Regulatory News:
On the closing of full-year accounts for 2015, Gilles
Schnepp, Legrand (Paris:LR) Chairman and CEO, commented:
“2015 achievements
Legrand’s 2015 financial performance is fully in line with Group
targets: organic growth in sales was +0.5% (target specified in
November: “-1% to +1%”) and adjusted operating margin before
acquisitions (at 2014 scope of consolidation) was 19.4% (target
specified in November: “at least 19%”).
With varied market conditions from one geographical region to
another, Legrand once again demonstrated its capacity to create
value. Thus total sales, adjusted operating profit, net income
excluding minorities and free cash flow all increased, rising by
close to +7%, +6%, +4% and +10%, respectively.
As regards non-financial performance, achievements on the
Group’s CSR roadmap are ahead of the projected development plan
with an achievement rate of 120% at the end of 2015.
Proposed dividend
Based on those solid achievements, Legrand will ask the General
Meeting of Shareholders to approve a dividend of €1.15 per share,
consistent with the change in the Group’s net income excluding
minorities.
Stepping up initiatives linked to new
technologies
Legrand is convinced that new technologies, in particular
digital ones, significantly increase the value-in- use of its
products for users. As a result, we have decided to accelerate the
pace of our investments in this area—innovation, with the launch of
the Eliot1 program; acquisitions with, in particular, the purchase
of Raritan and QMotion; signature of strategic partnerships;
participation in many technological alliances; and investment in a
round of financing for Netatmo. It is within this framework that
Legrand set ambitious targets, such as achieving double-digit
average total annual growth in sales for connected products by
2020. At year-end 2015, the Group’s achievements are ahead of
schedule in our development plan.
Ongoing industrial transformation of the
Group
As initiatives linked to new technologies expand, Legrand is at
the same time actively pursuing its initiatives targeting
productivity and optimal use of capital employed, thanks to the new
industrial organization implemented in 2014. In total, benefits
generated by this industrial transformation enable financing of the
new technology-linked initiatives underway. This is reflected in
the Group’s ratios for R&D, industrial capital expenditure and
working capital requirement, which are all under control.”
2016 targets
In an uncertain global context, Legrand is benefiting from its
favorable positioning thanks to its limited presence both in the
new economies most affected by economic slowdown and in the oil and
gas industry. Moreover, the construction market may have bottomed
out in some mature countries in Europe; it should also remain
upbeat in some other countries such as the United States. Yet for
2016, macroeconomic projections have recently become more cautious
and some new economies may continue to be affected by unfavorable
economic conditions.
Against this backdrop, Legrand is targeting a 2016 organic
change in sales of between -2% and +2%. The Group has also set a
target for adjusted operating margin before acquisitions (at 2015
scope of consolidation) of between 18.5% and 19.5% of sales in
2016.
Legrand will also pursue its strategy of value-creating
acquisitions.
Key figures
Consolidated data
(€ millions)(1)
2014 2015 Change Sales 4,499.1 4,809.9 +6.9%
Adjusted operating profit 880.4 930.4 +5.7% As % of sales 19.6%
19.3%
19.4% before acquisitions(2)
Operating profit 847.5 886.7 As % of sales 18.8% 18.4% Net income
excluding minorities 531.7 550.6 +3.6% As % of sales 11.8% 11.4%
Normalized free cash flow 607.5 617.2 +1.6% As % of sales 13.5%
12.8% Free cash flow 607.4 666.0 +9.6% As % of sales 13.5% 13.8%
Net financial debt at December 31 856 803
(1) See appendices to this press release
for definitions and reconciliation tables of indicators
presented.
(2) At 2014 scope of consolidation.
2015 financial performance and dividend
Consolidated sales
Total sales for 2015 stood at €4,809.9m, up +6.9% from 2014,
thanks in particular to the favorable +4.7% impact of the
exchange-rate effect. Changes in the scope of consolidation added
+1.5%, as announced.
At constant scope of consolidation and exchange rates, the
change in sales came to +0.5%, in line with 2015 target and
reflecting a change in sales of +1.4% in mature countries and -1.0%
in new economies.
Changes in sales by destination and by geographical region at
constant scope of consolidation and exchange rates broke down as
follows:
2015 / 2014
4th quarter 2015 / 4th quarter
2014 France -2.5% -1.6% Italy +0.8% +0.9% Rest of Europe +2.0%
+0.2% United States/Canada +5.0% +4.3% Rest of the World -1.2%
+0.6%
Total +0.5% +0.9%
Changes in sales at constant scope of consolidation and exchange
rates are analyzed below by geographical region:
- France: the organic change in sales was -2.5% in 2015,
in line with the underlying market trend. Renovation activity
remained resilient and new construction continued to retreat.
Against this backdrop, the Group nonetheless recorded good relative
performances in user interface products (formerly wiring
devices).
More particularly, in the fourth quarter of 2015, sales
benefited from strong demand from distributors, which was more
marked than in the fourth quarter of 2014.
- Italy: sales were up +0.8% from 2014 at constant scope
of consolidation and exchange rates. This trend reflects the
gradual stabilization of activity in Italy observed since the end
of 2014. Against this backdrop, Legrand registered good
performances in digital infrastructure, cable management and
modular UPS1.
- Rest of Europe: sales rose +2.0% from 2014 at constant
scope of consolidation and exchange rates, thanks to healthy growth
recorded in several mature countries including Spain, the United
Kingdom and Germany, as well as in many new economies, among them
Turkey, Poland, Romania, Hungary and the Czech Republic. Sales in
Russia declined due to unfavorable economic conditions.
- United States/Canada: sales were up +5.0% at constant
scope of consolidation and exchange rates in 2015, fueled in
particular by commercial successes and inventory build-up by
distributors following the launch announcement of a new GFCI2.
Sales in the region continue to benefit from a construction market
that is doing well, with residential activity remaining favorable
and the commercial segment continuing to grow. Legrand recorded
good showings in 2015 in highly energy-efficient lighting control
(thanks in particular to deployment of new energy codes for
buildings, including Title 24 in California) and in user interface
products.
As announced, the United States became the group’s #1 country by
sales in 2015.
- Rest of the world: sales declined -1.2% at constant
scope of consolidation and exchange rates in 2015. Sales rose in
Asia excluding China, with healthy growth in India, Malaysia and
Thailand. The same was true in Latin America excluding Brazil,
notably in Mexico, Peru and Colombia. Those positive changes in
sales did not offset declining activity in some other countries
such as China and Brazil, both affected by unfavorable economic
conditions.
Adjusted operating profit and margin
Adjusted operating profit stood at €930.4m for full-year 2015,
rising +5.7% from 2014. This reflected value creation generated by
the Group that was driven in particular by a strong +38% rise in
adjusted operating profit in the United States/Canada region (total
sales in the region grew by +31%).
Adjusted operating margin before acquisitions3 came to 19.4% of
sales, in line with the 2015 target confirmed and specified in
November as “at least 19.0%”.
When compared with the 2014 performance (19.6%), the -0.2 point
change in adjusted operating margin before acquisitions3 can be
explained as follows:
- +0.2 point from inventory build-up of
manufactured goods
- -0.2 point corresponding to a mix
effect, primarily due to strong growth in the United States/Canada
region—driven mainly by a very marked positive exchange-rate
effect—where profitability remains slightly below the group
average, although improving steadily, and
- -0.2 point linked to other factors
including expenses linked to the implementation of productivity and
restructuring initiatives.
Taking acquisitions into account, the Group's adjusted operating
margin came to 19.3% of sales for full-year 2015.
Net income excluding minorities
Legrand’s net income excluding minorities for 2015 is up +3.6%
from 2014 at €550.6m or 11.4% of sales and reflects:
- a €39.2m rise in operating profit and a
€4.5m increase in exchange gains, both partially offset by
- a €5.4m rise in net financial expense
and a €19.6m increase in income tax expense.
Cash generation
Cash generation was solid in 2015, with normalized free cash
flow at 12.8% of sales in keeping with the Group’s ambition of
generating normalized free cash flow of between 12% and 13% of
sales.
Cash flow from operations was also robust in 2015 at €750.0m or
15.6% of sales.
Capital employed was under control:
- working capital requirement as a
percentage of sales was in line with the Group’s ambition, i.e.
below or equal to 10% excluding acquisitions (7.1% reported in
2015, including some favorable non-recurring items).
- capital expenditure as a percentage of
sales, 2.8% in 2015, was in line overall with the Group’s ambition,
i.e. 3% to 3.5%.
Debt
The ratio of net financial debt/EBITDA at year-end 2015 remained
stable compared with 2014, at 0.8.
In 2015, Legrand anticipated the refinancing of its bonds
maturing in 2017 and continued to successfully extend the maturity
of its debt by issuing in December 2015 a new 12-year €300m bond
carrying a competitive 1.875% annual coupon.
Dividend
Based on its 2015 achievements and in keeping with its solid
balance sheet structure, Legrand will ask the General Meeting of
Shareholders to be held on May 27, 2016 to approve a dividend of
€1.15 per share, up +4.5% from 2014 and representing a payout of
56%, nearly stable compared with 2014. Ex-dividend date will be on
May 31, 2016 and the dividend will be paid on June 2, 2016.
Dividend distribution in respect of 2015 will be effected (as
dividend distribution in respect of 2014) by deduction from :
- distributable income in an amount of
€0.72 per share on the one hand, and
- the “issue premium” account in an
amount of €0.43 per share on the other.
Non financial performance
Corporate Social Responsibility (CSR) challenges are built into
Legrand’s strategy, and since 2014 have been integrated into a new
multi-year roadmap for the period 2014-2018. At once ambitious and
innovative, this new roadmap incorporates, in particular,
priorities targeting end-users and their way of life. It reflects
the group’s commitment to responsible, sustainable use of
electricity in buildings, plus care for the environmental impact of
its own operations and for all of its stakeholders, in particular
teams operating around the world.
At the end of 2015, the Group’s achievements were ahead of the
expected development plan, with a global achievement rate of 120%4
of targets set in the roadmap (as a reminder, the roadmap comprises
21 targets with annual milestones). This reflects Legrand’s
commitment to pushing ahead on all fronts in meeting its CSR
commitments.
More specifically, in 2015 Legrand pursued several major CSR
initiatives, including:
- winning ISO 50001 certification for its
Energy Management System covering 25 European sites,
- signing a partnership with Electricians
Without Borders in Italy,
- maintaining its “Responsible Supplier
Relations” rating following a review by Vigeo, and
- launching several calls for projects
through the Legrand Foundation. These focused on assisted living
and were aimed at supporting players in the social and
community-driven economy.
The Group also intends to gradually integrate the carbon dioxide
price per ton into its operational considerations, notably
investment decision processes.
In addition, the “elle@legrand” network aiming at encouraging
empowerment of women in the Group continued to expand with its
deployment in North America in 2015.
Lastly, in 2015, Legrand was also reconfirmed as a component of
a number of flagship CSR indices and rankings, including the
FTSE4Good, DJSI, Euronext Vigeo as well as Corporate Knights’
Global 100 (for the list of the main indices and rankings in which
Legrand features, visit legrand.com).
Stepping up initiatives linked to new technologies
New technologies, in particular digital ones, allow a
significant increase in the value-in-use of Legrand products for
both individual users and professionals. The Group thus decided in
2015 to step up its investments in this area, deploying a range of
initiatives that include:
- launch of the Eliot program, aimed at
speeding up deployment of the Internet of Things in the Group’s
offering. As part of this program, Legrand set ambitious targets
that include achieving double-digit average annual growth in sales
for connected products by 2020 and doubling the number of its
connected product families from 20 in 2014 to 40 in 2020. At
year-end 2015, results were ahead of schedule in the development
plan, with nearly +34% total growth in sales of connected products
and a total of 23 families of connected products;
- an increasing share of R&D
investments assigned to new technologies, demonstrated, for
example, by the rise of more than 50% in the resources allocated to
software and firmware development between 2010 and 2015. More
generally, close to 39% of R&D staff are dedicated to
electronics, softwares and digital offerings;
- signature of collaborative agreements
and strategic partnerships with players including Nest (to use the
Nest Weave communications protocol in Legrand’s connected
offering); La Poste (with a view to making Legrand’s connected
products compatible with the Digital Hub provided by La Poste); and
Samsung (to develop offerings that improve hotel room management
and comfort). Legrand thus intends to develop connected and
interoperable solutions, bringing lasting benefits to individual
users and professionals alike;
- investment in a round of financing for
Netatmo, strengthening Legrand’s ties to the Internet of Things’
ecosystem in buildings, and to related leading trends;
- participation in many technology
alliances including Allseen Alliance, ZigBee Alliance, BACnet
International and Confluens; and
- participation in the Las Vegas Consumer
Electronics Show (CES) in January 2016 for the second year running.
Legrand was present at three booths (Allseen Alliance, ZigBee
Alliance and La Poste), testifying to the scope of its know-how in
interoperability with innovative, connected solutions that deliver
lasting benefits to users.
Legrand also decided to focus a significant share of its
external growth on raising its profile in the most promising
technological areas, and has thus announced four new acquisitions
representing nearly €150m in annual sales:
- Legrand rounded out its international
presence in digital infrastructures by acquiring Raritan Inc., a
North American frontrunner in intelligent PDUs5 and KVM switches6,
also acquiring Valrack, an Indian player specializing in racks,
Voice-Data-Image cabinets, and related products for
datacenters;
- the Group also continued to expand in
the highly promising energy efficiency market by acquiring IME, a
leading Italian contender and European specialist in measuring
electrical installation parameters; and
- Legrand complemented its lighting
control offering in the United States by acquiring QMotion, a
specialist in natural light control for residential buildings.
The broader scope of consolidation resulting from acquisitions
raised sales in 2015 by +1.5%.
Today Legrand also announced the acquisitions of Fluxpower in
Germany and Primetech in Italy, both specializing in UPS7. Together
they have nearly 60 employees and combined annual sales of close to
€9m.
Based on acquisitions announced and their likely date of
consolidation, changes in the scope of consolidation should boost
Group sales by over +2% in 2016.
Achievements of the new industrial organization
As announced at its Investor Day on July 3, 2014, Legrand set
up, in 2014, a unique industrial organization made of seven SBUs8,
each in charge of offer marketing, product development and
production. Specialized by product family and closer to their end
markets, these SBUs enable the Group to improve both the
consistency and quality of its offerings, and to be more
responsive, while continuing to boost productivity and keep capital
employed under control.
Thanks to its industrial organization, Legrand is able to:
- actively pursue deployment of its
product platforms in user interfaces in order to reduce development
cycles and capital employed in particular. At the end of 2015, the
achievement rate of deployment of user interface platforms was
around 80%, in keeping with the projected development plan (i.e.
around a 20-point increase compared to the status presented at the
2014 Investor Day);
- roll out the platform concept for other
product families, including emergency lighting, UPS9, and plastic
trunking;
- implement some fifty “technological
bricks” covering the main electronic functions within the Group
offering. For a given electronic function, such as presence
detection or NFC10 communication, a technological brick gathers all
engineering information, associated firmware and software, as well
as protocols for testing and qualifying and processes for
manufacturing. A technological brick is made available to the whole
Group and can thus be used by several development teams. At the
Group scale, this standardization approach makes it possible to
pool investments in engineering and to enhance product quality by
sharing experience;
- continue to implement the best
industrial practices at its production units, in particular
improving efficiency in workshops in keeping with the targets
presented at the 2014 Investor Day; and
- rapidly take adaptation measures where
necessary including in China, Brazil and Turkey. Against this
backdrop, restructuring costs included in the calculation of
adjusted operating profit rose from €21.7m in 2014 to €28.0m in
2015.
As a result, while accelerating development of new products with
increased value-in-use, Legrand has kept:
- its ratio of R&D expenditure to
sales at a level between 4% and 5% (4.6% in 2015)
- capital employed under control, with
reported working capital requirement remaining well under 10% of
sales, and the ratio of investment to sales being below the 3% to
3.5% range.
------------------------
The Board adopted audited consolidated financial statements for
2015 at its meeting on February 10, 2016. These consolidated
financial statements, a presentation of 2015 annual results and the
related teleconference (live and replay) are available at
www.legrand.com.
Key financial dates
- 2016 first-quarter results: May 4,
2016
- General Meeting of Shareholders: May
27, 2016
- Ex-dividend date: May 31,
2016
- Dividend payment: June 2,
2016
- 2016 first-half results: August 1,
2016
ABOUT LEGRAND
Legrand is the global specialist in electrical and digital
building infrastructures. Its comprehensive offering of solutions
for commercial, industrial and residential markets makes it a
benchmark for customers worldwide. Drawing on a nearly 10-year CSR
(Corporate Social Responsibility) approach that involves all
employees, Legrand is pursuing its strategy of profitable and
sustainable growth driven by innovation, with a steady flow of new
offerings-—including Eliot* connected products that enhance value
in use-—and acquisitions. Legrand reported sales of more than
€4.8 billion in 2015. The company is listed on Euronext Paris
and is a component stock of indexes including the CAC40, FTSE4Good,
MSCI World, Corporate Oekom Rating, DJSI, Vigeo Euronext Eurozone
120 and Europe 120 and Ethibel Sustainability Index Excellence.
(ISIN code FR0010307819)
http://www.legrand.com
*Eliot is a program launched in 2015 by Legrand to speed up
deployment of the Internet of Things in its offering. A result of
the group’s innovation strategy, Eliot aims to develop connected
and interoperable solutions that deliver lasting benefits to
private individual users and professionals.
http://www.legrand.com/EN/eliot-program_13238.html
Appendices
Change in financial information by geographical
region
Starting January 1, 2016, the United States/Canada region will
become the North and Central America region and will comprise the
United States, Canada, Mexico and the other countries in Central
America. This change reflects the new organization of Legrand’s
operations in North America, with all of these countries now headed
by the same management which is in keeping with the region’s market
structure.
Historical pro forma data for sales, growth and profitability
will be provided before publication of first-quarter 2016
results.
Glossary
Working capital requirement
Working capital requirement is defined as the sum of trade
receivables, inventories, other current assets, income tax
receivables and short-term deferred tax assets, less the sum of
trade payables, other current liabilities, income tax payables,
short-term provisions and short-term deferred tax liabilities.
Free cash flow
Free cash flow is defined as the sum of net cash from operating
activities and net proceeds from sales of fixed and financial
assets, less capital expenditure and capitalized development
costs.
Normalized free cash flow
Normalized free cash flow is defined as the sum of net cash from
operating activities—based on a normalized working capital
requirement representing 10% of the last 12 month’s sales and whose
change at constant scope of consolidation and exchange rates is
adjusted for the period considered—and net proceeds of sales from
fixed and financial assets, less capital expenditure and
capitalized development costs.
Organic growth
Organic growth is defined as the change in sales at constant
structure (scope of consolidation) and exchange rates.
Net financial debt
Net financial debt is defined as the sum of short-term
borrowings and long-term borrowings, less cash and cash equivalents
and marketable securities.
EBITDA
EBITDA is defined as operating profit plus depreciation and
impairment of tangible assets, amortization and impairment of
intangible assets (including capitalized development costs) and
impairment of goodwill.
Cash flow from operations
Cash flow from operations is defined as net cash from operating
activities excluding changes in working capital requirement.
Adjusted operating profit
Adjusted operating profit is defined as operating profit
adjusted for amortization of revaluation of intangible assets at
the time of acquisitions and for expense/income relating to
acquisitions and, where applicable, for impairment of goodwill.
Payout
Payout is defined as the ratio between the proposed dividend per
share for a given year, divided by the net income excluding
minorities per share of the same year, calculated on the basis of
the average number of ordinary shares at December 31 of that year,
excluding shares held in treasury.
Calculation of working capital requirement
In € millions
2014 2015
Trade recievables
500.4 545.4 Inventories 622.7 680.3 Other current assets 152.1
170.0
Income tax recievables
60.0 28.6 Short-term deferred taxes assets/(liabilities) 75.6 94.8
Trade payables (481.8) (531.3) Other current liabilities (457.7)
(501.3) Income tax payables (15.0) (41.0) Short-term provisions
(86.6) (104.8)
Working capital requirement 369.7
340.7
Calculation of net financial debt
In € millions
2014 2015 Short-term borrowings 71.4 67.9 Long-term
borrowings 1,513.3 1,823.2 Cash and cash equivalents (726.0)
(1,085.9) Marketable securities (3.1) (2.5)
Net financial
debt 855.6 802.7
Reconciliation of adjusted operating profit with profit for
the period
In € millions
2014 2015 Profit for the period 533.3
552.0 Income tax expense 238.4 258.0 Exchange (gains) /
losses (1.5) (6.0) Financial income (8.6) (11.0) Financial expense
85.9 93.7
Operating profit 847.5 886.7
Amortization of revaluation of intangible
assets at the time of acquisitionsand expense/income relating to
acquisitions
32.9 43.7 Impairment of goodwill 0.0 0.0
Adjusted operating
profit 880.4 930.4
Reconciliation of EBITDA with profit for the period
In € millions
2014 2015 Profit for the period 533.3
552.0 Income tax expense 238.4 258.0 Exchange (gains) /
losses (1.5) (6.0) Financial income (8.6) (11.0) Financial expense
85.9 93.7
Operating profit 847.5 886.7
Depreciation and impairment of tangible assets 94.5 97.4
Amortization and impairment of intangible
assets (including capitalizeddevelopment costs) and impairment of
goodwill
71.0 72.3
EBITDA 1,013.0 1,056.4
Reconciliation of cah flow from operations, free cash flow
and normalized free cash flow with profit for the period
In € millions
2014 2015 Profit for the period 533.3
552.0 Adjustments for non-cash movements in assets and
liabilities: Depreciation, amortization and impairment 167.6 171.9
Changes in other non-current assets and liabilities and long-term
deferred
taxes
15.4 21.1 Unrealized exchange (gains)/losses 11.6 3.4
(Gains)/losses on sales of assets, net 0.0 1.3 Other adjustments
0.8 0.3
Cash flow from operations 728.7 750.0
Decrease (Increase) in working capital requirement (2.3) 46.2
Net cash provided from operating activities 726.4
796.2 Capital expenditure (including capitalized development
costs) (125.3) (133.4) Net proceeds from sales of fixed and
financial assets 6.3 3.2
Free cash flow 607.4
666.0 Increase (Decrease) in working capital requirement 2.3
(46.2) (Increase) Decrease in normalized working capital
requirement (2.2) (2.6)
Normalized free cash flow
607.5 617.2
Scope of consolidation
2014 Q1 H1 9M Full year Lastar
Inc. Balance sheet only 3 months 6 months 9 months Neat Balance
sheet only Balance sheet only 7 months 10 months SJ Manufacturing
Balance sheet only Balance sheet only 7 months
2015
Q1 H1 9M Full year Lastar Inc. 3 months
6 months 9 months 12 months Neat 3 months 6 months 9 months 12
months SJ Manufacturing 3 months 6 months 9 months 12 months
Valrack Balance sheet only Balance sheet only Balance sheet only 10
months IME Balance sheet only Balance sheet only 7 months Raritan
Inc. Balance sheet only 3 months QMotion Balance sheet only
Disclaimer
This press release may contain forward-looking statements which
are not historical data. Although Legrand considers these
statements to be based on reasonable assumptions at the time of
publication of this release, they are subject to various risks and
uncertainties that could cause actual results to differ from those
expressed or implied herein.
Details on risks are provided in the Legrand Registration
Document filed with the Autorité des marchés financiers (Financial
Markets Authority, AMF), which is available on-line on the websites
of both AMF (www.amf-france.org) and Legrand (www.legrand.com).
No forward-looking statement contained in this press release is
or should be construed as a promise or a guarantee of actual
results, which are liable to differ significantly. Therefore, such
statements should be used with caution, taking into account their
inherent uncertainty.
Subject to applicable regulations, Legrand does not undertake to
update these statements to reflect events or circumstances
occurring after the date of publication of this release.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy Legrand shares in any
jurisdiction.
1 Eliot is a program launched by Legrand in 2015 to speed up
deployment of the Internet of Things in its offering.
1 UPS: Uninterruptible Power Supply
2 GFCI: Ground Fault Circuit Interrupter
3 At 2014 scope of consolidation
4 For more detailed data, visit legrand.com
5 PDU: Power Distribution Unit
6 A KVM switch enables users to control multiple computers from
a single Keyboard, Video and Mouse console
7 Uninterruptible Power Supply
8 Strategic Business Unit
9 Uninterruptible Power Supply
10 Near Field Communication
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160210006738/en/
For Legrand:Investor relationsLegrandFrançois
Poisson, +33 (1) 49 72 53 53francois.poisson@legrand.frorPress
RelationsPublicis ConsultantsRobert Amady, +33 (0)1 44 82 46
31+33 (0)6 72 63 08
91robert.amady@consultants.publicis.frorVilizara Lazarova, +33 (0)1
44 82 46 34+33 (0)6 26 72 57
14vilizara.lazarova@consultants.publicis.fr
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