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Download the Pdf MARCH LETTER 2017 TO SHAREHOLDERS R A CLEAR AND D S O T O H P AMBITIOUS STRATEGY VINCENT ARNAUD BOLLORÉ DE PUYFONTAINE ivendi’s teams are The teams in charge of content and media CHAIRMAN OF CEO THE SUPERVISORY building a global work together as an industrial group, so that BOARD Vcontent and media they create more value to shareholders. group. This is one of the third millennium's Vivendi is also expanding in the distribution most attractive industries, first of all because market by strengthening its own capabilities in the years ahead, many more consumers through Canal+ Group, by acquiring platforms will be able to enjoy entertainment. Not only such as Dailymotion and forming partnerships will two billion people in Africa, Asia and with telecoms operators and digital platforms South America enter the leisure economy by such as Google, Apple, Facebook and Amazon. 2025, they will also be better equipped to Content can in this way be offered both on a access entertainment content. Worldwide, local and global scale. the number of smartphones, now considered Vivendi is able to pursue its far-reaching strat - the premier viewing device, is expected to egy in several regions, including Africa, Asia rise from four billion in 2016 to more than six and Southern Europe, due to its very robust billion in 2020. balance sheet and the long-term stability If we look at the world's most popular forms of provided by its core shareholder, the Bolloré content today – music, video games, movies/TV family group (which held 29% of the voting series and TV shows/live broadcasts – we can rights in April 2017). see that Vivendi already owns most of them. But These ambitious developments, which are it has made major acquisitions to own every type going to drive the creation of high value, of content consumed worldwide, with will go hand in hand with a dividend payout Universal Music Group (music), Gameloft (mobile representing a yield of approximately 2% I games) and Canal+ Group (TV/motion pictures). per share. R E S U L T S 2 THE EBITA SHOULD INCREASE R E L D BY 25% IN 2017 I S D R n 2016, Vivendi recorded were very well received, as individual subscribers and 2.9 A N R adjusted net income of E well as carryover sales of million Free and Orange cus - B © €755 million (+8.4%), a Justin Bieber’s music. tomers (FTTH). Income from almost stable revenues of operations was €303 million Hervé Philippe I €10.8 billion (+0.5%). The compared to €542 million in Vivendi Chief Financial CANAL+ GROUP: outlook for 2017 is strong: the previous year, due mainly Officer and member of new sales initiatives the Management Board revenue should increase by in France to a drop in the number of more than 5%. Thanks to the Canal+ Group revenues individual subscribers in main - measures taken last year, amounted to €5.253 billion, a land France (excluding partner - EBITA should increase by 2016 was fuelled by decrease of 4.7%. In France, it ships with telecom operators ) around 25%. the strong performance launched number of new of- and investment in programs. of Universal Music Group. ferings in November 2016 and Canal+ Group felt UMG: signed agreements with Free GAMELOFT: the first effects of the strong growth in subscrip - and Orange in the fourth quar- accelerating growth transformation tions and streaming ter of 2016. International Gameloft’s revenues amounted plan in France, while Universal Music Group’s growth continued, particularly to €132 million in 2016 second its international activities revenues amounted to €5.267 in Africa (an increase of half (Vivendi consolidated remained buoyant. billion, an increase of 3.1%, 692,000 subscribers, bringing Gameloft on 29 June 2016). The Group’s outlook for fuelled by growth across all its the total to nearly 2.8 million). Growth accelerated in the sec - 2017 is confidently activities. Growth in revenue By the end of December 2016, ond half of 2016. The business optimistic. linked to subscriptions and the Canal+ Group portfolio was buoyed up by the strong streaming remains particularly had risen to about 11.5 million development of its mobile ad - significant at +57.9%.* Income vertising agency, the contin - from operations amounted to ued success of a number of €687 million, up by 9.8% due games and the successfull to an increase in revenue and Dividend of €0.40 launch of “Disney Magic King - cost savings. New releases per share proposed doms.” from Drake, Rihanna, Ariana by the management Thanks to the solid growth of Grande and the Rolling Stones board its revenue and the drop in its operating costs, income from *At constant exchange rates. operation amounted to €10 KEY FIGURES Change Change at constant million in 2016 second half 2016 compared to currency and year, with a corresponding 2015 perimeter compared 7.6% margin, a record level to 2015 since the second half of 2013. Revenues €10,819 M +0.5% -0.2% EBITA €724 M -23.2 % -21.5 % VIVENDI VILLAGE: growth of CanalOlympia EBIT €1,194 M -2.9 % Vivendi Village recorded rev - Earnings attributable to enues of €111 million in 2016, Vivendi SA shareowners €1,256 M€ -35.0 % an increase of 10.9%, and a loss of €7 million. Earnings from continuing operations attributable to Vivendi SA shareowners €1,236 M€ +77.0 % The activities of Vivendi Ticket - ing and MyBest-Pro distin - Return to shareholders €4.2 bn guished particularly, recording The key figures presented above take into account the changes in scope of consolidation occurring or announced in 2015 and 2016 , of increases in their income which the accounting impact, particularly compliance with IFRS 5, is described in the 2016 Financial Report, which is available at from operations of 11.8% www.vivendi.com or upon request from the Vivendi Shareholders’ Department. and 23.5% respectively. 3 In a difficult climate, due to CANAL+ GROUP PUTS BOXING the terrorist attacks in Paris, the Olympia maintained its BACK TOPPING THE BILL 2016 revenues. In Africa, In signing a major agreement with Tony Yoka, Canal+ aims CanalOlympia has opened four to support the champion and promote boxing on its channels. new venues since the begin - Tony Yoka is also preparing a show for C8. ning of the year. anal+ Group has signed an NEW INITIATIVES: Cexclusive four-year agree - R ment to broadcast the profes - D A show Studio+ already in six countries © sional fights of French boxer in preparation The New Initiatives business Maxime Saada Tony Yoka, Olympic Heavyweight segment (Dailymotion and Chief Executive Officer for C8 Vivendi Content) recorded of Canal+ Group revenues of €103 million (compared with €43 million gold medallist in Rio in 2015) and an income from in 2016 and World operations loss of €44 mil - Amateur Champion lion (compared with -€18 in 2015. million in 2015). With its long history Dailymotion is working on a as a boxing broad - technical and editorial re - caster, Canal+ aims launch for 2017 second to invest still further quarter. Vivendi Content de - in this spectacular veloped Studio+, a premium sport via totally im - short digital series offer, and mersive filming of R launched it in six Latin D fights and coverage American and European © of major evening countries. I TONY YOKA, OLYMPIC AND WORLD AMATEUR BOXING CHAMPION events. Tony Yoka is one of France’s greatest-ever champi - Appointment of Marie-Annick Darmaillac ons, whose career took off in + L A spectacular fashion in Rio. He N to Vivendi’s CSR Department A C has his sights set on the World / I N O title, and by signing an agree - Z Marie-Annick Darmaillac was appointed Vice President, Corporate Z A ment with him, Canal+ is aim - M Social Responsibility of Vivendi on February 1, 2017. She will report E P P ing to support his rise in the I to me as member of the Vivendi Management Board and General L I H P Counsel of Vivendi and Canal+ Group. sport and to promote boxing in © general. Vivendi’s new CSR Vice President intends to focus on the involve- Frédéric Crépin ment of all Group subsidiaries in CSR matters and on the employees The sport will therefore occupy General Councel who deal with these issues. CSR is supported through internal col- a prime position on Canal+ of Vivendi alongside football, rugby and and Canal+ Group laboration and sharing. It must be of concern and percolate through the whole Group. Formula 1. Mr Yoka is also working with In 2015, Marie-Annick Darmaillac was appointed Head of Internal presenter Cyril Hanouna to Talent Promotion and Development at Canal+Group. Prior to that, from 2005 to prepare a television show that 2015, she was Deputy General Counsel of Groupe Bolloré, responsible in particular will be aired on C8 in 2018. for the professional development of high potential managers and in charge of ethical This follow-up program is and sustainable development issues. aimed at “seeking out new Marie-Annick Darmaillac is a qualified judge and has held several positions in this champions”. The boxer will be capacity, notably Deputy Head of Continuing Education at the French National joined in this by his partner, Es - School of Magistracy. Please join me in welcoming Marie-Annick. telle Mossely, who also won Olympic Boxing Gold in Rio. I 4 GAMELOFT RANKED FIRST FOR MOBILE VIDEO-GAME DOWNLOADS 016 saw great success for 2Gameloft. For the second consecutive year, App Annie has ranked the mobile video-game publisher, acquired by Vivendi O N A C in the summer of 2016, as the S I H C world’s leading publisher of N A E J mobile games, as T F © O judged by the number L Leading mobile E Stéphane Roussel M of downloads from A G Chief Operating Officer game publisher at ASPHALT 8: AIRBORNE the App Store and © of Vivendi and Chairman the App Store and and CEO of Gameloft Google Play.
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