Update on Vivendi’s spin-off project with Karim Ayari, Director of Business Development & Strategy
The meeting began with a presentation of the Group’s spin-off project by Karim Ayari, Director of Business Development & Strategy, who first outlined the reasons behind it (a very high conglomerate discount of 44%, significantly reducing the Group’s valuation and limiting its subsidiaries’ ability to pursue external growth opportunities, while Canal+, Havas and Lagardère are experiencing strong momentum in an international context marked by numerous investment opportunities. Full unlocking of the development potential of all activities thanks to the spin-off project). He then reviewed the approach taken in recent months, specifying that at each stage, the analysis had been refined, culminating in the final project presented in July 2024 to the employee representative bodies (IRP).
Karim Ayari also presented to the Committee the information documents submitted to the stock exchanges by Canal+, Havas, Louis Hachette Group, and Vivendi, indicating that these were based on the advice of 14 banks and four law firms.
He showed slides on the Group’s current scope and the future allocation of assets among the four entities, emphasizing the intention not to burden them with debt in order to promote their growth.
Karim Ayari responded to questions from Committee members, particularly regarding Lagardère’s debt, the future of Gameloft, the financial markets chosen, the Vivendi Foundation, the opinions of employee representative bodies, and the tax implications of the transaction (Vivendi shares held in securities accounts and PEA savings plans).
Update on Canal+ with Marc Heller, Chief Strategy Officer
Canal+’s Chief Strategy Officer announced that a Capital Markets Day was scheduled on November 18 to present Canal+’s strategy to analysts and investors ahead of its listing.
Marc Heller commented on slides relating to the overall vision of “Canal+ today,” with its key figures, geographical locations, strengths, and main holdings. He presented the group’s momentum, highlighting the significant and growing demand for audiovisual content, supported by macroeconomic factors (population growth and increased purchasing power in Africa, the arrival of Netflix, which has boosted the habit of paying for content, etc.).
Marc Heller described Canal+’s offer as the best entertainment experience thanks to its wealth of content. In addition, the group has signed multi-year contracts with major partners that have enabled it to secure its offering for several years (UEFA Champions League, Premier League, Rugby, cinema, agreements with Netflix, Apple TV+, Max, Paramount+, BeInSports, etc.).
Highlighting Canal+’s resilient business model and rigorous financial discipline, Marc Heller reiterated its international growth and its structural holdings in Multichoice (purchase offer in progress), Viaplay, and Viu. He concluded with a presentation of Canal+’s CSR policy.
Update on Havas with Christian de la Villehuchet, Global Chief Client and Integration Officer
The session continued with a video presentation about Havas and an update on its key figures and its communications and consulting activities, which meet all of its clients’ needs.
Christian de la Villehuchet explained that Havas’ mission (“Make a meaningful difference to brands, businesses, and people”) was to help brands convey meaning. Havas helps its clients cultivate their brands’ reputations and bring positive societal change through the power of its creative work. The group also supports companies in their responsible growth and helps them establish a powerful connection with their audiences.
Havas is committed to raising the standards of its profession by promoting greater transparency, diversity, and inclusion through its campaigns. Havas’ role is to have a positive impact on society as a whole and to do everything possible to create a healthy working environment in its agencies, so that each of its talents can thrive.
Christian de la Villehuchet then discussed the group’s many recent acquisitions and its rationale for strengthening expertise or territorial presence. He talk about Havas’ new “Converged” strategy. And, in conclusion, he recalled the important work carried out by the group during the 2024 Olympic Games in Paris.
Finally, he answered various questions from the Committee, including questions about the average size of acquisitions made by Havas in recent years (between €5 million and €10 million in annual revenue) and the presence of influencers in advertising.
Lunch
Following these presentations, the Committee members shared a lunch with the entire Vivendi individual shareholder relations team.