Casino contributors to the Maison de la Chimie are welcomed with a breakfast buffet and a €35 voucher for CDiscount, the distributor’s non-food e-commerce site. We haven’t asked for any agents, and I’m not sure we’ll be able to participate in this public meeting, but we still have 25 agents, for 3,664 participants.
CEO Jean-Charles Naouri explains in the introduction that the refocusing has been completed in France on premium formats, proximity and e-commerce. He says he is confident that the disposal plan will be completed by the end of 2023. The process launched in June 2018 has been slowed by the pandemic. It is about France. It remains to make 1.2 billion euros out of a total of 4.5 billion. The director details the operations that occurred in Brazil. GPA separated from Assai, a specialist in cash and carry, the Brazilian version of the discount, and sold it to 70 supermarkets that will be converted to cash and carry. The GPA is thus refocused on the burgeoning formats.
The CEO returns to France. Subscribers of 210,000 customers in supermarkets, hypermarkets and Monoprix receive a 10% discount for a small monthly payment. Home delivery is also a strong focus and has relied on partners such as Ocado (automated warehouse) and Amazon since 2020. Jean-Charles Naury also highlights bulk food and non-food purchases with Intermarché. The group invests its data with its company, RelevanC.
The word is dedicated to Tina Schuler who operates Géant supermarkets, casino supermarkets and convenience formats in France. It’s a matter of anticipating purchasing power and shopping without racing… The microphone is now up to Guillaume Seneclauze, president of Monoprix and Naturalia. He intends to double e-commerce within three years.
Intervention afterwards by Cecil Gilo, CEO of Franprix. The goal is to expand by opening 200 stores. The brand, located historically in Paris and in the inner suburbs, was opened in Lyon, Marseille, Nice, Montpellier … Emmanuel Grenier speaks on CDiscount, a strong market.
Osman Hajji then describes his company GreenYellow, which produces local green energy. This 15-year-old company employs 600 people in 16 countries. GreenYellow has long-term photovoltaic assets.
Video messages from Assai, GPA and Exito leaders are broadcast.
Now, it’s the chief financial officer, David Lubeck, who brings up the 2021 accounts by comparing them to 2019, before the pandemic.
Director of Corporate Social Responsibility, Matteo Ricci, detailing the group’s actions in the field, organic products, reducing greenhouse gas emissions, philanthropic management to promote incentive … It is the turn of Thierry Bellot, Independent Lead Director, on the subject of governance, the work of the Board of Directors and its specialized committees. It details Jean-Charles Naouri’s compensation for 2021. He explains that it is proposed to raise his fixed compensation from 480,000 to 825,000 euros as of 2022.
We are now before the decisions, in particular Resolution No. 3 regarding no dividends due to losses. Written question related to this point. He answers that the priority is to reduce the indebtedness.
We turn to the questions from the floor. Nicholas Megé, of the Arare Society and owner of Agents, gets the microphone. Connects questions, particularly the animated question to a rundown contributor. He asks who cares about relations with analysts because ” The price of Carrefour decreased from 45 euros to 16 euros, while the price of Carrefour increased from 13 euros to 21 euros “. When will the dividend be distributed? What about the effect of higher interest rates? Jean-Charles Naouri does not want to answer.
room, I yelled at him to answer. hear” Quit, quit! Nicolas Megét took the microphone: When you destroy someone, you have to answer them! The CFO responds to some elements, goals not achieved, but the CEO remains silent. An exact answer from the CFO: 1 point increase in prices means a cost of 32 million euros.
One contributor shouts: Give him a microphone! Because it’s hard to hear Nicolas Megé. Question about filth and understaffing at some Monoprix. Nicolas Megé raises what he calls shareholder contempt and leaves the room.
Confronting the giant of the Amazon
Question about the discount. Jean-Charles Naouri says that the site ” Against the giant that is Amazon “But that” The market is profitable by building because it sells traffic of up to 22 million unique visitors by taking commissions » For merchants hosted websites.
investment It asks about the debt ratio at the end of the disposal plan and whether it will allow dividends to resume. We also ask Jean-Charles Naouri. Why increase your fixed compensation if there is no coupon for three years? The CFO says the upcoming dispositions of 1.5 billion compared to Ebitda excluding rents excluding GreenYellow of 0.78 billion, a decrease of 2 points. It will already be possible to pay 100 million euros but the priority is to reduce debt. It is the CEO who answers the bonus, Preparing a below-average and average level of SBF 80.
We go to vote. No gain was voted on by 99.924% of the vote.
The 2022 Executive Compensation Policy has a score of 97.176%. One for 2021 gets 98.85%.