Regulatory News:
Some Vivendi-owned (Paris:VIV) assets, whose operations are
closely aligned with those of Canal+, are currently in the process
of being transferred to the latter for the sake of consistency.
Canal+ will consolidate together with its current business
GVA, which provides telecommunication services in Africa,
including high-speed Internet access marketed under the brand
Canalbox; the video streaming platform Dailymotion; the
performance venues L’Olympia and the L’Œuvre theater
in France as well as the cinema theaters CanalOlympia in
Africa.
In this new configuration, Canal+ Group will represent a unique
international media operation with exposure to both mature and
high-growth markets. It would have recorded €6.2 billion in
revenues,
€472 million in Adjusted Earnings Before Interest and Income
Taxes (EBITA) and €315 million in Cash Flow From Operations (CFFO)
for the year ended December 31, 2023.
Its total number of subscribers would amount to approximately
26.8 million at such date, of which
16.0 million outside of France (c. 60%). Between Dailymotion and
the OTT platform myCanal, Canal+ Group would record a global
audience of over 400 million monthly active users.
In recent years, Canal+ Group has made significant expenditure
and investments amounting to approximately €1 billion annually in
technology (including its broadcasting and streaming
infrastructure, software development, CRM, etc.) to provide a
highly distinctive and industry-leading customer experience on the
myCanal and Dailymotion platforms.
The attached appendix sets out key figures of the new
consolidation perimeter of Canal+.
Canal+ Group will have three operating segments:
- Canal+ Europe – encompassing the Group’s subscription-TV
(including OTT) and advertising-supported free-to-air (FTA) TV
businesses across France, the French Overseas and adjacent
territories, Poland, Central Europe and Benelux (through its
wholly-owned subsidiary M7) as well as telecommunication services
in the French Overseas territories;
- Canal+ Africa & Asia – encompassing the Group’s
subscription-TV and advertising-supported FTA TV businesses, GVA
and CanalOlympia venues across French-speaking Sub-Saharan Africa
as well as subscription-TV business in Vietnam, Myanmar and Pacific
territories;
- Content Production, Distribution and Other –
encompassing Studiocanal, Dailymotion, Thema1 as well as L’Olympia
and the L’Œuvre theater.
Canal+ Group also holds a non-controlling 45.2% stake in
MultiChoice with an ongoing mandatory takeover offer, a 36.8% stake
in the OTT platform Viu and a 29.33% stake in Viaplay.
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
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, as well as related operations. Although
Vivendi believes that such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
completion 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
obtaining regulatory, administrative, third - party or any other
approvals, 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 a solicitation
of an offer to subscribe to or purchase, nor an invitation to sell,
buy, or subscribe to securities in France or abroad. This press
release must in no way be interpreted as a recommendation to
readers.
The dissemination of this press release may be restricted,
limited, or prohibited by law in certain states, and anyone wishing
to distribute it must inform themselves about the existence of such
restrictions, limitations, or prohibitions, and adhere to them. Any
failure to do so may constitute a violation of the applicable
securities regulations in those states.
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.
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Appendix: Key figures2 for the Canal+
Group (new scope of consolidation)
(in millions of euros)
2023
2022
2021
Revenues
6,223
6,010
5,870
EBITA3
472
444
401
Cash Flow From Operations
(CFFO)4
315
252
355
(in millions)
2023
2022
2021
Subscribers
26.8
25.8
23.8
Of which Self
Distributed5
19.5
19.3
19.1
By operating segment
2023
2022
2021
Canal+
Europe
Subscribers (m)
17.4
16.8
15.6
Revenues (€m)
4,640
4,507
4,420
EBITA (€m)
201
204
218
Canal+
Africa & Asia
Subscribers (m)
9.5
8.9
8.2
Revenues (€m)
1,002
970
858
EBITA (€m)
212
196
159
Content
production, distribution & others
Subscribers (m)
-
-
-
Revenues (€m)
713
654
698
EBITA (€m)
59
44
24
Canal+ Group revenues by geographic
area6
(in millions of euros)
2023
2022
2021
France
3,747
3,643
3,586
International
2,476
2,367
2,284
Canal+ Group revenues by activity
2021-2023
(in millions of euros)
2023
2022
2021
Subscriptions
5,048
4,842
4,670
Advertising, content sales and
other
1,176
1,168
1,200
1 Thema is a company specializing in creating and distributing
diverse content and channels. 2 Extracted from the Combined
Unaudited Financial Statement for the years ended December 31,
2023, 2022 and 2021 3 EBITA, a non-GAAP measure, exclude most
non-operating and non-recurring items from the measurement of the
business segments’ performances. The difference between EBITA and
EBIT consists of the amortization of intangible assets acquired
through business combinations and through other catalogs of rights
acquired by Vivendi’s content production businesses, the impairment
of goodwill and other intangibles acquired through business
combinations and through the other catalogs of rights acquired by
Vivendi’s content production businesses, other income and charges
related to transactions with shareowners (except where such
transactions are directly recognized in equity), as well as items
related to concession agreements (IFRS 16). 4 Cash Flow From
Operations (CFFO), a non GAAP measure, exclude most non-operating
and non-recurring items from the measurement of the business
segments’ performances. Cash flow from operations is calculated as
the sum of net cash provided by operating activities before income
tax paid, as presented in the combined statement of cash flows
(published in annual report), dividends received from equity
affiliates and unconsolidated companies, as well as cash payments
for the principal of lease liabilities and related interest
expenses, which are presented as financing activities in the
combined statement of cash flows. It also includes cash used for
capital expenditures, net of proceeds from sales of property and
equipment, and intangible assets, which are presented as investing
activities in the combined statement of cash flows. 5 i.e. Direct
to consumers subscribers 6 Based on customer location
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