Ladies and gentlemen, good morning, everybody. Thank you for being present today for the general meeting of your group Bolloré. Regarding the accounts for 2023, I'm asking Compagnie de l'Odet, represented by Cédric de Bailliencourt, as well as Orfim, represented by Alexandre Picciotto, to my right. The shareholders holding the highest number of votes who and who have accepted to be scrutineers, and your host will be the secretary of the session, just like usually. I would invite you to acknowledge the quorum for an ordinary meeting has got to be a fifth of the shares of the equity capital. After the exclusions of the 15.3 million of self-held shares of self-held held by the group, the quorum is 757 million shares there.
The sheet that I was just handed shows that 222 shareholders are present in the room, and who hold together EUR 2 billion 578 million 534,000 shares, so 90% of the shares represented. The meeting having more than a fifth of the votes, we can deliberate without any problems. There will be an extraordinary meeting also after the ordinary meeting. The quorum corresponds to a fourth of the shares. Once again, the exclusion of the 15th, 280,000 shares of self-control. The sheet shows 222 shareholders present today or represented, voting by correspondence, also holding together EUR 2 billion 580 million shares, sorry.
So 94.5% of the votes. So we can deliberate validly. The documents planned by law have been filed for the meeting, so the shareholders have been convened by an ad in the Gazette in Ouest-France on the 3rd of May, 2024, for shareholders with shares in their names. So for the combined general meeting, so for the ordinary meeting, we will validate the report of the board of directors and the report of the auditors, as well as the acknowledgement of the consolidated accounts, as at 31st of December, 2023.
So we will then proceed, if you will, to the approval of the report of the board about the annual accounts for the fiscal year 2023, as well as the report of the auditors regarding those accounts. We will proceed to the allocation of the income to the approval of all of the necessary approvals with Sophie Clift and Alexandre Picciotto. We will appoint Deloitte and partners as the auditors to certify the information. In terms of sustainability, we will proceed to the same exercise with Grant Thornton. And then an authorization will be given to the board of directors to acquire shares of the company with you will see a ceiling.
We will then address the information of CMTE Exposed, and they will then be the remuneration of the Chief Executive Officer, the policy of remuneration of the-- for the directors, the ex ante vote, as well as the approval of the compensation policy for the chairman and chief executive executive officer, ex ante. There will be the extraordinary resolutions, the report of the board of directors, the report of the the auditors, and authorization granted to the board of directors to reduce the share capital through the consolidation of shares and powers for formalities. Thank you for your attention. I would suggest to start with the presentation of the incumbent of the activities of group for the fiscal year 2023.
As you may see on the screen, we will start with the summary of the results. Results are in line with expectations after significant changes in scope. You know that, you know, changes have been going on for the last two years. The changes in scope, according to IFRS 5, include Bolloré Africa Logistics for the fiscal year 2022. You remember, it was sold at the end of 2022. It was not in the accounts of 2023. Same thing for Bolloré Logistics. That is not consolidated anymore, either for 2022 or 2023, for reasons of comparability of the accounts. According to IFRS 5, Lagardère that was consolidated by Vivendi since the 1st of December 2023.
That is from, as from the 1st of December 2023, 100% of the results of Lagardère are consolidated in Vivendi and, obviously, consequently, in Bolloré. Editis also was deconsolidated at the end of the first semester of 2023, and then sold, according to what had been announced on the 14th of November 2023. The revenue of the Bolloré Group for 2023, the turnovers of the group was EUR 13,679 million, so dropped by 5% at constant scope and external rates. The adjusted operating income is EUR 994 million, a little bit less than a billion, so it dropped by 6% in comparison with 2022. That's essentially impacted by the slowdown in oil logistics.
Well, after the exceptional results of 2022 in the field, that, well, the 2022 had benefited from the invasion of Ukraine by Russia. There were big volumes and big margins. So it's more. So 2023 was a less contributing contribution. The second element that impacted 2023 was the drop of the contribution of UMG with the share-based compensation programs that have been distributed, but that will have lesser impact on 2024. So the net income is EUR 566 million, compared to EUR 2,724 million in 2022. But it's got to be recalled that last year's results included big capital gain on the sale of Bolloré Africa Logistics, EUR 3,150 million.
At Vivendi, the result of the deconsolidation of Telecom Italia, that for EUR 1.5 billion , EUR -1.5 billion, for the previous fiscal year. But that was compensated by a capital gain of EUR 515 million, with the contribution of the stake in Banijay Holdings Group. So net income of the group in 2023 is EUR 268 million. The net debt as of the 31st of December 2023, for Bolloré, the Bolloré Group is EUR 1,456 million, compared to net cash position of EUR 1.2 billion as of the 31st of December 2022.
So due to the increase in Vivendi debt and Bolloré Simplified Cash Tender Offer on its own shares, that is we proposed to the shareholders, to, bring their, contribute their shares and, the CMA, sell, being... We, we proposed, well, dividend of 0.07% per share. So that's EUR 600 million for, 3.2% of the share capital. As for the group liquidity, we, in the first semester of 2024, we proceeded to repayment of all of, security financing, regarding the Bolloré Group, exclude, in this, financing on, securities for, Universal Music, and as well as for Vivendi. And so Bolloré Group has got EUR 9 billion in cash and confirmed lines following that.
You will see the proposed dividend will be increasing this year, 0.07% per share, and more, at, well, 0.02% more, so at 0.07%, up 17%. So maybe if we look at the transactions made by the group in 2023, you know them, but I wanted to recall them. The first point, the sale of Bolloré Logistics to CMA CGM. In accordance with our hopes, we managed to sell Bolloré Logistics, 100% of the share capital to CMA CGM. So the purchase price for the shares is EUR 4.85 billion, on the basis of the estimated debt and cash on the completion date.
So the consolidated net capital gain in the 2024 results that we will comment on together during the general meeting of next year, in 2025, should be about EUR 3.7 billion. Novelty in our group, acquisition of a stake in Rubis, which is a listed company. We announced on 20th of March that our company, Plantations des Terres Rouges, exceeded the threshold of 5% of the capital and voting rights of Rubis. And we indicated to the market that investment was purely financial. So the Bolloré simplified cash tender offer on its own shares, we proposed 5.75 per share. There was a settlement and delivery on the 7th of June 2023.
Close to 199 million shares were tendered to the offer. So, 3.33% of the share capital of Bolloré for an amount of EUR 570 million for a complement of EUR 25 million euros since the year, 11th of March 2024. In the previous months, we had canceled 101.493 million treasury shares, including the 91.1 million shares acquired under the simplified cash tender offer. And as a result, the number of shares making up the capital was reduced to EUR 2, 849, 681. In view the sale of Bolloré Logistics in May of 2023.
Sorry, in May 2023, with a view to the cancellation of shares by Vivendi, and in order to not cross the 30% threshold, which would trigger a public offer for Vivendi, the Bolloré Group had sold 18.6 million shares on the stock market for EUR 177 million. And the Bolloré Group today holds 308 million Vivendi shares, representing 29.9% of its share capital. One of the important projects in the Bolloré universe is the one of the split of Vivendi, of the sale of Vivendi. And there was a general meeting on 17th of April last.
The supervisory board of Vivendi had authorized at the end of the previous year, on the 13th of December 2023, as well as on the 30th of January 2024, the possibility of splitting Vivendi into several entities. So that is going on. The assumption that is being studied is a partial split of Vivendi, where, with Canal+ and Havas as independent companies, with an aim to cancel the reduction of the value of the holding. Because that represented 40%-50% reduction in the lowest moments. Since the announcement of the project, the security increased by 20%, so at EUR 10 a share.
The idea is to divide into four pieces the Vivendi group to make understanding simpler with a company with TV rights with Canal+ and its different stakes in Viaplay, more recently in MultiChoice, with the launch of an offer for this company. It should allow to cancel, well, the reduction of value of the holding. And a second activity that would be advertising with Havas, managed by Yannick, as that you know, with always a good performance, being a pure player, that would allow for the cancellation of said decrease.
And the second part of the split would correspond to the publishing activities that would concern the participation of Vivendi in Lagardère, as well as the assets brought by Prisma Media, that is the leader in magazine press. And the fourth vehicle, as I call it, the remaining Vivendi, would be composed of the financial stakes, as well as Gameloft and other operational activities with different tickets, with a 10% stake in Universal Music. That represents a bit more than EUR 5 billion, at the time that we're speaking, as well as different portfolio activities, Telecom Italia and Telefónica and others.
Yannick was recalling, if the supervisory board keeps on authorizing the study of that project, then it should be, well, the staff representative bodies should be consulted, and other bodies. That was announced for 12-18 months, and Yannick said that he would maintain that schedule. That- so that should bring us to April 2025. The collaboration with Lagardère, Vivendi authorized. Well, was authorized by the European Commission to go ahead with its planned combination with Lagardère.
To, for that, they had to sell Editis, as well as the Gala magazine that was sold to Le Figaro, which made it possible in, on the 21st of November 2023 to finalize the combination with Lagardère, following the sale of 100% of Editis to International Media Invest. So since the 31st of December 2023, taking into account the exercise of transfer rights, since the completion of the combination, Vivendi held 84.4 million Lagardère shares, representing a bit less than 60% of the share capital and 50.6% of the voting rights. And at that date, close to 28 million transfer rights were exercisable. So that is 19.6% of Lagardère share capital.
So, for a share price of EUR 24, and if all of those options were to be exercised and brought to Vivendi, it would represent a financial commitment of EUR 667 million, representing, as I said, a bit less than 20% of the share capital of Lagardère. Next point, share buyback by Vivendi. The general meeting of the 29th of April 2024 renewed the authorization of the share buyback program for a period of 18 months. The current program is to acquire, depending on market conditions, 10,000 shares, a bit less than 1% of the share capital as of the 30th of April, with a view to canceling them.
The number of shares held, as of the 30th of April, was 14.8 million, so representing 1.43% of the share capital. Seven million shares were purchased with a view to being canceled, and 7.8 million shares are intended to cover performance share plans, as well as employee share ownership transactions. The acquisitions by Canal+ of several stakes, you followed that in the press. So the few stakes taken by Canal+ during the exercise, the fiscal year. As of the 21st of June 2023, Canal+ and PCCW Limited announced the signature, the signing of a strategic partnership to accelerate the development of Viu, in Asia.
On the 26th of February, Group Canal+ increased its stake in Viu up to 30% in accordance with the terms of the transaction announced in 2023. In July 2023, Canal+ also announced that it had acquired a 12% stake in the Viaplay Group, leader in pay TV in the Nordic countries. Following the recapitalization completed on the 9th of February 2024, Canal+ holds 29.33% of Viaplay's share capital. I also said before, on the 1st of February 2024, Canal+ also crossed the 35% threshold and announced that it had submitted non-binding indicative of 105 ZAR per share to the board of MultiChoice in South Africa. The complement, so that's a complement to the operational activities of Canal+.
Canal+ is mostly positioned in West Africa. MultiChoice has got well complementary geographies. There's almost no redundancy apart from Ethiopia. So the number of subscribers of Canal+ would increase radically. And in March Canal+ announced that it was going to increase its offer to 125 ZAR per share. On the 18th of April 2024 Canal+ and MultiChoice published a joint announcement of the terms of the proposed mandatory offer by Canal+ for the rest of the MultiChoice shares
Thanks to an efficient cooperation between the two groups, and in accordance with a timeline agreed with the Takeover Regulation Panel, that is the authority in South Africa, Canal+ finalized the key terms of the offer by the deadline, and made a mandatory offer to acquire all of the issued shares of MultiChoice Group, not already owned by the group, at a purchase price of ZAR 125 per share. We'd like to remind you of the group structure. As you know, it's not many changes, apart from one that you will get used to little by little.
That's the sale in the Bollorè Logistics in the left part of this graph that took place on 29th of February last, as well as well the transaction with L'Odet. So it means that L'Odet has got a bit less than 70% of the shares of the group. So the share price as of the as of May 21st of May.
That's, well, 6.16 EUR, with a market capitalization of EUR 17.6 billion. You see here the evolution since May the 9th of May. So you can see that that's from the 1st of January 2024. Bolloré increased by 11%, when SBF 120 increased by 8%. And if you look over the 15 years, Bolloré performed 507%, whilst SBF 120 performed by 160. ESG performances, now we're working on these criteria, the extra financial criteria, more and more to be in line with where we need to go. The climate strategy, I told the analysts that.
You'll have seen that in the media maybe, but, we are. That's been validated by the board of directors in December 2023. Just a quick reminder, the objective of reduction in Scope 1 and 2 of, 42% reduction by 2030, compared with 2022, which is a benchmark. And in the Scope 3, a target of a 30% reduction in combustion of petroleum products sold, particularly thanks to Bolloré Energy's investments in biofuels that, we have sold year on year with volumes which are getting ever more important. From the social point of view, duty of care, human rights, there's been the creation of a network of human rights reference, within HR departments, so that is ongoing.
An assignment with regard to living wages carried out on the 2023 priority area of vigilance was taken out. Governance, now, you know this, little evolution following. There were a number of evolutions as, in order that we be in line with all the regulations. The board of directors today is made up of 13 directors, 36% independent and 45% women. And a quick reminder, but this is nothing new, the executive committee of the Bolloré Group is made up of 14 members with a 50% men, women, and functions represented, finance, human resources, legal, tax, purchasing, CSR, and compliance. CSR training have been given to independent directors since 2023. There's been executive session of independent directors since 2022.
And a final point, this takes a lot of time, it's the CSRD compliance of the group's relevant entities with the new European Directive, Corporate Sustainability Reporting Directive, with a view to publishing the first sustainability report audited by the auditors in 2025. And you'll see that, through the resolutions which are going to be presented further on, later on in this meeting, we are putting to your vote the fact of pursuing and launching with the two statutory auditors, which will be offered to you later on. And on the right of this slide, you have the different ratings for Bolloré, and that have been attained in 2023, with slight progressions, and also maintaining ratings that we are satisfied with for the moment.
So now, looking at beyond our industrial adventures, the 2023 results, this how we use your money to generate contribution. So the revenue for 2023 is at EUR 13,679 million. EBITDA at EUR 1,382 million, so there's a decrease of 15% on the 1.6 of 2022. The adjusted operating income, the EBITDA, is at almost EUR 1,994 million, which is a decrease of 9% on 2022. Amortization resulting from PPA and IFRS 16 restatement of concessions minus six. And all of that to arrive at an operational result of 2023, of EUR 776 million.
So a decrease, EUR 768 million, as opposed to EUR 816 million last year, so 6% decrease there. So, EBIT equity accounted operating companies, EUR 311 million to EUR 370 million last year. Financial income, a good increase, a good improvement, it's -EUR 83 million, as opposed to -EUR 1,051 million last year. Of course, there was EUR 1.5 billion, which was on negative compensated, in particular on the the financial. So the share of the net income of equity accounted non-operating companies is at -EUR 76 million, EUR 345 million last year, -EUR 345 million last year, so reminder. Taxes, EUR 198 million and -EUR 83 million last year.
Income from discontinued and held for sale activities is at EUR 154 million, so much down on the EUR 3.387 billion of last year. But the result of last year, of course, had in it the exceptional, the one-off because of the sale of Bolloré Africa Logistics in the final days of the fiscal year 2022. But next year, as I was saying earlier on, Bolloré Logistics... That should bring back in an exceptional result for 2024. Net income is at EUR 566 million for the reasons I've just indicated, and the net income group share is at EUR 268 million, as opposed to EUR 3.4 billion for the same reasons.
The minority interests for 2023 is at just under EUR 300 million, 298, as opposed to -EUR 676 million last year. Revenue, now, we've talked about that, EUR 13,679 million, broken down, now in the following manner. The big new point, as you can see little by little, is that no longer we have contribution to the results of Bolloré Africa Logistics of Bolloré Logistics. So, the transport asset remains with a good contribution.
Bolloré Energy, 2.7 billion euros, as opposed to the 3.6 billion euros last year, -23% reported growth, at 24% in organic growth, with a decrease in volumes, which is substantial with regard to 2022, which had benefited from the sad news, which was the invasion of Ukraine. But, there were margins which were higher than that we had- than we are used to, and we are now back in a more normal state of affairs. Communications and Vivendi, following on from the integration of Vivendi, there's an increase in the turnover, which is going to continue.
EUR 9.59 billion last year, and in 2023, there's an increase there to attain EUR 10.5 billion, so 10% of reported growth and 3% of organic growth. Industry. Industry with batteries, IER, bus and battery segments is EUR 314 million, minus 15% in reported growth and minus 14% in organic growth. Other agricultural assets and holdings, we are at EUR 71 million, operating result, which where our energy is down. As I was saying, after an exceptional 2022, EUR 44 million in 2023. 70%, in other words, of decrease with regard to contribution of result.
Communication, Vivendi, notably, and the operational equivalence of the UMG shares for Bolloré reinforces this communications hub result +4% in organic and 4%, Vivendi alone goes from EUR 868 million of EBITDA in 2022 to attain EUR 934 million in 2023, with excellent performances. You've seen the Vivendi results, which have already been published. Excellent results of Canal+, which is continuing to progress from one exercise to the next with regard to results. Havas also, which has strongly contributed to the increase of the result for 2023, in spite of a decrease in contribution of UMG.
Because you know that, with the Bolloré's associate, 18% of UMG, there's a progression in spite of that, decrease of contribution between 2022 and 2023. So, Bolloré in UMG itself, is down also for the same results of EUR 218 million-EUR 269 million . But as you know, with the share price, which is very high, as we are speaking, we're at EUR 28-EUR 29 , which represents a capitalization for Universal Music Group. Industry, industry, with regard to EBITDA, is also progressing between 2022 to 2023. The result was at -EUR 225 million in 2022, and attains -EUR 114 million in 2023. 10% organic growth for 2023.
Others, agricultural assets and holding, goes from -EUR 15 to -EUR 38, with reallocation following on from the sales, which intervened in the following, in the previous two, Bolloré Africa Logistics and Bolloré Logistics, which explains, again, in part, the result of 2023. The evolution and changes in net debt, you can see the bridge, there for the cash and net debt. So the first gray is EUR 1.2 billion debt level to the end of exercise 2022, to be positive at EUR 1.382 billion at the end of for 2023.
Of course, during that fiscal year, there were EUR 922 million for the operating cash flow, breaking down with an EBITDA we've seen, which is at EUR 1.382 billion. Investments in content, which are EUR 125 million on this exercise. BF, which is working capital requirements, which is in the good sense. EUR 463 million in rentals for 2023, and which bring us to this EUR 922 million positive cash flow for your group. Financial expenses, taxes, and dividends received brought in EUR 272 million positive.
Investments, net CapEx, at EUR 422 million for the 2023 fiscal exercise, and EUR 1.7 billion excluding the acquisition of financial assets for Bolloré share buybacks, simplified cash tender offer. Also, share purchases at UMG, which appeared Viu, MultiChoice, and others, and this explains this EUR 1.7 billion spent. Vivendi also benefited from sales in 2023, pushed by the European Commission looking to acquire the Lagardère group, and therefore the disposal of Editis and Gala, and also Vivendi shares. I was talking about that previously during the fiscal year 2023, and representing EUR 929 million. Cash dividends paid to third parties represented EUR 404 million.
The entry of Lagardère scope, EUR 2.1 billion, but let us remind ourselves of the important contribution to the result that you saw throughout the 2024 fiscal exercise, with 100% of the accounts. We'll now have 100% of the debt. Net flows generated by discontinued activities, IFRS 5, represented EUR 127 million, which explains the -EUR 1.465 billion at the end of the 2023 fiscal year. So you'll see this again on this balance sheet. For liquidity, you can see that shareholders' equity and net debt on 31st of December , 2023 was at EUR 36.406 billion for shareholders' equity, net of which group share was EUR 23 billion.
You can see that the net debt is for Bolloré at 24 and Vivendi at 12. That net debt of the group, EUR 1.465 billion, is broken down in the following: EUR 1.4 billion positive at the end of the year for Bolloré, and EUR 2.8 billion debt at Vivendi because of the debt of the Lagardère group, which enables us to land with a net, an element of which can be compared to a net debt consolidated at the end of the exercise of EUR 1.207 billion euros positive with Bolloré, which was positive. Bolloré 2.067 liquidity, a group liquidity.
After the repayment of all securities financing in the first half of 2024, notably UMG and Vivendi, which intervened in the last month of 2024, the Bolloré Group, I said that earlier on, has some EUR 9 billion in cash and confirmed lines. And all that represents a gearing. If we bring the net debt to the equity ratio of 4%, which is more than acceptable, more than reasonable, to my mind. So what I have just expressed through the. We can look at the liquidity curve, which matches and notably the forecast of this debt levels, because you can see on the 29th of February 2024, and I've said this a number of times, that this will probably remain a historical landmark for our group.
When this sale was realized, we received EUR 4.85 billion for the sale of Bolloré Logistics, which enables us to have a net cash for Bolloré standalone of almost EUR 6 billion once investments are taken into account. And if you look at this graph, and I know that we've gone through this very fast through COVID, many years, we couldn't always get together. At the end of 2018, beginning of 2019, our group had almost EUR 5 billion debt, which when we invested wisely and you trusted in us, and I think that you were right to trust us, to the management of this company.
We have just before the sales, thanks to the good operating of Bolloré and Vivendi, to get this debt down to EUR 3.6 billion. And if you look at that EUR 3.3 billion, and with the sales which intervened, this has enabled us to find ourselves in the current situation such as I am currently describing it. EUR 6 billion of positive cash, our participation in UMG in music, and the most recent operational scopes, which contribute to positively through energy, electricity. And we'll be talking about that again and other elements, and we'll go through that, no doubt again, with the Q&A session. Dividends now. The proposal of dividend for...
It was a proposal of +17%, EUR 0.01 up, and EUR 0.02 cents, interim, already paid in September, 2023. So we're coming together for our general assembly on the 22nd of May 2024, and if you vote in favor of this resolution, the, it would be on the 25 th of June, then the payment of the, EUR 0.05 balance in cash, would be on your accounts, sent through to your accounts on the 27th of June 2024. And the amount of the annual dividend represents, EUR 200 million, just under. The, turnover for the, first, 2024, for the first quarter, Bolloré Energy on the first, quarter of 2024 is down.
As you can see with the beginning of the year, which is quite difficult, EUR 712 last year, down to EUR 655 for this first quarter, 2024, but still performance levels which are reasonable. Communications are now through Vivendi, is progressing strongly, substantially. You can see that EUR 4.274 billion... it was EUR 2.290 billion, so +5%.
That takes into account the growth of Canal, of Canal+, both in France, and internationally, with more subscribers, and the increase in Lagardère revenue, which explains this massive increase, which is carried by a continued double-digit growth in travel retail, which had suffered, as we all know, during the COVID period, with airports, train stations, which were absolutely deserted. And since the restrictions have been removed, very encouraging figures and very positive, with regard to contribution to the results and to the result. And a very good result for Havas. Industry, around EUR 75 million, and others, notably agricultural assets, is at EUR 20 million in the first quarter of 2024.
All of this brings us to a total revenues of over EUR 5 billion in the first quarter of 2024 for all of your group and its consolidated perimeter. I thank you. I thank you for your attention. I know that it's always quite lengthy, but the group has had major evolutions, thanks to your confidence for some years now. So I believe that it was important to take this time, because we communicate, of course, through the media, but that we all come together and to talk about that we explain these realizations and those which have been done and which are those which are ongoing.
And before we go to the Q&A session, we could—we can listen to the statutory auditors, to be sure that everything corresponds to reality, of course, that I have been saying. Ladies and gentlemen, shareholders, in the name of the auditors, Constantin Associés and AEG Finances, it is my honor to present the reports that we have prepared for this general assembly. Our reports have been made available to you by the group, and they are, of course, in the universal registration document. So I'll just summarize this report, talking about first the consolidated and annual accounts.
These reports are on page 284 and 305 of the universal registration document, which is available to you. So we have looked at in accordance with the professional standards. We have preferred that the consolidated and the factory financial statements. So the objective of our assignment is to obtain reasonable assurance with regard to the sincerity and the regularity of the accounts and to ensure that they have no significant anomalies. We have informed the board on the 11th of March, the executive management to the audit committee on March the 12th, with regard to our work and presented our conclusions.
So our reports on the consolidated financial statements, the justification of assessments, and the analysis of any issues with regard to third parties. With regard to the annual accounts, the estimates, and judgments, and for the different elements, we have looked at the different hypotheses, and the underlying data, the calculations of the group, the appendixes, and we have assured that there was a reasonable that these had been reasonably assessed. We express an unreserved opinion on the accounts and the consolidated accounts of your group. We also looked at the specific elements scheduled for by legislation and have no comments to make with regard to all of this and the information provided.
In the management documents, the fourth resolution, we'll be talking about, that will be on page 334, of the document of the universal registration document, the different contracts, and everything that has been brought to our attention, during our report. We have not been notified of any new agreement entered to and authorized during the year ending 31 December, 2023, to be submitted to the approval of the general shareholders meeting in accordance. There's the convention of assistance, concluded with Bollorè Participation SC, and of also the commercial issue, with your meeting today as an extraordinary general meeting, also to talk about the capital of your company.
So we have also issued a report, with regard to what has been provided to the board to reduce the share capital by cancellation of shares pre by 10%. We confirm that we have no observations to formulate with regard to that operation. The different reports issued by our company was signed on the 22nd of April, 2024. I thank you in the name of the statutory auditors. Thank you very much. Dear friends, I propose that we now go through our Q&A session, and we are at your disposal. Yes, sir. So quick question. You have... I can't see you, sir. Could you stand up, maybe? There you are. Yes.
You have commented at length-... About the different scopes, you're not about to lose your job. You have over 32 hours activity per week. So talking about the social elements here, I've heard that the group is looking to invest in batteries. So what batteries are we talking about here? What type of batteries are we talking about the super batteries, which are being looked at? These batteries of consumption, the current consumption batteries, because Bolloré, that means that we're going we need to really need to know more about that. What type of batteries are we looking at? Are we talking about?
Absolutely. Thank you, dear friend, for your question. A very legitimate question, a very interesting one. You'll have seen indeed that the group has proceeded to announce last Friday, in the presence of the Minister of Economy, Mr. Bruno Le Maire, who made us a great honor of inaugurating, at any rate, of visiting our plant of manufacturing of batteries, and our traditional jobs that we've been developing for over 200 years now, and that I am the seventh generation. I'm fortunate enough to continue to be working in the different activities, to be involved, and in the different regions where we're present. So talking about batteries, what are we doing?
You know that the group, 200 years back, launched, started, in the west of, Brittany, making, cigarette paper with my, ancestor, who went to discover how they made paper in, China and, brought that back to Brittany, which enabled the Bolloré family to live, with, some success, by, selling, cigarette paper and then carbon paper. Then we, we missed the photocopier era in the 1970s, believing that that would not function, or would be too complex. But as you can see, we were wrong. We were wrong. The family was wrong. But, under the sixth generation, diversification happened with the know-how of these, extremely fine papers. We started producing the, thinnest plastics in the world.
We metallized them, and we became, for over 30 years, the first world producer of components for condensers, diversification also in food packaging. And those are still activities which are very present within the group, which have enabled its enrichment over a long period, which has enabled the group to develop so many other activities in the different industries you're aware of, over the 35, 40 past years: logistics, media, to be present in Africa, to live through adventures were actually absolutely extraordinary, and little by little, we are renewing our portfolio of activities.
So what started the group off, and that we managed to bring back to the balance with high volumes, but over the past 10 years, there's a huge Asian competition, which has eaten into our margins in our traditional jobs. In the previous generation, some 25 years back now, we started diversifying, innovating by creating storage batteries of a higher capacity through R&D, research and development, with the means of the group. Vincent Bolloré has often told you, what I spend with industry, I spend... What I win with, what I earn with industry, I plow a lot back into R&D, which enabled our group to be very successful at the end of the 1980s, the beginning of the 1990s.
And little by little, we have continued to develop a technology which was our own, but is no longer our own, of polymer technology and a solid electrolyte, which enables us between the plus and the minus of the battery when you charge or discharge. And thanks to this know-how in the components for condensers, which are small batteries, in effect, to store bigger capacities of energy to then apply them to different applications, which could have been telecom towers and regulating towers and mobility through electric cars, buses.
We have spent a lot of money in the context of applications, and we chose, when I arrived in 2019, to put an end to these applications, following on from the different sharing of cars, which we enabled us to demonstrate the validity of the technology. The economic model of car sharing throughout the world has not been a success for any of the operators with different contracts of delegation to public services. You know, the Autolib', you know, the Autolib', issue. We have nothing to hide, and we're working hard on this.
But to remind you why we're here, why we're doing what we are doing, and to say that we have succeeded through all this R&D over dozens of years, to move to the stage of industrialization of the solid lithium metal polymer. We have industrialized the production of the battery, what we call the third generation, Gen3, which is a battery which is equipped in part a lot of cars recently, but electric buses, such as those which we have brought to market for the RATP, just over 230 buses, which are being brought into service following on from a contract that we served over the last days of December 2023, which will be present in Paris for the Olympic Games this summer.
and the Paralympics, so there may be a lot of traffic, but that will be quiet with the electric buses. And we have chosen batteries which are equipping our buses, which are assembled by renowned manufacturers. For instance, the batteries that we sell to the Daimler Group, who sells them in Daimler buses, Mercedes buses, but which are in effect powered by Blue Solutions. So they are our batteries. There are over some 500 buses in Germany, 12-meter long buses with our technology, our third-generation technologies. We have succeeded the industrialization phase at a great scale.
But two topics were not enabling us to go further with regard to those sectors with the right performance levels. That is to say that the energy density has hugely increased, the capacity to have a reservoir of electricity, which is substantial. In the same volume, we had 3 kW modules, which then became 4.5, and just over eight today, in this race to the energy density. And we also have a major advantage, which we already had in the third generation of batteries, when we industrialized, which is the number of loading, reloading, recharging, and uncharging your battery without after 100, 200, 300 times the maximal capacity of that reservoir is just 50%-40% of what it was originally.
If we sold a car tomorrow with 400 kilometers autonomy, if after, say, one, two years, you just have 200 kilometers autonomy, well, you will not be very happy because we all want to make efforts for energy levels, and but we want to have performance levels which need to be comparable to fossil energy levels. So that gamble has been succeeded, to have more cycles and more energy density. There were still two issues with regard to the third generation of batteries, which meant that we could commercialize batteries for buses, because you can charge those batteries in the evenings. But there were two disadvantages: that they self-discharge in a car, like for instance, individual car.
If you don't plug it in, you are going to lose 1% per hour, per two hours. So after a week or two, if you haven't plugged your car in, plugged the battery in, you'll come back and pick it up, and it's very unpleasant. It is empty. So that was a problem for the market of individual vehicles. So that's why we started with car sharing and buses and also a faster charging. For many years, we have been telling you that through our technology, we were looking to have, we're looking to slow charging. Even if you were charging overnight, that was sufficient. But with these generations of solid batteries that we know well because we were the first in the world to industrialize them, we had...
Sorry, I've lost my train of thought. There was a topic, an issue pertaining to faster charging, and I think that that is a problem for individuals. So to be capable of charging in 20 minutes, which will be the case of this new generation of batteries that we are working on, and in order to no longer have these two factors, notably the second, which is self discharging, we need to be able to really work with the market of individual vehicles. So that has had a much more much faster success than we had anticipated.
And in order to be competitive with regard to the price, and the price of, the costs of our batteries, we need to have high volume, so we cannot do just that for buses. So for us, it was essential to solve those two problems, to have volumes, to have competitive prices, and to manage to earn money. So that's what we've been working on now for six months, three years of R&D, but six months with the cells actually produced on the fourth generation of batteries, which will no longer have those issues, which will be a battery, which will be an industrial challenge of 20-30 years.
So what is new is that all the competitors which are starting on lithium-ion are now going towards solid batteries, but we're the only ones in the world to have industrialized this procedure. So which enables me to believe that if we find what we're looking for, we will be faster than the others to really move into the industrialization phase. And the industrialization, such as we have, the investments that we have communicated around it, is broken down into several parts. One, corresponding in a reasonable manner to the R&D side, to produce these samples, these A's, the sample A's, as we call them, which should be produced nine months from now. So they are handmade, these cells. On their mini batteries, like a small battery cell, and we test the properties, electrochemical, the intensity.
We look at which ones have the best performance levels. If we can succeed in obtaining what we are looking to obtain, with encouraging results for the moment, because we're always benchmarking ourselves with our competitors, of course, and everything is looking very exciting. We'll be producing Sample A's, Sample B's, Sample C's, and then, we're talking about 2029, 2030, there'll be the industrialization phase. We've talked about the East, because like many competitors, many players, many operators have obtained subsidies, so everybody is looking for these. It's a big battle for electrical batteries. China wants to be the hub, Europe is trying to defend itself, and every country is trying to bring in talents and know-how unto their territory.
That is why we spoke with many regions and many countries, indeed, mostly European ones, looking at subsidies, aids, in the context of this industrialization, which requires heavy capitals, heavy investments, but so that there'd be no bias, no unbalance between other operators and ourselves. So this is going to enable us to obtain help and subsidies for R&D, and also for the industrialization. But for all that to take place and for this money to be spent, whether it be ours or that of others, of course, you need to have the performances attained. And as I say, in the 12-18 months, the samples coming through are going to enable us to validate or not their performance levels.
Well, if it doesn't work, to be sure, there will be no additional investment or industrialization because we won't be followed. But if, as I hope, with the work being carried out, we attain the results that we're looking and we're hoping to have, I believe that we could raise funds on the market, because even the biggest ones, Total, they have EUR 160 million of funds.
But they say that they need to have CapEx with investment funds and work with investment funds, and that is a path that we're looking to go down, to validate the technology, to solve the issues, and to grow, to become an industry, to where we'll be no longer the sole shareholder of Blue Solutions, but we will work side by side with many investors. Thank you. That was quite lengthy, but there you have it. Ano ther question? Another question. Yeah, you raised your hand before.
Yes, thank you. I'd like to ask two or three questions about Rubis. The first is, why is it Terres Rouges that bought and not Bolloré Energy? Then, considering the recent history of Rubis, it's a bit contradictory, because Rubis just sold its storage. In storage, there will be no synergy because they sold what they used to have. And do you have the intent of, well, changing their structure?
Well, thank you for your questions.
So why PTR and not Bolloré Energy? Well, we had money at PTR, so we invested with PTR. It was just the way it happened. We, very, often made financial movements. I'm looking at, Cédric de Bailliencourt, who proceeded to all investments for the last 30 years. I think we've always used after having made, capital gains, that when there's money, you know, we use, where it is. So that's why it was done, through Plantations des Terres Rouges. Isn't it contradictory? Well, when we decided to have a stake in Rubis, we didn't know that they were going to sell their storage business, but I didn't think there would be huge synergies with our, oil, storage, capacity anyway. It's a group that we know well.
It is sometimes our customer, sometimes our supplier, because we used their depots a lot, those that are, that have been sold. I started 17 years ago, operationally in the group. It's a group that with which we worked really well. It's always had a good performance, and according to me, it went through, well, a violent stock exchange journey, and, Alexandre knows this company very well, as, he's a well-advised investor and, and my, you know, he invested EUR 1 million in Bolloré. It represents EUR 1 billion now. And, Rubis, the, the founders of Bolloré held a good deal of the share capital of Rubis. But, well, investors like Alexandre invested in Rubis at the right time.
So we follow Alexandre because he's a well-advised investor, and he's courageous and friendly investor. I'd like to thank him again on the occasion of this meeting. So it's a group that we follow, a share that we know. It went through a difficult point under EUR 20. We had majority of our position at the end of the previous year, at be, and. Well, with a yield of 10%, going through the threshold of 5%, it allows us to have the fiscal regime mother, daughter. And so no, it's only 5%, so one point 1.25% of tax on the dividend.
So we thought that with the cash position we had, you know, it was a financial investment, an interesting financial investment, and that we do not feel sorry for. We will see what is to come up from Rubis. The share price is EUR 31, I think now. It went up to EUR 33. So we're happy with our investment, but it's true, we are not expecting any synergies to be concrete. And as for, you know, the structure, we're not there to change it. And, though, and you-- Well, the managers have, you know, shown a good management of their group. They've got 2.28% of the share capital, but with a total control over the operations of Rubis.
They had a net income of EUR 300 million. Last year, it went down to EUR 2.2 billion of value at some point. So we will follow the evolution of that company, wishing them a lot of success in their existing business lines, as well as for their current transition. So thank you. I hope I answered y our question. Jean-François Delcaire? Yeah, I saw you. I saw you after.
Yeah, Jean-François Delcaire. I represent HMG Découvertes of 315,000 shares. So congratulations to the board for those good results, and for the good for the selling good conditions of Bolloré Logistics. I've got two questions. The first one is about Lagardère.
Arnaud Lagardère, some days ago, had to waive his mandates following a judicial decision. But before Vivendi, he had and he has taken Lagardère. Could you tell us about the schedule that will allow it, him to, you know, resume his functions? The second question is strategic. You projected great graph of the financial situation of Bolloré. So hence the question of the redeployment of that money. So could you tell the shareholders about a possible redeployment, a possible schedule of the redeployment of cash and maybe new business lines? And, well, are you excluding any, you know, return of cash to shareholders, well, at a higher level than today?
Because the proposal of dividend at EUR 0.7, with a limit of EUR 6.50 per share, that's a bit shy, according to me. So, are you excluding any return to share, to shareholders?
Thank you for your questions. I'm going to try and answer them in the right order. As for Lagardère, yeah, he waived his functions. That was following litigation that took place before Vivendi had in his take. I've got no information about it. Yannick, either, it seems... Personally, I think it's a pity. Don't know whether it's justified or not, but well, you know, people have got to comply with judicial decisions, so Arnaud Lagardère decided to withdraw from his operational functions, but he's still a shareholder of the group.
It's the memory of that company as for most of its businesses, and Vivendi is going to bring a lot to Lagardère. When you look at its journey over the last two years, you know, it's been well managed and, you know, the earlier he is back, the better, and the happier we will be. As for treasury, it's not a taboo question. You know, the question was already there last year. Following the sale of Bolloré Logistics, we already spent EUR 600 million in the buyback program. So it's above EUR 6 for the time being. That's more than the price of the buyback program. Well, Juliette is the head of cash. I am looking at her.
The rates are not prohibitive right now. Don't know whether we can say, but we've got a yield of 4% of gross, of gross yield. So after tax, it's 3% in net terms. There are several ways of looking at it. We're happy. We're happy to have sold those assets, and the financial yield is higher than the dividend that was contributed by the same subsidiaries. The new business lines, that's something that is to be taken into account. We are still subject to warranties, 12.5% of the price for Africa. So EUR 500 million-EUR 600 million are ready to defend that. That's an investment matter as such.
It's one of the biggest we've, we have ever made. There are also investments that can be made, like, the one we'd made in Rubis. But as you know, and as you remarked, stock exchange indexes are at the highest, and we tend to think that, you know, the world sometimes is going well, sometimes not. So, we don't want to go too fast with, you know, securities that are too expensive. You know, Rubis, we know, we, we'd known for a long time. It had been well managed. And as for Bolloré Logistics, you know, we, we're not going to spoil that, that money on, in worst, bad investments.
As I said, the Bolloré Group, we've, we've got, you know, important skills, and I'd like to thank, you know, the employees, people who blossom in, you know, our different business lines. I think that the teams and ourselves would be happy to continue to bring our know-how, becoming referent shareholders in different industries in the long run, to be able to do what we know how to do and to bring about some rigor. We've got some work, because there's the transition service agreements that continue with two big centers, and there were, you know, big promises of services over two years. And even if it's Vivendi that takes care of the split, it takes considerable work. So basically, we've got a lot of work to do.
We have not switched to the 32-hour week, and, you know, nothing is impossible as for reinvestments and as for, you know, more return of cash. I like this wording. I thought it was chic. Dividend is never enough, I would say. And, you know, if I say EUR 0.07, it's going to be EUR 0.08. If I say EUR 0.08, you want EUR 0.09. But basically, we have correctly used the money that you've trusted us with in the last years. There can be external opportunities, opportunities according to the market evolution. So I'm open-minded, and, you know, it's EUR 0.01, but it's 17%, 17% of increase.
From a social point of view, because today the consolidated results, that's 100% of Vivendi, whereas we've got 29.9% on there. So you look at from a social point of view, there's cash that brings about EUR 160 million-EUR 170 million in net terms. You've got the dividend of UMG, EUR 0.51 this year. That's EUR 170 million also. So well, it's 2%-2.5% of tax. The dividend of Vivendi, we will see whether it is maintained at EUR 0.75. EUR 75 million, sorry, at EUR 0.25, for the 800 million securities, 300 for the rest for Lodewijk.
We will continue to make investments that, I hope will continue to be fruitful. And once the dividend of EUR 200 million distributed, we still have got EUR 20 million. So, we didn't think it was a good idea to increase the dividend. I'm not sure it's a good sign to increase the dividend and reduce it the next year, the following year. We've always wanted to create new valuations. We do not exclude to increase the dividend over time. Well, especially if we haven't found anything to invest in, but I guess we will. But maybe the rate will not stay at 4%.
So, I will encourage us to reinvest, and once we have reached a cruising speed again, maybe we can consider the matter. But, it's not to be excluded, an increase of dividend in the coming years. Thank you. My dear friend there, and our other friend there. Thanks a lot, Claude Haroche. So there are, there's typicality in the Bolloré group, Rubis. I will not get back to it. You talked about it. The second business that Bolloré has been involved in, that's Blue Solutions. The return is the one of electrical batteries. You recalled that the Minister of Economy that paid you a visit, wishes to develop a plant in Mulhouse for EUR 2 billion. But the Bolloré group, that is a candidate, already lost EUR 3 billion over 20 years in batteries.
So it is its biggest failure. The biggest failure is the one of electric cars, Bluecar, and the car-sharing service, Autolib'. The listing of the subsidiary of electric batteries, Blue Solutions, was a flop for small shareholders, and it forced the group to withdraw Blue Solutions from the listing of the stock exchange. So what are the odds that the group is going to reach its aim today after 20 years of losses and failures? Thank you. Thank you, Claude Haroche, for your two questions. The first one was already answered about Rubis. The second, the three billion euros that you mentioned that was spent, well, the EUR 3 billion, there are lots of things.
There were traditional activities that we continue to invest in, that we are proud of. One of the representatives is right there in the second row. This is where we come from, and that's packaging, the packaging activity in. I was appointed the General Manager of Bolloré. I followed the ventures that took place in the previous years, the 13, 14 years before. Just like our manager, Vincent Bolloré, who is considered to be a good manager, it's bad that we made, well, according to our size, EUR 10 million to start with, and then bigger investments. The big investments that were made in that field corresponded for half, two applications, Autolib', well, car sharing. We were in Turin, Singapore, London.
We were in many cities that we hoped a lot of, and Vincent Bolloré said, "You may find a fantastic technology, and you may have spent a lot of money, and then is the second player who, you know, could collect the fruits." So I took over five years ago. So I had a choice, either I would say, "Oh, God, what am I going to do with it?" or "Well, let's look at what was done. Do we have any luck?" I wanted to spend the first year. It was my first general meeting as manager.
I had to go through write-off on applications, and it was Marie, the head of those activities, and she said, "We've got to stop car sharing, and you will do it." But it's Marie who did it. She was courageous, and she did it remarkably. And after the analysis that I made myself of the matter, I, I didn't think we could make any money in car sharing. So the decision was difficult from an accounting point of view, not very pleasant for a young manager, but I thought it was important to do it. It means that we went from EUR 300 million cash and expenditure to a bit less than EUR 100 million, EUR 150 million four years ago.
It was a remarkable job because Marie just succeeded beyond the closure to recover significant amounts because she sold part of what was done. You know, people look at expenditure, but not at the gains. As she sold the network of London that belonged to us, as well as the one of Singapore, and she got close to EUR 200 million from that. So sometimes there's money that comes back. I would have liked to, you know, see the EUR 3 billion come back, but I'm not a magician. I try to make make some calculations and see what was possible, and we continue to invest that money in research and development because I think we've got. We are in advance in this technology.
Vincent Bolloré said, "It's not because we're the only ones that will win," but we've got tendency to think that, it'd be, it'd be a pity after the, the amounts that you mentioned, to just, waive it. We will not spend EUR 2 billion euros, to see whether it's, it can work out or not. With 70 million, it should, it, it should be enough, and the true investment will only be made if, you know, we think it is, relevant. You know, it, it's about, finding offtakes, so order taking with, manufacturers. So, it's, it is, you know, before we said we've got the best technology, they will all be, forced to take it, and, well, it didn't work out.
It was a flop, the delegation of public service, but there were five million rentals annually for two minutes on average. That worked technologically, whereas nobody had an electric car. So, before we were the manufacturers of solid batteries, we were the manufacturers of the first fleet of electric cars in the world. So it's... I've always done what was necessary to do, even though it wasn't always nice, because that represented jobs. But I think it'd be a pity not to continue, because at the time, we, you know, worked without any contacts. Now, we've got partnerships with labs, with manufacturers, and we are assessed according to our results with those cells of batteries.
Today, we are in all phases, and we exist in the ecosystem, and the aim of the game is to validate the technology. Not to spend EUR 2 billion ourselves, but to benefit, just like any or all of the competitors, from tax credits, green tax credits, just like, you know, others have already benefited from. And we've got to bet on several horses, but it's true that we've got two, you know, opportunities for success. So that's the idea, to raise capital, but to do that, you need performance and order taking. So that's our plan. And we will see in the next 18 months, what happens, but, you know, you can count on me not to spend money unreasonably. You know, we got some money, thanks to ourselves.
We're not going to spend it unreasonably, but we will continue to make the effort to get return on that money. Dear friends, sorry. My apologies for having been so lengthy in my answers. Thank you for your patience.
Hello. Charles Lucchi. I've been an individual shareholder for a long time. First off, all my congratulations. One figure, 507%. The share price has gone up over 15 years, so thank you for your long-term vision. Well done. Congratulations. A question with regard to your American activities. I discovered that in page 45 of the document. So 3,300 hectares of farm, your participation of 47% in Alterfood, and your brand Fresh Press Farms. What are the specificities? Is we talking about a possible international development there and synergies with other activities? And second question: What, for you, would be the major risks facing the group? So a lot of participations, shares bought out. What would the risk that would scare you the most be?
Thank you. Dear friend, thank you for your patience, and thank you for your questions. So once again, I'll try and answer in the best possible manner. Thank you for your interest, because you clearly you've gone through our annual report very closely. It's a Bible, which is very interesting, very dense, but a lot of work put into it. But it gives a fantastic perspective of our group. Our activities in the United States are majorly American farms, US farms that we found in rival groups which were rented out to farmers for many years peanuts cotton notably. Before I took over the group in 2019 there were olive trees.
They tried to start planting olive trees in these thousands of hectares, which became olive groves, in order to be able to commercialize olive oil, which would be 100% American, with notably several hypotheses, which have been validated since. One notably being that a bacteria impacted the Mediterranean olive trees. For a few years now, production has been very difficult, at any rate, to get the yield to grow, and America has become a country which is consuming ever more olive oil. So, the idea was to grow olive trees. That was quite complicated at the beginning because we discovered the joys and the sadnesses of farming, with the blast, the cold blast, an American word, a cold blast. Polar blast!
That's the one from winter. Thank you. -30 degrees, so we were unfortunate with regard to our first crop. But we developed this brand of olive oil, which is now also sunflower oil, and we make peach vinegar also. We started commercializing at the beginning of 2023, which is a bottle. I... There might be a photo there in the URD, which is far from our consumption codes in America, in Europe. This is an aluminum, a stainless steel style bottle, just photos of olives, because they want natural additives, and it would appear it enables you to live longer. So I'm starting to have that, too, to hope to stay with you for a long time.
But in developing a brand from scratch, with a gentleman that we recruited called Frédéric Labouche, with him, we have managed to commercialize almost 600,000 half-liter bottles this year in the United States in just a few months. And our ambition is to go beyond a million this year. So unfortunately, we had to buy a bit of oil because we didn't have the forecast of production levels. But my big gamble when I arrived in 2019 is to say, it's good to produce the raw materials, but half of the value for me is a brand. And this brand route is functioning.
The aid of Havas has been precious with their accompaniment with a fantastic agency in America, which helped us to find and to define all the consumption codes and the production and the way of distributing is functioning with, for the moment, a lot of olives on our trees, so we're hoping that there'll be no big freeze. So it's not always as easy as you're led to believe sometimes. And we encourage our friends from Socfin, who contribute, have contributed strongly to our result, thanks to their farming in 2022, but also positively in 2023. So that's what we're doing in America, and in the context of this food farming approach, we said that we look throughout Europe and Africa.
We've taken a minority share in a company called Alterfood, which sells products environmentally friendly, organic ones, fruit juices, cereal bars, which respects all the holistic approach which the consumers today love. I'm not a big retail specialist, but we're learning, and I'm learning, and we're looking in Africa at farming possibilities, but we're going slowly because we don't have the return on interest that we were hoping to identify. So this is what is pushing this farming, this food and beverage hub, which is coming together. And the risks for the group, what are they?
To my mind, it's always a dangerous question, but as I was reminding you, we need to put up EUR 500 million-EUR 600 million of guarantees in the context of the sale of Bolloré Africa Logistics, because those are major amounts. And we must spend as little as possible of that. Batteries, I was saying that earlier on, we have a lot of hope invested in it, but you're never assured, of course, of what can happen, but we'll do everything we can to succeed. We're delighted that the traditional jobs that have made our success are continuing to function, electric batteries, the plastic films, also. Nothing that really scares me today. When we identify risk with the teams, we look at it, we try and keep a cool head.
It's what we did with some activities, which may have been very risky for the wrong reasons. So little by little, when we have fantastic opportunities, as we've seen in the two to three previous financial years, it's always sad to have to sell off scopes that we've invested 35 years in for the group and 13 years for myself on a daily basis. But when I see staff who are happy, delighted, well, ease in the new group, and always in a good mood and smiling and understanding why we've done it, we try and eliminate the risks little by little. But there's no one specific major risk that springs to mind. We have the EUR 500 million for the.... to protect, for that, that's what I can say.
Thank you, sir.
There's a hand that's been raised for some time, the gentleman with the blue shirt.
Yes, I am an individual investor. I would like to understand, some ideas. The first point being, at the level of Vivendi. Vivendi is envisaging, to, to break down its activities, but I don't know why Lagardère is a group which today is especially a retail and not more, not more publishing. Why, why to come together with Prisma and, not Havas? And I would also like to understand, do you have R&D figures at the level of the Bolloré group?
Because, at the industrial level, of course, it's, it's good to know the R&D figures, but, with regard to Havas, for instance, artificial intelligence, Canal+, installation of equipment, not the production of programs, but, all the industry behind it, at the level of energy. What's the R&D figures there, and how much does that weigh in the turnover? Is it what, five, 10, 20%? Do you-- Are you watching the, the Atos file? Because I know that the Bolloré Group is present, in, IT consultancy, that you have a foot in that, if not a major one. And we were talking about, Kretinsky earlier on, and Airbus, we're looking at that, project too. But they seemed interested, not Daniel Kretinsky still is, clearly.
Talking about batteries, what progress has been made that you've made of a level of safety? Because there were some explosions some years back, if you remember. Not just Bolloré, of course, but safety levels, which have struck people's minds and did at the time, and which still retain in people's minds. So what has been done or what is envisaged to be done?
Thank you for your presence and for your questions. With regard to the breakdown of Lagardère, the way it's looking at retail with Havas rather than with the publishing. I don't really see the synergies, but maybe I don't know enough those sectors.
But we had promised, and Vivendi had promised all of the group of Arnaud Lagardère to answer the preceding questions. We want them to come back to be able to look after his group which carries his name. We want to see him back. Retail activities are also functioning well. I don't know everything about Vivendi. I don't know that it's more Yannick looking at that side. If you want to have a word with Yannick after, he may not answer, but you can grab him as we go out. Possibly, he's a specialist there. But as I see things, that the breakdown is already a huge amount of work.
It goes beyond the scopes that you're choosing because a lot of people from outside, they say, "Oh, if it's standalone, there's 50% of increase because there's not the holding discount," because whether it be with regard to fiscality, with regard to breakdown. So breakdown, breakdown, breakdown, and cut up is complicated sometimes. But if Yannick and the Vivendi teams, so they want to hold to the schedule that they have announced, they need to be as fast as possible, then Arnaud Lagardère may decide one day with the Vivendi teams to do something else with one asset or the other. But for the moment, they're delighted. The assets, such as they exist, within the group, contribute strongly to the result.
To us, it seems the fastest method in the whole of Vivendi, not just looking at Lagardère here, which will enable to reestablish a lot of value for the Vivendi group, such as it exists today. We were talking about the share at EUR 10. It was down to 8 at one stage. With the announcement, it's gone to 10 and maybe look to attain 12-13. I'd like to see it go beyond that, of course, with a lot of work. But I think it remains a strategy which is absolutely relevant, and I believe that that will satisfy all shareholders, and for the best of, best for the staff.
R&D for artificial intelligence, to be transparent with you, I have no idea. I don't know whether somebody around me has these figures. What I do know, because they invite me to their results committee from time to time, I know that they're very active through squads, very, very much advanced in artificial intelligence. Canal+ is one example. They also to avoid churn, to know their consumers more and more, to be able to do, to give them a bespoke presentation. If somebody wants to leave, they're very intelligently and smartly, they can propose something which would correspond to you and to ensure that there's less loss of subscribers. But they do a lot with regard to R&D.
Havas has a lot of initiatives pertaining to artificial intelligence also, because we see a lot of pitches from agencies who, with artificial intelligence, can now create the things which are absolutely formidable. And I encourage them to continue down that road because this is what's happening now. And all of us, everywhere in the media, we're told about all the transformations which are being brought about by artificial intelligence. And with Bolloré Energy, we don't spend a lot on research and development because a lot of actors in energy have invested to have decarbonated products. And we sell more and more decarbonized products.
I don't know if that corresponds to a lot of R&D, but maybe it's we're leveraging the efforts done by others. Atos, now, Atos, I thank you for having mentioned our company of Polyconseil, for mentioning Polyconseil, IT consultancy. This is an honorable moment for them. They work for the group, and with the outside ministries, the Française des Jeux, the Monnaie de Paris, La Poste, who do a whole array of projects. But Atos seems maybe a bit beyond that, even if I know that the that their capitalization has decreased strongly. But it's not a file that I know well because we were very busy with our different activities. I just know what you can read in the in the press here and there.
I think that the project is very far advanced, but you know, one never knows, but it's not what we're looking at for the moment. And you say that I talked about Daniel Kretinsky, but that was in the context of something that we'd sold to Daniel Kretinsky. So Atos seems far removed from what we're focusing on now. And batteries, to answer your last question, it's true that we have proceeded for some customers. Others were absolutely reassured and have asked for nothing. Do we have proceeded to retrofits or improvements on the buses that are going to be delivered?
Notably, the RATP with protected and good technologies, so in boxes which are very resistant, even if there should be a problem, even if everything has been done for there to be no more problems, to ensure that impacts are far removed from passengers in the bus, and to give them the time necessary to evacuate, should, heaven forbid, a problem should occur. And there are two redundancies, which are additional cables, which when the temperatures start to increase, they then melt and create additional warnings for the driver and for passengers. So those have been validated by third parties, expert third parties, which will enable us to solve any additional problems. So thank you very much.
Hello, Mr. Jean Bernd, individual shareholder. I have a small question with regard to your cash. You have a lot of liquidity. You launched an OPAS, and you said that today the rate was beyond that. Is that something that you can consider redoing? If I look at your results, there's PDF documents with regard to the 2023 year. We can see with regard to participations, the share, the valorization of to the 31 December was over EUR 16 billion. On the 31 of December 2023, it's EUR 17 billion. That's to say that all your other activities in your cash is not valorized that much. I think that an OPAS or other actions may be interesting. And then I had a question where you were talking about risks early on.
The factor of separating, of cutting, Vivendi into several parts, is that not also a way of reducing risk? That's, should there be, for instance, a commission of competitions, which is looking at a file, if you're purchasing something, to have smaller scopes, is it not then faster for that commission to provide an answer? And also the financial risk, should there be a gun jumper, because you would have a scope which would be far less substantial with regard to turnover and income. Thank you very much.
OPAS, that was an option, a simplified cash tender offer. We came out of a first historical scope in Africa, notably. Some investors approached me to say that they were delighted for this with the sale, with the sale price. But once that after they could have no liquidity on the market, because there was not that many exchange on the market, that has evolved. I don't know whether you've seen that exchanges are more substantial since we've launched our simplified cash tender offer. And it was to ensure a type of liquidity to a share price, which was historically the highest it had been. They wanted to exit, if they were no longer interested by Africa or to the logistics. But I'm delighted that we've offered this facility to the shareholders who wanted.
We haven't scheduled any other simplified cash tender offers in the immediate future, but if we will have the capacity, you'll see that in the resolution, that we'll have the capacity to do it again. We launched that, but sometimes, such as Vivendi do it, we can give mandates to banks who can buy back, say, at EUR 6.20, we'll buy back, or whatever the figure it may be. It's an independent, a third-party party that does these. So we can do it. That's why we're asking for it in the resolutions. We haven't used it often, but we've, like, asking for it on a regular basis since over 20 years, I believe. You know, why not in the future?
Pertaining to risks now, is cutting Vivendi into several parts can may be more practical, make it more agile with regard to competitiveness. I don't really believe that can accelerate matters, because they're already distinct scopes, whether it be Canal within Canal or Canal within Vivendi. I don't think so. But the true reality, and we're not too aware of that, what will the type be? Will it be a global integration such as Vivendi is today through the formats of general assemblies, the votes expressed, represented? I don't know how the capital will be organized one year from now in the different entities, so it's quite uncertain as of today. But what I am sure of is it is not creating anything cumbersome. It doesn't bring about any supplementary constraints.
It makes them more agile to give back value to shareholders on values who don't deserve to be discounted, and which would be dynamic in the forthcoming years with external growth, such as I see it. But I trust the Vivendi teams, who and their board of directors to develop the smartest ways forward, because for the moment, they have never disappointed us and brought us a lot of positive. So I thank them for that, Yannick and all the executive board, directorate of Vivendi, for everything they've done, the studies and the work that they are doing and are continuing to do over the forthcoming month. If there are no more questions, I have the impression that we have attained that. Oh, sorry, I hadn't seen you.
Antoine Cousin from Phitrust. Congratulations for your results, first off, and for your investment in this UMG, which is appreciated by 50% since the end of the simplified cash tender offer. I have a question with regard to your partnership in solid-state batteries. Now, you in your press releases, you're talking about a partnership with BMW. You had this partnership with Daimler regarding buses. What about Mercedes? And still, with regard to this partnership side in solid-state batteries, you've also signed a partnership with Foxconn. Could you tell us a bit more about that, notably what is the objective? Do you have a timeline, a schedule for the production of solid-state batteries for two-wheelers?
Thank you, Mr. Cousin, for your questions with regard to Blue Solutions. I'll let Fabricio complete what I have to say, because he knows even more than me with regard to these domains. The idea of partnerships, such as we're developing them today, there are two types of partnerships with manufacturers and research labs. Well, often it's the way we work with all the three, we work all three together because what we are saying, they want to ensure that it's tested, and we're trying to put into place partnerships with every player who may be either a technological one or a partner who would then order off us.
More and more, the specifications are being defined with manufacturers upstream, to not reiterate the error which was done in preceding years to saying, "We're going to impose a type of battery to manufacturers." We saw that that's not how it worked, and that we need to work hand-in-hand with the manufacturers. But the difference with regard to ten years back is that the manufacturers didn't want to do that. But because after all the constraints, difficulties, issues identified, they understood that there's a very strong market there, and that is part of their ideas today, their strategy. So we're looking to associate ourselves with people and manufacturers who want to follow what's happening in the world of electricity, and like big OEMs such as Foxconn, who are specialists.
They make batteries for iPhones, notably, which are much smaller, but can help us to industrialize, to ramp up, for other areas of the world. But Fabricio, maybe you wish to complete what I have just expressed.
Yeah, of course. Indeed, we have a partnership on which we have the right to communicate with, which is with BMW. As Cyrille was saying, we are in an approach whereby the idea is to co-develop a product with potential customers. It's a work which is cumbersome. A lot of partners, a lot of the team are involved. We can't sign partnerships with everybody. We're looking to sign five tops, five types of joint development partnerships with like that. We have three currently.
We're discussing with other groups for two other partnerships of that type. When I say it's heavy for us, it is for them, too, because, of course, there's a lot of sharing of information. There's a lot of work done jointly with these manufacturers, to precisely be sure that we're developing a battery which is in line with the specifications of the products that they're developing, looking ahead to 2028, 2029. So as opposed to the preceding Bluecar, now we're really integrated in the cycle of development of products with those manufacturers, and that is, is what's going to enable us, little by little, step by step, to validate progressively our work with them on an ongoing basis. So to answer your question with regard to Daimler, Daimler on buses, that's another company than Daimler Vehicles.
So for the moment, there's no partnership with, with them, but it's something which may happen, which may occur. And to answer your question with Foxconn, there again, it is still a bit early in the day, but, we have the same type of approach as with BMW. That is to say, to co-develop a product, for the huge market, of, two-wheelers in Asia. They have a brand called Gogoro, Gogoro, and those are future possibilities, and outcomes for the products which will be developed from 2029, 2030 on in the giga factories, insofar as we sign off on all the, stages between now and then, all the milestones. Thank you.
Final question. This is going to be the final question.
Amaury Granville, thank you for welcoming us. Thank you for the Marcel juices. You've just entered into the capital with Acaress, l'Acaressante. So I have a question. Thank you for the presentation. You answered all the questions that I've had through this presentation. Just a single, simple question, if I may. With the sale of Bolloré Africa Logistics and then of Bolloré Logistics, in the conditions which have been agreed upon, I find that Bolloré SE is looking more and more like a company of participation rather than of operations, even if batteries and so on. Okay, so they're taking part in these technological effort to maybe make an activity of it with a return on investment and a revenue. With regard to this idea of a participation society, UMG represents 80% of the shares participation of Bolloré. So it's a question that I have.
Have you envisaged to consolidate the position of UMG at the level of Bolloré SE? Maybe that would enable us, shareholders of Bolloré SE, to have a share of where the discount would be reduced. The same for Vivendi SE, and there again, the reduction could be reduced in turn, which would be smaller, and that would increase its visibility for the totality for the Bolloré Group, and for each entity which I have just cited, mentioned. And I'll use this question to launch the idea, maybe to Yannick Bolloré. Probably, that could even facilitate the breakdown, the breakup. Have you envisaged that possibility to consolidate everything at Bolloré SE level in one manner or in the other? Thank you again, and thank you once more for your welcome.
Thank you, Amaury, for your presence and contribution and participation in the group. Bolloré SE indeed resembles more currently to a participative group. It's true that we consolidate all the accounts of Vivendi, and the UMG is a quota of the net part of what is included in the operational result. We had the same thing with regard to our Ghana terminal. I have no opposition to consolidate it, but I don't think that we can do that. Let me look at Cédric de Bailliencourt, who is a major specialist here. I don't think, even were we to want to, we couldn't consolidate, not by a global integration, the results of UMG because we don't control it.
We have 18.23%, and we're a bit diluted, so we're at 17.9%, 18% in the forthcoming years. So I don't think that we can retain that option and follow it. Not to that I want to disappoint you, because you're right, it could have ramped up the results and maybe reduced the discounting on the holding. But all ideas are welcome, so never hesitate to impart them to us. We like to look at everything, even if after we say, "Well, they were our ideas," but we listen smartly when we find them well. With regard to consolidation, that's not straightforward. Could it facilitate the decision beyond that?
The breakdown, as I was saying earlier, the idea is to be owner in control of a group, which enables us to contribute to results. That's why that I say, meanwhile, it's interesting to look at the social results, which come from the dividends, the cash, in other words, in our current situation. And quite surprisingly, and I'm in line with what you think there, is, that, the rate is not evolving much with regard to, the variations of UMG. A little bit, but UMG, as you said, has increased, with regard to its share price. And the share price of the group is not following the millions or billions indeed, which have accumulated within UMG.
I don't know whether the market is thinking, "Oh, want to sell them?" There may be a discount at that stage, so there may be factored in, a removal of 6%, 7%, 8%. I don't know. You'd have to talk, maybe more with the financial analysts, in order to know. And surprisingly, too, Vivendi, so we're consolidating all the groups. When it increases slightly, you'll see that the share price of the group increases a lot. So yeah, I have high hopes with regard to Vivendi. I hope you share this good positive outlook, and that could provoke a good increase in the share price, and that's what I'm anticipating, at any rate. My friends, thank you very much for your patience.
Thank you for your presence, indeed. And now there are no further questions. I think that we'll ask Adrien Assé to read through the resolutions in order that we may vote on them and that you may vote on them. And three bottles of the Domaine de la Croix, 33 EUR, are waiting for us as we leave, and also a passport to the Northwest Theater of a value of EUR 100 . And Cédric de Bailliencourt, now that we have the... That we're going to be selling these millions of bottles of olive oils, I think we need to see a few samples here. I've tasted it already. It's excellent, I can tell you, and I really hope that you also will, in turn, enjoy this olive oil.
Thank you, Mr. Chair. So we'll now submit to a vote the resolutions for the combined general meeting, ordinary resolutions. So you have those on page 25. First resolution is the approval of the annual financial statements for the 2023 fiscal year, EUR 743 million. Anyone voting against? Any abstentions? So it's therefore carried, this first resolution. The second resolution is the approval of the consolidated financial statements for the 2023 fiscal year, with a net result consolidated group share of EUR 268 million. Any votes against? Any abstentions? Any in favor? So it's adopted. Third resolution is the allocation of income, as talked about, and to set the dividend of the exercise at EUR 0.07 per share, EUR 0.02 having already been paid in September.
So that would be on the 27th of June, the additional EUR 0.05 would be paid. Anybody against? Any votes against? Any abstentions? Or all in favor? It's carried. Fourth resolution is the to ask you to say that the for the approval of regulated agreements and commitments and that there were no issues at that level. Are there votes against, abstentions? It is carried, this resolution. The fifth resolution is a renewal of the term of office of the director, Madame Sophie-Johanna Klostermann, for duration of three years. Anybody against? Any votes? Any abstentions? It is carried, this fifth resolution. Bravo. Sixth resolution pertains to the renewal of the term of office of a director, Mr. Alexandre Picciotto, for a duration also of three years. Are there any votes against? Any abstentions? This resolution is carried.
Seventh resolution regards the appointment of Deloitte and partners, statutory auditors responsible for satisfying, certifying sustainability information.
Anybody against? Abstentions? Well, the resolution is adopted. Eighth resolution, appointment of Grant Thornton as statutory auditor responsible for certifying sustainability information also. Anybody against? Abstentions? The resolution is adopted. Ninth resolution is the authorization granted to the board of directors to acquire company shares. So that will be about 284 million shares, 9.99% of the share capital. The maximum price, as was said before, would be EUR 6.50 per share, and that would be for a duration of 18 months. Anybody against? Abstentions? The resolution is adopted. 10th resolution, approval of the information referred to in Article L2210-9 of the French Commercial Code, as presented in the corporate governance report, ex post Say on Pay. Anybody against? Abstentions? The resolution is adopted.
11th resolution, approval of the fixed, variable, and exceptional components of total compensation and benefits of any kind paid during the previous fiscal year or granted during the same period to Cyrille Bolloré for his service as Chairman and Chief Executive Officer of the company, ex post Say on Pay. Anybody against? Abstentions? The resolution is adopted. 12th resolution, approval of the compensation policy for directors established by the board of directors, ex ante vote. Anybody against? Abstentions? This resolution is adopted. 13th resolution, approval of the compensation policy for the Chairman and Chief Executive Officer established by the board of directors, ex ante vote. Anybody against? Abstentions? This resolution is adopted. I suggest we switch to the extraordinary resolutions.
14th resolution is the authorization granted to the board of directors to reduce the share capital through the cancellation of shares previously repurchased as part of a share buyback scheme. Anybody against? Abstentions? The resolution is adopted. 15th resolution, powers for formalities. Anybody against? Abstentions? This resolution is adopted.
Dear shareholders, I would like to thank you very much for your loyalty, for your support, for your attention. It's always a pleasure to meet you. We will wait until next year to meet again. Thank you very much to all, and I'd like to thank all of the employees of the Bolloré group who've always worked a lot. In the last two and a half years, they've made special efforts around the necessary reorganizations.
So, thank you, and a lot of courage to our employees, 38,000 people. So, have a great day. Thank you. Goodbye.