Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — Shareholder Meeting (May 2021)
90 slides from Unibail-Rodamco-Westfield's shareholder meeting presentation, May 12, 2021
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING UNIBAIL-RODAMCO-WESTFIELD
Slide 2: General Meeting Bureau
GENERAL MEETING BUREAU WwW UNIBAIL-RODAMCO-WESTFIELD
Slide 3: Bureau of the 2021 General Meeting
Bureau of the 2021 General Meeting Mr Léon BRESSLER CHAIRMAN Chairman of the Supervisory Board Mr Anthony MAAREK representing Rock Investment SCRUTINEERS Mr Stéphane TAILLEPIED representing Amundi Asset Management Mr David ZEITOUN SECRETARY Group General Counsel Mr Jean-Marie TRITANT ALSO ATTENDING
Slide 4: Documents available to shareholders
Documents available to shareholders The documents Including: and information required by the applicable laws A notice of meeting prior to this General Meeting was published have been made available on March 26, 2021 in the Bulletin des Annonces Légales Obligatoires. to the shareholders and A press r
Slide 5: Final quorum of the General Meeting
Final quorum of the General Meeting Final quorum reached Set the day before the General Meeting at 3:00 PM: 62.09% Number of shares Number of votes Present at the Meeting 0 0 Proxy credentials 0 0 Proxy to the Chairman 700,375 700,375 Vote by post 85,296,630 85,296,630 TOTAL 85,997,005 85,997,005 20
Slide 6: Introduction from Jean-Marie Tritant and Fabrice Mouchel
INTRODUCTION FROM JEAN-MARIE TRITANT, CHAIRMAN OF THE MANAGEMENT BOARD & FABRICE MOUCHEL, CHIEF FINANCIAL OFFICER
Slide 7: Introduction
INTRODUCTION JEAN-MARIE TRITANT CEO
Slide 8: Resilience and readiness
Resilience and readiness URW’s organisation has demonstrated resilience in extreme operating conditions with positive consumer demand whenever restrictions eased or lifted during 2020 Q1-2021 remained very challenging, with tougher and longer restrictions impacting the Group beyond the quarter, howe
Slide 9: Q1 characterised by long and tough lockdowns
Q1 characterised by long and tough lockdowns – European countries start to move towards gradual reopening On average 42 of effectively closed(1) vs. 13 days Reopening status as at May 12(2) in Q1-2020 Non-essential retail open Non-essential retail closed Shopping centres restricted from trading exce
Slide 10: Operations in Q1-2021 continued to be impacted by COVID-19 restrictions
Operations in Q1-2021 continued to be impacted by COVID-19 restrictions Rent collection Shopping Centre GRI: -30.4%(1) Q1 Q1 Encouraging leasing activity as brands continue to As at Q1-2021 release As at AGM choose our Flagship destinations Continental Europe 63% 64% Vacancy rate(2) increased slight
Slide 11: Sales improve when restrictions are lifted
Sales(1) improve when restrictions are lifted US tenant sales (vs. 2019) 93% Gradual recovery of tenant sales 87% in the US during the first quarter 74% 69% Positive March tenant sales (vs. 2019) in European countries where non-essential retail was also allowed trade: Spain 81% Austria 79% Sweden 76
Slide 12: Strong reopening of URW's London centres on April 12
Strong reopening of URW’s London centres on April 12 Footfall reached 75% of 2019 levels in first week after reopening with 1.2 million visits 2021 ANNUAL GENERAL MEETING 12
Slide 13: Consumers seek experiences – even at a social distance
Consumers seek experiences – even at a social distance Westfield Mission Valley Westfield Arkadia Wroclavia Westfield London Westfield Century City Continuing to invest in the Westfield brand and experience 2021 ANNUAL GENERAL MEETING 13
Slide 14: Reinforcing trusted partnerships with leading brands
Reinforcing trusted partnerships with leading brands 2020 deals Q1 – 2021 deals 10 Deals 14 Deals 8 Deals 5 Deals 8 Deals 12 Deals 4 Deals 7 Deals Retailers investing in premium locations NB: long-term relettings and renewals only. 2021 ANNUAL GENERAL MEETING 14
Slide 15: Emerging retail players also choose URW locations
Emerging retail players also choose URW locations Main 2020 signings & partnerships INNOVATIVE AUTO DIGITALLY-NATIVE VERTICAL BRANDS LEISURE Emerging players seeking Flagship locations to build brand awareness and drive customer acquisition 2021 ANNUAL GENERAL MEETING 15
Slide 16: Successful delivery of Westfield Mall of the Netherlands
Successful delivery of Westfield Mall of the Netherlands GLA 117,000 sqm 100% TIC €620 Mn Delivery March 18, 2021 Pre-letting 92% 70,000 visits during first weekend despite closure of F&B and Entertainment and appointment only access to non-essential retail 2021 ANNUAL GENERAL MEETING 16
Slide 17: Progress on the Group's deleveraging programme
Progress on the Group’s deleveraging programme Disposal: Implied offer price: Discount(2): Disposal(1): Total Acquisition Cost: Discount(2): 45% €1,065 Mn -3% 100% €450 Mn 0% Shopping City Süd, Vienna Aupark, Bratislava €1.35 Bn(3) of the €4 Bn European disposal programme completed (1) Phased dispos
Slide 18: Three pillars to support our CSR strategy
Three pillars to support our CSR strategy REINVENTING PLACES TOGETHER FOR A BETTER TOMORROW Cut carbon emissions Be a catalyst for growth Empower our people to become across our value chain by -50% within the communities sustainability & diversity in which we operate change–makers -50% (1) 245 100%
Slide 19: 2021: a challenging year with strong focus on execution
2021: a challenging year with strong focus on execution Centres were effectively closed for an average of 42 days in the first quarter, with the exception of essential First retail quarters Conditions remain very challenging with 36% of portfolio currently closed today 2021 Tougher and longer restri
Slide 20: Emerging as the most attractive retail focused listed real estate company
Emerging as the most attractive retail focused listed real estate company DELIVER SUSTAINABLE RESTORE ATTRACTIVE CAPITALIZE ON GROWTH AS TOTAL FUNDAMENTALS ECONOMIC RECOVERY RETURN PLAY Operational focus Best placed to benefit on Flagship destinations from consumption driven Financial performance an
Slide 21: FY-20 Financial Results
FY-20 FINANCIAL RESULTS FABRICE MOUCHEL CFO
Slide 22: FY-2020 Results
FY-2020 Results € Mn FY-2020 FY-2019 Change Lfl Change Shopping Centres 1,699 2,293 -25.9% -24.0% Offices & Others 85 103 -16.9% +0.1% Convention & Exhibition 6 95 -93.6% -93.6% Net Rental Income 1,790 2,491 -28.1% -26.4% Recurring Net Result (Group share) 1,057 1,760 -40.0% Recurring EPS 7.63 12.72
Slide 23: Like-for-like retail NRI evolution
Like-for-like retail NRI evolution impacted by rent relief and doubtful debtors Net closures, renewals, COVID-19 rent Indexation relettings & others relief Doubtful debtors Total Lfl Continental Europe 1.3% -5.3% -11.6% -3.5% -19.1% United Kingdom 0.0% -24.9% -16.2% -8.3% -49.3% United States 0.0% -
Slide 24: FY-2020 rent collection and vacancy impacted by COVID-19
FY-2020 rent collection(1) and vacancy impacted by COVID-19 Continental Vacancy(3) Collected Europe UK US 13.1% Q1 96% 97% 98% 93% 11.2% 9.4% 9.7% Q2 61% 67% 66% 48% 9.1% 8.3% 7.7% 7.7% Q3 85% 95% 78% 70% 5.4% 4.7% 4.9% Q4 76% 81% 74% 68% 2.5% FY 80% 85% 79% 70% of due:(2) 88% 94% 84% 79% Continenta
Slide 25: Leasing activity picked up in H2
Leasing activity picked up in H2 Number of deals(1): 1,528 (-36% vs 2019) 484 (-22%) 2020 leasing activity impacted 428 by COVID-19 tenant negotiations (-23%) 383 (-36%) 206 Cont. 231 233 Europe UK US URW 201 (-63%) MGR uplift +1.7% +0.4% -20.3% -5.1% 130 (in %) 278 197 182 MGR signed 134 18 66 219
Slide 26: Offices & Others: results reflect disposals
Offices & Others: results reflect disposals Net Rental Income (€ Mn) FY-2020 FY-2019 Growth Lfl Growth France 56 72 -22.3% +0.7% Nordics 10 10 +2.0% +1.0% Others Europe 8 7 +8.3% +6.7% US 11 13 -16.1% -8.0% Total 85 103 -16.9% +0.1% Les Villages de l’Arche 2021 ANNUAL GENERAL MEETING 26
Slide 27: Convention & Exhibition: a grim year
Convention & Exhibition: a grim year Restart Q4-2021 / Q1-2022 activity Change € Mn FY-2020 FY-2019 2020/2019 Back 2023 to “normal” Net Rental 6 95 -93.6% Income Paris From H2-2023 Property Services Olympics 6 62 -90.2% & Other Income Strong interest from organisers Recurring Net for H2-2021 / 2022
Slide 28: EPRA NRV evolution
EPRA NRV evolution EPRA Net Reinstatement Value(1) (in € per share) €228.80 +€4.55 -€35.70 +€7.63 -€10.90 €166.80 -€8.25 -€5.40 -€9.38 December 2019 Lfl Asset Goodwill Non Lfl Asset Dividend Recurring Results Other December 2020 Revaluation Impairment Revaluation & Intangible Assets (1) Hybrid secur
Slide 29: Ample LTV covenant headroom
Ample LTV covenant headroom IFRS Loan-to-value(1) 60% 42% 41% 44.7% 37% 38% 44.0%(2) 37% 35% 33% 33% 32% 25% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Typical covenant level Proportionate LTV(1): 46.3% or 45.6% pro-forma(2) (vs. 40.5% as
Slide 30: Comprehensive and clear deleveraging strategy
Comprehensive and clear deleveraging strategy Implement Complete €4 Bn programme Controlled CAPEX Suspend dividend to significantly deployment European disposal payment for fiscal years reduce financial with focused programme 2020, 2021 exposure to US development pipeline and 2022 (2021/2022) and re
Slide 31: Dividend
Dividend Uncertain operating Once deleveraged Due to negative statutory environment and strategic and repositioned, URW will results, no SIIC dividend focus on deleveraging: resume a dividend policy based distribution obligation is suspension of dividend on a significant pay out, anticipated for tho
Slide 32: €2.3 Bn in disposals signed in 2020
€2.3 Bn in disposals signed in 2020 10 assets: NIY: 4.6% Premium(1): +0.3% 5 European retail assets 2 European offices 3 US retail assets Aéroville So Ouest Confluence Rennes Alma Toison d’Or Westfield Meriden Westfield Siesta Key Westfield Sunrise SHiFT Les Villages 3, 4 & 6 (1) Compared to FY-2019
Slide 33: Development pipeline reduced with built-in flexibility
Development pipeline reduced with built-in flexibility €8.3 Bn -€1.3 Bn €4.4 Bn -€2.6 Bn €1.5 Bn €2.5 Bn -€1.9 Bn €1.4 Bn €2.9 Bn €1.2 Bn FY-2019 Deliveries Removed Removed projects, projects, net of FY-2020 Invested to date Remaining net of new projects new projects and and reporting reporting chan
Slide 34: Positive impact on LTV under varied US disposal conditions
Positive impact on LTV under varied US disposal conditions Discount to December 31, 2020, valuations for US disposal: -0% -10% -20% -30% -40% -50% 44.7% 43.2% 38.8% 37.0% 34.0% 30.9% 27.8% 24.8% 21.7% FY-2020 Pro-forma: Pro-forma: Indicative pro-forma LTV with disposal of 100% of US portfolio(2) €2
Slide 35: The credit markets remained open for URW in 2020
The credit markets remained open for URW in 2020 Euro Senior Bonds April June November Avg coupon: €600 Mn €750 Mn €1 Bn 1.66% 5-years 12-years Long 6-years 2.125% 2.0% 0.625% €800 Mn €1 Bn Avg maturity: 10-years 11-years 9.0 years 2.625% 1.375% 2021 ANNUAL GENERAL MEETING 35
Slide 36: Ample liquidity to cover next 24-months
Ample liquidity to cover next 24-months Sources and uses(1) (in € Bn) 1 Illustrative retained 2.0 earnings(2) Debt 4.8 maturities €4.7 Bn Credit lines(3) 3.2 Planned further 3.2 Secured disposals(4) 0.8 EU disposals CAPEX 2.0 Cash position 2.3 1.5 1.5 Sources Uses Net sources - uses Total liquidity
Slide 37: Governance
GOVERNANCE Ww UNIBAIL-RODAMCO-WESTFIELD
Slide 38: The Management Board
The Management Board COMPREHENSIVE MANAGEMENT BOARD Jean-Marie TRITANT Fabrice MOUCHEL Astrid PANOSYAN Olivier BOSSARD Chief Executive Officer Chief Financial Officer Chief Resources Officer Chief Investment Officer Operations, legal affairs, Optimisation of the cost Human resources, Investment/dive
Slide 39: The Supervisory Board
The Supervisory Board(1) GENDER NATIONALITY(2) INDEPENDENCE AREAS OF EXPERTISE(3) Canadian 1 78% 78% Female Austrian 1 French 5 67% 56% 55% 44% 44% Australian 1 7 89% Spanish 1 Retail / Finance Real Estate / Restructuring / Digital / ESG / Hospitality Asset Disposals E-Commerce Sustainability Dutch
Slide 40: Management Board 2020 Remuneration & 2021 Remuneration Policy
MANAGEMENT BOARD 2020 REMUNERATION & 2021 REMUNERATION POLICY
Slide 41: Implementation of the 2020 Remuneration Policy
Implementation of the 2020 Remuneration Policy Adjustment of the Short-Term Incentive (STI) KPI: The Commercial Partnerships objective was replaced with a gross The unprecedented and administrative cost reduction objective, more in line with new priorities unforeseeable COVID-19 due to the pandemic
Slide 42: Remuneration 2020 – Management Board Chairman
Remuneration 2020 – Management Board Chairman (Resolution 6 – ex-post binding vote) Implementation of the 2020 Remuneration Policy approved at 2020 GM FI reduced by 25% for two months: annual total €1,198K Other benefits STI: 0.8% Quantitative: achieved at 12.5% Qualitative: achieved at 80.0% Supple
Slide 43: Remuneration 2020 - Other MB member
Remuneration 2020 - Other MB member (Resolution 7 – ex-post binding vote) Implementation of the 2020 Remuneration Policy approved at 2020 GM FI reduced by 25% for two months: annual total €769K Other benefits STI: 3.1% Quantitative: achieved at 12.5% Qualitative: achieved at 80.0% Supplementary Over
Slide 44: Remuneration Policy 2021 – Management Board (1/2)
Remuneration Policy 2021 – Management Board (1/2) Resolutions 11 (Chairman) and 12 (other members) – ex-ante binding vote Moderation CEO Fixed Income (FI) reduced by 20% (€1 Mn vs €1.25 Mn previously) CEO maximum Short-Term Incentive (STI) opportunity reduced from Principles considered 200% to 150%
Slide 45: Remuneration Policy 2021 – Management Board (2/2)
Remuneration Policy 2021 – Management Board (2/2) Resolutions 11 (Chairman) and 12 (other members) – ex-ante binding vote Simplified Short-Term Incentive (STI) structure, No change in line with 2021 specific needs in Long-Term Incentive (LTI) structure Structure KPIs (specific for 2021) Structure KP
Slide 46: Supervisory Board 2020 Remuneration & 2021 Remuneration Policy
SUPERVISORY BOARD 2020 REMUNERATION & 2021 REMUNERATION POLICY
Slide 47: Remuneration 2020 – Supervisory Board Chairman
Remuneration 2020 – Supervisory Board (SB) Chairman (Resolutions 8 and 9 – ex-post binding votes) Colin DYER Léon BRESSLER (from January 1, 2020 to November 11, 2020) (from November 11, 2020 to December 31, 2020) SB Chairman remuneration €182,812 SB Chairman remuneration(1) €1 Governance and Nominat
Slide 48: Remuneration Policy 2021 - Supervisory Board
Remuneration Policy 2021 - Supervisory Board (Resolution 13 – ex-ante binding vote) SB Chairman: €225 k Other SB members: €75 k SB Remuneration €50 k variable(1)(67%) €25 k fixed (33%) The overall Supervisory Extra remuneration for SB Vice-Chair: €18 k Board(SB) remuneration, structure and SB remune
Slide 49: New Supervisory Board Members
NEW SUPERVISORY BOARD MEMBERS
Slide 50: Supervisory Board members submitted for ratification
Supervisory Board members submitted for ratification (Resolution 14) (Resolution 15) Julie Cecile AVRANE-CHOPARD CABANIS AUDIT COMMITTEE MEMBER SB VICE-CHAIR AND AUDIT COMMITTEE CHAIR Independent Independent Coopted in 2020 Coopted in 2020 To be ratified for a 1-year term To be ratified for a 1-year
Slide 51: Supervisory Board members submitted for renewal and appointment
Supervisory Board members submitted for renewal and appointment (Resolution 16) (Resolution 17) John Aline McFARLANE SYLLA-WALBAUM AUDIT COMMITTEE MEMBER Independent Independent Appointed in 2018 Nominated for a 3-year term To be renewed for a 2-year term Chairman of Westpac (AU) Global Managing Dir
Slide 52: Report of the Supervisory Board
Report of the Supervisory Board 2021 ANNUAL GENERAL MEETING 52
Slide 53: Emmanuel Gadret
EMMANUEL GADRET Re p r e s e n t a t i v e o f the College of Auditors
Slide 54: Statutory auditors' reports
Statutory auditors’ reports Ordinary Extraordinary General Meeting General Meeting Report on the parent company financial statements Reports related to transactions on the capital Report on the consolidated financial statements Special report on regulated agreements 2021 ANNUAL GENERAL MEETING 54
Slide 55: Report on Unibail-Rodamco-Westfield SE parent company
Report on Unibail-Rodamco-Westfield SE parent company Resolution No. 1 Key audit matters: Evaluation of investments in subsidiaries and related receivables Accounting for financial debt and derivative financial instruments In our opinion, the parent company financial statements give a true and fair
Slide 56: Report on the consolidated financial statements
Report on the consolidated financial statements Resolution No. 2 Key audit matters: Valuation of the investment property portfolio, including investment properties under construction, either held directly or within joint ventures Recoverable Amount of intangible assets with an indefinite useful life
Slide 57: Special report on regulated agreements
Special report on regulated agreements Resolution No. 5 We have been informed that the following agreement was previously authorised by the Supervisory Board and to be submitted to the approval of the AGM. Settlement agreement entered into between your company and Mr Christophe Cuvillier (Group CEO
Slide 58: Special reports regarding transactions on the capital
Special reports regarding transactions on the capital Authorizations granted to the Management Board Authorization to reduce the share capital Resolution No. 19 Authorization to decide on the issue of marketable securities and/or shares and marketable Resolutions No. 20, 21 et 23 securities with and
Slide 59: Shareholders' questions
Shareholders’ questions 2021 ANNUAL GENERAL MEETING 59
Slide 60: Resolutions submitted to the vote of the Combined General Meeting
RESOLUTIONS SUBMITTED TO THE VOTE OF THE COMBINED GENERAL MEETING
Slide 61: Resolution n°1
Resolutions subject to the ordinary general meeting Resolution n°1 Approval of the statutory financial statements for the year ended December 31, 2020 This resolution is adopted: 99.98% 2021 ANNUAL GENERAL MEETING 61
Slide 62: Resolution n°2
Resolutions subject to the ordinary general meeting Resolution n°2 Approval of the consolidated financial statements for the year ended December 31, 2020 This resolution is adopted: 99.98% 2021 ANNUAL GENERAL MEETING 62
Slide 63: Resolution n°3
Resolutions subject to the ordinary general meeting Resolution n°3 Allocation of net income for the year ended December 31, 2020 This resolution is adopted: 99.97% 2021 ANNUAL GENERAL MEETING 63
Slide 64: Resolution n°4
Resolutions subject to the ordinary general meeting Resolution n°4 Approval of the settlement agreement entered into between the Company and Mr Christophe Cuvillier, in accordance with Article L. 225-86 of the French Commercial Code This resolution is adopted: 98.04% 2021 ANNUAL GENERAL MEETING 64
Slide 65: Resolution n°5
Resolutions subject to the ordinary general meeting Resolution n°5 Approval of the Statutory Auditors’ special report on related party agreements governed by Articles L 225-86 et seq. of the French Commercial Code This resolution is adopted: 99.97% 2021 ANNUAL GENERAL MEETING 65
Slide 66: Resolution n°6
Resolutions subject to the ordinary general meeting Resolution n°6 Approval of the total remuneration and benefits of any kind due or granted for the year ended December 31, 2020, to Mr Christophe Cuvillier, as Group Chief Executive Officer This resolution is adopted: 91.95% 2021 ANNUAL GENERAL MEET
Slide 67: Resolution n°7
Resolutions subject to the ordinary general meeting Resolution n°7 Approval of the total remuneration and benefits of any kind due or granted for the year ended December 31, 2020, to Mr Jaap Tonckens, as member of the Management Board This resolution is adopted: 93.67% 2021 ANNUAL GENERAL MEETING 67
Slide 68: Resolution n°8
Resolutions subject to the ordinary general meeting Resolution n°8 Approval of the total remuneration and benefits of any kind due or granted for the year ended December 31, 2020, to Mr Colin Dyer, as Chairman of the Supervisory Board until November 13, 2020 This resolution is adopted: 99.65% 2021 A
Slide 69: Resolution n°9
Resolutions subject to the ordinary general meeting Resolution n°9 Approval of the total remuneration and benefits of any kind due or granted for the year ended December 31, 2020, to Mr Léon Bressler, as Chairman of the Supervisory Board since November 13, 2020 This resolution is adopted: 99.85% 202
Slide 70: Resolution n°10
Resolutions subject to the ordinary general meeting Resolution n°10 Approval of the remuneration report of the corporate officers in accordance with Article L. 22-10-34 of the French Commercial Code This resolution is adopted: 97.09% 2021 ANNUAL GENERAL MEETING 70
Slide 71: Resolution n°11
Resolutions subject to the ordinary general meeting Resolution n°11 Approval of the principles and criteria for determining, allocating and granting the components of the total remuneration and benefits of any kind that may be granted to the Chairman of the Management Board This resolution is adopte
Slide 72: Resolution n°12
Resolutions subject to the ordinary general meeting Resolution n°12 Approval of the principles and criteria for determining, allocating and granting the components of the total remuneration and benefits of any kind that may be granted to the members of the Management Board, other than the Chairman T
Slide 73: Resolution n°13
Resolutions subject to the ordinary general meeting Resolution n°13 Approval of the principles and criteria for determining, allocating and granting the components of the total remuneration and benefits of any kind that may be granted to the members of the Supervisory Board This resolution is adopte
Slide 74: Resolution n°14
Resolutions subject to the ordinary general meeting Resolution n°14 Ratification of the cooptation of Ms Julie Avrane-Chopard as member of the Supervisory Board Julie AVRANE-CHOPARD This resolution is adopted: 99.87% 2021 ANNUAL GENERAL MEETING 74
Slide 75: Resolution n°15
Resolutions subject to the ordinary general meeting Resolution n°15 Ratification of the cooptation of Ms Cécile Cabanis as member of the Supervisory Board Cécile CABANIS This resolution is adopted: 94.30% 2021 ANNUAL GENERAL MEETING 75
Slide 76: Resolution n°16
Resolutions subject to the ordinary general meeting Resolution n°16 Renewal of the term of office of Mr John McFarlane as member of the Supervisory Board John McFARLANE This resolution is adopted: 99.56% 2021 ANNUAL GENERAL MEETING 76
Slide 77: Resolution n°17
Resolutions subject to the ordinary general meeting Resolution n°17 Appointment of Ms Aline Sylla-Walbaum as member of the Supervisory Board Aline SYLLA-WALBAUM This resolution is adopted: 99.74% 2021 ANNUAL GENERAL MEETING 77
Slide 78: Resolution n°18
Resolutions subject to the ordinary general meeting Resolution n°18 Authorisation granted to the Management Board to enable the Company to purchase its shares in accordance with Article L. 22-10-62 of the French Commercial Code This resolution is adopted: 97.78% 2021 ANNUAL GENERAL MEETING 78
Slide 79: Resolution n°19
Resolutions subject to the extraordinary general meeting Resolution n°19 Authorisation granted to the Management Board to reduce the share capital by the cancelling shares bought back by the Company in accordance with Article L. 22-10-62 of the French Commercial Code This resolution is adopted: 96.3
Slide 80: Resolution n°20
Resolutions subject to the extraordinary general meeting Resolution n°20 Delegation of authority granted to the Management Board to issue ordinary shares and/or securities giving immediate access and/or in the future to the share capital of the Company or one of its subsidiaries with pre-emptive sub
Slide 81: Resolution n°21
Resolutions subject to the extraordinary general meeting Resolution n°21 Delegation of authority granted to the Management Board to issue ordinary shares and/or securities giving immediate access and/or in the future to the share capital of the Company or one of its subsidiaries without pre-emptive
Slide 82: Resolution n°22
Resolutions subject to the extraordinary general meeting Resolution n°22 Delegation of authority granted to the Management Board to increase the number of securities to be issued in the event of a share capital increase, with or without pre-emptive subscription rights, pursuant to the twenty and twe
Slide 83: Resolution n°23
Resolutions subject to the extraordinary general meeting Resolution n°23 Delegation of powers granted to the Management Board to issue ordinary shares and/or securities giving access to the share capital of the Company, without pre-emptive subscription rights, in payment for assets contributed to th
Slide 84: Resolution n°24
Resolutions subject to the extraordinary general meeting Resolution n°24 Delegation of authority granted to the Management Board to increase the share capital by issuing ordinary shares and/or securities giving access to the share capital of the Company reserved for participants in Company savings p
Slide 85: Resolution n°25
Resolutions subject to the extraordinary general meeting Resolution n°25 Authorisation to be granted to the Management Board to grant options to purchase and/or to subscribe shares in the Company and/or Stapled Shares, without pre-emptive subscription rights, to the benefit of employees and corporat
Slide 86: Resolution n°26
Resolutions subject to the extraordinary general meeting Resolution n°26 Authorisation to be granted to the Management Board to grant performance shares in the Company and/or Stapled Shares to the benefit of employees and corporate officers of the Company and/or its subsidiaries This resolution is a
Slide 87: Resolution n°27
Resolutions subject to the extraordinary general meeting Resolution n°27 Various amendments to the Articles of Association, in particular, to harmonise the Articles of Association with the laws and regulations in force This resolution is adopted: 99.96% 2021 ANNUAL GENERAL MEETING 87
Slide 88: Resolution n°28
Resolutions subject to the extraordinary general meeting Resolution n°28 Amendment to the Articles of Association in view of providing for the written consultation of Supervisory Board members This resolution is adopted: 99.98% 2021 ANNUAL GENERAL MEETING 88
Slide 89: Resolution n°29
Resolutions subject to the ordinary general meeting Resolution n°29 Powers for formalities This resolution is adopted: 99.99% 2021 ANNUAL GENERAL MEETING 89
Slide 90: URW.COM
URW.COM 2021 ANNUAL GENERAL MEETING 90
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