INNOVATING - Sequana … · Sequana is a global player in the paper industry, ... Europe’s leading B2B ... are cutting their marketing and communication budgets

Annual ReportINNOVATING

2011

4 / Sequana / 2011 Annual Report

Contents

38

4

14

26

A few words from the ChairmanInterview with the CEOGovernance

67

10

A community of innovatorsDistribution - AntalisProduction - Arjowiggins

283034

A community of innovatorsHR performanceEnvironmental performanceSocial performance

40424650

VISION

A community of innovatorsStrategySignifi cant events of the yearMarketKey fi guresStock market data

161820212224

PERFORMANCE

BUSINESSES

CORPORATE RESPONSIBILITY


Profi le

Sequana is a global player in the paper industry, boasting top-ranking positions in each of its businesses.

Sequana is ranked among the world leaders in its major business – the distribution of paper and packaging products. The Group is No. 1 in Europe and has carved out strong positions in Asia, South America and South Africa.

Sequana is also a major producer of specialty and creative papers. Through Antalis (distribution) and Arjowiggins (production), the Group serves corporate clients and printers across fi ve continents in 44 countries. Sequana delivered sales of €3.9 billion in 2011.


Four business segments

Leading positions• No. 1 in Europe and No. 4 worldwide• No. 1 in the Baltic States, Finland, France, Ireland, Norway,

Poland, Slovakia, South Africa, Switzerland, etc.• No. 2 in Austria, Belgium, Czech Republic, Denmark, Hungary,

the Netherlands, Romania, Spain, Sweden, the UK, etc.

Broad range of clients Antalis offers a broad array of products and services to more than 230,000 business customers around the world: • Printers and publishers • Companies and government agencies• Professionals specialised in signage systems• Industrial fi rms

PrintPrinters, graphic designers, publishers and advertising agencies can choose from a wide range of coated and uncoated papers, creative papers and envelopes as well as specialty products such as carbonless and self-adhesive papers.

Offi ceAntalis distributes a complete range of reams to large corporations, government organisations and resellers along with envelopes suitable for the very latest printing techniques.

PackagingAntalis provides major industrial groups, SMEs and printers with consumables, machines, solutions and additional services for protecting goods in transit and in storage. Its product offering includes standard packaging products like kraft paper, bubble wrap, cardboard boxes and strapping machines, as well as bespoke logistics and technical solutions, such as protection against corrosion.

Visual CommunicationThe Visual Communication business targets graphic art specialists conducting promotional, advertising or information campaigns. Antalis supplies these specialists with board, plastics and paper for point-of-sale (POS) advertising displays, signage, store and car window displays, and banners.

(excl. France and UK)

Breakdown of sales by geographic area

42%Western Europe

20%UK

14%France

14%Eastern Europe

10%Rest of the world

Europe’s leading B2B distributor of paper and packaging products

OUR GROUP: Antalis & Arjowiggins

€2.8billion in sales

6,000employees

in 44 countries

110distribution

centres

13,000deliveries a day

in Europe

2million tonnes of paper distributed each year


Major producer of creative and technical papers

Four autonomous divisions

GraphicArjowiggins Graphic offers a wide range of standard or eco-friendly (recycled, FSC®-certifi ed) coated and non-coated paper for the publishing, advertising and printing markets. It also enjoys strong positions in certain niche markets for specialty papers such as for playing cards, labels and sterile packaging solutions for the medical and hospital sector, etc. Arjowiggins Graphic also produces 100%-recycled paper pulp.Brands: Cyclus, Eural, Cocoon, Playper, Maine1 Face, SecureCard, Kaleïdo, Propypel, Ethypel, Arjopeel, Sterisheet, etc.

Coated USAppleton Coated manufactures coated papers for the commercial printing and book publishing industries. Brands: Utopia, Altima.

Creative PapersArjowiggins Creative Papers produces papers covering a wide variety of applications, including corporate communications, advertising, promotion, bookbinding and luxury packaging, and specialty applications (tracing paper for technical drawing, casting paper used in the manufacture of synthetic leather, etc.).Brands: Conqueror, Curious Collection, Keaykolour, Opale, Rives, Pop’Set, Guafl ex, Priplak, Gateway, etc.

SecurityArjowiggins Security is involved in three businesses:• secure payment solutions (banknotes, cheque books,

vouchers);• proof-of-identity documentation (ID cards, standard

and biometric passports);• anti-counterfeit/illicit trading and brand protection solutions.Brands: Diamone, Bioguard, Bioguard V, Pixel, Watermark, Combifl uo, PaperLam, Polyart, etc.

20%North America

15%France

26%Europe

11%Asia


10%UK

Breakdown of sales by geographic area


€1.5billion in sales

1.1million tonnes of paper manufactured each year

25production

sites

5,200employees

50recognised brandsMore than


CONSTANTLY INNOVATING to be ready for the

future

VISION


VISION: A few words from the Chairman

A FEW WORDS from the Chairman

Once again, our Group had to contend with extremely tough business conditions in 2011: a sharp fall in demand for writing and printing paper combined with consistently high raw material and energy costs over the period. Moreover, due to the deterioration in the economic climate in the wake of the euro crisis, we were unable to put up our prices to offset these negative impacts.

Although sales fell by only 2% year on year, Sequana’s operating performance was down one-third on 2010: the Group posted a net loss of €77 million, mainly due to €108 million in non-recurring expenses, of which €61 million related to write-downs on Arjowiggins assets and €38 million to restructuring costs.

However, we should not allow these disappointing results to overshadow the great strides that have been made in both of our businesses, particularly through the deployment of Antalis’ transformation programme and the steady growth in our specialty businesses on the back of Arjowiggins’ dynamic innovation policy.

In accordance with the Group’s strategy, Antalis refocused on its core business with the sale of its Offi ce Supplies activities in Spain and Portugal. Arjowiggins participated in the consolidation of the paper sector by selling off its Decor and Abrasive paper businesses. Taken together, these divestments helped to reduce the Group’s net debt by €65 million over the period.

In view of the present circumstances, the Board of Directors of Sequana has decided to recommend not paying a dividend for 2011 at the Annual Shareholders’ Meeting.

In spite of the overriding uncertainty, the Group’s teams are confi dent in their ability to deliver an improved operating performance in 2012. I would like to take this opportunity to thank all of the Group’s employees for their unyielding commitment and determination in continuing to move our Group forward in these testing times.

Tiberto Ruy Brandolini d’AddaChairman of the Board of Directors

Tiberto Ruy Brandolini d’Adda, Chairman of the Board of Directors

In 2011, Sequana had to contend with very diffi cult market conditions that weighed heavily on the Group’s results.


2011 saw a marked deterioration in your operating performance. How do you account for this? The pace of change is accelerating and this extreme volatility clearly brings with it new uncertainties for business. This turmoil is even more acute in our industry where electronic applications – especially Internet – are upsetting consumption patterns. Paper use is falling and, as the fi nancial crisis bites, businesses are cutting their marketing and communication budgets. In the second-half of 2011, we witnessed a sharp drop in writing and printing volumes which prevented us from implementing planned price increases. We also had to contend with consistently high raw material prices and even record highs for waste paper, latex, starch, and cotton – which we use in the manufacture of banknote paper. It is this squeeze on margins – lower volumes coupled with very high external costs – that explains why Sequana’s 2011 operating performance was down one-third on 2010. But in the midst of all this turmoil, we should note that Antalis held up well, keeping its operating margin stable at 3% of sales.

After a year that witnessed falling volumes and high raw material prices, Sequana should enjoy more favourable market conditions and an improved operating performance in 2012.

And yet the cost of paper pulpand cotton actually went down during the year...Yes, paper pulp and cotton prices did fall in the second-half of 2011 but prices are not the only problem: you also have to secure your supplies. Take cotton for example. Poor harvests and speculation would lead us to expect serious shortages of this raw material. But unless you want to fi nd yourself excluded from calls for tenders for a very long time, you cannot simply not supply your customers – in our case central banks – with the paper they need to produce their banknotes. So, we purchased virtually all of our supplies for the year at the higher price and therefore we could not enjoy the benefi t of lower cotton prices towards the end of 2011. The adverse impact of cotton prices over the year amounted to €24 million, or 39% of the total negative impact from higher raw material prices in 2011.

INTERVIEWwith the CEO

Pascal Lebard, Chief Executive Offi cer


Why did you not simply pass on the hikes in cotton prices that dragged down the Security division’s profi tability?Contracts, based on calls for tenders, are usually for a one-year period. Most were negotiated before the cotton price increases and did not include a price indexation clause, meaning we could not pass on these price increases during the year. So the Security division’s profi tability was badly hit by the sharp rise in cotton prices – but this is merely a temporary situation. Arjowiggins Security is a good business and there are great opportunities and perspectives in security and brand protection solutions. I am not worried about the future of this division.

In the graphic papers segment, you successfully raised your selling prices in 2010. Why were you not able to repeatthe trick in 2011? During the fi rst six months of the year, we enjoyed the benefi ts of selling price increases implemented in 2010 and early 2011, however this pattern did not continue. Obviously, the fi nancial crisis during the summer did not help business and in September, orders began to decline rapidly. The looming recession accelerated the drop in volumes, fi rms began to cut costs and marketing and communication budgets were reduced. The price increases that had been announced by all market players before the summer could not therefore be implemented. In any case, Arjowiggins is only a mid-table player in the standard coated paper segment (writing and printing paper) and this prevents it from setting prices.

Moving on to another business, you have frequently referred to the diffi culties in procuring waste paper for the plantthat produces premium 100%-recycled pulp. Is this a major concern in this sector? Absolutely! The price of recycled waste paper has risen faster than paper pulp prices. Demand for recycled paper is so strong in Asia that it has given rise to a paradoxical situation: while French waste paper resources are being dealt with more and more effi ciently, French plants are fi nding it increasingly diffi cult to get their hands on supplies. The fi gures are staggering: China needs almost 30 million tonnes of recycled paper to meet the requirements of its paper industry whose capacity has more than trebled in the space of ten years. France recycles approximately seven million tonnes of paper annually and the country has developed real skills and know-how in this domain which are now being threatened by this constant pressure on recycled paper prices. It is high time that we began to think local and to organise the recycling of our industrial waste on a local basis. The international market for waste paper should merely be an adjusting factor and not the principal driver. Creating value through recycling has a twofold benefi t: it maximises the creation of sustainable employment throughout the sector and strengthens the position of the French paper recycling champions.

On the distribution side, Antalis’ business held up well. Can this be put down to the fi rst effects of the RACE 2012 programme?Well, Antalis kept a tight rein on its costs and implemented price increases in the fi rst-half of 2011 so, although RACE 2012 certainly helped, it was not the only contributing factor. RACE 2012 is clearly a formidable vector for boosting both sales and profi tability. Why is this? Simply because it allows us to manage the customer portfolio in a more effective manner and to adopt a more structured approach to new customer prospection. Our new sales structure, underpinned by CRM tools, has also enabled us to optimise various different sales channels. E-commerce, which is a key vector for a B2B distributor like Antalis, now accounts for 6.5% of sales. There were one million orders online in 2011 and this is very encouraging. And our non-paper activities are also developing nicely: the Visual Communication and Packaging businesses generated organic growth of 20% in 2011.

VISION: Interview with the CEO


On that very subject, how do you plan to grow these businesses?We currently generate sales of around €350 million in these markets, representing 13% of Antalis’ total sales. Our strategy is to focus on organic growth initially. This involves two things: fi rstly, fl eshing out our product and service offering. This is exactly what we did in early 2012 in Visual Communication with the launch of Coala, a new range of Large Format Printing (LFP) products; secondly we want to expand our footprint in packaging products and solutions and our offering is now available in Spain, Italy and Poland. Our specialist unit in Stuttgart comprises 40 people who can share their expertise with other countries. We also intend to pursue acquisition-led growth in this market which remains fragmented in Europe. Targets are frequently relatively small in size and often family-owned. We recently acquired two distributors of packaging products and solutions in the UK and Germany which catapulted us up to No. 2 in the UK market and added €50 million to sales. We ultimately wish to turn packaging into the second pillar of the distribution business.

How do you feel moving forward into 2012?Demand for writing and printing paper kept falling at the beginning of 2012 and this pattern is set to continue throughout the year, although it should be more pronounced in the fi rst six months. Despite the ongoing volatility in the business environment, we should benefi t from a drop in raw material prices to below 2011 levels, with the exception of energy and chemical products. And our teams remain focused on capturing new markets and consolidating existing positions thanks to our dynamic innovation policy – just as they were in 2011. Antalis’ focus on the high-growth packaging and visual communication segments as well as its footprint in emerging countries is also a major plus. All of these factors will impact positively on our operating performance in 2012.

Tiberto Ruy Brandolini d’Adda & Pascal Lebard


VISION: Governance

The Executive Committee is made up of senior executives from Sequana, Antalis and Arjowiggins and is structured to provide proactive operational management for all Group businesses. It focuses primarily on boosting the operating performances of Antalis and Arjowiggins.

EFFECTIVE coordination of overall Group strategy

Executive Committee

a. Pascal Lebard49 years old, Chief Executive Offi cer of Sequana, Chief Executive Offi cer of Antalis and of Arjowigginsb. Hervé Poncin48 years old, Chief Operating Offi cer of Antalisc. Guy Léonard59 years old, Group Human Resources Director and Chief Operating Offi cer of Arjowiggins

d. Isabelle Boccon-Gibod44 years old, Executive Vice-Presidente. Xavier Roy-Contancin53 years old, Group Chief Financial Offi cerf. Antoine Courteault55 years old, Company Secretary

a.

b. c.

d. e. f.


CONSTANTLY STRIVING for greater transparency

Sequana adheres to a corporate governance policy that complies with the recommendations of the French stock market authorities and with best market practices. This involves effective oversight structures and high-quality fi nancial information, while respecting the Company’s ownership structure and the agreements signed between its two main shareholders.

A balanced division of dutiesSince 1 July 2007, the duties of Chairman of the Board of Directors and of Chief Executive Offi cer of Sequana have been separate and they are currently exercised by Tiberto Ruy Brandolini d’Adda and Pascal Lebard, respectively. The separation of these two corporate offi ces around the complementary skills and experience of both men provides Sequana with optimum visibility over its operational activities while safeguarding the quality of the Board’s work.

directors Accountable

The shareholder agreement between Exor SA and DLMD governs the allocation of responsibilities among directors and each company’s role on the Board and its committees. Each director must hold at least 100 shares during his or her entire term of offi ce and also undertakes to comply with the rules of conduct set forth in the Directors’ Charter and the Code of Good Conduct.

Board of DirectorsSequana’s Board of Directors is chaired by Tiberto Ruy Brandolini d’Adda and is composed of ten directors. In March 2011, the Board of Directors renewed the terms of offi ce of nine directors and Raffaella Papa became the fi rst female member of the Board. It met on six occasions in 2011, with an attendance rate of 85%. Board meetings dealt with corporate governance issues, approval of the consolidated fi nancial statements for 2010 and the fi rst half of 2011, and normal business, including the refi nancing of the Group.


Proactive committeesThe Board’s committees act within their remit as defi ned by the Board. They prepare the Board’s work and make recommendations but have no decision-making power. The committees regularly report to the Board, which makes decisions that are then relayed to shareholders by the Chairman.

The Audit Committee, chaired by Exor SA, represented by Pierre MartinetThe Audit Committee is composed of four members, including two independent members. It focuses on fi ve main areas: verifi cation of accounting principles; approval of half-yearly and annual parent company and consolidated fi nancial statements; internal control; review of the fi nancial position of the Group and any risks to which it may be exposed; and the status of the Statutory Auditors (appointment, independence). The Audit Committee met twice in 2011, with an attendance rate of 75%.

The Nominations and Compensation Committee, chaired by Luc ArgandThe purpose of this committee is to make recommendations on compensation to be paid to corporate offi cers and key executives, and to review stock purchase or subscription plans and proposals for share award plans. It also reviews all matters relating to the composition of the Board and its committees, how they are organised and how their business is conducted. It is composed of four members, two of whom are independent. The Nominations and Compensation Committee met on three occasions in 2011 and the attendance rate was 92%.

The Strategy Committee, chaired by Tiberto Ruy Brandolini d’AddaThe Strategy Committee makes recommendations on the Group’s key strategic focuses and examines the best investment opportunities. The Committee is composed of four members, one of whom is independent. It did not meet in 2011. Strategic issues were deliberated upon at meetings of the Board of Directors of Sequana.

“Sequana’s Board of Directors has ten members and one non-voting observer whose terms of offi ce expire in 2013 and 2014. The average age of directors is 55. Four of the directorsare independent and four are non-French.”

Focus on internal audit

The Internal Audit department is independent of operational management and reports directly to the CEO and the Audit Committee. This independence guarantees control over the processes that contribute to the Group’s strategic objectives. Every half-year, the Internal Audit department reviews the audit plan and its results with the Audit Committee. It is also responsible for regularly checking that Group accounting and operating procedures have been implemented, monitoring and improving the overall internal control environment and ensuring that rules on ethics are respected. Although a similar approach is used for both Antalis and Arjowiggins, internal audits take account of each company’s specifi c operating environment.

VISION: Governance


Board of Directors

a. Tiberto Ruy Brandolini d’Adda64 years old, Italian citizen, Chairman of the Board of Directors of Sequana

b. Pascal Lebard 49 years old, Chief Executive Offi cer of Sequana, Chief Executive Offi cer of Antalis and Arjowiggins

c. Luc Argand 64 years old, Swiss citizen, Partner at the law fi rm Pfyffer & Associés (Switzerland)

d. Jean-Pascal Beaufret 61 years old

e. Pierre Martinet Permanent representative of Exor SA, 62 years old, Managing Director of Old Town (Luxembourg)

f. Laurent Mignon 48 years old, Chief Executive Offi cer of Natixis

g. Raffaella Papa43 years old, Italian citizen, Corporate Functions Director/Chief Financial Offi cer of Itedi Italiana Edizioni SpA (Italy)

h. Michel Taittinger 67 years old

i. Pierluigi Riches Permanent representative of Allianz France, 59 years old, Head of Group Regulatory Policy at Allianz SE (Germany)

j. Nicolas Lebard Permanent representative of DLMD, 45 years old, Managing Director of NL Conseil

k. Alessandro Potestà (non-voting observer) 44 years old, Italian citizen, Managing Director of Exor SpA (Italy)

a. b. c. d. e.

g. h. i. j.f. k.


INNOVATINGto add value

PERFORMANCE

PERFORMANCE: A community of innovators

The Dalum plant presses the green button!The Arjowiggins Graphic plant at Dalum, Denmark, has set ambitious environmental goals. Since 2006, the plant has reduced its electricity consumption by 13%, its steam emissions by 64% and its CO2 emissions by 93%. Its environmental commitment was once again recognised at the Pulp & Paper International (PPI) Awards, where it picked up a prize in the “Green Energy and Biofuels” category in 2011.

To cement its position on the market, Arjowiggins Creative Papers has stepped up its innovation efforts in eco-friendly products. In 2011, its R&D department continued to work on the use of natural products and alternative fi bres and well as production waste in paper production, resulting in the launch of Keaykolour ReKreate. This patented technology cuts the amount of colouring and pulp used by half and represents an outstanding step forward in greening paper production.

Arjowiggins Creative Papers has expanded its range of eco-friendly products

A COMMUNITYof innovators

You have set up “AutoStore” with a view to optimising your supply chain. How does it work?

It is a fully-automated bespoke logistics solution that streamlines storage and order scheduling. It is perfectly suited to public service companies, banks and car dealers who need to store their information and promotional material or spare and production parts in our distribution centre for delivery anywhere in Switzerland – sometimes at short notice.

What are the advantages of AutoStore?

AutoStore’s 18,000 plastic containers handled by ten robots can carry out up to 500 retrievals per hour, offering much greater fl exibility and productivity. AutoStore also simplifi es and speeds up order preparation which in turn enhances service quality. Antalis is the fi rst company in Switzerland to have developed this technology which opens up whole new development perspectives.

e-commerceIn 2011, the number of countries with an e-commerce platform doubled

and e-commerce now accounts for 6.5% of Antalis’ sales and generates one million online orders.As proof of the success that e-commerce is having with our customers, witness Sweden, where online orders jumped from just 8% to 25% of the total in only four months. The online sales penetration rate is constantly increasing across all countries, particularly in Belgium (up 32%)and the UK (up 21%).

In 2011, Antalis shook up the offset printing market by successfully developing Olin, its own premium offset paper. Olin combines a broad range with unique features – all developed by Antalis teams in line with rigorous quality-based criteria. So, while designers and printers have lauded Olin for its whiteness, texture and printing quality, many advertisers have also chosen it to lend their corporate communication and promotional material a certain stamp of excellence. Olin has taken the offset market by storm!

creating value in the offset printing market

Olin

Jürg PletscherManaging Director of Antalis Switzerland


Strengthening the Group’s market positions in strategic businessesBoth organic and acquisition-led growth are key components of Sequana’s strategy. The Group’s aim is to invest further in innovation and development, expand its product and service offering, enhance customer service and maximise value creation.

With Antalis, Sequana boasts top-ranking positions in paper distribution and product packaging. It seeks to cement its position in the market while pursuing a targeted acquisition strategy to boost its growth in the high-potential Packaging and Visual Communication sectors.

With Arjowiggins, producer of creative and specialty papers, Sequana is also well-positioned in a number of different market niches. Its growth is driven by new product launches and two key differentiation factors: innovation and the highly technical component of its papers.

Making product innovation and customer service a prioritySequana sees services as a vector for creating value and this is why meeting customer expectations across all businesses is such a priority.On the distribution side of the business, the credo of Antalis’ RACE 2012 programme is delivering excellence to customers through fi ve key priorities: customer focus, expansion into growth markets, operational excellence, services and solutions, and people development. The Group strives to capitalise on its expertise in the different countries in which it is present while leveraging the effi ciency of its distribution network and its wide range of products and services.On the production side, Arjowiggins is stepping up its innovation drive in all businesses to forge powerful brands that give the Group a real edge in its respective markets. The idea is to strengthen customer relationships through new applications and high-quality products.

Participating in the consolidation of the paper industry Sequana plans to consolidate its positions in the distribution of paper and communications materials, particularly via targeted acquisitions in the Packaging and Visual Communication sectors. On the production side, Sequana’s aim is to play an active role in the consolidation of the paper industry through mergers, acquisitions and disposals in order to carve out leading positions for businesses on their respective markets. This was the logic behind the sale of the Decor and Abrasive businesses based at the Arches (France) and Dettingen (Germany) plants to Swedish group Munksjö in March 2011.

HOLDING THE NUMBER one position in our businesses

Sequana’s strategy is focused on strengthening its market positions in its different businesses. In the long term, the Group’s goals are to refocus on distribution and step up its development in high-growth sectors (Packaging, Visual Communication) and participate in the consolidation of the paper industry in order to carve out leading positions for its industrial businesses.

PERFORMANCE: Strategy


What is the state of play with regard to RACE 2012? First off, bear in mind that the overriding objective of RACE 2012 is to deliver excellence to customers through a new sales organisation. It is based on the constant adaptation of our processes and tools in order to deliver greater operational effi ciency. As such, we have recast our customer segmentation basis and this new approach has now been rolled out to the entire group. This has allowed us redeploy our sales force in line with customer profi lesin 20 different European countries, resulting in a greater number of contacts, higher quality customer relations and more time to bring in new customers.

What has the initial feedback been like?Positive! Using very detailed customer segmentation and the information provided by the CRM tools, countries have deployed targeted marketing campaigns to boost sales. The development of the Packaging and Visual Communication segments has been signifi cant, with double-digit organic growth. Services are also being developed in a more professional manner. Most countries have produced a dedicated catalogue along with a new service offering, especially in the logistics domain. Finally, the Sales Academy, which provides underlying support for the programme, trained over 2,000 people in 2011. These are all important milestones on the road to delivering excellence to our customers.

Two years after the launch of Antalis’ ambitious RACE 2012 programme, Markku Tynell, Programme Director, reviews the achievements to date.

Overview of RACE 2012

« L’augmentation des prix de vente est un axe fort de notre stratégie. Le contexte de marché en 2011

ne nous a pas permis de le faire dans l’ensemble de nos segments d’activité. Cela reste néanmoins une priorité

du groupe dans les années à venir. »

Sequana’s strategy is to develop leading positions in all segmentsin which it does business. In the highly-competitive Decor segment,the Group was not big enough and did not have a strong enough presence to be able to develop a winning strategy. By selling off Arjowiggins’ Decor and Abrasive paper businesses to the Swedish group Munksjö in March 2011, it helped create a major player on the European market. The proceeds from this sale – for an enterprise value of €95 million – are a refl ection of both the quality and strategic value of these businesses, renowned for the excellence of their teams, R&D and high-quality production facilities . It also refl ects the Group’s constant drive to enhance the operational excellence of its own businesses in order to maximise their value.

ArjowigginsHelping to consolidate the sector

“Increasing selling prices is a key component of our strategy, even though fraught market conditions

prevented us from doing this across all businesses in 2011. Nevertheless, this will remain a priority

for the Group over the coming years.”

Antalis

Visual Communication: large-format image printing


PERFORMANCE: Signifi cant events of the year & Market

February 2012 As part of the Group’s acquisition-led growth strategy in high-potential markets, Antalis acquired UK-based Ambassador in early January, and Pack 2000 in Germany at the end of February. Both companies distribute packaging consumables and products. The Group generated sales of €207 million in this sector in 2011 and these acquisitions added another €50 million to sales. They also took the Group up to No. 2 in the UK packaging solutions distribution market. The total costof the two acquisitions was €26 million in enterprise value.

22 July Arjowiggins took new measures to bring production capacity into line with lower demand and shut down three paper machines, one at the Rives (France), one at Dalum Papir (Denmark) and lastly, one at Witcel (Argentina) plants.

30 June Arjowiggins sold the Moulin du Roy mill in Annonay (France), which produces fi ne arts papers, to the Hamelin group.

10 March Arjowiggins sold its Decor, Abrasives, Thin Opaque Papers and Fine Arts businesses based at the Arches (France) and Dettingen (Germany) plants to Swedish group Munksjö for an enterprise value of €95 million. In 2010, these businesses generated sales of €220 million and posted EBITDA of €15 million.

7 February Antalis fi nalised the sale of Antalis Offi ce Supplies in Spain and Portugal(paper and fi ling, writing and hygiene products) to Lyreco.The transaction brought in €23 million based on the enterprise valueof both businesses.

31 March Antalis sold off its wholesale cash and carry offi ce supplies business in Porto and Lisbon and its paper and cardboard converting business in Portugal to Portuguese fi rm AVS. This transaction was worth €3 million to the Groupin enterprise value.

was the year when...2011

April 2012 On 30 April 2012, the Group fi nalised an agreement with banks to renew the Group’s credit facilities through to 30 June 2014.


In 2011, Sequana’s business was badly hit by high raw material costs – chiefl y cotton and paper pulp – and volume decrease in printing and writing papers in Europe and the US.

Very tough market

Paper pulp prices between January 2009 and December 2011

Market outlook for 2012The prevailing economic uncertainty should continue to drag down demand for printing and writing papers although falling volumes should be partially offset by good performances in other businesses (specialty and eco-friendly papers, Packaging and Visual Communication) and in emerging countries. In spite of the continuing volatility in the business environment, the Group should reap the benefi ts of lower raw material prices. Paper pulp, cotton and waste paper should all be cheaper than in 2011. Nevertheless, energy and chemical prices are set to remain high.

Cotton prices over twelve months between January 2009 and December 2011

sales levels. Consequently, the sector as a whole was unable to implement the anticipated price increases in the second-half of the year. Overall, volumes for printing and writing papers were down 8% on the distribution side and 7% on the production side, year on year. However, demand remained buoyant in the non-paper distribution businesses (Visual Communication and Packaging), and in most of the specialty production businesses, in particular in the Security business (banknote paper and security solutions). Business was also brisk in non-European markets (Asia, South Africa and South America).

The fi rst-half of 2011 was marked by a greater-than-expected downturn in volumes and strong upward pressure on raw material prices. Prices for energy and raw materials (such as waste paper) greatly exceeded fi rst-half 2010 levels and the price of cotton – used to produce banknote papers by the Security division – almost trebled between September 2010 and March 2011. Although Sequana had anticipated a gradual improvement in market conditions over the second half of the year, the month of September, when demand for printing and writing papers usually picks up after the summer break, was marked by particularly low

CONDITIONS

3.5

3.0

2.5

2.0

1.5

1.0

0.5

Pix BHKP

800

700

600

500

400

3002009 2010 2011

Pix NBSK

In €/tonne

In €/kg

– Pix NBSK (Northern Bleached Softwood Kraft): reference index for long fi bre pulp.

– Pix BHKP (Northern Bleached Hardwood Kraft): reference index for short fi bre pulp.

2009 2010 2011


PERFORMANCE: Key fi gures

2011 RESULTS

In 2011, Sequana had to contend with a sharp drop in printing and writing paper volumes and consistently high input costs (pulp, cotton, waste papers, chemicals and energy). This squeeze on margins had a major adverse impact on results and operating performance was down one-third on 2010.The Group posted a net attributable loss of €77 million, mainly due to €108 million in non-recurring expenses, of which €61 million related to write-downs on Arjowiggins assets and €38 million to restructuring costs.

(€ millions) except for per share data 2011

2010 management

pro forma*

2010 IFRS

pro forma**2010

reported

Change 2011/2010 management pro forma***

Sales 3,944 4,016 4,117 4,333 -1.8%

EBITDA****EBITDA margin (%)***

1353.4%

2065.1%

2095.1%

2245.2%

-34.5%-1.7 point

Recurring operating incomeOperating margin (%)***

892.3%

1353.4%

1373.3%

1483.4%

-33.9%-1.0 point

Recurring net income*****Recurring diluted earnings per share

30€0.60

51€1.01

54€1.07

61€1.20

-41.2%–

Net income (loss) attributable to ownersDiluted earnings (loss) per share

(77)€(1.57)

32€0.64

32€0.64

32€0.64

NA

Average number of shares after dilution 49,256,017 50,480,341 50,480,341 50,480,341 –

(*) Earnings in 2010 have been restated without Arjowiggins Decor and Abrasives and Antalis Offi ce Supplies, activities sold in 2011.(**) In 2010, the Decor and Abrasives business was reclassifi ed to net income from discontinued operations, in accordance with IFRS 5.(***) Percentage changes and margin changes in percentages are rounded out to one decimal place.(****) EBITDA: recurring operating income before depreciation and amortisation and excluding movements in provisions.(*****) Recurring net income: recurring operating income after net fi nancial income (expense) and income tax on recurring operating income.

Analytical income statement – Sequana

Net debt (at 31 December)

(€ millions)

651

2009 2010

674

2011

609

Group



Breakdown of Group sales by geographic area

46%Europe

17%UK

13%France


Antalis ArjowigginsIn 2011, Antalis had to contend with sharply reduced demand for printing and writing papers in Europe (down 8%). However, demand was healthy in non-paper businesses (Packaging and Visual Communication) and in markets outside Europe. Consequently, sales fell by only 1.4% on 2010 (pro forma) to €2,759 million (down 1.6% at constant exchange rates).Thanks to the combined impacts of selling price increases implemented in 2010 and in the fi rst half of 2011, a proactive gross margin protection policy, an improved product mix due to the growing contribution of the Packaging and Visual Communication businesses, and a tight rein on overheads, EBITDA came in at €101 million, compared to €112 million for 2010 (pro forma). Recurring operating income amounted to €83 million, a decline of 3.4% on 2010 (pro forma), while the operating margin remained stable at 3.0%.

2011 saw a sharp drop in demand for graphic papers in Europe and the US, particularly in the second half of the year. Consequently, the selling price increases scheduled for the second half of 2011 could not be implemented. Specialty businesses performed well overall. Sales slipped 1.6% on 2010 (pro forma) to €1,465 million (down 0.3% at constant exchange rates). Given the adverse impact of persistently high raw material costs (€62 million in 2011) and the 7% dip in volumes, EBITDA fell to €50 million, down from €112 million in 2010 (pro forma). Recurring operating income came in at €22 million (including a gain of €17 million arising on a pension plan in the UK), down €44 million on 2010 (pro forma).

7%US

Group average headcount by geographic area

26%France

15%UK

7%US

36%Europe


(€ millions) 2011

2010 management

pro forma2010

reported

Change management

pro forma

Sales 2,759 2,799 2,900 -1.4%

EBITDAEBITDA margin (%)

1013.7%

1103.9%

1133.9%

-8.2%-0.2 points

Recurring operating income(*) 83 85 88 -3.4%

Operating margin (%) 3.0% 3.0% 3.0% –

Capital employed 604 – 635

Return on capital employed (ROCE) 13.7% – 13.8%

Antalis – Key fi gures

(€ millions) 2011

2010 management

pro forma2010

reported

Change management

pro forma

Sales 1,465 1,489 1,711 -1.6%

EBITDAEBITDA margin (%)

503.4%

1127.5%

1287.5%

-55.8%-4.1 points

Recurring operating income(*) 22 66 76 66.0%

Operating margin (%) 1.5% 4.4% 4.4% -2.9 points

Capital employed 472 – 561

Return on capital employed (ROCE) 4.8% – 13.6%

Arjowiggins – Key fi gures

(*) Including a gain of €17 million arising on a pension plan in the UK.


(*) Including a gain of €8 million arising on changes to pension plans in Europe.


PERFORMANCE: Stock market data

Sequana operates in a highly cyclical industry and is more sensitive than other sectors to prevailing fi nancial and economic conditions. The fi nancial crisis and ongoing uncertainty over the global economy exacerbated the pressure on Sequana’s share price in 2011.

FULLY TRANSPARENT INFORMATION and fi nancial reporting

In the interests of complete disclosure of all necessary fi nancial and stock market data to its stakeholders, Sequana has established communication channels to guarantee transparency and investor dialogue.

It provides the market with quarterly updates on its results (sales by business and condensed consolidated income statement) and its strategic focuses, and publishes full or condensed fi nancial statements twice a year. A fi nancial notice is also published in the French media when the Group publishes its annual and half-yearly earnings.

Outside of the reporting cycle, Sequana regularly organises information meetings to keep the investing public abreast of its strategic focuses. Senior management meets with investors in Europe throughout the year and also takes part in conferences organised for small- and mid-caps. In 2011, Sequana participated in fi ve such meetings in Paris and the rest of France.

All Group fi nancial and stock market information can be consulted on Sequana’s website in French and English. Investors can get the share price in real time or download press releases and earnings announcements. In 2011, the website got a makeover designed to streamline access for different types of users and it now features a dedicated section for shareholders.

An e-mail alert service keeps all interested parties informed of the latest press releases and radio ads invite listeners to consult the Sequana website (www.sequana.com).

Ownership structure (at 31 December 2011)

0.66%Treasury shares

20.25%DLMD(incl. Pascal Lebard 0.03%)

Market capitalisation (at 31 December 2011)

(in € millions)

395

2009 2010

577

2011

213

28.24%Exor SA

50.85%Free fl oat(incl. Allianz

11.83%)


2011 2010 2009

Number of shares at 31 December 49,545,002 49,545,002 49,545,002

Dividend (in €) – (1) 0.40 0.35

Share price (in €)

High 14.25 12.95 10.77

Low 2.76 6.83 3.51

Closing 4.29 11.65 7.98

Market capitalisation (in € millions) at 31 December 213 577 395

Share data over the last three years

(1) Subject to shareholder approval at the Shareholders’ Meeting of 26 June 2012.

Key dates in 201226 June: Shareholders’ Meeting26 July: First half 2012 results25 October: Third quarter 2012 sales

Sequana on the stock marketListed on Eurolist of NYSE Euronext (Segment B)Indices: CAC Small®, CAC Mid & Small®, CAC All-Tradable®

Eligible for the deferred settlement service (SRD)Ticker symbol: SEQISIN code: FR0000063364Par value per share: €1.50

Contact us Sequana, 8 rue de Seine, 92517 Boulogne Cedex, FranceTel: +33 1 58 04 22 80Email: [email protected]

Share accounts are administered byBNP Paribas Securities ServicesInvestor Relations (Relations Actionnaires)9, rue du Débarcadère 93500 Pantin, France Tel: +33 826 109 119

Performance of the Sequana share between 1 January 2011 and 31 March 2012(Source: NYSE Euronext)

– Sequana share price– CAC Small® index (adjusted)

14

10

6

4

2

0

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

Jan. 2011 Feb. March April May June July Aug Sept. Oct. Nov. Dec. Jan. 2012 Feb. March

Euros

Average number of shares traded daily

■ Monthly trading volumes

8

12


INNOVATINGto stay ahead of the game

BUSINESSES

A COMMUNITY of innovators

BUSINESSES: A community of innovators

The eight new Pop’Set shades.

Partnering digital printing

Antalis has launched its d2b (digital to business) initiative, designed to help customers harness the full potential of digital printing. As part of the French d2b launch, the group organised a “tour de France” around nine major cities in late 2011 in partnership with HP Indigo and Canon that brought together over 500 players from the digital technology sector. Antalis also used these occasions to present its Digigreen, 100% digital and 100% green range. This innovative approach will be rolled out to other European countries in 2012.

Xavier Jouvet Marketing & Purchasing Director of Antalis “Our aim is to offer customers solutions that help them meet the challenges of the digital printing market, by developing our product and service offering and providing them with the necessary support and training.”

Arjowiggins Creative Papers creates a buzzArjowiggins Creative Papers has organised eye-catching events to mark the launch of its new premium paper ranges. For Pop’Set, it organised a worldwide competition in which designers and artists could come up with their own versions of the C-Myk paper toys designed by Japanese artist Shin Tanaka. For Keaykolour, to kick off the “Colourful life” campaign, it worked closely with UK artist Ian Wright who produced three works using this range of papers that were subsequently exhibited in London and at the inauguration of FIAC in Paris. In both cases, the word spread fast...

for Arjowiggins Healthcare’s innovation

RecognitionEcoDrape is a hospital drape material sold to market by Medline, the No. 1 privately-owned supplier to America’s medical sectorArjowiggins Healthcare developed a unique patentedcellulose substrate, minimising the share of all non-renewable and non bio-degradable components in order to servethe purpose of optimised environmental performanceEcoDrape was awarded the 2011 AfPP (Associationfor Perioperative Practice) prize for innovation, in the General Surgery category, for this work on eco-design for a hospital surgery product.

Agnès RogerManaging Director of Arjowiggins Graphic

In 2011, you deployed the Goal! project. What is it all about?

This project is about developing and enhancing our eco-friendly coated and specialty papers with companies and prescribers. It also aims to forge partnerships with the solidarity economy to secure supplies of waste paper.

How is the project actually deployed?

Since it was launched, Goal! has involved functional management training initiatives and a shared intranet-based application designed to boost cohesion between different teams and their understanding of the projects taken as a whole. And the initial results – new partnerships and sales opportunities and innovative product launches – are a testament to the project’s success.

Arjowiggins Security: monitoring technology

With the acquisition of Signoptic, in September 2011, Arjowiggins Security got its hands on a pioneering technology based on “matter biometry”. It is compatible with all types of substrates and production scales, and simultaneously creates an authenticator and ID for each product. This technology is already being used on millions of products daily and is helping both private companies and governments in the fi ght against counterfeiting, parallel markets and illicit trading. It is being used to authenticate one and two Canadian dollar coins.


BUSINESSES: Distribution - Antalis

In 2011, Sequana continued to refocus on the distribution sector – where the Group is No. 1 in Europe – by leveraging Antalis’ key competitive advantages, i.e., comprehensive geographical coverage coupled with a strong local presence, effective information systems and customer relationship management (CRM) tools, and a supply chain capable of delivering high quality customer service at competitive prices.

Another key event during the year was the strengthening of the Visual Communication organisation and the continued deployment of the product and service offering in this segment. Teams have also been working on a new range of large format printing (LFP) products to be launched in 2012.

Lastly, Antalis has continued its drive to make its own brand – Image – a reference in the offi ce paper sector. This brand, which is part of the process of streamlining the group’s offering and comprises a large number of innovative features, added three new papers in early 2012, thus enabling it to propose a comprehensive offering of recycled papers.

Four complementary and dynamic businessesThroughout the year, Antalis’ businesses were buoyed by the deployment of the RACE 2012 programme, tasked with delivering excellence to customers.

In the print market, where Antalis is recognised as having the most diverse and extensive range of products on the market, the group continued to enrich the offering with the launch of new eco-friendly graphic papers. Olin, Antalis’ own FSC®-certifi ed premium offset paper range launched in 2010 in 15 countries, went on sale in the rest of Europe. It is very popular with designers and printers and sales continue to grow.

Antalis has displayed similar vigour in the packaging products segment where it is No. 2 in Europe. The group consolidated its position by strengthening relations with major account customers and stepping up cross-selling initiatives with print and offi ce paper customers. It also set up operations in Spain, Italy and Poland.

DELIVERING EXCELLENCE to our customers


Digital printing now represents 15% of the European printing market and this proportion is set to double by 2018.

Antalis has developed a complete range of innovative papers suitable for different printing techniques to enable

its customers to get ahead in this high-potential market. In late 2011, it launched Digigreen, a new 100% green and 100% digital coated paper, HP-certifi ed, for a new

generation of digital printing presses.

Partnering digital printing

Performance underpinned by extensive geographical coverageAntalis is one of the few distributors of paper and communications materials with a truly global reach.

In Europe, the group has a broad geographical coverage in 28 countries where it is either No. 1 or No. 2. It leverages this critical mass to optimise the supply chain, strengthen partnerships with key suppliers and spread risk more effectively.

Antalis also benefi ts from a number of international growth drivers given its strong positions in South Africa, South America – where it has a footprint in seven countries – and the Asia-Pacifi c region where it is present in seven countries. Under the sales agreement in place with xpedx, the leading paper and packaging distributor in North America, Antalis is able to serve its customers with international reach in the North American and Mexican markets.

Breakdown of 2011 sales by business segment

8%Packaging 70%

Print

5%Visual Communication

17%Offi ce

Masterline stretch fi lm machine.


Promising acquisitionsAntalis acquired two consumables and packaging distributors in early 2012: Ambassador, a UK group that provides major distributors and carmakers with a one stop shop for a wide range of products; and Pack 2000, a German-based distributor of bespoke solutions and packaging machines for the medical and electronics sectors in particular. These acquisitions refl ect Antalis’ focus on fast-growing sectors. They signifi cantly strengthen its foothold in Packaging and add €50 million to annual sales and take it up to No. 2 in the UK packaging products and solutions distribution market.

Optimising customer service on an ongoing basisOffering high quality service With 13,000 deliveries a day, Antalis not only serves a huge customer base throughout Europe, it also provides customers with superior quality service at competitive costs. Antalis can leverage its extensive warehouse, distribution and transport networks together with its high-performance supply chain to provide 24-hour or same-day delivery service in most major cities.

The group can also offer customers a complete range of logistics services ranging from just-in-time management to optimise customers’ supply chain, to storing their own goods and delivering them to their own customers. In 2011, the group focused on marketing this offering in the different countries.

Constantly striving to be closer tothe customer For Antalis, it is vital to work closely with customers as this helps it to forge close, durable business relationships, to stay proactive and to deliver solutions tailored to each specifi c situation.This proximity is facilitated by Antalis’ strong local presence and has been boosted still further by deployment of the RACE 2012 programme which overhauled the sales structure to make it more proactive and in tune with customers’ preoccupations. This has involved redeploying the sales force in line with customer profi les and making fi eld sales responsible for major accounts while telephone account managers handle smaller customers. RACE 2012 is underpinned by specialisation and enhanced sales force expertise, as well as closer links between different sales channels and the deployment of CRM tools.

“There is an excellent fi t between the products and customers of Ambassador and Pack 2000 and those of Antalis. These acquisitions strengthen our foothold in the UK and Germany – two key countries for the Group – and will provide us with an advantage to pursue our developmentin the fast-growing European Packaging market.” Hervé Poncin, Chief Operating Offi cer of Antalis

BUSINESSES: Distribution - Antalis


Antalis, championing service RACE 2012 treats services as a formidable lever for passing on value

to the customers and a profi tability vector for the group. Antalis is leveraging the skills of the various entities in order to disseminate

best practices and boost the quality of its offering still further. France has led the way in this domain and most countries now have a catalogue allowing

customers to choose the desired level of service – ranging from sampling to customer stock management – in line with their needs and budgetary constraints. Illustration of the success of this policy: Antalis Switzerland, which has pioneered logistics services, beat off the challenges of 1,500 competitors and was awarded

the “best service provider” by the CFF/SBB (Swiss Federal Railways).

Constantly striving to be more effective Antalis is continually investing in IT to develop growth and development opportunities. It has deployed CRM tools on a global basis together with electronic applications and initiatives to boost service quality. Detailed customer segmentation using the CRM tools is used to structure effective marketing campaigns and measure performance using key performance indicators.

Antalis is also harnessing e-commerce to boost effi ciency and service and it has deployed its new-generation e-commerce platform throughout Europe over the past three years. The platform is constantly augmenting and enhancing services – online cuts for visual communication media, digital paper selector, etc. – but it also furnishes customers with detailed information (product data, photos, product factsheets, environmental certifi cation, etc.). As proof of the success that e-commerce is having with our customers, take for example Sweden, where in 2011 the number of online orders jumped from just 8% to 25% in only four months.

Antalis’ Brainstore (showroom) at Boulogne-Billancourt (France).


BUSINESSES: Production - Arjowiggins

Arjowiggins is a worldwide producer of technical papers using environmentally-friendly, cutting-edge technology. It generates nearly 50% of sales outside Europe. Its footprint in various different market niches make Arjowiggins unique in the sector.

Predominant focus on specialty products Arjowiggins is a specialty paper producer with a portfolio of over 50 brands, all well known in their respective markets. Arjowiggins derives more than two-thirds of its sales from products with a high technical component:• papers for banknotes and offi cial documents, brand protection

solutions (Arjowiggins Security); • premium fi ne paper and paper for specialty applications such

as tracing paper and casting paper used in the manufacture of synthetic leather (Arjowiggins Creative Papers);

• eco-friendly papers, specialty papers for niche markets (playing cards, transfer papers, tissue, etc.) or paper for the medical and hospital sector (Arjowiggins Graphic).

Customers are especially attracted by the high value added component of these products, underpinned by a commitment to constant innovation.

The only integrated recycled pulp producerOne of Arjowiggins’ key strengths is its position as the largest integrated producer of premium 100%-recycled pulp at its Greenfi eld plant in Château-Thierry (France), which produces premium extra-white FSC®-certifi ed recycled pulp. This whiteness, which is unique on the market, is obtained through an innovative, chlorine-free manufacturing process. This pulp is key to developing the Group’s unique 100%-recycled, extra-white paper offering that complies with stringent guidelines in terms of whiteness, printability and eco-friendliness.

INNOVATION AND RESPECT for the environment are our priorities

Constantly enhancing its range of eco-friendly papers The environment is a major concern for Arjowiggins. The Graphic and Creative Papers divisions have placed innovation at the very heart of their sales and marketing strategies in order to help customers in their quest for environmentally responsible solutions.

Breakdown of 2011 sales by division

40%Green

18%CreativePapers

17%Coated US

32%Coated

25%Security

28%Specialty

40%Graphic


“Innovation is a vital part of the commercial strategy pursued by Arjowiggins’ divisions. It helps the group forge powerful brands that give it a real edge in its respective markets and boosts growth and development opportunities.”

In 2011, Arjowiggins Graphic partnered with Hewlett Packard to improve the de-inking process for documents printed on HP Indigo and HP inkjet digital web presses, which lag signifi cantly behind standard printed documents in terms of recycling. This mission has been accomplished thanks to pioneering technologies developed at the Greenfi eld (France) recycled pulp plant for recycling documents printed on HP Indigo with a liquid toner and HP Inkjet with a solid toner. This helps to divert waste from landfi lls at the end of the products’ useful lives.

Improving the de-inking process for printed documents

Arjowiggins Graphic boasts the market’s largest eco-friendly offering, comprising a unique range of white and natural recycled papers and eco-friendly papers mixing recycled and virgin fi bres FSC®-certifi ed. In 2011, this green offering was boosted by a number of new additions: Cocoon Ecolight, a 100%-recycled matte coated paper FSC®-certifi ed for the publishing and advertising markets; RePrint Deluxe, an FSC®-certifi ed 60%-recycled matte coated natural white paper for the publishing sector; and Cocoon Jet, Arjowiggins’ fi rst 100%-recycled, extra-white paper FSC®-certifi ed for high-speed inkjet printing.

As part of its ongoing brand makeover and enhancement strategy, Arjowiggins Creative Papers has launched new products in the fi ne papers segment. Its aim is to prove that premium paper and responsible consumption are not mutually exclusive. The division launched eight new trendy shades in its Pop’Set range of papers made from FSC®-certifi ed pulp and 30% recycled fi bres. New grammages and shades were also launched in the four Keaykolour ranges of papers and cards. All of these new products are recycled and between 30%- and 100%- produced from post-consumer waste.

Tissue reels at the Bourray plant (France).


Innovating to stay ahead of the game2011 was a particularly busy year for technological, commercial and marketing innovation across all Arjowiggins divisions.

Arjowiggins Graphic launched a number of new products with varying applications. In the laminated segment, the division launched Sequoia, a new 100%-recycled, biodegradable and compostable paper, providing an alternative to plastic for gift, loyalty and SIM cards. Sequoia results in superior quality print images thanks to its cutting-edge technology and suitability for special effects (selective varnish, varnish, glitter, embossing, etc.).

In textile printing, the Sublimage range, comprising sublimation transfer papers for polyester printing, has been a big success since it was launched in 2010. A new transparent, eco-friendly paper for use by silkscreen printers in producing textile labels was launched at the Fespa tradeshow for digital printing, silk screen printing and textile printing in Singapore.

Arjowiggins Graphic’s innovation efforts in white tissue culminated in the launch of a new range of paper for printing napkins with four glued ply (instead of three at present). This improves printing quality and boosts customer productivity. In the medical and hospital segment, new products launched in 2010 made steady progress. These include Ethypel® Reinforced ST, a high-quality packaging solution for use in operating theatres, and ArjoGreenTM, the fi rst biodegradable product for the hospital sector.

Flushed with the success of the Utopia Book Inkjet range of coated papers for high-speed inkjet web presses developed in partnership with HP, Appleton Coated has designed a matte and glossy paper offering – again in partnership with HP – for direct marketing and other commercial applications.

“All of Arjowiggins’ R&D, marketing and sales efforts are focused on driving innovation to come up with constantly better and more eco-friendly products that meet our customers’ changing needs more effectively.”

BUSINESSES: Production - Arjowiggins


Arjowiggins Creative Papers once again made the headlines in 2011. Work on the much-talked about “Blank Sheet Project” marketing campaign, a platform for inspirational creative excellence, also continued apace. This project allows well-known graphic designers to share their approach when faced with a blank sheet of paper and to discuss changes in their profession more generally.

Innovation also featured prominently in the specialty businesses. Six new patterns and high-gloss products were added to the casting paper range used by the fashion, furniture and automotive industries for imitation leather design. New commercial applications were also developed for tracing paper as an eco-friendly alternative to plastic.

Arjowiggins Security, also made great strides over the period. In proof-of-identity documentation, the division came up with a major breakthrough in polycarbonate-based cards with Twinmark®

HD2, featuring a dual watermark that makes authentifi cation both simple and secure. The Security division displayed all of its innovative fl air with the launch of Natural Card, a new patented material using FSC®-certifi ed paper as its base that is compatible with all other forms of printed and adhesive electronic security solutions. Its Signoptic pioneering technology also provides an effective solution for combating counterfeiting and illicit trading.

With the launch of Picture ThreadTM at the 2011 Singapore Currency Conference, Arjowiggins Security once again displayed the full range of its innovation capabilities in security solutions for banknote paper.

This is the fi rst security thread to allow the creation of more sophisticated images in different shades of grey and it represents a major step in the battle against counterfeiting.

Picture ThreadTM was used commercially for the fi rst time in May 2011 on Kazakhstan’s 1,000 tenge banknote and this is also the fi rst time a 6mm-wide thread has been used on banknotes.

This new product strengthens both the division’s position and its ability to stay one step ahead of the market.

Picture ThreadTM


INNOVATINGto strengthen our commitments

CORPORATE RESPONSIBILITY

A COMMUNITY of innovators

CORPORATE RESPONSIBILITY: A community of innovators

Antalis and the Olive Trees of Hope

Antalis France’s “Green Days” offer customers a selection of the company’s greenest products. It has partnered the Pur Projet association since 2011 and this year Antalis paid over part of the proceeds from Green Days to fund the planting of olive trees in the Rif Valley in Morocco. This project, which dovetails nicely with the Group’s corporate social responsibility programme, will give an opportunity to over 350 women from this poor and isolated area to work and gain a measure of independence by growing olive trees and harvesting and selling olive oil under the Alter Eco fair trade banner.

Arjowiggins Graphic commits to reducing its GHG emissions As part of its strategic partnership with WWF France dating from 2008, Arjowiggins Graphic has committed to reducing its carbon footprint and implementing a resource-effi cient business model. The division has just joined the WWF Climate Savers programme that brings together an elite group of 28 of the world’s leading companies who have committed to voluntarily reducing their GHG emissions. Arjowiggins Graphic is the fi rst European paper producer to sign up and it is aiming to reduce its carbon footprint by 23% between 2007 and 2014.

Encouraging creativity The “Blank Sheet Project” is Arjowiggins Creative Papers’ platform for inspirational creative excellence. Outside the Group, it encourages designers to “leave their creative mark” on its papers. In house, it encourages staff to create ever more innovative and eco-friendly products for both designers and their customers.

ISO 26000 is the recognised international standard applied by companies that wish to act in a socially responsible manner and Sequana has used it as a blueprint for incorporating social responsibility into all aspects of its values and practices.

Applying ISO 26000

A few words from Pascal LebardChief Executive Offi cer of Sequana, Chief Executive Offi cer of Antalis and Arjowiggins

What are the Group’s challengesin terms of sustainable development?

Well fi rst and foremost, corporate governance and business ethics should both be used to reaffi rm and strengthen our values and guide us as we do business. Next, we have to consider the men and women who work in the Group. We have a responsibility to ensure the safety of all employees in the workplace – particularly those working at the plants and warehouses – and to develop their skills and careers. Our third challenge concerns the environment and consists of preserving resources, particularly through progressively more resource-effi cient use of wood, water and energy.

Lastly, we need to leverage innovation to bolsterour eco-friendly product offering.

So how do you actually go about doing this?

All of these matters are now dealt with by a single corporate social responsibility department. This was established in 2011 and coordinates all initiatives throughout Arjowiggins and Antalis. It is currently working on a strategy and action plan that will form part of a progressive approach that seeks to reinforce and standardise existing initiatives and to track progress on a regular basis. Our whole approach is underpinned by determination, pragmatism and circumspection.

Joanna Smolinska, Managing Director of Antalis Poland

“We were extremely honoured to receive the 2011 FlexiLider Prize awarded by the Polish Business Confederation and the Ministry of Labour in the general category. This was in recognition of our security achievements, our efforts to boost fl exibility and enhance work-life balance, as well as our initiatives to promote gender equality – for which we received a special mention.”


As regards safety, the aim is twofold: raising employees awareness of key risks and sharing experiences.

In addition to training and the various awareness-raising initiatives that are part of each site’s annual plan, safety offi cers and Group safety management disseminate general alerts in the event of hazardous situations or major accidents or near-misses. Employees also receive bulletins concerning best practices.

As regards business ethics, in view of stricter anti-trust laws, the Group has set up an antitrust compliance programme aimed at promoting best practices in this fi eld. Anti-corruption preventive measures have also been introduced and will be stepped up in the very near future.

In distribution, given the change in corporate culture that will result from RACE 2012 – the plan to overhaul Antalis’ sales organisation – the Group has invested a lot in the training budget. In 2011, the Antalis Sales Academy was particularly busy in this domain. E-training modules and classroom training have already been used to prepare the sales force to embrace the changes and freshen up their skills and know-how. In 2011, 170 training sessions were given to 2,000 employees in 18 different European countries.

Sequana’s corporate commitment is to use the challenges of today to forge a vision of the business and structure of tomorrow.

AFFIRMING our role as a responsible employer

Being a responsible employer in testing timesFaced with sharply reduced demand and excess market capacity, Sequana continued to adjust production capacity in line with lower demand and to reduce overheads without abdicating its role as a responsible employer. Various measures were taken to adapt the Group’s structure to current market conditions without jeopardising the future of its 11,000 employees. Plans were devised and tailored to the various situations and the different countries in an open and constant employee-employer dialogue.

Training and fostering awareness in order to bolster expertiseTraining provided by Sequana focuses mainly on the Group’s key priorities: ensuring the safety of employees, promoting business ethics and delivering excellence to customers.

CORPORATE RESPONSIBILITY: HR performance

Delivery of recovered paper, Bourray plant (France).


Effective management of human resourcesSequana has selected a number of key indicators from ISO 26000 to provide precise guidelines for its human resources policy in the countries in which it is present. These indicators will help it to track and coordinate various initiatives – especially those focused on diversity, employee-employer dialogue and safety – and to assess progress in different areas on a regular basis, identify areas for improvement, and provide standard information about all group employees.

Safety: a core Group valueIn plants and distribution centres – the places most exposed to operational risks – employee safety is the overriding concern.

In Arjowiggins, safety is the number one priority in action. The “Manufacturing paper safely” programme launched in 2009 and various awareness-raising initiatives sponsored in different plants are a refl ection of this priority. In 2011, progress was made at most sites. There was a marked improvement in machine safety, protection equipment was extended to coated paper production and fi nishing, audits of risk-related behaviour were organised/extended, and management training was organised which is essential for changing mindsets and pushing through change. This activity illustrates the necessity of changing the underlying culture in order to tackle all aspects of health and safety. In 2011, all divisions took steps in this direction and began to devise approaches based on resources committed and targets. Most of these initiatives delivered results as illustrated by the signifi cant improvement in the incident rate relating to the number of lost time accidents per 1,000 employees.

“Antalis strives to provide its employees with a safe working environment but employees are still not suffi ciently aware of the issues despite having been informed and involved in the whole process. So our task is to further increase awareness and motivation.”Maria Luisa Erika Perez, member of the joint health and safety committee, Antalis Chile

How are health and safety issues currently dealt with in companies?

Although health and safety at work comprises all aspects of employees’ physical and mental well-being, we tend to attach less importance to health-related issues – which are frequently harder to tackle – than to safety-related ones. The thing is, when we tackle health, we are also dealing with safety, however the opposite is not necessarily true, for example, a work station could be safe without being necessarily good for one’s health.

In Antalis, raising awareness of health and safety among employees – including the Executive Committee – constituted the cornerstone of the initiatives deployed in 2011. These issues were discussed in management meetings and specifi c safety reviews were organised on a regular basis in workshops at the initiative of local management. The “safety corners” (forums dedicated to information and exchanges) set up in 2010 in Spain and Portugal, were rolled out to France under the name “espace.com”. Awareness-raising initiatives coupled with operating reports on work-related illnesses or accidents are now the central focus of Antalis’ health and safety policy based around analysing risks, prevention and the active participation of all employees.

Jacky DesquirezSecretary of the occupational health and safety committee at the Wizernes plant (France)

So what do you suggest?

It is as important to address health as it is to tackle safety at all work stations. We shouldn’t focus on one to the detriment of the other.


HR indicators

2011 Year-on-year change 2010 2009

Arjowiggins 5,223 -180 5,403 6,288

Antalis 6,023 -684 6,707 6,937

Holding companies (Sequana and others) 63 4 59 24

Total 11,309 -860 12,169 13,249

Average headcount by company

Geographic area Arjowiggins Antalis Holding companies Total

Europe 3,811 4,920 63 8,794

o/w France 2,350 649 63 3,062North America 725 – – 725

South America 505 376 – 881

Africa-Middle East 2 460 – 462

Asia-Pacifi c 180 267 – 447

Total 5,223 6,023 63 11,309

Average headcount by business and geographic area

% men % women

Antalis 69% 31%

Arjowiggins 80% 20%

Holding companies (Sequana and others) 52.5% 47.5%

Total 74% 26%

Breakdown by gender

CORPORATE RESPONSIBILITY: HR performance

Frequency index = number of lost-time accidents/number of full-time employees and temporary personnel x 1,000

Antalis Arjowiggins Holding companies Total

Less than 20 years old 1% 1% 0 1%

20-30 years old 11% 11% 15% 11%

30-40 years old 26% 19% 28% 22%

40-50 years old 34% 36% 33% 35%

50-60 years old 23% 29% 23% 26%

over 60 years old 5% 4% 1% 5%

Breakdown by age group

Antalis Arjowiggins Holding companies Total

Less than 1 year 8% 6% 7% 6%

1-5 years 25% 20% 39% 23%

5-10 years 21% 11% 28% 16%

10-20 years 27% 25% 16% 25%

over 20 years 19% 38% 10% 29%

Breakdown by length of service

2011 Antalis Arjowiggins Holding companies Total

Percentage of employees trained 83.5% 90.4% 40% 86.3%

Number of training days per employee 2.78 2.06 2.14 2.45

Employee training

2011 Antalis Arjowiggins Total

Number of employees hired 731 297 1,028

Turnover 5.7% 3.1% 4.5%

Percentage of women in management 22.6% 25.5% 23.9%

Percentage of disabled employees 0.83% 1.88% 1.51%

Percentage of absenteeism 3.76% 3.09% 3.4%

Other indicators

Personnel safety and security

Antalis Arjowiggins

Lost-time accidents 120 71

Frequency index 2011 19.5 13

Frequency index 2010 24.9 20.9



Developing a responsible purchasing policyIn the production business, Sequana is primarily dependent on pulp so its approach is to move towards exclusive use of recycled pulp sourced from sustainably managed forests that are FSC (Forest Stewardship Council) or PEFC (Programme for the Endorsement of Forest Certifi cation) certifi ed.On the distribution side, its responsibility is to eliminate environmentally unfriendly supplies by stepping up controls on the origin of suppliers’ fi bres and by liaising with the biggest suppliers.The Group has initiated a multi-site FSC certifi cation process as the best means of boosting the number of certifi ed products marketed on both sides of the business.

Sequana’s environmental responsibility as a major player in the paper sector involves carefully managing its natural resources and reducing the impact of its businesses. By leveraging its ever-expanding eco-friendly product offering and investing in on-site energy effi ciency measures, the Group is helping to deliver solutions tailored to current environmental concerns.

PRESERVING the environment

Boosting our energy effi ciencyIn its energy-intensive production businesses, Sequana faces the dual challenge of reducing both its energy supply costs and its carbon footprint. It also strives to enhance energy effi ciency at all sites on an ongoing basis. Two of its more prominent initiatives in this regard include purchasing green energy for the Stoneywood plant in the UK and replacing fuel with gas at the Charavines site in France. The Group has also invested in machinery that uses much less energy.

1 - Biomass energy at the Dalum Papir plant in Denmark.2 - Recycled pulp cutting at the Greenfi eld plant in France.

1 2

CORPORATE RESPONSIBILITY: Environmental performance


Quel est l’objectif du WWF France à travers son partenariat avec Arjowiggins Graphic ?L’ambition du WWF est d’encourager et de valoriser le choix de l’éco-responsabilité, c’est-à-dire de démontrer que développement économique et respect de l’environnement sont compatibles. Notre but est de guider les entreprises vers une économie du moindre impact. Si nous avons choisi d’accompagner Arjowiggins Graphic, c’est que nous sommes convaincus que sa vision d’entreprise extrêmement responsable et novatrice va permettre de montrer le chemin aux autres acteurs, ainsi qu’à ses clients et fournisseurs.

En quoi la vision d’Arjowiggins Graphic est-elle précisément responsable ? Son engagement environnemental est large et vise à réduire l’impact de ses activités tout au long du cycle de vie du papier : limitation du prélèvement des ressources naturelles via le choix du recyclé et de fi bres certifi ées FSC®, processus industriels toujours plus soucieux de l’environnement et, enfi n, multiplication des efforts portés sur la fi n de vie des vieux papiers et le développement de l’économie circulaire.

Que devrait faire Arjowiggins Graphic pour aller plus loin ?WWF France l’encourage à consolider sa politique climat à travers le programme Climate Savers. Nous soutenons également Arjowiggins Graphic dans sa réfl exion sur la mesure de son « empreinte eau » – un enjeu clé dans ce secteur d’activité –, et l’encourageons à mettre en place un plan d’actions ambitieux dans ce domaine.

Jérôme DupuisDirector of Corporate Relations, WWF France

3 questions for

What is WWF France aiming to achieve throughits partnership with Arjowiggins Graphic?WWF hopes to encourage and showcase eco-friendly initiatives and prove that economic development and respect for the environment are not mutually exclusive.We aim to steer companies towards policies that havea lower environmental impact. We have chosen to partner Arjowiggins Graphic because we are convinced thatits highly responsible and innovative corporate strategywill blaze a trail for other players to follow – includingits customers and suppliers.

In what way is Arjowiggins Graphic’s strategya responsible one? It has a wide-ranging environmental commitment focused on reducing the environmental impact of its products or services throughout their life cycle, i.e., limiting natural resource drawdown by sourcing recycled products and FSC-certifi ed fi bres, developing industrial processes that increasingly factor in environmental concerns, and focusing on waste paper end-of-life processes and the circular economy.

How can Arjowiggins Graphic go even further?WWF France is encouraging it to consolidate its climate policy through the Climate Savers programme. We are also partnering Arjowiggins Graphic in its decisions concerning its “water footprint” – a key concern in this sector – and actively encouraging it to develop an ambitious policy.

But more long-term investment is still needed and the Group has stepped up its use of biomass produced from wood pellets. By using this process, the plant at Dalum, Denmark, has become self-suffi cient in heating and also supplies 10,500 homes – 15% of all housing – in the neighbouring city of Odense. In the same vein, the Palalda plant in France, which manufactures papers for the medical sector, signed an agreement with Cofely as part of a call for projects put out by Ademe, the French energy and environment agency, for agricultural/industrial biomass heating projects. The use of biomass instead of fossil fuels will prevent 17,000 tonnes of CO2 being released into the atmosphere each year. Work on the project began in autumn 2011 and the technology is expected to be operational by February 2013. A number of other projects are currently being studied in the different Arjowiggins divisions.


Offering alternative eco-solutions for all needsProtecting resources also depends on the eco-friendly offering of recycled or certifi ed products, a smaller carbon footprint and greater respect for the environment, and this in turn means informing consumers of the eco-credentials of the Group’s papers. This is why Antalis has signed up to the French government-sponsored project involving the display of environmental indicators for two of its 100%-recycled offi ce paper ranges: Image Recycled and Cocoon Offi ce. Antalis now displays four environmental criteria on its reams: GHG emissions (carbon equivalent), drawdown of non-renewable natural resources (per capita), water consumption (in litres) and the origin of the fi bres (percentage of certifi ed or recycled fi bres). Customers can also use tools such as eco-calculators to guide their choice in terms of product eco-performance.

CORPORATE RESPONSIBILITY: Environmental performance


Arjowiggins Graphic

Appleton Coated

Arjowiggins Creative

PapersArjowiggins Healthcare

Arjowiggins Security

Total Production

Indicator Unit

Water consumptionWater consumption/Net production

m3/tonne of paper 11.9 49.1 70.0 56.9 112.4 60.1

Liquid effl uentWater discharge/Net sellable production

m3/tonne of paper 10.4 48.7 60.4 34.2 94.7 49.7

Suspended Solids (SS)SS effl uent/Net sellable production

kg/tonne of paper 1.10 0.59 1.40 0.11 0.48 3.7

Chemical Oxygen Demand (COD)COD/Net sellable production

kg/tonne of paper 1.23 4.86 6.29 4.52 5.11 4.4

5-day Biochemical Oxygen Demand (BOD 5)BOD 5/Net sellable production

kg/tonne of paper 0.09 0.24 0.94 1.06 6.58 1.8

CO2

CO2 emissions/Net sellable production

kg/tonne of paper 151 1,914 1,177 551 684 896

Electricity consumption (energy)Electricity consumption/Net sellable production

kWh/tonne of paper 637 1,659 1,538 1,104 1,910 1,370

Energy consumptionFossil fuel consumption/Net sellable production

kWh/tonne of paper 1,340 3,476 3,866.55 2,409 1,470 2,512

Biomass consumption (energy)Biomass consumption/Net sellable production PCI

kWh/tonne of paper 3,005 1,568 n/a n/a n/a 2,286

District heating kWh 225,663,333 n/a n/a n/a n/a 225,663,333

Table of environmental indicators 2011



Committed to culture Sequana is recognised for the high quality of its papers and communications media and partners a number of cultural events and institutions with which it attempts to forge lasting relationships. Sequana has been supporting the Louvre Museum for quite some time and for the eighth consecutive year it helped supply the catalogues for its temporary exhibitions in 2011 (Rembrandt and the Face of Jesus, Alexander the Great, the Forbidden City, etc.) These catalogues were printed on Arjowiggins papers to showcase both the artists and their works. Sequana once again sponsored the prestigious Paris International Contemporary Art fair (FIAC) in 2011 and this year the catalogue, bookmark and a book about the Tuileries Gardens were all printed on its graphic and creative papers.

Sequana’s corporate philanthropy programme focuses essentially on culture and creation. It is underpinned by principles of solidarity and commitment and comprises multiple initiatives – mostly related to culture, education and health – in all countries in which the Group is present.

Sequana: a responsible CORPORATE CITIZEN

Celebrating paper in Sofi a!Antalis Bulgaria, together with the city of Sofi a and the Bulgarian Ministry for Foreign Affairs, was the major sponsor for a unique event, the Sofi a Paper Art Fest 2011. The festival goes on for two months and features numerous artistic events that promote paper as an inexhaustible and recyclable product that can be used to put out eco-messages in innovative ways. Antalis organised three events during the Festival: - “Be creative with Creative Papers”: a workshop organised around the theme of paper with

around 50 students from the National Art College;- “Paper street”: a street opened to the public featuring workshops and spaces built entirely

from paper; - “The paper that cares about nature”: a presentation of Antalis’ recycled offering and its

different eco-label certifi cations (FSC®, PEFC, etc.).

CORPORATE RESPONSIBILITY: Social performance


Supporting education and health initiativesChild-focused initiatives are a priority for the Group and in 2011 Arjowiggins Graphic partnered an initiative involving the French Ministry for Education, Youth and the Voluntary Sector and the association Deyrolle pour l’Avenir. It consists of bringing together classes of nine to eleven year olds from the Rouen area in Northern France for a series of ten presentations on sustainable development. One such presentation dealing specifi cally with “the paper cycle” is printed on Arjowiggins Graphic Cyclus. It raises awareness among the young people of the importance of basic recycling techniques in preserving forestry resources. Antalis also sponsored actions in other countries by donating paper to various associations that help children, such as Jo’burg Child Welfare (JCW) in South Africa and the Maria Carolina Foundation in Brazil.Every year, Antalis employees in a number of different countries get involved in initiatives to fi ght breast cancer, particularly in Belgium (“Pink Ribbon” and “Think Pink”), Brazil, France (“La parisienne” race), Spain (Asociacion Espanola Contra el Cancer) and the UK (“Wear it Pink”).A number of child-focused initiatives were also sponsored in Finland, Hungary and Latvia, where the Group supported the Latvia Children Fund dedicated to child welfare.

Promoting design and creativityAntalis has launched numerous initiatives to promote design and creation throughout the world: in Latvia, the Group sponsored “Design for Future 2011”; in Poland it partnered the “Eco-Fashion Show” by donating paper to students from the college of art, design and fashion; the Group donated paper to various German cultural associations and events, including Lepsien Art Foundation in Düsseldorf and Cologne’s renowned KultCrossing. Antalis was also very involved in South-East Asia. In Thailand, it partnered Bangkok Centre for Art and Culture and provided the paper for its Let’s Panic Exhibition brochure. It also helped the Design and Graphic Department of Bangkok University with its Art Thesis Exhibition 2011. In Hong Kong, Antalis teamed up with the Fashion Designer association, the Trade Development Council and 15 independent designers to create unique paper-based works presented at the Inno Design Expo.

As part of the “people & communities” section of The Blank Sheet Project, Arjowiggins Creative Papers opted to partner “The Schoolbag” project, initiated by an ambassador of One Young World (international forum for future leaders under 25 years old) in the wake of the 2010 Haiti earthquake. The aim is to supply kids that lost everything with basic school materials for a one-year period. The Group donated the paper necessary for supplying 15,000 notebooks and it intends to repeat the Haiti initiative and replicate it in South Africa.

Solidarity with Haiti


Standard or eco-friendly technical and creative paper, security paper, print and offi ce paper, as well as packaging and cardboard products, manufactured and distributed by our teams with a stamp of excellence, high quality service, close customer relations and constant innovation.Always staying ahead of the game!

INNOVATION,serving our customers


Designed by:

Photo credits:Photothèques Antalis et Arjowiggins©©Arjowiggins Healthcare – All rights reservedMusée du Louvre/Angèle DequierFoto & Co (Denmark)William BeaucardetAlban Couturier/CapapicturesJean-Lionel DiasJulia Fullerton-BattenGrégoire KorganowMichel LabelleOlivier PlacetGilles Rolle/Réa, Corbis

This report is printed on eco-friendly paper manufactured by Arjowiggins Graphic and distributed by Antalis: Cocoon Silk 350g for the cover and 150g for the inside pages.

Cocoon Silk is a 100%, extra-white coated paper, FSC® Recycled (FSC C021878) and European Ecolabel certifi ed (FR/011/003).

By choosing to print its annual report on Cocoon Silk, a 100% recycled paper instead of non-recycled paper, Sequana has saved* 2,433 kg of wood, 4,092 kWh of energy, 42,010 litres of water, 378 kg of CO2, which is the equivalent to a journey of 2,699 km in an average European car, the disposal of 1,497 kg of waste.

Printer:AMI, Imprim’Vert®, FSC® and PEFC-certifi ed.

*Source:Carbon footprint data from The Edinburgh Centre for Carbon Management in partnership with The Carbon Neutral Company. BREF European averages (virgin fi bre data).

Printed in France, May 2012©Sequana® All rights reserved

8, rue de Seine92100 Boulogne-Billancourt – FranceTel.: +33 1 58 04 22 00E-mail: [email protected]

Antalis8, rue de Seine92100 Boulogne-Billancourt – Francewww.antalis.com

Arjowiggins32, avenue Pierre Grenier92100 Boulogne-Billancourt – Francewww.arjowiggins.com

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