Committee meeting minutes

The Committee meets three times per year. One meeting is held after the first half-yearly results and another before the General Shareholders’ Meeting, an occasion devoted to dialogue between the group and its individual shareholders. The Committee also attends the General Shareholders’ Meeting.

Meeting of the Shareholders' Committee on September 6, 2024

Discussion with François Laroze, member of the Management Board and Chief Financial Officer of Vivendi

The Shareholders’ Committee meeting began with a conversation with François Laroze, member of the Management Board of Vivendi and Group Chief Financial Officer. He commented on Vivendi’s operating news and its project to split into four entities.

He gave an update of the project: Canal+ would be listed on the London Stock Exchange while remaining an incorporated and taxed company in France, Havas on Euronext Amsterdam, Louis Hachette Group (bringing together Lagardère and Prisma Media) on Euronext Growth Paris, and Vivendi SE would remain listed on Euronext Paris.

The Group’s CFO explained the objective of fully unleashing the development potential of all the businesses, pointing out that this project is not an Initial Public Offering (IPO), but a spin-off, as the shareholders are already in place.

François Laroze recalled the indicative timetable for the spin-off project, highlighting that a General Shareholders’ Meeting would be called to vote by the end of this year.

He also mentioned the preparation of presentations and capital market days (CMD) for analysts and investors and confirmed that employee representative bodies would be consulted in accordance with applicable regulations.

Vivendi’s CFO give a concrete example of the spin-off project: for every 100 Vivendi shares held, a shareholder would receive 100 shares of each entity, while keeping their 100 Vivendi shares. He discussed the tax provisions envisaged for individual shareholders, whether they hold their shares in a share savings account (PEA in French) or in an ordinary securities account.

He answered the Committee’s questions on the holding discount on Vivendi shares, the future value of the shares four of the four entities, the composition of Louis Hachette Group’s assets, the future of Vivendi and the stake in Telecom Italia.

François Laroze emphasized that the details of the project would be set out in documents to be posted on the websites of the Group and the entities concerned at the end of October.

Vivendi results of the first half of 2024

Solange Maulini, Vice President Individual Shareholders Relations and Press Relations Director, then commented on the Group’s solid results for the first half of 2024.

She detailed the performance and the specifics of each of Vivendi’s entities over this period, in particular Canal+’s international expansion, Lagardère’s operating performance, and Havas’s new “Converged” strategic plan.

Asked about the dividends to be expected from the entities that would be listed, Solange Maulini commented that it was too early to have any indications on this subject.

She also outlined the Group’s debt evolution and the equity portfolio, specifying their market values and the amount of dividends paid through June 30, 2024.

Update on Gameloft with Pierre-Yves Berthet, Chief Strategy & Transformation Officer

Pierre-Yves Berthet explained Gameloft’s development, its strategic turnaround and its operating system based in particular on artificial intelligence.

He commented more specifically on the evolution of the video game publisher’s business in recent months, explaining in particular the development of its products and partnerships.

He answered a Committee member’s question on the reasons for the seasonal nature of a video game publisher’s business, and the evolution of a game’s maturity.

Update on Prisma Media with Nora Bouabida, Marketing Director, luxury division

Nora Bouabida gave the Committee a presentation on Prisma Media, explaining its key figures, organization, editorial pillars, market and competitors. She gave the reasons for the creation of the luxury division, the specificities of its products and its ambitions.

She supported her presentation with videos and answered questions from the Committee, notably on bundle offers and on Côté Maison (she presented the brands of this company and “Vivre Côtés Sud” trade shows).

Following these presentations and questions, the Committee members shared a friendly lunch with Vivendi’s shareholders relation team.