“The State has played a strong and active role as a shareholder, justified by the turbulent period caused by the end of the health crisis and the start of the war in Ukraine. » This is how Alexis Zajdenweber, appointed Commissioner for State Participations in mid-September 2022, summarizes the management of participations over the period from June 2021 to June 2022.
On the occasion of the publication of the activity report of the State shareholder this Friday, he recalled that “The 11 listed companies in which the State has a stake have a strong impact in their sector”. Praising their ability to rebound, Alexis Zajdenweber judged that they have withstood successive crises well: “The stock market valuation of the State portfolio stood, as of June 30, 2022, at 64.6 billion euros. » While the total shareholder return is down 4.3%, the Cac 40 fell further (-6.2%) over the same period.
Energy weighs 50% of the portfolio
Among the highlights of the past year, the commissioner for State holdings singles out the capital increases ofEDF up to 3.15 billion euros (including 2.7 billion for the State) andAir France-KLM up to 2.26 billion euros (including 645 million for the State). “Energy companies represent, to date, 50.3% of the value of the portfolio”notes Alexis Zajbenweber, who ensures that“EDF will be the major operator of the nuclear revival” wanted by Emmanuel Macron – the construction of six new EPRs has been approved, eight others are under study. The State agent, who claims to have in mind the urgency represented by the increase in the price of energy, recalled that the Prime Minister, Elisabeth Borne, confirmed the renationalization of the energy company in her political speech. general. A speech followed by effect, since a “note for withdrawal from the Stock Exchange has been filed with the AMF [Autorité des marchés financiers] October 4”.
This should allow the share buyback offer to be launched in early November. The prices proposed by the State (12 euros per share and 15.52 euros per convertible bond) should constitute a total budget of 9.7 billion euros at the closing of the operation, which will take place “end of December, if there are no setbacks and minimum lead times apply”. The new general management of EDF is expected ” very soon “ according to Alexis Zajbenweber, who is the state representative on its board of directors. It will be up to him to “specify the scope of the company in the medium term, while the State is interested” to energies such as hydrogen. Engie has, according to the State Holdings Agency (APE), applied a strategy implemented in 2021 aimed at refocusing on renewable energies and decentralized infrastructure.
“New imperatives”
Slowdown in growth, impact of European sanctions against Russia, supply difficulties, energy prices… State holdings operating in other sectors of activity also made the costs of the war in Ukraine. The group ADP experienced a 17% reduction in passenger flow. Air France-KLM was also penalized by a drop in attendance. Airbus suspended deliveries to Russian airlines and faced a shortage of titanium. Renault sold its local subsidiary to the city of Moscow. So many events that led the APE to change its thesis to “taking into account new imperatives”. “We need to change our shareholder doctrine to meet the challenges we face”judge Alexis Zajbenweber, while indicating that “taking capital only occurs as a last resort because it is binding”.
The notions of sovereignty, reindustrialisation, resilience and climate will now occupy a central place in the system. While Renault has “makes France the heart of its strategy for electric vehicles, the State will obviously support any movement likely to strengthen the company”, insists the Commissioner for State Participations, in reference to the ongoing negotiations between the French manufacturer and its Japanese partner Nissan to redefine their alliance. And to add: “The APE is not only structurally selling. She acts with pragmatism. It is better to trust the market economy, whenever possible. »
The senior official, who believes that the state has “achieved the right level of participation”indicates that no reinforcement operation will take place in the coming months. “The current economic context is unfavorable to new capital operations”he warns, specifying that “the challenges mentioned above explain the absence of a sale” otherwise. Alexis Zajbenweber brushed aside the possibility of a disengagement fromOrange, a company less subject to the effects of the war in Ukraine than others because of its activity. The 2023 finance bill does not, moreover, provide for any operation other than EDF in terms of State holdings.