Vivendi Se · EURONEXT:VIV
Vivendi — Shareholder Meeting (April 2013)
44 slides from Vivendi's shareholder meeting presentation, Apr 30, 2013
Slide 1: Combined Shareholders' Meeting
April 30, 2013 Combined Shareholders’ Meeting April 30, 30 2013
Slide 2: Jean-René Fourtou, Chairman of the Supervisory Board
April 30, 2013 JEAN-RENÉ FOURTOU Chairman of the Supervisory Board Combined Shareholders Shareholders’ Meeting
Slide 3: Jean-François Dubos, Chairman of the Management Board
April 30, 2013 JEAN-FRANCOIS DUBOS Chairman of the Management Board Chief Executive Officer Combined Shareholders Shareholders’ Meeting
Slide 4: Vivendi in line with its commitments in 2012
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 VIVENDI IN LINE WITH ITS COMMITMENTS IN 2012 ■ The operating results of all businesses are profitable and in line or above guidance in spite of the crisis in Europe Canal+: a slight increase in revenues and EBITA at constant perimeter
Slide 5: Finalization of major media acquisitions
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 FINALIZATION OF MAJOR MEDIA ACQUISITIONS Acquisition q of EMI Recorded Music: €1.4 billion Strengthening UMG on the world’s three leading music markets (USA, Japan, Germany), with a presence in more than 60 countries Successful sales
Slide 6: Highlights of the media and content businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE MEDIA AND CONTENT BUSINESSES Number one in France in pay-TV Number one in Europe p in film p production and distribution ■ A policy of original productions including exclusive series: Borgia, Les Revenants (average a
Slide 7: Highlights of the media and content businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE MEDIA AND CONTENT BUSINESSES World leader in music ■ Four business segments: recorded music, music publishing, merchandising and new businesses ■ A market undergoing major transformation with the development of digit
Slide 8: Highlights of the media and content businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE MEDIA AND CONTENT BUSINESSES Des résultats record The world’s number one video games company: franchises developed internally and license agreements ■ Record EBITA of €1.15 €1 15 billion in 2012 due to exceptional fr
Slide 9: Highlights of the telecoms businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE TELECOMS BUSINESSES Nearly 21 million mobile customers More than 5 million broadband internet customers ■ Execution of the adaptation plan following the arrival of a fourth operator ■ Stabilization of the mobile subs
Slide 10: Highlights of the telecoms businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE TELECOMS BUSINESSES Morocco’s incumbent operator ■ Exceptional profitability (56% EBITDA margin) in Morocco’s difficult regulatory and competitive context Mauritania +14.3% ■ Successful adaptation of the commercial o
Slide 11: Highlights of the telecoms businesses
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 HIGHLIGHTS OF THE TELECOMS BUSINESSES Brazil’s leading alternative telecoms operator ■ A franchise for deployment in Sao Paulo ■Extension of the network to 20 additional cities in 2012. More than 140 cities to date ■A pay-TV offer wit
Slide 12: The Company's Social Responsibility
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 THE COMPANY'S COMPANY S SOCIAL RESPONSIBILITY Three pioneering and strategic issues since 2003 ■ The promotion of cultural diversity ● UMG: more than 60% of sales achieved by local artists in 59 countries ● Canal+ Group : pre-purchase
Slide 13: The Company's Social Responsibility
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 THE COMPANY'S COMPANY S SOCIAL RESPONSIBILITY An interactive platform for debates on culture and creation ■ www.TheMediaShaker.com: open to everyone concerned and to all opinions ■ An integral part of www.CuturesWithVivendi.com, a win
Slide 14: The solidarity program Create Joy
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 THE SOLIDARITY PROGRAM CREATE JOY More than 30 projects supported worldwide every year ■ Contracts with associations helping young disadvantaged and disabled adolescents ■ In France, the United Kingdom, the United States, Brazil, Moro
Slide 15: Our priority: creating value for shareholders
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 OUR PRIORITY: CREATING VALUE FOR SHAREHOLDERS How have Vivendi and the CAC40 index performed since the 2012 AGM*? 160 150 140 Vivendi + 55% 130 120 110 CAC 40 + 28% 100 90 avril-12 mai-12 juin-12 juillet-12 août-12 septembre-12 octobr
Slide 16: Creating value for shareholders
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CREATING VALUE FOR SHAREHOLDERS What was the return on an investment of €100 made on July 3, 2002? 300 250 On April 29, 29 2013 200 20 €184 Vivendi Shares (dividends reinvested) 150 €153 CAC 40 Index (dividends reinvested) €129 Saving
Slide 17: Creating value for shareholders
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CREATING VALUE FOR SHAREHOLDERS Vivendi paid out more than €12 billion in dividends between 2004 and 2013 Vivendi Vi di 8th in i the th CAC40 in i tterms off distribution di t ib ti off dividends di id d between b t 2004 andd 2013 1 T
Slide 18: Creating value for shareholders
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CREATING VALUE FOR SHAREHOLDERS La strategic review The Management Board proposes a dividend of €1 per share, payable in cash from May 17, and representing a yield of around 6%* 18 * Based on a share price of €17
Slide 19: The strategic review
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 THE STRATEGIC REVIEW La strategic review ■ The ongoing strategic review ■ To strengthen our leading position in media and content ■ To maximize the value of our telecoms businesses ■ A work carried out without haste ■ A method: no tab
Slide 20: Strengthening our position in media and content
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 STRENGTHENING OUR POSITION IN MEDIA AND CONTENT ONE To create a European company that is a world leader in media and content capable of responding to the growing demand from digital platforms AMBITION and to the development of new ser
Slide 21: The strategic review
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 THE STRATEGIC REVIEW Maroc Telecom, GVT and SFR ■ Maroc Telecom: under review ■ GVT: followingg a review,, it has been decided to developp it ■ SFR: ● An aggressive commercial policy ● 4G investments confirmed ● Evaluate new perspecti
Slide 22: Conclusion
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CONCLUSION ► Create value for shareholders ► Challenge the businesses to make them more successful ► Constantlyy assess the relevance of the Group’s p scope p 22
Slide 23: Combined Shareholders' Meeting
April 30, 2013 Combined Shareholders’ Meeting April 30, 30 2013
Slide 24: 2012 Results
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 April 30, 2013 PHILIPPE CAPRON Member of the Management Board Chief Financial Officer 2012 RESULTS
Slide 25: Satisfactory 2012 performance in a challenging environment
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 SATISFACTORY 2012 PERFORMANCE IN A CHALLENGING ENVIRONMENT Efficient operational management has been pursued along with the strategic review Adjusted Net Income excluding non-recurring items* items slightly exceeded guidance** due t
Slide 26: 2012 Results
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 2012 RESULTS Revenues: € 28,994 m EBITA: € 5,283 5 283 m Adjusted Net Income: € 2,550 m Adjusted EPS*: € 1.96 CFFO, before spectrum acquisition**: € 4,447 m Financial net debt as of December 31, 2012: € 13.4 bn Dividend
Slide 27: Growing EBITA for media activities in 2012
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 GROWING EBITA FOR MEDIA ACTIVITIES IN 2012… 2012 In euro millions - IFRS 2011 2012 Activision Blizzard 1,011 1,149 Universal Music Group 507 525 Canal+ Group 701 663 MEDIA - EBITA 2 219 2,219 2 337 2,337 27
Slide 28: Good resilience of telecom EBITDA despite increasing competition in France
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 ... AND GOOD RESILIENCE OF TELECOM EBITDA DESPITE INCREASING COMPETITION IN FRANCE In euro millions - IFRS 2011 2012 SFR 3,800 3,299 Maroc Telecom Group 1 500 1,500 1 505 1,505 GVT 601 740 TELECOM - EBITDA 5 901 5,901 5 544 5,544 28
Slide 29: Solid adjusted net income in 2012
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 SOLID ADJUSTED NET INCOME IN 2012 2,952 2 862 2,862 Impact of 2,550 operations Impact of telecom restructuring charges 2011 2012 2021 Reported Adjusted net income Reported Adjusted j net income excluding Adjusted net income non-recurr
Slide 30: Net income, group share affected by non-recurring items in 2012
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 NET INCOME, INCOME GROUP SHARE AFFECTED BY NON-RECURRING ITEMS IN 2012 Net Income,, ggroupp share ((€ 164 million)) includes the followingg non-cash items: Accrual of reserve on Liberty Media litigation for €945 million Impairment
Slide 31: Cash flows remain high at almost €8 billion
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CASH FLOWS REMAIN HIGH AT ALMOST € 8 BILLION ALLOWING DEVELOPMENTS IN MEDIA… In euro millions - IFRS 2011 2012 Activision Blizzard 929 1,161 Universal Music Group 495 528 Success of the new franchise Skylanders SFR 3,841 3,429 Maroc T
Slide 32: Significant growth investments for telecoms
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 ... AND SIGNIFICANT GROWTH INVESTMENTS FOR TELECOMS In euro millions - IFRS 2011 2012 Activision Blizzard 52 57 Including more than €1 billion in France for 4G Universal Music Group 52 56 spectrum acquisition SFR 1 809 1,809 2 736 2,7
Slide 33: Net debt is under control
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 NET DEBT IS UNDER CONTROL… CONTROL Net Debt CFFO Interest & tax Dividends Net Debt EMI 4G spectrum Net Debt December 31, paid and other December 31, Recorded Music acquisition December 31, 2011 2012 excluding acquisition 2012 acquisit
Slide 34: Vivendi has been supported by financing markets
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 ... AND VIVENDI HAS BEEN SUPPORTED BY FINANCING MARKETS Several refinancing operations since the beginning of 2012 under very attractive conditions Low interest charge thanks to a €4+ billion commercial paper program at less than 0.
Slide 35: Priorities for 2013
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 PRIORITIES FOR 2013 Focus on cash flow generation in a slow economic environment Ongoing adaptation of our telecoms businesses to a challenging environment Integration of acquisitions closed in 2012 and first delivery of synergies
Slide 36: Conclusion
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 CONCLUSION Our financial policy aims at allowing our shareholders to benefit from the value created by our operations while maintaining a solid credit rating 36
Slide 37: Activision Blizzard standalone definition & disclaimer
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 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 accor
Slide 38: Forward-looking statements
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 FORWARD-LOOKING STATEMENTS This presentation Thi t ti contains t i forward-looking f d l ki statements t t t with ith respectt to t Vivendi’s Vi di’ financial fi i l situation, it ti results lt of operations, businesses, strategy and
Slide 39: Jacqueline Tammenoms-Bakker, Human Resources Committee
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 April 30, 2013 Jacqueline Tammenoms-Bakker Chairman of the Human Resources Committee Combined Shareholders’ Meeting
Slide 40: Statutory Auditors' Report
April 30, 2013 STATUTORY AUDITORS’ AUDITORS REPORT
Slide 41: Frédéric Crépin, Head of the Legal Department
S h a r e h o l d e r s ’ M e e t i n g – A p r i l 3 0 , 2 0 1 3 April 30, 2013 Frédéric Crépin Senior Vice President, Head of the Legal D Department, t t Secretary S t off Vivendi’s Vi di’ S Supervisory i andd Management Boards Combined Shareholders Shareholders’ Meeting
Slide 42: Questions & Answers
April 30, 2013 QUESTIONS & ANSWERS
Slide 43: Voting on resolutions
April 30, 2013 VOTING ON RESOLUTIONS
Slide 44: Combined Shareholders' Meeting
April 30, 2013 Combined Shareholders’ Meeting