Vivendi: Strong Growth in Results in 2023
-
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
shareowners of €405 millionVivendi SE - Continuation of the study of the feasibility of the split project
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
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
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.
Canal+ Group successfully pursued its international expansion, particularly in
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
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
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
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
The Group will inform the market of any significant developments regarding the project.
- Lagardère
On
This transaction took effect following the closing of the two sales
- Comments on earnings
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
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
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
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
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
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
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
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
In 2022, such earnings included the fair value adjustment of the Telecom Italia1 shares (-€1,347 million as of
- Liquidity
As of
In addition,
- CSR performance
As part of its Creation for the Future CSR (Corporate Social Responsibility) program,
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
On the social front,
On the societal front, the
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
-
General Shareholders’ Meeting to be held on
April 29, 2024
At the General Shareholders’ Meeting to be held on
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
The General Shareholders’ Meeting will also be asked to renew the terms of office of
- 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 andAfrica . In particular, it will file a mandatory offer for the MultiChoice Group shares it does not already own by no later thanApril 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
Revenues from international operations increased by 1.2% compared to 2022 (+0.5% at constant currency and perimeter). The total subscriber portfolio outside mainland
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 inAustria ,Czech Republic andSlovakia , 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 andSlovakia .
On
On
On
Following the recapitalization of Viaplay, the leading pay-TV operator in the Nordic countries, which was completed on
Canal+ Group also announced on
Canal+ Group, MultiChoice Group's largest shareholder crossed the 35% threshold of the share capital of the company and announced on
This NBIO was rejected by MultiChoice Group's Board of Directors on
On
On
MultiChoice Group entered into an exclusivity agreement with Canal+ Group, which will submit its mandatory offer by no later than
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
Revenues in the
In
In
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
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
Revenues in the EMEA region (excluding
The
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
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
Lagardère has received from the LVMH group an offer to acquire magazine title Paris Match. At its meeting of
Lagardère
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:
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
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,
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).
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
At the end of
Following the launch of Harper's Bazaar at the beginning of the year, in
In
At the end of
On
In 2023,
In 2023,
In 2023, PC/Console revenues represented 36% of
In 2023, Gameloft’s EBITA was €5 million. Excluding restructuring charges, EBITA was €10.6 million, compared to €12 million in 2022.
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
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
The
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
GVA is
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,
Between the launch of its new application in
For additional information, please refer to the “Financial Report and Audited Consolidated Financial Statements for the year ended
About
Since 2014,
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
Unsponsored ADRs.
ANALYST CONFERENCE
CALL
Speakers:
Chief Executive Officer
Member of the Management Board and Chief Financial Officer
Date:
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
He co-founded the production company
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,
After 13 years in banking, in 1991 Laurent Dassault joined Dassault Investissements (part of the group founded by his grandfather
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,
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
In 1994,
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
_________________________________
1 As a reminder,
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
3 The law of
4
5 Net revenues, a non-GAAP measure, is calculated as Havas’s revenues less pass-through costs rebilled to customers.
APPENDIX I
CONSOLIDATED STATEMENT OF EARNINGS
(IFRS, audited)
|
Year ended |
|
% 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 |
437 |
|
|
(712 |
) |
|
|
earnings from discontinued operations attributable to |
(32 |
) |
|
(298 |
) |
|
|
Earnings attributable to |
0.40 |
|
|
(0.98 |
) |
|
|
Earnings attributable to |
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
As a reminder, as from
“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.
For any additional information, please refer to the “Financial Report and Audited Consolidated Financial Statements for the year ended
APPENDIX I (Cont’d)
CONSOLIDATED STATEMENT OF EARNINGS
(IFRS, audited)
Reconciliation of earnings attributable to
|
Year ended |
||||
(in millions of euros) |
2023 |
|
2022 |
||
Earnings attributable to |
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 |
|
% 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
REVENUES AND EBITA BY BUSINESS SEGMENT
(IFRS, audited)
|
Year ended |
|
|
|
|
|
|
||||
(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% |
|
309 |
|
|
320 |
|
|
-3.4% |
|
-3.4% |
|
-3.5% |
|
311 |
|
|
321 |
|
|
-3.0% |
|
-2.6% |
|
-2.6% |
|
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 |
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% |
|
28 |
|
|
31 |
|
|
-10.6% |
|
-10.6% |
|
-9.8% |
|
5 |
|
|
12 |
|
|
-57.5% |
|
-58.9% |
|
-58.9% |
|
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% |
|
94 |
|
|
124 |
|
|
-24.2% |
|
-24.2% |
|
-24.2% |
|
125 |
|
|
98 |
|
|
+27.5% |
|
+27.5% |
|
+67.5% |
Total |
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)
QUARTERLY REVENUES BY BUSINESS SEGMENT
(IFRS, audited)
|
2023 |
||||||||||
(in millions of euros) |
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
||||
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 |
|
|
73 |
|
|
80 |
|
|
71 |
|
|
85 |
|
|
71 |
|
|
68 |
|
|
74 |
|
|
98 |
|
|
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 |
2,290 |
|
|
2,408 |
|
|
2,426 |
|
|
3,386 |
|
|
|
|
|
|
|
|
|
||||
|
2022 |
||||||||||
(in millions of euros) |
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
||||
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 |
|
|
73 |
|
|
91 |
|
|
74 |
|
|
82 |
|
|
61 |
|
|
59 |
|
|
95 |
|
|
106 |
|
|
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 |
2,217 |
|
|
2,312 |
|
|
2,366 |
|
|
2,700 |
|
na: not applicable.
-
Vivendi has fully consolidated Lagardère fromDecember 1, 2023 . - Net revenues, a non-GAAP measure, relates to Havas’s revenues less pass-through costs rebilled to customers.
APPENDIX III
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS, audited)
(in millions of euros) |
|
|
|
||
ASSETS |
|
|
|
||
|
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 |
|
|
(100 |
) |
|
(1,101 |
) |
Retained earnings and other |
10,679 |
|
|
11,507 |
|
|
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 |
||||
(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 |
- |
|
|
- |
|
Sales/(purchases) of |
(15 |
) |
|
(248 |
) |
Distributions to |
(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
KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS
(IFRS, audited)
Following the takeover of Lagardère by
As a reminder, over the last five years,
-
As from
December 31, 2022 , in anticipation of the sale ofEditis ,Vivendi applied IFRS 5 untilJune 21, 2023 , the date on whichEditis 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. OnNovember 14, 2023 ,Vivendi completed the sale ofEditis . -
As from
September 14, 2021 , the date on which the Management Board approved the loss of control of Universal Music Group (UMG), effective as ofSeptember 23, 2021 ,Vivendi applied IFRS 5 to the year endedDecember 31, 2021 and the previous years.
The financial information below is therefore presented on a comparable basis:
|
Year ended |
|||||||||||||
|
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 |
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 |
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 |
256 |
|
|
261 |
|
|
653 |
|
|
690 |
|
|
636 |
|
Special distribution of 59.87% of UMG to |
|
|
|
|
25,284 |
|
|
|
|
|
||||
Purchases of |
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 |
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 |
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 byVivendi , 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
HAVAS: SIGNIFICANT WINS AND AWARDS
1. Main accounts won
Havas Media:
CCU (
Havas Creative:
Alibaba (Havas Shanghai), Aéroports de
Amgen, AstraZeneca, CSL Vifor, Fosun, Johnson & Johnson, Lantheus, Novartis, Pfizer/
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’orBETC forLacoste :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 andArnold Boston : 3 Gold, 4 Silver and 2 Bronze atClio 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 forBETC 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/
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