Notice & Information Brochure
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NOTICE & INFORMATION BROCHURE Combined General Meeting of Shareholders Wednesday, April 22, 2015 at 3.00 p.m. at the Maison de la Mutualité 24 rue Saint-Victor – 75005 Paris (France) SUMMARY Notice of the Combined Shareholders’ Meeting on Wednesday, April 22, 2015 Shareholders are invited to attend the Combined Shareholder’s General Meeting Wednesday, April 22, 2015 at 3.00 p.m. at the Maison de la Mutualité – 24 rue Saint-Victor, 75005 Paris MESSAGE FROM THE CHAIRMAN AND CEO 3 BRIEF REVIEW 4 PARENT COMPANY RESULTS FOR THE LAST FIVE YEARS 13 HOW TO PARTICIPATE AND VOTE AT THE GENERAL MEETING 14 If you attend the General Meeting in person 14 If you do not attend the General Meeting in person 14 How to fill in this form? 15 COMPOSITION OF THE BOARD OF DIRECTORS AND OF THE COMMITTEES OF THE BOARD AS OF MARCH 10, 2015 16 BIOGRAPHIES OF THE DIRECTORS PROPOSED FOR RENEWAL, APPOINTMENT AND RATIFICATION OF A COOPTATION 19 AGENDA OF THE SHAREHOLDERS’ GENERAL MEETING (COMBINED ANNUAL ORDINARY AND EXTRAORDINARY) OF APRIL 22, 2015 21 REPORT OF THE BOARD OF DIRECTORS ON THE RESOLUTIONS SUBMITTED TO THE GENERAL MEETING 22 DRAFT RESOLUTIONS SUBMITTED TO THE GENERAL MEETING 28 REQUEST FOR DOCUMENTS AND INFORMATION 33 Informations - shareholders : 0 805 800 000 - Toll-free number in France (no charge, except in Overseas Departements and Territories ) This is a free translation into English from the original version in French and is provided solely for the convenience of English speaking readers. 2 VEOLIA ENVIRONNEMENT • NOTICE & INFORMATION BROCHURE - COMBINED GENERAL MEETING OF SHAREHOLDERS WEDNESDAY, APRIL 22, 2015 MESSAGE FROM THE CHAIRMAN AND CEO Ladies and Gentlemen, Dear Shareholders, The Combined General Meeting of Veolia Environnement(1) Shareholders will take place on Wednesday, April 22, 2015 at 3:00 p.m., at the Maison de la Mutualité. It is my pleasure to invite your participation. At this Meeting, you will be asked to vote on the resolutions proposed by the Board of Directors relating particularly to approval of the 2014 financial statements and to the amount of dividend to be paid with effect from May 7, 2015. You will also be asked to make a decision on the partial renewal of the Board of Directors, appointment of directors and ratification of a cooptation. I hope that you will be able to attend our General Meeting in person. However, if you are unable to do so, you also have the option of: z voting by post; z or, authorizing me, as Chairman, to vote on your behalf; z or, arranging to be represented. I take this opportunity to thank each and every one of you for your continued confidence in our Company, the global leader in optimized resource management . ANTOINE FRÉROT (1) Hereinafter the “Company” or “Veolia Environnement”. Unless stated otherwise, the terms “Group” or ”Veolia” used in this notice and information brochure refer to Veolia Environnement and to all its directly and indirectly consolidated subsidiaries located in France or elsewhere. VEOLIA ENVIRONNEMENT • NOTICE & INFORMATION BROCHURE - COMBINED GENERAL MEETING OF SHAREHOLDERS WEDNESDAY, APRIL 22, 2015 3 BRIEF REVIEW of the condition of the Company and its Group Context (1) Despite the current economic environment, the Group’s performance z strong growth in adjusted net income attributable to owners of in 2014 was encouraging, surpassing the year’s objectives, and was the Company, to €326.1 million for the year ended December 31, particularly marked by: 2014, compared to re-presented €182.0 million for the year ended December 31, 2013, due to debt reduction and improvement in z a return to revenue growth due to the successful implementation our operating results; of our strategy and robust growth outside of France despite a relative stability in France and the negative weather impact on z the improvement in our net free cash flow to €330 million for Energy activities in the first quarter of 2014. Revenue increased the year ended December 31, 2014, compared to re-presented +4.9% at constant exchange rates (+4.6% at current consolidation €87 million for the year ended December 31, 2013, driven by the scope and exchange rates). Overall, nearly €9 billion in new improvement in adjusted operating cash flow, as well as better contracts were awarded or renewed in 2014; control over industrial investments and operating working capital requirements; z a significant improvement in performance with a 17.3% rise in adjusted operating cash flow at constant exchange rates, driven z net financial debt was relatively stable, standing at €8.3 billion by internal management efforts and the ramp-up of cost savings; as of December 31, 2014, compared to re-presented €8.4 billion as of December 31, 2013. Development At constant consolidation scope and exchange rates, revenue z in Europe excluding France, from steady growth due to solid increased in 2014 compared to 2013. Revenue variation was -1.6% momentum in the UK (+4.9% at constant consolidation scope and in the first quarter, +3.1% in the second quarter, +2.8% in the third exchange rates) related to the commissioning of Waste assets; quarter, and +2.4% in the fourth quarter. z in the Rest of the World, substantial growth (+6.7% at constant Group consolidated revenue increased +1.6% at constant consolidation scope and exchange rates) in all regions and consolidation scope and exchange rates (+4.6% at current specifically industrial contracts in Asia and Australia and favorable consolidation scope and exchange rates) to €23,879.6 million for price impacts in Australia and the United States. The segment the year December 31, 2014, compared with re-presented revenue also benefited from the consolidation of the Water and Waste of €22,819.7 million for the year ended December 31, 2013. activities of Proactiva Medio Ambiente in Latin America; The change in revenue over 2014 benefited: z in the Global Businesses segment, from solid momentum, with substantial revenue growth (+9.7% at constant consolidation z in France, from the good resilience of Water and Waste activities. scope and exchange rates) made possible by the start-up of major Waste revenue in France remained stable, while Water revenue engineering-construction projects at Veolia Water Technologies contracted slightly; and SADE. (1) For the purpose of better comparability between periods, the figures for December 31, 2013 are re-presented for the reclassification of the Morocco Water activities in continuing operations. 4 VEOLIA ENVIRONNEMENT • NOTICE & INFORMATION BROCHURE - COMBINED GENERAL MEETING OF SHAREHOLDERS WEDNESDAY, APRIL 22, 2015 BRIEF REVIEW OF THE CONDITION OF THE COMPANY AND ITS GROUP Commercial development activity Throughout the year, Veolia continued its development and More than €9 billion(1) in new contracts have been won or renewed achieved a number of commercial successes related to enhanced in 2014: and refined offerings. z Half of contracts won or renewed were in the Group’s traditional markets; Brent Council, United Kingdom – PFI waste management, ~€168M, 9 years Hakone, Japan Nantes, France ~ €14M, 10 years Upgrade drinking Complete public water New Orleans, USA services management ~ €95M water plant ~ €65M Wastewater treatment Basra, Iraq ~$115M Desalination plant construction & operation (5 years) Monteria, Colombia Singapore ~€183M, 10 years ~ €138M, 6 years Drinking water production Urban waste & wastewater treatment Santiago, Chile SAOC Oman Power Hunter Water, Australia ~€176M, 10 years €38M, 8 years & Water Procurement Household waste collection Operation of drinking water ~ $473M (2) Drinking water production & wastewater facility expansion Buenos Aires, Argentina treatment plants ~€400M, 10 years Household waste collection (1) Construction revenue + cumulative annual revenue over the contract duration (2) Construction revenue for the extension of the existing facility (BOO won in 2007). In addition, contract extended for 6 years. z and the other half in strategic growth markets: oil & gas, circular economy, hazardous pollution, dismantling, innovative solutions for cities. Shell Carmon Creek, Recycled water production Syrian chemicals, Novartis, Basel, Switzerland for steam injection – Oil sands United Kingdom Circular Economy,~ €925M, 10 years Hazardous waste destruction Integrated industrial offering (chemical precursors) in pharma sector Tangshan Iron & Steel, China Merritt & Fort Saint James, RATP, France €390M, 30 years Canada ~€1.1bn, 30 years Dismantling and recycling Industrial water treatment Operation of 2 biomass of RER train cars power plants Grand Lyon, France Drinking water+ smart Hongwon, South Korea solutions in partnership with ~€150M, 10 years IBM ~ €660M - 8 years Energy performance DC Water, Washington, Paper industry USA $12M Innovative urban model FPCC, Taiwan – Oil & Gas ~ €15M Treatment and recycling Nestlé, Mexico – Food & Bev of wastewater at the largest 1st industrial milk products petrochemical site in Taiwan facility self-sufficient for water Anglogold Ashanti, Ghana (October 2014) 1st operations contract in the mining sector in Africa - Optimization and operation EcoPetrol America, of water treatment plant Oil & Gas Colombia ~ €56M Complex water treatment solutions BP Khazzan, Oman Oil & Gas ~€50M Wastewater treatment plant and its operation for 5 years VEOLIA ENVIRONNEMENT • NOTICE & INFORMATION BROCHURE - COMBINED GENERAL MEETING OF SHAREHOLDERS WEDNESDAY, APRIL 22, 2015 5 BRIEF REVIEW OF THE CONDITION OF THE COMPANY AND ITS GROUP Acquisitions, partnerships and divestitures 1. Completion of the transaction