Regulatory News:
Legrand (Paris:LR):
Consolidated statement of income........................................2
Consolidated statement of comprehensive income...............2
Consolidated balance sheet.................................................3
Consolidated statement of cash flows...................................5
Notes to the consolidated financial statements.....................6
Consolidated statement of income
9 months ended | ||
(in millions) | September 30, 2024 | September 30, 2023 |
Net sales | 6,229.0 | 6,307.3 |
Operating expenses | ||
Cost of sales | (2,982.6) | (3,004.2) |
Administrative and selling expenses | (1,664.2) | (1,615.1) |
Research and development costs | (290.8) | (276.9) |
Other operating income (expenses) | (101.7) | (137.3) |
Operating profit | 1,189.7 | 1,273.8 |
Financial expenses | (110.6) | (66.0) |
Financial income | 79.0 | 59.1 |
Exchange gains (losses) | (16.4) | 0.4 |
Financial profit (loss) | (48.0) | (6.5) |
Profit before tax | 1,141.7 | 1,267.3 |
Income tax expense | (307.8) | (329.8) |
Share of profits (losses) of equity-accounted entities | 0.0 | 0.0 |
Profit for the period | 833.9 | 937.5 |
Of which: | ||
- Net profit attributable to the Group | 833.7 | 937.2 |
- Minority interests | 0.2 | 0.3 |
Basic earnings per share (euros) | 3.183 | 3.528 |
Diluted earnings per share (euros) | 3.160 | 3.503 |
Consolidated statement of comprehensive income
9 months ended | ||
(in millions) | September 30, 2024 | September 30, 2023 |
Profit for the period | 833.9 | 937.5 |
Items that may be reclassified subsequently to profit or loss | ||
Translation reserves | (94.4) | 9.3 |
Cash flow hedges | (11.1) | (3.9) |
Income tax relating to components of other comprehensive income | (0.9) | 0.4 |
Items that will not be reclassified to profit or loss | ||
Actuarial gains and losses after deferred taxes | 0.7 | (0.1) |
Other | 0.0 | 0.0 |
Comprehensive income for the period | 728.2 | 943.2 |
Of which: | ||
- Comprehensive income attributable to the Group | 729.1 | 942.9 |
- Minority interests | (0.9) | 0.3 |
Consolidated balance sheet
(in millions) | September 30, 2024 | December 31, 2023 |
Non-current assets | ||
Intangible assets | 2,361.4 | 2,436.9 |
Goodwill | 6,614.3 | 5,476.2 |
Property, plant and equipment | 837.4 | 848.3 |
Right-of-use assets | 276.2 | 260.8 |
Other investments | 42.3 | 27.7 |
Other non-current assets | 157.5 | 145.5 |
Deferred tax assets | 143.3 | 141.0 |
TOTAL NON CURRENT ASSETS | 10,432.4 | 9,336.4 |
Current assets | ||
Inventories (Note 4) | 1,360.8 | 1,222.3 |
Trade receivables (Note 5) | 1,059.9 | 969.9 |
Income tax receivables | 223.2 | 192.7 |
Other current assets | 274.0 | 302.9 |
Other current financial assets | 0.8 | 1.8 |
Cash and cash equivalents | 1,834.6 | 2,815.4 |
TOTAL CURRENT ASSETS | 4,753.3 | 5,505.0 |
TOTAL ASSETS | 15,185.7 | 14,841.4 |
(in millions) | September 30, 2024 | December 31, 2023 |
Equity | ||
Share capital (Note 6) | 1,049.0 | 1,056.1 |
Retained earnings | 6,337.1 | 6,126.5 |
Translation reserves | (553.2) | (459.9) |
Equity attributable to equity holders of Legrand | 6,832.9 | 6,722.7 |
Minority interests | 8.6 | 12.0 |
TOTAL EQUITY | 6,841.5 | 6,734.7 |
Non-current liabilities | ||
Long-term provisions | 181.3 | 176.8 |
Provisions for post-employment benefits | 135.4 | 136.2 |
Long-term borrowings (Note 7) | 4,627.1 | 4,089.0 |
Deferred tax liabilities | 959.2 | 930.3 |
TOTAL NON-CURRENT LIABILITES | 5,903.0 | 5,332.3 |
Current liabilities | ||
Trade payables | 923.7 | 936.5 |
Income tax payables | 70.1 | 61.9 |
Short-term provisions | 160.7 | 153.9 |
Other current liabilities | 873.7 | 888.1 |
Short-term borrowings (Note 7) | 412.3 | 732.3 |
Other current financial liabilities | 0.7 | 1.7 |
TOTAL CURRENT LIABILITIES | 2,441.2 | 2,774.4 |
TOTAL EQUITY AND LIABILITIES | 15,185.7 | 14,841.4 |
Consolidated statement of cash flows
9 months ended | ||
(in millions) | September 30, 2024 | September 30, 2023 |
Profit for the period | 833.9 | 937.5 |
Adjustments for non-cash movements in assets and liabilities: | ||
Depreciation and impairment of tangible assets | 100.8 | 92.3 |
Amortization and impairment of intangible assets | 83.4 | 86.8 |
Amortization and impairment of capitalized development costs | 17.1 | 22.4 |
Amortization and impairment of right-of-use assets | 61.1 | 56.0 |
Amortization of financial expenses | 3.9 | 2.8 |
Impairment of goodwill | 0.0 | 0.0 |
Changes in long-term deferred taxes | 21.8 | 38.8 |
Changes in other non-current assets and liabilities | 35.1 | 12.8 |
Unrealized exchange (gains)/losses | (6.7) | 16.3 |
Share of (profits)/losses of equity-accounted entities | 0.0 | 0.0 |
Other adjustments | 12.2 | 0.2 |
Net (gains)/losses on sales of activities and assets | 0.9 | 1.4 |
Changes in working capital requirement: | ||
Inventories (Note 4) | (160.3) | 43.9 |
Trade receivables (Note 5) | (100.9) | (32.8) |
Trade payables | (7.1) | 7.3 |
Other operating assets and liabilities | (23.9) | 61.1 |
Net cash from operating activities | 871.3 | 1,346.8 |
Net proceeds from sales of fixed and financial assets | 5.2 | 1.0 |
Capital expenditure | (107.0) | (111.3) |
Capitalized development costs | (20.3) | (22.4) |
Changes in non-current financial assets and liabilities | (10.7) | (65.0) |
Acquisitions and disposals of subsidiaries, net of cash | (1,186.0) | (99.7) |
Net cash from investing activities | (1,318.8) | (297.4) |
Proceeds from issues of share capital and premium (Note 6) | 0.0 | 0.0 |
Net sales/(buybacks) of treasury shares and transactions under the liquidity contract (Note 6) | (45.0) | (228.5) |
Dividends paid to equity holders of Legrand | (547.0) | (504.0) |
Dividends paid by Legrand subsidiaries | 0.0 | 0.0 |
Proceeds from long-term financing | 801.5 | 704.1 |
Repayment of long-term financing* (Note 7) | (71.5) | (42.2) |
Debt issuance costs | (15.3) | (3.2) |
Increase/(reduction) in short-term financing | (617.9) | (144.7) |
Acquisitions of ownership interests with no gain of control | (20.0) | (9.2) |
Net cash from financing activities | (515.2) | (227.7) |
Translation net change in cash and cash equivalents | (18.1) | 3.7 |
Increase (decrease) in cash and cash equivalents | (980.8) | 825.4 |
Cash and cash equivalents at the beginning of the period | 2,815.4 | 2,346.8 |
Cash and cash equivalents at the end of the period | 1,834.6 | 3,172.2 |
Items included in cash flows: | ||
Interest paid during the period** | 80.5 | 51.5 |
Income taxes paid during the period | 301.5 |
* Of which €58.3 million corresponding to lease financial liabilities repayment for the 9 months ended September 30, 2024 (€55.0 million for the 9 months ended September 30, 2023). |
** Interest paid is included in the net cash from operating activities; of which €8.4 million interest on lease financial liabilities for the 9 months ended September 30, 2024 (€6.5 million for the 9 months ended September 30, 2023). |
Notes to the consolidated financial statements
KEY FIGURES.....................................................................................................7
NOTE 1 INTRODUCTION..................................................................................8
NOTE 2 SIGNFICANT TRANSACTIONS AND EVENTS FOR THE PERIOD.....8
NOTE 3 CHANGES IN THE SCOPE OF CONSOLIDATION.............................8
NOTE 4 INVENTORIES....................................................................................10
NOTE 5 TRADE RECEIVABLES.......................................................................10
NOTE 6 SHARE CAPITAL.................................................................................10
NOTE 7 LONG-TERM AND SHORT-TERM BORROWINGS............................11
NOTE 8 SEGMENT INFORMATION................................................................13
NOTE 9 SUBSEQUENT EVENTS.....................................................................16
KEY FIGURES
(in millions) | 9 months ended September 30, 2024 | 9 months ended September 30, 2023 |
Net sales | 6,229.0 | 6,307.3 |
Adjusted operating profit | 1,276.1 | 1,363.5 |
As of net sales | 20.5% | 21.6% |
20.6 before acquisitions?¹? | ||
Operating profit | 1,189.7 | 1,273.8 |
As of net sales | 19.1% | 20.2% |
Net profit attributable to the Group | 833.7 | 937.2 |
As of net sales | 13.4% | 14.9% |
Normalized free cash flow | 1,046.5 | 1,112.9 |
As of net sales | 16.8% | 17.6% |
Free cash flow | 749.2 | 1,214.1 |
As of net sales | 12.0% | 19.2% |
Net financial debt at September 30 | 3,204.8 | 2,153.7 |
(1) At 2023 scope of consolidation and excluding Russia. |
Adjusted operating profit is defined as operating profit adjusted for: i/ amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal) and, iii/ where applicable, impairment of goodwill
Normalized free cash flow is defined as the sum of net cash from operating activities based on a 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.
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.
Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.
The reconciliation of consolidated key figures with the financial statements is available in the appendices to the first nine months 2024 results press release.
NOTE 1 INTRODUCTION
This unaudited consolidated financial information is presented for the 9 months ended September 30, 2024. It does not include all the information required by International Financial Reporting Standards (IFRS) and it should be read in conjunction with consolidated financial statements for the year ended December 31, 2023 as established in the Universal Registration Document deposited under visa no D.24-0270 with the French Financial Markets Authority (AMF) on April 10, 2024.
All the amounts are presented in millions of euros unless otherwise indicated. Some totals may include rounding differences.
The unaudited consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations adopted by the European Union and applicable or authorized for early adoption from January 1, 2024.
None of the IFRS standards issued by the International Accounting Standards Board (IASB) that have not been adopted for use in the European Union are applicable to the Group.
NOTE 2 SIGNFICANT TRANSACTIONS AND EVENTS FOR THE PERIOD
No significant transactions or events are to be reported during the period.
NOTE 3 CHANGES IN THE SCOPE OF CONSOLIDATION
The contributions to the Group's consolidated financial statements of companies acquired since the end of 2022 were as follows:
2023 | March 31 | June 30 | September 30 | December 31 |
Full consolidation method | ||||
Voltadis | Balance sheet only | 6 months' profit | 9 months' profit | 12 months' profit |
A. H. Meyer | Balance sheet only | 6 months' profit | 9 months' profit | 12 months' profit |
Power Control | Balance sheet only | Balance sheet only | 9 months' profit | 12 months' profit |
Encelium | Balance sheet only | 6 months' profit | 9 months' profit | 12 months' profit |
Clamper | Balance sheet only | Balance sheet only | Balance sheet only | 11 months' profit |
Teknica | Balance sheet only | 4 months' profit | ||
MSS | Balance sheet only |
2024 | March 31 | June 30 | September 30 |
Full consolidation method | |||
Voltadis | 3 months' profit | 6 months' profit | 9 months' profit |
A. H. Meyer | 3 months' profit | 6 months' profit | 9 months' profit |
Power Control | 3 months' profit | 6 months' profit | 9 months' profit |
Encelium | 3 months' profit | 6 months' profit | 9 months' profit |
Clamper | 3 months' profit | 6 months' profit | 9 months' profit |
Teknica | 3 months' profit | 6 months' profit | 9 months' profit |
MSS | Balance sheet only | 6 months' profit | 9 months' profit |
ZPE Systems | Balance sheet only | Balance sheet only | Balance sheet only |
Enovation | Balance sheet only | Balance sheet only | |
Netrack | Balance sheet only | Balance sheet only | |
Davenham | Balance sheet only | Balance sheet only | |
VASS | Balance sheet only | Balance sheet only | |
UPSistemas | Balance sheet only |
During the first nine months of 2024, the main acquisitions were as follows:
- ZPE Systems, Inc. in the United States. ZPE Systems is a leading American specialist in serial console servers that enable remote access and management of network IT equipment in datacenters. Based in Fremont, California, ZPE Systems employs over 140 people, reporting annual sales of more than $80 million,
- Enovation, the Dutch leader in healthcare software in the market for connected health and assisted living. Enovation is based in Rotterdam, employs over 350 people and has annual sales of over €60 million;
- Netrack, an Indian specialist in server and network rack manufacturing, notably for datacenters. Based in Bangalore and employing over 250 people, Netrack reports annual revenue of around €10 million;
- Davenham, an Irish specialist in low-voltage power distribution systems (protection, switching, metering and energy distribution) for datacenters, including hyperscalers. Davenham is based in Dublin, employing 350 people and reports annual revenue of around €120 million, mostly in Europe and in the United States;
- VASS, the Australian leader in busbars, mostly for datacenters. Based in Ingleburn, near Sydney, and employing close to 40 people, VASS reports annual revenue of just under €10 million, mostly in Australia and the Asia-Pacific region; and
- UPSistemas, a Colombian specialist in the integration, commissioning, maintenance and monitoring of technical infrastructures, in particular for datacenters. Based in Bogota, and employing more than 300 people, UPSistemas reports annual revenue of around €30 million.
NOTE 4 INVENTORIES
Inventories are as follows:
(in millions) | September 30, 2024 | December 31, 2023 |
Purchased raw materials and components | 627.0 | 589.5 |
Sub-assemblies, work in progress | 164.4 | 134.9 |
Finished products | 819.0 | 736.9 |
Gross value at the end of the period | 1,610.4 | 1,461.3 |
Impairment | (249.6) | (239.0) |
NET VALUE AT THE END OF THE PERIOD | 1,360.8 | 1,222.3 |
NOTE 5 TRADE RECEIVABLES
Trade receivables are as follows:
(in millions) | September 30, 2024 | December 31, 2023 |
Trade receivables | 1,153.4 | 1,065.8 |
Impairment | (93.5) | (95.9) |
NET VALUE AT THE END OF THE PERIOD | 1,059.9 | 969.9 |
NOTE 6 SHARE CAPITAL
Share capital as of September 30, 2024 amounted to €1,048,982,932 represented by 262,245,733 ordinary shares with a par value of €4 each, for 262,245,733 theoretical voting rights and 262,144,725 exercisable voting rights (after subtracting shares held in treasury by the Group as of this date).
Changes in share capital in the first 9 months of 2024 were as follows:
Number of shares | Par value | Share capital (euros | Premiums (euros) | |
As of December 31, 2023 | 264,031,292 | 4 | 1,056,125,168 | 263,208,950 |
Cancellation of free shares | (1,785,559) | 4 | (7,142,236) | (152,857,701) |
As of September, 2024 | 262,245,733 | 4 | 1,048,982,932 | 110,351,249 |
As of September 30, 2024, the Group held 101,008 shares in treasury, versus 1,863,478 shares as of December 31, 2023, i.e. 1,762,470 fewer shares corresponding to:
- the net acquisition of 750,000 shares outside of the liquidity contract mainly for transfer under performance share plans and employee share ownership plans;
- the transfer of 442,591 shares to employees under performance share plans;
- the transfer of 299,996 shares under the launch of employee share ownership plans;
- the net purchase of 15,676 shares under the liquidity contract;
- the cancellation of 1,785,559 shares.
These transactions led to:
- a cash outflow of €43.8 million under share buybacks, net of disposals;
- a cash outflow of €1.2 million under the liquidity contract.
Number of shares | of which number of shares held by the Group | |
As of December 31, 2023 | 264,031,292 | 1,863,478 |
Transfer to employees | (742,587) | |
Share buybacks | 750,000 | |
Transactions under the liquidity contract | 15,676 | |
Shares cancellation | (1,785,559) | (1,785,559) |
As of September 30, 2024 | 262,245,733 | 101,008 |
of which for transfer to employees | 58,526 | |
of which liquidity contract | 42,482 | |
of which for shares cancellation | 0 |
NOTE 7 LONG-TERM AND SHORT-TERM BORROWINGS
7.1 LONG-TERM BORROWINGS
Long-term borrowings can be analyzed as follows:
(in millions) | September 30, 2024 | December 31, 2023 |
Negotiable commercial paper | 71.5 | 50.0 |
Bonds | 4,230.0 | 3,500.0 |
Yankee bonds | 0.0 | 262.7 |
Lease financial liabilities | 228.5 | 216.3 |
Other borrowings | 123.9 | 75.3 |
Long-term borrowings excluding debt issuance costs | 4,653.9 | 4,104.3 |
Debt issuance costs | (26.8) | (15.3) |
TOTAL | 4,627.1 | 4,089.0 |
7.2 SHORT-TERM BORROWINGS
Short-term borrowings can be analyzed as follows:
(in millions) | September 30, 2024 | December 31, 2023 |
Negotiable commercial paper | 50.0 | 115.0 |
Bonds | 0.0 | 500.0 |
Yankee bonds | 259.7 | 0.0 |
Lease financial liabilities | 71.4 | 68.3 |
Other borrowings | 31.2 | 49.0 |
TOTAL | 412.3 | 732.3 |
7.3 CHANGES IN LONG-TERM AND SHORT-TERM BORROWINGS
Changes in long-term and short-term borrowings can be analyzed as follows:
Variations not impacting cash flows | |||||||
(in millions) | September 30, 2024 | Cash flows | Acquisitions | Reclassifications | Translation adjustments | Other | December 31, 2023 |
Long-term borrowings | 4,627.1 | 796.9 | 52.6 | (386.6) | (6.1) | 81.3 | 4,089.0 |
Short-term borrowings | 412.3 | (700.1) | 0.1 | 386.6 | (6.0) | (0.6) | 732.3 |
Gross financial debt | 5,039.4 | 96.8 | 52.7 | 0.0 | (12.1) | 80.7 | 4,821.3 |
NOTE 8 SEGMENT INFORMATION
In accordance with IFRS 8, operating segments are determined based on the reporting made available to the chief operating decision maker of the Group and to the Group's management.
Given that Legrand activities are carried out locally, the Group is organized for management purposes by countries or groups of countries which have been allocated for internal reporting purposes into three operating segments:
- Europe, including France, Italy and Rest of Europe (mainly including Benelux, Germany, Iberia (including Portugal and Spain), Poland, the United Kingdom and Turkey);
- North and Central America, including Canada, Mexico, the United States, and Central American countries; and
- Rest of the world, mainly including Australia, China, India and South America (of which particularly Brazil, Chile and Colombia).
These three operating segments are under the responsibility of three segment managers who are directly accountable to the chief operating decision maker of the Group.
The economic models of subsidiaries within these segments are quite similar. Indeed, their sales are made up of electrical and digital building infrastructure products in particular to electrical installers, sold mainly through third-party distributors.
9 months ended September 30, 2024 | ||||||
(in millions) | Europe | North and Central America | Rest of the world | Total | ||
Net sales to third parties | 2,604.3 | 2,528.2 | 1,096.5 | 6,229.0 | ||
Cost of sales | (1,179.3) | (1,208.8) | (594.5) | (2,982.6) | ||
Administrative and selling expenses, R&D costs | (823.7) | (839.8) | (291.5) | (1,955.0) | ||
Other operating income (expenses) | (33.3) | (59.0) | (9.4) | (101.7) | ||
Operating profit | 568.0 | 420.6 | 201.1 | 1,189.7 | ||
of which i/ acquisition-related amortization, expenses and income and ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal) | ||||||
accounted for in administrative and selling expenses, R&D costs | (19.4) | (57.7) | (7.1) | (84.2) | ||
accounted for in other operating income (expenses) | (2.2) | (2.2) | ||||
of which goodwill impairment | 0.0 | |||||
Adjusted operating profit | 589.6 | 478.3 | 208.2 | 1,276.1 | ||
of which depreciation and impairment of tangible assets | (61.1) | (19.2) | (20.3) | (100.6) | ||
of which amortization and impairment of intangible assets | (9.0) | (1.4) | (1.0) | (11.4) | ||
of which amortization and impairment of development costs | (15.6) | 0.0 | (1.5) | (17.1) | ||
of which amortization and impairment of right-of-use assets | (23.8) | (21.5) | (15.8) | (61.1) | ||
of which restructuring costs | (13.4) | (26.8) | (10.8) | (51.0) | ||
Capital expenditure | (67.7) | (17.5) | (21.8) | (107.0) | ||
Capitalized development costs | (19.2) | 0.0 | (1.1) | (20.3) | ||
Net tangible assets | 539.2 | 155.0 | 143.2 | 837.4 | ||
Total current assets | 2,719.2 | 1,187.5 | 846.6 | 4,753.3 | ||
Total current liabilities | 1,398.7 | 589.9 | 452.6 | 2,441.2 | ||
(1) Of which France: €866.0 million. | ||||||
(2) Of which United States: €2,351.2 million. |
9 months ended September 30, 2023 | ||||||
(in millions) | Europe | North and Central America | Rest of the world | Total | ||
Net sales to third parties | 2,757.5 | 2,497.6 | 1,052.2 | 6,307.3 | ||
Cost of sales | (1,262.3) | (1,175.3) | (566.6) | (3,004.2) | ||
Administrative and selling expenses, R&D costs | (806.2) | (822.2) | (263.6) | (1,892.0) | ||
Other operating income (expenses) | (62.3) | (60.8) | (14.2) | (137.3) | ||
Operating profit | 626.7 | 439.3 | 207.8 | 1,273.8 | ||
of which i/ acquisition-related amortization, expenses and income and ii/ impacts related to disengagement from Russia (impairment of assets and effective disposal) | ||||||
accounted for in administrative and selling expenses, R&D costs | (18.3) | (59.1) | (4.0) | (81.4) | ||
accounted for in other operating income (expenses) | (8.3) | (8.3) | ||||
of which goodwill impairment | 0.0 | |||||
Adjusted operating profit | 653.3 | 498.4 | 211.8 | 1,363.5 | ||
of which depreciation and impairment of tangible assets | (54.9) | (19.4) | (17.8) | (92.1) | ||
of which amortization and impairment of intangible assets | (10.3) | (2.0) | (1.1) | (13.4) | ||
of which amortization and impairment of development costs | (21.6) | 0.0 | (0.8) | (22.4) | ||
of which amortization and impairment of right-of-use assets | (21.4) | (19.9) | (14.7) | (56.0) | ||
of which restructuring costs | (21.3) | (10.2) | (8.2) | (39.7) | ||
Capital expenditure | (72.6) | (20.1) | (18.6) | (111.3) | ||
Capitalized development costs | (21.5) | 0.0 | (0.9) | (22.4) | ||
Net tangible assets | 482.6 | 160.3 | 131.1 | 774.0 | ||
Total current assets | 3,661.0 | 1,404.1 | 874.9 | 5,940.0 | ||
Total current liabilities | 2,144.2 | 543.7 | 458.1 | 3,146.0 | ||
(1) Of which France: €948.0 million. | ||||||
(2) Of which United States: €2,306.8 million. |
NOTE 9 SUBSEQUENT EVENTS
External growth
The Group achieved the acquisition announced on September 3, 2024 of APP (Australian Plastic Profiles), an Australian cable management (conduit) leader for all types of buildings. Based in Sydney, Australian Plastic Profile employs approximately 250 people and generates an annual revenue of over €100 million.
French Competition Authority's (Autorité de la concurrence) investigation
On September 6, 2018, a search of Legrand premises took place. During the search, Legrand fully cooperated with the relevant authorities.
On July 4, 2022, Legrand received a statement of objections (notification de griefs) from the French Competition Authority, concerning the derogation mechanism with its distributors on the French market.
On October 20, 2022, Legrand reported that, as part of the investigation on the derogation mechanism on the French market, one of Legrand's French entities has been indicted and ordered to provide security in the amount of €80.5 million.
On October 30, 2024, Legrand has taken note of the enforceable decision of the French Competition Authority ordering Legrand to pay a fine of €43 million for the application of derogated prices on the French market between 2012 and 2015.
Legrand categorically rejects the allegation made against it and reserves the right to appeal this decision.
Legrand reiterates its firm commitment to comply strictly with applicable law, in particular competition law.
This enforceable decision should not have a material impact on the Group's 2024 financial statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106229826/en/
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