Television Francaise 1 Sa · EURONEXT:TFI
Television Francaise 1 Sa — Tf1 — Shareholder Meeting (April 2015)
97 slides from Television Francaise 1 Sa's shareholder meeting presentation, Apr 16, 2015
Slide 1: Shareholders' General Meeting 16 April 2015
SHAREHOLDERS’ GENERAL MEETING 16 APRIL 2015
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to the Company as of the date hereof. All forward-looking statements are TF1 management’s p
Slide 3: Opening of the meeting
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 3
Slide 4: Opening of the meeting
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 4
Slide 5: Composition of the committee
COMPOSITION OF THE COMMITTEE Nonce PAOLINI, Chairman and CEO Jean-François GUILLEMIN, authorised representative of Bouyges - scruteener Nathalie DUBOIS, authorised representative FCPE TF1 Actions - scruteener Sébastien FRAPIER, Board Secretary 5
Slide 6: List of available documents - agenda
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 6
Slide 7: List of available documents
LIST OF AVAILABLE DOCUMENTS The B.A.L.O. No. 24 of February 25 , 2015 having published the meeting notice, The B.A.L.O. No 36 of March 25, 2015 and Les Annonces de la Seine No. 11 of March 26, 2015 , having published the notice of shareholders, The notices published in LES ECHOS of February 25
Slide 8: List of available documents
LIST OF AVAILABLE DOCUMENTS The special Report of the Board of Directors on the operation of bonus shares TF1 conducted in 2014, The company financial statements including the balance sheet, income statement and the annexes to the financial year 2014, The consolidated accounts including the ba
Slide 9: Agenda - Ordinary General Meeting
AGENDA - WITHIN THE AUTHORITY OF THE ORDINARY GENERAL MEETING Reading of the Board of Directors’ reports, the Chairman’s report and Statutory Auditors’ reports – approval of these reports, Approval of the individual annual financial statements and transactions in 2014, Approval of the consolid
Slide 10: Agenda - Extraordinary General Meeting
AGENDA - WITHIN THE AUTHORITY OF THE EXTRAORDINARY GENERAL MEETING Reading of the Board of Directors’ reports and Statutory Auditors’ reports, Authorisation given to the Board of Directors to decrease the share capital by cancelling shares held by the company, Delegation of authority to the Bo
Slide 11: Agenda - Extraordinary General Meeting
AGENDA - WITHIN THE AUTHORITY OF THE EXTRAORDINARY GENERAL MEETING Authorisation given to the Board of Directors to increase the number of shares to be issued in the event of a capital increase, with or without pre-emptive subscription rights, Delegation of powers to the Board of Directors to in
Slide 12: Presentation
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 12
Slide 13: 2014 Review, 2014 Financial Statements, Outlook
2014 REVIEW 2014 FINANCIAL STATEMENTS OUTLOOK 13
Slide 14: In 7 years, the group has demonstrated a capacity for commitments kept
IN 7 YEARS, THE GROUP HAS DEMONSTRATED A CAPACITY FOR COMMITMENTS KEPT 14
Slide 15: Renewing our audience
RENEWING… OUR AUDIENCE INCREASE IN GROUP AUDIENCE SHARE OVER 7 YEARS Source: Médiamétrie – Médiamat 15
Slide 16: 2014: Solid market leadership
2014: SOLID MARKET LEADERSHIP Source: Médiamétrie – Médiamat– January-December 2014 16
Slide 17: The TF1 channel grew for the second consecutive year
THE TF1 CHANNEL GREW FOR THE SECOND CONSECUTIVE YEAR Source: Médiamétrie – Médiamat– January-December 2014 17
Slide 18: Renewing our brands
RENEWING OUR BRANDS 50% OF THE BRANDS ON AIR ARE LESS THAN 3 YEARS OLD Source: Médiamétrie – Médiamat – FY2014 18
Slide 19: Renewal as a multi-channel network
RENEWAL… AS A MULTI-CHANNEL NETWORK Source: Médiamétrie – Médiamat – FY2014 19
Slide 20: Successful renewal in digital media
SUCCESSFUL RENEWAL IN DIGITAL MEDIA SUCCESSFUL DIGITAL EXTENSIONS (1) Fix Panel Médiamétrie // NetRatings – Mobile & tablet panel Médiamétrie NetRatings – Médiamat IPTV – Médiamétrie – Average Jan – Oct 2014 (IPTV UV at End October) 9 (2) Twitter – Facebook – FY 2014 20 (3) eStat Médiamétrie – Panel
Slide 21: Renewing content
RENEWING… CONTENT Source : CNC 21
Slide 22: Renewing B2C
RENEWING… B2C * Source : NPA/GFK panel (TVOD/EST/SVOD) - CNC 22
Slide 23: An ability to optimise our business model
AN ABILITY TO OPTIMISE OUR BUSINESS MODEL 23
Slide 24: An optimised cost of programmes
AN OPTIMISED COST OF PROGRAMMES * TF1 channel programming costs ** TF1 group’s cost of programmes 24
Slide 25: An overhauled cost base
AN OVERHAULED COST BASE SAVINGS ON OVERHEADS RECCURRENT SAVING OF 113 M€ ‣ Reduction of travel and representing expenses ‣ Renegociation of contracts ‣ Termination of some business operations (JET, TOP TICKET.S) ‣ Réduction of external expenses 25
Slide 26: A capacity for building partnerships
A CAPACITY FOR BUILDING PARTNERSHIPS 26
Slide 27: Promoting our interests to regulators
PROMOTING OUR INTERESTS TO REGULATORS PERMANENT DIALOGUE WITH REGULATORS 27
Slide 28: Unfailing dedication and commitment
UNFAILING DEDICATION AND COMMITMENT 28
Slide 29: 2014 Review, 2014 Financial Statements, Outlook
2014 REVIEW 2014 FINANCIAL STATEMENTS OUTLOOK 29
Slide 30: TV media withstood in 2014
TV MEDIA WITHSTOOD IN 2014 TREND IN NET PLURIMEDIA ADVERTISING SPEND– FY 2014 VS 2013 +0.1% Historical Media+Internet -8.7% €10,375bn / -1.5% +4.6 % +0.8% -1.4% -9.6% Market Share 31.1% 25.8% 24.0% 11.3% 7.0% 0.8% Source: IREP– Press includes classified –2014 vs 2013 30
Slide 31: Revenue evolution
REVENUE EVOLUTION fem 2014 2013 AD. REVENUE - BROADCASTING & CONTENT | 1,560.3 1,572.1 o/w IV 1,476.7 1,488.0 o/w Other platforms 83.6 84.1 AD. REVENUE - PAY-TV 15.2 22.2 —“ycucperoop eee 69 9.0 o/w Theme channels in France 8.3 13.2 GROUP ADVERTISING REVENUE 1,575.5 1,594.3 . 516.3 481.0 CONSOLIDATE
Slide 32: Cost of programmes evolution
COST OF PROGRAMMES EVOLUTION 32
Slide 33: Consolidated income statement (1/2)
CONSOLIDATED INCOME STATEMENT (1/2) 33
Slide 34: Current operating profit breakdown
CURRENT OPERATING PROFIT BREAKDOWN 34
Slide 35: Consolidated income statement (2/2)
CONSOLIDATED INCOME STATEMENT (2/2) 35
Slide 36: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET 36
Slide 37: Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT 37
Slide 38: A consolidated financial structure
A CONSOLIDATED FINANCIAL STRUCTURE 38
Slide 39: 2014 Review, 2014 Financial Statements, Outlook
2014 REVIEW 2014 FINANCIAL STATEMENTS OUTLOOK 39
Slide 40: Return on investment
RETURN ON INVESTMENT * Based on the number of TF1 shares outstanding as of December 31, 2014 40
Slide 41: Dividend proposal to the Annual General Meeting
DIVIDEND PROPOSAL TO THE ANNUAL GENERAL MEETING – 16 APRIL 2015 41
Slide 42: Evolution of TF1 stock in 2014
EVOLUTION OF TF1 STOCK IN 2014 Last price at April 15, 2015: Evolution of TF1 stock vs. SBF 120 Index €17.08 (vs. €12.72 at 31/12/2014) +0.7% -8.1% 42
Slide 43: 2015: Stabilisation of the market?
2015: STABILISATION OF THE MARKET? TELEVISION REMAINS THE KEY MEDIUM FOR ADVERTISERS 43
Slide 44: TF1 Group: the roadmap is clear
TF1 GROUP: THE ROADMAP IS CLEAR 44
Slide 45: Chairman of remuneration committee's intervention
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 45
Slide 46: Principles of Nonce Paolini's compensation
PRINCIPLES OF NONCE PAOLINI’S COMPENSATION No golden parachutes No non-competition payment A fixed remuneration + a variable remuneration capped (150%) No deferred variable remuneration and no multiannual variable remuneration Complementary pension capped up to 8 times Social Security ceil
Slide 47: Components of the variable remuneration in 2014
COMPONENTS OF THE VARIABLE REMUNERATION IN 2014 ACHIEVEMENTS OF OBJECTIVES Evolution of consolidated net profit of Bouygues Group (attributable to the Group) P1 • 30 % of fixed remuneration if the goal is achieved • P1 enables to take into account the global financial performance of the Bouygues G
Slide 48: Evolution of Nonce Paolini's remuneration on three years
EVOLUTION OF NONCE PAOLINI’S REMUNERATION ON THREE YEARS Gross remuneration before tax (€ 000s) 1,441 2,006 2,361 Stable fixed remuneration on 3 years Growth of variable remuneration, linked to the creation of value realized on Eurosport Group A variable remuneration capped at 150% of the fixe
Slide 49: A remuneration in line with stock performances
A REMUNERATION IN LINE WITH STOCK PERFORMANCES Stock evolution 2012 - 2013 Evolution of market Dividend proposed to the General capitalisation Meeting of April 16, 2015 (€ million) 49
Slide 50: A remuneration in line with French and European peers
A REMUNERATION IN LINE WITH FRENCH AND EUROPEAN PEERS Average of the last three years: 2011-2013 for French peers (M6, Canal+, Vivendi) and for European peers (ITV, ProSieben Sat1, Mediaset Italia and Mediaset España), 2012-2014 for TF1 50
Slide 51: Evolution of stock options allocated to the CEO
EVOLUTION OF STOCK OPTIONS ALLOCATED TO THE CEO 51
Slide 52: Remuneration of Nonce Paolini in 2015
REMUNERATION OF NONCE PAOLINI IN 2015 Stable fixed remuneration Modification of two criteria for determining the variable remuneration: Addition of a new quantitative criterion, taking into account the improvement of the TF1 group’s financial perfomances: change, compared with the business pla
Slide 53: Auditors' intervention
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 53
Slide 54: List of reports issued by the statutory auditors for 2014
LIST OF REPORTS ISSUED BY THE STATUTORY AUDITORS FOR FINANCIAL YEAR 2014 For the ordinary part* on the Financial Statements on the Consolidated Financial Statements on Related Party Agreements and Commitments on the Report by the Chairman of the Board in respect of the company’s internal contro
Slide 55: Report on the financial statements
REPORT ON THE FINANCIAL STATEMENTS Resolution n°1 - page 205 of the 2014 Registration Document Opinion In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2014 and of the results of its oper
Slide 56: Report on the consolidated financial statements
REPORT ON THE CONSLIDATED FINANCIAL STATEMENTS Resolution n°2 - page 203 of the 2014 Registration Document Opinion In our opinion, the consolidated financial statements for 2014 give a true and fair view of the assets and liabilities, the financial position and the results of all the entities in t
Slide 57: Report on related party agreements and commitments
REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS Resolutions n°3 et n°4 - page 207 of the 2014 Registration Document Purpose It is our responsibility to inform you, on the basis of the information provided to us, of the terms and conditions of the agreements and commitments of which we were info
Slide 58: Report on related party agreements and commitments
REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS Resolutions n°3 et n°4 - page 207 of the 2014 Registration Document Agreements and commitments already approved by the General Meeting Agreements and commitments that continued to be executed during the financial year now ended • Shared services a
Slide 59: Report on the Chairman's report on internal control
REPORT ON THE REPORT BY THE CHAIRMAN OF THE BOARD RELATING TO THE COMPANY’S INTERNAL CONTROL PROCEDURES Resolution n°1 - Page 202 of the 2014 Registration Document Purpose It is the Chairman’s responsibility to prepare and submit to the Board of Directors for approval, a report on the internal con
Slide 60: Report on the capital reduction
REPORT ON THE CAPITAL REDUCTION Resolution n°17 - page 213 of the 2014 Registration Document Purpose Your Board of Directors is proposing that you delegate to it, for a period of 18 months from the date of this Meeting, full powers to cancel up to 10% of share capital per 24-month period, of the s
Slide 61: Report on capital increase for employee savings scheme
REPORT ON THE CAPITAL INCREASE RESERVED FOR MEMBERS OF AN EMPLOYEE SAVINGS SCHEME Resolution n°27 - page 214 of the 2014 Registration Document Purpose Your Board of Directors proposes, based on its report, that you delegate to it, for a period of 26 months from the date of the present Meeting, the
Slide 62: Report on issuance of shares and other securities
REPORT ON THE ISSUANCE OF SHARES AND OTHER SECURITIES WITH OR WITHOUT PREFERENTIAL SUBSCRIPTION RIGHTS Resolutions n°18, 20, 21, 22, 23, 24 et 25 – page 215 of the 2014 Registration Document Purpose Your Board of Directors has described in its report and in joined resolutions draft the proposed op
Slide 63: Questions / Answers
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 63
Slide 64: Resolutions votes
OPENING OF THE MEETING COMPOSITION OF THE COMMITTEE LIST OF AVAILABLE DOCUMENTS - AGENDA PRESENTATION CHAIRMAN OF REMUNERATION COMMITTEE’S INTERVENTION AUDITORS’ INTERVENTION QUESTIONS / ANSWERS RESOLUTIONS VOTES 64
Slide 65: First resolution
FIRST RESOLUTION • The purpose of the resolution is to seek shareholders’ approval of TF1 SA’s individual annual financial statements for the 2014 business year, and the transactions recorded in these accounts 65
Slide 66: Second resolution
SECOND RESOLUTION • The purpose of the resolution is to seek shareholders’ approval of TF1 Group’s annual accounts for the 2014 business year, and the transactions recorded in these accounts 66
Slide 67: Third resolution
THIRD RESOLUTION • The purpose of the resolution is to approve the related-party agreements and undertakings between TF1 and Bouygues: corporate services agreement under which Bouygues provides services to TF1 supplemental retirement pension granted to the Executive Director agreement for the
Slide 68: Fourth resolution
FOURTH RESOLUTION • The purpose of the resolution is to approve the related-party agreements and undertakings other than those between TF1 and Bouygues corporate services agreement under which TF1 provides services to its subsidiaries not in wholly owned (TMC, TV Breizh , Histoire and Ushuaïa TV)
Slide 69: Fifth resolution
FIFTH RESOLUTION • The purpose of the resolution is to approve appropriation of earnings and distribution in 2014 distributable profits of €494,395,940.41 distribution of a cash dividend of €317,293,146.00 (i.e. a dividend of €1.50 per share) balance of €177,102,794.41 to be carried forward as
Slide 70: Sixth resolution
SIXTH RESOLUTION • The purpose of the resolution is to renew Claude Berda’s term of office as Director for one year Director of TF1 since February 17, 2010 Chairman and non-Executive Director of Groupe AB 70
Slide 71: Seventh resolution
SEVENTH RESOLUTION • The purpose of the resolution is to renew Gilles Pélisson’s term of office as Director for one year Independent Director of TF1 since February 18, 2009 Chairman of the Remuneration Committee of TF1 Member of the Audit Committee of TF1 Director of companies 71
Slide 72: Eighth resolution
EIGHTH RESOLUTION • The purpose of the resolution is to renew Olivier Roussat’s term of office as Director for one year Director of TF1 since April 18, 2013 (former standing representative of Société Française de Participation et de Gestion - SFPG, Director of TF1 since 2009 until 2013) Member o
Slide 73: Ninth resolution
NINTH RESOLUTION • The purpose of the resolution is to renew Olivier Bouygues’s term of office as Director for two years Director of TF1 since April 12, 2005 Deputy CEO of Bouygues 73
Slide 74: Tenth resolution
TENTH RESOLUTION • The purpose of the resolution is to renew Catherine Dussart’s term of office as Director for two years Independent Director of TF1 since April 18, 2013 Member of the Ethics and CSR Committee Manager of Catherine Dussart Production-CDP 74
Slide 75: Eleventh resolution
ELEVENTH RESOLUTION • The purpose of the resolution is to renew Nonce Paolini’s term of office as Director for two years Director of TF1 since May 22, 2007 Chairman and CEO of TF1 since July 31, 2008 75
Slide 76: Twelfth resolution
TWELFTH RESOLUTION • The purpose of the resolution is to renew Martin Bouygues’s term of office as Director for three years Director of TF1 since September 1, 1987 Chairman of the Selection Committee of TF1 Chairman and CEO and Director of Bouygues SA 76
Slide 77: Thirteenth resolution
THIRTEENTH RESOLUTION • The purpose of the resolution is to renew Laurence Danon’s term of office as Director for three years Independent Director of TF1 since July 22, 2010 Chairwoman of the TF1 Audit Committee Chairman of the Board of Directors of Leonardo & Co 77
Slide 78: Fourteenth resolution
FOURTEENTH RESOLUTION • The purpose of the resolution is to renew Bouygues company’s term of office as Director for three years Director of TF1 since February 20, 2008 Represented by Philippe Marien – Member of the Audit Committee of TF1 – Member of the Remuneration Committee of TF1 – Chief Financ
Slide 79: Fifteenth resolution
FIFTEENTH RESOLUTION • The purpose of the resolution is to approve the remuneration due or granted to Nonce Paolini, Chairman and CEO of TF1 for the 2014 business year 79
Slide 80: Sixteenth resolution
SIXTEENTH RESOLUTION • The purpose of the resolution is to authorise the Board of Directors to buy back the own shares of the company within the limit of shares representing up to 10% of the company’s share capital for an 18-months period 80
Slide 81: Seventeenth resolution
SEVENTEENTH RESOLUTION • The purpose of the resolution is to authorise the Board of Directors to decrease the share capital by cancelling shares held by the company subject to an overall cap of 10% of the share capital of the Company in any given period of 24 months for an 18-months period 81
Slide 82: Eighteenth resolution
EIGHTEENTH RESOLUTION • The purpose of the resolution is to delegate powers to the Board of Directors, to increase the share capital with preferential subscription rights, by issuing shares or any securities that provide immediate and/or deferred access to the company’s shares within the limit of
Slide 83: Nineteenth resolution
NINETEENTH RESOLUTION • The purpose of the resolution is to delegate powers to the Board of Directors to increase the share capital by the incorporation of premiums, reserves or earnings maximum nominal amount of capital increases: €400 million for a period of 26 months 83
Slide 84: Twentieth resolution
TWENTIETH RESOLUTION • The purpose of the resolution is to delegate competence to the Board of Directors to increase the share capital by a public offering, with the suppression of the shareholders’ preferential right of subscription, by issuing shares or any securities that provide immediate and/or
Slide 85: Twenty-first resolution
TWENTY-FIRST RESOLUTION • The purpose of the resolution is to delegate competence to the Board of Directors, to increase the share capital by private placement in keeping with point II of article L. 411-2 of France’s Financial and Monetary Code, with the suppression of the shareholders’ preferential
Slide 86: Twenty-second resolution
TWENTY-SECOND RESOLUTION • The purpose of the resolution is to authorise the Board of Directors, acting in accordance with the terms laid down by the General Meeting to set the price, for immediate or future public issues of equity securities or issues falling within the scope of paragraph II, Artic
Slide 87: Twenty-third resolution
TWENTY-THIRD RESOLUTION • The purpose of the resolution is to authorise the Board of Directors, to increase the number of securities to be issued in the event of a capital increase with or without preferential subscription rights for existing shareholders during a thirty-day period from the closin
Slide 88: Twenty-fourth resolution
TWENTY-FOURTH RESOLUTION • The purpose of the resolution is to delegate powers to the Board of Directors, to carry out a capital increase as consideration for contributions in kind consisting of a company’s shares or securities giving access to capital, excluding public swap offerings up to a limi
Slide 89: Twenty-fifth resolution
TWENTY-FIFTH RESOLUTION • The purpose of the resolution is to delegate competence to the Board of Directors, to increase the share capital, as consideration for securities tendered to a public exchange offer (OPE) up to a limit of €4.2m (included in the overall ceiling of €8.4m) without preferen
Slide 90: Twenty-sixth resolution
TWENTY-SIXTH RESOLUTION • This resolution is intended to limit the financial authorisations and the ceiling for capital increases Maximum nominal value of the increases of share capital ‐ €8.4m (20% of capital - “overall ceiling”) in case of maintenance of preferential subscription rights ‐ €4.2m
Slide 91: Twenty-seventh resolution
TWENTY-SEVENTH RESOLUTION • This resolution is intended to delegate powers to the Board of Directors to carry out a capital increase for the benefit of employees or officers of the company or associated companies who are members of a company savings scheme, with the suppression of the shareholders’
Slide 92: Twenty-eighth resolution
TWENTY-EIGHTH RESOLUTION • This resolution is intended to amend Article 22 of the TF1 Memorandum and Articles of Association ruling out the “double voting right” Preservation of the principle of “one share, one voting right” 92
Slide 93: Twenty-ninth resolution
TWENTY-NINTH RESOLUTION • This resolution is intended to amend Article 10 of the TF1 Memorandum and Articles of Association in order to extend the duration of the mandates of Directors who do not represent the workforce from 2 to 3 years to enable a phased renewal of the terms of the directors who
Slide 94: Thirtieth resolution
THIRTIETH RESOLUTION • This resolution is intended to harmonise the Memorandum and Articles of Association Bring the Articles of Association into line with the legislation and regulation on the representation of shareholders at General Meetings 94
Slide 95: Thirty-first resolution
THIRTY-FIRST RESOLUTION • The purpose of this resolution is to enable the fulfilment of all legal and administrative formalities 95
Slide 96: Next Annual General Meeting April 14, 2016
INFORMATION Next Annual General Meeting (held to approve 2015 financial statements) April 14, 2016 96
Slide 97: Shareholders' General Meeting April 2015
SHAREHOLDERS’ GENERAL MEETING 16 APRIL 2015