PARIS–(BUSINESS WIRE)–Regulatory News:
Vivendi (OTC:) (Paris:VIV) has called on its shareholders to vote on the separation from Vivendi of Canal+, Havas and Louis Hachette Group (the company bringing together the 66.53% investment in Lagardère and 100% of Prisma Media) at a Combined General Shareholders’ Meeting to be held on December 9, 2024.
- Canal+ will organize a Capital Markets Day on November 18, 2024, during which the strategy and ambitions of this company will be outlined in light of the admission to trading of its ordinary shares on the London Stock Exchange (LON:) planned on December 16, 2024. The prospectus of this transaction, approved by the UK’s Financial Conduct Authority (FCA) on October 30, 2024, as well as a summary in French, are available on www.canalplusgroup.com.
Canal+ published a supplementary prospectus on November 15, 2024. The Supplementary Prospectus incorporates by reference MultiChoice (JO:)’s consolidated interim financial statements for the six months ended 30 September 2024, and also includes information on a contemplated extension in the scope of responsibilities of two members of the Management Board; updated UK tax disclosure following the UK Autumn Budget; and the following trend information.
Canal+ expects revenue growth for the financial year ending 31 December 2024 to be broadly in line with that of the year ended 31 December 2023. Canal+’s revenues for the year ending 31 December 2025 are expected to grow organically but this growth will be negatively affected and slightly more than offset by (i) the anticipated end of broadcasting of its French free to air channel C8 and (ii) the termination of sublicensing contracts and of onerous third-party content contracts in France. In the medium term and at constant scope of consolidation, revenues are expected to grow moderately.
In the medium term Canal+ expects Adjusted EBIT (EBITA)1 margin at constant scope of consolidation to continue to improve moderately as a result of cost optimisation, operating leverage and the expected transition to profitability of newly-integrated assets transferred from Vivendi.
Cash flow from operations (CFFO) is projected by Canal+ to return in 2025 to a level similar to that of 2023 after an exceptional low level of CFFO in 2024, negatively impacted by working capital effects in the second half of 2024, due to an exceptional concentration of payments following recent content contract renewals and signatures and potential…
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