A handful of dissatisfied Casino shareholders at the general meeting, instructions and minutes of the meeting

Casino shareholders are welcomed to the Maison de la Chimie with a breakfast buffet and a € 35 voucher on CDiscount, the distributor’s e-commerce non-food website. We have not asked for any powers of attorney, not being sure that we will be able to participate in this general meeting, but we still have 25 proxies for 3,664 shares.

In his introduction, Director-General Jean-Charles Nauri explained that France had completed the reorientation towards premium formats, proximity and e-commerce. He said he was confident that the recycling plan would be completed by the end of 2023. The process, which began in June 2018, was slowed by the pandemic. This applies to France. It remains to reach 1.2 billion euros out of a total of 4.5 billion. The manager talks about the operations that took place in Brazil. GPA separated from Assai, a specialist in cash and carry, the Brazilian version of the discount, and sold it 70 hypermarkets that will be converted into cash and carry. Thus, the GPA is refocused on dynamic formats.

Subscriptions

The CEO returns to France. 210,000 subscribers of hypermarkets, supermarkets and Monoprix have a 10% discount for a small monthly payment. Home delivery is also receiving special attention, and it has relied on partners such as Ocado (automated warehouse) and Amazon since 2020. Jean-Charles Nauri also singles out food and non-food purchases combined with Intermarché. The group monetizes its data with its company RelevanC.

The floor is given to Tina Schuler, who runs Géant hypermarkets, Casino supermarkets and convenient formats in France. It’s about getting ahead of purchasing power and shopping without racing… The microphone now depends on Guillaume Seneclas, president of Monoprix and Naturalia. He intends to double e-commerce in three years.

Cecil Guillaume, CEO of Franprix, then spoke. The goal is to expand by opening 200 stores. The brand, historically present in Paris and the suburbs, opens in Lyon, Marseille, Nice, Montpellier… Emmanuel Grenier speaks at CDiscount, a powerful market.

Otmane Haji then describes his company GreenYellow, which produces local green energy. Founded 15 years ago, the company employs 600 people in 16 countries. GreenYellow retains photovoltaic assets for a long time.

Video appeals from Assai, GPA and Exito leaders are broadcast.

Now CFO David Lubeck is rolling out accounts for 2021, comparing them to 2019, before the pandemic.

CSR Director Mathieu Riche talks in detail about the group’s actions in this area, organic products, reducing greenhouse gas emissions, good governance to boost motivation … He talks in detail about Jean-Charles Nauri’s compensation for 2021. He explains that from 2022 it is proposed to increase its fixed compensation from 480,000 to 825,000 euros.

We are now presented with resolutions, in particular № 3 on the absence of dividends due to losses. A written question concerns this issue. The answer is that the priority is to reduce debt.

Resignation!

Let’s move on to questions from the hall. Nicolas Mige from the Arara Association and the trustee receives the microphone. He connects issues, including the relocation of a bankrupt shareholder. He asks who cares about relations with analysts, because ” the price fell from 45 to 16 euros, and Carrefour rose from 13 to 21 euros “When are dividends paid? How about the effect of raising interest rates? Jean-Charles Nauri does not want to answer.

In the room, she yells at him to answer. we hear ” Resigned, resigned! Nicolas Mige picked up the microphone. When you lose someone, you have to answer to them! “. The CFO reacts to certain elements, the goals have not been achieved, but the CEO is silent. The exact answer of the CFO: raising rates by 1 point means a cost of 32 million euros.

The shareholder shouts: Give him a microphone! because it’s hard to hear Nicolas Mige. The question of dirt and lack of staff in some Monoprix. Nicolas Mige causes what he calls contempt for shareholders, and leaves the room.

Face with the titans of the Amazon

Question about CDdiscount. Jean-Charles Nauri says the site ” against titanium, which is Amazon ” but this ” The market is profitable because it sells 22 million unique visitors, taking commissions »On the sites of sellers.

Invest asks what the debt ratio will be at the end of the disposal plan and whether it will resume dividend payments. We also ask Jean-Charles Nauri « why increase the fixed compensation if the coupon has not been available for three years? The CFO says future sales of 1.5 billion will be compared to Ebitda excluding rent, except for GreenYellow of 0.78 billion, which reduces the ratio by two points. It could already pay 100 million euros, but a priority It is the CEO who is responsible for the remuneration, reminiscent of below-average and median SBF 80.

Let’s go to the polls. 99.924% of votes were voted for the absence of dividends.

The compensation policy of the executive branch for 2022 was estimated at 97.176%. For 2021 – 98.85%.