- Canal+ Group’s revenues up 6.5%, driven by all its
businesses
- Dynamic beginning of the year for Havas Group with revenues
up 11.3% on an organic basis
- Slight decline in Editis’ revenues after a record year in
2021
- Prisma Media’s1 revenues up 2.2%, driven by an increase of
more than 23% in the digital segment
- The other businesses are notably benefiting from the gradual
recovery of the live performance activities
Regulatory News:
Vivendi (Paris:VIV):
Revenues for the first
quarter (in millions of euros)
2022
2021
% Change year-on- year
% Change at constant currency
and perimeter1 year-on-year
Canal+ Group
1,446
1,357
+6.5%
+6.0%
Havas Group
591
502
+17.7%
+11.3%
Editis
160
163
-1.7%
-1.7%
Other businesses2
180
73
x2.5
+24.2%
Total Vivendi
2,377
2,095
+13.4%
+7.9%
This press release contains unaudited consolidated revenues,
established under IFRS and approved by the Management Board on
April 22, 2022. These revenues do not include those of 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 previously reported figures.
For the first quarter of 2022, Vivendi’s revenues were
€2,377 million, compared to €2,095 million for the first quarter of
2021. This increase of 13.4% is mainly due to the growth of Canal+
Group (+€89 million), Havas Group (+€89 million) and Vivendi
Village (+€20 million). It also included the contribution of Prisma
Media (+€73 million), consolidated since June 1, 2021.
At constant currency and perimeter1, Vivendi’s revenues grew by
7.9% compared to the first quarter of 2021. This increase is mainly
due to the growth of Canal+ Group (+6.0%), as well as the strong
increase of Havas Group (+11.3%), Gameloft (+10.0%) and Vivendi
Village (x3.8).
Public tender offer on Lagardère
Vivendi's public tender offer for Lagardère's shares was opened
on April 14, 2022, for an initial period of 25 trading days, i.e.,
until May 20, 2022. On February 21, 2022, Vivendi's Management
Board approved the terms of its public tender offer and filed its
draft tender offer document with the French securities regulator
(Autorité des marchés financiers or “AMF”), which declared it
compliant on April 12, 2022.
Vivendi is proposing to Lagardère shareholders:
- Either on a principal basis: to sell their Lagardère shares at
a unit price of €25.50 (with dividend attached); or
- On a subsidiary basis: to benefit, for each Lagardère share
tendered to this subsidiary leg and held until the closing date
(inclusive) of the offer, which may be reopened, subject to a
proportional reduction (see below), from a right to sell such share
to Vivendi at a unit price of €24.10 until December 15, 2023
(inclusive).
If the number of shares tendered to the principal offer during
the first offer period is insufficient to reach the validity
threshold, Vivendi will acquire in cash at the price of the
principal offer the number of shares tendered to the subsidiary
offer necessary to reach 51% of the share capital of Lagardère at
the closing date of the first offer period.
If this offer is successful and the required regulatory
approvals are obtained, Vivendi would like Arnaud Lagardère to
remain as Chairman and Chief Executive Officer of Lagardère and
intends to continue to rely on the skills of its management
team.
Vivendi does not intend to apply to the AMF for a squeeze-out of
Lagardère's shares or to request the delisting of Lagardère's
shares from Euronext Paris.
Comments on the Businesses
Canal+ Group
For the first quarter of 2022, Canal+ Group's revenues amounted
to €1,446 million, up by 6.5% compared to the first quarter of 2021
(+6.0% at constant currency and perimeter). This increase is driven
by all the group's activities.
Television in mainland France recorded strong revenues growth,
with an increase of 6.5% at constant currency and perimeter
compared with the first quarter of 2021.
Revenue from international operations increased by 6.2% at
constant currency and perimeter compared to the first quarter of
2021, thanks again to a significant increase in the number of
subscribers.
Studiocanal's revenues increased by 4.5% in one year, due in
particular to several cinema successes, such as Superwho?, Waiting
for Bojangles and Goliath, and the strong performances of the
catalogue.
During the first quarter of 2022, Canal+ Group strengthened its
content offerings and continued its international development.
On January 24, 2022, Canal+ signed the new media chronology.
Canal+ is now entitled to broadcast movies in France six months
after their theatrical release, compared to twelve months in
2018.
On February 15, 2022, Canal+ Group and ViacomCBS announced a
long-term strategic partnership based on two pillars:
- The distribution of Paramount+ by the end
of the year and nine ViacomCBS channels by Canal+ Group, in France
and Switzerland. Canal+ Group will be the only market player in
France able to integrate Paramount+ into its commercial offers (in
“hard bundle”); and - The acquisition of exclusive premium content
for Canal+ Group channels and services, covering more than 30
territories. Canal+ Group will notably air Paramount films in
exclusive premiere on Canal+ in France and Switzerland six months
after their theatrical release.
On March 15, 2022, Canal+ Group entered the Austrian market by
launching a streaming platform in partnership with A1 Telekom
Austria.
On March 17, 2022, Canal+ Group completed the acquisition of 70%
of SPI International, a global media group operating 42 television
channels and multiple digital products in more than 60
countries.
On March 29, 2022, the enhanced Arte.tv offer was added to the
Canal+ offer in France.
Finally, on April 6, 2022, Canal+ Group and Formula 1® announced
a new agreement for the exclusive broadcasting of the Formula 1®
World Championship on Canal+ until 2029, which completes the
motorsport offer with the MotoGP™ World Championship until 2029 and
the WRC (World Rally Championship) until 2030.
Havas Group
Havas Group made an excellent start to the year with
double-digit organic growth. For the first quarter of 2022,
revenues were €591 million, up by 17.7% compared to the first
quarter of 2021. Net revenues1 were €564 million, up by 18.0%
compared to the first quarter of 2021, broken down as follows:
organic growth of +11.4% (compared to organic growth of -0.8% in
the first quarter of 2021), a +4.4% currency effect and a +2.2%
contribution from acquisitions.
This excellent operating performance stems from the strong
commercial momentum achieved in recent quarters, boosted by the
launch of innovative new offerings (notably Havas CX and Havas
Market).
All the geographical regions reported strong organic growths,
with positive contributions from all divisions: Creative, Media and
Healthcare communication. Once again, Europe and North America were
the biggest contributors, with solid organic growth (+12.4% and
+9.0%, respectively). Both Asia-Pacific (+9.3%) and Latin America
(+22.3%) continued to report highly satisfactory performances.
During the first quarter of 2022, Havas Group accelerated its
acquisition of majority interests with five targeted operations:
Tinkle (Spain and Portugal), Inviqa (United Kingdom and Germany),
Search Laboratory (United Kingdom and United States), Frontier
Australia (Australia) and Front Networks (China).
Editis
For the first quarter of 2022, Editis’ revenues were €160
million, a decrease of 1.7% at constant currency and perimeter
compared to the same period in 2021. This change should be viewed
in the context of a market that is down by 1.0% compared to the
same period in 20212. This reversal of dynamics is to be put into
perspective with last year’s unprecedented growth; the 2022 market
increased by 19.3%4 compared to 2019.
At Editis, the Tourism and Comics segments outperformed the
market at the end of March 2022. In the Comics segment, Editis
created its 51st publishing house headed by the French businessman
Mourad Boudjellal, and its 52nd publishing house, Black River.
Moreover, in General Literature, Editis can be proud of the
success of several titles, including Joël Dicker’s new book
L’affaire Alaska Sanders, which ranked third in the GFK Top4, the
winner of the 2021 Prix Goncourt La plus secrète mémoire des hommes
by Mohamed Mbougar Sarr at Philippe Rey which continues to perform
well among the new 2022 titles, and Paris-Briançon by Philippe
Besson, which was among the Top 10 bestsellers at the end of March
20224.
Other businesses
Prisma Media
For the first quarter of 2022, Prisma Media’s revenues were €73
million, up by 2.2% compared to the same period in 2021 (pro
forma3). Digital revenues reached a record, up by more than 23%
compared to the same period in 2021 and representing more than 30%
of Prisma Media’s revenues.
Gala celebrated its 1,500th publication in March 2022 with an
exclusive interview with Mylène Farmer; the issue reached a record
circulation of nearly 140,000 copies sold. Télé-Loisirs
strengthened its SVoD offering with the goal of becoming the
reference website on the topic. The Télé 2 semaines brand
accelerated its digital development with editorial content focused
on popular TV shows (such as Koh Lanta, Mask Singer, The Voice and
L’Amour est dans le pré) on its TV program website.
Prisma Media brands retained their leading positions in terms of
digital audiences: Télé-Loisirs is No. 1 in the Entertainment
segment with an average monthly 22.5 million unique visitors (UVs)
and Capital is No. 1 in the Economic segment with 10.2 million
UVs.
Prisma Media’s social media audiences continued to grow compared
to the first quarter of 2021, with the number of followers
increasing by 11%. The Gala brand remains the European media leader
on Tiktok, with the number of followers up by more than 32%
compared to 2021.
Gameloft
For the first quarter of 2022, Gameloft’s revenues reached €61
million, up by 10.8% compared to the same period in 2021 (+10.0% at
constant currency and perimeter). The gross margin4 reached €44
million, up by 19.1% compared to the same period in 2021.
This strong growth was mainly driven by the success of Apple
Arcade games, the excellent performance of Gameloft for brands
(advertising platforms) up by 40.7% and the strong rebound of
Gameloft Business Solutions (telecom operator and handset
manufacturer platforms) with an increase of 20.3%.
Asphalt 9: Legends, Disney Magic Kingdoms, Dragon Mania Legends,
March of Empires, and Sniper Champions generated 47% of Gameloft’s
total revenues and were the five-best-selling-games in the first
quarter of 2022.
Vivendi Village
For the first quarter of 2022, Vivendi Village’s revenues were
€27 million compared to €7 million for the first quarter of 2021
and, more comparatively, to €22 million for the first quarter of
2020.
This growth was mainly driven by the ticketing activities united
under the See Tickets brand, which were particularly dynamic in the
United Kingdom and the United States during the period, as well as
in Spain, which enjoyed a record month of March. Ticket sales for
summer festivals in France and the United Kingdom continued to be
very satisfactory and L'Olympia is back on track with 55
performances in the first quarter of 2022.
New Initiatives
For the first quarter of 2022, New Initiatives, which brings
together Dailymotion and the GVA entities, recorded revenues of €25
million, an increase of 41.1% at constant currency and
perimeter.
This significant increase results both from the increase of
Dailymotion's audience and consequently of its advertising revenues
and from the growth of GVA's fiber subscriber base in Africa, which
now covers seven countries.
Shareholder’s Annual General Meeting
The Combined General Shareholder’s Annual Meeting is being held
today at the Olympia in Paris at 10:00 am. It will be broadcast
live on the group's website.
About Vivendi
Since 2014, Vivendi has built a world-class content, media 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
has set the goal of contributing to net zero carbon worldwide by
adopting an approach in line with the Paris Agreements. In
addition, the Group is helping to build more open, inclusive and
responsible societies by supporting diverse and inventive creative
works, promoting broader access to culture, education and its
businesses, and by increasing awareness of 21st-century challenges
and opportunities. 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.
In 2021, notwithstanding the uncertainties created by the
COVID-19 pandemic and although its impacts were more significant in
certain countries or on certain businesses than others, Vivendi
showed resilience in adapting its business 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 pay television services, as well as Havas
Group and Editis. However, as expected, the pandemic’s effects
continued to slow down certain businesses such as Vivendi Village
(in particular live entertainment).
Vivendi continually monitors the current and potential
consequences of the health crisis. To date, it is difficult to
determine how it will impact Vivendi’s results in 2022.
Nevertheless, the Group remains confident in the resilience of its
main businesses. It continues to make every effort to ensure the
continuity of its business activities, as well as to best serve and
entertain its customers and audiences while complying with the
health guidelines of authorities in each country where it
operates.
Russia's invasion of Ukraine in February 2022 is having a
significant impact on the financial markets and the prices of
certain commodities and will have repercussions on the entire world
economy. Vivendi is mainly present in Ukraine through Gameloft,
which is doing everything possible to support its teams in the
country and limit the impact of the events on the delivery of its
content. The Group also has communications activities in Ukraine
through companies affiliated with Havas Group and is fully
mobilized to help them as much as possible. At this time, it is not
possible for Vivendi to assess the indirect consequences that the
Ukraine crisis could have on its business activities.
APPENDIX I
VIVENDI
REVENUES BY BUSINESS
SEGMENT
(IFRS, unaudited)
Three months ended March 31,
(in millions of euros)
2022
2021
% Change
% Change at constant currency
% Change at constant currency and
perimeter (a)
Revenues
Canal+ Group
1,446
1,357
+6.5%
+6.4%
+6.0%
Havas Group
591
502
+17.7%
+13.4%
+11.3%
Editis
160
163
-1.7%
-1.7%
-1.7%
Prisma Media
73
na
na
na
+2.2%
Gameloft
61
55
+10.8%
+10.0%
+10.0%
Vivendi Village
27
7
x 3.8
x 3.8
x 3.8
New Initiatives
25
17
+41.1%
+41.1%
+41.1%
Other (b)
(6
)
(6
)
-
-
-
Total Vivendi
2,377
2,095
+13.4%
+12.3%
+7.9%
na: not applicable.
- Constant perimeter notably reflects the impacts of Prisma Media
consolidated since June 1, 2021.
- As from January 1, 2022, this new operating segment includes
the Elimination of intersegment transactions and CanalOlympia,
previously part of Vivendi Village (2021 data has been
restated).
APPENDIX II
VIVENDI
DETAIL OF REVENUES BY BUSINESS
SEGMENT
(IFRS, unaudited)
Canal+ Group
Three months ended March 31,
(in millions of euros)
2022
2021
% Change
% Change at constant currency and
perimeter
TV - International
574
537
+6.9%
+6.2%
TV – Mainland France (a)
788
739
+6.5%
+6.5%
Studiocanal
84
81
+4.5%
-
Revenues
1,446
1,357
+6.5%
+6.0%
a. Relates to pay-TV services and free-to-air channels (C8,
CStar et CNews) in Mainland France.
Groupe Havas
Three months ended March 31,
(in millions of euros)
2022
2021
% Change
% Change at constant currency and
perimeter
Revenues
591
502
+17.7%
+11.3%
Net revenues (a)
564
478
+18.0%
+11.4%
Net revenues by
geographic area
Europe
276
234
+18.0%
+12.4%
North America
218
186
+16.9%
+9.0%
Asia-Pacific and Africa
45
37
+22.7%
+9.3%
Latin America
25
21
+21.2%
+22.3%
564
478
+18.0%
+11.4%
a. Net revenues, a non-GAAP measure, correspond to revenues less
pass-through costs rebilled to customers.
Editis
Three months ended March 31,
(in millions of euros)
2022
2021
% Change
% Change at constant currency and
perimeter
Literature
75
74
+1.8%
+1.8%
Education and Reference
22
22
+0.8%
+0.8%
Diffusion and Distribution
63
67
-6.3%
-6.3%
Revenues
160
163
-1.7%
-1.7%
APPENDIX III
VIVENDI
SCOPE OF CONSOLIDATION AND
CURRENCY IMPACTS
Q1 2021
Q1 2022
Δ organic
+1,5%
+7,9%
Consolidation scope impact
+0,4pt
+4,4pts
Δ at constant currency rate
+1,9%
+12,3%
FX impact
-2,3pts
+1,1pt
Δ actual
-0,4%
+13,4%
Changes in currencies
Average rate over the period
Q1 2021
Q1 2022
Δ YoY
USD:
1,217
1,134
-6,8%
EUR vs.
GBP:
0,886
0,839
-5,3%
PLN:
4,486
4,559
+1,6%
1 Constant perimeter notably reflects the impact of Prisma Media
consolidated since June 1, 2021. 2 Including the elimination of
inter-segment transactions. 3 Net revenues correspond to Havas
Group revenues after deduction of costs rebilled to clients. 4
Source: GFK data, as of March 27, 2022, based on revenues. 5
Vivendi has fully consolidated Prisma Media since June 1, 2021. 6
Gross margin corresponds to Gameloft’s revenues after deduction of
costs of sales.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220424005137/en/
Media Jean-Louis Erneux +33 (0)1 71 71 15 84 Solange
Maulini +33 (0) 1 71 71 11 73
Investor Relations 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
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