- Canal+ Group: solid +6.5 %1 growth mainly driven by
international development and Studiocanal
- Havas Group: strong +20.7%1 growth in the third quarter,
increasing its organic growth momentum from quarter to
quarter
- Editis: confirmation of the public's appetite for books
since 2020
- Prisma Media: excellent +7.4%2 performance, particularly
from its digital activities
- Gameloft: business sustained by the presence on Apple Arcade
and Gameloft for brands3
- Universal Music Group: success of Euronext Amsterdam
listing
Regulatory News:
Vivendi (Paris:VIV):
Revenues
(in millions of euros)
Third quarter of 2021
First nine months of
2021
Year-on- year
At constant currency and
perimeter4
Year-on- year
At constant currency and
perimeter4
Canal+ Group
1,467
+6.3%
+6.5%
4,249
+4.8%
+5.4%
Havas Group
590
+21.8%
+20.7%
1,638
+9.0%
+11.6%
Editis
230
-0.8%
-0.8%
602
+21.9%
+21.9%
Other businesses5
189
na
+29.1%
381
na
+13.0%
Total Vivendi
2,476
+14.1%
+10.3%
6,870
+9.2%
+8.5%
This press release contains unaudited consolidated revenues,
established under IFRS, excluding Universal Music Group (UMG),
which, due to the distribution of 60% of its share capital in
September 2021, has been deconsolidated, leading to the adjustment
of past figures. The adjustments to previously published data are
presented in Appendix II.
For the third quarter of 2021, Vivendi’s revenues were €2,476
million, compared to €2,170 million for the same period in 2020.
This 14.1%6 increase was mainly due to the growth of Canal+ Group
(+€87 million), Havas Group (+€106 million) and Vivendi Village
(+€29 million). It also includes the impact of the consolidation of
Prisma Media since June 1, 2021 (+€75 million).
For the first nine months of 2021, Vivendi’s revenues were
€6,870 million, compared to €6,291 million for the same period in
2020. This 9.2%7 increase was mainly due to the growth of Canal+
Group (+€195 million), Havas Group (+€135 million) and Editis
(+€108 million). It also includes the impact of the consolidation
of Prisma Media since June 1, 2021 (+€104 million).
Review of recent events:
UMG: Success of Euronext Amsterdam listing
On September 14, 2021, as had been indicated to Vivendi
shareholders when they approved the decision to pay a special
dividend in kind of €5,312 million out of the retained earnings
balance as of June 22, 2021, Vivendi’s Management Board decided to
combine this special dividend in kind with an interim special
dividend in kind of €22,098 million paid based on the earnings
recorded in the interim balance sheet as of June 30, 2021.
Together, these two dividends resulted in the distribution in kind
of 59.87% of UMG’s share capital to Vivendi shareholders.
The Management Board's decision followed the approval by the
Dutch Authority for the Financial Markets (Stichting Autoriteit
Financiële Markten) of the prospectus issued by Universal Music
Group N.V. (UMG N.V.) relating to the admission to trading and
official listing of its ordinary shares on Euronext Amsterdam.
On September 21, 2021, the shares of UMG N.V. started trading on
the regulated market of Euronext Amsterdam. Based on an opening
share price of €25.25, UMG's market capitalization was €46
billion.
Following this transaction, Vivendi still holds 10% of UMG
N.V.’s share capital.
Agreement between Vivendi and Amber Capital regarding
Lagardère
On September 14, 2021, Vivendi entered into a conditional sales
agreement with Amber Capital to acquire 25,305,448 Lagardère SA
shares held by Amber Capital at a price of €24.10 per share.
As announced on September 15, 2021, Vivendi completed, on
September 28, 2021, the acquisition of a small minority of these
shares, i.e., 620,340 Lagardère SA shares, held by Amber Capital
for €15 million. As of September 30, 2021, Vivendi holds 27.64% of
the share capital and 22.14% of the theoretical voting rights of
Lagardère SA.
The acquisition of the remaining Lagardère shares held by Amber
Capital is expected to be completed by December 15, 2022, following
receipt of the approvals required by the applicable regulations in
light of the take-over that may result from the mandatory public
offer triggered by this acquisition. Pending such regulatory
approvals, in consideration for the pledge of the Lagardère shares
held by Amber Capital, Vivendi paid a cash collateral in an amount
corresponding to the value of these shares, based on the price of
€24.10 per share, i.e., €595 million.
Should this acquisition be completed, Vivendi will hold 45.1% of
the share capital and 36.2% of the voting rights of Lagardère,
exceeding the 30% share capital and voting right thresholds in
Lagardère. As a result, a mandatory proposal for a public offer at
the same price for all Lagardère shares not yet owned by Vivendi
would be filed with the French market authority (Autorité des
Marchés financiers) in accordance with applicable regulation.
Share buyback program
Between August 2 and October 15, 2021, Vivendi repurchased 39.0
million shares, i.e., 3.52 % of the share capital, for a total
amount of €464 million. As of October 20, 2021, Vivendi directly
held 59.7 million of its own shares, i.e., 5.38% of the share
capital.
Comments on the Businesses:
Canal+ Group
For the first nine months of 2021, Canal+ Group's revenues
amounted to €4,249 million, an increase of 4.8% compared to the
same period in 2020 (+5.4% at constant currency and perimeter).
Revenues from television operations in mainland France amounted
to €2,290 million, up slightly compared to the first nine months of
2020 (+2.5% at constant currency and perimeter).
Revenues from international operations also increased, rising
from €1,590 million for the first nine months of 2020 to €1,633
million for the first nine months of 2021 (+4.5% at constant
currency and perimeter). With movie theaters reopening and its TV
series performing well, Studiocanal’s revenues for the first nine
months of 2021 increased significantly, from €229 million in 2020
to €326 million in 2021 (+38.6% at constant currency and
perimeter).
During the third quarter of 2021, Canal+ Group announced it had
renewed the broadcasting rights in France to the English soccer
championship in its entirety for three additional seasons, starting
with the 2022-2023 season. Canal+ Group is also continuing its
international development by acquiring the exclusive rights to the
Premier League in its entirety in the Czech Republic and Slovakia,
where Canal+ Group is the leader in pay-TV, starting with the
2022-2023 season.
During its new season conference on August 31, 2021, Canal +
Group announced the launch of two new channels in France: the
documentary channel Canal+ Docs, with a particularly attractive
theme in the pay-TV market, and the children's channel Canal+ Kids,
designed specifically for 4-12-year-olds. On the same occasion,
Canal+ Group also announced the simplification of its offers in
France. Since September 9, 2021, subscribers have been offered a
choice between an enriched general offer (Canal+) and two thematic
offers (Canal+ Ciné Séries or Canal+ Sport).
On September 20, 2021 Canal+ Group also announced the planned
acquisition of 70% of SPI International, an international media
group operating 42 television channels and various digital
platforms in more than 60 countries.
On September 22, 2021, Canal+ Group entered into a partnership
with A1 Telekom Austria via its subsidiary nowTV, to develop a new
content offer for the Austrian market.
As announced by MultiChoice on September 23, 2021, Canal+ Group
increased its stake in the South African company crossing the 15%
threshold.
On September 30, 2021, Canal+ Group and Editis launched Nathan
TV, the first French-language educational channel in
French-speaking Africa.
Havas Group
During the third quarter of 2021, Havas Group’s business
activities continued to experience a very strong recovery compared
to the same period in 2020, outpacing the second quarter of 2021.
Havas Group’s net revenues8 for the third quarter of 2021 grew
organically by 17.8% (a favorable baseline compared to the third
quarter of 2020, which was affected by the health crisis),
following growth of 15.8% in the second quarter of 2021.
All the geographical regions recorded excellent organic
performances for the third quarter of 2021, with positive
contributions from all divisions: Creative, Media and Health &
You. Europe and North America were the biggest contributors, each
posting double-digit organic growth (+18.4% and +15.5%,
respectively). Asia-Pacific and Africa (+12.3%) and Latin America
(+41.1%), also reported satisfactory performances.
For the first nine months of 2021, Havas Group revenues were
€1,638 million, representing an organic growth of 11.6% compared to
the same period in 2020. Havas Group’s net revenues8 were €1,568
million, up 8.2% compared to the first nine months of 2020, and
breaks down as follows: organic growth of +10.8%, contributions
from acquisitions of +1.3% and an unfavorable foreign exchange
effect of -3.9%.
Havas Group pursued its targeted acquisitions policy by
acquiring majority stakes in Agence Verte (a France-based agency
specializing in CSR communications) and Nohup (a leading Italian
digital transformation agency).
Havas Group is approaching the end of 2021 with confidence,
thanks to a sustained level of business activity, with many new
business wins, including Unilever (Media division, for France and
Spain), SNCF (Creative) and a significant additional budget in
Health communications.
Editis
For the first nine months of 2021, Editis’ revenues were €602
million, an increase of 21.9% at constant currency and perimeter
compared to the same period in 2020.
This sharp growth has been mainly driven by a buoyant market
environment since January 2021. However, this performance is not
solely the result of a favorable basis of comparison with the first
nine months of 2020 and the first lockdown in France, given that
Editis’ revenues increased by 16% at constant currency and
perimeter compared to the first nine months of 2019.
In the third quarter of 2021, Editis' revenues fell slightly
0.8% compared to the third quarter of 2020, which had recorded
exceptional growth following the mid-May 2020 release from
lockdown. Revenues for the third quarter of 2021 rose by 9.5%
compared to the third quarter of 2019, which benefited from the
school curriculum reform for the second and third years of high
school.
Editis is very well represented in the GFK 2021 Top 20 with 8
titles (compared to 6 in 2020 and 4 in 2019). Among these titles,
Rien ne t'efface by Michel Bussi published by Presses de la Cité
(which recorded exceptional sales with 16% growth compared to the
previous year's title), 1991 by Franck Thilliez published by Fleuve
Editions, Le Crépuscule des fauves, volume 2 of the series 9 by
Marc Levy (Robert Laffont) and Bernard Minier's La chasse (XO)
stand out.
Several of Editis' new literary releases are included in the
selections for the major prizes. Two books are in the second
selection of the Prix Médicis: Tous ceux qui tombent by Jérémie Foa
(La Découverte) and Mon mari by Maud Ventura (L'Iconoclaste) in the
fiction category.
Two books are in the running for the Renaudot Prize: Murnau des
ténèbres by Nicolas Chemla (Cherche Midi) in the fiction category
and Dans ma rue y avait trois boutiques by Anthony Palou (Presses
de la Cité) in the non-fiction category.
Finally, two books are part of the second selection of the Prix
de Flore: Mobylette by Frédéric Ploussard (éditions Héloïse
d'Ormesson) - which has already won the Prix Stanislas for the best
first novel - and Mon mari by Maud Ventura (L'Iconoclaste), which
has just won the prize for the first novel.
Other businesses
For the third quarter of 2021, Prisma Media4’s revenues
were €75 million, up 7.4% compared to the same period in 2020 (pro
forma).
Distribution revenues increased by 1.9% compared to the third
quarter of 2020. Advertising revenues grew by 19.3% compared to the
third quarter of 2020, driven by growth in Print (+3%) and Digital
(+29%). Certain Prisma brands posted significant growth: Voici
+24%, Gala +24%, TV Grandes Chaînes +22%, and Femme Actuelle
+13%.
During the first nine months of 2021, Prisma Media’s revenues
were €219 million, up 17.4% compared to the same period in 2020
(pro forma).
On September 15, 2021, Prisma Media acquired EPM 2000, which
owns TV magazine Télé Z.
For the first nine months of 2021, Gameloft’s revenues
reached €184 million.
Asphalt 9: Legends, Disney Magic Kingdoms, Dragon Mania Legends,
March of Empires, and Asphalt 8: Airborne generated 51% of
Gameloft’s total revenues and were the five-best-selling-games in
the first nine months of 2021.
Gameloft’s gross margin9 increased by 2% and reached €129
million for the first nine months of 2021. The successful launch of
its games on the Apple Arcade subscription platform and the
excellent performance of Gameloft for brands3, whose gross margin
increased by 22% over the period, enabled the company to achieve
this business growth.
Gameloft launched three new games in 2021 on Apple Arcade: Song
Pop Party, The Oregon Trail and Asphalt 8: Airborne+, which joined
Ballistic Baseball, released in 2019.
For the first nine months of 2021, Vivendi Village’s
revenues were €61 million, compared to €34 million for the same
period in 2020, up 78.7% (+79.2% at constant currency and
perimeter).
This positive trend is particularly evident in the third quarter
of 2021, which saw a 4.4-fold increase in revenues compared to the
same period in 2020. Live performance activities have gradually
recovered over the period, with a pronounced public appetite for
these events. This trend is reflected in a sharp increase in the
ticketing business, particularly in the United States and the
United Kingdom. Several festivals organized by Olympia Production
and U-Live were held in France and the United Kingdom during the
summer. Artist tours are resuming, and L’Olympia should return to
near pre-confinement occupancy levels in the fourth quarter of
2021.
CanalOlympia opened its 17th cinema and entertainment venue on
October 1, 2021, in Pointe-Noire, in Republic of Congo.
During the first nine months of 2021, New Initiatives,
which brings together Dailymotion and the GVA entities, recorded
revenues of €60 million, compared to €44 million for the same
period in 2020, up 34.8% at constant currency and perimeter.
For the third quarter of 2021, Dailymotion's premium content
audience continued to grow (+56% compared to the third quarter of
2020), and still represents over 80% of the total audience. This
growth was driven by the signing of new partnerships (Unify with
the Doctissimo, Marmiton, Au feminin and Les Numériques brands in
France, Netmums in the UK, Alfemminile in Italy and GoFeminin in
Germany as well as Olympia Verlag with the Kicker brand in Germany)
and the summer sports events, notably the official presentation of
Lionel Messi to PSG on the Canal+ Sport and L'Equipe channels.
In September 2021, Dailymotion reached its record level of
programmatic sales, strongly driven by the partnership with Google
DV360.
GVA is a FTTH (Fiber To The Home) operator that has been
operating in Sub-Saharan Africa for four years and is already
present in six countries on the continent. Specialized in the
provision of very high-speed Internet access, GVA covers a market
of 850,000 homes and companies.
GVA is expected to continue its strong growth in 2021, supported
by an ever-increasing demand for very high-speed broadband in
Africa.
The slides relating to the third quarter 2021 revenues will be
available on our website www.vivendi.com in the Shareholders
& Investors section.
About Vivendi Since 2014, Vivendi has built a world-class
media, content and communications group. The Group owns leading,
strongly complementary assets in television and movies (Canal+
Group), communications (Havas Group), publishing (Editis),
magazines (Prisma Media), video games (Gameloft), live
entertainment and ticketing (Vivendi Village). It also owns a
global digital content distribution platform (Dailymotion).
Vivendi’s various businesses cohesively work together as an
integrated industrial group to create greater value. Vivendi is
committed to the environment and aims at being carbon neutral by
2025. In addition, the Group helps building more open, inclusive
and responsible societies by supporting diverse and inventive
creative works, promoting broader access to culture, education and
to its businesses, and by increasing awareness of 21st-century
challenges and opportunities. www.vivendi.com
Important Disclaimers This press release contains
forward-looking statements with respect to Vivendi’s financial
condition, results of operations, business, strategy, plans and
outlook, including the impact of certain transactions, and the
payment of dividends and distributions, as well as share
repurchases. Although Vivendi believes that such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance. Actual results may differ
materially from the forward-looking statements as a result of a
number of risks and uncertainties, many of which are outside our
control, including, but not limited to, the risks related to
antitrust and other regulatory approvals as well as any other
approvals which may be required in connection with certain
transactions and the risks described in the documents of the Group
filed by Vivendi with the Autorité des Marchés Financiers (the
French securities regulator), which are also available in English
on Vivendi's website (www.vivendi.com). Investors and security
holders may obtain a free copy of documents filed by Vivendi with
the Autorité des Marchés Financiers at www.amf-france.org, or
directly from Vivendi. Accordingly, we caution readers against
relying on such forward-looking statements. These forward-looking
statements are made as of the date of this press release. Vivendi
disclaims any intention or obligation to provide, update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
Although the COVID-19 pandemic is having a more significant
impact on certain countries or businesses than others, Vivendi has
demonstrated resilience in adapting its activities to continue to
best serve and entertain its customers, while reducing costs to
preserve its margins. The business activities demonstrated good
resilience, in particular pay television. However, as expected, the
pandemic’s effects have slowed down certain businesses such as
Havas Group and Vivendi Village (in particular live
entertainment).
Vivendi continually monitors the current and potential
consequences of the crisis. It is difficult at this time to
determine how it will impact Vivendi’s results at year-end 2021.
Businesses related to live performance have a risk of being more
impacted than others. Nevertheless, the Group remains confident in
the resilience of its main businesses. It continues to make every
effort to ensure the continuity of its activities, as well as to
best serve and entertain its customers and audiences while
complying with the guidelines of authorities in each country where
it operates.
APPENDIX I
VIVENDI
REVENUES BY BUSINESS SEGMENT (IFRS
unaudited)
Third quarter
Three months ended September
30,
(in millions of euros)
2021
2020
% Change
% Change at constant currency
% Change at constant currency and
perimeter (a)
Revenues
Canal+ Group
1,467
1,380
+6.3%
+6.7%
+6.5%
Havas Group
590
484
+21.8%
+22.1%
+20.7%
Editis
230
232
-0.8%
-0.8%
-0.8%
Prisma Media
75
na
na
na
+7.4%
Gameloft
64
63
+2.1%
+2.2%
-0.5%
Vivendi Village
37
8
x4,4
x4,4
x4,4
New Initiatives
22
16
+36.6%
+36.6%
+36.6%
Elimination of intersegment
transactions
(9)
(13)
Total Vivendi
2,476
2,170
+14.1%
+14.4%
+10.3%
na: not applicable.
First nine months
Nine months ended September
30,
(in millions of euros)
2021
2020
% Change
% Change at constant currency
% Change at constant
currency and perimeter (a)
Revenues
Canal+ Group
4,249
4,054
+4.8%
+5.5%
+5.4%
Havas Group
1,638
1,503
+9.0%
+12.9%
+11.6%
Editis
602
494
+21.9%
+21.9%
+21.9%
Prisma Media
104
na
na
na
+13.2%
Gameloft
184
193
-4.8%
-3.6%
-6.8%
Vivendi Village
61
34
+78.7%
+79.2%
+79.2%
New Initiatives
60
44
+34.8%
+34.8%
+34.8%
Elimination of intersegment
transactions
(28)
(31)
Total Vivendi
6,870
6,291
+9.2%
+10.6%
+8.5%
na: not applicable.
- Constant perimeter reflects the impact of the acquisition of
Prisma Media on May 31, 2021.
APPENDIX I (Cont’d)
VIVENDI
REVENUES BY BUSINESS SEGMENT (IFRS,
unaudited)
Quarterly revenues
2021
(in millions of euros)
Three months ended March 31,
Three months ended June 30,
Three months ended September
30,
Revenues
Canal+ Group
1,357
1,425
1,467
Havas Group
502
546
590
Editis
163
209
230
Prisma Media (a)
-
29
75
Gameloft
55
65
64
Vivendi Village
8
16
37
New Initiatives
17
21
22
Elimination of intersegment
transactions
(7)
(12)
(9)
Total Vivendi
2,095
2,299
2,476
2020
(in millions of euros)
Three months ended March 31,
Three months ended June 30,
Three months ended September
30,
Three months ended December
31,
Revenues
Canal+ Group
1,372
1,302
1,380
1,444
Havas Group
524
495
484
634
Editis
116
146
232
231
Gameloft
61
69
63
60
Vivendi Village
23
3
8
6
New Initiatives
15
13
16
21
Elimination of intersegment
transactions
(7)
(11)
(13)
(19)
Total Vivendi
2,104
2,017
2,170
2,377
- Vivendi has fully consolidated Prisma Media since June 1, 2021.
APPENDIX II
VIVENDI
RECLASSIFICATION RELATED TO THE APPLICATION
OF IFRS 5 FOR UNIVERSAL MUSIC GROUP (IFRS, unaudited)
On September 14, 2021, as had been indicated to Vivendi
shareholders when they approved the decision to pay a special
dividend in kind of €5,312 million out of the retained earnings
balance as of June 22, 2021, Vivendi’s Management Board decided to
combine this special dividend in kind with an interim special
dividend in kind of €22,098 million paid based on the earnings
recorded in the interim balance sheet as of June 30, 2021.
Together, these two dividends resulted in the distribution in kind
of 59.87% of UMG’s share capital to Vivendi shareholders.
The Management Board's decision followed the approval by the
Dutch Authority for the Financial Markets (Stichting Autoriteit
Financiële Markten) of the prospectus issued by UMG N.V. relating
to the admission to trading and official listing of its ordinary
shares on Euronext Amsterdam.
As from September 14, 2021, UMG is reported as a discontinued
operation in accordance with IFRS 5 - Non-current assets held for
sale and discontinued operations. The adjustments to previously
published data are presented below.
2021
(in millions of euros)
Three months ended March 31,
Three months ended June 30,
Six months ended June 30,
2021
Revenues (as published)
3,901
4,320
8,221
Reclassification: application of IFRS 5
for UMG
(1,806)
(2,021)
(3,827)
Total Vivendi (restated)
2,095
2,299
4,394
2020
(in millions of euros)
Three months ended March 31,
Three months ended June 30,
Three months ended September
30,
Three months ended December
31,
Revenues (as published)
3,870
3,706
4,022
4,492
Reclassification: application of IFRS 5
for UMG
(1,766)
(1,689)
(1,852)
(2,115)
Total Vivendi (restated)
2,104
2,017
2,170
2,377
2020
(in millions of euros)
Six months ended June 30,
Nine months ended September
30,
Year ended December 31,
Revenues (as published)
7,576
11,598
16,090
Reclassification: application of IFRS 5
for UMG
(3,455)
(5,307)
(7,422)
Total Vivendi (restated)
4,121
6,291
8,668
1 At constant currency and perimeter. 2 Proforma. 3 Gameloft for
brands offers cutting-edge gamified solutions to help brands
reconnect with their audience. 4 As from September 14, 2021,
Universal Music Group (UMG) is reported as a discontinued operation
in accordance with IFRS 5. In addition, constant perimeter notably
reflects the impact of the acquisition of Prisma Media on May 31,
2021. 5 Including the elimination of intersegment transactions. 6
At constant currency and perimeter, Vivendi’s revenues increased by
10.3% compared to the same period in 2020. 7 At constant currency
and perimeter, Vivendi’s revenues increased by 8.5% compared to the
same period in 2020. 8 Net revenues correspond to Havas Group
revenues after deduction of costs rebilled to clients. 9 Gross
margin corresponds to Gameloft’s revenues after deduction of costs
of sales.
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