AGM 2021

Jul 28, 2021

Slides

Good afternoon, ladies and gentlemen. I hereby declare the combined ordinary and extraordinary general meeting of shareholders open. 1st, I would like to thank the shareholders who are here with us in spite of the health crisis and the late venue of this general meeting. And I would like to thank the shareholders who were kind enough to log on to attend the meeting remotely. I hope that They can hear me well. I'm joined by Mrs. Emmanuel Petrovic, General Counsel and Laurent Martinez, CFO. I would like to welcome as well the members of our Board of Directors. In accordance with the law, I am now responsible for setting up the committee. I call to act as a scrutineers, I call on Mrs. Achim Thomasin, the representative of the Caisse de depot de Placement du Quebec, our major shareholder holding 64,893,536 shares and Stephane Taiupier representing Amundi holding 9,630 I have 3,158 shares, both members representing the largest number of votes and having speak to the Board of the general meeting. Also participating in our meeting, the statutory auditors of our company Jean Luc Bartlet, representing the firm Mazard and Edouard Cartier, representing the firm PricewaterhouseCoopers Audit. The floor is to Emmanuel Petrovic. Thank you, Chairman. The agenda and the resolution submitted to the vote of this combined general meeting appear in the brochure and the addendum online and on the website sent to the shareholders. These agenda and resolutions also included in the notice of meeting published in the ballot of the 9th July 2021. The reports of the Board of Directors And the resolutions are included. And in order not to extend the duration, I will not read them out. The reports of the As to your auditors were also made available. In the fall down the desk, you have the documents required by law and which should be listed in the minutes of this meeting, all those documents were made available to the shareholders at the company's registered office. This being said, the meeting will take place as follows: our Chairman will present the highlights of the financial year 2021 and strategy, Laurent Martinez will comment on the financial statements of the group for the financial year. And then the Chairman of committee is Jan Delabriere, independently the Director. We presented work of the Committee of Appointments and Conversation as well as conversation items of Henri Poupees Lafarge for the past financial year and the conversation policy of the corporate officers. Mrs. Sylvie Rookas will present the work of the Audit Committee. Mrs. Sylvie Conde Des Beaux will present the work of the Committee of Ethics and Heinz, Frank Mercieux, will present the work of the integration committee and then the statutory auditors will present their reports. Further to those presentations, a Q and A session will take place. In order to maintain and favor the Dialogue within the current health crisis context, a chat box has been opened since the beginning of the meeting on the website, And therefore, the shareholders who are attending remotely, we may ask written questions. And We may answer those questions based on the representative selections of the topics raised, priority, however, being given to the questions put directly by the shareholders in the room. And then the votes the presentation, the vote under resolutions. As usual, An electronic voting system would be used. So when you enter the room, you were handed a Voting device, please keep it ready and please do not forget it to give it back to the hostesses when leaving the room. The attendance sheet is being checked. We welcome the shareholders right up to 2:30 On the registration date of the shares to which at least one voting right is attached, the share Capital of your company is composed of 371,942,270 7 shares with a power value of 7 each €7 each. So 70% of shares with voting rights. The quorum for this general meeting, which is held on the first This is 20% for the ordinary part and 25% for the extraordinary part. The quorum of 25% is, therefore, already reached. End this meeting, Ken Valle, the Liberator. I'm going to hand over to the Chairman. Thank you. Thank you very much, Emmanuel. Let's move on and start the general presentation now. So let's look back At 2020 2021, I will, of course, talk about the Bombardier integration strategy. 2020 2021 has been a robust year in a difficult context With COVID-nineteen, with major health challenges for all stakeholders and employees. We completed the Bombardier acquisition, so it has been a very busy year. Let's take a quick look at the numbers. As you can see, these numbers include Only 2 months of Bombardier. But all in all, we have a good year in terms of orders. And the book to bill Has increased throughout the year. It's above 1, which means that we've had more new orders versus Actual sales, €8,000,000,000 at €8,100,000,000 Very good performance even if the first Half of the year was interrupted by the health crisis and a number of stoppages. Operating income has improved. We've reached our objective. The objective was 8 percent for Alstom, the total margin has been diluted of course by the impact of Bombardier. Bombardier's margin is lower than Alstom's. We'll come back to this Later, but the average is 7.3%, which is a very good margin, but 8% and 2.5% for Alstom. So this had an impact on net income, which includes operating and non operational operational and non Operational items, efficacy items as well as the acquisition of Bombardier. The backlog at the end of March 2021 Includes Bombardier's backlog, €74,500,000,000 which is a record figure. It includes Alstom's traditional orders and of course the Bombardier portfolio as well. So So let's take a quick look at some of last year's order. You may remember that last year was difficult. Some projects were postponed by our customers, not because they wanted to cancel their projects or because they were questioning them, but simply Because they were extremely busy managing the health crisis and they could not practically order, But we knew things were going to accelerate. Once customers started to exit the crisis, they were able to start executing their investment This is what happened in the first in the first last months of 2020 In the 1st months of 2021, we've seen continued positive momentum with over €6,000,000,000 in orders. Looking back at some of the important orders, starting with the U. S, We have 200 multi level commuter trains for Chicago. Spain with Renfe, a very large order. Germany is a very buoyant market closer to home in Toulouse. The metro For the city of Toulouse and a somewhat similar system in Taipei, Taiwan as well and India also very dynamic. So orders everywhere in Asia, in Europe, in the Americas as well. So we're really benefiting from a very buoyant market across the board. So a lot of innovations as well in 2020. I've said this At this time and again, we're not in an industry which is commoditizing. As a matter of fact, it's quite the opposite. We are in an industry which calls for Innovation to make railway transport greener, more efficient, cheaper, more attractive for passengers. And I think last year was by far the year of hydrogen. Alstom launched a hydrogen train back in 2014 and 2015. We had the first prototypes in 2018 in Germany. But only last year did we see All European countries and all European operators finally recognize that hydrogen was the or one The key solutions with the end of diesel. So we launched prototypes in Germany, but also in other European countries, Italy, Austria, France, there's Poland also where we've been testing. The U. K. As well, We're working on train renovations there to switch to hydrogen. So being part of this transition is really important. The old generation trains are going to be phased out and we very much want to be a pioneer. So we're talking about greener technologies and of course, we talk about digital. In 2020 2021, we're seeing an acceleration of autonomous Trains, they've been around for a long time and they've benefited from it is much easier to have an automated metro, Which always runs on the same tracks in a fully secure and closed environment. When we talk about an autonomous train, it's in an open environment, which calls for Much more technology because these trains have to know how to detect signaling obstacles, understand, interpret signaling and Which is normally done by the drivers. So we had a test in Germany in regional trains With ATO, ATO is automatic train operating. The purpose is not necessarily to save money and not pay the wages of a driver, but automatic Train driving makes operations much safer. It optimizes The deceleration of the train based on traffic, based on the time left to reach The final destination. So you can up you can improve or save up 15% of energy. In France, we've introduced a program with SNCF on freight trains that are also autonomous. So we're using artificial intelligence, for example, to recognize different components along the tracks. Let's come back to the operating operational performance. As I said, Alstom improved its performance. We had a strategic plan called Alstom in Motion and The objective was a margin of 9% in the coming years. So we were well on track to reach that margin. And This year, we would have reached the 8% figure because we've improved our projects, we've improved margins and there have been cost Savings, structural cost savings and there is the good performance of our Chinese subsidiary, Casko as well. So much for the past 20 2020 21, a very busy and intense year for all Alstom employees. Now let's look forward 2021, 2022 and all the way through 2025. In July, we launched a new strategy Alstom in Motion 2025 and the purpose is to create to become a new leader in the Transport business by 2025. So why do we have this ambition? Well, first of all, because we have a very solid The position as we are speaking, we are the biggest Western manufacturer Of railway equipment, a bit smaller than our Chinese competitor, but Substantially larger than other Western companies. So what's important is not so much size or global size. What is important, 1st and foremost, is that we have become a truly global company. We're present everywhere. We have a very solid footprint Globally in terms of execution, production, management of projects, engineering, we're present in all continents and that is making Alstom a unique company compared to its peers. Our business profile is very balanced, Rolling stock, signaling, systems and services, services being really important for the company. We have customers with over A thousand customers, we do not. We're not dependent on a single or a few big companies. We also work with nearly 300 Large cities around the world and a huge backlog, which is at an all time high, and that gives us A lot of visibility once again going forward. So let's now take a look at Our priorities, we have there is, of course, the strategy Alstom in Motion 20 25, this is going to be guiding us forward for the next 4 years. I'm going to come back to the different pillars that compose this strategy. But In the meantime, we have a more short term priority, which is of course to integrate Bombardier. Bombardier is a Transformative acquisition and we will have to work hard to transform Bombardier and generate as many Synergies is possible for our customers, for our employees and for you. Now let's take a bit of a helicopter view and look at the overall context Market context of this acquisition, it is a very favorable context market wise. So this Could be a bit surprising to you. The world is has been impacted by a major economic crisis. But all governments, all authorities have decided to accelerate the Mobility, a transition for more green mobility and all governments today are investing in this. Here are some interesting and very impressive figures in Europe, in the U. S, Canada, India as well Worldwide, huge amounts of money are being invested in this green transition. So of course, COVID-nineteen is impacting Every day, everywhere. But the climate so is the climate crisis and it will be with us for years years to come. So Huge efforts will have to be made to deal with this climate crisis and the train is one of the solutions to better Manage climate change. Then there are more secular changes with urbanization. Urbanization is continuing everywhere around the globe, and this calls for investments again. As you all know, Paris, massive investments are being made in the Greater Paris area and the Grand Paris, and this will continue. And the same thing is Happening in big countries, emerging countries like China and India, in those countries there is a lot going on in urban investments and urban developments. So let's take a quick look at our strengths and assets. Well, first of all, we have a strong solutions portfolio. As I said before, Alstom Has a very strong geographical footprint, but we also have a very strong technological footprint. Today customers want solutions that meet their specific expectations that fit In their infrastructure and that meet all their requirements, to do so, we need to offer a very large portfolio of solutions That we can combine and that way we can offer either off the shelf or standard equipment, But we also want to provide equipment that can be tailored to meet the specific requirements of customers. So this is true for all railway, all rolling stock metros, light metros, people movers, Shuttles, high speed trains. Of course, the same thing is true for services and the operations, the operations part, which Just coming from Bombardier, signaling, urban signaling, long distance signaling with all kinds of technologies. We have Different platforms that are very well known regional platforms, for example, urban platforms, the Metro Coradia, Innovia, The tracks locomotive coming from Bombardier, so these are very well known platforms, very well Established platforms, but we can combine them to develop products that are completely dedicated or tailored to specific needs and Requirements. So we have produced with these technologies high performance trains And the purpose is, of course, not only to be more efficient cost wise, but it is also to offer simply the best Performing trains in terms of energy consumption, in terms of weight, in terms of noise, in terms of recyclability, Environmental performance and footprint, so our portfolio of products there again enables us to seek the very best As a company, we more than ever, we have to be agile. We have to combine the technology portfolio with a Portfolio of in with a footprint in different geographies, more and more countries are asking for Localization, and this is very much embedded in our strategy, whether in India, it's made in India, same thing exists In the U. S, Mexico, for example, all countries are asking for localized products. Australia, this is what we could call a heavy trend. And thanks to our Strong footprint. We have engineering centers and plants in different countries. We have technologies available in all these countries. And this allows us to develop the best in breed for our customers and produce the all the products where customers want us to produce them Generally on-site locally. So this is illustrated on this slide. This is our global footprint. It Our rolling stock, we have rolling stock sites on all continents. We're present in over 70 countries and this is really important for train Production, but it is also important for maintenance. When you sell a train, trains can be used for 30, 40, 50 years. Customers, of course, expect To provide maintenance for that duration, upgrade trains, retrofit Trains as they go. So having this solid geographic footprint is absolutely essential. They know they have on their side. We call this customer intimacy and this is going to play an essential role of our in our future success. We combine technology and a Product lines, the ambitions are all different, Even if they fit into our overall ambition for the rolling stock, there is a major challenge in terms of execution. It's a complex long term project, yes, we want to grow, continue growing. And it's very important in the rolling stock that we make sure that we commit to our engagement and that we deliver the trains as promised. For signaling, it's more of a software platform. Here, we have to grow rapidly. We may have economies of scale. Thanks to Bombardier. We will benefit from it as well in order to be able to sell those software platform worldwide. Services, this is a core business for our strategy. It's maintenance, regular business, Be it in terms of workload because in maintenance contract over 15 or 30 years, well, It's a good addition to the rolling stock. Without rolling stock, it's not possible. But at the same time, the rolling stock has more volatile activity I'm showing risks of execution. Therefore, we need to have a balance between both activities. That's very important. Innovation, a few words. Thanks to Bombardier Acquisitions. We doubled The figures, the investments for the innovation, we'll have over 9,500 patents, over 7,000 specialized engineers in the digital world. We want to streamline this portfolio. If Bombardier and Alstom were to develop the same type of solutions, now we're going to develop only one solution. This way we'll have Some leeway to be able to reinvest in new solutions and to speed up the development. This is a very strong message, Of course, innovation is at the core of our market today. Innovation because of the sustainability requirements are mean, very high. I'm not going to come back to our hydrogen train, but we need to have savings as well, battery is part of this. And in the durability, we are talking of materials and the digital systems as well. That's The second point, and it being us to optimize the infrastructures. The construction of infrastructures It's costly. It takes some while. And the goal for the operators is to optimize the existing infrastructures. And in order to do so, we can combine more performing digital systems and more efficient rolling stock. Paris Lyon, 13 trains an hour. We are going to move on to 16 trains of each train by 20%, 25%, altogether, we'll increase by 40%, 45% the capacity of Paris, Lyon without impacting the infrastructure. So that's the goal, the combination of sustainable efficiency and digital Technology. The idea is not to impose upon people the idea of taking the train, but no, on the contrary, they should be and yours. We want to make sure that everyone can take the train. So we think a lot with the operators to make sure that everyone can feel at ease Onboard the train, it's one topic which is important in the innovation field, and we can admit that the modern trains are More connected and than the previous ones. As far as the transformation is concerned, and we've been talking about products and innovations. But internally, there is a huge work to be done. First, we need to digitize the company. A lot of work been done within Alstom and Walsdon in the last few years, we have to benefit from this work and deploy it In the factories and in the centers of Bombardier, we have to speed up the automation. Digitization relates to our processes, but we also have to make them automated. It took us some time to have our processes automatic. You can imagine that A train, of course, is not small. You cannot just handle a train as if you were handling a car with a robot. So we need to imagine very specific robots for our trains. And in the last Manufacturing line of the TGV of the future, you have a number of robots speeding up the process, and it has to be designed in a very speak way for the railway sector. The execution of projects, I said it, is key, key. Management, the rigor, Asimov is really at the center of our priorities, the best supervision and control practices. That's our daily bread, our daily work, that's our core expertise, how can we execute our projects well. And we have to leverage our footprint, I said, to serve our customers, of course, but also to optimize the production centers. When we have a choice, when it's not imposed upon us by a specific regulation, we To be agile and decide which is the best site to produce such and such functions, specialized sites, especially for the components. The DNA of Alstom is durability. It's Greener world, this is very important for us. And that's more and more the colleagues joining us, they join us Because they have this ambition of sustainability, they want to take part in this A green movement in the implementation of a more sustainable world. 1st, the decarbonation of mobility, the reduction of energy, of course, In our solutions, very clear objective, 25% LS. The eco design For the sustainability and durability of components, we withdraw lead and chemical substances, which are hazardous, Decarbonation of transport itself. And within our company, we want to be an engaged Employer for the safety of our employees, the diversity of our employees. We are now certified top employer in a number of countries in the world. We are also working at our communities. Transport is an integral part of the daily life of millions of people throughout the world. And we wish our sites to work at improving the daily life of communities surrounding the sites. We have foundation, we work on it. We fit into the local fabric. And of course, we take onboard our An update on the Bombardier Transportation integration. As you can imagine, it's a very important topic. The acquisition took place on the first February, we are working hard with both companies. We integrated both organizations. There is a single organization now. The organization working, the employees are satisfied with this new organization. They are satisfied with the integration. They feel positive and are ambitious for the new growth. We've got a road map, and we set up the basic processes in order to work correctly. And by the way, it was shown on the Q1 with a major order taking. I was in Germany yesterday, and customers gave a Positive feedback on this integration, there's always a risk in this type of integration To be focused within the company, not customer focused, but I can tell you that we had a positive feedback from the customers. So it goes along the right line, and we try to keep repeating that we should not We should never, never forget customers. And well, we have the proof for that, that we have a positive feedback. So somehow, there will be 3 steps in this integration. The first step, the step on which we focus is the stabilization of Bombardier's portfolio. We knew when acquiring Bombardier, Bombardier is facing difficulties or faced Difficulties, operating difficulties on the 1st day. We wanted to stabilize those projects, And I'm very sensitive to the feedback of customers. It's important for us to restore trust based Relationship, Alstom has a good relationship with most customers throughout the world. And now, Bombardier portfolio should have the same good relationship. That's the priority. 2nd priority, which is in parallel, of course, it's not sequential priorities, is in parallel. We are working at having just one group. What I'm saying is meaningful only if we can combine our technologies and our sites between Assam and Bombardier. And we have to speak with this single voice and have the same tools. And so we should no longer be able to distinguish within Alcon what comes from Bombardier and who comes from Alconformo. Well, this part is progressing very well, more rapidly than what I would have thought there is a real determination to deploy tools worldwide. Trends start being developed with mixed teams. And when we work on tenders, we've seen in the trend and the Proposals we submit to customers, we combined technological items from 1 group and other items from the other group. And that's very such like to see that our technical and process experts succeeded in communicating together between both companies in order to offer Something better than if we would have offered that on our own. And thirdly, we will have a company Working which will work perfectly and to really benefit from the full potential of this group and the leadership. It's here not a matter of knowing whether we're going to rationalize industrial footprint, but We'll focus on innovation, how it will be possible to convert the railway transport in offering regular innovations and being always ahead of time. It will take some time, 4 or 5 years. We communicated on 400,000,000 synergies. We confirm this figure, and it takes a while, of course. It's 4 years, so that's rather long because we work on mid- and long term projects. It requires a lot of work, a lot of efforts, but the market which is buoyant and the potential which is here are very, very attractive, And we're going to do this and construct this growth together. All together, to conclude, so Market dynamics momentum, which is unique and confirmed every day, it is unprecedented. The climate challenge is such that and we can see that every week, you know the problems and caused by this climate global warming. So the governments are more and more aware of this problem. And therefore, the market is buoyant, and we have a responsibility because we are leaders in this field. Our positioning is unique. We have a very good positioning, bit in technologies and in the geographic coverage. And that's where we have our strengths. And we should be able to offer customer In Thailand, things which have been developed for Brazil. So countries progress at different pace. Germany is progressing more quickly on hydrogen. And a few years later, we offer France and Italy and Great Britain the products. Thanks to this geographic coverage that we can be close to the latest innovations and countries do not have necessarily the same concerns at the same time that we can benefit from that. Innovation, of course, this is key. I said it. Let me repeat it. It would be meaningless if we didn't want to innovate and offer better solutions. A lot of work, of course, That was item 4. A lot of work, teams, very enthusiastic teams, engaged teams, very ambitious teams. A lot of integration work being done, and we do this work with a lot of positive impacts. We have financial objectives, of course, 5% growth, so multiply by 2 compared to the market growth. Cash flow above 8%. So to come back to conclude your stock performance over the last year. It was satisfactory over the year. Actually, over the year over the full year almost, you know that during World Market Day, as we announced our plan in July, the stock price declined. It was due to the efforts we have to make to incorporate, integrate Bombardier. So a lot of efforts, we knew that, so there's no surprise. The full confidence In the value creation resulting from this integration is going to take some time. That's why the stock price declined at in July. For our shareholders, well, it was completely renewed in the last few years. You see that the structure is stable. We enter into This new cycle with the Caisse de depot at Placement du Quebec as our major shareholder, 17.5 Assand and the institutional shareholders, 79%. In a few words, that's what I wanted to give the floor to Laurent Martinez, who is going to give us some details. So good afternoon to you all. Thank you, Henri. Let me start By reviewing our income statement of the financial year 2021 for the group, as Henri said, This fiscal year included 2 months of contribution from Bombardier Transportation. This year, we achieved sales of 8 €800,000,000 down organically by 4% compared to last The adjusted operating profit achieved €645,000,000 7 0.3% of adjusted operating margin compared to the 7.7% of last year with As indicated previously, a combination of improvement of Alacom's profitability on its legacy scope to 8 sent and the contribution from 2 months of Bombardier Transportation to 2.7%. Going below, we had below the adjusted operating profit, we had limited restructuring Charges, €14,000,000 We recorded €117,000,000 transaction costs related to the acquisition of Bombardier Transportation, €84,000,000 Amortization of the purchase price allocation mainly related to the acquisition of Bombardier Transportation. Additional costs related to COVID-nineteen for the first half year of twenty twenty one, €68,000,000 and the mechanical effect, the reversal to the usual mechanism of reversing the equity contribution of our Chinese joint ventures, €50,000,000 So the operating income is the one you see here. And beyond, our operating results reached €300,000,000 below operating income, our effective tax rate was 27%, €68,000,000 lower than in the previous years and €83,000,000 slightly lower than €102,000,000 reported in the Previous fiscal year due to lower contribution from TMH and then the adjusted net profit From continuing operations, the €301,000,000 after excluding the after tax ABS of €61,000,000,000 Let's take a closer look at the liquidity position. It's 4 point €5,000,000,000 at the end of March, strengthened by the setting up of renewable or New revolving credit facilities, our balance sheet remains solid. And the capital increased In the autumn, about €2,000,000,000 was successful, and we successfully completed a senior bond issue of €750,000,000 in January 2021 and recently in July, another show a senior bond issue in 2 tranches of a total amount of €1,200,000,000 with a maturity of €6,900,000 Moody's has confirmed Alstom's BAA to long term rating with an outlook which has been raised from stable to negative. Last point I wanted to address this It's dividend. The Board of Directors proposes a dividend of 0.25 per share, which is a dividend payout ratio of 31%, and the shareholders will have the choice between payment in cash or in new shares. So much so for my presentation. Thank you for your attention. And I'm going to give the floor to Jan de Labrieuur, our Lead Independent Director. Thank you, Laurent, ladies and gentlemen, dear shareholders, I am delighted to I would like to start off By giving you a quick reminder of the prerogatives of the committee, there have been no changes. The committee is responsible Thank you for making recommendations, proposals to the Board regarding the governance How the board operates, How managing teams operate, succession planning as well as remuneration of the board, the members of the board, We supervise the remuneration of the entire management team as well as Let's take a look at the activity of the NRC. We've held We're attending all meetings. As you know, all the members are independent committee members. We covered all the topics, which I have just described, which falls fall within its remit Regarding governance, the composition of the Board, we've reviewed all Executive action plans, we have worked on the company's governance. We have regular meetings As the independent lead independent director with all shareholders, including institutional shareholders As well as regulatory changes with the that have really changed with the health crisis. So So I'm going to detail the governance related topics, and I'm going to be even more specific on remuneration. As you know, remuneration is Questions are going to be submitted to your vote today and the company's Mr. Pouper Lafauge's remuneration as well as the remuneration of all the other directors And their remuneration ratios will be in Resolution number 11, As well as the remuneration reviews for the past year. And last but not least, we will talk about Employee Shareholding, we will talk about the long term shareholding plan, the recurring one, which we've As well as the specific Bombardier integration plan, which was approved During the General Assembly in October 2020 and later deployed. So let's go in A bit more detail. As far as governance is concerned, as you know and as Henri Pouples Farge said, The composition of the Board of Directors changed significantly over the past year With the arrival of CDPQ, Caisse de depotassemble de Quebec, as you know, CDPQ has asked to have 2 new members, board members. Their mandate was approved During the General Assembly of October 2015, Mr. Thomasin Godin, we have Reviewed their profiles before submitting them to your vote, and we've later conducted their integration. Another important change In the board, again, this followed your vote in July 2020 regarding the modification of our statutes. 2 employee representatives were elected, And we've also worked on their integration, which we felt was particularly important. They went through an induction The new leadership team is, of course, very important and has kept The NRC very busy. We've monitored this very closely with Mr. I would like to come back now To the remuneration, as you know, remuneration is submitted to your vote. Please allow me Detail the remuneration. First of all, starting with the remuneration policy of the Chairman and CEO, We are asking for or submitting 3 changes to your vote. In October 2020, You approved the suppression of the exceptional The integration of Bombardier, sorry, in the compensation and remuneration of Henri. So this A component of this exceptional item is no longer applicable today since this Item has now been completed. So we are removing this exceptional component from our policy. As far as Henry's fixed remuneration in Resolution 9, we would like to increase it €850,000 to €950,000 the committee has I submitted this change to the board. Of course, it is based on the significant change of the Scope, the size of the company, the size was doubled. And we've, of course, done a benchmark with Other industrial French industrial companies that have a similar size And with a long term vision in mind, As you know, we make very few annual adjustments. We only make periodical reviews, which are then And last but not least, we have a technical modification that we would like To make, normally, performance shares are allocated at the end of the Fiscal year, which means normally in March. But with the very recent integration of Bombardier, this has not been possible for the Fiscal year 2020, 2021, as you will see in a moment. And the new practice or new system That we would like to adopt for Henry as well as for the other directors and executives. We would like to Allocate these shares at the beginning of the next fiscal year. So This would typically be in May or in July. As far as the remuneration policy of the members of the Board, Directors is concerned, no major changes except for a drafting adjustment. We had 3 committees which were Receiving remuneration, as Henry said, we have created a 4th committee, which is going to supervise the integration of BT. And we have, therefore, decided to remunerate this We will now take a question from the So much for the highlights of these changes. Let's Look at the detailed drafts, Resolution 9, which has to do with the remuneration policy Executive corporate officers, it is presented here in detail. And as you can see, there are only three changes, the ones I just indicated, The amount, the exceptional item which is being removed since it has been completed and on the following page, please. The other elements which remain unchanged. The calendar change Has nothing to do with the actual remuneration policy for this year. So moving on to the remuneration policy of the board members. All numbers remain unchanged. The numbers remain unchanged as Well as the different the breakdown for each of the members. And as I said before, we now have a new committee, Which covers all committees, including the so this applies to all committees, including the BT Integration Committee. The Following resolution is Resolution No. 11. This one is somewhat technical. It has been introduced with A new ordinance of November 2019, it is a Europe it's coming from European directive, and it is very much in line with What I just described before, and it actually adds the equity ratio, So called equity ratio, which compares the remuneration of the CO to the average remuneration of And we've decided to take as a reference the employees of Alstom France. Pre BT, before the integration of BT, we didn't have the time to integrate BT in this ratio. And those equity ratios are presented to you in Resolution 11. Moving on to Resolution No. 12 now. This will be the last one I will share with you. This one has to do with the Remuneration of, Henri Poupe Lafarge in respect of fiscal year 2020, 2021, it will be Submitted to your vote, the fixed annual remuneration, its reference amount is €850,000 which was unchanged. But Upon proposal of Henry, the Board of Directors back in May 2020 reduced his remuneration by 25% for Q1 2020, 2021, and the members of the executive members also accepted to reduce their remuneration In a voluntary way and similar way. So this reduction Yields this new number, €796,883. As far as the variable remuneration, all the details are provided in the reference document, which has been I shared with you, I am quickly going to summarize the details of the variable remuneration. As you know, the variable Remuneration criteria is divided into 2 categories. We have global performance, first of all. Global performance means the Operational and financial results of the company as well as Environmental Performance and CSR, Corporate Social Responsibility. So these performance The criteria represent 60% of the variable remuneration. The targets, only 47% were reached simply because in spite even if the results of the company were good, They were impacted versus our budget, which was our reference, simply because of the COVID-nineteen crisis. And this explains Why Mr. Lafarge is receiving 47% For a target of €60,000,000 individual objectives involves more personal items, the implementation The company's strategy, the acquisition of Bombardier, for example, as well as the commercial strategy of The company, of course, the operational results of the company. And last but not least, The management of all teams and the overall and the quality of the overall management of the company. The The committee has asked the Board of Directors, which accepted and we're submitting a 2 year vote today, 46.6% For a target at 40%. So this is A clear sign that how the Board of Directors is perceiving the performance of The company's management. So total variable remuneration is €795,600 Benefits in kind are limited. They remain unchanged. On the following page, We have performance shares. As said earlier, there have been no performance shares this year simply because all performance share plans were postponed following the meeting of July 2020, so no performance share allocation or attribution whatsoever in 2020, 2021. Last but not least, the non compete undertaking, no changing No changes there and no payments. And as you know, we have also suppressed all Significant supplemental pension scheme items a few years ago, Henri, is only Receiving or benefiting from the specific provisions of Article 83, Which is the same as the pension or scheme provided to all other white collars. So these are the different resolutions we're Submitting to your votes. And with that, I believe I'm done. Back To our Chairman or Mr. Sylvie Ricard, Henry, up to you. Well, before giving the floor To Mrs. Sylvie Ricard, I would like to remind you that for those of you who are listening to us from far from a distance, Please feel free to answer questions. We're happy to take your questions. Over now to Mrs. Sylvie Ricard Ladies and gentlemen, shareholders and and President. It's an honor for me to chair the audit committee of our company. I've been doing so For 3 years on the 30th July 2018, that was my first day. We have 3 members. 2 of them are independent according to the made a code. 1 of the 3 members representing the major shareholder, the Caisse Adeboye Palissement du Quebec. Our role set by the internal ruling is to This is the Board of Directors with overseeing issues relating to the preparation and control of financial and accounting information. We see to the quality of the published financial information and the processes of risk controls. We had 4 meetings with almost 92% attendance. You'll have the detailed Activity report of the Audit Committee on Page 210 of the Universal Registration Document of the Fiscal Year. The financial manager, the control management, the accounting managers, They are all invited to the audit committee systematically and other managers on an on off basis according to The topics addressed and especially the general counsel participating into the audit committee regularly. The Auditory auditors are present at each meeting. I meet them each month to make sure all year, the salient point of our activity were as follows: the committee examined the statutory accounts On the 31st March and the half year accounts and based on the work done by general management and the statutory auditors. The committee see to the relevance. With the integration of Bombardier Transpor, we specifically reviewed the key steps of the process and especially The setting up of the opening balance sheet and the allocation of the acquisition price. The committee have reviewed the budget of the year 'twenty one, 'twenty two and the financial aspect of the strategic plan over 4 years right up to 2025. Like each year, the audit committee reviewed the main risk of the group and assessed the management procedures of this Risk 2 of the 10 main risks, the IT risk and the contract management risk, were reviewed in-depth, highlighting the risk mitigation mechanisms put into place by the group. The Employment plan of the Enterprise Risk Management was presented as well. The Internal Audit Manager presented the different reports of activity on the half year and full year basis. The program deployed during the year and the corrective actions coming from the achieved audits And the committee reviewed the internal control procedures within the group and the assessment done by the company through the assessment or appraisal forms, annual forms. There is we took into the results of the action plans were presented to us, and we made sure [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] They were in line with the objectives. The committee examined the fees paid 2 statutory auditors made sure that they are independent and that their work fits into the directives As said by the company, we reviewed renewal terms and conditions of the statutory Auditors and their mandate expire at the end of this general meeting. We reported to the Board of Directors. We focused on the essential points, and we submitted Sylvie Conde de Beaupre, Chairwoman of the Ethics and Compliance Committee. Ladies, shareholders, Mr. President. It's another for me to chair this Ethics and Compliance Committee. I have been doing so since 2017. We have 3 members, independent directors according to the AFAC MEDEA code. So the missions of the committee were modified in July 2020 further to Board of Directors meeting based on the results of the assessment. They wanted to strengthen the visibility of ethics and compliance topics and sustainable development as well, environmental topics, too. Therefore, those topics were put on the agenda of the Board of Directors twice a year, and the scope Human rights as well. And so the committee was renamed Ethics and Compliance Committee. Our role as described In the internal ruling, as implemented and modified in July 2020, to take note of this new scope, To review and make recommendation to the Board of Directors on those topics, we The committee, as part of its current submissions, has a lot of duties. 1st, The committee reviews the definition of the core values of the group and its ethics and compliance policy. It reviews the organization of the ethics and compliance function, which fits into the legal management. It reviews the codes of ethics and the rules and procedures put into place, receives on an annual basis a presentation of the risk map concerning Ethics and Compliance. And of course, it is informed of some shortages and problems in that and the Code of Ethics. During the fiscal year, we had 3 meetings With an attendance rate of 100%, and the detailed report is on Page 213 to 215 of the Universal Registration documents. The General Counsel and the Compliance Manager. And before of the attribution of the committee and the CSR and Sustainable Development Manager took part in the meetings of the committee. What have we been doing? What have we been doing in the last financial year? The committee reviewed the I think in compliance plan with the integration of Bombardier Transportation, The committee reviewed the goals and performance indicators of the group ethics and compliance. And we looked at the program, including the new 2020 Code of Ethics, the group's instructions, The training and awareness efforts, we reviewed the deployment of additional resources Given the acquisition of Bombardier Transportation and the resources the department needed, the certification of the Standard ISO 37,001, standard for anti bribery management systems, the renewal of the certification and then The risk map of ODDO Group for sustainable development and before the shrinking of The scope of the committee, the committee examined the evaluations conducted by the non financial rating agencies, monitored the group performance in terms of in terms of sustainable development, environment and workplace safety and reviewed the main non financial indicators used by the And after those meetings, the committee reported to the Board of Directors, and we shared our comments on the essential points as well as our improvement proposals. Shareholders, ladies and gentlemen, President, thank you for your attention. Thank you, Sylvie. We're now going to get Mr. Frank Good afternoon, ladies and gentlemen. My name is Frank Masteau, and I'm the Chairman of the Integration Committee of Alstom Bombardier Integration. I would like to take the opportunity to briefly summarize for you the activities of this committee and give an update of all the activities that Alstom has undertaken so far in the context of the integration of Bombardier. Beginning with a few words on the integration committee itself, which was established On the 29th January 2021, and the purpose of this committee is to facilitate And to foster and monitor the integration of Bombardier, give guidance to the operating team on the ground and provide Transparency and assurance to the main board of Alstom in all matters related to the integration itself. The integration committee intends to meet 4 times a year for an initial period of 2 years, And then we will see whether we need to continue. In the fiscal year 2020 2021, We have met once in February with a 75% attendance rate. And just for information, we very recently met In July in June, out of the 4 attendants, 2 members are independent directors. Alstom has chosen and set up a very comprehensive and well structured approach For the integration of Bombardier related to the team, to the organization and the processes chosen. A central team of 7 experienced members are working to coordinate the entire effort led by the Chief Strategy and Integration Officer. In the decentralized arena, 20 permanent integration leaders take ownerships in the regions, in the product line and report to the respective functional presidents and officers. The comprehensive approach This integration is supported by 4 dimension and priorities set by the integration committee itself: Number 1, people and change number 2, target operating model deployment number 3, The processes and IT tools conversions and number 4, the value capture. On those four dimensions, a lot of progress has already been made during the first half of twenty 21. And I quickly will go through these in detail. Number 1, people and change With the purpose of fostering a sense of belonging from all employees and ensure engagement of all party, This has been a very important pillar and was launched immediately as a business critical initiative. Over 500 customer organization and 25 partner organizations have been contacted immediately, and The company received positive feedback for these efforts. And in the upcoming customer satisfaction survey, we will have a particular question Related to the quality of the integration efforts. It is important to get everybody on board on day 1 ideally. Hence, contact have been made to the people across the different heritages of the new entity. 6 International team talks where 7,000 top people were connected to and 1500 of them were actually contacted directly. This is a matter of business continuity And related to the people to onboard them in the best possible way, So called discovery challenges on iLearn have been produced and enabled With more than 358,000 hours already executed with a total number of 46 1,000 learners being active and almost 1,000,000 connections have been made across this community. A cultural diagnosis has been executed in the ex Alstom and in the ex Bombardier community with over 500 interviews to figure out what the starting points are and where the convergence efforts have to be going. Another area has been, importantly, the global rebranding of all sites, of all appearances And a dedicated plan has been outlined for the upcoming months years on the basis of Audits locally and more audits to be scheduled for the time to come. The second pillar, importantly, is this target model of deployment to ensure the deployment of the target organization at the corporate and the regional level. And in this particular instance, Between the level N minus 1 of the Board and N minus 4 of the Board in those levels of hierarchy, 8,000 people Have been positioned and nominated. And further, 75,000 people have been mapped as new employees of the company. The 3rd pillar is the processes and IT tools convergence. It was important to create Common digital environment from the beginning, a joint HR database, a joint intranet and To have that done and delivered for a first joint end year closing report. Another important tool will be the Global Spend Tool to enable procurement synergies very quickly. For this IT tool convergence, a road map has been designed for the next 3 years and the priorities are set for year number 1. This is a complex undertaking, and a particular focus has been brought on the matter of cybersecurity with An assessment completed and a remediation plan established. 125 priority processes Have been identified, of which 50% have been deployed early June and 85% will be deployed by the end of this Quality and internal control functions have been established to monitor the convergence of this Another important matter is the legal entity structure that have been looked at. 19 top priorities countries have been identified and to look whether to share, transfer, to merge or liquidate legal entities. Priorities have been set accordingly for year 1 with a clear plan for the year 2 to year 4 time period. And finally and importantly, the ethical walls that are necessary for the concurring bids of The former Alstom and the former Bombardier Organizations are up and running with 2,500 people being already trained. Final pillar in the integration is the so called value capture to make sure that we execute after we have identified and planned Initiatives to capture the synergies and the value from the deal itself. It was important to create that commercial momentum To look at project conversions and importantly project stabilization efforts. 120 review and deep dives have been completed On the project side, task force have been deployed to the critical ones to provide technical expertise, Manpower and project planning to ensure timely delivery of the promises made before. 1st positive impacts materialized, for example, improving the delivered reliability, increased production rate and stabilize So in summary, The overall integration, the approach that has been taken by Alstom was well structured and Well executed from the first moment of the integration, and this well structured plan starts to pay off. On the people side, we could see good energy coming from the entire workforce regardless It is of essence to maintain this people engagement In the time ahead because people are at the core of the new enterprise, and it's important to make sure That we retain the talent and keep everybody motivated to go forward with the new enterprise. And From the initial phase, it has been clear that a top priority amongst many others over the next coming months will be to look at The project stabilization and make sure that all projects that are in the pipeline are delivered according to plan. Ladies and gentlemen, this was my brief summary on the integration so far. I thank you very much for your attention. Thank you, Frank. Thank you indeed. Over now to our statutory Mr. Jean Luc Bartlet from Mazar. Thank you, Mr. Chairman, ladies and gentlemen. Dear, Gerald, in the name of Price, I would like to report back to you and share the conclusions of the report For the fiscal year closed March 31, 2021. As always, I'm going to summarize the main Elements and highlights and conclusions, they have been shared with you by the company and they are in the universal registration document 2021 as well as in the notice sent to you for today's event as well as on the I would like to remind you that our mission is an ongoing mission. Our audit work is based on risk, which risks that are likely to have an impact on the quality of financial and accounting information. We assess the quality of internal control and more specifically of operational controls relative to the quality of The accounting elements as well as the collected documentation and the results of detailed analysis and analytical results, this is what we use to This is what we use to produce an honest opinion based on the information Throughout our entire mission, we report back to the company's management as well as to the audit committee In order to share our views on the risks and fact finding, and we have an international network for PricewaterhouseCooper as well as As well as Mazar, an international network which allows us to operate as well in all countries where the company operates. We have reported back during May 7, 2021. We've had periodical contacts Throughout the year, in summary, the main points of attention for 2020, 2021 focused on three areas, the accounting of Sales and margin on long term contracts, the assessment of litigations, disputes and And the determinations of assets and liabilities recognized within the framework of the acquisition of BT. We've also focused specifically on the impact of COVID-nineteen on the company's activities. Our first report on the ordinary part, this is on Page 148 of the universal registration document on the Annual financial statements, you will have to this will be submitted to your vote in Resolution 1. So we've considered that security shares As well as related receivables were important. We've shared the item sorry, we've shared the item with no reserves. We've specifically looked into the content of the corporate governance documents, and it calls for no specific Comments on our behalf regarding our report on consolidated financial statements, Page 122, in compliance with This is Resolution No. 2. We have certified the consolidated accounts with no reserves and observations. We have considered that the main point of the audit some of the points we already mentioned regarding significant estimations of management. We have responded in a detailed way in our report to have an independent appreciation and structured documentation. The accounting of sales and margin on long term contracts, the assessment of litigations and investigations and the acquisition of BT. We've also drafted a special report on related party agreements on Page 249, which is Resolution The objective of this report is to communicate the characteristics and modalities justifying the interests Of the conventions that we that were shared with us or that we discovered during our mission, our report shows there is The absence of such new conventions authorized during the fiscal year and A reminder of the Bouygues agreement with the on the acquisition for the acquisition of BT by Alstom. Our Last and final report is the report by of the non financial information statement, which [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] We have no comments on this report, which concluded positively and can be found on Page 313 of the Universal Registration document. Moving to the following slide on the Extraordinary part of the general meeting, resolutions 14 to 17 and 22, 20 7, which will be submitted to your vote. On the reduction of the capital of share, the reports On the issuance of ordinary shares or other securities reserved for members of a company or a group savings plan, we report on the Share capital increase with cancellation of the shareholders' preferential subscription rights. The report on the authorization to allocate free shares, existing or to be issued And the report on the issuance of shares and miscellaneous securities with preservation and or cancellation of the preferential subscription rights, We've established reports for delegations and authorizations to be given to the Board of Directors in order to hold these operations. In In summary, we have no observations regarding the modalities of principle that were submitted to you by the Board of Directors, and we will issue a complementary report when delegations are used Ladies and gentlemen, dear shareholders, many thanks for your attention. Thank you very much Indeed. We are now going to open the floor. I would like to draw your attention that Questions in writing according to the article R225234 have been received and From the Forum of Investment Responsible Investment and from DSW, which is a German Organization of Private Investors. I would like to thank both. The responses to these questions have been placed on the website and will therefore not be read during The General Assembly, we're going to take the questions from those of you who are present and we'll can also have an ongoing dialogue with those of you who are Good afternoon. I would like to ask a few quick Questions on the very first part on the activity report. What news do you have on industrial sites in France and Germany that were going to be disposed of following the merger between BT and Alstom? Then I have some questions regarding new technologies, greener technologies. You mentioned hydrogen. The Cost and efficiency are sometimes questioned, but that's not really the subject We're seeing in that in Germany, there have been some recent orders that We're historically went to the competition. So I was wondering what are some of the other technologies, batteries, for example, and other Line Electrification Technologies, that work very well, again, to make trains and railway transport greener. My very last question is specific to one country and the company's presence in that The country is China, of course. You compared with CALC and you also showed On the slide you showed Alstom's footprint in China. So my question is the following. What is The strategy of the new Alstom in China and vis a vis China. Are you a competitor? Or do you think that there is room for partnerships? Do you think Chinese companies can be considered as partners? Thank you. Well, thank you very much indeed for all these questions As far as remedies are concerned, so just to clarify, yes, we're working with the European Commission to Dispose of assets in France and Germany following the approval of the acquisition of BT by Alstom. This is an ongoing process. It is a long and complex one because it involves assets, potential buyers, as well as the European Commission and of course, Customers who must give their approval to this transfer and the terms and conditions of the transfer. This transfer has not been completed yet. We Working on this and we are quite confident that in the near future, this will be Accomplished. So I have no specific news to give on this. As far as green technologies are concerned, well, First of all, let me tell you that yes, our competitors are also interested in green technologies, in hydrogen as well. They came a little after we did 4 or 5 years, which shows that obviously the Hydrogen market and green technologies is an attractive market, whether it's electrification, batteries or hydrogen. All three make sense To a certain extent, I don't want to go into too much detail at this point, but what I can say and say is that hydrogen works very well For longer distances, longer distances being 100 kilometers or more, with no electrification. Batteries And electrification only makes sense if lines are very have a lot of density. Electrifying costs It's very high. It costs a lot and only makes sense if we have a lot of traffic. So we are active in all three technologies and we have no preference for One of these technologies more than the others. You referred to a battery contract, which went to the competition recently. We have contract on batteries in France and Germany. As a matter of fact, there are hybrid trains that use diesel technology as As well as batteries. And I think that at the end of the day, all Three solutions will be used. I know that in Germany, there is some line electrification. There is some hydrogen technology, battery technology. Each There is room for each of these solutions. Moving to your last Question on CRRC in China. Let me say 2 things. First of all, China is a massive market for railway and high speed and At Urban Rail, we are very active in China. As you saw on one of the slides, we have a lot of co companies, co enterprises in China, we have CRC, but not only, we also have other partnerships on signaling, for example. Alstom is A leader in urban signaling with its CRSC, which is another Chinese railway company up Specializing in signaling and we have a number of other partners, private partners, more private partners and specific components such as traction and so on. So in summary, yes, China is a big country for in the railway business. Our industrial footprint Has several objectives. First of all, we would like to serve the Chinese market. But as we said, We would also be interested in using this or leveraging this footprint to serve Other markets, we have an engine 2 engine plants near Sian, and They sell and export their equipment to the Chinese market, but also to Other countries, other markets in the area. Thank you. Are there any other questions in the room? Yes, sir, please. And in the meantime, let me check if there are any questions online. Yes, hello. I'd like to come back to China. The Chinese, they're very nice people. And if you can sell things Good. And as long as it's profitable, as long as they Take business away from us. The Chinese are very good at observing and copying. So they buy your equipment, they Pick them apart and next thing before you know it, they've copied and then they sell the same equipment. They sell the equipment to companies that we were selling to, but obviously they're selling at much Lower prices given the wages paid in China. So my question is, how do you manage the contracts? And how do you make sure that they in the next 5, 10, 15 years, they don't steal Our technology and know how, do we have enough non reproducible technologies to Stay safe. Well, as I said several times during my presentation, Our industry right now is going through a lot of is seeing a lot of innovations. And with BT, we're increasing the number of innovations. We're bringing new innovations, More environmentally friendly innovations, cheaper innovations. We do everything we can to protect And You mentioned low wages. Okay, that's one thing. But then there is The competition in the area of technology, our industrial footprint in China and in India, for example, is huge. And India is cheaper than China. And more and more, it is you have to be able to Relocate or locate where the contracts are. So We're not exactly like other industries. We are much more local in a sense. So at the end of the day, what it comes down to is products, the quality of their products and competitive products. CRC has really invested massively. They have made all kinds of innovations And that's what we need to do. We need to do exactly the same thing. We have to innovate. Today is not so much about stealing technology. Today is about innovating. And we have to innovate and we have to innovate faster than they do. Innovation It's good for the market and we have to be in a position to make The market is greener. I'm not obsessed by CRRC. There are other companies, Japanese, Korean, European companies and each of them individually contributes. And again, at the end of the day, what it comes down to is innovation. Number 4, I cannot see probably it's at the back of the room. Sorry. Yes, good afternoon, Jean Luc Grand Petit. I represent readers of the magazine Avestia with 2,500 shares. I would like you to come back to following question. The backlog of Bombardier, you mentioned it. Could you please elaborate on it and on the difficult projects and their stabilization? And the second question on the authorization to increase the capital. There was a it was probably going to be used during the year to come. Thank you. Thank you for those questions. First question, as I said, and I said it before the acquisition, by the way, it's not a surprise, Therefore, I said that Bombardier in its portfolio had a number of difficult projects. Why difficult? Because Late, lagging behind because not necessarily in line with the Requirements of the customers. So we made progress in the customer relationship. We are discussing with A large number of customers on a realistic timetable accepted by the customer being realistic. And We want to make sure, of course, that the production system can really honor this timetable. And we engage experts, Alstom and Bombardier, in order to improve the technical performance of trains. A number of customers said to us that they already saw improvements. We can also mention France, Germany, Switzerland as well, where our trends reach the performance in terms of reliability. So we take each project at a time. This work is not done globally. It's done Country after country, project after project, region by region, customer 1 customer At a time, it will take about 1 or 2 years to get out of this and to have a healthy and normal I told you in 2 years' time, we are following the road map. I have no fears on that, but it's a lot of work. A lot of work, but We already have a lot of positive feedback from the 1st month, and that's good. Second question, The increase the capital increase, it's a standard resolution. We usually have it in our resolution portfolio. This resolution is there, and most companies have the same type of resolution, so I cannot answer your question. It would gave an indication. I'm not in a position to give. So the resolution has to be voted. There is no project today, but I cannot tell you whether there will be projects tomorrow or not. If we want to have this resolution, it's to have the possibility to do it. If we had the opportunity to do it, if we needed to do it, if there was a need for it, but for the time being, there is no project on the table. Yes, number 3. Go ahead. I was just checking on the Yes, two questions. First one, in line with the PAC law, Do you think that you may have a raise on debt for the group and Thales should I would like to know whether you have reviewed this dossier. Good question. We have no project to have a raison debt such for the group. We are lucky somehow to have a raison debt, which is implicit. It's a natural raison debt because our core business is sustainable mobility, green mobility, it's our DNA. We're here to meet the needs of Transportation and Transportation World has had to take up this climatic change challenge. At that stage, we have not see the need to formalize the result that for the whole group. We have mobility by nature. For the whole group, it is rather obvious. It's implicit. The vision of the group is, of course, and all stakeholders. The division is to contribute to improving transportation throughout the planet. So we do not feel the need to formalize this more than what it is already in place. And on Thales, yes, of course, the signaling business of Thales is on sale. It's no big surprised we have not examined the dossier. We, for competition reasons, You have Siemens and we, the 2 major signaling stakeholders that are 1 or 2 other players, Thales, Hitachi. And it is true that the European Commission would not probably approve an additional concentration from assume and therefore, we have not examined the dossier. Okay. Good. I do not see any other question. It's difficult for me to see it properly because the room is dark. But If you have no further questions, we'll move on the floor to oh, there's an alarm clock. Okay. So Emmanuel Petrovic, okay, for the vote on resolutions. Thank you. Thank you, Chairman. We're going, 1st of all, to present the electronic voting procedure. Ladies and gentlemen, shareholders, you were given a voting device. It is strictly personal, the number of votes you hold or you present is already downloaded in the box And displayed on the screen, you only need to use the green, yellow and red keys. The green one corresponds I vote in favor. Yellow, you abstain and red, you vote against. After the reading of each resolution, we will proceed to the vote immediately. And we'll say you can vote now. You will notice in that case a rectangle indicating the countdown, the number of seconds left for you to vote. And once the counter down is over, we'll say the vote is over, and it will no longer be possible for you to vote. The results will be displayed on the projection screen just a few seconds after the vote. And Make sure that you switch off your mobile phones during the voting procedure and make sure you give it back At the end of the meeting, when you exit the room. As indicated at the beginning of the meeting, The quorum of this general meeting is 70% and the 25% for the extraordinary The shareholders present have 260,000,000 over 260,000,000 A vote representing 70.08 percent of shares having the voting right. The quorum required is therefore reached. The resolutions will have to be adopted with a majority of votes of the shareholders present represented voting remotely for the ordinary session and a 2 third majority for the extraordinary portion, I propose to present the title summarizing each resolution provided that no one ask for a full reading. I observe that there is no objection. I therefore present the resolutions, and I will invite First resolution ordinary resolution, approval of the statutory The vote is over. The resolution is adopted. 2nd resolution, ordinary resolution, The vote is over. The resolution is approved. A 3rd resolution, ordinary resolution, allocation of the result and The vote is now over. The resolution is approved. 4th resolution for the ordinary general meeting, special report of the statutory auditors on the related party agreement, absence of new regulated agreement. You can vote now. The vote is now over. The resolution is approved. Resolution Audit and Regional Meeting renewal of PwC as Principal Statutory Auditor. You can vote now. The vote is now over. The resolution is adopted. Non renewal and non replacement of Mr. Jean Christophe Georgiou as an alternate statutory auditor ordinary resolution. You can vote now. The vote is now over. Resolution is approved. Resolution 7, ordinary resolution, renewal of as a principal statutory auditor. You can vote now. It's over. Resolution 8, non renewal and non replacement of Jean Maurice and Nucci as an alternate statutory auditor. You can vote now. Applicable to the Chair and Chief Executive Officer. You can vote now. Resolution approved. Resolution 10, an ordinary resolution, approval of the compensation policy applicable to the members of the Board of Directors. You can vote now. I have my vote over, resolution approved. Resolution 11 for the ordinary GM. Approval of the information referred The vote is now over. Resolution approved. Resolution 12, ordinary general meeting. Approval of the fixed, variable and exceptional components of the total compensation and benefits of Any kind of page during the fiscal year ended 31st March 21 or granted in respect of such fiscal year to Mr. Henri Paul Par Labarge, Chairman and CEO. The vote is now over, and the resolution is approved. Resolution 13, ordinary GM. Authorization to the Board of Directors to trade the company's shares, you can vote now. The vote is over. The resolution is approved. Resolution 14, that's The vote is now over. Resolution approved. Resolution 15, Extraordinary GM. Delegation to the Board of Directors. Share capital increase reserved for members of a company or a group savings plan with shareholders preferential subscription rights canceled. You can vote now. Vote is now over. The resolution is approved. Resolution number 16, that's for the extraordinary general meeting, dedication to the Board of Directors share capital increase reserved for the benefit of The category of beneficiaries with shareholders preferential subscription rights canceled. You can vote now. It's over. Resolution approved. Resolution 17, extraordinary general meeting, authorization to the Board of Directors to grant free existing shares The vote is now over. Resolution is approved. Resolution 18, extraordinary general meeting, Amendment of the articles of association in view of deleting provisions relating to preferred shares. You can vote now. The vote is now over. Resolution is approved. Number 19, Extraordinary general meeting, harmonization and drafting adjustments to the articles of association. You can vote now. It's over. Resolution is adopted. Resolution No. 20, extraordinary general meeting. Dedication to the Board of Directors. Resolution is adopted. Resolution 21, Extraordinary General Meeting. Delegation to the Board of The vote is now closed and the resolution is adopted. The Resolution 22, delegation to the Board of Directors, share capital increase pursuant to an offering referred to in paragraph 1 of Article L. The vote is closed and the resolution is adopted. Resolution 23, delegation to the Board of Directors, issuance Vote is closed and the resolution is adopted. 24th resolution, extraordinary resolution, delegation of the Board of Directors, increase of the number of The vote is now closed and the resolution is adopted. Resolution 25, extraordinary resolution authorization to the Board of Directors issue pricing in the event of a capital increase with shareholders preferential Subscription rights counseled via a public offering, including offerings referred to in paragraph 1 of Article L411-two, the French monetary and financial code. The vote is now open. Please vote. The vote is closed and the resolution adopted. Resolution 26 extraordinary resolution, delegation to the Board of Directors, share capital increase in the event of a public exchange offer initiated by the company with shareholders preferential Le Vogue is now closed and the resolution is adopted. Resolution 20 7, delegation of the Board to the Board of Directors, share capital increase subsequent to the issuance by the company's subsidiaries of securities granting The vote is now closed And the resolution has been adopted. Moving to the last resolution, the Resolution 28, The vote is closed and the resolution has been adopted. Thank you very much, Emmanuel. I would like to thank our Once again, I would like to thank you for your kind presence and renewed confidence. Hopefully,