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Friday, February 19, 2016
3 Outlook
Amid the economic transition of our businesses, the group met its announced 2015 outlook and, apart from Canal+ channels 4 in France, the
results reflected the good operating performances of all businesses. Revenues increased 6.7% compared to 2014 (+1.4% at constant
currency and perimeter) to €10,762 million; the operating margin amounted to 10.2% at constant currency and perimeter, and adjusted net
income increased by 11.3% to €697 million.
For Universal Music Group, Vivendi continues to see a positive momentum in the business, driven by ongoing growth in streaming and
subscription and tempered by declines in download and physical sales, leading to a reasonable increase in results this year and enhanced
results from 2017 onwards.
For Canal+ Group, Vivendi needs to stop the losses of Canal+ channels in France which could lead to a significant decline in the operating
results in 2016, by implementing a transformation plan with the objective, for the Canal+ channels in France, of reaching breakeven in 2018
and of achieving a level of profitability similar to that of the best European players in the sector in the medium term.
It will be proposed to the Annual Shareholders’ Meeting to be held on April 21, 2016, that an ordinary dividend of €3 per share be paid with
respect to 2015, representing a total of €4.0 billion distributed to shareholders and comprising a €0.20 distribution related to the group’s
business performance and a €2.80 return to shareholders. Two interim dividends of €1 each were paid on June 29, 2015 and February 3,
2016, and the balance will be paid on April 28, 2016 (coupon detachment on April 26, 2016).
In addition to these distributions, the group also repurchased shares amounting to €1,386 million (73 million shares) as of February 17, 2016
as part of the program approved by the General Shareholders’ Meeting of April 17, 2015. Vivendi has committed to return an additional
€1.3 billion to shareholders by mid-2017 at the latest. This should take the form of an ordinary dividend of €1 per share or share repurchases
depending on the overall economic environment.
4 Forward-Looking Statements
Cautionary note
This Financial Report, notably in Section 3, contains forward-looking statements with respect to Vivendi’s financial condition, results of
operations, business, strategy, plans and outlook of Vivendi, 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 Vivendi’s control, including, but not limited to, the
risks related to antitrust and other regulatory approvals, and to any other approvals which may be required in connection with certain
transactions, as well as the risks described in the documents of the group filed by Vivendi with the Autorité des Marchés Financiers (the
“AMF”) (the French securities regulator), and in its press releases, if any, which are also available in English on Vivendi’s website
(www.vivendi.com). Accordingly, readers are cautioned against relying on such forward-looking statements. These forward-looking
statements are made as of the date of this Financial Report. 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.
5 Other Disclaimers
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.
Translation
This Financial Report is an English translation of the French version of the report and is provided solely for the convenience of English
speaking readers. This translation is qualified in its entirety by the French version, which is available on the company’s website
(www.vivendi.com). In the event of any inconsistencies between the French version of this Financial Report and the English translation, the
French version will prevail.
4
Relates to the six premium channels: Canal+, Canal+ Cinéma, Canal+ Sport, Canal+ Séries, Canal+ Family and Canal+ Décalé.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi / 22