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Vivendi — H1 2021 Earnings Presentation

56 slides from Vivendi's earnings presentation, Jul 28, 2021

  1. Slide 1: First Half 2021 Results

    July 28, 2021 FIRST HALF 2021 RESULTS IMPORTANT NOTICE: Pour insérer la notice, cliquez sur le bouton « Formes » puis double-cliquez sur la version EN ou FR Financial results for the half year ended June 30, 2021 dans le dossier 02. Mentions & Tags Unaudited financial statements, prepared under IFRS

  2. Slide 2: Important Legal Disclaimer

    First Half 2021 Results - July 28, 2021 IMPORTANT LEGAL DISCLAIMER ■ 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, and outlook including the i

  3. Slide 3: Sommaire

    First Half 2021 Results - July 28, 2021 SOMMAIRE 1 H1 2021 Key Highlights 2 H1 2021 Financials 3 Business Unit Performances 4 Conclusion 5 Q&A 6 Appendices and glossary 3

  4. Slide 4: H1 2021 Key Highlights

    ARNAUD DE PUYFONTAINE Chairman of the Management Board Chief Executive Officer H1 2021 Key Highlights 4

  5. Slide 5: H1 2021 Very Good Results

    First Half 2021 Results - July 28, 2021 H1 2021 VERY GOOD RESULTS REVENUES +11.9% * EBITA +49.3% * *Compared to 2020 ; organic growth. 5

  6. Slide 6: Transformation Capacity

    First Half 2021 Results - July 28, 2021 TRANSFORMATION CAPACITY Soon to be an independent quoted company Accelerated transformation into a leading content and digital aggregator Outstanding performance since its acquisition Improvement quarter after quarter Perfect fit for our ambition

  7. Slide 7: Value Creation

    First Half 2021 Results - July 28, 2021 VALUE CREATION SHARE PRICE EVOLUTION (June 24, 2014 – July 22, 2021) Dividends reinvested Vivendi +112.2% DIVIDEND €0.60 per share Total amount of €653M CAC 40 +77.8%

  8. Slide 8: Strong Assets to Succeed

    First Half 2021 Results - July 28, 2021 STRONG ASSETS TO SUCCEED SOLID STRATEGY ROBUST ACTIVITIES CONSTANT TRANSFORMATION VALUE CREATION FOR ALL STAKEHOLDERS 8

  9. Slide 9: H1 2021 Financials

    HERVÉ PHILIPPE Member of the Management Board Chief Financial Officer H1 2021 Financials 9

  10. Slide 10: Scope of Consolidation and Currency Impacts

    First Half 2021 Results - July 28, 2021 SCOPE OF CONSOLIDATION AND CURRENCY IMPACTS Revenues EBITA Q2 2020 Q2 2021 H1 2020 H1 2021 H1 2020 H1 2021 D organic -7.9% +18.9% -2.0% +11.9% -3.8% +49.3% Consolidation scope impact +2.8pts +1.1pts +4.2pts +0.6pt +5.1pts +1.0pt D at constant currency rate -5.

  11. Slide 11: H1 2021 Key Figures

    First Half 2021 Results - July 28, 2021 H1 2021 KEY FIGURES D organic H1 2020 H1 2021 D (%) in euro millions (%) Revenues 7,576 8,221 +8.5% +11.9% EBITA * 735 1,066 +45.0% +49.3% Adjusted Net Income 583 724 +24.1% EBIT 660 973 +47.3% Earnings attributable to Vivendi SE shareowners 757 488 -35.5% CFF

  12. Slide 12: P&L in Euro Millions

    First Half 2021 Results - July 28, 2021 P&L Capital gains resulting from the two disposals of 10% of UMG were recognized in equity for a total of € 4.7 Bn in H1 2020 and H1 2021, respectively D (%) H1 2019 H1 2020 H1 2021 in euro millions 2021 vs 2020 Revenues 7,353 7,576 8,221 +8.5% EBITA* 718 735

  13. Slide 13: Consolidated Balance Sheet

    First Half 2021 Results - July 28, 2021 CONSOLIDATED BALANCE SHEET Assets Equity and Liabilities December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 in euro millions in euro millions Goodwill 14,183 14,508 Equity* 16,431 19,343 Intangible and tangible assets 8,289 8,114 Provisions 1,730

  14. Slide 14: Investments Accounted for Under the Equity Method

    First Half 2021 Results - July 28, 2021 INVESTMENTS ACCOUNTED FOR UNDER THE EQUITY METHOD ▪ 23.75 % of common ▪ 32.9 % of share capital stocks and voting rights 14

  15. Slide 15: Minority Interests as of June 30, 2021

    First Half 2021 Results - July 28, 2021 MINORITY INTERESTS AS OF JUNE 30, 2021 ▪ 12 % of share capital ▪ 27.2 % of share capital ▪ 9.9 % of share capital ▪ ~1 % of share capital ▪ 28.8 % of share capital* * On July 22, 2021, Vivendi sold 5% of Mediaset at a price of €2.70 per share, in accordance wi

  16. Slide 16: Cash Evolution

    First Half 2021 Results - July 28, 2021 CASH EVOLUTION (in euro billions) 2.4 +3.3 Dividends (- €653 M) Share buybacks (- €189 M) +2.0 -0.8 +0.7 -0.5 -0.1 (2.9) +2.8 * (5.0) Net Debt Sale of Shareholder CFFO Financial Interest, Net Debt Deconsolidation Expected sale of Restated as of 10% of returns

  17. Slide 17: Liquidity and Capital Resources

    First Half 2021 Results - July 28, 2021 LIQUIDITY AND CAPITAL RESOURCES Changes in net debt position December 31, 2020 June 30, 2021 in euro millions Cash and cash equivalents (976) (1,590) Cash management financial assets (120) (183) Gross cash position (1,096) (1,773) Bonds 5,050 4,050 Other 999 6

  18. Slide 18: Business Unit Performances

    Business Unit Performances 18

  19. Slide 19: Organic Growth per Quarter

    First Half 2021 Results - July 28, 2021 ORGANIC GROWTH PER QUARTER 2021 Q1 2021 Q2 2021 H1 2021 Organic growth (in %) Universal Music Group +9.4% +25.5% +17.3% Canal+ Group -0.1% +9.8% +4.7% Havas Group - Net Revenues -0.8% +15.8% +7.3% Editis* +40.1% +43.4% +42.0% Other businesses** and intercompan

  20. Slide 20: Revenues and EBITA by Business Unit

    First Half 2021 Results - July 28, 2021 REVENUES AND EBITA BY BUSINESS UNIT Revenues D (%) H1 2021 vs H1 2019 H1 2020 H1 2021 in euro millions H1 2019 H1 2020 Universal Music Group 3,258 3,459 3,831 +17.6% +10.7% Canal+ Group 2,518 2,674 2,782 +10.5% +4.1% Havas Group 1,114 1,019 1,048 -5.9% +2.9% H

  21. Slide 21: Universal Music Group

    Universal Music Group vivendi 21

  22. Slide 22: Universal Music Group - Revenues

    First Half 2021 Results - July 28, 2021 UNIVERSAL MUSIC GROUP - REVENUES Organic revenue growth* per quarter D organic D organic D organic in euro millions Q1 2021 Q2 2021 H1 2021 (%) (%) (%) Recorded music 1,483 +10.8% 1,654 +29.7% 3,137 +20.0% Subscriptions and streaming 1,008 +19.6% 1,122 +29.7%

  23. Slide 23: Universal Music Group – EBITDA & EBITA

    First Half 2021 Results - July 28, 2021 UNIVERSAL MUSIC GROUP – EBITDA & EBITA Margin growth D organic H1 2019 H1 2020 H1 2021 2021 vs 2020 in euro millions (%) Recorded music 491 590 749 +33.0% Music Publishing 114 132 134 +6.5% Merchandising and Other 13 1 - na Corporate Center (69) (74) (61) +7.6

  24. Slide 24: Universal Music Group Key Figures

    First Half 2021 Results - July 28, 2021 UNIVERSAL MUSIC GROUP Key Figures H1 2019 H1 2020 H1 2021 in euro millions Revenues 3,258 3,459 3,831 Recorded music 2,596 2,771 3,137 Streaming and subscriptions 1,567 1,814 2,130 Other digital sales (mainly downloads) 212 238 153 Physical sales 438 348 463 L

  25. Slide 25: Canal+ Group

    Canal+ Group vivendi 25

  26. Slide 26: Canal+ Group Subscriber Base

    First Half 2021 Results - July 28, 2021 CANAL+ GROUP Subscriber base (in thousands) 22,128 20,367 17,117 13,222 11,810 8,659 8,458 8,557 8,906 June 30, 2019 June 30, 2020 June 30, 2021 Mainland France International 26

  27. Slide 27: Canal+ Group Subscriber Base by Region

    First Half 2021 Results - July 28, 2021 CANAL+ GROUP Suscriber base (in thousands) International Mainland France 13,222 8,906 8,458 8,557 11,810 5,944 4,955 4,885 8,659 4,548 4,636 4,409 5,277 5,114 3,401 3,392 3,513 2,724 1,085 1,296 887 639 656 705 509 529 508 June 30, 2019 June 30, 2020 June 30,

  28. Slide 28: Groupe Canal+ Key Figures

    First Half 2021 Results - July 28, 2021 GROUPE CANAL+ Key figures EBITA evolution (in €M) D organic H1 2020 H1 2021 in euro millions (%) Revenues 2,674 2,782 +4.7% +10% TV International 1,054 1,079 +4.4% TV mainland France 1,488 1,512 +1.7% Studiocanal 132 191 +41.2% EBITA before restructuring charg

  29. Slide 29: Havas Group

    Havas Group vivendi 29

  30. Slide 30: Havas Group

    First Half 2021 Results - July 28, 2021 HAVAS GROUP Organic growth (%) in net revenues per quarter 150 EBITA (€M) in the first half of the year 140 17.0% +15.8% 130 12.0% 120 7.0% 110 108 2.0% -0.8% 100 -3.3% -3.0% 90 87 -7.5% -10.4% 80 -8.0% 70 -13.0% -18.3% 60 -18.0% 50 46 -23.0% 40 Q1 2020 Q2 202

  31. Slide 31: Havas Group Net Revenue Breakdown

    First Half 2021 Results - July 28, 2021 HAVAS GROUP Net revenue breakdown by sector and geographic area as of June 30, 2021 Retail Latin America Automotive Asia, Pacific and Healthcare & Africa Travels & 4.0% Wellness Entertainment 6% 4% 8.1% 6% 30% Industry & Service 8% North America 38.4% 49.5% Eu

  32. Slide 32: Havas Group Key Figures

    First Half 2021 Results - July 28, 2021 HAVAS GROUP Key Figures D organic H1 2020 H1 2021 D (%) in euro millions (%) Revenues 1,019 1,048 +2.9% +7.1% Net revenues 977 1,007 +3.1% +7.3% Europe 454 498 +9.7% +9.7% North America 405 387 -4.5% +4.2% Asia Pacific and Africa 78 82 +5.1% +6.2% Latin Americ

  33. Slide 33: Editis

    Editis 33

  34. Slide 34: Editis

    First Half 2021 Results - July 28, 2021 EDITIS Strong revenue growth quarter after quarter +50.0% 250 +43.4% 232 +40.1% 231 +40.0% 200 209 +30.0% 163 150 146 +20.0% 116 100 +10.4% +10.0% +6.9% 50 - 0 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 -10.0% -50 -20.0% -14.3% * -100 Revenues (in €M) Gro

  35. Slide 35: Editis Key Figures

    First Half 2021 Results - July 28, 2021 EDITIS Key figures H1 2019 D (%) D (%) H1 2021 vs 6-month H1 2020 H1 2021 H1 2021 vs proforma H1 in euro millions proforma 2019 H1 2020 Revenues 308 262 372 +20.5% +42.0% Literature 151 123 159 +5.2% +29.2% Education & Reference 61 55 66 +8.6% +20.0% Diffusion

  36. Slide 36: Other Businesses

    Other Businesses vivendi 36

  37. Slide 37: Other Businesses - Main Consolidated Companies

    First Half 2021 Results - July 28, 2021 OTHER BUSINESSES- MAIN CONSOLIDATED COMPANIES ▪ Consolidated since June 1, 2021 ▪ Revenues: €120 M ▪ €144 M revenues in in H1 2021 H1 2021* New Initiatives ▪ Revenues: €38 M in H1 2021 ▪ Revenues: €24 M in H1 2021 ▪ 8.2 M tickets sold in H1 2021 (+48%) ▪ 70,00

  38. Slide 38: Prisma Media

    First Half 2021 Results - July 28, 2021 PRISMA MEDIA Prisma Media has been consolidated since June 1, 2021 H1 2021 H1 2020 H1 2021 D in euro millions June month 6-month proforma 6-month proforma (%) Revenues 29 117 144 +22.9% Distribution 17 77 87 +12.3% Advertising 10 36 50 +39.1% Other 2 4 7 +84.2

  39. Slide 39: Conclusion

    Conclusion vivendi 39

  40. Slide 40: Conclusion

    First Half 2021 Results - July 28, 2021 CONCLUSION ■ Very good results, driven by all businesses ■ Q3 2021 revenues will be released on October 21, 2021 40

  41. Slide 41: Q&A

    vivendi

  42. Slide 42: Appendices and Glossary

    Appendices and glossary vivendi

  43. Slide 43: Revenues by Business Unit

    First Half 2021 Results - July 28, 2021 REVENUES BY BUSINESS UNIT First half D organic H1 2020 H1 2021 D (%) in euro millions (%) Universal Music Group 3,459 3,831 +10.7% +17.3% Canal+ Group 2,674 2,782 +4.1% +4.7% Havas Group 1,019 1,048 +2.9% +7.1% Editis 262 372 +42.0% +42.0% Other businesses* an

  44. Slide 44: EBITDA & EBITA by Business Unit

    First Half 2021 Results - July 28, 2021 EBITDA & EBITA BY BUSINESS UNIT EBITDA D organic in euro millions H1 2020 H1 2021 D (%) (%) Universal Music Group 649 822 +26.6% +31.8% Canal+ Group 467 472 +1.2% +1.4% Havas Group 120 147 +22.5% +26.7% Editis 12 53 x 4.5 x 4.5 Other businesses* (128) (87) Tot

  45. Slide 45: Cash Flow from Operations

    First Half 2021 Results - July 28, 2021 CASH FLOW FROM OPERATIONS H1 2020 H1 2021 D in euro millions Universal Music Group 60 370 +310 Canal+ Group 653 457 -196 Havas Group (131) (96) +35 Editis (76) (23) +53 Other businesses* (168) (46) +122 Total Vivendi - CFFO** 338 662 +324 Net income tax (paid)

  46. Slide 46: Universal Music Group

    First Half 2021 Results - July 28, 2021 UNIVERSAL MUSIC GROUP D organic H1 2020 H1 2021 in euro millions (%) North America 1,396 1,554 +23.0% Europe 838 920 +10.3% Asia 382 428 +18.8% Latin America 95 107 +27.7% SELECTED 2021 H2 RELEASES** Rest of the world 60 128 +78.4% Recorded music revenues 2,77

  47. Slide 47: Canal+ Group

    First Half 2021 Results - July 28, 2021 CANAL+ GROUP Organic revenue growth per quarter D organic D organic Q1 2021 Q2 2021 in euro millions (%) (%) TV - International 537 +1.6% 542 +7.4% TV - Mainland France 739 -2.1% 773 +5.6% Studiocanal 81 +8.9% 110 +80.1% Revenues - Canal+ Group 1,357 -0.1% 1,4

  48. Slide 48: Havas Group

    First Half 2021 Results - July 28, 2021 HAVAS GROUP Organic net revenue growth per quarter D organic D organic Q1 2021 Q2 2021 in euro millions (%) (%) Revenues 502 +0.8% 546 +13.6% Net Revenues 478 -0.8% 529 +15.8% Europe 234 +0.3% 264 +19.6% North America 186 -1.6% 201 +10.2% Asia Pacific and Afri

  49. Slide 49: Other Businesses

    First Half 2021 Results - July 28, 2021 OTHER BUSINESSES Revenues EBITA in euro millions H1 2020 H1 2021 in euro millions H1 2020 H1 2021 Prisma Media* - 29 Prisma Media* - 4 Gameloft 130 120 Gameloft (14) (3) Vivendi Village 26 24 Vivendi Village (27) (17) New Initiatives 28 38 New Initiatives (42)

  50. Slide 50: Shareholding in Telecom Italia

    First Half 2021 Results - July 28, 2021 SHAREHOLDING IN TELECOM ITALIA H1 2020 H1 2021 in euro millions Vivendi's share of Telecom Italia's net income 108 6 Impact of dividend paid to saving shareowners (14) (14) Impact on Vivendi's Adjusted net income 94 (8) Amortization of revaluation of intangibl

  51. Slide 51: Interest & Income Tax

    First Half 2021 Results - July 28, 2021 INTEREST & INCOME TAX Interest H1 2020 H1 2021 in euro millions (except where noted) Interest expense on borrowings (24) (24) Average interest rate on borrowings (%) 0.73% 0.78% Average outstanding borrowings (in € Bn) 6.5 6.0 Interest income from cash and cas

  52. Slide 52: Adjusted Net Income

    First Half 2021 Results - July 28, 2021 ADJUSTED NET INCOME H1 2020 H1 2021 in euro millions Revenues 7,576 8,221 EBITA* 735 1,066 Income from non-operating equity affiliates 94 (8) Interest (16) (21) Income from investments 15 117 Provision for income taxes (193) (293) Non-controlling interests (52

  53. Slide 53: Reconciliations

    First Half 2021 Results - July 28, 2021 RECONCILIATIONS EBIT - EBITA - EBITDA Earnings attributable to Vivendi shareowners to ANI H1 2020 H1 2021 H1 2020 H1 2021 in euro millions in euro millions EBIT 660 973 Earnings attributable to Vivendi SE 757 488 Amortization and depreciation on intangible ass

  54. Slide 54: Glossary

    Glossary vivendi

  55. Slide 55: Information Relative to Covid-19 Impact

    First Half 2021 Results - July 28, 2021 INFORMATION RELATIVE TO COVID-19 IMPACT ▪ Although the COVID-19 pandemic is having a more significant impact on certain countries or businesses than others, in the first half of 2021, Vivendi has demonstrated resilience in adapting its activities to continue t

  56. Slide 56: Glossary

    First Half 2021 Results - July 28, 2021 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 these to be relevant indicators of the group’s operating and financi

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