Pernod Ricard Sa · EURONEXT:RI
Pernod Ricard Sa — Shareholder Meeting (November 2023)
114 slides from Pernod Ricard Sa's shareholder meeting presentation, November 2023
Slide 1: Pernod Ricard
x Pernod Ricard Créateurs de comivialité The images featured in some of the videos presented here promotion of alcohol and should not be viewed or nor are they authorised for commercial dis Always drink responsibly.
Slide 2: 2023 Shareholders' Meeting
2023 Shareholders’ Meeting
Slide 3: Opening
Opening ALEXANDRE RICARD CHAIRMAN & CHIEF EXECUTIVE OFFICER
Slide 4: Shareholders' Meeting Bureau
Opening Shareholders’ Meeting BUREAU CHAIRMAN ALEXANDRE RICARD TELLERS PATRICIA RICARD GIRON, LAURENT RAETS SECRETARY ANNE-MARIE POLIQUIN ALSO ATTENDING LEAD INDEPENDANT DIRECTOR PATRICIA BARBIZET EVP FINANCE & IT HÉLÈNE de TISSOT STATUTORY AUDITOR DELOITTE & ASSOCIÉS MARC de VILLARTAY
Slide 5: Provisional Quorum
Provisional Quorum
Slide 6: Provisional Quorum
Provisional Quorum Provisional Quorum IN SHARES: (83,75)% NB OF SHARES NB OF VOTES REPRESENTED AT THE AGM 30 743 432 55 782 572 POWERS REPRESENTED 8 283 9 324 POWERS TO THE PRESIDENT 6 396 278 10 851 547 POSTAL VOTE 174 242 854 193 259 562 TOTAL 211 390 847 259 903 005
Slide 7: Legal documents available to shareholders
Provisional Quorum Provisional Quorum LEGAL DOCUMENTS AVAILABLE TO SHAREHOLDERS The documents required by the applicable laws and regulations, which are on the Shareholders’ Bureau, have been sent and made available to the Shareholders within the legal delays.
Slide 8: Management Report
fons from Shareholders
Slide 9: Excellent full year financial delivery
Management Report Excellent full year financial delivery Organic Operating Margin expansion: +32bps Sales Group Share of Net Profit €12,137m Reported +13% €2,262m +13% Organic +10% Amérique Profit from Croissance recurring interne du CA operations EPS +2% €3,348m Reported Organic +11% +11% €9.11 +11
Slide 10: Net Sales growth across all categories
Management Report Net Sales growth across all categories Scotch whisky Vodka Organic Organic 22%* growth 8%* growth +17% +11% Irish whiskey Gin Organic Organic 12%* growth 5%* growth +11% +8% Cognac Indian whiskies & Brandies Organic Organic growth 9%* growth 16%* +11% +11% * Weight in FY23 Net Sale
Slide 11: Net Sales growth across all regions
Management Report Net Sales growth across all regions Europe Asia- Group Americas ROW Organic Net Sales growtth Organic Net Sales growth Organic Net Sales growth Organic Net Sales growth +2% +8% +17% +10% Weight Weight Weight in Sales in Sales in Sales 29% 29% 42% ROW : Rest Of World
Slide 12: Management Report
Provisional Quorum Management Report Consolidated Fin! e Financial Statements First Quarter Outlook i Closing od “ee =.
Slide 13: Our unique portfolio of brands, route-to-market, culture
Management Report 1. Our unique portfolio of brands 2. Our most comprehensive route-to-market 3. Our winning culture
Slide 14: The most complete portfolio in the industry
Management Report The most complete portfolio 01 in the industry 1. 02 The strength of our consumer-centric brands 03 Premiumisation of our portfolio
Slide 15: Acquisitions: the most active year in a decade
Management Report Acquisitions: the most active year in a decade Strengthening our presence in the North American market Sovereign Brands Código Skrewball ACE Beverage Company Rum, sparkling wine, peated whisky Tequila Flavoured whisky RTD cocktails
Slide 16: Our innovations: accelerating our growth
Management Report Our innovations: accelerating our growth Absolut & Sprite The Glenlivet Seagram's 0.0 Absolut & Reya RTD cocktail Twist & Mix Non-alcoholic gin alternative Virtual muse
Slide 17: New faces of our premium brands
Management Report New faces of our premium brands Perrier-Jouët Martell Chivas Kahlua & Mélanie Laurent & Eddie Peng & Lisa & Salma Hayek
Slide 18: Investments: A&P, capex, strategic inventory
Management Report A&P €c.2 billion CAPEX €610 million Strategic inventory €508 million
Slide 19: Our global footprint (160+ countries)
Management Report Our global footprint (160+ countries) Balanced exposure in mature 2. and emerging markets Leader in India, China and Global Travel Retail Omnichannel distribution
Slide 20: A unique culture
Management Report A unique culture 3. Engaged employees Forbes World’s Best Employers
Slide 21: Governance
Governance fons from Shareholders Vote on Resolutions Closing
Slide 22: S&R as a source of innovation and value creation
Management Report S&R as a source of innovation and value creation Nurturing Terroir Valuing People Responsible Hosting Circular Making
Slide 23: S&R: Nurturing Terroir, Valuing People
Management Report S&R as a source of innovation and value creation Nurturing Terroir Valuing People 7 36% regenerative viticulture initiatives of our top management in progress (out of 8) team are women 82% Equity gender pay of our affiliates have implemented a regenerative agriculture or biodiversi
Slide 24: S&R: Responsible Hosting, Circular Making
Management Report S&R as a source of innovation and value creation Responsible Hosting Circular Making 94% -12% of our affiliates have in absolute value contributed to a local Scope 1 & 2 CO2 emissions or global responsible drinking programme (Drink More Water) -18% in intensity Scope 3 carbon footp
Slide 25: Circular Making: our packaging approach and progress
Management Report Circular Making: our packaging approach and progress RETHINK REDUCE REUSE RESPECT RECYCLE
Slide 26: Management Report
; Goverggnces : ors’ R fons from Shareholders Vote on Resolutions Closing « nt.
Slide 27: Management Report
i sag Ste aT O's’ Report. Questions (gmghareiolders Votespit Resolutions a Si Lee . “. ™ oA, 2 “a
Slide 28: Circular economy
Management Report Circular economy
Slide 29: Circular economy
Management Report Circular economy
Slide 30: The pillars of circular economy
Management Report The 4 pillars of circular economy Supply Legislation Consumers Talent
Slide 31: Circul'R advises Pernod Ricard on reuse
Management Report Circul’R advises Pernod Ricard on reuse
Slide 32: Circul'R works directly with Pernod Ricard teams
Management Report Circul’R works directly with Pernod Ricard teams Circular economy “Leader de l’EC” training fresco with the ESCP
Slide 33: Pernod Ricard part of the circular economy Think Tank
Management Report Pernod Ricard part of the "circular economy" Think Tank Members Partners
Slide 34: Management Report
3 D> y ‘ Opening Provisional Quorum ; . imaciakStotements< 7! Financial Statem: rstagéters <@> Outlook Se a fons from Shareholders Vote on Resolutions Closing
Slide 35: Management Report
Management Report
Slide 36: Very dynamic Premium spirits market
Management Report Very dynamic Premium spirits market Spirits growth Premiumisation Resilience Premium+ international spirits Total spirits 411 Bn€ 3% Other 5% 130.1 22% Wine 16% +15,3% 356 Bn€ 35% Spirits 41% 40% Beer 38% 79.4 2015 2022 2015 2022 2019 2022 Category split Evolution of the volume of
Slide 37: Very favourable demographic data
Management Report Very favourable demographic data Partenaires Increase in the number of consumers Growing middle classes in emerging countries of Legal Drinking Age worldwide +1.3% +7M/year +20M/year +20M/year between 2020 and 2025 Affluent class Middle class LDA (United Nations, 2019) (internal es
Slide 38: Management Report
Management Report 39
Slide 39: Our growth axes to outperform the market
Management Report Our 6 growth axes to outperform the market
Slide 40: Data and AI at the heart of our business
Management Report Data and AI at the heart of our business Demand analysis Granular segmentation to position each brand 1 need 1 moment 1 consumer type Marketing investments % % Promotion & Pricing April-March % discount Sales forces
Slide 41: A simplified organisation that's close to consumers
Management Report A simplified organisation that’s close to consumers An agile operating model A new Executive Committee to lead our ambition Headquarters Alexandre Ricard Hélène de Tissot Philippe Guettat Chairman EVP EVP & CEO Finance & IT Global Brands 10 Market Companies Gilles Bogaert Cédric Ra
Slide 42: Our growth model is proving its worth
Management Report Our growth model is proving its worth 2015 2018 2022 2023 2025 Ambition +4% to +7% aiming CAGR +4% CAGR +5% for the upper end of range CAGR since COVID +6% +10% +17% +10% +6% +6% +4% +2% +2% +0% (10)% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 PRO/Sales in bps +52
Slide 43: Strong shareholder value creation
Management Report Strong shareholder value creation Dividend per share in € Share price evolution Evolution between 1 July 2014 and 25 October 2023 4.701 4.12 3.12 3.12 2.66 2.36 1.88 2.02 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1: submitted for vote
Slide 44: Management Report
Management Report
Slide 45: Hélène de Tissot, EVP Finance & IT
Consolidated Financial Statements HÉLÈNE de TISSOT EVP FINANCE & IT
Slide 46: Executive Summary FY23
Consolidated Financial Statements Executive Summary FY23 Very strong FY23 performance in a normalising environment A very strong and diversified performance • Double-digit sales growth in all regions and categories thanks to our portfolio of premium brands • Gross margin1 sustained and operating mar
Slide 47: Key Figures FY23
Consolidated Financial Statements Key Figures FY23 € in millions FY23 REPORTED ORGANIC SALES 12 137 +13% +10% Profit from Recurring Operations 3 348 +11% +11% (PRO) PRO / Sales 27,6% -68bps +32bps NET PROFIT FROM RECURRING 2 340 +10% OPERATION1 Net Profit1 2 262 +13% Free Cash Flow 1 431 -21% 1. Gro
Slide 48: Sales Growth by Region
Consolidated Financial Statements Sales Growth by Region Broad-based growth across all regions, with strong pricing execution and resilient volumes +19% +19% +17% +17% +12% +10% FY22 FY23 +8% +2% Americas Asia-RoW Europe Total
Slide 49: Sales Growth by Categories
Consolidated Financial Statements Sales Growth by Categories All spirits categories posted strong growth +24% +18% +18% +11% +10% FY22 +8% FY23 (2%) (4%) Strategic International Strategic Local Brands Specialty Brands Strategic Wines Brands
Slide 50: Summary Income Statement
Consolidated Financial Statements Summary Income Statement Gross margin sustained despite inflationary pressure on COGS and operating margin1 expanded € in millions FY22 FY23 REPORTED ORGANIC SALES 10 701 12 137 +13% +10% Gross margin after logistics costs 6 473 7 246 +12% +10% (GM) GM / Sales 60,5%
Slide 51: Group Share of Net Profit
Consolidated Financial Statements Group Share of Net Profit Increase in Group Share of Net Profit: +13% € in millions FY22 FY23 REPORTED PROFIT FROM RECURRING OPERATIONS (PRO) 3 024 3 348 +11% Non-recurring operating income and expenses (62) (83) OPERATING PROFIT 2 963 3 265 +10% Financial income (e
Slide 52: Net Debt
Consolidated Financial Statements Net Debt Strong balance sheet supporting a dynamic financial policy Strong cash generation to accelerate € millions Leverage investment in CAPEX and strategic Net Debt/EBITDA inventories 2.4x 2.7x Very active portfolio management, including Sovereign Brands, Código
Slide 53: Pernod Ricard SA Financial Statements
Financial Statements Pernod Ricard SA
Slide 54: Financial statements
Financial Statements Financial statements Pernod Ricard SA € in millions FY22 FY23 Operating Profit (115) (134) Financial income (expense 1 808 2 034 Non-recurring items (3) (31) Income tax 145 99 NET PROFIT 1 835 1 968 Net Profit of €1,968m, +€134m vs. FY22, mainly due to a strong increase of intra
Slide 55: Financial statements: proposed dividend
Financial Statements Financial statements Proposed dividend1 of 4,70€ per share, +14% vs FY22 Dividend per share CAGR since FY21 : +23% Financial policy While maintaining investment grade rating: 4,70€ Investing in future organic growth, in particular through 4,12€ Strategic Inventories and CAPEX Co
Slide 56: First Quarter
Opening Provisional Quorum Governance fr fons from Shareholders Vote on Resolutions Closing mn"
Slide 57: First Quarter FY24
First Quarter First Quarter FY24 Soft start of the year on a high comparison basis Organic Sales decline -2% with strong price/mix effect +7% Reported Sales -8% US Sales decline -8% China Sales decline -8% Thanks to diversified footprint, declines in China and US largely offset by: • very dynamic pe
Slide 58: Outlook
Opening Provisional Quorum
Slide 59: Outlook
Outlook Outlook For FY24, Pernod Ricard expects: Despite a challenging environment, Broad-based and diversified Organic Net Sales growth, with a positive outlook on US and China and strong growth in Travel Retail and India, Adapting to easing inflationary pressures, Continued focus on Revenue Growth
Slide 60: Patricia Barbizet, Lead Independent Director
PATRICIA BARBIZET LEAD INDEPENDENT DIRECTOR & CHAIR OF THE NOMINATIONS AND GOVERNANCE COMMITTEE Governance
Slide 61: Governance
Board Dice & Commit
Slide 62: Board of Directors & Committees
Board of Directors & Committees Our Board of Directors Alexandre Ricard Patricia Barbizet Chairman & CEO Lead Independent Director Independent Directors Virginie Fauvel Ian Gallienne Anne Lange Philippe Petitcolin Namita Shah Kory Sorenson Directors Wolfgang Colberg César Giron Patricia Ricard Giron
Slide 63: Board of Directors & Committees
Board of Directors & Committees A wide range of complementary skills fully in line with Pernod Ricard’s strategy 55.7 years Corporate Governance & Compliance average age 7 members Global approach Digital & Technology 58.3 % - 3 members independent Directors(1) Ethics CSR & HR 4 membres - 58.3 % wome
Slide 64: Board of Directors & Committees
Board of Directors & Committees Our Board of Directors Attendance rate Main activities in FY23 Group strategy and growth Group results and approval of the interim and annual financial statements Compensation policy of the Chairman & CEO 99.21% Corporate Governance Review of the financial policy Grou
Slide 65: Lead Independent Director report
Board of Directors & Committees Lead Independent Director report FY23 ACTIVITY REPORT During the financial year, the Lead Independent Director has notably: Met with our main investors to discuss the Company's Governance Carried out the annual self-assessment of the operations of the Board based on i
Slide 66: Dedicated committees
Board of Directors & Committees 5 dedicated committees 1 Audit Committee 2 Nominations & Governance Committee 3 Compensation Committee 4 Strategic Commitee 5 CSR Committee Governance
Slide 67: Audit Committee
Board of Directors & Committees 1 Audit Committee Philippe Petitcolin Chair Wolfgang Colberg Kory Sorenson Governance
Slide 68: Audit Committee
Board of Directors & Committees 1 Audit Committee Independence rate(1) Main activities in FY23 Review of the interim and annual 67% financial statements Monitoring of the Group's cash flows and debt Risk management & Group risk mapping update Attendance rate Review of internal control Examination of
Slide 69: Nominations & Governance Committee
Board of Directors & Committees 2 Nominations & Governance Committee Patricia Barbizet Chair Anne Lange César Giron Governance
Slide 70: Nominations & Governance Committee
Board of Directors & Committees 2 Nominations & Governance Committee Independence rate(1) Main activities in FY23 Review of the Board members’ independence 67% Review and recommendations on the composition of the Board and its Committees Review of the Group policies on Diversity and Inclusion, Talen
Slide 71: Compensation Committee
Board of Directors & Committees 3 Compensation Committee Kory Sorenson Chair Patricia Barbizet Ian Gallienne Brice Thommen (Director representing employees) Governance
Slide 72: Compensation Committee
Board of Directors & Committees 3 Compensation Committee Independence rate(1) Main activities in FY23 Analysis of market practices and trends 100% concerning the compensation of the Executive Corporate Director and the Directors Review of the variable portion of the compensation and consistency Atte
Slide 73: Strategic Committee
Board of Directors & Committees 4 Strategic Committee Alexandre Ricard Chair Anne Lange Ian Gallienne Patricia Ricard Giron Philippe Petitcolin Virginie Fauvel Permanent representative of Société Paul Ricard, Director Governance
Slide 74: Strategic Committee
Board of Directors & Committees 4 Strategic Committee Independence rate(1) Main activities in FY23 Targeted presentations focusing 67% on key markets Full-day training session on strategic issues related to the climate change risks and opportunities Attendance rate 100% 1) Excluding Directors repres
Slide 75: CSR Committee
Board of Directors & Committees 5 CSR committee Patricia Barbizet Chair Veronica Vargas Namita Shah Governance
Slide 76: CSR Committee
Board of Directors & Committees 5 CSR Committee Independence rate(1) Main activities in FY23 Follow-up on Group's S&R strategy 67% Presentation of the Group’s decarbonisation strategy Presentation of the Group’s preliminary work on climate scenarios Attendance rate Information on regulatory changes
Slide 77: Kory Sorenson, Chair of the Compensation Committee
KORY SORENSON INDEPENDENT DIRECTOR & CHAIR OF THE COMPENSATION COMMITTEE Governance
Slide 78: Executive Corporate Director's compensation policy
Executive Corporate Director’s compensation policy Two resolutions submitted to vote ‘‘EX POST’’ Approval of the components of the compensation due or granted for FY23 to Mr Alexandre Ricard, Chairman & CEO (Resolution n°9) ‘‘EX ANTE’’ Approval of the compensation policy items applicable to Mr Alexa
Slide 79: Compensation components paid during FY23 (Ex Post)
Executive Corporate Director’s compensation policy Compensation components paid or allocated during FY23 ("Ex Post") Fixed compensation € 1,250,000 €1,890,625, i.e., 151,25 % of the annual fixed compensation Variable compensation (target 110 % and max 180 %) Stock options and 7,533 performance share
Slide 80: Unchanged compensation policy (Ex Ante)
Executive Corporate Director’s compensation policy Unchanged compensation policy (''Ex Ante'') Fixed compensation € 1,250,000 Target: 110 % – Max : 180 % (Financial criteria: target 80 %/max 150 % Variable compensation – Non-financial and qualitative criteria: target 30 %/max45 %) Long-term incentiv
Slide 81: Marc de Villartay, Deloitte & Associés
MARC de VILLARTAY DELOITTE & ASSOCIÉS Statutory Auditors’ Report
Slide 82: Statutory Auditors' reports (1/2)
Statutory Auditors’ reports on the consolidated and annual financial statements (1/2) Pages 254-257 et 283-285 of the UNIVERSAL REGISTRATION DOCUMENT • Objective: obtain reasonable assurance that the financial statements are in accordance with accounting principles, that they do not contain any mate
Slide 83: Statutory Auditors' reports (2/2)
Statutory Auditors’ reports on the consolidated and annual financial statements (2/2) Pages 254-257 et 283-285 of the UNIVERSAL REGISTRATION DOCUMENT • No observations on the Group and parent company management reports and attestation of presence in the management report of the consolidated extra fi
Slide 84: Special report on regulated agreements
Special report on regulated agreements Page 286 of the UNIVERSAL REGISTRATION DOCUMENT No new regulated agreement submitted to the approval of the Shareholders’ Meeting No regulated agreement previously approved by the Shareholders’ Meeting remained in force during the financial year Statutory Audit
Slide 85: Auditors' reports regarding the extraordinary Shareholders' Meeting
Statotury Auditors’ reports regarding the extraordinary Shareholders’ Meeting Pages 309-313 of the UNIVERSAL REGISTRATION DOCUMENT We have issued the four following reports: • Report on the share capital decrease by cancellation of shares purchased up to a maximum of 10 % of its share capital by 24-
Slide 86: Anne-Marie Poliquin, EVP Legal & Compliance
ANNE-MARIE POLIQUIN EVP LEGAL & COMPLIANCE Presentation of the Resolutions
Slide 87: First resolution
Presentation of the resolutions Ordinary resolutions First resolution Approval of the parent company financial statements for the financial year ended 30 June 2023 The purpose of this resolution is to approve the financial statements for the financial year ended 30 June 2023, which show a net profit
Slide 88: Second resolution
Presentation of the resolutions Ordinary resolutions Second resolution Approval of the consolidated financial statements for the financial year ended 30 June 2023 The purpose of this resolution is to approve the consolidated financial statements for the financial year ended 30 June 2023. Presentatio
Slide 89: Third resolution: net profit allocation and dividend
Presentation of the resolutions Ordinary resolutions Third resolution Allocation of net profit for the financial year ended 30 June 2023 and setting of the dividend The purpose of this resolution is to allocate the results for the financial year ended 30 June 2023. It is proposed to set the dividend
Slide 90: Fourth resolution
Presentation of the resolutions Ordinary resolutions Fourth resolution Renewal of the directorship of Ms Kory Sorenson It is proposed that, by voting on this resolution, you renew the directorship of Ms Kory Sorenson for a term of 4 years. Gouvernance Rapport des CAC Presentation of the Resolutions
Slide 91: Fifth resolution
Presentation of the resolutions Ordinary resolutions Fifth resolution Renewal of the directorship of Mr Philippe Petitcolin It is proposed that, by voting this resolution, you renew the directorship of Mr Philippe Petitcolin for a term of 4 years. Presentation of the Resolutions
Slide 92: Sixth resolution
Presentation of the resolutions Ordinary resolutions Sixth resolution Appointment of Mr Max Koeune as a Director It is proposed that, by voting on this resolution, you appoint Mr Max Koeune as a Director for a term of office of 4 years. Presentation of the Resolutions
Slide 93: Seventh resolution
Presentation of the resolutions Ordinary resolutions Seventh resolution Renewal of the appointment of Deloitte & Associés as Statutory Auditors It is proposed that, by voting this resolution, you renew the appointment of Deloitte & Associés for a term of 4 years. Presentation of the Resolutions
Slide 94: Eighth resolution
Presentation of the resolutions Ordinary resolutions Eigth resolution Determination of the maximum aggregate annual amount of Directors’ compensation It is proposed that, by voting this resolution, you increase the maximum aggregate annual amount of Directors’ compensation to €1,350,000, for FY 2024
Slide 95: Ninth resolution
Presentation of the resolutions Ordinary resolutions Ninth resolution Approval of the fixed and variable components of the total compensation and benefits of any kind paid or granted during FY23 to Mr Alexandre Ricard, Chairman & CEO (''Ex Post'') The purpose of this resolution is to submit for your
Slide 96: Tenth resolution
Presentation of the resolutions Ordinary resolutions Tenth resolution Approval of the compensation policy items applicable to Mr Alexandre Ricard, Chairman & CEO (''Ex Ante'') The purpose of this resolution is to submit for your approval the compensation policy items applicable to Mr Alexandre Ricar
Slide 97: Eleventh resolution
Presentation of the resolutions Ordinary resolutions Eleventh resolution Approval of the information relating to the compensation of the Corporate Officers (''Ex Post'') The purpose of this resolution is to submit for your approval the information relating to the compensation during FY23 of each of
Slide 98: Twelfth resolution
Presentation of the resolutions Ordinary resolutions Twelfth resolution Approval of the compensation policy items applicable to the Directors (''Ex Ante'') The purpose of this resolution is to submit for your approval the compensation policy iterms applicable to the Directors as detailed in page 77
Slide 99: Thirteenth resolution
Presentation of the resolutions Ordinary resolutions Thirteenth resolution Approval of the regulated agreements referred to in articles L.225-38 et seq. of the French Commercial code No regulated agreements were either concluded nor continued during FY23. Presentation of the Resolutions
Slide 100: Fourteenth resolution
Presentation of the resolutions Ordinary resolutions Fourteenth resolution Authorisation to be granted to the Board of Directors to trade in the Company’s shares The purpose of this resolution is to allow the Company to trade in its own shares: • Period of validity: 18 months • Maximum purchase pric
Slide 101: Fifteenth resolution
Presentation of the resolutions Extraordinary resolutions Fifteenth resolution Reduction of the share capital by cancelling treasury shares The purpose of this resolution is to authorise the Board of Directors to reduce the share capital by cancelling treasury shares: • Period of validity: 26 months
Slide 102: Sixteenth resolution
Presentation of the resolutions Extraordinary resolutions Sixteenth resolution Share capital increase with maintenance of Preferential Subscription Rights The purpose of this resolution is to authorise the Board of Directors to decide on share capital increases with maintenance of Preferential Subsc
Slide 103: Seventeenth resolution
Presentation of the resolutions Extraordinary resolutions Seventeenth resolution Share capital increase with cancellation of Preferential Subscription Rights The purpose of this resolution is to authorise the Board of Directors to decide on share capital increase with cancellation of Preferrential S
Slide 104: Eighteenth resolution
Presentation of the resolutions Extraordinary resolutions Eighteenth resolution Increase of the number of shares to be issued in the event of a share capital increase with or without Preferential Subscription Rights realised in accordance with the 16th, 17th and 19th resolutions The purpose of this
Slide 105: Nineteenth resolution
Presentation of the resolutions Extraordinary resolutions Nineteenth resolution Share capital increase through a private placement in favour of qualified investors or a restricted circle of investors with cancellation of the Preferential Subscription Right The purpose of this resolution is to author
Slide 106: Twentieth resolution
Presentation of the resolutions Extraordinary resolutions Twentieth resolution Share capital increase with a view to remunerating contributions in kind granted to the Company The purpose of this resolution is to authorise the Board of Directors to increase the share capital through the issue of ordi
Slide 107: Twenty-first resolution
Presentation of the resolutions Extraordinary resolutions Twenty-first resolution Share capital increase by capitalisation of premiums, reserves, profits or other items(1) The purpose of this resolution is to authorise the Board of Directors to decide on such issues: • Period of validity: 26 months
Slide 108: Twenty-second resolution
Presentation of the resolutions Extraordinary resolutions Twenty-second resolution Share capital increase reserved for members of company savings plans The purpose of this resolution is to authorise such share issues: • Period of validity: 26 mois • Maximum amount: 2 % of the share capital (common c
Slide 109: Twenty-third resolution
Presentation of the resolutions Extraordinary resolutions Twenty-third resolution Share capital increase reserved for certain categories of beneficiaries The purpose of this resolution is to authorise such share issues: • Period of validity: 18 mois • Maximum amount: 2 % of the share capital (common
Slide 110: Twenty-fourth resolution
Presentation of the resolutions Extraordinary resolutions Twenty-fourth resolution Powers to carry out the required legal formalities The purpose of this resolution is to authorise the Board of Directors to carry out the required legal formalities that follow the decisions of the Shareholders’ Meeti
Slide 111: Questions from Shareholders
Questions from Shareholders
Slide 112: Vote on Resolutions
Provisional Quorum Management R Consolidated Finaiélgfbtatements Governance - Statutory Audito
Slide 113: Closing
eeotene Statemei fons from Shareholders Vote on Resolutions Closing
Slide 114: 2023 Shareholders' Meeting
2023 Shareholders’ Meeting