Dear friends, good morning. It is 30 minutes past 9 on the dot. I suggest we give it a few more moments, apologies has been since protest outside of the head office. It seems that the situation has come down. I'd like to extend a very warm welcome on the occasion of today's combined general meeting.
I'd like to ask company Bolloré represented by Stéphanie Collinet here in the first row as well as represented by Alexandre Picciotto, who you're familiar with and sitting on my right, these are the shareholders holding the largest number of shares, and they will act as scrutineers.
And I'd like to ask our CFO to act as Secretary of this -- of today's general combined meeting. And we do have a quorum as in previous years for an ordinary general meeting, the shares comprising the social capital after the 23 million of self-held shares. I will come back to that during the -- this session for the quorum to be reached. We need to achieve 558 million, 443 million. I think is it better when I speak to a certain mic? Okay, that's great. Thank you very much for letting me know. Otherwise, it would have been a problem.
So please not hesitate to shout out should you not hear me. Now I've just given the rundown on the Secretary of [indiscernible] and Stéphanie Collinet for company Bolloré accept to be to act as scrutineers. And I was talking about 1/5 of the shares. quorum has to be reached for holding the general the ordinary general meeting and 1/4 as part of the a bit -- slightly under 700,000 shares.
And so that will be 1/4. So 2013 shareholders voted gave delegation of authorities to the shares and the -- coming in. So we have a quorum of 3% at this stage. So the meeting can validly deliberate for ordinary and extraordinary part of this general combined meeting. Documents have been filed Mr. Oost [ of 2025 ] West France of 30th of April 2025 as well as letters and 4 nominative shareholders. So the agenda of today's general combined May '26 ordinary and extraordinary as stated in your convocations to this meeting.
So we'll first focus on the management report of the Board and with regards to governance and auditor's report, approval of statutory accounts of the group's 2024 results as well as report auditors reports and financial statements and proceed with approving said report of the Board and as well as the 2024 accounts on the 31st of December 2024, we'll then move on to the [indiscernible] account approvals as well as the renewal of directors' terms of office.
Renewal of the term of office of auditor accounts auditor and placement accounts auditor will then want to -- the approval of the accounts of the company, will then require your approval of the say ex-post as well as in play ex anti accounts and for extraordinary meeting, needing 1/3 of the votes to be approved and the majority of the votes for the ordinary meeting will have the approval of the Board-approved accounts.
So we'll have delegation of authorities to the Board with a view to increasing capital and giving access with preferential rights of subscription to shareholders will also request delegation of competence to the Board to proceed with capital increase through issuance of ordinary shares through benefits of bonus and then delegation of power authorities with view to proceeding with capital increase with view to remunerating and securities giving access to capital and then delegation of competence for the Board in order to issue capital and as part of our public offering of exchange initiated by the company.
The next, Board will focus on delegation of authority with -- to capital increase through issuance of shares for the purpose of staff members and then authorization given by the assembly with view to issuing free shares for the benefit of the employees -- salaried employees of the company authorization given by the Board as part of the share buyback program and then to be interested.
If there's no further comments on this, I suggest we start with the presentation of the group's results and activities and with the usual slide deck. With regards to the results, as you can see on this slide, which will come as no surprise for most of you as they've been presented and approved by the Board on March 17, 2025. They've been published as well on the market.
So the net income group share 2024 is at EUR 1.822 billion, including significant changes in the scope. I will come back throughout this presentation as well as the proposed dividend increase this year following an increase last year of EUR 0.01. We have EUR 0.01 increasing or taking this to 14% increase against last year.
On the left of this, you have the changes in the scope and reclassification in accordance with IFRS 5. And we had the opportunity to mention this at the general assembly and the general meeting because the Bolloré Logistics was -- had already been sold, and this was indeed sold on February 29 in 2024. It had already been reclassified in 2023 as a business held for sale.
As a result, it canceled results in 2024. Bolloré Logistics as well as 2023. So you will not see any reference to Bolloré Logistics in '24, '23 and you will not see the results from this division. And you have the Vivendi's contribution on '23 and '24, which is impacted by IFRS 5.
And this -- the spin-off in distribution transactions and to get it 100% on our P&L, no longer shows on this 2024 -- on 2023 for comparison purposes. But since 13th of December 2024, it is when the spin-off of Vivendi Group was completed, the accounting standard was to account for 100% of the Vivendi result.
And we've applied the equity method, and you would see the impact very limited from the 30th of December to the 31st of December. So we've taken -- we've rebuilt the results of Vivendi during that period to our operation -- operating results. And you can -- you will see Canal+, Louis Hachette, Havas, Vivendi. But again, this is only for 14 days related to this regularization during the periods and the accounts will be representatives of these -- for these companies as a result of the spin-offs.
Regarding revenues for '24, that's EUR 3.130 billion, so down 4% at constant scope and exchange rate. On adjusted operating income, that's EUR 1 million for the reasons I've just indicated and which you will see in the operating and in the P&L. And the net income is at EUR 1.840 billion compared with EUR 566 million in '23.
And there will be significant pluses and minuses on this. We'll have a positive result, which is the net capital gain on the sale of Bolloré Logistics for EUR 3.6 billion and the capital loss of deconsolidation of companies resulting from the Vivendi spin-off in December of last year, that's EUR 1.9 billion.
Hence, the significant net income. The net income group share, as I stated, stands at EUR 1.822 billion and the net cash position as of December 31, 2024, stood at EUR 5.206 billion. And the proposed dividend, we are proposing to your vote an increase by 14% to take the corresponding dividend to 2024 to EUR 0.08 per Bolloré SE share.
Are you still -- can somebody up the volume, pumping the volume here, because I'm just touching the -- yes, the dividend. Okay. This is an expression of joy. So going up 14%. So I'm looking forward to your questions and discussions and the down payment of EUR 0.02 was paid out in December of last year and in September 2024.
So with regards to the year 2024, yes, the Bolloré Group and the sale of Bolloré Logistics to CMA CGM and the completion of the sale of 100% of Bolloré Logistics to CMA CGM and with a sale price of EUR 4.8 billion. And the consolidated net capital gain was EUR 3.6 billion after tax.
So with regards to the additional acquisition, we haven't talked about this because we last met in May 2024 for the last combined general meeting on July '25 and '26, 2024, Bolloré Group acquired an additional EUR 9.2 million Universal Music Group NV shares for EUR 197 million. As you will remember, the share price of UMG after the quarterly results have been down 25% on the stock price, and this allowed us to buy about EUR 20, and you can work up the amount totaling EUR 197 million.
Now we have the sale of 5% of Socfin, as you remember. Socfin decided to and to the Fabry family capital holding. And with the tender offer price or [ EUR 32.5 ] per share, so we cashed in a bit more than EUR 22 million and resulting from the selling of 5% of this capital, the Bolloré Group now owns 34.75% of Socfin.
Next and acquisition of a stake in Rubis. As you will remember, last year, when we met on the occasion of our combined general meeting, it had been announced a few months prior to that meeting that we would make a further investment in this company, and we went beyond the 5% of holding rights and capital share and share capital of this company.
And on the publication of accounts and we've been up to 5.96% for a market value of EUR 163 million. And we -- this has been recently published by Rubis. We acquired a few shares and to go down, when it went -- when the share went under EUR 24 to get a stake in excess of 6% of the capital.
And then on the Bolloré SE share buyback program, we already activated this program in '24. It is still active at this stage in '25. And as has published week after week on the market, and we've summarized here in this paragraph. And the mind of the fact that '24, 12 million Bolloré shares were acquired for EUR 69 million. And on March 17, 2025, the Board of Directors of your company decided to cancel these shares, which have been buyback as part of the buyback -- the share buyback program.
As we recalled a few moments ago, this share buyback program led to more share buybacks. And in the last sentence, we indicated that Bolloré SE now holds 23.2 million Bolloré shares acquired for EUR 125.4 million or 0.8% of the share capital at May 16, and this will be canceled.
Next, we have the merger and absorption of the Compagnie de Cornouaille. This took place in July 2024. Following the merger, the investments in UMG and Vivendi and this has been the foundation and the container, where we've gradually made that transaction are now held directly by Bolloré SE, such as the Canal+, Louis Hachette Group and Havas shares since the Vivendi spin-off.
Second point on this is about the merger of associated Société des Chemins de Fer et Tramways du Var et du Gard into Compagnie du Cambodge and of Compagnie des Tramways de Rouen into Financière Moncey in Q4 2024. And this has been widely described and discussed since.
One of the items we've been pretty disappointed with resulting from the work involving our teams has been the PS programs for company [ ex-Rivo Perimeter ] or ex-Cambodge company Moncey and lâArtois. And you will remember, this has been widely talked about in the press on September 12, 2024, Bolloré SE announced its intention to implement 3 public buyout offers for the shares of all 3 companies, Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de lâArtois had been offered through our prices revised upwards on 23rd of December 2024.
And with a final offer from our part of EUR 110 per share for a 50% premium, EUR 133 for a Moncey share or a 62% premium as announced on the 12th of September and the price of EUR 10,627 for a share in the Société Industrielle et Financière de lâArtois for a 95% premium. And we had an exchange provisions for Société Industrielle et Financière de lâArtois to be able to give UMG shares in return for shares in this company with a fixed parity as retained on the 12th of December.
And as the UMG share price went slightly up, we worked out an average of the last share prices of this company with a fixed value of about EUR 23.4 per share. The BMA Consulting firm represented by [ PierBial II ], the second independent expert who issued the approval and following the withdrawal and the compulsory withdrawal, and this note had been published on the 17th of April 2025 and declared a fair assessment of this offer.
Unfortunately, the authority deem announced on April 17 that it had decided a few days prior through a review committee to declare these offers as noncompliant and published slightly later on, on May 2, 2025, the relevant grants for this decision. And once we've received the grants from AMF decision, and we -- Bolloré SE issued a press release indicated that after 14 months of hard work and so between 5 and 6 months of Bolloré SE teams involvement, we decided not to challenge these decisions.
A very important point and very important event that came on at the end of '24. I will come back to the description of what happened from an accounting standpoint in this slide. We have a summary of that what happened on December 9. Vivendi shareholders at a combined general meeting approved by over 97.5% of the votes cast the proposed partial spin-off as we communicated to the market, Bolloré holds 30.4% of Canal+, Louis Hachette, Havas and retains 29.3% of Vivendi.
So I've already described by way of an introduction, that were the bullet point on accounting, a very important point noted recently on December 14. And following -- well, the Court of Appeal of Paris canceled AMF decisions with regards to reassess its involvement and relations with Vivendi and the -- it has been deemed at Mr. Vincent Bolloré in the center of the third paragraph in this articles through back to AMF with a view to reviewing yet again the conditions under [ L236.6 ].
In the context of the spin-off already carried out by Vivendi to assess the consequences of the spin-off with regards to the interest of minority shareholders and to decide whether they are or were grants for implemented a public, implementing a public buyout offer over the sales of Vivendi SE Bolloré and Vivendi SE each filed an appeal against this ruling with the French Supreme Court at the time of this -- of our meeting today, AMF published the obviously an appeal, but hasn't confirmed it and in the form of the Court appeal.
As a reminder, the market cap and only -- well, you can see the graph here, but we've got a share price of EUR 5.67 with a market cap of EUR 16.1 billion. So the share price of Bolloré down 5% versus an SPF at 1%, a performance of 463% versus 103% for the SPF 120. So the structure of the group now, is it better? Can you hear me?
Yes. Yes, I'm getting further from the micro. This will be -- you have the economic organization chart of December 2024, and this company [ deluded ] as you'll see following a few share buyback. And we have a 70.5% stake company [ derivative ] as Bolloré SE do 70.5%. We have then Bolloré SE owning Bolloré Logistics, Bolloré Energy, we'll come back to that. And Africa up until December 2023 of this logistics division and Transportation and Logistics will no longer appear as of next week's presentation.
The communications with our stakes in Universal and Vivendi. These are 5 separate lines now and reflecting the percentages, which I have indicated in every one of these companies, Universal Music, I have not commented this. We have a share -- a stake of 18.5%. And with regards to the industry, we have films and Blue systems as well as our portfolio of shareholdings.
And at Bolloré SE, we have 0.4% of treasury stock at this stage, which has continued to -- and this will get near 0.8%, and this is meant to be set to be canceled. So over to a review of results, which is quite a surprising presentation following the accounting methods. This only reflects part of the year. So the snapshot only reflects to what reflects accounting, accounting standards, a bit less in terms of its P&L for 2025.
Revenues in 2024 with Bolloré Energy and Industry as well as the holding as one and net of this IFRS 5 and stands for EUR 3.130 billion, so down 1%. EBITDA, EUR 48 million versus EUR 104 million last year. Depreciation and provisions and minus EUR 47 million with an adjusted operating income, also known as EBITDA, EUR 1 million versus EUR 61 million last year.
Our amortization resulting from PPA and other items not including in this EBITDA, positive EBITDA, EUR 9 million, minus 50 against '23 with minus EUR 50 million and EBIT EUR 11 million with operational equity methods with 290 equity accounting operating companies, EUR 295 million with exceptional pluses and minuses.
The financial income and resulting from investment items, EUR 145 million versus minus EUR 18 million in '23. The share of the net income of equity accounted nonoperating companies, plus 10%, EUR 30 million and taxes, minus EUR 27 million versus minus EUR 31 million, so pretty similar against previous year.
Income from discontinued or held-for-sale activities with the added values of EUR 3.6 billion minus the spin-off of Vivendi has to an income from discontinued or held-for-sale activities, EUR 1.681 billion versus EUR 577 million with a net income of EUR 1.840 billion versus EUR 566 million, net income group share, EUR 1.822 billion versus EUR 268 million minority interest. And we don't have a capacity to reproduce here to replicate a formidable added values and of the past year.
So regarding this revenues, this and EUR 3.1 billion can be broken down into a positive contributing activities and consolidated in the accounts, which is at Bolloré Energy, down 4% revenues at 6% organic growth and EUR 2.676 billion Industry, up on the published and organic EUR 351 million and others regarding agricultural assets holding with EUR 104 million versus EUR 61 million in revenue.
This is the description of this new presentation format. Maybe this is clearer in this slide, which illustrates the new accounting standards, our presentation format. And as I recall, energy is pretty comparable against last year. There hasn't been any major change in scope, up 4% -- so 4% to 5% so to say. So despite a stock effect, slightly that didn't hugely help.
And Communications, so EUR 207 million versus EUR 169 million in '23. So up 23% and resulting from the increase in UMG, pretty comparable against last year. And thanks to the robust results of this company and the management with the integrated net results, EUR 169 million in '23 to reach EUR 224 million in '24.
Canal+, Louis Hachette, Havas, Vivendi, you see minus 12, 6, 0, 1 [indiscernible] for 15 -- it only accounts for 14, 15 days in terms of the net results of these companies integrated into the operating results, but we do have major ambitions, thanks to this now autonomous companies to get way high results and we'll take net income of group share results integrated in the operating results.
So given the development, we'll have positive results for Canal+, Louis Hachette, Havas and Vivendi. Industry down from minus EUR 114 million to EUR 179 million compared with '23, so mainly due to the nonrecurring exceptional items stemming from the previous generation of batteries and despite improved profitability of the packaging films business, in particular, our traditional business lines in battery as well as I said, electrical. So that continues to be steadfast. [Technical Difficulty] which has already started. I would now let it over to our CFO to tell us about the change.
[Technical Difficulty] explaining this shareholders' equity and net debt. You can see that shareholders' equity is down consequently from EUR 36 billion to EUR 5.7 billion is mainly due to the disposal of Vivendi, then to change in scope of minus EUR 13 billion shareholders' equity group share has been increasing, thanks to capital Bolloré Logistics going from EUR 23 billion to EUR 25, EUR 25.4 billion. Net debt on the previous page, you saw that going from EUR 1.5 billion to EUR 5.3 billion. We also have EUR 8 billion at the end of last year of cash available and confirmed lines.
On the next page, as you will see, the trends in terms of debt, the net cash going from the situation of debt of 2019 going up to EUR 9 billion in 2020. And gradual jump in gearing, and we now have a positive net cash.
On the next page, you can see the proposed dividend.
As Cyrille Bollore said, it will be -- it would increase by 14%, if you agree, by EUR 0.08 that will be paid on the 12th of June 2025. And the total amount of dividend would include the amount already paid at the end of last year, EUR 227 million.
On the chart to the right-hand side, you can see trends in 2013 going from EUR 0.03 to EUR 0.06 to EUR 0.07 and now to EUR 0.08. The portfolio of listed securities. At the end of 2024, EUR 11.2 billion. As of the 6th of May, we're at EUR 11.5 billion. If you look at the 16th of May, we're just over EUR 12 billion with all the lines you're familiar with, the overall communications sector, including Universal Canal, Louis Hachette, Havas, Vivendi that will mainly contribute in 2025 to operational income.
And the others in Rubis and Socfin primarily. Lastly, a few words about our ESG performance. Let me recall the different activities in recent years. And at the bottom of the page, you have the more recent items with the application of CSRD leading to the publication in April 2025 of our very first sustainability report verified and certified by our statutory auditors, largely explaining the increase in the impressive size of our annual report that you have in your hands this year and the different scores that we have obtained from most of the rating agencies, which are positive overall and improving.
Thank you so much, Cedric. Maybe one last slide. It was published a few weeks ago on your company's revenue for the first quarter of 2025. Bolloré Energy, up by 3% and reported growth, but almost flat organically, meaning EUR 675 million in revenue for the first quarter. The industry is up slightly as well to reach EUR 78 million and other holdings reaching EUR 29 million. So consolidated revenue of EUR 782 million versus EUR 751 million in the first quarter of 2024. Thank you for your patience for the presentation of the financial statements and I call on the statutory auditors to present their report and the veracity of everything that has been presented to you.
Mr. Chair, ladies and gentlemen, shareholders, on behalf of the body of auditors and Constanta Associate Energy Finance, we will now report on our mandate and present the report that we have drawn up for you for the combined general meeting today.
The reports are kept at your disposal by the company are in the Universal Registration document for 2024. I suggest, as usual, at these meetings, I will summarize this report, starting with the report on the consolidated financial statements and the annual financial statement. The main goal of our mandate is to obtain according to the professional standards, reasonable assurance about the uncertainty, regularity of the accounts and to verify that they contain no significant anomalies.
We kept general management informed on the 10th of March 2025, the Audit Committee of the group on the 12th of March as well as your Board on the 17th of March of the nature, the extent of our work, and we presented our findings.
Our report is on Pages [ 303 ] and 304 of the universal registration document contain our findings, on the one hand, your group's financial statements prepared according to the IFRS referential in the EU, the annual financial statements of your company prepared according to French accounting standards.
Our report detail in particular, our assessment and the key points of the audit in accordance with the commercial code. For the consolidated financial statements, these are the assessments on the valuation of the capital loss on the consolidation following the disposal and spin-off of Vivendi Group and also the valuation of equity method investments resulting from the same transaction in the Vivendi Group.
For the annual financial statements, the key point of our audit concern the assessment of the stakes and different receivables. We have reviewed the underlying data and the calculations made by the company, their presentation in the appendices to the financial statements, and we can ensure that these estimates are reasonable.
Based on this, we express an unreserved and unqualified opinion on the annual financial statements of your company and on the consolidated financial statements of the group. At the same time, we carried out specific verifications as per the law, and you have no observations to make on the sincerity and concordance between the annual financial statement and the consolidated financial statements and the information contained in the management report and the report on the corporate governance.
As regards the regulated agreements, which were in the fourth resolution, we issued a special report on Page 343 of the universal registration document, presenting the different terms of these agreements as well as the grounds justifying the interest for the company of the contracts entered into or of which we were informed during our work.
We were not informed of any new agreement entered into during the fiscal year 2024. So agreements and commitments already approved by a general meeting continued during the past year. These are the 2 following agreements. First of all, the service agreement in the financial and legal area with the definition of strategies and signed with Bolloré SE and also the lease agreement with Societe Company bearing on the premises at 51 boulevard de Montmorency in Paris authorized by your Board on the 13th of January 2021, and that came into effect on the 17th of February 2022.
Lastly, your general meeting met today is meeting today in the extraordinary form so that you can express your opinion on several transactions on your company's capital. In this respect, we have issued 4 reports. The first report is on the issue of ordinary shares and other marketable securities, granting access to preferential subscription rights or in connection with the public exchange offer dealt with on the 20th and 23rd resolution.
Also on the capital increase by issue of new shares or other securities granting access to share capital reserved for members of company savings plan covered in the 24th resolution. A report on the authorization to grant free shares existing or to be issued covered in the 25th resolution and the report on the share capital decrease covered in the 26th resolution.
We confirm in these reports that we have no observations to make, in particular, on these transactions. This report is on Pages 339 to 342 of the universal registration document. These different reports issued by our 2 firms were signed on the 30th of April 2025. On behalf of the body of statutory auditors, I thank you for your attention.
Thank you so much, the statutory auditors for your work on our company. Dear friends, after these presentations and summaries, I will now move on to a Q&A session and followed by a vote on the resolutions once we have exhausted all the items to be discussed. So I'll now give the floor to the shareholders and take your questions.
I can see one in the middle.
Yes. I'm an individual shareholder. What are your intentions for Rubis Group? 2 other groups, to my knowledge, took out shares, reducing the powers of the family. Question.
Last year, you also said that you were questioned about the future of batteries. And you said that there were 2 technical concerns and to take you 2 years to reach a decision, we have reached. We have reached halfway.
Thank you for your attendance, first of all, as a shareholder, and I will try to answer as precisely as I can to your 2 questions. About our intentions for the Rubis Group, last year, I spoke of our intentions, which remain the same. To date, we are very happy with the investment we made in this company, which we know well for many years now. We purchased a bit more to hold today 6% of capital.
We bought them at a price that was below the today's share price. You can calculate it easily. The price was below EUR 23. You know that the share rose with speculations on changes in holding. It's at about EUR 30. But I don't want you to disappoint you because it dropped last year after the general meeting. What I know, and this hasn't changed our assessment of this investment decision is that the group is still generating very good results in this traditional business, namely the sale of oil products, mainly in emerging countries.
And I think there's still a bright future, namely in Africa and mainly as well in the Caribbean and other distribution needs, their own oil deposits and the disposal of these deposits was done, enabling shareholders, including ourselves to obtain exceptional dividend.
And as you know, where many other shareholders complain is about the investments in renewables. We took part to some of our teams in their Capital Market Day, explaining the new business in renewable energy. All of this, I believe, is extremely intense in terms of investments, but with a profile that follows the investment plan.
So it's a new model going from oil after all, which is very profitable to another business that calls for a lot of investments, of course, that calls for a transition period. Our team seem to believe that this portfolio, if it's kept or disposed of at a certain value, certain shareholders tended to say it's worth nothing.
It's not taken us anywhere. I believe that the price at which we bought it is not even totally on par with the oil distribution disposal of the oil deposits. We believe that the manage has been tried and tested for many years now. Dividend has been rising from year-to-year, we bought it -- well, the dividend today is in excess of EUR 2.
So at the price you bought it, the dividend is quite comfortable even at today's price between 8% and 10% while having about 5%, taxation is a bit softer, if we stay over the longer term. So I continue to believe that Rubis is a good investment that we have made. I know the same thing as you. Some shareholders complain.
We have seen new developments with a press release from the Rubis Group speaking about the departure of the Chairman of the Supervisory Board and the proposal to appoint to the Board, Mr. Patrick Molis as well as [indiscernible]. I'm very much in favor of anything that is constructive between management and the shareholders.
One thing I'd like to add, you say that will reduce the family's power. I have no positive or negative comments on that. But you know that even though it's a partnership, even though some are not happy with the 28%, the founding -- the founders and they manage a company and they made a significant development without consulting the shareholders, but we didn't hold any share of the capital during that transaction.
So when you look at the statutes, well, this partnership regardless of -- well, it can't take place without the approval of these people and its remarkable managers can't lead to the end of the partnership. I'm they received, who had bought a part of the capital at higher prices is 5%.
So I believe that this group is well managed. There are questions about the electricity business, but doesn't call into question our investment and the constructive agreement that can be reached with the different shareholders, including ourselves. So Mr. Molis is very much a respectable approach, and we knew him in all distribution. He has always done good business like [indiscernible].
So wish him a lot of success regardless of what they want to do in this company. But at this stage, we are very much happy with this investment. With respect to electric batteries, you have a good memory. I said last year that we would take 2 years to find the technological performance for the new Gen 4 generation of batteries that has now been produced at the level of sample ones.
As I said before, since last year, we have seen that the markets have become more tense, as you may have noticed, there have been bankruptcies in Europe, Norbalt. We have seen that in the papers. So things are tough. And as I said, our goal is to find capital. If we find what we need technologically speaking, because we don't want to carry a total investment that will be extremely important, even though potentially we have the best technology, it doesn't make it easier to find capital.
But there is a lot of booming movements in the market. We know that the market for vehicles and the automotive industry has been seen a decline in demand as compared to the past. But we're still conducting research and we produced the first sample once. It's still a research program. If you have a wonderful data, each time you find a solution, there's a new question that opens up. We remain confident, and we are still signing partnerships with different groups.
We continue to believe, even though it's not easy, that a total absence of the Asians would be totally crazy in the market where they have a significant position technologically speaking and on cars in general, not only for batteries, but their production capacity. With KPIs on quality that are so significant. So we're continuing to look at towards China, while continuing with research, and we continue to have third parties assess the results of this research.
That confirms that next year, when we meet again at this general meeting that we'll be winning our wager on this technology or it will be a bit more difficult, and we'll then have to draw the consequences. But at this stage, I'm still very much enthusiastic about the research carried out. At the same time as this research, we are declining applications. Marie Bolloré was here. Well, it's sad, but in car sharing, for example, they brought in a lot of money by selling charging networks, say charging grids in Singapore and London in particular.
We continue not to sell more products, but to succeed in research on top of research and development and looking for capital to develop this technology. But next year will clearly be a milestone. It should be between December and April because the teams, which we reviewed the situation last year said that, that will be at that point in time.
Well, we have the samples, but it will be more industrialized and easier to -- for the OEMs to test it out, the OEMs whom we have signed partnerships. Thank you very much. I try to be as precise as possible to answer your questions and the questions yet to come. A question over there, please.
Kudos. It's not a question. It's a tribute I'd like to pay. I would like to pay tribute to Cyrille Bollore, who is presenting herself once again as a group Board member of the group. She is Vincent sister and the Chairman's aunt Cyrille and his brothers and sisters. Despite her age, she shows the strength and robustness of this group and more yet, it's longevity. Honor to you, Madame Cyrille Bollore. Thank you.
Dear Mr. La Roche, thank you for your comments. I never know if it's nice or not. It depends on the year, but they are always constructive. Thank you, but it really helps us sincerely to make progress. And thank you for your attribute.
I don't know, if we can say her age. Of course, it's published, 81 years old, but she's still doing sports. She here at 7:30 to get right in the bed of any significant demonstrations. And we have another aunt. Aunt Annie, who is 91 and Jacquin who's 98. 98 a bit tougher, I must admit. What? And they're not members of the Board, of course. But my Aunt Annie, she's in great shape. She lives in Montre, she move, she does her. So thank you, Chantelle Bolloré for her support, and I encourage you to vote for her renewal. Thank you so much, Mr. La Roche. Next question, one over there and then to my right.
Yes. Gentlemen, I can see that the Bolloré have a long and tough life. Let's hope it lasts. I hope so for you. And thank you for the very nice results that were very warm and friendly versus SBF 120 plus 40% over 15 years. I can see on Page 11 of the reference report over 10 years, we have a share price I think increased by 9%, whereas SBF increased by 49%. But just a clarification due to restructuring, of course. What's more important about the share price and the trends with the sale and of products and services and having strong brands.
It's all about ethics. You spoke about sustainable growth, CDRS directive, the good conduct of business. I don't want to say nonsense. But the question, as burning my lips, I've been a shareholder for 15 years now. Normally, I ask technical questions on goodwill and the consolidated financial statements, regulated agreements and so on. But for the past 3 or 4 years around me, Bolloré Group in the media is viewed as something that is sending out a sort of discrimination.
I'm talking about the television channel C news. I don't know, if you are linked to see news directly or indirectly. But on the television debates, we need to have people, who can contradict things regardless of the tone, especially for the international group, we become -- I don't want to talk about racism.
I'm a Catholic, and we have never been told that Catholics. We're about targeting people without incorrectly. But I'd just like to know, it's a nice question. Are you aware of that? We've been seeing that for 3 or 4 years now. Is there anything that you'd like to correct? I know you're very direct and frank and don't tell me that's a part of the editorial line that you don't control, that's beyond your control.
Thank you for your question. I'll try to answer as frankly as what you said. I'm a catholic, I'm baptized, you can say anything you want to. I say things directly, whether you are catholic or whatever. I respect everyone. I'm not a racist, of course. To be honest and very frank, as we normally are. Unfortunately, I don't watch television a lot because I'm very busy here. And another reason I had 3 children over the past 5 years, and that doesn't give me a lot of time. Unfortunately, that may come one day. You know what will happen in the future when children grow up, I don't think you have more time or not.
But today, I'm not the burst audience, not that I don't want to, but I've seen different faces because I heard a lot what you're saying. You can well imagine, even when I wasn't Chairman of the group, with the name Bolloré, it was very clear. And when I saw seniors with editorial line that I wouldn't describe as opponents are describing as racist discriminatory.
You hear lots of things left and right. Maybe they can make mistakes here and there. But in actual fact, I've never been operational in all of the media divisions, Vivendi and so on. I'm not trying to hide. But at the beginning, as you know, before the disposal of this African business in 2022 and the disposal of Bolloré Logistics in 2024, we do a lot of international business for ports, tenders in Africa, for large international groups, asking themselves the same question, saying there's an image or there's an article on the Internet.
So as the leader of the group, when I was appointed, I went to see some and I said, is this necessary? I don't watch [indiscernible]. I don't watch television. But sometimes I hear about it in the press, [indiscernible], and some newspapers. And that feel that is not making business easier because you have to get rid of this label that personally because I know our leaders, that's very far from the truth.
So I spoke about it with Marie, my sister, and I said, we read this in the papers. And as time went by, I saw that in Africa, there opponents, people wanted to seal concessions, not just on seniors. I realized that you had some people who have an ideological or political battle and then use any weapon they can find.
I'm sorry to say, even deformation. What I've noted as a group leader until now is that what's held against us is what I saw on the other side. When they say that you have the [indiscernible] trial, or when they tell you that your group corrupted, you need to say something. I hear, did you see my father National Assembly or the Senate was a good attorney, but he's losing all the time. So what I told my father, I don't know if he said it to us not during the hearing, is that most of the trials that took place, the journalists were not found to be guilty, but he want to defend his integrity.
And he was held to be on good faith. So it's deformation each time. I don't care if a journalist is condemned. It's not in a world where you screen every company that wants to put a -- place a tender asking for economic intelligence to screen a group. When you look at Bolloré, well, 5 or 6 years ago, it was scary. My father has been iconic. Well, I'm not as funny as he is. But it's like a kid wants to shoot everyone in the room.
No, it's all about having the right answer. I don't want to get annoyed at newspapers I won't mention here that we're trying to keep things quiet. I'm seeing exactly the opposite. We're experiencing the opposite of what they wrote. They have never allowed me to express my views. They have their editorials, an editorial that was open to me like any other citizen and said that they sent me an e-mail on this trial. I don't know all the things that have been said on the television sets, it's hard for me to judge.
But what I experience every day is far different from what is described in the papers. And the TV channel, like it or not, I don't watch it much. What I like is the number of people who watch it. And it's not the TV channel that put people on the right wing. I don't want to talk about politics. You have all the different political sensitivities here and in our group, but it's scary though. People are saying that we are polarized between different extremes in society, a center, a left wing, a right wing that doesn't exist. I'm not a political expert, but the climate is tense and indirectly or directly holding a channel that has become the #1 news channel in France.
So there must be a certain concern by the population. I have a nice neighborhood. It's not like I can be aggressed downstairs, and I travel a lot to France, and we hear things one way or the other. To answer your problem about ethics in the group. And one of the reasons, personally, for me, as a 40-year-old man who is very much attached to this group is the people in it. If we were races, we wouldn't have groups business in Africa. We get along with everyone to -- last week, I pointed this out to everyone.
What's very comfortable is that we have acquaintances from everywhere, some on the left wing, right wing, and we talk together without getting angry. We can build things together going forward in the same direction. We love what we do. We have the skills. We lend support to industrialists, to small entrepreneurs sometimes going in the same direction towards something that I strongly and sincerely wish for the new year.
I've been here for 18 years. But we have between 700 to 1,000 people. In a polarized world where everyone wants to divide us, I'd like you to be benevolent. People have good reason to think what they think, be the left wing or right wing.
I don't know what about the streams. I can see a ship to the right wing, a TV channel that is polemical and a big debate around it. I'm trying not to be blind to it. I'm trying to understand. Everyone is playing their role. It's not very pleasant. But at the time, what I thought could be a hindrance for our group is not an actual fact. We see many testimonials of support every day in the street, in the buildings, around the world, internationally.
So I take your comment very seriously and sincerely, but there are always several versions to a story. You can look at both sides of the story, and you shouldn't be unhappy when you're on the wrong side of the coin, and you just flip the coin over. And I'm trying to move forward to the group with people of great value who are benevolent, not every day maybe, but we try to as far as we can and to move towards something respectable.
Regarding the -- yes, share price. And I'm not forgetting your question. So plus 9% for the group and plus 49% for the group. If my memory serves me right, in 2015, the share price has gone up and for a variety of reasons, and you might see of going up and for variety of reasons. And back then, the group had a big momentum because it was then that my father had become in June 2014, become the Chairperson of the Supervisory Board of Vivendi. It was a huge business with a number of assets, Activision, amongst others.
I was not at the helm of this. And I think if my memory serves me right, it was a [indiscernible] Waters study. It is a fund that usually denounces groups as aired or that misrepresent their assets that take short positions and betting on the share price falling and denounce all the wrongdoings in the company, and this is kind of a vision that is biased compared to what things are like realize the what is said an incredible value and undervalued asset that of Bolloré, an incredible potential. And indeed, the share price took off basically. That's what happened.
So at the time when the whole group had outlooks from the -- seen from the outside of incredibly increasing performance for a variety of reasons, not poor economic performance. and the share price went down again to come back to its initial momentum. So kind of a good family managing its family business. This is kind of -- and then you can text stats on over 9 years, 8 years, 10 years. And we indicated this 15-year period, we indicate the ups and downs of the share price.
And then compared to securities, U.S. doing better, Germany catching up. But we don't feel this on a day-to-day basis all this -- and we had the share price a good performance. But despite this issue with regards to sadness, we are entering into a -- well, challenging times, but our share price is faring pretty well. So EUR 6 as we cash and liquidities, we wanted to thank those who took in this try to do likewise with family, but we can talk about this.
And I can tell you that we're giving it a good fight day in, day out with much energy and momentum to deliver the best possible performance. But thank you for your questions, comments. I see other hands raised. I can't see those who want to ask questions, but I can see hands raised, [indiscernible] individual shareholder, several questions.
It's a bit difficult for me to talk because there's a lag with the loud speaker next to -- or I'm sitting next to it. So a dividend of 75% of the profit, the group profit. So notwithstanding any exceptional items, could do a bit less to keep our money and invest more in the future. So could we not?
Secondly, second question. I think I can understand that we're represented as Mr. [indiscernible], who very well presented in the Board of Directors. I think elders really can make major contributions. I think youth is there, but not quite as we had the largest music retailer in France died at the age of 31. I don't know if the branches of the group were producing this person, where, for those who knew him or who he was, could we have in the future someone in his 20s from the Bolloré family would enter into the order on the Board. That would be a good thing.
Thirdly, could you give us more comments, have this feedback from the last speaker, it's awful. Can you share your comments on this double-digit growth in the agricultural division is really interesting, promising. What makes this growth? Can you tell us more about this? What is your take on video games as we are shareholders of 2 undertakings in video gaming, Vivendi through Gameloft and [indiscernible].
And then you haven't indicated the targets set forth in the universal registration document. What are your ambitions in electrical vehicles and any electrical operator projects.
And I've noted your questions regarding the distribution time period of the dividends, often somewhat more and others, we need more money to invest into the company. So that's dividend. Well, I understand your take on this. I don't want to increase the dividend too much to then bring it down the following years. So we try to be consistent there. So I hear your concern, okay, we need money to invest.
And I'm looking at my colleagues. And if we wanted to invest all our money in our industrial projects, we might be a bit tight. Yes, we might need to consider bringing down the dividend, but we want to try to maintain it at that level or to up it. But I hear your concern. But we are -- given the current cash situation, we have a significant cash excess. So to be pretty clear, we're doing pretty well.
And as to your second question, thank you to our elders who take the time to support us. We've rejuvenated the Board simply because it was asked of us by the governance bodies with the [indiscernible] companies, and we got members of the family. Marie is very young. She's not in her 20s, but she's young. We got 37 and 30-year-olds [indiscernible] and maybe I don't know if we have anybody in our family in their 20s. My kids are too young, and it wouldn't be a good idea to do that [indiscernible]. We take your point. We have meetings on a regular basis to -- and we can consider rejuvenating this Board.
There's no impiries. There's no urgency there, but we can have maybe there might be a young skilled family members somewhere's, but we'll see. With regards to -- yes, well, supported by a holding. And with regards to your question on agriculture, we have -- and [indiscernible] business with the capacity to sell and distribute wine bottles, but we do have capacity and stakes in Socfin, but we don't own them. And so they do the end of the year report and they tell us about any frost impacts, any impacts on inclement weather.
There's been significant rainfall on the [indiscernible]. So we discovered -- despite this virtuous business, we discovered the hardship of winemaking and the vagaries of winemaking. So we've also planted olive trees and developed olive trees in land dedicated to cotton. So before I joined in, it was decided to -- and I decided to continue to go down that path, notably in Europe and Italy.
We export around the world. Olives are exported around the world, and you can see the consumption trends consuming more and more olives. So we've started to export olive trees, issues with difficult to harvest and frost and we won't be far off the 1 million bottles between peach wine olive trees and for the America market produced in America and for the American market, and we're continuing to look around for other agricultural projects in Africa, notably. Maybe next year, I can update you on that.
We are into 2 interesting projects, not huge, but this could be a nice complement to this agricultural business. And if all of this come to fruition between now and the end of the year, we'll keep you up to date. So this is really interesting.
With regards to video gaming, I'm not a video game expert. I was fortunate enough to be on the Board of Vivendi. So I followed Gameloft [indiscernible] and this worked really well. And our strategy was to shift from mobile is exclusive -- with an exclusivity to consoles. And the mobile gaming market doesn't work the way it did a few years back. And the latest game, the best seller sells pretty well on console. And -- but it is indeed, they have [indiscernible] projects in the pipeline, but we're not allowed to talk much about this and to make any disclosure.
[indiscernible] is down, the accessory provider of video games. The software editor will have been hit. We could -- maybe people could have said, well, okay, we should have saw this before. And -- but we support them in their strategy. [indiscernible] on board, the Chair, and he seems to be perfectly quite remarkable and the right managers on board. And look at Ubisoft, the market is down during COVID, everybody was stuck home and we spent money on gaming.
And thankfully, people are back in the streets and try to do physical purchases. But this is about their ambition as far as I'm aware of these at this point in time. Now about 8, 10 years ago, I was in charge at Bolloré Energy to look at would fuel heavy fuel oil, not electricity sold to networks, not individual consumers looked at the license. It seems to be quite a complex business.
We need to store electricity and to reinject it and the grid, but made a choice we see what happens and doing less money for the group to what had been allocated in this business line. Becoming a great manager requires a lot of money spending. We can't improve the products whilst investing in battery factories and we need to invest all of the group's money. And I don't think this will make you happy in terms of portfolio management.
And we always -- and has always been -- has always shown audacity. We became the first African network and first global networks, but it was 25, 30 years ago, when we invested EUR 20 million in Africa. As I told you, and it was like people thought that half of the African population was going to die from [indiscernible] . It was a public school. And all this seems completely normal thinking back in the day.
But we got it wrong over the past 7, 8 years, people have said the opposite. And EUR 2.5 billion, EUR 1.5 billion at this point in time. And as a reminder, for you, shareholders in many companies, in 2050, 40% of the assets in the planet will be shared, will be owned by either the African continent or India. So not easy indeed, given the current forecast. But this is -- this was quite a lengthy and there were many questions. So it took some time to address these questions.
Mr. [indiscernible], individual shareholder. In excess of EUR 5.3 billion cash flow, do you think you'll be having -- opting for exceptional distributions or allocations? What about the Cambodge and the AMF decisions? Do you think you'll start an equivalent transaction on Italy, but you got EUR 26 million, you lost EUR 235 million. Are you happy with the outcome? And on industry, you're losing EUR 114 million that's -- and are these related to batteries? Or what is your intention to improve -- to make any improvements on Industry division?
Thank you, dear shareholder, for your questions. So by and large, the numbers you've quoted are created by -- divided by the current dividend. There's about 20 years worth of dividend. So we're hoping that they will get a bit more than 20 years of dividends for exceptional distribution. We haven't considered this, and we were thinking of reinvesting. But if we're out of this and we don't know what to do.
And if the market is there, I'm not excluding at all to distribute an exceptional dividend if everybody can enjoy it and if that doesn't impede the group because we're talking about being bigger in the market and being always in the top 5.
And if the market compares to be -- and if this is absolutely critical for the next steps. And we're talking about Salinger. I'm just answering your questions on interest rates. This cash flow for both parties invested to interest rates in the regions of 2. Well, 2 or 4 for corporate tax an exceptional distribution.
I'd like to come back to that with Salinger. Salinger was a codename of the company a lot of work dedicated to this. And I told some, but I don't have the opportunity to address this in the general meeting. But we sold at significant prices for -- with a significant price lag. Our core business was logistics. So we got in EUR 10 billion, thanks to the BTL operations. We repaid our [indiscernible] money back then. And it's -- we've turned the page because Vivendi, it was 100%, but it was much smaller. Our stake in Vivendi was much smaller, around 300 million shares. If it was EUR 10, EUR 12. So all this has been sold off. So we've got EUR 8 billion valuation.
Some said, okay, we're very happy with the group, but we have blocks we can't exit with that price tag and the share price seems to be okay, but I cannot exit without bringing down the share price. That's what we thought, well, okay, this was widely commented here.
Okay. We can go ahead without and please people and said, okay, when we launched [indiscernible] and people did not benefit that much to the -- with this cash that was massed and could not sell their shares. I was checking this day in day out. So people had been patient and so we worked with the experts on our sides, but much difficulties along the way.
But I thought -- and I told analysts and significant shareholders who attended the analyst meeting when we were asked to other price in December after the first upward movement in September, we're talking about 50%, 80% premium versus share price right before the offering in September. So we had firm followers. And so that this was -- had been the next steps to mergers and acquisitions in July. If you look at a premium on -- that's between 80% and 120% when you compare this to what it was a year ago.
And okay, going to please people, but it's great. And we commit for a year to do nothing at the group and to try to close down an undertaking just to reinvest in Bolloré because if we close everything down, there's about, but it was -- we don't want to -- this will help everybody to reposition whilst getting lots of cash and with fixed parity, UMG up to higher level.
And when UMG with 27 got, some got 160% premium on that, following about 10, 15 letters that were sent to AMF, financial market authority, I just wish this hadn't happened. This really sad. The reason why we've done this initially was to make people happy and to depend any strategic steps. That's remarkable as reflected in the previous questions demonstrated sustainability, sustainable development. We'd have to report [indiscernible] and the sustainability report has a cost as a price we're talking millions in euros because this involves corporate teams in every division as [indiscernible] for transport, but we need to account for everything, KPIs.
We have to do this again in a listed company of a certain size. And at the sustainability report in our companies, we own 99% of the companies, although we have 3 different reports. So this replicates our effort. It's not quite a good idea to start from scratch every step of the way. There's no bearing on the controls, whether we own all shares or not, doesn't make any change. It doesn't change my life.
And the capacity to invest, if we really thought that Bolloré's something else was going to happen. I think, well, there was Bolloré and we're talking about EUR 720 equivalent and EUR 10, I'm going to pay or whilst others don't have that money, you're not going to talk about EUR 725 or EUR 525 and we ended up with EUR 560. And I understand what I'm getting at, what decided for us to not to challenge our decision.
I thought it would be fair future we could have considered the first time around. Not everybody agreed. Should we go back to that or let us see this through. And -- but the discussion went on to the fact that we were required to commit all of the Bolloré businesses, not have any distributions or significant dividend distributions for a period of 5 years. So we were stuck for 5 years with EUR 0.06 or EUR 0.07 and this is rightly so.
And so it wouldn't go in what should be done, especially in certain times, global uncertain times, not even mentioning China. And the strength of the group is about being agile to be on the board to sell music, to sell this and that with everybody's agreement. And if we get to more significant distributions, this couldn't have been done through the operations and this led us to say that we wouldn't challenge this decision, it wouldn't be -- it wouldn't have been reasonable.
And we lost sight of the actual valuation assessments, but I thought that this would be time consuming. We didn't want to dedicate or to spend time on this. My [indiscernible] this 85% of people who are happy with that. It's only about 10, 20 people. And so much that if everybody agrees, but I can just lament this situation, but that's it. The project is now over and out.
We could have put that in the slides. I don't know why we did though we had EUR 235 million, we received EUR 75 million, including interest, which is always good for cash. Most of our impairments were passed this year. That's a negative portion on the industry. So we could have -- it would take 6 years. We could have brought the matter before the Supreme Court and proceedings. We didn't.
And they said that they didn't want to launch an appeal and our attorneys also said that the city of Paris, even though we deserve more, was never considered to be condemned for such an amount. It may have been less than what we could have collected. But we're happy still and there was no appeal by them or by us bringing to an end the case that lasted for 6, 7 years and it could have lasted for 4, 5 years.
Given all the atmosphere, the State Council, Supreme Court and our image and so on, we didn't want to fight more than that. So in the group for us, it's good news. And we received the money ahead of time, the EUR 75 million.
Your last question, the industry is more than that. We passed some losses on contracts for the past generation batteries that wouldn't lead to much. So we spoke about that earlier with our operational team in Britain, and we're very careful about spending cash to focus more on R&D and funding capital.
We never give figures, but we try not to spend more than EUR 70 million. At the end of May, we're online, and we plan to reduce it instead of increasing investments. So thank you so much for your question. Any other questions? I can see one in the middle. Yes.
I'm an individual shareholder. I'm very happy. Over the long term, it's a wonderful success. Three points. I would like to come back to batteries and the reasons why. Why is it that despite the observation and considerable efforts made is not working. It's a matter of the amount invested, people, number of researchers, researchers who can't find a solution. I don't understand.
Second point, about your losses in the agricultural business, increasing to EUR 38 million in 2023, EUR 71 million in 2024. What happened? Thirdly, coming back to video games. First, I congratulate you of selling Ubisoft at over EUR 60 great. Now that the share price at EUR 10, if you were logical, you liked it before. Why don't you like it as much today with such a low share price?
For batteries, there are many different reasons, I believe, if you ask me for my opinion, which is what your question is about, I would imagine. It's not a matter of the budget. The group invests much more. In the past, we're investing EUR 60 million in cash. I wasn't the Chairman at the time. But in the past, we would spend EUR 60 million every year. So we spend even more than what we earned.
I spent a lot of time, as you can imagine, in recent year with our people. We have good people. Our research is good. My father was a visionary. The battery market would be driven not because the battery is better than thermal batteries, but he was a visionary, and he saw that at an early stage.
What we didn't realize, well, was that the market would be as big as it has become. It has become a much bigger market than everything we could have imagined. And the world turned around, saying that we needed to have a business in France. China wanted to have jobs in China, France in France, every government wanted to improve its economic performance and so on.
So it became an international issue for the business. I don't want to complain, but we didn't get a lot of help, some help on communication when I said we will be investing EUR 2 billion, they said, this is public money. But everyone we spoke about, we wondered if they really thought what they said. People in the regions were trying to roll out the project there for 10, 15 years, and I pay tribute to their work, and that is what helped us to build things together and to contemplate projects like this.
But alongside Europe, yes, China became the #1 producer in the world, making a lot of money. Take CATL, for example, #1 in China or #2 in China, EUR 4 billion, I believe they reported good experience.
But we have the European bodies that are not very much in favor of China, preventing us from drawing closer partnerships with people who could help us the mixture of people and technology. Most of the raw materials for producing this new generation of batteries that are very efficient come from Asia.
If we cut ourselves away from those people, it will be a problem. This is another issue on top of batteries in the industry. The tariffs in the U.S., everyone is asking how much would that cost us as we just increased our prices and we'll be losing millions on selling [indiscernible] or whatever.
Asia is there and the one to sell in Europe. What you have seen without any anguish because we're less exposed, but I see that in some small businesses, the Asians are invading the European market since we don't have high tariffs, since they can't sell in America longer. And that's the case for wine for automated gates everywhere, everyone is saying A plus B equals C.
The problem is that what is international is far more complex than that. So that's why I reduced the budget because I believe that the value is not in investing more. We'd love to have more people, but it's complicated to recruit.
Projects in the East of France allowed us to find other talents. Even those are well advanced in our factories in the north of France with not enough real estate, not enough homes or families. And I commend the government who always wants to help the businesses, but they want to do that in 1 year whereas it lasts for 10 or 15 years, but they're not elected for 15 years, it's hard for them. I'm not an expert in politics, even though I have my own opinions that I would not expert here. But unfortunately, that's why we have the strategy to focus on R&D.
We'll see where we reached next year, if it's just a wishful thinking or not. But it's exciting. We have buses, [indiscernible], but it's not a matter of selling buses to be the best. You must focus on R&D and have partnerships with the possibility of having licenses producing on the licenses in different countries. In Britain, we can do plastics, traditional activities, batteries at a large scale. It's difficult with the labs and everything.
There are many different reasons. This is a bigger market that attracts more. In terms of losses in the agricultural business, it's not in agriculture we're losing that much. I don't have the table in front of me, but I remember figures, don't you worry, but it includes the holding company.
In recent years, there has been a lot of restructuring by selling Bolloré Africa Logistics and Bolloré Logistics, we are far more cost. We sold companies. We took over some trademark licenses. We no longer receive [indiscernible] to prepare, should get ready. But there are nonrecurrent items that came on board. It won't change everything.
It could last for financial years. But the price we sold it, I think it was quite good. But it will only last for a year or 2. And then we won't have all the nonrecurrent items. Also guarantees and assets and liabilities. After selling Bolloré Africa Logistics, we spoke about taxation, the guarantees after all, and we may be forced to pay amounts that will be quite acceptable given the price at which we sold, maybe EUR 150 million or EUR 200 million at the end, but we'll see after we did some great things.
But there are small amounts yet to come. What's missing for EUR 800 million structurally and that decision must left the Bolloré building and optimize the building we have behind the Havas building. And we have no immediate solution for replacement without putting anguish on our employees. We must leave the building by 2030 to be in compliance with the new thermal resolution for 2030, calling for 3 years of work, working on concrete at every floor.
So there will be more important issues there. But I confirm that over the past 2 financial years, have seen over EUR 70 million in synergies that are nonrecurrent. But given disposals made, it is a quick decision that had to be made to be clear with you.
On video games, I would love to be at the initiative of the capital gains on Ubisoft, but I can't. But I like you, I commend those who are in charge of that divestment. I would call it with Cédric de Bailliencourt. We spoke about Ubisoft, that would damper your hopes right now about tenures. The question was put to [indiscernible] last year saying that we made money, we won't come back. It wasn't good.
Well, it's not a short-term concern for us. Maybe we're wrong. But I think given what I said about the Court of Appeal will be more on that than on Ubisoft. But I don't want to make a commitment. I prefer to remain open, but I thank you for your message. Thank you.
A minority shareholder. Congratulations for the group's treasury positioning equivalent to [indiscernible] in the U.S. Maybe there will be a crack on the bond market in the making. So that's a great performance, wonderful. You spoke about [indiscernible] I would like to know what you think about your position on UMG. And in the near future, are you thinking of any payout of that investment to your shareholders so as to reduce the discount for Bolloré SE Group. That was my question.
And then you spoke about transactions on Cambodge arrivals. Thank you for your explanations on that. But my question is the following. You said that 95% of shareholders were satisfied with the tenders and are waiting for the end of the marathon. Your friend Marathon loves marathon. It's over 42 kilometers. I don't love to run, but I think that's what's the distance.
On the other hand, you can set the arrival line. If you stop these transactions entirely without any liquidity offer is that if you were not giving a chocolate medal to all the participants in the marathon that they're waiting for the end of all the tenders to be able to opt for UMG and that you are waiting until the last minute to be able to take over that branch.
Have you thought of any such solution for liquidity for those who are satisfied and they want to exit, plus the share price of Bolloré SE luckily is coming close to EUR 580, which is a limit set for an independent service provider buying automatically. And that's great for all of us so that we can be relooted without any effort.
Thank you for that. But coming back to EUR 580, isn't it interesting to think of this liquidity offer for rival shareholders, especially as you know very well, that because these are nominative shares. But at the same time, you have those who hold high-quality paper, but good paper anyway that is getting in value. Experts have recognized that and you too.
I would like to know if something could be contemplated by that. In addition, you said that some minority shareholders who wanted to sabotage were playing their card as long as you are listed. But some shareholders active, if I understand correctly, and thank you for your explanations for 5-year commitment, not prepared to launch coupons at group level. That was the authority.
Okay, fine. I understand that under those circumstances, you can close the deal. But I would like to know, well, if you abandon the Salinger offer, are you also committed for 1 year after the letter from Mr. de Bailliencourt or you no longer have any commitments on anything at all the levels of the group? That was my last question. So UMG and liquidity offers. Thanks once again and congratulations for your performance in a complicated time.
Last but not least, why keep so much money if you don't distribute it? I'm not talking about the cash distribution, just UMG. Are you worried about the years to come or after -- or is it because of the disposal of Vivendi SE?
Thank you for your questions, your loyalty and your comments. After the Bolloré [indiscernible] merger, should we distribute UMG? Well, I can't tell you right now, but it will never happen. Well, you know want to say something about value. The company leaders will say value they want to distribute ourselves. I don't want to scare anyone. But I want to be free.
Some shareholders would like us to reinvest, keep all the money to invest and keep on doing a good job. It's your long-term money. Others say, give me cash. Others say securities are good for us for many reasons. That's why I didn't want to get into all the rivals.
I'm turning to my specialists, but what I understand is that there are no commitments. We are totally free. We don't have 12 months or anything. with any letter of confirmation. We are free to do as we wish. I know your situation. I received your e-mail when you expect we were waiting for UMG thinking that it's higher.
Sorry, it's not my fault, but it's very frustrating. I would have been frustrated, too. And Cédric de Bailliencourt knows the situation well. He worked in those companies for over 25 years. They were given to him on buying back when they were worth not much. And he couldn't say midway that the price is high and I can't sell it. They didn't give it. He subscribed to it, okay. Yes, it doesn't matter.
There's no intent on my part. But many of us were sorry that these are rivals. People we know when you came to our general meetings, you can see that we have 15, 20 people. It's human in size. It's complicated, though. We asked ourselves, should we do something or nothing, to be honest. That's why I didn't follow up on it. We said we won't do anything. It's not our fault. We're ready to do it.
But when you look at the security today, it was at EUR 60, EUR 70, it's still over 50%, 70%, even though it's gaining less. Do you have a good volume for buyers? I'm not sure that, that is the case. But I won't make a commitment. Maybe someone will ask for more liquidity or something of that sort. But personally, as a company leader, of course, we don't want to offer the same price for mandatory exit to avoid any issues due to the squeeze out.
We don't -- the offer must be equivalent to everyone. It's always the same problem. After the 14 months of battle with the AMF and the court of appeal, I don't want to do that. Let's wait for a few weeks and months to see what happens. We can't do a public offer. We buy in the market at the price that won't hurt people. Personally, I'm ready to push that before our Board. We'll see what people think. We're a bit disappointed right now and annoyed.
But we hold no grudges over the long term. So it's not impossible that our position may change. Right now, we'll just stay still, but we'll see if we can do something, but not at the price that we are ready to do it for a squeeze out, especially if we have a commitment for 15 months. It bothers me the most in this transaction. We plan to finish it last year that we are stuck with our UMG shares.
Look at the UMG shares, EUR 26, EUR 27, not bad. But if it were the other way at EUR 15, we would have been stuck. It was becoming dangerous with a lack of agility on top of the 5-year commitment that is no longer sustainable for our group. My role was to say everything is okay, but I wasn't feeling well.
But we're looking in a way to see how we can position ourselves even though it won't be an offer for everyone. I was trying to cover all your questions. That was unrivaled. Okay, commitments. I think I've answered all your questions. Thank you very much.
Do you have any other questions? Yes, one over there in the center, and then we'll move on to a vote. There are several expressions of this content will accelerate.
I'm an individual shareholder. I'd like to congratulate you for the information you gave us about seniors and the public offer. This issue about racism against Bolloré, Christians. I'd like to come back to a transaction 8 years ago on Disney, an OPR with independent experts appointed. Some say that the experts were not competent given the value of the land. I contacted [indiscernible] and Sophie. You know them, I'm sure. And she didn't want to interfere because it was more American and too big for her maybe, but I'm sorry about that. But to come back to the amusement park, Epic, the new universal theme park will open up. Are you involved?
I can -- I think we have a small royalty in music. That's all. I'm talking about the theme park in Florida. In terms still have that in Florida and Georgia as well. Yes, mainly in Georgia. Furthermore, for the 6th of June, there will be a change on the television channels in France. What impact will it have on you with respect to your Canal+ channels? I really can't answer your last question. I don't know if someone knows that. The renumbering of TV channels, I don't know anything about that. It won't change much, I think. On my -- Canal developed by Canal+, you know that most of it is covered. Well, most people watch it on the Internet.
So you can do what you wish, but I'm sorry, but I'm totally ignorant. I've never heard -- well, I heard about it in the media, but I haven't heard that there would be an impact. When there's bad news to come, it comes to my ears. But I haven't heard about that. Of course, lots of news come to me, not only good news, but I think it would have an impact, to be quite honest. One last question before we vote.
Okay. We'll now vote. Adrien, Secretary of the meeting. Could you please read out the resolutions that we can vote.
Thank you, Mr. Chair. I put up to vote on the ordinary resolutions. The first resolution on approving the annual financial statements for 2024 with EUR 10,686,973.30 against abstentions. So the resolution is adopted.
The second resolution on the approval of the consolidated financial statements for 2024. Anyone against? Abstentions? The resolution is carried.
The third resolution on the allocation of income for FY 2024 dividend at EUR 0.08 per share. Anyone against? Abstentions? The resolution is carried.
Fourth resolution on the approval of regulated agreements [indiscernible] new agreement has been signed during the financial year as presented by the statutory auditors and the terms of execution of prior regulated agreements. Anyone against? Abstentions? The resolution is adopted.
Moving on to the proposals for renewal of the terms of office of the directors [indiscernible]. First of all, the resolution of Mr. Cyrille Bollore's term of office for a period of 1 year. Anyone against? Abstentions? The resolution is adopted. Thank you. Congratulations.
Sixth resolution, renewal of the term of office of Mr. Yannick Bollore for 3 years. Anyone against? Abstentions? The resolution is adopted. Congratulations.
Seventh resolution, renewal of the term of office of Mr. Cédric de Bailliencourt for 2 years? Anyone against? Abstentions? Resolution is adopted.
Eighth Resolution, renewal of the term of office of Madame Chantal Bolloré 3 years. Anyone against? Abstentions? Resolution is also adopted. Congratulations.
Ninth resolution, renewal of the term of office of Mr. Sébastien Bolloré for 3 years as well? Anyone against? Abstentions? The resolution is adopted.
Tenth resolution, renewal of the term of office of Madame Virginie Courtin for 2 years. Anyone against? Abstentions? Resolution is adopted.
Eleventh resolution. The resolution is adopted. And lastly, the 12th resolution on renewals to renew the term of office of Mr. François Thomazeau for 3 years. Anyone against? Abstentions? The resolution is adopted.
Thirteenth resolution on the recommendation of the Audit Committee for the renewal of the term of office of the statutory auditor AEG Finance for 3 financial years. Anyone against? Abstentions? The resolution is adopted.
Fourteenth resolution on the recommendation of the Audit Committee as well for the renewal of the term of office of an alternate statutory auditor [indiscernible] for 6 financial years. Anyone against? Abstentions? The resolution is adopted.
The Fifteenth resolution authorizing the Board to buy company shares for a total of 284 million shares, 9.96% of capital. The price will be at EUR 6.50 per share and the authorization will be effective as of the 21st of June 2025 for a period of 18 months as of this meeting. Anyone against? Abstentions? Resolution is carried.
Moving to remuneration or compensation voting, sixteenth resolution, approval of the information referred to in Article L22109 of the French Commercial Code as presented in corporate governance report exposed say on pay. Anyone abstaining? Against? This resolution is carried.
Seventeenth resolution, approval of fixed variable and exceptional components of total compensation and benefits of any kind paid during the previous fiscal year or granted during the same period to Cyrille M. Bollore for his service as Chairman and Chief Executive Officer of the company exposed say-on-pay. Anybody against? Abstaining? This resolution is carried.
Eighteenth resolution is about the approval of the compensation policy for directors established by the Board of Directors say-on-pay. Anybody against? Abstaining? This resolution is carried.
Nineteenth resolution, approval of the compensation policy for the Chairman and Chief Executive Officer established by the Board of Directors say-on-pay. Anybody against? Abstaining? This resolution is carried.
Over to extraordinary resolutions. Twentieth resolution, delegation authority granted to the Board of Directors to increase the share capital by issuing ordinary shares of any other securities comparing immediate or future access to the company's equity subject to shareholders' preferential subscription rights. Anybody against? Anybody abstaining? This resolution is carried.
Twenty first resolution, delegation of authority granted to the Board of Directors to increase the share capital by issuing ordinary shares to be paid by capitalizing reserves, profits or premiums or by increasing the par value. Anybody against? Abstaining? This resolution is adopted, is carried.
Twenty second resolution, delegation of authority granted to the Board of Directors to carry out a capital increase limited to 20% of the share capital in order to pay for contributions of shares or securities conferring access to equity. Anybody against? Abstaining? This resolution is carried.
Twenty third resolution, delegation of authority to be granted to the Board of Directors to issue shares and/or securities comparing immediate or future access to the company's equity in consideration for securities tendered in connection with the public exchange offer initiated by the company? Anybody against? Abstaining? This resolution is carried.
Twenty fourth resolution, delegation of authority granted to the Board of Directors to increase the share capital by issuing shares restricted to employees disapplying preferential subscription rights. Anybody against? Abstaining? This resolution is adopted, is carried.
Twenty fifth resolution, authorization granted by the general meeting to the Board of Directors to grant existing or new shares in the company for no consideration to the officers and employees of the company and its affiliates. Anybody against? Abstaining? This resolution is carried.
Twenty sixth resolution, authorization granted to the Board of Directors to reduce the share capital through the cancellation of shares previously repurchased as part of a share buyback program. Anybody against? Abstaining? This resolution is carried.
And finally, twenty seventh resolution about powers for formalities. Anybody against? Abstaining? This resolution is carried.
Thank you very much, Adrien. Dear shareholders, I wanted to extend my thanks for your loyalty, your support and being with us day in, day out and some send out supporting e-mails that you want to see that we fall victims to some. And -- but I'd like to thank our teams of Bolloré, who work very hard all year around, and we'll continue to give our very best throughout the year to protect your interest in the values of our group and look forward to seeing you again next year in the same time for this combined general meeting. Thank you very much.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]
