Vivendi Se · EURONEXT:VIV
Vivendi — Q3 2015 Earnings Presentation
23 slides from Vivendi's earnings presentation, Nov 10, 2015
Slide 1: Third Quarter 2015 Results
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 THIRD QUARTER 2015 RESULTS IMPORTANT NOTICE: Financial statements unaudited and prepared under IFRS Investors are strongly urged to read the important disclaimer at the end of this presentation
Slide 2: Achievement of significant steps in the transformation of Vivendi
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 Achievement of significant steps in the transformation of Vivendi Rather satisfactory results delivered in an uncertain environment with the significant evolution of our businesses On track to deliver FY15 outlook ■ Continued strength of: • P
Slide 3: Scope of Consolidation and Main Currencies
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 SCOPE OF CONSOLIDATION AND MAIN CURRENCIES In compliance with IFRS 5, GVT qualifies as a discontinued operation from 3Q 2014, SFR from 1Q 2014 and Maroc Telecom group from 2Q 2013 hence their earnings are reported as “Earnings from discontinu
Slide 4: Key Financial Metrics at End September 2015
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 KEY FINANCIAL METRICS AT END SEPTEMBER 2015 % Change % Underlying change* Year-on-year Year-on-year Revenues: € 7,615 m + 7.0 % + 1.4 % EBIT: € 1,103 m + 63.5 % Net Income, group share: € 1,790 m - 35.0 % Income from operations: € 757
Slide 5: Highlights - Canal+ Group
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 Constant perimeter HIGHLIGHTS In euro millions - IFRS 9M 2014 9M 2015 Change and constant currency * ■ Revenues up 0.7% at constant currency and Revenues 3,967 4,034 + 1.7% + 0.7% perimeter*: Pay-TV Mainland France 2,592 2,541 - 1.9% - 1.9% ■
Slide 6: Highlights - Universal Music Group
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 Constant perimeter In euro millions - IFRS 9M 2014 9M 2015 Change and constant HIGHLIGHTS currency * Revenues 3,097 3,492 + 12.8% + 2.1% ■ Revenues up 2.1%* driven by growth in all Recorded music 2,447 2,748 + 12.3% + 1.9%* segments. Music Pu
Slide 7: Highlights - Vivendi Village, New Initiatives, Corporate
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 VIVENDI VILLAGE Constant HIGHLIGHTS In euro millions - IFRS 9M 2014 9M 2015 Change perimeter and constant HIGHLIGHTS currency * Revenues 69 73 + 5.5% - 7.5% Vivendi Village Income from operations (37) 9 ■ Improvement of Income from operations
Slide 8: Adjusted P&L
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 ADJUSTED P&L Constant perimeter In euro millions - IFRS 9M 2014 9M 2015 Change % and constant currency* Revenues 7,118 7,615 + 497 + 7.0% + 1.4% Income from operations 831 757 - 74 - 8.8% - 9.4% Equity settled share-based compensation plans (
Slide 9: Consolidated P&L
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 CONSOLIDATED P&L In euro millions - IFRS 9M 2014 9M 2015 Change % Revenues 7,118 7,615 + 497 + 7.0% Cost of revenues (4,243) (4,596) Selling, general and administrative expenses excluding amortization (2,033) (2,219) of intangible assets acqu
Slide 10: Consolidated Balance Sheet, as of September 30, 2015
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 CONSOLIDATED BALANCE SHEET, AS OF SEPTEMBER 30, 2015 In euro millions December 31, September 30, December 31, September 30, Assets Equity and Liabilities 2014 2015 2014 2015 Goodwill 9,329 10,021 Consolidated equity * 22,988 21,302 Intangible
Slide 11: Net Cash at End September 2015
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 NET CASH AT END SEPTEMBER 2015 In euro billions Net Cash Net Cash Dec. CFFO before Interest & taxes Acquisitions Distribution to September 30, 31, 2014 Capex Capex, net paid and other Disposals investments shareholders Other 2015 -2.4 8.0 -2.
Slide 12: Appendices
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 APPENDICES Details of Business Operations: slides 13-14 Detailed Vivendi Financial Results: slides 16-20 Glossary, Disclaimer & Contacts: slides 22-23
Slide 13: Canal+ Group Subscribers and KPIs
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 September 30, September 30, In '000 Change 2014 2015 individual subscribers 10,611 11,023 + 412 Mainland France 6,014 5,926 - 88 International 4,596 5,098 + 502 Poland 2,154 2,084 - 70 Overseas 492 492 +0 Africa 1,272 1,744 + 472 Vietnam 678
Slide 14: Universal Music Group Revenues and Best Sellers
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 Constant Recorded Music Revenues 9M 2014 9M 2015 perimeter and In euro millions - IFRS 9M 2015 Europe 38% 37% constant North America 41% 43% currency * Asia 13% 12% Recorded music 2,748 + 1.9% Rest of the world 8% 8% Physical sales 867 - 7.9%
Slide 15: Appendices: Detailed Vivendi Financial Results
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 APPENDICES Detailed Vivendi Financial Results
Slide 16: Revenues / EBITDA / EBITA
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 REVENUES / EBITDA / EBITA Constant Constant Constant perimeter Revenues Constant perimeter Q3 2014 Q3 2015 Change 9M 2014 9M 2015 Change currency and constant In euro millions - IFRS currency and constant currency * currency * 1,300 1,300 - -
Slide 17: Revenues / Income from Operations / EBITA
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 REVENUES / INCOME FROM OPERATIONS / EBITA Constant Constant Constant perimeter Revenues Constant perimeter Q3 2014 Q3 2015 Change 9M 2014 9M 2015 Change currency and constant In euro millions - IFRS currency and constant currency * currency *
Slide 18: Interest & Income Tax
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 INTEREST & INCOME TAX In euro millions (except where noted) – IFRS 9M 2014 9M 2015 Interest (65) (24) Interest expense on borrowings (224) (50) Average interest rate on borrowings (%) 2.66% 2.89% Average outstanding borrowings (in euro billio
Slide 19: Reconciliation of Earnings to Adjusted Net Income
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 RECONCILIATION OF EARNINGS ATTRIBUTABLE TO VIVENDI SA SHAREOWNERS TO ADJUSTED NET INCOME In euro millions - IFRS 9M 2014 9M 2015 Earnings attributable to Vivendi SA shareowners (*) 2,752 1,790 Amortization and depreciation of intangible asset
Slide 20: Reconciliation of EBIT to Income from Operations
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 RECONCILIATION OF EBIT TO INCOME FROM OPERATIONS In euro millions - IFRS 9M 2014 9M 2015 EBIT 674 1,103 Amortization and depreciation of intangible assets acquired through business 251 305 combinations Other income & charges (160) (673) EBITA
Slide 21: Appendices: Glossary & Disclaimer
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 APPENDICES Glossary & Disclaimer
Slide 22: Glossary
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 GLOSSARY The non-GAAP measures defined below should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance and Vivendi considers that they are relevant indicators of the group’s o
Slide 23: Important Legal Disclaimer / Contacts
9 M 2 0 1 5 R e s u l t s – N o v e m b e r 1 0 , 2 0 1 5 IMPORTANT LEGAL DISCLAIMER / CONTACTS Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements with respect to Vivendi's financial condition, results of operations, business, strategy, plans,