Regulatory News:
Vivendi (Paris:VIV):
2020 KEY FIGURES % change year-on
(in millions of euros) % change year- -year at constant
on-year currency and
perimeter(2)
Revenues EUR16,090 M +1.2% -0.6%
EBITA(3,4) EUR1,627 M +6.6% +3.7%
EBIT(4) EUR1,468 M +6.3%
Earnings before provision
for income taxes(1) EUR2,182 M +47.7%
This press release contains audited consolidated financial
figures established under IFRS, which were approved by Vivendi's
Management Board on March 1, 2021, reviewed by the Vivendi Audit
Committee on March 1, 2021, and by Vivendi's Supervisory Board on
March 3, 2021 under the chairmanship of Yannick Bolloré.
In 2020, revenues were EUR16,090 million, up 1.2%. This increase
mainly resulted from the growth of Universal Music Group (UMG),
Canal+ Group(2) and Editis(2) , partially offset by the slowdown in
other activities, mainly Havas Group and Vivendi Village, all of
which were affected by the consequences of the COVID-19
pandemic.
At constant currency and perimeter(2) , revenues were almost
stable (-0.6%) compared to 2019.
Following good growth in the first quarter of 2020 (+4.4% at
constant currency and perimeter(2) ) and a decline in the second
quarter (-7.9%), Vivendi's revenues recovered in the third (+0.7%)
and fourth (+0.7%) quarters.
For the second half of 2020, at constant currency and
perimeter(2) , revenues slightly increased (+0.7%) compared to the
second half of 2019 and compared to a decrease of 2.0% for the
first half of 2020.
EBITA was EUR1,627 million, an increase of 6.6% compared to
2019. At constant currency and perimeter(2) , EBITA increased by
3.7%, primarily driven by the growth of UMG and Canal+ Group.
EBIT was EUR1,468 million, an increase of 6.3% compared to
2019.
Other financial charges and income were a net income of EUR589
million, compared to a net income of EUR65 million in 2019. In
2020, the revaluation of the investments in Spotify and Tencent
Music Entertainment was a net gain of EUR591 million, compared to
EUR139 million in 2019. In addition, in 2020, Vivendi received an
additional payment of EUR56 million for the sale of GVT in 2015,
following the favorable settlement of a tax litigation in
Brazil.
On March 31, 2020, the sale of 10% of UMG's share capital to a
Tencent-led consortium was recorded, in accordance with IFRS
standards, as a sale of non-controlling interests and therefore has
not impacted the Consolidated Financial Statement of Earnings. As a
result, in accordance with IFRS 10, the capital gain on the sale of
10% of UMG's share capital was directly recorded as an increase in
equity attributable to Vivendi SE shareowners for EUR2,385
million.
Provision for income taxes reported to net income was a net
charge of EUR575 million, compared to a net income of EUR140
million in 2019. Excluding the current tax income of EUR473 million
resulting from the aforementioned favorable decision of the French
Council of State (Conseil d'État) in 2019 regarding the use of
foreign tax receivables upon the group's exit from the Global
Profit Tax System), provision for income taxes reported to net
income increased by EUR242 million in 2020.
Earnings attributable to non-controlling interests were EUR167
million, compared to EUR34 million in 2019. This increase of EUR133
million primarily reflected the Tencent-led consortium's share of
Universal Music Group's net earnings as from March 31, 2020.
Earnings before provision for income taxes which allows the best
comparison versus the 2019 earnings(1) , amounted to a profit of
EUR2,182 million, an increase of 47.7%.
Earnings attributable to Vivendi SE shareowners amounted to a
profit of EUR1,440 million (or EUR1.26 per share - basic), compared
to EUR1,583 million in 2019 (or EUR1.28 per share - basic). In
2019, excluding the current tax income of EUR473 million regarding
the use of foreign tax receivables upon the exit from the Global
Profit Tax System, earnings attributable to Vivendi SE shareowners
increased by 29.7%.
Adjusted net income was a profit of EUR1,228 million (or EUR1,08
per share - basic), compared to EUR1,741 million in 2019 (or
EUR1.41 per share - basic), a decrease of 29.5%. In 2019, it
included the current tax income of EUR473 million regarding the use
of foreign tax receivables upon the exit from the Global Profit Tax
System.
As of December 30, 2020, Vivendi's Financial Net Debt increased
by EUR889 million to EUR4,953 million.
If the contemplated distribution of 60% of UMG's share capital,
which is expected to involve the repayment by UMG of the loan
granted by Vivendi, were to occur, and taking into account the
EUR2.8 billion in cash received from the sale of an additional 10%
of UMG's share capital to the Tencent- led consortium, the Vivendi
Group's pro-forma net debt would amount to EUR0.3 billion, based on
the balance sheet as of December 31, 2020.
Vivendi has significant financing capacity. As of December 31,
2020, EUR3.3 billion of the group's committed credit facilities
were available.
As of December 31, 2020, the average "economic" term of the
group's financial debt, calculated based on the assumption that the
available medium-term credit lines may be used to redeem the
group's shortest term borrowings, was 4.8 years (compared to 5.3
years as of December 31, 2019).
As Vivendi's consolidated equity amounted to EUR16.431 billion,
the Group's net debt-to-equity (gearing) ratio was 30% as of
December 31, 2020.
Although the COVID-19 pandemic is having a more significant
impact on certain countries or businesses than others, in 2020,
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 showed good
resilience, in particular music and pay television. However, as
previously mentioned, the other businesses such as Havas Group and
Vivendi Village (in particular live entertainment) were affected by
the pandemic's effects. Editis has enjoyed a strong rebound in its
businesses in France since June 2020.
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 in 2021. Businesses
related to advertising and 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.
Planned distribution of 60% of UMG's share capital to Vivendi's
shareowners
For a number of years, Vivendi's leading institutional
shareholders have been pressing for a split or the distribution of
Universal Music Group (UMG) to reduce Vivendi's conglomerate
discount.
Prior to considering a favorable response to this request, the
Management Board wished to obtain a fair value for UMG to better
serve the interests of its shareholders and therefore support the
fulfillment of its development plan to become a global leader in
content, media and communications.
The Chairman of the Management Board set a minimum target of
EUR30 billion for UMG's enterprise value. The acquisition by the
Tencent-led consortium of a 20% stake in UMG's share capital,
completed between March 2020 and January 2021 on the basis of this
valuation, as well as interests expressed by other investors at
potentially higher prices, have now enabled the Management Board to
consider a distribution in kind of 60% of UMG's share capital to
Vivendi shareholders.
This distribution, exclusively in kind, would take the form of
an exceptional distribution ("special dividend"). The listing of
UMG's shares, issued by its holding company, would be applied for
on the regulated market of Euronext NV in Amsterdam, in a country
that has been one of UMG's historical homes.
A Vivendi Extraordinary Shareholders' Meeting will be called for
March 29, 2021, to modify the company's by-laws and make the
principle of this distribution in kind possible and pursue this
project. Subject to a favorable shareholder vote, a Shareholders'
Meeting could be called before the end of 2021 to vote on this
distribution of UMG shares.
Prisma Media
On December 23, 2020, Vivendi entered into a put option
agreement for 100% of Prisma Media. Prisma Media is the leading
French press group in the sector, in print and digital, with twenty
essential flagship brands of the magazine press, from Femme
Actuelle to GEO, via Capital, Gala, Télé Loisirs, and more.
In accordance with applicable regulations, the contemplated
acquisition remains subject to the information and consultation
process with Prisma Media's employee representative bodies, the
authorization from the relevant competition authorities as well as
the finalization of legal documentation.
Prisa
On January 25, 2021, Vivendi announced that it owned 9.9% of
Prisa's share capital. Prisa, which owns El Pais, Santillana,
Cadena SER, Radio Caracol, AS and Los 40 Principales, is the leader
in media and education in the Spanish-speaking world.
The acquisition of a stake in Prisa is part of Vivendi's
strategy to strengthen its position as a global content, media and
communications group and to expand its access to Spanish-speaking
markets in Europe, Latin America and the United States.
Returns to shareholders
Since January 1, 2020, Vivendi has repurchased 96,52 million of
its own shares (i.e., 8.14% of its share capital), representing
EUR2.35 billion, including 23.02 million shares under the previous
buyback program and
73.50 million shares under the current program.
As of March 3, 2021, Vivendi holds 100.44 million treasury
shares, representing 8.47% of the share capital.
In addition, the Annual General Shareholders' Meeting to be held
on June 22, 2021 will vote on the proposal of an ordinary dividend
of 0.60 euro per share with respect to fiscal year 2020. This
dividend would represent a yield of approximately 2%. The
ex-dividend date would be June 23, 2021, with payment on June 25,
2021.
Creation Unlimited, Vivendi's raison d'être
Vivendi offers a perfect environment for all types of talent in
the creative industries. This is why the Group has defined its
raison d'être through its tagline Creation Unlimited, meaning to
unleash creation by revealing all talent, valuing all ideas and
cultures and sharing them with as many people as possible.
This raison d'être enables Vivendi to create value not only for
the company but for the entire creative community and represents a
genuine commitment on the part of Vivendi, its management and all
its employees.
There are three dimensions to it:
-- Implementing all means necessary to promote diverse, inclusive and
original creation;
-- Guiding new talent and supporting established talent in their artistic
and professional approach; and
-- Making the most beautiful content and talent shine as widely as possible.
Evolution of the CSR program
Vivendi redefined its CSR program in 2020, putting its social,
societal and environmental impacts into perspective and setting a
first milestone for 2025. The new program, entitled Creation for
the Future, directly ties in with Vivendi's raison d'être: Creation
Unlimited.
The new program consists of three pillars:
-- Creation for the Planet, "Innovating to protect the planet", frames the
Group's commitment to respond to the climate emergency and protect the
environment. Vivendi has defined its 2020-2035 climate strategy, notably
in line with the 2015 Paris Agreement and the Science-Based Targets
initiative which the Group joined this year. Additionally, Vivendi is
going further by planning to achieve carbon neutrality (reach "Net Zero")
by 2025, bearing in mind that some entities have already achieved this
goal.
-- Creation for Society, "Imagining tomorrow's society," reflects the
societal responsibility incumbent on the Group through the content it
produces or distributes. Vivendi is especially committed to fostering
open societies by making culture and education more accessible.
-- Creation with All, "Building a responsible world together," expresses
Vivendi's ambition to involve its internal and external stakeholders in
building a more inclusive and responsible world.
The CSR program is a powerful performance lever that enables
Vivendi to share the value that it creates with all its
stakeholders.
Strengthening of ESG disclosure in financial communications
The year 2020 was also marked by the accelerated integration of
Environmental, Social and Governance (ESG) criteria into Vivendi's
financial communications. This process, initiated by the Chairman
of the Supervisory Board, Yannick Bolloré, at the Shareholders'
Meeting of April 20, 2020, is characterized by the intensification
of collaboration between various transversal internal working
groups and the deepening of dialogue with investors and ESG
analysts.
Vivendi consulted the leading French and international ESG
institutional investors owning an interest in Vivendi's capital. As
a result, the Group has gained a better understanding of their
methodologies, expectations, and perception of the Group's ESG
performance.
Comments on the Businesses Key Financials
Universal Music Group
In 2020, Universal Music Group's (UMG) revenues amounted to
EUR7,432 million, up 4.7% at constant currency and perimeter
compared to 2019 (+3.8% on an actual basis).
Recorded music revenues grew by 6.7% at constant currency and
perimeter thanks mainly to the growth in subscription and streaming
revenues (+16.2%), which more than offset the 6.0% decline in
physical sales compared to 2019, and the 19.0% decline in download
sales.
Recorded music best sellers for 2020 included new releases from
The Weeknd, Lil Baby, Pop Smoke, BTS, Justin Bieber, King &
Prince, Taylor Swift and Juice WRLD, as well as continued sales
from Billie Eilish and Post Malone.
In 2020, UMG had four of the Top 5 artists of the year on
Spotify globally (Drake, J Balvin, Juice WRLD and The Weeknd), the
No. 1 song of the year (The Weeknd's Blinding Lights) and two of
the Top 3 albums (The Weeknd's After Hours and Post Malone's
Hollywood's Bleeding). In addition, based on US data from Nielsen
Music/MRC, UMG had all of the Top 6 albums of the year with Lil
Baby, Taylor Swift, Pop Smoke, The Weeknd, Juice WRLD and Post
Malone.
Music publishing revenues increased 14.4% at constant currency
and perimeter compared to 2019, driven by increased subscription
and streaming revenues, as well as the receipt of a digital royalty
claim in the second quarter of 2020.
On December 7, 2020, Universal Music Publishing Group (UMPG)
announced a landmark agreement in which UMPG acquired Bob Dylan's
entire catalog of songs, encompassing more than 600 copyrights,
spanning 60 years, and recorded more than 6,000 times by an array
of artists from many countries, cultures and music genres.
Merchandising and other revenues were down 39.6% at constant
currency and perimeter compared to 2019, due to the impact of the
health pandemic on both touring and retail activity.
Driven by the growth in revenues, revenues mix and cost control,
UMG's EBITA amounted to EUR1,329 million, up 20.1% at constant
currency and perimeter compared to 2019 (+18.3% on an actual
basis).
On February 8, 2021, UMG and TikTok announced a global agreement
that delivers equitable compensation for recording artists and
songwriters, and significantly expands and enhances the companies'
existing relationship, promoting the development of new innovative
experiences and the ability to forge deeper bonds between fans and
artists.
Canal+ Group
At the end of December 2020, Canal+ Group's total subscriber
portfolio (individual and collective) reached 21.8 million,
including 8.7 million in mainland France, compared to 20.3 million
at the end of December 2019.
In 2020, Canal+ Group's revenues were EUR5,498 million, up 4.4%
compared to 2019 (down 0.9% at constant currency and
perimeter).
Pay-TV in mainland France recorded a net increase of its total
subscriber base of 262,000 over the past 12 months.
Revenues from international operations increased sharply by
19.8% (up 4.0% at constant currency and perimeter), thanks to the
significant growth in the number of subscribers (+1.2 million
year-on-year) across all geographical areas except Asia-Pacific,
and the success of the M7 integration.
Studiocanal's revenues declined by 17.0% year-on-year, as the
filming and distribution of movies and series were particularly
affected by the pandemic. However, this decrease was partially
offset by the good performance of the catalog.
In 2020, Canal+ Group's profitability improved compared to 2019.
EBITA recorded a strong increase of 26.7%, reaching EUR435 million,
compared to EUR343 million in 2019.
In October 2020, Canal+ Group announced that it held 12% of the
share capital of the South African company MultiChoice Group Ltd,
the leader in pay-TV in anglophone and lusophone sub-Saharan
Africa, becoming the second-largest shareholder.
Canal+ Group, the exclusive distributor of Disney+ in France
since it became available in Canal+ offers on April 7, 2020,
entered into distribution agreements with other operators in the
fourth quarter of 2020 to expand this streaming service.
In December 2020, French Broadcasting Authority (Conseil
Supérieur de l'Audiovisuel) ("CSA") authorized Canal+ Group to
renew its DTT license in France for three years, i.e., until
December 6, 2023. This reception mode concerned nearly 2% of Canal+
Group subscribers at the end of December 2020.
On February 4, 2021, the Professional Football League and Canal+
Group announced a global agreement regarding the audiovisual rights
for Ligue 1 Uber Eats and Ligue 2 BKT for the 2020-2021 season.
Since the 25th day of Ligue 1 Uber Eats and Ligue 2 BKT, and until
the end of the 2020-2021 season, Canal+ Group has had the exclusive
audiovisual rights, live and in full, to all Ligue 1 Uber Eats
matches and eight of the ten Ligue 2 BKT matches. In addition to
the audiovisual rights to these matches, Canal+ Group will hold all
the magazine rights during the week and on weekends.
In addition, on March 2, 2021, Canal+, which has been a partner
of the TOP 14 for more than 35 years, won the latest call for
tenders launched by the National Rugby League for broadcasting
rights in France until the end of the 2026-2027 season. These
exclusive broadcasting rights cover all TOP 14 matches, live as
well as near-live clips, and all programs devoted to them, in all
media formats.
Havas Group
During the fourth quarter of 2020, global economic activity
continued its gradual recovery, in line with the third quarter
performance. The advertising market is more stable and continues to
improve, albeit to varying degrees depending on the geographical
region and sector.
Against this challenging backdrop, Havas Group reported a clear
improvement in the fourth quarter with organic net revenue(5)
growth of -7.5%, compared to -10.4% in the third quarter of
2020.
With the exception of Asia-Pacific, all geographical regions
continued to improve or consolidate their performances(6) . The
North American agencies continued to hold up well, thanks to a
dynamic advertising market and the resilience of health and
wellness communications. Under the impetus of both the Creative and
Media businesses, Europe reported an overall stronger performance,
although with contrasting results between countries. Latin America
consolidated its recovery, and a new organization was implemented
in the Asia-Pacific agencies.
Havas Group's revenues for 2020 were EUR2,137 million, down
10.1% (-10.8% at constant currency and perimeter) compared to 2019.
Net revenues were EUR2,049 million, down 9.2% compared to 2019 and
organic growth was -9.9% compared to 2019. Exchange rates had a
negative impact of -1.4% (+2.5% in 2019) and acquisitions
contributed +2.1%.
In 2020, EBITA was EUR121 million, compared to EUR225 million in
2019. Thanks to its agility, the benefits of the cost adjustment
plan introduced at the beginning of the crisis enabled Havas Group
to absorb more than 50% of the decline in its revenues over the
full-year 2020 (before restructuring charges).
Havas Group has begun 2021 with confidence: business activity,
especially in the second half of 2020, proved highly dynamic, with
the winning of prestigious new clients including Jacobs Douwe
Egberts, Epic Games, Tetra Pack and PMU. The reinforcement of
existing offerings and the launch of two new and groundbreaking
initiatives, Havas CX and Havas Market, make Havas Group's
expertise more attractive than ever. Thanks to its cost adjustment
plan and the introduction of new organizational structures, Havas
Group is in good shape and well equipped to make the most of any
new growth opportunities its markets may present. At the same time,
it is keeping a close eye on economic and social developments.
Editis
In an extremely turbulent environment in 2020 with the closure,
during some periods, of a large number of the points of sale in
France (the publishing market fell by -67% in April, -25% in May
and -35% in November), the market ended the year just 2.7% lower
than 2019 (source GfK 2020), demonstrating its resilience. However,
certain segments, such as tourism, were heavily affected.
In 2020, Editis' revenues reached EUR725 million, a slight
decrease of 1.3% at constant currency and perimeter compared to
2019. In 2020, the school reform had a lower impact than in
2019.
With its Nathan and Bordas brands, Editis is strengthening its
leadership position in education and remains the leader in the very
competitive market of senior-year high school curriculum
reform.
Editis' general literature and that of its third-party
publishing partners performed well, with several of Editis titles
included among the year's best-sellers across all categories.
Editis was the best-represented publishing group in the Top 20
best-selling new releases in 2020 in France, with nine titles sold
by the group(7) .
Likewise, several of Editis' new releases were selected for
prestigious literary awards, such as La Grâce by Thibault de
Montaigu (Plon publishing house), which was awarded the Prix de
Flore(7) .
Nimba Éditions, a 100% Ivorian publishing house launched with
the support of Vivendi's local presence, published its first titles
in December 2020. Nimba Éditions aims to reveal local talent and
offer relevant and intelligent content to readers in Côte d'Ivoire
and neighboring French-speaking countries.
In 2020, Editis' EBITA was EUR38 million, compared to EUR43
million for the same period in 2019 (12-month pro forma). Thanks to
cost control, Income from operations was up by 2.4% at constant
currency and perimeter compared to 2019.
Other businesses
In 2020, Gameloft's revenues were EUR253 million, down 2.1%
compared to 2019 (-1.5% at constant currency and perimeter). Sales
on OTT platforms, representing 74% of Gameloft's total revenues,
were up by 0.9%, driven by the success of Asphalt 9: Legends on
mobile phones, PCs and Nintendo Switch (+30% annual growth) and the
resilience of the catalog. In 2020, Disney Magic Kingdoms, March of
Empires, Asphalt 9: Legends, Dragon Mania Legends and Asphalt 8:
Airborne recorded the highest sales, representing 53% of Gameloft's
total revenues. In 2020, Gameloft continued to implement its
internal transformation plan, which resulted in a sharp drop in
operating expenses and a significant increase in its margins.
Consequently, in 2020, Gameloft's EBITA improved by EUR12 million
to -EUR24 million.
After a very good start at the beginning of the first quarter of
2020, the lockdown measures gradually taken in Europe and Africa
weighed very heavily on Vivendi Village's activities in 2020.
Significant cost-cutting measures have been implemented. New
concert and show formats accessible remotely by the public and
based on different forms of monetization are being successfully
tested. Two techno music events (Junction 2), in July 2020 and
January 2021, each attracted 3 million fans worldwide. Paid
livestream concerts featuring M Pokora and Jenifer were held in
December 2020. These initiatives could prove to be a natural and
sustainable complement to live performance activities and an
additional revenue source.
New Initiatives brings together the businesses of Dailymotion
and GVA.
In 2020, the audience for Dailymotion's premium content grew by
19% compared to 2019. This increase was driven by existing
partnerships with the Vendée Globe and Numerama in France, EPCR
(European Professional Club Rugby) and the EuroLigue basketball
league in Europe, Daily Mail in the United Kingdom, CNN in the
United States, Cocina al Natural in Mexico, as well as by the
signing of new partnerships, notably with MoviePilot in Germany,
Conde Nast and Genius in the United States, Sakshi and Vikatan in
India, and Interworks and CTS in Asia. Dailymotion's program-based
monetization platform also continued to grow and recorded a strong
31% increase in revenues in 2020 compared to 2019.
GVA is a FTTH (Fiber to the home) operator that has been active
in Sub-Saharan Africa for three years and is already present in
five countries. Specialized in providing ultra-high-speed Internet
access in African cities, GVA's network covered more than half a
million homes and businesses by the end of 2020. Two new operations
were launched in 2020 in Abidjan (Côte d'Ivoire) and Kigali
(Rwanda). In 2021, GVA expects to continue its strong growth based
on the always high demand for ultra-high-speed home broadband
service in Africa.
Agenda
March 29, 2021: Extraordinary Shareholders' Meeting
April 22, 2021: Publication of the first quarter 2021
revenues
June 22, 2021: Annual Shareholders' Meeting
July 28, 2021: Publication of the first half-year 2021
earnings
For additional information, please refer to the "Financial
Report and Audited Consolidated Financial Statements for the year
ended December 31, 2020" to be released later on Vivendi's website
(www.vivendi.com).
About Vivendi
Since 2014, Vivendi has been focused on building a world-class
content, media and communications group. In content creation,
Vivendi owns powerful, complementary assets in music (Universal
Music Group), movies and series (Canal+ Group), publishing (Editis)
and video games (Gameloft) which are the most popular forms of
entertainment content in the world today. In the distribution
market, Vivendi has acquired the Dailymotion platform and
repositioned it to create a new digital showcase for its content.
The Group has also joined forces with several telecom operators and
platforms to maximize the reach of its distribution networks. In
communications, through Havas, the Group possesses unique creative
expertise in promoting free content and producing short formats,
which are increasingly viewed on mobile devices. In addition,
through Vivendi Village, the Group explores new commercial
activities in live entertainment, franchises and ticketing that are
complementary to its core activities. Vivendi's various businesses
cohesively work together as an integrated industrial group to
create greater value. www.vivendi.com
Important Disclaimers
Cautionary Note Regarding Forward-Looking Statements. 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, in 2020,
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 showed good
resilience, in particular, music and pay television. However, as
previously mentioned, the other businesses such as Havas Group and
Vivendi Village (in particular live entertainment) were affected by
the pandemic's effect. Editis has enjoyed a strong rebound in its
businesses in France since June 2020.
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 in 2021. Businesses
related to advertising and live performance have a risk of being
impacted more 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.
In 2020, Vivendi tested the value of goodwill allocated to its
Cash-Generating Units (CGU) or groups of CGU by applying valuation
methods consistent with previous years. Vivendi ensured that the
recoverable amount of CGU or groups of CGU tested exceeded their
carrying value (including goodwill). In 2020, government measures
implemented to address the COVID-19 pandemic in the main regions
where Vivendi operates, namely population lockdowns and the closing
of certain businesses, have slowed down the conduct of certain
business activities, which adversely affected the operating
performance of Vivendi's businesses in 2020, in particular Havas
Group, Studiocanal and Vivendi Village. Notwithstanding the
uncertainties created by the COVID-19 pandemic, Vivendi considered
that the decline in the operating performance of these businesses
observed in 2020 is unlikely to be permanent and should not affect
their long-term outlook.
ANALYST CONFERENCE CALL
Speakers:
Arnaud de Puyfontaine
Chief Executive Officer
Hervé Philippe
Member of the Management Board and Chief Financial Officer
Date: March 3, 2021
6:15pm Paris time -- 5:15pm London time -- 12:15pm New York
time
Media invited on a listen-only basis.
The conference will be held in English.
Internet: The conference can be followed on the Internet at:
www.vivendi.com (audiocast)
Numbers to dial:
-- USA: +1 212 999 6659
-- France: +33 (0) 1 7037 7166
-- UK (Standard International Access) : +44 (0) 33 0551 0200
-- Password: Vivendi
An audio webcast and the slides of the presentation will be
available on the company's website www.vivendi.com.
(1) Performance metric most comparable with the performance
recorded in 2019. In 2019, earnings attributable to Vivendi SE
shareowners benefited from a EUR473 million current tax income
relating to the utilization of foreign tax receivables in respect
of the group's exit from the Consolidated Global Profit Tax System.
In addition, Vivendi owned 100% of UMG's capital in 2019.
(2) Constant perimeter notably reflects the impacts of the
acquisition of M7 by Canal+ Group (September 12, 2019), the
acquisition of the remaining interest in Ingrooves Music Group,
which was consolidated by Universal Music Group (March 15, 2019)
and the acquisition of Editis (January 31, 2019).
(3) Non-GAAP measures.
(4) A reconciliation of EBIT to EBITA are presented in Appendix
I.
(5) Net revenues correspond to revenues less pass-through costs
rebilled to customers.
(6) Appendix VI: New contracts and award wins by Havas Group in
2020.
(7) Appendix VII: Successes and prizes awarded to the publishing
houses of Editis and its partners in 2020.
APPIX I
VIVI
CONSOLIDATED STATEMENT OF EARNINGS
(IFRS, audited)
Year ended December 31
Year ended December 31, % Change
2020 2019
REVENUES 16,090 15,898 + 1.2%
Cost of revenues (8,812) (8,845)
Selling, general and administrative
expenses excluding amortization of
intangible assets acquired through
business combinations (5,463) (5,334)
Income from operations* 1,815 1,719 + 5.6%
Restructuring charges (106) (161)
Other operating charges and income (82) (32)
Adjusted earnings before interest and
income taxes (EBITA)* 1,627 1,526 + 6.6%
Amortization and depreciation of
intangible assets acquired through
business combinations (159) (145)
EARNINGS BEFORE INTEREST AND INCOME
TAXES (EBIT) 1,468 1,381 + 6.3%
Income from equity affiliates -
non-operational 126 67
Interest (37) (46)
Income from investments 36 10
Other financial charges and income 589 65
588 29
Earnings before provision for income
taxes 2,182 1,477 + 47.7%
Provision for income taxes (575) 140
Earnings from continuing operations 1,607 1,617 - 0.6%
Earnings from discontinued operations - -
Earnings 1,607 1,617 - 0.6%
Non-controlling interests (167) (34)
EARNINGS ATTRIBUTABLE TO VIVI SE
SHAREOWNERS 1,440 1,583 - 9.1%
Earnings attributable to Vivendi SE
shareowners per share - basic (in
euros) 1.26 1.28
Earnings attributable to Vivendi SE
shareowners per share - diluted (in
euros) 1.26 1.28
Adjusted net income* 1,228 1,741 - 29.5%
Adjusted net income per share - basic
(in euros)* 1.08 1.41
Adjusted net income per share -
diluted (in euros)* 1.07 1.41
In millions of euros, except per share amounts.
* non-GAAP measures.
The non-GAAP measures of "Income from operations", "adjusted
earnings before interest and income taxes (EBITA)" and "adjusted
net income" should be considered in addition to, and not as a
substitute for, other GAAP measures of operating and financial
performance. Vivendi considers these to be relevant indicators of
the group's operating and financial performance. Vivendi Management
uses income from operations, EBITA and adjusted net income for
reporting, management and planning purposes because they exclude
most non-recurring and non-operating items from the measurement of
the business segments' performances. Furthermore, as of December
31, 2020, in the context of the COVID-19 pandemic, Vivendi had not
changed the definition of these indicators, which are therefore
comparable to fiscal year 2019.
For any additional information, please refer to the "Financial
Report and Audited Consolidated Financial Statements for the year
ended December 31, 2020", which will be released online later on
Vivendi's website (www.vivendi.com).
APPIX I (Cont'd) VIVI CONSOLIDATED STATEMENT OF EARNINGS (IFRS,
audited) Reconciliation of earnings attributable to Vivendi SE shareowners
to adjusted net income
Year ended December 31,
(in millions of euros) 2020 2019
Earnings attributable to Vivendi SE shareowners
(a) 1,440 1,583
Adjustments
Amortization and depreciation of intangible
assets acquired through business combinations 159 145
Amortization of intangible assets related to
equity affiliates 60 60
Other financial charges and income (589) (65)
Provision for income taxes on adjustments 121 37
Impact of adjustments on non-controlling
interests 37 (19)
Adjusted net income 1,228 1,741
1. As reported in the Consolidated Statement of Earnings.
Adjusted Statement of Earnings
Year ended December 31, % Change
(in millions of euros) 2020 2019
Revenues 16,090 15,898 + 1.2%
Income from operations 1,815 1,719 + 5.6%
EBITA 1,627 1,526 + 6.6%
Income from equity affiliates -
non-operational 186 127
Interest (37) (46)
Income from investments 36 10
Adjusted earnings from continuing
operations before provision for
income taxes 1,812 1,617 + 12.1%
Provision for income taxes (454) 177
Adjusted net income before
non-controlling interests 1,358 1,794
Non-controlling interests (130) (53)
Adjusted net income 1,228 1,741 - 29.5%
APPIX II
VIVI
REVENUES, INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT
(IFRS, audited)
Year ended December
31,
% Change
at
constant
% Change currency
at and
(in millions of constant perimeter
euros) 2020 2019 % Change currency (a)
Revenues
Universal Music
Group 7,432 7,159 +3.8% +5.1% +4.7%
Canal+ Group 5,498 5,268 +4.4% +4.9% -0.9%
Havas Group 2,137 2,378 -10.1% -8.8% -10.8%
Editis 725 687 +5.6% +5.6% -1.3%
Gameloft 253 259 -2.1% -0.9% -1.5%
Vivendi Village 40 141 -71.4% -71.4% -71.9%
New Initiatives 65 71 -7.5% -7.5% -7.5%
Elimination of
intersegment
transactions (60) (65)
Total Vivendi 16,090 15,898 +1.2% +2.2% -0.6%
Income from
operations
Universal Music
Group 1,377 1,168 +18.0% +19.7% +19.8%
Canal+ Group 485 431 +12.6% +13.5% -3.1%
Havas Group 163 268 -39.2% -39.2% -40.6%
Editis 51 59 -12.3% -12.3% +2.4%
Gameloft (17) (28) +37.3% +44.1% +44.3%
Vivendi Village (51) (16) x 3,2 x 3,2 x 2,6
New Initiatives (65) (68) +4.3% +4.3% +4.3%
Corporate (128) (95) -36.0% -35.7% -35.7%
Total Vivendi 1,815 1,719 +5.6% +7.1% +3.0%
EBITA
Universal Music
Group 1,329 1,124 +18.3% +20.1% +20.1%
Canal+ Group 435 343 +26.7% +27.9% +5.2%
Havas Group 121 225 -46.1% -46.2% -47.7%
Editis 38 52 -26.5% -26.5% -11.2%
Gameloft (24) (36) +34.0% +39.5% +39.6%
Vivendi Village (59) (17) x 3,6 x 3,6 x 2,8
New Initiatives (75) (65) -16.0% -16.0% -16.0%
Corporate (138) (100) -37.5% -37.3% -37.3%
Total Vivendi 1,627 1,526 +6.6% +8.3% +3.7%
1. Constant perimeter notably reflects the impacts of the acquisition of M7
by Canal+ Group (September 12, 2019), the acquisition of the remaining
interest in Ingrooves Music Group, which was consolidated by Universal
Music Group (March 15, 2019) and the acquisition of Editis (January 31,
2019).
APPIX II (Cont'd)
VIVI
QUARTERLY REVENUES BY BUSINESS SEGMENT
(IFRS, audited)
2020
Three months Three months
Three months Three months ended ended
(in millions of ended March ended June September December
euros) 31, 30, 30, 31,
Revenues
Universal Music
Group 1,769 1,690 1,855 2,118
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 (10) (12) (16) (22)
Total Vivendi 3,870 3,706 4,022 4,492
2019
Three months Three months
Three months Three months ended ended
(in millions of ended March ended June September December
euros) 31, 30, 30, 31,
Revenues
Universal Music
Group 1,502 1,756 1,800 2,101
Canal+ Group 1,252 1,266 1,285 1,465
Havas Group 525 589 567 697
Editis (a) 89 171 210 217
Gameloft 68 65 61 65
Vivendi Village 23 43 42 33
New Initiatives 15 19 16 21
Elimination of
intersegment
transactions (15) (15) (11) (24)
Total Vivendi 3,459 3,894 3,970 4,575
1. As a reminder, Vivendi has fully consolidated Editis since February 1,
2019.
APPIX III
VIVI
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS, audited)
(in millions of euros) December 31, 2020 December 31, 2019
ASSETS
Goodwill 14,183 14,690
Non-current content assets 3,902 2,746
Other intangible assets 848 883
Property, plant and equipment 1,125 1,097
Rights-of-use relating to leases 1,068 1,245
Investments in equity affiliates 3,542 3,520
Non-current financial assets 4,285 2,263
Deferred tax assets 736 782
Non-current assets 29,689 27,226
Inventories 366 277
Current tax receivables 128 374
Current content assets 1,346 1,423
Trade accounts receivable and other 5,482 5,661
Current financial assets 135 255
Cash and cash equivalents 976 2,130
Current assets 8,433 10,120
TOTAL ASSETS 38,122 37,346
EQUITY AND LIABILITIES
Share capital 6,523 6,515
Additional paid-in capital 2,368 2,353
Treasury shares (2,441) (694)
Retained earnings and other 9,309 7,179
Vivendi SE shareowners' equity 15,759 15,353
Non-controlling interests 672 222
Total equity 16,431 15,575
Non-current provisions 1,060 1,127
Long-term borrowings and other
financial liabilities 4,171 5,160
Deferred tax liabilities 1,166 1,037
Long-term lease liabilities 1,070 1,223
Other non-current liabilities 916 183
Non-current liabilities 8,383 8,730
Current provisions 670 494
Short-term borrowings and other
financial liabilities 2,230 1,777
Trade accounts payable and other 10,095 10,494
Short-term lease liabilities 221 236
Current tax payables 92 40
Current liabilities 13,308 13,041
Total liabilities 21,692 21,771
TOTAL EQUITY AND LIABILITIES 38,122 37,346
APPIX IV
VIVI
CONSOLIDATED STATEMENT OF CSH FLOWS
(IFRS, audited)
Year ended December 31,
(in millions of euros) 2020 2019
Operating activities
EBIT 1,468 1,381
Adjustments 1,035 779
Content investments, net (1,481) (676)
Gross cash provided by operating activities
before income tax paid 1,022 1,484
Other changes in net working capital 293 67
Net cash provided by operating activities
before income tax paid 1,315 1,551
Income tax (paid)/received, net (89) (283)
Net cash provided by operating activities 1,226 1,268
Investing activities
Capital expenditures (438) (413)
Purchases of consolidated companies, after
acquired cash (96) (2,106)
Investments in equity affiliates (120) (1)
Increase in financial assets (1,425) (177)
Investments (2,079) (2,697)
Proceeds from sales of property, plant,
equipment and intangible assets 3 8
Proceeds from sales of consolidated companies,
after divested cash 65 22
Disposal of equity affiliates 10 -
Decrease in financial assets 285 1,046
Divestitures 363 1,076
Dividends received from equity affiliates 41 8
Dividends received from unconsolidated
companies 30 3
Net cash provided by/(used for) investing
activities (1,645) (1,610)
Financing activities
Net proceeds from issuance of common shares in
connection with Vivendi SE's share-based
compensation plans 153 175
Sales/(purchases) of Vivendi SE's treasury
shares (2,157) (2,673)
Distributions to Vivendi SE's shareowners (690) (636)
Other transactions with shareowners 2,759 (13)
Dividends paid by consolidated companies to
their non-controlling interests (98) (41)
Transactions with shareowners (33) (3,188)
Setting up of long-term borrowings and increase
in other long-term financial liabilities 5 2,101
Principal payment on long-term borrowings and
decrease in other long-term financial
liabilities (1) (6)
Principal payment on short-term borrowings (1,071) (787)
Other changes in short-term borrowings and
other financial liabilities 739 870
Interest paid, net (37) (46)
Other cash items related to financial
activities (22) (7)
Transactions on borrowings and other financial
liabilities (387) 2,125
Repayment of lease liabilities and related
interest expenses (255) (254)
Net cash provided by/(used for) financing
activities (675) (1,317)
Foreign currency translation adjustments of
continuing operations (60) (4)
Change in cash and cash equivalents (1,154) (1,663)
Cash and cash equivalents
At beginning of the period 2,130 3,793
At end of the period 976 2,130
APPIX V
VIVI
KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS
(IFRS, audited)
As a reminder, in 2019, Vivendi applied a new accounting
standard:
-- IFRS 16 -- Leases: in accordance with IFRS 16, the impact of the change
of accounting standard was recorded in the opening balance sheet as of
January 1, 2019. In addition, Vivendi applied this change of accounting
standard to the Statement of Financial Position, Statement of Earnings
and Statement of Cash Flows in 2019; therefore, the data relative to
prior years is not comparable.
As a reminder, in 2018, Vivendi applied two new accounting
standards:
-- IFRS 15 -- Revenues from Contracts with Customers: in accordance with
IFRS 15, as from 2017, Vivendi applied this change of accounting standard
to revenues. The data presented below with respect to fiscal year 2016
are historical and therefore not restated; and
-- IFRS 9 -- Financial Instruments: in accordance with IFRS 9, as from 2018,
Vivendi applied this change of accounting standard to the Statement of
Earnings and Statement of Comprehensive Income restating its opening
balance sheet as of January 1, 2018; therefore, the data relative to
prior years in this report is not comparable.
Year ended December 31,
2020 2019 2018 2017 2016
Consolidated data
Revenues 16,090 15,898 13,932 12,518 10,819
Income from
operations (a) 1,815 1,719 1,439 1,098 853
Adjusted earnings
before interest and
income taxes (EBITA)
(a) 1,627 1,526 1,288 969 724
Earnings before
interest and income
taxes (EBIT) 1,468 1,381 1,182 1,018 887
Earnings attributable
to Vivendi SE
shareowners 1,440 1,583 127 1,216 1,256
of which earnings
from continuing
operations
attributable to
Vivendi SE
shareowners 1,440 1,583 127 1,216 1,236
Adjusted net income
(a) 1,228 1,741 1,157 1,300 755
Net Cash
Position/(Financial
Net Debt) (a) (4,953) (4,064) 176 (2,340) 1,231
Total equity 16,431 15,575 17,534 17,866 19,612
of which Vivendi SE
shareowners' equity 15,759 15,353 17,313 17,644 19,383
Cash flow from
operations (CFFO)
(a) 696 903 1,126 989 729
Cash flow from
operations after
interest and income
tax paid (CFAIT)
(a) 548 567 822 1,346 341
Financial investments (1,640) (2,284) (694) (3,685) (4,084)
Financial divestments 360 1,068 2,303 976 1,971
Dividends paid by
Vivendi SE to its
shareholders 690 636 568 499 2,588 (b)
Purchases/(sales) of
Vivendi SE's
treasury shares 2,157 2,673 - 203 1,623
Per share data
Weighted average
number of shares
outstanding 1,140.7 1,233.5 1,263.5 1,252.7 1,272.6
Earnings attributable
to Vivendi SE
shareowners per
share 1.26 1.28 0.10 0.97 0.99
Adjusted net income
per share 1.08 1.41 0.92 1.04 0.59
Number of shares
outstanding at the
end of the period
(excluding treasury
shares) 1,092.8 1,170.6 1,268.0 1,256.7 1,259.5
Equity per share,
attributable to
Vivendi SE
shareowners 14.42 13.12 13.65 14.04 15.39
Dividends per share
paid 0.60 0.50 0.45 0.40 2.00 (b)
In millions of euros, number of shares in millions, data per
share in euros.
1. The non-GAAP measures of Income from operations, EBITA, Adjusted net
income, Net Cash Position (or Financial Net Debt), Cash flow from
operations (CFFO) and Cash flow from operations after interest and income
tax paid (CFAIT) should be considered in addition to, and not as a
substitute for, other GAAP measures of operating and financial
performance as presented in the Consolidated Financial Statements and the
related Notes, or as described in this Financial Report. Vivendi
considers these to be relevant indicators of the group's operating and
financial performance. Each of these indicators is defined in the
appropriate section of this Financial Report. In addition, it should be
noted that other companies may have definitions and calculations for
these indicators that differ from those used by Vivendi, thereby
affecting comparability. Furthermore, as of December 31, 2020, in the
context of the COVID-19 pandemic, Vivendi had not changed the definition
of these indicators, which are therefore comparable to fiscal year 2019.
2. With respect to fiscal year 2015, Vivendi paid an ordinary dividend of
EUR3 per share, i.e., an aggregate dividend payment of EUR3,951 million.
This amount included EUR2,588 million paid in 2016 (EUR1,318 million for
the second interim dividend of EUR1 per share and EUR1,270 million
representing the balance of EUR1 per share) and EUR1,363 million paid in
2015 (first interim dividend of EUR1 per share).
APPIX VI
Havas Group
New contract and award wins in 2020
Main budgets won
In 2020, Havas continued its global development by winning
numerous new clients in creative, media expertise and healthcare
communications, both locally and globally.
Havas Creation
3M, AARP, Accor, Allianz, Amazon Workforce, BMW e-sports, EDF,
Fanta, Harman JBL, Homeserve, John West, KFC, Suzuki, T3 Go, and
Yili Group.
Havas health & you
AbbVie, Astellas, AstraZeneca, Biomarin, Karyopharm, Kyowa
Kirin, Novartis, Orexo, Pfizer, Roche, Sanofi, Servier, Takeda,
UCB, and ViiV.
Havas Media
Telefonica, Sanofi, JDE Peets, Agrolimen, Lactalis, 3M,
Europcar, Karo Pharma, Promote Iceland, Epic Games, Signify, and
Tetra Pak, BBC, PMU and Audible.ca.
Main awards won
BETC ranked first in the Contagious Pioneer 2020 Top 10 agencies
and also received the special award of "Agency of the Year" at the
Eurobest thanks to two Grand Prizes for its "Crocodile Inside"
campaigns for Lacoste and "Underground Première" for 13ème Rue as
well as 6 Gold. Camp + King took second place in the "Small Agency
of the Year" ranking established by Advertising Age, one of the
industry's leading magazines. In the latest Campaign Brief 2020
Bestads Rankings, Buzzman ranked 12th among the world's best
agencies of the year.
The agencies' creativity was recognized at a large number of
festivals and ceremonies, including the D&AD, where the group's
agencies won 17 awards, including two Gold, five Silver and ten
Bronze, as well as the first-ever "Black Pencil of the Decade",
awarded to Host/Havas' "Palau Pledge" campaign.
At the One Show, they won 20 awards, including six Gold and five
Silver, for BETC Paris' Crocodile Inside and Crocodile Free
campaigns for Lacoste and Arnold Boston's two campaigns, "In
Someone Else's Shoes" for Santander Bank and "Run For Life" for the
Red Cross in Brazil.
At the Webby Awards, the group's agencies won 17 awards, led by
two first prizes from HOY for its campaign "100 years making
history" for Citroën, and Havas New York for its campaign "Adidas
original archive video series".
Effies were awarded Chile, Austria, Argentina, Belgium, Russia,
Germany, India, the United States, Poland, Peru, Colombia, Turkey
(11 awards including 6 Gold) and France (14 awards including one
Grand Prix and 5 Gold).
The Havas Media network shined at the Festival of Global Media.
The "Waiting Wins" campaign for CANAL+ won two Golds, and the
"Project Save" campaign for the Government of Valenzuela won one
Gold.
Havas Creative's New Business team was elected New-Business
Development Team of the Year by Campaign magazine for the second
consecutive year. Havas Europe held the top spot in the 2020 R3 (R3
Worldwide's New Business League for Europe) ranking of the best New
Business performances by creative networks in 2019.
APPIX VII
Successes and literary prizes won
By Editis and its partners in 2020
Among the successes achieved by Editis' publishing houses are
the following, hardback literature with Ken Follett's last novel,
Le Crépuscule et l'Aube (Robert Laffont publishing house, worldwide
release), and Marc Lévy's C'est arrivé la nuit (Robert
Laffont/Versilio publishing house); cookbooks with the success of
the first, second and third volumes of Fait Maison by Cyril Lignac;
non-fiction with Toujours Plus by two-million subscriber influencer
Léna Situations (Robert Laffont publishing house); comic books with
the fifth volume of L'Arabe du futur by Riad Sattouf (Allary
publishing house), and the youth segment with the good results of
L'agenda Scolaire by Roxane (Solar publishing house). In the
end,
Likewise several publications of Editis' new releases were
selected for prestigious literary awards: La Grâce by Thibault de
Montaigu (Plon publishing house) was awarded the Prix de Flore;
Apeirogon by Colum McCann (Belfond publishing house) received the
best foreign book award and the Prix Renaudot Poche was awarded to
Charles de Gaulle by Eric Roussel (Perrin publishing house).
Third-party publishers were not outdone, with the Prix
Interallié for Un crime sans importance by Irène Frain (Seuil
publishing house), as well as, among others, the Prix Médicis for
French literature, the Prix Médicis for foreign literature and the
Prix Femina Romans Etrangers.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210303005864/en/
CONTACT: Media
Paris
Jean-Louis Erneux
+33 (0)1 71 71 15 84
Solange Maulini
+33 (0) 1 71 71 11 73
Investor Relations
Paris
Xavier Le Roy
+33 (0)1 71 71 18 77
Nathalie Pellet
+33 (0) 1 71 71 11 24
Delphine Maillet
+33 (0)1 71 71 17 20
SOURCE: Vivendi
Copyright Business Wire 2021
(END) Dow Jones Newswires
March 03, 2021 14:19 ET (19:19 GMT)
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