Vivendi Se · EURONEXT:VIV
Vivendi — FY2011 Earnings Presentation
83 slides from Vivendi's earnings presentation, Mar 1, 2012
Slide 1: 2011 Results and 2012 Outlook
March 1, 2012 JEAN-BERNARD LÉVY Chairman of the Management Board Chief Executive Officer BERTRAND MEHEUT Member of Vivendi Management Board Chairman of Canal+ Group Management Board PHILIPPE CAPRON Member of the Management Board Chief Financial Officer 2011 RESULTS AND 2012 OUTLOOK IMPORTANT NOTICE:
Slide 2: Jean-Bernard Lévy
JEAN-BERNARD LÉVY Chairman of the Management Board Chief Executive Officer
Slide 3: Highlights 2011
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 HIGHLIGHTS 2011 Achieved highest ever Adjusted Net Income at €2,952m, up 9.4% Completed group simplification through acquisition of 44% SFR stake and disposal of 20% NBCU stake Building powerful growth engines 3
Slide 4: 2011 Earnings Exceeding Guidance
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2011 EARNINGS EXCEEDING GUIDANCE Revenue growth of 0.5% at constant currency Record Adjusted Net Income up 9% vs. 2010, 2011 % change mainly due to SFR transaction impact* and powerful growth engines (GVT and Revenues € 28,813 m + 0.5
Slide 5: Superior growth engines more than offsetting tough environment in mature businesses
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 SUPERIOR GROWTH ENGINES MORE THAN OFFSETTING TOUGH ENVIRONMENT IN MATURE BUSINESSES €5,726m -€389m +€85m +€438m €5,860m EBITA 2010 SFR and Maroc Canal+, UMG Activision Blizzard EBITA 2011 Telecom and Others and GVT 5
Slide 6: Another Year of Solid Earnings Growth
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ANOTHER YEAR OF SOLID EARNINGS GROWTH EBITA Adjusted Net Income 2,952 5,860 > 2,850 5,726 2,698 5,390 2,585 2009 2010 2011 2009 2010 Guidance 2011* 2011 In euro millions ► EBITA margin peaking above 20% in 2011 6 * Announced on November 1
Slide 7: Successful Operating Strategy in 2011 in a Tougher Competitive Environment
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 SUCCESSFUL OPERATING STRATEGY IN 2011 IN A TOUGHER COMPETITIVE ENVIRONMENT Record year for Activision Blizzard thanks to Call of Duty products and services and successful Skylanders launch ► Activision Blizzard EBITA above €1 billion, u
Slide 8: Group Simplification Completed in 2011 with SFR and NBCU Transactions
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 GROUP SIMPLIFICATION COMPLETED IN 2011 WITH SFR AND NBCU STRATEGIC TRANSACTIONS $5.8bn disposal of 20% minority stake in NBC Universal completed in January 2011 €7.75bn acquisition of Vodafone’s 44% stake in SFR completed in June 2011
Slide 9: 2012: Off to a Good Start in Most of Vivendi's Businesses
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012: OFF TO A GOOD START IN MOST OF VIVENDI’S BUSINESSES... Successful pay TV launch in Brazil with already ~80k subscribers* Approaching inflection point for US recorded music market Strong Christmas sales at Canal+ France and SFR
Slide 10: Tougher-than-expected Environment in France
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... IN A TOUGHER-THAN-EXPECTED ENVIRONMENT IN FRANCE Economic and financial environment remains soft Higher taxes in 2011 and potentially more to come in 2012: – Higher VAT rate for telecom and pay TV operators – Change in the Consoli
Slide 11: SFR Action Plan and Guidance
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ACTION PLAN TO ADDRESS TOUGHER FRENCH TELECOMS MARKET Develop SFR subscriber base and adjust tariffs with segmented approach 1 ► Quick adjustment of “Red” web-only tariffs and then launch of attractive limited editions for postpaid (“Carr
Slide 12: Adjusting Distribution Policy and Maintaining Profitable Growth Strategy
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ADJUSTING DISTRIBUTION POLICY AND MAINTAINING PROFITABLE GROWTH STRATEGY Adjusting shareholder remuneration to new environment… – 2011 distribution : a cash dividend of €1 per share, as well as one bonus share per 30 shares held – Cash
Slide 13: 2010-2012: Building Future Cash Flow Drivers
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2010-2012: BUILDING FUTURE CASH FLOW DRIVERS... ACTIONS OUTLOOK CONTINUED INVESTMENTS IN BRAZIL GVT in line with plans; contribution to CFFO ~€2.2bn invested over 2010-2012 to deploy GVT expected to increase by ~€400m from 2011 broadban
Slide 14: Long Term Growth Initiatives: Innovation
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH INITIATIVES: INNOVATION Other entities Multi-screen content distribution platform Audience monetizing Connected Home New format for content B2B offers Cloud services
Slide 15: Long Term Growth Initiatives: Fast-Growing Economies
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH INITIATIVES: FAST-GROWING ECONOMIES Increase leverage on brands, content and expertise in fast-growing economies ► Close to 20% of revenues in 2011 ► €5.5bn revenues in 2011 vs. €3.6bn in 2008 15
Slide 16: Fast-Growing Economies: Fixed Broadband and Pay TV
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH: FAST-GROWING ECONOMIES FIXED BROADBAND, FIXED VOICE AND PAY TV €1.4 bn revenues in 2011 ► Pay TV launch in October 2011 ► Revenue growth expected in the mid-30’s* in 2012 16 * At constant currency
Slide 17: Fast-Growing Economies: Mobile and Fixed Operations
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH: FAST-GROWING ECONOMIES MOBILE AND FIXED OPERATIONS €2.2bn revenues in Morocco ~€500m revenues outside Morocco in 2011 versus ~€300m in 2008 17
Slide 18: Fast-Growing Economies: Pay TV
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH: FAST-GROWING ECONOMIES PAY TV ~€350m revenues in Poland ~€300m revenues in French overseas territories ~€150m revenues in Africa ► 10% revenues CAGR over 2008-2011 ► Successful launch in Vietnam in 2010 / 2011 18
Slide 19: Fast-Growing Economies: Music Operations
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH: FAST-GROWING ECONOMIES MUSIC OPERATIONS €270m revenues in emerging markets 2008-2011 CAGR: +5% ► UMG to increase footprint in new markets such as Russia, China, India, Indonesia, Vietnam and MENA 19
Slide 20: Fast-Growing Economies: Video Games
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ... AND LONG TERM GROWTH: FAST-GROWING ECONOMIES VIDEO GAMES €250m revenues in emerging markets, up €100m since 2008 ► WoW launch in Brazil in December 2011 ► “Free to play” COD for China under development 20
Slide 21: 2012 Guidance: Outlook and Conclusion
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 OUTLOOK AND CONCLUSION Focus on organic growth, sustained high margins and cash flows Adapt to a challenging environment in 2012 and 2013 Growth initiatives in all businesses to create shareholder value and contribute to group earni
Slide 22: Bertrand Meheut
BERTRAND MEHEUT Member of Vivendi Management Board Chairman of Canal+ Group Management Board
Slide 23: Canal+ Group 2011 Financials
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2011 FINANCIALS In euro millions - IFRS 2011 2010 Change Revenues 4,857 4,712 + 3.1% EBITA 701 690 + 1.6% 23
Slide 24: Key Performance Indicators
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 KEY PERFORMANCE INDICATORS Subscriptions, in '000 Dec. 31, 2011 Dec. 31, 2010 Change Portfolio Canal+ Group 12,946 12,709 + 237 o/w Canal+ France* 11,216 11,058 + 158 o/w Poland & Vietnam 1,730 1,651 + 79 In Mainland France Dec. 31, 2011
Slide 25: 2011 Achievements: Reshaping the Group's Growth Profile
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2011 ACHIEVEMENTS: RESHAPING THE GROUP’S GROWTH PROFILE 1 STRENGTHENING CORE BUSINESS 2 DIVERSIFICATION IN FRANCE 3 INTERNATIONAL DEVELOPMENT 25
Slide 26: Renewal of Top 3 Sports Contracts
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 1 STRENGTHENING CORE BUSINESS RENEWAL OF TOP 3 SPORTS CONTRACTS 2016 2015 2016 New 2 top live games Top live game at each Exclusive Contract of each match day step of the competition rights for all the games Benefit vs. +1 live game Top p
Slide 27: Securing Access to World Class Series and Drama
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 1 STRENGTHENING CORE BUSINESS SECURING ACCESS TO WORLD CLASS SERIES AND DRAMA Broadcasting on own channels International sales 27
Slide 28: Acquisition of Direct 8 and Direct Star Channels
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2 DIVERSIFICATION IN FRANCE ACQUISITION OF DIRECT 8 AND DIRECT STAR CHANNELS* • General interest channel • Music channel • Audience share: 2.3% • Audience share: 1.2% • Revenues: €54m • Revenues: €23m • Free-to-air shows only • 24-Hour Ne
Slide 29: Launch of France's First S-VOD Offer
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2 DIVERSIFICATION IN FRANCE LAUNCH OF FRANCE’S FIRST S-VOD OFFER • Deals with Warner, Disney, Turner, StudioCanal, Pathé, Bac Films, BBC, etc. • Films available 36 months after theatrical release • On SFR, Free, etc. • On all connected de
Slide 30: Major Partnership in Poland
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 3 INTERNATIONAL DEVELOPMENT MAJOR PARTNERSHIP IN POLAND* Controlling stake Minority stake + • Creating a leading premium offer • Leading media group in Poland • 2.5 million subscribers • Pay-TV / FTA partnerships • Over €60m in synergies
Slide 31: 2012 Priorities: Implementation of Strategic Moves
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012 PRIORITIES: IMPLEMENTATION OF STRATEGIC MOVES REGULATION INTEGRATION TPS merger Direct 8 & Direct Star Direct 8 & Direct Star Poland Poland OPERATIONAL DEVELOPMENT Growth of subscription portfolio and ARPU Africa Secure future result
Slide 32: Conclusion
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 CONCLUSION Strengthening core business 2011 Achievements Strategic developments in France and abroad Implement deals announced in 2011 2012 Grow pay-TV in France Priorities Boost operations in fast-growing markets GUIDANCE Sligh
Slide 33: Philippe Capron
PHILIPPE CAPRON Member of the Management Board Chief Financial Officer
Slide 34: Outstanding Results in 2011
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 OUTSTANDING RESULTS IN 2011 ■ Revenues: € 28,813 m +0.5 %* ■ EBITA: € 5,860 m + 3.3 %* ■ Adjusted Net Income: € 2,952 m + 9.4 %* ■ CFFO: € 4,694 m - 9.9 %* ■ Net Debt: € 12.0 bn end 2011* 34 * At constant currency
Slide 35: Adjusted Net Income Up 9%
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ADJUSTED NET INCOME UP 9% DUE TO EXCELLENT OPERATING PERFORMANCE AND SFR TRANSACTION* + 480 (350) Exceeded latest guidance (54) +70 2,952 of ANI above +188 €2,850m** (80) 2,698 IFRS, in euro millions ANI 2010 EBITA FX impact NBCU SFR Inco
Slide 36: Solid Increase in EBITA
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 All businesses SOLID INCREASE IN EBITA have met their operational guidance In euro millions - IFRS 2011 2010 Change Constant currency Balance of deferred EBITA: €913m at end 2011 vs. Activision Blizzard 1,011 692 + 46.1% + 52.8% €1,024m a
Slide 37: Adjusted Net Income Exceeding Guidance
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ADJUSTED NET INCOME EXCEEDING GUIDANCE In euro millions - IFRS 2011 2010 Change % Revenues 28,813 28,878 - 65 - 0.2% Incl. deconsolidation of EBITA 5,860 5,726 + 134 + 2.3% NBC Universal for €(201)m Income from equity affiliates (18) 195
Slide 38: Impact of New Tax Environment in France
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 IMPACT OF NEW TAX ENVIRONMENT IN FRANCE Changes in French tax law from 2011 – Change in the Consolidated Global Profit Tax System (“BMC”) – Deduction for tax losses carried forward capped at 60% of taxable income – Increase in income ta
Slide 39: Reconciliation of Adjusted Net Income to Net Income, Group Share
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 RECONCILIATION OF ADJUSTED NET INCOME TO NET INCOME, GROUP SHARE In euro millions - IFRS 2011 2010 Adjusted Net Income 2,952 2,698 Amortization and impairment losses of intangible assets acquired (907) (855) through business combinations
Slide 40: Solid Cash Generation Benefitting Accelerated Growth Investments
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 SOLID CASH GENERATION BENEFITTING ACCELERATED GROWTH INVESTMENTS CFFO before capex CFFO 2011 2010 Change In euro millions - IFRS 2011 2010 Change 929 1,248 - 25.6% Activision Blizzard 877 1,173 - 25.2% 495 508 - 2.6% Universal Music Group
Slide 41: Renewed Efforts Have Generated €600 Million of Incremental Cash
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 RENEWED EFFORTS HAVE GENERATED €600 MILLION OF INCREMENTAL CASH Net Debt Dividends Dividends Net financial Net Debt December 31, CFFO Interest & tax paid to paid to investments December 31, 2010 after Capex paid and other minorities share
Slide 42: Financing of 44% of SFR: Three Objectives
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 AS PART OF THE FINANCING OF 44% OF SFR, VIVENDI HAS PURSUED 3 OBJECTIVES DUE TO MARKET CONDITIONS Objectives: – Increase in the average duration of the debt – Bank disintermediation – Refinancing one year in advance all expiring credit
Slide 43: Significant Cost Saving Initiatives Across All Businesses for 2012-2015
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 SIGNIFICANT COST SAVING INITIATIVES ACROSS ALL BUSINESSES FOR 2012-2015 Continue to undertake productivity improvement initiatives across key areas of operating expenses contributing to improved margins Cost reduction plan of €100m saving
Slide 44: 2012 Guidance by Business
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012 GUIDANCE BY BUSINESS ACTIVISION BLIZZARD EBITA around €750m UNIVERSAL MUSIC GROUP Double digit EBITA margin at constant perimeter* SFR 12% to 15% decrease in EBITDA** CFFO close to €1.7bn*** MAROC TELECOM GROUP EBITA margin around 38
Slide 45: Financial Outlook for the Group in 2012
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 FINANCIAL OUTLOOK FOR THE GROUP IN 2012 Stimulate growth initiatives in all businesses to create shareholder value and contribute to group earnings progression in 2014 Continue adapting our cost structure and capex policy Sustain ca
Slide 46: The Best Emotions, Digitally
THE BEST EMOTIONS, DIGITALLY vervaon Ba “BH GB tes GV, ETT
Slide 47: Appendices
vivendi APPENDICES
Slide 48: Vivendi's Businesses: #1 Worldwide in Video Games and Music
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 60%* 100% 100% #1 worldwide in #1 worldwide in music #1 alternative telecoms video games in France 53%* 100% 100%** #1 alternative #1 in telecoms broadband operator #1 in pay-TV in France in Morocco in Brazil * Based on shares outstanding
Slide 49: Appendices: Review of Business Operations
APPENDICES Review of Business Operations
Slide 50: SFR Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Mobile service revenues of €7,885m, +0.8%* +744k postpaid customers in 2011 despite VAT turbulence in Q1 In euro millions - IFRS 2011 2010 Change Growing smartphone penetration: 41% of SFR customers** at end 2011, +13pts yoy Revenues
Slide 51: Launch of the Fourth Mobile Operator
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 LAUNCH OF THE FOURTH MOBILE OPERATOR Impact on the market Context of 4th French mobile Aggressive launch amplifying market evolutions* operator launch “SIM-only” tariffs available with all June Introduced in an already mature subscrip
Slide 52: SFR's 2012 Action Plan
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 LAUNCH OF THE FOURTH MOBILE OPERATOR: SFR’S 2012 ACTION PLAN 1 2 3 Strengthen best Re-engineer Adjust tariffs “value for money” operations positioning Competitive tariffs launched, Emphasize quality of service Launch corporate program to
Slide 53: SFR Service Revenues
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 In euro millions - IFRS 2011 2010 Change Service revenues 7,885 8,420 - 6.4% of which data revenues from mobile services 2,765 2,335 + 18.4% Equipment sales, net 567 510 + 11.2% Mobile revenues 8,452 8,930 - 5.4% Broadband Internet and fi
Slide 54: Mobile, Broadband Internet and Fixed KPIs
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2011 2010 Change MOBILE Customers (in '000)* 21,463 21,303 + 0.8% Postpaid customers (in '000)* 16,566 16,095 + 2.9% Proportion of postpaid clients* 77.2% 75.6% + 1.6 pt Smartphone penetration ** 41% 28% + 13 pts Market share on customer
Slide 55: Activision Blizzard Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Revenues: €3,432m, +7% at constant currency Record results driven by strength of digital sales IFRS - 2011 2010 Change Constant Revenues from digital online channels* account for 34%+ of total In euro millions currency revenues Activi
Slide 56: Activision Blizzard Guidance: 2012 Digital Developments
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012, DIGITAL DEVELOPMENTS Priorities for 2012: Focus on pipeline of online enabled products and category leading franchises Blizzard Entertainment to release multiple anticipated titles including Diablo III with its real money auction
Slide 57: Activision Blizzard Non-GAAP Net Revenues
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Non-GAAP* Net revenues by distribution 2011 2010 % Change Non-GAAP* - 2011 2010 Change channel - In dollar millions In dollar millions 2,512 2,880 Activision 2,828 2,769 + 2.1% Retail channels -12.8% Blizzard 1,243 1,656 - 24.9% Digital o
Slide 58: Reconciliation to IFRS
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 RECONCILIATION TO IFRS In millions 2011 In millions 2011 Non-GAAP Net Revenues $4,489 Non-GAAP Operating Income/(Loss) $1,358 Changes in deferred net revenues (a) $266 Changes in deferred net revenues and related cost of sales (a) $183 Ne
Slide 59: Universal Music Group Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Revenues: €4,197m, -4.6% at constant currency Recorded music down 4.9%* due to falling demand for In euro millions - IFRS 2011 2010 Change Constant physical product currency Digital sales grew 11.3%* accounting for more than 34% of re
Slide 60: UMG Guidance: 2012 Balance of Creativity and Control
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012, BALANCE OF CREATIVITY AND CONTROL Priorities for 2012: Improve profit margins by increasing return on creative investment and continuing to adapt cost structure Cost reduction plan of €100m savings achieved in 2011 and plans for
Slide 61: UMG Top-selling Artists and 2012 Upcoming Releases
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Recorded music : Top-selling artists* Million units 2011 2010 Lady Gaga 6.8 Eminem 5.9 Justin Bieber 2.8 Lady Gaga / The Fame Monster 4.8 Recorded Music Revenues 2011 2010 Rihanna / Loud 2.7 Taylor Swift 4.3 Europe 41% 41% Rihanna / Talk
Slide 62: Maroc Telecom Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Revenues: -2.5% at constant currency, in very competitive environment In euro millions - IFRS 2011 2010 Change Constant Morocco currency Outgoing mobile revenues nearly unchanged due to 27% increase Revenues 2,739 2,835 - 3.4% - 2.5%
Slide 63: Maroc Telecom Guidance: 2012 Focus on Cash Generation
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012, FOCUS ON CASH GENERATION Priorities for 2012: Sustain usage growth to offset price decrease in Morocco Maintain ADSL subscriber base growth Reduce fixed opex and continue lower capex policy group wide Capitalize on positive
Slide 64: Maroc Telecom Customer Data
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 MOROCCO 2011 2010 In '000 Dec. 31, 2011 Dec. 31, 2010 Mobile customers (in '000) 17,126 16,890 Mauritania Postpaid mobile customers (in '000) 1,019 817 Mobile customers 1,747 1,576 Mobile ARPU (MAD/customer/month) 87 93 Fixed lines 41 41
Slide 65: GVT Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Revenues: €1,446m, +41% (+39% at constant currency) Growth fueled by coverage expansion and excellent value In euro millions - IFRS 2011 2010 Change Constant proposition Currency Broadband service revenues up 58% and Voice revenues Re
Slide 66: GVT Guidance: 2012 in Line with Medium-term Objectives
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012, IN LINE WITH MEDIUM-TERM OBJECTIVES Priorities for 2012: Geographical expansion: Enter 23 additional cities Further expand broadband speed gap at highly competitive prices, 35Mbps priced at BRL89.90* (~€39) Pay TV deployment:
Slide 67: GVT Operating KPIs
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 In '000 Dec. 31, 2011 Dec. 31, 2010 Change In BRL millions - IFRS 2011 2010 Change Total Homes passed 7,207 5,065 + 42.3% Total Revenues 3,354 2,413 + 39.0% Total Lines in Services (LIS) 6,326 4,232 + 49.5% Voice 2,081 1,567 + 32.8% Retai
Slide 68: Canal+ Group Highlights
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Revenues: €4,857 m, +3.3% at constant currency Canal+ France revenue growth sustained by: In euro millions - IFRS 2011 2010 Change Constant Portfolio growth at Canal+ France: 158k net adds year-on-year, currency driven by both mainlan
Slide 69: Canal+ Group Guidance: 2012 Implementation of Strategic Moves
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 2012, IMPLEMENTATION OF STRATEGIC MOVES Priorities for 2012: Grow pay TV in France: subscription portfolio and ARPU Boost operations in fast-growing markets: Africa, Vietnam Implement cost saving plan exceeding €100m (2012/2013) due
Slide 70: Canal+ Group Subscriptions and KPIs
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 In '000 Dec. 31, 2011 Dec. 31, 2010 Change Portfolio Canal+ Group 12,946 12,709 + 237 ow Canal+ France* 11,216 11,058 + 158 ow Poland & Vietnam 1,730 1,651 + 79 In Mainland France Dec. 31, 2011 Dec. 31, 2010 Change Churn per digital subsc
Slide 71: Appendices: Detailed Vivendi Financial Results
APPENDICES Detailed Vivendi Financial Results
Slide 72: Revenues
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 REVENUES Constant Constant Q4 2011 Q4 2010 Change In euro millions - IFRS 2011 2010 Change currency currency 1,042 1,050 - 0.8% - 1.4% Activision Blizzard 3,432 3,330 + 3.1% + 7.0% 1,355 1,522 - 11.0% - 11.3% Universal Music Group 4,197 4
Slide 73: EBITDA
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 EBITDA Constant Constant Q4 2011 Q4 2010 Change In euro millions - IFRS 2011 2010 Change currency currency 108 69 + 56.5% + 56.0% Activision Blizzard 1,174 901 + 30.3% + 36.2% 294 266 + 10.5% + 10.3% Universal Music Group 623 571 + 9.1% +
Slide 74: Q4 EBITA
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 Q4 EBITA In euro millions - IFRS Q4 2011 Q4 2010 Change Constant currency Activision Blizzard 60 6 x 10 x 9.2 Universal Music Group 263 227 + 15.9% + 15.4% SFR 393 490 - 19.8% - 19.8% Maroc Telecom Group 256 342 - 25.1% - 24.9% GVT 97 108
Slide 75: Interest
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 INTEREST In euro millions (except where noted) – IFRS 2011 2010 Interest (481) (492) Interest expense on borrowings (529) (521) Average interest rate on borrowings (%) 3.87% 4.09% Average outstanding borrowings (in euro billions) 13.7 12.
Slide 76: Income Tax
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 INCOME TAX 2011 2010 In euro millions – IFRS Adjusted Net Adjusted Net income net income income net income Utilization of Vivendi SA’s tax losses carried forward 565 436 586 583 Tax charge (1,973) (1,814) (1,843) (1,625) Provision for inc
Slide 77: Capex, Net
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 CAPEX, NET In euro millions - IFRS 2011 2010 Change Activision Blizzard 52 75 - 30.7% Universal Music Group 52 38 + 36.8% SFR 1,809 1,974 - 8.4% Maroc Telecom Group 466 556 - 16.2% GVT 705 482 + 46.3% Canal+ Group 251 229 + 9.6% Holding &
Slide 78: Vivendi Bonds and Bank Debt Overview
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 VIVENDI BONDS AND BANK DEBT* OVERVIEW (as of February 28, 2012) 19.6 19.3 (€bn) 16.9 ■Bank debt (drawn and undrawn) ■Bonds 15.0 12.3 8.6 5.6 2.5 1.5 0.8 0,8 End End End End End End End End End End End 2010 2011 2012 2013 2014 2015 2016 20
Slide 79: Appendices: Glossary & Disclaimers
APPENDICES Glossary & Disclaimers
Slide 80: Glossary
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 GLOSSARY Adjusted earnings before interest and income taxes (EBITA): As defined by Vivendi, EBITA corresponds to EBIT (defined as the difference between income and charges that do not result from financial activities, equity affiliates, d
Slide 81: Activision Blizzard Standalone Definition & Disclaimer
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 ACTIVISION BLIZZARD STANDALONE DEFINITION & DISCLAIMER NON-GAAP financial measures Activision Blizzard provides net revenues, net income (loss), earnings (loss) per share and operating margin data and guidance both including (in accordanc
Slide 82: Important Legal Disclaimer
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 IMPORTANT LEGAL DISCLAIMER Forward Looking Statements This presentation contains forward-looking statements with respect to Vivendi’s financial condition, results of operations, business, strategy, plans and outlook of Vivendi, including
Slide 83: Investor Relations Team
F u l l Y e a r 2 0 1 1 R e s u l t s – M a r c h 1 , 2 0 1 2 INVESTOR RELATIONS TEAM Jean-Michel Bonamy Executive Vice President Head of Investor Relations +33.1.71.71.12.04 jean-michel.bonamy@vivendi.com PARIS NEW YORK 42, avenue de Friedland 800 Third Avenue 75380 Paris cedex 08 / France New York