Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — Suez Environnement — Shareholder Meeting (May 2013)
72 slides from Veolia Environnement Sa's shareholder meeting presentation, May 23, 2013
Slide 1: 2013 Combined General Meeting
↓ 2013 COMBINED GENERAL ↓ MEETING May 23, 2013 2013 COMBINED GENERAL MEETING
Slide 2: Disclaimer
DISCLAIMER This presentation contains estimates and/or forward-looking statements and information. These statements include financial projections, synergies, estimates and their underlying assumptions, statements regarding plans, expectations and objectives with respect to future operations, product
Slide 3: Opening
2013 COMBINED GENERAL MEETING May 23, 2013 OPENING Gérard Mestrallet Chairman ↓
Slide 4: Main documents made available to the shareholders
MAIN DOCUMENTS MADE AVAILABLE TO THE SHAREHOLDERS • management report • Financial statutory statements and consolidated financial statements for 2012 • on the resolutions • Report of the Chairman of the Board of Directors pursuant to Article L.225-37 of the French Commercial Code • 2013 COMBINED GEN
Slide 5: Agenda (1/2)
AGENDA (1/2) RESOLUTIONS TO BE SUBMITTED TO THE ORDINARY GENERAL MEETING • Approval of the annual and consolidated financial statements for the 2012 fiscal year (resolutions 1 and 2) • Allocation of result and determination of dividend (resolution 3) • Approval of the related-party agreements (resol
Slide 6: Agenda (2/2)
AGENDA (2/2) RESOLUTIONS TO BE SUBMITTED TO THE EXTRAORDINARY GENERAL MEETING • Delegation of authority to be granted to the Board of Directors to reduce the share capital by canceling treasury stock (resolution 6) • Delegation of authority to be granted to the Board of Directors to increase the sha
Slide 7: Introduction
2013 COMBINED GENERAL MEETING May 23, 2013 ↓ INTRODUCTION Gérard Mestrallet Chairman
Slide 8: World leader in environmental services
WORLD LEADER IN ENVIRONMENTAL SERVICES SUEZ ENVIRONNEMENT IDENTITY CARD WATER EUROPE 29% WATER WASTE WASTE EUROPE 43% 49% 51% INTERNATIONAL 28% 2012 Revenue: 15.1bn Balanced activities Bringing drinking water 79,550 employees to 97 M people 1,800 waste treatment and recovery facilities Collecting wa
Slide 9: Individual shareholding stable at 7% for 5 years
STABLE SHAREHOLDING STRUCTURE RENEWED TRUST FROM OUR 300,000 SHAREHOLDERS 7.0% INDIVIDUALS 2.3% EMPLOYEES GDF SUEZ 35.7% 510,233,829 agreement shares (expiring 48.4% 07/22/13) 42.1% INSTITUTIONAL INVESTORS GBL 7.2% CDC 2.0% 0.2% TREASURY AREVA 1.4% STOCKS CNP 1.3% SOFINA 0.8% INDIVIDUAL SHAREHOLDING
Slide 10: Shareholder policy
SHAREHOLDER POLICY A GROUP ATENTIVE TO ITS SHAREHOLDERS INFORMATION AND DIALOGUE • Internet website • Toll-free hotline • Shareholder newsletter • Consultation panels INDIVIDUALS AND EMPLOYEES • Shareholder meetings INSTITUTIONAL - 6/year INVESTORS • - 12,000 members • 200 investors meetings - 40 ev
Slide 11: SUEZ ENVIRONNEMENT milestones since 2008
SUEZ ENVIRONNEMENT MILESTONES SINCE 2008 5-year 1st bond AGBAR WSN Renewed PPP gains issues takeover acquisition Bordeaux in Merseyside, agreement agreement for 1.8bn in Australia wastewater West London expires signature contract and Poznan ( 3.5bn) 2008 2009 2010 2011 2012 2013 Finalization Signatu
Slide 12: 2012 Performance and Strategy
2013 COMBINED GENERAL MEETING May 23, 2013 ↓ 2012 PERFORMANCE AND STRATEGY Jean-Louis Chaussade Chief Executive Officer
Slide 13: 2012 key figures
2012 KEY FIGURES A SOLID PERFORMANCE IN A CHALLENGING CONTEXT • 2012 RESULTS IN LINE WITH TARGETS REVENUE 15,102m Stable vs. 2011: +1.8% EBITDA 2,450m Stable vs. 2011: -2.5% Impacted by non-recurring NRGS 251m negative elements FREE CASH FLOW 1,358m 2012 ≥ 2011: +58% NET INVESTMENT 1,177m In line wi
Slide 14: World leader in environmental services
WORLD LEADER IN ENVIRONMENTAL SERVICES STRONG POSITIONS IN HIGH-POTENTIAL AREAS Water Waste Water & Waste EUROPE 69% of Revenue NORTH France AMERICA #1 in Waste 6% of Revenue #1 in Water Spain #1 in Water USA #2 in Water Benelux #1 in Waste Sweden ASIA #1 in Waste 5% of Revenue UK #3 in Waste China
Slide 15: Issues of the 21st century
SHORT AND LONG-TERM GROWTH DRIVERS ISSUES OF THE 21st CENTURY Growing needs for INFRASTRUCTURE DEMOGRAPHY / URBANIZATION Population growth Need for a controlled MANAGEMENT of the ENVIRONMENTAL AWARENESS WATER and WASTE cycles Climate change, environmental protection Emerging CIRCULAR ECONOMY and
Slide 16: Sustainable and profitable growth strategy
SUSTAINABLE AND PROFITABLE GROWTH STRATEGY A WELL-BALANCED BUSINESS MODEL SEIZE OPPORTUNITIES OF OUR MARKETS RELY ON STIMULATE OUR STRENGTHS CAPTURE OUR CORE BUSINESS NEW GROWTH PERFORMANCE OPPORTUNITIES - GROW our business and operational results - Maintain a STRONG BALANCE SHEET - Carry on our ATT
Slide 17: Sustainable and profitable growth strategy
SUSTAINABLE AND PROFITABLE GROWTH STRATEGY SEIZE OPPORTUNITIES OF OUR MARKETS STIMULATE CAPTURE OUR CORE BUSINESS NEW GROWTH PERFORMANCE OPPORTUNITIES ACCELERATE OUR BUSINESS MODELS TRANSFORMATION 2013 COMBINED GENERAL MEETING 17
Slide 18: A new organization
A NEW ORGANIZATION CLOSE TO THE OPERATIONS FOR AN INCREASED VISIBILITY REINFORCED ORGANIZATION TO BOOST THE DEVELOPMENT ANGEL SIMON Deputy CEO Water Europe FRÉDÉRIQUE RAOULT Director of Sustainable CHRISTOPHE CROS Development & Communication Deputy CEO Waste Europe DENYS NEYMON Director of MARIE ANG
Slide 19: Accelerate our business models transformation
SEIZE OPPORTUNITIES OF OUR MARKETS ACCELERATE OUR BUSINESS MODELS TRANSFORMATION CAPTURE STIMULATE OUR CORE BUSINESS NEW GROWTH PERFORMANCE OPPORTUNITIES WATER EUROPE: CONSOLIDATE OUR POSITIONS IN KEY COUNTRIES: FRANCE, SPAIN, ITALY 1 DEVELOP SMART WATER SERVICES Reinforce partnerships with our clie
Slide 20: Capture new growth opportunities
CAPTURE NEW GROWTH OPPORTUNITIES 4 STRATEGIC PRIORITIES: AMBITIOUS TARGETS NEW SERVICES FULL RESOURCE TRANSFORMATION IN WATER ACTIVITIES SOLUTIONS SMART WATER WASTE RECOVERY TARGET FOR 2012-2016 TARGET FOR 2016 REVENUE GROWTH > 10%/year 2t RECOVERED/1t ELIMINATED NEW MARKETS INDUSTRIAL WITH ADEQ
Slide 21: Sustainable growth strategy: waste recovery in the UK
SUSTAINABLE GROWTH STRATEGY ONE EXAMPLE: THE WASTE RECOVERY MARKET IN THE UK PFI(1) & PPP(2) CONTRACTS Waste-to-energy recovery: • 4 plants in operation • 2 plants under construction Aberdeen and 4 others recently won for a total investment of 1.3bn Other recovery types: Northumberland South Tyne &
Slide 22: Smart water
SMART WATER MORE INTELLIGENCE IN WATER RESOURCE MANAGEMENT SMART WATER ? SENSORS + DECISION-SUPPORT TOOLS FOR MANAGERS FOR USERS ‒ Monitor networks remotely ‒ Optimize consumption in real time ‒ Warned in case of leak ‒ Adjust water treatment ‒ Control water bill ‒ Prevent pollution and leaks ‒ Prot
Slide 23: Smart water
SMART WATER MORE INTELLIGENCE IN WATER RESOURCE MANAGEMENT 1,490,600 smart water meters 2012 Revenue: Degrés bleus®: 300m, +17% using heat from wastewater networks INFLUX - Bordeaux (RAMSES) Storm water preventive management SMART METERING REFERENCES: • Malta • France (with GrDF) • Spain 270,000 Dol
Slide 24: Rely on our strengths
SUSTAINABLE AND PROFITABLE GROWTH STRATEGY RELY ON OUR STRENGTHS 2013 COMBINED GENERAL MEETING 24
Slide 25: The women and men
THE WOMEN AND MEN 79 550 EMPLOYEES, MORE THAN 70 NATIONALITIES - Boost COMMITMENT and QUALITY OF LIFE AT WORK - Act for EQUAL OPPORTUNITIES - Work together to ensure SAFETY AT WORK - Mobilize the employees with consistent efforts for PERSONAL DEVELOPMENT • 2/3 of the employees trained each year • Mo
Slide 26: Positioned on the whole value chain
POSITIONED ON THE WHOLE VALUE CHAIN COMPETITIVE PRESENCE THROUGH TECHNOLOGICAL LEADERSHIP Wastewater Engineering Design Water Production SMART collection Consulting and Build and Distribution WATER and treatment Waste collection Recovery Elimination NEW Municipal Industrial Sorting and Organic / Ene
Slide 27: Innovation and industrial performance
INNOVATION AND INDUSTRIAL PERFORMANCE DEVELOP INNOVATIVE SHARE EXPERTISE INDUSTRIALIZE OFFERS WITH HIGH TO ENHANCE EFFICIENCY OUR OPERATIONS ADDED VALUE AND CONTROL COSTS Manage large Manage large Manage large product lines industrial accounts technological partnerships IMPROVE OUR COMPETITIVENESS A
Slide 28: Innovation and industrial performance
INNOVATION AND INDUSTRIAL PERFORMANCE INNOVATE TO: MAKE OUR CLIENTS IMPROVE INDUSTRIAL REINVENT ENVIRONMENTAL OUR MODELS PERFORMANCE EFFICIENCY LEADERS Health 2013 COMBINED GENERAL MEETING 28
Slide 29: Research and innovation
RESEARCH AND INNOVATION TECHNOLOGICAL LEADERSHIP IN BOTH OUR BUSINESSES 74m invested per year 120 partnerships Invest in innovative 450 experts & researchers technology Eliminating Co-designing electric INFLUX storm water micropollutants collection trucks management system 2013 COMBINED GENERAL MEET
Slide 30: Strong involvement in sustainable development
STRONG INVOLVEMENT IN SUSTAINABLE DEVELOPMENT RECOGNIZED BY ESG(1) INDEXES 2008-2012 ROAD MAP GOALS RESULTS Ecological footprint Optimize waste recovery rates 36% 43.2% Reduce water consumption Eq. # inhabitants 700,000 800,000 Environmental challenges % waste stored Reduce GHG(2) emissions (cap
Slide 31: Sustainable development: new road map 2016
SUSTAINABLE DEVELOPMENT NEW ROAD MAP: COMMITMENTS FOR 2016 Priority #1 Priority #2 Priority #3 INNOVATE Develop CONTRIBUTE and help our TALENTS to regional our CLIENTS to become enablers appeal, work become environmental in the TRANSFORMATION TOGETHER with PERFORMANCE of our BUSINESSES our STAKEHOLD
Slide 32: Conclusion
2013 COMBINED GENERAL MEETING May 23, 2013 ↓ CONCLUSION Jean-Louis Chaussade Chief Executive Officer
Slide 33: Sharing value in 2012
SHARING VALUE IN 2012 CREATING VALUE FOR ALL OUR STAKEHOLDERS SHAREHOLDERS 331m dividends(1) paid EMPLOYEES 3.6bn Salaries and benefits INNOVATION AND DEVELOPMENT 575m Development capex 74m Research and Innovation GOVERNMENTS AND COLLECTIVITIES 186m Income Tax 680m Other taxes SUPPLIERS 8.7bn Purcha
Slide 34: Sharing value to benefit our clients
SHARING VALUE TO BENEFIT OUR CLIENTS THE CONTRACT FOR WATER HEALTH VIRTUOUS GOVERNANCE INNOVATION ECONOMY - Provide - RESTORE - SHARE productivity MORE CONTROL water quality gains FAIRLY to collectivities - Develop INNOVATIVE - Create SOCIAL - Share KNOWLEDGE SOLUTIONS TARIFICATIONS with transparenc
Slide 35: An attractive dividend policy
AN ATTRACTIVE DIVIDEND POLICY CREATING VALUE FOR SHAREHOLDERS A WELL-BALANCED STRATEGY FINANCIAL STRENGTH DEVELOPMENT • Net Debt/EBITDA ratio of 3x • Selective investments • Increasing Free Cash Flow • Innovation and Industrial performance • Stable dividend over the last 5 years in a difficult econo
Slide 36: Financial results
2013 COMBINED GENERAL MEETING ↓ May 23, 2013 FINANCIAL RESULTS Jean-Marc Boursier Deputy CEO Finance and Purchasing
Slide 37: Strong operational improvement over 4 years
STRONG OPERATIONAL IMPROVEMENT OVER 4 YEARS Reported figures in m REVENUE EBITDA EBIT 15,102 2,450 1,146 12,296 2,060 926 2009 2012 2009 2012 2009 2012 FREE CASH FLOW ROCE NET DEBT/EBITDA - 40 bps STABLE 1,358 891 7.3% 6.9% 3.0 3.0 2009 2012 2009 2012 2009 2012 CAGR: Compound Annual Growth Rate 2013
Slide 38: 4 years of solid growth across the 3 divisions
4 YEARS OF SOLID GROWTH ACROSS THE 3 DIVISIONS WATER EUROPE WASTE EUROPE INTERNATIONAL REVENUE REVENUE REVENUE 6,542 4,325 5,319 4,220 3,993 2,969 2009 2012 2009 2012 2009 2012 EBITDA MARGIN AT 16.2% THANKS TO SUBSTANTIAL OPERATIONAL OPTIMIZATION CAGR: Compound Annual Growth Rate 2013 COMBINED GENER
Slide 39: +1.8% revenue growth
+1.8% REVENUE GROWTH IN A DIFFICULT ECONOMIC ENVIRONMENT In m +3.3% +0.1% -2.4% 15,102 +8 +2.1% (100) +4 +137 Waste 14,830 -0.6% Europe International (1) Others +306 Water (83) Europe Scope Forex Organic growth: +0.3% 2011 2012 (1) Incl. -€62m due to Melbourne desalination plant finalization 2013 CO
Slide 40: A world leader in environmental services
A WORLD LEADER IN ENVIRONMENTAL SERVICES A WELL-BALANCED BUSINESS MODEL GEOGRAPHIC BREAKDOWN 49% WATER - 51% WASTE 31% outside Europe Water Waste RoW MOROCCO 4%5% CHILE FRANCE Services ASIA 4% 23% Concessions, 5% O&M and 36% US 36% 6% Equipment 2012 2012 Revenue: Revenue: AUSTRALIA 7% 15.1bn 8% Elim
Slide 41: EBITDA stable at constant scope
EBITDA STABLE AT CONSTANT SCOPE MARGIN IMPROVEMENT IN 2nd SEMESTER In m 2,513 -2.3% +2.2% +1.0% -11.0% +13 +3.3% 2,450 (59) +54 (97) +11 Water +16 Forex Scope Europe Waste International Others Europe(1) Organic growth: -2.3% 2011 2012 EBITDA EBITDA Margin Margin 16.9% 16.2% (1) Due to a 2.5% decline
Slide 42: From EBITDA to net result group share
FROM EBITDA TO NET RESULT GROUP SHARE In €m 2011 2012 EBITDA 2,513 2,450 Amortization (1,039) (1,101) Provisions (140) 65 Other (concession charges, ESOP(1)) (295) (268) CURRENT OPERATING INCOME 1,039 1,146 Capital gains and other 53 -94 Incl. Acea and reorganization INCOME FROM OPERATING ACTIVITIES
Slide 43: Long-term investment strategy
LONG-TERM INVESTMENT STRATEGY FOCUSING ON DEVELOPMENT TO STIMULATE FUTURE GROWTH Increasing investments in Investment INTERNATIONAL and RECOVERY CONTROL and SELECTIVITY In m 2011 2012 20% 20% 23% 23% Net investment 1,414 31% 31% 1,177 34% 34% Maintenance 752 CapEx 648 49% 49% Development 44% 44% Cap
Slide 44: Free cash flow strong growth
FREE CASH FLOW STRONG GROWTH + 498M vs. 2011 FREE CASH FLOW INCREASING in the 3 divisions 1,358 860 603(1) 567 455 325 214 117 2011 2012 2011 2012 2011 2012 2011 2012 Water Waste International SUEZ Europe Europe ENVIRONNEMENT (1) Incl. €317m due to trade receivable securitisation programme deconsoli
Slide 45: Decrease in net debt by 121M
DECREASE IN NET DEBT BY 121M NET DEBT/EBITDA RATIO STABLE AT 3X In m 7,557 (1,358) • Credit rating +601 +108 7,436 +529 Forex and in May (A3 P2, stable other Dividends outlook) paid Free cash Net dvpt. flow CapEx • Strong liquidity position of 4.9bn 3.0x 3.0x ND/EBITDA ND/EBITDA • 6.5 years average
Slide 46: Q1 2013: stable operational performance
Q1 2013: STABLE OPERATIONAL PERFORMANCE IN A STILL CHALLENGING ENVIRONMENT Q1 2013 In m • Stable revenue excl. impact from Melbourne plant finalization REVENUE 3,497 -2.6%(1) • EBITDA Margin at 16.3% higher than in Q1 2012 (15.8%) EBITDA 570 +0.8%(1) • Solid financial structure with a NFD/EBITDA rat
Slide 47: Stock performance since January 1st 2012
STOCK PERFORMANCE SINCE JANUARY 1st 2012 Performance du cours depuis le 1er janv 2012 140 135 130 +25,1% 125 +23,4% 120 115 110 105 100 95 -6,8% 90 85 80 30-déc. Dec-11 28-févr. Feb-12 28-avr. Apr-12 27-juin Jun-12 26-août Aug-12 25-oct. Oct-12 24-déc. Dec-12 22-févr. Feb-13 23-avr. Apr-13 SEV CAC 4
Slide 48: Governance
2013 COMBINED GENERAL MEETING ↓ May 23, 2013 GOVERNANCE Gérard Mestrallet Chairman
Slide 49: A deeply engaged board of directors
A DEEPLY ENGAGED BOARD OF DIRECTORS • 10 meetings in 2012 with a 88% attendance rate • A very active governance greater diversity, code of conduct, self-assessment) • Directors visited the carbon-neutral wastewater treatment plant in Cannes • Decision to separate functions (Chairman and CEO) confirm
Slide 50: Committee chairman report: Strategy committee
COMMITTEE CHAIRMAN REPORT STRATEGY COMMITTEE Gérard MESTRALLET CHAIRMAN OF THE STRATEGY COMMITTEE 8 members, incl. 2 independents 3 meetings in 2012 Attendance rate in 2012: 71% • Main topics ‒ Risks and opportunities in Southern Europe ‒ The operations and strategy in Asia ‒ Smart Water development
Slide 51: Committee chairman report: Audit committee
COMMITTEE CHAIRMAN REPORT AUDIT COMMITTEE Guillaume PEPY Independent director CHAIRMAN OF THE AUDIT COMMITTEE 5 members, incl. 3 independents 8 meetings in 2012 Attendance rate in 2012: 89% • Main topics ‒ Monitor of accounting and financial performance ‒ ‒ Review of internal audit and internal cont
Slide 52: Committee chairman report: Nominations & Compensation
COMMITTEE CHAIRMAN REPORT NOMINATIONS & COMPENSATION COMMITTEE Lorenz Independent director CHAIRMAN OF THE NOMINATIONS & COMPENSATION COMMITTEE 3 Members, incl. 2 independents 6 meetings in 2012 Attendance rate in 2012: 94% • Main topics ‒ Launch of a new self-assessment on Board and Committee opera
Slide 53: Nominations & Compensation Committee: CEO compensation
NOMINATIONS & COMPENSATION COMMITTEE CEO (CORPORATE OFFICER) COMPENSATION - No change in fixed compensation in 4 years 750,000 per year since 2009 - Variable compensation subject to stringent criteria 2012: 648,854 (vs. 382,399 in 2011 and 810,105 in 2010) Variable compensation is subject to r
Slide 54: Ethics & Sustainable Development committee
COMMITTEE CHAIRWOMAN REPORT ETHICS & SUSTAINABLE DEVELOPMENT COMMITTEE Delphine ERNOTTE CUNCI Independent director CHAIRWOMAN OF THE ETHICS & SUSTAINABLE DEVELOPMENT COMMITTEE 3 members incl. 2 independents 3 meetings in 2012 Attendance rate in 2012: 100% • Main topics ‒ Health & Safety policy ‒ Rei
Slide 55: Statutory auditors
2013 COMBINED GENERAL MEETING May 23, 2013 ↓ STATUTORY AUDITORS
Slide 56: Statutory auditors' reports
1. Statutory auditors financial statements of Suez Environnement Company (Reference Document: pages 342/343) 2. Statutory auditors consolidated financial statements of the Suez Environnement Company group (Reference Document: pages 318/319) 3. Statutory auditors related party agreements and commitme
Slide 57: Opinion on the statutory financial statements
OPINION ON THE STATUTORY FINANCIAL STATEMENTS (Resolution 1) UNQUALIFIED OPINION WITH NO MATTERS TO REPORT ON THE STATUTORY FINANCIAL STATEMENTS OF SUEZ ENVIRONNEMENT COMPANY « The financial statements give a true and fair view of the assets and liabilities and of the financial position of the compa
Slide 58: Opinion on the consolidated financial statements
OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS (Resolution 2) UNQUALIFIED OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP Matters particularly assessed: The valuation of the recoverable value of goodwill, property, plant and equipment and intangible assets, The recognition of def
Slide 59: Related party agreements and commitments
RELATED PARTY AGREEMENTS AND COMMITMENTS (Resolution 4) TWO AGREEMENTS AND COMMITMENTS ARE SUBMITTED TO THE APPROVAL OF THE 2013 GENERAL MEETING OF SHAREHOLDERS 1. Framework agreement on the Guidelines and strategy for industrial and commercial cooperation with GDF SUEZ With a 3-year length, it wi
Slide 60: Reports on share capital operations
REPORTS ON SHARE CAPITAL OPERATIONS (Resolutions 6 and 8) Nature of the considered opeations: Reduction of the share capital by cancellation of actions (Resolution 6) Issuance of shares or marketable securities reserved for a category of beneficiaries, with cancellation of preferential subscript
Slide 61: 2013 Combined General Meeting
2013 COMBINED GENERAL MEETING May 23, 2013 ↓
Slide 62: Vote on resolutions
2013 COMBINED GENERAL MEETING May 23, 2013 ↓ VOTE ON RESOLUTIONS
Slide 63: How to use the handheld voting devices
HOW TO USE THE HANDHELD VOTING DEVICES 1 SMART CARD The device will not work unless your smart card is properly inserted. 2 TO VOTE Simply press the button of your choice: 1 = FOR 2 = AGAINST 3 = ABSTAIN THE MESSAGES AT THE BOTTOM OF THE SCREEN - - means voting is closed and your vote has been recor
Slide 64: First resolution
FIRST RESOLUTION OGM • Approval of the financial statements for fiscal year ending December 31, 2012. 2013 COMBINED GENERAL MEETING 64
Slide 65: Second resolution
SECOND RESOLUTION OGM • Approval of the consolidated financial statements for fiscal year ending December 31, 2012. 2013 COMBINED GENERAL MEETING 65
Slide 66: Third resolution
THIRD RESOLUTION OGM • Allocation of net income for fiscal year ending December 31, 2012, i.e. EUR 165 million and determination of the dividend. ‒ Amount available for distribution: EUR 4.47bn ‒ EUR 0.65 per share dividend (unchanged vs. 2012), i.e. a total of EUR 331.65 million. ‒ Ex-date of the d
Slide 67: Fourth resolution
FOURTH RESOLUTION OGM • Approval of the related-party agreements and commitments governed by Articles L. 225-38 et seq. of the French Commercial Code. 2013 COMBINED GENERAL MEETING 67
Slide 68: Fifth resolution
FIFTH RESOLUTION OGM • Authorization to be granted to the Board of Directors to trade ‒ Renewal of the authorization granted by the 2012 Combined General Meeting ‒ Term of Validity: 18 months ‒ Maximum purchase price per share: 20 euros ‒ Maximum holding: 10% of the share capital 2013 COMBINED GENER
Slide 69: Sixth resolution
SIXTH RESOLUTION EGM • Delegation of authority to be granted to the Board of Directors to reduce the share capital by canceling treasury stock. ‒ Renewal, in similar terms, of the authorization granted by the 2012 Combined General Meeting ‒ Term of validity: 26 months ‒ Within the limit of 10% of th
Slide 70: Seventh resolution
SEVENTH RESOLUTION EGM • Delegation of authority to be granted to the Board of Directors to increase the share capital by incorporating premiums, reserves, profits, or any other amount that may be capitalized. ‒ Renewal, in similar terms, of the authorization granted by the 2012 Combined General Mee
Slide 71: Eighth resolution
EIGHTH RESOLUTION EGM • Delegation of authority to be granted to the Board of Directors to increase the share capital, without preferential subscription rights, in favor of a class or classes of beneficiaries, as part of the SUEZ ENVIRONNEMENT Group international employee shareholding and savings pl
Slide 72: Ninth resolution
NINTH RESOLUTION EGM • Delegation of powers for formalities. 2013 COMBINED GENERAL MEETING 72