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Vivendi — Debt Investor Presentation (June 2012)

26 slides from Vivendi's debt investor presentation, June 2012

  1. Slide 1: Vivendi Credit Investor Presentation

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 June 2012 INVESTOR RELATIONS VIVENDI CREDIT INVESTOR PRESENTATION IMPORTANT NOTICE: Financial statements for the fiscal year ended December 31, 2011 are audited and prepared under IFRS Financial

  2. Slide 2: Group Overview

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 GROUP OVERVIEW (as of December 31, 2011 except where noted)  58,318 employees worldwide  Market cap.: $22.6bn*  2011 key financials: Revenues: €28,813m (of which €16.8bn in France); EBITDA: €

  3. Slide 3: Simplified Group Structure with a Focus on Cash Access

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 SIMPLIFIED GROUP STRUCTURE WITH A FOCUS ON CASH ACCESS 100% 100% 100% 100%** 53%* 61%* Access to 100% of cash / cash flows Dividends Total Revenues: €28,813m*** Total EBITDA: €8,493m**** Total C

  4. Slide 4: Path to Earnings Growth Resumption in 2014

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 PATH TO EARNINGS GROWTH RESUMPTION IN 2014 Continued focus on balance sheet with a consistent commitment to BBB/Baa2/BBB rating since 2005 Recent past: 2008 – 2011 Current Next  Simplified grou

  5. Slide 5: Strengthening and Building Future Cash Flow

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 STRENGTHENING AND BUILDING FUTURE CASH FLOW CONTINUED INVESTMENTS IN BRAZIL GVT’s contribution to CFFO expected to  ~€2.2bn investment over 2010-2012 to deploy GVT increase by ~€400m from 2011

  6. Slide 6: Q1 2012 Results: In Line with Full Year Outlook

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 Q1 2012 RESULTS: IN LINE WITH FULL YEAR OUTLOOK  Revenues of €7,119m up 1.7% excl. Activision Blizzard  EBITA of €1,621m, +1.9% excl. Activision Blizzard In euro millions - IFRS Q1 2012 Q1 201

  7. Slide 7: 2012 Outlook

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 2012 OUTLOOK (as of May 14, 2012) ACTIVISION BLIZZARD EBITA above €750m  Focus on organic growth, sustained high margins and cash flows Double digit EBITA margin at constant perimeter3 UNIVERSA

  8. Slide 8: Financial Policy

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 FINANCIAL POLICY

  9. Slide 9: Net Debt Evolution in Q1 2012

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 Stable NET DEBT EVOLUTION IN Q1 2012 CFFO before capex at €1.7bn Net Debt Net financial Net Debt December 31, CFFO Capex,net Interest & tax investments March 31, 2011 before Capex, net paid and

  10. Slide 10: Prudent Funding Strategy

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 PRUDENT FUNDING STRATEGY OUR OBJECTIVES WHERE WE STAND* COMMIT TO BBB / Baa2 / BBB RATING Sustained BBB rating since 2004 / 2005** MAINTAIN / INCREASE AVERAGE Average maturity of the debt: 4.2 y

  11. Slide 11: Financing Operations Since January 2012

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 FINANCING OPERATIONS SINCE JANUARY 2012  January: Setting up of a €1.1bn 5 year bank credit facility (refinancing the €1.5bn tranche of the €5bn credit facility maturing in December 2012 and a

  12. Slide 12: Vivendi Debt Maturity Profile

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 VIVENDI DEBT MATURITY PROFILE* (in euro millions, as of June 15, 2012) 2,600 2,240 Bank credit facility maturities 1,500 Bond 2,000 maturities 1,923 2,000 1,538 1,194 1,050 1,000 700 700 615 500

  13. Slide 13: Conservative Leverage Ratios

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 CONSERVATIVE LEVERAGE RATIOS Consolidated Financial Net Debt (EUR billions) Proportionate Financial Net Debt (EUR billions) and EBITDA ratio (x) and Proportionate EBITDA ratio (x) 12.9 12.0 9.6

  14. Slide 14: Appendices

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 APPENDICES

  15. Slide 15: SFR: #1 Alternative Telecom Operator in France

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 SFR: #1 ALTERNATIVE TELECOM OPERATOR IN FRANCE In euro millions - IFRS 2011 2010 Change  Largest mobile and fixed line operator in Europe among the non incumbent operators Revenues 12,183 12,57

  16. Slide 16: Activision Blizzard: #1 Worldwide in Video Games

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 ACTIVISION BLIZZARD: #1 WORLDWIDE IN VIDEO GAMES IFRS - 2011 2010 Change Constant  Market leader in North America and Europe* In euro millions currency  Top rated video games include: World of

  17. Slide 17: Universal Music Group: #1 Worldwide in Music

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 UNIVERSAL MUSIC GROUP: #1 WORLDWIDE IN MUSIC In euro millions - IFRS 2011 2010 Change Constant  #1 worldwide in music recording with market leading positions in most currency of the world’s maj

  18. Slide 18: Maroc Telecom: #1 Telecom Operator in Morocco

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 MAROC TELECOM: #1 TELECOM OPERATOR IN MOROCCO In euro millions - IFRS 2011 2010 Change Constant  Incumbent operator in Morocco currency  Very dynamic country with 32.2m population, c. 50% of w

  19. Slide 19: GVT: #1 Alternative Telecom Operator in Brazil

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 GVT: #1 ALTERNATIVE TELECOM OPERATOR IN BRAZIL In euro millions - IFRS 2011 2010 Change Constant  Revenues doubled since Vivendi’s acquisition end of 2009 Currency  Best performing high-speed

  20. Slide 20: Canal+ Group: #1 Pay TV in France

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 CANAL+ GROUP: #1 PAY TV IN FRANCE In euro millions - IFRS 2011 2010 Change Constant  End-to-end operations: premium and theme channel publishing, currency channel bundling and pay-TV distributi

  21. Slide 21: Historical Financials

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 HISTORICAL FINANCIALS IFRS financials (€m) IFRS financials (€m) Revenues 28,878 28,813 Adjusted Net Income 2,952 27,132 2,735 2,698 25,392 2,585 2008 2009 2010 2011 2008 2009 2010 2011 EBITDA Ca

  22. Slide 22: Glossary

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 GLOSSARY Adjusted earnings before interest and income taxes (EBITA): As defined by Vivendi, EBITA corresponds to EBIT (defined as the difference between income and charges that do not result fro

  23. Slide 23: Activision Blizzard Standalone Definition & Disclaimer

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 ACTIVISION BLIZZARD STANDALONE DEFINITION & DISCLAIMER NON-GAAP financial measures Activision Blizzard provides net revenues, net income (loss), earnings (loss) per share and operating margin da

  24. Slide 24: Important Legal Disclaimer

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 IMPORTANT LEGAL DISCLAIMER Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements with respect to Vivendi’s financial condition, results of op

  25. Slide 25: Investor Relations Team / Treasury Team

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2 INVESTOR RELATIONS TEAM TREASURY TEAM Jean-Michel Bonamy Dominique Gibert Executive Vice President Deputy Chief Financial Officer Head of Investor Relations +33.1.71.71.17.09 +33.1.71.71.12.04 d

  26. Slide 26: e

    I n v e s t o r R e l a t i o n s / C r e d i t I n v e s t o r P r e s e n t a t i o n – J u n e 2 0 1 2

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