Attending the Bouygues shareholders’ meeting is worth it! It is after 36 minutes by RER C, from the Champs de Mars to Saint-Quentin-en-Yvelines, then two successive shuttles chartered by the construction and telecommunications group, that we finally arrive at Challenger, a head office that looks like a castle, with ponds and statues.
At the signing desk, 291 mandates are waiting for us, from readers ofInvest unable to make the trip, for a total of 63,981 shares.
While having a coffee, the shareholders present could chat with the chairman, Martin Bouygues, who arrived early. We asked him why we continue to pass an anti-takeover poison pill every year. He answered us in essence that ” if takeovers are part of the normal game of capitalism, they are brutal and the law allows this protection “. Yes, he has not forgotten Vincent Bolloré’s raid. ” I have fought all my life for the sustainability of the company, not only for me and my family, but for the employees and all the stakeholders. “.
We are now in the room, where Martin Bouygues opens the session. The tellers are Olivier Bouygues, brother of Martin (Bouygues family, 24.4% of the capital and 29.5% of the voting rights) and the representative of the employee shareholders (20.6% and 28.9%).
Martin Bouygues says that the group has ” no activity in Russia and Ukraine “, but remains cautious about the consequences on the price of raw materials and supply chains. The president says that the war in Ukraine is a terrible human tragedy » and arouses « numerous reactions of solidarity from group companies in Poland and other neighboring countries “.
Acquisition of Equans
The floor is with the general manager, Olivier Roussat. He explains the interest of the acquisition of Equans from Engie, which should be completed next summer. With Bouygues’ Energy and Services division, the new group will be the world’s second largest multi-technical services company. The size effect will improve margins “and this activity” requires little investment “. The CEO also aims to finalize the TF1/M6 merger by the end of the year, which will accelerate the development of a national video streaming platform.
A film on the extension of the port of Monaco is shown. This project has made it possible to gain 60,000 square meters from the sea and has required the displacement of marine species.
Olivier Roussat returns to the Energy and Services division (3.9 billion euros in revenue). Investments are less than 1% of turnover and the activity is very resilient with a multitude of small contracts. He says he is confident about the objective of exceeding 5% operating margin in the medium term. It rose to 2.8% in 2021.
The leader is now talking about telecoms. In the fixed sector, it is no longer a question of selling ADSL but of fibre. Out of 4.4 million subscribers, 52% have subscribed to a fiber offer (FTTH) compared to 38% in 2020. In mobile, Bouygues now has 14.8 million packages, after the acquisition of CIC Télécoms.
Reduce carbon footprint
The CEO also explains that to reduce the group’s carbon footprint, 2.2 billion euros of investments are planned over the period 2022-2024. At Colas, for example, there are plans to electrify all employee vehicles, use biosourced fuel for machinery and recycle materials. At Bouygues Construction, a wood sector, WeWood, has been set up. The group’s objective is to reduce carbon emissions by 30% by 2030.
Financial director Pascal Grange indicates that net debt fell from 1,981 million euros at the end of 2020 to 941 million, or 7% of equity. This is explained in particular by the sale of Alstom shares for 984 million.
Free shares
Remuneration is detailed in the video. For 2022, a fixed fixed amount of 1.5 million euros is proposed for Olivier Roussat and a maximum bonus of 180%. The performance shares will be capped at 100% of the fixed and variable compensation. In addition, a specific plan is planned due to the strategic acquisition of Equans, with the progressive allocation of 200,000 shares over eight years.
We come to the questions.
A shareholder says that at the AG of Bolloré, he is offered bottles of wine. Martin Bouygues replies that with his brother Olivier they manage to sell their wines very well without having to sell them within the group.
Question on the importance of the acquisition of Equans. This is a turnover of 12 billion bringing the multitechnics division to 16 billion. This will be the group’s first business and it will employ half of the workforce, 100,000 people out of 200,000.
Question about Hinkley Point. This is the new generation of EPR after Fukushima, a huge project. Bouygues is in charge of civil engineering in a 50/50 association with an English company.
We go to the vote.
The dividend is voted at 99.94%. The anti-takeover measure obtains a score of 76.12%.