Coface Group

Disclosure requirements

Legal and Regulated Information

General introduction

COFACE SA is a société anonyme (joint-stock corporation) with a conseil d’administration (Board of Directors), incorporated under the laws of France, and is governed by the provisions of Volume II of the French Commercial Code (Code de Commerce). The Company is the holding company of the Coface Group.


Registered office:1 Place Costes and Bellonte, 92270 Bois Colombes, France

Register No.: No. 432 413 599, with the Nanterre Trade and Companies Registry


As a decision-making and management body, the Company is a non-operational holding company and plays a vital financial role in the Coface Group, performing management, financing and advisory activities for its subsidiaries; it also manages operating activities.



Major subsidiaries

The chief operating subsidiary of the Coface Group is Compagnie française d’assurance pour le commerce extérieur. It is the principal operating company and the principal insurance company of the Coface Group. It also manages public procedures on the behalf of and with the guarantee of the French State.


Compagnie française d’assurance pour le commerce extérieur owns the two Coface Group companies authorized to engage in factoring activities –Coface Finanz (Germany) and Coface Factoring Poland (Poland).



Information on the total number of voting rights and shares comprising the share capital of the company at September 30th, 2016  

(Article L. 233-8 II of the French Commercial Code and 223-16 of the General Regulation of the French Market Regulator)




1 including own shares

2 excluding own shares


In general, a shareholder is entitled to one vote per share at any general meeting (Resolution No.10 "Amendment of company by-laws on shareholders’ double voting right ", adopted by the Shareholders General Meeting of May 18th 2015). 


NB: In addition to the legal thresholds, the Company’s by-laws provide that so long as the Company’s shares are traded on a regulated market, any person or entity, acting alone or in concert with others, who comes to own, directly or indirectly, 2% or more of the share capital or voting rights of the Company (calculated in accordance with the provisions of Articles L.233-7 and L.233-9 of the French Commercial Code and the provisions of the AMF General Regulation) and thereafter increases or decreases its shareholding by an amount greater than or equal to 2% of the share capital or voting rights, including above the legal thresholds, must notify the Company (by registered letter with acknowledgment of receipt), within four (4) trading days from the date on which any such person or entity complies with the notification requirements.



Copies of Interim financial report for the first half of 2016 are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, as well as on the websites of the Company ( ).

Periodic and ongoing information

There are two (2) types of information: periodic and ongoing information. This information is considered as Regulated information by the Authorité des Marchés Financiers (AMF) and shall be disclosed to the market.


1/ Periodic information

Periodic information is provided by companies whose securities are admitted to trading on a regulated market at regular intervals on an annual, half-yearly and quarterly basis.


This includes:

  • The annual financial report
  • The half-yearly financial report
  • The quarterly financial report.
  • The reports concerning the conditions for preparing and organizing the work of the board of directors or the supervisory board, and the internal control and risk management procedures put in place by Coface
  • The press release concerning fees paid to statutory auditors

You can find this information in the  "Financial reporting"  section.


2/ Ongoing information

Ongoing information is information disseminated by a company whose securities are admitted to trading on a regulated market in compliance with the requirements imposed on them to inform the public without delay. It is all information likely, should it be made public, to have a material impact on the share price.


The following list is not exhaustive:

Liquidity agreement

The Coface Group announced that, as of July 7th, 2014, the company entrusts NATIXIS with the implementation of a liquidity agreement on COFACE SA shares (Paris – Code ISIN FR0010667147), traded on Euronext Paris.


To enable NATIXIS to make interventions under the contract, COFACE SA has allocated to the liquidity account the amount of: €5.000.000,00 (five million euros).


The liquidity agreement was concluded for a period of 12 months, tacitly renewable.


The contract is in accordance with the provisions of the existing legal framework, in particular the provisions of Regulation (CE) 2273/2003 of the Commission from December 22nd,  2003, which details the rules for the application of Directive 2003/6/CE of the European Parliament and Council (regarding the exemptions for buy-back programs and stabilization of financial instruments); the provisions of Articles L. 225-209 and following of the French Commercial Code; the provisions of the General Regulations of the French Market Regulator (AMF) and the AMF decision (2011-07 March 21st, 2011), updating the accepted market practices on liquidity agreements.


The contract is also consistent with the Charter of Ethics established by the AMAFI of March 8th, 2011 and approved by the decision of the French Market Regulator (AMF) of March 21st, 2011.


It is reminded that, by its decision of June 26th, 2014, the Board of Directors had decided to implement and specify the terms of the share buyback program of COFACE SA. This decision had been taken following the authorization given by the Mixt General Assembly of June 2nd, 2014, which delegated to the Board of Directors all powers necessary for this purpose.


Pursuant to the delegation that was given by the General Assembly Meeting on 18 May (in its eighth resolution) to the Board of Directors of July 28, 2015 authorized the Company (further delegate to the CEO ) to buy shares COFACE SA in a limit of 10% notably to ensure liquidity and boost the market in the framework of a liquidity contract or allocate shares to employees.



RD 2014*  Extract – Information relating to the liquidity agreement and the description of the share buyback program. (*) RD 2014 = Registration Document 2014, registered by the AMF on April 13th 2015, under No. R.15-019.

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