Canal+ Sa · LSE:CAN
Canal+ Sa — Shareholder Meeting (2025)
86 slides from Canal+ Sa's shareholder meeting presentation, 2025
Slide 1: 2025 General Meeting
2025 GENERAL MEETING
Slide 2: Yannick Bolloré, Chairman of the Supervisory Board
YANNICK BOLLORÉ CHAIRMAN OF THE SUPERVISORY BOARD
Slide 3: Laëtitia Ménasé, General Counsel
LAËTITIA MÉNASÉ GENERAL COUNSEL
Slide 4: Yannick Bolloré, Chairman of the Supervisory Board
YANNICK BOLLORÉ CHAIRMAN OF THE SUPERVISORY BOARD
Slide 5: Maxime Saada, Chief Executive Officer
MAXIME SAADA CHIEF EXECUTIVE OFFICER
Slide 6: A race to scale in the media industry
A RACE TO SCALE IN THE MEDIA INDUSTRY NUMBER OF SUBSCRIBERS TO DATE (MILLIONS) 302 205 200+ 122 79 45
Slide 7: Growing markets: SVOD penetration in Europe
GROWING MARKETS: IN EUROPE, INCREASED PENETRATION OF SVOD OFFERS IS DRIVING MARKET GROWTH FRANCE AS AN EXAMPLE 71% 2 PENETRATION OF PAY-TV AND SVOD OFFERS 35% 2016 2024 LAUNCH OF 15 ≈ M 20 ≈ M ABONNES ABONNES
Slide 8: Growing markets: macro-economic factors in Africa
GROWING MARKETS: IN AFRICA, MACRO-ECONOMIC FACTORS ARE DRIVING MARKET GROWTH 1,200 M 51 % INHABITANTS ELECTRIFICATION 800 RATE + M BY 2050 3 % OTT PENETRATION 4.5 % 38 % PER YEAR GDP GROWTH PAY TV OVER 20242028 PENETRATION
Slide 9: Large and frequent disruptions
LARGE AND FREQUENT DISRUPTIONS " There will be no advertising on " A portion of the population does not Netflix. Period. " mind advertisements and would rather pay a lower price. The goal is to introduce advertisements in a way to preserve the subscribers' experience, while being a nice panel for th
Slide 10: At the heart of our strategy, scale and agility
AT THE HEART OF OUR STRATEGY, SCALE AND AGILITY GLOBAL LEADERS SCALE MARKET GROWTH AGILITY FREQUENT DISRUPTIONS 15 ≈ M 20 ≈ M ABONNES ABONNES
Slide 11: Agility: controlled financial trajectory
AGILITY CONTROLLED FINANCIAL TRAJECTORY
Slide 12: Controlled financial trajectory: growing revenues
CONTROLLED FINANCIAL TRAJECTORY: GROWING REVENUES +3.2%/YEAR €6.4Bn €6.2Bn €6.0Bn €5.9Bn FY21 FY22 FY23 FY24
Slide 13: Controlled financial trajectory: improved profitability
CONTROLLED FINANCIAL TRAJECTORY: IMPROVED PROFITABILITY EBITA +5.8%/YEAR €503M €477M €457M €424M FY21 FY22 FY23 FY24
Slide 14: Controlled financial trajectory: increasing subscriber base
CONTROLLED FINANCIAL TRAJECTORY: INCREASING SUBSCRIBER BASE +4.2%/YEAR OVER THE PAST 4 YEARS 26.8M 26.9M 25.8M 23.8M 11M FY15 FY21 FY22 FY23 FY24
Slide 15: New assets already contributing to growth
CONTROLLED FINANCIAL TRAJECTORY NEW ASSETS ALREADY CONTRIBUTING TO THE GROUP’S GROWTH The leading European short-form video streaming platform with 400 millions monthly active users TWO DIGIT REVENUE GROWTH IN 2024 The fastest-growing telecom operator in French-speaking Africa OVER The most iconic c
Slide 16: Actions taken to improve profitability in France
CONTROLLED FINANCIAL TRAJECTORY: ACTIONS TAKEN TO IMPROVE THE PROFITABILITY IN FRANCE § End of Ligue 1 contract § End of the contract with Disney § Renewed agreement with the French cinema organisations § Exit of our PayTV channels from DTT in France and closing of the C8 channel SYSTEMATIC REVIEW
Slide 17: A cash-flow optimisation plan successfully launched
CONTROLLED FINANCIAL TRAJECTORY: A CASH-FLOW OPTIMISATION PLAN SUCCESSFULLY LAUNCHED CHANGES IN REDUCTION IMPROVEMENT OF IMPROVEMENT OPTIMISATION MANAGEMENT OF EXPENSES WORKING CAPITAL OF THE TAX OF FINANCING REMUNERATION FRAMEWORK
Slide 18: Agility: a diversified value proposition
AGILITY A DIVERSIFIED VALUE PROPOSITION
Slide 19: A robust analysis model for content investment
A DIVERSIFIED VALUE PROPOSITION: A ROBUST ANALYSIS MODEL FOR CONTENT INVESTMENT NO LOW CASUAL FANS SUPER FANS TOTAL CONSUMPTION CONSUMPTION SUBS IN VOLUME (EXTRAPOLATED) YEARS OF SUBSCRIPTION SUBSCRIBER PROFILE % DTH ARPU C+ STB EQUIPMENT ISP OTT MONTHLY VIEWERSHIP OF PAY IN HOURS CONTENT (i.e. EXCL
Slide 20: A model that proved its efficiency
A DIVERSIFIED VALUE PROPOSITION: A MODEL THAT PROVED ITS EFFICIENCY
Slide 21: Highest increase in subscriber base in France over 15 years
A DIVERSIFIED VALUE PROPOSITION: IN FRANCE, THE HIGHEST INCREASE IN OUR SUBSCRIBER BASE OVER THE PAST 15 YEARS EVOLUTION OF CANAL+ SUBSCRIBER BASE IN FRANCE (%) MAY 2024 END OF LIGUE 1 CONTRACT 2010 2012 2014 2016 2018 2020 2022 2024
Slide 22: A comprehensive content offering
A DIVERSIFIED VALUE PROPOSITION: A COMPREHENSIVE CONTENT OFFERING THIRD-PARTY STREAMING PLATFORMS CHANNELS (IN-HOUSE PAY TV) THIRD PARTY IN-HOUSE BASIC PAY TV THIRD PARTY IN-HOUSE FREE-TO-AIR
Slide 23: StudioCanal, an exceptional year
A DIVERSIFIED VALUE PROPOSITION: STUDIOCANAL, AN EXCEPTIONAL YEAR MAJOR MOVIE … … AND SERIES HITS Global box office 12+M VIEWS IN FRANCE SUCCESS IN ALL CANAL+ $210M $132M $72M $56M TERRITORIES… Local box offices … BUT ELSEWHERE AS WELL 4.9M £ 9.6M 766K 1.1M € 2.6M ADMISSIONS AT THE UK BOX ADMISSIONS
Slide 24: A unique aggregation strategy
A DIVERSIFIED VALUE PROPOSITION: A UNIQUE AGGREGATION STRATEGY EUROPE & AFRICA
Slide 25: Scale
2 = 1S in SCALE
Slide 26: Scale is critical to amortise content costs
SCALE IS CRITICAL TO AMORTISE CONTENT COSTS … € 1.3M/EPISODE € 13M/EPISODE €0.05/SUBSCRIBER €0.05/SUBSCRIBER
Slide 27: ...and technology costs
…AND TECHNOLOGY COSTS € 1.0Bn € 2.6Bn INVESTED IN TECHNOLOGY PER YEAR INVESTED IN TECHNOLOGY PER YEAR
Slide 28: The widest and most innovating distribution
THE WIDEST AND MOST INNOVATING DISTRIBUTION PARTNERSHIPS WITH GLOBAL INTRODUCING CANAL+ ON CONNECTED TV LEADERS NEW ENVIRONMENTS
Slide 29: Growth ambition
GROWTH AMBITION 4.8M SUBSCRIBERS 29.3% ≈ 50100M TARGET Largest shareholder 15M SUBSCRIBERS SUBSCRIBERS 37.2% 2nd largest shareholder POSSIBILITY TO TAKE CONTROLE 15.7M SUBSCRIBERS 45.2% Largest shareholder MANDATORY TENDER OFFER 2024 2022 27 Participation 2020 ≈ M SUBSCRIBERS 25 2019 2016 ≈ M 2015
Slide 30: Major stakes in Viaplay and Viu
MAJOR STAKES IN VIAPLAY AND VIU 4.8 M* 15 M* SUBSCRIBERS PAYING SUBSCRIBERS 29.3 % 37.2 % STAKES STAKES *As of 31/12/24
Slide 31: MultiChoice, the pay TV leader in Africa
MULTICHOICE, THE PAY TV LEADER IN ENGLISH AND PORTUGUESE-SPEAKING AFRICA A LEADER IN 16 COUNTRIES SUBSTANTIAL ASSETS § PayTV leader in South Africa and other English and Portuguese-speaking African countries § ~15M subscribers § Strong brands as well as a large portfolio of contents PREMIUM SPORTS T
Slide 32: A unique value creation opportunity
A UNIQUE VALUE CREATION OPPORTUNITY COMBINED FOOTPRINT § Booming long-term macroeconomic tailwinds § Creation of the leading media & entertainment player in Africa with 40 million+ subscribers § Unrivalled portfolio of brands and rights § Significant synergies across the entire value chain 70 COUNTR
Slide 33: Clearances already obtained in many countries
CLEARANCES ALREADY OBTAINED IN MANY COUNTRIES TANZANIA BOTSWANA GHANA SAUDI TURKEY SOUTH ARABIA AFRICA MOZAMBIQUE KENYA ZAMBIA ZANZIBAR NAMIBIA ANGOLA
Slide 34: In South Africa, major milestones reached
IN SOUTH AFRICA, MAJOR MILESTONES REACHED REGULATORY § Selection and agreement with local partners § Post-transaction structure of MultiChoice complying with regulatory requirements COMPETITION § Positive recommendation of the South African Competition Commission to the South African Competition Tri
Slide 35: Preparation of integration for accelerated implementation
PREPARATION OF INTEGRATION FOR ACCELERATED IMPLEMENTATION « DAY 1 » TRANSACTION COMPLETED ORGANISATION Appointment of the Management DEFINITION OF A NEW Implementation following OPERATIONAL AND consultation with employee ORGANISATIONAL MODEL representative bodies SYNERGIES SYNERGIES IDENTIFICATION L
Slide 36: A rational capital allocation policy
A RATIONAL CAPITAL ALLOCATION POLICY Pursuing a profitable growth of our activities, potentially through targeted acquisitions, while paying specific attention to cash generation. Maintaining a sound balance sheet with controlled debt level. Creating long-term value for shareholders. Paying di
Slide 37: Amandine Ferré, Chief Financial & ESG Officer
AMANDINE FERRÉ CHIEF FINANCIAL & ESG OFFICER
Slide 38: A resilient business model generating growth
A RESILIENT BUSINESS MODEL GENERATING GROWTH
Slide 39: A steady revenue foundation driven by subscriptions
A STEADY REVENUE FOUNDATION DRIVEN BY THE SUBSCRIPTION-BASED MODEL A SUBSCRIPTION- … WITH COMMITMENT … OVER TIME BASED MODEL 80 % 85 % 1 SUBSCRIBER OUT OF 2 WITH US FOR OVER OF REVENUES DRIVEN BY SUBSCRIPTIONS OF THE SUBSCRIBER BASE IN FRANCE AND POLAND HAS A 10+ YEARS 1- OR 2-YEAR COMMITMENT 1 IN 4
Slide 40: Subscriber base per distribution channel
A STEADY REVENUE FOUNDATION DRIVEN BY THE SUBSCRIPTION-BASED MODEL SUBSCRIBER BASE PER DISTRIBUTION CHANNEL (M) +0.4% 26.8 26.9 WHOLESALE 7.3 7.0 -3.4% (27%) (26%) 19.5 19.9 DIRECT DISTRIBUTION (73%) (74%) +1.9% 2023 2024
Slide 41: Content diversity: stability of revenue
CONTENT DIVERSITY STABILITY OF REVENUE DURING COVID-19 AND THE HOLLYWOOD STRIKE
Slide 42: Recurring revenues driven by the catalogue
RECURRING REVENUES DRIVEN BY THE CATALOGUE 9,400 CONTENT FROM STUDIOCANAL CATALOGUE DELIVERING A FREQUENT LICENCE REVENUE SOURCE
Slide 43: A strong financial profile with profitable growth
A STRONG FINANCIAL PROFILE WITH PROFITABLE GROWTH
Slide 44: Solid fundamentals: Europe
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES EUROPE
Slide 45: Solid fundamentals: Europe
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES EUROPE -0.7% +2.0% +7.0% 4.7 Bn 217 M 17.4 4.6 203 M 17.2 M Bn M FY23 FY24 FY23 FY24 FY23 FY24 EBITA MARGIN 4.4% 4.6% SUBSCRIBER BASE [M] REVENUES [€Bn] EBITA [€M] (1) (1) Adjusted EBIT (EBITA), before exceptional items
Slide 46: Solid fundamentals: Africa & Asia
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES AFRICA & ASIA Excl. MultiChoice
Slide 47: Solid fundamentals: Africa & Asia
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES AFRICA & ASIA +2.5% +3.5% +0.8% 216 M 9.5 M 9.7 M 1.0 Bn 1.0 Bn 214 M FY23 FY24 FY23 FY24 FY23 FY24 EBITA MARGIN 21.4% 20.8% SUBSCRIBER BASE [M] REVENUES [€Bn] EBITA [€M] (1) (1) Adjusted EBIT (EBITA), before exceptional items
Slide 48: Solid fundamentals: content production, distribution and others
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES CONTENT PRODUCTION, DISTRIBUTION AND OTHERS CONTENT PRODUCTION, DISTRIBUTION & OTHER
Slide 49: Content production, distribution and others
SOLID FUNDAMENTALS ACROSS ALL BUSINESS ACTIVITIES CONTENT PRODUCTION, DISTRIBUTION AND OTHERS +14.7% +15.8% 0.8 Bn 70 M 0.7 Bn 61 M FY23 FY24 FY23 FY24 EBITA MARGIN 8.5% 8.6% REVENUE [€Bn] EBITA [€M] (1) (1) Adjusted EBIT (EBITA), before exceptional items
Slide 50: Profitable growth
PROFITABLE GROWTH +118k +€226M +€26M +0.4% +3.6% +5.4% 26.9 6,449 503 Content distribution & others 817 +14.7% 70 +15.8% Africa / Asia 9.7 + 2.5% Africa / Asia 1,037 +3.5% 216 +0.8% - 0.7% Europe 4,731 + 2.0% Europe 17.2 217 +7.0% -136 Intersegment 2024 2024 2024 EBITA MARGIN 7.8% +0.1PT SUBSCRIBER
Slide 51: Focus on enhancing profitability
FOCUS ON ENHANCING PROFITABILITY Year ended 31st December % CHANGE 2024 2023 (in millions of euros) REVENUES 6,449 6,223 +3.6% Content costs (3,896) (3,725) +4.6% Technology, selling, general, administrative costs & others(1) (2,050) (2,021) +1.4% ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 503 4
Slide 52: Initiatives taken in 2024 to boost profitability
FOCUS ON ENHANCING PROFITABILITY: INITIATIVES TAKEN IN 2024 TO BOOST PROFITABILITY PROFITABILITY IMPROVEMENT IN COST CONTROL FRANCE § Rationalisation of investments: End of Ligue 1 § New organisation to maximise synergies and termination of Disney contract § Improving contribution of GVA / § Agreeme
Slide 53: Significant progress on tax matters
PRIORITY ON PROFITABILITY IMPROVEMENT: SIGNIFICANT PROGRESS ON TAX MATTERS REPRESENTATIVE PROGRESS STATUS ACTIVE TVA TAX AUTHORITIES DISCUSSIONS TST FRENCH NATIONAL CENTRE OF CINEMA AGREEMENT REACHED FRENCH TAX ON (CNC) TELEVISION SERVICES
Slide 54: Statement of earnings
STATEMENT OF EARNINGS Year ended 31st December % CHANGE (in millions of euros) 2024 2023 REVENUES 6,449 6,223 +3.6% ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 503 477 +5.4% As a percentage of total consolidated revenues 7.8% 7.7% Exceptional items (122) (5) ADJUSTED EBIT (EBITA) 380 472 -19.4% I
Slide 55: Cash generation
CASH GENERATION 2024 CFFO (€M) 503 -285 315 218 2024 EBITA 2024 Investments 2024 CFFO 2023 CFFO before exceptional items
Slide 56: Attractive financial profile with low net debt
ATTRACTIVE FINANCIAL PROFILE WITH LOW NET DEBT NET DEBT HAS THE MEANS €355M TO SUPPORT ITS GROWTH LEVERAGE 0.5x Leverage: Net financial debt / EBITDA ratio as of 31/12/24
Slide 57: 2025: first quarter revenues in line with expectations
2025: FIRST QUARTER REVENUES IN LINE WITH EXPECTATIONS Organic REVENUES [€M] growth +1.5% -2.5% Growth vs 2024 1,587 1,610 Content Production, 1,547 Distribution and 146 158 +8.2% others 158 Africa and Asia 274 267 - 2.3% 267 1,200 1,146 1,209 Europe +0.8% Q1 2024 Q1 2025 Q1 2025 Organic Organic gro
Slide 58: Solid 2025 forecasts
SOLID 2025 FORECASTS EXCLUDING POTENTIAL MULTICHOICE ACQUISITION REVENUES MID-TERM MODERATE GROWTH AT CONSTANT SCOPE OF CONSOLIDATION 2025 - GROWING ORGANICALLY - HOWEVER, MORE THAN OFFSET BY NEGATIVE EFFECTS § Closing of C8 channel § Termination of Disney contract § Termination of UEFA Champion’s L
Slide 59: Solid 2025 forecasts: cash flow from operations
SOLID 2025 FORECASTS EXCLUDING POTENTIAL MULTICHOICE ACQUISITION CASH FLOW FROM 2025 EXCEPTIONAL ONE-OFF IMPROVEMENT OPERATIONS § Optimisation of the phasing of payment terms on various contracts § Lower than expected restructuring disbursement in 2025 § Progressive ramp-up of structural enhancement
Slide 60: Embedding ESG into our operating model
EMBEDDING ESG INTO OUR OPERATING MODEL
Slide 61: ESG key indicators
-17% 67% 97% Scope 1 and 2 “market-based” Renewable energy Recycled plastic in our new versus 2023 +15pts versus 2023 generation set-top boxes 97/100* 45% 82% Gender Equality Index Women on the Executive Committee Employees formed on anti-corruption +7pts versus 2023 +13pts versus 2023 +2pts versus
Slide 62: Pierre-Ignace Bernard, Audit and Sustainability Committee
PIERRE-IGNACE BERNARD CHAIRMAN OF THE AUDIT AND SUSTAINABILITY COMMITTEE
Slide 63: Members of the Audit and Sustainability Committee
MEMBERS OF THE AUDIT AND SUSTAINABILITY COMMITTEE PIERRE-IGNACE MAUD XAVIER JEAN-CHRISTOPHE BERNARD BAILLY MAYER THIERY
Slide 64: Emmanuelle Malecaze-Doublet, Nominations and Remuneration Committee
EMMANUELLE MALECAZE-DOUBLET CHAIRWOMAN OF THE NOMINATIONS AND REMUNERATION COMMITTEE
Slide 65: Members of the Nominations and Remuneration Committee
MEMBERS OF THE NOMINATIONS AND REMUNERATION COMMITTEE EMMANUELLE ROBERT PHILIPPE YANNICK CHRISTEL MARTINE MALECAZE- BAKISH BENACIN BOLLORÉ HEYDEMANN STUDER DOUBLET
Slide 66: Frédéric Souliard, Statutory Auditor
FRÉDÉRIC SOULIARD STATUTORY AUDITOR
Slide 67: Statutory audit engagement: main assignments
STATUTORY AUDIT ENGAGEMENT OUR MAIN ASSIGNMENTS WERE AS FOLLOWS: AUDIT OF THE 2024 FINANCIAL STATEMENTS OF CANAL+ In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as of December 31, 2024, and of the results
Slide 68: Statutory audit engagement: objective and information
STATUTORY AUDIT ENGAGEMENT OBJECTIVE In accordance with professional standards, obtain reasonable assurance about whether the 2024 financial statements and consolidated financial statements of your Company were free from material misstatement. INFORMATION ON MANAGEMENT AND GOVERNANCE BODIES § Summar
Slide 69: Report on the 2024 financial statements
REPORT ON THE 2024 FINANCIAL STATEMENTS OF CANAL+ 1ST OPINION ON THE FINANCIAL STATEMENTS Unqualified audit opinion on the financial statements. RESOLUTION JUSTIFICATION OF ASSESSMENTS The justification of our assessments regarding the financial statements focused on the appropriateness of the accou
Slide 70: Report on the 2024 consolidated financial statements
RAPPORT SUR LES COMPTES CONSOLIDÉS 2024 DE Ý 2ND OPINION ON THE FINANCIAL STATEMENTS Unqualified audit opinion on the consolidated financial statements. RESOLUTION JUSTIFICATION OF ASSESSMENTS The justification of our assessments regarding the consolidated financial statements focused on the estimat
Slide 71: Other specific verifications
REPORT ON THE 2024 CONSOLIDATED FINANCIAL STATEMENTS OF CANAL+ OTHER SPECIFIC VERIFICATIONS We have no matters to report on the information relating to the Group given in the management report and that required by other laws and regulations.
Slide 72: Special report on related party agreements
SPECIAL REPORT ON RELATED PARTY AGREEMENTS SPECIAL REPORT ON RELATED PARTY AGREEMENTS Special report on related party agreements (4th resolution), We have no comments to make on the resolution submitted to your vote. NEW 2024 AGREEMENTS We hereby inform you that we were not notified of any agreement
Slide 73: Agreements already approved by the Shareholders' Meeting
SPECIAL REPORT ON RELATED PARTY AGREEMENTS AGREEMENTS ALREADY APPROVED BY THE SHAREHOLDERS’ MEETING The following agreement authorised by the Supervisory Board on October 24, 2024, and approved by the Shareholders’ Meeting of December 9, 2024, had continuing effect: § Conclusion of a Joint Sponsors
Slide 74: Other reports issued under extraordinary resolutions
REPORTS ISSUED UNDER OTHER RESOLUTIONS OTHER REPORTS ISSUED UNDER EXTRAORDINARY RESOLUTIONS No comments to make on the issued reports relating to: § The authorisation to grant free shares (existing or to be issued) to employees of the Company and companies or groupings affiliated to it, with cancell
Slide 75: Q&A
Q&A
Slide 76: Laëtitia Ménasé, General Counsel
LAËTITIA MÉNASÉ GENERAL COUNSEL
Slide 77: Resolutions submitted to the combined shareholders' meeting
RESOLUTIONS SUBMITTED TO THE COMBINED SHAREHOLDERS’ MEETING AND SUMMARY OF VOTES CAST REMOTELY AND VIA INTERNET
Slide 78: First resolution
RESOLUTIONS FIRST APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS FOR RESOLUTION FINANCIAL YEAR ENDED 31 (ordinary resolution) DECEMBER 2024 1 FOR 2 AGAINST 3 ABSTAIN
Slide 79: Second resolution
RESOLUTIONS SECOND APPROVAL OF THE CONSOLIDATED FINANCIAL RESOLUTION STATEMENTS FOR THE (ordinary resolution) FINANCIAL YEAR ENDED 31 DECEMBER 2024 1 FOR 2 AGAINST 3 ABSTAIN
Slide 80: Third resolution
RESOLUTIONS THIRD ALLOCATION OF THE RESULT FOR THE FINANCIAL YEAR RESOLUTION ENDED 31 DECEMBER 2024 (ordinary resolution) AND DIVIDEND’S DISTRIBUTION 1 FOR 2 AGAINST 3 ABSTAIN
Slide 81: Fourth resolution
RESOLUTIONS FOURTH APPROVAL OF THE SPECIAL REPORT OF THE STATUTORY AUDITORS ON RESOLUTION RELATED-PARTY AGREEMENTS (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 82: Fifth resolution
RESOLUTIONS FIFTH AUTHORIZATION TO THE MANAGEMENT BOARD TO AWARD RESOLUTION EXISTING OR NEWLY ISSUED FREE (extraordinary resolution) SHARES TO EMPLOYEES AND CORPORATE OFFICERS OF THE GROUP, OR SOME OF THEM 1 FOR 2 AGAINST 3 ABSTAIN
Slide 83: Sixth resolution
RESOLUTIONS SIXTH AUTHORIZATION TO THE MANAGEMENT BOARD TO REDUCE RESOLUTION THE COMPANY’S SHARE CAPITAL (extraordinary resolution) BY CANCELLING THE SHARES ACQUIRED BY THE COMPANY PURSUANT TO THE PROVISIONS OF ARTICLE L. 225-208 OF THE FRENCH COMMERCIAL CODE 1 FOR 2 AGAINST 3 ABSTAIN
Slide 84: Seventh resolution
RESOLUTIONS SEVENTH AUTHORIZATION TO THE MANAGEMENT BOARD FOR THE RESOLUTION REPURCHASE BY THE COMPANY (ordinary resolution) OF ITS OWN SHARES IN ACCORDANCE WITH ARTICLE L. 225-209-2 OF THE FRENCH COMMERCIAL CODE 1 FOR 2 AGAINST 3 ABSTAIN
Slide 85: Eighth resolution
RESOLUTIONS EIGHTH POWER TO CARRY OUT FORMALITIES RESOLUTION (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 86: CANAL+
CANALt