- Revenues of €10.510 billion, up 9.5% due to the growth of
Canal+ Group and Havas as well as the integration of Lagardère as
of December 1, 2023
- EBITA of €934 million, up 7.5% and 11.7% at constant
currency and perimeter, due in particular to the growth of Havas
and Canal+ Group, as well as the integration of Lagardère as of
December 1, 2023
- Earnings attributable to Vivendi SE shareowners of €405
million
- Continuation of the study of the feasibility of the split
project
Regulatory News:
Yannick Bolloré, Chairman of Vivendi’s (Paris:VIV)
Supervisory Board, said: "2023 was a pivotal year for our
Group.
We are delighted to have been able to complete the combination
with Lagardère. This transaction has enabled us to become the
world's third-largest publishing group, number one in France and
number two in the UK, and a world leader in travel retail. On a
full- year basis, this combination between Vivendi and Lagardère
would represent a proforma revenues of €18 billion in 2023 (€16.5
billion in 2022). Our Group today has a workforce of nearly 73,000
people, out of which 36,000 at the Lagardère group.
I would like to thank all the teams who have contributed to the
success of this complex transaction, and who have rapidly ensured a
smooth collaboration between the two groups. I would also like to
acknowledge the Lagardère Group's excellent results, published a
week ago by Arnaud Lagardère and his teams.
The strategy of transformation and internationalization that we
have been implementing for several years is behind the very solid
results we are presenting today. This strategy has enabled our core
businesses to become leaders in their sectors, more agile and ready
to embark on a new phase of their development.
The study of the feasibility of a project to split the company
into four listed entities, announced last December, is continuing.
If it goes ahead, this project would create value for all the
Group's stakeholders and would enable the creation of independent
pure players with the necessary human resources and financial
agility, capable of driving their own growth trajectory in an
international context marked by numerous investment
opportunities.
Arnaud de Puyfontaine, Chairman of Vivendi's Management
Board, added: "Vivendi's 2023 results reflect the financial
strength of its main businesses, as well as their ability to adapt
and structurally transform to their environment. The integration of
Lagardère as of December 1, 2023, also had a very favorable impact
on the growth of our company's revenues and EBITA.
Canal+ Group successfully pursued its international expansion,
particularly in Asia, the Nordic countries and Africa. It added
nearly 900,000 new subscribers over the year, both in France and
abroad. At the same time, Canal+ continued to expand its content
offering and entered into major partnerships, while Studiocanal
enjoyed a record year in cinema.
Lagardère posted a significant increase in revenues in 2023, and
its recurring EBIT was up sharply. The strong upturn in Travel
Retail continued, while Publishing, in a generally lackluster
environment, recorded good growth in its key markets.
Havas is one of the best-performing companies in its sector,
with the dynamic growth of net revenues continuing in the fourth
quarter of 2023, and a year-on-year improvement in the EBITA
margin. The company pursued its strategy of targeted acquisitions,
and forged important alliances in the technology field, notably in
artificial intelligence.
I would also like to acknowledge the work carried out by Prisma
Media, which today owns some thirty benchmark brands, and has built
up a solid "interior decoration and luxury" division with the
creation and acquisition of several flagship titles, while
increasing its share of business in the booming digital arena.
The first few months of 2024 confirm the continued positive
trends of the activities of our main businesses."
The Supervisory Board, at a meeting held today under the
chairmanship of Yannick Bolloré, reviewed the consolidated
financial statements for the fiscal year ended December 31,2023,
which were approved by the Management Board on March 4, 2024.
The Management Board also provided the Supervisory Board with
another update on the feasibility study for the proposed split of
the company into several entities announced on December 13, 2023.
Given the importance of this project and the profoundly
transformative impact it would have on the Group, the Supervisory
Board is closely monitoring the progress of the work. As previously
stated, this project will have to demonstrate its added value for
all stakeholders.
The Group is continuing its feasibility study. In any event,
several important steps will have to be taken if the Supervisory
Board gives the Management Board authority to go ahead with the
project. These would include, among others, the consultation with
the employee representative bodies of the entities concerned,
before which no decision in principle could be taken, obtaining the
necessary regulatory approvals, the approvals required from the
Group's creditors and the consent of Vivendi's shareholders at a
General Shareholders’ Meeting. As indicated last December, the
completion time for such a transaction would be 12 to 18
months.
The Group will inform the market of any significant developments
regarding the project.
On November 21, 2023, Vivendi finalized its transaction with the
Lagardère group. This transaction gives Vivendi a whole new
dimension, consolidating its positions as a major player in
culture, media and entertainment, and becoming a world leader in
publishing and travel retail.
This transaction took effect following the closing of the two
sales Vivendi had committed to with the European Commission, i.e.
the sale of 100% of Editis to International Media Invest (IMI)
which occurred on November 14, 2023, and the sale of Gala magazine
(owned by Prisma Media) to Groupe Figaro which was completed on
November 21, 2023.
This press release contains audited consolidated financial
results for the 2023 fiscal year, established under IFRS, which
were approved by Vivendi’s Management Board on March 4, 2024,
reviewed by Vivendi’s Audit Committee on March 4, 2024, and by
Vivendi’s Supervisory Board on March 7, 2024.
Revenues
In 2023, Vivendi’s revenues were €10,510 million, up 9.5%
compared to 2022. This change reflected the growth of Canal+ Group
(+€188 million) and Havas (+€107 million), as well as the impact of
the consolidation of Lagardère from December 1, 2023 (+€670
million). At constant currency and perimeter, Vivendi’s revenues
grew by 2.6%, compared to 2022, mainly due to the performance of
Canal+ Group (+2.9%) and Havas (+4.3%).
For the second half of 2023, Vivendi’s revenues were €5,812
million, compared to €5,066 million for the second half of 2022.
This increase of 14.7% included the impact of the consolidation of
Lagardère from December 1, 2023 (€670 million), as well as revenue
growth for the second half of 2023 at Canal+ Group (+€102 million)
and Havas (+€46 million), partially offset by the revenue decrease
at Vivendi Village (-€63 million) following the cessation of its
concert production activities (Olympia Production) at year-end
2022. At constant currency and perimeter, Vivendi’s revenues in the
second half of 2023 grew by 2.2% compared to the second half of
2022, mainly due to the performance of Canal+ Group (+3.4%) and
Havas (+4.4%).
EBITA was €934 million, an increase of 7.5% compared to
2022. It included income from equity affiliates – operational of
Universal Music Group (UMG) for €94 million, compared to €124
million in 2022, and Lagardère for €125 million until November 30,
2023, compared to €98 million in 2022.
Excluding this income from equity affiliates, EBITA was €715
million, up 10.6% compared to 2022 notably due to the growth of
Havas (+€24 million) and Canal+ Group (+€10 million), as well as
the strong improvement of Vivendi Village’s results (+€19 million).
This change also reflected the impact of the consolidation of
Lagardère from December 1, 2023 (€20 million).
At constant currency and perimeter, EBITA increased by 11.7%
compared to 2022. Excluding income from equity affiliates –
operational, EBITA increased by 12.1% at constant currency and
perimeter. This change was due to the performance of Havas (+8.0%),
New Initiatives (+26.3%) and Vivendi Village.
Income from investments was €81 million, compared to €50
million in 2022. In 2023, it mainly included dividends from FL
Entertainment for €29 million, MediaForEurope for €28 million
(unchanged compared to 2022) and Telefonica for €18 million
(unchanged compared to 2022).
Other financial charges and income were a net charge of
€158 million, compared to a net charge of €952 million in 2022. As
a reminder, as of December 31, 2022, Vivendi ceased to account for
its interest in Telecom Italia under the equity method and,
therefore, Vivendi recorded a charge of -€1,347 million. In 2022,
this line item also included the capital gain of €515 million
realized on June 30, 2022, following the contribution of Vivendi’s
interest in Banijay Group Holding to FL Entertainment.
Adjusted net income was a profit of €722 million (or
€0.70 per share - basic), compared to €343 million in 2022 (or
€0.33 per share - basic), an increase of €379 million (x2.1). In
2022, it notably included Vivendi’s share of the net earnings of
Telecom Italia4 (-€334 million) accounted for under the equity
method - non-operational.
Earnings attributable to Vivendi SE shareowners amounted
to a profit of €405 million (or €0.40 per share - basic), compared
to a loss of €1,010 million in 2022 (-€0.98 per share - basic), an
increase of €1,415 million.
In 2022, such earnings included the fair value adjustment of the
Telecom Italia1 shares (-€1,347 million as of December 31, 2022),
Vivendi’s share of Telecom Italia’s net earnings (-€393 million) as
well as the goodwill impairment loss of €300 million in relation to
Editis, partially offset by the capital gain realized on the
contribution of the interest in Banijay Group Holding to FL
Entertainment (+€515 million).
As of December 31, 2023, Vivendi’s Financial Net Debt
amounted to €2.839 billion (of which €812 million at the Vivendi
level excluding Lagardère and €2.027 billion at the Lagardère
level) compared to a Financial Net Debt of €860 million as of
December 31, 2022.
In addition, Vivendi has significant financing capacity. As of
December 31, 2023, available committed credit
facilities amounted to €3.2 billion and Vivendi’s
consolidated shareowners’ equity amounted to €17.2
billion.
As part of its Creation for the Future CSR (Corporate Social
Responsibility) program, Vivendi has set a common course for the
entire Group. By 2023, the Group has stepped up its efforts to help
build a more inclusive society and contribute to the fight against
climate change.
Among the Group's most notable environmental advances, its
greenhouse gas emissions reduction trajectory has been validated by
the Science-Based Target (SBTi) initiative since March 2023.
Vivendi reduced its greenhouse gas emissions on scopes 1 and 2 by
20% in 2023 compared to 2022, and 60% of the electricity consumed
by the Group worldwide now comes from renewable sources (+23 points
compared with 2022 and +39 points compared to 2021).
On the social front, Vivendi increased the proportion of women
in its workforce by 5 points in 2023 compared with 2022, to 58%,
and by 2 points, to 40%, in its management bodies2. Vivendi is
delighted to have reached the target set by the Rixain law3 6 years
ahead of schedule, and to have been recognized among the "Parity
Champions”.4
On the societal front, the Vivendi Foundation, created in August
2023 to promote access to culture for as many people as possible,
has strengthened the Group's philanthropic commitment, which in
2023 benefited more than 30,000 people in 15 countries through more
than 40 funded projects.
To carry out its mission, the Foundation offers programs based
on two priority areas of intervention: access to culture and access
to cultural professions. Vivendi Create Joy, Orphée and Canal+
University, pre-existing projects perfectly aligned with these
priorities, are now included in the missions of the Vivendi
Foundation, which will also be able to develop new programs and
actions.
- General Shareholders’ Meeting to be held on April 29,
2024
At the General Shareholders’ Meeting to be held on April 29,
2024, shareholders will be asked to renew the authorization granted
to the Management Board by the General Shareholders’ Meeting of
April 24, 2023, to repurchase shares at a maximum price of €16 per
share, up to a limit of 10% of the share capital (2024-2025
program), with the option of canceling the shares acquired up to a
limit of 10% of the capital.
The General Shareholders’ Meeting will vote on the proposal to
distribute an ordinary cash dividend of €0.25 per share in respect
of fiscal year 2023, identical to the dividend paid last year. This
amount represents a yield of 2.6% compared to the closing price of
Vivendi shares on December 31, 2022. The ex-dividend date would be
April 30, 2024, and payment would occur as from May 3, 2024.
The General Shareholders’ Meeting will also be asked to renew
the terms of office of Yannick Bolloré as a member of the
Supervisory Board, and Laurent Dassault as an independent member of
the Board (see biographies before the appendices).
- Comments on the Businesses Key Financials
- Canal+ Group continues to expand its subscriber base, adding
900,000 new subscribers in 2023. It is actively pursuing its
international development in Europe, Asia-Pacific and Africa. In
particular, it will file a mandatory offer for the MultiChoice
Group shares it does not already own by no later than April
8.
- Lagardère, consolidated as of December 1, 2023, achieved
double-digit revenue growth for fiscal year 2023 (+16.6% compared
to 2022), thanks to the Travel Retail and Publishing segments,
which posted strong performances in the markets where they hold
leading positions.
- Havas enjoyed another year of strong growth (+4.4% of
organic growth in net revenues compared to 2022) and its EBITA
margin has been steadily growing for several years. At the same
time, Havas continued its targeted acquisitions policy (10 new
agencies in 2023).
Canal+ Group: accelerating its international growth
At year-end 2023, Canal+ Group's total subscriber portfolio
(individual and collective) reached 26.4 million, compared to 25.5
million at the year-end 2022. In 2023, Canal+ Group's revenues were
€6,058 million, up 3.2% compared to 2022 (+2.9% at constant
currency and perimeter).
Revenues from television operations in mainland France increased
by 3.3% at constant currency and perimeter compared to 2022, driven
by growth in the subscriber base and ARPU (Average Revenue Per
User). The total subscriber portfolio in mainland France recorded a
net growth of 290,000 subscribers over the past twelve months,
reaching 9.8 million subscribers.
Revenues from international operations increased by 1.2%
compared to 2022 (+0.5% at constant currency and perimeter). The
total subscriber portfolio outside mainland France has recorded a
net growth of 575,000 subscribers over the past twelve months,
reaching a total of 16.6 million subscribers at year-end 2023.
Studiocanal achieved a record year in 2023, due to successful
film releases in theaters, both in France (e.g., over 4 million
admissions for Alibi.com 2, 1.2 million admissions for All Your
Faces, and 1.1 million admissions for The Animal Kingdom) and in
other Studiocanal markets, as well as strong growth in
international sales and very good performance of its catalog.
In 2023, Canal+ Group's EBITA amounted to €525 million, up 2.0%
(+1.3% at constant currency and perimeter) compared to 2022.
During the fourth quarter of 2023, Canal+ Group continued its
international development and further strengthened its content
offering, in particular with:
- the launch of a new streaming platform in the Netherlands,
offering a combination of linear TV channels and a rich catalog of
films and series on demand. After recent successful launches in
Austria, Czech Republic and Slovakia, Canal+ Group takes another
step in its European development;
- the renewal of exclusive broadcasting rights for the PGA Tour
(American golf circuit) in France until 2030; and;
- the acquisition of the WTA (women's tennis) circuit rights in
the Czech Republic and Slovakia.
On January 6, 2024, Canal+ Group and Warner Bros. Discovery
announced the renewal of their exclusive premium agreement for
Warner Bros. Pictures films. This multi-year agreement will allow
Canal+ Group to continue to offer its subscribers exclusive access
to Warner Bros. Pictures films, such as Barbie (the biggest
American box office success of 2023), just six months after their
theater release in France.
On January 30, 2024, telecommunications operator Free launched
its new Freebox Ultra, which includes the Canal+ Live channel at no
extra cost. This new offering is unique, and its durable
integration into an operator's box is a first in the history of
Canal+ Group.
On January 31, 2024, following approval from the French
Competition Authority, Canal+ Group completed the acquisition of
the OCS pay-TV package and Orange Studio, the film and series
co-production subsidiary, from its historical partner Orange. The
French Competition Authority authorized the transaction after a
detailed analysis of its effects on the market and made it subject
to compliance with several commitments given by Canal+ Group.
Following the recapitalization of Viaplay, the leading pay-TV
operator in the Nordic countries, which was completed on February
9, 2024, Canal+ Group holds 29.33% of the company's capital and
remains its largest shareholder.
Canal+ Group also announced on February 26, 2024, that it took
another step in its ambition to make Asia its next growth driver by
increasing its stake in Viu to 30%, in accordance with the terms of
the transaction announced on June 21, 2023.
Canal+ Group, MultiChoice Group's largest shareholder crossed
the 35% threshold of the share capital of the company and announced
on February 1,2024 that it had submitted to MultiChoice Group's
Board of Directors a non-binding indicative offer (NBIO) to acquire
all the issued ordinary shares of MultiChoice Group that it does
not already own.
This NBIO was rejected by MultiChoice Group's Board of Directors
on February 5, 2024.
On February 28, 2024, the South African Takeover Regulation
Panel (TRP) ruled that Canal+ Group is under the obligation to
launch a public tender offer for all the shares in MultiChoice
Group that it does not already own.
On March 5, 2024, in a joint statement with MultiChoice Group,
Canal+ Group announced that it was increasing its offer to R125 per
share, paid in cash, valuing MultiChoice Group at €2.6 billion
(treasury shares excluded).
MultiChoice Group entered into an exclusivity agreement with
Canal+ Group, which will submit its mandatory offer by no later
than April 8, 2024. As a result, MultiChoice Group's independent
board will be constituted and will provide its opinion and
recommendation on the transaction. Canal+ Group has reiterated its
commitment to the listing of MultiChoice Group on the Johannesburg
Stock Exchange (JSE), as well as its support for MultiChoice
Group's high B-B BEE status (certification of fair-trade practices
in South Africa) and its recognition of the importance of Phuthuma
Nathi (a broad-based shareholding program within MultiChoice Group,
for shareholders who belong to the part of the South African
population considered historically disadvantaged).
Lagardère: double digit growth
In 2023, Lagardère’s revenues were €8,081 million, up 16.6% as
reported and up 14.0% at constant currency and perimeter compared
to 2023. The difference between reported revenues and revenues at
constant currency and perimeter was attributable to a -€83 million
unfavorable currency effect and a positive scope effect of €242
million. Recurring EBIT (operating profit of fully consolidated
companies) was €520 million in 2023, a strong increase of €82
million compared to 2022.
In 2023, Lagardère Publishing revenues were €2,809 million, up
2.2% as reported (up 1.9% at constant currency and perimeter)
compared to 2022, in a generally lackluster environment.
Lagardère Publishing achieved strong revenue growth in its key
markets in 2023.
In France, revenues grew by 6.1% compared to 2022, higher than
the market growth. This strong performance was driven by the
Illustrate Books segment which benefited in 2023 from the release
of a new Asterix album, L’Iris Blanc, and an illustrated album,
Asterix & Obelix : L’Empire du Milieu, as well as from a very
successful year in the Young Adult Dark Romance segment. Literature
also had a good year driven by a record-breaking performance for Le
Livre de Poche as well as successful hardcover editorial releases
such as Son odeur après la pluie by Cédric Sapin-Defour (Stock) and
Le Suppléant by Prince Harry (Fayard).
Revenues in the United Kingdom were up 6.1%, due notably to
bestsellers in the Trade Adult segment, both in fiction and
non-fiction.
In Spain/Latin America, revenues were sharply up by +17.9%. In
Spain, the Education segment experienced strong growth, benefiting
from the peak of the national school reform.
In the United States, revenues were down 6.8% compared to 2022
in a declining market.
Recurring EBIT was €301 million, stable compared to 2022.
Profitability remained at a high level of 10.7%, significantly
higher than pre-Covid performances (9.2% in 2019) despite the
Polaris project in France.
In 2023, Lagardère Travel Retail revenues were €5,018
million, up 27.8% and 23.4% at constant currency and perimeter
compared to 2022.
In France, business continued to recover, with revenues up 15.9%
due to robust sales at regional airports.
Revenues in the EMEA region (excluding France) grew 26.6%,
driven by the increase in international tourist traffic, excellent
performances in Italy and Poland, and network expansion.
The Americas region continued to grow, with revenues increasing
16.3% compared to 2022 against an already high comparison basis,
benefiting from a favorable local economic context, particularly in
the United States, and the strong recovery of international traffic
in Canada.
Asia-Pacific revenues were up sharply by 52.1%, from a low 2022
comparison basis in 2022 in the region, following the delayed
reopening in China.
Recurring EBIT reached an all-time high of €245 million, up €109
million compared to 2022, with growth across all geographical
regions. This performance was due to the increase in revenues
combined with good margin control in a context of high inflation,
government aid in the United States, and efficiency gains brought
by the ramp-up of the LEaP operational efficiency plan.
In 2023, revenues of the other activities were €254
million, stable as reported (-3.3% at constant currency and
perimeter) compared to 2022.
Radio revenues were down 8.3% compared to 2022 due to lower
audience figures at the Radio unit, despite early signs of an
uptick in listeners at Europe 1. Press revenues were down -9.4%,
due to lower circulation. Revenues from the International “Elle”
licenses were broadly stable compared to 2022.
Lagardère has received from the LVMH group an offer to acquire
magazine title Paris Match. At its meeting of February 27, 2024,
Lagardère’s Board of Directors decided to enter into exclusive
discussions with the LVMH group. The employee representative bodies
would be consulted on the mooted disposal in due course.
Lagardère Live Entertainment revenues were up 8% compared to
2022 following a favorable comparison basis.
Recurring EBIT was -€26 million, a decrease of €26 million
compared to 2022, due to the News division's activity and higher
specific variable-rate financing costs for sales of trade
receivables.
Havas: one of the best performances in its sector
In 2023, Havas achieved another year of dynamic growth with net
revenues5 of €2,695 million, up 4.1% compared to 2022 (+4.4% at
constant currency and perimeter), supported by its three divisions
(Creative, Health & You and Media). This growth momentum
strengthened in the fourth quarter of 2023, with net revenues of
€776 million, up +4.3% compared to the fourth quarter of 2022
(+4.7% at constant currency and perimeter).
Acquisitions contributed to an increase of 1.9% and currency
effects had a negative impact of 2.2%. All geographical regions
recorded solid organic performances: Europe (+1.7%) and North
America (+1.9%) were the largest contributors (84% of 2023 net
revenues), recording very satisfactory organic growth. Asia-Pacific
(+9.9%) and Latin America (+42.1%), which provided a less
significant contribution, nonetheless experienced strong growth
throughout the year.
Havas's revenues amounted to €2,872 million in 2023, up 3.9%
compared to 2022 (+4.3% at constant currency and perimeter).
In 2023, EBITA reached €310 million, up 8.3%, due to sustained
organic growth and a continued optimization of the cost base. The
EBITA margin thereby reached 11.5% of net revenues, continuing a
trend of steady growth in EBITA margin over last few years: from
10% in 2019 to 10.7% in 2021, 11.0% in 2022, and 11.5% in 2023.
Havas continued its strong dynamic of targeted acquisitions with
ten new agencies joining the group in 2023. True to its
entrepreneurial, creative and resolutely innovative approach, the
group strengthened its position in strategic geographical regions
and specific activities, with Uncommon, the UK's most awarded
independent creative agency, Pivot Roots and PR Pundit in India,
HRZN and Eprofessional in Germany, and Noise in Canada. Australian
Public Affairs in Australia, Cunha Vaz & Associados in Portugal
and Klareco in Singapore have also strengthened the international
H/Advisors network, a leader in strategic communications. Finally,
Havas has also invested in the United States with Trinity Life
Sciences, a leader in global life sciences solutions.
In addition, during 2023, Havas has pursued the development of
transforming solutions and forged important strategic partnerships
with Adobe, a world leader in the development of cutting-edge
software, Mirakl, the world's leading marketplace technology
solution, and Future4Care, a major accelerator for e-health
startups in Europe, to offer the very best technology to its
customers and teams, and to anticipate changes in the sector.
Finally, Havas's agencies continued their business development
by winning several new clients and brands both locally and
globally. Their creativity was rewarded with nearly 1,400 awards
around the world (see Appendix VI).
Prisma Media: creation of an “luxury and interior decoration”
division and strong growth in digital sales
For the fourth quarter of 2023, Prisma Media’s revenues were €85
million, up 4.4% compared to the same period in 2022 with digital
revenues growing by 14% (at comparable perimeter). Digital revenues
represented 38% of total revenues in the fourth quarter of 2023
compared to 34% during the same period in 2022, driven by organic
growth in digital advertising and the acquisition of the M6 Digital
division which includes pure players such as Passeport Santé and
Cuisine AZ.
In 2023, Prisma Media’s revenues were €309 million, stable
compared to 2022 excluding non-recurring items. Revenues were down
3.4% compared to 2022 due to certain non-recurring items which
beneficially impacted revenue in 2022 and the impact of the sale of
Gala magazine on November 21, 2023, as part of the combination
between Vivendi and Lagardère and the remedies submitted to the
European Commission.
At the end of November 2023, Prisma Media brands retained their
leading positions in digital audiences (in terms of number of
unique visitors): Télé Loisirs is No. 1 in the Entertainment
segment, Voici is No. 1 in the People segment and Femme Actuelle
remains No. 1 in the Women’s segment, and Capital is the leading
media site in the "Economy/Finance" category. With the acquisition
of Passeport Santé and the development of Dr.GOOD!, Prisma Media
also becomes the leading bi-media health publisher, reaching over
23 million French people every month.
Following the launch of Harper's Bazaar at the beginning of the
year, in July 2023, Prisma Media acquired a majority interest in
MilK, a publisher of high-end interior decoration and fashion
magazines. On November 30, 2023, Prisma Media acquired Côté Maison
group, a publisher specializing in high-end interior decoration.
These operations fully align with Prisma Media’s strategy to build
an ambitious luxury and interior decoration division.
In June 2023, Prisma Media and Mr Tan & Co, publisher of the
famous comic strip Mortelle Adèle, launched Mortelle Adèle le mag,
making its entry into the children's press segment (8-12 years).
The magazine has already been a great success, selling an average
of 50,000 copies in 2023, and has established itself as the number
1 children's magazine on newsstands.
At the end of September 2023, Prisma Media completed the
acquisition of the assets of the M6 Digital Services division and
created a division of purely digital players called “Digital Prisma
Player”. This division comprises six portals on everyday topics
that attract almost 18 million unique visitors each month.
Prisma Media, which already generates nearly a third of its
revenues from its digital activities, is the leading digital media
group in France, reaching nearly 34 million French people each
month. Digital affiliation (e-commerce) and advertising revenues on
social media has grown by more than 30% compared to 2022.
On September 19, 2023, Prisma Media announced the launch of the
PassPresse platform, which offers more than 200 titles. PassPresse
enables readers to access content that is not available on other
digital newsstands. Canal+ subscribers have access to this
platform.
In 2023, Prisma Media's EBITA was €28 million, a decrease of €3
million compared to 2022. EBITA was impacted by the sale of the
Gala magazine and the raw material costs stay remained high,
particularly the increase of paper prices.
Gameloft: continued diversification into multiplatform
games
In 2023, Gameloft's revenues were €311 million, down 2.6% at
constant currency and perimeter compared to 2022.
Gameloft continued its diversification strategy around
PC-Console-Mobile multiplatform games in 2023 with the release of
Disney Speedstorm in April 2023, simultaneously on all PC and
console platforms. Disney Dreamlight Valley, launched in September
2022 on PC and consoles, also continued to perform very well on the
GaaS (Game as a Service) model with the launch of the game's first
paid expansion in December 2023.
In 2023, PC/Console revenues represented 36% of Gameloft's total
revenues, up 27.9% at constant currency and perimeter compared to
2022, and mobile revenues represented 56%.
Disney Dreamlight Valley, Asphalt 9: Legends, Disney Magic
Kingdoms, March of Empires and Dragon Mania Legends represented 56%
of Gameloft’s revenues and ranked as the five best sellers in
2023.
In 2023, Gameloft’s EBITA was €5 million. Excluding
restructuring charges, EBITA was €10.6 million, compared to €12
million in 2022.
Vivendi Village: strong performance of the ticketing and
festival activities
In 2023, Vivendi Village’s revenues were €180 million, compared
to €238 million in 2022. This decrease was due to the cessation of
its concert production activities (Olympia Production) at the end
of 2022.
The ticketing and festivals activities generated revenues of
€151 million, up 8.9% compared to 2022. Close to 44 million tickets
were sold in Europe and the United States, compared to 39 million
in 2022. The festivals, mainly in France and Great Britain
attracted 400,000 people during the summer of 2023.
The sale process regarding the ticketing and festival activities
is ongoing and should lead to an announcement over the next weeks.
The concert halls in France (L'Olympia and the théâtre de l'Œuvre)
are not part of this proposed sale, nor are the movie theaters in
Africa (CanalOlympia), which are accounted for under the
"generosity and solidarity" segment.
The Olympia, which celebrated its 130th anniversary in 2023,
hosted a record 280 shows, attracting almost 500,000
spectators.
Vivendi Village’s EBITA was €13 million compared to a loss of €6
million in 2022 (+26.3% at constant currency and perimeter) due to
the stop of the concerts production activities at the end of
2022.
New Initiatives
In 2023, New Initiatives, which mainly brings together
Dailymotion and GVA entities, recorded revenues of €152 million,
compared to €122 million in 2022 (+22.4% at constant currency and
perimeter).
GVA is Vivendi's subsidiary dedicated to providing
ultra-high-speed Internet access in Africa, thanks to its FTTH
(fiber to the home) networks already installed in thirteen cities
and eight countries in sub-Saharan Africa (Burkina Faso, Ivory
Coast, Congo-Brazzaville, Democratic Republic of Congo, Gabon,
Rwanda, Uganda and Togo).
Very high-speed Internet access offers are aimed at the
residential and professional markets, under the "CanalBox" brand.
By the end of 2023, CanalBox covered more than 2.7 million Homes
Passed (eligible households and businesses).
In 2023, Dailymotion's global audience reached a record
level, growing 20% compared to 2022. In the fourth quarter of 2023,
this growth was boosted by the signing of new partnerships, in
particular with The Verge, The List and Vox in the United States,
La Reforma and Telemetro in Latin America, Olympique de Marseille
in France, El Independiente in Spain, and BQ Prime and Dailyhunt in
India.
Between the launch of its new application in May 2023 and the
end of December 2023, Dailymotion has attracted more than 600 new
French creators, including Valinfood, French Startupper, Fabien
Olicard, Jojol, Bruno Maltor and Athéna Sol, who have joined the
platform in a wide range of verticals (sport, culture, music,
gaming, technology, cooking, health, etc.), reinforcing its new
positioning strategy to reach a wider audience, particularly among
the younger generations.
For additional information, please refer to the “Financial
Report and Audited Consolidated Financial Statements for the year
ended December 31, 2023” to be released tonight (Paris time) on
Vivendi’s website (www.vivendi.com).
About Vivendi
Since 2014, Vivendi has been building a world-class content,
media and communications group. Canal+ Group is a major player in
the creation and distribution of cinema and audiovisual content on
all continents. Havas is one of the largest global communications
groups with a presence in more than 100 countries. With Lagardère,
Vivendi is the world’s third-largest book publisher for the general
public and educational markets, and a leading global player in
travel retail. Vivendi is also active in the magazine business
(Prisma Media), video games (Gameloft) and live entertainment and
ticketing (Vivendi Village). It also owns a global digital content
distribution platform (Dailymotion) and a subsidiary dedicated to
providing very high-speed Internet access in Africa (GVA).
Vivendi’s various activities work closely together as an integrated
group committed to transforming its businesses to meet the
expectations of the public and anticipate constant changes. As a
committed group, Vivendi contributes to building more open,
inclusive, and responsible societies by supporting diverse and
inventive creative works, promoting broader access to culture,
education, and its industries, and increasing awareness of 21st
century challenges and opportunities. www.vivendi.com.
Important Disclaimers
Cautionary Note Regarding Forward-Looking Statements. This press
release contains forward-looking statements with respect to
Vivendi’s financial condition, results of operations, business,
strategy, plans and outlook, including the impact of certain
transactions, such as the contemplated split and listing projects
and any related transactions, and the payment of dividends and
distributions, as well as share repurchases. Although Vivendi
believes that such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of the
completion of the split and listing projects or of Vivendi’s future
performance. Actual results may differ materially from the
forward-looking statements as a result of a number of risks and
uncertainties, many of which are outside our control, including,
but not limited to, the risks related to antitrust and other
regulatory approvals as well as any other approvals which may be
required in connection with certain transactions and the risks
described in the documents of the Group filed by Vivendi with the
Autorité des Marchés Financiers (the French securities regulator),
which are also available in English on Vivendi's website
(www.vivendi.com). Investors and security holders may obtain a free
copy of documents filed by Vivendi with the Autorité des Marchés
Financiers at www.amf-france.org, or directly from Vivendi.
Accordingly, we caution readers against relying on such
forward-looking statements. These forward-looking statements are
made as of the date of this press release. Vivendi disclaims any
intention or obligation to provide, update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. This press release does not contain or
constitute an offer of securities or an invitation to invest either
in France or abroad.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
ANALYST CONFERENCE CALL Speakers: Arnaud
de Puyfontaine Chief Executive Officer François Laroze
Member of the Management Board and Chief Financial Officer
Date: March 7, 2024
6:15pm Paris time – 5:15pm London time –
12:15pm New York time
Media invited on a listen-only basis. The conference
will be held in English. Internet: The conference can be
followed on the Internet at: www.vivendi.com (audiocast) Numbers
to dial:
- Paris: +33 (0) 1 70 37 71 66
- UK: +44 (0) 33 0551 0200
- US: +1 212 999 6659
- Password: Vivendi
An audio webcast and the slides of the presentation will be
available on the company’s website www.vivendi.com.
Biographies
Yannick Bolloré
Yannick Bolloré is a graduate of Paris-Dauphine University. He
is Chairman and Chief Executive Officer of Havas, one of the
world’s largest communications groups with revenue of €2.7 billion
and more than 23,000 employees in 100 countries.
He co-founded the production company WY Productions in 2002
(Hell, Yves Saint Laurent). In 2006, he joined his family group,
the Bolloré Group, to launch and develop its media division. Within
five years, Bolloré Media (D8, D17) became the leading independent
French TV Group and was subsequently sold to Canal+, making the
Bolloré Group a shareholder in Vivendi.
He then joined Havas in 2011 and became Chairman and Chief
Executive Officer in 2013. He initiated a major restructuring of
the group to make it the most integrated and forward-thinking
business in its industry. In 2017, Vivendi obtained control of
Havas.
Yannick Bolloré was appointed Chairman of the Supervisory Board
of Vivendi in April 2018.
Yannick Bolloré was named a Young Global Leader in 2008 by the
World Economic Forum. He has received numerous honors and awards
from international associations and the business press. He is also
a Chevalier de l’Ordre des Arts et des Lettres.
Laurent Dassault
Laurent Dassault graduated from École Supérieure Libre des
Sciences Commerciales Appliquées de Paris and also holds a business
law degree from Paris II-Assas University. After his college
education, he trained with the French Air Force. In 1978, he served
as an intelligence officer with the Jaguar squadron 3/3 Ardennes at
the Nancy-Ochey. He became a captain in the reserves in 1986.
After 13 years in banking, in 1991 Laurent Dassault joined
Dassault Investissements (part of the group founded by his
grandfather Marcel Dassault), in charge of indirect compensation
related to military aeronautical contracts.
Tasked with diversifying the group’s investments, he took a
particular interest in expanding its holdings in art and vineyards,
successfully increasing the group’s value. Profoundly
forward-looking and business oriented, Laurent Dassault enjoys
creating, innovating and building. He is also very involved in many
charitable and humanitarian organizations. Laurent Dassault
currently sits on the boards of numerous companies, mainly in the
industry, finance, arts and philanthropy sectors.
He is also the co-manager of Artcurial Développement. As a major
art collector, he is extremely involved in the art world on a
personal level. Each year, for example, he organizes the Marcel
Duchamp prize, in partnership with the Pompidou Center, the Modern
Art Museum of Paris and the FIAC, and with the backing of Lazard
Frères Gestion. This prize was created to support French artists
and help them reach the international stage.
In 1994, Laurent Dassault became manager of Château Dassault, a
Saint-Emilion Grand Cru Classé.
Corporate philanthropy and charitable work occupy an important
place in Laurent Dassault’s life and work.
In late 2013, he joined the Association pour la Mémoire des
Enfants Cachés et des Justes, of which he is Treasurer. This
association’s main aim is to create a historic trail in
Chambon-sur-Lignon in France. Laurent Dassault is personally
involved with the project through the design and creation of a
Memorial Garden.
Laurent Dassault became a Officier dans l’Ordre du Mérite
Agricole in 2018, Officier de la Légion d’Honneur in 2016,
Chevalier des Palmes Académiques in 2010, Officier des Arts et des
Lettres in 2008, Chevalier de la Légion d’honneur in France in 2003
and Officier de l’Ordre de la Couronne in Belgium in 2006.
_________________________________ 1 As a reminder, Vivendi
ceased to account for its interest in Telecom Italia under the
equity method as of December 31, 2022. 2 Percentage of women on the
executive and operating committees of the Group's business units
and on the Executive Committee (including the Management Board) of
Vivendi SE 3 The law of December 24, 2021, aimed at accelerating
economic and professional equality, known as the "Rixain Law",
requires 40% women in the governing bodies of large companies by
2029, under threat of fines. 4 Skema Observatory study on the
feminization of companies 2024. 5 Net revenues, a non-GAAP measure,
is calculated as Havas’s revenues less pass-through costs rebilled
to customers.
APPENDIX I VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS (IFRS, audited)
Year ended December 31,
% Change
2023
2022
REVENUES
10,510
9,595
+ 9.5%
Cost of revenues
(5,693
)
(5,351
)
Selling, general and administrative
expenses excluding amortization of intangible assets acquired
through business combinations
(4,051
)
(3,571
)
Restructuring charges
(50
)
(44
)
Income from equity affiliates -
operational
218
239
Adjusted earnings before interest and
income taxes (EBITA)*
934
868
+ 7.5%
Amortization and depreciation of
intangible assets acquired through business combinations
(87
)
(107
)
EARNINGS BEFORE INTEREST AND INCOME
TAXES (EBIT)
847
761
+ 11.3%
Income from equity affiliates -
non-operational
(103
)
(393
)
Interest
13
(14
)
Income from investments
81
50
Other financial charges and income
(158
)
(952
)
(64
)
(916
)
Earnings before provision for income
taxes
680
(548
)
na
Provision for income taxes
(190
)
(99
)
Earnings from continuing
operations
490
(647
)
na
Earnings from discontinued operations
(32
)
(298
)
Earnings
458
(945
)
na
Non-controlling interests
(53
)
(65
)
EARNINGS ATTRIBUTABLE TO VIVENDI SE
SHAREOWNERS
405
(1,010
)
na
of which earnings from continuing
operations attributable to Vivendi SE shareowners
437
(712
)
earnings from discontinued operations
attributable to Vivendi SE shareowners
(32
)
(298
)
Earnings attributable to Vivendi SE
shareowners per share - basic (in euros)
0.40
(0.98
)
Earnings attributable to Vivendi SE
shareowners per share - diluted (in euros)
0.39
(0.98
)
Adjusted net income*
722
343
x 2.1
Adjusted net income per share - basic (in
euros)*
0.70
0.33
Adjusted net income per share - diluted
(in euros)*
0.70
0.33
In millions of euros, except per share amounts. na: not
applicable. * non-GAAP measures.
Following the takeover of Lagardère by Vivendi on November 21,
2023, Lagardère has been fully consolidated in Vivendi’s
consolidated financial statements from December 1, 2023.
As a reminder, as from December 31, 2022, Editis was presented
as a discontinued operation in accordance with IFRS 5 until June
21, 2023, the date on which Editis was deconsolidated in accordance
with IFRS 10. On November 14, 2023, Vivendi completed the sale of
Editis.
“Adjusted earnings before interest and income taxes (EBITA)” and
“adjusted net income”, both non-GAAP measures, should be considered
in addition to, and not as a substitute for, other GAAP measures of
operating and financial performance. Vivendi considers these to be
relevant indicators for the Group’s operating and financial
performance. Vivendi’s Management uses EBITA and adjusted net
income for reporting, management and planning purposes because they
exclude most non-recurring and non-operating items from the
measurement of the business segments’ performances.
For any additional information, please refer to the “Financial
Report and Audited Consolidated Financial Statements for the year
ended December 31, 2023“, which will be released online later on
Vivendi’s website (www.vivendi.com).
APPENDIX I (Cont’d) VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS (IFRS, audited)
Reconciliation of earnings attributable to
Vivendi SE shareowners to adjusted net income
Year ended December 31,
(in millions of euros)
2023
2022
Earnings attributable to Vivendi SE
shareowners (a)
405
(1,010
)
Adjustments
Amortization and depreciation of
intangible assets acquired through business combinations (a)
87
107
Amortization of intangible assets related
to equity affiliates - non-operational
20
59
Other financial charges and income (a)
158
952
Earnings from discontinued operations
(a)
32
298
Provision for income taxes on
adjustments
35
(57
)
Minority interests in adjustments
(15
)
(6
)
Adjusted net income
722
343
- As reported in the Consolidated Statement of Earnings.
Adjusted Statement of Earnings
Year ended December 31,
% Change
(in millions of euros)
2023
2022
Revenues
10,510
9,595
+ 9.5%
EBITA
934
868
+ 7.5%
Income from equity affiliates -
non-operational
(83
)
(334
)
Interest
13
(14
)
Income from investments
81
50
Adjusted earnings from continuing
operations before provision for income taxes
945
570
+ 65.6%
Provision for income taxes
(155
)
(156
)
Adjusted net income before
non-controlling interests
790
414
+ 90.8%
Non-controlling interests
(68
)
(71
)
Adjusted net income
722
343
x 2.1
APPENDIX II VIVENDI REVENUES
AND EBITA BY BUSINESS SEGMENT (IFRS, audited)
Year ended December 31,
(in millions of euros)
2023
2022
% Change
% Change at constant currency
% Change at constant currency and
perimeter (a)
Revenues
Canal+ Group
6,058
5,870
+3.2%
+3.2%
+2.9%
Lagardère
670
na
na
na
+4.0%
Havas
2,872
2,765
+3.9%
+6.1%
+4.3%
of which net revenues (b)
2,695
2,590
+4.1%
+6.3%
+4.4%
Prisma Media
309
320
-3.4%
-3.4%
-3.5%
Gameloft
311
321
-3.0%
-2.6%
-2.6%
Vivendi Village
180
238
-24.2%
-23.7%
-22.0%
of which ticketing and festivals
151
140
+7.6%
+8.9%
+8.9%
New Initiatives
152
122
+23.9%
+23.9%
+22.4%
Generosity and solidarity
3
3
Elimination of intersegment
transactions
(45
)
(44
)
Total Vivendi
10,510
9,595
+9.5%
+10.2%
+2.6%
EBITA
Canal+ Group
525
515
+2.0%
+1.4%
+1.3%
Lagardère
20
na
na
na
na
Havas
310
286
+8.3%
+10.3%
+8.0%
Prisma Media
28
31
-10.6%
-10.6%
-9.8%
Gameloft
5
12
-57.5%
-58.9%
-58.9%
Vivendi Village
13
(6
)
na
na
na
New Initiatives
(43
)
(46
)
+5.2%
+5.2%
+26.3%
Generosity and solidarity
(13
)
(13
)
-
-
-
Corporate
(130
)
(133
)
+2.2%
+2.0%
+2.0%
Subtotal EBITA of the business
segments
715
646
+10.6%
+10.8%
+12.1%
Vivendi's share of Universal Music Group's
earnings (c)
94
124
-24.2%
-24.2%
-24.2%
Vivendi's share of Lagardère's earnings
(c)
125
98
+27.5%
+27.5%
+67.5%
Total Vivendi
934
868
+7.5%
+7.7%
+11.7%
na: not applicable.
- Constant perimeter notably reflects the impacts of the
combination with Lagardère, which has been fully consolidated from
December 1, 2023.
- Net revenues, a non-GAAP measure, relates to Havas’s revenues
less pass-through cost rebilled to customers.
- Includes share of earnings of companies accounted for by
Vivendi under the equity method.
APPENDIX II (Cont’d) VIVENDI
QUARTERLY REVENUES BY BUSINESS SEGMENT (IFRS, audited)
2023
(in millions of euros)
Three months ended
March 31,
Three months ended
June 30,
Three months ended
September 30,
Three months ended
December 31,
Revenues
Canal+ Group
1,478
1,481
1,500
1,599
Lagardère (a)
na
na
na
670
Havas
611
707
686
868
of which net revenues (b)
588
677
654
776
Prisma Media
73
80
71
85
Gameloft
71
68
74
98
Vivendi Village
33
48
63
36
New Initiatives
31
35
37
49
Generosity and solidarity
1
-
1
1
Elimination of intersegment
transactions
(8
)
(11
)
(6
)
(20
)
Total Vivendi
2,290
2,408
2,426
3,386
2022
(in millions of euros)
Three months ended
March 31,
Three months ended
June 30,
Three months ended
September 30,
Three months ended
December 31,
Revenues
Canal+ Group
1,446
1,427
1,419
1,578
Havas
591
666
665
843
of which net revenues (b)
564
642
639
745
Prisma Media
73
91
74
82
Gameloft
61
59
95
106
Vivendi Village
27
49
93
69
New Initiatives
25
29
29
39
Generosity and solidarity
1
-
1
1
Elimination of intersegment
transactions
(7
)
(9
)
(10
)
(18
)
Total Vivendi
2,217
2,312
2,366
2,700
na: not applicable.
- Vivendi has fully consolidated Lagardère from December 1,
2023.
- Net revenues, a non-GAAP measure, relates to Havas’s revenues
less pass-through costs rebilled to customers.
APPENDIX III VIVENDI
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS,
audited)
(in millions of euros)
December 31, 2023
December 31, 2022
ASSETS
Goodwill
11,249
8,819
Non-current content assets
593
409
Other intangible assets
1,751
791
Property, plant and equipment
1,684
975
Rights-of-use relating to leases
2,918
605
Investments in equity affiliates
5,536
7,132
Non-current financial assets
2,841
2,315
Deferred tax assets
463
294
Non-current assets
27,035
21,340
Inventories
1,028
240
Current tax receivables
174
118
Current content assets
1,276
973
Trade accounts receivable and other
6,204
4,886
Current financial assets
62
646
Cash and cash equivalents
2,158
1,908
10,902
8,771
Assets of discontinued businesses
314
1,169
Current assets
11,216
9,940
TOTAL ASSETS
38,251
31,280
EQUITY AND LIABILITIES
Share capital
5,664
6,097
Additional paid-in capital
865
865
Treasury shares
(100
)
(1,101
)
Retained earnings and other
10,679
11,507
Vivendi SE shareowners' equity
17,108
17,368
Non-controlling interests
129
236
Total equity
17,237
17,604
Non-current provisions
783
642
Long-term borrowings and other financial
liabilities
2,233
2,953
Deferred tax liabilities
712
463
Long-term lease liabilities
2,498
622
Other non-current liabilities
84
37
Non-current liabilities
6,310
4,717
Current provisions
381
343
Short-term borrowings and other financial
liabilities
3,830
736
Trade accounts payable and other
9,624
7,148
Short-term lease liabilities
570
117
Current tax payables
104
51
14,509
8,395
Liabilities associated with assets of
discontinued businesses
195
564
Current liabilities
14,704
8,959
Total liabilities
21,014
13,676
TOTAL EQUITY AND LIABILITIES
38,251
31,280
APPENDIX IV VIVENDI CONSOLIDATED
STATEMENT OF CASH FLOWS (IFRS, audited)
Year ended December 31,
(in millions of euros)
2023
2022
Operating activities
EBIT
847
761
Adjustments
340
298
Content investments, net
(120
)
(198
)
Gross cash provided by operating
activities before income tax paid
1,067
861
Other changes in net working capital
121
61
Net cash provided by operating
activities before income tax paid
1,188
922
Income tax (paid)/received, net
(174
)
(175
)
Net cash provided by operating
activities of continuing operations
1,014
747
Net cash provided by operating activities
of discontinued operations
(63
)
1
Net cash provided by operating
activities
951
748
Investing activities
Capital expenditures
(405
)
(385
)
Purchases of consolidated companies, after
acquired cash
212
(204
)
Investments in equity affiliates
(395
)
(856
)
Increase in financial assets
(204
)
(168
)
Investments
(792
)
(1,613
)
Proceeds from sales of property, plant,
equipment and intangible assets
18
8
Proceeds from sales of consolidated
companies, after divested cash
633
2
Decrease in financial assets
695
799
Divestitures
1,346
809
Dividends received from equity
affiliates
201
149
Dividends received from unconsolidated
companies
76
47
Net cash provided by/(used for)
investing activities of continuing operations
831
(608
)
Net cash provided by/(used for) investing
activities of discontinued operations
(23
)
(87
)
Net cash provided by/(used for)
investing activities
808
(695
)
Financing activities
Net proceeds from issuance of common
shares in connection with Vivendi SE's share-based compensation
plans
-
-
Sales/(purchases) of Vivendi SE's treasury
shares
(15
)
(248
)
Distributions to Vivendi SE's
shareowners
(256
)
(261
)
Other transactions with shareowners
(48
)
(3
)
Dividends paid by consolidated companies
to their non-controlling interests
(54
)
(56
)
Transactions with shareowners
(373
)
(568
)
Setting up of long-term borrowings and
increase in other long-term financial liabilities
2
2
Principal payment on long-term borrowings
and decrease in other long-term financial liabilities
(2
)
(4
)
Principal payment on short-term
borrowings
(878
)
(741
)
Other changes in short-term borrowings and
other financial liabilities
3
46
Interest paid, net
13
(14
)
Other cash items related to financial
activities
(27
)
5
Transactions on borrowings and other
financial liabilities
(889
)
(706
)
Repayment of lease liabilities and related
interest expenses
(197
)
(147
)
Net cash provided by/(used for)
financing activities of continuing operations
(1,459
)
(1,421
)
Net cash provided by/(used for) financing
activities of discontinued operations
(11
)
(17
)
Net cash provided by/(used for)
financing activities
(1,470
)
(1,438
)
Foreign currency translation adjustments
of continuing operations
(25
)
(2
)
Foreign currency translation adjustments
of discontinued operations
-
-
Change in cash and cash
equivalents
264
(1,387
)
Reclassification of discontinued
operations' cash and cash equivalents
(14
)
(33
)
Cash and cash equivalents
At beginning of the period
1,908
3,328
At end of the period
2,158
1,908
APPENDIX V VIVENDI KEY
CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS (IFRS,
audited)
Following the takeover of Lagardère by Vivendi on November 21,
2023, Lagardère has been fully consolidated in Vivendi’s
consolidated financial statements from December 1, 2023.
As a reminder, over the last five years, Vivendi has applied
IFRS 5 - Non-current assets held for sale and discontinued
operations to the following two transactions:
- As from December 31, 2022, in anticipation of the sale of
Editis, Vivendi applied IFRS 5 until June 21, 2023, the date on
which Editis was deconsolidated in accordance with IFRS 10. These
adjustments were made to all periods as set out in the table of
selected key consolidated financial data below. On November 14,
2023, Vivendi completed the sale of Editis.
- As from September 14, 2021, the date on which the Management
Board approved the loss of control of Universal Music Group (UMG),
effective as of September 23, 2021, Vivendi applied IFRS 5 to the
year ended December 31, 2021 and the previous years.
The financial information below is therefore presented on a
comparable basis:
Year ended December 31,
2023
2022
2021
2020
2019
Consolidated
data
Revenues
10,510
9,595
8,717
7,943
8,060
Adjusted earnings before interest and
income taxes (EBITA) (a)
934
868
639
260
350
Earnings before interest and income taxes
(EBIT)
847
761
356
212
293
Earnings attributable to Vivendi SE
shareowners
405
(1,010
)
24,692
1,440
1,583
Adjusted net income (a)
722
343
613
277
749
Net Cash Position/(Financial Net Debt)
(a)
(2,839
)
(860
)
348
(4,953
)
(4,064
)
Total equity
17,237
17,604
19,194
16,431
15,575
of which Vivendi SE shareowners'
equity
17,108
17,368
18,981
15,759
15,353
Cash flow from operations (CFFO) (a)
881
594
695
574
177
Cash flow from operations after interest
and income tax paid (CFAIT) (a)
693
410
540
674
14
Financial investments
(388
)
(1,228
)
(2,120
)
(1,617
)
(2,231
)
Financial divestments
(1,329
)
801
76
323
1,062
Dividends paid by Vivendi SE to its
shareholders
256
261
653
690
636
Special distribution of 59.87% of UMG to
Vivendi SE shareowners (b)
25,284
Purchases of Vivendi SE's treasury
shares
29
326
693
2,157
2,673
Per share
data
Weighted average number of shares
outstanding
1,024.6
1,031.7
1,076.3
1,140.7
1,233.5
Earnings attributable to Vivendi SE
shareowners per share
0.40
(0.98
)
22.94
1.26
1.28
Adjusted net income per share
0.70
0.33
0.57
0.24
0.61
Number of shares outstanding at the end of
the period (excluding treasury shares)
1,024.7
1,024.7
1,045.4
1,092.8
1,170.6
Equity per share, attributable to Vivendi
SE shareowners
16.70
16.95
18.16
14.42
13.12
Dividends per share paid
0.25
0.25
0.60
0.60
0.50
In millions of euros, number of shares in millions, data per
share in euros.
- The non-GAAP measures of EBITA, Adjusted net income, Net Cash
Position (or Financial Net Debt), Cash flow from operations (CFFO)
and Cash flow from operations after interest and income tax paid
(CFAIT) should be considered in addition to, and not as a
substitute for, other GAAP measures of operating and financial
performance as presented in the Consolidated Financial Statements
and the related Notes or as described in this Financial Report.
Vivendi considers these to be relevant indicators of the group’s
operating and financial performance. Each of these indicators is
defined in the appropriate section of this Financial Report or in
its Appendix. In addition, it should be noted that other companies
may have definitions and calculations for these indicators that
differ from those used by Vivendi, and therefore may not be
directly comparable.
- As a reminder, as of September 23, 2021, Vivendi ceded control
and deconsolidated 70% of Universal Music Group, following the
effective payment of a special distribution in kind of 59.87% of
UMG’s share capital to Vivendi’s shareholders, including the
distribution of a special interim dividend in kind of €22,100
million in respect of fiscal year 2021.
APPENDIX VI VIVENDI HAVAS:
SIGNIFICANT WINS AND AWARDS
1. Main accounts won
Havas Media:
CCU (Argentina), Claro (Colombia, Chili), Cooper (France,
Austria, Portugal, Spain, Belgium, Italy, Netherlands, Germany),
Delivery Hero (Northern Europe), Glovo (South Africa), KFC
(France), Lidl (Germany, Austria, Poland, Slovakia, Estonia,
Lithuania, Malta, Portugal), LG (Middle East), Nakheel (Middle
East), Natura & Co Latin America), New York Presbyterian
(United States), Orange Digital (Spain), Pernod Ricard (Portugal),
PNC Bank (USA), Power (Sweden), Santander (Brazil), Shell (Monde),
Sun Life (Hong Kong, Canada), The Home Depot (Mexico), Vivo (Latin
America), European Payment Initiative (France), VLCC (India), XXX
Lutz (Switzerland).
Havas Creative:
Alibaba (Havas Shanghai), Aéroports de Paris (Havas France),
Banco Santander (BETC Sao Paulo), Danone (BETC et Havas Creative
Network), Enterprise Holdings (Havas New York), Hilton (Havas
Chicago), Nespresso (Havas Switzerland), Netflix (Australia), NTT
Data (Havas CX), PNC Bank (Arnold Boston), Société Du Grand Paris
(Havas Paris), Tourism Tasmania (Australia), Toyota (Havas Events),
Wayfair (Havas Chicago).
Havas Health & You:
Amgen, AstraZeneca, CSL Vifor, Fosun, Johnson & Johnson,
Lantheus, Novartis, Pfizer/Myovant, Renegade Therapeutics et
Sanofi.
2. Main awards won
2023 was an excellent year in terms of creativity with 1,389
awards and distinctions received by the group's agencies, at the
most prestigious festivals and ceremonies around the world, the
most important of which are reported below.
- WARC (World Advertising Research Center):
- BETC: 3rd best agency in the world,
- Havas Creative : Top six,
- Havas : Top five,
- Havas Middle East : Grand Prix.
- International Festival of Creativity in Cannes:
- 19 Lions won by 7 Havas agencies
- BETC for Canal+ : Lion d’or
- BETC for Lacoste : Lion de Bronze
- Anne de Gaulle (Havas Paris) : Grand Prix for Good
- Clio Awards:
- BETC : 22 prizes.
- Buzzman and Havas Paris
- BETC/Havas Sao Paulo, Havas Republica and Arnold Boston: 3
Gold, 4 Silver and 2 Bronze at Clio Sports.
- LIA Award: 48 prizes (of which 2 Grands Prix, 16 Gold, 16
Silver and 14 Bronze).
- Epica Awards: 3 Gold, 3 Silver and 5 Bronze.
- Eurobest : 19 prizes (of which 2 Grand Prix for BETC and Havas
London, 4 Gold, 8 Silver and 5 Bronze).
- Grand Prize for Advertising Strategies: 24 rewards (of which 1
Grand Prix, 2 Winner, 6 Gold, 12 Silver and 3 Bronze)
- Grand Prix Media Strategies: 10 rewards (of which 1 Grand Prix,
5 Gold and 4 Silver).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307495603/en/
Media Jean-Louis Erneux +33 (0)1 71 71 15 84 Solange
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Investor Relations Xavier Le Roy +33 (0)1 71 71 18 77
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