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Friday, February 19, 2016
Liquidity risk
As of February 10, 2016, Vivendi considers that its Net Cash Position, the cash flows generated by its operating activities, as well as the
amounts available through its current bank credit facility will be sufficient to cover its operating expenses and capital expenditures, service
its debt (including redemption of bonds), pay its income taxes, dividends and share repurchases, if any, as well as to fund its investment
projects, if any, for the next 12 months.
Note 15
Equity
Share capital of Vivendi SA
(in thousands) December 31, 2015 December 31, 2014
Common shares outstanding (nominal value: €5.5 per share) 1,368,323 1,351,601
Treasury shares (25,985) (50)
Voting rights 1,342,338 1,351,551
During the fourth quarter of 2015, Vivendi’s Management Board implemented the share repurchase program, authorized by the General
Shareholders’ Meeting on April 17, 2015: Vivendi purchased 25,978 thousand of its own shares at an average price of €19.56 per share, for
an aggregate amount of €508 million. As of December 31, 2015, the 26 million shares owned by Vivendi were allocated as follows:
6,719 shares to cover performance share plans; and
25,978,246 shares acquired with the intent to cancel them.
Between the closing date and February 10, 2016 (the date of the Management Board meeting that approved Vivendi’s Financial Statements
for the year ended December 31, 2015), Vivendi purchased 38,644 thousand treasury shares at an average price of €18.7 per share,
representing an aggregate payment of €725 million, of which €193 million was accounted for in the Statement of Financial Position as of
December 31, 2015 (please refer to Note 19). As of February 10, 2016, Vivendi held 64.6 million treasury shares, representing an aggregate
payment of €1,233 million.
In addition, as of December 31, 2015, approximately 31.3 million stock options and 2.5 million performance shares were outstanding,
representing a potential maximum nominal share capital increase of €186 million (i.e., 2.48%).
Shareholders’ dividend distribution policy
On April 17, 2015, Vivendi’s Annual General Shareholders’ Meeting notably approved the payment of an ordinary dividend of €1 per share
with respect to fiscal year 2014, comprising a distribution of €0.20 based on the group’s business performance and an €0.80 return to
shareholders as a result of asset disposals. This dividend was paid in cash on April 23, 2015, following the coupon detachment on
April 21, 2015, for an aggregate amount of €1,363 million.
The closing of the sales of GVT on May 28, 2015 and of the 20% interest in Numericable-SFR on May 6, 2015 enabled Vivendi’s
Management Board to approve the distribution of two interim ordinary dividends of €1 each with respect to fiscal year 2015:
the first interim dividend of €1 per share, paid out of retained earnings available on May 31, 2015, was paid on June 29, 2015
(following the coupon detachment on June 25, 2015), for an aggregate amount of €1,364 million; and
the second interim dividend, taken from the distributable income resulting from the positive earnings generated by the divestitures of
GVT and SFR, was paid on February 3, 2016 (following the coupon detachment on February 1, 2016), for an aggregate amount of
€1,318 million.
On February 10, 2016, the date of Vivendi’s Management Board meeting that approved the Consolidated Financial Statements as of
December 31, 2015 and the appropriation of earnings for the fiscal year then ended, the Management Board decided to propose to
shareholders an ordinary dividend of €3 per share, representing a total distribution of €4.0 billion, comprising a €0.20 distribution related to
the group’s business performance and a €2.80 return to shareholders. Given the interim dividends already distributed, the balance will be
paid on April 28, 2016 (following the coupon detachment on April 26, 2016). This proposal was presented to, and approved by, Vivendi’s
Supervisory Board at its meeting held on February 18, 2016, and will be submitted to approval by the Annual General Shareholders’ Meeting
to be held on April 21, 2016.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /72