Annual report 2014

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Group Profile | Businesses | Litigation | Risk Factors
Financial Communication Policy and Value Creation
p p financial meetings held outside Paris in partnership with another
group listed on the French CAC 40 index. Vivendi unveils its strategy,
outlook and results at these meetings six times a year;
p p training meetings with the École de la Bourse. In 2014, these
meetings covered topics such as the tax treatment of securities and
Vivendi’s corporate history (during visits to the Paris and Lyon stock
exchanges); and
p
p visits to The Olympia music hall, the Garnier and Bastille Operas
as well as shows at the Sentier des Halles in Paris, live broadcasts
of operas and ballets (Paris, Toulouse and Strasbourg), premiere
screenings of films produced by Studiocanal (Paris and Nantes) and
entertainment offered by the partner associations of Create Joy ,
Vivendi’s solidarity program (Jeunes Talents concerts, films at the
Forum des Images and performances at the Odéon Theater).
The group’s website has a specific page for individual shareholders
with sub-sections on, among others, “Shareholders’ Meetings”,
“Shareholders’ Newsletters”, “Shareholders’ Club”, “Shareholders’
Booklet”.
The Individual Shareholders’ Information department may be contacted
during normal business hours Monday through Friday by telephone at
0805 050 050 (toll free in France), by e-mail
or by mail (Vivendi – Individual Shareholders’ Information department
– 42, avenue de Friedland – 75380 Paris Cedex 08, France). A Twitter
account has also been set up specifically for individual shareholders.
1.4.3. Value Creation in 2014
■ ■ 1.4.3.1. Financial Results
Vivendi’s results were in line with expectations and demonstrated
the capacity of the group’s main businesses to fare well in a difficult
environment in 2014. In this context, the group recorded a solid financial
performance with current operating income of €1.1 billion, and a
significantly positive contribution from all its businesses.
As of December 31, 2014, Vivendi held net cash of €4.6 billion.
This improved financial position was primarily generated by the group’s
refocus on media and content, which resulted in the disposal of the
Maroc Telecom group and SFR in 2014.
■ ■ 1.4.3.2. Share Price
The Vivendi share is listed for trading on Compartment A of Euronext
Paris, ISIN code FR0000127771. As of December 31, 2014, Vivendi had
the 13th largest market capitalization in the CAC 40 and the largest market
capitalization in the STOXX® Europe 600 Media index.
Vivendi’s stock closed the year 2014 at €20.69, up 8% from the end of
2013 and 13.9% on the basis of dividends reinvested. In comparison, the
STOXX® Europe Media index rose 7.3% (11.3% dividends reinvested) and
the CAC 40 was down 0.5% (+2.7% dividends reinvested). At the end of
a particularly volatile year in 2014, the growth in the stock reflected the
continued implementation of the group’s strategy to refocus on media and
content, illustrated by the disposal of Maroc Telecom, followed by SFR,
and subsequently, by the agreement with Telefonica for the sale of GVT.
Macroeconomic disappointments in Europe and geopolitical tensions
impacted growth in the CAC 40 in 2014.
■
■ 1.4.3.3. Dividend per Share
The Combined Shareholders’ Meeting to be held on April 17, 2015 will
be asked to approve the payment of an ordinary dividend with respect
to 2014 of €1 per share, 20 cents of which represents the group’s
economic performance and 80 cents the return to shareholders following
completion of the disposal transactions. The dividend would be paid in
cash on or after April 23, 2015.
■
■ 1.4.3.4. Share Repurchase Program
The Shareholders’ Meeting will be asked to approve a share repurchase
program of approximately €2.7 billion, up to the statutory maximum of
10% of the capital, at a maximum price of €20 per share or lower if the
share price falls, in accordance with the market regulations governing
share repurchases. The program will be implemented over a period of
18 months.
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Annual Report 2014