Vivendi Se · EURONEXT:VIV
Vivendi — Shareholder Meeting (April 2020)
114 slides from Vivendi's shareholder meeting presentation, Apr 20, 2020
Slide 1: Film Mauricette
Vivendi's 2020 Combined Shareholders' Meeting, being held in compliance with the prevailing health and safety conditions relating to the fight against the Coronavirus pandemic. Film Mauricette Some speeches were recorded. All necessary safeguards have been implemented during the preparation and broa
Slide 2: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 2
Slide 3: Yannick Bolloré
Yannick Bolloré Chairman of the Supervisory Board
Slide 4: Agenda (1/2)
Agenda (1/2) 1. The group's business activities and key figures • Vivendi's strategic plan - Yannick Bolloré • 2019 Highlights and 2020 Outlook - Arnaud de Puyfontaine • Transversal projects - Maria Garrido • Presentation of financial results - Hervé Philippe 2. Review of Businesses • Canal+ Group a
Slide 5: Agenda (2/2)
Agenda (2/2) 3. Committees and Statutory Auditors • Audit Committee - Cathia Lawson - Hall • Corporate Governance, Nominations and Remuneration Committee - Philippe Bénacin • Statutory Auditors' Report - Thierry Quéron 4. Questions & Answers 5. Vote on the resolutions Combined General Shareholders’
Slide 6: Yannick Bolloré
Yannick Bolloré Chairman of the Supervisory Board
Slide 7: 83% of the world's population considers entertainment to be a vital need
83% of the world’s population considers entertainment to be a vital need. Combined General Shareholders’ Meeting– April 20, 2020
Slide 8: Yannick Bolloré
Yannick Bolloré Chairman of the Supervisory Board
Slide 9: UMG: the mobilization of artists
UMG: the mobilization of artists Combined General Shareholders’ Meeting– April 20, 2020
Slide 10: Canal+: free-to-air broadcasting
Canal+: free-to-air broadcasting Combined General Shareholders’ Meeting– April 20, 2020
Slide 11: Editis: books and manuals available free of charge
Editis: books and manuals available free of charge Combined General Shareholders’ Meeting– April 20, 2020
Slide 12: Gameloft: free gaming content
Gameloft: free gaming content Combined General Shareholders’ Meeting– April 20, 2020
Slide 13: Havas, healthcare worker support
Havas, healthcare worker support Combined General Shareholders’ Meeting– April 20, 2020
Slide 14: Yannick Bolloré
Yannick Bolloré Chairman of the Supervisory Board
Slide 15: Vivendi's Create Joy Program
Vivendi’s Create Joy Program Combined General Shareholders’ Meeting– April 20, 2020
Slide 16: Yannick Bolloré
Yannick Bolloré Chairman of the Supervisory Board
Slide 17: Arnaud de Puyfontaine
Arnaud de Puyfontaine Chairman of the Management Board
Slide 18: We are building a group positioned at the heart of the entertainment ecosystem
We are building a group that is positioned at the heart of the entertainment, content and media ecosystem, standing at the crossroads of various cultural industries. Combined General Shareholders’ Meeting– April 20, 2020
Slide 19: Key figures
Key figures Revenues* EBITA* 44, 641 employees +5.6 % +10.8 % vs. 2018 vs. 2018 Present in €15.9 B €1.5 B 87 countries €3.4 B investedincontent * At constant currency and perimeter Combined General Shareholders’ Meeting– April 20, 2020
Slide 20: Evolution of the share price (June 2014 - April 2020)
Evolution of the share price (June 24, 2014 - April 14, 2020) Vivendi* +52,4% CAC 40* +19,1% 24/06/2014 24/12/2014 24/06/2015 24/12/2015 24/06/2016 24/12/2016 24/06/2017 24/12/2017 24/06/2018 24/12/2018 24/06/2019 24/12/2019 * Dividends reinvested Combined General Shareholders’ Meeting– April 20, 20
Slide 21: Assemblée Générale Mixte - 20 avril 2020
Assemblée Générale Mixte - 20 avril 2020
Slide 22: Slide 22
Slide 23: Assemblée Générale Mixte - 20 avril 2020
Assemblée Générale Mixte - 20 avril 2020
Slide 24: Arnaud de Puyfontaine
Arnaud de Puyfontaine Chairman of the Management Board
Slide 25: Our talent, our content, our size
Our talent Our content Confiants dans l’avenir (foule concert…) - Industries d’avenir Our size - Force des talents - Force des contenus - … Our agility and innovation culture Assemblée Générale Mixte - 20 avril 2020 25
Slide 26: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 26
Slide 27: Maria Garrido
Maria Garrido SVP Vivendi Brand Marketing
Slide 28: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 28
Slide 29: Hervé Philippe
Hervé Philippe Chief Financial Officer
Slide 30: Key consolidated figures
Key consolidated figures In millions of euros 2018 2019 % Change % Organic Change Revenues 13,932 15,898 + 14.1 % + 5.6 % Adjusted earning before interest and income taxes 1,288 1,526 + 18.5 % + 10.8 % (EBITA)* Earnings before interest and 1,182 1,381 + 16.9 % income taxes (EBIT) Adjusted net income
Slide 31: Consolidated statement of earnings
Consolidated statement of earnings In millions of euros 2018 2019 % Change REVENUES 13,932 15,898 + 14.1 % Adjusted earnings before interest and income taxes (EBITA)* 1,288 1,526 + 18.5 % Amortization and depreciation of intangible assets acquired through business combinations (113) (145) EARNINGS B
Slide 32: Revenues
Revenues % % In millions of euros - IFRS 2018 2019 Change Organic Change Universal Music Group 6,023 7,159 + 18.9 % + 14.0 % Canal+ Group 5,166 5,268 + 2.0 % - 0.9 % Havas Group 2,319 2,378 + 2.6 % - 1.0 % Editis - 687 na na Other businesses* 424 406 - 4.7 % -2.6% TOTAL VIVENDI 13,932 15,898 + 14.1
Slide 33: Adjusted earnings before interest and income taxes (EBITA)
Adjusted earnings before interest and income taxes (EBITA) % In millions of euros 2018 2019 Organic change Universal Music Group 902 1,124 + 22.3 % Canal+ Group 400 343 - 19.3 % Canal+ Group - EBITA before restructuring charges 428 435 -3.9 % Havas Group 215 225 + 0.5 % Editis - 52 na Other business
Slide 34: UMG: accelerated growth and improved profitability
UMG: accelerated growth and improved profitability Strong growth of streaming & subscriptions Evolution of revenues (in millions of EBITA growth revenues euros and organic growth*) (in millions of euros and organic growth*) (in millions of euros) +14.0% + 22.3% + 729 +22.1% + 625 +10.0% +9,1% +20.6%
Slide 35: Canal+ Group: worldwide subscriber base exceeds 20 M
Canal+ Group: worldwide subscriber base exceeds 20 M Successful acquisition of M7 Growth of the group’s subscriber base M7: a leading Pay-TV company operating in (in thousands) 7 European countries 20,291 17,188 2,258 8,577 9,617 8,611 8,416 Canal+ territories: France, Poland, Switzerland M7 territo
Slide 36: Havas Group: solid business model and strong cash flow generation
Havas Group: solid business model and strong cash flow generation Breakdown of net revenues by Strong cash generation division (Cash Flow From Operations) 245 Havas Health & 130% You 240 120% 19% 110% 235 10,7% 100% 230 90% 80% 225 Havas Créative 70% 46% 220 239 60% 50% 215 230 225 40% 210 30% 215 2
Slide 37: Editis: successful integration
Editis: successful integration Breakdown of revenues by Growth in all divisions (11-month proforma figures) division Education & + 2.0% Reference +2,7% 27% Literature 41% +4.2% +16.8% 282 221 184 Diffusion & Distribution 32% Education & Reference Diffusion & Distribution Literature 2018 2019 Combine
Slide 38: Consolidated balance sheet
Consolidated balance sheet Assets December 31, Equity and liabilities December 31, (In billions of euros) 2019 (In billions of euros) 2019 Goodwill 14.7 Consolidated equity* 15.6 Intangible and tangible assets 7.4 Provisions 1.6 Financial assets 5.8 Net debt 4.1 Working capital requirements, 6.6 def
Slide 39: Changes in cash position
Changes in cash position (In billions of euros) 0.2 -0.8 +0.4 -1.1 ~ + 3.0* Dividends (- €636 M) -3.3 Share buybacks (- €2,664 M) -0.4 +0.9 (4.1) Net Cash Acquisition of Sale of Acquisition Shareholder CFFO Interest, taxes Net Debt Sale Proforma Net as of Editis remaining of M7 returns & other as of
Slide 40: Vivendi SA 2019 Statutory Financial Statements
Slide 41: Balance sheet
Balance sheet Assets December 31, Equity and liabilities December 31, (in billions of euros) 2019 (in billions of euros) 2019 Long-term investments 20.1 Equity 18.1 Receivables 4.5 Provisions 0.1 Cash and marketable securities 1.5 Liabilities 7.9 TOTAL 26.1 TOTAL 26.1 Combined General Shareholders’
Slide 42: Statement of earnings
Statement of earnings In millions of euros 2019 Operating income 99 Operating expenses -225 Loss from operations - 126 Financial income 1,079 Other financial results - 55 Financial gain 1,024 Exceptional income from capital transactions 217 Exceptional income from non-capital transactions, amortizat
Slide 43: Allocation of earnings
Slide 44: Allocation of 2019 Earnings
Allocation of 2019 Earnings The Shareholders' Meeting will be asked to approve the payment of an ordinary dividend of €0.60 per share -0.7 +1.7 3.0 1.9 Retained earnings 2019 profit Dividends Retained earnings as of December 31, 2019 In billions of euros Retained earnings after the dividend payment
Slide 45: First quarter revenues
Slide 46: First quarter 2020 revenues
First quarter 2020 revenues % % In millions of euros - IFRS Q1 2019 Q1 2020 Change Organic change Universal Music Group 1,502 1,769 + 17.8 % + 12.7 % Canal+ Group 1,252 1,372 + 9.6 % + 1.0 % Havas Group 525 524 - 0.2 % - 4.4 % Editis* 89 116 + 31.0 % - 14.3 % Other businesses** 91 89 - 3.7 % - 7.3 %
Slide 47: Canal+ Group First quarter 2020 revenues
Canal+ Group First quarter 2020 revenues % % In millions of euros - IFRS Q1 2019 Q1 2020 Change Organic change TV International 401 543 + 35.3 % + 8.7 % TV mainland France 761 756 - 0.7 % - 0.7 % Studiocanal 90 73 - 18.1 % - 25.0 % Revenues – Canal+ Group 1,252 1,372 + 9.6 % + 1.0 % Combined General
Slide 48: Universal Music Group First quarter 2020 revenues
Universal Music Group First quarter 2020 revenues % % In millions of euros - IFRS Q1 2019 Q1 2020 Change Organic change Recorded music 1,208 1,432 + 18.5 % + 13.1 % Subscriptions and streaming 737 908 + 23.1 % + 16.5 % Other digital sales (mainly downloads) 104 137 + 31.3 % + 25.4 % Physical sales 1
Slide 49: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 49
Slide 50: Maxime Saada
Maxime Saada Chairman of the Management Board of Canal+ Group - CEO of Dailymotion
Slide 51: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 51
Slide 52: Olivier Nusse
Olivier Nusse Chairman of the Management Board of Universal Music France
Slide 53: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 53
Slide 54: François Laroze
François Laroze Chief Financial Officer of Havas Group
Slide 55: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 55
Slide 56: Michèle Benbunan
Michèle Benbunan Chief Executive Officer of Editis
Slide 57: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 57
Slide 58: Stéphane Roussel
Stéphane Roussel Chairman and Chief Executive Officer of Gameloft
Slide 59: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 59
Slide 60: Simon Gillham
Simon Gillham Chairman of Vivendi Village
Slide 61: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 61
Slide 62: Cathia Lawson-Hall
Cathia Lawson-Hall Chairwoman of the Audit Committee
Slide 63: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 63
Slide 64: Philippe Bénacin
Philippe Bénacin Chairman of the Corporate Governance, Nominations and Remuneration Committee
Slide 65: 2020 Compensation Policy – Resolutions 17 through 19
2020 Compensation Policy – Resolutions 17 through 19 Chairman and members of the Supervisory Board: compensation unchanged Chairman and members of the Management Board: • Bonus: increased weighting of ESG criteria from 5% to 12%, with a new objective of reducing the carbon footprint of Vivendi’s ope
Slide 66: Supplemental Pension Plan – Resolutions 7 and 20 through 26
Supplemental Pension Plan – Resolutions 7 and 20 through 26 Under French Ordinance No. 2019-697 of July 3, 2019, no new benefits can be accrued under the plan set up in 2005 as from January 1, 2020. As a result, the following changes have been made to the calculation elements: • Cap on annual pensio
Slide 67: Changes in governance
Changes in governance Supervisory Board: • Renewal of the term of office of Yannick Bolloré (Resolution 4); • Appointment of Laurent Dassault (Resolution 5); and • Harmonization of the company's by-laws with the "Pacte" law to provide for the appointment of a second employee representative by the Eu
Slide 68: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 68
Slide 69: Thierry Quéron
Thierry Quéron Deloitte & Associés
Slide 70: Role of the statutory auditors
Role of the statutory auditors Our main responsibilities are: Certification of the 2019 Financial Statements of Vivendi SE Page 319 of the Annual Report-2019 Universal Registration Document: In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the f
Slide 71: Role of the statutory auditors
Role of the statutory auditors Objective In accordance with applicable professional standards, obtain reasonable assurance that the company's consolidated and annual financial statements for the year ended December 31, 2019 are free of material misstatements. Information on the company's management
Slide 72: Report on the 2019 Financial Statements of Vivendi SE
Report on the 2019 Financial Statements of Vivendi SE Opinion on the financial statements Report on the parent company financial statements presented on page 319 of the Annual Report-2019 Universal Registration Document (subject of the 1st resolution). Unqualified certification of the parent company
Slide 73: Report on the 2019 Consolidated Financial Statements of the Vivendi Group
Report on the 2019 Consolidated Financial Statements of the Vivendi Group Opinion on the financial statements Report on the consolidated financial statements presented on page 219 of the Annual Report-2019 Universal Registration Document (subject of the 2nd resolution). Unqualified certification of
Slide 74: Report on the 2019 Consolidated Financial Statements: other verifications
Report on the 2019 Consolidated Financial Statements of the Vivendi Group Other specific verifications The information pertaining to the Group presented in the Management Board’s report and that required by other legal and regulatory obligations does not call for any particular comment on our part.
Slide 75: Special report on regulated (related-party) agreements
Special report on regulated (related-party) agreements Special Report Special Report on the regulated agreements presented on page 353 of the Annual Report-2019 Universal Registration Document (subject of the 3rd resolution). We have no observations to make on the agreements submitted for your appro
Slide 76: Special report on regulated agreements: prior years
Special report on regulated (related-party) agreements Agreements approved in prior years which continued to be in force In addition, we hereby inform you that we have not been notified of any agreements previously approved by your Shareholders' Meeting whose implementation continued during the fisc
Slide 77: Reports on extraordinary resolutions
Reports on extraordinary resolutions Other reports issued in connection with extraordinary resolutions We have no comments on the reports submitted on the proposed delegation of authority to cancel: • the treasury shares acquired within the limit of 10% of your company's share capital (the purpose o
Slide 78: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 78
Slide 79: Questions & Answers
Questions & Answers
Slide 80: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 80
Slide 81: Resolutions submitted to the General Shareholders' Meeting and vote tabulation
Resolutions submitted to the General Shareholders’ Meeting and tabulation of the votes cast by mail and via the Internet
Slide 82: First resolution (Ordinary Meeting)
First resolution (Ordinary Meeting) Approval of the parent company financial statements for fiscal year 2019. Approved by 99.92% Combined General Shareholders’ Meeting - April 20, 2020
Slide 83: Second resolution (Ordinary Meeting)
Second resolution (Ordinary Meeting) Approval of the consolidated financial statements for fiscal year 2019. Approved by 99.91 % Combined General Shareholders’ Meeting - April 20, 2020
Slide 84: Third resolution (Ordinary Meeting)
Third resolution (Ordinary Meeting) Allocation of earnings for fiscal year 2019, determination of the dividend and its payment date. Approved by 99.52% Combined General Shareholders’ Meeting - April 20, 2020
Slide 85: Fourth resolution (Ordinary Meeting)
Fourth resolution (Ordinary Meeting) Renewal of the term of office of Yannick Bolloré as a member of the Supervisory Board. Approved by 74.22% Combined General Shareholders’ Meeting - April 20, 2020
Slide 86: Fifth resolution (Ordinary Meeting)
Fifth resolution (Ordinary Meeting) Appointment of Laurent Dassault as a member of the Supervisory Board. Approved by 99.54% Combined General Shareholders’ Meeting - April 20, 2020
Slide 87: Sixth resolution (Ordinary Meeting)
Sixth resolution (Ordinary Meeting) Authorization granted to the Management Board entitling the Company to purchase its own shares up to a limit of 10% of the Company’s share capital. Approved by 97.37% Combined General Shareholders’ Meeting - April 20, 2020
Slide 88: Seventh resolution (Ordinary Meeting)
Seventh resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report drawn up pursuant to Article L. 225-88 of the French Commercial Code on related-party agreements and commitments. Approved by 70.49% Combined General Shareholders’ Meeting - April 20, 2020
Slide 89: Eighth resolution (Ordinary Meeting)
Eighth resolution (Ordinary Meeting) Approval of the information referred to in Article L. 225-37-3 I. of the French Commercial Code set out in the corporate governance report. Approved by 76.52% Combined General Shareholders’ Meeting - April 20, 2020
Slide 90: Ninth resolution (Ordinary Meeting)
Ninth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Yannick Bolloré, Chairman of the Supervisory Board. Approved by 68.73% Combined General Shareholders’ Meeting - April 20, 2020
Slide 91: Tenth resolution (Ordinary Meeting)
Tenth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Arnaud de Puyfontaine, Chairman of the Management Board. Approved by 76.27% Combined General Shareholders’ Meeting - April 20, 2020
Slide 92: Eleventh resolution (Ordinary Meeting)
Eleventh resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Gilles Alix, member of the Management Board. Approved by 68.13% Combined General Shareholders’ Meeting - April 20, 2020
Slide 93: Twelfth resolution (Ordinary Meeting)
Twelfth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Cédric de Bailliencourt, member of the Management Board. Approved by 73.52% Combined General Shareholders’ Meeting - April 20, 2020
Slide 94: Thirteenth resolution (Ordinary Meeting)
Thirteenth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Frédéric Crépin, member of the Management Board. Approved by 76.15% Combined General Shareholders’ Meeting - April 20, 2020
Slide 95: Fourteenth resolution (Ordinary Meeting)
Fourteenth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Simon Gillham, member of the Management Board. Approved by 76.11% Combined General Shareholders’ Meeting - April 20, 2020
Slide 96: Fifteenth resolution (Ordinary Meeting)
Fifteenth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Hervé Philippe, member of the Management Board. Approved by 76.11% Combined General Shareholders’ Meeting - April 20, 2020
Slide 97: Sixteenth resolution (Ordinary Meeting)
Sixteenth resolution (Ordinary Meeting) Approval of the components of compensation and benefits-in-kind paid during or allocated for 2019 to Stéphane Roussel, member of the Management Board. Approved by 76.15% Combined General Shareholders’ Meeting - April 20, 2020
Slide 98: Seventeenth resolution (Ordinary Meeting)
Seventeenth resolution (Ordinary Meeting) Approval of the compensation policy for the Chairman and members of the Supervisory Board for 2020. Approved by 75.98% Combined General Shareholders’ Meeting - April 20, 2020
Slide 99: Eighteenth resolution (Ordinary Meeting)
Eighteenth resolution (Ordinary Meeting) Approval of the compensation policy for the Chairman of the Management Board for 2020. Approved by 76.55% Combined General Shareholders’ Meeting - April 20, 2020
Slide 100: Nineteenth resolution (Ordinary Meeting)
Nineteenth resolution (Ordinary Meeting) Approval of the compensation policy for the members of the Management Board for 2020. Approved by 75,76% Combined General Shareholders’ Meeting - April 20, 2020
Slide 101: Twentieth resolution (Ordinary Meeting)
Twentieth resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Arnaud de Puyfontaine under the supplemental defined-benefit pension plan. Approved by 74.33% Combined General Shareholders’ Meeting - April 20, 2020
Slide 102: Twenty-first resolution (Ordinary Meeting)
Twenty-first resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Gilles Alix under the supplemental defined-benefit pension plan. Approved by 72.32% Combined General Shareholders’ Meeting - April 20, 2020
Slide 103: Twenty-second resolution (Ordinary Meeting)
Twenty-second resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Cédric de Bailliencourt under the supplemental defined-benefit pension plan. Approved by 74.42% Combined General Shareholders’ Meeting - April 20, 2
Slide 104: Twenty-third resolution (Ordinary Meeting)
Twenty-third resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Frédéric Crépin under the supplemental defined- benefit pension plan. Approved by 74.33% Combined General Shareholders’ Meeting - April 20, 2020
Slide 105: Twenty-fourth resolution (Ordinary Meeting)
Twenty-fourth resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Simon Gillham under the supplemental defined- benefit pension plan. Approved by 72.30% Combined General Shareholders’ Meeting - April 20, 2020
Slide 106: Twenty-fifth resolution (Ordinary Meeting)
Twenty-fifth resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Hervé Philippe under the supplemental defined- benefit pension plan. Approved by 72.30% Combined General Shareholders’ Meeting - April 20, 2020
Slide 107: Twenty-sixth resolution (Ordinary Meeting)
Twenty-sixth resolution (Ordinary Meeting) Approval of the Statutory Auditors’ special report relating to the amendment to the commitment granted to Stéphane Roussel under the supplemental defined-benefit pension plan. Approved by 74.33% Combined General Shareholders’ Meeting - April 20, 2020
Slide 108: Twenty-seventh resolution (Extraordinary Meeting)
Twenty-seventh resolution (Extraordinary Meeting) Authorization granted to the Management Board to reduce the share capital of the company by way of the cancellation of shares, subject to a limit of 10% of the share capital. Approved by 99.12% Combined General Shareholders’ Meeting - April 20, 202
Slide 109: Twenty-eighth resolution (Extraordinary Meeting)
Twenty-eighth resolution (Extraordinary Meeting) Authorization granted to the Management Board to make a public share buyback offer targeting all shareholders, within the limit of 30% of the share capital at a maximum purchase price of at €26 per share and to perform the share capital reduction. A
Slide 110: Twenty-ninth resolution (Extraordinary Meeting)
Twenty-ninth resolution (Extraordinary Meeting) Harmonization of Article 8-II. of the Company’s by-laws with the new legal requirements relating to employee representation on the Supervisory Board. Approved by 99.99% Combined General Shareholders’ Meeting - April 20, 2020
Slide 111: Thirtieth resolution
Thirtieth resolution Powers to carry out formalities. Approved by 99.52% Combined General Shareholders’ Meeting - April 20, 2020
Slide 112: Combined Shareholders' Meeting 2020
Combined Shareholders’ Meeting 2020 112
Slide 113: Free translation of the French-language slides
This is a free translation of the French-language version of the slides presented at the General Shareholders’ Meeting and is provided solely for informational purposes to English speaking readers. In case of any discrepancy the French version prevails.
Slide 114: Important legal disclaimers
IMPORTANT LEGAL DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements. This presentation contains forward-looking statements with respect Vivendi’s financial condition, results of operations, business, strategy, plans and outlook, including the impact of certain transactions and the payme