- Revenues of €9.052 billion, a 5.8% organic increase compared
to the first half of 2023, due to the excellent performances of
Lagardère and Canal+ Group
- EBITA of €619 million (+39.3% compared to the first half of
2023), thanks in particular to the consolidation of Lagardère and
the growth of Havas. At constant currency and perimeter, EBITA
increased by 13.5%
- Adjusted net income of €329 million
- Earnings attributable to Vivendi SE shareowners of €159
million
- Update on the Group’s split project
Regulatory News:
Yannick Bolloré, Chairman of Vivendi’s (Paris:VIV)
Supervisory Board, said: “We released significantly improved
half-year results, driven by our three main businesses, which
contributed to organic revenue growth of nearly 6% and organic
EBITA growth of 13.5%.
The Supervisory Board would like to thank all the Group's teams
for their work. They managed to combine day-to-day operational
excellence with the study of Vivendi’s split project which was
presented to the employee representative bodies of the concerned
Group entities this week. If it were to be completed, this
value-creating and profoundly transformative project would offer
exciting prospects for all our stakeholders.”
Arnaud de Puyfontaine, Chief Executive Officer of
Vivendi, added: ”Our various businesses have demonstrated their
dynamism, both in terms of organic growth and acquisitions, the
strength of their respective business models and their ability to
transform and adapt to their environment and the expectations of
their customers. Canal+ launched a public tender offer on the
leading African television provider, MultiChoice Group, and
increased its stakes in Viaplay and Viu, thereby strengthening its
international positions. Lagardère achieved double-digit growth of
its activities, driven by a strong increase of its travel-retail
business, and a solid performance in publishing. Havas is
maintaining its dynamic, strengthened by its new strategic plan,
presented in June, with a state-of-the-art operating system using
the best of technology and artificial intelligence. Prisma Media
continues to develop its luxury and lifestyle division with the
acquisition of the magazines Ideat and The Good Life and the
forthcoming launch of Harper’s Bazaar Intérieurs, the first
extension of the brand in France. Gameloft is following its
strategy of making its games available on all platforms: the
release at the beginning of July of Disney Speedstorm on mobile
platforms after its launch on PC and consoles and the release of
Asphalt Legends Unite on all PC, console and mobile platforms, are
further examples of the acceleration of this diversification.
In recent months, all of our various entities have consolidated
their leadership positions. On the strength of these achievements,
we look forward to the rest of the year with confidence.”
This press release contains unaudited condensed financial
results for the first half of 2024, established under IFRS, which
were approved by Vivendi’s Management Board on July 24, 2024,
reviewed by Vivendi’s Audit Committee on July 24, 2024, and by
Vivendi’s Supervisory Board on July 25, 2024.
For the first half of 2024, Vivendi’s revenues were
€9,052 million, an increase of 92.7% compared to the same period of
2023, which mainly included the impact of the consolidation of
Lagardère1 (+€4,193 million). This change also reflected revenue
growth at Canal+ Group (+4.6%) and Havas (+3.6%). At constant
currency and perimeter, Vivendi’s revenues grew by 5.8% compared to
the first half of 2023, mainly due to the performance of Lagardère
(+10.1%) and Canal+ Group (+3.2%), while Havas recorded a slight
increase.
For the second quarter of 2024, Vivendi’s revenues were €4,777
million, an increase of 98.4% compared to the same period of 2023,
which mainly included the impact of the consolidation of Lagardère1
(+€2,310 million). This change also reflected revenue growth at
Canal+ Group (+5%) and Havas (+1.4%). At constant currency and
perimeter, Vivendi’s revenues grew by 6.1% compared to the second
quarter of 2023, mainly due to the performance of Lagardère
(+11.1%) and Canal+ Group (+3.7%).
For the first half of 2024, EBITA was €619 million, an
increase of €175 million (+39.3%) compared to the first half of
2023. At constant currency and perimeter, EBITA increased by
13.5%.
- The contribution of the group’s business units to EBITA for the
first half of 2024 was €571 million, an increase of 50.5% compared
to the first half of 2023. This change was mainly due to the
consolidation of Lagardère1, as well as the growth of Havas. At
constant currency and perimeter, EBITA increased by 12.7% for the
first half of 2024. This change mainly reflected the growth of
Lagardère (65.2%).
- Income from equity affiliates-operational of Universal Music
Group (UMG) was €48 million, compared to €39 million for the first
half of 2023. As a reminder, for the first half of 2023, EBITA
included income from equity affiliates operational of Lagardère for
€26 million.
For the first half of 2024, interest was a charge of -€38
million, compared to an income of €15 million for the first half of
2023. In addition to the impact of the consolidation of Lagardère
on the increase of average outstanding borrowings (€5.0 billion,
compared to €3.6 billion for the first half of 2023), this change
reflected an increase in the average interest rate on borrowings to
2.62% (compared to 0.87% for the first half of 2023).
For the first half of 2024, income from investments was
€68 million, compared to €67 million for the first half of 2023.
This amount mainly included dividends from Banijay Group (formerly,
FL Entertainment) for €29 million, MediaForEurope for €28 million
and Telefonica for €9 million (unchanged compared to the first half
of 2023).
For the first half of 2024, other financial charges and
income were a net charge of €40 million, compared to -€56
million for the first half of 2023, a favorable change of €16
million. This reflected the capital gain related to the sale of
Vivendi’s festival and international ticketing activities (+€106
million) in June 2024, as well as interest expense on lease
liabilities (-€62 million, compared to -€9 million for the first
half of 2023) mainly related to concession agreements at Lagardère
(-€46 million).
For the first half of 2024, provision for income taxes
reported to adjusted net income was a net charge of €183
million, compared to €119 million for the first half of 2023,
notably including the impact of the consolidation of Lagardère
(-€66 million). The effective tax rate reported to adjusted net
income was 30.5%, compared to 25.9% for the first half of 2023.
For the first half of 2024, adjusted net income was a
profit of €329 million (or €0.32 per share-basic), compared to €324
million for the first half of 2023 (or €0.32 per share-basic).
For the first half of 2024, earnings attributable to Vivendi
SE shareowners amounted to a profit of €159 million (or €0.16
per share-basic), compared to a profit of €174 million for the
first half of 2023 (€0.17 per share-basic). This amount is the
result of the EBITA growth (+€175 million), the capital gain
related to the sale of Vivendi’s festival and international
ticketing activities (+€106 million) in June 2024, the financial
consequences of the settlement agreement entered into with the
institutional investors on June 28, 2024 (-€95 million euros), the
increase in amortization and depreciation of intangible assets
acquired through business combinations (-€99 million), as well as
the increase in interest (-€53 million) and interest expense on
lease liabilities (-€53 million).
As of June 31, 2024, Vivendi’s Financial Net Debt was
€3.880 billion compared to a Financial Net Debt of €2.839 billion
as of December 31, 2023. This increase mainly reflected the
investments made in the first half of 2024 (€848 million, notably
by Canal+ Group), as well as the dividend payment to Vivendi’s
shareowners (€254 million) and the share buyback program (€155
million), partially offset by the sale of Vivendi’s international
ticketing and festivals activities (€284 million).
In addition, Vivendi has significant financing capacity. As of
June 30, 2024, available committed credit facilities amounted to
€2.9 billion, and Vivendi’s consolidated shareowners’ equity
amounted to €17.8 billion.
- Update on the Group’s split project
On July 22, 2024, Vivendi’s Management Board presented to the
Supervisory Board an update on the feasibility study of the split
project announced on December 13, 2023. (cf. press release of July
22, 2024). The study has demonstrated the feasibility of this
project under satisfactory conditions and identified the most
suitable stock exchanges for Canal+ (London Stock Exchange), Havas
(Euronext Amsterdam), and the company grouping the assets in
publishing and distribution, newly named Louis Hachette Group
(Euronext Growth Paris), considering the nature of their activities
and their international exposure. Vivendi would remain listed on
Euronext Paris.
Canal+ and Havas, although listed outside of France would keep
the decision-making center of their activities, as well as their
operational teams, in France. They would remain French tax
residents for French corporate income tax purposes.
In the interest of legal certainty, discussions have been
initiated with the authorities to clarify the tax treatment of this
transaction. In anticipation of the entry into force of new
provisions that could govern the tax treatment of partial splits,
the application of common tax rules would lead, on the one hand, to
considering the tax treatment of reimbursement of capital, and, on
the other hand, to considering the tax treatment of investment
income up to the amount of Vivendi’s distributable reserves, for
the listings planned in this project.
The procedures for informing and consulting the employee
representative bodies of the concerned Group entities have been
initiated on this project.
It is reminded that at this stage, and according to applicable
law, no decision to carry out this project has been, or can be,
taken, and that no further action, even potential, can be presumed
with regard to this project. If this project were to proceed
following the information and consultation procedures, a decision
could be taken at the end of October 2024, with the aim of
submitting it to an Extraordinary Shareholders’ Meeting which could
be held in December 2024. This transaction would therefore only be
carried out if it were to be approved, during this Shareholders’
Meeting, by a two-thirds majority of the shareholders.
On April 30, 2024, the ordinary cash dividend of €0.25 per share
paid in respect of the 2023 financial year was detached (payable
from May 3, 2024), amounting to a total distribution of €253.8
million. In addition, in the first half of 2024, share buybacks
totaled €155 million, i.e., 17 million of shares. Vivendi currently
directly holds 20.2 million of its own shares, i.e., 1.96% of its
share capital.
- Comments on the Businesses Key Financials
Canal+ Group: growth of 4.6% driven by all its businesses and
numerous developments
For the first half of 2024, Canal+ Group’s revenues were €3,096
million, an increase of 4.6% compared to the first half of 2023
(+3.2% at constant currency and perimeter). All of the group’s
businesses drove this growth.
Revenues from television operations in mainland France increased
by 4.4% compared to the first half of 2023 (+3.4% at constant
currency and perimeter), driven by the growth in the
self-distributed subscriber base and ARPU (Average Revenue Per
User).
Revenues from international operations increased by 4.2%
year-on-year (+2.6% at constant currency and perimeter), due to
continued growth in the subscriber base.
Revenues from Studiocanal increased by 8.6% (+4.7% at constant
currency and perimeter), in particular due to the excellent
performance of the film Back to Black released on April 24, 2024,
both in theaters and in terms of international sales.
For the first half of 2024, Canal+ Group’s profitability
remained stable compared to the first half of 2023, with a stable
EBITA of €337 million (a slight decrease of -1.9% at constant
currency and perimeter). These results were supported by major
developments across the group’s strategic pillars.
International development pillar:
- on February 9, 2024, following a successful recapitalization,
Canal+ Group increased its interest in Viaplay, the Scandinavian
leader in pay-TV and streaming, to 29.33%, confirming its position
as the largest shareholder;
- on March 22, 2024, Canal+ Group announced that it had acquired
an interest in Senegalese production company Marodi TV, one of the
major players in the creation of series in Africa;
- on June 4, 2024, the Canal+ and MultiChoice Groups issued a
combined circular to MultiChoice shareholders, a step forward in
Canal+ Group’s vision to create, with MultiChoice, a global
entertainment business with Africa at its heart. This circular
concerns the mandatory offer by Canal+ Group to acquire the
MultiChoice shares it does not own, for a consideration of R125.00
per share. It includes a recommendation by the Independent Board of
MultiChoice to accept the Canal+ Group offer in the event it
becomes unconditional, along with an assessment which concludes
that the terms and conditions of the offer are fair and reasonable
for MultiChoice shareholders; and
- on June 20, 2024, Canal+ Group took a further step in
developing Asia as one of its growth engine, by increasing its
interest to 36.8% in Viu, a leading OTT (over-the-top) streaming
service in Asia. A further investment, at Canal+ Group election,
could result in an increase of Canal+ Group’s interest in Viu to
51%.
Content pillar:
- on January 31, 2024, Canal+ Group completed the acquisition
from Orange of the OCS pay-TV package and Orange Studio, the film
and series co-production subsidiary. With the acquisition of OCS,
Canal+ Group has strengthened its offer of film and series thematic
channels, launching a new ‘Ciné+ OCS’ offering on July 3,
2024;
- on April 29, 2024, Canal+ Group announced the creation of
“Studiocanal Stories”, a new label dedicated to literary
adaptations into films and TV series, the first in France and
several European countries. Under this new label, Studiocanal and
Editions Albert René announced that they had entered into an
exclusive development agreement for the sixth live action film of
the adventures of Asterix;
- on May 7, 2024, Canal+ Group and Warner Bros. Discovery
announced a distribution agreement for the streaming service Max.
Since its launch in France on June 11, 2024, Max has been included
in Canal+ offers and all its content can be viewed directly on
myCanal. This agreement follows the signing of an exclusive
multi-year agreement with Warner Bros. Discovery in January,
allowing Canal+ to be the only player in France able to broadcast
Warner Bros. Pictures films only six months after their release in
French cinemas. Warner Bros. Discovery has also chosen Canal+ Brand
Solutions to market Max’s advertising lists in France, for its
Basic offer with advertising;
- on May 22, 2024, Canal+ Group strengthened its position as
leader in aggregation and accessibility by launching TV+ in France,
its new streaming offer bringing together all live and replay DTT
channels in a single app, with an additional selection of Canal+
content, for €2 per month with no commitment;
- on May 22, 2024, Canal+ Group won the new call for tenders from
the National Rugby League for the exclusive broadcasting rights to
the TOP 14 and PRO D2, until the 2031/2032 season inclusive;
and
- on May 31, 2024, Canal+ Group and Netflix announced they were
renewing their distribution agreement, entered into in 2019. This
renewal runs over several years and covers France as well as
Poland.
Lagardère: 65% increase in EBITA
Revenue for the Lagardère group climbed to €4,193 million in the
first half of 2024, up 13.3% as reported year on year and up 10.1%
like for like.
For the first half of 2024, Lagardère’s EBITA was €201 million,
up 65.2% like-for-like compared to the first half of 2023.
Revenue for Lagardère Publishing totaled €1,309 million
in first-half 2024, up 5.0% on a reported basis and up 4.5%
like-for-like. The difference between reported and like-for-like
data is mainly attributable to a €1 million positive scope effect
attributable to the acquisition of Catch-Up Games, and to a €4
million positive currency effect.
- In France, revenue was down by a slight 0.7% against a high
comparison basis, in line with the market, attributable in
particular to lower business levels at textbook publishers.
Illustrated Books enjoyed good momentum, thanks to the Young Adult
segment. The Comics segment edged back due to the lack of an
equivalent to Asterix et Obélix : L’Empire du Milieu published in
2023, as well as a weaker performance in the Travel Guides segment.
General Literature had a good first half of the year, with
highlights including the publication of Quelqu’un d’autre by
Guillaume Musso, D’or et de jungle by Jean-Christophe Ruffin and Un
monde presque parfait by Laurent Gounelle.
- In the United Kingdom, revenue grew strongly by 8.4% despite a
slightly declining market. Growth was mainly driven by dynamic
backlist sales in the first half of the year. Business was also
lifted by best-sellers. The international segment was up too,
especially Australia, boosted by the same successful titles.
- In the United States, business grew by a sharp 7.7%, driven
notably by the publishing schedule at Little, Brown and Company. It
was also lifted by growth at the Hachette Audio unit, on the back
of a strong performance in digital downloads, as well as by good
backlist sales at Orbit and Little, Brown Books for Young
Readers.
- In Spain/Latin America, revenue grew by 7.9%. Business remained
stable in Spain but was up sharply in Mexico.
- Revenue from Partworks advanced by 2.0%, boosted in particular
by successful collections launched in France and Japan in the
second half of 2023.
Lagardère Publishing reported €113 million in recurring EBIT, up
by €48 million on first-half 2023. This performance was driven by
growth in the United Kingdom and the United States, a favorable
sales mix in physical and digital formats, as well as strong cost
discipline.
Revenue for Lagardère Travel Retail in first-half 2024
totaled €2,748 million, up 18.0% on a reported basis and up 13.5%
like-for-like. The difference between reported and like-for-like
data is attributable to a €95 million positive scope effect,
attributable to the acquisitions of Tastes on the Fly, Marché
International and Costa Coffee in Poland, as well as a €3 million
negative currency effect.
- In France, business surged 18.1%, supported in particular by
the success of the Extime Duty Free Paris joint venture with the
ADP group, as well as network upgrades and sales initiatives rolled
out across all networks and business lines.
- The EMEA region (excluding France) saw sharp growth of 21.7%,
buoyed by excellent performances in Romania, the United Kingdom and
in Italy.
- Revenue in the Americas grew by 7.0% against a high comparison
basis, carried by robust momentum in the United States. Peru also
recorded very sharp growth, supported by an improved macroeconomic
environment.
- Asia-Pacific recorded a decline of 17.4%, due to the slowdown
in China as a result of the unfavorable economic climate and
network streamlining.
Lagardère Travel Retail reported €109 million in recurring EBIT,
an improvement of €17 million on first-half 2023. The increase was
driven by solid performances across all geographic areas led by
Italy and North America, which offset the decline in North
Asia.
Revenue for Other Activities in first-half 2024 totaled
€136 million, up 9.2% as reported and stable like-for-like.
Business levels were up thanks to the performance of Lagardère
Live Entertainment venues and good momentum at Lagardère Radio,
driven by the sharp rise in audience figures at Europe 1. The Press
business was down on the back of lower advertising revenues, while
Elle International activities remained broadly stable.
Recurring EBIT of Other Activities amounted to a loss of €10
million, a €6 million improvement on first-half 2023, due to cost
savings achieved across all activities.
Havas: launch of the new strategic plan, “Converged”
For the first half of 2024, Havas’s revenue was €1,366 million,
an increase of 3.6% compared to the first half of 2023.
Net revenues2 were €1,308 million, an increase of 3.4% compared
to the first half of 2023 (stable on an organic basis). The impact
of acquisitions was +3.5% and included contributions from Uncommon
Creative Studio, Eprofessional, Shortcut and Ledger Bennett.
Currency effects had a negative impact of 0.1%, mainly due to the
evolution of the US dollar and the Argentine peso. The Creative and
Media divisions posted strong performances.
All geographical areas posted strong organic growth in net
revenue compared to the first half of 2023 (+3.8% in Europe, +0.5%
in Asia-Pacific, and +8.8% in Latin America), except in North
America, where net revenues decreased by 6.4%.
For the first half of 2024, EBITA rose sharply to €125 million,
an increase of 6.0% due to a continued cost base optimization.
On June 18, 2024, Havas announced the launch of its new
strategic plan, “Converged”, including a new groupwide operating
system powered by the best technology with creativity at its core,
investments of €400 million in data, tech and AI over the next four
years and the strengthening of the customer-centric approach of the
group. "Converged" aims to fully unlock the potential of the
group's full capabilities in all markets and offer
hyper-personalized solutions to the group's customers.
After two record years, Havas has continued to make acquisitions
with the integration of four new agencies since January 2024. Two
agencies are based in the United Kingdom: Ledger Bennett, a global
B2B marketing agency, and Wilderness, a multi-award-winning social
marketing agency, strengthening Havas's offering in these
fast-growing areas. Ted Consulting, a French data and digital
transformation consulting firm, was integrated into the Havas Media
Network to create a first-of-its-kind solution combining data,
automation, robotization and artificial intelligence. In May 2024,
Liquid, an omni-commerce expert agency, was integrated into the
Havas Market network, the group's full-service e-commerce offering
while strengthening Havas's presence in the Middle East.
In the second quarter of 2024, Havas's creativity was once again
highly rewarded. At the Cannes Lions, 12 Havas agencies
distinguished themselves by winning 25 awards (compared to 19 last
year) including 3 Gold, 10 Silver and 12 Bronze and Jacques
Séguéla, Havas's creative consultant, also received the prestigious
Lion of St. Mark lifetime achievement award. The World Advertising
Research Center (WARC) recognized BETC as the most creative agency
in the world. Finally, at the 2024 Clio Awards, Havas agencies
received 49 awards.
Prisma Media: further development of the “Luxury and Art of
Living” division
For the first half of 2024, Prisma Media’s revenues were €147
million, an increase of 0.4% at constant currency and perimeter
compared to the first half of 2023.
The latest audience results for One Next Global S1 2024
demonstrated that Prisma Media is the leading bi-media editor with
nearly 40 million people (almost two out of three French people)
reading Prisma Media articles every month, an increase of 1%
compared to the same period of 2023 despite the sale of the Gala
magazine in November 2023. Télé-Loisirs (21 million readers)
remains the top magazine brand. Capital is the leading economic
brand, consulted by over 9 million people and reaching more than
one out of five upper socio professional (CSP+) individuals per
month. With the acquisition of PasseportSanté in September 2023 and
the development of Dr.Good!, Prisma Media is now the leading
bi-media health publisher, reaching over 23 million French people
every month.
At the end of May 2024, 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 in the top three in the Women’s segment, and Capital is the
leading media site in the "Economy/Finance" category.
In the first half of 2024, Prisma Media's 2023 strategy of
building an ambitious “Luxury and Art of Living” division is
bearing fruit, with Harper's Bazaar increasing its market share by
five percentage points and pursuing its development in social
media. Prisma Media strengthened this division with the acquisition
on
April 22, 2024, of the magazines Ideat (design and interior
decoration) and The Good Life (lifestyle). Prisma Media also
announced that a new quarterly magazine, Harper's Bazaar Interiors,
the first brand extension of Harper's Bazaar France will be
launched in October 2024.
On April 25, 2024, Prisma Media launched a new format of the
magazine Capital with the ambition of making the economy more
attractive, accessible and relevant to the daily lives of the
French people.
In May 2024, Prisma Media transformed Cerise Media Group to
Famed&Bound Media in response to the changing expectations of
younger demographics. With more than 15 million subscribers and 120
million videos viewed per month, Famed&Bound Media has already
demonstrated the effectiveness of its content strategy.
Digital affiliation (e-commerce) and advertising revenues on
social media increased by more than 10% compared to the first half
of 2023. Prisma Media’s social media audiences continued to grow
with an increase of 28% of followers compared to the first half of
2023.
For the first half of 2024, Prisma Media's EBITA was €9 million,
a decrease of €8 million compared to the first half of 2023. EBITA
was impacted by the sale of the Gala magazine and by an unfavorable
comparison with the first half of 2023, which included
non-recurring items.
Gameloft: pursuing the strategic diversification on PC and
consoled platforms
For the first half of 2024, Gameloft continued its strategic
diversification and its expansion on PC and console platforms.
Revenues from these platforms now represent 41.6% of Gameloft's
total revenues, an increase of 7.7% at constant currency and
perimeter compared to the first half of 2023.
For the first half of 2024, Gameloft's total revenues were €132
million, including €55 million for the PC/console segment and €71
million for the mobile segment, a decrease of 4.8% at constant
currency and perimeter compared to the first half of 2023 due to
the absence of new launches in this period.
Disney Dreamlight Valley, Asphalt 9: Legends, Disney Magic
Kingdoms, March of Empires and Disney Speedstorm represented 60% of
Gameloft’s total revenues and ranked as the five best sellers in
the first half of 2024.
For the first half of 2024, Gameloft’s EBITA was €-12 million,
stable compared to the first half of 2023. Excluding restructuring
charges, EBITA was €-7 million, an increase of €2 million compared
to the first half of 2023.
Vivendi Village and New Initiatives
On June 6, 2024, Vivendi and CTS Eventim, a leading
international provider of ticketing services and live
entertainment, completed the sale of Vivendi’s festival and
international ticketing activities which were part of Vivendi
Village. The total enterprise value of the transaction is
approximately €300 million.
For the first half of 2024, the revenues of New
Initiatives, which mainly brings together Dailymotion and GVA
entities, were €90 million, compared to €66 million for the first
half of 2023 (+32.2% at constant currency and perimeter).
For the first half of 2024, the revenues of Dailymotion
increased by 27% compared to the first half of 2023. This increase
was mainly due to direct sales, which increased by nearly 55%
compared to the first half of 2023, mainly in EMEA and North
America, as well as a strong start to the year for Dailymotion Pro,
the paid service aimed at businesses across all sectors.
GVA, Vivendi's subsidiary dedicated to providing very
high-speed Internet access in Africa, thanks to its FTTH (fiber to
the home) networks, increased its revenues by 39% compared to the
first half of 2023. GVA is now established in thirteen cities based
in 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 targeted at the residential and professional markets, under the
"CanalBox" brand. At the end of June 2024, CanalBox covered more
than 3 million Homes Passed (eligible homes and businesses).
For additional information, please refer to the “Financial
Report for the half year 2024” 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. 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. Havas is one
of the largest global communications groups with a presence in more
than 100 countries. Vivendi is also active in the magazine business
(Prisma Media), and in video games (Gameloft). 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, such as the split
and listing projects and related operations, as well 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: July 25, 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.
1 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. 2 Net
revenues, a non-GAAP measure, is calculated as Havas’s revenues
less pass-through costs rebilled to customers.
APPENDIX I VIVENDI
CONDENSED STATEMENT OF EARNINGS (IFRS, unaudited)
Six months ended June 30,
% Change
2024
2023
REVENUES
9,052
4,698
+92.7%
Cost of revenues
(4,626)
(2,537)
Selling, general and administrative
expenses excluding amortization of intangible assets acquired
through business combinations
(3,844)
(1,778)
Restructuring charges
(14)
(4)
Income from equity affiliates -
operational
51
65
Adjusted earnings before interest and
income taxes (EBITA)*
619
444
+39.3%
Amortization and depreciation of
intangible assets acquired through business combinations
(139)
(40)
Impact of IFRS 16 on EBITA for concession
agreements
24
-
Settlement agreement with all the
institutional investors
(95)
na
EARNINGS BEFORE INTEREST AND INCOME
TAXES (EBIT)
409
404
+1.3%
Income from equity affiliates -
non-operational
(67)
(60)
Interest
(38)
15
Income from investments
68
67
Other financial charges and income
(40)
(56)
(10)
26
Earnings before provision for income
taxes
332
370
-10.4%
Provision for income taxes
(139)
(133)
Earnings from continuing
operations
193
237
-18.9%
Earnings from discontinued operations
-
(33)
Earnings
193
204
-5.5%
Non-controlling interests
(34)
(30)
EARNINGS ATTRIBUTABLE TO VIVENDI SE
SHAREOWNERS
159
174
-8.3%
of which earnings from continuing
operations attributable to Vivendi SE shareowners
159
207
Earnings from discontinued operations
attributable to Vivendi SE shareowners
-
(33)
Earnings attributable to Vivendi SE
shareowners per share - basic (in euros)
0.16
0.17
Earnings attributable to Vivendi SE
shareowners per share - diluted (in euros)
0.16
0.17
Adjusted net income*
329
324
+1.5%
Adjusted net income per share (in
euros)*
0.32
0.32
Adjusted net income per share - diluted
(in euros)*
0.32
0.32
In millions of euros, except per share amounts. na: not
applicable.
*non-GAAP measures.
As a reminder, Vivendi has fully consolidated Lagardère from
December 1, 2023.
“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.
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 for the half-year 2024“, which will be released online later
on Vivendi’s website (www.vivendi.com).
APPENDIX I (Cont’d)
VIVENDI CONDENSED STATEMENT OF EARNINGS (IFRS,
unaudited)
Reconciliation of earnings attributable
to Vivendi SE shareowners to adjusted net income
Six months ended June 30,
(in millions of euros)
2024
2023
Earnings attributable to Vivendi SE
shareowners (a)
159
174
Adjustments
Amortization and depreciation of
intangible assets acquired through business combinations (a)
139
40
Amortization of intangible assets related
to equity affiliates - non-operational
7
9
Impact of IFRS 16 on EBITA for concession
agreements
(24)
-
Settlement agreement with all the
institutional investors
95
na
Other financial charges and income (a)
40
56
Earnings from discontinued operations
(a)
-
33
Provision for income taxes on
adjustments
(44)
14
Impact of adjustments on non-controlling
interests
(43)
(2)
Adjusted net income
329
324
- As reported in the condensed statement of earnings.
Six months ended June 30,
% change
(in millions of euros)
2024
2023
Revenues
9,052
4,698
+92.7%
Adjusted earnings before interest and
income taxes (EBITA)
619
444
+39.3%
Income from equity affiliates -
non-operational
(60)
(51)
Interest
(38)
15
Income from investments
68
67
Adjusted earnings from continuing
operations before provision for income taxes
589
475
+23.8%
Provision for income taxes
(183)
(119)
Adjusted net income before
non-controlling interests
406
356
+14.1%
Non-controlling interests
(77)
(32)
Adjusted net income
329
324
+1.5%
APPENDIX II VIVENDI
REVENUES AND EBITA BY BUSINESS SEGMENT (IFRS, unaudited)
Six months ended June 30,
(in millions of euros)
2024
2023
% Change
% Change at constant currency
% Change at constant currency and
perimeter
Revenues
Canal+ Group
3,096
2,959
+4.6%
+3.9%
+3.2%
Lagardère
4,193
na
na
na
+10.1%
(a)
Havas
1,366
1,318
+3.6%
+3.7%
+0.3%
Of which net revenues (b)
1,308
1,265
+3.4%
+3.5%
-
Prisma Media
147
153
-4.1%
-4.1%
+0.4%
Gameloft
132
139
-5.2%
-4.8%
-4.8%
Vivendi Village
52
81
na
na
-0.9%
(c)
New Initiatives
90
66
+36.0%
+36.0%
+32.2%
Generosity and solidarity
1
1
Elimination of intersegment
transactions
(25)
(19)
Total Vivendi
9,052
4,698
+92.7 %
+91.9 %
+5.8%
EBITA
Canal+ Group
337
337
-0.1%
-1.9%
-1.9%
Lagardère
201
na
na
na
+65.2%
(a)
Havas
125
118
+6.0%
+5.9%
+0.1%
Prisma Media
9
17
-45.6%
-45.6%
-28.5%
Gameloft
(12)
(12)
-1.7%
+2.5%
+2.5%
Vivendi Village
2
7
na
na
-63.2%
(c)
New Initiatives
(20)
(22)
+8.6%
+8.6%
+7.8%
Generosity and solidarity
(6)
(5)
Corporate
(65)
(61)
Subtotal EBITA of the business
segments
571
379
+50.5%
+48.1%
+12.7%
Vivendi's share of Universal Music Group's
earnings (d)
48
39
+23.8 %
+23.8%
+23.8%
Vivendi's share of Lagardère's earnings
(d)
na
26
na
na
na
Total Vivendi
619
444
+39.3%
+37.5%
+13.5%
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.
- Constant perimeter notably reflects the impacts of the sale of
Vivendi’s festival and international ticketing activities on June
6, 2024.
- Includes share of earnings of companies accounted for by
Vivendi under the equity method of UMG and Lagardère until November
30, 2023.
APPENDIX II (Cont’d)
VIVENDI QUARTERLY REVENUES BY BUSINESS SEGMENT (IFRS,
unaudited)
2024
(in millions of euros)
Three months ended March 31,
Three months ended June 30,
Revenues
Canal+ Group
1,542
1,554
Lagardère
1,883
2,310
Havas
649
717
of which net revenues (b)
617
691
Prisma Media
71
76
Gameloft
68
64
Vivendi Village
31
21
New Initiatives
42
48
Generosity and solidarity
-
1
Elimination of intersegment
transactions
(11)
(14)
Total Vivendi
4,275
4,777
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
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 CONDENSED STATEMENT OF FINANCIAL POSITION
(IFRS, unaudited)
(in millions of euros)
June 30, 2024 (unaudited)
December 31, 2023
ASSETS
Goodwill
9,963
11,249
Non-current content assets
1,768
593
Other intangible assets
3,388
1,751
Property, plant and equipment
2,104
1,684
Rights-of-use relating to leases
2,956
2,918
Investments in equity affiliates
5,999
5,536
Non-current financial assets
2,776
2,841
Deferred tax assets
563
463
Non-current assets
29,517
27,035
Inventories
1,132
1,028
Current tax payables
140
174
Current content assets
977
1,276
Trade accounts receivable and other
6,194
6,204
Current financial assets
79
62
Cash and cash equivalents
1,106
2,158
9,628
10,902
Assets of discontinued businesses
6
314
Current assets
9,634
11,216
TOTAL ASSETS
39,151
38,251
EQUITY AND LIABILITIES
Share capital
5,665
5,664
Additional paid-in capital
865
865
Treasury shares
(260)
(100)
Retained earnings and other
10,649
10,679
Vivendi SE shareowners' equity
16,919
17,108
Non-controlling interests
927
129
Total equity
17,846
17,237
Non-current provisions
858
783
Long-term borrowings and other financial
liabilities
2,949
2,233
Deferred tax assets
1,586
712
Long-term lease liabilities
2,534
2,498
Other non-current liabilities
59
84
Non-current liabilities
7,986
6,310
Current provisions
405
381
Short-term borrowings and other financial
liabilities
3,010
3,830
Trade accounts payable and other
9,173
9,624
Short-term lease liabilities
590
570
Current tax payables
124
104
13,302
14,509
Liabilities associated with assets of
discontinued businesses
17
195
Current liabilities
13,319
14,704
TOTAL LIABILITIES
21,305
21,014
TOTAL EQUITY AND LIABILITIES
39,151
38,251
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