Vivendi’s General Shareholders’ Meeting will be held on April 24, 2023, at 10am (Paris time), at L’Olympia (Paris).
Catégorie
🗞
NewsTranscription
00:00:00 Ladies and gentlemen, dear shareholders, thank you.
00:00:27 Welcome to the 2023 Baventure Group Annual General Meeting.
00:00:34 This mythical room of the Olympia welcomes us again this year.
00:00:37 It's always a pleasure for me to find you and meet you, meet you here in person.
00:00:43 You may remember, you may remember last year I said how wonderful it was to meet with you
00:00:53 again.
00:00:56 Last year we discussed the possibility of having this general meeting in what's called
00:01:03 the Metaverse, you know, the virtual world where we're all represented by our avatars.
00:01:09 I have to confess, I'm pleased actually that the development of that technology has lagged
00:01:15 a little bit, been a little bit delayed.
00:01:24 Can you hear me better now?
00:01:31 Okay.
00:01:36 I'm going to try and get this mic up.
00:02:05 Okay.
00:02:06 Shareholders, I believe we've fixed the technical issue.
00:02:14 Can you hear me better now?
00:02:15 Okay.
00:02:16 Well then, welcome to the Baventure Group 2023 Annual General Meeting.
00:02:21 Welcome to you all.
00:02:25 Thank you for the applause.
00:02:27 That's very meaningful to us.
00:02:30 That's why I'm so pleased that these AGMs aren't yet being held in the Metaverse so
00:02:35 that together we can enjoy this get-together and feel the collective energy.
00:02:41 But beyond the pleasure we feel in meeting with you, this is also a very important time.
00:02:47 It's an opportunity to just have discussions with shareholders to validate our group's
00:02:51 strategy.
00:02:52 It's also an opportunity for us to give you a heartfelt thank you to each and every one
00:02:58 of you for your unwavering support, for those of you present in the room and for those of
00:03:03 you who are watching remotely through the Internet.
00:03:07 It's thanks to all of you that we can bring to fruition our ambitions and our strategies.
00:03:12 So a big thank you to you all.
00:03:14 I suggest we move on to the formalities.
00:03:16 I'm going to give the floor to our General Counsel, Frédéric Crétin.
00:03:21 Thank you, Chairman.
00:03:22 I'd remind you, our general meeting was convened today by notice of meeting published in the
00:03:28 Ballot on April 5, 2023, and the Legal Gazette, Affiche Parisienne, on the same date, sent
00:03:36 to all shareholders that are registered.
00:03:39 The documents were made available to shareholders in the forms and within the time limits prescribed
00:03:44 by law.
00:03:45 They're on the desk here.
00:03:46 I remind you, the AGM will be speaking to the following agenda, approval of reports
00:03:50 and financial statements for 2020-20 year establishment, the dividend approval of the
00:03:55 statutory auditor's report on regulated third-party agreements, approval of the components of
00:03:59 compensation 2022-2023 of the corporate officers, renewal of Mr. Cyril Bolloré and the appointment
00:04:06 of Mr. Sébastien Bolloré as members of the supervisory board, the renewal of the Deloitte
00:04:13 and Associer company as statutory auditor, and then authorizations and delegations pertaining
00:04:18 to share buybacks and cancellations, particularly through an OPRA, as well as reserved capital
00:04:23 increases with or without maintenance of preferential subscription rights by incorporation of reserves
00:04:28 or for the benefit of employees.
00:04:32 The provisional quorum, 69.86%.
00:04:38 The AGM, therefore, is duly established.
00:04:42 Shareholders are still arriving, so the final quorum will be given just before we begin
00:04:46 voting.
00:04:47 The establishment of the Bureau, Lidia Hadjadj representing the company, Compagnie de Conway
00:04:58 and Compagnie de Loday, as well as Ms. Florence Trillon representing Vivendi and Partner Group
00:05:05 Employee Investment Fund, are two biggest shareholders who agreed to act as scrutineers.
00:05:12 They're here in the front row.
00:05:13 I'd like to thank them.
00:05:15 If Mr. Yannick Baudry accepts, I suggest that I serve as secretary.
00:05:20 Yes, I agree.
00:05:21 Thank you.
00:05:22 Maître Sylvain Thomason and Denis Kalib, bailiffs, have checked the sign-in operations
00:05:30 and will be checking the smooth running of the voting process.
00:05:34 Thank you very much, Frédéric.
00:05:35 Dear shareholders, if I might thank all of the supervisory board members for their presence
00:05:42 and their especially constructive contribution to the life of the group.
00:05:46 We're fortunate to welcome Sébastien Bolloré, whom you may already know, whose appointment
00:05:51 will be proposed to you.
00:05:55 We're also fortunate to count on the presence of Dominique Delport.
00:06:03 Mr. Delport, Dominique Delport didn't want his renewal, but I thank you on behalf of
00:06:08 all of us for your contributions the last eight years, which were highly productive.
00:06:13 Of course, I have a thought for Vincent Bolloré, my father.
00:06:19 He was a non-voting member since 2019, and his term of office ended in April.
00:06:26 He didn't want to renew that term in office on behalf of us all.
00:06:29 If I might thank him for all his contributions to this group and for all the contributions
00:06:39 he continues making as chief executive officer of the company Delorday, which is a vendée
00:06:45 shareholder via Bolloré.
00:06:47 So thank you to him and from him.
00:06:54 At my side, Frédéric Crépin, whom I introduced, Miss Katja Larson-Hall, whom you know, chairman
00:06:59 of the Audit Committee, Mr. Arnaud Dupuy-Fontaine, chairman of the Management Board, and again
00:07:06 at our AGM, Céline Mère-Evera, director of HR Strategy and Corporate Culture, and
00:07:14 François Larose, our chief financial officer.
00:07:19 Of course, I'd like to thank the other members of the Management Board who are also present,
00:07:22 Maxime Saada, who you know, chairman of Canna+ and chairman of the Management Board.
00:07:27 We mustn't forget he's also chairman of Daily Motion, and Claire Léost, whom you may know
00:07:32 a little bit less.
00:07:33 She was here last year, though, chairperson of Prisma Media.
00:07:42 Dear shareholders, of course, we can all rejoice at the better health situation in France,
00:07:50 which has allowed us to return to a normal life.
00:07:52 I would like to have a thought for the men and women, especially the employees, the talented
00:07:59 people of Avendi, who are confronted with war and other major tensions.
00:08:05 You should also know that many of them have expressed their gratitude to us for the logistics
00:08:09 and financial support the group has provided them with during this time of crisis.
00:08:15 I also received positive messages from shareholders about helping those who are in need.
00:08:21 This touched me a great deal, and I'd like to thank you very much for that, as you can
00:08:25 well imagine.
00:08:26 Our top priority for a group such as ours is, of course, the safety of our employees.
00:08:35 During this period, you'll agree with me, which is a period of great instability, I'm
00:08:41 convinced, absolutely convinced, that companies have a major role to play to make this world
00:08:48 a better place.
00:08:49 This is all the more true for a group such as Avendi, a world leader in culture, entertainment,
00:08:55 communication and media sectors.
00:08:58 Two things.
00:09:00 On the one hand, it's important for me to remind us all that culture is a driving force
00:09:09 behind economic development at Avendi.
00:09:12 You're familiar with the figures.
00:09:13 We're very proud to contribute fully to the global economy with revenue of nearly 10 billion
00:09:20 euros employing almost 40,000 people worldwide, over 100 countries.
00:09:26 On the other hand, I think we all realize cultural exchanges are a vector of peace beyond
00:09:33 the financial results, which will be presented to you by François Larose in a moment.
00:09:39 It's essential to my mind for me to specify that with the unfortunate, horrible return
00:09:45 of war to our doorstep, we have a duty to facilitate cultural exchanges between peoples.
00:09:51 We must at all costs fight against attacks on freedom and preserve cultural diversity.
00:09:58 It's more than a role to play.
00:09:59 It's a genuine responsibility I'm talking about.
00:10:02 This responsibility commits us to giving meaning to our actions, to the content we produce.
00:10:12 We must make it a point of honor that our impact is a positive impact.
00:10:17 We have a role to play in the face of climate emergency.
00:10:21 We'll talk about it later.
00:10:24 Our CSR program, Avendi for the Future, saw a strong acceleration in 2022.
00:10:31 You'll see this when we share with you our non-financial indexes during the presentation
00:10:37 on our climate strategy, first time we make this presentation.
00:10:41 Let me say that it's for all these reasons that our new Avendi really draws all of its
00:10:46 legitimacy.
00:10:47 I talk about the new Avendi today.
00:10:49 Last year, 2022, last year was a true turning point for our group.
00:10:55 We all remember.
00:10:56 How could we forget?
00:10:57 And in 2021, distribution of 60% of Universal Music Group's capital and its listing on the
00:11:04 Amsterdam Stock Exchange, that operation was a huge success and we can collectively be
00:11:11 very pleased at that.
00:11:12 Avendi, on the impetus of its management board, has implemented a new strategy based on three
00:11:17 pillars which are transformation, internationalization, and integration.
00:11:27 Let's start first by talking about transformation.
00:11:32 It's essential for Avendi to support all of our businesses in transforming themselves in
00:11:38 the face of increasing digitization.
00:11:41 Just a few examples of this, possibly the most telling examples.
00:11:45 Of course, I think of MyKanal.
00:11:49 Maxime Sade, I will correct if I'm mistaken.
00:11:52 As many of you, I've had the opportunity to test some competitors' platforms.
00:11:58 It's my duty, also a guilty pleasure, and I have to assure you the MyKanal platform
00:12:06 is the best one in the world.
00:12:08 So I tip my hat to the Kanal+Teams.
00:12:12 Thank you on their behalf.
00:12:13 I think I see our shareholders agree.
00:12:15 Avas has also continued to develop ever more innovative solutions in data, blockchain,
00:12:23 and we were talking about this earlier, also in the metaverse.
00:12:28 Gameloft has succeeded in its major transformation in 2022.
00:12:33 Our Noble, I'll talk about this later, Prisma Media, is the most digitally advanced magazine
00:12:41 press group in Europe and possibly even worldwide.
00:12:45 When we talk about the digital transformation, it's this precise transformation that's
00:12:49 made it possible for Universal Music Group to return to the economic success toward the
00:12:56 end of the 20-0s and 2010s.
00:13:02 This is a necessary transformation, and there's another transformation that's necessary,
00:13:06 the CSR transformation of our businesses.
00:13:09 Let's talk about the second strategic pillar now, internationalization.
00:13:14 The group ensures and must so ensure that it meets the new imperatives of globalization.
00:13:21 Our competitors in each of our business lines, well, their common point is that they operate
00:13:28 on a global scale, which means we have to go beyond our borders.
00:13:34 I can tell you this internationalization is very much underway already.
00:13:39 Havas and Gameloft are already generating over 80% of their turnover internationally.
00:13:43 Canal+ now has more than two-thirds of its subscribers outside of France.
00:13:51 This is moreover one of the main reasons for our proposed tie-up with the LaGaldera Group,
00:13:58 which should allow us, if we obtain, I'm crossing my fingers, if we obtain the regulatory authorizations,
00:14:04 enable us to reach the third step in the world marketplace with publishing, with Hachette,
00:14:12 and new businesses and travel retail.
00:14:15 I'd like to say hello to Arnaud LaGaldera.
00:14:19 He may be watching us live.
00:14:21 I'd like to congratulate Arnaud LaGaldera and all of your teams for the exceptional
00:14:27 2022 results and the thunderous start of 2023.
00:14:33 Arnaud, I know that you'll return in more detail to this merger project.
00:14:42 Unfortunately, like all such projects, there are often remedies required, the painful counterparts
00:14:50 of remedies.
00:14:51 I'm thinking of the projects to divest Editis and Gala.
00:14:58 You know we're sincerely attached to their teams, to their authors, their publishers,
00:15:04 their journalists.
00:15:07 But we're also convinced that Editis and Gala will have a bright future supported by their
00:15:13 future shareholders and that they will continue, unfortunately for LaGaldera, to be formidable
00:15:20 competitors.
00:15:21 100% of Editis' capital was agreed yesterday with the International Invest Media Group.
00:15:32 If I might, dear shareholders, on behalf of all group shareholders, to congratulate Michel
00:15:38 Benbonnet and all the Editis teams as well as the Gala teams.
00:15:43 A big thank you.
00:15:43 Finally, the last essential part of our strategy, integration.
00:15:58 Each talented employee of this group proves every day how much this priority resonates
00:16:03 with them.
00:16:04 There's not a single meeting with an employee that doesn't end with this conclusion.
00:16:09 Together we are stronger.
00:16:12 Our talents are already working a great deal together and they've further accelerated their
00:16:16 collaboration through joint projects in recent months.
00:16:21 What really makes me the most enthusiastic is to see everyone's genuine pleasure in working
00:16:29 together.
00:16:30 The group's success at Benbonnet, like any group, hinges on the success of our talents.
00:16:37 You've demonstrated our ability in recent years to attract the best of talents worldwide.
00:16:43 We'll have the pleasure of welcoming Céline Merle-Béral, who will be talking to us about
00:16:49 HR strategy later.
00:16:51 I'll use this opportunity to thank the almost 40,000 talents who work in our, your group,
00:16:58 every single day worldwide.
00:17:00 They contribute to the success of our strategy.
00:17:03 Thank you very much to them.
00:17:05 Finally, I know that I can count on the new management team formed last June around Arnaud.
00:17:17 As you saw, we set up a new management board made up of six members, one third of whom
00:17:24 are women, and a new essential body, an executive committee, which represents our businesses
00:17:29 with 14 talents, half of whom are women.
00:17:34 50% women, 50% men on the executive committee.
00:17:37 The executive committee, which didn't exist previously, is key for the success in our
00:17:42 project of transformation, internationalization, and integration.
00:17:47 All of this has made it possible to proudly present strong results that illustrate our
00:17:52 agility, the strength of our foundations, and I believe it's safe to say, the success
00:17:58 of our strategy.
00:18:03 Before giving the floor to Francois Larose, I can't just rejoice in our successes without
00:18:13 asking what we're doing for other people, especially for people who are the most in
00:18:19 need.
00:18:20 I'd like to mention an important subject for all of us, which is Vivendi's commitment
00:18:27 to solidarity causes.
00:18:31 We've been working on these issues for many years now.
00:18:34 As from 2008, Vivendi set up a solidarity program, Vivendi Create Joy, to go further,
00:18:42 to lend further structure to our solidarity actions.
00:18:46 Last June, we announced the beginning of the Vivendi Foundation.
00:18:51 We believe that culture only has meaning if it's shared by all and disseminated everywhere.
00:18:57 One of our primary objectives will be to make culture accessible to young people from disadvantaged
00:19:03 backgrounds.
00:19:04 A film has been produced to present to you in greater detail the new chapter, which will
00:19:09 be beginning next June.
00:19:11 Dear shareholders, I'd now like to present the 2022 earnings of our group.
00:19:26 Vivendi delivered high-quality operational earnings against an uncertain macroeconomic
00:19:34 backdrop.
00:19:35 Here are the earnings that we reported the 8th of March.
00:19:39 Revenue up 10 percent, essentially thanks to the contributions of Havas and Gameloft
00:19:44 business.
00:19:45 EBITA is also up 10 percent, driven by Canal+ and Havas.
00:19:51 Group EBITA that also comprises the shares of UMG and La Guerre des Earnings is up 36
00:20:00 percent.
00:20:01 Adjusted net income grew by 19 percent, excluding Telecom Italia.
00:20:07 And lastly, Vivendi employs over 38,000 people, a headcount up 7 percent compared to 10 percent
00:20:15 revenue growth, thereby demonstrating our productivity efficiencies.
00:20:21 Vivendi brings together leading operating assets and diversified equity holdings.
00:20:28 Let's start with our operational assets, with TV and cinema through Canal+, whose revenue
00:20:36 reached 5.8 billion euros.
00:20:39 Communication with Havas posted remarkable organic growth of 7 percent to reach revenue
00:20:46 close to 2.8 billion euros.
00:20:51 Magazine, press, with Prisma Media, with a revenue at 320 million euros.
00:20:56 Gameloft video games with over 300 million in revenue.
00:21:01 But also live and ticketing activities in Vivendi Village.
00:21:06 The video platform Daily Motion.
00:21:10 Broadband fiber activities in Africa, GVA.
00:21:15 The group also has a diversified equity portfolio with a total stock market value of 9 billion
00:21:24 euros in 2022.
00:21:26 It enabled Vivendi to receive close on 200 million in dividends.
00:21:31 Major holdings are UMG, La Gardel that we hope to integrate in our scope in a few months'
00:21:36 time.
00:21:37 Telecom Italia and LFL Entertainment.
00:21:41 Like to pause for a few seconds of the group's stake in MultiChoice, a pay TV operator in
00:21:49 Southern Africa in which the group has invested close on 1 billion euros, whose activities
00:21:54 fit very well to those of Canal+ in Africa.
00:22:01 The main assets of the group are its 38,000 employees present across 79 countries.
00:22:08 You see on the map France, that's 11,000 employees, Europe excluding France, 10,000
00:22:14 employees.
00:22:15 American continent, close 8,000 people.
00:22:18 That's 21% of headcount.
00:22:20 Africa with 3,000 employees, the presence of Canal+ and GVA.
00:22:24 And lastly, Asia Pacific that numbers over 5,000 employees.
00:22:29 The global distribution of our revenue also demonstrates our presence across all continents.
00:22:36 France and Europe remain our major geography with 70% of revenues.
00:22:41 But the group's activities in America, Africa, and Asia Pacific are sharply up and henceforth
00:22:47 account for 30% of our revenue.
00:22:53 In this uncertain macroeconomic environment, it's essential to have a robust financial
00:22:58 structure and we can say in 2022 that this structure was strengthened still further.
00:23:04 We see our debt net at the end of last year amounts to 0.9 billion euros as compared to
00:23:10 shareholders' equity of 17 billion euros and we still have credit facilities of 2.8
00:23:18 billion euros.
00:23:19 A few words now about the change in our debt position.
00:23:24 We ended the year '22 with a net debt of 0.9 billion euros against net cash at the
00:23:31 end of '21 amounting to 0.3 billion.
00:23:35 The key items are the business's ability to generate recurring cash flow, 600 million
00:23:43 on the year, also return to shareholder with 300 million in dividend and the same in share
00:23:50 buybacks and also to invest in new activities that will be the profits of tomorrow.
00:23:58 Indeed, in '22 we invested over 1.1 billion in La Gardère on multi-choice as well as
00:24:06 some 15 companies of lower size allowing Canal+ and Havas strengthen their business expertise
00:24:15 and their priority geographies.
00:24:19 Let's turn now in greater detail to the group's operating performance.
00:24:22 All our businesses contributed to revenue growth, particularly our two major activities,
00:24:28 Canal+ posting a growth of 1.7% and Havas sharply up plus 18%.
00:24:36 Prisma Media and Gameloft also delivered very robust performance.
00:24:40 All in all, as you can see, group revenue is up 10%.
00:24:47 Moving now to our business profitability, it's also up 10% at 6.46 million driven by
00:24:54 Canal+ whose EBITDA tops the 500 million mark and Havas seeing a sharp improvement in its
00:25:02 earnings coming in at 2.86 million.
00:25:04 If we add to the business segments the contributions of our holdings, 10% in UNG, 57% in La Gardère.
00:25:13 Our group operating income stands at 868 million euros.
00:25:18 That's an increase of over 35% as compared to 2021.
00:25:24 A few words now on our major business segments.
00:25:27 Firstly, Canal+ delivered an excellent year in 2022 with henceforth a subscriber base
00:25:35 of over 25 million worldwide, 16 million of which outside mainland France.
00:25:42 As Yannick said, Canal+ continued to evolve its MyCanal platform offering unique user
00:25:49 experience in France and internationally where it's rolled out across 30 countries.
00:25:55 Lastly, Studio Canal, European leader in the production and distribution of TV series and
00:26:01 cinema had a great success, 8.5 million entries for films in the top 15, including the film
00:26:09 November with over 2.3 million entries.
00:26:13 Havas, also recorded in 2022, a further year of sustained growth with the commercial dynamic
00:26:21 of its three divisions, Creative, Health and New Media, but also very active acquisition
00:26:27 policy with eight majority stakes taken.
00:26:32 That's a record since 2015.
00:26:34 Havas numbers over 22,000 employees worldwide, covers all communication businesses.
00:26:41 Its network Health and News become the largest health communication network in the world.
00:26:49 Creativity of agencies was hailed across five continents with over 1,400 awards to our agencies.
00:26:59 Just to complete now with our other operating activities, Liven ticketing activities saw
00:27:05 a strong growth post-pandemic, 39 million tickets sold, performance higher than that
00:27:11 of 2019.
00:27:12 Prisma Media that continued to expand its digital activity now accounts for 35% of its
00:27:19 revenue and strengthened its leadership of magazine press in France with the successful
00:27:26 launch of Harper's Bazaar.
00:27:27 The motion, our international video platform whose audience is reaching record levels every
00:27:34 month, over 350 million net users connected.
00:27:39 Game Loft that succeeded its strategic shift to the development of multi-platform games
00:27:46 as testified by the success of Disney Dreamlight Valley launched in September 22 and contributed
00:27:53 to boosting its profitability in ending.
00:27:57 GVA, our telecom operator, broadband in Africa established in 12 cities of seven sub-Saharan
00:28:05 African countries in 2022 under the brand Canalbox.
00:28:09 GVA is continuing to record strong growth, 1.9 million households covered and over 150,000
00:28:18 subscribers.
00:28:19 A few words to close on the parent company earnings, the result of Vivendi as he is characteristic
00:28:27 to that of a holding company and its financial income comes essentially for dividends refuted.
00:28:34 2.63 million this year, the financial income is impacted by impairments on the securities
00:28:42 portfolio telecom Italia and editors for a total of 1.5 billion.
00:28:47 All in all, the parent company net income is down, posting a loss of 1.3 billion but
00:28:55 a profit of 0.4 million restated for the telecom Italia provision.
00:29:02 Allocation of earnings, you're asked to prove the resolution number four payment in cash
00:29:06 for 2022 of an ordinary dividend totaling 256 million euros, that's 0.25 per share,
00:29:15 that's a yield of 2.5%.
00:29:18 Thank you for your attention.
00:29:21 Thank you, Francois, for that.
00:29:24 Let's now move to the report of the audit committee to be delivered by Katja Lawson-Hall.
00:29:31 Merci, Yannick.
00:29:41 Thank you, Yannick.
00:29:43 Good morning, ladies and gentlemen.
00:29:45 Once again, a genuine pleasure to be with you again at this Vivendi shareholders meeting.
00:29:50 As Yannick said, the group continues to implement its strategic roadmap focused on transformation,
00:29:59 internationalization and growing integration of its businesses and the earnings presented
00:30:05 earlier by Francois demonstrate the strength of the operating performance of the same business
00:30:11 segments with revenue up by more than 10% and adjusted operating income up by almost
00:30:19 36%.
00:30:20 We can be proud of this performance and indeed I am proud because as member of the supervisory
00:30:27 board, chair of the audit committee and member of Vivendi's CSR committee, I know not only
00:30:36 how exacting these earnings are to be delivered, but also how Vivendi is implementing its engagements
00:30:45 in terms of corporate social responsibility and the execution of its activities.
00:30:50 I know that because through the work program of the audit committee, we examine not only
00:30:57 the quality of internal as well as external financial control, transactions linked to
00:31:04 scope changes of the group, the assessment of operating rates, the consistency of provisions
00:31:11 of internal control as well as CSR policy.
00:31:15 And so during the three meetings of the audit committee held during the course of 2022,
00:31:22 all in the presence of our statutory auditors, we worked on a great many issues, the review
00:31:27 of the value of assets and the change in the scope of consolidation, notably with an end
00:31:37 to the consolidation of equity of Telecom Italia and the application of IFRS 5 for editors
00:31:44 at the end of fiscal year 2022.
00:31:47 We reviewed the risk maps of Canal+, Havas, Gameloft and Dailymotion.
00:31:54 These risk maps regularly updated represent the foundation of Vivendi's risk management
00:32:03 strategy.
00:32:04 For each of the business segments, they identify, assess and classify the major risks and associated
00:32:12 action plans, be they financial, human, IT, technical and strategic.
00:32:18 We assess the Vivendi organization in respect of cyber risk management, cyber security and
00:32:25 data protection of priorities for the group.
00:32:28 We're able to describe the group's organization as regards cyber security, taking account
00:32:35 of the current threat status and risk exposure factors that are specific to our businesses.
00:32:43 We inspected the application of the group's compliance program, made up of an anti-corruption
00:32:52 program in respect of the Sapin II law, another program devoted to the duty of vigilance,
00:32:59 which comes under the same title, dating back to the 27th of March 2017.
00:33:06 Lastly, we studied the energy conservation plan put in place in France as part of the
00:33:13 Elan law, as well as the consumption reduction target set in June 2022 by the Prime Minister
00:33:22 and the Minister for Energy Transition.
00:33:25 These issues treated by the Audit Committee always give rise to rich, detailed discussions
00:33:34 in a transparent manner, allowing the Audit Committee to fully discharge its mission in
00:33:40 preparing decisions, submitting recommendations and opinions to the Supervisory Board in 2023.
00:33:47 The Audit Committee will focus on the continued combination with La Garde, and more specifically,
00:33:54 I hope, in its operational dimensions.
00:33:58 Thank you for your attention.
00:34:00 Thank you, Katia, and my thanks to all members of the Audit Committee.
00:34:06 We are now pleased to welcome Madame Claire Pagena from EY on behalf of the group's
00:34:13 statutory auditors.
00:34:15 Bonjour.
00:34:18 Good morning.
00:34:22 Chairman, ladies and gentlemen, shareholders, on behalf of the Board of Statutory Auditors,
00:34:36 Deloitte Niwa, I am pleased to report on our assignment and present the reports we have
00:34:41 drawn up for your attention in respect of today's combined shareholders' meeting.
00:34:47 The reports were made available to you by the company and are to be found in the Universal
00:34:52 Registration Document.
00:34:55 As per usual, I propose to summarise the highlights of these reports, starting with our reports
00:35:03 on the annual and consolidated financial statements.
00:35:07 These reports, to be found on pages 424 and 318 of the Universal Registration Documents,
00:35:14 contain our conclusion on one hand of annual financial statements drawn up under French
00:35:19 Gap and, on the other, the consolidated financial statements in accordance with IFRS as adopted
00:35:28 by the EU.
00:35:29 The purpose of our assignment is to obtain reasonable assurance that the financial statements
00:35:36 are true and fair and that they do not contain any material misstatements.
00:35:41 We kept the management board of your company informed, as well as the Audit Committee,
00:35:46 on 6 March 2023 and your supervisory board on 8 March, as to the nature and scope of
00:35:54 our work, and submitted our conclusions to them.
00:35:57 These reports detail in particular the justifications for our assessments and the key audit matters
00:36:04 in accordance with the Code of Commerce.
00:36:06 For the annual statements, these are estimates and judgments for the assessment of certain
00:36:14 equity holdings and for the analysis of disputes with foreign institutional investments.
00:36:21 For consolidated financial key audit matters, it concerns the assessment of certain differences
00:36:28 in goodwill, that of UGT Gameloft, analysis of disputes with foreign institutional investors,
00:36:39 and the difference in goodwill allocated to the cash-generated units, that of Editis.
00:36:48 On these various points, we review the assumptions and underlying data and the calculations of
00:36:54 your company and presentations of them and ensured that these estimates were reasonable.
00:37:00 We also expressed an unqualified opinion on the annual financial statements of your company
00:37:06 and the consolidated financials of your group.
00:37:09 Furthermore, we undertook the necessary verifications provided by law and have no observations to
00:37:18 formulate on the sincerity and match between the annual financial statements, the consolidated
00:37:24 financials and information in your management report.
00:37:27 As regards the approval of related party agreements, in the third resolution we issued a special
00:37:34 report to be found at page 455 of the Universal Document.
00:37:39 It sets out the nature and modalities of these agreements, as well as the reasons for the
00:37:45 company of the contracts that we were informed of or that we saw during our work.
00:37:52 In 2022, we were informed of no new agreement authorized or concluded during the past year
00:37:59 to be submitted to the approval of this AGM.
00:38:03 Furthermore, we were informed of two agreements already approved by your AGM that continued
00:38:11 the conclusion by your company of a shareholder agreement of UMG as part of the distribution
00:38:17 of 59.87% of the capital of UMG to the shareholders of your company on the 21st September 2021
00:38:26 and the agreement pertaining to the confidentiality, a mutual cooperation agreement between Vivendi
00:38:32 SE and La Garde des Rassas with a view to preparing the required regulatory notifications
00:38:39 the public offers for the shares of La Garde des Rassas filed by Vivendi on the 21st February
00:38:46 2022.
00:38:47 Lastly, we were informed of an agreement already approved that between your company and Compagnie
00:38:53 de l'Odéa as part of transactional negotiations with Mediaset and Fininvest, these various
00:39:00 reports were signed on the 8th of March.
00:39:04 Lastly, your shareholders' meeting is under its extraordinary form so that you can form
00:39:11 a view on several transactions on the capital of your company in this respect.
00:39:16 We've drawn up three reports on the delegation of authority granting to the Management Board
00:39:21 to conduct the transactions indicated on screen, two reports on the delegation of authority
00:39:27 granted to the Management Board to decide on the transactions shown on screen.
00:39:32 We confirm that we have no special observation to make on these transactions as we conclude
00:39:37 in our various reports signed on the 23rd of March this year.
00:39:42 On behalf of the statutory auditors, I thank you for your attention.
00:39:47 Thank you very much, Madam Auditor.
00:39:49 I'd like to thank the whole group of auditors.
00:39:53 Now I'd like for us to welcome the Chairman of the Management Board, Mr. Arnaud Dupuis-Fontaine.
00:40:13 Thank you, Yannick.
00:40:14 Dear shareholders, good morning to you one and all.
00:40:17 I'm very happy to meet you again for this new AGM at the Olympia.
00:40:23 This mythical hall celebrates its 130th anniversary this year.
00:40:29 Its longevity, its belonging to our cultural heritage, and its ability to attract the greatest
00:40:35 talents are an excellent illustration of the strengths of Vivendi and its various businesses.
00:40:40 Francois has already commented on our good performance, and in particular this new year
00:40:47 of double-digit growth in our revenue and our operating profit.
00:40:50 At the same time, 2022 was a year of acceleration of our strategic project, as Yannick has reminded
00:40:59 us in a few moments.
00:41:01 I welcome Claire Léost for Prisma Media, Maxime Sade for Canal+ and Raphael D'Andries for
00:41:07 Havas, who will comment on this acceleration through some striking examples of their respective
00:41:11 activities.
00:41:14 But before that, what should we remember from this past year for Vivendi?
00:41:21 What is our performance a sign of?
00:41:24 First and foremost, obviously, a sign of the excellent quality of our teams around the
00:41:29 world.
00:41:30 Allow me to thank and congratulate them.
00:41:33 Many of our employees are watching us live today.
00:41:37 Many of them are in this room.
00:41:38 We can applaud them for the remarkable job done.
00:41:49 These results also testify, of course, to the solidity of your group in a difficult
00:41:55 economic, political and geopolitical context.
00:41:59 The war in Ukraine, in France elections which did not facilitate the distribution of books,
00:42:07 inflation which pushed consumers to make some tradeoffs in their spending, the cost
00:42:11 of raw materials which skyrocketed, not to mention the upheavals in the competitive landscape
00:42:17 that we constantly have to face in our industries.
00:42:22 If we were able to achieve such a performance in such an economic, such an environmental
00:42:27 context, it's thanks to several of our strengths, our major strengths.
00:42:32 You've observed these major strengths for many years now.
00:42:36 Many of you are very loyal Vivendi shareholders.
00:42:40 The first of these is our incredible ability for transformation.
00:42:45 Canal+ is an excellent illustration of this.
00:42:47 Maxime will talk about it.
00:42:49 The group has dramatically expanded its portfolio of rights and developed its subscriber base
00:42:54 in a very significant way.
00:42:56 Another example, Gameloft, led by Alexandre Rocheveau.
00:43:00 With Disney Dreamlight Valley released in September 2022, the company made its first
00:43:06 foray into console PC gaming.
00:43:11 This strategic shift toward multi-platform games will enable us to double the size of
00:43:16 the market we address.
00:43:19 Partly thanks to this great success, Gameloft's turnover reached its all-time high in 2022.
00:43:27 A new game, Disney Speedstorm, was just launched.
00:43:31 I invite you to check it out, especially if you're a racing fan as I am.
00:43:38 The second great strength of our group is our quality content in which we invest heavily.
00:43:42 The battle for content in which all the major players in the sector are engaged is a reality.
00:43:48 Having the widest possible offer is an imperative to attract and retain users.
00:43:54 In this context, the strategic choice made by Canal+ to aggregate a large selection of
00:43:59 content is more relevant than ever before.
00:44:03 You will have read ten days ago the announcement of Canal+'s multi-year strategic partnership
00:44:08 with a major American player.
00:44:09 We'll come back to that later.
00:44:11 Studio Canal, already the leading French distributor, also has the largest catalog of films in Europe
00:44:16 and is one of the largest in the world.
00:44:20 In total, in 2022, the Canal+ group devoted 3.5 billion euros to program financing.
00:44:27 The third great strength, the power of our brands, which have stood the test of time.
00:44:33 Olympia is not the only very long-standing activity.
00:44:38 Havas is approaching its bicentennial.
00:44:40 Canal+ has been around for almost 40 years.
00:44:43 Prisma Media, 45 years.
00:44:45 All have proven their ability to adapt and transform to stay the course.
00:44:51 This has made possible their agility, their ability to move on opportunities and innovate.
00:44:59 It's not for nothing that we operate in the creative sector.
00:45:03 Our last great strength is precisely time, our long-term vision, thanks to the permanent
00:45:09 support of our main shareholder, the Bolloré Group, for which I thank all their members
00:45:16 present today on behalf of all people who are part of Avendi.
00:45:26 And this long-term vision is also made possible, of course, by your support and trust, dear
00:45:32 shareholders.
00:45:33 The project that brings us forward, as you know, is one about creating long-term value.
00:45:40 The figures are self-explanatory.
00:45:42 Look at the change in the share price.
00:45:44 If in June 2014 you held a Avendi share, its value in December 2022 was multiplied by 2.3
00:45:51 with the dividends reinvested over the same period.
00:45:54 The CAC 40 corporations with dividends reinvested posted a performance of 1.8.
00:45:59 In total, almost 46 billion euros have been returned to you, shareholders, since 2014.
00:46:07 This long-term vision is obviously our approach regarding telecomitalia.
00:46:13 As you know, we decided in January to leave the company's board of directors to be able
00:46:18 to devote ourselves freely and independently to our role as shareholders, an active long-term
00:46:25 role.
00:46:26 This is what we're already doing with institutional representatives in Italy and the various stakeholders
00:46:33 to ensure that the real value of the company and its network are well recognized.
00:46:39 This ongoing dialogue leaves us very hopeful that there will be the possibility of opening
00:46:43 a new chapter.
00:46:44 And since I'm talking about the future, let's now talk about our proposed tie-up with the
00:46:50 LaGardere Group.
00:46:52 To respond to the problems of competition raised in the French publishing market, we
00:46:57 decided, as you know, to begin the sale of Editis.
00:47:02 We entered into exclusive negotiations announced on March 14th.
00:47:07 We entered into a purchase agreement with IMI to sell 100% of Editis' share capital.
00:47:13 Everything is progressing well.
00:47:14 If the operation is approved by the European Commission and by the employee representative
00:47:18 bodies, the IMI Group will have the resources and the ambition to continue to develop and
00:47:24 promote Editis.
00:47:27 I take this opportunity, as Yannick did as well, to greet Michelle Benbinon, managing
00:47:33 director of Editis, and her team, as well as the publishers, authors, and partners of
00:47:39 the group.
00:47:40 I would like to thank them warmly for the talent with which they have transformed Editis
00:47:44 over the past four years.
00:47:46 It's high-quality work with a real business vision, many developments in the spirit of
00:47:53 great editorial diversity.
00:47:55 Thank you.
00:48:02 At the same time, the European Commission is forcing us to sell Gala.
00:48:08 I would like to thank all the teams who make Gala a success.
00:48:12 On a daily basis, we will ensure that the chosen buyer has an ambitious project for
00:48:16 the brand and will continue its development.
00:48:18 The decision of the European Commission is expected for June 14.
00:48:23 The merger between Vivendi and Lagardère, once approved, will offer exciting prospects,
00:48:29 as Arnaud Lagardère said, whom I salute.
00:48:33 He pointed this out during the AGM of his group on April 18.
00:48:42 As you can see, the next few months will allow us to take new steps forward.
00:48:49 We look forward to continuing to advance your group and its ambitious strategy of deployment
00:48:52 and culture and creation.
00:48:55 You can count on us to move forward with determination in the permanent transformation of our businesses,
00:49:02 our international growth, and the creation of new opportunities thanks to the reinforced
00:49:09 integration of our businesses.
00:49:11 As announced, I would now like to welcome Claire Léost, Maxime Sada, and Raphael Dendrys
00:49:16 to come talk to us about the project in a very specific way.
00:49:20 But before that, a few images that illustrate our purpose, Creation Unlimited.
00:49:25 Thank you.
00:49:26 [Music]
00:49:41 [Applause]
00:49:53 [Music]
00:50:21 [Applause]
00:50:24 [Music]
00:50:52 [Applause]
00:50:55 [Music]
00:51:02 [Applause]
00:51:05 [Music]
00:51:20 [Applause]
00:51:28 Claire.
00:51:29 Claire, Maxime, Raphael, good morning.
00:51:33 As I mentioned earlier, 2022 was a year of acceleration in moving forward with our strategic project.
00:51:42 Our three main focuses are as follows, transformation, internationalization, and integration.
00:51:48 Raphael, could you share with us a striking example from Havas?
00:51:54 I'll be only too pleased.
00:51:57 Now, since with Claire and Maxime, we're representing several business lines, I'd like to tell you
00:52:03 how we have concretely established stronger links between our business lines.
00:52:08 In 2022, we set up a new agency in France called Havas Play, able to offer to the brands
00:52:13 all Vivendi's know-how in all the various areas of Vivendi music, storytelling, sports, cinema,
00:52:20 and gaming, of course.
00:52:21 The agency has already had an amazing commercial and creative success, with over 160 awards
00:52:27 obtained in just 10 months, which I think underlines the relevance of Havas' unique positioning
00:52:32 at the crossroads of advertising and entertainment, especially among the youngest.
00:52:38 The vision initiated since we joined Vivendi in 2017, I think now is taking on a new dimension.
00:52:46 Moreover, building on the success of this agency, we already rolled out Havas Play in
00:52:51 14 countries in less than a year.
00:52:52 What better example of the group's ability for international transformation, thanks to Vivendi.
00:52:58 Thank you.
00:52:59 Do you have an example, a specific campaign that you could share with us?
00:53:04 Absolutely.
00:53:05 I think all of us in the room remember important considerations this winter have to do with
00:53:10 energy conservation.
00:53:11 Havas, with Vivendi's business lines, found an original and very effective way to encourage
00:53:18 the French to change their habits and reduce their energy consumption with the campaign
00:53:23 called The Great Shift, which is designed for EDF electricity company.
00:53:28 For instance, Canal+ offered free VOD movies at off-peak times.
00:53:35 GameLoft also gave additional rewards to asphalt players on off-times, non-peak consumption times.
00:53:42 Télévoisir encouraged many users of their application to switch to dark mode, which
00:53:47 consumes a lot less energy during high energy consumption periods.
00:53:52 The results were spectacular.
00:53:54 Twenty-two million users shifted their consumption patterns thanks to this operation.
00:54:00 I believe it's a great piece of evidence that shows the power of influence, the positive
00:54:05 impact Vivendi initiatives can have on society as a whole.
00:54:10 Thanks, Raphael.
00:54:12 That's a beautiful achievement.
00:54:14 It's also a great illustration of Havas' unique positioning within the Vivendi ecosystem.
00:54:22 I'd like to spend a moment talking about transformation.
00:54:26 There's obviously a sector where this is key, the media, particularly the magazine press.
00:54:31 Claire, how has Prisma managed to accelerate its transformation in 2022 and more specifically
00:54:39 in the last few months?
00:54:41 Hello, Arnaud, hello, everyone.
00:54:43 The magazine press is a supply market that's changing quickly, that must constantly be
00:54:49 organized and animated.
00:54:51 For Prisma, as a French leader in print and digital magazines, Prisma Media is at the
00:54:57 forefront of this transformation in 2022.
00:55:00 This first and foremost resulted in the development of new content and themes, two in particular.
00:55:06 Health, with the arrival of Dr. Good by Dr. Michel Simes, completely reinvented by Prisma
00:55:16 Media teams, which has met with great success amongst readers.
00:55:20 Sales went up by 28% in the second half of 2022 compared to 2021.
00:55:25 In 2022, this is the only growing brand in the health press universe in France.
00:55:32 Next, I'll mention fashion.
00:55:34 Think of the launch just two months ago of the French version of the legendary US magazine
00:55:41 Harper's Bazaar.
00:55:42 Our ambition is to become the editorial benchmark for luxury in France for an audience which
00:55:49 has a passion for creation and culture.
00:55:51 This launch allows us to enter the world of luxury through the front door, so to speak,
00:55:57 and there's real enthusiasm amongst advertising partners.
00:56:01 Over 60 trusted advertiser partners have placed their trust in us from the first issue, even
00:56:07 before they saw the magazine itself.
00:56:09 Harper's Bazaar France is a young brand that needs to establish itself now with the general
00:56:14 public.
00:56:15 Its website and social networks will be very valuable to attract new readers, especially
00:56:20 younger readers.
00:56:21 We're very satisfied with the start and we're very confident for the rest of the adventure.
00:56:27 Congratulations on this very successful launch indeed, which we saw in Q1 '23.
00:56:34 Certainly, don't hold back on reading the magazine.
00:56:38 Transformation as Prisma Media has also been digital.
00:56:40 Where do we stand?
00:56:41 It's very important to recall that Prisma Media is the press group that's been best
00:56:46 at doing the digital transformation.
00:56:48 A few figures prove this.
00:56:49 More than a third of our turnover is now digital from the digital world.
00:56:54 Our main brands all have leading positions in the digital world, whether you're talking
00:56:58 about Femmes Actuelles for Women, Télé de Bazaar for TV, Capital from finance, and then
00:57:06 Voici, a celebrity press.
00:57:08 All in all, over 450,000 videos viewed each month, including 150 million in the social
00:57:13 networks, which makes Prisma Media the number three in videos in France after YouTube and
00:57:19 Facebook.
00:57:20 In 2022, we further accelerated our social network presence with incredible performance
00:57:26 on the TikTok network because we're number three globally in this area with a strong
00:57:31 influence among youngsters.
00:57:33 18 to 35.
00:57:34 Merci beaucoup.
00:57:35 Thank you very much, Maxime.
00:57:37 Canal+ has undergone major change these past few years.
00:57:44 Can you tell us more about that?
00:57:45 Thanks, Arnaud.
00:57:46 Yes, indeed.
00:57:47 During the past few years, Canal+ has had five major transformations shown on screen
00:57:53 behind me.
00:57:54 Briefly, we began, as you know, managed our cost base, consolidated our cost.
00:58:00 France, internationally, France, 1.2 billion.
00:58:03 We reduced our cost base by 20%.
00:58:05 These new resources were invested in rights, securing high-value rights long-term, be it
00:58:14 in sports, cinema, two key focus areas for Canal+ cinema.
00:58:18 We signed recently with Paramount, Universal, and Sony for the long term, giving us access
00:58:24 to the movies six months after their release in sport.
00:58:29 We renewed the Champions League in certain geographies, Formula 1 through 29.
00:58:34 Motor through 29.
00:58:36 WRC in many geographies through 2030.
00:58:39 Third area, as Arnaud said, digital.
00:58:42 My canal.
00:58:43 I know that Yannick is a keen user.
00:58:49 100 million euros invested every year, presence across 30 countries, whereas the platform
00:58:55 was only present in two countries in 2019.
00:58:58 We're accelerating 2,000 channels by the platform that allows us also to move to the
00:59:04 fourth focus area, aggregation.
00:59:06 As you said, we've operated a radical shift of the group in 2018 with the aggregation
00:59:14 of Netflix, then Disney+, where the exclusive distributor in France, and Paramount+, and
00:59:21 the deal with Apple signed 10 days ago that's already a big success.
00:59:25 And this aggregation strategy is key for the target of the youth with dedicated offers,
00:59:34 dedicated programs, who've joined the subscribers in their droves.
00:59:40 100% of the subscriber base was achieved on the under 26-year-olds.
00:59:46 These five transformations allowed us to deliver good results in 22 mentioned earlier by Francois
00:59:53 with 25.5 million subscribers, growth of 1.8 million subscribers, and to cross this
01:00:01 symbolic mark of 500 million EBITDA.
01:00:05 This is momentum underway since 2016 to show the increase of canal across the key metrics.
01:00:14 Subscriptions up 75%, revenue up 500 million, EBITDA more than doubled over the period.
01:00:23 Well, that's an excellent transition to our other strategic pillar, internationalization.
01:00:29 Can you tell us more about that for Canal+?
01:00:32 Yes, the group Canal is fully part of Eventi's strategy.
01:00:38 The size of our subscriber base and content production, 2016 Canal was present 14 countries
01:00:45 with 6 million subscribers outside France.
01:00:48 Today we're present across 50 countries, 25.5 million subscribers.
01:00:52 To rival the global platforms, we target a critical mass of 50 million subscribers midterm.
01:01:00 With the support of Eventi, we're looking at all M&A opportunities.
01:01:04 We've strengthened our presence and we've taken stake in multi-choice pay TV leader
01:01:11 in English and Portuguese speaking Africa with 17 million subscribers and very good
01:01:16 geographic fit.
01:01:18 We're accelerating on in-house content production so as not to have to develop and rely on third
01:01:24 parties.
01:01:25 We're developing our own capability, Studio Canal, 13 production companies in Europe,
01:01:31 30 movies produced every year, 30 new series.
01:01:35 Beyond Studio Canal, we've accelerated the production of local content in Africa, which
01:01:40 is a key territory for us.
01:01:42 We're also producing over 3,500 hours of content, film series, shows.
01:01:47 We want to accelerate internal production in '23.
01:01:52 Thank you.
01:01:53 Let's talk about '23.
01:01:54 Rafael, what will be the major issues and challenges facing HAVAS?
01:01:59 Well, 2022 was a year of profound transformation for HAVAS.
01:02:03 2023 will truly be a year of acceleration.
01:02:06 I know you recall that you're a car enthusiast.
01:02:11 I'd like to dare the comparison with an engine hybrid, of course, because CSR is at the heart
01:02:17 of our convictions.
01:02:18 We're off to a great start this year with numerous wins throughout the world and across
01:02:23 our business.
01:02:25 We're also continuing a sustained pace of acquisitions.
01:02:30 Francois mentioned eight new agencies that joined us since January.
01:02:34 Two new agencies have joined the HAVAS teams, thereby strengthening our digital and international
01:02:41 footprint.
01:02:42 And lastly, the power of our engine stems from the development of our world-class expertise,
01:02:48 digital experience, e-commerce, and content production, of course.
01:02:52 So our prime challenge is to make our customers' brands indispensable, to support them in their
01:02:58 responsible transformation, thereby contribute, and I believe truly in this, in a positive
01:03:04 change of society as a whole.
01:03:06 Thanks, Rafael.
01:03:08 Prisma Media has demonstrated its ability to constantly innovate.
01:03:14 What's in store for the coming months?
01:03:16 Well, for the coming months, I'd like to send a message to the teams of Gala.
01:03:21 Gala is a legacy brand of Prisma Media that reinvented itself thanks to a talented team.
01:03:28 It's really the pride of our group.
01:03:30 As you said, Arnaud, the European Commission compels us to cede this asset.
01:03:36 It's a decision that we respect but deeply regret.
01:03:40 Our priority henceforth is to support the Gala teams through to the disposal.
01:03:46 23 does, however, offer exciting prospects for our group.
01:03:51 We have several major projects on the roadmap for the coming months.
01:03:56 First initiative, we're going to re-enchant our legacy brands, Capital and Gilles, working
01:04:03 on a radical revamp of these two brands and hope to be able to present a new version for
01:04:09 each by the end of the year.
01:04:11 This reconquest dynamic is part of a wider ambition for Prisma Media, become the European
01:04:19 champion for desirable media brands.
01:04:23 Second initiative, strengthening our brand portfolio.
01:04:26 We made a big splash in the luxury press with the launch of Harper's Bazaar in France.
01:04:33 It's the beginning of a new adventure and we plan further rollouts within our luxury division.
01:04:39 We're also going to conquer other thematic territories.
01:04:44 We'll be launching by the summer a magazine with an individual recognized in the field
01:04:49 of personal development, another around an iconic brand of comics for kids entering the
01:04:56 youth press sector.
01:04:58 Third initiative, to continue our digital growth on all our channels, web, mobile, video,
01:05:05 social, audio, with a new tool, artificial intelligence, that is already offering many
01:05:13 opportunities.
01:05:14 Lastly, fourthly, and finally, to change our business model with, for example, increased
01:05:21 international audience, pay subscriptions, or the development of product recommendations
01:05:28 towards e-commerce platforms.
01:05:30 Great many things to follow.
01:05:32 Follow closely because there'll be many developments over the coming months.
01:05:37 Absolutely.
01:05:38 Thanks, Claire.
01:05:39 Maxime, in closing, a few words about coming developments for Dailymotion.
01:05:43 Well, Dailymotion today is a presence in over 130 countries, 400 monthly users and 22 single
01:05:50 users against less than 300 back in '17.
01:05:54 In France, Dailymotion is the leader in video players in the market.
01:05:59 Over 90% of French media use it.
01:06:02 They keep a lot of senior capital to distribute, monetize their video content.
01:06:08 Nine out of 10 French users use Dailymotion, which is the largest video audience of a French
01:06:15 player.
01:06:16 But we're not going to stop there.
01:06:17 We're launching a few Dailymotion versions in a few days' time to attract even more users,
01:06:22 especially the under 25s.
01:06:24 This is the new interface on the screen behind me.
01:06:28 New interface, new design, new functionalities, and, of course, to support the launch, a new
01:06:34 ad campaign orchestrated by Buzzman, a great Avaaz agency.
01:06:40 Thanks, Maxime.
01:06:42 My thanks to the three of you.
01:06:47 Look forward to see these future developments take shape.
01:06:49 Thanks to the support of all our shareholders.
01:06:51 Well done for everything you've done.
01:06:53 And best wishes for 2023.
01:06:56 [MUSIC PLAYING]
01:07:11 [SPEAKING FRENCH]
01:07:14 Merci, Arnaud.
01:07:15 Merci, Maxime.
01:07:16 And Claire, we're all, of course, looking forward to seeing these developments take shape.
01:07:21 I now invite Philippe Benassin, chair of governance appointments and compensation committee,
01:07:28 to come up on stage.
01:07:30 [MUSIC PLAYING]
01:07:38 Bonjour.
01:07:40 Good morning to you all.
01:07:42 I'm going to talk to you about the governance committee, of course.
01:07:46 As you know, Vivendi, since 2022, has had strengthened dialogue with certain proxies
01:07:55 and various shareholders on issues of governance and compensation in respect of Resolution 5.
01:08:02 As stated lastly, we reported in full transparency the levels of attainment and the financial
01:08:09 and non-financial criteria.
01:08:11 The bonus 2022 of Mr. Yannick Bolloré as chairman and CEO of Havas.
01:08:18 In the same spirit, the amounts received in the subsidiaries of the group by members of the management board
01:08:23 with operational functions at Canal Havas, Prisma Media, and Gameloft were published in full transparency
01:08:31 as regards to Resolution 6.
01:08:33 The compensation 2022 of the chair with the supervisory board totaled 400,000 euros,
01:08:41 to which is added 60 million euros of attendance fees.
01:08:45 Lastly, Resolution 7.17 concerned compensation 2022 pro rata temporis,
01:08:52 depending on the case of the chairman and management board members.
01:08:55 It now comprises four new members representing the main businesses of the group and 33% women.
01:09:02 Around Arnaud de Puy-Foncennes, the management board also relies on an executive committee
01:09:08 composed 50% of women, as announced last year.
01:09:11 The chairman and members of the management board had applied to them the compensation policy for 2022,
01:09:20 adopted with over 99% of votes. The bonus for 2022 would total 85% of the fixed portion,
01:09:28 and subject to your approval, as with every year's reminder,
01:09:31 the compensation policy provides for a bonus of between 80% and 100% of the fixed portion.
01:09:39 For 2023, the compensation policy of the chairman and members of the supervisory board remains unchanged
01:09:48 as compared to 2022 for the management board.
01:09:52 We maintain the improvements introduced several years ago as part of the dialogue with the proxies
01:09:59 and advisory shareholders of Vivendi on performance shares.
01:10:04 Furthermore, CSR criteria that are differentiated for bonus and performance shares
01:10:09 are now fully aligned with Vivendi's low-carbon trajectory recently endorsed by the science-based target initiative.
01:10:20 You're asked also to renew the mandate of Mr. Cyril Bourlauret.
01:10:24 His renewal would allow the board to continue to benefit from his experience within an integrated industrial group
01:10:33 and his experience in respect of emerging markets.
01:10:37 With regards to the appointment of Mr. Sébastien Bourlauret, we reviewed his candidacy last year
01:10:43 and proposed the nomination of Madame Maud Fontenoir because we wish to strengthen the board's expertise on CSR matters.
01:10:51 This year, the appointment of Mr. Sébastien Bourlauret would meet the expectations of the board regarding expertise in new media,
01:11:00 video games, technological changes, as well as his knowledge of the ASPAC region would be precious for the group.
01:11:08 Subject to your approval, the board would remain composed of 50% women and 55% independents.
01:11:16 Thank you all, and now pleased to welcome Céline Merle-Béral,
01:11:21 member of the management board and head of the HR and corporate culture strategy at Vivendi.
01:11:28 [Music]
01:11:40 Merci.
01:11:42 Thank you, Philippe.
01:11:45 Good day to you, one and all, shareholders.
01:11:49 I'm very pleased to speak before you for the first time as director of human resources strategy and corporate culture of your group.
01:12:02 This is a group focused on creation and talent.
01:12:06 These are Vivendi's most precious assets.
01:12:10 My objective here is therefore to put talent and corporate culture at the heart of Vivendi's three strategic pillars,
01:12:19 internationalization, integration, and transformation, as Yannick Bourlauet said a few moments ago,
01:12:26 and to contribute to making Vivendi an attractive, responsible business group,
01:12:33 which is very much in line with the future of creative businesses.
01:12:39 First of all, to talk about internationalization.
01:12:42 It's both a reality and a sustainable objective that we've set for ourselves.
01:12:48 As you can see on the screen, and as François Laroze already explained in detail earlier,
01:12:54 we are represented in 79 countries on five continents in 2022.
01:12:59 30.6% of our workforce is in France, or more than two-thirds of our workforce is outside of France.
01:13:09 We continue to recruit and to grow with an increase in our workforce of nearly 2,500 employees in 2022,
01:13:18 or plus 6.7% compared to last year, most of whom over 6% from the international sector.
01:13:31 Mobility is a strong expectation and a true source of wealth for the group.
01:13:37 We have a digital platform called InVivo, which enables all of our employees to access a large number of vacancies,
01:13:49 job offers from all of our businesses worldwide.
01:13:53 To facilitate international mobility, among other things,
01:13:57 we're setting up a dedicated HR expertise center to support the teams and best organize this mobility.
01:14:07 The second pillar, I'd remind you, the transformation of our businesses, is a strong HR challenge,
01:14:14 because this type of transformation cannot take place without being forward-thinking, agile,
01:14:21 and without the strong expertise of our teams.
01:14:26 As you see illustrated by turnover rates, every year we welcome numerous new employees,
01:14:34 particularly in the United States and in Asia Pacific, and particularly at Havas, Gameloft, and Canal Plus.
01:14:43 These subsidiaries have the highest turnover rate, 24.6%, which is explained by their geographic location
01:14:51 and by the fact that nearly 11% of their workforce are under 27 years of age, especially at Havas and Gameloft.
01:15:01 These new talents bring a new culture and expertise that enable us to evolve and move forward.
01:15:09 The hybrid world has also deeply transformed our methods of collaboration and even our relationship to work.
01:15:19 This is a change which we've had to adapt to quickly.
01:15:24 Vivendi has chosen to generalize as much as possible remote working,
01:15:29 which has now been established for nearly 80% of our workforce worldwide,
01:15:35 with an average of two days of remote work per week.
01:15:39 So we make sure we're taking into account both everyone's expectations
01:15:43 and the need to really nurture social links because this link, we're convinced of it,
01:15:50 is essential to create the important sense of belonging, to give meaning and fulfillment to employees,
01:16:00 to enhance their performance and their job satisfaction.
01:16:04 We're also changing our working spaces to be in line with people's expectations
01:16:10 and have collaborative spaces that are better adapted to new uses.
01:16:15 Your company is a group on the move.
01:16:20 It is therefore necessary to constantly train people in our businesses and their developments.
01:16:28 Business changes are quicker all the time.
01:16:31 We address hard skills, business skills, also knowledge, how to speak, how to adapt.
01:16:39 That's called soft skills.
01:16:41 Also work with new ways of collaborating and managing in this hybrid world which has been imposed on us all.
01:16:48 But beyond training that we roll out in the field by our subsidiaries,
01:16:53 it's thanks also to our e-learning platforms in which we invest heavily,
01:16:58 which are nourished by our experts and our partners,
01:17:01 that we can meet both individual needs and broad training needs,
01:17:10 and we use the advantages of remote learning many times.
01:17:14 New employees, regardless of the subsidiary they become a member of,
01:17:19 bring in new culture and new expertise that we have to know how to integrate
01:17:25 and surrounding common values and problems, issues for tackling.
01:17:31 Vivendi has implemented programs that bring together talents from all entities.
01:17:36 I'll list three of them.
01:17:38 They've existed for several years now and are constantly being adapted.
01:17:44 Firstly, the Vivendi Learning Expedition, which aims to connect key leaders
01:17:50 and develop them around strategic issues for businesses,
01:17:55 activate collaborative intelligence and prepare them for the transformation of our business models.
01:18:02 The second one is the Andiamo program.
01:18:06 It supports women in their careers and the development within Vivendi
01:18:11 and in which the management board is directly involved.
01:18:15 Lastly, the program called Collectivo, which is for men this time,
01:18:19 and aims at the development of enlightened leadership for ever more inclusive organization.
01:18:27 New programs are being developed now on ethical and responsible management.
01:18:33 It's important to know how to combine impact and performance
01:18:38 and take into account the multiple consequences of AI and data on our jobs,
01:18:43 skills required for tomorrow, as well as our daily uses.
01:18:49 Integration also has to do with our trainees and interns who are our future employees.
01:18:58 Their expectations are very specific, and we've created Gaborik,
01:19:02 which is a unique program of augmented apprenticeship around digital skills with 25 partner schools.
01:19:10 This program offers varied missions within different group entities
01:19:16 associated with an integration policy to promote the greatest social diversity.
01:19:25 Finally, and I'll end with this, it's important that Vivendi is able to promote its purpose,
01:19:33 Creation Unlimited.
01:19:36 It's driven by this ambition that we organize the first Vivendi talent show.
01:19:44 This event, which is extremely important to us, is aimed to strengthen cohesion,
01:19:49 highlight and celebrate the hidden skills of our talented people, and nurture their sense of pride.
01:19:57 Every Vivendi employee in France, who so desired, was able to apply to express their creative talent.
01:20:05 The selected finalists are coached and supported to participate together in this magnificent space
01:20:14 on June 6th on this wonderful stage.
01:20:18 We're proud to be nurturing Vivendi's commitment in favor of artistic creation and to reveal our talents.
01:20:27 Thank you very much for your attention.
01:20:29 Merci beaucoup. Merci beaucoup, Céline.
01:20:32 Thank you. Thank you very much, Céline.
01:20:36 Let's return now in greater detail on the segment that's close to our hearts,
01:20:56 our group engagement in terms of environmental and societal commitment.
01:21:05 As I said at the outset, I'm a profound believer in our CSR transformation,
01:21:11 and this CSR transformation will be as significant and impactful for businesses
01:21:18 as the IT transformation was back in the '80s or the digital transformation back in 2010.
01:21:26 We're conscious of our obvious influence and the impact of the content we produce.
01:21:32 It's this responsibility that compels us now for some 20 years under the supervision of the CSR committees of the Borden.
01:21:43 I would greet its chair and members, Polo Cartozo, in attendance.
01:21:50 Since 2020, we've been rolling out our CSR program creation for the future, setting out three broad priorities.
01:22:00 First of all, contribute to curbing global warming.
01:22:06 Secondly, inspire change. And lastly, to seek to promote a more inclusive world.
01:22:15 Our focus, essentially, on our climate strategy, but I would like to focus on a topic that is dear to me.
01:22:24 Those of you who know me know that I have four daughters. I'd like to talk to you about gender equality.
01:22:30 Last year, we took before you the commitment to go even further, and this year I'm very pleased to announce that the targets set have been reached.
01:22:41 In terms of professional equality, we have to hail the work of our businesses.
01:22:47 For the most part, obtained a score higher than 85 on the professional equality index in France in 2022.
01:22:56 Feminization of governing bodies also continued to make strides in the group.
01:23:01 In '22, we reached 38% women in the executive committee of the company, and we've set as a target to reach this year the 40% mark.
01:23:14 Let's return for a moment to the core of my intervention, our climate strategy.
01:23:23 We're obviously aware that we must do our bit in the fight against global warming,
01:23:31 and that's why we pledged back in 2020 with the science-based targets initiative in order to take engagements aligned with climate science.
01:23:47 And the Paris Accords, our reduction plan for our emissions, was validated in March this year.
01:23:55 We had to wait a bit, and it's now the framework within which we will act to cut our greenhouse gas emissions.
01:24:03 The group's decarbonization targets on scopes one and two, that is energy-related emissions, are aligned on a trajectory,
01:24:18 making it possible to reduce and limit global warming to 1.5 degrees.
01:24:23 We plan for a reduction of 71% in our emissions by 2035 if we compare them to the baseline year 2018.
01:24:34 And we will be continuing and strengthening the energy conservation measures put in place within the group
01:24:41 to promote the use across our facilities of electricity from decarbonized energy sources, regard scope three, which is, I would say, more complicated.
01:24:55 We pledge both to reduce by 43% still before 2035 emissions relating to our group's operations, such as waste, business, travel, freight,
01:25:12 both upstream and downstream, but we plan to reduce by 21% emissions linked to our businesses,
01:25:20 in particular those linked to rented or leased products and services.
01:25:28 We've already found innovative solutions.
01:25:30 I'm thinking, Maxime, the new Canal+ set-top box that will have -- that has a reduced carbon footprint of 40%
01:25:41 and software change that will reduce power consumption by 65% over the previous generation.
01:25:51 The Deep Sleep for the set-top box, while it remains connected, we're also pledging with our suppliers in terms of our emissions
01:26:03 to make sure that 85% of our suppliers have decarbonization targets by 2026.
01:26:13 And shown here on the slide, you can see the initial results.
01:26:18 Vivendi's reduced 10% its greenhouse gas emissions last year on scopes one and two.
01:26:25 Over the previous year, 37% of energy consumed worldwide comes from renewable sources,
01:26:33 and all our actions for the environment have been recognized by the CDP, Carbon Disclosure Project,
01:26:44 an international standard setter in terms of business green rating.
01:26:52 And you see the A-.
01:26:56 We won three notches in the rating, and we're above the average, the global average in this regard.
01:27:04 These results were also secured thanks to the role that the group plays in supporting environmental
01:27:12 and social transition through our core business, which is the production and delivery of content over 130 films.
01:27:21 You see some posters, documentary series on the environment are available,
01:27:28 and you can find those on the My Canal Voix Grise of your favorite app.
01:27:35 Prisma Media, for its part, last year devoted over 68 of its magazine covers to environmental matters
01:27:47 and have us delivered over 150 pro bono campaigns for major causes.
01:27:54 And lastly, I'd like to tell you that it's the first time in the history of our group
01:27:59 becoming the main media partner of the Vessel Plastic Odyssey.
01:28:05 All our businesses have chosen to pool their efforts to support a cause over the long term and worldwide,
01:28:13 the fight against plastic pollution of oceans.
01:28:18 The results are tangible, and of course they encourage us,
01:28:21 and you can count on the mobilization of one and all at Vivendi to continue to step up our efforts.
01:28:30 Thank you.
01:28:36 Now let's move to the Q&A session.
01:29:02 The lights are on in the room now.
01:29:06 Maybe first of all, Frederic, could you begin with the written questions we received?
01:29:11 Yes, thank you, Yannick.
01:29:13 This year we received two sets of written questions from two shareholders,
01:29:18 the Association Forum for Responsible Investment, FIR, like last year,
01:29:24 and from Ms. Yutong Li, individual shareholder.
01:29:27 These questions related to the environment, social, and governance issues,
01:29:31 as well as returns to shareholders in the form of share buybacks and dividends.
01:29:35 Some answers to these questions were already provided during the presentations at this AGM today.
01:29:42 You'll also find online, as always, on our website, under the heading "General Meeting,"
01:29:49 all of these written questions as well as the detailed answers decided by the Management Board
01:29:55 in application of legal and regulatory provisions.
01:29:57 Thank you very much.
01:29:58 Now we're going to begin hearing questions from the room.
01:30:02 Before taking the first questions, I'd like to pay tribute to an individual shareholder
01:30:07 whom you know well, Mr. Virjit Ran, who attended all the AGMs of Iventi Group,
01:30:14 Bolivar Group, Havas Group, when Havas was listed in the stock exchange.
01:30:19 I'm very sad to announce to you that Mr. Ran left us two months ago.
01:30:25 So on behalf of us all, I'd like to really pay tribute to him.
01:30:28 [Applause]
01:30:34 So for the questions from the room, should we begin?
01:30:41 Hearing from the shareholders committee.
01:30:46 Good day, Mr. Chairman.
01:30:48 I'm Chantal Bougel, member of the Shareholders Advisory Committee.
01:30:55 Three brief questions, if I might.
01:30:58 What will the impact be in publishing?
01:31:03 What's the influence going to be on group activities?
01:31:08 What about new technology?
01:31:10 Could we get information on new tech?
01:31:14 Thank you.
01:31:16 On AI, maybe Arnaud will talk about publishing specifically.
01:31:24 Clearly, AI is a very interesting tool.
01:31:31 For several years now, many years now, the group's been using artificial intelligence
01:31:37 in most of its business areas.
01:31:39 Think of MyCanal.
01:31:41 The recommendations algorithm makes great use of AI.
01:31:46 We've mentioned Prisma Media.
01:31:48 Claire talked about AI earlier, which is already being used in their business area.
01:31:53 Havas also uses AI a great deal.
01:32:01 The game changer today is generative AI.
01:32:09 Like any innovation, any breakthrough innovation in the sphere of AI,
01:32:15 there are two ways of viewing this type of breakthrough.
01:32:18 You can see this disruptive innovation.
01:32:22 As it's often termed, you can view this either negatively,
01:32:27 thinking this is going to change things, this might destroy jobs,
01:32:32 might make for a major change, we need to worry about this.
01:32:36 Or you can view it differently, and this is how Vivendi views this,
01:32:40 and how we tackle innovation.
01:32:42 We very much accept, welcome this type of innovation to see how it can support us,
01:32:46 help us push forward, even improve more on productivity, content,
01:32:51 and provide even more entertainment to our consumers and customers.
01:32:58 There's no doubt about it.
01:33:01 I really don't believe AI is going to replace our employees.
01:33:10 No, I believe employees that use AI will replace the employees that don't,
01:33:17 if I can put it that way.
01:33:19 Arnaud, would you like to talk to us about publishing?
01:33:21 Absolutely, unique publishing, an excellent illustration of the point you just made.
01:33:27 Artificial intelligence, no doubt about it, is going to cause upheaval,
01:33:31 transform, I should say, is going to transform some of the organization of a group
01:33:36 such as Editus and publishing businesses, generally speaking.
01:33:41 I'd also add a point.
01:33:44 Intellectual property, IP, authors with the support of their publishers
01:33:53 have the ability to produce top-notch works, and this is unique.
01:33:58 This is something we'll be developing further.
01:34:01 We'll be protecting this.
01:34:06 The AI component will be one element which will be part of the transformation process
01:34:14 in the way we organize and produce works,
01:34:17 but this will in no way jeopardize the essence of these business areas,
01:34:21 which is editorial creativity and the talent of all the authors.
01:34:28 Thank you very much, Arnaud.
01:34:31 Next question.
01:34:35 The person over there.
01:34:39 Good morning, Chairman de Solange for the Association for Individual Shareholdership.
01:34:46 First of all, I'd like to point out to you all of us here are shareholders,
01:34:57 are responsible shareholders.
01:35:01 We all come here using public transportation to help you under Scope 3, I'd mentioned.
01:35:07 But anyway, a question or two.
01:35:09 First of all, you have a 3.0 web director.
01:35:13 That was back in September '22. They took them on board.
01:35:16 What are your targets in the metaverse,
01:35:19 even though we all prefer having an in-person annual general meeting?
01:35:29 Next question.
01:35:30 You, and rightfully so, observed that employees that use--
01:35:39 I don't like artificial intelligence.
01:35:41 I prefer to call it augmented intelligence--
01:35:43 will be the employees that replace the employees that don't use augmented intelligence.
01:35:48 Will this also be the case at the executive committee and the board of directors?
01:35:53 Thank you very much.
01:35:55 Thank you very much for the question.
01:35:59 Well, two questions, actually, on innovation.
01:36:02 First of all, to answer the last question you raised,
01:36:06 I believe it's the task for any manager or any person who's a member of the executive committee
01:36:12 or the board of directors, managers in the various business lines in France and worldwide.
01:36:19 It's up to all of us to keep abreast of the most recent innovations, often in the past.
01:36:26 In some companies, when there were major innovations, for instance,
01:36:31 smartphones, social networks, Web 2.0 or even Web 1.0,
01:36:37 people sometimes thought, "Oh, this is a new thing for young people."
01:36:42 And the less young people kept their old-timer tools like they'd used way back when at school.
01:36:50 It's precisely the opposite now.
01:36:51 I believe at every single time of your life you've got to be curious.
01:36:54 You've got to be able to question how you do things.
01:36:58 We have someone present here in the room.
01:37:04 Jacques, now entering his 90th year, I'm saying what I'm able to say because he wrote a book on this,
01:37:11 on the age factor, and he amazes me to see his great interest in innovation and technology.
01:37:18 He's one of the biggest users of Snapchat and TikTok, maybe not yet the metaverse,
01:37:23 but I know that he's got his own avatar.
01:37:25 So, again, to answer your question, absolutely every member of all management communities worldwide
01:37:31 must keep abreast of all the new technology.
01:37:37 For that end, I used my chat.
01:37:39 I used chat GPT to help put together my speech for this morning.
01:37:44 I'm joking. That's a joke, obviously.
01:37:47 Oh, cool, of course, it might have been better if I had.
01:37:49 Anyway, seriously, though, to answer regarding the metaverse and Web 3.0,
01:37:54 these are very exciting subjects, Web 3.0, what's this going to lead to,
01:37:59 particularly by using blockchains, something that's already being used in a lot of our business lines,
01:38:05 the blockchain technology, so that you can record transactions and IP through blockchains.
01:38:12 The group needs to go further, and this is particularly why,
01:38:16 in our innovation department, led directly by Arnaud Depuis-Fontaine and Felicie Herzog at the Executive Committee,
01:38:25 they have Web 3.0 experts.
01:38:27 Also, we bought some land in the metaverse, in the sandbox,
01:38:31 and I think in the near future there's going to be a Vendee Villa for Arnaud.
01:38:36 I don't know what we're going to be doing there exactly, but at any rate, we certainly exist there.
01:38:40 We're investing money in this.
01:38:42 François Laroze bought the land intelligently, booked it under OPEX and not CAPEX, so it's expensed.
01:38:52 So we're very much abreast of new technology and keeping in touch with future technology.
01:38:56 Thank you very much for the question.
01:38:58 Next question from over there, please.
01:39:06 Good morning, individual shareholder. Good morning, Chairman, ladies and gentlemen.
01:39:12 My question concerns Canal+. I've been a customer for many years,
01:39:16 very satisfied for the broadcast of Formula One races.
01:39:24 I have the Q set-top box connected to my antenna,
01:39:31 and I can record shows and make private copies on DVD,
01:39:38 and it's recorded to my DVD player.
01:39:42 I'm also connected to the Internet using my SFR box.
01:39:46 For several months I've been contacted insistently by Canal+ CRM
01:39:52 to replace my Q set-top box with the new G, which can only operate with a DISH antenna.
01:40:02 I was even sent this set-top box without my agreement, so I didn't go and collect it.
01:40:08 Question, is it correct that the Q set-top box is going to become obsolete, no longer operate?
01:40:15 If that's the case, how can I still benefit from the recording function without a DISH antenna?
01:40:21 I'm in a building where we cannot install a DISH antenna.
01:40:29 Thank you for your answer.
01:40:32 Thank you. Well, to answer you, I'm going to hand over to Maxime Sada.
01:40:40 Thank you for your loyalty to begin with. I'm delighted that you like Formula One racing.
01:40:47 We've secured it till the end of the decade, so we're in a good spot.
01:40:52 There's no expiry date on the Q set-top box, so no worries.
01:40:59 There's no hard drive solutions because most of our customers prefer to consume on demand,
01:41:07 and there are, of course, customers who like to record via the Q.
01:41:11 I'm sorry that you didn't go and pick up the set-top box,
01:41:14 and it was sent to you without your agreement, but I recommend you test it.
01:41:18 It's truly revolutionary and far more compatible with the new CSR standards mentioned by Yannick.
01:41:25 Thank you. So the Q is not obsolete. Thank you for that.
01:41:29 There was a question from the gentleman over there.
01:41:35 Please wait for the microphone. Good morning.
01:41:39 I'm from the Shareholder Committee 2 question.
01:41:42 Can you comment on your share price performance since the start of the year versus the CAC 40 benchmark?
01:41:50 Second, some information regarding the impairment of $300 million in editors.
01:41:56 Thank you. Well, on your first question, Arnaud, in his presentation earlier, recalled the share price performance.
01:42:05 It wasn't since the start of the year, but it was over the past nine years,
01:42:13 a twofold increase outperforming by 50% the CAC 40, 1.3 versus 2.8 since the start of the year.
01:42:23 The share price, I think, is up 10% since the 1st of January, slightly below the CAC 40 benchmark,
01:42:29 as I saw recently that the CAC 40 was up 16%, but the CAC 40, that's due to a strong presence of luxury groups that, of course, outperform.
01:42:42 So since the start of the year, a satisfactory increase, even if it's slightly below the benchmark index.
01:42:51 And just to answer your second question on the impairment, do you want to say a word about that?
01:42:57 Yes. This write-down is an accounting obligation because edited is considered as an activity being sold,
01:43:09 and it's based on the recoverable value editist that was marked to market minus the transactional cost.
01:43:17 It's a technical transaction, but adding some quality items, we announced the decision to cede editists last July.
01:43:31 It's a group, as you know, was in a context that was a challenging one because of the economic and political environments.
01:43:43 Against that backdrop, the fact that we were constrained to sell doesn't facilitate the process and the valuation.
01:43:52 Editist is a great company, as we've really stated we're selling in a context which is one of competitive remedies in an economic environment,
01:44:06 and in 2022 that was challenging and we weren't able to derive the best value from it.
01:44:13 I repeat that this company is of great quality with wonderful publishing houses, writers with a remarkable setup.
01:44:24 And I've no doubt that once we get the European authorizations and from the employee representative bodies,
01:44:33 the next shareholder will add in continuity with what Vivendi has done and continue to expand that group.
01:44:42 That's the reason for that very specific situation of editists and its impact on our financials.
01:44:50 Next question.
01:44:54 Yes, good morning. I represent the mutual fund.
01:45:02 By June, we expect to obtain a green light from the European Commission on the combination with Lagardère.
01:45:10 Could you go back over the cooperation and synergies that you foresee between Vivendi and Lagardère if that agreement is secured soon?
01:45:24 Thanks for your questions.
01:45:26 The next steps, the key milestone for this deal before considering any synergies would be to obtain the green light from the European Commission that's expected.
01:45:40 Well, rather the correction, the response is expected on the 14th of June.
01:45:48 And on that, Arnaud, do you want to say what about potential synergies? It's a little too soon, but let's place this transaction as part of a combination between the two groups with the initial ambition that we communicated on for the first time back in 2019 and editists
01:46:11 and to create a world publishing champion, Lagardère is the world's number three president in the US, UK, Spain, number one in France.
01:46:21 And so it's our determination as part of Vivendi's strategy to create this global publishing champion where we believe in the future growth of activities and publishing is a pillar that interacts with all the other business segments.
01:46:39 That's the first point. Secondly, in the media field, there's some strong brands and the possibility of strengthening the change that we see in media brands and to provide a proposal that incorporates new means of media consumption and communication.
01:46:57 And lastly, to enter a new sector that of travel retail, and you've seen the results that were reported by Lagardère that are on the rebound.
01:47:08 We hope it's but a beginning and to forge the next steps of Vivendi based on these various businesses. We have high hopes for this combination if, as you indicate, it were to be approved by the commission that we can write this next chapter.
01:47:29 Next question, please. I'm an individual shareholder. Good day, Chairman. Good day to you all. I'm very pleased.
01:47:43 I'd asked you this back in 2019, asked about daily motion. I'm very pleased to see there's now a strategy to develop daily motion in this business.
01:47:51 But I've got questions on other points. I'm equally pleased, Mr. Chairman, that you reminded us there is not just about economics.
01:48:02 It's also about politics and social considerations when you're active in the area of culture.
01:48:09 Now, regarding Vivendi, I'm also glad to see that they're working on objectives to use culture as a way of defending peace and freedom in the wake of UNESCO.
01:48:30 In 2019, that was the last year I had an opportunity to attend this AGM, and I can remember it was April 15th.
01:48:40 April 15th reminds us of a terrible event, which was the fire of the Notre Dame Cathedral that we found out about as we left this room back then.
01:48:52 So now, it's about stocktaking. My question, Vivendi, as a player in the area of culture, has Vivendi played a direct or indirect role in restoring and rebuilding the Notre Dame Cathedral?
01:49:08 Second point, culture. We can say that there are trends afoot today, and I'm wondering, Vivendi, as a publisher, do you have a position on these changing trends?
01:49:22 I haven't seen the idea of rewriting certain books that contain some words that are not considered to be PC.
01:49:34 My question is, do you think we should remove inappropriate words from books published by Vivendi or its subsidiaries?
01:49:42 And the last point has to do with your earnings. Negative results this year. You explained very well why.
01:49:49 I understand very well that in spite of all you are paying out a dividend, it would be a bad signal to be sending to markets otherwise.
01:49:57 My question is, though, wouldn't it have also been possible this year to propose to shareholders an option, payment of dividend and shares?
01:50:06 That would have made it possible for people to take payment of dividend and shares. That could help to your reserves. Would that not have been an option?
01:50:15 So those are the various questions I had. Thank you for any answers you might give. Thank you for those questions, sir.
01:50:21 First of all, in the Notre Dame Cathedral, I also think back to how I felt when we left this AGM in 2019 and I opened up, turned on my cell phone and learned the horrible news of what was happening at the cathedral not far from here.
01:50:37 We have participated, the Havas Group organized a lot of fund collections and pro bono communication tools.
01:50:50 These are the types of things that we can do. I remember very well just how happy group employees were who were involved in the work of helping, joining, rebuilding this cathedral through their own contributions.
01:51:09 Now, we shouldn't know on results. We wouldn't say losses, but it's due to an impairment in our books due to telecomitalia.
01:51:18 This impairment didn't have any impact on our share price when it was announced.
01:51:22 You, as shareholders and the analysts understood full well the value of telecomitalia.
01:51:29 It's a company that's listed on the stock exchange, so everyone knows its value. I'd also like to specify the share price between the impairment, 3rd of December and today, has gone up.
01:51:39 So the group continues to be a sound one, generating significant positive cash flow.
01:51:46 On cancel culture, let's come in on that one now. You don't have to.
01:51:54 We respect the original works.
01:52:00 Editis, in its editorial diversity, respects all points of view in editorial creativity.
01:52:12 You know, sometimes people say things, write things about our group and the way we operate or how we do things.
01:52:22 Sometimes I read things, people talk about censorship or interventionism. That's not the case.
01:52:28 Editis is a group with 53 publishing houses. It's a legacy.
01:52:35 Think of Julia Robert-Lefant, Cherche Midi. I'm not going to list all of the different publishing houses.
01:52:42 But my point is we're very attached to editorial content and respect of works of art.
01:52:50 I'd also add a point that relates to your first question, to build on Yannick's answer.
01:52:56 Editis took various initiatives to republish books pertaining to Notre Dame.
01:53:06 The proceeds of these were to provide funding for the reconstruction of the cathedral.
01:53:13 Absolutely, thank you for mentioning that, Arno. Go ahead, next question.
01:53:19 Good morning, ladies and gentlemen.
01:53:28 Since the sale of Universal Music Group, while the share was worth 14 euros, if memory serves,
01:53:39 now it's, in spite of it all, gone down under 10.
01:53:47 What strikes me is that it's been hovering around 9.30, 9.40, 9.60, and I think it's being held back.
01:53:56 Is this in any way due to the fact that Bolloré wants to obtain 60% of Vendee's stake
01:54:06 and then launch a takeover bid cheaply, or am I mistaken?
01:54:12 As I see it, the share price is being held back for that reason.
01:54:17 It's a shame for shareholders. I hope that's not the case, though. Thank you.
01:54:21 [Applause]
01:54:25 Thank you for your question.
01:54:28 During the spin-off of UMG in September of '21, I believe the share was worth 11 euros, if memory serves, right, Arno?
01:54:39 Arno was around 11 euros. The share is around 10% under that amount now.
01:54:45 Now, if you look at the combination of UMG plus Vivendi, if you kept UMG shares,
01:54:50 they were given as a dividend over 30 euros, so that's well above Vivendi's share price after the spin-off.
01:55:01 I think it was around 28 euros. The share tended to be around 25 to 28 euros in the two previous years.
01:55:12 Now about the question regarding Bolloré Group. I'm speaking here as chairman of Vivendi Group.
01:55:20 I encourage you, of course, to ask that question during the general meeting of the Bolloré Group,
01:55:27 which will be taking place in the near future.
01:55:30 I use the opportunity, as Arno did during his presentation, to thank the Bolloré Group.
01:55:40 It's been a strong shareholder, a loyal shareholder, enabling us to move forward with the long-term policy.
01:55:45 They assist us a lot in our decisions that create value for the long term.
01:55:51 Regarding the share price, it's true our share price is suffering from a major discount.
01:55:58 It's trading at a discount, and that's why our strategic plan, I think,
01:56:04 could make it possible to bring up the share price all the while bringing up the value of our assets,
01:56:10 helping them transform and streamline, and also by reducing the discount through integration
01:56:19 to prove in no uncertain terms to the market that our business lines, when they're pulled together,
01:56:25 they become part of a new group and pulled together. They're stronger than if they remained a standalone.
01:56:29 That's precisely why we've got the integration project, which is so very important to us.
01:56:33 What I can say to you is that there's no doubt about it.
01:56:38 We're highly focused at the supervisory board, the management board, all the executive committees group-wide
01:56:44 and throughout the subsidiaries to increase the value of the share price for the sake of all shareholders
01:56:49 and all stakeholders more broadly.
01:56:52 Vivendi employees are major shareholders of this group, so we're highly focused on this task.
01:56:59 Next question, please.
01:57:04 Good morning. I'm an individual shareholder.
01:57:13 My question concerns the dividend. Some answers have already been provided.
01:57:22 I was just saying to myself that 2.5% return yield was not even the rate, interest rate on a savings account.
01:57:36 I thought that your group might do a little effort in spite of the negative result.
01:57:44 Thank you.
01:57:52 We've noted that 2.5% remains a yield.
01:57:58 Of course, the past few months with inflation, things have changed, but the return is --
01:58:11 I won't repeat what you're saying, but I hear what you say.
01:58:17 I've taken note of your question. Thank you.
01:58:22 Next question, please.
01:58:31 I was a LaGardère shareholder and I've been your shareholder for nine months now.
01:58:36 I've not been able to use my share. When do you plan to pay us?
01:58:40 That's my question.
01:58:44 You took the subscription warrants of LaGardère.
01:58:53 When you did the takeover, for nine months I can't use my -- I've not been able to use my shares now.
01:59:02 It's the public share offering.
01:59:10 What I suggest is that you leave us your contact details and we'll look into your situation and provide a solution to your situation.
01:59:23 I think that would be the best thing to do.
01:59:26 There may be a confusion.
01:59:27 Would you just like to recall the principle of the -- with the equity warrants, Vivendi holds just under 58% of LaGardère.
01:59:38 There are a number of session rights granted to all shareholders for about 22% of the share capital.
01:59:45 All shareholders who've taken these session rights can exercise them up until the 15th of December in order to recover 24 euros, 10, which was the strike price.
02:00:01 So by the 15th of December, we'll know the final percentage of Vivendi's stake in LaGardère, which will be between 58% if none of the holders exercise their right and 95% if all holders exercise their rights.
02:00:18 But don't hesitate to come and see us after this meeting.
02:00:23 There may be certain specific cases.
02:00:33 I thought you were going to miss me out like last year.
02:00:37 Apologies for putting a dampener on all your optimism.
02:00:46 If I could just compare the results over the past few years just to highlight things.
02:00:53 The CFO gave us not a reported result but an adjusted net income of 19%.
02:01:00 That adjusted net is not an accounting result.
02:01:08 It's what I call an economic.
02:01:11 It's restated or has been adulterated.
02:01:18 It's the one you gave us for several years.
02:01:22 Last year was special.
02:01:24 You gave us a reported basis orally and on screen.
02:01:29 It was easy because I date 2021 versus 20 that was better.
02:01:37 It was difficult for us and it was catastrophic for a great many companies as the analysts and financial.
02:01:45 The base effect, the comparison base was comparable.
02:01:50 If I take the figures published on page 292 and 30, you have a net income and net income group share that falls 25 billion down to 1 billion.
02:02:04 But not 1 billion positive but negative.
02:02:07 You mentioned it but you didn't give the figures.
02:02:10 1 billion in losses followed by result per share and diluted result of 1 euro negative.
02:02:20 We're losing 1 euro per share.
02:02:23 And as to the dividend, well, it follows as we mentioned.
02:02:26 25 cents stable but there are two years that are below.
02:02:32 And way below the four dividends of the four previous years that were 45 cents, 50 cents and twice 60 cents respectively.
02:02:42 My questions are following.
02:02:43 Before asking my question, curiously, at the bottom of the income statement, you put another adjusted net income, Mr. CFO, down 44%.
02:02:55 So there are two adjusted results, one positive and negative.
02:03:02 Here's my question.
02:03:03 Why?
02:03:04 All businesses are working, are yielding the opposite.
02:03:12 The operating statement, revenue EBIT and EBIT and all the financial portion is negative.
02:03:19 I know you mentioned the impairment of telecom Italia but it doesn't account for everything.
02:03:25 It's about 300, 400 million.
02:03:28 A lot of lines in the financial section are negative.
02:03:32 And my impression is that it's financial mismanagement that doesn't date from today and that wipes out all the good results of the upper part of the balance sheet in the business segments.
02:03:47 So I hope your answer won't be too complicated so that I can understand.
02:03:53 I'm not an accountant as well as my fellow shareholders.
02:03:57 Well, that's a challenge set out for our CFO.
02:04:02 It's true.
02:04:03 It's a complicated exercise after 2021 which generated an exceptionally high income of over 20 billion euros with a portion that was a significant link to the UMG transaction this year.
02:04:21 Put simply, we have an accounting loss of just over 1 billion and we presented the result in the slide.
02:04:29 On the 8th of March, we presented all the consolidated financials on this slide, a income at minus 700 million, all the negative impacts of telecom Italia, not 300 million but of 1.7 billion.
02:04:45 So if you go to plus 600 million, you incorporate the minus 1.7 billion on telecom Italia, you end up with the consolidated net loss that you referred to knowing that there are other positive and negative impact.
02:05:01 So we have a net positive with the FLE Banij transaction generated over 500 million but also negative with the provision on Editis.
02:05:13 So we have a net positive with the FLE Banij transaction generated over 500 million but also negative with the provision on Editis.
02:05:33 So we have a net positive with the FLE Banij transaction generated over 500 million but also negative with the provision on Editis.
02:05:53 >> Good morning.
02:05:59 I'd like to begin by thanking Mr. Sigilar for his excellent interventions on the TV show that seems to be on the rise.
02:06:11 Two questions, the first is a question regarding the licenses, Paddington, Shaun the Sheep that can be rolled out in magazine TV series.
02:06:29 What's the situation?
02:06:30 We discussed it two, three years ago.
02:06:32 We don't have strong iconic licenses of the Vivendi.
02:06:37 That's my first question.
02:06:38 The second question is for Mr. Bolloré's concerns, the sale of Bolloré Logistique to Africa that might serve for a delisting of the Vivendi stock.
02:06:58 Well, thank you for those two questions.
02:07:00 Well, on the second, I've answered that partly earlier.
02:07:08 I'm speaking here as chairman of Vivendi's supervisory board.
02:07:10 So I invite you to put the question to Bolloré group directly and to repeat how much the support of Bolloré group is vital.
02:07:23 On Paddington, I'll let Arnaud answer, but since the last AGM, you may have seen something amazing.
02:07:31 The Queen Elizabeth's, the second Jubilee, who received Paddington for tea.
02:07:39 You'll find the clip on the net generated a lot of sales of cuddly toys.
02:07:48 Have you got, Arnaud, anything to add?
02:07:50 I'd like to add we got a lot of initiatives within the group ensuring that the businesses work together to create value, be it with Game Loft, Prisma Media, Canal Plus, of course.
02:08:03 Do we have any striking illustrations of Paddington today?
02:08:07 It's not the case Paddington that we own, but we're creating conditions that will gradually allow us to generate these assets.
02:08:19 So to answer your question, it's work in progress.
02:08:23 We're creating the conditions and we're working on our activities that will allow us going forward to bring you more illustrations of the asset value that will gradually allow us to develop the business.
02:08:40 Lastly, before voting on resolutions, Maxime, would you like to make a point?
02:08:48 Thank you. Just to say Paddington 3 has been announced.
02:08:56 It's going to be filmed in Peru, the biggest production of Studio Canal ever.
02:09:03 Under Ano's impetus, we're going to do franchises, a priority for Canal Plus with the announced launch of a series and various other franchises that are related.
02:09:17 I also want to mention Alibi.com's success. It's a French franchise, one of the biggest successes in the studio's history and over the past 12 months with 4.3 million in France now.
02:09:30 One last question by this gentleman, then we'll stop the questions. It's already 12.15.
02:09:38 I'm an individual shareholder. I've got two questions.
02:09:42 Firstly, the asset impairment of Telecom Italia.
02:09:51 Were there mistakes of analysis? If so, which mistakes by the Vendee Group?
02:09:57 After all, we're talking about very significant losses.
02:10:01 And then another brief question on this, diversification. Was this diversification necessary for the group?
02:10:08 Secondly, possible hacking at Canal Plus. How much would the loss be due to code sharing, password sharing?
02:10:21 And what measures are you taking to counter that?
02:10:26 Arnaud and Maxime will come in on hacking.
02:10:30 Thank you, first of all, for that.
02:10:34 Team is a wonderful company. We became shareholder in 2015. That's when we sold our GBT activities.
02:10:41 There was a wonderful divestment. We became owner of a stake that Telefonica held in Telecom Italia.
02:10:50 Then we increased this because our view was the company had potential for growth, had no main shareholder.
02:10:58 And in a country which is very similar culturally to France, the business project of Vendee meant we had to develop activities in Vendee.
02:11:09 It turns out that you're absolutely right so far, sir.
02:11:12 The adventure certainly has not been a business success.
02:11:19 There have been several hiccups that often happens when you're developing business.
02:11:24 There was a problem due to issues with Mediaset Group that's now been settled and we have a very good relationship with them.
02:11:32 But that did create some difficulties for a while.
02:11:35 There was a business problem with the launch of a competitive network by Open Fiber in the day.
02:11:41 That didn't make things easier either.
02:11:43 Then there were other events. I won't go through all of them.
02:11:46 Yes, this year we decided to deconsolidate Telecom Italia and take the economic impact.
02:11:55 As Yannick rightfully said a few moments ago, the basis for this revaluation, if I can term it as such,
02:12:03 the evaluation of our activity as of December 22, share price now is higher.
02:12:10 We are an active shareholder there. So strategically, Italy is part of our objectives.
02:12:15 Secondly, this is a story that goes back a fair few years now.
02:12:21 We continue to be convinced that we will be able to make a success of this,
02:12:27 be an active player in the next chapter which is being written gradually
02:12:32 so that the valuation of this stake in TI will be greater than it is currently.
02:12:42 That's what we intend to do.
02:12:44 This is a great illustration, I think, of our long-term view with the support of our shareholders
02:12:51 and our view that Italy is on our path.
02:12:54 Here we're in an unusual situation. We very much intend to turn this around.
02:13:02 Together with the Vendee team members, we're working very hard on this and with great conviction.
02:13:07 Thank you, Arnaud. Maxime on hacking.
02:13:10 Yes, it's a scourge. It's an important subject for Canal+ in all geographies where we run businesses.
02:13:19 Password sharing, we've got offers and we've got possibilities for people to share their passwords,
02:13:29 fully legally.
02:13:31 Now, one of the subjects, I'm a member of an association called LAPS
02:13:34 that tries to fight hacking of misuse of sports rights.
02:13:38 Various initiatives have been taken in this area.
02:13:41 So we have every reason to think we will manage to cut the impact of piracy in the coming years.
02:13:46 Thank you, Maxime. Thank you for the questions.
02:13:48 Let's begin voting on resolutions. I'll give the floor to Frédéric Crippin.
02:13:53 Thank you, Chairman.
02:13:55 First of all, I'll give you the final quorum, 69.89%, so we can begin voting.
02:14:02 I'd remind you we have 32 resolutions which are submitted for your approval, presented by our management board and supervisor.
02:14:10 Whereas every year the voting system is electronic, in the event of a technical failure,
02:14:14 you'll already have a card allowing you to switch, if necessary, to manual optic voting.
02:14:23 Maitre Sylvain, Thomas-Alain, Denis, Calip, officers of the court will draw up minutes and ensure a smooth running of the ballot.
02:14:32 You'll have three buttons to press on to vote.
02:14:36 Press one in favor, two against, and three abstain.
02:14:41 And then you have to press -- yes.
02:14:45 First resolution, approval of the annual reports and financial statements for the 2022 financial year.
02:14:50 Please vote now.
02:14:51 [Music]
02:15:09 No further voting.
02:15:15 First resolution is approved.
02:15:16 Second resolution, approval of the consolidated reports and accounts for 2022 financial year.
02:15:23 Please vote now.
02:15:24 [Music]
02:15:39 No further voting.
02:15:45 Resolution two is approved.
02:15:47 Third resolution, approval of the statutory auditor's special report on related party agreements.
02:15:52 Vote now, please.
02:15:53 [Music]
02:16:07 Le vote est clos.
02:16:10 No further voting.
02:16:11 Please vote now.
02:16:12 No further voting.
02:16:14 Third resolution is approved.
02:16:15 Fourth resolution, allocation of income for the 2022 financial year, setting of the dividend and its payment date.
02:16:22 Please vote now.
02:16:23 [Music]
02:16:39 Le vote est clos.
02:16:41 No further voting.
02:16:46 Fourth resolution is adopted.
02:16:48 Fifth resolution, approval of information mentioned in article L22109I of commercial code included in the corporate governance report.
02:16:57 Please vote now.
02:16:59 [Music]
02:17:14 Le vote est clos.
02:17:15 No further voting.
02:17:22 Resolution five is adopted.
02:17:24 Sixth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Yannick Baudoret, chairman of the supervisory board.
02:17:32 Please vote now.
02:17:33 [Music]
02:17:46 Le vote est clos.
02:17:47 No further voting.
02:17:53 Resolution six is adopted.
02:17:56 Seventh resolution, approval of the elements composing the compensation paid or awarded in 2022 to Mr. Arnaud Dupuy-Fontaine, chairman of the management board.
02:18:06 Please begin voting.
02:18:07 [Music]
02:18:23 Le vote est clos.
02:18:24 No further voting.
02:18:30 Seventh resolution is adopted.
02:18:31 Eighth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Mr. Gilles Alix, member of the management board.
02:18:39 Vote now, please.
02:18:40 [Music]
02:18:54 Le vote est clos.
02:18:55 No further voting.
02:18:59 Resolution eight is adopted.
02:19:03 Nine, approval of the components of compensation and benefits of kind paid during or allocated for 2022 to Mr. Cédric de Bayancourt, management board member.
02:19:12 Please vote now.
02:19:13 [Music]
02:19:27 No further voting.
02:19:31 Resolution nine is adopted.
02:19:33 Tenth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Mr. Frédéric Cretpin, here as truly member of the management board.
02:19:42 Please vote now.
02:19:43 [Music]
02:19:56 Le vote est clos.
02:19:57 No further voting.
02:20:04 Resolution 10 is approved.
02:20:05 Thank you.
02:20:06 Eleventh resolution, approval of the elements composing the contribution paid or awarded in 2022 to Simon Gilliam, previous member of the management board.
02:20:15 Please vote now.
02:20:16 [Music]
02:20:28 Le vote est clos.
02:20:29 No further voting.
02:20:35 Resolution 11 approved.
02:20:36 Twelfth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Hervé Philippe, previous member of the management board.
02:20:45 Please vote now.
02:20:46 [Music]
02:20:58 Le vote est clos.
02:20:59 No further voting.
02:21:04 Resolution 12 approved.
02:21:06 Thirteenth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Stéphane Gosselin, previous member of the management board.
02:21:14 Please vote now.
02:21:15 [Music]
02:21:28 Le vote est clos.
02:21:29 No further voting.
02:21:34 Resolution 13 is approved.
02:21:36 Fourteenth resolution, approval of the elements composing the compensation paid or awarded in 2022 to François Larose,
02:21:43 previous member of the management board.
02:21:45 Please vote now.
02:21:46 [Music]
02:21:59 Le vote est clos.
02:22:00 No further voting.
02:22:07 Resolution 14 is approved.
02:22:09 Fifteenth approval of the elements composing the compensation paid or awarded in 2022 to Ms. Claire Léost, member of the management board.
02:22:15 Please vote now.
02:22:16 [Music]
02:22:29 Le vote est clos.
02:22:31 No further voting.
02:22:36 Resolution 15 is approved.
02:22:38 Sixteenth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Céline Merle-Béral, member of the management board.
02:22:46 Please vote now.
02:22:47 [Music]
02:23:00 Le vote est clos.
02:23:02 No further voting.
02:23:05 Resolution 16 is adopted.
02:23:06 Seventeenth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Maxime Sada, member of the management board.
02:23:14 Please vote now.
02:23:15 [Music]
02:23:28 Le vote est clos.
02:23:30 No further voting.
02:23:34 Resolution 17 is adopted.
02:23:36 Eighteenth resolution, approval of the compensation policy for the chairman and members of the supervisor board for 2023 financial year.
02:23:43 Please vote now.
02:23:44 [Music]
02:23:56 Le vote est clos.
02:23:58 No further voting.
02:24:02 Resolution 18 is adopted.
02:24:03 Nineteenth resolution, approval of the compensation policy for the chairman of the management board for 2023 financial year.
02:24:10 Please vote now.
02:24:11 [Music]
02:24:25 Le vote est clos.
02:24:26 No further voting.
02:24:31 Resolution 19 is approved.
02:24:33 Twentieth resolution, approval of the compensation policy for members of the management board for the 2023 financial year.
02:24:41 Please vote now.
02:24:42 [Music]
02:24:53 Le vote est clos.
02:24:54 No further voting.
02:24:59 The twentieth resolution is approved.
02:25:01 Twenty-first resolution, renewal of Cyril Bolloré as chairman of the supervisory -- as member of the supervisory board.
02:25:08 Sorry.
02:25:09 Please vote now.
02:25:10 [Music]
02:25:21 Le vote est clos.
02:25:22 No further voting.
02:25:28 Resolution 21 is adopted.
02:25:29 Twenty-second resolution, appointment of Mr. Sébastien Bolloré as a member of the supervisory board.
02:25:36 Please vote now.
02:25:37 [Music]
02:25:50 Le vote est clos.
02:25:51 No further voting.
02:25:54 Resolution 22 is approved.
02:25:57 Twenty-third resolution, renewal of Deloitte and Associates as statutory auditor.
02:26:02 Please vote now.
02:26:03 [Music]
02:26:16 Le vote est clos.
02:26:17 No further voting.
02:26:22 Resolution 23 is approved.
02:26:24 Resolution 24, authorization given to the management board for the purchase by the company of its own shares within the limit of 10% of capital.
02:26:33 Please vote now.
02:26:34 [Music]
02:26:46 Le vote est clos.
02:26:47 No further voting.
02:26:52 The 24th resolution is approved.
02:26:54 Twenty-fifth resolution, authorization given to the management board to reduce the share capital by cancellation of shares within the limit of 10% of the capital.
02:27:03 Please vote now.
02:27:04 [Music]
02:27:16 Le vote est clos.
02:27:18 No further voting.
02:27:24 The 25th resolution is approved.
02:27:26 Twenty-sixth resolution, authorization to be given to the management board to make a public buyback offer to all company's shareholders within the maximum limit of 50% of capital and to reduce the share capital price of maximum redemption 16 euros.
02:27:41 Please vote now.
02:27:42 [Music]
02:27:55 Le vote est clos.
02:27:56 No further voting.
02:28:05 Twenty-sixth resolution approved.
02:28:06 Twenty-seventh resolution, delegation granted to the management board with a view to increase with professional subscription rights for shareholders of the capital by issue of ordinary shares or any securities giving access to the company's capital securities within the limit of a ceiling of 600 million euros nominal.
02:28:20 Please vote now.
02:28:21 [Music]
02:28:35 Le vote est clos.
02:28:36 No further voting.
02:28:40 The 27th resolution is approved.
02:28:42 Twenty-eighth resolution, delegation granted to the management board with a view to increase capital by incorporation of premiums, reserves, profits or otherwise within the limit of a ceiling of 300 million euros nominal.
02:28:54 Please vote now.
02:28:55 [Music]
02:29:07 Le vote est clos.
02:29:09 No further voting.
02:29:14 Resolution 28 is approved.
02:29:40 [Music]
02:29:53 Le vote est clos.
02:29:54 No further voting.
02:29:59 Resolution 29 is adopted.
02:30:01 Resolution 30, delegation granted to the management board to decide to increase share capital for the benefit of employees and retirees subscribing to the group savings plan without maintaining shareholders' professional subscription rights.
02:30:13 Please vote now.
02:30:14 [Music]
02:30:27 Le vote est clos.
02:30:30 No further voting.
02:30:33 Resolution 30 is adopted.
02:30:35 Resolution 31, delegation of authority granted to decide to increase the share capital for the benefit of employees of foreign subsidiaries of Avendi subscribers to Avendi's international group savings plan or for the needs of implementing any equivalent mechanism without maintaining shareholders' professional right of subscription.
02:30:52 Please vote now.
02:30:53 [Music]
02:31:07 Le vote est clos.
02:31:08 No further voting.
02:31:13 Resolution 31 is adopted.
02:31:16 Resolution 32, the last one, powers to complete formalities.
02:31:20 Please vote now.
02:31:23 [Music]
02:31:34 Le vote est clos.
02:31:35 No further voting.
02:31:40 Resolution 32 is approved.
02:31:42 Thank you.
02:31:43 Thank you very much, Frederic.
02:31:45 And thank you very much, shareholders.
02:31:47 We're officially adjourning the meeting.
02:31:50 I'd very much like to thank you for everything.
02:31:54 Thank you to Avendi's teams, the teams from Olympia, from Shortcut, and I thank all of you who participated in preparing this event.
02:32:04 Thank you very much.
02:32:05 [Applause]
02:32:07 [Music]
02:32:36 (upbeat music)