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The Seller s perspective__l PDenis SAMUEL-LAJEUNESSE Managing Director French Government Shareholding AgencyQQb  Synopsis In a few words : The reform of the French government as shareholder 1- The French State is a major player in privatisations 2- A stable and transparent process for privatisations 3- Our mission : preparing SOE for privatisation 4- A large panel of methods to privatise SOE\E 8 7 1 -(     & )CIn a few words : The reform of the French government as shareholderDD  Creation of an Agency dedicated to the management of the state- owned companies (French government shareholding agency : Agence des participations de l Etat (APE) Start-up approach in building the project A mix between the government culture and the model of private holdings Increase human resources with mixed culture of skills Task force under the authority of the Minister for Economy & Finance Self-management budget ( 9m budget) within the Treasury framework Our mission : being the shareholder, only the shareholder A  code of good practice between the Agency and the state-owned companies Enhanced relations with the top management Regular update and reporting Corporate governance reinforcement 0P2j0P20P2L0P2k0P2Py.h3T3T3TLk  3T     $          CIn a few words : The reform of the French government as shareholderDD  *Increase transparency and public information : Annual report on WWW.Minefi.gouv.fr Informations about APE available on the Minefi web site (Item vie publique) and soon on a dedicated web site (WWW.ape.minefi.gouv.fr) Consolidated financial statements have been established for the first time in 2004 (for fiscal year 2003) 50 significant groups or entities controlled by French State More than 1,4 million workers 530 bn total assets 200 bn operating revenues 4 bn net income 38 bn equity 160bn net financial liabilities00P20P20P203T3T3T3T~3T3Tf,   "              d 0ASd 071- The French State is a major player in privatisations> &An active selling policy & since 1993 : 60 bn sales proceeds including 21 transactions above 1 bn each 14 IPO ( 27,5 bn) covering a wide range of sectors : industry (22%), banks (32%), telecoms (18%), services& 15 secondary offerings ( 18 bn) out of which a couple related to the same company (Renault, Thomson, France Tlcom) Several trade sales Deals undertaken by state-controlled companies Since 1993 approximately 500 indirect shareholdings have been sold IPOs with capital increase (APRR, SANEF) A main European player Direct and indirect sales proceeds over the last ten years have amounted to 5% of GDP (10% in Italy, 4% in UK, 1% in Germany) 23 % of assets sold in Europe since 1993 (22% for Italy, 14% for Germany, 8% for Sweden) The largest Accelerated Book Building ever done worldwide was France Telecom ABB in 2004 ( 5,2 bn) A SELLER WITH A STRONG TRACK RECORD (P6P0PlPP;PGPP(63T0l3T;  3T"3T 3T3T3T3T      $           K 71- The French State is a major player in privatisations> n A sizeable portfolio of remaining shareholdings Market value of the listed companies portfolio is 45 bn ; ten stakes have a value above 1 bn Total consolidated assets of companies controlled by the APEamount to 530 bn, to be compared with 950 bn total assets of the 33 industrial companies of the CAC 40*223Tl            C1- The French State is a major player in privatisations : 2004-2005DD> RFour main transactions undertaken directly by the French State Snecma : a successful IPO in a difficult context; followed in March 2005 by the successful merger with Sagem (94% of shares brought to the public offer) France Telecom : the largest ever accelerated secondary sale APRR : a new transaction in the motorway sector (n2 toll road operator in the French market (behind ASF) and n3 in Europe) SANEF : the latest transaction in the motorway sector & nearly 9 bn proceeds and, in passing the privatisation of Air France (trought the public exchange offer with KLM), France Tlcom and Snecma Numerous transactions undertaken by major state-owned enterprises (SOE): some examples & Tessenderlo : a successful ABB on the Belgian market PagesJaunes : an innovative IPO in a difficult environment r?PPPPYPPpP0P2P?3T3T3T/3T3T3T3T3T3T3T3TL3T 3T3T3T3T3T3T3T  3T  3T  3TY 3T)3T 3T3T3T-3T        "              62- A stable and transparent process for privatisations77,  o A STABLE LEGAL FRAMEWORK A constitutional provision Art 34 of the Constitution : rules relating to ownership transfers from from public sector to private sector have to be decided by law The privatisation legal framework has been set out by three laws (2 July 1986, 6 August 1986 and 19 July 1993) and a number of decisions of the Conseil Constitutionnel  3T3T@3Th3T3T          62- A stable and transparent process for privatisations77,  .A PRAGMATIC APPROACH Enterprises that have entered the public sector by law may be privatised only by law For other companies the form of the sale autorisation may vary from the requirement of a law to no requirement depending on : Whether the government is a direct or indirect shareholder (more requirements for direct shareholdings) The size of the company (more stringent procedure for companies with turnover above 150 m and staff above 1000) The level of the remaining shareholding post-transfer (higher requirements in case of transfer of a majority stake) Specific legal provisions in order to protect national interest in case of transfer to private sector of shareholdings in strategic activities ; limited but not forbidden by European law. One example today in Thals. XZZNZZZZZZZZ3T3TT3T3T{3T3TN3T?3T3T3TH  ,                         62- A stable and transparent process for privatisations77,   A TRANSPARENT PROCESS Privatisation process is driven by the Minister of Economy and Finance with the assistance of the Agence des Participations Role of the Commission des participations et des transferts (CPT) Independent commission created following the Conseil Constitutionnel s position; it ensures that the transfer of state-owned assets to private sector cannot be achieved at a price lower than their fair value High compliance constraints imposed on members in terms of mandates etc& Decisions published in the JORF To protect the government financial interests and ensure a transparent buyer selection process  $ 3Tb3T3T 3T63T3T3T  $.'  7   %            03- Our mission : preparing SOE for privatisation To develop high quality management, shareholder value and international culture in line with the international practice This is a major change with the traditional approach of some companies with an engineer culture more oriented towards technological perfection than financial performance To speed up the change of by-laws of some state entities (from state-owned entities to limited liability companies : Direction des Constructions Navales : DCN, EDF, Gaz de France, ADP, creation of the Postalbank) To facilitate a better understanding of the companies by the financial community In adopting international accounting standards (IFRS) in order to make understandable specific difficulties (pensions, provisions for nuclear dismantling) In improving the quality of financial communication To promote industrial partenrships in order to create value Numerous examples : Air France-KLM, Renault-Nissan, integration of Wanadoo and Orange into France Telecom, Sagem-Snecmax&<xx3Tu#3T<x  3T         G                  ,4- A large panel of methods to privatise SOE,Privatisation is not only considered as a cash generating process but also as an opportunity for the development of solid companies. 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The Sellers perspective SynopsisDIn a few words : The reform of the French government as shareholderDIn a few words : The reform of the French government as shareholder81- The French State is a major player in privatisations81- The French State is a major player in privatisationsD1- The French State is a major player in privatisations : 2004-200572- A stable and transparent process for privatisations72- A stable and transparent process for privatisations72- A stable and transparent process for privatisations13- Our mission : preparing SOE for privatisation-4- A large panel of methods to privatise SOE in conclusion Caratteri utilizzatiModello strutturaTitoli diapositive , 8@ _PID_HLINKSA http://www.minefi.gouv.fr/http://www.ape.minefi.gouv.fr/Root EntrydO)p[{_@Pictures'Current User5SummaryInformation(T_㙮A User 98User 98  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)Pictures'Current UserSummaryInformation(TPowerPoint Document(YDocumentSummaryInformation8