - -799,468 Other operating expenses 13 -5,177,393 -4,639,684 Income from participating interests 16 41,284,624 44,177,674 Derived from affiliated undertakings 1,471,425 - Other income from participating interets 39,813,199 44,177,674 Income from other investments and loans forming part of the fixed assets 16 147,657,154 46,659,700 Other income 147,657,154 46,659,700 Other interest receivable and similar income 500,823 668,787 Derived from affiliated undertakings 5,022 - Other interest and similar income 495,801 668,787 Value adjustments in respect of financial assets and of investments held as current assets 5,14 -15,685,096 -11,810,074 Interest payable and similar expenses -913,977 -770,112 Other interest and similar expenses -913,977 -770,112 Profit after taxation 161,295,177 68,214,914 Other taxes not shown under items above 15 -1,473,194 -546,482 Profit /(loss) for the financial year 159,821,983 67,668,433 The accompanying notes are an integral part of these annual accounts. NOTES TO THE ANNUAL ACCOUNTS AT 31 DECEMBER 2021 NOTE 1 - GENERAL INFORMATION Luxempart S.A. (hereinafter «the Company» or «Luxempart») was incorporated on 25 April 1988 under the name BIL Participations. The Annual General Meeting of 15 September 1992 decided to change the Company’s name to Luxempart S.A. The Company is registered on the trade and companies register of Luxembourg under no. B27846. The Company was created for an unlimited term. The Company’s registered office is established at 12, rue Léon Laval in Leudelange. The Company is listed on the Luxembourg Stock Exchange. The Company’s financial year begins on 1 January and closes on 31 December of each year. The Company’s purpose is particularly the acquisition of holdings, in whatever form, in other companies as well as management, control, and development of these investments. NOTE 2 - PRESENTATION OF THE ACCOUNTS In addition to the annual accounts, on the basis of the legal and regulatory provisions established by Luxembourg law, the Company presents consolidated financial statements under IFRS as an investment entity and a consolidated management report, which are available at the Company’s headquarters and on www.luxempart.lu. The figures for the year ending 31 December 2020 relating to the items “Cash at bank and in hand” and “Other reserves” have been reclassified to "Others investments" to ensure comparability with the figures for the period ending 31 December 2021. NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES The annual accounts are prepared in accordance with generally accepted accounting principles and in accordance with the law and regulations in force in the Grand Duchy of Luxembourg. The annual account have been prepared under the historical convention and following the going concern principle. The main accounting policies adopted by the Company are as follows: A. FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities, expressed in foreign currencies, are converted to euros (€) at the exchange rates in force as at year-end. Transactions occurring in the financial year, expressed in foreign currencies, are converted to euros (€) at the exchange rates in force as at the transaction date. Only unrealised foreign exchange losses are recorded in the profit and loss account. Exchange gains are recorded in the profit and loss account at the time of their realisation. The accompanying notes are an integral part of these annual accounts. / 170/ 169 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS B. INTANGIBLE AND TANGIBLE FIXED ASSETS Intangible and tangible fixed assets whose use is limited over time are amortised/depreciated on a straight-line basis according to the following rates. Asset Rate Computer equipment and software 33.3% Vehicles 20.0% Furniture and fixtures 10.0% C. FINANCIAL FIXED ASSETS Shares in affiliated undertakings "Affiliated undertakings" refers to a company in which Luxempart has exclusive control, holding decision-making power on both financial and operational levels. In principle, this control is the consequence of directly holding more than 50% of the voting rights. Shares in affiliated undertakings are valued at the historical acquisition price, which includes the expenses incidental thereto. In case of permanent impairment, the shares in the affiliated undertakings are the subject of value adjustments in order to give them the lower value that should be attributed to them as at the end of the reporting period. These value adjustments are not maintained when the reasons that motivated them have ceased to exist. Participating interests "Participating interests" refers to a company in which Luxempart exercises significant influence through its participation in the political, financial, and operational decisions of the held company. Significant influence is assumed when Luxempart holds 20% or more of the voting rights. "Participating interests" also refers to companies under joint control. "Participating interests” are valued at the historical acquisition price, which includes the expenses incidental thereto. In case of permanent impairment, “participating interests” are subject of value adjustments in order to give them the lower value that should be attributed to them as at the end of the reporting period. These value adjustments are not maintained when the reasons that motivated them have ceased to exist. Investments held as fixed assets "Investments held as fixed assets" refer to a holding in which Luxempart does not exercise or control significant influence. This lack of significant influence is assumed if Luxempart does not directly or indirectly hold more than 20% of the voting rights. Investments held as fixed assets are valued at the historical acquisition price, which includes the expenses incidental thereto. In case of permanent impairment, investments held as fixed assets are subject of value adjustments in order to give them the lower value that should be attributed to them as at the end of the reporting period. These value adjustments are not maintained when the reasons that motivated them have ceased to exist. D. DEBTORS Debtors are stated at their nominal value and their estimated realisable value. They are subject of value adjustments when their realisable value is fully or partially unrecoverable. These value adjustments are not maintained when the reasons that motivated their establishment have ceased to exist E. INVESTMENTS Investments are assets acquired mainly with a view to be sold in the short term and present a profit-taking profile in the short term. Investments are valued at the historical acquisition price, which includes the expenses incidental thereto. If the realisation value is lower than the acquisition cost on the closing date, a value adjustment is recognised. These value adjustments are not maintained when the reasons that motivated them have ceased to exist. Own shares are valued at the historical acquisition price and are used to cover the management stock option plan. F. CREDITORS Debts are recorded in liabilities at their redemption value. G. PROVISIONS Provisions are recognised once Luxempart has an actual obligation (legal or implied) resulting from past events that will probably generate an outflow of resources representative of economic benefits at an amount that can be reasonably estimated. H. INCOME In the event of disposal of financial assets, the difference between the net proceeds from the sale and the net book value is entered in the profit and loss account on the line "income from other investments and loans forming part of the fixed assets". The transaction is recorded on the settlement date. The Company accounts the dividends received when they are acquired or when the right to receive payment is established. They are issue from the distribution of profits to the shareholders. And they are entered in the profit and loss account on the line “Income from participating interests". / 172/ 171 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS NOTE 4 - INTANGIBLE AND TANGIBLE FIXED ASSETS Movements in intangible and tangible fixed assets that occurred during the year can be summarised in the table below. The intangible fixed assets of the Company are composed of acquired software. The tangible fixed assets comprise mainly computer equipment, vehicles, furniture and fixtures. in € Intangible fixed assets Tangible fixed assets Gross value as at 01/01/2021 61,724 785,778 Acquisitions for the year - 85,042 Disposals for the year - -131,338 Gross value as at 31/12/2021 61,724 739,483 Cumulative value adjustments as at 01/01/2021 -30,950 -435,149 Value adjustments of the year -7,220 -91,673 Reversal of value adjustments - 131,338 Cumulative value adjustments as at 31/12/2021 -38,170 -395,485 Net book value as at 31/12/2021 23,554 343,998 Net book value as at 31/12/2020 30,774 350,629 NOTE 5 - FINANCIAL FIXED ASSETS A. MOVEMENTS IN FINANCIAL FIXED ASSETS The movements in financial fixed assets that occurred during the year can be summarised as follows : in € Shares in affiliated undertakings Participating interests Investments held as fixed assets Gross value as at 01/01/2021 345,581,882 326,482,682 376,838,407 Acquisitions for the year 144,468,204 120,229 127,870,914 Disposals for the year -26,367,392 -19,419,500 -148,993,369 Gross value as at 31/12/2021 463,682,694 307,183,411 355,715,953 Cumulative value adjustments as at 01/01/2021 -27,144,271 -252,436 -2,065,117 Value adjustments of the year -2,148,770 -1,300,146 -12,054,702 Reversals of value adjustments of the year 5,621,725 - 1,451,308 Cumulative value adjustments as at 31/12/2021 -23,671,317 -1,552,582 -12,668,512 Net book value as at 31/12/2021 440,011,378 305,630,829 343,047,441 Net book value as at 31/12/2020 318,437,612 326,230,245 374,773,291 The item "Shares in affiliated undertakings" amounts to € 440,011,378 as at 31 December 2021 (2020: € 318,437,612). This variation is principally due to: • A subscription for new shares in Luxempart Capital Partners, • Capital calls and repayments in Luxco Invest, • A new investment in Evariste. The item "Participating interests" amounts to € 305,630,829 as at 31 December 2021 (2020: € 326,230,245). The main movement is the reimbursement of ESG. The item "Investments held as fixed assets" amounts to € 343,047,441 as at 31 December 2021 (2020: € 374,773,291). This change is due to: • Acquisitions for € 127,870,914 (acquisition of IMGP, Sogetrel, strengthening in the listed portfolio and acquisition of a bond portfolio managed by BCEE), • Sale for € 148,993,369 (mainly in the listed portfolio: Zooplus, Schaltbau,TCM, RTL), • Value adjustments for € 12,054,703 (mainly on SNP). / 174/ 173 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS B. UNDERTAKINGS IN WHICH LUXEMPART HOLDS AT LEAST 20% IN THE CAPITAL Company name Registered office Holding % Equity (excluding profit for the year) Profit or loss for the year Luxempart Capital Partner Sicar S.A. 12, Rue Léon Laval L-3372 Leudelange 100.00 605,895,041 150,072,206 Luxempart Ireland Ltd (in liquidation) 1st floor, Riverview House, 21-23 City Quay, Dublin 2 Ireland 100.00 in liquidation Luxempart Invest S.à.r.l 12, Rue Léon Laval L-3372 Leudelange 100.00 822,912 -144,181 Luxempart Management S.à.r.l 12, Rue Léon Laval L-3372 Leudelange 100.00 29,679 -2,310 Pescahold S.A. 12, Rue Léon Laval L-3372 Leudelange 100.00 10,401 -2,278 Luxco Invest S.à.r.l 12, Rue Léon Laval L-3372 Leudelange 83.33 38,399,084 955,815 Bravo Capital S.A. 12, Rue Léon Laval L-3372 Leudelange 80.00 31,140 29,936 Pryco GmbH ** Maria-Theresia-Str. 11, D-81675 München 55.60 11,289,369 -6,427,375 Assmann GmbH * Auf dem Schüffel, D-58513 Lüdenscheid 49.01 13,442,755 4,166,526 Indufin S.A. Interleuvenlaan 15 / D1 B-3001 Leuven - Haasrode 40.00 271,441 16,332 Evariste Holding SAS * 3 rue Galois ZA Pariwest F-78310 Maurepas 40.00 28,621,639 3,772,309 DMB2 GmbH & Co.KG Colonnaden 25, D-20354 Hamburg 32.80 11,799,502 57,700,988 Foyer S.A. 12, Rue Léon Laval L-3372 Leudelange 31.03 1,322,579,700 155,475,400 M-Sicherheitsholding GmbH* Maria-Theresia-Str. 11, D-81675 München 30.00 5,890,800 35,005,444 E-Sicherheitsholding GmbH * Maria-Theresia-Str. 11, D-81675 München 27.60 55,730,650 -19,721,554 * Profit or loss 2020 ** Profit or loss 2019 NOTE 6 - DEBTORS As at 31 December 2021: • Trade debtors amount to € 1,181,821 (2020: € 1,113,339). • Amounts owed by affiliated undertakings amount to € 12,730,250 (2020: € 50,000). This is mainly a reimbursement to be received from Luxco Invest and a loan to our subsidiary Luxempart Capital Partners for € 2,600,000. • Other debtors becoming due and payable within one year amount to € 5,542,799 (2020: € 4,305,473) and are made upof tax receivables and social security for € 5,192,500 (2020: € 3,781,217), and other receivables for € 350,299 (2020: € 524,256). The tax receivables are mainly composed of a tax to be recovered on the Mehler dividend and the other receivables are mainly accrued interest not collected. • Other debtors becoming due and payable after more than one-year amount to € 61,927 (2020: € 61,927). This is the loan towards the investment Nueva Pescanova and a value adjustment has been made on this receivable in 2020. NOTE 7 - CREDITORS • Trade creditors amount to € 3,992,902 (2020: € 3,977,366). • A loan granted by Luxempart Invest was fully repaid during the year (2020: € 7,603,123). • Tax and social security debts total € 530,109 (2020: € 786,446). • Other creditors amount to € 400,865 (2020: € 209,552). NOTE 8 - AMOUNTS OWED TO CREDIT INSTITUTIONS Luxempart contracts borrowings in foreign currencies in order to hedge against the foreign exchange risk on financial fixed assets denominated in foreign currencies. As at 31 December 2021, all amounts owed to credit institutions were was fully repaid (2020: € 19,168,917). / 176/ 175 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS NOTE 9 - CAPITAL AND RESERVES The movements in the capital and reserves are broken down as follows: The subscribed capital is represented by 20,700,000 fully paid-up shares without designation of nominal value. The accounting per value of the own shares is € 1,436,837. It represents 2.78% of the subscribed capital in accordance with Article 430-15 of the law of 10 August 1915. The Ordinary Annual General Meeting of 26 April 2021 decided to distribute a gross ordinary dividend of € 1.60 per share for financial year 2020. This dividend was paid in May 2021. NOTE 10 - LEGAL RESERVE From the net profit, 5% must be deducted annually to build up the reserve fund required by Luxembourg law. This deduction will no longer be mandatory when the reserve fund reaches one-tenth of the share capital. The legal reserve may not be distributed to the shareholders except in case of dissolution of the Company. NOTE 11 - OTHER NON AVAILABLE RESERVES As at 31 December 2021, this item amounts to € 15,698,709 (2020: € 15,698,709) and includes the untaxed capital gains from disposal on participations. These capital gains, recorded in liabilities on the balance sheet, result from application of Article 54 of the income tax law and are to be reinvested before the end of the second financial year of operation following the financial year of the disposal. If these capital gains are not reinvested within this two-year period, they are to be reversed through the profit and loss account and subject to tax. As at 31 December 2021, an amount of € 2,885,361 must be reinvested before the end of 2022. in € Subscribed capital Share premium Legal reserve Reserve for own share Other reserves Profit brought forward Profit for the year As at 31/12/2020 51,750,000 66,944,818 5,175,000 16,838,968 922,834,878 - 67,668,433 Allocation of result Dividends -32,168,066 Reserve own shares -306,407 306,407 Profit brought forward 35,500,367 -35,500,367 2021 profit 159,821,983 As at 31/12/2021 51,750,000 66,944,818 5,175,000 16,532,561 923,141,285 35,500,367 159,821,983 / 178/ 177 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS NOTE 12 - STAFF COSTS The average number of employees during financial year 2021 amounted to 23 (2020: 19), represented by the following categories: Category Number of people 2021 Number of people 2020 Managers 5 6 Support Staff 18 13 Total average of employees 23 19 Staff costs relating to the year are broken down as follows: in € 31/12/2021 31/12/2020 Wages and salaries 7,221,829 6,002,869 Social security costs accruing by reference to wages and salaries 286,364 265,061 Other social security contributions 20,120 42,890 Total 7,528,313 6,310,819 Of which pensions 314,109 210,000 Staff costs include a provision for bonus payable in 2022. NOTE 13 - OTHER OPERATING EXPENSES During the year, Luxempart paid net fixed compensation of € 578,300 to directors (2020: € 524,600) and a net attendance fee of € 280,600 (2020: € 283,575). These amounts are included in "Other operating expenses." “Other operating expenses” also include the remuneration of the Réviseur d’entreprises agréé for € 124,825 in 2021 (2020: €115,190). NOTE 14 - VALUE ADJUSTMENTS IN RESPECT OF FINANCIAL ASSETS This item includes: • Value adjustments on shares in affiliated undertakings. As at 31 December 2021, Luxempart recorded value adjustments of € 2,148,771 (2020: € 9,939,331). • Value adjustments on participating interests. As at 31 December 2021, Luxempart recorded value adjustments of € 1,300,146 (2020: €0). • Value adjustments on investments held as fixed assets. As at 31 December 2021, Luxempart recorded value adjustments of € 12,236,179 (2020: € 1,271,278). NOTE 15 - TAXES The Company is fully taxable on its trade income at an effective rate of 25.69%. It is also subject to a wealth tax of 0.5% calculated on the basis of net assets at the beginning of the year. Taxes come from ordinary activities. As at 31 December 2021, the tax expense is broken down as follows: in € 31/12/2021 31/12/2020 Wealth tax 933,820 4,815 Other taxes 539,374 541,667 Total 1,473,194 546,482 NOTE 16 - INCOME FROM PARTICIPATING INTERESTS AND FROM OTHER INVESTMENTS This item consists of: • Dividends received from Luxempart’s shares in affiliated undertakings for € 1,471,425 in 2021 (2020 : € 0); • Dividends received from Luxempart’s financial fixed assets amounting to € 48,532,205 in 2021 (2020: € 46,770,683); • Capital gains generated on the sale of investments held as fixed assets (mainly on Schaltbau, Zooplus), net of reversal from previous value adjustments, amounting to € 133,312,423 in 2021 (2020: € 27,499,795); • No reversals of value adjustments on investments held as fixed assets in 2021 (2020: € 14,871,901). • Reversals of value adjustments on shares in affiliated undertakings for € 5,621,725 in 2021 (2020: € 1,694,995). NOTE 17 - TRANSACTIONS WITH RELATED PARTIES Transactions with related parties comprises mainly : • A loan to Luxempart Capital Partners for € 2,600,000; • Luxempart rebills Foyer Finance, a part of Chairman of the Board of Directors salaries for a total of € 248,678 (2020 : € 326,427); • The Foyer Assurances group rebills, on a quarterly basis, office rental expenses and other related expenses, insurance expenses, and miscellaneous services for a total of € 630,513 (2020: € 613,843 ); • One member of Luxempart’s Group Executive Committee and one member of Luxempart Board of Directors invoices fees to Luxempart. The fees amount to € 198,270 for 2021 (2020: € 549,691); • Transaction fees paid to Capital at Work, a subsidiary of the Foyer Group, amount to € 26,945 (2020: € 19,809) and are included in "Interest payable and similar expenses". / 180/ 179 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT STATUTORY ANNUAL ACCOUNTS NOTE 18 - OFF BALANCE SHEET COMMITMENTS As at 31 December 2021, Luxempart has a total remaining commitment directly and through its subsidiary Luxempart Capital Partners SICAR of € 249,335,913. Luxempart has a commitment on its office lease until 29 February 2024 for a monthly amount of € 29,995. NOTE 19 - POST BALANCE SHEET EVENTS During the first months of 2022, Luxempart strengthened its position in some listed companies such as : • Technotrans for € 4.594.702 • Süss Microtech for € 2.155.109 • SNP for € 292.513 / 182/ 181 MANAGEMENT REPORT PORTFOLIO STATEMENT OF GOVERNANCE FINANCIAL STATEMENTS MESSAGE TO OUR SHAREHOLDERS THE YEAR AT A GLANCE TABLE OF CONTENT MISSION STATEMENT ANNUAL REPORT 2019 Address 12 Rue Léon Laval L-3372 Leudelange Contact Phone: +352 437 43 51 01 Fax: +352 42 54 62 luxempart@luxempart.lu luxempart.lu Pictures lcgdp.lu Patrik Osterblad