Due to the chronic, poor performance of the company over the last 6 years, ALU annual meetings have devolved into little more than a forum for angry shareholders, usually characterized by teeth gnashing and vitriol, sometimes extending to personal verbal attacks on company executives.
Keep in mind that the annual meeting is NOT like a Quarterly CC. Detailed discussions of the company's balance sheet, and financial metrics are not subjects of ALU annual meetings. Expect ALU, for the most part, to reference the challenges they face, the progress the company is making, and that they believe they have the cash and assets available to restore the company to profitability. The shareholders will then flense company executives, and those same executives will deflect financial questions as inappropriate to the venue.
Now this year might be a little different since Michel is very new to the job. But I don't think he will offer specific thoughts about the restructuring program.
Consider Michel's position. He is PREPARING a NEW restructuring plan that will be much different than the current plan in terms of scope and speed of execution. Accordingly, his plan, STILL NOT COMPLETED, and therefore NOT APPROVED BY THE BOARD, is very much a work in progress. Therefore it would be VERY inappropriate for Michel to discuss the plan...at all.
But what is clear, though, and VERY OBVIOUS SINCE JANUARY, is that the current plan is INADEQUATE.
And the reason is:
Achieving only near break-even at the end of 2014, after 3 full years of restructuring, and after fully exhausting the Goldman money, and also much of the cash raised from asset sales, is way too little, way too late.
Finally, consider that there would be NO NEW 3-YEAR PLAN if the current plan was good....WOULD THERE?
TIME IS MONEY. And ALU does not have the luxury of either!